THE IMPACT OF MONETARY INCENTIVE ON ORGANZIATIONAL PERFORMANCE
A CASE STUDY OF FIRST BANK PLC ENUGU
In all organization, productivity is beckoned on the design of its incentive variable to believe among 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 believes that “money is not everything”. First Bank 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 used on the major instrument for primary data collection. To broaden the researcher’s depth of knowledge in the study area the researcher embarked upon review of related literatures with data drawn from secondary sources. Data generated in the study was presented on frequency tables and analyzed using simple percentage while the hypotheses were tested with Z test.
It was realized at the end of the research work that most organizations cannot get the best out of their workers or attain their organizational goals and objectives because of absent of monetary incentives worker are not allows to join in deciding affairs that concern them etc. Arising from the findings, the study recommended monetary incentives apart from other types of incentives used by the organizations effective administration of incentive schemes, and participatory management.
Finally, the study concluded that monetary incentives make the workers were satisfied with the treatment given to them the organization will achieve its goals, targets and objectives in a very short time.
TABLE OF CONTENT
1.1 Background of the Study
1.2 Statement of the Problem
1.3 Purpose of Study
1.4 Scope of the Study
1.5 Research Hypothesis
1.6 Significance of the Study
1.7 Limitation of the Study
1.8 Definition of Term
2.0 Review of Related Literature
2.1 Incentive and Productivity
2.2 Concepts of Incentive Schemes
2.3 Types of Incentive Schemes
2.4 First Bank of Nigeria Incentive Schemes
2.5 Summary of the Review of the Related Literature
3.0 Research Design and Methodology
3.1 Research Design
3.2 Scope of the Study
3.3 Population of the Study
3.4 Sample and Sampling Process
3.5 Instrument of Data Collection
3.6 Method of Data Collection
3.7 Method of Data Analysis
4.0 Data Presentation and Analysis
4.1 Presentation Analysis of Data
4.2 Testing of Hypothesis
4.3 Summary of Results
5.0 Discussion Recommendation and Conclusion
5.1 Discussion of Results/Findings
5.3 Implication of Research Findings
5.5 Suggestion for Further Research
Sometime, one wonders why some people perform more then others on the job or better still why people work hard. Man in his natural form is somehow lazy and always tries to gravitate towards his comfort zone unless some kind of force or situation that arouses his desire to move out of this comfort zone in order to avert negative consequences or reap a positive reward as the ease may be. These forces of situation now become the motive for his working towards his set target (motivating factor).
Given the above illustration management scholars have tried to defined what motivation is all. The Webster Encyclopedic Dictionary of the English Language (1995) said that motivation relates t the tense, need or fear etc. that prompts on individual to act. Also, Wole Adewuni (1992) defined motivation as “the inner stimulus that induces one to behave the way he does”. It has to do with that inner state that energizes, activates or moves and therefore directs behaviour towards goals.
In all organization, productivity is beckoned on the design of its incentive variables to balance among various management levels. There are several incentive variables that could motivate people to work in their optimal 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. Still others may not necessarily be motivated with a well packaged incentive scheme. The group believes that is not everything.
Starke (1976:35) is of the opinion that “people work for broadly defined rewards can be broken down into two general classes known as intrinsic and extrinsic rewards.
Extrinsic rewards include figure pay proportion, compliments etc and are often independent of the task performed and are controlled by other people. Intrinsic rewards on the other hand include the feeling of accomplishment of task and are administered by the individual during the task. However, workers performance in an organization depends on these rewards among other incentives which may in one way or the other command job satisfaction.