Challenges Faced by Microfinance Institutions in Nigeria
This narrative sheds light on the perceptions surrounding Microfinance Institutions in Nigeria, particularly in relation to human resource management. It explores the skepticism from the public, misconceptions among job seekers, and the importance of maintaining clean work records. The case study highlights the need for a shift in mindset towards Microfinance Institutions and stresses the significance of credibility in academic and work backgrounds.
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Presentation Transcript
From my observation the topic is broad, it covers all spheres of Human Resource Management be it in the public or private sectors of the economy of Nigeria. However, in my attempt to do justice to the topic I have decided to concentrate more on how it affects the Microfinance Institutions which apparently is my work place and area of specialization. PIRC REPORT 39TH EMT
As a Human Resource person with several years of experience, I have come to find out that some Nigerian still do not have faith in Microfinance Institutions, what they stand for in their invaluable contributions towards national development. I may be wrong, but I stand to be corrected. PIRC REPORT 38TH EMT
People I have met along the way of during formal or informal discussions have often time sought to know what we do when I told them I work as a Human Resource Manager in a Microfinance Institution. Some of them see the institutions as wonder banks that are just out to rip off unsuspecting members of the public their hard earned money. Others also see them as mushroom one man financial institutions without solid foundation. . PIRC REPORT 38TH EMT
In the same vein, job seekers especially unemployed graduates do not consider the Microfinance Institution as a place where they could work, grow and make a career. With this mindset, they see the Microfinance Institution as a transit work place where they would just hang on while searching for greener pastures and often times absconding when they find one without formally appointments. resigning their PIRC REPORT 38TH EMT
Just last week, we received a letter of appeal from a Staff who absconded from duty twelve years ago seeking to resign formally as a new employer had requested for a letter of acceptance from the organization where she claimed to have worked and formally resigned in the CV she submitted. PIRC REPORT 38TH EMT
The case study as it were, explains why we should all be very careful in whatever we do, particularly as it relates to keeping our academic and work records clean at all times because we never can say where we will find ourselves and in circumstance that verification of our academic and work records what would situation require and the PIRC REPORT 38TH EMT
I think the Microfinance Institution need to do more in terms of publicity by letting the general public know what they do, the opportunities they are creating for the economically active poor persons in the country who have the skills but lack the necessary funding needed to finance and manage their cottage businesses. No country can grow effectively if it fails to nurture and financially support the growth of the cottage industries which is where the Microfinance Institution readily come in.
One of the major challenges of the Microfinance Institution today is that of staff turnover and what should be done to control but not to complete stop it because they will continue to leave, given their mindset that the institution cannot provide them with the kind of life they aspire to live, but they are wrong. PIRC REPORT 38TH EMT
Grooming Centre for example has made conscious and continuous effort to ensure its staff members see the opportunities abound in the Centre remain, work and grow with it. The Centre has in this regard put in place several measures / incentives; that would enable a right thinking staff member remain and make a career with the Institution. PIRC REPORT 38TH EMT
For example, the Centre more than anything encourages self development. To this effect, staff members are granted exam leave to enable them study and write their professional, graduate and undergraduate part time studies examination. It is pertinent to state that virtually all the staff members who were engaged with OND Certificate when the Centre was founded 14 years ago have all studied part time and graduated with first degrees in various disciplines including some with M.Sc and MBA degrees. PIRC REPORT 38TH EMT
Suffice it to say that the Management of the Centre in order to further encourage and facilitate staff retention, have put in place other incentives such as: Functional Pension scheme Group Life Insurance scheme Health Insurance scheme.
The considering the common saying that All work and no play makes Jack a doll boy is equally constructing and putting finishing touches to a gym where staff members will go, exercise and shed weight after the days hard work. The gym also includes a restaurant where staff members would go and relax, have a few drinks and some edibles to go with the drink before going home. Management of the Centre also
I think the Management of the Centre needs to be applauded for all these incentives, particularly our visionary Chief Executive Officer Dr. Godwin Nwabunka.
The Management of the Centre not only recruits staff, but makes conscious effort to keep them happy on the job. Management has at all times remained attentive to staff upsets through the establishment of a dedicated STAFF HELP UNIT and dealing with their issues as they come, thereby keeping them contended with the company and stopping them from looking employment. else where for
Management in order to sample the feelings of members towards the organization has instituted a staff satisfaction survey which is currently going on. The aim is to know the performance of Management as well as take the necessary steps needed to address staff related complaints.
Virtual Consulting, a Human Resource Company identified five recruiting challenges HR professionals face and how to overcome them. Every HR professional comes up against certain challenges when they are trying to hire new workers starting from not receiving resumes from candidates experience to being unable to sift through applications effectively. with enough
Many recruiters encounter numerous issues with acquiring new employees everyday. However, there are so many obstacles that many HR professionals must tackle in their search for great talents that are just emerging. These type of representatives to adopt specific solutions and strategies if they want to improve their recruiting and they are: issues require HR
Many companies are growing fast and there is need to fill multiple positions at the same time that recruiters no longer have a lot of time to recruit workers. Solutions: HR professionals should examine their recruitment tools, especially their software as employee management strategies.
Recruiters can spend a lot of extra time trying to input candidates information into systems or speaking with managers about specific requirements of a certain position. Therefore, ensuring all the needed information is already documented and easily accessible can save recruiters some steps and cut down on their recruitment time.
Many HR professionals have to make do with the resources they have and sometimes there is not much time to work with. While some HR Departments are given large budgets to place ads across the internet for job openings that are in the hottest recruitment spots, others may have to use free job boards or take out space in more traditional recruiting channels. This can present big problems with finding qualified candidates.
Solution: Not every department can boost its recruitment budget, but HR professionals are able to examine where the best hands are searching for jobs. Platforms like social media can be great and affordable solutions to this issue for HR professionals who can use their LinkedIn profiles for example, to send out information about open positions to others on the social site.
HR professionals often see themselves stuck when they are not receiving resumes from candidates with strong backgrounds or skill sets needed for the position. Even if these recruiters reach out passive job seekers they may hit a brick wall in terms of finding the talent they need.
This is an all too common problem for recruiters, but one that they are starting to face more often as the competition for key performers heats up. Daniel Ha, founder and CEO of Communications firm Disqus told some recruiters , this was a significant problem his company encountered especially since it had limited resources.
Solution: Daniel Ha said his company was able to strike a great balance between hiring someone for the position needed versus hiring someone that is great regardless professionals need to get out of the mindset of hiring for a position than assembling superstars talent while recruiters may have to fill certain position, they should also be open to training and educating talented workers so they can acquire the needed skills. of position. HR
Big data may be a topic that is old news to any HR professional, but analysis remains a large challenge for many According to HR Den, being able to sort through and harness data acquired through Human Resource information systems and other types of technology can be difficult for HR professionals. Making sense of the collected data can be especially tricky. HR professionals.
Solutions: HR professionals should work with data analysis or HR solution vendors towards understanding what various data points mean and how the department can harness them. Recruiters can create cheat- sheets to help them understand how certain types of information can be used in the future.
New hires need to be able to integrate into a team and work well in the company s environment, otherwise HR professionals will have to start the talent acquisition process all over again. Jenifer Babee fonder and CEO of a tourism marketing company told Smart recruiters finding workers who fit the company s culture was the business top recruitment challenge.
This was an issue for Nathan as well Parcells founder and CMO of Intern Match who told Smart recruiters that his team had to let great candidates go because they did not gel with the team.
Solutions: HR professionals should ensure they describe the company s culture as best as they can in the job descriptions. Displaying the company s vision and aspects of its internal environment can help job seekers organization better, which can ensure only those candidates who fit well may apply. understand the
The organizational culture as the values and behaviors that contribute to an organizational unique social and psychological environment . Aristotle , the philosopher once said we are what we repeatedly do At its core, an organization is a living organisms made up of people , their values, experiences. business dictionary defines the behaviors and
What they do shapes the organization and ultimately reflects in the performance of the organization. Have you ever been to a farm or enterprise that drains the energy out of you? Now picture this? You walk into a premise in need of a service. The attendants are chatting in the back of the office and the receptionist is on a personal call. Your attempt to get someone's attention are ignored as everyone minds their business .
It can be very frustrating to encounter such a scenario. What do you think causes such mayhem in an organization ? Culture.
According to Virtual HR, instilling an organizational culture employees do the right thing rather than the easy thing can be a challenge. Employees come from diverse backgrounds and have unique personalities which are brought to the fore in the course of interactions at the work place.. that motivates
Creating and sustaining an organizational culture that facilitates implementation of the business strategy calls for the translation of the strategy into customer oriented actions that become the soul of the organization. The mindsets of the employees must be shift in the process of creating a winning organizational culture successful
The employees must shift from being the doers of the job to being the owners of the job. They must take responsibility for their actions. They must come up with the solutions to challenges that arises. They must create a positive working environment. It has been observed that organizations that create and sustain successful organizational culture follow the under listed steps:
Every organization rises and falls on account of its leadership. If the leadership has the culture of doing the right thing, the employees will definitely follow suit. If the leadership has a culture of doing the easy thing the employees will do the easiest thing. The leaders of an organization must not only create a wining organizational culture but they also need to make room for the evolution of the organizational culture..
The current business operating environment is changing at the speed of light . New technologies are emerging. New regulations are implemented quite often. A successful organization embraces changes
An organizations culture cannot be changed in a day but each day must be characterized by some changes. What aspects need to be improved? What aspects are unproductive and unnecessary? What trainings have been allocated to the improvement organizational culture ? What comes first and what comes last? Answering these questions helps in the creation of priorities as the organization seeks to build a winning culture. of the
An organization relies on ritual and vision to go to the next level. Ritual (habits, values and behavior) power the vision. Creating rituals that will sustain the organization calls for the creation of suitable structures. The structure created perpetrates a winning culture and keeps the organization focused in serving its customers. The question here is what is your organizational culture? Is it working for your organization?
