IMPACT OF FRINGE BENEFITS ON EMPLOYEE PERFORMANCE
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Abstract
This study examines the relationship between employee benefits and performance. The study population consists of 200 employees of Delta Cement Company Ughelli. The researcher utilized questionnaires as the data gathering instrument. Using a descriptive survey research design, this study was conducted. The study utilized 133 respondents who were managers, administrative employees, senior staff, and junior staff. The acquired data were tabulated and evaluated using straightforward percentages and frequencies.
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Chapter one
Introduction
1.1Background of the study
The cement business in Nigeria may be traced back to the 1950s, when the country’s first cement mill with an installed capacity of 489,000 metric tons per year was established at Nkalagu. The rise of the building sector and the oil boom of the post-war period, which improved the standard of life of the masses, led to an increase in the need for cement in the economy. Public and private sector organizations intensified their efforts to increase cement production in order to help Nigeria reach its goals of self-sufficiency in the supply of industrial products and substitution of this product for imports. As a result of rising demand, the cement industry in Nigeria is in its infancy, particularly due to the expansion of the building sector. Still, a substantial amount of cement was imported. The establishment of around nine cement businesses between 1956 and 1978 was a deliberate effort by successive governments to maintain the pace of growth in the construction and building industry, as well as to conserve foreign currency obtained via enormous cement imports. Against this backdrop, the delta cement company limited Ughelli was founded in order to capitalize on the unmet demand for cement. The geological survey department of Nigeria conducted a geographical study in the Aladja division of Delta province between 1950 and 1962, where they discovered two marble and limestone deposits in the Ughelli region. The estimated tonnage of these mineral resources is 10.23 million tons. A thorough chemical investigation revealed that the marble and limestone deposit, which reached to a depth of 606 meters, was suitable for the production of cement when blended with clay and lignite.
Additional research indicates that suitable clay and literate individuals were equally prevalent in the vicinity of these locations. The western region did not attempt to export these mineral deposits, but shortly after the creation of mind-west region in 1964, the government became eager to develop the region, which is now delta state, and sponsored the Ughelli cement company limited, a private limited liability company with 2.2 million equity shares. This share was increased to N20 million as a result of the increase in capacity from 50,000 tons per year to 950,000 tons per year. The company factory is situated at km 154 delta Eruemekowtiarun Road, Ughelli, in the Ughelli local government region of Delta state, and its requested office is located at No.6 reserve road press center building G.R.A Delta State. Delta Cement Company limited is owned in partnership by three investors, with the following percentages of equity ownership:
7.89% Delta State Government Edewor and Co. 20% Onanife Caro and 1.1% of the co-
The cement plant was completed and ready for operation by 1966, but it was not commissioned due to the difficulty of installing electricity for power supply. As this became apparent, the state government asked the ministry of transport and work to aid the plant in acquiring its own power generators, which was accomplished in 1969, so initiating the factory’s commissioning.
The Nigerian civil war may have made it hard to hire the requisite expatriate technical people to take over the management of the facility, which remained inoperable for an additional two years.
Early 1970. Immediately after the civil war, Jarpur Udyog, an Indian company, managed the facility. In March of 1972, the managing agent initiated operations.
1.2 Statement Of The Research Problem
Fringe benefits are non-pay advantages such as housing, transportation, pensions, subsidized meals, and business goods discounts that employees enjoy. They are typically supplied in a collection. The benefits are extra cash for the employee and frequently meet demands and desires that cannot be met by salaries or pay. This has a significant impact on employee morale. The majority of benefit plans do not provide employees to select their desired range of benefits. Generally, benefits are supplied on a voluntary basis, with the exception of pension plans, which are required.
Employers of labor established fringe benefits on the sincere belief that employees were entitled to share in the success of their businesses. It expanded as a result of the country’s economic predicament. In a society when the government is unable to provide for the welfare of its citizens, certain organizations assume some of the obligations that should have been the government’s responsibility. This is the central argument of this study.
Objective of the study
The study’s aims are as follows:
To promote employee fringe benefits
To demonstrate the advantage inherent in fringe benefits to management
To determine whether the use of fringe benefits has been maximized.
Determine the extent to which employee fringe benefits have facilitated effective service.
Research hypotheses
The researcher formulated the following research hypotheses for the successful completion of the study:
There is no fringe perk for employees.
There are fringe benefits for employees
H02: There is no evidence that fringe benefits have improved employee productivity.
H2: to what extent have fringe benefits facilitated effective employee performance?
Significance of the study
The conclusions of this study are anticipated to be of tremendous theoretical and practical value to the management of all companies and to society as a whole. The significance of the study stems from the following:
It will bring to the attention of both management and the general public that issues related to fringe benefits have a significant impact on the work attitudes of workers.
It will equip leaders with important knowledge and suggestions on how to lead effectively.
It is hoped that the outcome of this research, if implemented, will rectify some of the system’s fundamental flaws so that everyone will contribute to the attainment of organizational objectives.
It will provide helpful suggestions and data regarding the influence of fringe benefits on employee performance.
Scope and limitation of the study
The scope of the study includes the effect of employee benefits on productivity. The researcher faces a constraint that restricts the study’s scope;
a) AVAILABILITY OF RESEARCH MATERIAL: The researcher has insufficient research material, consequently limiting the scope of the investigation.
b) TIME: The time allotted for the study does not allow for a broader scope because the researcher must mix it with other academic activities and examinations.
Operational Definitions of Terms
Incentives are inducements provided to members of an organization for the aim of achieving organizational goals. Incentives can be assessed by the amount of enticement workers receive from an organization and the extent to which such inducement improves their performance. Incentives is also used to define salary payment programs that link payments directly or indirectly to productivity.
Management is the activity of planning, organizing, directing, coordinating, and controlling people and resources to achieve organizational objectives most effectively. In this study, management refers to the group of individuals who serve as the company’s executive organ and are accountable for the optimal achievement of organizational goals by individuals.
Moral is defined as the capacity of a work group to pull together persistently and consistently in pursuit of goals and purposes that are commonly established. Morality is also referred to as the individual’s trust or confidence in his or her own competence to carry out organizational responsibilities allocated to him and the reactions with which he would be able to face future challenges in achieving organizational goals.
Motivation is defined as the functions that prompt an employee to act. In the context of this study, motivation refers to the variables that stimulate employees to take action. It could be measured by identifying the varied requirements of individual workers and the extent to which these needs influence the behavior of workers inside the business.
In many organizations, fringe benefits represent a significant portion of total labor costs. There are two primary sorts of advantages. Direct and indirect benefits may include profit sharing, co-partnerships, sick pay, and pension programs. Generally, payments are made in cash. Indirect benefits are intended to boost morale and increase employment stability.
Employee Incentive: This is a method of compensation in which an employee’s income is directly, automatically, and quickly proportional to his production, as calculated by a predetermined formula comparing his actual performance to a specific standard performance.
Performance: This is the result of an employee’s effort in attaining an organization’s goal. In other words, an employee’s performance is the aggregate result of their effort in achieving the organization’s goals. It can be measured by examining the results of the organization’s overall objectives.
Workers Productivity: Workers productivity is the measure of how effectively an organization’s resources are combined and employed to achieve a set of results.
Organization is the coordination of the activities of a group of people for the attainment of common goals through the division of labor and functions, as well as the hierarchy of authority.
This is the reward the employee receives for contributing to the fulfillment of organizational objectives.
Tangible incentives are material inducements that are either monetary or non-monetary in nature.
This refers to the progression of an individual employee from one grade to the next. The following factors can be used to evaluate a company’s promotional strategy. The rate at which individuals get promoted. The standard utilized to promote individuals. The workers’ response to the organization’s approach of promotion.
On a scale of preference, this corresponds to the weight that a worker assigns to the various facets of the welfare program.
Immediate Needs: These are the needs that pertain to the workers’ immediate need.
Future Requirements: These are the requirements associated with the future need for workers.
IMPACT OF FRINGE BENEFITS ON EMPLOYEE PERFORMANCE
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