STRATEGIC IMPERATIVES OF MANAGING CHANGE IN NIGERIAN FINANCIAL INSTITUTIONS
Abstract
In recent times, there have been changes within the Nigeria financial institutions due to globalisation and technological innovations. While the changes are expected to bring about transformation of the industry in line with global best practices, the attendant effects of strategic alliances between financial institutions and re-structuring exercises occasioned by various banking reforms have brought about untold hardship unto the bank employees. With emerging entities embarking on downsizing of workforce as a cost cutting management strategy, the victims (individuals) who have lost their jobs have to grapple with the need to cope with life, the survivors (staff who survived the downsizing exercise) have to battle with the challenges of work place, while the organisation (executioner of change) have to contend with managing the resistance to change. Successful management of change is therefore crucial to any organization to survive in the present highly competitive and continuously evolving business environment. In order to understand why some change implementations succeed and some fail, how the resistance to those changes work and where it comes from becomes imperative. The study reviewed facets of change and situated resistance to change within the context of Nigerian financial institutions based on secondary data and information. It identifies amongst others, clear and unambiguous objective setting, effective communication, consultation, dialoguing and bargaining, motivation, negotiation, manipulation, co-option and coercion as possible tactics for managing resistance. Managers should take cognisance of the human elements in coping with challenges of change through sustained flexibility and daptability to consequences of change.
Downloads
References
Agwu, M.E., Carter, A., & Murray, P.J. (2014). Downsizing as a strategic tool foreffective Organizational management: A Case Study of Nigerian Banks.International Journal of Research in Management, Science & Technology, 2 (1), 1-2.
Amire, C. M.1., & E. O. Omoare, E.O. (2015). Cashless Policy and Economic Activities in Developing Countries (A Case Study of Nigeria). American Journal of Economics, 5(4).
Balogun, J. (2006). Managing Change: Steering a Course between intended Strategies and Unanticipated Outcomes.Long Range Planning, 39 (1).
Anyang, B. J., Enuoh, R.O., & Ekpenyong, O. E. (2014). The Banking Sector Reforms in Nigeria: Issues and Challenges for Labour-Management Relations. Journal of Business Administration Research, 8 (1).
Block,P. (1989). ‘’Flawless Consulting’’. In McLennan, R. (1989). ManagingOrganisational Change. Prentice Hall, Eaglewood Cliffs, N. J.
Boohene, R., & Williams, A.P. (2012). Resistance to organisational change: A case of Oti Yeboah Complex Limited. International Business and Management, 4(1)
Bovey, W. H., & Hede, A. (2001). Resistance to Organisational Change: The role ofdefence mechanisms. Journal of Managerial Psychology, 16 (7), 534.
Bovey, W. H., & Hede,A. (2001). Resistance to Organisational change: The role of cognitive and affective process. Leadershipand Organisational Development,22 (8), 372-382.
Burnes, B. (2004). Kurt Lewin and the Planned Approach to Change.Journal of Management Studies, 41 (6), 977-1002.
Central Bankof Nigeria (2012). Payment System. Retrieved on 20/12/15, fromhttp://www.cenbank.org/paymentsystem
Central Bank of Nigeria (2015). Cashless Society and ePayment Systems: Growth and Sustainability. Retrieved from www.ncs.ngon 12.1.16
Dauda, Y.A., & Akingbade, W.A. (2011). Technology innovation and Nigeria banks performance: The assessment of employee’s and customer’s responses. American Journal of Social and Management Sciences, 2 (3).
Eilam, G., & Shamir, B. (2005). Organisational change and self-concept threats: A theoretical perspective and a case study. Journal of applied behaviouralscience, 41, 399.
Ernest, I.E. (2012). Bank Consolidation in Nigeria: Marketing Implications and Challenges for the Surviving Banks. Arts and Social Science Journal.
Evans, G. J. (2004). Organisational Change. Retrieved from www.cvr-it.comon 25.12.15
Fax, S., &Amichai-Hamburger, Y. (2001). The power of emotional appeals in promoting organisational change. Academy of Management Executive,15(4).
Ford, J.D., Ford, L. W., & MacNamara, R. T. (2002). Resistance and the background conversations of change. Journal of Organisational Change Management, 15 (2), 105-121.
Gabriel, J.M., Oburu, C.E. & Aduba, O. (2013). Managing change in Nigeria business organisations. European Journal of Business and Management, 5 (18).
Georgalis, J., Samaratunge, R., & Kimberley, N.(2015). Change process characteristics and resistance to change: The role of employee perception of justice. Austraian Journal of Management, 40(1), 89-113.
Gravenhorst, K. M. B. (2003). A different view on resistance to change. Paper for ‘’Powerdynamics and organisational change 1V’’. Symposium at the 11theEAWOP Conference inLisbon, Portugal. Retrieved from www.pluspulse.nlon 15.12.15
Harding, P. (2004). A guide on how to manage change in an organisation.Envirowise and Government office for South West. Retrieved from www.oursouthwest.com
Ikyanyon,D.N. (2012). Perceptions of Organizational Downsizing and Job Satisfaction among survivors in Nigerian Banks. Management,2(4).
Kamel, B. (2012). Reasons for resistance to change in the National Company for thedistribution of Electricity and Gas.International Journal of Management and Strategy, 3(5).
Kotter, J. P. (1995). Kotter's Eight Stepsfor Change. Retrieved 10.12.15, from http://dynamicsofhr.wordpress.com/2009/11/08/kotters-8-steps-for-change
Li, L. (2005). The effects of trust and shared vision on inward knowledge transfer in subsidiaries’ intra-and inter-organizational relationships. International Business Review, 14, 77-95.
Lorenzi, N. M., & Riley, R. T. (2000). Managing Change: An Overview. Journal of the American Medical Informatics Association, 7 (2).
Muo, I. (2013). Identifying and minimizing risks in the change management process: The case of Nigerian Banking System. Issues in Business Management and Economics, 1 (16), 148-162.
Okafor, E.E. (2007). Globalisation, changes and strategies for managing resistance in work organisations in Nigeria. Journal of Human Ecology, 22 (2).
Okafor, E. E. (2009). Post-consolidation challenges and strategies for managingemployees’ resistance to change in the banking sector in Nigeria. Journal of SocialScience, 19(2), 129-139.
Omotosho, K.O., Dada, A.D., Adelowo, C.M., & Siyanbola, W.O. (2013). Linking innovation with productivity in a Nigerian Banking firm. Management, 2 (5).
Oreg, S. (2006). Personality, context, and resistance to organizational change. European Journal of Work and Organizational Psychology 15, 73–101.
Osazevbaru, H.O., & Yomere, G.O. (2015). Benefits and challenges of Nigeria’s cash-less policy. Kuwait chapter of Arabian Journal of Business and Management Review, 4 (9).
Teryima, S.J., Agburu J.I., & Alabar, T. (2012).The Management of Downsizing in Business Organization: A Survey of Skye Bank Plc. in Benue State and Nasarawa State.Global Advanced Research Journal of Management and Business Studies, 1(4), 103-104.
Toribio, C.T. & Hernandex, R.G. (2011). Coping with resistance to change in organisations. Retrieved from www.diva-portal.org on 20.12.15.
Van de Ven, A. H., & Sun, K. (2011). Breakdowns in implementing models of organisation change. Academy of Management Perspectives, 8.
Van Dam, K., Oreg, S., &Schyns, B. (2008). Daily work contexts and resistance to organisational change: the role of leader-member exchange, developmentclimate, and change process characteristics. Applied Psychology: An International Review,57 (2),313-334.
Waddell, D., & Sohal, A. S. (1998). Resistance: A constructive tool for change management. Management decisions, 36(8). Retrieved from www.adaptivecycle.nlon 12.12.15.
Wanberg, C. R., &Banas, J.T. (2000). Predictors and outcomes of openness to changes in a reorganizingworkplace. Journal of Applied Psychology, 85.
Copyright (c) 2016 ijrdo@
This work is licensed under a Creative Commons Attribution-NonCommercial-NoDerivatives 4.0 International License.
Author(s) and co-author(s) jointly and severally represent and warrant that the Article is original with the author(s) and does not infringe any copyright or violate any other right of any third parties, and that the Article has not been published elsewhere. Author(s) agree to the terms that the IJRDO Journal will have the full right to remove the published article on any misconduct found in the published article.
