EFFECT OF COMPENSATION IN EMPLOYEES PERFORMANCE
ABSTRACT
This study focuses on the effect of compensation in employees performance with particular reference to First Bank Plc Owerri. Given the alarming rate of decrease in productivity, the researcher tried to establish the correlation between productivity and motivation workers get at their work places. The researcher tried to emphasize on the relevance of motivating employees, as that would propel them to step up productivity. In achieving this, primary and secondary sources of data collection were employed, interview, administering questionnaires and consulting relevant literatures on the procedures of workers motivation. The statement were tested using the chi-square, which attested to the imperative of workers motivation and welfare packages on productivity. Forthwith, conclusions were drawn from the research findings where recommendations were made in order to forestall the employees welfare and motivation and its resultant effects on productivity.
CHAPTER ONE
1.0 INTRODUCTION
1.1 BACKGROUND OF THE STUDY
The basic reason for this study is to evaluate the effect of compensation in employees performance, taking First Bank of Nigeria Plc Owerri Imo State as a case study. The study was carried out in Owerri metropolis with the customers of First Bank of Nigeria Plc, Owerri.
First Bank of Nigeria Plc was founded in 1894 by Sir Alfred Jone, on shipping magnate from Liverpool. The bank commenced as a small bank in the office of Elder Dempoter and Company in Lagos.
It was in corporate as a limited liability corporate name of Bank of British West Africa (BBWA) with an authorized share capital of 100,000 pounds. It thus became the First Bank to be established in Nigeria. The bank remarkable growth and by 1907, it has established a branch in Calabar. It extended its services to the North a few years later. Until 1958, the bank performed the role of a Central Bank of Nigeria as Africa Currency Board. In line with the colonization process often 1950’s the bank’s name was changed to bank of West Africa (BWA) in 1957. A merger with the Standard Bank of West Africa Limited in 1966, in compliance with the Companies Decree of 1968, the bank was incorporated as Standard Bank of Nigeria Limited in 1969. The Federal Government of Nigeria purchased 36.1% of the bank’s equity while Nigeria investors took up 12.9% in line with the indigenization process that commenced in 1972.
The banks name was again changed in 1979 to First Bank of Nigeria Limited and it’s share were listed on the floor of the Nigeria Stock Exchanged in the further year. In compliance with the requirements of Section 31 of the Companies and Allied Matters Decree 1990, the name of the Bank was further changed to First Bank of Nigeria Plc.,
There is a strong relationship between the production of workers and the compensation they get. In First Bank of Nigeria Plc Owerri Imo State given the alarming rate of decrease in productivity, the researcher tried to establish the correction between productivity and motivation workers get at their work places. Workers were complaining that many of them have worked for many years yet they do not get the motivation or compensation required for work well done. This, morale was low thereby resulting to low production and services to the customers no matter the high level of profit the bank is making, still their workers are not well compensated compared with the stress and restlessness involved in banking sector work.
