Presenters:Mr. Henry Uloko,

Mrs. Lily Ugwuegbulam, &Mrs. Deborah Fatope

NATIONAL ORTHOPAEDIC HOSPITAL, DALA-KANO08th July, 2015

PAPER ONE (1)Presenter:

Mr. Henry Uloko,

OVERALL REVIEW OF THE PROGRAMME

IntroductionThe Administrative Staff College of

Nigeria (ASCON) was legally established by decree 39 of 1973. The school was officially commissioned by former President Olusegun Obasanjo in 1973. Prior to the year 1973, the college was serving a training ground for NYSC Entrepreneurship programmes.

VISION OF ASCONTo be a world class management

Development Institute (MDI) involved with outing edge performance and state of the art technology for rapid and sustainable National Development.

MISSION OF ASCONTo consistently provide excellent

Management Training Consultancy, Research and Allied service of performance improvement in all sectors of the Economy.

ASCON AIM AND OBJECTIVESASCON have the following aims and

objectives:To provide higher management training for the

development of Senior Executives for public and private sectors of the Nigerian Economy.

To provide and arrange for comparative study and investigation of the principles and techniques of management, and for exchange of ideas and experience for the promotion of better understanding between persons connected with management and administration arising in different spheres of national life.

To conduct research into problems of management and administration arising in different spheres of national life.

To undertake, organize and facilitate study courses, conferences, lectures, seminars and the like and to promote aforesaid objectives.

To establish and maintain library.

To undertake and provide for the publication of journals, research papers and books in furtherance of the aforesaid objectives.

Furthermore, in line with the aforesaid objectives ASCON offered a lot of courses and award certificates of both sort duration, i.e. for some days, weeks, etc. and long duration courses from 3 – 9 months as well as regular courses.

Some ASCON courses includes Post Graduate Diploma in Public Administration (PGDPA), Post Graduate Diploma in Computer Science (PGDCS), Business Development Courses, Leadership Training, Management Studies, Local Government Administration Training, Management Consultancy Services, Economic and Financial Management Studies, Entrepreneurship Development Programmes of various levels, etc.

Entrepreneurship Development Programmes for Retiring Officers:

This is one of the most benefitting course/programme for retiring senior executive cadre of government officers as well as private sectors.

The course prepares the retiring officers before retirement from service as well as post retirement life.

Most importantly the retiring officers supposed to attend the course at least 3 – 5 years before retirement.

This will enable your mode, scope and adjust your life style before/post life after retirement especially on your financial spending because retirement without enough money/resource is NOT EASY.

In this case, planning for retirement is very, very important, because you will be facing with a lot of challenges from immediate family, health-wise, community and the entire environments.

In view of the above challenges, ASCON covers about Thirty (30) courses within two weeks to prepare the participants. These courses are equivalent to semester courses in the university.

Therefore, for the purpose of this one hour presentation, my senior executive Retirees citizens and myself will highlight on some of the courses or topics to be discussed.

Highlights on Some Selected topicsFinancial Records Keeping in Small

Businesses:Financial Records keeping is very

important in every business because it is the life more of the business of both private and public organizations. As an individual, managing small business on your own as a retiree, financial records keeping will help you.

To have records of your stocks for saleDaily sales recordsDaily purchases recordsRecords of your creditorsRecords of your debtorsRecords of your movable stocks, i.e.

quick turn-over items, etc. • Above all, small business records

keeping will help you to determine the profit and losses of the business.

Inventory Control and Management in Small Business:

Inventory is any stored resource that is used to satisfy a current or future need. Also, inventory is equally defined as the material owned and held by a business including Raw materials, Work-in progress and finished goods intended for internal consumptions or for sale – ASCON lecture note 2015.

Example of raw materials – cotton – processing as work in progress to have cloths as finished goods dresses for sale. Groundnut as raw material processes as work-in progress – groundnut oil as finished products.

In any business, it is important to have enough inventories to avoid shortage of production or rum out of stock and make the business to collapse.

Inventory represents 30% of total Assets maintained by the firm, e.g. implants for surgery. Inventory represents second largest capital investment out apart from current assets and fixed assets in Balance sheet of the organization or company.

There must be sound store control system, i.e. fifo. Lifo, etc. to control the inventory. Therefore, inventory must be carefully managed to avoid over stocking and under stocking, respectively. From ABS model, the high quality cost inventory must be well kept, e.g. implants.

Working Capital Management:Working Capital Management from

the accounting concepts and conventions is the capital employed to run the business.

SUMMARYGross working capital is total fund

available for the business.Net working capital is current assets

– current liabilities.Current assets are liquid cash kept,

cash at Bank, debtor and stocks, current assets are used for day to day operation of business, i.e. sales, purchases and expenses.

Liabilities are obligations to the business, i.e. creditors, some small business involves in borrowing money, bank loans, co-operatives to start the business, therefore, you must pay back.

Above all, in managing small business as a retiree, you must have cash available to run the business.

Avoid un-necessary spending and lending your working capital.

Avoid personal drawing for useless ventures especially on social grounds.

Legal Requirement for Starting Small Business

The business operation depends on the nature of source business. It may be individual business, i.e. small businesses, partnership or firm, corporation, etc. in starting small business in Nigerian context, requires registration with the local government and her agents, e.g. paying for portion of business premises, sign boards, etc.

Generally, the modes of registration of business come under Company and Allied Matters Acts CAMA 1990, as well as partnership Act 1980. Today, any viable business carrying out by individual, partnership, corporation, etc. needed to be registered with Corporate Affairs Commission (CAC) to prove the authentic or legality of that business.

This is important because the business must have name, registered certificate, nature of the business, etc. This will guide the expansion of business in future.

Well, as a retiree you have to start a business which you can manage because of the high risk involved, fraud less or 419’s, etc…..

SINCE NO ONE IS TRUSTED TO MANAGE YOUR LAST HOPE BUSINESS FOR YOU, LAST/HARD EARNED INCOME.

PAPER TWO (2)Presenter:

Mrs. Lily Ugwuegbulam

Nature and Challenges of RetirementRetirement is a fundamental part of life. It

is inevitable and it can come at any age for so many reasons. All workers must retire at one time or the other in their lives. Unfortunately, the thought of retirement to some workers breeds or causes anxiety and apprehension. The truth is that retirement is a form of transition from one stage of life to another.

Things that may lead to Retirement or Causes of Retirement

Statutory or mandatory retirement: i.e. 35 years in service or 60 years of age

Personal health: i.e. when one’s health is failing

Financial solvency: i.e. when one has gotten enough fund to start a business of his or her choice (this could be called voluntary retirement)

Disenchantment with work environment: i.e. when one is tired of a particular job and needs a change

Desire to have a greater control over the ordering of one’s life and the extent of working time (some people retire because they want to be independent; they are tired of answering sir/ma)

It could be as a result of organizational request: i.e. this could be termed as compulsory retirement

Public or private sectors may decide to cut down expenses: i.e. this is known as retrenchment

Some may retire on social grounds: e.g. going home to pick-up a chieftaincy “title”

Source of Retirement Negative Anxiety

Inadequate fund to start off a businessChallenges in managing one’s health

(the NHIS has actually been of tremendous help to most civil servants that have health challenges or problems), after retirement the reverse is the case

Challenges in managing a new and lower status (may be you are somebody who cannot eat with less than 2 or 3 pieces of meat in your meal while in service, it is very obvious that it can never be like that anymore). You now have to cut your coat according to your size; except you already have a well-established business before your retirement

Inadequate planning for retirement. At this juncture I will advise everyone to “make the hay while the sun shines”. It is good to wait until it starts raining before you start running. START PLANNING FOR YOUR RETIREMENT, NOW!

Total dependence on one’s salary: we were advised not to depend solely on our salary. We can be doing small scale business at home to make ends meet, but it must not clash with our official duty

Problem of securing residential accommodation: this concerns those who were not able to put up a building for themselves before retiring

Ignorance of what to do with pension money (lump sum), we were told that somebody used his own money to buy shares for himself and the family thinking that the stock market will appreciate, not knowing it was going to crash, up till now, the fellow has not found his feet. I pray we will not find ourselves in this kind of mess

Other challenges like a retiree still paying for his or her children’s school fees: we all know it’s not going to be easy.

Why you should plan for your retirementTo ensure maximum happiness after retirementTo avoid burden of idleness in later yearsIt enable you cope favourably with challengesTo remain focused, buoyant and prepared for

old age (there is a saying that goes this way: “each day brings us closer to our graves”) so we have to be prepared in all ramifications of life.

Problems of unplanned retirementThere is going to be a state of boredomCondition of financial anxiety (no-money

syndrome), which may lead to distressFeeling of dissatisfaction and unfulfilled lifeDisintegration of health, strength and general

well-being that might eventually lead to unexpected and untimely death within a few years of retirement (may this not be our portion, in the name of Almighty God).

Benefits of planned RetirementIt enhances good health in later lifeIt provides adequate security for life after

retirementIt provides some kind of pre-occupation by

removing the burden of idleness in your later years

You will always have enough funds at handIt eliminates regret associated with retirementIt minimizes discomfort to self & family

Managing Finances in RetirementIntroduction:In retirement, the major regular source

of income to a retiree is pension and probably earning from small businesses like rent on property or dividends from shares. In most cases, this income will be insufficient as it is far beyond what he/she was earning while in service.

The challenge therefore, is to manage the available finances in such a way that you do not experience economic and social dislocation which may have a negative impact on one’s health.

Definition of Financial ManagementThe forecasting planning, organizing,

directing, coordinating and controlling all activities relating to the acquisition of the financial resources of an undertaking in keeping with its financial objectives ref.

It can also be defined as: the management and control of money and money related operations within a business ref.

Concept of Personal FinanceIt is concerned with how individuals use

managing principles and techniques to raise fund, allocate funds to different activities in the household and ensure that the fund are applied for the purpose allocated and also formally or informally render accounts to assure the household that the money was wisely spent.

Key Activities in Personal Financial Management

Raising of fundsAllocation of funds (Budgeting)Application of funds (where do you want to

invest the money or what do you want to invest the money to)

Accounting fund (at the end of the day, you should be able to give account of how you spent the money)

Sources of Income to a RetireeGratuity (lump sum)Pension (the monthly meager salary)Earnings from small business (if

any)Dividends from sharesRent on property (if any), e.g.

building

Issues to Note about These Sources of Income

You can agree with me that if No. 3—5 above were there while in active service you can easily fall back to them after retirement, pending when your lump sum is paid to you

Pension is always a percentage of your salaryGratuity is a lump sum paid to retirees at the

end of his service years. For some retirees, if is the largest lump sum of money he/she may likely see till death

Techniques of Managing Personal FinanceIt should decide in advance what business you

want to engage after retirement, especially before collecting your gratuity

Never invest all your income in a single business, i.e. putting all your eggs in one basket, because you might lose everything if the business fails

Avoid investments that have very high returns, because they are usually associated with very high risk, e.g. investing in large poultry

Avoid unnecessary cash drawings from the business as this may affect the capital base and cripple the business. If possible, place yourself on salary from the proceeds of the business

Never live above your income. You may have to come down a bit on the lifestyle you were living while you were still working.

Conclusion/RecommendationRetirement is an inevitable activity in lives of

workers. Attitude towards retirement needs not be negative. It should be seen as an important stage in human development.

Those who plan for their retirement in advance, adjust very well and are likely to go through it as a honeymoon phase (like the newly wedded in which they are quite active or may go through an “R” and “R” phase (rest and relaxation)) recuperating from the stress and strain of employment.

From the techniques of personal financial management discussed above, it is very clear that it requires a very high level of self-discipline which a retiree who wants to have a confortable and fulfilled life must inculcate. Every retiree is advised to spend, wisely.

Since the lump sum or gratuity is not being paid on time, we are pleading that the management should always assist every retiree in the payment of their little entitlements like disengagement allowance, one month rent allowance, etc. or should be given loan pending when the gratuity is paid.

We are also soliciting that those going to be retired should attend the retirement programme course in Administrative staff College of Nigeria (ASCON), Badagry, Lagos State, Four to Five years before retirement to get them fully prepared for the task ahead.

PAPER THREE (3)Presenter:

Mrs. Deborah Fatope

OUTLINERELATIONSHIP BUILDING AND

NETWORKING

HUMAN RESOURCE MANAGEMENT FOR SMALL BUSINESS

MANAGING HEALTH AND FAMILY IN RETIREMENT

RELATIONSHIP BUILDING AND NETWORKING

Abraham Maslow (1954), describe a critical need of every human being as the need to belong.

This need to belong has been described by social scientists as: “need for assimilation, need for affiliation, need for social webbing and need for connecting and relating”.

“Be nice to people on your way up, because you might meet them on your way down”, and it is also said that: “one good turn deserves another”.

RETIREMENT: is a time that follows somebody’s working life. If not properly guided and managed, could lead to:

Boredom, financial anxiety, dissatisfaction and loneliness, Regret, Disintegration of health and strength and accelerated DEATH.

Relationship building is a process of fostering relations with people and customers so as to build loyalty and trust to achieve material and psychological trust. To achieve this, one is required to have the ability:To establish trustGood rapport, andUnderstand people’s need

NETWORKING: is a pattern of communication interaction.

Business networking is the process of establishing a mutual beneficial relationship with other business people, potential client or customers.

The followings are other forms of interpersonal relationships after retirements:Immediate familyExtended familyBusiness associates, andSocial groups

Immediate family feels the pressure of retirement more, especially when children are still in school or when marriage ceremonies are still pending in which the retiree must find a coping mechanism in combatting the situation.

Business associate: for the retiree to avoid degenerating into loneliness and boredom that can increase the risk of illness like depression and untimely death, a retiree officer can go into business by establishing good relationship with people and make them happy, so that they too can be happy when dealing with him for required service.

Social group: a retired officer can be involved in social interactions, such as religious groups, supporter clubs and community titles like chieftaincy titles.

AS A RETIRED OFFICER, WE SHOULD TREAT OTHERS AS WE WOULD LIKE TO BE TREATED

HUMAN RESOURCE MANAGEMENT FOR SMALL BUSINESSArmstrong (2004), defines human

resource management “as a strategic and coherent approach to the management of an organization most valued assets”, as people working in the organization who should individually and collectively contribute to the achievement of the objectives of the organization.

The said components of human resource managements and their linkages with small and medium business comprises of:Recruitment and selectionsTraining and developmentPerformance appraisal and feedbackPay and rewardLabour relations

We were told that it’s not always encouraging to employ family members and relations, unless they are placed on salaries to encourage discipline.

Training and retraining of staff allows the business to grow and that we should not always rely on the entry behaviour.

Performance appraisal with the application of “stick and carrot” will surely make a difference to the business.

Public relations: is very vital to any business. Incentives are to be giving during celebrations in the form of gift to members of staff which will encourage commitment.

NB: No business can be started alone. We must therefore employ staff, who is:T: Task orientedA: Right attitude to workS: Skillful personnelK: One who has knowledge into the business

However, the owner of the business must delegate properly.Be actively involved in the business.

Must organize staff meetings regularly

Must be a good listener and correct any mistake promptly.

MANAGING HEALTH AND FAMILY IN RETIREMENT

THERE IS TIME FOR EVERYTHINGANYTHING THAT HAS A

BEGINNING MUST HAVE AN END,AND SO IT IS FOR A RETIRED

OFFICER

Medical care which is been taken care of while in service has to be taken care of by a retiring officer.

Retirement requires adequate planning, the whole family should be carried along and be adequately prepared, psychologically.

A retiring officer should know and have knowledge about his/her medical history and know how he/she has been managing his/her health while thinking of how to better manage his/her health.

Nutritional issue is of paramount, as a retired officer cannot continue with a lavished way of eating, so a medical practitioner needs to be consulted to certify or replace some habits if need be, may need to change slowly, but surely.

Maintain good diet and good feeding pattern can keep one out of the hospital drugs while keeping to essential drugs.

All bad habits like smoking and drinking must be discouraged.

Do not take to a dramatic change that can cause a rebound, drink more of water instead of high sugar content drink.

Exercise body and mind on a daily basis, but not too strenuous.

Do a regular medical check-up and invest in medical insurance before and after retirement.

Life after retirement is to be a restful one, work for a while and rest a lot, especially as one advance in age, so as to maintain good health balance.

Home accidents should be avoided, so do not use smooth tiles in your homes, but rough ones.

We were advised to collect our medical reports before relocating to allow for continuity of treatment.

And lastly, the phone numbers and names of our HMOs should be collected by each retiring officer, so as to continue with the NHIS in the new station with an introductory letter and required amount of money paid at the desk office oh NHIS in the new station.

THANK YOU

Next Week (15th July, 2015): ADMINISTRATION DEPARTMENT Fortnight (22nd July, 2015):

ENGINEERING DEPARTMENT …Have a Nice Day