Employee Motivation And Employee Performance In The Manufacturing Industries In Nigeria
The importance of motivation in the day-to-day performance of workers duties cannot be overemphasize, especially when it comes to being rewarded for a job well done. This study, investigate employee motivation and employee performance in the manufacturing industries in Nigeria, a case study of Golden Sugar Company in Lagos state Nigeria. 162 respondents were selected from the company across the departments in the company. The populations of the study were 292 workers of Golden Sugar Company in Lagos state Nigeria. The study used frequency and simple percentage to analyze the demographic characteristics of the respondent. The Pearson Product moment Correlation Coefficient and spearman rank correlation was used to test the four hypotheses that guided the study. The result obtained from the analysis showed that there existed relationship between the following variables: financial benefit and employee commitment; training and development and employee creativity; job security and employee engagement and also relationship existed between working environment and employee morale amongst the employees. This is in line with equity theory which emphasizes that fairness in the remuneration package tends to produce higher performance from workers. The researcher recommended among others that companies should provide financial benefit and other motivation strategies in motivating employees as this will make employee committed in their areas of assignment. It was concluded that, it is imperative for the organization to consider the needs and feelings of its work force and not just overlook them in order to safe guard industrial harmony, because ―a happy worker they say is a productive worker. Having stressed the importance of a good remuneration policy on the performance of workers and the different kinds of reward that can influence workers to perform better on a job, this study can therefore be seen a call for employers sense of commitment to put in place appropriate motivation plan that will encourage workers to be more purposeful and improve their performance. The researcher therefore, suggest that more research should be conducted on employee motivation and employee performance using many private and public organizations which will be a handy tool that could be used to provide solutions to individual conflict that has resulted from poor reward system.
1.1 Background to the Study
In every organization, employees are a vital cog in achieving organizational goals and improving business performance. Therefore, it is important for every organization to have the right employees who are driven to achieve company objectives and goals. Furthermore, it is important for employees to be united working with the vision and mission of the companies (Achamfour, 2013). Sekiguchi (2013) opined that the way an organization manages human capital rather than physical capital is key in determining their performance. Similarly, studies have shown that the Human resource of an organization is their key resource that gives them competitive advantage over other organizations (Achamfour, 2013; Sekiguchi, 2013; Brian, 2013). Therefore, the performance of employees in any organization is pivotal for the growth of the organization and also for the growth of individual employees (Meyer & Peng, 2006).
For the success of any organization employee motivation plays an important role. In order for a company to achieve set goals and objectives, the employees need to be motivated enough to have the drive to achieve those goals and objectives? Many studies have revealed; the motivation of employees is a key determining factor in an organization’s performance. Furthermore, all organizations encounter the matter of motivation whether they are in the public or private sector (Chintallo &Mahadeo, 2013). This is so because no two employees are the same. Employees vary in their styles, personalities, their beliefs and culture. Therefore, the various things can motivate or depress an employee which can affect their performance. Hence, Managers have to therefore create an enabling environment that drives employees to perform better (Ackah, 2014). This has made the role of the human resource managers really important in companies today, as it is vital that they come up with effective ways to motivate all their employees.
Every single employee has his/her own motivational factors that motivate them to perform effectively and efficiently and organizations should be aware of these factors (Nizam & Shah, 2015). This has been a source of a huge headache for human resource and talent managers alike. Therefore, there is a need to understand and examine various factors that can serve as motivation to employees and how these factors impact upon employee’s performance. Therefore, this study will be an inquisition into what methods can best be used to motivate an employee in different scenarios in an organization.
Motivation, as a process, started with a need in human being which creates a vacuum in a person. In an attempt to fill the vacuum an internal driving force is generated which starts and sustains a chain of action and reaction. It is at that point that the vacuum is also filled. With this background information, motivation as the internal or external driving force that produces the willingness to perform an act to a conclusive end. This first aspect of motivation we choose to describe as internal motivation because the driving force comes from within an individual. The second aspect is external motivation, is applied by the organization. This is because employees are motivated to identify with organization in order to satisfy their varied and variegates needs and desires. Until they have been identified and properly satisfied, they will never cease to impede smooth running of the organizations
One of the biggest problems facing manager in the organizations is how best to get employees committed to their work and put in their best towards the accomplishment of organization’s objectives. Motivation is concerned with why people do what they do. It answers such questions as why do managers or worker go to work and do a good job. This tries to explain what motivates people to act the way they do, with primary focus on the work place. It is the primary task of the manager to create and maintain an environment in which employees can work efficiently and realize the objectives of the organization.
Employees differ not only in their ability to work but also in their will to do so (motivation). To motivate is to induce, persuade, stimulate, even compel, an employee to act in a manner which fulfilled the objectives of an organization
The motivation of employees depends on the strength of their motives. Motives are need, wants, desire, or impulses within the individual and these determine human behavior. Therefore, motivation is the process of arousing behavior, sustaining behavior progress, and channeling behavior into a specific curse of action. Thus, motives (needs, desire) induce employees to act. Motivation therefore is the inner state that energies people, channels and sustains human behavior.
Since it has been established that all behavior except involving responses are goals directed, manager can apply motivational theories of management in their attempt to direct the job behavior of employees towards the goal of their establishment.
Every organization and business wants to be successful and have desire to get consent progress. The current era is highly competitive and organizations regardless of size, technology and market focus are facing employee retention challenges. To overcome these restraints a strong and positive relationship and bonding should be created and maintained between employees and their organizations human resource or employees of any organization are the most central parts so they need to be influenced and persuaded towards task fulfillments.
For achieving prosperity, organizations design different strategies to compete with the competitors and for increasing the performance of the organizations. A very few organizations believe that the human personnel and employees of any organization have its main assets to which can lead them to success or if not focused well to decline. Unless and until, the employees of any organization are satisfied with it, are motivated for the tasks fulfillment and goals achievements and encouraged, none of the organization can progress or achieve success.
Employee motivation is one of the policies of managers to increase effectual job management amongst employees in organization (shadier et al. 2009).
A motivated employee is responsive of the definite goals and objectives he/she must achieve, therefore in that direction. Rutherford (1990) reported that motivation formulates an organization more successful because provoked employee is constantly looking for improved practices to do a work, so it is essential for organizations to persuade motivation of their employees (Kalimullah et al 2010) Getting employee to do their best work even in strenuous circumstances is one of the employees most stable and greasy challenge and this can be made possible through motivating them.
For example, in a country like Pakistan in the city off Islamabad an analysis was taken in the university of Islamabad to know whether the effect of talent managers is using the right motivational packages.
It was found that the majority of the respondents reported that they were not availing Medical allowances, Leave travel allowance, House hiring, Covance allowance, Qualification allowance, Special duty allowance, Pension benefit, Central provident fund, General provident fund, Medical after retirement, Housing schemes, Benevolent fund, Club memberships, Health insurance, Life insurance, Bonus, Performance bonus, Outdoor medical facility, Medical assistance in campus, Fuel fund, Memberships of the educational organizations, Flexible timing, Overtime policy and Refreshment trips.
After the analysis it was recommended that Benefits such as Pension, Central provident fund, General provident fund, Medical after retirement and Benevolent fund may also provide to the employees to attract the skilled and efficient minds to the teaching profession.
Also in a country like Ethiopia an analysis was done as to know whether motivational packages were effective.
According to respondents, motivation to employee has got a positive effect on organizational performance and productivity. That means employees who has got motivation either in cash or in kind brings about boosting productivity because employees feel that organization belongs to them and work effectively. Employees who get the motivation in either scheme can develop a sense of organizational belongingness. Majority of employees said motivated employee increases productivity because it makes them to work working over-time, interestingly and effectively. Moreover, motivated employee is ready to create new techniques and procedures to do work. It makes employee innovative. Especially in this competitive market organizations are expected to take competitive advantage over other competing firms
Coming down to Nigeria the present situation of motivation of employees has been ignored by so many organizations. Just last year it was reported that workers of Osun state have not been paid for over 6 months. also it was also reported in the news that workers of Jos which is the capital of Plateau state, according to the news the workers have not been paid for over four months. All these would definitely affect the performance of thee employees because wages and salaries is considered as an indicator for the motivation of employees.
1.2 Statement of the Problem
With business world growing ever increasingly competitive, business organizations are facing ever-growing challenges regarding commitment, engagement, belief, recruitment and retention of their employees. Cross country studies across various industries globally show that employees who are passionate about their jobs and the organizations in which they work are in the diminishing minority (Nurun, Monirul, Tanvir & Abdullah, 2017).
The current state of affairs in the nation in general as relating to the workforce motivation makes it necessary to temper this optimism with caution. “The workers are on strike again. Over what?”, “They are asking for another pay rise. What more do they want?” These statements and comments and many similar ones are reported frequently in the dailies and are commented upon by watchers of development in various industry and service organizations. The questions are often asked as to what workers in general want from their employers. Can there be an end to the clamor for increases in wages? Why do workers work and what induces them to give of their best? Money only plays the role of common denominator of all things. There is a general notion that if only management can identify other things that can motivate the workforce apart from money, perhaps there will be a dramatic reduction in the demand by workers for pay rises. Less time will be spent on the annual ritual of management/workers union negotiation meetings (Badu, 2010).
Workers leave organization due to the fact that they are not motivated enough. Some are not willing to leave because they are enjoying some benefit in terms of promotion, which leads to increase in salaries and wages, bonus and some other incentives.
The workers of Golden Sugar company are being motivated through different packages and yet the company still find it hard to retain some of their best employees. Also, the inability of workers to perform effectively and efficiently even with the job training being organized by the organization poses a major problem.
As regards satisfying and motivating workers, another imperative question to be posed is the type of motivational technique to be used. Scholars have identified that some workers will prefer financial incentives to non-financial incentives, more especially the junior workers, due to the fact that such incentives are not used as a motivational technique, the company have the problem and challenges of retention of their employees. Hence low performance and productivity becomes the end result and finally work dissatisfaction.
It has been posited that low salaries, unconducive working environment, job insecurity, inadequate training and development, insufficient reward and incentives, irregular promotional structure, and lack of recognition of worker’s achievements reduce the workers’ overall motivation and ultimately, negatively affects organizational performance. The aim of this research therefore, is to find out the type of motivational packages that need to be given to workers, and whether workers when given the right incentives other than money, can put in their best to contribute to the performance and growth of the organization to achieve its corporate objectives.
1.3 Research Objectives
The general objective of the study is to determine the relationship between employee motivation and employee performance.
The specific objectives of the study are:
- To ascertain the relationship between financial benefits and Employee commitment amongst the employees of Golden Sugar Company in Lagos state Nigeria
- To ascertain the relationship between training and development and employee creativity amongst the employees of Golden Sugar Company in Lagos state Nigeria
- To ascertain the relationship between Job security and Employee engagement amongst the employees of Golden Sugar Company in Lagos state Nigeria
- To determine the relationship between working environment and Employee’s morale amongst the employees of Golden Sugar Company in Lagos state Nigeria
1.4 Research Questions
The research will seek to answer the following questions:
- What relationship exists between financial benefits and employee commitment amongst the employees of Golden sugar company in Lagos state Nigeria?
- What relationship exists between training and development, and employee creativity commitment amongst the employees of Golden sugar company in Lagos state Nigeria?
- What relationship exists between job security and employee creativity commitment amongst the employees of Golden sugar company in Lagos state Nigeria?
- What relationship exists between working environment and employee’s morale amongst the employees of Golden Sugar Company Nigeria?
1.5 Research Hypotheses
The following hypotheses are formulated for testing:
H01: There is no significant relationship between financial benefits on Employee commitment amongst the employees of Golden Sugar Company
H02: There is a significant relationship between training and development and employee creativity amongst the employees of Golden Sugar Company
H03: There is no significant relationship between job security and employee engagement amongst the employees of Golden Sugar Company
H04: There is no significant relationship between working environment and employee morale amongst the employees of Golden Sugar Company
1.6 Scope of the Study
The study will focus on the relationship between employee motivation and employee performance in Golden sugar company. The geographical location of the study will be in Golden sugar company of Nigeria plc, Tin-Can Island, Apapa. The sample size for the study was 204; this was derived through the Yamane method. The study adopted the mixed method of sampling (stratified and simple random sampling). Finally, the study would be carried out between September 2017 and 2018.
1.7 Significance of the Study
This study will be relevant to the management of Flour Mills Nigeria plc as it will enable the Human Resource arm of the company know the needs of employees in terms of motivation and also to know how effective their current motivation techniques are. Furthermore, the study results will also enable the company know what areas to upgrade in their motivation strategy.
This study will also be relevant to the entire Manufacturing Industry. It will show the entire manufacturing industry how employees in the manufacturing industry react to various situations and how they respond to motivation techniques used by the company
1.8 Operational Definition of Terms
This is the level of energy, commitment, and creativity that a company’s workers bring to their jobs. Whether a company is growing or shrinking, it is the job of the talent managers to find different ways to motivate their employees in other to achieve organizational success. Motivated employees are essential to the success of employees.
This is defined as whether a person executes their job duties and responsibilities well. Many companies assess their employee’s performance on an annual or quarterly basis in order to define certain areas that need improvement. Performance is a critical factor in organizational success. The success of any business is closely related and tied to the job performance of its employees
In human resources is defined as job satisfaction, outlook, and feelings of wellbeing an employee has within a workplace setting. It is proven to have a direct effect on performance.
Commitment is the bond employees experience with their organization. Employees who are committed to their organization generally feel a connection with their organization, feel that they fit in, and feel that they understand the goals of the organization. The added value of such employees is that they tend to be more determined in their work show relatively high productivity and are more proactive in offering their support.
Summary, Conclusions and Recommendations
This section of the research report summarized the entire report bringing out the finding for each of the research questions in the same sequence as listed in chapter one. The next section dealt with conclusions drawn and recommendations for the study.
5.1 Summary of Key Findings
The study, effect of motivation on employee performance was undertaken by the researcher, with sole aim of establishing a relationship between motivation and employee performance at the workplace. The study was conducted with the workers of Golden Sugar Company constituting the population and a sample size of 150 drawn from it.
The mixed methodology approach thus both quantitative and quantitative designs were employed in conducting the study. The two were considered because the merits of one compensate for the weaknesses of the other. Both types are valid and useful but not mutually exclusive. The bottom line is both methods ensured a greater understanding of a population. The data collection technique was the case study method alongside the questionnaire and interview research instruments were used in collecting data.
Most of the literature reviewed by the study on motivation theory and practice concentrated on various theories regarding human nature in general and motivation in particular, failing to give anything concrete on the practical aspects of it in the workplace.
Respondents who participated in the survey were asked varied questions in relation to employee motivation; forms of motivation, individual needs of employees, employees perception about motivational factors that enhances performance and the relevance of employee motivation to an organisation.
Data collected and analysed indicated that, employees when motivated very well are able give their optimum best.
The results of the study and its interpretation revealed that;
The participants in the survey had as many (42%) between the age range of 31-40, (37%) between the age range of 21-30 and (19%) in the 51-60 this implied that to work at the Company one need to be relatively younger and no wonder they could sit behind staring at it for close more than 8 hours.
Most of the respondents about (79%) had worked with the Company for a period of 1-5years, which implied the research achieved its aim, as workers within that range were in the best position to articulate their views better concerning the issue of motivation at the Company. The remaining (18%) had barely spent a year.
Trust, respect and high expectation was seen by most of the workers thus (71%) as a form of motivation indicating that as employees they desire self respect from management and colleagues and self esteem and esteem for others whiles (29%) supported it.
Staff development was next on the scale as a total of (56%) opined that as employees craves for this need, thus being able to self realise objectives in life and continuous self development facilitates the process becoming the entire they hope to become. The remaining (20%) and (24%) agreed and were very uncertain respectively.
Employees disclosed that bonuses motivated them to increase their performance, declaring that the bonuses come at a time when things are hard so to speak, giving them a relief.
Good accommodation was seen by (79%) of the respondents as very vital for optimum performance indicating that having a place to lay the head and house one‟s family gives the peace of mind to perform than to wake up every morning disorganised and not knowing where to sleep next.
Employees view on ranking of individual need disclosed that human need are not rigid, refuting Maslow‟s hierarchy of needs and agreed with Alderfer‟s ERG theory indicating that there were gaps between the staffs needs and at a point in time some were overlapping. Individual workers at the Company also took exception to the fact that they do not graduate or progress along a particular line rather unconsciously may be obsessed by a higher need, that a lower need may go unnoticed.
Employees perform at the optimum level when they are recognised and appreciated for a good job done by management charging that a pat on the shoulder means more than money to them as they feel accepted.
Fat salaries according to the employees does not motivate them to increase performance in that, they were not receiving as expected but were quick to add, money will always be a major motivator but once again cannot equal happiness.
Career advancement enhances performance as (44%) of the total respondents believed that an opportunity to advance in their work and educational quest motivates them to maximise performance in their field of endeavour.
Promotion and growth as motivational factor enhances performance as (69%) of the employees shared this opinion emphasising that money is not the ultimate but promotion id reward for improved effort, indicating a direct relationship between reward and effort.
Job security as a motivational factor enhances, with (69%) strongly agreeing to the assertion implying that stability, dependency, protection, freedom from fear and anxiety at the work place creates the platform to give off the optimum best.
Interpersonal relationship also improves performance indicating that, as human beings are gregarious in nature, and as such have the need to belong. This implied at the work place to be able to interact with co workers, sharing problems with management create the rapport to be able collaborate with colleagues.
Attending outside seminars or workshops was very key to employees as majority of them indicated it affords the platform to interact with colleagues from other Companys, pick new ideas and initiatives from them and in turn share it with co workers for the common growth of the Company.
Arguably the revelation of the study, it was overwhelmingly seen silent contributing factor to increased performance in the sense that (80%) of the total population rooted for it contending aside their commitments and job description begs and craves for that they can competently handle any additional responsibility handed them by management
All these findings put together and reporting the view of employees of Golden Sugar Company shows that indeed there is a relationship between motivation and performance at the workplace as all the variables studied pointed to the fact the way employees feel about themselves, their work and treated by management goes a long way to determine their output.
Worman (2008), writing on 20 ways to motivate your employees without raising their pay asserted that “it is costly mistake to get lost in the false theory that money equals happy employees”. Believe it or leave it cash will always be a major factor in motivating people and solid compensation plan is critical to attracting and keeping employees. But the issue is that additional cash is not always the answer to the problem, and in many cases not even the best option therefore the study concludes that;
Most of the staff of Golden Sugar Company has served the Company for a substantial number of years giving them rich experience and the ability to deliberate on motivational issues concerning their work.
The level of trust, respect and high expectation from management and colleagues is not encouraging.
Staff development policies and strategies of the Company requires review to suit individual worker needs.
Bonuses as motivational factor for employees was in the right direction except it did not commensurate with work done and needs an upward adjustment.
Good and decent accommodation for staff was encouraging as, staff believed it was the best management could under the circumstance.
Car loan policies and progammes is the best as in a space of every two years there is a review and upward adjustment to cater for the current economic trend.
The individual of the staff of Golden Sugar Company has undergone tremendous changes since the institution was established as their lot has improved in that sector.
The seemingly loss of one of the most cherished and envied hallmarks of employees recognition and appreciation appeared to have affected employee performance as it was low and in some cases nonexistent.
Salaries paid staff of Golden Sugar Company was highly inadequate considering the current economic conditions, having a negative impact on their total performance.
Career advancement and promotion at Golden Sugar Company was very positive and encouraging as over the years consistent and hardworking employees have risen through the ranks to their current positions.
Job security issues well catered for by management as the enabling environment has been created and employees who exhibit gross misconduct are fired based on that.
Interpersonal relationship among management and staff was very excellent. Use of outside seminars as rewarding increased performance was nonexistent.
Additional responsibility to reward high performance is the nurturing stage and had not been that prominent.
The study disclosed that, motivation at Golden Sugar Company has undergone serious and improved changes over the years. Issues of recognition, trust, respect, job security, salaries and bonuses which affect the morale of workers to maximise performance seem to be prevalent everywhere in Nigeria. Such uncomfortable condition does not encourage workers to give off their best hence low turnover.
The study will entreat management to see the urgent need to take appropriate measures if employees of the Company are to achieve the set goals. Concrete, prudent and urgent measures be taken by management of Golden Sugar Company to restore back hope and confidence in the system to boost the morale of staff. The commitment and dedication level of staff brings to the fore the need for the addition of employee incentive packages and other motivational strategies. In the light of the revelations of the research, measures are recommended to management to consider current and future actions to be taken in relation to motivation issues;
- The researcher will entreat management to sponsor employees who have served the Company for so many years to undertake a short course in employee motivation management to come improve the situation.
- Trust and respect should be accorded staff to create a harmonious relationship amongst them to foster collaboration.
- Staff development to enhance performance and promote self fulfilment and actualisation should be encouraged as a matter of deliberate policy.
- Bonuses due workers should be paid on time to bring a relief to them in the face of untold hardships.
- Management should do well to adopt on the spot praise as a medium for recognition and appreciation for hard work for promptness equal effectiveness.
- Management should set career advancement paths within the organisation to promote from within rather look out for talent outside.
The Complete Material Will Be Sent to You in Just 2 Steps
Quick & Simple…
Make Payment (Through Transfer) of ₦5,000 to Any of the Account Below
|Acc No: 0811003731
|Acc No: 1225513212
|Acc No: 8143831497
Or CLICK HERE To Pay With Debit Card
|FOR STUDENTS OUTSIDE NIGERIA
|CLICK HERE To Purchase Material ($15)
|FOR GHANIAN STUDENTS
|Make Payment of 120 GHS to 0553978005 | Douglas Cloud Osabutey | MTN MoMo
Send the Following Details on WhatsApp ( 08143831497) After Payment
- Payment Details
- TOPIC: Employee Motivation And Employee Performance In The Manufacturing Industries In Nigeria
The Complete Material Will Be Sent To You On WhatsApp After Receiving Your Details
T & C Apply
List of Related Works
Marginal Costing Techniques: It’s Effectiveness As Managerial Tool For Profit Planning And Decision-Making In Manufacturing Companies (A Case Study Of Selected Manufacturing Company In Ilorin, Kwara State)
Frequently Asked Questions
What is the importance of motivation in the workplace?
The motivation can lead towards hi gher employee satisfaction (Chudley, 2004). Motivation also can improve the level of effectiveness in the workforce (Greeno, 2002). Besides that, Jesop (2005) claimed that motivation can bring employees closer to the company which will increase the employee and company performance.
How do synergistic motivational combinations increase employee satisfaction and performance?
Such synergistic motivational combinations should lead to high levels of employee satisfaction and performance. Two mechanisms are proposed for these combinations: extrinsics in service of intrinsics, and the motivation-work cycle match.
Is there a relationship between employee motivation and recruitment practices?
Using correlation and thematic analysis, the results indicated that there was a strong positive relationship between employee motivation, recruitment practices and organisational performance.
Should banks in Nigeria be firmer in their selection processes?
The study provides future recommendations that banks in Nigeria should be firmer in their selection processes; this will allow them to identify unsuitable applicants and make room for effective employees who will improve the efficiency of the bank and be motivated.
Why is motivation so important in the workplace?
Motivation is an important ingredient in an effective workplace. Motivation pushes groups forward, motivates progress and energizes staff to excel. However, it is often overlooked by most people in the workplace, especially those who are in charge of the day-to-day activities within an office.
How to increase motivation in the workplace?
The millions in income he has generated for companies through building and increasing their influence. Together we form an unstoppable force, in life, as parents and now as company directors.
What are synergistic extrinsic motivators for knowledge workers?
Extrinsic factors can be seen as synergistic extrinsic motivators when they have a positive effect on the outcome. The present study investigates synergistic extrinsic motivators that organizations can use to foster creativity and innovation of their intrinsically motivated knowledge workers.
Can intrinsic and extrinsic motivation be combined positively?
Intrinsic and extrinsic motivation can combine positively, but not according to the simple scaffolding proposed by the need theories of Maslow (1943) and Herzberg (1966).
What are the two types of employee motivation?
There are two main types of employee motivation: Intrinsic – personal challenges, job satisfaction, self-fulfillment Extrinsic – physical rewards, salary, bonuses, gifts It’s the employer’s role to facilitate employee motivation and figure out what employees need to motivate them.
What is job satisfaction and motivation?
Job satisfaction is an individual’s emotional response to his or her current job condition, while motivation is the driving force to pursue and satisfy one’s needs. Maslow and Herzberg’s theories can be easily applied to the workplace.
What is the relationship between motivation and employee performance?
The purpose of this paper is to examine the relationship between motivation and employee performance. “Motivation is generally defined as the psychological forces that determine the direction of a person’s level of effort, as well as a person’s persistence in the face of obstacles.”
Why is motivation important in the workplace?
Motivated people tend to exert more discretionary effort, meaning that they go above and beyond in their duties to do a great job. This helps both fellow employees as well as your customers. A lot of companies use employee engagement assessments as a primary measurement of EX performance.
What motivates employees to be more productive?
It appears that moral rewards, the relationship with their manager and colleagues and their degree of self-esteem are elements that, if increased and positive, lead to higher productivity in their work.
Is employee recruitment or retention more important?
Both employee recruitment and retention are important to the growth and success of your organization or business. However, there’s no point in recruiting new team members if you can’t keep your current ones. In the big picture of business success, employee retention is more important.
Will loan quality of Nigerian banks weaken in 2021?
The loan quality of Nigerian banks is expected to weaken in 2021, as the government’s and central bank’s coronavirus support measures are discontinued. For anyone considering a banking career in Nigeria, this list of top banks in Nigeria is a helpful guide on where to start.
How effective is the recruitment and selection process in bank?
Table 4.6 shows that 60% of the respondents agree that the recruitment and selection process in bank is very effective, 35% say it is good while 5a5 say it is not effective. Interpretation: Recruitment and selection process in Bank is good.
What is the role of the Central Bank of Nigeria?
CBN oversees the operations of financial institutions and banks in Nigeria, helping ensure high banking standards and financial stability in the industry, as well as promoting an efficient payment system. In March 2021, Moody’s Investors Service maintains a negative outlook for banks in Nigeria.
What is the history of the Nigerian National Bank?
They are among the largest banks in the country when it comes to assets, deposits, branch network and loans. The headquarters of this bank is Lagos. They first got their license from the Central Bank of Nigeria in 1989 and they are among the Nigerian Stock Exchange in 1998.