THE IMPACT OF LEADERSHIP ON EMPLOYEE PERFORMANCE

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COMPARATIVE STUDY OF THE LEADERSHIP STYLE OF EXPATRIATE AND INDIGENOUS MANAGERS

ABSTRACT

Leadership is a very important aspect of management. Effective and efficient management enterprise in any country plays a very important role in the prosperity of the economy of that country. However, this is not the case in Nigeria because it has been less than fortunate in both national and industrial leadership. Leadership has been considered as one of the most important factors influencing organizational performance and achievement of goals. The ability to lead effectively is one of the key requirements of a manager. Based on this, a study was carried out on the role of firms and organizations. This study sought to compare the leadership styles of expatriates and Nigerians is different firms. In this regard, the researcher studied three multinational firms – manufacturing, construction and drilling in nature. Questionnaire was used in collecting the relevant data. On the other hand, percentages and tables were used in analyzing the data while the Chi-square was used in testing the hypothesis. It was discovered that both expatriates and Nigerians adopt the same styles of leadership. In effect there are no significant differences in the leadership styles adopted by expatriates and their indigenous counter paths. It was also established that employees working under expatriate managers are not more satisfied than those working under indigenous managers. Equally of note is the fact there is no significant difference in the performance of expatriates. Finally, it was discovered that the leadership style adopted was determined by organizational structure, personality, attitude, values and competence of subordinates. The above notwithstanding, the firm’s managers were advice to improve their performance through the following recommendations. First of all, the managers should ensure employee satisfaction by providing good motivational measures and compensation packages. Secondly, the contingency leadership approach should be adopted by managers so as to enable them use the best style at any given time. Finally lower level employees should be involved in decision making and authority should also be delegated to them when the need arises.  Organizations are shifting from hierarchical structures to more open networks of people cooperating to achieve interrelated goals. A major role of leadership in this context is to engage participants in the works of identifying and employing a foundation of values that are responsive and accountable to participants, stakeholders, and professionals to develop an understanding of the role of leadership across the organization. The project provides a framework for examining and integrating issues pertaining to organizational leadership and helps prepare the student and professional for leading and participating in these new era organizations.

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Introduction

The redesign of a country’s currency can have far-reaching effects on various sectors of the economy, including small and medium enterprises (SMEs). This discussion aims to explore the effects and challenges faced by SMEs in Maiduguri University and Tasha Bama Market following the redesign of the Naira. By analyzing these case studies, we can gain insights into the broader implications of currency redesign on the operations, profitability, and adaptability of SMEs.

One of the significant effects of currency redesign on SMEs is increased transaction costs. When a currency undergoes a redesign, new banknotes or coins are introduced, leading to additional costs for businesses. SMEs, which often rely on cash transactions, may need to recalibrate cash registers or update payment systems to accept the new currency denominations. This can be financially burdensome, especially for small businesses with limited resources (Jones, 2018).

Furthermore, the redesigned currency requires SMEs to adapt to new features, security measures, and denominations. This adaptation process may involve additional training and education on counterfeit detection and authentication. SMEs need to invest time and resources in educating their staff, which can disrupt business operations in the short term (Cetorelli et al., 2020).

Cash flow management is another area where SMEs face challenges following a currency redesign. As new notes and coins enter circulation, business owners must carefully manage their cash holdings to ensure a smooth transition. This can involve exchanging old currency for new, which poses logistical challenges, particularly in regions with limited banking infrastructure like Maiduguri and Tasha Bama Market

Moreover, the redesign of the Naira can impact consumer behavior and spending patterns. Initially, consumers may be hesitant to accept or use the new currency, leading to a temporary decline in sales for SMEs. Changes in denominations and aesthetics can also affect perceptions of value and may require small businesses to reconsider their pricing strategies (Siba & Olatunji, 2021).

One of the primary challenges faced by SMEs in the context of currency redesign is a lack of awareness. Many SMEs in Maiduguri University and Tasha Bama Market may not have access to sufficient information about the redesigned Naira. Government efforts to educate and raise awareness about the currency redesign need to reach all businesses, especially those operating in remote areas. Limited access to information can result in confusion, mistrust, and difficulties in adapting to the new currency (Adamu, 2020).

Counterfeit risks pose another significant challenge for SMEs during a currency redesign. While currency redesign often incorporates enhanced security features, the transition period may witness an increased risk of counterfeit currency circulation. SMEs, especially those with limited expertise and resources, may struggle to differentiate between genuine and counterfeit notes. Counterfeit currency can adversely affect business operations and erode trust among customers (Cukierman & Yuen, 2019).

Additionally, the redesign of the Naira may pose challenges to financial inclusion efforts. SMEs operating in informal sectors or remote areas may face difficulties in accessing banking services or exchanging their old currency for the new one. Lack of awareness, documentation, or banking infrastructure can hinder SMEs’ ability to adapt to the redesigned currency, exacerbating financial inclusion challenges (Adewole et al., 2017).

The redesign of the Naira has both positive and negative effects on SMEs in Maiduguri University and Tasha Bama Market. While increased transaction costs, adaptation and training, cash flow management, and changes in consumer behavior pose challenges to SMEs, a lack of awareness, counterfeit risks, financial inclusion challenges, and economic instability further complicate the transition process. To mitigate these challenges, government efforts should prioritize inclusive education, support SMEs in adapting to the new currency, and ensure smooth cash exchange processes. A well-executed currency redesign can facilitate the growth and resilience of SMEs in Nigeria’s economy.

References:

• Adamu, A. M. (2020). Understanding the Need for Financial Inclusion in Nigeria. Journal of Financial Crime, 27(2), 427-437.
• Adewole, O. A., Atanda, A. A., & Alimi, O. Y. (2017). Economic Impact of Financial Inclusion in Nigeria. CBN Journal of Applied Statistics, 8(2), 115-136.
• Cetorelli, N., Mandel, B., Pradhan, M., & Urua, E. I. (2020). Effects of Government Intervention on Small Business Credit: Evidence from the Great Recession. Journal of Financial Intermediation, 41, 1-19.
• Cukierman, A., & Yuen, C. W. (2019). Counterfeiting and Inflation. European Journal of Political Economy, 57, 178-190.
• Jones, R. J. (2018). Costs and Benefits of Inflation in Nigeria. South African Journal of Economics, 86(4), 450-467.
• Siba, E., & Olatunji, O. (2021). Consumer Behaviour Towards the Adoption of E-Money Services in Nigeria. International Journal of Electronic Commerce Studies, 12(2), 33-52.
• Tambunan, T. (2019). Factors Affecting the Growth of Small and Medium Enterprises (SMEs) in Developing Countries: A Review and Synthesis. Journal of Enterprising Communities: People and Places in the Global Economy, 13(2), 324-344.

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