STAFF which was to gather data on their

 

 

 

STAFF REMUNERATION AND WORK PRODUCTIVITY:

 A CASE STUDY OF FIRST BANK OF
NIGERIA LIMITED

 

 

 

 

 

 

 

 

Paul Osawe

University of South Wales

January 2018

 

 

 

 

 

Abstract

This study will highlight the effects
of staff remuneration as it relates to work PRODUCTIVITY. Some core staff of
First Bank of Nigeria Limited in Benin City, Edo State, were interviewed. The aim
of which was to gather data on their staff remuneration and work performance. Discriptiva
analysis was used to analyze the data. A descriptive survey was used in
gathering the data from the staff. NVIVO software tool was used to analyze the
data. The results showed a direct correlation between staff remuneration and
work productivity. It also brought to limelight the fact that staff were not
motivated towards work. There were neither bonuses nor incentives for doing
more work or having better results at the end of each financial year. This work
however, recommends that prompt payment of salaries and incentives and bonuses
be put in place to foster dedication and handwork among staff.

Keywords: Staff Remuneration, Work Performance,
Motivation, Salary, Bonuses, Incentives.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

INTRODUCTION

 

Research Objectives

1.     
To
determine the relationship between Staff remuneration and work productivity.

2.     
To
determine the effect incentives and bonuses play in work performance.

METHODOLOGY

This nature of this study was
exploratory (Ojeleye,2017). The respondents were staff of First Bank of Nigeria
Limited in Benin City from Eleven branches of the Bank. Structured interview
was used in the data collection. A sample of 40 respondents were
selected for the study using convenience sampling technique.  The frequency and percentages were used to describe
the opinions of the respondents.  A chi
square test was done to ascertain the relationship between remuneration and
work productivity.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

RESULTS

These were the findings.

1.      It was
clear that Work Performance had a positive relationship with Staff Remuneration,
as a motivated staff would generally perform better. Previous works in this
field also agreed with my findings. Babagana et all (2015) and Edorisooriya
(2014) also showed that there was a positive effect that remuneration has on
Work performance.

2.       

 

 

CONCLUSION

The following are the
recommendations of my research.

1.      Staff
remuneration should not be taken with levity as it will affect Work
productivity. The quality of any establishment lies in its workforce.
Management of any organization should take the issue of bonuses and incentives
seriously as this would create an insatiable appetite within their workforce
that would greatly drive their productivity.

2.      Staff remuneration
package should be reviewed periodically to meet international “best practice”.
This would ensure that inflation or recession in the country does not affect
staff productivity as the economic factors are considered in their package.

3.      Surveys
should be done annually in the entire organization to get a holistic view of how
the workers feel about their remuneration package and ways for management to
improve on it.

4.      Job
satisfaction has a positive correlation with Staff remuneration.  The more money the employee makes, the better
satisfied the staff is about the organization. This would in turn cause the employees
to devote their all in achieving the collective aspirations of the
organization.

5.       I will
recommend that this study be replicated in the civil and public service as well
as in larger organizations with larger workforce.

 

 

 

REFERENCES

1.     
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between employee remuneration, productivity and minimum wage in Romania. In
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2.     
Babagana, A. & Dungus, B. (2015). Staff Remuneration
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3.     
Booth, A.L. and Frank, J., 1999. Earnings,
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4.     
Edirisooriya, W. A. (2014). Impact
of Rewards on Employee Performance: With Special

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5.     
Nasimoya, E., 2006. Data
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6.     
Ojeleye, Y.C. (2017).
‘The impact of Remuneration on Employees’ Performance (A Case study of Abdul
Gusau Polytechnic, Talata-Mafara and State College of Education Maru, Zamfara
State)’, Arabian Journal of Business
Management Review (Nigerian Chapter), 4(2), 2017

7.     
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8.     
Steers, R. M., & Porter, L. W. (1991): Motivation and Work Behaviour, New York:
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9.     
Van Zyl, G., 2010.
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