EFFECTS OF REMUNERATION ON THE PERFORMANCE OF EMPLOYEES ON THE PRIVATE SECTOR
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EFFECTS OF REMUNERATION ON THE PERFORMANCE OF EMPLOYEES ON THE PRIVATE SECTOR
CHAPITRE ONE
1.1 Background Information about the Subject
The public and private organisations in Nigeria have diverse individuals, and there are numerous strategies to improve employee performance and preserve employee loyalty.”According to Akpala 18’s management, introduction, and Nigeria perspective, “employees wanted higher wages, while managements wanted profit and depended on productivity, which is their common goal.”
Based on the foregoing, I conclude that productivity is the glue that ties employee and employer together. How does a private-sector company go above and beyond to achieve its goals and keep its staff for a long time?
A cautious and efficient management of remuneration packages influences an organization’s growth at any given period. My experience in the private sector shows that non-exploitative compensation improves employee performance.
This is not to say that elements such as giving an employee a sense of belonging in an organisation do not improve performance; but, an employee who receives a return on his investment in an organisation is more likely to perform well.
This is due to his physiological demands of food, clothing, and shelter, which rank among Abraham Maslow’s needs in priority.
1.2 Statement of The Problem
The private organisation has numerous challenges. These include considerable workforce turnover, inadequate administrative skill due to government policy, and hence an impression of low productivity. However, the researcher is still interested in whether or not an employee’s salary has an impact on his or her performance.
What role do private-sector companies have in encouraging performance in terms of employee remuneration?
1.3 The Significance of Researching the Area.
The following are the significances of this research study:
1. Make appropriate recommendations aimed at achieving a balance between organisational importance and employee performance through an effective remuneration plan.
2. To investigate various kinds of remuneration, their benefits and drawbacks.
The government’s wage policy for public employees and how it has affected individuals in the private sector.
They investigate whether salary influences employee performance in the private sector.
1.4 Limitations of the Study
This initiative does not cover the entire Nigerian economy; rather, it focuses on personnel in the private sector.
1.5Research Questions
To what extent has the government’s policy on remuneration of public employees affected private-sector workers?
The pay of employers contributed to the mobility of workers in society.
To what extent has employee remuneration alleviated their issues while also assisting in the achievement of organisational goals?
What effects does compensation have on employee productivity?
Not only that, but the researcher employed a table in which the responses and number of respondents for each group were displayed in percentage form.
Furthermore, it was determined that in order for a remuneration scheme to achieve the desired goal, its implementation must not frustrate the employee. Also, in order for employees to be loyal,
the agreement established with management must adhere to the management. Where there is a change, the rationale for the change should be disclosed to employees as soon as possible.
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