EFFECTS OF EMPLOYEE BENEFITS ON THE PERFORMANCE OF EMPLOYEES
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EFFECTS OF EMPLOYEE BENEFITS ON THE PERFORMANCE OF EMPLOYEES
INTRODUCTION TO CHAPTER ONE
Maintaining excellent employee interactions is a prerequisite for organisational success. Attaching financial incentives to every job and task performed by every employee in that organisation is one technique to preserve good and healthy employee relations.
Employee benefits, which are various non-wage compensations provided to employees in addition to their standard earnings or salaries, cannot be overlooked by an organization’s management because the human resource is the most valuable resource.
Employee retention is a concern in today’s highly competitive environment, regardless of organisation size, technology, or market emphasis. To overcome these constraints, people and their organisations must develop and maintain strong and good relationships.
To strengthen this strong and good relationship, employees should be inspired to give their all by providing profitable employee incentives like as performance bonuses, Christmas bonuses, study allowances, leave allowances, and so on. Employees are the most important aspect of any organisation, hence they must be influenced and convinced to complete tasks.
Organisations must devise numerous tactics to make employees happy and establish various incentives for them to profit from in order to meet organisational goals, thereby contributing value to themselves and enhancing organisational performance.
Employees who are dissatisfied with their employment or workplace tend to put in less effort or shift to other organisations that provide greater benefits. This can be quite costly for a company, especially if they lose a crucial and highly talented employee to a competitor.
1.1BACKGROUND AND ORGANISATIONAL PROFILE OF THE STUDY
Employee benefits have their origins in the industrial revolution, which spawned free labour markets and large-scale industrial organisations employing thousands of wage workers. Labour issues arose as society grappled with these major economic and social shifts.
Low pay, long hours, boring and risky labour, and abusive management practises resulted in significant employee turnover, violent strikes, and the threat of social instability. As a result, different labour unions demanded that organisations compensate employees appropriately.
Intellectually, industrial relations emerged at the close of the nineteenth century as a bridge between classical economics and Marxism, with Sidney and Beatrice Webb’s Industrial Democracy serving as the pivotal work.
Thus, industrial relations rejected conventional economics. Employee relations were institutionalised in 1920 by John R. Commons, who established the first academic industrial relations programme at the University of Wisconsin. John D. Rockefeller, Jr.,
who favoured progressive labor-management relations in the aftermath of a brutal strike at a Rockefeller-owned coal mine in Colorado, provided early financial support for the field.
In the United Kingdom, Montague Burton, another progressive entrepreneur, funded chairs in industrial relations and employee benefits at Leeds, Cardiff, and Cambridge in 1930, and the subject was formalised in the 1950s with the founding of the Oxford School by Allan Flanders and Hugh Clegg.
Employee benefits and organisational relations were established with a strong problem-solving orientation that rejected both the laissez faire answers to labour problems proposed by classical economics and the Marxist solution of class revolution proposed by Marxists. This philosophy underpins New Deal laws in the United States, such as the National Labour Relations Act and the Fair Labour Standards Act.
1.2 STATEMENT OF THE PROBLEM
For most organisations in Nigeria, designing and implementing a strong employee benefit plan is a major problem. Cascio (2003) discovered in a study conducted in some West African countries, including Nigeria,
that most organisations in developing countries do not structure and implement their employee benefit packages in an appropriate manner, making it difficult for employees to truly believe they are benefiting from their workplace.
Poorly constructed benefit plans that do not incentivize employees to give their all at work are a serious concern in corporate Nigeria today. Employees are not motivated to work hard if the benefit packages supplied by the organisation do not speak to their requirements.
Organisations that do not create their employee benefit plans based on the personality and temperament of their employees waste money and efforts. An average Nigerian worker values the benefits he or she would receive from working, thus they are concerned about how much they are paid.
According to Cascio (2003), because employee benefits are so important to people’s lifestyles and self-esteem, employees are very concerned about what they are paid as benefits- a fair and competitive employee benefit-
while wise organisations are concerned about what they pay because it motivates important employee decisions, especially when it comes to job delivery and performance.
Employee benefit implementation is also a key difficulty in corporate Nigeria, since employee benefits are sometimes delayed or ruled out owing to cost-cutting efforts implemented by an organization’s management. This has resulted in widespread corruption, significant personnel turnover, and low employee morale and productivity.
1.3 OBJECTIVES OF RESEARCH
The primary goal of this research is to investigate the effects of employee benefits on employee performance in an organisation. However, in accordance with the study’s overall goal, the specific objectives are as follows:
To discover the employee perk packages provided by First Bank, Uyo.
To assess the design and implementation of First Bank’s employee benefit plans/policies in Uyo.
To investigate the influence of specified employee benefit packages on the overall performance of First Bank, Uyo workers.
To advise the management of First Bank, Uyo on better employee benefit packages and strategies.
1.4 RESEARCH QUESTIONS
The researcher generated the following research questions in order to meet the stated aims of this study:
What employee benefits are available at First Bank Uyo?
What steps are involved in developing employee benefit policies, and what criteria are taken into account when developing and implementing these policies?
What impact have your employer’s perk packages made on your job performance?
Given the advancements in technology and excellent human resource practises around the world, what newer employee perk packages do you believe will boost your company’s performance if introduced?
1.5 RESEARCH HYPOTHESIS
Ho: There is no link between employee perk packages and staff productivity.
Hi: Employee benefit packages and employee productivity have a strong association.
1.6 SIGNIFICANCE OF THE STUDY
This study aims to highlight and recommend the best employee benefit practises that can be implemented in an organisation by highlighting the various employee benefit practises that First Bank has implemented to increase productivity and contribute to the economic development of the communities in which it operates as well as the country as a whole.
This study will thus serve to inform management of diverse organisations on the various effects of employee benefit programmes and packages on organisational success. The report will also highlight the employee perk packages that the bank has been able to provide to its workers.
It also aims to highlight the level of encouragement and motivation that the bank has provided to its workers in order for them to perform efficiently, among other things. The significance of this study is thus to emphasise the numerous employee benefits and how they effect employee productivity in an organisation. This research will help organisations understand how to treat their staff in order to enhance productivity.
1.7 SCOPE OF THE STUDY
The scope of the study would be limited to the effects of employee benefits on employee performance at First Bank in Uyo, Akwa Ibom state, Nigeria. The research will rely on the bank as well as secondary sources for essential information.
1.8 LIMITATIONS OF THE STUDY
The researcher discovered a constraint in terms of information availability. As a result of the institution’s working ethics, the researcher was denied access to essential material since it was considered confidential, and the targeted respondent’s phone was not reached because certain staff were on leave. Inadequate funding and time availability also become constraints.
1.9 ORGANIZATION OF STUDY
The project will be organised around the following chapters: Chapter one introduces the research work. It provides general information about the company and the research being conducted.
This chapter so includes the study’s background and organisational profile, a statement of the problem, objectives, research questions, the significance of the investigation, the scope of the study, and the researcher’s limits.
The second chapter contains a survey of the literature as well as the theoretical framework.
The third chapter describes the research approach. The research technique represents the many approaches and procedures employed by the researcher to gather information.
The fourth chapter analyses and interprets the material obtained by the researcher.
The researcher’s results and conclusions are presented in Chapter 5. Based on the findings, conclusions will be reached and their consequences will be discussed.
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