REWARD AND WORKERS’ PERFORMANCE IN BANKING INDUSTRY
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REWARD AND WORKERS’ PERFORMANCE IN BANKING INDUSTRY
Chapter one
INTRODUCTION
1.1 Background of the Study.
In every human culture, normal individuals or groups of persons participate in various work tasks to make ends meet. People tend to gravitate towards well-paying occupations and avoid those that are not. Effective organisational managers or leaders seek the interest and support of their employees and utilise one or more techniques to motivate them to be productive.
Many organisations, including the banking sector, have received allegations of worker payments being delayed. Management uses the notion of late payment of compensation to employees for reasons best known to them.
They do this without contemplating the possibility that it will have a negative impact on their employees’ performance and overall behaviour.
For example, if bank employees do not receive their salaries on schedule, they may develop a nonchallant attitude towards their jobs. Many bank employees may not pay attention to their task during the workday simply because they are dissatisfied with the work that results in delayed salary payment. When a worker performs his or her job without fulfilment and happiness, the job itself may suffer, as may the company’s profitability.
Another element that might wreak havoc on Nigeria’s banking profession is low pay. Many bank employees earn incomes that rarely allow them to go home. This indicates that their monthly pay and other wages aren’t particularly impressive.
For example, an aphorism states, “Pay a low salary and get monkey business.” This aphorism may be applicable in the banking industry, when delicate and stressful work is undertaken by employees who do not receive a commensurate wage.
Many workers begin work early in the morning and finish late at night, and thus must be appropriately compensated. In many cases, decreased productivity among bank employees may be caused by low wages.
Staff training is crucial in any organisation or financial industry. This is because without on-the-job or off-the-job training courses, workers may lack the necessary knowledge of the work they do. They may complete the work, but they may not do it to the requisite standard.
Workers who receive training may perform better than those who do not. Workers who attend management-sponsored trainings may also feel a sense of belonging and recognition from their employer(s).
This could motivate them to do their utmost to ensure high output in order to supplement the training sessions supported by their employees. When management fails to fund employee training, it can lead to bad worker-customer relationships and ultimately bank collapse.
Workers who can operate well without inhibitions may need to be recognised by management in terms of advancement. Promotion could indicate that the worker is performing well and that management values the workers’ efforts.
Non-promotion may consequently indicate that the worker’s work performance is not valued, or that the worker is insufficiently productive to be recognised and promoted.
This managerial lousy attitude of non-promotion of personnel may not sit well with the employees, who may feel ignored and neglected. The result could be a high worker turnover rate. That is why bankers want jobs that promise their promotion by management.
1.2 Statement of Problem
Neglecting to motivate and reward bank employees by failing to provide suitable salaries and pay, as well as good welfare packages, appears to have become the norm in the banking sector, and most likely in other organisations.
Bank employees frequently complain about not having enough time for personal needs and duties as a result of the lengthy hours they put in at work.
The situation appears to have been exacerbated by requiring every employee, whether in the operations, customer service, or marketing departments, to generate a certain amount of profit for their company without compensating them in terms of work benefits and incentives.
However, this may harm employee morale and diminish performance, efficiency, and productivity. The purpose of this study is to determine whether or not rewards have an impact on bank employees’ productivity.
First Bank Nigeria Plc in Lagos State is of special interest. It will also investigate why some managers have a bad attitude towards compensating their employees.
1.3 The purpose of the study
The study’s aims include the following:
1. Determine whether incentive influences the productivity of bank personnel in the banking business.
2. Determine if workers of First Bank Nigeria Plc were adequately compensated.
3. Determine whether bank employees prioritise being rewarded or not.
4. Determine whether there was a difference in productivity between bank employees who are rewarded and those who are not, and
5. Determine whether management understands the role of reward in the growth and development of employees and organisations.
1.4 Research Questions.
The following research questions were used to lead the study:
1. Can a reward increase the productivity of bank workers?
2. Are staff at First Bank Nigeria Plc properly compensated?
3. Do bank employees prioritise being rewarded by management or not?
4. Will there be a difference in productivity between bank employees who are rewarded and those who are not?
5. Does management recognise the value of rewards in the growth and development of bank employees and organisations?
1.5 Research Hypotheses.
The following hypotheses were proposed to assist determine the study’s relevance.
1. H0: There will be no substantial association between absence of promotion and employee productivity at First Bank Plc.
2. H0: There will be no significant difference in productivity between bank employees who are rewarded and those who are not.
3. Hypothesis: There will be no substantial difference in performance between trained and untrained bank workers.
4. H0: There will be no substantial association between low pay and employee performance in the banking sector.
1.6 Significance of the Study
It is envisaged that the study will be very beneficial to the entire management of First Bank Nigeria Plc and other Nigerian banking businesses in terms of building a favourable attitude towards rewarding bank staff.
Employees would also benefit from the increased awareness that this study would have raised among organisational managers, since their well-being would be prioritised.
The organisational productivity would also grow because employees are expected to give their all after being rewarded, hence increasing the organisation’s profit margin.
Furthermore, the entire community would enjoy relative peace because the tension between workers and bosses would have been reduced as a result of the former’s kind treatment by the latter, and so on.
1.7 Scope and Delimitations
The study focused on employees of First Bank Nigeria Plc, which is located in the Somolu Local Government Area of Lagos State. It also investigated the impact of remuneration on worker performance in the banking industry.
1.8 Limitations.
The study was limited by the ease with which staff in all marketing departments could be contacted for data collection, as they are generally involved in field activities.
The time and protocol required to gain clearance from branch managers before interacting with their employees, particularly during official hours, will also limit the study. Other issues, such as corporate policies and management decisions, may impede the successful execution of this project job.
1.9 Definition of Terms.
The following terms were defined as they were used in this study.
Reward: Incentives given to employees in any organisation by management when they have done their duties satisfactorily. It is offered to workers in order to keep them engaged and increase their production.
Motivation is the practice of motivating employees to provide their best or most efficient performance to the organisations where they work in order to maximise productivity and profit.
Workers’ Productivity: This refers to the entire production or outcome of work obtained from employee input in any business. In other words, it is the total output of all employees in a firm, industry, school, and other parastatals in both the private and public sectors.
Motives are the inner states that energise, activate, and guide or channel conduct towards goals.
Incentive: Bonuses offered in exchange for a task well done.
Impact: This refers to the effect it has on factors.
Goals: Refers to the “hoped-for” reward towards which motivation is directed.
Productivity is the total amount of goals and services produced per worker in a certain production unit during a set period of time.
Employee behaviour refers to the manners, moral conduct, and treatment displayed to or towards management.
Motivational Techniques: These are the methods or incentives that managers or organisations use to motivate or stimulate their staff.
Job fulfilment: This is the final result that an organisation expects to see from its personnel once they have been motivated.
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