Full Project – Effects of reward system on employees performance in an organization

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CHAPTER ONE

INTRODUCTION

• Background to the Study

Reward Systems is a vital tool for organizational growth which can renew the overall sense of community and mission of an organization when actively engaged in. Reward and recognition can stimulate people to explore more effective ways to do their jobs and when employees feel otherwise it can utterly discourage their efforts and performance. Organizations often make use of reward management to attract and retain competent and suitable employees as well as facilitating them to improve their performance through motivation and to comply with employment legislation and regulation. Remuneration does not simply compensate employees for their efforts-it also has an impact on the recruitment and retention of talented people according to Boxall & Purcell (2019)

It is therefore critical that organizations align their compensation practice with performance to enhance the achievement of organizational goals and competitive advantage. 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, etc. 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. Agarwal, (2017).

Reward systems is a broad construct that generally represents anything that employees may value and are willing to acquire in exchange for his or her contribution to work. Pratheepkanth (2019) describe reward system to include all organization components which may include people, processes, rules and decision making activities involved in the allocation of compensation and benefits to employees in exchange for their contribution to the organization. From both definitions, rewards can be described as tangible benefits one can receive from engaging in a specific task.

This opinion is reiterated by Khawaja, Mazen, Anwar & Alamzeh, (2018) who argue that although there are few people who claim to enjoy work for the sake of it, most people work in large part because it provides a means sustaining livelihood. This implies that people generally are concerned with the amount of benefits (whether financial or non-financial) attached to their work. The positive relationship between reward systems (especially financial rewards) on employee performance has been established in past studies.

From the foregoing, the research deemed it fit to investigate the impact assessment of reward system and organizational productivity.

1.2     Statement of the Problem

Productivity which is the target goal of every organization has been constrained with inability of the management to maintain it staffs. As a result, the manpower have not being vibrant and promote to set targeted goals of most organization which in most cases serve as counterproductive in any organization commences from maintenance process.

A faulty maintenance hinders organizational growth as well as militating against the success of not only the organization but the nation as a whole. The turbulent management-labour crisis over continuous agitation for increased pay all over the world is challenging public sector organizations to utilize their employees more effectively to improve organizational performance. In Nigerian, pay has become the driving force for seeking employment in the industry.

This study therefore aimed at determining the effects of reward system on employee performance in an organization.

1.3   Objectives of the Study

The main objective of this study is to examine the impact of reward system on employee performance in an organization.

Specific objectives are:

1. To examine whether reward system has positive impact on employee performance.
2. To evaluate whether there is significant relationship between reward system and organization performance

iii.      To investigate if reward system can be used to maintain   organizational staff.

1. To examine whether reward system can enhance organizational productivity.

1.4    Research Hypotheses

The following hypotheses were formulated to guide this study:

Hypothesis I

Ho: Reward system does not have positive impact on employee performance.

Hi:  Reward system has positive impact on employee performance.

Hypothesis II

Ho: There is no significant relationship between reward system and organization performance

Hi: There is significant relationship between reward system and organization performance.

Hypothesis III

Ho: Reward system cannot be used to maintain organizational staff.

Hi:  Reward system can be used to maintain organizational staff.

Hypothesis IV

Ho: Reward system cannot enhance organizational productivity.

Hi:  Reward system can enhance organizational productivity.

1.5      Significance of the Study

Every research work is aimed at contributing towards the achievement of knowledge. It is hope that this study could help in utilizing the most appropriate way of maintaining and motivating staff.

Is also hope that this study will help first bank for effective maintaining and motivating of their staff but also organizations. This research intends to assist the organizations to motivate and maintain their staff, as well as boasting their morale. The research work will serve as a frame work of reference to student in business and management profession and other related disciplines who might conduct inquire or research into similar field.

1.6      Scope of the Study 

This study covers the Effect of reward system on employee performance in an organization with particular reference to First Bank Plc, Lokoja Kogi State.

1.7   Limitation and Constraints of Study

The research work has not been with limitations as faced by the researcher include:

• Time Constraints:- This is as a result of the limited time given to cover this research work. For instance, a student is required to attend lectures, prepare assignments, test, and examination and in such engagement the students have to create time for personal needs.
• Financial Constraints: There is no adequate fund for the researcher to carry out the research effectively and so have used limited resources at their disposal.
• The investigation is therefore exposed to all irrelevant weakness of questionnaires such as, the respondent who may falsely or wrongly filled the questionnaire.
• Problem of insufficient Data: Accessibility to data is another factor that constituted hindrance as most staff refused to released some of their vital documents for me, which they tagged” confidential document”.
  • Definition of Key Terms

The researcher decide to explain or to define the under listed word in this study.

• Motivation: Motivation as the willingness to do something and is conditional by actions and ability to satisfy some needs for the individual.
• Reward System: In agreeing to work for an organization, an individual is agreeing to exchange effort for reward.
• Maintenance: Maintenance is concern with providing those necessary working condition those employees believe are necessary in other to maintain their commitment to the organization.
• Reward: Reward is any form of payment given to employees in exchange for work they provide their employer for example are fringe benefit, bonuses, and overtime pay e.t.c
• Promotion: Promotion put new life individual and activities, their knowledge, skills etc and he/she consequently strives hard to effective in his new job.
• Fringe Benefit: Fringe benefit in most cases are motivated by employers that employees are entitled to share in the prosperity of their organization.
• Performance: It does not include the results of an employee’s behavior, but only the behaviors themselves. Performance is about behavior or what employees do, not about what employees produce or the outcomes of their work
• Productivity:  The rate, at which a worker, a company or a country produces goods, and the amount produce, compare with how much time, work and money is needed to produce them.

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Full Project – Effects of reward system on employees performance in an organization