EFFECTIVE UTILIZATION OF MANAGEMENT BY OBJECTIVES IN NIGERIAN ORGANIZATION
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EFFECTIVE UTILIZATION OF MANAGEMENT BY OBJECTIVES IN NIGERIAN ORGANIZATION
Chapter one
INTRODUCTION:
1.0 Background of the Study
Management requires a variety of instruments to efficiently administrate the day-to-day operations of the firm. Management by objectives is one of these tools. It is a method of achieving better results in managerial action.
Management by objectives is a managerial method in which the superior and subordinate managers in an organisation identify major areas of responsibility in which they will work, set some standards for good or bad performance, and measure the results against those standards. Derek (2005:156).
Management by objective is also known as Managing By Objectives. However, certain individuals have long emphasised management by objectives, hence accelerating its growth as a system. Management by objectives is a systematic management strategy that establishes goals for any organisational unit.
In his book Management by Objectives, George S. Odiorne (1981:1) defines this concept as “a system of management in which the superior and subordinate jointly identify objectives, define individual major areas of responsibility in terms of expected results, and use these objectives and expected results as guides for operating the unit and assessing the contribution of each of its members.”
Furthermore, Odiorne emphasises that management by objectives is a “system of management,” or an overall framework used to lead the organisational unit and establish its path. He went on to say that “the superior and subordinate jointly identify objectives”.
In other words, it is a participative management approach that necessitates dedication and cooperation. The definition is concerned with determining the intended “results”.
Thus, management by objectives focuses on the organization’s production while evaluating people based on their contribution to that outcome.
Management by objectives is an approach in which management establishes specified goals for employees to meet within a set time frame. Management by objectives is a dynamic method that aims to connect the company’s need to clarify and accomplish profit and growth goals with the managers’ need to contribute and improve themselves. It is a difficult and rewarding style of corporate management.
Management by objectives can be implemented in any size organisation as long as the procedures are understood and managers are patient in allowing the system to settle in initially. Management by objectives is an efficient planning, control, and development strategy.
Koontz and O’Donnell (1968:485) defined management by objective as a technique, system, or method of management in which an organization’s superior and subordinate managers agree on broad goals
translate these goals into a chain of specific short-term goals, define each individual’s major areas of responsibility in terms of expected results, and continuously review accomplishment as the sole basis for assessing and rewarding them.
Management by objectives allows employees to engage in decision-making within specific constraints. It is assumed that the employee has been appropriately picked and trained, and that the employee is aware that they will be responsible for attaining the required results in the organisation.
Organisations are everywhere. According to Mullins (2005:256), organisations are created by people to help them overcome their limits and achieve their goals. As a result, organisations have become a source of survival for people and have a significant everyday impact on their lives and the way they live.
The presence of capable men and women with the correct technique to combine the organization’s resources (man, machine, materials, and money) to achieve organisational goals is the most important determinant of its survival.
It is worth noting that Nigerian company management lacks sufficient techniques to ensure successful management. Some of these tools are not used, and those that are used are not used appropriately.
Management by objective is not only a managerial approach for achieving a well-coordinated managerial goal, but it is also a popular management technique that applies to or pervades all human activities, including business, education, government, health care, and non-profit organisations.
The majority of management strategies, systems, and tools are poorly understood, resulting in organisational losses and damages. Furthermore, it is the incorrect application of technique and the refusal of top management to employ the appropriate tool to address management problems.
Based on these trends, the researcher seeks to investigate the prospects and challenges of effective management by objectives in Nigerian businesses.
To study some of the aforementioned issues, one of the country’s largest financial institutions, First Bank of Nigeria Plc Okpara Avenue Enugu, was chosen.
1.1 Statement of the Problem
It is important to highlight that management of businesses in Nigeria. They lack the necessary techniques to manage effectively. Some of these tools are not used, and those that are used are not used appropriately.
Management by objectives is not only a managerial approach for achieving well-coordinated managerial goals, but it is also a popular management technique that applies to all human activities, including business, education, government, health care, and non-profit organisations.
Most of these objectives are poorly understood, resulting in losses, breakages, and so on. The worst cases are medium-sized businesses, which are where most banks operate.
Most firms assign objectives to subordinates without providing enough rationale, resulting in failure of management by objectives. Management by objectives will solve all of the problems described above
and subordinates will now establish objectives and set targets based on their strengths and weaknesses, resulting in no stoppages, delays, or losses to the companies. This will aid subordinates in developing attainable goals.
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