Turnaround Strategy and Organizational Resilience of Selected Manufacturing Firms in Akwa Ibom State

Abstract

The main objective of this study was to determine the relationship between turnaround strategies and organizational resilience in selected manufacturing firms in Akwa Ibom State Specifically, the study assessed the relationship between financial restructuring, reorganizing strategies and organizational resilience in selected manufacturing firms in Akwa Ibom State. A descriptive research design was used in the study. The population of this study consisted of 1054 employees of the selected manufacturing firms in Akwa Ibom State, from where a sample size of 248 was selected using Taro Yamane formulae. Two instruments titled Turnaround Strategy Questionnaire (TSQ) and Organizational Resilience(ORQ) were used for the study. Data were analysed through simple percentage and Pearson Product Moment Correlation (PPMC), using the Statistical Packages for Social Science (SPSS version 2022). The findings of the study revealed that: financial restructuring has a positive and significant relationship ( ‘r’ = 0.709, P-value = 0.016) with organizational resilience, that there is a positive and significant relationship (‘r’ = 0.640, p-value = 0.042) between reorganizing strategy and organizational resilience of selected manufacturing firms in Akwa Ibom State. The study therefore recommended, among others, that management and owners of manufacturing firms in the state should adapt to changes that occur in the environment which may lead to improved profit in the organization.