Human Resource Management and Corporate Governance: The Quest for Best Practice in Nigeria

Abstract

Cases of big corporate failures have been a common occurrence worldwide in the last two decades or so. Many of such failures have been attributed to poor corporate governance. Efforts have therefore been directed by key stakeholders in the business world toward mechanisms and other strategies aimed at enhancing effective corporate governance in business organizations. Within the context of these concerns, this paper examines the role of human resources practitioners in corporate governance and thus proposes some human resource management strategies for enhancing corporate governance in Nigeria. This paper proposes that human resource practitioners can promote good corporate governance by implanting a culture and a value system that supports and enhance responsible corporate governance; by ensuring that the values and principles of their business organizations are tied to national values and human values; through carefully planned communications programs initiated by HRM either singly or in partnership with other relevant departments and units such as Public Relations or Corporate Affairs; by organizing relevant training and management development courses for employees, managers and board members in the areas of ethics, social responsibility and corporate governance; by employing the right caliber of persons in terms of their abilities, orientation, commitment and moral/ethical standing; and by formulating and enforcing appropriate codes of ethics for organizations.