ABSTRACT
This research dealt with the influence of rewards on workers performance in an organization. Employers are continually challenged to develop pay policies and procedures that will enable them to attract, motivate, retain and satisfy their employees. Subjects for this study consisted of one hundred workers of Central Bankof Nigeria, Abuja. The data for the study were gathered through the administration of a self-designed questionnaire. The data collected were subjected to appropriate statistical analysis using Pearson Product Moment Correlation Coefficient, and all the findings were tested at 0.05 level of significance. The result obtained from the analysis showed that there existed relationship between extrinsic rewards and workers performance while no relationship existed between intrinsic rewards and workers performance. On the basis of these findings, implications of the findings for future study were highlighted.
TABLE OF CONTENT
Title
Page i
Certification ii
Approval
Page iii
Dedication iv
Acknowledgement
v
Abstract vii
Table
of Content viii
List
of Tables xii
CHAPTER ONE: INTRODUCTION
1.1 Background of Study 2
1.2 Statement of Problem 3
1.3 Objective of Study 4
1.4 Research Hypothesis 5
1.5 Significance of Study 5
1.6 Scope of Study 6
1.7 Limitations of Study 7
1.8 Historical Background of Central Bank of
Nigeria (CBN) 7
1.9 Definition of Key Terms 10
CHAPTER TWO: REVIEW OF RELATED LITERATURE
2.1 The Nature of Motivation in an Organization 20
2.2 Motivation and Performance 24
2.3 Historical Views of Motivation 26
2.4 Need – Based Approaches to Motivation 26
2.5 Need Hierarchies 27
2.6 Maslows Theory 27
2.7 Alderfer’s ERG Theory 28
2.8 Acquired Needs 30
2.9 Process-Based Approaches to Motivation 30
2.10 Expectancy Theory 31
2.11 Implications for Managers 33
2.12 Equity Theory 34
2.13 Reinforcement – Based Approaches to
Motivation 35
2.14 Reinforcement Contingencies 35
2.15 Providing Reinforcement 36
2.16 Goal Setting Theory 37
2.17 Enhancing Motivation Organizations 37
2.18 Effects of Organizational Rewards 36
2.19 Interventions for Enhancing Motivation 39
CHAPTER THREE: RESEARCH METHODOLOGY
3.1 Source of Data Collection 40
3.1.1 Primary Source of Data 40
3.1.2 Secondary Sources of Data 41
3.2 Personal Interview 41
3.3 Questionnaire 41
3.4 Text Book 42
3.5 Reliability and Validity 43
3.6 Subject 43
3.7 Research Instrument 44
3.8 Procedure 44
CHAPTER FOUR: PRESENTATION
AND ANALYSIS OF
DATA
4.1 Analysis of Questionnaire 46
4.2 Test for Hypothesis 57
CHAPTER FIVE: SUMMARY OF FINDINGS, CONCLUSION AND
RECOMMENDATION
5.1 Summary of Findings 63
5.2 Conclusion 65
5.3 Recommendation 66
Bibliography
Appendices
Questionnaire
LIST OF TABLE
Table 1: Length
of Service 46
Table 2: Sex 47
Table
3: Do you think pay is a motivator? 47
Table
4: How would you rate the effect of
existing
relationship
and working conditions on
workers
productivity? 48
Table
5: Religion 49
Table
6: Would you say that a cordial
employer/
employee
relationship will result in improved
productivity. 49
Table
7: Would you say that an increase in
salary will
motivate
you to work harder and produce more? 50
Table
8: My performance depends on the
satisfaction of my
needs by the bank 50
Table
9: Does the bank involve the
employee in decision
Making 51
Table
10: Educational qualification 51
Table
11: How would you consider your pay in
relation to
the
satisfaction of your basic human needs? 52
Table
12: What has kept you working with this
bank? 53
Table
13: Does your job motivate you? 53
Table
14: Do
you think that productivity / performance could
only be increase by increase in salary? 54
Table
15: Is a good working environment
prerequisite
for an improvement in performance? 55
Table 16: Do
you think that benefits like Medical
allowance,
dressing allowance and lunch
allowance,
merit award can boost workers moral? 55
Table
17: Do you think that a good working
environment
enhances working efficiency, job satisfaction
and
dedication to the job? 56
Table
18: Do you think that productivity and
performance
level
could be aggravated if workers are motivated 57
CHAPTER ONE
INTRODUCTION
As
a result of the powerful force of technology, which is driving the world
towards a converging commonality, we have seen various changes in the world’s
economic expansion. One of the changes that brings the most challenge not only
to the international firm but also the domestic one
is the emergence of a global market. In order to be successful in the long
term, managing people is one of the most crucial tools for a global business in
today’s competitive world. Specifically, for an international organization,
human resource becomes a more and more important factor to reach its goal. The
word” Human Resource Management (HRM)” has been used widely and increasingly in
recent decades as a vital approach to create a successful organization, however
the more worldwide the firm, the greater the complexity of the international HR
requirement. In order to maximize the benefit from the performance of the
employees, the employer must develop strategies to manage and improve their
human resources so that they can perform their best. To create an effective
strategy, the employer needs to understand that there are many factors that
affect the employee’s behavior within the organization. One of the key factors that
has an impact on the performance of an individual in the organization is their
rewards. Thus, this report will focus on the rewards of the individual within a
contemporary organization. This report will enable the employer to answer why
it is their responsibility to reward the employees and explain how to improve
and maximize the efficiency of their staff’s performance.
1.1 BACKGROUND
OF STUDY
Many
organization are suffering from lack of good remuneration which is one of the
policies an organization can adopt to increase their workers performance and
thereby increase the organizations productivity. This could create problems in
terms of affecting the growth of the organization. With the present global
economic trend, most employers of labour have realized the fact that for their
organizations to compete favourably, the performance of their employees goes a
long way in determining the success of the organization. The performance of
employees in any organization is vital not only for the growth of the organization
but also for the growth of individual employee.
1.2 STATEMENT
OF PROBLEM