International Journal of Management and Business Studies

International Journal of Management and Business Studies ISSN 2167-0439 Vol. 14 (3), pp. 001-012, March, 2025. Available online at www.internationalscholarsjournals.org © International Scholars Journals

Full Length Research Paper

Managing Workforce Reduction: An Empirical Study of Skye Bank Plc. in Nigeria's Benue and Nasarawa States

Sev Joesph Teryima, Agburu J.I, and Timothy Alabar

Department Of Business Management, Faculty Of Management Sciences, Benue State University, Makurdi. Email: [email protected]

Accepted 14 November, 2024

In a bid to clock meaningful success in terms of profitability in the global business terrain in general and in Nigeria in particular, organizations are making inroads into a wide range of business endeavours via the instrumentality of downsizing strategies. Defined broadly as a process which results in layoffs and the streaming of functions as well as the redesigning of systems, downsizing is essentially a positive proactive strategy. Properly conceived and implemented, downsizing has a tremendous potential for organizational survival and futurity. As the topic indicates, the pivotal thrust of this piece is a critical-cum-empirical survey of the management of downsizing in business organizations with a focus on Skye Bank Plc in Benue and Nasarawa States. The study adopts a simple empirical survey which is cross-sectional in character. Data elicited were rigorously analysed using percentages. The most outstanding findings are that downsizing strategies are highly necessary for organizational competitiveness in Skye Bank Plc. notwithstanding the fact that downsizing involved costs. The study recommends inter alia that downsizing be tailored as both a defensive and offensive strategy in the best interest of the bank under reference.

Keywords: Management of downsizing, Business organization, Bank.