Abstract
The article examines how and why the McDonaldization of banking system in Nigeria engenders job insecurity. This is imperative because it provides an explicit revelation of the root causes of job insecurity in the sector that other scholars have totally omitted. No Nigerian scholar has applied the thesis in relation to job insecurity, which is the major problem in Nigeria’s banking industry. The article based on the analysis of secondary data and observations, therefore, draws on McDonaldization thesis to examine the upsurge of rationalization in the sector since consolidation exercise began in 2005. The article argues that the sector’s rising rationalization and ensuing efficiency, calculability, predictability, and control are necessary. However, these have inevitably engendered job insecurity and its adverse consequences. Based on the critical analyses of available evidence, the article concludes that the best option is to commence resistance of the McDonaldization processes, especially those that replace human with nonhuman technology or make customers unpaid workers.
Highlights
The banking industry occupies a crucial position in any nation’s economy because it sets the financial pace for other sectors to follow
In what is known as Nigeria, the sector has been in existence since 1892 following the establishment of the African Banking Corporation that later became known as Standard Bank (Ogujiuba & Obiechina, 2011)
The article aims at examining the extent to which the introduction of techno-based banking and other features of McDonaldization in quest for efficiency facilitated massive retrenchment, and may have continued to perpetuate job insecurity in the Nigerian banking industry
Summary
The banking industry occupies a crucial position in any nation’s economy because it sets the financial pace for other sectors to follow. Labor casualization, job insecurity, McDonaldization, Nigerian banking industry, rationalization The article aims at examining the extent to which the introduction of techno-based banking and other features of McDonaldization (since consolidation began) in quest for efficiency facilitated massive retrenchment, and may have continued to perpetuate job insecurity in the Nigerian banking industry.
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