THE IMPACT OF MONETARY INCENTIVES ON ORGANIZATIONAL PERFORMANCE
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In all organisation, productivity is beckoned on the design of its incentive variables to balance various management levels. There are several incentive variable that could motivate people to work to their optional level and when these variables are not there, their productivity will greatly affected. This may come in the form of a will packed remuneration. Still others may not necessarily be motivated with a well packaged incentive scheme. The group believe that money is not every thing. First Bank of Nigeria Plc is not an exceptional. In generating data needed to achieve the objectives of the study, descriptive survey research design was adopted. Questionnaire was not as the major instrument for primary data collection. To broaden the researcher’s depth of knowledge in the study area the research embarked upon review of related literatures with data drawn from secondary sources. Data generated in the study was present on frequency tables and analysed using simple percentage while the hypothesis were tested with two test.
TABLE OF CONTENT
Table of content
1.1 Background of the study
1.2 Statement of problem
1.3 Objective of the study
1.4 Research Hypotheses
1.5 Significance of the study
1.6 Scope and limitation of the study
1.7 Definition of terms
1.8 Organization of the study
2.0 LITERATURE REVIEW
3.0 Research methodology
3.1 sources of data collection
3.3 Population of the study
3.4 Sampling and sampling distribution
3.5 Validation of research instrument
3.6 Method of data analysis
DATA PRESENTATION AND ANALYSIS AND INTERPRETATION
4.2 Data analysis
- Background of the study
Sometimes, one wonders why some people perform more than others on the job or better still why people work hard. Man in his natural from is somehow lazy and always tries to gravitate towards his comfort unless some kind of force or situation arouses his desire to move out of his confronts zone in other to avert negative consequences or reap a positive reward as it becomes the motives for his working towards his set target (motivating factor). Given the above illustration, management scholars have tried to define, what motivate is all. The Webster, Encyclopedic Dictionary of the English Language (1995) said that motivation relates to the sense need or year etc that prompts an individual to act-also-Wale Adewunmi (1992) defined motivation as “the inner stimulus that induces one to behave the way he does”. It has to do with inner state that energizes, activates or moves and therefore directs behaviour towards goals. In all organisation, productivity is beckoned on the design of its incentive variables to balance among various management levels. There are several incentive variables that couls motivates people to work to their optional level and when these variables are not there, their productivity will be greatly affected. This may come in the form of a well packaged remuneration. Skill others may not necessarily be motivated with a well packaged incentive scheme. The group believe that “money is not every thing”. “People work for broadly defined rewards”. These rewards can be broken down into two general classes know as intrinsic and extrinsic rewards. Extrinsic rewards include figure pay proportion, compliments etc, and are often independence of the task performed and are controlled by other people. Intrinsic rewards on the other hand include the feeling of accomplishment of task and is administered by the individual doing the task. However, workers performance in an organization depends on these rewards among other incentives which may in one way or the other command for satisfaction. Incentives are objectives or goals which are capable of satisfying what the employee views as need, drive or desire. It include accredited payment for improved productively as well as environment condition for example, infrastructures, transportation facilities, canteen services etc, though they do not directly provide income to workers, but are necessary for their effective performance. In other words incentives do not only refer to wages payment but other things like job enrichment, free flow of information, give relationship among junior and senior officers. Above all, the recognition accorded to a long way to induce and energize them to work harder to achieve not only the organization goals but also societal goals. It is worthy of not that such incentives like monetary rewards which may motivate the younger people who are beginners or the lower class of people in the society may no necessarily be motivating factor for some middle class and upper class of people in the society. People in various positions, even though at a similar level, must be given incentives, which reflect their individual performance and expectations. A higher performance must be rewarded more that the lower performance for a feeling of equity to prevail.
One of the major problems facing most employers in both public and private sector is how to motivate their employees in order to improve performance. Economics is largely based on the assumption that monetary incentives improve performance. It is generally believed that effect of monetary incentives is unambiguously positive a large monetary incentive improves employee performance. The issue of employee performance cannot be over emphasized. The general believed is that employees will not perform to the best of their ability unless they are motivated to do so. Various researchers have come up with various ways to motivate people at work. However, because human beings are different from one another in terms of needs, culture, religion etc. so does what motivate them also varies. Some employees are motivated by financial and other incentives and some nonfinancial incentives. Recent studies have shown that a combination of financial and non-financial incentives can motivates employee to perform well on their job. Managers continuously seek for ways to create a motivating environment where employees will work at their optional levels to achieve the organizational objectives. Work place motivators include both monetary and non-monetary incentives. Monetary incentives can be diverse while having a similar effect on associates. The purpose of monetary incentives is to reward employees for excellent job performance through money. Research shows that desired monetary incentives differ for employees based on career stage and generation. Since human resource is the most valuable resource of any organization, it must activate, train, develop and above all motivate in order to achieve individual and organizational goals.
In this age and time when every nation is striving to be on top of others technologically, politically and economically, the problem of motivation cannot be over emphasized and should not be trampled under the fact, as the will to do” is an essential ingredient of a labor force.
Management is best understood from a resource base perspective. All organization use four base kinds of inputs or resources from their environment, human, finance, materials and information resources. Management is responsible for cobbling and coordinating resources to achieve the organizational functions or activities, planning and decision making, organizing, leading and controlling.
There is a range of motivational techniques that can be used to improve productivity, reduce workforce stress and increase self-confidence. Some managers believe that they can achieve result from teams by using coercing methods.
However these factors can indeed produce result, the effect will probably be much more short term and will mean that staffs are forces on achieving business objectives but rather on simply keeping their jobs.
1.2 STATEMENT OF THE PROBLEMS
The growth and development of any economy cannot be meaningful and complete if the power sector is not well footed in terms of productivity, growth and profitability. Over the years, the poor performance of the power sector in Nigeria has been a matter of concern and debate among academics, writers, government officials and members of the public. The reason for this trend as well as the apportionment of the blame has formed the basis for a controversy. It is increasingly being realized by workers, economists and government as well as customers that the problems plaguing the country’s power sector lies in the negative attitude to work, lack of dedication and indolence among employees. It has been observed that the Nigerian employee lacks a feeling of responsibility to his job and pride in doing his work well. The work situation in the power sector like Power Holding Company of Nigeria is characterized by low productivity and lack of dedication. This has adversely affected the power sector in the country, the results of such negative orientations are the indiscriminate loss of vital records that could have been stored, and poor decision made due to lack of accurate information which goes a long way to affect negatively to the workers.
1.3 OBJECTIVE OF THE STUDY
1) To examine the impact of monetary motivation on employee
2) To investigate how motivation as a management skill help in
3) To ascertain the various motivational benefits available in Power
Holding Company of Nigeria Lagos and their relationship with the
Productivity of the employees
4) To find out whether any of the benefits formally enjoyed by the Employees in Power Holding Company of Nigeria Lagos has been Withdrawn. If s` o, what is the effect on the dedication and loyalty of the employees?
5) To offer useful recommendation to Power Holding Company of
Nigeria Lagos based on the researcher’s findings
1.4 RESEARCH QUESTIONS
This research will attempt to answer the following question
1) Why do people accept job in Power Holding Company of Nigeria
2) To what extent does motivation influence productivity of the company?
3) What is the impact of motivation on employee performance?
4) Are employee truly motivated in the company?
1.5 RESEARCH HYPOTHESIS
H0: There are no influences of motivation in the company
H1: There are influences of motivation in the company
H0: There are no impacts on employee performance
H2: There are impacts on employee performance
1.6 SIGNIFICANCE OF THE STUDY
The researcher hopes that the finding and suggestions would enable for effective management of employees towards achieving organizational goals. The study will enable manager to Power Holding Company of Nigeria Lagos to identity how productivity can be improved through effective and efficient motivation.
It will also be of benefit for policy makers in various forms of business organization. It will be of immense guide to future researchers who intends to exploit and understand further concepts of motivation as a managerial tool to enhance productivity in an organization like Power Holding Company of Nigeria Lagos.
1.7 SCOPE AND LIMITATION OF THE STUDY
The scope of the study covers the impact of monetary incentives on organizational performance; but in the cause of the study, there are some factors that limited the scope of the study;
- a) AVAILABILITY OF RESEARCH MATERIAL: The research material available to the researcher is insufficient, thereby limiting the study.
- b) TIME: The time frame allocated to the study does not enhance wider coverage as the researcher has to combine other academic activities and examinations with the study.
- c) FINANCE: The finance available for the research work does not allow for wider coverage as resources are very limited as the researcher has other academic bills to cover.
1.8 OPERATIONAL DEFINITION OF TERMS
Monetary incentive is a money-based reward given when an employee meets or exceeds expectations. Monetary incentives can include cash bonuses, stock options, profit-sharing and any other type of reward that increases an employee’s compensation
MOTIVATION: Motivation is the reason for people’s actions, desires, and needs. Motivation is also one’s direction to behavior, or what causes a person to want to repeat a behavior.
PRODUCTIVITY: Productivity describes various measures of the efficiency of production. A productivity measure is expressed as the ratio of output to inputs used in a production process, i.e. output per unit of input
WORKER: A person who does a specified type of work or who works in a specified way, a person who achieves a specified thing
1.8 ORGANIZATION OF THE STUDY
This research work is organized in five chapters, for easy understanding, as follows
Chapter one is concern with the introduction, which consist of the (overview, of the study), historical background, statement of problem, objectives of the study, research hypotheses, significance of the study, scope and limitation of the study, definition of terms and historical background of the study. Chapter two highlights the theoretical framework on which the study is based, thus the review of related literature. Chapter three deals on the research design and methodology adopted in the study. Chapter four concentrate on the data collection and analysis and presentation of finding. Chapter five gives summary, conclusion, and recommendations made of the study
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