OPEN BOOK MANAGEMENT AND ORGANIZATIONAL PERFORMANCE IN SELECTED MANUFACTURING FIRMS IN ENUGU STATE, NIGERIA
This research work critically examined the concept of Open Book Management and its effect on Organizational Performance in Manufacturing Firms in Enugu State, Nigeria.Open book management is based on the principle that managers and employees who know and understand financial performance and goals and share a stake in organizational success are more apt to be highly effective and motivated in meeting those goals. Specifically, the study sought to: ascertain the effect of transparency on organizational survival, determine the extent accountability enhances goal attainment, ascertain the extent employee participation in decision making affects employee output, determine the extent confidence and trust affect employees commitment and determine the influence of equitable reward system on employee morale. The study adopted the survey research design. The population of the study was a total of 1,276 staff of the five selected manufacturing firms in Enugu State, Nigeria. The sample size 125 was obtained from the population using Evans Morris formular at 95% confidence level and 5% margin of error. Data were collected using the questionnaire research instrument and interview which was designed in a 5 point Likert scale and manually administered to the respondents. The hypotheses were tested using regression analysis and Chi-Square (X2). The findings indicate that transparency had a significant and positive effect on organizational survival (r = 0.875, p < 0.05); Accountability significantly enhanced goal attainment(X2 = 221.219, p < 0.05); Employee participation in decision making significantly had positive effect on employee output(r = 0.866, p < 0.05);Confidence and Trust had positive influence on Employee Commitment(r = 0.876, p < 0.05);Equitable reward system significantly influenced employee morale(X2 = 127.933).The study recommends that in the practice of open book management, organizations should place emphasis on ensuring the practice of transparency among the employees; accountability should be encouraged in the manufacturing firms; employees should be involved at certain levels in the decision making process and/or should be kept abreast of management’s decision processes and decisions; Confidence and trust should be built between the employers and the employees; and an efficient equitable reward system should be designed and implemented by management. The study concludes that open book management processes puts the organization on a pedestal to achieving organizational growth, employee performance and sustainability.