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Full Project – The role of reward system on the performance of employees in the private sector

Full Project – The role of reward system on the performance of employees in the private sector

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Full Project – The role of reward system on the performance of employees in the private sector

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CHAPTER ONE

INTRODUCTION

1.1     BACKGROUND OF THE STUDY

Reward system according to Armstrong (2001) consist of an organization’s integrated, policies, processes and practical for rewarding it’s employees in accordance with their contribution, skills and competences and their market worth.

Robert (2005) defined reward system as the process of redeveloping and implementing strategies, policies and systems, which helps the organization to achieve it’s objective by obtaining and keeping the people it needs and increasing their motivation and commitment.

Pratheepkanth (2011) describes reward system to include all organization components which may include 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.  From the above definition, it the can be seen that rewards are tangible benefits one can receive from engaging in a specific task. The aim of reward system includes to attract, retain and motivate employees, to support the attainment of the organizations strategic and short-terms objectives by keeping to ensure that it has skilled and committed work force it needs.

Every organization needs a strategic reward. System for employees that addresses four (4) areas namely: Compensation, Benefits, Recognition, and appreciation. Neckerman and Kosfeld (2008) drew a conclusion that there are two basic types of rewards, namely: intrinsic rewards and extrinsic rewards. Intrinsic Rewards are also called non-financial reward, it is concerned with the feeling of being recognized, praise for a job well done and participation, while Extrinsic Rewards are concerned with motivations like money, retirement, salary, bonus, e.t .c.

A wining rewards system should recognize and reward and performance and behavior.

A reward system has some problems facing it and some of them will be highlighted below, Rewards are not linked to the job to be performed: the presence of poor job evaluation system or well-designed job descriptions often fail to differentiate between real job at hand and its worth as against loosely crafted designation/positions.

Rewards are not linked to the performance of employees: it is the perception around the intent and effort of employees, rather than the actual results or outcome delivered that drives performance measures and the reward associated with it. Rewards are not linked with employee’s needs: most times, the employee reward program ends up being flat and linear all in the name of standardization and equality. The spectrum of reward must be inflexible and adaptable as the motivational factors are different for different groups of employees and their overall fairness and equity in the system.

The Reward system is not understood by the people: the employees in general are not aware of the process that goes behind the plans, design and delivery of the reward programs. They are not communicating adequately and effectively to the people and the engagements of the line manager are also not sought in the process. As a reward, Hunan resources are not able to either articulate or maximize the value of such reward to its internal customers. The suggested solutions to the problems of reward system cannot be over emphasized, they include: Creating a recognition strategy with purpose, philosophy and principles, determine the overall objectives you want to achieve with them.

Developing an annual plan to improve the weak areas of the reward programs, spell out the expectations for each of the reward programs, setting of clear expectations for using the programs, by regularly communicating how to use the programs.

Creating a centralized strategy with some core programs and allow local programs to continue, communicate and promote them in every way you can.

Develop a clear criteria for reward based on whether the action was once or consistently done, the degree of impact of their actions, who and where the impact was made good.

1.2     STATEMENT OF THE PROBLEM:

A reward system is such that is put in place for operation by management of an organization to ensure that employees are adequately rewarded for the service they render. The goal of reward system is to ensure that employees are sufficiently motivated in their jobs.

However, in the recent past, it has been observed that employees attitude to work shows that the impact of reward system is not being felt. This is demonstrated in the following ways.

  1. The employees do not come to work as at when due.
  2. The employees do not close from work at the night time.
  3. There will be quarrelling among the employees.
  4. Employees damages company properties.

Where these attitudes are observed, among the employees, their productivity would have been compromised.

1.3     OBJECTIVE OF THE STUDY:

The objectives of the study are to examine. The nature of reward system that exists in the organization through the attitude that is displayed by the employees specifically.

  1. To examine if the employees come to work as at when due.
  2. To examine if the employee do not close from work at the right time.
  • To examine if there is quarrelling among the employees.
  1. To examine if the employees damage company properties.

1.4     RESEARCH QUESTIONS:

The following research questions will be considered in the work.

  1. Does the employees come to work as at when due?
  2. Does the employees not close form work at the right time?
  • Does the employees engage in quarrels?
  1. Does the employees engage in company properties?

1.5     HYPOTHESIS FORMULATION

  1. Ho: There is no significant relationship between reward system and work Attendance.

HI: There is a significant relationship between reward system and work attendance.

  1. Ho: There is no significant relationship between reward system and closing time.

HI:  There is a significant relationship between reward system and closing time.

  1. Ho: There is no significant relationship between reward system and employees disputes.

HI:  There is a significant relationship between reward system and employees disputes.

  1. Ho: There is no significant relationship between reward system and destruction of company properties.

HI:   There is a significant relationship between reward system and destruction of company properties .

1.6     SIGNIFICANT OF STUDY

This study expected to increase knowledge and understanding of the reward system on the performance level of the employees in Nigeria manufacturing industries, private sectors, government agencies, human resources organization and other research. The study would be utilized to create more convenient and satisfactory reward for employees for employees in the industries and thereby yield a higher result in out-put at study will contribute to the daily implementations of reward system that enhances at workplace. The government through public service commission would use this study to formulate and implement policies that would lead to a fair reward system.

1.7     SCOPE AND. LIMITATIONS OF THE STUDY:

This study covers all manufacturing companies, especially Guinness Nigeria Plc., Benin City plant, Edo state. The target respondents for this study are staff of technical/production department. Respondents’ inability to return their questionnaires is not a major limitation.

1.8     OPERATIONAL DEFINITION OF TERMS:

EMPLOYEES: These are individual that are being employed in an organization to carry out some specific obligation assigned to them by their employers.

EMPLOYERS:  They are the people who are in charge of recruiting individuals in others to work or render services in the organization.  We can say an employers is a person or company that pays peoples to work for them.

JOB SATISFACTION: it refers to the general level of commitment, likeness, affection and positive feeling in performance of a task.

REWARD SYSTEM: Comprises of all interrelated organization processes including people, processes, rules and decision making activities which combine to ensure that reward management is carried out effectively to the benefit of the organization and people who work there.

REWARD: it can be defined as anything the employees may value, that the employers are willing to offer in exchange for his or her contributions.

MOTIVATE: this is to create a circumstance in which a particular individuals is willing to exert towards the attainment of some goals.

ROLES: it means importance, advantage, etc.

PERFORMANCE:  this is the contribution in which the employees put in towards the realization of the organization goals.

COMPENSATION: they include salaries, fringe benefits, retirement benefits, and social security scheme. They are given to committed employees for a job well done.

 

 

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This is a premium project material and the complete research project plus questionnaires and references can be gotten at an affordable rate of N3,000 for Nigerian clients and $8 for international clients.

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Full Project – The role of reward system on the performance of employees in the private sector

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