Balanced scorecard: A strategic tool for enhancing managerial performance in Nigerian banks (a study of United Bank for Africa)

Abstract

This study investigated the application of balance scorecard in improving performance of managers in UBA plc. The main objective of the study is to examine the effect of balance scorecard adoption on the performance of managers, as reflected in improved abilities, achieve customer and financial objectives, competencies levels and potential abilities for innovative behaviour. Cross-sectional survey research design was adopted for the study. The target population is the staff of selected branches of United Bank for Africa (UBA). Yamane’s formula was used to randomly choose a sample of 300 employees from the focal organization. A structured questionnaire was used for data collection. Descriptive statistic of frequency counts and simple percentages were used in analyzing the data, while the hypotheses were tested with Pearson Moment Correlation. The findings of the study showed that there is a significant relationship between balance scorecard and performance of bank managers in UBA plc. It was concluded that the balanced score card if properly implemented will enhance managerial performance in Nigerian organizations. Based on the findings of this study, the study recommends that management of UBA plc should put in place structure to aid the effective implementation of the balanced scorecard as a key measure of performance among the bank managers. Since the balanced scorecard is a strategic instrument for enhancing performance, there should be organizational wide participation in its development. Managers should tailor the perspectives to reflect the specific organizational situation and needs. There should be in-built flexibility and adjustments in the face of the dynamic and complex environment.