Effect Of Time Management As A Tool For Organizational Survival
In an organization there are a number of resources which have to be used such as money, people and materials. But there is one resource everybody has in common and that is time. The problem being scrutinized in this study was how to manage time in order to improve performance. The study assessed time management in improving organizational performance in the bank industry in Nigeria, a case of First Bank, Abuja. The specific objectives of the study were in three folds: Firstly was to find out the awareness of effective time management among employees, secondly was effective utilization of time management in service delivery, thirdly to know if time management can ensure timely completion of assigned duties and fourthly was to describe challenges facing bank industry in implementing time management. The study involved literature review in relation to effective time management among employees which supported the formulation of the study and streamlined the research. The study employed a descriptive research design. The study adopted the case study design as a model of investigation whereby respondents were grouped according to their Bank branches. Data was collected using questionnaires, interviews and observation and presented in terms of percentages, frequency distribution and tables. Generally, the findings revealed that time management had a great role to play in organizational performance at First Bank. The target population was 90 employees and managers drawn from the three bank Branches in Abuja. The sample size was 50 respondents. The study then provided important information to many interested parties which include the human resource management. It was found that time management was not fully implemented and some of them do not understand the value of time. The study recommends every individual must see time as a company resource and concern and not a personal issue.
1.1 Background of the Study
Management study has revolved over long period of time and successive means of thought in industry and commerce have severely described it as the basic ingredient of administering a business.
In support of this view Yakubu (1989) defined management “as a social process entailing responsibility for effective and economical planning and regulation of the operation of an enterprise, in fulfillment of given purpose or tasks” while organization have been working hard to attaining the purpose for which they have been established, the issue of the time it takes to achieve this often neglected. This situation is unfortunate and need to be taken seriously by organizations if the attainment of set goals is to be at maximum profit.
In other words, organization have to properly manage the time it take to attain their goals so as to reduce costs to the bearest minimum.
Adamu (1974) has defined time management as “the art of planning a job, measuring such jobs through reducing such activities to time elements (expressed in terms of pieces per unit or time per piece) and monitoring it to determine efficiency and productivity.
This implies that work must be divided among and between specialist workers with at a time instead of the whole, thus minimum effort is applied by individual workers and maximum output achieved.
Despite the gaining advantage of time management or not attention is paid to it by organization.
This evident when one carefully leads individual workers exclaims that it is not my factors business are also find a lot of individual working hard over organization are meant of the theories of management.
At independence, the size of its armed forces were small and growth was to be a gradual process, and if the influence of the country was to be yet in the sub region, Africa and the world at large, a dynamic foreign policy was to be vigorously pursued.
Time is the period in which processes and actions take place. (Healthier, 2005) says that time is a resource which is scarce and must be well managed or else you can’t manage anything.
Time management is the use of tools and activities which help an individual manage and strategize his time effectively (Healthier, 2005). (Hellsten, L. M. 2012).
Key elements to perfecting time management are, setting goals, delegation and decision making. (Hellsten, L. M. 2012). Effective organization of time, planning for the future, scheduling activities, writing to do lists and avoiding time waster activities are employed by time management (Hellsten, L. M. 2012).
In the bank sector, time has to be managed because with less time high quality services will be provided that means a bank will be in a position to retain customers and get more of them hence generate more income( Hellsten, L. M. 2012). Efficiency and increasing productivity with little emphasis on effectiveness and life balance are emphasized by many of today’s time management books (Hellsten, L. M. 2012). The needs for time management is greater than ever, as the pace of life increases the perception of time changes although time management had its starts over a hundred years age. People concentrate on a single task at a time or a few simple tasks, this is because they attend more to rumors than work and become bored sometimes, (L.M. Prasad, 2007). Due to the greater concentration of single task compared to previous generations where it shows there was a freedom of working rather than today where most of the sectors or organizations are privatized (L.M. Prasad, 2007).
There is no agreed definition on performance. Performance of individual employees can only be accumulated by time spent on doing a specific task given, by describing all of their work-linked behaviors, which also represent their contribution. (L.M. Prasad, 2007) agreed that, the difference between employees’ competencies or capabilities and their actual effectiveness is the motivation or the willingness to present appropriate behaviors. (L.M. Prasad, 2007) also thinks that the various definitions and different understanding of performance management term is strictly connected with the above mentioned issues. The integration between the individual units and the whole enterprise led to another evolution of the above mentioned concept. The joint creation of plans, goal implementation and strategy achievement was the main source for the creation of shared vision of company’s success. People started to be measured in areas, which were the most essential for future evaluation. (Benson, J. and Brown, M, 2007) explained that, despite the terms’ evolution and various types of definitions and meanings, performance management can always be described in three points;
- Effective, which provides human resources with required knowledge and skills to achieve certain level of results
- Strategic, which refers to long-term strategic decisions and essential objectives.
- Integrated, which connects and combines strategic, operational and financial information and factors
Therefore, time management needs to be taken into account that, the implementation of organizational performance needs to be aligned with time management that needs to be adapted and linked to company’s specific branch operational and strategic goals, current and future financial situation (Armstrong, M. 2006) .As long as above mentioned system is not capable of making a significant change, there is no point in implementing it. Armstrong, M. (2006) suggested that, according to the literature, management of time is the behaviors aimed at getting efficient utilization of time and therefore achieving set goals.
There are many barriers which could suppress the expected influence of the whole process. It is recommended to collect and analyze data and information linked with the implementation stages, because unsuitable system or a misuse of it can lead to consequences that are negative, such as employee’s de-motivation or even whole organization financial and functioning (Gardiner, M. 2007) problems. So, the basic objective of studying this was to gain knowledge about how to manage organization following the time management so as to optimize the organization achievement.
1.2 Statement of the Problem
In an organization there are number of resources which must be utilized such as people, money and materials which are all important. But there is one resource we all have in common which is time. Time has to be managed so as improve performance (Gardiner, M. 2007).
Performance in an organization revolves around efficiency (doing things right) and effectiveness (doing the right thing). As a manager, you need to know how to manage resources and employees. The company is faced with problems and challenges coming from not being efficient in its time management (Benson, J. and Brown, M, 2007).
These are, poor job security and bad conditions of working, poor maintenance of human resource policies, not properly structuring the organization which needs to have new cultures that will improve its performance and make it profitable, lack of team building skills and not having Self-discipline. Therefore, the researcher intended to assess effective and efficiency of time management in enhancing the performance in bank industry.
1.3 Objectives of the Study
The main objective of the study was to assess effectiveness and efficiency of time management in improving organizational performance in bank industries. Specifically the objectives are:
- To find out the awareness of effective time management among employees
- To examine the effectiveness of time management in service delivery in bank industry.
- To know if time management can ensure timely completion of assigned duties in bank industry
- To describe challenges facing bank industry in implementing time management.
1.4 Research Questions
- Are the employees aware about effective time management?
- What is the effectiveness of time management in service delivery in the banking industry?
- What are the effects of time management in ensuring timely completion of assigned duties?
- What are the challenges facing bank industries in implementing time management?
1.5 Significance of the Study
This study is aimed at creating awareness and assessing time management in improving organizational performance in bank industry, Therefore the study is expected to be of much value to a number of people as follows:
Members of organization including the human resource management will be informed on importance of time management in increasing performance Also, it will help decision makers to formulate different strategies which will help the implementation of time management
The researchers will be benefited by identifying variable areas for further Research, and will be used as an additional reference to researchers on time management.
It will also add knowledge to the academic community and stimulate further research in the field Time management.
The research will be useful to the industry.
1.6 Scope of the Research
The scope of the study was limited to time management and how it affects performance of employees in post bank.
The population of the study was 90 people with a sample size of 50 people composed of employees and management.
1.7 Limitation of the Study
This study was financed by the researcher herself and was conducted during the working days. It was therefore faced by both financial and time constraints. Financial constrains for accommodation purpose and field research studies. For the case of time, the study was conducted from morning where the First Bank employees and management have a lot of things to do hence having a short time deal with my study. Due to those two constraints the study was done in a single public organization; it may therefore not yield comprehensive results for generalization of findings to other public organizations.
Summary Conclusion and Recommendations
The researcher discussed, summarized, concluded and gave the recommendations on assessment of time management in improving organizational performance in bank industry based on the analysis and data collected on the study.
5.1 Summary of Findings
The study was expected to determine the effect of time management on productivity in Post bank. This could be achieved by using the following specific objectives:
- To find out the awareness of effective time management among employees: Under the management and the leadership of post bank, they opted to find out from the employees if they were aware of effective time management in order to find out where to fix their time management issues where a higher percentage knew and were aware that they needed to manage their time well but something had to be done about those who were not aware
- To examine the effectiveness of time management in service delivery in bank industry: The bank also looked at how they fast and efficient the delivery of service per customer was in order to be able to serve more customers per day.
- To know if time management can ensure timely completion of assigned duties in bank industry: The management also looked at software and methods to be employed in order to manage time, this was looked at in term of fixed schedules and timetables.
- To describe challenges facing bank industry in implementing time management: The managers also checked the delaying factors such as infrastructure issues and time wasters such as gossiping in order to remain competitive in the market by eliminating/improving this challenges
The findings of the research were found to be in line with literature reviewed.
The findings show that, Time management is satisfactory in First bank and it has direct link to the corporate performance because, majority of the respondents understand and implement time management although there are some challenges that limit the implementation.
5.3.1 To the Management
- Educating the employees on effective time management in order for them to know the importance of it and exactly how to do it. It is important that the employees know that the more they know how to effectively manage time, the more they can be able to achieve.
- They should also enhance the service delivery time by giving specific timelines for specific duties in order to serve the maximum number of customers and achieve the maximum number of set goals. Managers should invest and buy working tools like enough computers, printers, required software, standby generator and create conducive working environment by re- arranging sitting positions in a way that employees can sit comfortably, also management should make sure that they train employees on how to use them effectively, so that duties can be performed smoothly.
- They should employ time management software, have fixed schedules, time tables, and duty rosters so that everyone can be in the right place at the right time doing the right thing.
- The management should address challenges facing the bank such as poor infrastructure by ensuring they have the latest software that is updated and maintained constantly, they should have clear communication channels so as to eliminate gossip and rumors. Managers must frequently motivate employees because motivation drives people to accomplish goals. There should be incentive motivation by providing monetary rewards, bonus and promotion to the required people. Also managers should not forget social motivation by creating environment of acceptance and affiliations so that employees can feel they are part of organization hence more production.
5.3.2 To the First Bank Employees
Employees should make sure that they come early to work and finish up assigned duties before deadline and must have personal strategies to deal with interruptions by reading different articles which explain about time management strategies so that they can be in position to work without distraction.
Effect Of Time Management As A Tool For Organizational Survival
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