INFLUENCE OF REWARDS ON WORKERS PERFORMANCE: A STUDY OF CENTRAL BANK OF NIGERIA, ABUJA

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ABSTRACT                            

This research dealt with the influence of rewards on workers performance in an organization. Employers are continually challenged to develop pay policies and procedures that will enable them to attract, motivate, retain and satisfy their employees. Subjects for this study consisted of one hundred workers of Central Bankof Nigeria, Abuja. The data for the study were gathered through the administration of a self-designed questionnaire. The data collected were subjected to appropriate statistical analysis using Pearson Product Moment Correlation Coefficient, and all the findings were tested at 0.05 level of significance. The result obtained from the analysis showed that there existed relationship between extrinsic rewards and workers performance while no    relationship existed between intrinsic rewards and workers performance. On the basis of these findings, implications of the findings for future study were highlighted.

TABLE OF CONTENT

Title Page                                                                                         i

Certification                                                                                     ii

Approval Page                                                                                  iii

Dedication                                                                                        iv

Acknowledgement                                                                           v

Abstract                                                                                            vii

Table of Content                                                                             viii

List of Tables                                                                                   xii

CHAPTER ONE: INTRODUCTION

1.1     Background of Study                                                              2

1.2     Statement of Problem                                                            3

1.3     Objective of Study                                                                 4

1.4     Research Hypothesis                                                              5

1.5     Significance of Study                                                             5

1.6     Scope of Study                                                                       6

1.7     Limitations of Study                                                              7

1.8     Historical Background of Central Bank of

Nigeria (CBN)                                                                        7

1.9     Definition of Key Terms                                                        10

CHAPTER TWO: REVIEW OF RELATED LITERATURE

2.1     The Nature of Motivation in an Organization                       20

2.2     Motivation and Performance                                                 24

2.3     Historical Views of Motivation                                             26

2.4     Need – Based Approaches to Motivation                              26

2.5     Need Hierarchies                                                                    27

2.6     Maslows Theory                                                                     27

2.7     Alderfer’s ERG Theory                                                                   28

2.8     Acquired Needs                                                                      30

2.9     Process-Based Approaches to Motivation                                      30

2.10   Expectancy Theory                                                                 31

2.11   Implications for Managers                                                     33

2.12   Equity Theory                                                                         34

2.13   Reinforcement – Based Approaches to Motivation              35

2.14   Reinforcement Contingencies                                                35

2.15   Providing Reinforcement                                                       36

2.16   Goal Setting Theory                                                               37

2.17   Enhancing Motivation Organizations                                    37

2.18   Effects of Organizational Rewards                                        36

2.19   Interventions for Enhancing Motivation                               39

CHAPTER THREE: RESEARCH METHODOLOGY

3.1     Source of Data Collection                                                      40

3.1.1  Primary Source of Data                                                                   40

3.1.2  Secondary Sources of Data                                                    41

3.2     Personal Interview                                                                  41

3.3     Questionnaire                                                                         41

3.4     Text Book                                                                               42

3.5     Reliability and Validity                                                                   43

3.6     Subject                                                                                    43

3.7     Research Instrument                                                               44

3.8     Procedure                                                                                44

CHAPTER FOUR:      PRESENTATION AND ANALYSIS OF

DATA

4.1     Analysis of Questionnaire                                                      46

4.2     Test for Hypothesis                                                                57

CHAPTER FIVE: SUMMARY OF FINDINGS, CONCLUSION AND RECOMMENDATION

5.1     Summary of Findings                                                             63

5.2     Conclusion                                                                              65

5.3     Recommendation                                                                             66

Bibliography

Appendices

Questionnaire

LIST OF TABLE

Table 1:      Length of Service                                                                   46

Table 2:      Sex                                                                                47

Table 3:      Do you think pay is a motivator?                                 47

Table 4:      How would you rate the effect of existing

relationship and working conditions on

workers productivity?                                                   48

Table 5:      Religion                                                                        49

Table 6:      Would you say that a cordial employer/

employee relationship will result in improved productivity.                                                 49

Table 7:      Would you say that an increase in salary will

motivate you to work harder and produce more?        50

Table 8:      My performance depends on the satisfaction of my

 needs by the bank                                                        50

Table 9:      Does the bank involve the employee in decision

Making                                                                          51

Table 10:    Educational qualification                                             51

Table 11:    How would you consider your pay in relation to

the satisfaction of your basic human needs?               52

Table 12:    What has kept you working with this bank?                53

Table 13:    Does your job motivate you?                                       53

Table 14:    Do you think that productivity / performance could

 only be increase by increase in salary?                       54

Table 15:    Is a good working environment prerequisite

 for an improvement in performance?                         55

Table 16:    Do you think that benefits like Medical

allowance, dressing allowance and lunch

allowance, merit award can boost workers moral?      55

Table 17:    Do you think that a good working environment

enhances working efficiency, job satisfaction

 and dedication to the job?                                           56

Table 18:  Do you think that productivity and performance

level could be aggravated if workers are motivated    57

CHAPTER ONE

INTRODUCTION

As a result of the powerful force of technology, which is driving the world towards a converging commonality, we have seen various changes in the world’s economic expansion. One of the changes that brings the most challenge not only to the   international firm but also the domestic one is the emergence of a global market. In order to be successful in the long term, managing people is one of the most crucial tools for a global business in today’s competitive world. Specifically, for an international organization, human resource becomes a more and more important factor to reach its goal. The word” Human Resource Management (HRM)” has been used widely and increasingly in recent decades as a vital approach to create a successful organization, however the more worldwide the firm, the greater the complexity of the international HR requirement. In order to maximize the benefit from the performance of the employees, the employer must develop strategies to manage and improve their human resources so that they can perform their best. To create an effective strategy, the employer needs to understand that there are many factors that affect the employee’s behavior within the organization. One of the key factors that has an impact on the performance of an individual in the organization is their rewards. Thus, this report will focus on the rewards of the individual within a contemporary organization. This report will enable the employer to answer why it is their responsibility to reward the employees and explain how to improve and maximize the efficiency of their staff’s performance.

1.1     BACKGROUND OF STUDY

Many organization are suffering from lack of good remuneration which is one of the policies an organization can adopt to increase their workers performance and thereby increase the organizations productivity. This could create problems in terms of affecting the growth of the organization. With the present global economic trend, most employers of labour have realized the fact that for their organizations to compete favourably, the performance of their employees goes a long way in determining the success of the organization. The performance of employees in any organization is vital not only for the growth of the organization but also for the growth of individual employee.

1.2     STATEMENT OF PROBLEM

INFLUENCE OF REWARDS ON WORKERS PERFORMANCE: A STUDY OF CENTRAL BANK OF NIGERIA, ABUJA