HUMAN RESOURCE FORECASTING AND VIABILITY OF SMALL BUSINESS ENTERPRISES IN RIVERS STATE, NIGERIA

HUMAN RESOURCE FORECASTING AND VIABILITY OF SMALL BUSINESS ENTERPRISES IN RIVERS STATE, NIGERIA

ABSTRACT

This research is on human resource forecasting and viability of small business enterprises in Rivers State Nigeria. Specifically, the study aimed to pursue the following objectives: compare performance of small businesses in Rivers state before and after professional future recruitment drives, ascertain the effect of succession planning on business failure in small business enterprises, determine the difference in the mean growth rate of small business enterprises in Rivers state prior to and after systematic human resource needs forecasting, and compare performance of small businesses who pay for professional human resource forecasting with those who do not in Rivers State, Nigeria. In this work, the survey research method was adopted, making use of interview guide and a questionnaire as instruments for data collection. The sources of data were mainly from primary sources. The study had a population of 3,248 small business enterprises in Rivers state and a sample size of 375 which was obtained using Cochran (1963) sample size determination formula. Data were presented in tables while the hypotheses were tested using Pearson Product Moment Correlation Coefficient and t-test. The findings indicated that there was significant positive difference in performance of small business enterprises in Rivers State before and after professional future recruitment drives (p = 0.000 < 0.05); succession planning had a significant positive effect on business failure (r = .87, P<.05); there was significant positive difference in mean growth rate of small business enterprises in Rivers state after the adoption of systematic human resource needs forecasting (p = 0.000 < 0.05); there was significant positive difference in performance of small businesses who pay for professional human resource forecasting with those do not in Rivers state, Nigeria (p = 0.000 < 0.05). The study therefore concludes that human resource forecasting had a significant positive effect on viability of small businesses in Rivers state Nigeria. In the light of the forgoing therefore, it was recommended that professional future recruitment drives should be encouraged as it has been found to improve performance of small businesses in Rivers state; succession planning as a means of human resource forecasting should be taken seriously as no one lives forever; human resource forecasting should be conducted in a systematic manner so as to reduce environmental influences which may encumber its success; and cheaper but quality professional human resource forecasting be utilized as the end may actually justify the means.