THE IMPACT OF MONETARY INCENTIVE ON ORGANISATION PERFORMANCE
(A CASE STUDY OF FIRST BANK PLC ENUGU)
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.
It was realized at the end of the research work that most organization cannot get the best out of their organisation goals and objectives because of absent of monetary incentives, workers are not allowed to join in deciding affairs that concern them etc. arising from the findings, the study recommended monetary incentive 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 give to them, the organization will achieve its goals, targets and objective in here short time.
TABLE OF CONTENTS
Approval page
Dedication
Acknowledgement
Abstract
Table of content
INTRODUCTION
1.1 General background to the subject matter
1.2 Problem associated with the subject matter
1.3 Problems that the study will be concerned with
1.4 The importance of studying the area
1.5 Definition of important terms
1.6 Reference
LITERATURE RE VIEW
2.1 The origin of the subject area
2.2 Schools of thought within the subject area
2.3 The school of thought relevant to the problem of study
2.4 Different methods of studying the problem
2.5 Summary
References
3.1 Data presentation (highlights of the study)
3.2 Analysis of the data
3.3 Recommendation
3.4 Conclusions
3.5 References
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.
1.1 BACKGROUND OF STUDY
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. Given this, money is likely to be a motivator variables remuneration has been favoured as the means of giving incentives to
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