CRITICAL ANALYSIS OF THE IMPACT OF COVID-19 ON ORGANIZATIONAL PERFORMANCE IN THE NON-MANUFACTURING SECTOR – EVIDENCE FROM DREAMWORKS INTEGRATED SYSTEMS LIMITED

Abstract

This study was on Critical analysis of the impact of COVID19 on organizational performance in the non manufacturing sector. Three objectives were raised which included: To highlight the effect of lock down on the financial performance of dreamworks integrated systems limited, to determine the effect of COVID-19 infection on the performance of dreamworks integrated systems limited in Lagos and to determine the coping strategies for the financial performance of dreamworks integrated systems limited. The total population for the study is 75 staffs of dreamworks integrated systems limited in Lagos. The researcher used questionnaires as the instrument for the data collection. Descriptive Survey research design was adopted for this study. The data collected were presented in tables and analyzed using simple percentages and frequencies. It is obvious that corona virus pandemic has seriously disrupted the world economy and continuing to ravage the existence of businesses. The small and medium businesses are worst hit. This study specifically identifies the effect of COVID-19 pandemic on the performance of dreamworks integrated system limited and providing recommendations on how their businesses can improve and perform effectively during this falling economy and the numerous challenges caused by the pandemic.

 

Chapter one

Introduction

1.1Background of the study

In the history of the world, infectious diseases have wreaked havoc among countries. The continuous and emerging global convergence is also influencing the speed of the spread of these infectious diseases. According to the World Health Organisation (WHO), the world has witnessed emergence of several disease outbreaks and epidemics caused by more than 20 infectious agents over the past decade. The emergence of coronavirus-associated diseases (SARS and MERS) inflicted global challenges to public health systems. SARS-CoV-2 (the causative agent for coronavirus disease COVID-19) is the latest addition to this expanding list of novel agents. WHO declared COVID-19 a public health emergency of international concern on 30 January 2020 and a pandemic on 11 March 2020.

The emergence of COVID-19 pandemic brought about changes worldwide including Nigeria. The changes are summarised as: increased sickness, death, poverty, effect on health, food production, security, money supply, reduced inflow of foreign exchange resulting from lack of export and import of goods and services except for essential products, lack of patronage resulting from restrictions in movement and access, changes in mode of business operation from physical contact to online and many others. The non-manufacturing sector suffered and are still being affected by the emergence of the pandemic since year 2020. Patronage and cashflow of the non manufacturing sector evaluated was seriously impacted by the novel virus plaguing the world economy. This experience triggered negative survival, excitement and sentiment on the continuous infection of this pandemic. Businesses have collapsed and many more are on the verge of extinction due to prevalence of COVID-19 pandemic. Hence, most non manufacturing sector with insufficient capital outlay went into economic shock and it is highly unlikely to recover from this shock in the short run.

As non manufacturing sector are vital to economic growth and also contribute to the development of the world economy generally and specifically in developing economies, the non manufacturing sector play major role in economic development as employers of labour. Abosede & Onakoya, 2013; Aderemi et al. (2020) summarised that, the non manufacturing sector in Nigeria play pivotal role in the economic development resulting from their capacity to stimulate welfare of the people, reduction of unemployment and productivity. Bloom et al. (2001) indicated that health is a key player and a driving force that brings prosperity through economic growth and development. Therefore, absence of good health system and a healthy business environment, business activities cannot thrive successfully. Bloom et al. (2001) earlier noted that pandemics pose negative impacts on economic performance, through poor health.

The prevalence of COVID-19 has instigated various researches in economics, health, environment, manufacturing, agriculture and many more. It is expected that these research work will postulate possible coping strategies or mechanisms and guidelines that will mitigate against future effect of pandemic on non manufacturing sector and world economy.

Brounen and Derwall (2010); Hon, Strauss and Yong (2004); Karolyi (2006) likened the effects of pandemics to terrorist attack, which inhibit trade and business activities within affected areas, and has the capacity to lower productivity. Srivastava & Agarwal (2020) indicated that the pandemic has posed the greatest impact on stock markets around the globe, and has caused worst economic meltdown since the 2008 global financial crisis. In recent times, Goodell (2020) agrees that natural disasters and terrorist attacks are similar to the effects of COVID-19 on economic performance, because it inhibits trade and production within places affected. Financial Times (2020) attests to this, noting that the emergence of COVID-19 has created panic in the financial system, causing high volatility in several markets. Akhtaruzzaman et al. (2020) affirms by stressing that many financial and non-financial firms across the globe have been adversely affected by the COVID-19 pandemic, as stock returns are trending downwards these days. Busari and Jaiyeoba (2021) noted that even if the pandemic is resolved, its effects on business and economic performance will linger in the short run.

Statement of the problem

There are many infectious diseases in the history of the world, but the COVID-19 has proven to be highly infectious, viral and contagious. The effect of this infection on human life is highly unprecedented. This has led to many operators of non manufacturing sector to close down business operation, social distancing, and also total compliance to lockdown directives by the Federal Government of Nigeria. The effect of this containment measures also led to a negative effect on the cashflow, supplies, revenue, and lack of patronage on non manufacturing sector businesses generally. In addition, the containment measures such as; total lock down, restrictions on movement affected production level, reduced sales, reduced revenue, caused cash trap, hunger, illness, death, unemployment, poverty among others. These challenges hampered the performance of non manufacturing sector in the world at large and specifically on non manufacturing sector performance in Lagos since prevalence of COVID-19 pandemic. The effect of these on non manufacturing sector spurred many researchers to commence in-depth study into identifying and defining coping strategies and measures that policy makers, institution and many other stakeholders can adopt in order to avoid similar effect in the future.

The following authors made meaningful contributions into effect of COVID-19 Pandemic on non manufacturing sector business performance in Nigeria. They are: Aderemi et al. (2020) “the Impact of Corona Virus (COVID-19) Pandemic on non manufacturing sector in Nigeria”, Akingbade (2021) “the challenges of COVID-19 pandemic on non manufacturing sector”, Otache (2020) “the effects of Covid-19 Pandemic on Nigeria’s economy and possible coping strategies”, and Oyewale et al. (2020) also provided insight in “ Estimating the impact of COVID-19 pandemic on non manufacturing sector”. Based on this the researcher wants to investigate the impact on organizational performance in the non manufacturing sector using dreamworks integrated systems limited as a case study

Objective of the study

The following objectives of the study will be ascertained

1. To highlight the effect of lock down on the financial performance of dreamworks integrated systems limited
2. To determine the effect of COVID-19 infection on the performance of dreamworks integrated systems limited in Lagos
3. To determine the coping strategies for the financial performance of dreamworks integrated systems limited.

Research question

The study formulated the following research question

1. What is the effect of lock down on the financial performance of dreamworks integrated systems limited?
2. What is the effect of COVID-19 infection on the performance of dreamworks integrated systems limited in Lagos?
3. What are the coping strategies for the financial performance of dreamworks integrated systems limited?

Research hypotheses

The following research hypotheses were formulated

H0: there is no effect of lock down on the financial performance of dreamworks integrated systems limited

H1: there is effect of lock down on the financial performance of dreamworks integrated systems limited

H0: there is no effect of COVID-19 infection on the performance of dreamworks integrated systems limited in Lagos.

H2: there is effect of COVID-19 infection on the performance of dreamworks integrated systems limited in Lagos.

H0: there are no coping strategies for the financial performance of dreamworks integrated systems limited.

H2: there are coping strategies for the financial performance of dreamworks integrated systems limited

Significance of the study

The study will be very significant to student and non manufacturing sector. The study will give a clear insight on the impact on organizational performance in the non manufacturing sector using dreamworks integrated systems limited as a case study.  The policy makers, it would provide the basis for effective policies for the sector’s survival of the covid-19 challenges and also adopt strategies to mitigate likely future occurrence and  the non manufacturing sector would provide an opportunity for diversification, business opportunities and coping strategies now and in the near future.

Scope of the study

The scope of the study covers the impact on organizational performance in the non manufacturing sector using dreamworks integrated systems limited as a case study. the study will be limited to dreamwork integrated systems limited in Lagos

Limitation of the study

The research material available to the researcher is insufficient, thereby limiting the study

The time frame allocated to the study does not enhance wider coverage as the researcher has to combine other academic activities and examinations with the study.

Insufficient fund tends to impede the efficiency of the researcher in sourcing for the relevant materials, literature or information and in the process of data collection (internet, questionnaire and interview).

Definition of term

Coronavirus: Coronavirus disease (COVID-19) is an infectious disease caused by the SARS-CoV-2 virus.

Most people who fall sick with COVID-19 will experience mild to moderate symptoms and recover without special treatment. However, some will become seriously ill and require medical attention

Non manufacturing sector: The non-manufacturing sector includes such industries as utilities, mining, finance and banking, business services and construction.

Business performance: Business performance management is a set of performance management and analytic processes that enables the management of an organization’s performance to achieve one or more pre-selected goals.

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