Effective Implementation of Organizational Policies and Procedure

The Oxford Advanced Learners Dictionary defines business as “the act of buying and selling, commerce, trade”. It went further to explain it by saying that it is the task, duty, concern or what has to be done in a shop, office or commercial enterprise.

For a more practical definition business, it includes all the activities in which persons working alone or in group try to produce and distribute the goods that are important to the comfort and general well-being of people and for the benefit of the society in general at profit. (Nebefife 2002).

Thus business can as well be defined as a mean of the organized effort of individuals to produce and provide goods and services for gains and to meet the needs and aspirations of the society.

ORGANIZATION AS A CONCREPT IN NIGERIA BUSINESS

Organization can be referred as the way in which people are grouped and the way in which they operate to carry out the activities of the business. The key elements of the organization are defined as the goals of the business and the way they are formulated, control, ownership, size, structure and organizational culture.

EFFECTIVE IMPLEMENTATION OF ORGANIZATION POLICIES AND PROCEDURES IN NIGERIA BUSINESS

implementation is a process of taking decision but if not taken, it is said to be incomplete thus the essence of any decision is to secure action. For some important decision to be taken or implemented effectively, the decision maker has to seek and obtain the willing co-operation of all involved.

There are some factors involved in securing acceptance include effective communication, motivating the employees into accepting the decision and pointing out the advantages to be achieved, affective control of the process for the implementation of the decision and proper timing of event to aid coordination.

Like in banking sector I am citing, when decision has been made to solve a problem in a particular manner, it may be necessary to alter the procedure for implementation. As time went on, and as the solution is being implemented, new facts and circumstances may appear which alter the original situation. More so, some decision management take can be changed while others cannot. It is fortunate that most decision can be changed of action to do so is taken in time. Once you understand that most decision made can be changed you will have more confidence in your decision-making abilities. This is the principle of decision implementation First Bank Plc which I am citing. One must learn to distinguish between decisions you can change and those you cannot change. Like what the operational manager said “before one or they make a decision, they do ask this question, if one fail to achieve the desired results, to what extent can he or the reverse his/her decision?” (Nebefife 2002).

DEFINITION OF POLICY

Policy as being stated by Bates and Eldredge (1984) a statement that expresses the limits of decision making by members of the organization changed with the responsibility of operating the organization system (Nebefite 2002).

Also, policy in a statement that expresses the limits of decision making by members of the organization as been changed with the ideal the achieving and operating the organization as a system. It’s formulation is essentially trying to determine now what problems will occur in the implementation and administration of a strategy and formulating guides so that resolution of problems will facilitate fulfilling the strategy of the organization.

According to Webster’s collegiate Dictionary (1991), it defined policy as a definite course or method of action selected from among alternative and in light of given conditions to guide and determine present and future decisions.

More so, policy can be defined as a guideline laid down, in general or specific terms to make a company or other organizations to reach the long-range target(s) set by the objectives. (Coventry and Baker1985).

Policy in simply defined as a guideline to managerial action (Akpala 1990) and it is a standing line for all managerial relationships with employees and consumes (Yoder 1972). It is referred as a guide or rule of action for the organizational members to attain the desired objective of the organization. It may be a predetermined or selected cause as guideline towards accepted goals and objectives.

SOURCES OF POLICY IN BUSINESS

As the definitions have been stated above, the usual source of policies in business especial in Nigeria is from the top management of the organization. The sourced are:

(i) Originate from top by executive deliberation

(ii) It may be imposed from outside the organization by trade association or the government

(iii) It could be formulated on appeal from subordinate as a result of as specific problem not observed by previously set policies

(iv) It can be implied from consistent actions of subordinates and known by top management but not explicitly stated

CHARACTERISTICS OF A GOOD ORGANIZATIONAL POLICY BUSINESS

There are some specific rule for selecting a course of action and it’s implementation and that is why the following helps in identifying a good policy business in an organization or company:

(a) It should be stated in an understandable words and placed in writing in a conspicuous place

(b) For a policy in a business to be followed, it must be comprehensive enough to cover any contingency.

(c) It should be related to an objective of the company/organization and explained or well defined to all persons to whom it is to apply.

(d) It must prescribe limits and yardsticks for future action.

(e) It must be subject to change but relatively stable, in other words flexibility in consumption.

(f) It should be allow for direction and interpretation by those responsible for carrying it out.

(g) It must provide definite and clear direction by the top management and at the same time allow subordinates ample chance to make their own decisions within clearly stated limits. (Akpaia 1990)

FUNCTION OF ORGANIZATION POLICY BUSINESS

1) Policy “serve to direct future action”. This is done by anticipating future situations an resolves how these situations will be dealt with, long before they occur. For example, it is a well know fact that a chief executive office of any company cannot occupy the position forever. He /she may one day retire, die, resign or ie relieved of the post and for this reasoned organizations will be henceforth forced to make policies on how such executives can be replaced if such situation arose.

2) Policy should provide a guide and framework for subordinates decision.

3) Strong and clearly stated policies in an organization encourages delegation of decision making, they do not predetermine decisions

4) Policies help managers to have a defined scope within which to operate without reference to any superior officer.

5) It serves as a standard of performance

6) Clearly stated policies have been associated with the fostering of favourable management climate and the consequent improvement in the output of executives. (Akpala 1990).

CRITICISMS OF ORGANIZATIONAL POLICIES

Not minding the good functions policy serve to organization companies, it has been criticized by some critics. They are as follows:

(a) Policies provide ability and direction to of members of the organization, yet if a policy remains in existence long after conditions have changed, it can have the effect of opposing progress.

(b) If policies are not stated in board and definite terms, it may tend to encourage a subordinate to avoid responsibility for his/her own decision.

(c) They are formulated by top management to relieve subordinates of the necessity of re-thinking the factors upon which the policy was based. If subordinates develop the habit of referring to the organization policy as the only reason for their actions, they may use policies as clutches, thereby defeating the intent of policies.

DEFINITION OF BUSINESS IN NIGERIA

The term effective implementation of organization policies and procedures in Nigeria business was been variously defined by various people over the time its complexity is such that it carries a number of acceptable meaning. It can therefore be applied in different ways with its meaning discernable content.

Effective implementation of organizational policies and procedures in Nigeria business in the process of which managers create to direct, maintain and operate purposes organizations of business through systematic coordination and corporation of human ( Maaforland 1974).

It is also the process of getting things done and equally the process of utilization of resources in relation to attainment of organizational goals and objectives especially in business environment.

From the above, it can be understand that the process effective implementation of organizational policies and procedures an business in deeply rooted in the interaction of people at work, ie. In business operation. Effective implementation of organization policies is primarily a concept of activity combined with work of planning, organizing and controlling in business operation for the accomplishment of certain designated objectives. (Ejiofor .P.)

EFFECTIVE IMPLEMENTATION OF ORGANIZATIONAL FUNCTION

The function of effective manager in business operation includes planning, organizing, motivation and controlling.

PLANNING: This is the first major function which is quicked with effective implementation of specific methods through out in advance. Through planning, objectives are developed for each level of the business is the organization as well as ways to achieve these objectives, strategies, policies, procedures, methods and budgets. All effective managers in business organization impact on the plan and control according to the level of each manager. Hence, the concept elicits that the higher one is in any business organization, the broader the scope of planning and the longer the impact.

ORGANIZING: Organizing is a fundamental function of all effective managers in implementing business activities. It involves division of works among departments and individuals. As work is assigned to each person in business operation, one is accorded with a commensurate authority for result to do his or her jobs and held accountable for result or the level and quality of output. Organizing functions encompasses changes in duties, rearrangement of work flow or grant of more authority to an employee. It is thus, an on going process for effective managers and effective implementation of assigned duties.

MOTIVATION: Effective implementation of organizational policies and procedures in Nigeria business involves working with time and active partners. Effective manager must therefore create condition that will encourage employees to do their jobs well and this goes with external incentives and this is what motivation is all about. It provides rewards such as pay increase, praise and promotion. It also creates condition so that employee can get satisfaction from accomplishing a challenging tasks.

CONTROLLING: This complete the loop of effective managerial functions. It evaluates the results of activities, compares them against predetermination objectives and takes corrective actions when necessary and effective implementation should be taken also for proper flow of business.

EFFECTIVE CONTROL OF ORGANIZATION POLICIES AND PROCEDURES IN NIGERIA BUSINESS.

Effective controlling is concerned with the following:

Comparing the outcome/process and effective implementation of workforce in business operation.
Making necessary corrective measures where events have deviated or are expected to deviate from the original plans. (Hicks H.C. and Gullet C.R).

Planning is pre-requisite for effective controlling, without planning, understanding of desired performance becomes fertile.

Effective controlling is important for obvious reasons. Firstly, effective implementation of organizational policies and procedures in Nigeria business and industrial objectives are usually different. For instance, the effective of a business is to maximize profit and that of a worker is to maximize income. These objectives are not identical and consequently controlling is needed to reconcile them and ensure employees work towards the organizational policies and procedures of business to enable them accomplish their objectives.

Secondly, effective controlling is necessary because there is always delay between time and policies, and procedures are formulated by the to managerial cadre to relieve subordinate of the necessity of re-thinking the factor upon which the policies was based.

Thirdly, effective controlling provides adequate training facilities to enable employees learn how to do their jobs effectively through effective implementation of organizational policies and procedures especially in business operations.

PROFILE OF FIRST BANK NIGERIA PLC

In 1893, a company known as Elder Dempster was registered in London and was given authority to distribute coins in Nigeria, later in that year, Africa Bank corporation took the trading to make it a bank. In 1894, it was fully registered in London with head office in Liverpool, England. Then in May, 1894, it opened it first west African office at Lagos, Nigeria. A second branch was opened in 1950 at Calabar. Then in 1966, it merged with stand bank of London and changed its name to Standard Bank of West Africa. In 1969, the bank changed its name to standard bank of Nigeria with much requirement of all companies operating in Nigeria to incorporate decree of 1968 with its head quarters at Marina, Lagos. Then in 1979, the name standard bank of Nigeria was changed to first bank of Nigeria Plc is one of the strongest banks in Nigeria, with their shareholder functioning effectively. Also, first bank of Nigeria Plc, posses relationship, activities and communication flow structured by the management and identify to various parts of the organizational.

The bank started its operation with paying capital of 1,200 pounds sterling the bank worked in close operations with the colonial government in its early years in performing the traditional of a central bank such as the issue of specie money in the west African sub region and managing the colonial government accounts.

The bank expanded rapidly over the years at inception, its total asset was 10430 pounds sterling, a equivalent of N208060 at that time and in 1992, it has grown to 17billion. Moreover, its deposit base moved from 88000 pounds sterling to an equivalent of N176000 at that time to 12 billion naira in 1992. again, its staff at inception in 1894 was six made up of three expatriates and three Africans, but this has however, increased to over 10,000 presently. It has today, the largest network branches spread over the federation and in the city of London. The Bank has consistently responded to dynamic market environment by reviewing its corporate entity, organizational structure, management policies and operating procedures.

Today, the ownership structure stands at 67% and 33% by Nigerians and stand chartered bank of UK respectively. This supercedes the previous ownership structure of 44.8%, 38% and 17.2% by federal government, standard chartered bank and Nigeria public respectively.

Since 1947, the bank has continued to maintain leadership position in long term financing and development of the economy. It presently has one of the largest portfolios of diversified loans in the country and credit facilities to various sectors of the economy. It has the best record in rural banking and its agricultural credit facilities. The community farming loan scheme has given peasant farmers access to bank credit. The bank has worn for consecutive years the first position at the CBN farmers went award for financial reporting in the banking sector conducted in 1992.

The bank has been alive to its social responsibilities. It has made immense contributions to worthy social, philanthropic, educational, cultural and sporting events. It’s primary objective is to remain true to its name at all time as the heading financial instruction in the country by providing to its customers across the nation and beyond with the boundary of regulating policies the best bank services available.

THE MANAGERIAL STRUCTURE OF FBN PLC

In First Bank of Nigeria Plc, the relationship activities and communication flow are structured by the implementation of functions example organizing, etc. this gives meaning and identity the various parts of the firm. Usually, organizations chart is useful in the process. Nevertheless organization chart is not the organization rather it is merely its static picture. The organization is best viewed as the pattern of internationals and relationships among its members. These interactions and relationships are made more effective by organizing through reduction of conflicts, definition of roles and production sure print of the relationships.

Organizing divides the total task of the organizational business into two:

(a) Vertical specialization in the creation of hierarchy

(b) Horizontal specialization in the establishment of departments coordinating these specialized activities. It is commonly done in a number of ways. The hierarchy through its authority, accountability, mechanism it presently the most common way of ensuring coordination. Other coordination mechanisms includes planning techniques, the use of staff positions, committees, informal methods and so on.

Management ensures that these activities of Nigeria business are effectively implemented in accordance with the set standard. The organizational chart depicts positions which are filled through appointment of qualified personnel. These personnel are charged with responsibility and granted commensurate authority for proper execution. They are provide with effective or specifically put operating procedures.

Finally, first bank of Nigeria Plc is one of the biggest three banks in country popularly known as the “Big Three”. It endeavours to live up to expectation in the area of staff remuneration and maintenance of fiscal discipline according to policies and procedures. All these and more are executed to ensure that human and material resources are properly harnessed and controlled fro attainment of organizational mission towards business. It is amongst the two bank that can single handling boost of being equipped to meet up with the N25 billion capital base as required by CBN recently.

BANKING IN NIGERIA

The Nigeria Banking Act 1969 describe a bank as any person who caries on banking business, including a commercial bank, an acceptance house, discount house and financial institution. The banking amendment Act No. 3 of 1970 further defines banking business as the business of receiving money from outside sources as deposits irrespective of the payment of interest and grating of overdraft and loans, and acceptance of credits or the purchase and sale of security for account of others or the incurring of the obligations to acquire claims in respect of grantees and such other warrantees for other or the effecting of transfers, and clearing of such transactions as the minor may on the recommendations of the central bank order published in the federal government gazette, designed as banking business.

In Nigeria banking services dates back to 1992 when the first commercial banks, African banking cooperation was established over the years, the banking industry has recorded immense prolifiteration and these banks can now be classified as follows:

(a) The Central Bank

(b) The Commercial Banks

(d) The Merchant Banks

EFFECTIVE FUNCTIONS OF BANK GENERALLY

THE CENTRAL BANK

The Central Bank stands at the apex of the Nigeria financial system in the government responses to regulate banking activities. Representative in the banking sector and acts mainly as banker of the government. The central bank of Nigeria started operations on 1st July, 1959 and was:

FOREIGN EXCHANGE TRANSACTIONS

All the licensed banks acts as an authority dealer to the central bank of Nigeria in buying and selling of foreign currencies travelers cheque.

DEVELOPMENT BANK

These are special financial institution established with the ultimate aim of promoting and developing specific area of the national economy the banks includes: –

i) The Nigeria industries development bank

ii) The Nigeria Agricultural coorperative bank

iii) The Federal Mortgage bank

Principally, the basic functions of these banks include the following:

(a) Provision of capital

(b) Provision of enterprises / entrepreneurship

MERCHANT BANK

These are whole sale banks which specializes in accepting large block deposit and finding medium and long term loans. The major functions of merchant bank are as follows:

i) They serve as an important link between local exporters/importers and their foreign counterparts

ii) They help balance the economy of the country and the movement of funds from surplus units to deficit units through medium and long term lending and loans syndication.

iii) They give co-operate financial advices on mergers and amalgamation

iv) They deal in foreign currencies as authorized dealers.

v) They also serve as an issuing house, offer stocks brokerage facilities and provide under writing services.

Change with the following functions:

i) To advice the government on the monetary matters

ii) To act as bankers to the government and others,

iii) To manage government debts

iv) To issue currency and control money supply

v) To regulate the financial system of commercial banks

vi) To control foreign reserves

vii) To act as the members of the last resort

THE COMMERCIAL BANKS

The commercial banks in Nigeria has structure towards what is obtained in the UK. It is charactered by branch banking system where a single more places with control, usually from a central point. Commercial banks renders services in the following areas:

(a) Deposit Taking: Saving deposit. These are demand deposits, withdrawal in person. Interest are payable on this type of account.

(b) Current Account: These are also demand deposit account withdrawn by the use of cheques. Commission are charged on the customers transactions.

(c) Short Deposit: This is time deposit account that attract interest. It requires (7) seven days notice for effective withdrawal or use interest is required by customers in lien of notice.

(d) Fixed Deposit: It is also a deposit of an amount fixed for a range of 3 -12 months at a specified rate of interest. Fixed amount has to mature before payment, otherwise no interest is paid to customers.

(2) LENDING:

Commercial banks provide lending facilities to the customers. The banks are required to lend certain proportion of their total deposit subject to the central bank monetary guidelines. The lend by way of:

i) Loan

ii) Overdraft

iii) Letter of credit

iv) Bill of discount

v) Use of bonds, guarantees and indemnities

(3) TRANSFER OF FUND:

The banks effect transfer of fund through the following process:

(a) Telegraphic transfer

(b) Mail transfer

(d) Issue of cheque cashing facilities

(4) SAFE CUSTODY:

Customers values like gold, bonds, share certificates, title deed for real properly, etc are received and kept by commercial banks for safe custody.

(5) STATUS REPORT AND EQUIRES

This is the means by which the banks request for and give information on the financial position of the customers. It plays an important role in enhancing meaningful commercial transactions locally and internationally.

—-This article is not complete———–This article is not complete————

This article was extracted from a Project Research Work Topic

“EFFECTIVE IMPLEMENTATION OF ORGANIZATIONAL POLICIES AND PROCEDURE IN NIGERIA BUSINESS

(CASE STUDY OF FIRST BANK PLC ENUGU)”

To purchase complete Project Materials, Pay the sum of N5, 000 to our bank accounts below:

BANK NAME: GUARANTY TRUST BANK (GTB)

ACCOUNT NAME: CHIBUZOR TOCHI ONYEMENAM

ACCOUNT NUMBER: 0044056891

BANK NAME: FIRST BANK PLC

ACCOUNT NAME: CHIBUZOR TOCHI ONYEMENAM

ACCOUNT NUMBER: 3066880122

After paying the sum of N5, 000 into any of our bank accounts, send the below details to our email address: 07033378184 and email: articlesng@gmail.com

1. Your Depositors Name

2. Teller Number

3. Amount Paid

4. Project Topic

5. Your Email Address

Send the above details to: 07033378184 or on/before 24hours of payment. We will send your complete project materials to your email.

For Inquiries call – 07033378184

To Get Business Administration Project Materials, Click Here!

To Get Accounting Project Materials, Click Here!

To Get Banking and Finance Project Materials, Click Here!

To Get Marketing Project Research Materials, Click Here!

Co-Operative Economics and Management Project Materials, Click Here!