Motivation As The Key Factor For Higher Productivity In Nigerian Industries (A Case Study Of Eco Bank Plc Owerri Imo State)

Project and Seminar Material for Business Administration and Management BAM

Motivation As The Key Factor For Higher Productivity In Nigerian Industries (A Case Study Of Eco Bank Plc Owerri Imo State)

Abstract

This topic treated in this project is “The impacts of motivation a key factor for higher productivity: a case study of Ecobank Owerri, Imo State”. This topic is very vast and one cannot claim to have treated all the aspects of the literature covered the topic within this skeletal outfit. It attempts to identify the various census of low workers performance in Nigeria. It also attempt to identify the various measures adopted by the company in motivating their workers and to established the relevance or otherwise of the measures. The aim is to ensure that only measures relevant to workers performance in Nigeria are adopted. This is to ensure cost impact.

Methodology: The method adopted in this case study is the c case study method. Consequently, a typical workers territory (Ecobank) was selected for the study. The research instrument used include self administered questionnaire and oral interviews. Analytical techniques comprising of simple tables, percentages and chi-square were also used. The target population management and relevant staffs, customers and distributors in the selected company.

Findings and Conclusion: The study found that workers were encounter varying problems, which range from ordinary workers related problems in such areas as prospecting, presentation, objection handing and so on, to management problem such as arbitrary increase in prices. From other department which render vital complementary and ancillary service to the workers department such as delivery and maintenance services. It was also observed that low educational qualification of most workers adversely on performance. It was also observed that training, incentive pay schemes and management assistance in solving workers related problems act as motivators to workers people.

Table of Contents

Preliminary Page(s)

  • Title Page
  • Approval Page
  • Dedication
  • Acknowledgement
  • Abstract
  • Table of Contents

Chapter One

Introduction

  • 1.1 Background of the Study
  • 1.2 Statement of the Problem
  • 1.3 Research Question
  • 1.4 Objective of the Study/Purpose
  • 1.5 Significance of the Study
  • 1.6 Scope of the Study
  • 1.7 Limitations of the Study
  • 1.8 Definition of Terms

Chapter Two

Literature Review

  • 2.1 Definition and Theories of Motivation
  • 2.2 Overview of Workers
  • 2.3 Overview of Performance
  • 2.4 Formulating Company Strategies
  • 2.5 Workers Objective and Tasks
  • 2.6 Performance of Workers Training
  • 2.7 Compensation and Motivation of Workers
  • 2.8 The Benefits of Motivating Workers
  • 2.9 Performance Evaluation and Supervision

Chapter Three

Research Design and Methodology

  • 3.1 Introduction
  • 3.2 Research Design and Methodology
  • 3.3 Sources of Data
  • 3.4 Method of Data Collection
  • 3.5 Sampling Method/Techniques
  • 3.6 Validity and Reliability of Measuring Instrument Validity
  • 3.7 Method of Data Analysis

Chapter Four

Data Presentation and Analysis

  • 4.1 Introduction
  • 4.2 Presentation and Analysis of Data According to Questions

Chapter Five

Summary of Findings, Conclusion and Recommendations

  • 5.1 Summary of Findings
  • 5.2 Conclusion
  • 5.3 Recommendations
  • References
  • Appendix

Chapter One

1.0 Introduction

1.1 Background of the Study

The word motivation comes from Latin word MOVERE, which means to move. It is a general term that refers to all those inner forces as desires, drives, or motives, wishes and so forth which kindle, direct and sustain behaviour towards a goal. To be able to motivate people, managers must do those things that satisfy these forces so as to induce individual to perform.

Over the years many psychologist and scholars have put forth several theories of motivation. Most of these theories have move people to contribute in various ways in bordening management understanding towards accomplishing goals and objectives. And many of the available theories of motivation (Douglas McGregor etc).

In an attempt to evaluate and break the complexity in the process of motivation has called for the study of “the impact of motivation a key factor for higher productivity” with Ecobank Owerri Imo State as a case study.

The Ecobank is a public limited liability company, was established as a bank holding company in 1985 under a private sector initiative spearheaded by the federation of West African Chambers of Commerce and Industry, with the support of the Economic Community of West African States (ECOWAS).

In the early 1980s, the banking industry in West Africa was dominated by foreign and state owned banks. There were hardly any Commercial Bank in West African private sector. ETI was founded with the objective of filling this vacuum.

The federation of West African Chambers of Commerce promoted and initiated a project for the creation of a private regional bank institution in West Africa. In 1984, Ecopromotions S. A. was incorporated. Its founding shareholders raised the seed capital for the feasibility studies and the promotional activities leading to the creation of ETI.

In October, 1985, ETI was incorporated with an authorized capital of US$100 million. The initial paid up capital of US$32 million was raised from over 1,500 individuals and institutions from West African countries. The largest shareholder was the ECOWAS. A headquarter’s agreement was signed with the government of Togo in 1985 which granted ETI the status of a non-resident financial.

ETI two specialized subsidiaries

Ecobank Development Corporation (EDC) and process international. EDC was incorporated with a broad mandate to develop ECOBANK’s investment banking and advisory business throughout the countries where ECOBANK operates.

EDC operates brokerage houses on all 3 stock exchanges in West Africa and has obtained licenses to operate on the two stock exchanges in Central Africa. The Douala Stock Exchange in Cameroon and the Libreville Exchange groups information technology function with a view of ultimately centralizing the groups middle and bank office operation to improve efficiency service standards and reduce costs.

1.2 Statement of the Problems

Some of the problem observed in Ecobank Imo State are stated below. But for more understanding and clarity, we will summarize the major problems of motivation in Nigeria with more attention to Ecobank Imo State.

  1. The management inability to describe properly the task to be performed by the workers inadequate job description workers training before pushing them to the field to go and sell for the company.
  2. The workers in most cases suffers from low moral. This can be caused as a result of discovering for themselves the true position of thongs in the field due to the present economic and numerous sitting of workers people.
  3. There is increase rate of dishonesty and disobedience amongst the workers who are doing everything to survive the hard times.
  4. There is also the problem of the Second tier Foreign Exchange Market (SFEM) flexibility or rather variation in terms of the company importation of its roofing sheet (product).
  5. At times, it could be revealed that in one questionnaire the possible outcome of this problem can be traced to changes in the relation to (Price, Place, Product and Promotion).

1.3 Objectives of the Study

Since the time of twentieth century, the phenomenon of motivation has been the subject of considerable and extensive study of theorists and researches in a number of disciplines of this span of time, a number of distinct perspective or approaches has been favourable. The study has a broad objective of investigating the impact of motivation on workers performance in Ecobank Imo State.

The specific objectives are stated as follows:

  1. To ascertain the various causes of low performance of the workers in Ecobank Plc Owerri.
  2. To determine the extent of the relationship between motivation and productivity.
  3. To ascertain the extent of relationship between job satisfaction, motivation and productivity.

1.4 Research Question

  1. To what extent is the level of low performance of the workers in Ecobank Plc?
  2. To what extent is the relationship between job satisfaction, motivation and productivity?
  3. What are the causes of low productivity of the workers in Ecobank Plc Owerri?

1.5 Scope of the Study

The researcher is focused on motivation and its impact on performance. Sequel to this typical organization (Ecobank Plc in Owerri Imo State) has been selected for study since the study focuses mainly on workers profitability. The target population is workmen and workers manager.

This study will look at the sale job and some programmes on performance or measures designed to motivate the workers in a typical production and sale force, training the workers evaluating the performance of their supervision. Furthermore, formulating workers objectives and task and establishing workers structure and size.

1.6 Significance of the Study

This study will be of great benefit to the staff and management of Ecobank Plc Owerri. Also it will be of benefit to both government and private business in Nigeria. The work will serve as a further research material to researchers.

1.7 Limitation of the Study

In the course of this study, the researcher encountered lots of constraint which includes:

Time:

There was no insufficient of time to carryout this research such a enough time study.

Finance:

Also a great threat to this study because of this nature require large funds which could not be obtained.

Academic Workload:

Academic workload was another limitation of this research work due to the nature of our lecture from Monday to Friday which provides little time for student to go for the information needed for the research.

Availability of Information:

The major limitation to this study are access to necessary related information due to the organizational set upon employee want to be involved for the fears of queries from superior officers and maybe subsequent termination of the job.

1.8 Definition of Terms

The terms used in this study which have unique meaning that could be subjected to this project report are defined as follows:

Joint Consultant:

It is a process or machinery set of motives for labour and management to sit together and iron out their problems or differences.

Management:

This is a set of group of people that occupies the high posts or problems in an organization. They controls and take decision concerning an enterprise or business in other to achieve the organizational goals or objectives effectively and efficiently.

Organization:

This could be defined as a social and economic entity in which different individuals perform a variety of functions in other to achieve their goals.

Relation:

It is the art of relating or interacting between a thing or people of relative quality or combination.

Productivity:

Productivity can be seen as t he ability of something, person or group to produce its designed effect or achieve its objectives effectively and efficiently.

Chapter Five

5.0 Summary of Findings, Conclusion and Recommendation

5.1 Summary of Findings

In this study which focused on the motivation and its impact on performance has been done with special reference to Ecobank Plc Imo State. A series of analysis and test were carried out to either approve or disapprove of result of the assertion made as hypothesis following the result of the test, a lot were discovered. These include:

  1. In Ecobank Plc, the trend of motivation has increased over the years.
  2. Workers performance has been improving over the years.
  3. The workers encounters many problems on the job ranging from problems in selling principles and techniques to problems generated by poor management action.
  4. Training in various aspects of selling is required.
  5. Incentives are considered motivational and improves motivation.
  6. From the result collected, the factor that is responsible for high performance in Ecobank Plc is promotion.
  7. Introduction of year-and bonuses also leads to increase in performance.
  8. Finally, payment of fringes benefit has been discovered as a very good incentive tool.

5.2 Conclusion

The inability of workers to achieve stated corporate objective has been an issue of serious concern to workers management in Nigeria. The matter is lightened by the apparent lack of method on how best to organize the effort of workers to achieve desired objective.

Against this background, it is believed that an understanding of believed that an understanding of the nature and note of workers person and his job management of the workers. The workers of Ecobank Ltd are not well paid. Workers management relationships are relatively good:

  1. Autocracy has not been accepted.
  2. That Ecobank staff are satisfied with the rate of cash incentives presently give by the company.
  3. That the training of Ecobank workers enhances their performance.
  4. Generally motivation is very instrumental in determining the level of performance
  5. That other factors as promotion, bonuses, staff management relationship remuneration, job rotation, closer supervision are also important in high achievement.

5.3 Recommendation

Considering the data analyzed and presented the following recommendation are made:

  1. Better workers management relationship should be encouraged through meeting aimed at and seeking workers opinion on some issues. Autocratic leadership should be avoided.
  2. Generally upward review of the fringe benefits should be carried out to be in line with the economic needs of the staff.

With the above the researchers submission is that lack of proper motivate ion of workers breeds inefficiency, dishonesty, low performance and poor company customer relationship. This is conformity with the general view of sample group which agreed with the researcher view that lack of proper motivation brings about general lower performance in the organization. Great emphasis was laid on cash incentives here as above due to the on the spot observation and interrogation of staff and this quite agrees with berzbergs motivation maintenance model. To which Kieith Davis (1981:5) emphasized on the incentive of money. Promotion, and security is very instrumental in high performance.

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