1.0 Introduction
It is widely believed that the changing world of work and its implications as well as the demand on organizations for better performance and competitiveness are taking their tolls on the emotional well-being of employees (De Witte, 1999). The effect is large-scale work force reduction, job insecurity, and unemployment. Moses (1998) argues that once valued social contract that guaranteed job insecurity has been replaced by a reality that employees remain employed as long as they can make a contribution and skills and knowledge are needed by the organization. According to Moses (1998), the work roles have changed so much that workers have lost their sense of protection. in the past, organization provided a sense of security, allowing employees to belong to something bigger than themselves as well as identification with people that are like-minded and working for a common purpose that instills pride and meaningfulness (Moses, 1998).
Investment in medium and large scale manufacturing enterprise by Nigerian entrepreneurs has continued to grow but little is known about their organization and its management in general and the nature of working conditions and employee commitment in particular. A study by Dieker (1997), which examined the relationship between working conditions and employee commitments in twenty indigenous owned private manufacturing firms in South east Nigeria shows that these firms have the potentials to contribute to the industrial future of the country.
However, a substantial number of their workers are dissatisfied with the extrinsic and equity factors of their work which are stronger predictors of employee commitment than the intrinsic responsibility component. To build a viable workforce for enterprise success and industrial development, entrepreneur should invest in the long- term goals of their workers and learn to balance their own interests with those of their employees.
In Nigeria, May Day is celebrated like any other countries in the world but, her citizens have been confronted with massive unemployment especially among youths. Thousands of university graduates are roaming the streets without jobs while thousands of Nigerian bankers have lost their jobs. Even those at work face inequality and this has become a major challenge. All these are issues which successive governments in Nigeria have failed to address on May Day. The consolidation reforms under Professor Charles Soludo in 2005, streamlined banks in the country to just twenty five with strong capital base with high expectations that the industry would take its driver's seat in growing the economy. This dream was shattered by poor corporate governance, credit indiscipline and financial recklessness. Major sectors of Nigerian organization, manufacturing industries, energy and basic infrastructures continue to suffer.
More importantly, despite the effort of competent hands in some institutions and industries, virtually all the banks, insurance and financial empires have entrenched policies that are definitely antithetical to security of jobs, its creation.
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