EFFECTS OF NON-MONETARY INCENTIVES ON EMPLOYEE PERFORMANCE IN THE NIGERIAN MANUFACTURING SECTOR
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EFFECTS OF NON-MONETARY INCENTIVES ON EMPLOYEE PERFORMANCE IN THE NIGERIAN MANUFACTURING SECTOR
ABSTRACT
The study investigates the impact of non-monetary incentives on employee performance in Nigeria’s industrial industry.
The study used a survey research design, which is based on primary data. There are 4,876 employees in Nigerian Breweries, Lagos State, Nigeria, and 130 were chosen through selective sampling.
The questionnaire results were analysed using descriptive statistics, which include frequencies, percentages, means, and standard deviations. The Statistical Package for Social Scientists (SPSS) was used to evaluate the hypotheses, as well as regression analysis and correlation.
The data indicate that recognition has a major effect on staff productivity in Nigeria’s manufacturing industry. Training and career development have a substantial effect on employee productivity in Nigeria’s manufacturing industry.
Job promotions have a substantial effect on employee profitability in Nigeria’s manufacturing industry. Fringe benefits have a considerable impact on employee profitability in Nigeria’s manufacturing sector.
This study indicates that non-monetary incentives have a significant effect and predict employee performance in Nigeria’s manufacturing industry. Based on the study’s findings, we make the following recommendations: Managers must guarantee that personnel are properly motivated.
Employee training and development should be prioritised, and training programmes should be designed to meet the needs and welfare of employees. Management should encourage interpersonal relationships between coworkers and their managers in order to foster a sense of belonging and unity among staff.
Also, managers should ensure that employees are involved in decision-making processes and given a chance to air their views; also, management must ensure that they create a work environment that is conducive for workers by providing adequate working conditions as well as the right tools and resources to ensure worker effectiveness in discharging their respective duties;
management must also strive to ensure that all employees engage in training programmes to acquire new skills and a Management should ensure that professional growth possibilities are readily highlighted to personnel.
Chapter one
INTRODUCTION
1.1. Background for the study
Employee motivation in the workplace is critical for any organization’s growth and advancement since individuals must be eager to perform effectively and efficiently for the organisation to progress.
People are the most valuable resources in any organisation, and they have the potential to provide a source of long-term competitive advantage by contributing to basic organisational goals such as high quality, profits, and growth, as well as improving productivity, service quality, efficiency, and customer satisfaction.
In the twenty-first century, a company’s most valuable asset is its human capital (Hafiza, Shah, Jamsheed, & Zaman, 2011). The ability of an organisation to use its resources effectively and efficiently is critical to its success or failure.
Organisations or institutions can draw on human, financial, physical, and information resources. Human resources, more than any other resource in an organisation, are critical to its success (Ismaji, Zekiri, Qosja, & Krasniqi 2015).
Human resources are the most vital and critical resources for the existence of any organisation or business. In truth, some businesses recognise that employees are an important element of the organisation and can help the company achieve its goals.
If the firm’s employees are unhappy, they will be less interested in achieving the firm’s goals, and the firm will be unable to meet them. Furthermore, organisational success is dependent on its personnel, thus there is a need to focus on elements that influence employee motivation and performance (Liao et al., 2007).
Workers’ motivation is critical for getting the most out of them and turning things around in Nigeria (Akinola & Akinbobola, 2014). Herzberg claimed that for an individual to be properly motivated, their job must be fully enriched, with opportunities for achievement and recognition, excitement, responsibility, and advancement (Imbahale, 2016).
An incentive is something that motivates or urges others to do something (Oxford University Press). When it comes to workplace incentives, they are classified into monetary and non-monetary incentives; nevertheless, for the sake of this research study, non-monetary incentives will be considered as a motivator for employees at work.
Many studies have been conducted to determine the impact or effect of monetary incentives on employee performance as a source of motivation in the workplace, and those studies have found a positive relationship between monetary incentives and employee performance;
however, it is important to note that there are other factors for employee motivation other than cash or bonuses as rewards for workplace performance. These include employment happiness, job stability, career advancement, and pride in accomplishment, among others. Non-monetary incentives are referred to as such since they are unrelated to money.
According to Atogiyire (2001), a good incentive system, training and development, leadership style, promotion, work atmosphere, and other factors all drive workers to work efficiently.
To attract and maintain the human capital required for success, organisations must foster an environment in which people are valued for attaining desired outcomes (Wilson, 1999).
With the increasing economic downturn, more organisations are beginning to consider the use of non-monetary rewards as a means of ensuring that their employees work for higher yields (Kepner, 2001).
Non-monetary incentives and rewards provide employees with autonomy and personal recognition, and may include pleasant work conditions, flexible work hours, training and career development, new and challenging opportunities
allowances such as free telephone calls, free fuel, and fringe benefits such as leave (e.g., extra days off for excellent employees), pension, free lunch, health insurance, paid vacation abroad, and so on.
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