Business Policy and Performance of the Nigerian Banking Industry
Asenge Emmanuel Lubem, Gbande Rosemary
Organizations today have focused on improving performance and creating competitive advantages by adopting the most efficient resources, creating process improvements and using appropriate technology to speed up operations. The pace at which this can be realized is hinged essentially on the ability of business owners and managers to formulate appropriate policies and how to effectively implement the formulated policies since every business organization operates according to laid down principles and strategies. However, most business organizations have failed to formulate polices key areas of business policy which significantly affects their performance. This study seeks to investigate business organizations how business policy affects the performance of Nigerian banking industry with focus on First Bank of Nigeria Plc, Lafia. The study specifically examined the effect of personnel policy, finance policy and marketing policy on organizational performance in Nigeria. The study used questionnaire as the instrument for data collection. The instrument was distributed to 87 senior and management staff of the organization. Regression analysis was used for data presentation and analysis. Findings of the study revealed that there is a significant positive effect of personnel policy on organizational performance in Nigeria. The study also found a significant effect of finance policy on organizational performance in Nigeria. Finally, the study revealed that marketing policy has significant effect on organizational performance in Nigeria. The study concludes that business policy significantly affect the performance of organizations in Nigeria regarding quality of service delivery and operational efficiency. The study recommends amongst others that management of organizations should always develop good strategies in rewarding their workers to bring out the best in them and they should constantly train employees to enable them acquire better skills that will help to improve organizational performance.