CONTENT AND READABILITY ANALYSES OF VISION STATEMENTS OF DEPOSIT MONEY BANKS IN NIGERIA

Gbenga Festus BABARINDE (ACA, ACIB, ACIPM, AMNIM, ASM, MCIB, MTRCN), Idera Tajudeen ABDULMAJEED

Abstract

Vision statements is one the basic tools of strategic planning and management, whose importance in any organisation, be it public or private, cannot be overemphasized. Although, the statements differ in terms of its contents, characteristics, readability and composition. These differences, however, are subjects of interests to researchers. This paper is on the readability and content analysis of vision statements of Deposit Money Banks (DMBs) in Nigeria. Specifically, the study aims to determine whether the components identified in the relevant literature are adopted in the vision statements and to measure the readability levels of the statements. The study being descriptive and qualitative nature employed secondary data sourced from the official websites of each of the 14 DMBs selected for the study. In evaluating the contents of the vision statements, a criteria suggested by Wilson (1992) was followed. To examine the readability of these statements, the study employed the Gunning Fog index(GFI) of readability. The results of GFI’s readability analysis indicate that the vision statements of DMBs in Nigeria are easy to read and understand. However, the results of the content analysis indicate that generally, the selected DMBs’ vision statements do not include all the essential components as stated in relevant literature. The study therefore, recommends that top management of banks should take the lead in ‘living out’ the vision and encourage the popularization as well as the use of the vision statement vocabularies by employees and other internal stakeholders of banks in their day-to-day operations and activities.

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