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ABSTRACT: The study examined the influence of change in management on employees performance with a focus on First City Monument Bank Plc, Lagos. The purpose of this study was to determine change management and its challenges on the performance of employees in First Monumental Bank Plc. The population of this study was 71 staff of the bank. A simple random sampling method was used to draw samples of the cases used for this study. The study used both primary and secondary data. Primary data was collected with a questionnaire. The questionnaires were personally administered by the researcher to the respondents. Descriptive statistics such as frequency distribution was used to analyze the data. Data presentation was done by the use of percentages and frequency tables. Based on the research findings the study concluded that training and lack of incentives were major factors that affected change management at the First monumental bank, Osogbo. Similarly, information technology changes and style of leadership and the organizational culture as a whole appeared to be politically controlled making it difficult to effect organizational change.



1.1     Background to the Study

The common aim of every business organisation is to achieve growth, increase in turnover, assets and profit while that of non-profit have similar intention except for the sales of turnover. However, all of these depend on the level of management in terms of its mode of operations and innovations. The business environment across the globe has become increasingly volatile and constantly changing in the last few decades. The banking industry has been one of the hardest hits of all because it is central to the globalisation process that is on course. Managers in this industry today do not stimulate change but encourage adaptation and innovation in order to improve products and services, to meet new pressures and demands.

It is observed that there will be continuous rapid changes in the banking sector in order to increase the markets and opportunities in terms of gaining growth and revenues. Normally, the concept of change management regards the organizational-wide change that would include the change in terms of mission, restructuring operations, mergers, collaboration and others.

However, the banking sector is the only sector where every deal and transaction accounts for its own progress and also impacts directly ‘the economy of the country as well. In today’s dynamic and competitive economy the organizations require better qualified, dedicated and capable employees in order to achieve their goals and to prosper in the intensely competitive environment. By effectively utilizing talented people. organizations may achieve successful results and develop a highly productive workforce (Harrington, 2003).

The success of every organization depends both on internal and external factors, Workforce is the most essential and imperative for organizations competitiveness. Human resource is the real asset of an organization and plays a major part in the progress of the organization. (Batool. 2013) It is vital for Banks to fully utilize their resources both liquid and nonliquid resources as well as their workforce (Kozarevic, Peric, & Lic, 2014). Usually, employees have feelings of stress. nervousness and lack of confidence when the organization changes like restructuring, downsizing and as well as merging.

Although, of the fact that change is progress and it is essential to go in its direction in order to attain growth, still people are reluctant to accept it. According to Duck (1993), change is intensely personal. The general belief is that most people have resistance towards change (Dulger, 2009).

On the basis of past empirical studies, researchers identified few apprehensions regarding employees stress and nervousness due to the changes in the organizations because they are acquainted with the previous organizational environment. Such changes may decrease employee’s morale resulting in a decrease in employee performance  (Nicolaidis & Katsaros, 2007)  cited in (Ashlbrd, et. al., 1989) 

1.1.1     Historical Overview of the Case Study

First City Monument Bank (FCMB) Ltd is a full-service banking group headquartered in Lagos, with the vision ‘to be the premier financial services group of African origin’. The bank is one of the largest financial services providers in Nigeria, it offers retail banking, corporate banking and investment banking services to large corporations, small and medium enterprises, as well as individuals (FCMB, 2015).

The bank was founded under the name City Securities Limited in 1977 by Oloye Subomi M. Balogun. First City Monument Bank Ltd. was incorporated as a private limited liability company on 20 April 1982 and granted a banking licence on 11 August 1983. It was the first bank to be established in Nigeria without government or foreign support. On 15 July 2004, FCMB changed its status from a private limited liability company to a public limited liability company and was listed on the Nigerian Stock Exchange (NSE) by introduction on 21 December 2004 (FCMB, 2015).

In November 2010, both FinBank and First City Monument Bank (FCMB) announced that FCMB has expressed interest in acquiring shareholding and becoming the strategic investor in FinBank, another Nigerian commercial bank that was undercapitalized.[4] In February 2012, following regulatory approval, FCMB acquired 100% shareholding and began the integration of Finbank in its existing operations.

As of December 2011, the bank’s total assets were valued at US$$3.65 billion (NGN:593.3 billion), with shareholders’ equity of approximately US$772.2 million (NGN:117.4 billion) with over 2000 employees. The bank maintains its headquarters in Lagos, Nigeria’s financial capital and largest city. As of July 2012, it maintains over 310 networked branches in all 36 states of the Federal Republic of Nigeria, making it the 7th largest Nigerian bank, by branch network. FCMB had 133 branches before it merged with FinBank, which had 180 branches. FCMB also maintains a branch in the United Kingdom and a Representative Office in the Republic of South Africa (Wikipedia, 2017).

It is against this background that the research examines the influence of change in management on employee performance with a focus on First City Monument Bank Plc, Lagos with the view to know the extent to which they are being influenced by the change in management.

1.2       Statement of the Problem

Ideally, employee performance has been on the rise as a result of improvement and adoption of change management by most organizations. This is because the change in management influences greatly on employees and therefore if the proper change is adopted and implemented, it results in increased performance of employees and vice versa. This is simply because, in every change proposal, there are always forces for change and forces against change (Sidikova, 2011). Past empirical studies have mixed results on the effect of change management on employee performance. Kute and Upadhyay (2014) and Abbas, Muzaffar, Mahmood, Ramzan and Rizvi (2014) found a positive relationship between change management factors and employee performance. Dauda and Akingbade (2014) in their study found no significant relationship between technological changes and employee performance.

Due to dynamic changes worldwide, the banking sector is one of the leading industries that is changing in its way of management especially in this era of the internet and computer in order to fit the current situation and at the same time maintain and retain customers. While organizational change is a constant experience, knowledge and awareness about many of the critical issues involved in the management of such change is often lacking in those responsible for its progress (Kamugisha, 2013).

It is against this background that the research examines the influence of change in management on employee performance with a focus on First City Monument Bank Plc, Lagos with the view to know the extent to which they are being influenced by the change in management.

 1.3       Objectives of the Study

  1. To examine the extent to which employees of FCMB have experienced a change in management in the last few years.
  2. To determine how change management has seriously influenced employee performance in FCMB.

1.4       Research Questions

  1. To what extent do FCMB experience changes in management in the last few years?
  2. To what extent has changed in management influenced employee performance in FCMB?

1.5       Scope of the study

The scope of the study has been limited to the First City Monument Bank Plc, Lagos because studying the branches or all the banks in Nigeria might be very difficult and because of proximity, funds and limited time available to carry out this study. Other reason for selecting this case study is that just like other banks in Nigeria, FCMB usually transfers staff and management team from one branch to another for different reasons. The researcher equally believes that this will provide an adequate population and sample for the study and therefore give reliable results and findings. The study will be carried out during the month of August 2017 and  October  2017.

1.6       Significance of the study

At the end of this study, the following category of people shall benefit from the findings of this study. Different organizations will know how the change of management team can influence employee performance in an organisation especially from the point of view of the employee. 

Future researchers that may be interested in carrying out research in a related area shall find this work relevant and as reference material.

Public relations, human resources, management, public administration and other fields of study dwelling on human resources and management will as well understand the extent of its importance to study employee performance before and after a change in management occurs. Moreover, this study serves as a valuable effort to the top management executives and managers who intend to improve their performance through good employee relationships.

1.7       Operational Definition of Terms

Influence: It refers to the contribution or impact that change management usually has on employee performance in an organisation.

Change in Management: This is a situation when the leadership team of an organisation is changed or replaced or reshuffled depending on the circumstance. 

Employee Performance: This refers to the contributions of the employee to the overall output and turnover of the company.

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