Impact Of Corporate Level Management On The Employee’s Performance

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Impact Of Corporate Level Management On The Employee’s Performance


Abstract


The main aim of this study is to examine the impact of corporate level management on the employee’s performance using Forte Oil in Kaduna State as case study. The research adopted a descriptive survey design was employed to assess the opinions of the respondents and with the aid of convenient sampling method a total of 36 participant were selected from Forte Oil petrol stations in Kaduna Metropolis in Nigeria. Well structured questionnaire was issued to the respondent of which total of 30 responses were retrieved and validated for the study. Data was analyzed in using simple percentage in frequencies and tables. Findings from the study revealed that Financial reports have significantly improved the process of Corporate management in Nigeria and thus has significance effect on organizational performance. Moreso, Effectiveness of financial reporting significantly improves corporate objectives, finally Effective communication between top management and subordinate can enhance organizational productivity. The study therefore recommends that It was concluded that Corporate management has significance effect on organizational performance. It was recommended that management of Forte oil in Kaduna State should look deep into their Corporate management practices and restructure how to implement it to ensure continuous improved organizational performance.


Chapter One


Introduction

1.1 Background of the Study

Corporate management is related to ways in which a firm, corporation, organization is owned, managed, controlled and directed, thus the practices based on development and adaptation of Corporate management is generally known as the important matter in profit maximization of the firm in long-term bases, Pletzer (2015).

Similarly, Wanyama & Helliar, (2009) provide elaboration based on Corporate management importance in the firm, corporation or an organization with the aim of running a profit and the investors of the business receive their returns equality depends on their shares. Trickler (2015) added that there are two distinct problems that core corporate institution helps in reply which are vertical governance which is between distant shareholders and managers and also horizontal governance which is between distant shareholder and controlling shareholders.

The Corporate management started in 19th Century period in the United Kingdom (UK) when the joint stock companies Act (1844) allowed the registration of businesses which led to the beginning of the modern corporation. The registration of a corporation meant to separate the owner from the business where professional managers are the ones to run the business. The birth of corporation reduced the owners’ liabilities in the company, it also created conflicts between owners and managers. In effect, Corporate management framework was necessary to business owners against managers who had the advantage of running the company, (Kiel &Nicholson, 2003).

In developing countries, Francis, (2000) accredited that Corporate management became noticeable in the 1980s after the storm of corporate failures sweeping across advanced world had pleased down different Organizations including the World com, Enron in USA and Golden Quadrilateral in India collapsed due to bad governance in their operations and failure in following financial regulations. The reasons for bad governance and financial impropriety were mostly with fraudulent acts and malpractices. They include misuse of accounts, they did not fall rules and regulation which leads to discrimination and adaptation of bad systems and also exploitation of some shareholders who are minority (Bellin & Thomas, 2008).

In India, improvements are more important for the economies as they make the structures more effective, help in rival with multi-national corporations for the growth of investors’ confidence. In fact, keeping step with the global growths, India has also observed a sequence of such improvements in Corporate management as well as the introduction of clause 49 of mentioning contract by (SEBI), apex regulatory authority of stock market in India which summaries Corporate management systems for identified organizations in India. These improvements enabled the independence of directors on board, improved disclosure requirements, improving employees’ performance by ensuring effective title role to release and making audit committees more influential, (Reed, 2002).

Moreover, Corporate management creativities in India are supported with the overview of reviewed Company Act of 2013. However, norms and added openly rules introduced in India but has weak implementation, the level of obedience by the Indian companies is not adequate and is doubtful, but the effects are recorded to the level of the implementation, (Johnson et al, 2000).

However, In Kenya, the gained fame of Corporate management was beginning partly by corporate dissatisfaction or poor implementation of public and private organizations. Therefore, PSCGT Kenya pushed for the greatest advocate of Corporate management. Consequently, the Center in Kenya established a system of good Corporate management practices in 1999, which was voluntary for implementation. The structure of good Corporate management performs was added worked by the Capital Markets Authority in 2000 as draft, applies for verified companies in Kenya. In later years the CMA made it compulsory for the recorded companies to implement those Corporate management practices. These Corporate management mainly deals with issues of the board such as composition, role of audit committee, parting of the role of CEO and the Chair, and employees’ release of responsibilities (Ekadah and Mboya, 2011).

In Nigeria, for years now, as in other countries, Corporate management has been an energetic strategy in improving corporate and employees’ performance. It is essential for economic growth in Nigeria is recognized by shareholders, business owners, regulators and policy makers.

Private shareholding in private organizations, operating in market economy considered effective in management control than government shareholding in a centrally controlled system, (Melyoki, 2005)

According to this, more attention has been given to Corporate management in Nigeria which pushed far to improving the Corporate management situation and Capital Markets and Securities Authority were announced for the aim of regulating securities business. Organization shareholders, regulators and policymakers’ views recommended practices as an important step in influencing behavior of employees (directors and managers) in regard to effective discharge of roles in promoting interests of shareholders. Keko Pharmaceutical Industries (1997) Limited, can’t ignore the important of good Corporate management in strengthening her performance especially employees’ performance. It’s in this level that this study aims to assess the impact of Corporate management on employee performance in an organization

Keko Pharmaceutical Industries (1997) Limited is the manufacturing industry of pharmaceutical products which are medicines for human being. Those pharmaceutical products are Diodol, Diofulvin, Cipro, Diotrim, Diomox, Diomplox, Quinine. It is managed under Managing Director who is the final say of the company and assisted by four head of departments. The industry is owned by government and private shareholders. The pharmaceutical industry in Nigeria is still infant, despite of being in place for almost more than 40 years since independence.

The Company is under the leadership of the Board of Directors which in accordance to Memorandum and Articles of Association need to comprises Six (6) members, four (4) from the majority shareholders while two (2) from the minority shareholders. At all the time the board should have active members who are not less than three (2) from the majority shareholder and one (1) from the minority shareholder. The majority shareholder has the role to appoint the Chairman of the Board who is a part of the members of the board. Currently the company has Five (5) active board members; three (3) representing the majority shareholder and two (2) for minority shareholder respectively.

The company is under the leadership of the Managing Director (MD) who is assisted by four head of departments, thus the Production Manager, Marketing Manager, Stores Officer and Finance and Administration Manager.


1.2 Statement of the Problem

In the past, so many organizations in Nigeria have been involved in unethical practices, which puts the credibility of their corporate image doubt. Increase in productivity in different working place has been on decline of recent. The major reason behind this is the increase in isolation of Corporate management. This has led to low organizational performance. As such Forte Oil Nigerria Limited just like other oil company have been constraint with issues arising form customer’s complaint of exploitations of workers by using contract staff as against direct engagement of workers that would be remunerated according to their condition of service. Previous researches into the subject has brought to light the poor governance of so many companies with indebted accounts in Nigeria economy. Their accounting systems did not reflect the companies financial status. A typical example is the financial scam of Oceanic and Intercontinental Bank after the consolidation. Most management of such outfits were not accountable to stakeholders of the companies. Besides, the counts and the regulatory agencies were short of authority, corruption and kickbacks were part of the system in the companies. The poor governance practices led to the collapse of so many companies in Nigeria. Hence the need to study Corporate management and its impact on the management of Forte Oil Nigeria Plc Kaduna.


1.3 Objective of the Study

The broad objective of the study is to examine impact of corporate level management on the employee’s performance using Forte Oil Nigeria Plc in Kaduna state as case study.

Other specific objectives are as follows:

  1. To determine the extent to which Corporate management increases employee’s commitment.
  2. To find out if effective communication between top management and subordinates affect increase in employee productivity.
  3. To ascertain if employees involvement in board increase market share.

1.4 Research Questions

The research is guided by the following Hypothesis

  1. Do financial reporting help organizations in achieving their corporate objective?
  2. Would effective communication between top management and subordinates affect increase in employee productivity
  3. Would employees involvement in board increase market share?
  4. Does Corporate management have any significant effect on the organization performance of firms?

1.5 Significance of the Study

This study is expected to help shareholders, board of directors, stakeholders, managers of both public and private company/organization to understand the need for Corporate management and its effect on organizational performance. It will also be valuable to both management and employees of Nigeria Breweries plc, Enugu states, as a reference material. Shareholders, board members and managers who would read through this work would be enlightened more on the need for Corporate management and how to create a conducive and enabling environment that makes it impact significantly on organizational performance.The study will be significant to Forte Oil Nigeria Plc especially as they utilize the findings of this research in enhancing policy governance in their organization. The study will also add to the existing knowledge on the subject matter and will also be a reference material for further research on Corporate management.


1.6 Scope of the Study

The scope of this study borders on the effect of Corporate management on employee performance. The study will further ascertain if effective communication between top management and subordinates affect increase in productivity and if reliable financial reporting will enable organization to achieve their corporate objective. The study is however delimited Forte Oil in Kaduna State.


1.7 Limitation of the Study

Notably, like in every human endeavour, the researchers encountered slight constraints while carrying out the study. The significant constraint was the scanty literature on the subject owing that it is a new discourse thus the researcher incurred more financial expenses and much time was required in sourcing for the relevant materials, literature, or information and in the process of data collection, which is why the researcher resorted to a limited choice of sample size. Additionally, the researcher will simultaneously engage in this study with other academic work. However in spite of the constraint all these constraint were downplayed to give the best.


1.8 Definition of Terms

Corporate management: is an all- encompassing concept that seeks to guarantee and institute credible bedrock governance standards, in the creation of wealth, in the light of the primacy that corporations have come to assume in privately- led economies.

Auditing guideline: Auditing guidelines are intended to give guideline on: (a) Procedure by which the auditing standards may be applied. (b) The application of auditing standard to specified items appearing in the financial statement of enterprises. (c) The application of auditing standards to particular sector, industries or service organizations. (d) Other matters relating to the proper performance of audit work.


1.9 Organizations of the Study

The chapter one consist of the introductory part of the study which includes the study background, the statement of the research problem, the study objective and scope of the study.

The second chapter is a critical review of other literatures relevant to the study and its objectives including the theoretical framework for the study. While the third chapter is methods of data collection, sampling and data analysis used in conducting the study. The fourth chapter centres around the research findings including an analysis of how it relates to previous findings. The fifth chapter consists of the summary of findings, conclusion and recommendations base on the study objectives.


Chapter Five


Summary, Conclusion and Recommendation

5.1 Summary

The main aim of this study is to examine the impact of corporate level management on the employee’s performance using Forte Oil in Kaduna State as case study. The study will further ascertain if effective communication between top management and subordinates affect increase in productivity and if reliable financial reporting will enable organization to achieve their corporate objective.

The research adopted a descriptive survey design was employed to assess the opinions of the respondents and with the aid of convenient sampling method a total of 36 participant were selected from Forte Oil petrol stations in Kaduna Metropolis in Nigeria. Well structured questionnaire was issued to the respondent of which total of 30 responses were retrieved and validated for the study. Data was analyzed in using simple percentage in frequencies and tables.


5.2 Conclusion

Corporate management involves a system by which governing institutions and all other organizations relate to their communities and stakeholders to improve their quality of life. In this regard, Corporate management is not only concerned with corporate efficiency, it relates to a much wider range of company strategies and lifecycle development. It is also concerned with the ways parties (stake holders) interested in the wellbeing of firms ensure that managers and other insiders adopt mechanism to safeguard the interest of the shareholders. Corporate management is based on the level of corporate responsibility a company exhibits with regard to accountability, transparency and ethical values. Thus, a governance system that will promote ethical value, professionalism and transparent application of best practices is desirable.

Findings from the study revealed that

  1. Financial reports have significantly improved the process of Corporate management in Nigeria and thus has significance effect on organizational performance.
  2. Effectiveness of financial reporting significantly improves corporate objectives
  3. Effective communication between top management and subordinate can enhance organizational productivity.

5.3 Recommendation

The researcher recommends the following based on the findings of this study:

  1. The management of Forte Oil in Kaduna State should look deep into their Corporate management practices and restructure how to implement it in other for it to improve organizational performance.
  2. Forte Oil in Kaduna State should ensure that the concept of their Corporate management process is underpinned by the principles of openness, integrity and accountability.
  3. Information technology acquisition should be accessed by all shareholders and stakeholders in other to monitor the activities of its managers (management) in regards to Corporate management.
  4. Forte Oil in Kaduna State should ensure ethical and professional standards in their pursuit of professional objectives, customer satisfaction, high employee morale and maintenance of market discipline as this strengthens the organizational performance.
  5. Organization should increase the level of communication between top management and subordinates as it helps to improve organizational performance.
  6. Employees involvement in board meetings should be encourage in organizations since the study has shown that it has significant impact on organizational performance.

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Frequently Asked Questions


What is the value of performance management?

Both managers and employees generally have reservations about the performance management system. While most acknowledge the importance of setting goals, measuring and documenting performance, rewarding, correcting and developing performance, some people are sceptical about the real value that performance management adds to their organisations.

Is the performance management system relevant to the improvement of staff performance?

Some respondents argued that the performance management system is not relevant and appropriate to the improvement of staff performance because the continuous assessment is not done throughout the year and there are no early detection and corrective action mechanisms in place to remedy poor performance.

What are the negative effects of performance management systems?

Poorly designed and implemented performance management systems can have disastrous consequences for all those involved. For example, employees may quit, those who stay may be less motivated, and relationships (e.g., supervisor–subordinate) can suffer irreparable damage.

What is the performance of a company?

The performance achieved by a company is basically the achievement of the members of the company itself, starting from the executive level to operational employees.

What is performance management system?

Performance management sets expectations for employee performance and motivates employees to work hard in ways that is expected by the organization. Moreover, performance management system provides a completed and professional management process for organizations to assess the performance results of organizations and employees.

What are the benefits of performance management in the workplace?

Per­for­mance Man­age­ment Helps to Boost Employ­ee Engage­ment and Productivity. Engaged employ­ees stay longer, active­ly involve them­selves in the work­place and pro­duce bet­ter results. Improv­ing lev­els of employ­ee engage­ment is key to boost­ing pro­duc­tiv­i­ty and max­imis­ing ROI.

How does performance management software increase employee engagement?

The right performance management software will also increase employee engagement by giving them the opportunity to take control of their own goals and personal development, and by providing regular and immediate feedback. Studies have shown that organizations are more productive and profitable with engaged employees.

How to improve employee performance without performance appraisal?

Try using an employee performance management program instead of a performance appraisal program. Such a system creates an approach to improving employee performance rather than an appraisal system that highlights employee shortcomings. Who feels inspired to try harder when they have just learned all the things they are doing wrong?

Does performance management have a negative effect on managers?

In theory, I agree that organizations that do not have strong performance management systems can have a negative effect both on employees as well as their managers. However, a well-designed performance management process can be rewarding for both the employee as well as the manager.

What are the risks of performance management systems?

If the performance management system you’re using is unfair and invalid, employees are more likely to become dissatisfied and burnt out in their roles. 7. Legal risks increase.

Do poorly implemented performance management systems affect job behaviour and performance?

The focus of this study is on the effects of a poorly implemented performance management system (PMS) on the job behaviour and performance of employees. In the implementation of a PMS, one of the imperatives is that managers ensure that their employees outputs are compatible with that of their organizations goals.

What are the benefits of performance management systems?

If done well, an effective performance management system can help to understand employee career ambitions, identify employee developmental opportunities, and be an important part of a succession planning process. 3. Encouragement to Staff

What determines a company’s performance?

There are quite a few ratios that determine in financial terms how a company is performing. The most commonly used ratio is earnings per share and diluted earnings per share. Earnings per share are the ratio of the net income generated by the company to the weighted average of the total number of shares.

What is Corporate Performance Management (CPM)?

Corporate performance management (CPM) is an umbrella term that describes the methodologies, metrics, processes and systems used to monitor and manage the business performance of an enterprise. Applications that enable CPM translate strategically focused information to operational plans and send aggregated results. 

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