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IMPACT OD ORGANIZATIONAL REWARD SYSTEM ON STAFF PRODUCTIVITY IN BUSINESS ESTABLISHMENT
Workers in any given organization like to feel appreciated and valued, and one of the ways for an organization to express this to the workers is by having a reward and recognition system (policy). A manager must continuously recognize and reward good performance by giving praise and positive feedback, which works to create enthusiasm. Reward system is an important tool that management can use to channel employee motivation in desired ways. In other words, reward systems seek to attract people to join the organization to keep them coming to work, and motivate them to perform to high levels. The reward system consists of all organization components – including people processes rules and decision making activities involved in the allocation of compensation and benefits to employees in exchange for their contribution to the organization (Mutia and Sikaleih, 2013).
In order for an organization to meet its obligations to shareholders, employees and society, its top management must develop a relationship between the organization and employees that will fulfill the continually changing needs of both parties. At a minimum the organization expects employees to perform reliably the tasks assigned to them and at the standards set for them, and to follow the rules that have been established to govern the workplace. Management often expects more: that employees take initiative, supervise themselves, continue to learn new skills, and be responsive to business needs. At a minimum, employees expect their organization to provide fair pay, safe working conditions, and fair treatment. Like management, employees often expect more, depending on the strength of their needs for security, status, involvement, challenge, power, and responsibility. Just how ambitious the expectations of each party are, vary from organization to organization. For organizations to address these expectations an understanding of employee motivation is required (Pratheepkanth, 2011).
Motivation is a set of processes concerned with the force that energizes behavior and directs it towards attaining some goal. motivation represents those psychological processes that cause the arousal, direction and persistence of voluntary actions that are goal directed. If it is the role of managers to successfully guide employees toward accomplishing organizational objectives, it is imperative that they understand these psychological processes. The content theories of motivation emphasize the reasons for motivated behavior and/or what causes it. These theories specify the correlates of motivated behavior that is states, feelings or attitudes associated with motivated behavior, and help to represent physiological or psychological deficiencies that an individual feels some compulsion to eliminate. Formal reward programme which denote financial rewards such as salary, fringe benefits, bonuses, promotions or share options play a significant role, but employees accept these as intrinsic factors to the job (Pratheepkanth, 2011).
1.2 Statement of the Problem
There has been a general outcry on the insufficient motivational services provided by employers to employees. This problem has been made worse by the loss of workers through different avenues, for example death, retirement, sacking or resignation. Also, there is generally low turnover. This is because, when employees are not rewarded for their efforts, it leads to a loss of productivity, diminished morale, strained communications between management and the employees, and increased costs of hiring and training new employees. This has forced the need for organizations to review its reward policies and come up with perks like further education for its employees, promotion after every three years, and a faster processing of retirement benefits. Some of the factors that can contribute to poor performance among employees in any given organization include poor leadership, lack of team work among employees, lack of an effective rewards system and recognition system, a poor work environment, among others. Studies that have been conducted on the topic indicates that the most common problem in organizations today is that they miss the important component of reward, which is the low-cost, high-return ingredient to a well-balanced reward system. Lack of allowances for lunch, transport reimbursements, influences the performance of these officers.
1.3 Objectives of the Research
This research is intended to achieve the following objectives:-
To examine the impact of good reward system on workers’ productivity.
To determine the importance of reward systems to organizations.
To find out how reward system impacts motivation employees
To reveal the strategies for rewarding workers in organizations to boost their productivity
1.4 Research Questions
The following research questions were formulated based on the objectives of the study:
What is the impact of good reward system on workers’ productivity?
What is the importance of reward systems to organizations?
How does reward system impacts on the motivation of employees?
What are the strategies for rewarding workers in organizations to boost their productivity?
1.5 Statement of Hypothesis
As a guide to achieve the objectives of the study, the following hypotheses were formulated:
Ho: The impacts of good reward system on workers’ productivity are not job satisfaction, better performance and improved productivity.
Ha: The impacts of good reward system on workers’ productivity are job satisfaction, better performance and improved productivity.
Ho: The importance of reward structure to organizations are not improved output, motivated employees and quick attainment of organizational goals.
Ha: The importance of reward structure to organizations are improved output, motivated employees and quick attainment of organizational goals.
Ho: Increased output, good and cordial relationship with fellow employees and management, less cases of accidents and absenteeism are not the ways good reward system impacts on workers’ productivity.
Ha: Increased output, good and cordial relationship with fellow employees and management, less cases of accidents and absenteeism are the ways good reward system impacts on workers’ productivity.
Ho: The strategies for rewarding workers in organizations to boost their productivity are not compensation, benefits and recognition.
Ha: The strategies for rewarding workers in organizations to boost their productivity are compensation, benefits and recognition
1.6 Significance of the Study
It is believed that this research work will be beneficial to enterprises especially the case study in the following ways:
It will reveal the importance of reward systems.
It will show how reward systems relate with the productivity of employees and the organization at large.
It will help them in identifying the factors that contribute to employee motivation and high turnover.
The study will serve as a useful reference material to other researchers seeking for related information on the subject.
1.7 Scope of the Study
This research work centers on the impact of organizational reward system on staff productivity in business establishment (A case study of Anchor Insurance company)
Also included in the scope are:
Four variables as listed in the research questions.
The use of questionnaire as instrument of data collection.
Use of descriptive statistics
The use of Chi-Square statistics
1.8 Limitations of the Study
The study was limited by the following factors:
Financial Factor: Inadequate funds affected the way data were collected since the researcher had to travel long distances for the distribution of the research questionnaire forms.
Time Factor: This affected the reduction in the size of the sample used for the study because the researcher had less than two months to complete the study.
Material Factor: Shortage of relevant materials for literature review posed a great difficulty.
The study was also limited to the information gathered from primary and secondary records.
1.9 Organization of the Study
In this research study, the researcher took a critical look on the strategies for managing the survival and growth of SMEs, a case study of selected SMEs in Uyo Urban. The research work was divided into five chapters.
Chapter one was on the background of the study, as well as statement of the problem, objectives of the study, research questions, statement of hypothesis, significance of the study scope and limitation of the study, organization of the study and definition of terms.
Chapter two reviewed the related literature on the subject matter and contributions of different authors.
Chapter four takes care of the data presentation, analysis and interpretation as well as discussion of findings.
Chapter five (5) encapsulates the summary, findings, conclusion and recommendations made by the researcher.
1.10 Definition of Terms
Reward: something of value given in return for an act.
Motivation: An incentive or reason for doing something.
Compensation: A reward given for some loss or service.
Productivity: The state of being efficient or yielding good results financially and otherwise.
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