ANALYZING PERFORMANCE APPRAISAL TECHNIQUES IN UNION BANK NIG PLC
introduction TO CHAPTER ONE OF ANALYSING PERFORMANCE APPRAISAL TECHNIQUES IN UNION BANK
1.1. BACKGROUND OF THE STUDY
The role of performance appraisal is a strategic aspect in any review of the conditions required for an organization's growth and survival. It is considered that both the individual and the organisation require knowledge of how successfully actual performance contributes to the achievement of job goals,
staffing plans, and, eventually, the organization's overarching strategic plan. Furthermore, the individual employee requires input on his or her own objective growth as well as feedback on management's expectations.
A performance appraisal is a formal and systematic evaluation of an employee to determine how well he or she is executing his or her job. It is typically made at regular periods such as quarterly, bi-annually, or even yearly.
Every employee wishes for his immediate manager or, more specifically, his employer to evaluate his on-the-job performance and, if necessary, to provide instructions or advise for enhancing his efficiency.
These are the general goals of a good performance review system. In other words, “the essence of performance appraisal is to give information for the promotion, demotion, transfer, pay increase, training and development, and discharge of an employee,” writes Nwachukwu (1985).
Second, it gives employees constructive feedback on how they are performing in their tasks as perceived by their bosses, resulting in higher productivity.
As a result, among other determinants of production, personnel remains the most visible and valuable asset in each organisation. This is why performance appraisal is recognised as a technique for improving organisational activity.
1.2. STATEMENT OF THE PROBLEM
Since the study's goal is to investigate performance appraisal as a management tool for better productivity at Union Bank Nig Plc. As a result, it seeks to identify various employee appraisal approaches, common appraisal issues, and how good performance appraisal can promote productivity in Union Bank Nig Plc.
1.3 OBJECTIVES OF THE STUDY
The goal of this study is to look into how performance appraisal might help Union Bank Nig Plc increase productivity. Among other things, the study will attempt:
To learn about the many performance appraisal strategies that are employed.
To investigate the effects of performance and productivity.
To create a foundation for rewarding employees based on their contributions to the organisation.
To highlight some frequent employee appraisal issues and how appropriate appraisal can promote productivity.
To provide some useful suggestions to management.
1.4 THEORETICAL STATEMENT
A hypothesis is a speculative assertion about the relationship of two or more variables. They are usually in declarative sentence form and might be generic or specific, variable or variable. They are especially important in research of this type, where cause and effect correlations must be established.
H1: Performance appraisal methodologies provide a structured management procedure for assessing work performance in an organisation.
H0: Performance appraisal methodologies do not provide a systematic management procedure for assessing work performance in an organisation.
1.5 SIGNIFICANCE OF THE STUDY
The study is critical to the effectiveness of the organisation, thus the results will be valuable to the organisation in designing effective and efficient performance appraisal plans and programmes to assist the organisation in meeting its goals.
The significance of this study is thus to investigate the benefits that performance appraisal could bring to the organisation, employer, and employees alike.
The study could also be useful as a reference for management students who may do comparable or additional research in this field.
The research will assist the researcher in meeting the requirements for the award of an HND in management studies.
1.6 SCOPE OF THE STUDY
The research would focus solely on Union Bank Nig Plc's performance appraisal methodologies. The researcher has limited the scope of the study to topics connected to the topic, such as performance appraisal and performance appraisal procedures.
1.7 LIMITATIONS OF THE STUDY
In a poor country like Nigeria, students are frequently faced with a severe lack of relevant facts for their research projects, and mine is no exception.
However, confidence and ability are the most important characteristics that any human being should have. The following are some of the constraints experienced while working on this project.
Inadequate Textbooks and Expensive Prices: In Nigeria today, it is difficult to obtain good and thorough textbooks for reading and additional research on common subjects.
It would cost around three thousand naira, and the ordinary student will be unable to afford it due to the current economic circumstances.
Time Factor: In this region of the country, and because of classroom lecturers, it is frequently difficult to focus more on project writing because part of the time is spent in classes and to further participate in classroom group discussions and tasks.
Finance: The costs of photocopying, typing, and moving from one location to another to obtain information are significant. Financial difficulties hampered not only movement but also one's zeal for study.
Personal Limitations: This study consumes some of the personal time available for recreation, resting, and washing in an attempt to beat the submission deadline.
1.8 HISTORICAL BACKGROUND OF THE CASE STUDY
Union Bank is one of Nigeria's top five banks, ranking alongside First Bank Plc, UBA Plc, Zenith Bank, and Guaranty Trust Bank before and after the banking industry's recapitalization. Union Bank Plc is a commercial bank that has been in operation since 1917,
when the then-Barclays Bank DCO, New Union Bank of Nigeria Plc, was established in the country. When the banking decree of 1969 was issued, Barclays Bank, a subsidiary of Barclays International, was established in Nigeria. When the indigenization edict went into effect in March 1972, it changed its name to Union Bank of Nigeria Limited.
The federal government retained 52% of the bank's equity 40% for Barclays International, which sold 30% of its stake to Nigerians in 1979 and the remaining 20% to Nigerians ten years later, making it a totally indigenous bank.
When Central Bank Governor Prof. Charles Soludo mandated that all banks operating in Nigeria increase their shareholders' funds by 1150 percent from N2 billion to N25 billion (equivalent to 192 million dollars) before December 2005,
the Union Bank entered into merger and acquisition agreements with the following banks for consolidation. The bank combined with and purchased Broad Bank Plc, increasing its capital base by more than N25 billion.
The bank's staff strength is approximately 1000 people from various professional backgrounds who have been thoroughly trained and carefully selected to attend to the needs of customers with the greatest level of personal attention, confidentiality, and competence.
Union Bank is involved in all aspects of commercial and investment banking, as well as foreign transactions. Bank operations vary, with specialised goods for various parts of banking.
The bank is likewise active in the same business. Banking services and currency are the main raw resources in which the bank trades.
The bank has a reputation for making rapid and prompt decisions. Her service delivery is supported by cutting-edge technology, including a computer system and software that is regularly updated to guarantee that all transactions are handled quickly and efficiently.
Union Bank Nigeria Plc's corporate vision is to be the most strong and reliable bank, as well as the most profitable commercial bank and most profitable bank in the commercial industry.
These ambitions are already being realised through the number of assets, mergers, and acquisitions of numerous commercial banks that are unable to meet the Apex Bank's (CBN) mandated N25 billion capital basis. Her impact on the economy and society in general has been felt on a national scale.
1.9 DEFINITION OF TERMS
Performance appraisal is a procedure or set of formalised discussions with an employee regarding their performance over a specific time period.
Manager: A person in charge of planning, organising, directing, coordinating, and regulating an organization's resources in order to achieve its goals.
Productivity is defined as the “quantity or volume of product or service that an organisation provides” (Decenzo and Robbins, 1989).
Effectiveness is concerned with the skill of accomplishing the right things in the right way, at the right time, and for the right reason.
Efficiency is concerned with attaining a goal or producing a product at the lowest possible cost to help the organisation achieve its core goal.
Organisation: A business created by an individual or group of individuals; government to offer commodities and services to meet human needs.
Management is the process of effectively and efficiently planning, organising, directing, and controlling both human and non-human resources towards the achievement of organisational goals.