Job Insecurity in Selected Banks in Ibadan Southwest Nigeria

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Abstract: Job insecurity has become an important phenomenon that affects the job performance. This problem is prominent is worsened in the banking sector of Nigeria. This paper examined Job Insecuity amongst bank workers in ten (10) selected new and old generation banks in Nigeria. The study was anchored on Adam Smith’s Equity theory, utilized both qualitative and quantitative techniques to gather data from two hundred and sixty (260) respondents randomly selected from the ten banks. Findings from the study revealed that Findings from the study showed that 58.8% of the respondents agreed that unfavorable government policy makes their future uncertain and 55.2% agreed that absence of trade unions make the future of their job unprotected. Also, 39.8% of the respondents have intention to leave their present employer and 54.4% agreed that there is high labour turnover in their respective organizations. From the bivariate analysis, there was significant relationship between old generation banks and new generation banks on perception of level of job insecurity (X2c=15.475; p<0.05; there was significant association between the age of respondents and perception on level of job insecurity (X2c=8.613; p<0.05); and there was no significant association between respondents’ category of staff and perception on level of job insecurity (X2c=0.009; p>0.05).The paper concluded that there is a high level of job insecurity among bank workers, especially those on contract appointment and recommended : the need to harmonize the wage structure among both contract and permanent staff and to encourage trade unionism in banks to protect the rights of  workers

Key words: Job Insecurity, Contract staff, Permanent staff, New Generation Banks, Old Generation Banks

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