Corporate Planning and Performance Management of Businesses Organizations in Nigeria

This research paper examines how corporate planning is related to the management of the performance of organizations in the Nigerian telecommunication and banking industries. Evidence based on 112 respondents showed that the main obstacle to the implementation of performance management system (PMS) is low stakeholder involvement (R² = 0.207, p < 0.001), whereas frequent review of strategies is a major contributor to PMS effectiveness (R² = 0.562, p < 0.001). In a surprise finding, there were no significant differences in the performance of the organization with corporate planning (r = 0.059, p = 0.537), indicating that the latter was symbolic, rather than functional planning. The results indicate the importance of considering all stakeholders and changing plans to cope with disparities in implementing the results instead of offering a generalized approach to the implementation process, as it will raise the level of performance management in the volatile economic environment of Nigeria.