EFFECT OF MOTIVATIONAL POLICIES AND PRACTICE ON SALES FORCE IN NIGERIA BANKING INDUSTRY
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EFFECT OF MOTIVATIONAL POLICIES AND PRACTICE ON SALES FORCE IN NIGERIA BANKING INDUSTRY
It is impossible to overstate the importance of having effective and fair motivational rules in an organization’s sales team. It results in higher sales productivity, which boosts the organization’s growth and advancement. This study aims to look into the First Bank of Nigeria Plc’s motivational compensation practises and policies. Brach, Nnewi.
To grasp the subject matter, this topic was thoroughly explored. A questionnaire was used to gather information from the employees of the First Bank of Nigeria Plc. Nnewi Branch.
The data was properly presented and analysed using the Chi-square method, and the findings indicated that compensation practises and policies are crucial for operating an organisation.
Equitable remuneration practises will improve employee productivity by making the workforce more effective. On the other hand, if a compensation policy is unfair, it could be a significant cause of dispute within the company.
On the basis of the aforementioned finding, suggestions were given regarding how to enhance the organisation under study’s compensation and motivational practises.
CHAPTER ONE
INTRODUCTION
1.1 BACKGROUND OF THE STUDY
According to Fisher et al. (1996), a company’s reward system can have a significant impact on its attempts to establish a competitive edge and accomplish its main goal.
It is well recognised that a company is what its people are paid, as this reflects the company’s mentality towards how to inspire them.
Therefore, it is essential for every employer of labour to have a well-designed compensation plan that can draw in and retain capable and motivated workers.
An employee donates his or her time to a company because he or she has goals or needs that the company can meet, and by doing so, the company advances towards its own objectives.
For the services he provides, he is compensated. If the compensation is commensurate with the services he provides, he strives to provide his best work while retaining his position. The employer must manage their compensation system properly and effectively for this to occur.
The achievement of commercial organisations’ goals depends greatly on employee remuneration. The banking industry is expected to develop pay plans that meet the financial demands of its employees so that they can help the organisation achieve its goals.
The bank(s) should develop compensation plans that meet the financial demands of the employees if they want the workforce to favourably contribute to the achievement of the banking industry’s goals.
Organisations often have one of three different types of compensation policies. They are considered peripheral benefits since they are fundamental, varying, and supplemental. Each of them performs a particular job within the corporate structures.
In contrast to other economic sectors, the pay package for personnel in the banking industry in Nigeria is fairly attractive. Even if they rate boxers, it is plenty to cover his or her anticipated expense. The Nigerian banks do not deal with the issue of occasional (or constant) strikes.
However, it has been observed that an employee’s level of job satisfaction has a significant impact on his or her productivity.
1.2 STATEMENT OF THE PROBLEM
The investigation of the compensation rules and practises in the Nigerian banking sector is the problem with this study. Some suggestions on how to enhance an organization’s stability and practises can be made based on the knowledge collected from this study.
Workers typically approach management if they believe the organization’s compensation practises are unsatisfactory. This could be a significant source of instability, which could have an impact on worker productivity and, in turn, have an impact on the organization’s viability.
First Bank operated a commercial banking operation. First Bank’s aim is to uphold their brand reputation by offering the highest quality financial services.
incorporated in 1894 with headquarters in the centre of Lagos, the marina. In Accra, Ghana, the first overseas branch was established in 1896. opened a second location in 1898 in Freetown, Sierra Leone. King Jaja of Opobo launched the Calabar branch of the First Bank in 1912, which was the second bank to open in modern-day Nigeria.
The Zaria branch followed in the same year in what is now Northern Nigeria. Since its foundation, the bank has demonstrated economic leadership after acquiring Anglo-African Bank, a rival, in 1912—the first M&A in this region to be officially recognised.
When the protectorates of the North and the South were combined in 1914, First Bank had locations in what are now known as Kano, Zaria, Calabar, Lagos, and Ibadan. The first long-term loan is made to the colonial government in 1947. a manifestation of our dedication to the long-term growth of the country.
To more accurately reflect the bank’s regional identity, the name of the institution is changed from BBWA Bank of British West Africa to bank of West Africa (BWA). The first loans were made to Nigerian residents in 1960, the year of their independence. real retail banking begins to exist.
In 1963, when Nigeria became a republic, 114 branches were operating throughout West Africa. Following its merger with Standard Bank Uk, it takes the name Standard Bank of West Africa in 1955. complies with the corporations order of 1968 and incorporates locally as Standard Bank of Nigeria Limited in 1969.
Changes its name to First Bank of Nigeria Limited in 1979. To promote international banking relationships for both Nigerian and foreign businesses, the London Branch was created in 1982. Following the Bank and Other Financial Institutions Decree (BOFID), the company changed its name to First Bank of Nigeria Plc in 1991.
The first ATM was established in 35 Marina in 1991 as part of the round-the-clock banking convenience. The bank turns 100 in 1994, which is an accomplishment for any branch even today. birth of the well-known and enduring “First Bank O una well done O, una do well O” URL to jingle and renowned newspaper story about the centenary.
To strategically position for its activities in the following century, a corporate transformation initiative with the codename “Century 11” began in 1996. 1999 saw the appointment of a former First Bank MD as CBN governor.
2001 sees the revalidation of the “Century 11” business transformation project, which aims to modernise bank operations in accordance with the bank’s brand, leverage and strengthen bank branches, leverage and heighten customer experiences, and project First Bank and sophisticated ad dynamics.
The first Nigerian bank to own a fully functional bank in the UK is established in 2002 and is known as FBN Bank (UK), which is governed by the FSA. In 2002, a Nigerian-owned bank opened its first overseas branch in the UK. 2004, the annual Presidents Merit Award for the 2003 Fiscal Year, was presented by the Nigerian Stock Exchange.
MBC International Bank Ltd. and FBN Merchant Bankers) Ltd. are acquired in 2005, bringing the company’s capitalization to $25 billion. Being the First Bank in Africa to pioneer the service, 2007 introduces new financial credit administration software.
It also builds a global custody business, making it the First Nigerian owned Bank to provide these services. In 2008. The first bank in Nigeria and the first publicly traded corporation in the nation to have a market capitalization of $2 trillion.
The distinguished information security management systems (ISMS), which are the highest accreditation formation protection and security in the world, are awarded to First Bank in 2010, making it the first organisation in Nigeria to receive this noteworthy worldwide standardisation certification.
First Bank announced the complete completion of the acquisition of ICB assets in Guinea, Gambia, Sierra Leone, and Ghana in November 2013 as part of an ongoing Pan African expansion drive.
First Bank established a representative office in Abu Dubai, United Arab Emirates in 2011, launched the first biometric ATM in Nigeria, etc.
3.0 OBJECTIVE OF THE STUDY
The main goal of this study is to identify, assess, and analyse the compensation practises and policies in the Nigerian banking sector to determine how successful they are in advancing the following objectives:
1. to entice qualified candidates to the organisation during the hiring process.
2. to inspire the sales force’s employees to perform better.
3. to continue using their services for a long time.
4. to guarantee worker satisfaction.
1.4 SIGNIFICANCE OF THE STUDY
It is impossible to overstate the impact that pay has on an employee’s productivity. By assisting their staff in achieving their own personal goals, the banking industry should make every effort to increase organisational productivity.
Setting reasonable remuneration policies and practises for the employee benefits will help to achieve this. Compensation and incentives give workers the chance to apply their skills, build wealth, feel secure, and foster a sense of equality with their coworkers, all of which make them happy.
According to modern utilitarian philosophies, factors that can contribute to happiness include sustainable (job-related) wealth, security, and equality.
Therefore, designing appropriate incentive measures for the banking sector in Nigeria is necessary. Policy makers, managers who require an effective planning approach, personnel managers, etc. will find the findings of this work to be of great relevance.
1.6 RESEARCH QUESTIONS
The following are some pertinent research topics that the study’s research hypothesis will attempt to address:
1. Does the sales force’s pay reflect their contribution to the position?
2. Has managerial conflict ever been ensured by sales force compensation?
3. Have all employees got access to perks?
4. When employees put in extra hours, do they get paid?
5. Have employees ever compared their pay to what they are currently making at other banks?
1.7 HYPOTHETIC STATEMENT
In First Bank Nigeria Plc, the sales force’s salary does not cause conflict with management.
Hello: First Bank Plc’s sales personnel is paid well. results in disagreement with management.
1.8 SCOPE OF THE STUDY
A very broad issue, motivational policies and practises. Although the idea has not yet been widely accepted, it is thought that all human action incorporates motivating strategies and practises.
Therefore, the focus of this study project will be on assessing the impact of motivational practises and policies on the sales force at Nigeria’s First Bank Plc.
Additionally, it focuses on elements that support efficient motivational practises and policies in the banking sector. The research will also be expanded to determine whether the banking industry’s sales force is impacted in any way by motivational policies and practises.
DEFINITION OF TERMS
The concepts, organisations, tools, and processes used in our economy’s various payment methods are all covered by banking. Making money that has been saved available for investments, businesses, and the government is another concern.
PAYMENT TYPES
I. payments for both items and services that are purchased with cash up front and those that are purchased with credit and paid off later.
II. payments made when financial instruments like stocks and bonds (intangible wealth claims) are bought.
Industry
Industries, often known as commercial organisations, are typically groups of people cooperating under direction and leadership to achieve shared goals.
A financial organisation, according to Scott (1968), is a system of coordinated actions carried out by a group of people who cooperate to achieve a common objective while acting under authority and direction.
Compensation
Compensations on their own can be characterised as payment or honorarium for labour or other human resources used in the production process. The term “employee compensation system” refers broadly to the money, commodities, and/or services that an employer offers to its staff.
According to Tosi and Carrel (1982), rewards or compensations are also payments made to individuals, such as wages, salaries, pay raises, promotions that result in pay increases, increased recognition, status, and other social benefits.
They want to go on to clarify that remuneration includes both intrinsic and extrinsic benefits since rewards also include access to particular organisational resources that are typically restricted to a specific group, such as the use of the organization’s vehicle, guests’ homes, etc.
Three different types of compensation policies are implemented or created by organisations. These are basic, variable, and supplemental compensation policies, sometimes known as fringe benefits.
Principal Compensation
The employee’s base pay is given to them in Thai. This is the wage that a company advertises when hiring new employees. It seeks to draw employees to the business. The main prerequisite for worker base pay is that they must be equitable.
Contingent Payment
The goal of variable compensation is to motivate employees and influence them to perform better. It is utilised, for instance, when workers are called back on public holidays or when more performance is required from them. An example of this is overtime, which begins at the conclusion of the workday. Extra remuneration is required for holidays like Christmas and Easter.
Additional (Fringe Benefits)
Supplementary pay or fringe benefits are additional payments offered to employees. Fringe benefits can take the shape of cash or tangible goods, including.
The main purposes of extra pay are to keep employees on the job and discourage them from considering seeking for other employment opportunities when they become dissatisfied with one aspect of their work, whether it be medical services, catering services, Christmas bonuses, etc.
Several guidelines for fringe benefits include:
1. It must be in a region where there is widespread concern or interest.
2. It shouldn’t cost a lot to employ people.
3. It can’t be for a certain group of employees.
The Employer Concept
An employer is someone who pays a price for labour or its service in order to accomplish objectives and aims. There are many various forms of commercial organisations that might be considered employers, including other institutions, the private employer, and the public employer, two major public categories of employers.
The government and government-owned corporations, sometimes known as public organisations, are examples of public employers. These corporations allow the government to operate alongside private capital.
The Idea of a Worker as an Employee
A person who has entered into or is currently working under a contract of service to apprenticeship with an employer, whether through manual labour, administrative work, or another method,
whether the contract is expressed or implied, made orally or in writing, and whether it is a contract of service or a contract personally to execute any work of labour, is referred to as an employee or worker in the Labour Decree of 1973.
Equity
Equity is concerned with perceived right or natural justice. Equity, in the words of Onwuchekwa (1995), is justice and fairness.
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