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CREDIT CONTROL
MANAGEMENT AS A TOOL FOR BUSINESS ORGANIZATION GROWTH AND SURVIVAL
CREDIT CONTROL
MANAGEMENT AS A TOOL FOR BUSINESS ORGANIZATION GROWTH AND SURVIVAL
(A CASE STUDY OF
NIGERIA BOTTLING COMPANY PLC)
ABSTRACT
This research work was
investigating the effect of cooperate restructuring on employees in an
organization using Nigerian Breweries as a case study. The study focuses on the
corporate activities in human resources as a critical factor in terms of
strategy put in place to maintain their organization position by ensuring their
survival in the emerging economic integration. The researcher made use of
personal interview and questionnaire and observation in the collection of
primary data and information needed for the research work. The method of study
referred to some of the workers of Nigerian Breweries Plc. This consisted of a
combination of staff with different educational qualifications. In this study,
the major sampling and statistical tool employed for data analysis were the use
of percentages, tables and chi - square (X2). The percentages is used to
analyze data elicited from selected respondents. In the same vein, the Chi
-square (X2) was used to test the hypothesis formulated. The main aim of this
research is to explore, assess and evaluate the effective or impart of
corporate restructuring on employees in organizations. The research has also
drawn up some recommendations on the issues with cooperate restructuring in
organizations.
TABLE OF CONTENTS
PAGE
Title
i
Certification ii
Dedication
iii
Acknowledgement
iv
Abstract
v
Table of contents
vi
CHAPTER ONE
GENERAL
INTRODUCTION
1
1.1 Background to the Study
1
1.2 Statement of the Problem
4
1.3 Purpose of the Study
4
1.4 Objectives of the Study
5
1.5 Justification of the Study
5
1.6 Relevance of Study
6
1.7 Research Questions
7
1.8 Research Hypothesis
7
1.9 Scope and Limitation of The study
7
CHAPTER TWO
REVIEW OF RELATED
LITERATURE
9
2.1 Introduction
9
2.2 Business Organization as a Concept 10
2.3 Organizational Control
11
2.4 Concept of Restructuring 13
2.5 Organizational Change and Management
15
2.6 Corporate Restructuring
19
2.7 Human Resources or Human Relations
23
2.8 Human Resources Management
25
2.9 Assuring Restructuring Objectives
29
CHAPTER THREE
RESEARCH DESIGN METHOD
AND METHOD OF STUDY
32
3.0 Introduction
32
3.1 Population of the Study 32
3.2 Sample Population
33
3.3 Sample Size
34
3.4 Sampling Tool
34
3.5 Research Instruments
35
3.6 Methods of Data Collection
36
3.7 Limitations of Study
36
CHAPTER FOUR
DATA ANALYSIS AND
PRESENTATION
37
4.1 Introduction
37
4.2 Demographic Characteristics of the
Sample
37
CHAPTER FIVE
SUMMARY, CONCLUSIONS
AND RECOMMENDATIONS 57
5.1 Summary
57
5.2 Conclusions
60
5.3 Recommendations
61
5.4 Suggestion for Further Studies
62
REFERENCES
64
APPENDIX
67
CHAPTER ONE
GENERALINTRODUCTION
1.1 Background to the Study
The sources of changes
are diverse, well known and, most times, irreversible. They include
technological innovation, deregulation, and inauguration of the computer
information age, changed consumer demands, globalization, and the rush toward
democratization, among others. These changes are impacting seriously on the
environment of business. Yet it looks as if the coast is not clear, as these
changes are most likely to stretch into the next millennium and beyond long as
the indices keep swinging.
In the economic sphere,
Nigeria has been swimming in economic recession in the past two decades or
more. It is not that economic recession is a recent phenomenon. In fact, Fajana
and Osigweh (1993) did record that the world had passed through many phases of
recession, beginning in the 1920s. But the economic recession in Nigeria is a
reflection that the economy is fully plugged into the international economic
system, which has also been characterized by deep economic changes.
Responses to the
economic changes in Nigeria have been varied with various Nigerian governments
applying different measures, many of which are short-term and clearly depicting
the understanding and character of those administrations.
However, the most long-
term and comprehensive of this economic measure was the Structural Adjustment
Programme, SAP, introduced in 1986 by the Babangida administration. SAP was
designed to restructure Nigeria's economic and also promoting viability in
fiscal and balance of payment policies. The success or otherwise of SAP is not
the primary concern of this study.
The responses of
businesses to economic, political, technological and social changes have been
as varied as those of government. They have regularly altered their management
strategies to be able to adapt to realities in their task environment. Such
strategies range between long-term contracts, joint ventures, mergers,
downsizing acquisitions, etc.
What the rapidity of
change has done to business is that it has made business leader and managers to
think of more effective methods of planning and implementing changes that are
necessary for the growth and survival of their organizations. This is because,
duringthe past couple of the years in which changes have occurred rapidly, many
managers have found to their chagrin that the rules have changed; traditional
methods of building businesses have failed to work as planned. Also, many
well-designed career path has turned into a dead end.
The unavoidable
consequence of this is the need to restructure corporately so that their
companies can regain competitiveness. Corporate restructuring obviously demands
skills, creativity, decisiveness and .pourage. In adopting and applying any of
the doses of restructuring, alternatives re-capitalization, divestitures, and
acquisitions each of which they're own primary assumption.
Core area of any
businesses usually consider restructuring or responding to changes in the task
environment its human resources utilization and management is borne out of the
fact that the human factor plays a critical role in the success or otherwise of
any organization. Peter Drucker (1974) recognized this when he said that
building a new structure or organization requires three-difference kind of
work:
1. The operating task, which is
responsible for producing the results of today's business.
2. The innovative tasks, which
creates the company's tomorrow; and
3. The top management task, which gives
vision, directs and sets the course for the business of both today and
tomorrow.
According to Gail
Pollano et al, (2000), since obtaining competitive advantage through corporate
restructuring represents a major concern of business managers, human resources
rules cannot be underscored. Besides, competitive advantage distinguishes one
firm from another, provides positive economic benefits and, according to
Pfeiffer (1994) cannot be readily duplicated. Thus, business have discovered
that although at a huge cost, traditional sources of success, product and
process technology, protected or regulated markets. Access to financial
resources and economies of scale, no longer provide much competitive leverage
as in the past. Instead, organizations culture and capabilities, which are
derived from how people are managed, is proving to be a more vital factor in
corporate survival.
Thus, recruiting,
utilizing human resources, as a success factors in corporate restructuring is
now a major challenge in today's competitive market place. This is simple
because today's employees are "new breeds" with different values,
inspirational needs and motivation from his predecessor. Also, he is better
educated being the produced being the product of the knowledge expansion, more
aware politically, socially and economically and therefore, more demanding and
less easily managed by traditional controls of allthese, utilizing an
organizations skilled human resources as a driving force in business strategy
is also a major challenge. For instance, many organizations that have gone
through restructuring or turn around, aimed at increasing their competitiveness
and ensuring adaptability in order to avoid the fate of the legendary dinosaur,
in the past few years have done so with their people (human resources).
This fact is clearly
buttressed by the existence of a body of research, which stress that human
resources management policies are not only action producing but also affect the
implementation of business- strategies. John Butler (1988) studies various
human resources management options and pointed out how a successful combination
of human resources options facilities the exploitation of market opportunities.
1.2 Statement of the Problem
While strategic
management is being applied in liberal doses in business organizations in such
areas as productivity improvement and balancing of business portfolios, the
strategic possibilities in human resources management are frequently ignored.
Apparently, they should not be. The result of ignoring the potentials of human
resources are employee turnover, sudden hostility, strikes, decreased output,
low morale, etc, and the business is worse for it.
1.3 Purpose of the Study
The approaches emerging
today is to use growing ideas of management techniques to solve problems facing
organizations and which also arises as a result of the dynamics and
competitiveness to today's turbulent business climate.
The purpose of the
study is focused on today's business environment, the change forces and
restructuring alternatives, hi view of this, the purpose of this study is in
analytical approach to the strategic employed by organization to ensure their
continuing survival in the emerging world market that promises survival only to
the fittest.
1.4 Objectives of the Study
The main aim of this
research is to explore, assess and evaluate the effective or impart of
corporate restructuring on employees in organizations.
To achieve the above
aims, the following objectives are evolved.
a. To identify the methods and
processes involved in the corporate restructuring,
b. To examine of the attitude and
perception of employees toward the restructuringprocess,
c. To assess of how the employees view
the methods and procedure of the corporaterestructuring in organization.
1.5 Justification of the Study
The business world
today is turning up many challenges and opportunities, these could either be
internal or external to a business, redefining business practices and the way
people view businesses. As a result of the pervasive forces of change, drive
toward quality, increasing government regulations, environmentalism,
democratization, etc, businesses are today more volatile than ever before. And
yet, the lucrativeness and attractiveness, which businesses hold for individual
and corporate investors, have not made them totally unable to adjust to change
forces in their environment (Gail Pollano et al, 2000)..
While business firms
continue to seek a maximization of their profit in a changing and dynamic task
environment, they have also not underscored the relevance of human resources as
a critical success factor for survival in a turbulent business climate.
Consequently, the prudent management of both their human and material
resources, also requires an equally corresponding efforts to manage the human
resources that is a critical factor if the company goals of a business are to
be realized in consonance with the foregoing, it becomes extremely imperative
for business managers to appreciate the congruency that is involved in the
management of funds. Provision of goods and services and the maintenance of
human resources, so that none of the necessary resources serves as a hindrance
to the other in the course of business operation.
Furthermore, today
there is a growing realization that the human factor is a very critical factor
in the success of a business organization, particularly competitivenessin a
competitive market. To this end, business are not only spending an
ever-increasing amount of money to select, train, retrain and retain their
skilled personnel, they now regard personnel as business assets and, therefore,
put them on their balance sheet.
1.6 Relevance of Study
The study is considered
significant because its findings will provide useful ideas on the effect of
corporate restructuring on employees in organizations. The findings will also
reveal the extents and constraints in successful corporate restructuring in organizations,
with a view to making adjustments where necessary to achieve a more effective
of corporate restructuring on employees in organizations. The findings may
also; serve as useful source of data for future researchers in this field of
study.
1.7 Research Questions
The following research
questions are raised in the study.
1. Is there any factor which determines
if restructuring is necessary for employees' productivity?
2. How can restructuring be used
positively to influence employees' productivity in an organization?
3. Is there is a correlation between the
survival of a company and the restructuring pattern?
4. Is there a correlation between
employees' productivity and the organization survival?
1.8 Research Hypothesis
Hypothesis 1
H1: Restructuring is a means of improving
employees' productivityand organization's survival.
Ho: Restructuring is not a means of improving
employee's productivity and Organization's survival.
Hypothesis 2
H1: The survival of a company in the new
millennium depends on its responsiveness to the challenges of the time.
Ho: The survival of-a company in the new
millennium does not depend on its responsiveness to the challenges of the time.
1.9 Scope and Limitation of The study
This study shall
concentrate on the corporate activities focusing on human resources as a
critical factor in terms of strategy put in place to maintain their
organization position by ensuring their survival in the emerging economic
integration. However, the study may be limited by possible low response rate.
1. Limited literature, since much has not
been written on the challenges of new millennium in terms of restructuring.
2. Financial resources and time.
3. The employment of questionnaires as a
method of gathering information from the respondents is somewhat tasking as
they are prone to treating such enquiries unserious, thus resulting in the
delay in filling them on time for processing of the information got.
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