INTRODUCTION
1.1 BACKGROUND OF THE STUDY
Every organization needs the service of men to achieve its objectives. For the employees to put in their best towards achievement of organizational goals and objectives, they must be adequately motivated (Ugbaja, 1992:24)
Motivation is that energizing force that induces or compels and stimulates the workers to contribute their best towards goal attainment. From the organization’s point of view, motivation deals with everything a manager can use to influence the direction of individual towards goal attainment.
However, of all the several models of motivation propounded so far, on the job motivation has remained a complex issue, hence management is consistently dynamic in devising effective incentive to for its personnel with a view to achieve staff commitment.
Incentive is a form of variable reward targeted at a particular performance outcome. It is designed to reward and encourage positive employee action within clearly defined parameters, to achieve certain business outcome. As an addition to basic pay, they are used to spur employees in an organization to greater productivity. They are strategies put in place to effectively combine both human and material resources so as to enhance and improve the performance of the organization thereby enabling it achieves its overall goals. Its motivational effect as extra-income has enjoyed growing interest even in times of recession.
Incentive payment scheme are sometimes based on the simplistic assumption that employees are indifference to corporate needs and require the carrot to bring forward positive and contributive behaviour. Such payment can be made for extra effort in the shop floor, shouldering extra responsibility in the office, getting more than quota in the sales division, or achieving increased profit in the boardroom.
As a motivational tool, incentive can be subdivided into two groups – financial and non-financial and applied to all categories of workers since each group vary in extent to which they motivate workers individually(Arnold, 1994:212).
Nigerian workers, particularly respond to financial incentivesperhaps due to the prevailing socio-economic conditions. According to Ejiofor as sited in Akpala (1993:114) “there is cheap labour in Nigeria, low level of education and satisfaction of basic needs is paramount to workers. Hence managers could influence labour productivity by applying McGregor’s theory X.
In some industries, incentives represent a considerable proportion of the task in managing remuneration. For the individual on incentive, the payment can represent a significant element of earning. For the trade union, incentives are subject for negotiation, for management, the incentive scheme is designed to some hope of reduction in unit cost of production, in more general term an improvement in corporate wellbeing (Poole and Warner, 1998).
Moreso, some organizations have in place fringe benefits like accident insurance policy, transport allowance, rent and meal, subsidy among other things. These supplementary compensations are often provided partly to attract and keep good employees, and partly because they are required by law. However, despite the fact that employees do not expect direct tangibleproductive job, it hopes to be rewarded in terms of low turnover, high morale, or some other advantages (Zollitsch and Langer, 1970). Majority of employees sees these benefits as their first line of defense against illness, unemployment,old age as well as their holiday (Strauss and Sayles, 1972). According to Herzberg (1964) these could be termed hygiene factors, but if tied to performance, it may serve as an incentive to perform.
1.2 STATEMENT OF THE PROBLEM
Worker motivation is supposed to be well planned for the benefit of both workers and organization. Each employee needs one form of motivation or the other at each point in time to sustain the momentum. Lack of motivation is therefore a hindrance to efficient and effective worker performance, and may lead to low productivity. In most organizations, it behoves management to create good organizational condition to induce employees to strive to reach a target goals set by the organization. Workers must not be allowed to complain for incentives before it is provided and should not be victimized for asking for so, hence the workers resort to poor performance for fear of victimization which in turn leads to poor accomplishment of set objectives.
Considering the Nigerian work environment in addition to the prevailing harsh economic conditions where inflation has eroded the purchasing power of naira, it will be very interesting to study how the employers of labour try to improve worker’s productivity using incentives. Hence, the problem of this study is to investigate the effectiveness of incentive asamotivational tool in enhancing organizational performance using First Bank Plc, Union Bank Plc and Oceanic Bank Plc as our banks of interest.
| Project details | Contents |
|---|---|
| Number of Pages | 113 pages |
| Chapter one | Introduction |
| Chapter two | Literature review |
| Chapter three | methodology |
| Chapter four | Data analysis |
| Chapter five | Summary,discussion & recommendations |
| Reference | Reference |
| Questionnaire | Questionnaire |
| Appendix | Appendix |
| Chapter summary | 1 to 5 chapters |
| Available document | PDF and MS-word format |
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