Change Management and Employees' Satisfaction in the Nigerian Banking Sector

Abstract

Change management is fast becoming a key strategy for driving business expansion, especially in the financial sector; hence, its importance for banks in Nigeria cannot be overemphasized. This study examines the effect of change management on employees' satisfaction in Nigerian banking sector. The study recognized and employed two components of change management as used by various scholars and these two components are; change implementation and change communication.The study employed survey research design, by administering structured questionnaire on members of staff of some selected banks.Three hypotheses were formulated and the ordinary least square was employed in estimating the regression models with the aid of SPSS version 23. The findings revealed that change implementation and change communication both have positive and significant effect on employees' satisfaction in the banks. The combine effect of change management elements (change implementation and change communication) equally revealed a positive and significant effect on employees' satisfaction. The study further revealed that change management elements have a combined adjusted coefficient of 2 determination (adjusted R ) of 0.476, which suggest that 47.6% variation in employees' satisfaction is accounted for by the combined change management elements. The empirical findings of this study provide evidence that change management plays an important role in bank's employees' satisfaction in Nigeria. Therefore, it can be concluded that change management elements (change implementation and change communication) both have individual and combined positive and significant effect on employees' satisfaction in the selected banks.