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The impact of monetary incentive scheme for the performance of workers in an organisation. First Bank of Nigeria Plc, Enugu

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  • Pages:49
  • Format:Microsoft Word
(Business Administration and Management Project Topics & Materials)
INTRODUCTION
Sometimes, one wonders why some people perform more than others on the job or better still why people work hard.  Man in his natural from is somehow lazy and always tries to gravitate towards his comfort unless some kind of force or situation arouses his desire to move out of his confronts zone in other to avert negative consequences or reap a positive reward as it becomes the motives for his working towards his set target (motivating factor).
Given the above illustration, management scholars have tried to define, what motivate is all
The Webster, Encyclopedic Dictionary of the English Language (1995) said that motivation relates to the sense need or year etc that prompts an individual to act-also-Wale Adewunmi (1992) defined motivation as “the inner stimulus that induces one to behave the way he does”.  It has to do with inner state that energizes, activates or moves and therefore directs behaviour towards goals.
In all organisation, productivity is beckoned on the design of its incentive variables to balance among various management levels.  There are several incentive variables that couls motivates people to work to their optional level and when these variables are not there, their productivity will be greatly affected.  This may come in the form of a well packaged remuneration. Skill others may not necessarily be motivated with a well packaged incentive scheme. The group believe that “money is not every thing”.  “People work for broadly defined rewards”.  These rewards can be broken down into two general classes know as intrinsic and extrinsic rewards.
Extrinsic rewards include figure pay proportion, compliments etc, and are often independence of the task performed and are controlled by other people.  Intrinsic rewards on the other hand include the feeling of accomplishment of task and is administered by the individual doing the task.  However, workers performance in an organization depends on these rewards among other incentives which may in one way or the other command for satisfaction.

LITERATURE REVIEW
The challenges for management over the years have been on how to share the gains from higher productivity in the way that stimulate the interest of the employees and the owners of the business.  This becomes necessary in order to sterile a balance a considering that any of the two nearests if not adequately represented will have a negative impact on the company’s productivity level and performance.  A management expert Alberts (1974) 96 was of the opinion that “an “organisation cannot survive if it yail to satisfy the personnel motives of those who contribute resources?  This implies that the human element make tremendous contribution to the improvement of optimum production of every business organisation and therefore, should be adequately motivated to get the best services from them.
One of the rational having a monetary incentive is the desire to achieve’ the higher performance hence every organisation to give employees the necessary incentives that will spur them to channel their efforts towards the attainment of organizational objectives. 
Incentives management is not just a method of wages payment, it also involves both parties waiting to work together for the useful end in the accomplishment of the end fulfill their basic desire for organisation and pride in their individual abilities and worth Nickerson (1996:24) a recognized management consultant has his to say that “a good incentive scheme should be a scientific attempt to work out the most advantages relationship between productivity and reward.  For all concerned”.  The incentives which management provides for its employees will depend at least to some extent on its views of why people work.  Some organisation behave that the willingness to work is mainly influenced by external factors such as incentive payment scheme that people are naturally lazy and have to be motivated, pushed and probio to work this idea goes to confirm Mac-Grgors Theory “X” which states that an average worker dislikes work and must be concerned directed and controlled in order to do his work, but enjoys the pay.  The motivational aspects for Taylor’s contribution was to prove that workers will respond to an incentive wages under condition that reflect a careful assessment of environment tools in his view, the worker, a rational economic man was as exploiting distaste for work, lazy and activated by fear or greed and eager to earn more for a small pieces of work done.  According to Taylor’s theory, man mostly motivated by extrinsic and financial rewards established through time and motion study.
The two basic assumptions for Taylor’s Theory:
a)    Industrial efficiency can be improved through the application of science here, the advocated the application for science method to operative tasks with a view to develop accurate measurement to determines what constitutes a day’s work for various operations in the industry.  This assumption may have been as a result of his belief that a person will be motivated to work if his out put is adequately.  Measured for reward purpose.
b)    Payment of high wages will motivate worker to produce more given the assumption that the worker is motivated by money.  He believed that what the workers need was raising wages.  It can be said that Fredrick Taylor’s Theory was not adequate and could no serve as a motivating factor to an average Nigeria worker.  This is because if ignored the humanitarian and motivational aspect of the worker and saw man as individual machine like unit.  Nevertheless, Taylor developed the first wage incentive in 1915, known as differential piece rate plan.  First, a careful scientific study is made of each workers operation.  Then, a standard rate of output was established that is within the each of the average worker.  Two rates prevail, one for the worker who fail to reach the standard and a higher rate for worker who exceeds it.  A second wage incentive plan is the grant task and bonus system.  Under this plan if an employee exceeds the set standards.
Completing work in less time, he receive a bonus percentage of the base rate.  A worker, who fails to complete the tasks within the allocated time, will receive only a regular rate.  The bonus usually begins when the worker does three-quarter (314) of the set standard.  This encouraging rages those who are striving to reach the standards as well as those who have already surpassed.
Nonetheless, wages incentive plans are less popular today for workers, them they were two decades age.  Research has shown that for managers, pay is a strong incentive for effective performance.  Ejiofor (1984) (49-50) is of the opinion that wage incentives are not effective under all circumstances.  In so as raising the poor moral of employees may even be more important as motivators for higher productivity.  This is more likely true when wages and salary relationship are equitable and fairly administered.  Non-financial incentive if not a monetary one.  They are generally of a nature that appeals to individual’s emotion rather than his packet.  This may take the form of praises or token rewards such as certificate of merit and other gifts items like wrist-watches or wall clocks etc.

The impact of monetary incentive scheme for the performance of workers in an organisation. First Bank of Nigeria Plc, Enugu

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Details

Type Project
Department Business Administration and Management
Project ID BAM2706
Price ₦3,000 ($9)
No of Pages 49 Pages
Format Microsoft Word

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    Details

    Type Project
    Department Business Administration and Management
    Project ID BAM2706
    Price ₦3,000 ($9)
    No of Pages 49 Pages
    Format Microsoft Word

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