EMPLOYEES REMUNERATION, WORKING CONDITIONS AND EMPLOYEES PRODUCTIVITY IN THE NIGERIAN BANKING INUDUSTRY (A CASE STUDY OF STERLING BANK)
The research proffers an assessment of the Employees Remuneration, Working Conditions and Employees Productivity in the Nigerian Banking Industry, a study of sterling bank. It analyses Employees Remuneration and working conditions, its functions and significance .The research projects Employees Remuneration and working conditions as a unifying factor enhancing employees Productivity towards to the accomplishment of the aims and objective of the Nigeria banking system.
The relevant research questions were analyzed using the chi- square statistical tool.
Result from the study indicated that Employees remuneration influence on performance and productivity is significant, Absence of good remuneration packages has influence on employees productivity in the Nigeria banking industry, and Promotion of staff premised on favoritism, internal politics, and nepotism rather than on merit has influence on employees productivity in the Nigeria banking industry.
Base on this, the study advised the Nigeria banking industry and sterling bank plc in specific that employee should be encouraged, motivated by banking industry and sterling banks in specifics, Nigeria banking industry regardless of their status should make the incentives activity a priority, Nigeria banking industry and sterling bank plc in specifics should monitor the progress of their employees closely, Nigeria banking industry and sterling bank plc in specifics are equally advised to limit the number of work load and working hour giving to each employee and the job rotation should be well structured and perfected.
1.1 BACKGROUND TO THE STUDY
Employees are organization’s most potent resources and the progress, stagnation and backwardness of an organization depends on the ability of employers of labour to attract, retain, motivate and reward adequately dedicated and committed employees. Employees’ decision to either stay or leave a particular job lies on the remuneration package of the organization. In an effort of organization to earn adequate performance of their employees, there is need for such organization to implement appropriate incentives packages to gear the employees to their best performance. The level of job satisfaction of employees and their willingness to remain in an organization is influenced by the remuneration and motivation packages of such an organization.
Remuneration can be broadly classified into two categories, namely, direct and indirect remuneration (Adekoya, etal, 2014). Direct remuneration, which includes salaries, wages, allowances, gratifications, commissions and bonuses are financial payment or reward given to an employee in exchange for his physical and mental efforts. Indirect remuneration are usually referred to as fringe benefits, which consists of sick pay, free medical facilities, subsidized meals, company cars, recreational facilities, redundancy payment and retirement benefits are the additional payment to employees to motivate them to exude superior performance. Working conditions also refers to the working environment and all the existing circumstances affecting employees in workplace. The conditions in which an employee work amongst others, include, amenities, conduciveness of the physical environment of the working place, stress, noise levels, degree of safety or danger, workload, hours of work, rest period and legal rights. Remuneration and working condition packages have a robust impact on the productivity of employees. An organization with good remuneration structure and enhanced working conditions tend to earn high productivity and performance from the employees rather than an organization that deprives its employees from these incentives.