Traditional Values And Its Impact On Business

Additionally, business owners treat the businesses as extensions of themselves and tenant to want to Keep ten Dustless Walton ten Tamely even winner prudence Allocates that the business will be best managed by professional non-family members. Family members in turn are in many cases unable to differentiate between the finances/ property of the business and that of the family. 1. 2. 2. Ethnic Affiliations: the culture f ethnicity fostered by our collective history has created a culture of mutual suspicion among members of different ethnic groups.

This has translated to unwelcome competition and a tendency to protect “our own” within a company. It is not unusual for staff to be hired along ethnic lines and even where objective recruitment criteria are introduced; there is usually external pressure on managers to disregard such criteria in favor of members of their ethnic group. Increasingly businesses are forming the habit of outsourcing recruitment functions to consultancy rims in order to ensure that staff are employed solely on merit.

In the work place, employees expect their kinsmen in positions of authority to “protect their interests” especially with regards to staff promotion and disciplinary issues. In turn, such employees act as the boss’ spy bearing unsolicited information and thus creating a culture of rumor mongering in our companies. 1. 2. 3. Respect for elders (seniority): this is an integral part of the Nigeria value system, which has its pros and cons with respect to its impact on our business culture. It has led to a culture of vertical decision making.

Traditional Values Essay

There is usually one “leader” within the company and its various business units.

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While this culture ensures optimal discipline, it is counterproductive where a task demands the presence of many leaders and kills initiative from lower ranking members of the company. 5 Page 1. 2. 4. Flowing from the above is the culture of centralization and control in Nigerian businesses and while this is desirable in most cases, it has created the undesirable sub-culture of respect for the boss’ decisions even if they are patently wrong and an unwillingness to exercise initiative so as not to “offend the boss”.

Secondly, discipline is easily maintained in an organization as everyone respects the company’s hierarchy. On the downside, some tasks may be left undone on the ground that it is the boss’ duty and he has not delegated it. 1. 2. 5. Punctuality: there is a culture of “African time” in Nigeria, which is a name given to our tendency never to arrive early or on time to the work place, a meeting or an event. To tackle this attitude, managers have introduced (in addition to existing company recommended punishment for tardiness) monetary fines in the work place as a deterrent to offenders.

This is increasingly becoming a feature of every business in Nigeria. 1. 2. 6. Religion: Nigerian pride themselves on being highly religious people especially adherents of Christianity and Islam. Accordingly, every business in Nigeria begins the day, meetings and other gatherings with prayers. In majority of companies, prayers are said collectively, while in the others Christians and Moslems pray separately. Adherents of traditional forms of worship are required to participate in such prayers. N By Ana large, It must De pollute out Tanat ten Dustless culture In

Nigeria has been affected to a large extent by our traditional values and customs. In the foregoing report, we haves only been able to examine those that have had significant influence in building the culture of businesses. I wish to note that the business culture is also most times determined by the personal culture of the particular entrepreneur. 6 | Page PART 2 2. 1. INTRODUCTION In this report, the organization in focus is Oceanic Bank International Pl, until recently one of the top seven banks in Insignia’s 24-banks banking industry. Oceanic Bank was established in 1989 but commenced business in 1990.

The bank witnessed astronomical growth in all indices from 2005 necessitating the opening of more branches (up to 400 branches) to accommodate increasing business. The increase in branches also underscored the need to restructure the banks business units for effective management. Accordingly, in April 2008, the entire country comprising 36 states of the Federation and the Federal Capital Territory, Baja, was split up into four directorates headed by an Executive Director each. Each directorate comprises zonal offices each made up of between ten to fifteen branches and headed by a zonal head.

The number of zonal offices within a directorate was determined by the number of branches in the directorate. The FACT directorate for example comprised 41 branches, which were divided into three zonal offices. Regulatory Intervention On August 14, 2009, the Central Bank of Nigeria (Insignia’s banking watchdog) announced the sack of the Executive Managements of five banks namely Intercontinental Bank Pl, Oceanic Bank International Pl, Africans Pl, Fibbing Pl and Union Bank of Nigeria Pl for financial mismanagement and reckless credit practices.