The Effect of Mission Statement on Organisational Commitment of Selected Deposit Money Banks in Lagos State, Nigeria

Abstract

The banking sector is an essential aspect of economic development. The performance of the sector in terms of commitment of employees has been declining due to lack of adequate strategic planning. Efforts have been put in place by managers of banks yet performance is still at a decline. This paper examined the effect of mission statement on organisational commitment in selected deposit money banks in Lagos state, Nigeria. The target population was 1,268 employees of selected deposit money banks in Lagos Nigeria. Cochran formula of 1997 was used to determine the sample size for the study and stratified sampling techniques was used to collect the samples for the study. A wellstructured and validated questionnaire was used collect the data for the study. Data was analyzed using descriptive and linear regression analysis. Results revealed that mission statement significantly affected employee commitment in the selected deposit money banks in Lagos state (β = 0.443, R 2 = 0.182, F = (1,414) = 92.057, p <0.05). The paper concluded that mission statement significantly affects organisational commitment of the selected money deposit banks in Lagos state, Nigeria was. Sequel to finding of the study, it is recommended that Nigerian banks should reevaluate their vision and mission statements to include such activities that they are out to deliver. In doing this, employees' roles will be spelt out and they will know exactly what to do in the discharge of their duties in the banks