The Effect Of Motivational Incentives On The Performance Of Employees Of First Bank Nigeria Plc
The Effect Of Motivational Incentives On The Performance Of Employees Of First Bank Nigeria Plc
Abstract
The research project attempts to examine the impact of motivational incentives on employees performance in first bank plc. The objectives of the study amongst others is to determine the relationship between motivation and performance and to asses the adequacy of employees’ reward in first bank plc. The researcher adopted questionnaire and interview in the collection of primary data and documentary evidences such as literature review for secondary data. It was found out that incentives are not the only tools for motivating employees. Other motivational tools discovered include good working tools, good work environment, equitable salaries, and recognition e.g. promotion. The researcher recommended that motivational tools such as training should be extended to junior staff and that employees should not be forced to own shares in the company.
Chapter One
Introduction
1.1 Background of the Study
It is known fact that the principal motive of management of any organization is to make individual and people contribute positively towards the activities which it consist. So as to achieve the mission and goal of the enterprise employee motivated.
Hermman motivates are based on need such as the physiological requirement for water food sleep and shelter other need may be regarded as secondary such as self esteem status. Affiliation with others compliment and self assertion or satisfaction (Daniel, 1982).
A motives as well as directs motivate their subordinated is to say why they do those thing, which they hope will satisfy, these drives and desire as to induce in the subordinate so as to act in a desired manner if the motivation of employee is to be more productive and for it to produce at a high level of quality often required what a variety of an incentive be used in varying proportion as can best be esteemed by managerial personnel. Because of the differences in need patterns and their ever changing natures, the incentives that may be best for one group or an individual may not be effective for another of a particular time.
The use of motivational tool does not only involves the monetary aspect but also comprise non financial incentive such as transportation facilities accommodation facilities welfare services etc one need to explain the non-financial incentives aspiration the typical employer.
It is usually the responsibility of the supervision to ensure that the employees feels that the up (the organization) came about their views and suggestion on work emplacement, income simplification and such other routine matter (Ibekwun 1984).
It is describe that job should be varied or given to employee accomplished which boost their age and gives them a feeling of pride and sense of achievement more also job security can serve as an incentive which includes some individuals to remain with an organization so as to reach animal satisfactory level of performance.
Hence motivation tend to be cost to their employee while it is a benefit or major source of income to employees. No organization can hopefully succeed without the effort of the employees performance with focus on first bank plc as case study.
1.2 Statement of the Problem
In the past years there has been a steady increase in most Nigerian industries, the crisis is as a result of a poor working condition, strigent rules, poor and delayed payment of workers wages and salaries.
Again the crises also results from the failure of the top management to appreciate to human element as the most crucial factor and the determinant of attainment of goals and objectives this result into frustration which manifest itself differently by individual or workers. It is view of this that this research intends to look at the effect of motivation on employee performance in an organization taking first bank plc as a case study.
1.3 Objective of the Study
The objectives of the study includes:
- To determine whether personnel employee need to be motivated.
- To determine whether motivation is related to performance
- To determine whether promotion is motivating factor to performance.
- To determine whether personnel do perform optionally
- To determine whether workers do get adequate remuneration.
1.4 Significance of the Study
The study is significant in that it would serve as a basic for future researcher who would like to carry out a research on a similar topic it would also give an impetus to policy makers on how best to improve motivation on employee performance in an organization especially in first bank Plc. Also the result of this study would give relatively good understanding on the effect of motivation on employee performance in an organization.
1.5 Statement of Hypothesis
- Ho: Motivation has no effect on employee performance in first bank plc.
- Hi: Motivation has effect on employee performance in first bank plc.
1.6 Scope of the Study
The study shall cover first bank Plc Kaduna. In relation to motivational tools been used to affect its employee to theories of motivational importance of motivation its impact on the Nigeria working environment.
1.7 Limitation of Study
1. Inaccessibility of Sufficient Research Materials:
The materials used for the research were not readily available and adequate enough for a comprehensive research as desired by the researcher must comment lent books and other relevant publication in libraries within and outside the school.
2. Uncooperative Attitude of Respondent:
These were some respondents that were not ready to answer vital information for the purpose of this research such valuable information was considered to be confidential and as well were not ready to release confidence secret to the organization.
3. Low Return Rate of Questionnaire:
Some of the questionnaire distributed to respondents without properly filling as such that they were not used in analyzing the data.
4. Academic Pressure:
This is the frequent test in school assignment and always pay visit to library in the search of relevant materials lampered the researcher in writing a name comprehensive and better research work done.
1.8 Definition of Terms
In research of this nature it is quite necessary to define some of the key occurring terms. The essence is to make them operational in the context in which they have been used.
Personnel:
This refers to the people who work for an organization.
Performance:
This is a measure of how well the personnel do in the organization so as to achieve the goals and objectives.
Satisfaction:
The state of being contended pleased or the state of acquiring what one wants or need the act of satisfying.
Remuneration:
This simply means in amount of money that is paid for somebody for the work that have been done.
Organizations:
This refers to a group of people that forms as business club etc. together to order to achieve a particular aim this also means the act of making arrangement or preparation for something.
Chapter Five
Summary Conlusion and Recommendations
5.1 Summary
An attempt has been made in the forgoing chapter to take an over view of the impact of motivational incentives on employees’ performance in first bank
For this research first bank Plc Kaduna has been used as a case study and how they use certain motivational incentives to motivate worker for good performance in addition this motivational incentive has helped organization to achieve their goals.
Chapter one of the research report gave an overview of how tempera line is to understand the impact of motivational incentives. Some problem concerning it was stressed and acknowledged. The main objectives of the study include to determine whether personnel employee need to motivate and also to determine whether motivation is released to performance.
In chapter two the definition of motivation was included and how several authors define motivation and several names of authors were there e.g. Stoner and Tee Man (1992) saw motivation as the factor that cause channel and sustain behaviour, and chapter two is also stated the theory of motivation, which talk about the keys to understanding motivation i.e. in the meaning of an relationship between need and goal in that very chapter two it talks about the motivational tools which is known as he tools or ways which organization used to motivate its employee.
Chapter three gave a methodology use in the area of study first bank Kaduna which is the case study of this research work is situated in Kaduna.
The old Kaduna local government 91991) also in the same chapter three research design was included and it is define by Nwogu in (1991) he defined a survey research as one in which a group of people or items is studied by collecting and analyzing data from only few people considered to be representation of the entire group.
In the chapter four it is concerned with the presentation and analyzing of data obtained from the respondents and proof of hypothesis which show that;
Hi: Motivation has effect on employee performance in the first bank Plc Kaduna.
5.2 Conclusion
Assessment of motivation on employee performance has become a necessity and vital tools for organization to achieve their stated goals and objectives lack of motivation of staff have led to low performance and low out put in some organization making it to run loss.
This study have been able to point out that good pay and promotion is as condition of service have contributed toward motivation immensely employee to improve on their performance.
5.3 Recommendations
The following recommendations were noted during the course of the study
- Effort should be made to send the junior staff on training so that they would feel a sense of belonging in the organization.
- Workers who exhibit exceptional performance during the year should be given a special bonus as a sign of appreciation by the organization.
- The top management should endeavor to have a representative at the junior staff as the decision making body of the organization.
- The company should ensure that equity waitlisted in the payment of all forms of incentive especially sales commission and profit sharing.
- Employee should not be forced into owing shares in the company.
- Top management should ensure that other forms of motivation in addition to incentives such as good work environment, good working tools and recognition and used to inspire workers to greater productivity.
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