1.1 Introduction
Remuneration is the monetary compensation that one receives exchange for the work or services performed. Typically, this consists of monetary rewards, also referred to as wage or salary. A number of complementary benefits, however, the increasingly popular remuneration mechanism. Thus it is financial compensation received by a officer/employed/staff of an organization. It typically a metric of salary, bonuses, shares of and/or call options on the company stock, benefits, and perquisites, ideally configured to take into account government regulations, tax law, the desires of the organization and the executive and rewards for performance. The past decades starting with the 1980’s saw a dramatic rise in executive pay in the country relative to that of overage workers wage in Nigeria, and to lesser extent in a number of other countries. Observers differ as to whether this is a natural and beneficial result of competitive for scare business talent that can add greatly to stock holder value in large companies / organizations. In a modern corporation Chief Executive Officers (CEOs) and other top executives are often paid salary plus short-term incentives or bonuses. This combination is referred to as total cash compensation (TCC). Short-term incentives usually are formular-driver and have some performance criteria attached depending on the role of the executive.
1.2 Background of Study
The evolution of technology has revolutionized various aspects of human resource management (HRM). Traditional methods of staff remuneration management, reliant on manual processes and spreadsheets, often prove inefficient and prone to errors. This inefficiency not only leads to inaccuracies in remuneration but also consumes valuable time and resources. The demand for a more streamlined and automated approach to staff remuneration stems from the challenges faced by HR departments in handling complex compensation structures, compliance requirements, and diverse workforce needs. Organizations recognize the need to modernize their HR practices to stay competitive, attract top talent, and retain employees. Moreover, globalization and the advent of remote work have introduced additional complexities to staff remuneration management. Coordinating compensation across different geographical locations, currencies, and legal frameworks necessitates a robust and adaptable system.
In the contemporary workplace, the management of staff remuneration stands as a critical component of organizational success. As businesses strive for efficiency, accuracy, and transparency, the adoption of technology becomes increasingly essential. This background study aims to elucidate the necessity and benefits of implementing a Computerized Staff Remuneration System within organizations. Adequate and effective payment of staff remuneration, salaries, allowances, entitlement or emolument has been a great source of concern challenge over the years especially in Ritman College, Ikot Ekpene. Challenges such as duplicate payment of remuneration to a staff, wrong calculation or arithmetic’s when competing the total remuneration to staff. Possible tampering of staff benefits of those competing the payments, time compilation, in the general process of compilation, possible omission of mistake of inclusion of staff names and lots more. But this new system after implementation will bring all the above mentioned challenges and the likes to rest, and also improve and increase the spirits and confidence of managers, staff at various levels or organization as it regards security, efficiency and effectiveness in all the remuneration processes. With this Computerized Staff Remuneration System, remuneration section would be able to keep a record of employees including their personnel data, pay band, allowances, deductions, savings and taxes etc.. Net pay of each employee is calculated by using the information about his allowances and deductions. All these complex calculations have been incorporated herein. Many optional allowances and deductions for the employees are added by specifying the corresponding details.
1.3 Statement of Problem
As mentioned previously, great problems have been seen when processing the remuneration of staff in organization/institutions, such as time delay or factor, duplicate payment of entitlement, intrusion to individuals/staff account. The problem of familiarity with the existing system which has made users to endure the general problems been encountered or experienced with the system. The problem of possible Ostracization or omission of staff name or identify when recording the remuneration.
1.4 Aim and Objectives of the Study
The aim of the study is to design and implement a computerized staff remuneration system that will eliminate the problems of the existing system. In achieving this aim, the following specific objectives were laid out as follows to:
- To Create a new technology that will have a long standing and positive effects in the management of staff entitlements;
- To develop a system that will be used for the analysis of staff remuneration;
- To identify the short coming connected to the existing method; and
- To developed a system that will prevent the incessant tampering/attempt of staff money.
1.5 Significance of Study
The significance of the study includes:
- It would help reduce the level of intrusion existing in our organization of management.
- Managers/users of the system will fell or experience utmost relieve and convenience when using the system as it regards timeliness in all the process.
- It would help sanitize our companies, institution and organization of duplicate payment of staff.
- It would help to calculate the general allowance, salaries to staff.
1.6 Scope of Study
The study focuses on the Design and Implementation of a Computerized Staff Remuneration System using Federal Polytechnic Nekede as a case study.
1.7 Limitations of the Study
During the course of this study, many things militated against its completion, some of which are:
- Time Constraint: The time frame given to accomplish this project was very short due to school academic calendar and it was carried out under pressure which made the researcher not to implement some necessary features.
- Establishment Policies: Establishment policies posed a serious limitation as most staffs are not ready to release information needed for this project work. There were lots of information needed from the staffs of this institution to enhance the study which took them time to release or they did not release at all for security purposes, hence the scope was reduced.
- Research Material: availability of research material is a major setback to the scope of the study.
- Financial Constraint: Insufficient fund tends to impede the efficiency of the researcher in sourcing for the relevant materials, literature or information and in the process of data collection (internet).
1.8 Definition of Terms
Barter:
To exchange goods or services in return for other goods or services.
Contract:
It is a formal or legally bonding agreement.
Extrinsic:
Not an essential part of something, coming or operating from outside something.
Intrinsic:
A basic essential part of something as one of it’s features.
Periodic:
Occurring or appearing at a regular intervals in regular cycles.
Retirement:
It is the act of leaving a job or career at or near the usual age for doing so, or the state of having left a job or career.
