IMPACT OF COMMUNICATION ON BUSINESS PERFORMANCE (A case study of First Bank Plc.

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IMPACT OF COMMUNICATION ON BUSINESS PERFORMANCE (A case study of First Bank Plc. Abuja)

ABSTRACT

This study is concerned with communication, its impact on business performance, using First Bank Plc, Abuja as a case study. the subject has done a great concern to management in every organization. Survey research design was conducted on the case study area and the researcher attempts to show the extent and need for effective communication, the benefit of communication or impact of communication to First Bank Plc, Abuja. Based on the result of the analysis it is discovered that the organization has a well laid down communication process and as such subordinate report their problems directly either in written down form or orally to their immediate superior for necessary action from the survey it is discovered that the junior cadre are not motivated by the process in which policies are being formicated by the organization. They maintain that since they are not usually allowed to participate in the decision making processes, they sometimes are faced with situations and policies that run counter to their own interest which affect performance. They study also reveals that there is more communication flow upward than down ward. Given the discovered effects above, there is the need to adjust to participate in decision-making in order to limit the present trend of industrial problems of performance, time wastage and economic waste control by ineffective communication in the organization.

CHAPTER ONE

1.1     BACKGROUND OF THE STUDY

There is no activity that we engage in more than communication. Be it listening, talking, reading or writing, we spend more time communication with others than practically every other activity combined. This has significant implication. Since we spend so much time communicational effective we to do so as efficient and effectively as possible, unfortunately, most of us do no maximize our communication effectiveness and this exacts on significant organizational performance or cost specifically, there are ten things we know about communication:

1. We spend 90% of our communication with others on a daily basis. This includes listening, reading and writing.
2. Managers spends 80% of their time communicating orally with others on a daily basis.
3. During communication people spend more time listening than any other activity (e.g. reading, writing and speaking). Unfortunately, most of us are not very effective listeners.
4.  The average listeners retain only 50% of what is said immediately after hearing it.
5. The average listeners retain only 25% of what is said 48 hours later.
6. The average listeners retains less than 10% of what is said a week later.
7. Research consistently shows that the single most important skill that needs to perform well on the job is the ability to communicate effectively with others.
8. The hoo most important factors in helping graduating college students obtain employment are their speaking skills and listening skills.
9. One study of lop executives estimated that poor communication cost organization between 255 and 40% of their budgets.
10. Another shedy of lop executives estimated that 14% of each 40 hour work week is wasted specifically due to poor communication between managers and their staff. Based on a 50.Week year this amounts to 35 wasted work days per employee (tyrone, 1999).

Over the year, the importance of communication has been realized by people in our society, for instance in the early days of trade by barter where the means to satisfy ones desires and needs is to satisfy others desires and needs through exchange of goods and services. The impact of language understanding and communication is the process by which people at work in unorgaionmzation transmit information to one another and interpret its meaning. What communication does for a business performance resembles what blow do to an organization, communication with necessary information needed for smooth running of the business to enhance relevant to all phase of management, especially as it is necessary for exchange of information and transmission of meaning as an activity that involves transfer of information from sender to receiver, they ultimate is for such information to be communication or message may be intentional or unintentional.

Efficiency in business performance depends on the organization’s capacity to offer effective communication in sufficient quantities to maintain the equilibrium of the system. The overall effectiveness of the business performance depends on the abilities of managers to maintain this internal equilibrium with the external environment.

Communication involves the sender; transaction means channel and the receiver or decoder. Managers should take note of the communication barrier breakdown within their employees and the reasons why employees do not react positively to the job.

It is obvious that effective performance and productivity can only be achieved through adequate and sufficient communication techniques, they shall unfold itself as the research work proceeds.

1.2     STATEMENT OF THE STUDY

This word does not only replace conflict but is the bed rock upon which conflict is establish and into which most personal, interpersonal social problems are rooted. These problems have manifested in and between countries, within and between organization and over bodies like trade unions, labored unions, government representatives etc. misunderstanding as the word implies simply means lack of understanding between how or more parties which is caused by poor or ineffective communication. It cloud be form delay in information dissemination, poor self-expression or even misinterpretation of information etc. success in business performance is rather impossible without effective communication and cloud only be partially achieved by chance of communication is inefficient.

Today, business performance suffers socially, economically and sometimes politically due to poor management which includes effective communication as one of their managerial functions.This research is designed to identify and suggest possible solutions to the problems ineffective communication on business performance.

1.3     OBJECTIVES OF THE STUDY

The objectives of this study are:

1. To find out the step to take in maintaining effective communication on business performance of First Bank Plc
2. To determine the significant of communication on business performance of First Bank Plc.
3. To examine the implications and problems of communications barrier in First Bank Plc.
4. Tosee the impact of communication on business performance in First Bank Plc.
5. To meet the requirement of the partial fulfillment for the award of national Diploma (OND) in business administration in the federal polytechnic Nasarawa.

1.4     SIGNIFICANCE OF THE STDUY

The usefulness of this study is in its objectives assessment of the effectiveness of communication on business performance and to what extent has communication proved itself as a tool for effective business performance in ideal First Bank Plc. Abuja. The research is also significant in the sense that, it will contribute to the existing body of knowledge especially in academics which will be used by academicians as a reference point for their research work. The measures suggested in this research work will help business to promote and improve performance. Over the years, communications in business organizations affects performance negatively because the communication is from the hop down ward but it is not in any time from down ward to the hop, so there is communication breakdown. Communication which responsibility is to maintain effective performance in business is not really doing its work due to managerial mistakes.

1.5     RESEARCH QUESTIONS

The researcher in his own view wishers to formulate the following questions as regards to this research work.

1. Is employer’s lack of education and communication skill lead to the cause of low level of performance in First Bank Plc?
2. Is employees attitude toward message from top management be the cause of decline in job performance in First Bank Plc?
3. Is communication barrier and breakdown the cause of employee, low productive in First Bank Plc?
4. Is communication misunderstanding in the causes of low productivity by staff of First Bank Plc.

1.6     RESEARCH OF HYPOTHESIS

Below are the hypothesis formulated to guide the researcher• hypothesis is a production statement about a problem, which is under investigation, such statement stands the chance of being rejected the or accepted after carrying out activities involved in the research. The hypothesis includes;

H_o: Informal communication does not exist

H_i: Informal communication does exist.

This among others are the hypothesis to be tested in the study to enable the researcher provide answers to the questionnaires raised in the state of the problems.

1.7     SCOPE OF THE STUDY

This research work is to study the impact of effective communication on business performance in a given organization namely; First Bank Plc.

Due to the problems involved in the research, the research age would be limited. However the researcher would as much as possible try to determine and examine various problemsmilitating against effective communication at the different levels of management as it affects performance.

1.8     LIMITATION OF THE STUDY

The researcher work was supposed to cover the impact of communication on business performance in all businesses in the country but due to some reasons such as time, financial constraints etc., it was limited to First Bank Plc., which will be able to provide adequate information and feedback that will be useful to all other business and research work within the country.

There are many factors that constitute constraints during the process of the research work among these are:

The financial constraints of limitation, there was no sufficient of money to travel in order together more information about the write up, not only that, the cost of stationary, typing and binding is exorbitant, lack of adequate library to provide sufficient information like journals, text books, magazines, encyclopedia,newspaper e.tc, the period between the project work and academic activities is controversial to one another.

All these contributed in no small measure to insufficient information about the research work.

1.9     DEFINITION OF RELEVANT TERMS

          Sender: the person who sends message.

Receiver: the person who takes message

Channel: to direct or guide along a dire cause

Performance: the actions or behavior that involves a lot of attention to detail.

Communication: the exchange of thoughts, message or the likes as by speech signal or writing.

Message: information transmitted by spoken, written, word by signals or by contributed to be the whole.

Barrier: any material or immaterial structure that obstruct the passage of message.

Employee: a person is paid to work for someone else

Employer: a person organization that employs people

Management: the control and organization of something on the group of people responsible for controlling and organizing a company.

Constraint: a thing that limits or restricts something, or your freedom to do something.

Exorbitant: price and demands, etc. are much too large

Controversial: causing disagreement or discussion

Organization: a place comprising of different people with varied function that contributed to the whole.

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