AN EVALUATION OF MANAGEMENT TRAINING AND DEVELOPMENT IN GUARDIAN NEWSPAPER LTD, LAGOS
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ABSTRACT
The focus of this project is a management training and development in the Guardian Newspaper Ltd, Isolo, Lagos. The problem of discriminatory practices in selecting staff for staff training, lack of training and development facilities by the management on the progress of the organization, but interested on enriching themselves were the major issues that motivated the researcher to pick up the topic for investigation.
The researcher had the underlisted objectives which are:
- To find out problems associated with management training and development in the Guardian Newspaper Ltd, Isolo, Lagos.
- To recommend solution to those problems reviews of relevance literature was equally carried out and the aim focus was in the area of the concept of training and development in organization and problem associated with it.
Questionnaires were used strictly for collecting data for the study and chi-square statistical methods for analysis was adopted in analysis of the data presented. All problems associated with management training and development militated against the advancement of employees in this organization and led to decrease in productivity.
Three hypotheses were equally formulated and tested to validate the data analysis. The result of the test was the fact that management training is a necessary ingredient for the attainment of organization set objectives.
On the basis of the findings, the researcher put forward some recommendations:
- That the company should be using application forms for recruiting new staff.
- Staff responsible for the selecting of staff for training should be instructed to apply selecting criteria without unlawful discrimination.
- In order to improve their performance and increase turnover, training and development is very essential as at when due.
- Funds allocated for training should be utilized appropriately.
Areas for future researches should be recommended as thus:
There should be determination on the rate at which performance of trained employee is greater than the untrained, where untrained staff will be used as a controlled group while trained staff as an experimental group.
Findings should be made to know whether employees advancement is really determined by acquisition of additional qualifications, work experience, performance level of favourism.
Finally, the company should endeavour to give helping hands that adequate research is doing on the areas listed above relevant data should be given when required.
CHAPTER ONE
INTRODUCTION
The purpose of training and development is to bring the skill of individual employees of an organization up to the desired standard for the present or potential assignment more broadly and this development provide the basic skill and knowledge required in carrying out various specialized part in overall task of the organization. And help to ensure that these development experiences are of co-ordinated and in line with the needs of the individual and the organization.
These experiences may be provided in the form of continuity flow of instructions, commands, criticisms, question and suggestions. In terms of induction course after employment and before placement on a permanent job. This might last between one month to three months.
Apprenticeship is an example of long, more extensive kind of skill training, although it may include general course as well.
1.1 BACKGROUND OF THE STUDY
Training and development are perceived over the world as the vehicles of transformation of employee by the employer to achieve the organizational goal. Any attempt to determine the most effective process, there are certain problems that will need immediate energy such as:
- How can training needs be determined and how can a training need be distinguished from an organization need that can be satisfy in some other ways?
- How are the utility (reactive) of various training method and devices?
- How can people be motivated to increase their capabilities for contributing to the attainment of organizational objective?
- How can it be determined and what extent can the objective of the training programme be achieved?
If training or development programme are imposed upon people and are interpreted as punishment for differences, there will be little enthusiasm and probably little effective learning and also if the training programme are imposed upon an already over-worked or stressfully individual, the learning is likely to interfere with the effective performance and effective learning. Furthermore, if what is learned by employee in contrary to the behavioural patterns of work environment will not tolerate expression of what has being learnt.
- PROBLEMS ASSOCIATED WITH THE SUBJECT MATTER:
It is well known fact that an organization cannot operate without facing problem, one or the other. In essence, there is always a problem which can either be solved, eliminate or minimized with the adoption of integrated or effective planning programmes to any organization large or small requires staffing them with competent well trained personnel.
This study aims at finding solution to the following problems.
TABLE OF CONTENT
Topics Pages
Chapter 1: Introduction
- Background of the Problem
- Statement of the Problem
- Objectives of the Research
- Research Questions
- Statement of Hypothesis
- Scope of the study and Its Delimitation
- Organization of the Report
Chapter 2: Literature Review
- Evolution of the Nigeria Capital Market.
- Major Participation’s in the Nigerian Capital Market
- The Central Bank of Nigeria
- Development Finance Institutions
- Issuing Houses
- Stockbroking firms
- Securities and Exchange Commission
- Stock Exchange
- Share Registrars
- Commercial Banks
- Insurance companies and Pensims / Provident funds
- Dividend
- Forms of Dividend
- Factors influencing Dividend Policy
- Stability of Dividend
- Relationship between Dividend and Share prices
- Information content of Dividends
- Random Walk Theory of Share Price Movements
- Random Walk and an Efficient Stock Market
- Varying Degrees Efficiency
- Week form Tests or Weak form of Efficiency
- Semi-strong form Tests and semi-strong Efficiency
- Strong form Tests and Strong Form Efficiency
- Implications of Efficient Market Hypothesis
- Empirical Studies of Capital Market Efficiency in Nigeria
- Dividend Announcement and Capital Market Efficiency.
Chapter 3: Research Methodology
- research Design
- Sources of Primary & Secondary Data
- Population & Sample
- Data Collection Techniques
- Data Analysis Technique
- Hypothesis Test Statistic
- Limitation of Research Methodology
Chapter 4: Analysis and Presentation of Data.
- Presentation of Primary Data
- Analysis and Presentation of Data According to Research Questions
- Analysis and Presentation of Data According to hypothesis.
Chapter 5
- Summary of Findings
- Conclusion
- Recommendation
- Suggested Research Work
CHAPTER ONE
INTRODUCTION
- BACKGROUND TO THE PROBLEM
The availability of information is crucial to the successful pursuance of virtually every human endeavor. However, Hirshleijer and Riley (1979) observed that in order for any particular piece of information to be beneficial to the user, it must have precise definition and value. While the definition relates to the message about the various events that may happen, the value is about the payoffs likely to be derived by acting on the message received. If a message is not understood by the people for whom it is meant, no action may be taken. If an action is taken at all, it may be a wrong one. Even when the message is understood by the people concerned, their reaction may differ from one another depending on the values perceived to be derived from acting on the message. The values derivable from the message may also be different among people depending on the message as well as the perceived net benefits or utility resulting from taking actions.
Several actions may be taken after receiving an information. Some of the actions may be Optimal, while others may be sub-optimal. The optimal action was defined by Copeland & Weston (1983)2 as the product of the conditional probability of an event taken place given the receipt a message and the utility resulting from taking an action, given that a particular event has occurred. There is also the marginal probability of receiving a message, the optimal action taken on receiving the message and the expected utility to be derived, given the arrival of the message.
Problems arise when economic agents fail to act on relevant information. Such in action may be due to lack of understanding of the message being put across or due to lack of resources to benefit from the information. For example, firms may release their dividend figures to the Capital market if the information contained in released dividend is not understood by the market participants and investors, appropriate portfolio adjustments may not be made through trading of shares. If on the other hand, investors react appropriately to dividend announcements by adjusting their portfolios, which in turn manifests in share price changes, firms may not understand why the market determined their firms’ share prices the way it has done, if they also do not understand the message being put across by investors. It is therefore important for both the firms and investors to understand information available in the capital market. The understanding of the available information will go a long way to enhance the quality of decision made by firms and investors.
There is no gain saying in the fact that firms take various decisions about their operation on daily basis. These decisions can however be classified into three broad categories. These are production, investment and finance decisions. These are decisions should be optimal if the intended results are to be attained. With regard to investments, firms face decisions on optimum combination of real and monetary assets to be invested with a view to establishing and maintaining the productive process necessary to produce the optimum level of output from the optimum combination of factor inputs. The third type of decision the finance decisions concern the optimum combination of resources of money capital required to finance the optimum assets investments. These three major decisions are interdependent. For instance, money capital is required to produce goods and services. Thus, the decision nexus, which should be optimal, confront firms from time to time.
Firms do not take decisions in isolation. Rather, they take cognizance of happenings in the stock markets where their long-term money capital is raised in the form of equities and / or bonds. Both the firms and investors operate in the stock markets, with the former playing the role of producers / borrowers, while the latter function as savers or investors. The adequate understanding of available information is particularly important in the stock markets where securities are traded. It is the understanding of publicly available information which determines to a large extent, whether or not securities will be appropriately priced.
The perceived value of information arising in the stock markets depends on whether or not it reveals any new thing to the market participants. If no new message is contained in the information, security prices may not be affected. It is also possible for the information arriving in the market to be underutilized. Fama (1976) aptly noted this obvious divergence between publicly available information and information utilized by the market in determining security prices in “Reply to Efficient Capital Market Comments”. The underutilization of publicly available information may be due to the inability of market participants to understand its full ramifications. It may however, be due to intervention by capital market regulations E.g. Securities & Exchange Commission or the stock Exchange. In Nigeria, the Nigerian stock Exchange regulates share pricing by imposing a cap on the movement, up or down of prices on any trading day.
There are several information generating events that affect stock prices. For example, earnings announcements, merges & acquisition announcements, dividend announcements etc. This study intends to utilize dividend announcements as the relevant information set.
- STATEMENT OF THE PROBLEM
It is important for the stock market to correctly determine security prices. This is because the resulting prices serve as a signal of relative attractiveness and yield to investors. Share prices, if correctly determined also serve as an index of performance of the various firms whose shares are being trade. For example, the share prices of profitable firms should be higher than those of loss-sustaining firms, all things being equal.
The effectiveness of share prices being a good measure of firms performance in the Nigerian Stock Market is however, rather limited. For instance, the Nigerian stock Exchange imposes a cap on movement of share prices in either direction, on any trading day. This action may prevent share prices from adjusting speedily to dividend information. Thus no matter how handsome firms profits are in any particular year, the prices of their shares around dividend announcements cannot rise beyond a specified limit. The reverse also holds for loss-sustaining firms. This is a big problem plaguing the market.
There is also the problem of trading volume being low when compared to other emerging stock markets. The thinness of the Nigerian stock market