CHAPTER ONE

INTRODUCTION

1.1   BACKGROUND OF THE STUDY

The practice has gotten a lot of attention in past few decades, and it's now widespread in practically every aspect of human activity, especially in Nigerian banks. Performance is a subjective view of reality, which explains the concept's and its measurement tools' plethora of critical reflections. The numerous studies in the subject of performance at the worldwide level are also attributable to the global financial crisis, which has resulted in a constant demand for development in the area of entity performance. The term "bank performance" is frequently used in academic literature, yet it is rarely defined. Due to the enormous range of ideas used in defining performance, the presence of a misunderstanding of this notion is being largely discussed. As a result, terms like productivity, efficiency, effectiveness, economic system, earning capacity, revenue, and competition are used interchangeably to describe organizational performance. As a result, a clear and precise definition of the concept of performance is becoming increasingly important. The term "performance" initially appeared in the mid-nineteenth century, and it was first used to describe the outcome of an athletic event. The concept grew and established a succession of meanings in the twentieth century that were supposed to encompass the broadest sense of what is to see through performance. There is currently no performance that is not tied to specific organizational objectives and  goals. Attaining the goals equates to getting the desired results. This is because an organization's objectives are difficult to define clearly and are becoming increasingly numerous, performance is becoming increasingly difficult to quantify, as it is a relative metric.

Organizational performance is amongst the most hotly debated terms, with no clear consensus among scholars and theorists. This index has been utilized in a variety of disciplines, including airline, education, administration, and computer engineering. According to Paul and Anantharaman (2019), there is a lack of knowledge or explanation in the definition of the idea of performance. There would inevitably be diverse interpretations and implications opined by various persons according to their personal views in the absence of any practical definition of performance on which the mass of relevant scholars concur. Part of the reason for the disagreement and lack of consensus is the lack of a serious endeavor to logically or practically account for and define the idea. As a result, a widely recognized definition of the idea confronts a number of challenges, implying that the feasibility of any definitions and the derivation of certain standards to get at the desired definition remains in doubt. Organizations engage and involve in a variety of actions and policies in order to achieve their goals. For the organization to succeed, these repeated activities that use processes must be quantified in order to determine the degree of performance and for management to make educated judgments on where, if necessary, within the processes to take measures to increase performance. As a result, it is possible to assert that the organizational goal and the notion of organizational performance are inextricably linked. As a result, all banks are likely to use available resources to try to attain specific pre-determined goals. As a result, in the definition of organizational performance, the two elements of the notion, namely the organisational objective and the organizational outputs or assets, can be included.. Some scholars, such as Sims and Manz (2017), see performance as a recurring feature in management paradigms. Performance also includes strategic and operational organization, which is a feature that attracts the attention of both practitioners and scholars. As a result, performance can be characterized as an assessment of a company's ability and capacity to attain the constituents' ambition levels based on efficiency, effectiveness, or social referent criteria. Effectiveness is the extent to which production operations can fulfill and meet the client's requests and criteria.. Efficiency, on the other hand, is assessing and evaluating how the resources of  a business are economically utilized through the achieving of functions to get its objectives. Quantitatively, organizational performance and the dimension of scale are interrelated, i.e., it is generally quantifiable in different dimensions. As an example, the organizational performance level can be shown as a percentage or an absolute value in a way that makes it easy to understand for directors and managers of the business. According to Sims, & Manz, (2017), the quantitative expression of performance targets is the only way to render them meaningful. Furthermore, performance refers to the nature and quality of an action performed in an company to achieve the accomplishment in its primary functions and tasks to produce profit (Sims, & Manz, 2017).

Companies have been concerned with their performance in order to discover the variables that led to their success or failure. Customer satisfaction, internal workflows, and development perspectives are all non-financial aspects that should be taken into account (Sims, & Manz, 2017). An organization's performance can be improved by looking at an employee's recent performance record (Pfeffer and Blake, 1986). The term "performance" is frequently confused with "productivity."

Banks in Nigeria are currently experiencing a lot of changes in terms of organizational productivity and performance, which is attributable to a variety of factors. Efforts to evaluate organizational performance have mostly focused on fixed and sometimes inefficient outcomes. Because of the nature of the work, as well as the need for ongoing improvement and adaptability, a more dynamic, process-oriented approach to employee performance is required so as to improve performance. Pfeiffer and Jone (2020) investigated the issues faced by financial institutions in Nigeria. A total of 5 banks in Lagos were chosen, and the data was analyzed using the chi square. The results suggest that bank employees are frequently overworked, resulting in a reduction in the organizations' performance. The findings also reveal that banks do not adequately supervise and manage teams, resulting in certain financial employees working too much. Another issue that financial organizations confront is poor performance owing to a lack of effective leadership. Sims and Manz (2017) discovered that in some Nigerian banks, a lack of excellent leadership style has a detrimental impact on organizational performance. The author went on to say that having a good leadership style helped in the creation, optimization, and maintenance of employee skills since these individuals were more likely to achieve both tangible and intangible rewards. Lack of transactional leadership, according to the same author, causes a reduction in the organization's overall effectiveness. This is because when there is no good leadership to supervise various teams and departments workers tend to perform poorly.

For financial institutions to improve their performance, teamwork is a solution that could help financial institutions in Nigeria function at their best. In the banking industry, having an effective leadership style to effectively oversee teams is critical. Employees in financial institutions benefit from teamwork since it allows them to perform at their best. However, teamwork does not function well if there is no efficient monitoring of the team to avoid pitting some employees against one another, which can lead to conflict therefore the study centers on impact of team work on organizational performance (a case study of financial institutions in abuja)

1.2 STATEMENT OF THE PROBLEM

According to Sims, & Manz,(2017)researchers believe that financial institutions are expected to function more effectively and efficiently. Nilsson (2010), on the other hand, believes that financial institutions in Nigeria have a tough time overcoming the problem of underperformance in their operations. The well-being of its personnel, as well as the effective and efficient enforcement of programs that would improve the companies' performance, are equally important to financial institutions

Ellickson and Logsdon (2001) identify the environment and organizational style of operations as the two most important determinants in determining employee satisfaction, which has a beneficial impact on organizational productivity. The research on performance concerns in Nigeria's banking sector was conducted from a socioeconomic standpoint. According to a study by Mafini & Pooe (2013), financial institutions in the business are underperforming owing to a lack of enough manpower, employee dedication, and other factors, which has been a major issue in the industry.

There should be strategies to improve overall performance in any organization, which has been lacking in financial institutions, notably in Abuja. This obvious mismatch motivated the current study, which tries to show how individuals of a team can increase the performance of the organization, i.e. can be considered as a solution to the problem of organizational performance. In the context of financial institutions or sectors, there has been relatively little research done in Nigeria. As a result, the purpose of this research is to investigate the impact of teamwork on financial institution performance in Abuja.

1.3 JUSTIFICATION/SIGNIFICANCE OF THE STUDY

The findings will enlighten financial institutions and other corporate bodies on the impact of teamwork on organizational performance in financial institutions. This is because the factors affecting teamwork and organizational performance were reviewed and their effects were brought to light.

The ministry of finance and government financial institutions will benefit because the information gotten form the study will be useful in the formulation of policies and the improvement of the already set policies, towards the improvement of government financial institutions in other to enhance performance and productivity.

This study is will also be beneficial to private corporate bodies such as banks; etc.it will enlighten them on the need and benefit of working together as a team in organization. The study also highlights the possible challenges and disadvantages and possible solutions to the problems faced when working as team in an organization

1.4 AIM AND OBJECTIVES OF THE STUDY

The main aim of this study is to investigate impact of team work on organizational performance. The specific objectives of this study were to:

1) To examine the impact of team change on organizational performance in financial institutions in Abuja

2) To examine the relationship between team change and organizational performance in financial institutions

3) To examine the impact of team structure on organizational performance

4) To examine the relationship between team structure and organizational performance in financial institutions

1.5 RESEARCH QUESTIONS

1) What is the impact of team change on organizational performance in financial institutions in Abuja?

2) What is the relationship between team change and organizational performance in financial institutions?

3) What is the impact of team effectiveness on organizational performance?

4) What is the relationship between team effectiveness and organizational performance in financial institutions?

1.6 RESEARCH HYPOTHESES

Hypothesis 1

H0: There is no significant impact of team change on organizational performance in financial institutions in Abuja

H1: There is a significant impact of team change on organizational performance in financial institutions in Abuja

Hypothesis 2

H0: There is no significant relationship between team change and organizational performance in financial institutions in Abuja

H1: There is a significant relationship between team change and organizational performance in financial institutions in Abuja

Hypothesis 3:

H0: there is a significant impact of team effectiveness on organizational performance

H1: there is no significant impact of team effectiveness on organizational performance

Hypothesis 4:

H0: there is no significant relationship between team structure and organizational performance in financial institutions

H1: there is a significant relationship between team structure and organizational performance in financial institutions

1.7 ORGANIZATION OF THE STUDY

The present report is divided into five chapters. First chapter gives the introduction and the background of the study

Second chapter deals with relevant studies found in the literature and that are related to the topic of study i.e. review of literature.

Third chapter deals with the methodology and procedure used in this study which includes research design and sampling technique, method of data collection, method of analysis, validity and reliability of the study

Fourth chapter deals with the analysis of data and presentation of the study which evaluates the data collected keeping in mind the set objectives. 

Fifth chapter deals with conclusions and suggestions which are derived from this study.

An appendix at the end

1.7 OPERATIONAL DEFINITION OF TERMS

IMPACT: the action of one object coming forcibly into contact with another.

TEAMWORK: Financial institutions, otherwise known as banking institutions, are corporations that provide services as intermediaries of financial markets

ORGANIZATIONAL PERFORMANCE: Organizational performance comprises the actual output or results of an organization as measured against its intended outputs. According to Richard et al. organizational performance encompasses three specific areas of firm outcomes: financial performance; product market performance; and shareholder return

FINANCIAL INSTITUTIONS: Financial institutions, otherwise known as banking institutions, are corporations that provide services as intermediaries of financial markets