THE EFFECT OF MONETARY INCENTIVE ON WORKERS PERFORMANCES IN NIGERIA ORGANIZATION (A CASE STUDY OF IMT ENUGU)
This research was undertaken to study the Effect of Monetary Incentive on the Performances of Workers in an Organization. A case study of IMT Enugu.
In all organization, productivity is beckoned on the design of its incentive visible to balance among various management levels. There are several incentive variables that could motivate people to work to their optimist level and when these variables are not there their productivity will be greatly effected. This may come in the form of a well packaged remuneration. Still others may not necessarily be motivated with a well packaged incentive scheme.
In general data needs to achieve the objectives of the study, descriptive survey research design was adopted questionnaire was used as the major instrument for primary data collection. To broaden the researchers depth of knowledge in the study areas the researcher embarked upon review of related literature, with data draw from secondary sources. Data generated in the study was presented on frequently tables and analyzed using simple percentage while the hypothesis were tested with two (2) tests.
TABLE OF CONTENTS
1.1 Background of the Study
1.2 Statement of the Study
1.3 Purpose of the Study
1.4 Scope of the Study
1.5 Research Hypothesis
1.6 Significance of the Study
1.7 Limitations of the Study
1.8 Definition of Terms
REVIEW OF RELATED LITERATURE
2.1 The Meaning of Incentive and Productivity
2.2 The Importance of Incentive in the Productivity of Workers
2.3 Directly Related Lit. On (Incentive Productivity)
2.4 The Concept of Incentive Scheme
2.5 Type of Incentive Scheme
2.6 IMT Incentive Scheme
2.7 The Effect of Incentive on Workers Productivity in IMT
2.8 Summary of the Review of the Related Literature
RESEARCH DESIGN AND METHODOLOGY
3.1 Research Design
3.2 Scope of the Study
3.3 Population of the Study
3.4 Sample Size and Sampling Process
3.5 Instrument of Data Collection
3.6 Method of Data Collection
3.7 Method of Data Analysis
DATA PRESENTATION AND ANALYSIS
4.0 Data Presentation and Analysis
4.1 Pr3sentation and Analysis of Data
4.2 Testing of Hypothesis
4.3 Summary of Results
DISCUSSION RECOMMENDATION AND CONCLUSION
5.0 Discussion Recommendation and Conclusion
5.1 Discussion of Result/Finding
5.3 Implication of Research Findings
Sometimes one wonders why some people perform more than others on the job or why people work hard. Man in his natural form is lazy and always tries to gratitude toward his comfort zone unless some kind of forces or situations confront him. It is this force or situation that arouses his desire or more out of this comfort zone in order to avert negative consequences or reap a positive reward as the case may be. This force or situation now becomes the motive for his working towards his set target (motivating factor).
Wole Adewunmi (1992) defined motivation as “the inner stimulus that induces one to behave the way he does. It has to do with inner states that energizes activities of moves and therefore directs behaviour toward goals,
In an organization, productivity is beckoned on the design of its incentives variable to balance among various management levels.
There are several incentive variable that could motivate people to work to their optimal 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. Still others may not necessarily be motivated with well packed incentive scheme. The group believe that money is not everything. People work for either intrinsic or extrinsic rewards. Extrinsic rewards include the figure pay proportion, controlled by other people. Intrinsic reward on the other hand include the feelings of accomplishment of task and is administered by the individual doing the task.
1.1 BACKGROUND OF THE STUDY
Incentives are objectives or goals which are capable of satisfying the employee’s need, drive or desire. It includes payment for improved productivity as well as environment conditions. Example, infrastructures, transportation facilities and canteen services etc. Though they do not directly provide income to workers, but are necessary for their effective performance. In other words, incentives do not only refer to usages payment but other things like job enrichment, free flow of information good relationship among junior and senior officers.
It is worthy of note that such incentives like monetary rewards which may motivate the younger people who are beginners or the lower class of people in the society may not necessarily be motivating factor for some middle class or upper class in the society.
People in the society, in various positions even though at a similar level, must be given incentives that reflect their individual performances and expectations.
The Institute of Management and Technology (IMT) Enugu started operation on 1st July 1973 as a result of Edict No. 10 1973 titled Institute of Management and Technology Edict 1973. This Edict united two schools to form institution under the chairmanship of Dr. Ukwu I. Ukwu and its first rector Professor M. O. Chijoke. The united schools were the former college of technology which operated engineering and laboratory technology to National Diploma (ND).
Today (IMT) has grown and developed with more than 20 departments having Dr. Onyisi as its current Recto-in-charge of both campuses;- Campus II and III respectively.
1.2 STATEMENT OF THE PROBLEM
It is fundamentally unrealistic for managers to assume that employees would continue to find satisfaction in co-operating in organization’s affairs if their needs and wants are not recognized. The success of failure of this depends on the management approach to effective motivation of the employees.
The researcher identifies the below problems as major factors militating against the management success which there is need to know.
1. What has been the management incentive scheme
2. What is the effect of monetary incentive to workers as regards to increased productivity.
3. How effective is the participation of workers in planning and designing IMT incentive scheme.
4. How has the existing composition programmes failed to attract the motives workers in IMT.
In view of this, the researcher is determined to highlight the problem areas and how to improve on the organization’s incentive programmes to enhance productivity in the organization.
1.3 PURPOSE OF THE STUDY
The purpose (objective) of carrying out this research work is;
1. To determine the type of incentive schemes that are available in IMT.
2. To find out if the employees (workers) are actually reaping the benefits which the laboured for.
3. To ascertain if IMT is attaining the main objectives for administering these scheme.
4. To examine the different types of incentives scheme put in place by the institute.
5. To do an indepth analysis institute's incentives schemes and productivity trend over the years.
6. To determine the extent to which these incentive schemes has led to the overall performance and motivation of workers.
7. To identify and test the effectiveness adequacy and relevance of these incentive schemes to the overall performance of individual workers or group of workers.
8. To find out the extent the institute is achieving its objectives for administering these incentive schemes.
1.4 SCOPE OF THE STUDY
The area of coverage of this research work is basically the Institute of Management and Technology (IMT) Enugu, Enugu State. The project is primarily concerned with the effect of monetary incentive scheme for the performance of workers in an organization, IMT in particular. All the departments were covered to examine incentives and its administration. The study will also evaluate the appropriateness of the programme with a view to ascertaining how they influence workers to perform efficiently which results to an increase in the organizational productivity.
1.5 RESEARCH HYPOTHESIS
An empirical research can only be achieved when it includes hypothetically tested statement. This will be a tentative statement that will proffer the solution to the problem study. The researcher will check the validity of the following assertions.
Ho1: IMT incentive scheme has a impact on the employees job performance.
Hi: IMT incentive scheme has no impact on the employees job performance.
Ho2: All cadres of workers in IMT are involved in planning the incentive scheme.
H1: All cadres of workers in IMT are not involved in planning the incentive scheme.
Ho3: The management of IMT embarks on proper incentive programmes.
Hi: The management of IMT does not embark on proper incentive programmes.
1.6 SIGNIFICANCE OF THE STUDY
It is hoped that this study when completed will;
1. Assist business enterprises in their operations and enable them to employ incentive scheme and other motivational variables that would optimize the productivity and performance of their operations.
2. It would help the IMT management to identify the motivational factors and incentive variables, if any, that are currently militating against the smooth operations of the firm. In area of its job performance and productivity.
3. The management would find it useful for future planning.
1.8 DEFINITION OF TERMS
RESPONDENTS: Persons who answer questions especially in the survey or questionnaire.
CONSTRAINTS: A thing that limits or restricts.
INCENTIVES: Plan of an arrangement for doing or organizing something.
COMPENSATION: An amount of money given to compensate person(s).
STIMULUS: A thing that encourages or excites somebody to activity.
CONSEQUENCES: A result or an effect of something else.
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