THE EFFECT OF MONETARY INCENTIVE ON WORKERS PERFORMANCES IN NIGERIA ORGANIZATION
Sometimes one wonders why some people perform more than others on the job or why people work hard. Man in his natural form is lazy and always tries to gratitude toward his comfort zone unless some kind of forces or situations confront him. It is this force or situation that arouses his desire or more out of this comfort zone in order to avert negative consequences or reap a positive reward as the case may be. This force or situation now becomes the motive for his working towards his set target (motivating factor).
Wole Adewunmi (1992) defined motivation as “the inner stimulus that induces one to behave the way he does. It has to do with inner states that energizes activities of moves and therefore directs behaviour toward goals,
In an organization, productivity is beckoned on the design of its incentives variable to balance among various management levels.
There are several incentive variable that could motivate people to work to 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 well packed incentive scheme. The group believe that money is not everything. People work for either intrinsic or extrinsic rewards. Extrinsic rewards include the figure pay proportion, controlled by other people. Intrinsic reward on the other hand include the feelings of accomplishment of task and is administered by the individual doing the task.
1.1 BACKGROUND OF THE STUDY
Incentives are objectives or goals which are capable of satisfying the employee’s need, drive or desire. It includes payment for improved productivity as well as environment conditions. Example, infrastructures, transportation facilities and 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 usages payment but other things like job enrichment, free flow of information good relationship among junior and senior officers.
It is worthy of note 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 not necessarily be motivating factor for some middle class or upper class in the society.
People in the society, in various positions even though at a similar level, must be given incentives that reflect their individual performances and expectations.
The Institute of Management and Technology (IMT) Enugu started operation on 1st July 1973 as a result of Edict No. 10 1973 titled Institute of Management and Technology Edict 1973. This Edict united two schools to form institution under the chairmanship of Dr. Ukwu I. Ukwu and its first rector Professor M. O. Chijoke. The united schools were the former college of technology which operated engineering and laboratory technology to National Diploma (ND).
Today (IMT) has grown and developed with more than 20 departments having Dr. Onyisi as its current Recto-in-charge of both campuses;- Campus II and III respectively.
1.2 STATEMENT OF THE PROBLEM
It is fundamentally unrealistic for managers to assume that employees would continue to find satisfaction in co-operating in organization’s affairs if their needs and wants are not recognized. The success of failure of this depends on the management approach to effective motivation of the employees.
The researcher identifies the below problems as major factors militating against the management success which there is need to know.
1. What has been the management incentive scheme
2. What is the effect of monetary incentive to workers as regards to increased productivity.
3. How effective is the participation of workers in planning and designing IMT incentive scheme.
4. How has the existing composition programmes failed to attract the motives workers in IMT.
In view of this, the researcher is determined to highlight the problem areas and how to improve on the organization’s incentive programmes to enhance productivity in the organization.