Download complete project materials on Impact Of Reward System On Office Professional’s Performance In Nigerian Banks from chapter one to five
ABSTRACT
The study examines the impact of reward system on office professional’s performance using four selected banks in Kaduna metropolis as a survey. The theoretical basis for the study was done through the review of related literature from textbooks, journals, periodic, conference papers and internet among others. The entire population is 134out of which 54 was used as sample size using simple random sampling techniques.
A set of questionnaire was used as instrument for data collection. Data were analyzed using mean statistical tool of the Four Point Likert Scale. The findings of the study revealed that reward system has positive impact on the performance of office professionals as it improve the attendance and promptness of workers as transportation may be provided.
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The study therefore concludes that a good reward system helps to increase organizational productivity through devotion to work by employees. The study recommends among others that Management of organizations should ensure that reward system should be in form of cash bonus, recognition of achievement, advancement, promotion and other non-financial incentives.
TABLE OF CONTENTS
TITLE PAGE.. i
DECLARATION.. ii
APPROVAL PAGE.. iii
DEDICATION.. iv
ACKNOWLEDGEMENT. v
ABSTRACT. vi
TABLE OF CONTENTS. vii
LIST OF TABLES. x
CHAPTER ONE.. 1
INTRODUCTION.. 1
1.1 Background of the study. 1
1.2 Statement of the Problem.. 5
1.3 Purpose of the Study. 6
1.5 Research Questions. 6
1.6 Significance of the Study. 7
1.6 Scope of the Study. 8
1.7 Definition of Terms: 8
CHAPTER TWO.. 10
LITERATURE REVIEW… 10
2.1 Introduction. 10
2.2 Concept of Reward System.. 10
2.3 Concept of Employee’s Performance. 16
2.4 Type of Reward System in an Organization. 19
2.5 Available Reward Packages in an Organization. 20
2.6 Effect of Reward System of Employees’ Performance. 21
2.7 Challenges of Implementing Reward System in an organization. 22
2.8 Strategies for minimizing the challenges of reward system.. 23
2.9 Summary of the Review.. 23
CHAPTER THREE.. 26
RESEARCH METHODOLOGY.. 26
3.0 Introduction. 26
3.1 Research Design. 26
3.2 Area of the Study. 27
3.3 Population of the Study. 27
3.4 Sample size and Sampling Technique. 7
- Instrument for Data Collection. 28
3.7 Validation of the Instrument 28
3.8 Administration of the Instrument 29
3.9 Method of Data Analysis. 29
CHAPTER FOUR.. 30
DATA PRESENTATION AND ANALYSIS. 30
4.0 Introduction. 30
4.1 Data Presentation and Interpretation. 30
4.3 Major Findings. 35
4.4 Discussion of Findings. 37
CHAPTER FIVE.. 39
SUMMARY, CONCLUSION AND RECOMMENDATIONS. 39
5.1 Summary. 39
5.2 Conclusions. 40
5.3 Recommendations. 41
5.4 Areas for Further Research. 41
REFERENCES. 42
APPENDIX 1. 47
CHAPTER ONE
INTRODUCTION
1.1 Background of the study
A reward system is important for the employee performance as employee performance will be more effective to high reward system. How to have high performance is based on high reward vice versa. Job performance is also part of human resources management. Performance isimportant for the organization succession and achieving the goals.
Rewards are considered an important tool to check the employee’s performance in every organization. Management use rewards for employees motivations. It can be said that effective reward system attract new employees for organization and motivate existing employees to perform at high levels. Employee’s good work is necessary to achieve the specific goals.
For most employees, rewards has a direct bearing not only upon their standard of living but also upon status and recognition they may be able to experience both on the job and off the job (Michael, 2004). Employees give in their good efforts for achieving goals and good effort depends on rewards. In other words itcan be said that good rewards are most important way to engage the employees with their work and with their organization.
The connection and relationship between rewards, motivation and job satisfaction of employees have much significance to success of both public and private sectors. The efficiency, effectiveness and performance or productivity of personnel, have been identified the world over as important factors that determine the success or future of any organisatiion.
Motivation plays a major role in determining the level of the above indices, that is, efficiency, effectiveness and performance or productivity of employees, which in turn influence effectively the organizations will achieve their goal.
Employees want to get both types of rewards – financial and nonfinancial rewards. Some employees prefer the financial rewards and others are non-financial rewards, that is, opportunity to take an important tasks and projects, attention and encouragement of leadership.
In this way employees feel that they are being valued by the employers and also feel that the company is seriously involved in employee’s career and development. So these rewards contribute to improve the satisfaction level of workers (Dewhurst, 2010).
This confirms La Belle (2005), assertion that different employees have different perception about rewards. Some employees consider cash as sufficient to fulfill their needs and some others wants material incentives like car, house, and some prefer holidays and some prefer nonmaterial incentives.
Public sector employees much prefer extrinsic factors than intrinsic factors, such as pay, as more important than private sector employees (Neckermann and Kosfeld2008). These two basic rewards (financial and nonfinancial) can be utilized positively to increase the performance of employees. Financial rewards mostly consist of pay for performance such as job promotion, bonus, commission, gifts and so on.
Nevertheless, Chiang and Birtch (2009), posit that rewards that are not-financial in nature, such as the provision of an increase in holidays, and increase in family benefits, contribute towards the perception of the employees of their work place as being supportive And nonfinancial rewards mostly consist of social recognition, appreciation, working condition, meaningful work responsibility and so on (Luthans, 2005).
Many researchers have found that employees’ job satisfaction is affected by both financial and non-financial rewards (Gerald and Dorothee, 2004;Rehman, Khan, Ziauddin and Lashari, 2010). An ineffective reward management will affect employees’ satisfaction and de-motivate them, hence affecting their performance outcome.
Rewards is one of the important elements to motivate employees for contributing their best effort to generate innovative ideas that lead to better business functionality and further improvise company performance both financial and non-financially.
According to Dewhurst (2010), there are other means to reward employees that do not just focus on financial compensation. Some of these include the praise that employees are able to acquire from their managers, the opportunity to take on important projects or tasks, and even leadership attention.
Much research on leader power have found that supervisor reward power would be positively associated with employee task performance, productivity, satisfaction, turnover, and organizational citizenship behaviors(Jahangir,2006).
Employee will give their maximum when they have a feeling of trust that their efforts will be rewarded by the management. There are many factors that affect employee performance like working conditions, worker and employer relationship, training and development opportunities, job security, and company’s overall policies and procedures for rewarding employees, and so on. Among all those factors which affect employee performance, motivation that comes with rewards is of utmost importance.
Motivation is an accumulation of different processes which influence and direct our behavior to achieve some specific goal (Armstrong 2006). Rewards can be extrinsic or intrinsic, extrinsic rewards are tangible rewards and these rewards are external to the job or task performed by the employee. External rewards can be in terms of salary/pay, incentives, bonuses, promotions, job security, etc.
Intrinsic rewards are intangible rewards or psychological rewards like appreciation, meeting the new challenges, positive and caring attitude from employer, and job rotation after attaining the goal. Financial rewards means pay-for-performance such as performance bonus, job promotion, commission, tips, gratuities and gifts and so on.
Non-financial rewards are non-monetary/non cash and it is a social recognition such as acknowledgement, certificate, and genuine appreciation. The non-financial rewards is also called materials award (Neckermann and Kosfeld, 2008).
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