Employee Relations and Financial Performance in Nigerian Banks: Effects during the Covid-19 Era
Adejuwon Gilbert ADESUNLOYE, Olusola Esther IGBEKOYI (Ph.D), Elijah Oladeji OLADUTIRE (Ph.D)
The study on employee relations and financial performance was conducted with the aims to assess the effect of employee relations on sustainable firm value and financial performance of listed banks in Nigeria. The study adopts cross-sectional and survey designs and centers specifically on the COVID-19 period across the banks in Nigeria, employing descriptive statistics, correlation analysis, and regression techniques. Ordinary Least Squares (OLS) regression was initially applied, Key findings from the analysis indicate that employees’ job enrichment, workplace environment, and compensation (proxies of employee relations) all have significant positive effects on the financial performance of banks during COVID 19 pandemic. It was recommended that corporate managers should: focus on redesigning job roles to include meaningful tasks, opportunities for skill development, and increased autonomy; invest in creating a conducive work atmosphere that supports employee health, safety, and collaboration, and ensure that compensation packages are competitive and aligned with industry standards, offering salaries, bonuses, and benefits that reflect employees’ contributions.
Keywords: Employee relations, financial performance, employee Job enrichment, employee working environment, employee compensation.