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IMPACT OF REWARD SYSTEM ON EMPLOYEES PERFORMANCE
EFFECTIVENESS
CHAPTER ONE
INTRODUCTION
1.1 Background of the study
Organizations are
established with the aim of effectively utilizing various available human and
non-human resource to achieve certain objective. Among these resources in
human, which is commonly seen as the most valuable asset an organization could
use to earn competitive advantage and achieve its objective, hence the need for
human resources management to ensure optimum productivity and organizational
continuous existence.
Human resource has been
tagged the most valued asset of any organization. Its strategic approach
emphasized a “tight fit” between individual needs, rights, ambitions, and goals
within the organization which make compensation system central in the affairs
of emerging students, scholars and HRM practitioners in the world over. The
emergence of human resource management posed great threat to the conventional
personnel management and industrial relation because it evolved from the core
approach or organization relationship. It is an asset that should be invested
upon so as to provide long-term commitment and high performance in an
organization. As organizations strive to achieve one or more objectives through
exhaustive utilization of human capital, so also, the employee aim toward
achieving individual purpose (objective) while working for the organization.
Reward system is the
instrument used to increase employees’ productivity. It seeks to attract and
retain suitable employees, encourage good management – employee relationship
and commitment and minimizes tension and conflict as it deals with all forms of
final returns, tangible service and mechanism for good relationship.
Furthermore, the major case of industrial conflict is based on the fact that
employees feel their benefit are denied or about to be denied thus the
importance of compensation system is to provide a good platform for equity and
farness. This provides a challenging environment and increase productivity of
employees. The compensation system ensures that both intrinsic and extrinsic
needs of employee at all levels are adequately provided for compensation
develops organizational integrity, policy, procedures and practices capable of
improving organizational productivity. Reward and compensation is concerned
with employees and organization performance development through which better
result can be achieved by understanding and managing reward and compensation
within an agreed framework, planned goals, standard and competency
requirements.
Petroleum sector plays a
great or leading role in building Nigeria economy since petrol (Crude oil)
serves as the major source of income in Nigeria and is the strength of Nigeria
economy. The role petroleum industry plays cannot be overemphasized, among
which are structuring the capital market, refining of crude oil for local
consumption, provision of employment for both indigenes and foreigners and the
marketing of crude oil and petroleum product. However, the success of the
industry rests so much on its human resources capability, which is the most
valuable asset of any sources capability, which is the most valuable asset of
any organization. The challenging tasks of every manager at all level are how
to build a befitting reward and compensation system to incorporate both
organizational goals and individual needs, thus, have a motivated workforce and
improve productivity. Therefore, this research work seeks to look into reward
and compensation system and its implication on worker’s efficiency in the
petroleum industry (Total Plc as case study). The industry has proved to be one
of the most valuable in Nigeria economy and the productivity of the industry
cannot be refrained from its rewards and compensation structure, directly or
indirectly.
However, the study
examines the impact of reward and compensation, system on organizational
productivity, the base of good reward and compensation structure, employees
expectation at different levels and how the compensation structure is based on
performance of individual(s) or job requirement of employees. The researcher
therefore tends to draw attention of Board of Directors (BOD) and management of
organization to the need for effective and efficient reward and compensation
system capable of improving employees’ performance and enhance organizational
productivity.
1.2 Statement of the Problem
Some organizations over
the years see employee as additional cost as well as liability to their
operations, hence do not remunerate them appropriately, and where it is more
appropriate, the compensation is not commensurate with the efforts and skills
that workers put into the organization’s activities, instead of paying
attention on how employees will be compensated appropriately, some organizations
concentrate more on other resource, such as materials, machines and money. The
effort is more on how to improve the production process with little or no
consideration for human efforts.
This had led to the
inability of such organizations to attain their set objective, organization
success relies heavy on how much attention pay to its employees’ reward
policies. It is in view of this that the study seeks to know how reward and
compensation system in organization affect the performance of employees as well
as that of the organization in general.
1.3 Objectives of the Study
The major objective of
this study is to examine and assess the impact (if any) of reward and
compensation system on the productivity of employee in an organization. The
specific objectives therefore, are to;
Draw the attention of management to prompt,
timely and adequate compensation of employee
Analyse the available reward package and
how it affect employees and organizational performance
Ascertain the need for management to create
a conducive working environment by providing both physical and psychological
incentires to make employees more committed to organizational goals
Encourage a good reward and compensation
policy which should be channeled toward increasing organizational productivity.
1.4 Significance of the Study
The importance of this
study cannot be overemphasized due to the fact that, it holds a lot benefit to
ensure continuous existence and survival of organizations, the study will be
great benefit to manager or human resource department of organization regarding
the identification of effective reward and compensation, system, it cost and
benefit on organizational operations, harmonizing employees and organizational
interest to avoid sub-optimality etc.
In addition, the study
clarifies the argument on weather effective reward and compensation system adds
value to organizational activities, which will enable organizations take
profitable side on whether to compensate employees or not. This research due to
adequate review of various up-to-date literature is a source of material to
post and undergraduate student and as well as researchers who may intend to
undergo a study on the subject matter in future.
Knowledge the say, is
power this research work exposed the researcher to many practical issues on
human resource, reward and compensation system and the respective relationship
that exist between effective reward and compensation system, productivity
customer patronage as well as organization productivity and profitability. In
addition, the study was an avenue for the researcher to study some materials
text book, journals, annual reports etc which on ordinary activity would not
have thought of.
Finally, the study serves
and meet one of the pre-national diploma in management from Kaduna Polytechnic
Kaduna.
1.5 Research Question
What are the benefit of prompt compensation
to employees in the organization
How can a reward package affect the
performance of an employee in an organization
How
does a conductive working environment make an employee committed in attaining
organizational goals
In what way can employers encourage
employees
1.6 Scope of the Study
This research work is
undertaken to analyse the impact of reward and compensation system on the
productivity of employees in an organization though employees reward and
compensation system is just one of the various tools used to ensure effective
human resource management, but the study strictly concerns itself with reward
and compensation, its system and its impact in enhancing organizational
productivity and profit ability.
In addition, the research
work is carried out to study the impact of reward and compensation system on
the productivity of employees in Total Nigeria Plc Kaduna. This therefore shows that the study nether
cover every organization in petroleum industries non has it cover every branch
of total Nigeria Plc but Total Nigeria Plc, Kaduna South.
1.7 Limitation of the Study
A research work of this
nature is however unpleasant with numerous problem that limit the researcher
ability especially in Nigeria where many organizations do not disclose the true
information about their organization to researcher.
The researcher found it
difficult to access meaningful data concerning the organization reward, policy
but has to use the limited information available. Nevertheless, the research
work was adequately covered based on the available information to the
researcher though its difficult to claim a total perfection, therefore the
topic is opened for further build up consideration and research.
1.8 Definition of Terms
Compensation: Compensation
of all form of financial return, tangible services and benefit an employee
receives as part of an employment relationship.
Industry: This is the
group of firm that engage in the production of similar product (i.e. goods /
services)
Productivity: Productivity
is the output unit / per labour input into the production process given the
level of existing technology.
Management: This is the
process of planning, organizing, staffing, leading, directing, coordinating and
controlling available resources toward s achieving a target objective.
Reward: This is the
cor-faced of an employment relationship. Reward system consists of an
organization’s integrated policies process and practices for rewarding its
employees in accordance with their contribution skills competence and their
market worth.
Remuneration: This is the
financial reward accruing to employee for his or her performance in the
organization.
Motivation: It is the
inner drives that arouse direct and maintain an individual behavior toward
accomplishing organization goals.
Research: Is a way of
arriving at a dependable solution to business and management problem through a
systematic way of data collection, data analysis and data interpretation.
Pay Structure: Is a
framework for managing base pay progression over time for employee benefit.
Policy: Is organizational
guiding principles that regulate its operation and activities.
Job Analysis: According to
Raymond, etal (2004) it is the process of getting detailed information about
jobs.
Job Description: Is the
setting out of the purpose of job, where it is fit in the organization
structure the content within which the job holder function and the principal
accountability of job older. Main task the employee has to carry out.
Job Enlargement: Is the
act of combining previously fragment task into one job to add greater autonomy
and responsibility to a job and is based on the job characteristic approach and
maximizing the interest and challenges of work.
Job Evaluation: Is a
systematic process for establishing the relative work of job within an
organization.
Reward Strategy: It is a
definition of the intention of the organization on how its reward policies and
process should be developed to meet business requirement.
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