Analysis Of Staff Remuneration System

Project and Seminar Material for Computer Science and Computer Engineering

Analysis Of Staff Remuneration System


Chapter One


1.0 Introduction

Remuneration is the monetary compensation that one receives exchange for the work or services performed. Typically, this consist of monetary rewards, also referred to as wage or salary. A number of complementary benefits, however, the increasingly popular remuneration mechanism. Thus it is financial compensation received by a officer/employed/staff of an organization. It typically a metric of salary, bonuses, shares of and/or call options on the company stock, benefits, and perquisites, ideally configured to take into account government regulations, tax law, the desires of the organization and the executive and rewards for performance. The past decades starting with the 1980’s saw a dramatic rise in executive pay in the country relative to that of overage workers wage in Nigeria, and to lesser extent in a number of other countries. Observers differ as to whether this is a natural and beneficial result of competitive for scare business talent that can add greatly to stock holder value in large companies/organizations. In a modern corporation Chief Executive Officers (CEOs) and other top executives are often paid salary plus short-term incentives or bonuses. This combination is referred to as total cash compensation (TCC). Short-term incentives usually are formular-driver and have some performance criteria attached depending on the role of the executive.


1.1 Theoretical Background

Adequate and effective payment of staff remuneration, salaries, allowances, entitlement or emolument has been a great source of concern challenge over the years especially in Ritman College, Ikot Ekpene. Challenges such as duplicate payment of remuneration to a staff, wrong calculation or arithmetics when competing the total remuneration to staff. Possible tampering of staff benefits of those competing the payments, time compilation, in the general process of compilation, possible omission of mistake of inclusion of staff names and lots more. But this new system after implementation will bring all the above mentioned challenges and the likes to rest, and also improve and increase the spirits and confidence of managers, staff at various levels or organization as it regards security, efficiency and effectiveness in all the remuneration processes.


1.2 Statement of the Problem

As mentioned previously, great problems have been seen when processing the remuneration of staff in organization/institutions, such as time delay or factor, duplicate payment of entitlement, intrusion to individuals/staff account. The problem of familiarity with the existing system which has made users to endure the general problems been encountered or experienced with the system. The problem of possible Ostracization or omission of staff name or identify when recording the remuneration.


1.3 Aims and Objectives of the Study

The aim of this research is to design and implement a system for the analysis of staff remuneration. The objectives of this study includes:

  1. To develop a system that will be used for the analysis of staff remuneration.
  2. To create a new technology that will have a long standing and positive effects in the management of staff entitlements.
  3. To developed a system that will prevent the incessant tampering/attempt of staff money.
  4. To identify the short coming connected to the existing method.

1.4 Significance of the Study

The significance pf the study includes:

  1. It would help reduce the level of intrusion existing in our organization of management.
  2. Managers/users of the system will fell or experience utmost relieve and convenience when using the system as it regards timeliness in all the process.
  3. It would help sanitize our companies, institution and organization of duplicate payment of staff.
  4. It would help to calculate the general allowance, salaries to staff.

1.5 Scope of the Study

The scope of this research cover the analysis of staff remuneration system, with reference to Ritman College as the case study in Ikot Ekpene.


1.6 Organization of the Research

This project work is divided into five chapters. Chapter one starts with the introduction, theoretical background, statement of the problem, aims and objective of the study, scope of the study, organization of the research and definition of terms. Chapter two focuses on the review of related literature, chapter three is concerned with the system analysis and design implementation and documentation which are system design diagram, choice of programming, analysis of modules, programming environment, hardware/software requirements and implementation. Chapter five contains summary, conclusion, constraint of the study and recommendation.


1.7 Definition of Terms

Barter:

To exchange goods or services in return for other goods or services.

Contract:

A formal or legally bonding agreement.

Extrinsic:

Not an essential part of something, coming or operating from outside something.

Intrinsic:

A basic essential part of something as one of it’s features.

Periodic:

Occurring or appearing at a regular intervals in regular cycles.

Retirement:

The act of leaving a job or career at or near the usual age for doing so, or the state of having left a job or career.

Remuneration:

A payment or reward for losses sustained or in convenience.

Subsidize:

To reduce the cost of something by providing a subsidy or a monetary gift/contribution to somebody or something, especially to pay expenses.


Chapter Five


Conclusion and Recommendations

5.1 Conclusion

Remuneration has a significant role in improving employee’s performance. Remuneration is the main objective of implementing additional employees’ duties.

The focal issue in personnel administration is the effective management of human resources in order to attain organizational goal; it is a known fact to every professional manager that human beings in the organization control materials and other resources to achieve organizational goals.

Any organization that neglects the vital roles of remuneration on the lives of its employees is doing so on its peril. Human beings within an organization can make or mar the progress of any organization. Hence, it is imperative that organizations should pay adequate attention to the human elements within organizations so as to maintain smooth operations and growth. Organizations that are proactive incorporate employees growth objective into the overall objective of the organization. The organizations reap the benefits of this long-term measure in a long run.

Adequate remuneration and reward system benefits both the employees and the employers in the following ways:

  1. The organization that engages in total remuneration attracts potential applicants.
  2. Good remuneration system helps to retain good employees.
  3. It motivates the employees
  4. It helps the firm to gain competitive edge over others.
  5. High motivation helps to give the employees sense of belonging.
  6. Some organizations engage in total compensation in order to define organizational structure.
  7. Total remuneration helps the organization to get the best employees which consequently helps the organization to dominate market share.
  8. It helps to facilitate organizational strategy.

Any organization that fails to recognize the essence of adequate remuneration and its impact or both employees and employers is doing a lot of disservice to itself. For a business to progress, all the stakeholders in the business must be happy in order to contribute their respective quotas.


5.2 Recommendations

Current study is limited to a specific sector while results may change incorporating some other sectors as well. Moreover, it only focused on the manufacturing firms while similar study could be conducted for service firms and investigating whether remuneration also have significant influence on employees’ performance in services firms or not?

Organization should also focus on the quick feedback and superior praise to the employees for more active working environment. The employees expected reward system can be understood by the fair wage system. The business and employees should maintain the fairness that is the internal quality of relative business employees.


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