EFFECT OF STRATEGIC MANAGEMENT ON ORGANIZATIONAL PERFORMANCE OF NIGERIA DEPOSIT INSURANCE CORPORATION
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EFFECT OF STRATEGIC MANAGEMENT ON ORGANIZATIONAL PERFORMANCE OF NIGERIA DEPOSIT INSURANCE CORPORATION
ABSTRACT
The study looked at the impact of strategic management on organisational performance using NDIC as a case study. The study concluded that strategic management is the process of dealing with fundamental organisational renewal and growth
as well as the development of strategies, structures, and systems required to achieve such renewal and growth, as well as the organisational systems required to effectively manage the strategy formulation and implementation processes.
The study used a descriptive survey design. The survey included 1,860 NDIC personnel in junior, senior, and managerial roles. The sample size for the study is 186 employees, or 10% of the population.
The acquired data were analysed using descriptive statistics, and regression analysis was used to evaluate the study hypotheses at the 5% level of significance.
The survey discovered that respondents unanimously agreed that strategic management methods, specifically strategic planning, strategic implementation, and strategic assessment and control, are properly observed in the organisation.
The regression analysis revealed that strategic planning (β=0.124; p<0.05), strategic implementation (β=0.128; p<0.05), and strategic evaluation and control (β=0.214; p<0.05) all have a significant impact on stakeholder satisfaction and public confidence in NDIC.
The study indicated that strategic management methods (strategic planning, implementation, assessment, and control) had a significant impact on NDIC’s organisational performance (in terms of stakeholder satisfaction, public confidence, and deposit insurance fund adequacy).
The following suggestions were made: It is important for NDIC to have a defined strategic vision that is communicated to all employees in every cadre. Management of NDIC should adopt and implement corrective strategy measures to smooth out the organization’s issues;
Management of NDIC is required to significantly prioritise strategic management techniques. NDIC management should conduct a comprehensive research on the use of strategic management principles to reposition and restructure the organization’s operational activities.
NDIC management is encouraged to construct sub-strategic plans due to the highly dynamic nature of the Nigerian business environment, market instability, and the intensity of competition, all of which can undermine the effectiveness of strategic management.
Chapter one
INTRODUCTION
1.1 Background for the Study
Regardless of size, businesses in the twenty-first century will be part of the global business community, influencing and being influenced by global societal changes, events, and pressures (Olanipekun, 2014). This is because the business climate is always changing, dynamic, chaotic, and fiercely competitive.
During this time, the relationship between business and society has altered dramatically. The primary drivers of this transition have been trade globalisation, rising corporate size and influence, government repositioning, and the growing strategic value of stakeholder relationships, knowledge, and brand reputation (Dauda, Akingbade, & Akinlabi, 2010).
The competitive corporate climate has resulted in increased complexity and sophistication of business decision-making, necessitating strategic management. The management of varied and complex internal activities is merely one aspect of a modern executive’s responsibility.
The firm’s immediate external environment presents a second set of challenges. To deal effectively with everything that influences a company’s potential to grow financially, leaders create strategic management processes that they believe will help the firm position itself optimally in its competitive environment.
Strategic processes enable more accurate forecasting of environmental changes as well as increased preparedness to respond to unforeseen internal and competitive needs (Umar, 2008).
Porter (1990) claimed that the essence of developing a comprehensive strategy is to connect an organisation to its surroundings. According to Oyedijo (2012), a clearly defined strategy would generate enthusiasm among various stakeholders such as owners, employees, creditors, consumers, and suppliers, as well as promote dedication, resulting in improved business performance.
Strategic management enables the methodical management of change. It allows an organisation to actively mobilise resources for a desired future. Strategic management is regarded as one of the most essential activities that distinguishes organisations in the age of globalisation (Sharabati & Fuqaha, 2014).
Strategic management is the primary process for achieving an organization’s vision, strategy, and objectives. All organisations, no matter what they are or what they do, should implement strategic management methods to ensure that they fit into their environment.
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