THE EFFECTS OF INFORMATION AND COMMUNICATION TECHNOLOGIES ON JOB LOSSES IN THE BANKING SECTOR IN NIGERIA

Abstract

This study was on the effects of information and communication technologies on job losses in the banking sector in Nigeria. Three objectives were raised which included: To ascertain the relationship between information and  communication technologies and job loss in banking sector in Nigeria, to find out whether job loss have effect on ICT in banking sector and to find out whether shock of job loss have effect on workers’ career in banking sector. The total population for the study is 75 selected staffs of first bank in Ibadan. The researcher used questionnaires as the instrument for the data collection. Descriptive Survey research design was adopted for this study. The data collected were presented in tables and analyzed using simple percentages and frequencies. The study recommended that the organization should award the affected staff money to establish himself else than being frustrated  

 Chapter one

Introduction

1.1Background of the study

One of the modern yardsticks used for rating a modern business enterprise is its ICT infrastructural layout. This is an indication of the importance of ICT for business establishments. Banks in particular adopt information and communication technology to improve the efficiency and effectiveness of services offered to customers, improve business processes, as well as to enhance managerial decision making and workgroup collaborations. This helps strengthen their competitive positions in rapidly changing/emerging economies. Environmental, organizational, and technological factors are creating a highly competitive business environment in which customers are the focal point (Akinlolu Agboola, 2007) Furthermore, these factors can change quickly, sometimes unpredictably. Thus, the growth of any enterprise is tied to retaining loyal customers, improving productivity, cutting costs, increasing market share, and providing timely organizational response. ICT is a major enabler for dealing with these issues. Because the pace of change and the degree of uncertainty in today’s competitive environment are accelerating geometrically. Organizations are operating under increasing pressures to produce more, using fewer resources. in order to succeed (or even merely to survive) in this dynamic world, companies must not only take traditional actions such as lowering costs, but also undertake innovative activities such as changing structure or processes and continuously revising competitive strategies.

Job loss is a painful event for most people, especially for those who have invested a large part of their time, effort and identity in their careers. Unlike younger people who are capable of deriving satisfaction and meaning from different experiences and dreams, older professionals tend to anchor their identities and values on their working lives and career success. There is evidence that losing a job is more unsettling and painful for them than for younger employees (MCFALL and GARRINGTON 2011). As Martin (1987) argued nearly twenty five years ago, job loss for a professional represents a “dramatic vote of no confidence” capable of bringing with it shame, disillusionment and depression. Fineman (1983) and Letkemann (2002) argue that unemployment among white-collar employees and professionals carries a disproportionate stigma and is more liable to be experienced as a personal assault than among younger or working class employees, a view consistent with research by Andersen (2009) indicating that middle class people are psychologically worst hit by job loss

The impact of involuntary job displacement on individuals as a result of firm-level reductions, such as plant closures or mass lay-offs has been of great interest to labor economists already for decades. The pioneering studies on the cost of job displacement date back to 1980’s (Kletzer, 1998). Since then, several methodologies and data sources have been utilized to further study the effects of job displacement. Especially the effect on earnings and employment outcomes has received a lot of attention ( Stevens, 1997). More recently, an emerging literature has also studied the effects on other outcomes, such as divorce probability, mortality and fertility decisions. Various effects of job displacement on displaced workers, both on their labor market outcomes and occupational choices.

Statement of the problem

Information and communication technologies brought innovation and easier way in working environment especially banking sector. It of the concerning for the researcher to find out the effect of information and communication technologies on job losses in banking sectors. The following questions are seek to answer in this study (i) how job loss has affected ICT employees’ labor market outcomes and (ii) how these effects have varied over time and how they compare to other industries. I study the effects of plant closures and mass layoffs, which can be thought of as exogenous shocks to workers’ careers, unrelated to performance of individual workers.

Objective of the study

The following research objective will be ascertained to investigate the effect of information and communication technologies on job losses in the banking sector in Nigeria. The specific objectives are;

1. To ascertain the relationship between information and  communication technologies and job loss in banking sector in Nigeria
2. To find out whether job loss have effect on ICT in banking sector
3. To find out whether shock of job loss have effect on workers’ career in banking sector

Research question

The following research questions are formulated to guide the study;

1. Is there relationship between information and communication technologies and job loss in banking sector?
2. Doe job loss has effect on ICT in banking sector?
3. Does shock of job loss have effect on workers’ career in banking sector?

Research Hypotheses

The following research hypotheses are formulated to guide the study;

H0: there is no relationship between information and communication technologies and job loss in banking sector

H1: there is relationship between information and communication technologies and job loss in banking sector

H0: job loss has no significant effect on ICT in banking sector

H2: job loss has significant effect on ICT in banking sector

H0: shock of job loss has no significant effect on workers’ career in banking sector

H3: shock of job loss has significant effect on workers’ career in banking sector

Significance of the study

The study will be very significant to students, organizations and the policy makers. The study will give a clear insight on the effect of information and communication technologies on job losses in the banking sector in Nigeria. the study will education the public especially banking sector the negative effect of job loss on individual and the organization. The study will also serve as a reference to other researcher that will embark on the related topic

Scope of the study

The scope of the study covers the effects of information and communication technologies on job losses in the banking sector in Nigeria. The study will be limited to first bank in Ibadan.

Limitation of the study

Limitations/constraints are inevitable in carrying out a research work of this nature. However, in the course of this research, the following constraints were encountered thus:

1. Non-availability of enough resources (finance): A work of this nature is very tasking financially, money had to be spent at various stages of the research such resources which may aid proper carrying out of the study were not adequately available.
2. Time factor: The time used in carrying out the research work is relatively not enough to bring the best information out of it. However, I hope that the little that is contained in this study will go a long way in solving many greater problems.

Definition of terms

ICT: means Information and Communication Technology and refers to the combination of manufacturing and services industries that capture, transmit and display data and information electronically

Job loss: Job loss refers to the disappearance of jobs because of fundamental structural economic changes as distinct from transient fluctuations in demand

Banking sector: is a financial services industry

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