06 Jun SYNOPSIS ON POSSIBLE RE-POSITIONING OF PRESENT DAY COOPERATIVE SOCIETIES
Present happenings globally have necessitated the need to optimize existing enterprise or organization owned by and operated for the benefit of those using its services, such as our Cooperative Society.
Some members belonging to staff’s cooperative societies have gone ahead to form several bodies and even registered cooperative societies to take care of their emerging needs. The aim of this synopsis is to explore how the existing staff cooperative societies can accommodate some of these needs presented:
- Corporate/Economic life support – Cooperative is alive as long as the parent organization exists. Today companies in Oil & Gas business face challenges that threaten their corporate existence and survival. How far can cooperatives survive if or when this happens: Revisiting cooperative business continuity Plan?
- Global downsizing to cut cost – Personnel less than 40 years (biological age) have been affected and seemingly have not yet recovered from the shock to start a new life and business despite being paid off. To explore plans for a joint ethical business concern as an emotional anchor. You never know who‘s next.
- Staff spends more time at work with their colleagues – This reason tends to make staff do projects with their colleagues turned friends during and after active service because of some common values shared. Staffs want a ‘community called retirement village’ with friends they can relate with and feel secured.
- The volatile oil price as a window for opportunity management – This has opened up new initiatives which need to be systematically stimulated and developed before resources are invested on selected proven ideas like Standard Chartered Bank foreign investment which favours colleagues with families abroad.
- Looking beyond Cooperative present investments: Loans, Shares, Real estate – Nigeria has a population of about 170 million people with ready markets for diverse services. Shareholders may become engaged by choice after retirement in Telecoms, Real estates and Petrochemicals etc. Some organisations have refineries and banks. An idea to consider with no conflict of interest while still in active service.
- Contributory Scheme – Within the organization, staffs belong to several monthly contributory schemes (osusu in our local parlance) which enable them to collect large sum of cash without interest for a lump sum project. The Premium is routine deduction based on social contract while you queue for your turn.
- Social Security & Pension – Some Oil & Gas companies (not only in Greece) are reportedly having issues paying pensions of staff. This news should not be a recipe; for panic but rather; for in-house institutional re-arrangement where necessary for a formidable system. Cooperatives are not yet government bodies.
- Leveraging on our Network and Net worth – As expected, the existing network and net worth of the staff cooperative society should be bigger than any cooperative society formed by groups within the same organization. Efforts to ensure this seeming ‘Net worth & Network’ are not slowly and constantly eroded.
- Evaluating the effectiveness of reported alternatives – Below Links refer to reported benefits of cooperative societies, cooperative plans for mini refineries in Niger-Delta and Inspirational Leadership