The Effects of Information and Communication Technologies on Job Losses in the Banking Sector in Nigeria
CHAPTER ONE
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;
- 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
- To find out whether shock of job loss have effect on workers’ career in banking sector
CHAPTER TWO
REVIEW OF RELATED LITERATURE
Information and Communication Technology
Information Technology (IT) is the automation of processes, controls, and information production using computers, telecommunications, software and ancillary equipment such as automated teller machine and debit cards. It is a term that generally covers the harnessing of electronic technology for the information needs of a business at all levels. Communication is the conveyance or transmission of information from one point to another through a medium. An example of how ICT has had an impact on the Banking Industry is that its emergence allows banks to apply credit-scoring techniques to consumer credits, mortgages or credit cards. Hence, products that used to be highly dependent on the banks´ evaluation of its customers have now become more standardized. Other examples of ICT impact on the Banking Industry include the increased process efficiency, which can reduce costs in banks, and the branch renewal, where focus is gradually shifting away from traditional brick and mortar banks towards the dual-bank concept presented earlier. The tendencies above have also produced changes in the structure of bank income. As a result of increased competition that has lowered margins in lending operations (the banks’ traditional business), banks have diversified their sources of income and rely increasingly on income from fees services rather than interest rate spreads. Fees charged for services include typical banking activities like payment transactions, safe custody and account administration. Data storage and retrieval is another wonderful innovation brought into the Banking Industry, where specialized software is engaged to create database to be manipulated by Database Management Software (DBMS). A single database created could be used for several purposes within the system in order to eliminate data redundancy.
Chapter Three
Research methodology
Research Design
The research design adopted in this research work is the survey research design which involves the usage of self-designed questionnaire in the collection of data. Under the survey research design, primary data of this study will be collected from first bank in Ibadan in order to determine the effects of information and communication technologies on job losses in the banking sector in Nigeria. The design was chosen because it enables the researcher to collect data without manipulation of any variables of interest in the study. The design also provides opportunity for equal chance of participation in the study for respondents.
Population of Study
The population of study is the census of all items or a subject that possess the characteristics or that have the knowledge of the phenomenon that is being studied (Asiaka, 1991). It also means the aggregate people from which the sample is to be drawn.
Population is sometimes referred to as the universe. The population of this research study will be Seventy-five (75) selected staffs of first bank in Ibadan
CHAPTER FOUR
DATA PRESENTATION, ANALYSIS AND DISCUSSION
This chapter is about the analysis and presentation of data collected from the field through questionnaire. The analysis of the data with particular question immediately followed by the presentation of findings.
As mentioned in chapter three, 63 questionnaires were administered and 50 were retrieved and necessary analysis was carried out on them and presented as follows:
CHAPTER FIVE
SUMMARY, CONCLUSION AND RECOMMENDATION
Introduction
It is important to ascertain that the objective of this study was to ascertain the effects of information and communication technologies on job losses in the banking sector in Nigeria. In the preceding chapter, the relevant data collected for this study were presented, critically analyzed and appropriate interpretation given. In this chapter, certain recommendations made which in the opinion of the researcher will be of benefits in addressing the challenges of the effects of information and communication technologies on job losses in the banking sector in Nigeria.
Summary
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
Conclusion
Job displacement seems to induce only a rather small increase in banking sector. There are no statistically significant differences between displaced workers and other workers. My last outcome variable of interest, probability of staying in sector, is around ten percentage points lower for workers displaced compared to non-displaced workers. Also this effect has varied over time, suggesting higher estimates for more recent years. This finding indicates of perhaps higher willingness to move to another sector in case of job loss
Recommendation
Job loss always affects the affected person psychologically and otherwise. The study recommended that organization should inform person they want to sack to prepare him or herself to avoiding shocking
Organization should pay the affected staff amount that will enable himself or herself to establish themselves else where
References
- Adda, J., Dustmann, C., & Stevens, K. (2017). The Career Costs of Children. Journal of Political Economy, 125(2), 293–337.
- Addison, J. T., & Portugal, P. (1989). Job Displacement, Relative Wage Changes, and Duration of Unemployment. Journal of Labor Economics, 7(3), 281–302.
- Cahuc, P., Carcillo, S., & Zylberberg, A. (2014). Labor Economics (Second Edition). The MIT Press.
- Eliason, M., & Storrie, D. (2006). Lasting or Latent Scars? Swedish Evidence on the Long-Term Effects of Job Displacement. Journal of Labor Economics, 24(4), 831–856.
- Handwerker, E. W., & von Wachter, T. (2010). Variation in the Cost of Job Loss by Worker Skill: Evidence Using Matched Data from California, 1991-2000. Discussion Paper Series, Columbia University.
- Huttunen, K., & Kellokumpu, J. (2016). The Effect of Job Displacement on Couples’ Fertility Decisions. Journal of Labor Economics, 34(2), 403–442.
- Kletzer, L. G. (1998). Job Displacement. The Journal of Economic Perspectives, 12(1), 115–136.
- McCall, J. J. (1970). Economics of Information and Job Search. The Quarterly Journal of Economics, 84(1), 113-126.
- Mortensen, D. T. (1970). Job Search, the Duration of Unemployment, and the Phillips Curve. The American Economic Review, 60(5), 847-862.
- Pohjola, M. (2014). Suomi uuteen nousuun – ICT ja digitalisaatio tuottavuuden ja talouskasvun lähteinä. Teknologiateollisuus ry:n julkaisema raportti. Statistics Finland websites of patenting, ICT sector and detailed industry classifications (Accessed on 25th October, 2017):
- http://www.stat.fi/til/pat/2006/pat_2006_2007-10-25_kat_003_en.html
- http://www.stat.fi/meta/kas/ict_sektori.html
- http://www.stat.fi/meta/luokitukset/toimiala/001-2008/268.html
- Stevens, A. H. (1997). Persistent Effects of Job Displacement : The Importance of Multiple Job Losses. Journal of Labor Economics, 15(1), 165–188.
- Sullivan, D., & von Wachter, T. (2009). Job Displacement and Mortality: An Analysis using Administrative data. The Quarterly Journal of Economics, 124(3), 1265–1306.
- Topel, R. (1990). Specific Capital and Unemployment: Measuring the Costs and Consequences of Job Loss. Carnegie-Rochester Conference Series on Public Policy, 33, 181–214.
