IMPACT OF REWARD SYSTEM ON INSTITUTIONAL GROWTH AND DEVELOPMENT
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IMPACT OF REWARD SYSTEM ON INSTITUTIONAL GROWTH AND DEVELOPMENT
Chapter one
INTRODUCTION
1.1 Background of the Study.
A work well done may result in a reward. It helps to generate new ideas that lead to improved company functionality and overall organisational success, both financially and non-financially. A reward system is a deliberate and structured strategy of rewarding one or more individuals who behave in a desirable manner.
The reward system aims to encourage people to join the organisation and motivate them to do high-level tasks. The reward system encompasses all institutional decision-making operations, including the allocation of remuneration and benefits to employees in exchange for their contributions to the institution.
According to Delancy and Huselid (2010), the reward system is based on the expectancy theory, which states that employees are more likely to perform better when they believe there is a strong link between their performance and the reward they receive
i.e., the compensation system links “higher salary,” which may contribute to strong performance by linking employees’ interest in the organisation.
According to Simon (2011), employees can give their all when they believe their efforts will be rewarded by management, and their performance is constantly influenced by factors such as working conditions, employer-employee relationships, training and development opportunities, job security, and institutional policies for rewarding processes. Employee compensation is one of the most important factors in an organization’s development and success.
According to Baron (2012), incentive systems can be either extrinsic or intrinsic. Extrinsic rewards are physical rewards, also known as external rewards, for the job performed by employees, and can take the form of wage payment, incentives, bonuses, promotion, and job security.
Intrinsic rewards, on the other hand, are intangible or psychological rewards, such as employees receiving praise from their management. A proper reward system can help institutions grow and thrive.
These prizes could be material or intangible, such as privileges and incentives, to encourage employees to perform at their best. A proper compensation system must foster happiness, employment security, increased productivity and returns, improved infrastructure, and institutional growth.
Basic pay, incentives, and fringe benefits can be utilised by the institution’s management to motivate employees to perform in order to improve the institution’s growth and development.
1.1.1 Historical Background of Uyo City Polytechnic.
Uyo City Polytechnic evolved from the former Uyo School of Accountancy and Business Studies, which was founded in September 1992 and approved by the Ministry of Education of Nigeria’s former South Eastern State.
The school, which was previously affiliated with the polytechnic Calabar, Cross River State University, and later the University of Uyo in September 2003, changed its name to Uyo City Polytechnic and was incorporated as a tertiary institution in March 2012 under the Company and Allied Matter Rod Acts 1990 (RC1019539).
Its mission is to establish, own, operate, and manage a polytechnic that will be relevant in meeting the needs and challenges of the twenty-first century.
Its primary goals are to improve technical education through consistent research and development and regular contact with other institutions, organisations, and agencies in both the private and public sectors.
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