Social Responsibility As Survival Strategy For Achieving Business Organization Productivity (A Case Study Of First Bank Plc, Owerri)
Social responsibility as a survival strategy for achieving business organization productivity has generated a lot of controversies both in the business and academic circles; business literature is no longer complete without a discussion on the issue. This project focuses different meaning and definition of the terms social responsibility, employee, technique and employee and also productivity. The interrelationship the functions, objectives, significance and limitation of the study also the profile of the institution, research question and hypothesis literature review was also carried out in which relevant school of thought were discussed in relation to the topic. The research methodology was carried out to gather some fact useful for the conduct of the study and also the method of data collection, the population size, sample design and procedure. The data collected through the questionnaire were also analyzed in the study, in addition with the hypothesis testing certain observation and findings conclusion and recommendation were made to the financial institution so that its goals and objectives can be achieved.
1.1 Background of the Study
The pervasive influence of large business organization in the society make the issue of social responsibility very important to management. It is the obligation of an organization’s management towards the welfare and interests of the society in which it operates it also an ethical theory that an entity be it an organization or individual has an obligation to act to benefit society at large.
According to Shilt (1973) “The social responsibility of business refers to the obligation of business to contribute to the good of the society in a meaningful way” in a sense a firm is socially responsible when it employs workers and pay taxes. But these actions are either necessary to run a business or required by law under that current meaning social responsibility extends be yard that which is necessary.
It includes voluntary actions that contribute to improving the quality of use such as donation to charity contribution to educational development such as scholarship award to community members. Contribution to the sports development and such related action that generates benefits to the society with directs, indirect little or no economic benefits to the organization undertaking the responsibility. The dynamic environment of business is essentially characterized by changing technology, taste, habit, expectation and of course changing responsibility on the part of business. The changes are occasioned by the environment and the exert their impacts on business and those short deal with business the public specifically the people of business should include all those that have common dealing directly or indirectly with the business institution such as the stockholder, the workers, the customers, the supplier and the community neighbors.
According to Akpala (1986:2) “the corporate responsibility of business is to the public and public of the corporation.
THE CUSTOMERS: Most well-established business organizations have millions of customers and ultimate consumers who look to the business organization for the services and good they want. Customers are not usually dependent on a single source and their allegiance must continually be counted. At the same time the business organization can affects their patronage habit through advertising merchandizing or other social attractions.
The Workers: These are group that have a contractual undertaking with the business organization for service to the organization based on conditions of salary payment and security of jobs. Employers are usually dependent on the corporation for their livelihood, work satisfaction and career development and often for much of their social life.
Also obligation is a course of action that someone is required to take whether legal or moral by planning, directing, controlling and organizing.
By Directing: Is the demand for employee in an organization is a derived demand they are lined because of real or anticipated need for the goods and services they will produce once these employee are recruited it becomes the function of management to utilize them in the accomplishment of organizational objectives. It deals with the use of communication leaders toward the attainment of organizational objectives.
By Planning: Is an activity performed by all level of management it is a though process concerning proposed course of action. The overall plan involved broad company objectives while department plan involves the effort to achieve subsidiary goal which contribute to the achievement of all overall enterprise objective in a business enterprise it is the managing director that determine the kind of activities to undertake the resources to be employed and the customers to appeal to.
1.2 Statement of Problem
The direction of interest in the practice of social responsibility as a survival strategy of business by some business organization in Nigeria especially in Owerri, Imo State does not seem to respond to the interest of the society. Some business units seem to have some guiding strategy in their social investment habit and yet they claim to be socially responsible. Social responsibility as a survival strategy of business can promote employment in the society and have reduces some of the mounting levels of joblessness. Nigeria business seems therefore to exhibit some extent understanding of the idea of social responsibility as a survival strategy of business.
What is lacking seem to be the direction of effort so as to make it socially effective and national policy statement that will delineate a range of areas in a priority sequence so that business organization can select and base philanthropic action so as yield maximum benefits to the general public as well as to promote their businesses.
1.3 Purpose of the Study
Into this doctrine business, the objectives of the project can be broken down as in the following ways.
- To identify and study the social activities of First Bank Plc and determine how they fitted into the doctrine of social responsibility as a survival strategy of business.
- To determine the basic objectives of the management of the First Bank undertaking specific social activities.
- To identify the basic problems that confront the organization bid to undertake social responsibility strategy of business.
- To identify how the management of First Bank Plc adopt social responsibilities as a survival strategy of business.
1.4 Research Questions
The fundamental questions that have been raised on this issue include the following.
- What is the universal definition of social responsibility of business?
- What would be the ethical standards to guide business managers in their approach to this issue?
- How does the management of business adopt social responsibility as a survival strategy of business?
- What are the problems that confront organization in their bid to carry out some social responsibilities?
1.5 Research Hypothesis
- Ho: Social responsibility does not have a significant effect on organizational productivity.
Hi: Social responsibility has significant effective on organizational productivity.
- Ho: Social responsibility does not improve organizational performance and productivity.
Hi: Social responsibility improves organizational performance and productivity.
1.6 Scope and Limitation of the Study
In the midst of scarcity of resources in almost all its ramifications especially in a country like Nigeria, one cannot expect to write a project without a considerable measure of constraints. The researcher went through the following limitations in this academic project.
Time constitutes a very important item in the writing of any project. This project was writing under the pressures of other academic works and as such time was highly limited.
Finance was another factor that limited the researcher’s effort towards a better quality project. The role of adequate finance in any project cannot be overemphasized.
In a personal interview method as adopted by the researcher, bias cannot be over-ruled respondents could answer the question in ways they felt was favourable to them and the image of their organization rather than from an unbiased inclination.
4. Un-answered Questions:
Many question which were asked to some of the respondents, were either unanswered or were treated with uncompromising attitude. The result is that the purpose for which such question were raised and were defeated.
Finally the research anticipated some of the problems as enumerated above and this anticipation guided her decisions at limiting the scope of the projects to a specific business organization otherwise a comparative study of other organizations would have the case.
1.7 Significance of the Study
The researcher works the “social responsibility as survival strategy for achieving business objectives. It is quite significance to the organization because of the scientific sensitive roles of productivity of an organizations. The study is quite of importance because adequate application of social responsibility in any organization is in a direct-step towards a better performance and productivity by responsibility at various levels of authority.
Without a good responsibility in an organizations, in flow of information would be difficult and absence of social responsibility as a result of flowing performance and productivity. The study is important because the understanding of social responsibility would definitely enhance a service oriented organizations.
1.8 Definition of Terms
1. Profit Maximization:
This refers to the responsibility of service industries to make profit for its owners as it can.
2. Social Responsibility:
This refers to the obligation of service industries to contribute to the goods of the society in a meaningful way though some different philanthropic acts.
3. Opportunist Group:
There are different schools of thoughts that see profit maximization as due the sole responsibility of service industries.
Summary, Conclusion and Recommendations
5.1 Brief Introduction
This chapter gives a summary and conclusion of the study conducted by the researcher on the social responsibility as a survival strategy for achieving business organization productivity in Nigeria does not seem to respond to the interest of the society. Some business units seem to have some guiding strategic interest of the business organization in their responsible social responsibility as a survival strategy of business can promote employment in the society and hence reduce some of the mounting level of joblessness.
In summary of social responsibility is necessary to ensure that actual performance conforms to plans. To achieve this objective, it is important to establish standards at each strategic activity point. Actual accomplishment should be evaluated against the standard and the deviation or variance should be communicated to all concerned promptly in order to effect corrective actions.
Social responsibility is important that without it, management functions cannot easily be appraised. It serves as very good feed back as to the adequacy of planning organizing and directing.
5.2 Summary of Findings
This section takes an overview of the whole study social responsibility as a survival strategy of business, which is taken as a topic of the study has its basic thesis the role a business organization, pays in the bid to alleviate the problems on its environment or society of operation. The purpose of this study is to find out how the first bank plc fitted into this thesis. The study is also an attempt at carrying a research on the topic of social responsibility as a survival strategy of business into a specific business organization.
The concept of social responsibility as a survival strategy of business lacks any general definition and it scope is not defined. Some writers cited in this work have concluded that the concept is vague. The concept has also generated a number of divergent opinions. This study has reviewed the views of those who argued in favour of the concept and those who argued in opposition of the concept.
Different aspect of the practice of social responsibility as a survival strategy of business has been reviewed and some basic reasons for social responsibility of business have been identified in the study. The methodology of the research includes a process of structuring and conducting of personal interviews. The data analyses lead to some conclusions by the researcher.
The conclusive statement were suggestive of the notion that first bank Plc undertakes social responsibilities but in a narrow scope and within the frame work of some constraints. The commendation as prescribed by the researcher takes note of the concept of social responsibility business organization productivity as it affects First Bank Plc and the nation in general.
The study of social activities in First Bank Plc showed that the bank undertakes social responsibility in such areas as sports, education, sweeping of the roads, and clarity. But the scope of social responsibility identified with first bank plc is not as were as it should be to care for some reasonable range of areas of social problem existing in its employment. The over-riding objective of the bank for identifying with social responsibilities includes the desire to satisfy some legal and social obligations.
Constraining factors in the organization bid at social responsibility actions include economic and human factors. The economic depression of the 1990’s which has affected the general profit trend marks a constraint on the organization ability to direct fund to social problems. As regards the human factor, the decision process on the decision itself on social responsibility as a survival strategy of business does not go without criticism even from among the executives. Despite the constraints and the narrow scope of the constraints and the narrow scope of the practice of social responsibility as a survival strategy of business in first bank Plc. The final point in this study is that the first bank Plc is a social responsible organization. This point of view takes into consideration, the philanthropic act sweeping the roads in Owerri i.e. environmental renewal and a host of activities of the bank that has generated social benefits.
In the light of the study so far, the researcher would make the following recommendations.
- The management of first bank plc, they should diversity it scope of social responsibilities. The present scope of its responsibilities is very narrow and more emphasis should be placed on such current social problems as unemployment, agricultural development and provision of rural infrastructures.
- A separate department should be established in the bank and charged with the responsibility and authority of looking into the social responsibilities of the organizations. This would allow the top executives the chance to pay more attention to other cooperate decisions that are geared toward economic gains.
- The motivating force in understanding social responsibility as a survival strategy of business in the organization should not be entirely economic motives and the motives for social favour, in the organization’s bid become socially responsible.
- The management should set-up ethical standards, which should guide those responsible for making decisions on social responsibility. This would tend to reduce the incidence of unethical decisions and make for decisions that favour both the organization and its environment.
- As one of the outstanding business organization in Owerri state, First Bank Plc should not only play the role of inciting other business organization to become socially responsible. The management could do this by organizing seminars on business social responsibility.
- The government of the federation should take a step further in providing regulation that would commit business organizations in the country to more serious social responsibilities. This is because without society business they cannot thrive. The government could make allocations on sectional basis of business social responsibilities. This would make for more diversified approach by business organizations in the solving of some of the social problems in Nigeria. For instance, the banking sector could be allocated as the responsibility of developing the agricultural sector of the economy as a way of boosting food product, raw materials availability and foreign exchange earnings.
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