Impact of Teamwork Practices on Sustainable Organizational Performance in Money Deposit Banks in Osun State, Nigeria

Abstract

This study investigates the impact of teamwork practices on sustainable organizational performance in old generation money deposit banks in Osogbo, Osun State, Nigeria. The focus is on First Bank Plc, WEMA Bank, and Union Bank, involving a population of 69 permanent staff. A sample size of 59 participants was determined using Taro Yamane's formula, with a 95% confidence level and a 5% margin of error. Data were collected through structured questionnaires, divided into demographic information and Likert scale-rated questions on teamwork practices and organizational performance sustainability. Linear regression analysis examined relationships between corporate approach, employee relations, and organizational performance indicators such as goal attainment and working environment. Key findings revealed a moderate positive correlation (R = 0.731) between corporate approach and goal attainment, explaining 53.4% of the variance. The working environment's impact on employee relations exhibited a moderate correlation (R = 0.578), explaining 33.4% of the variance. The study concludes that teamwork practices significantly influence organizational performance. It recommends establishing a clear vision and goals, efficient communication channels, and continuous training and development programs to enhance teamwork and performance in financial institutions. By fostering positive workplace cultures and tailored motivational strategies, organizations can improve employee satisfaction, collaboration, and job satisfaction, ultimately driving sustainable organizational performance.