CHAPTER ONE
INTRODUCTION
It is widely believed that the changing world of work and its implications as
well as the demand on organizations for better performance and competitiveness
are taking their tolls on the emotional well-being of employees (De Witte, 1999).
The effect is large-scale work force reduction, job insecurity, and unemployment.
Moses (1998) argues that once valued social contract that guaranteed job
insecurity has been replaced by a reality that employees remain employed as long
as they can make a contribution and skills and knowledge are needed by the
organization. According to Moses (1998), the work roles have changed so much
that workers have lost their sense of protection. In the past, organization provided
a sense of security, allowing employees to belong to something bigger than
themselves as well as identification with people that are like-minded and working
for a common purpose that instills pride and meaningfulness (Moses, 1998).
Investment in medium and large scale manufacturing enterprise by Nigerian
entrepreneurs has continued to grow but little is known about their organization
and its management in general and the nature of working conditions and employee
commitment in particular. A study by Dieker (1997), which examined the
relationship between working conditions and employee commitments in twenty
indigenous owned private manufacturing firms in South east Nigeria shows that
these firms have the potentials to contribute to the industrial future of the country.
However, a substantial number of their workers are dissatisfied with the extrinsic
and equity factors of their work which are stronger predictors of employee
commitment than the intrinsic responsibility component. To build a viable
workforce for enterprise success and industrial development, entrepreneur should
invest in the long- term goals of their workers and learn to balance their own
interests with those of their employees.
In Nigeria, May Day is celebrated like any other countries in the world but,
her citizens have been confronted with massive unemployment especially among
youths. Thousands of university graduates are roaming the streets without jobs
while thousands of Nigerian bankers have lost their jobs. Even those at work face
inequality and this has become a major challenge. All these are issues which
successive governments in Nigeria have failed to address on May Day. The
consolidation reforms under Professor Charles Soludo in 2005, streamlined banks
in the country to just twenty five with strong capital base with high expectations
that the industry would take its driver’s seat in growing the economy. This dream
was shattered by poor corporate governance, credit indiscipline and financial
recklessness. Major sectors of Nigerian organization, manufacturing industries,
energy and basic infrastructures continue to suffer.
More importantly, despite the effort of competent hands in some institutions
and industries, virtually all the banks, insurance and financial empires have
entrenched policies that are definitely antithetical
INTRODUCTION
It is widely believed that the changing world of work and its implications as
well as the demand on organizations for better performance and competitiveness
are taking their tolls on the emotional well-being of employees (De Witte, 1999).
The effect is large-scale work force reduction, job insecurity, and unemployment.
Moses (1998) argues that once valued social contract that guaranteed job
insecurity has been replaced by a reality that employees remain employed as long
as they can make a contribution and skills and knowledge are needed by the
organization. According to Moses (1998), the work roles have changed so much
that workers have lost their sense of protection. In the past, organization provided
a sense of security, allowing employees to belong to something bigger than
themselves as well as identification with people that are like-minded and working
for a common purpose that instills pride and meaningfulness (Moses, 1998).
Investment in medium and large scale manufacturing enterprise by Nigerian
entrepreneurs has continued to grow but little is known about their organization
and its management in general and the nature of working conditions and employee
commitment in particular. A study by Dieker (1997), which examined the
relationship between working conditions and employee commitments in twenty
indigenous owned private manufacturing firms in South east Nigeria shows that
these firms have the potentials to contribute to the industrial future of the country.
However, a substantial number of their workers are dissatisfied with the extrinsic
and equity factors of their work which are stronger predictors of employee
commitment than the intrinsic responsibility component. To build a viable
workforce for enterprise success and industrial development, entrepreneur should
invest in the long- term goals of their workers and learn to balance their own
interests with those of their employees.
In Nigeria, May Day is celebrated like any other countries in the world but,
her citizens have been confronted with massive unemployment especially among
youths. Thousands of university graduates are roaming the streets without jobs
while thousands of Nigerian bankers have lost their jobs. Even those at work face
inequality and this has become a major challenge. All these are issues which
successive governments in Nigeria have failed to address on May Day. The
consolidation reforms under Professor Charles Soludo in 2005, streamlined banks
in the country to just twenty five with strong capital base with high expectations
that the industry would take its driver’s seat in growing the economy. This dream
was shattered by poor corporate governance, credit indiscipline and financial
recklessness. Major sectors of Nigerian organization, manufacturing industries,
energy and basic infrastructures continue to suffer.
More importantly, despite the effort of competent hands in some institutions
and industries, virtually all the banks, insurance and financial empires have
entrenched policies that are definitely antithetical
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