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ANALYZING PERFORMANCE
APPRAISAL TECHNIQUES IN UNION BANK
CHAPTER ONE
INTRODUCTION
1.1 BACKGROUND OF
THE STUDY
In any evaluation of the condition necessary for the growth
and survival of an organization, the role of performance appraisal is a
strategic factor. It is believed that both the individual and the organization
need to know how well actual performance is contributing to the accomplishment
of the job plans, the staffing plan, and ultimately the overall strategic plan
of the organization. In addition, the individual employee requires feedback
relative to his or her own goals development, as well as that relative to
management’s expectations.
Performance appraisal is a formal and systematic assessment
of an employee to determine the degree to which the employee is performing
his/her job effectively. It is usually made in a prescribed manner of specific
intervals such as quarterly, bi-annually or even annually. Each employee at one
time or the other wants his immediate boss or more still his employer to assess
his on-the-job performance, and where necessary give him guidelines or advice
for improving his efficiency.
An effective performance review system serves these general
purposes. In other words, as Nwachukwu (1985) puts it, “the essence of
performance appraisal is to give information for the promotion, demotion,
transfer, pay increase, training and development and discharge of an employee”.
Secondly, it provides employees with constructive on how they
are performing in their jobs as viewed by their managers, thus leading to
increased productivity.
Therefore, in any organization, manpower remains the most
prominent and the most valuable assets among other factors of production. It is
this reason performance appraisal is given recognition as a tool to improve
organizational activities.
1.2 STATEMENT OF THE
PROBLEM
Since the study seeks to examine performance appraisal as
management tool for increased productivity in Union Bank Nig Plc. It therefore
attempts to identify various employee appraising techniques, some common
appraisal problems and how proper performance appraisal can enhance increased
productivity in Union Bank Nig Plc.
1.3 OBJECTIVES OF
THE STUDY
The purpose of writing this project is to investigate into
how performance appraisal can enhance increased productivity in Union Bank Nig
Plc. The study will among other things try:
i. To find out the
various performance appraisal techniques used.
ii. To examine the implications of performance
and productivity.
iii. To provide bases for reward
employees in relations to their contribution to the organization.
iv. To identify some common appraisal
problems of employees and how proper appraisal can enhance increased
productivity.
v. To make some used recommendations
to management.
1.4 STATEMENT OF
HYPOTHESIS
A hypothesis is a conjectural statement of relationship
between two or more variables. They are always in declarative sentence form,
and they relate either generally or specifically, variable or variables. They
are particularly necessary in the studies of this nature where cause and effect
relationships are to be discovered.
H1: Performance
appraisal techniques provide formal management procedure used in the evaluation
of work performance in the organization.
H0: Performance
appraisal techniques do not provide formal management procedure used in the
evaluation of work performance in the organization.
1.5 SIGNIFICANCE OF
THE STUDY
i) The study is of vital importance
to organization’s effectiveness, hence the result will be useful to the
organization in developing effective and efficient performance appraisal plans
and programmes to aid the organization in its goals attainment.
ii) The importance of this study
therefore is to research into those benefits that performance appraisal could
bring to the organization, employer and the employees alike.
iii) The study could also be valuable as
source of reference to students of management studies who mighty carry out
similar or further research in this area.
iv) The study will help the researcher
to fulfill the requirement for the award of HND in management studies.
1.6 SCOPE OF THE
STUDY
The study would squarely concentrate in analyzing performance
appraisal techniques in Union Bank Nig Plc. The researcher has related the
study only to the areas that are related to the topic such areas are:
performance appraisal, techniques for performance appraisal.
1.7 LIMITATION OF
THE STUDY
In a developing country like Nigeria, students are normally
faced with grave shortage of relevant facts necessary for their research work
and mine is not an exception.
However, confidence and ability are best assets every human
being must possess. The following are some of the constraints encountered
during this project work.
1.
Insufficient Textbooks and High Price Tags: In Nigeria nowadays, in
purchase good and comprehensive textbooks for reading to further research on a
typical issues. It will cost an average of three thousand naira and an average
student cannot lay their hand on it as a result of the economic situation.
2. Time
Factor: In this part of the country and due to classroom lecturers, it often
hinders someone to concentrate more one it project writing because part of the
time are used in classrooms and to further participate in classroom group
discussion and assignments.
3. Finance:
This project work involves huge financial expenses such as photocopy, typing
and movement from one point to another to gather information. The financial
problems not only hindered movement but also discourse ones enthusiasm in
learning.
4. Personal
Limitations: Personal time available for recreation resting and washing are
partly engulfed by this study in attempt to beat the expiration time for
submission.
1.8 HISTORICAL
BACKGROUND OF THE CASE STUDY
Union Bank is one of the five leading banks in Nigeria,
ranking with the First Bank Plc, UBA Plc, Zenith Bank and Guaranty Trust Bank
before and after recapitalization of banking industry. Union bank plc is a
commercial bank that has been existing from 1917 as the then Barclays bank DCO,
New Union Bank of Nigeria Plc came into the country. Barclays bank is a
subsidiary of Barclays International was incorporated in Nigeria when the
banking decree of 1969 was promulgated. It changed its name to Union Bank of
Nigeria Limited in March 1972, when the indigenization decree came into
existence.
The federal government held 52% of the banks share 40% for
the Barclays international which sold 30% of its share to Nigerian in 1979, ten
years later they sold the remaining 20% to Nigerian making it a wholly
indigenes bank.
When the banking reforms introduced by Central Bank Governor
Prof. Charles Soludo, that all banks operating in Nigeria to shore up their
shareholders funds by sum 1150 percent from N2 billion to N25 billion
(equivalent of 192 million dollars) before December 2005, the Union bank go
into merger and acquisition with the following banks for consolidation. The bank
merged and acquired Broad Bank Plc, where the capital base rose over N25
billion.
The staff strength of the bank is about 1000 people of
various professional backgrounds well trained and carefully selected to attend
to customers need with the highest standard of personal attention,
confidentially and competence.
Union Bank is active in all Commercial Corporation and
investment banking as well as international transaction. The bank operations
are varied with specialized products for different aspects of banking. The bank
also involve within the same industry. The stock in which the bank trade in is
banking services and currency as its major raw materials.
The bank has a tradition for responsive and quick decision
making her service delivery is backed with the latest technology including
computer system and software are constantly updated to ensure that all
transactions are handled with speed and efficiency.
The corporate vision of Union Bank Nigeria Plc is to be the
most strong and reliable bank and most profitable banking the commercial bank
and most profitable bank in the commercial industry.
These dreams are already being unmanifested through volume of
assets, merger and acquisition of various commercial banks that cannot meet the
mandatory N25 billion capital base laid down by the Apex bank (CBN). Her impact
on the economy and society in general employment roll have felt nationwide.
1.9 DEFINITION OF
TERMS
Ø Performance
Appraisal: It is a process or series of formalized discussions with an employee
about performance over a specified period of time.
Ø Manager: A person
with the task of planning, organizing, directing, coordinating and controlling
organization’s resources to attain the objectives of the organization.
Ø Productivity: It
is the “quantity or volume of the product or service that an organization
provides” (Decenzo and Robbins, 1989).
Ø Effectiveness:
This is concerned with the art of getting the right things done, in the right
way, at the right time and for the right purpose.
Ø Efficiency: It is
concerned with achieving an objective or producing product at the least cost to
enhance organization achieves the main objective.
Ø Organization: An
enterprise established by a person or group of individuals; government in order
to provide goods and services for the satisfaction of human needs.
Management: This is the process of planning, organizing,
directing and controlling both human and non-human resources effectively and
efficiently towards the attainment of organizational goal.
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