Introduction
1.0 Background To The Study
The most important dependent variable in industrial and organization psychology is job performance, one of the major concerns of manufacturing companies has focused on improving worker productivity, Which is one of the job performance measures. Performance can also be described as the mean through which organizational member contribute to achieve the objective of the organization.
On the other hand when you expect little from employees they will give you low performance in return, as set put − to fail syndrome. Many people feel that they are not recognized or appreciated by their employees for their hand work and in turn develop decreased motivation. Lack of communication and feedback from employer cause employees to feel overlooked and inhibits them from performing to the best of their ability.
Employee motivation is one of the strategies of managers to enhance effective job performance among worker in organization. Motivation as a basic psychological process is the management process of influencing behaviour based on the knowledge of what make people think. Luthans (1998) asserts that motivation is the process that Grouses energizes, directs, and sustains behaviours and performance.
That is the process of stimulating people to action and to achieve a desired task. One way of stimulating people to employ effective motivation, which makes workers more satisfied with and committed to their jobs. .
Money is not the only motivation. There are other incentives which can also serve as motivation. However in order to observe an effective work
performance in an organization work motivation may not be only key factor as put by Luthans (1998).
To increase productivity at work management need some strategies in which particularly work motivation leadership effectiveness and time management are promised. In the light of the above, this study sets to investigate the above variables and find out how they influence employees performance in an organization taking a Nigerian bank as case study.
1.1 Objectives Of Study
To identify the various reward systems in First Bank of Nigeria Plc with a view to establishing their effect on the motivation of staff.
- To find out whether there is any correlation between rewards and performance of the employees.
- To reduce influence of Unions
- To assist in developing a productive work environment
- To improve labour turnover and absenteeism in First Bank of Nigeria Plc
To proffer useful suggestions towards improving the rewards system in the organization so as to enhance the productivity of its work force and by extension the banking industry and the economy as a whole.
1.2 Statement Of Problems
Rewards might not give a desired result, human beings (employees) are so unpredictable as they might not really attach much importance or see nothing motivating in the benefits scheme in terms of administration which makes it very expensive to operate.
The implication of these to employees is of increasing exposure monetized society, raising education and wider contact among people resulting from the break-up of artificial barrier was to shift aspirations to a more satisfying work experience, greater control over the organization of work, greater opportunities for personnel department and wider scope in exercise of initiatives.
Specifically, the refusal of work organization to recognize the motivating factors in industrial production through greater motivational tools tends to create several human problem in this setting.
1.3 Research Questions
- Did fringe Benefits (rewards) actual motivate staff of employees of First Bank of Nigeria Plc.
- Can organization objective be achieved with or without rewards (fringe Benefits)
- Could provision of rewards (fringe Benefits) promote employees moral?
- Do fringe Benefits increase productivity in First Bank of Nigeria Plc.
- Could attractive fringe Benefits (reward) in an organization reduce labour turnover)
1.4 Research Hypotheses
Hypothesis One
- H1 provision of fringe benefits help to reduce turnover or makes the job attractive to employees.
- Ho provision of fringe benefits does not help to reduce turnover or makes the job attractive to employees.
Hypothesis Two
- H1 sense of pride and accomplishment interest employees as does monetary reward.
- Ho Sense of pride and accomplishment does not interest employees as does monetary reward.
Hypothesis Three
- H1 reward (fringes benefits) helps in achieving company objectives to an extent
- Ho Reward (fringes benefits) does not help in achieving company’s objectives to an extent
1.5 Limitation Of Study
The conduct of research in Nigeria and indeed all developing countries is imbued with a lot of problems. This research work has been limited by time and financial constraints the scope of this study is limited to First Bank of Nigeria PLC. Few branches of First Bank plc within Lagos State.
The willingness of Staff in disclosing Information due to staff competition in the banking industry constitutes another limitation.
Also the show flow of traffic in Lagos metropolis contributed in limiting the scope of this study work.
1.6 Significance Of The Study
This study has a practical significance and it can be useful to manager and decision makers in the following ways first, the findings of this study will help the organization under study and other organization to know how best to reward hard working employees.
Secondly, it will assist the organization to relate reward to the performance of their employees, by pointing out the effect of reward system on the motivation of staff, employers would be assisted to adopt the most appropriate reward that would bring forth better performance of employees in this era of economic recession.
It is also expected that by this effort every individual performance will be rewarded according to achievement in other words, reward should be geared towards motivation performance if the objectives / goals of the organization are to be achieved. A situation whereby employees are given across the board, reward irrespective of their performance breeds frustration and lack of commitment on the part of the high flyer employees.
This study shall endeavour to establish why reward should be based on individual performance and achievement rather than on any other factor. This the only way effective performance, which is essential for the success of an organization can be achieved.
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