John N. N. Ugoani
College of Management and Social Sciences, Rhema University, Nigeria
E-mail: drjohnugoani@yahoo.com
Submission: 04/10/2016
Accept: 23/10/2016
ABSTRACT
Successful organizational change
requires a supportive culture and competence development driven by exceptional
leadership that can influence business strategy in allocating financial, human
and material resources, processes and systems that focus on collaborative
imperatives. Change management is the lubricant that oils the wheels of
organizations in the race for competitive advantage. Many organizational change
efforts face resistance mainly because of the method of implementation. Change
Management involves the ability to communicate, influence, collaborate and work
in harmony with colleagues. Emotional intelligence competencies allow
organizational members to acknowledge the need for change, remove barriers, and
enlist others in pursuit of new initiatives aimed at organizational success.
Beginning in the late 1990s, banks in Nigeria embarked on change management
through BPR that involved emotional intelligence competencies which saw the
banking industry’s shareholders’ funds rising from minus N792m in 1996 to
N1,935bn in 2011. The survey research design was used for the study, and data
were analyzed to demonstrate the relationship between emotional intelligence
and successful change management. It was found that EI has strong positive
relationship with successful change management in the Nigerian banking
industry.
Keywords: Leadership, Change catalyst,
Business process reengineering, Emotional competencies, Successful change
management
1. INTRODUCTION
An organization is an open system
and it depends on the environment in which it operates for growth and survival.
For example, for a bank to achieve its objectives, it will be affected by the
economy, labour, technology, culture, competition, laws, including
international factors that put banks around the world in a state of continuous
change. Between 1986 and 1996, the Nigerian banking industry experienced more
changes than it did in the first 90 years of banking in the country.
According to Muo (1999) the changes
were complex and they were continuous. He posits that the structural changes
were interrelated with the Structural Adjustment Programme (SAP) introduced by
the Babangida administration in 1986.
SAP was anchored on the enthronement
of market forces, export promotion and self-reliance, public sector efficiency,
and increased private sector participation, realistic exchange rate and cost
consciousness, all to be achieved through deregulation, privatization,
commercialization, liberalization, and subsidy removal. This brought about the
liberalization of bank licensing, leading to almost 300 percent increase in the
number of banks within five years.
The banking boom soon gave way to
banking doom. Consequently, distress crept into the Nigerian banking industry.
By 1999, many banks failed, some were distressed and others taken over by the
regulatory authorities. The scenario made change in the Nigerian banking
industry more urgent than ever before. As at 1996, 47 out of the 115 banks in
Nigeria were distressed, while 3 were potentially distressed.
The liquidity ratios of banks were
0.49 percent against the prescribed prudential minimum of 30 percent in 1996.
The liquidity ratio of the distressed banks was minus 120 percent, indicating
that depositors funds of N38,061,592, were in jeopardy. In the same period,
adjusted shareholders’ funds decreased from negative N8,791.1m in 1995 to
negative N791.2m in 1996 (NDIC, 1996).
By this time, the Nigerian banking
industry was not short of leaders, but possibly short of core banking
professionals and change catalysts, whose leadership role was necessary for
bank profitability. Leadership plays key roles in organizational change process
because it is linked to efficiency, to creating a vision of what the
organization wants to be, galvanizing support and getting people to share the
vision and enthusiasm, initiatives and mission (MORRELL et al., 2004; MUO,
1999; AGBATO, 1990).
According to Olasinde (2016) the
banking industry is the oil that greases the wealth of the economy, by
providing financial resources needed for the production of goods and services.
And for it to play its role successfully there must be core professionals in
the industry and other financial institutions because they are all in the
process of financial intermediation.
Change catalyst, leadership, empathy
are among emotional intelligence factors recognized to have profound positive
relationship with successful organizational change management. Salovey and
Mayer (1990) describe the term emotional intelligence (EI) as the ability to
perceive and express emotions, assimilate emotions in thought, understand and
reason with emotions, and regulate emotions in the self and others.
In another proposal, Goleman (1995)
suggests that emotional intelligence involves four key competencies of self awareness,
self-management, social-awareness and relationship management; and that these
together with other competencies are critical for workplace excellence. Goleman
(1995) hypothesizes that emotional intelligence can be as “powerful and at
times more powerful”, than intelligence quotient, (IQ) in predicting success at
a variety of life tasks.
The term emotional quotient (EQ)
first coined by Bar-On (1997) as a counterpart to IQ was concerned with
cognitive ability. He thought of EQ as representative of a set of social and
emotional skills and abilities that help individuals to cope with the demands
of daily life. On the other hand, Goleman (1998) sees emotional intelligence as
a bundle of skills and competencies that distinguish star performers from average
ones in the work arena.
He makes a distinction between
emotional intelligence and emotional competence. According to him, emotional
intelligence provides the bedrock for the development of a large number of
competencies that help people perform more effectively. Different instruments
have been used by the major contributors to the emotional intelligence theory
to compare the effect of emotional intelligence and intelligent quotient to
work excellence.
For example, early studies of the
correlation between IQ and EI show a range from 0 to .36. Goleman (1998)
insists that IQ will be more “powerful predictor” than EI in terms of career
choice because it sorts people out before they embark on a career, determining
which fields or profession they enter, but within a job or profession, and to
know which individuals rise to the top and which plateau or fail, EI provides
the greatest influence.
For example, in Boyatzis’s (1982)
classic study of more than two thousand supervisors, middle-managers, and
executives at twelve organizations, all but two of the sixteen competencies;
such as: emotional self-awareness, accurate self-assessment, self-confidence,
self-control, visionary leadership; among others; that distinguish between high
and low performers were emotional intelligence competencies.
This work validates Goleman’s (1995)
view, suggesting also that an underlying emotional intelligence ability is
necessary to changing value systems, as well as rapid technological advancement
through the information super-high way. Those who will contribute to
organizational excellence are individuals who are change agents, adaptable,
flexible, creative, resilient, self-reliant, service-oriented, sensitive,
optimistic, compassionate, team champions, and self-motivated. Relationship
management is key to organizational change.
Ability to collaborate with bosses,
peers, subordinates and the environment is an important competence for
organizational change. Goleman and Cherniss (2001) did a sample study of 515
managers from Japan, Germany, and Latin America, and discovered that EI alone
accounted for 74 percent of performance success, and 24 percent for failure in
organizational performance. Change is an inherent aspect of human existence.
Great social and technological
feasts have been achieved all through history as a result of innovative efforts
driven by the constant desire for something better. Technological discoveries
and inventions such as the wheal, electricity, penicillin, telephones, the
internal combustion engine, radio, and television broadcasting, aeroplanes, the
computer, the internet, etc are all products of innovation, which have had a
fundamental impact on human existence.
Also, concepts such as democracy,
the rule of law, human rights, limited liability companies, etc are the
products of important economic changes that visionary leaders brought about
that have created permanent change.
Guest (1964) believes that successful leadership is critical to
organizational change. Among the major objectives of innovation is to bring
about change by fostering an organizational culture that enables harnessing
innovative efforts within the organization in such a manner that ensures that
they deliver the expected results.
Change sometimes refers to external
changes in technology, customers, competitions, market structures, or the
social and political environments. Change also refers to internal changes
involving how an organization adapts to changes in the environments. The
concern is whether these internal changes in practices, views and strategies
will match the external changes, and frequently, it is the concerns over the
quantum and pace of internal changes that lead organizations to embark on
change programmes.
Exceptional product quality and
change takes a supportive organizational culture, competence development and
focused action to happen. It is driven by leadership, a collaborative
environment, a continuous learning process that allows people to experiment
with new ideas.
Emotionally intelligent
organizations are able to leverage the talent of their members to meet
challenges more effectively because it is easier to create virtual teams when
team members are able to focus on solving problems, creating new ideas, serving
customers and adapting to change management in the work environment.
Organizations are concerned about
change because it is capable of creating opportunities and threats. The
consequences of change may present viable business opportunities. According to
Akanwa and Agu (2005) change can also render current business practices,
products or services obsolete and consequently increase business and risks.
The phenomenon of change is seen as
a common feature of business organizations and new ideas are considered
strategic in responding to major changes. They posit that the presence of new
skill or lack of it makes a major difference in the management process. In the
business world, change in tastes and preferences of customers is common. The
trends and choices of today easily become obsolete and outdated.
The phenomenon of change itself and
its dynamism are complex and cannot be fully estimated. Globalization has
integrated Nigeria into the one large world economy, and many organizations are
changing so as to a have a competitive edge. Among the organizations in the
forefront of the change process is the banking industry.
The banking industry in Nigeria is
credited with successful reengineering efforts to meet the needs of customers
in the 21st century banking environment. Among the processes reengineered
in the banking sector include credit transfers, withdrawal and deposit
operations, credit appraisal and interbank operations. Business Process
Reengineering (BPR) project in the banking industry has greatly facilitated
expansion in their information and communication technology (ICT) capacity
through on-line computerization.
This change process has given rise
to the current banking buzzwords as online real-time system, networking,
electronic cash transfers, internet banking, among others. Compared to what was
obtainable in the 1990s, it is important to state that BPR and the
corresponding human skills, capabilities and competencies have revolutionized
the banking sector in Nigeria with radical improvements in customer service
delivery, overall profitability, size of customer deposits, loan asset quality,
costs and capital base.
According to Hammer (1990) BPR is a
fundamental rethinking and radical redesigning of business processes to bring
about dramatic changes in performance. It is a radical breakaway from the
outdated rules, traditions and foundations underlying business operations.
(HAMMER; CHAMPY, 1993; HAMMER; STATON, 1995; POVEY 1996; GOLEMAN, et al,
2000).
Change enhances productivity or the
productive potential of economic, human and material resources. In recent
history, great attention has been paid to change management in the Nigerian
banking industry, because of the distress experience in the industry in the
late 1980s through 2010.
1.1.
Statement of the problem
Since the advent of banking in
Nigeria over 120 years ago, the industry has been battling with the issues of
bank failures and currently with how to manage change so as to remain
competitive and productive in a constantly changing global environment.
Service productivity is more
problematic than manufacturing productivity, and in many situations more
difficult to measure and hard to manage because it involves intellectual
activities and a high degree of variability because service provision
particularly in the banking industry has become largely important in the
economy. Nigerian banks beginning from the late 1990s and the early 2000s
ventured into strategic changes including computerization of operations,
through BPR.
This was based on the theory that
much productivity gains in the developed world have come from technological
improvements. There is also the commonly held view that knowledge workers are
the main determinants of productivity. According to that approach, the route to
productivity gains involves getting employees to think and work better. Most of
the banks that engaged in BPR started to lay off employees as a change
management process. But this posed more challenges in terms of turnover and its
adverse effects on productivity.
According to Bogue, et al (1999)
chief executive officers (CEOs) in unsuccessful reengineering applications
where those more involved in reductions of managers and employees and less
engaged in activities surrounding business changes (BARLETT; GHOSHAL, 1995),
Layoffs often affect productivity, the effect can be positive and negative.
Initially, productivity may increase after layoffs, the workload remains the
same but fewer workers do the work.
However as time goes by, the
remaining workers may experience an increased risk of ‘burnout’ and they may
fear additional job cuts and the most capable workers may decide to leave
(MARGRETTA, 1998; ROACH, 1998; STALK, et al, 1992).
Obviously the unsuccessful CEOs
might have been oblivious of the caution. Today, banks in Nigeria still have
the challenges of high cost of doing business, characterized by high
administrative and contract costs, poor service delivery, with malfunctioning
automatic teller machines (ATMs). These suggest that the challenges in the
banking industry include how to manage change for competitive advantage in the
years ahead. (DAVENPORT, 1993; HAMMER, 1996; 1993; 1999; ROHLEDER; SILVER,
1997; OVIA, 2003; DRUCKER, 1998; 1999; ROACH, 1998)
1.2.
Objective of the study
The study was designed to evaluate
the relationship of emotional intelligence and change management in the
Nigerian banking industry.
1.3.
Delimitation
The study was delimited to banks in
Nigeria.
1.4.
Significance of the study
The study will be useful to
students, banks, the regulatory authorities, academics and the general public interested
in the areas of emotional intelligence change management in the banking
industry.
1.5.
Limitations of the study
The study was limited by lack of
research grant, distance within Nigeria because of its vast nature, and lack of
relevant literature in the areas of interest. However, these constraints did
not affect the quality of the study.
1.6.
Hypotheses
To guide the study, the following
hypotheses were formulated and tested at 0.01 level of significance.
Ho: Emotional intelligence is not powerful in
successful change management in the Nigerian industry banking.
Ho: Emotional intelligence is powerful in
successful change management in the Nigerian industry banking.
2. LITERATURE REVIEW
Organizations embark on change
management to improve service quality and maintain competitive advantage. In
many organizations, the generation of ideas is not the problem, but the
leadership to communicate such ideas in such ways that would lead to successful
change. Often, people do not resist change management, but what they do resist
is the method of the change process.
This places high responsibility on
leadership. Leadership and the role of leaders are important in any change
management process. According to Omiyi (2008) great leaders are mindful of
limiting factors and they put in place actions to address them. Successful
change leaders spend about 80 to 90 percent of their time anticipating and
addressing possible limiting factors.
To achieve a successful change in
organizations, the importance of communication with key stakeholders is very
necessary. Most of the critical
competencies needed for successful change management in organizations are
embedded in Goleman’s (2001) emotional intelligence competencies.
The organization of the competencies
under the various constructs is not random, they appear in synergistic clusters
that support and facilitate each other to bring about successful change in
organizations. According to Goleman (2001) an emotional competence is a learned
capability based on emotional intelligence that results in outstanding work
performance. It shows how much of EI that is translated into the change
management process (COOPER, 1997).
2.1.
Emotional
Intelligence Clusters
Emotional Intelligence competencies
seem to operate most effectively in synergistic groupings, with the evidence
suggesting that mastery of a critical mass or cluster of competencies is a
necessary preclude arousing the competencies in the other clusters, but when
both are demonstrated, the person is typically more effective in professional
and management positions (GOLEMAN, 2001).
The first cluster of emotional
competencies within the personal competences domain is Self-Awareness.
Self-Awareness is characterized by a deep understanding of one’s emotions,
strengths, and weaknesses, and the ability to accurately and honestly
self-assess.
Fundamental concepts of
Self-Awareness include individuals’ personality traits, personal values,
emotions, habits and the psychological needs that drive behaviours. Three
competencies lie within the Self-Awareness cluster: emotional self-awareness,
self-assessment, and self-confidence.
Emotional self-awareness reflects
the significance of recognizing one’s feelings and how they affect one’s
performance. Realizing one’s own strengths and weaknesses are attributes of
self-assessment. The third competence in the Self-Awareness cluster is
self-confidence.
The capability to make sound
decisions, despite uncertainties and pressures, the ability to voice unpopular
views, and the ability to be decisive are all characteristics of self-confident
individuals. Self-Management involves a person’s ability to control and
regulate his emotions, the ability to stay clam, clear, and focused when things
do not go as planned, and the ability for self-motivation and initiative.
The Self-Management cluster of
emotional intelligence competencies is the second cluster in the personal
competence domain and encompasses six competencies: self-control,
trustworthiness, conscientiousness, adaptability, achievement drive, and initiative.
Self-control is the ability to manage one’s own disruptive and distressing
emotions and impulsive feelings by keeping them in check (BOYATZIS, 1982).
Trustworthiness translates into
letting others know one’s value and principles, intentions and feelings, and
acting in ways that are consistent with them (CHERNISS; GOLEMAN, 2001). People
who are adaptable are flexible in how they see events, can smoothly handle
multiple demands, and are able to adapt their responses and tactics to fit
fluid circumstances.
Achievement driven professionals
know how to improve their performance by pursuing information to reduce
uncertainty and find ways to do better. The final competence in the
Self-Management cluster is initiative, which entails taking preventative action
to avoid problems before they happen. Social Awareness is the understanding of
others’ feelings, needs, and concerns which stem from the awareness of one’s
own feelings.
Social Awareness skills determine
how to relate to others, specifically the ability to sense other people’s
feelings and read the mood of a group; to inspire and build relationships; to
work in terms; to listen and to communicate. Sensitively to others is crucial
for superior job performance, whenever the focus is on interactions with
people.
Three competencies lie within the
Social Awareness cluster of the Social Competence domain: empathy, service
orientation, and organizational awareness. Empathy is the ability to sense
others’ feelings and perspectives, and take an active interest in their
concerns. The service orientation competence involves anticipating,
recognizing, and meeting clients’ needs (CHERNISS; GOLEMAN, 2001).
The third competence in the Social
Awareness cluster is organizational awareness. Individuals with this ability
can understand the political forces at work in an organization, as well as the
guiding values and unspoken rules that operate among the people.
Relationship Management, the second
cluster in the Social Competence domain, has to do with a person’s ability to
manage relationships with others and involves the ability to communicate,
influence, collaborate, and work with colleagues. The Relationship Management
cluster focuses on essential social skills and includes the following
competencies: developing others, influence, communication, conflict management,
leadership, change catalyst, building bonds, teamwork and collaboration.
Developing others entails sensing
what others need in order to develop and reinforcing their abilities. A leader
who has mastered the influence competence uses complex strategies like indirect
influence and persuasion to build harmony and support with others. Those
excelling in the leadership competence are able to articulate and arouse
enthusiasm for a shared vision and mission, to step forward as needed, to guide
the performance of others while holding them accountable, and to lead by
example (CHERNISS; GOLEMAN, 2001).
Those proficient as change catalysts
are able to challenge the status quo, to acknowledge the need for change.
Leaders must also be able to recognize the need for change, remove barriers,
and enlist others in pursuit of new initiatives. The cornerstone of the
building bonds competence is networking and nurturing instrumental
relationships, all of which are essential for successful change.
2.2.
BPR
in Nigerian Banks
Change management focuses in
bringing innovation and improved service delivery in organizations. And to
achieve this purpose, banks in Nigeria embraced BPR as a change strategy. For
effective BPR and change management, an organization must be aware of its own
choices and also be aware of the emotions of individual employees, and the
group, so as to remain competitive.
According to Higgs and Rowland
(2001) there is a positive correlation between change competence and effective
change management. A major concern in the Nigerian banking industry and in most
parts of the world; is on how to improve customer satisfaction, or even exceed
their expectations.
Previous studies show that EI
competencies such as empathy, self awareness, among others are critical in
exceeding customer expectations in a service industry (CHERNISS; ADLER, 2000).
In a study of the banking industry
in Malaysia, Anonymous (2011) posits that empathy which is the ability to
evaluate and recognize emotions, facilitates the managers’ role to connect with
customers and to fulfill the customers’ needs and demands.
BPR focuses on building change
competence, and such change competence hinges on the standardization of
processes automation, through better deployment of ICT, efficient customer
service with a focus on turnaround time; friendly ambiance; knowledge sharing
and creation; employee motivation; simplification of processes cost
effectiveness and efficiency as well as superior internal control systems (PAMELA,
et al, 1999; BOGUE, et al, 1996).
Against the backdrop of bank
failures in Nigeria in the late 1980s and throughout the 1990s; banks in
Nigeria embarked on comprehensive change management through BPR as a measure to
reduce the risk and cost of failure by bringing significant improvements in the
business process and profitability. The banking industry in Nigeria has
witnessed improved service delivery and profitability in recent years through
significant transformation and change management processes.
According to Nelson and Orioha
(2016) the increased service delivery channels characterized by electronic
payment systems with its myriad of products have been beneficial. For example,
in 2015, there were 1626 million transactions across all payment channels worth
N48.9 trillion processed, which contrasts 113.4 million transactions across all
payment channels in 2014, worth N43.9 trillion.
The huge records were facilitated by
various channels in electronic automated teller machines, point of sale, among
others, brought about by change management in the Nigerian banking industry.
The process brought about strategic improvements in many aspects of banking
services in Nigeria. For example, First City Monument Bank Ltd (FCMB) has continued
to create more value to its growing stakeholders through the electronic banking
channels.
The bank believes that effective use
of technology and top-most service delivery channels represents the future of
banking and the way to go in order to attain the highest levels of customer
advocacy and keep pace with evolving consumer demands and market trends. FCMB
insists that it has been leading the pack as the largest retail lender in
Nigeria, granting over 278,000 loans a year – among other giant strides, made
easy by change imperatives.
The products and services of the
bank are complimented by a team of highly professional and friendly staff, who
are always willing to go the extra mile to meet the needs of existing and
potential customers. To sustain competitive advantage, the bank upgraded its
information technology infrastructure to finacle 10 core banking solution.
This advanced service – oriented
architecture is already optimizing the processes, enhancing system capability,
performance, scalability and security among others. Change management processes
have reduced the problems of over charges and under charges that characterized
the banking system in the 1990s.
As a hangover of the 1990s, in 2015
alone, the
Banks in Nigeria have often been
accused of greed, moral and professional bankruptcy, actions that reflect
emotional blindness, and these are issues easily overcome in an emotionally
intelligent environment. Business organizations, especially the banking
industry in Nigeria, needs to be more efficient and competitive with other
banking institutions around the world, thus the need for EI and change
management as the index of management performance efficiency.
2.3.
First
Bank’s Successful Change Management
By embarking on change through BPR
First Bank of Nigeria Plc (1999) sought to drive marketing and relationship
management imperatives in tandem with the overall strategy of the bank, and to
maximize branch productivity and profitability by ensuring effective
performance of branch activities.
The bank believes that competencies
like leadership, negotiation, integrity, interpersonal relationships,
communication, team building, group problem resolution, among others, are
important to establish and manage professional and mutually beneficial
relationships with individuals and corporate customers. As a change management
strategy, the bank was among the first in Nigeria to provide multiple delivery
channels to its branch network so as to bring its services closer to customers.
According to Ajekigbe (2002) First
Bank acquired the Finacle banking application software developed by Infosys
Technologies of India to meet new operational challenges, and to transform the
bank into a one branch bank. He posits that the change management paradigm
anchor on the philosophy that subscribe to the core values of hardwork,
diligence and an unwavering commitment and dedication to organizational ideals,
and employee motivation to achieve higher productivity, through the attraction
and retention of the best hands in the industry, using a competitive
compensation structure, sustained rejuvenations and constant skills audit and
update.
Hammer (1996) believes that
reengineering provides a single knowledge point of contact for the customer;
and that organization-wide change programmes such as BPR significantly provides
guides and directions for consistent, efficient implementation. He suggests
that feedback is necessary for a successful change initiative. Without clear
feedback, employees often become dissatisfied, and their perceptions of change
can be quite different from actual outcomes (BOGUE, et al, 1999).
On the basis of it would seem that
at the most theoretical and practical levels, emotional intelligence blends
positively with change management in the banking industry as it also emphasizes
transparency, accountability among other competencies critical for bank
survival. Emotional intelligence is therefore inescapable for the growth of a
bank because the banking industry serves as the engine of development in any
economy because of its financial intermediation functions that require
innovation in the provision of an efficient payment system (UGWUANYI, 2014;
UGWUANYI; AMANZE, 2014).
3. RESEARCH METHODOLOGY
3.1.
Research
Design
The survey research design was
adopted for the study. Surveys are particularly useful in describing the
characteristics of a large population or a particular sub group of the
population. Surveys refer to an investigation into certain things or events
that exist or occur at the time of the research and connected with some problem
situation that is felt over a wide area by a large population. (SAUNDERS;
THORNHILL, 2009)
3.2.
Participants
The sample comprised of 483
participants (265 males and 218 females) ranging in age from 21 to 70 (M = 46
years; SD = 25). The participants were generate from the general population
across Nigeria.
3.3.
Materials
An instrument titled “Emotional
Intelligence Change Management Questionnaire (EICMQ)” adapted from the Schutte
Self-Report Emotional Intelligence (SSREI) (1998) scale was used for data
collection. Previous investigations have found the total scores on the SSREI scale
to be acceptably internally consistent with Cronbach’s Alpha of about .90.
Content and construct validity has been established.
3.4.
Method
of data collection
The instruments for data collection
were personally distributed to respondents by the investigator and two research
assistants, over a period of four months. The 483 questionnaire copies were
retrieved and responses found suitable for the purpose of analysis.
3.5.
Data
Analysis
Data analyses were based on
descriptive and X2 techniques, using the Statistical Package for the Social
Sciences, for the X2, and the results presented in tables.
4. PRESENTATION OF RESULTS
Table 1: Goleman’s (2001) Emotional
Intelligence Competencies Clusters
|
Self
(Personal Competence) |
Other (Social Competence) |
Recognition |
Self-Awareness ·
Emotional self-awareness ·
Accurate self-assessment ·
Self-confidence |
Social Awareness ·
Empathy ·
Organization awareness |
Regulation |
Self management ·
Self-control ·
Trustworthiness ·
Conscientiousness ·
Adaptability ·
Achievement drive ·
Initiative |
Relationship management ·
Development others ·
Influence ·
Communication ·
Conflict management ·
Leadership ·
Change catalyst ·
Building bonds ·
Teamwork & collaboration |
The
EI competencies in table 1 are essential for successful change management.
Table 2: Level of distress in the
banking system as at December 1996
Parameters |
December 1995 |
December 1996 |
||||
Distressed
Banks N’000 |
Potentially
Distressed N’000 |
Industry
N’000 |
Distressed
Bank N’000 |
Potential
Distressed N’000 |
Industry N’000 |
|
Number
Of Banks |
51 |
9 |
115 |
47 |
3 |
115 |
Total
Assets |
58.168.385 |
88.667,168 |
406.961,535 |
65,132,311 |
3,906,337 |
491,469,195 |
Total
Risk Weighted Assets |
57,853,920 |
57,513,301 |
273,391.4 |
51,302,649 |
2,411,615 |
316,484.2 |
Total
Deposits |
40,246,569 |
53,276,884 |
208,730,351 |
38,061,592 |
2,175,857 |
255,011,875 |
Total
Loans, Advances & Leases |
51,109,422 |
39,369,970 |
175,875,065 |
50,554,010 |
1,236,039 |
213,617,702 |
Insider
Loans Advances & Leases |
16,117,692 |
399,432 |
19,083,336 |
4,651,676 |
12,605 |
7,780,321 |
Non-Performing
Loans Advances & Leases |
35,200,461 |
9,345,372 |
57,871,794 |
40,328,307 |
531,605 |
72,420,970 |
Minimum
Capital Requirement |
4,628,314 |
4,601,064 |
19,534,766 |
4,104,212 |
192,929 |
23,871,509 |
Recapitalization
Requirement |
34,012,592 |
4,193,697 |
25,325,877 |
42,360,701 |
157,136 |
24,662,669 |
NDIC’s
Level of Risk Exposure |
22,304,343 |
0 |
22,304,343 |
19,711,933 |
0 |
19,711,933 |
RATIOS: |
% |
% |
% |
% |
% |
% |
Capital
To Risk Weighted Assets |
(50.79) |
0.71 |
(3.60) |
(74.57) |
1.48 |
(0.27) |
Non-Performance
Loans & Leases/Total Loans & Leases |
68.67 |
23.74 |
32.91 |
79.77 |
43.01 |
33.90 |
Average
Liquidity Ratio |
(59.47) |
31.14 |
0.49 |
(120.01) |
64.69 |
(15.92) |
Gross
Loans & Leases/Deposits Ratio |
126.991 |
73.90 |
84.26 |
132.82 |
56.81 |
83.77 |
Percentage
of Insured Deposits |
55.42 |
0.00 |
50.74 |
77.08 |
0.00 |
11.50 |
Source: Nigeria Deposit
Insurance Corporation (1996) Annual Report & Statement of Accounts.
Table
2 showed the parameters and extent of distress in the Nigerian banking industry
between 1995 and 1996. Capital to risk weighted assets ratio was minus 0.27
percent in 1996, indicating that shareholders’ funds were completely eroded.
Table 3: Liquidity Position of Insured
Banks
Banks
|
Number
of Banks |
Average Liquidity Ratio |
Ratio
of Net Loans & Advances to Total Deposits |
Number of Banks with Average Liquidity Ratio of
less than 30% |
||||
1995 |
1996 |
1995 |
1996 |
1995 |
1996 |
1995 |
1996 |
|
Merchant |
51 |
51 |
29.02 |
12.32 |
64.7 |
80.08 |
18 |
15 |
Commercial |
64 |
64 |
(22.25) |
38.42) |
57.6 |
57.4 |
32 |
26 |
Industry |
115 |
115 |
0.49 |
(15.92) |
58.4 |
60.0 |
50 |
41 |
Source: NDIC (1996)
Annual Report & Statement of Accounts, pp. 9.
Table
3 showed the liquidity profile of banks. From the table, the liquidity position
of the industry deteriorated as the average liquidity ratio dropped from 0.49
percent in 1995 to minus 15.92 percent in 1996. On the aggregate, both the commercial
and merchant bank subsectors could not meet the 30 percent minimum prudential
liquidity ratio.
Table 4: Insured Banks Capital
Shortfall.
Banks |
Number of Banks |
Adjusted shareholders’ fund ( |
Capital requirement ( |
|||
1995 |
1996 |
1995 |
1996 |
1995 |
1996 |
|
Merchant |
51 |
51 |
(4,869.1) |
(1,961.8) |
11,672.7) |
5,803.1 |
Commercial |
64 |
64 |
(3,922.0) |
1.171.0 |
27,162.3 |
18.859.6 |
Industry |
115 |
115 |
(8,791.1) |
(791.2) |
38,835.0 |
24,662.7 |
Source: NDIC (1996)
Annual Report & Statement of Accounts, pp . 9
Table
4 showed the adjusted shareholders’ funds for the industry which decreased from
negative N8,791.1m in 1995 to negative N791.2m in 1996. Correspondingly, the
required capitalization for the size of operation of the banks decreased from
N38,835.0m in 1995 to N24,662.7m in 1996.
Table
5: Insured Banks’ Shareholders’ Funds As At December 2010 And 2011
S/N |
Banks |
Shareholders
Funds (N’ Billion) 2010 |
Shareholders’
fund (N’ Billion) 2011 |
1 |
Access Bank Nig Plc. |
167.61 |
187.79 |
2 |
Mainstreet Bank Plc |
(265.27) |
35.82 |
3 |
Keystone Bank Plc |
(209.45) |
45.24 |
4 |
Citibank Nigeria Ltd |
32.17 |
33.70 |
5 |
Diamond Bank Plc |
110.36 |
91.36 |
6 |
Ecobank Plc. |
72.28 |
44.99 |
7 |
Fidelity Bank Plc. |
128.62 |
104.88 |
8 |
First Bank of Nig. Plc. |
312.21 |
318.78 |
9 |
Fist City Monument Bank Plc. |
127.43 |
130.34 |
10 |
Guaranty Trust Bank Plc |
174.49 |
173.99 |
11 |
Skye Bank Plc |
90.14 |
99.64 |
12 |
Enterprise Bank Plc. |
(92.40) |
11.87 |
13 |
Stanbic IBTC Bank Plc |
66.09 |
70.25 |
14 |
Standard Chartered Bank Ltd. |
35.92 |
37.42 |
15 |
Sterling Bank Plc |
21.68 |
27.29 |
16 |
Union Bank Plc. |
(281.49) |
54.25 |
17 |
United Bank for Africa Plc |
174.69 |
141.68 |
18 |
Unity Bank Plc. |
7.69 |
17.99 |
19 |
Wema Bank Plc. |
(3.49) |
11.61 |
20 |
Zenith Bank Plc. |
290.80 |
296.04 |
|
Total |
312.36 |
1,934.93 |
Source: NDIC (2011) Annual Report and Statement of
Accounts.
Table
5 showed positive levels of shareholders’ funds between 2010 and 2011 that
reflect the impact of successful change management.
Table
6: Insured Banks Ownership Structure As At December, 2011.
S/N |
Banks |
OWNERSHIP STRUCTURE (%) |
||
Shareholders
Funds (N’ Billion) 2010 |
Shareholders’
fund (N’ Billion) 2011 |
Foreign |
||
1 |
Access Bank Nig Plc. |
1 |
99 |
- |
2 |
Citibank Nigeria Ltd |
- |
18.1 |
81.9 |
3 |
Diamond Bank Plc |
- |
100 |
|
4 |
Ecobank Plc. |
- |
100 |
|
5 |
Enterprise Bank Plc. |
100 |
- |
- |
6 |
Fidelity Bank Plc. |
|
100 |
|
7 |
First Bank of Nig. Plc. |
- |
100 |
- |
8 |
Fist City Monument Bank Plc. |
|
100 |
- |
9 |
Guaranty Trust Bank Plc |
- |
100 |
- |
10 |
Keystone Bank Plc |
100 |
- |
- |
11 |
Mainstreet Bank Plc |
100 |
|
- |
12 |
Standard Chartered Bank Ltd. |
- |
- |
100 |
13 |
Skye Bank Plc |
1 |
50 |
49 |
14 |
Stanbic IBTC Bank Plc |
- |
47.31 |
52.69 |
15 |
Sterling Bank Plc |
2.55 |
78.64 |
18.8 |
16 |
United Bank for Africa Plc |
2.77 |
97.23 |
- |
17 |
Union Bank Plc. |
19 |
21 |
60 |
18 |
Unity Bank Plc. |
35 |
65 |
- |
19 |
Wema Bank Plc. |
10 |
90 |
- |
20 |
Zenith Bank Plc. |
2.8 |
97.18 |
- |
Source: NDIC (2011) Annual Report and Statement of
Account.
As
shown in table 6, there were changes in the ownership structure of banks as a
part of the successful change management process in the industry.
Table 7: Liquidity Ratio of Insured
Banks as at December, 2010/2011
Items
|
Year |
|
2010 |
2011 |
|
Average
liquidity ratio |
51.77 |
65.69 |
Loans
and advances to deposit ratio |
59.23 |
55.95 |
No
of Banks with less than the 30% minimum liquidity ratio |
1 |
Nil |
Source: NDIC (2011) Annual Report and
Statement of Account.
As
a result of change, and as reflected in table 7, all banks in Nigeria met the
30% minimum liquidity ratio in 2011, against the situation in 1996.
Table 8: Frequencies
|
Observed
N |
Expected
N |
Residual
|
37.00 |
37 |
96.6 |
-59.6 |
58.00 |
58 |
96.6 |
-38.6 |
91.00 |
91 |
96.6 |
-5.6 |
108.00 |
108 |
96.6 |
11.4 |
189.00 |
189 |
96.6 |
92.4 |
Total
|
483 |
|
|
Table 9: Test Statistics
|
VAR00003 |
Chi-Square |
142.248 |
df |
4 |
Asymp. Sig. |
.000 |
a.
0 cells (.0%) have expected frequencies less than 5. The Minimum expected cell
frequency is 96.6.
4.1.
Discussion
From
the test statistics in table 9, it was observed that the calculated X2 value of
approximately 142 was significantly greater than the table value of 13.28 at
0.01 level of significance and with 4 degrees of freedom. In view of the
empirical result, the notion that emotional intelligence has powerful contribution
to organizational excellence holds.
This
result also agrees with the findings of Cherniss (2000) that salesmen in a USA
company were valued primarily for their empathy. The buyers reported that they
wanted salesmen who could listen well and really understood what they wanted
and what their concerns were.
It
equally supports the research of Boyatzis (1999) which found that partners in a
multinational consulting company assessed high on emotional intelligence
competencies delivered $1.2million more profit than did other partners.
Competition is the driving force behind strategic planning in many
organizations. To develop effective strategies business organizations attempt
to focus on the areas that would lead towards the achievement of goals.
With
strategies come change. To drive change requires competencies involving those
special attributes or abilities needed by an organization that gives it a
competitive edge. In effect, distinctive competencies relate to the ways that
organizations compete. Banks in Nigeria have been going through many structural
changes since the 1990s, and 2000s, when the bank failure phenomenon became
very disturbing, with the regulatory authorities charting new paths for change
in the system.
For
example, under a new banking regulatory framework introduced in 2010 by the
Central Bank of Nigeria. (CBN), banks are now required to concentrate fully on
core banking functions. The new model requires banks to either sell all
non-cores banking businesses; including activities such as insurance, asset
management and capital market operations.
Based
on that, First Bank and four other banks opted for restructuring of their group
banking operations into a holding company structure. Other banks are seeking to
divest from non-core banking operations. As the largest banking group in
Nigeria and easily one of Africa’s largest financial services institution, the
new First Bank structure eliminates overlapping functions and loopholes and
enhances the efficiency of the group structure.
Giving
a breakdown of the structure, Onasanya (2012) states that First Bank group
consists of 11 subsidiaries operating in various segments of the financial
services industry from pension custodian, asset management, investment banking,
insurance and microfinance banking, entities.
Besides,
the bank also holds investments in other companies, with international presence
in the United Kingdom and France, through its subsidiary, First Bank (UK) Ltd,
in addition to representative offices in South Africa, China and Abu Dhabi.
These structural changes are expected to enhance the productivity of the group,
thus creating values for shareholders.
Onasanya
(2012) believes that the new structure would enable the group to exploit
opportunities for synergies between subsidiaries, while aligning the ownership
and operation of the subsidiaries and businesses with current CBN regulatory
requirements. He emphases that the new structure would create an operating
model that will profitably grow the bank’s presence in the market for
commercial banking and non-banking financial services in order to achieve the
aspiration to be the dominant financial services group in Sub-Sahara Africa.
“The
holding company would result in the creation of a corporate centre with
responsibility for setting strategic direction, providing group-wide oversight,
and ensuring the leveraging of synergies across the group through the
constitution of a governing board and committees at the group level to
optimally align corporate governance and management roles”, he opines.
Also,
Diamond Bank Plc since 2010 has been restructuring to improve on performance.
According to Achebe (2010) “This improved performance, was as a result of the
significant increase in our interest margin and the gains from the initiatives
that were implemented to improve operating efficiency and organizational
productivity”.
He
states: “The Bank focuses on its retail, low-cost deposits, thus improving the
net interest margin. The risk adjusted returns on retail assets have also been
very encouraging. The Bank’s ratio of operating expenses to operating income
improved from 68.1 percent recorded in 2009 to 62.6 percent in 2010.
The
Bank had focused on implementing cost effective business structures and
processes which have resulted in more efficient staffing and operating model;
all of which resulted in improved efficiency and productivity”. In a study
related to the oil and gas industry, but somewhat similar to the present study,
Omiyi (2008) states: “The challenge for organizations is to bring to the market
a stream of new and improved, added value products and services that enable
business to achieve higher margins and the profits to re-invest in the business
or provide returns to investors”.
He
asserts that change requires a supportive culture to thrive. A supportive
culture does not happen by accident. It depends on the existence of basic
conditions in the organization, such as: knowledge sharing, funding change,
implementing new ideas, sound corporate governance culture rewarding people,
collaboration with stakeholders, among others.
Omiyi
(2008) believes that change is a key business process that enables
organizations to compete effectively. Irrespective of sector, innovative
organizations realize that to maintain their competitive advantage, they must
continually seek to identify, develop and make the best use of all their
available resources. He opines that leadership, an enabling organizational
culture, and a structured change process are some of the key success factors required
to achieve organizational objectives.
To
succeed in managing change and innovation, communication with key stakeholders
is very necessary. Productivity is a measure of the use of resources, and there
is considerable interest in productivity both from an organization standpoint
and from a national standpoint. Business organizations want higher productivity
because it yields lower costs and helps them to become more competitive.
Countries
want higher productivity because it makes their goods and services more
attractive, offsets inflationary pressures associated with higher wages, and
results in a higher standard of living for their people. Managing successful
change requires teamwork, worker involvement, and empowerment, open
communication as well as stakeholders’ participation. Managing successful
change is not once-in-a-life time endeavour. As business circumstances change
in major ways, so must processes, designs and structures change (CHASE, et al,
2001; STEVENSON, 2002).
Relationships,
partnerships, change management and other factors of emotional intelligence are
critical for managing successful change in the Nigerian banking industry.
According to Goleman (1995) EI ability is necessary to changing value systems
as well as rapid technological advancement through the information super high
way.
4.2.
Recommendations
i. Organizational change process should ensure that employees
give and receive proper feedback. This will enable them to provide better
services to customers and retain their jobs.
ii. A change process like BPR should focus on automation of
critical processes and not employee reduction. This is important so as to
enhance effectiveness and loyalty of the workforce.
iii. Banks as custodians of public funds and confidence require a
high dose of EI factors to survive. In this case, change management in the
industry must be transparent.
iv. Integrity is an inescapable factor for banking excellence.
Bank promoters should avoid people of dubious character if they must succeed,
because people with no integrity are usually both the architects and
beneficiaries of bank collapse.
4.3.
Scope
for further study
Further
study should examine the relationship between EI and corruption to see if the
problem of high level corruption could be reduced in the Nigerian banking
industry.
5. CONCLUSION
Relevant
literature points to evidence that emotional intelligence encompasses
competencies required for successful change management in the Nigerian banking
industry. In 1996, 47 out of 115 banks in Nigeria, were in deep distress, while
3 were potentially distressed bringing to 50 the number of banks adjudged to be
technically distressed in 1996.
Accordingly,
the capital to risk weighted assets of banks deteriorated from minus 3.60
percent in 1995 to minus 0.27 percent in 1996. The precarious situation gave
course for alarm and made structural change urgent in the Nigeria banking
industry; therefore, almost all the banks embarked upon one type of change or
another as a survival strategy.
The
evidence in literature that successful banks in Nigeria like First Bank Plc in
its change management strategy incidentally relied on emotional intelligence
competencies like; integrity, leadership, relationship management,
communication, teambuilding, negotiation, among others, supports the hypothesis
that EI is powerful in successful change management in the Nigerian banking
industry.
For
example, building on successful change management, First Bank Plc. posted the
highest shareholders’ funds of N318bn among all the 20 banks in Nigeria in
2011. From a deep distressed position between 1995 and 1996, characterized by
weak ownership structure, capital base, liquidity, performing loan assets
ratio, the Nigerian banking industry became strengthened after various change
management processes.
For
example, from a minus 15.92 percent liquidity ratio in 1996, the average
liquidity ratio of banks in Nigeria rose sharply to 65.69 percent in 2011, and
with all banks achieving the 30 percent prescribed minimum liquidity ratio,
against a zero status in 1996. Also the shareholders’ funds of some mismanaged
banks that were changed to Mainstreet Bank Plc., Keystone Bank Plc., were minus
N265billion, and N209billion, respectively in 2010.
But
after the intervention of the CBN and change management processes, their
shareholders’ funds rose to N35billion, and N45billion, respectively in 2011.
Based on theoretical and statistical analyses this study found a strong
positive relationship between emotional intelligence and successful change
management in the Nigerian banking industry.
As
a contribution this result supports the works of Boyatz’s, (1982, 1994, 1996)
Higgs and Roland (2001) and Goleman (1995, 1998, 2001) among others, to state
that emotional intelligence is critical for successful change management. This
is the interest of the study.
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