Full Project – FINANCIAL INCENTIVE AND WORKERS MOTIVATION

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CHAPTER ONE

INTRODUCTION

1.1 BACKGROUND OF THE STUDY

A financial incentive and reward motivates actions which otherwise might not occur without the monetary benefit. Four kinds of incentives are available for employers to use at work. I’m sure that others would categorise these incentives differently, but these four categories works for me. Compensation incentives may include items such as raises, bonuses, profit sharing, signing bonus, and stock options. Recognition incentives include actions such as thanking employees, praising employees, presenting employees with a certificate of achievement, or announcing an accomplishment at a company meeting. Rewards incentives include items such as gifts, monetary rewards, service award presents, and items such as gift certificates. Financial incentive schemes ties pay increase to performance and have been used by organisations worldwide with remarkable success (shadier, 2009). Appreciation incentives include such happenings as company parties and celebrations, company paid family activity events, ice cream socials, birthday celebrations, sporting events, paid group lunches, and sponsored sports teams.

The development in science and technology provides the business world with the techniques of improving performance at a possible lowest cost and distribution of output more effectively and efficiently using sophisticated management techniques. Employees occupy a strategic role and position in any organisation. They are responsible for converting inputs to productive outputs. Since they are the key to the productive outputs, they ought to be effectively and adequately compensated for their labour. The reward for labour, a factor of production is “wages”, it becomes logical that employees be adequately and fairly compensated if they are to be motivated to increase performance in any organisation be it the organised private sector or public sector.

According to (Drucker, 1998) the work of management is to make people productive so as to achieve superior performance, and gain a competitive edge in the globalised arena through effective financial incentives and rewards. Drucker’s belief is anchored on performance, performance, motivation quality and services in managing people in every organisation. Besides, employees must be motivated through adequate incentives plans and reward systems and this will invariably encourage them to be proactive and have right attitude to work, thereby promote organisational performance (Armstrong, 2007).

1.2 STATEMENT OF RESEARCH PROBLEM

Most incentive plans are designed to assist in increasing efficiency in the organisation. In recent times the banking industry has been experiencing a lot of crises in terms of profit maximisation which led the researcher to assess the degree or importance of employees in the achievement of organisational objectives, and factors responsible for the low performance by employees in the past, also identify the element responsible for employee present high performance. Employees leave organisation due to the fact that they are not motivated enough. Some are not willing to leave because they are enjoying some benefit in terms of promotion, which leads to increase in salaries and wages, bonus and some other incentives.

The questions are often asked as to what employees in general want from their employers. Can there be an end to the clamour for increases in wages? Why do employees work and what induces them to give of their best? Money only plays the role of common denominator of all things. There is a general notion that if only management can identify other things that can motivate the workforce apart from money, perhaps there will be a dramatic reduction in the demand by workers for pay rises. Less time will be spent on the annual ritual of management/employees union negotiation meetings (Badu, 2010).

1.3 OBJECTIVES OF THE STUDY

The main objective of the study is to examine the effect of financial incentives and rewards as an instrument for improving employee motivation and performance in an organisation. The specify objectives are to:

Assess the effectiveness of financial incentives and rewards on improving employee’s motivation and performance.
Examine employee’s performance and increase their performance through motivation.

Assess the overall results of organisation in terms of performance.

1.4 RESEARCH QUESTIONS

This research will attempt to retain answers to the question agitating the minds of management of United Bank for African Plc. (UBA) as to what to do to adequately motivate employees to contribute their quota to their company’s performance and growth. The study will answer the following research questions:

How can employees be motivated by the financial incentives and rewards given to them by the bank?
How can UBA improve on the overall results of the organisation in terms of performance?

To what extent does the financial incentive implemented by the company affect their performance?

1.5 RESEARCH HYPOTHESES

In other to attain the goals of this study the following research hypotheses were formulated:

H_o: The employees are not fully motivated by financial incentives and rewards given to them by the bank.

H_i: The employees are fully motivated by financial incentives and rewards given to them by the bank.

H_o: The financial incentives and rewards implemented by the bank do not significantly affect their performance.

H_i: The financial incentives and rewards implemented by the bank do not significantly affect their performance.

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Full Project – FINANCIAL INCENTIVE AND WORKERS MOTIVATION

Full Project – FINANCIAL INCENTIVE AND WORKERS MOTIVATION

Full Project – FINANCIAL INCENTIVE AND WORKERS MOTIVATION

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