Records Management Practices in the Zambian Pension Industry

The need for organisations to demonstrate good corporate governance remains unquestionable. Effective management of records is a stratagem to realize because it ensures that sound decisions are made based on full, accurate and up-to-date information. Additionally, it ensures that the rationale for decisions are traced, scrutinised and justified as necessary. In spite of the significance of records in organizations, most organisations in Zambia including the pension industry face numerous challenges in as far as records management is concerned. Unless they systematically manage their information recorded in different media, most organisations including the pension industry in Zambia risk punitive damages. The overall aim of this study was to ascertain the records management practices in Zambian pension industry. The study involved both qualitative and quantitative methods. Eighty (80) participants that included senior and middle level managers were drawn from all the four pension institutions in Zambia. To gather primary data, observations at these institutions were conducted. In addition, a semi structured questionnaire was used to gather primary data. The results indicated that 76.3% of the respondents were not aware of any organised records management programme while 80% were not aware of any legislation regulating the management of records. Respondents also noted that records management programmes did not receive adequate support from management though they perceived some benefits of records management such as reduced time and effort spent to retrieve records as well as savings in storage. In terms of challenges, respondents noted that finances allocated to records management programmes were inadequate and that staff did not have adequate training in the area of records management. It was thus recommended that management support the programmes by providing adequate funds and train the staff if the pension industry in Zambia was to be efficient and effective in its operations