Project Topics Seminar Topics Post UTME Nursing Exam Past Questions
Search Topic
PARKLYN
ERVICES
 · RC: 2994849
Compensation Policy as Means of Attracting and Retaining Employee

Compensation Policy as Means of Attracting and Retaining Employee

@SparklynServices
WhatsApp Channel

DEDICATION

This research material, titled “Compensation Policy as Means of Attracting and Retaining Employee” is dedicated to God for His boundless grace and guidance. It is also a tribute to all computer enthusiasts whose contributions made my research journey smoother and enriched my documentation process, making the experience truly fulfilling.



ACKNOWLEDGEMENT

I am profoundly grateful to everyone who contributed to the successful completion of this project. I am especially grateful to my Supervisor (Name), the Head of Department (Name), and the Lecturers in the Department of Business Administration and Management (BAM) for their invaluable guidance and support. I also acknowledge the contributions of authors and scholars whose works on Compensation Policy as Means of Attracting and Retaining Employee provided essential insights. Special thanks go to my study area (and any funding organizations, if applicable) for their financial assistance. I am equally thankful to stakeholders, including mentors, teachers, and colleagues, for their encouragement and support. Finally, I deeply appreciate my family and friends for their patience and unwavering support throughout this journey. Your contributions have been instrumental in making this research a reality.



TABLE OF CONTENTS

PRELIMINARY PAGES

CHAPTER ONE

INTRODUCTION

    CHAPTER TWO

    LITERATURE REVIEW

    • 2.1 Introduction
    • 2.2 Conceptual Review
    • 2.3 Theoretical Framework
    • ⋮
    • 2.4 Empirical Studies
    • 2.5 Research Gaps
    • 2.6 Summary of Literature Review

    CHAPTER THREE

    RESEARCH METHODOLOGY

    • 3.1 Introduction
    • 3.2 Research Design
    • 3.3 Population of Study
    • 3.4 Sampling and Sampling Technique
    • 3.5 Validation of Research Instrument
    • 3.6 Method of Data Collection
    • 3.7 Method of Data Analysis
    • 3.8 Questionnaire Administration
    • 3.9 Ethical Consideration
    • 3.10 Statistical Analysis

    CHAPTER FOUR

    DATA ANALYSIS, RESULT AND DISCUSSION

    • 4.1 Introduction
    • 4.2 Presentation and Analysis of Data
    • 4.3 Re-statement of Research Questions
    • 4.4 Test of Hypotheses
    • 4.5 Discussion of Findings

    CHAPTER FIVE

    SUMMARY, CONCLUSION AND RECOMMENDATION

    • 5.1 Introduction
    • 5.2 Summary of Findings
    • 5.3 Conclusion
    • 5.4 Recommendation
    • 5.5 Suggestion for Further Study

    REFERENCES

    APPENDIX A - “QUESTIONNAIRE”


    ABSTRACT

    The research focus on Compensation Policy as Means of Attracting and Retaining Employee, it present a conceptual and theoretical study of the nature of compensation and compensation plan and policy aim at attracting and retaining employee.


    Compensation Policy as Means of Attracting and Retaining Employee

    CHAPTER ONE

    Introduction

    Compensation can be defined as all of the rewards earned by employee in return for their labour. This includes;

    a) Direct financial compensation consisting of pay received in the form of wages, salaries, bonuses and commissions provided at regular and consistent intervals.

    b) Indirect financial compensation including all financial rewards that are not included in direct compensation and can be understood to form part of the social contract between employer and employee such as benefits, leave, retirements plan, education and employee services.

    c) Non-financial compensation; referring to as issues such as career development opportunities, opportunities for recognition as well as work environment and conditions in determining effective rewards, however, the uniqueness of each employee must also be considered. People have different needs or reasons for working. The most appropriate compensation will meet these individual needs. To a large degree, adequate or fair compensation is in the mind of the employee.

    A good compensation strategy includes a balance between interval equity and external competitiveness. Compensation and benefits affects the productivity and happiness of employees as well as ability of your organization to effectively realize its objectives. It is to your advantage to ensure that your employees are creatively compensated and knowledgeable to their benefits.

    Equity:

    Equity or fairness has been mentioned as a key component in creating a successful compensation policy. It can be defined in the following three ways;

    1. Workplace equity refers to the perception that all employees in an organization are being treated fairly.
    2. External pay equity exists when employees in an organization perceive that they are being rewarded fairly in relation to those who perform similar job in other organization
    3. Internal pay equity exists when employees perceive that they are being rewarded fairly according to the relative value of their jobs within an organization.

    Perceived inequity or unfairness either external or internal, can result in low morale and loss of organizational effectiveness. For example, if employees feel they are being compensated unfairly, they may restrict their efforts in leave the organization, damaging the organization overall performance.

    The research therefore intends to investigate compensation policy as means of attracting and retaining employees.

    1.1 Background Of The Study

    The significance of maintaining a stable workforce in an organization cannot be over-emphasized. It enhances the organization reputation and brand and provides overall productivity, growth and profitability of the organization. High turnover of employees damages organizations operations professional human resources practice to enhance attraction and retention in the organization.

    One of such practice lies with compensation policy. Good compensation policy not only attracts new employees, it also enhances employee retention. Therefore, developing a good compensation policy is pivotal to the well being of the employee and the organization at large.

    There are member of components that need to be addressed when developing your compensation policy to ensure they align with your organizational strategy and objectives. One key to remember is that your compensation strategy must help to create the work culture you want. How your structure your systems and manage the internal and external equity issues will directly inform the culture of your organization. Developing a compensation policy is done by identifying, your goals and objectives, considering and retaining employee. Your emphasis on internal and external equity and whether performance is tied to increases, understanding what balance you want to achieve between direct salary and indirect benefit is critical to developing your overall total compensation approach.

    Therefore, this research seeks to investigate compensation policy as means of attracting and retaining employees.

    1.2 Statement Of The Problem

    The problem confronting this research is to investigate compensation policy as means to attracting and retaining employees. Maintaining good compensation practice is fundamental to the well being of the employees and the organization as perceived in equality or unfairness, either external or internal can result in low morale and loss of organizational effectiveness.

    1.3 Research Question

    1. What are compensation and the nature of compensation plan?
    2. What constitute the nature of compensation policy of the organization?
    3. What constitute the compensation policy required to attract and retain employees?

    1.4 Objectives Of The Study

    1. The objective of the study is to provide a conceptual and analytical study in compensation policy.
    2. To determine compensation policy required to attract and retain employees
    3. To determine types of compensation plan and their effectiveness towards attracting and retaining employees

    1.5 Significance Of The Study

    1. The study shall provide a framework of effective compensation policy for attracting and retaining employees
    2. It shall be of immense significance to managers, human resource personnel and entrepreneurs of business
    3. It shall serve a reference source of information to various professional and students in personnel administration

    1.6 Statement Of Hypothesis

    1. H0 There is no relationship between compensation policy and employee and organizational effectiveness and efficiency
      H1 There is a relationship between compensation policy and employee and organizational effectiveness and efficiency
    2. H0 The level of employees’ attraction and retention is low
      H1 The level of employees’ attraction and retention is high
    3. H0 The impact of compensation policy in employee attraction and retention is low
      H1 The impact of compensation policy in employee attraction and retention is high.

    1.7 Scope Of The Study

    The study shall focus on compensation policy as means of attracting and retaining employees. It shall provide both a conceptual and analytical study of compensation and compensation plan and elucidate the structure of compensation policy towards attracting and retaining employees.

    1.8 Definition Of Terms

    Definition Of Compensation

    Compensation can be defined as all of the rewards earned by employee in return for their labour. This includes;

    1. Direct financial compensation consisting of pay received in the form of wages, salaries, bonuses and commissions provided at regular and consistent intervals.
    2. Indirect financial compensation including all financial rewards that are not included in direct compensation and can be understood to form part of the social contract between employer and employee such as benefits, leave, retirements plan, education and employee services.
    3. Non-financial compensation; referring to as issues such as career development opportunities, opportunities for recognition as well as work environment and conditions.
    …

    CHAPTER TWO

    2.0 Literature Review

    2.1 Introduction

    This chapter focuses on the review of related literature. A literature review includes the current knowledge as well as theoretical and methodological contributions to a particular topic. It documents the state of the art with respect to the topic you are writing. It surveys the literature in the topic selected. In this research work the literature review includes the conceputal review, theoretical framework, the review of related literature …

    Procedure for Accessing and Downloading the Complete Material in PDF or DOCX Format

    Above is a preview excerpt of the full study on “Compensation Policy as Means of Attracting and Retaining Employee”. The complete material, including all five chapters, is available for download upon request.

    To obtain the complete research material content, simply place an order by paying the specified project or seminar fee using the account details or electronic payment (E-payment) system provided below.

    Seminar Material
    ₦3,000    		Project Material
    ₦5,000

    For Mobile Money (MoMo) and Researchers Outside Nigeria, Kindly Request Complete Material via WhatsApp.

    Account Details - For USSD / POS Transfer

    ACCT NAMESPARKLYN SERVICES
    Zenith Bank PLC1222599051
    MoniePoint (MFB)8030511988
    Paycom (OPay)8030511988

    –– or ––

    After payment, send message containing your payment receipt to Sparklyn Services with the phone number displayed below.

    Once payment is confirmed, the complete document will be delivered via WhatsApp or email in Microsoft Word (MS-Word) format.

    You can get more research topics on Business Administration and Management, if you did not see your preferred topic from the alternate list above.

    Defense Procedure for Business Administration and Management Researchers

    In preparation for defending a project or seminar on Compensation Policy as Means of Attracting and Retaining Employee, it is imperative that as a nursing student, you demonstrate comprehensive knowledge of your research. The defense process is structured to include presenting your work, answering questions, and illustrating its pertinence. Initially, provide a succinct yet thorough introduction to your research topic, emphasizing its importance and the objectives, ensuring that both the audience and the External Examiner can understand the scope of your study.

    Prior to your defense, be thoroughly acquainted with your research abstract and the critical elements of Chapter One, including motivation for embarking on this research, problem statement, objectives, and significance. In Chapter Two, be ready to cite at least two references from the literature review. For Chapter Three, you should be equipped to discuss the methodologies, tools, and techniques utilized. In Chapter Four, defend your research by justifying the findings and linking them to your research objectives.

    Conclude your defense by succinctly summarizing the study and offering insightful, evidence-based recommendations. A professional dress code, such as wearing a suit and tie, is vital to create a favorable impression and elevate your presentation.

    During the question and answer segment, the External Examiner may pose questions pertaining to your research. If confronted with a challenging or irrelevant question, respond diplomatically with, “Sorry, Sir/Madam, the question asked is beyond the scope of my study.” Whenever possible, direct your answers back to your research findings to reinforce your expertise.

    Page Content Headings - Compensation Policy as Means of Attracting and Retaining Employee
      Download Material (Docx)