The Effects Of Remuneration On The Performance Of Employees On The Private Sector

Project and Seminar Material for Human Resource Management (HRM)

The Effects Of Remuneration On The Performance Of Employees On The Private Sector


Abstract


This study was carried out to examine the effects of remuneration on the performance of employees on the private sector using Polaris Bank Abuja. Specifically, the study make adequate recommendations aimed at bringing harmony between organizational importance and employees performance through effective remuneration package. The study also look into various types of remuneration, their merits and demerits. Also, the government policy on remuneration of public employee and see how it has affected those in private sectors. Lastly, to find out if remuneration plays any role on the performance of employee in the private sector. A total of 30 responses were validated from the survey. From the responses obtained and analyzed, the findings revealed that Low basic pay and wages which leads to low employee productivity

Increased staff turnover rate. The study also revealed that declined employee moral which negatively affect the overall performance of an employee. Also, that government policy on remuneration of public employed affected the employee of labour in the private sector . The study hereby recommend that the employers of labour both private and government must not take the remuneration of their employees for granted because it will result in low productivity. The research showed that there is a positive significant relationship between remuneration and employees’ performance. Lastly, the reason for frequent workers strike is borne out of poor remuneration and condition of services which the government must see as a twin scourge destroying the economy.


Chapter One


Introduction

1.1 General Background of the Subject Matter

The public and private organization in Nigeria have different people, sort various ways of increasing the employees performance and also maintain employee loyalty “According to management, introduction and Nigeria perspective by Akpala 18 “Employees wanted raising wages and managements wanted profit and depend on productivity which is their common quest. From the above, I can deduce that productivity is the glue which holds employee and employer together. How does an organization in the private sector go above to achieve its objectives and maintain its employees on long time? A careful and efficient management of remuneration packages to an extent determine the progress an organization record at a given time. My experience on the private organization indicates that remuneration which is not exploitative enhance employee performance. This does not mean that factors such as making an employee to have a sense of belonging in an organization does not enhance performance, but an employee who gets equivalent of what he put in, in an organization stands to perform higher . This is because his needs of feeding, clothing, housing which ranks among the physiological needs according to Abraham Maslow’s need in hierarchy.


1.2 Problem that the Study will be Concerned with

There are many problems facing the private organization. These include, high labour turnover, government policy limited administrative skill, thus perception on low productivity. Yet the researcher still want to know, is remuneration of employee plays a significance role his or her performance. What role does employers on private sector play to encourage performance in area of employee remuneration?


1.3 Importance of Studying the Area.

The importance of this research study are:-

  1. To make adequate recommendations aimed at bringing harmony between organizational importance and employees performance through effective remuneration package.
  2. To look into various types of remuneration, their merits and demerits.
  3. The government policy on remuneration of public employee and see how it has affected those in private sectors.
  4. They find it out if remuneration plays any role on the performance of employee in the private sector.

1.4 Limitation of the Study

This project does not cover the entire sector of Nigeria economy rather it is limited to the employees in the private sector.


1.5 Research Questions

  1. To what extent has the government policy on remuneration of public employed affected the employee of labour in the private sector.
  2. The employers remuneration contributed to the mobility of labour in the society.
  3. To what extent has remuneration of employees ameliorated their problems and at the same time helps in achieving organizational goals?
  4. What are the effects of remuneration on employees productivity?

Not only that the researcher used table in which the responses and the number of respondent for each group shown in percentage method.

Furthermore, it was concluded that for remuneration scheme to achieve a desired objective its implementation must not frustrate the employee. Also for employees to be loyal, the agreement reached with the management has to be adhering to the management. Where this is change the reason for such change should also be communicated to the employees promptly.


1.6 Scope of the Study

This study focuses on the effects of remuneration on the performance of employees on the private sector. The study also make adequate recommendations aimed at bringing harmony between organizational importance and employees performance through effective remuneration package. The study further look into various types of remuneration, their merits and demerits. More so to examine government policy on remuneration of public employee and see how it has affected those in private sectors. Lastly to find it out if remuneration plays any role on the performance of employee in the private sector. Hence this study will be delimited to Polaris Bank Abuja.


Chapter Five


Summary, Conclusion and Recommendation

5.1 Summary

In this study, our focus was the effects of remuneration on the performance of employees on the private sector using Polaris Bank as a case study. The study specifically was aimed at highlighting adequate recommendations aimed at bringing harmony between organizational importance and employees performance through effective remuneration package. The study also look into various types of remuneration, their merits and demerits. Furthermore the government policy on remuneration of public employee and see how it has affected those in private sectors. Lastly, the study find out if remuneration plays any role on the performance of employee in the private sector. A total of 77 responses were validated from the enrolled participants where all respondent are drawn from Polaris Bank.


5.2 Conclusion

Based on the finding of this study, the following conclusions were made:

  1. Low basic pay and wages which leads to low employee productivity
  2. Increased staff turnover rate
  3. Declined employee moral which negatively affect the overall performance of an employee
  4. The government policy on remuneration of public employed affected the employee of labour in the private sector
  5. Employers remuneration contribute to the mobility of labour in the society.

5.3 Recommendation

Based on the responses obtained, the researcher proffers the following recommendations:

  1. The employers of labour both private and government must not take the remuneration of their employees for granted because it will result in low productivity. The research showed that there is a positive significant relationship between remuneration and employees’ performance.
  2. The reason for frequent workers strike is borne out of poor remuneration and condition of services which the government must see as a twin scourge destroying the economy.
  3. Participation of employees should be encouraged and allowed in pay determination both in the private and public sector.

The Effects Of Remuneration On The Performance Of Employees On The Private Sector


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