THE IMPACT OF EFFECTIVE COMPENSATION ON THE EMPLOYEES PERFORMANCE

THE IMPACT OF EFFECTIVE COMPENSATION ON THE EMPLOYEES PERFORMANCE (A STUDY OF GENERAL COTTON MILL LIMITED ONITSHA).

ABSTRACT

This study examined the impact of effective compensation on the employees performance. The researcher used both primary and secondary sources together to gather relaxant information for primary data. The researcher also made use of questionnaire that was carefully designed and administered to the respondents

TO PLACE AN ORDER FOR THE COMPLETE PROJECT MATERIAL, pay N3, 000 to:

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After payment, text the name of the project, email address and your names to 08064502337 for secondary data. Information’s were gathered from libraries and other research units. All information gathered from both sources were later arranged and presented in textual and tabular form and analyzed, using percentages. The major findings of the study were that incentive and fringe benefits were considered ineffective in improving performance, individual employees required different motivation tools but all to no avail; to improve their performance, organization integrates individual objectives with the corporate goal; from the foregoing therefore, the researcher concluded the effective compensation has significant impact on worker performance. The major recommendations of the study are:

Due to the rising cost of hiring, employees should be compensated and encouraged. This should be through awards, business extra payment for overtime work. This will motivate them and result to a higher productivity.

Promotion should be on merit, not by familiarity and relationship, when promotion is by merit people are satisfied and happy thereby people will work hard for their own promotion thereby increasing the productivity.

The compensation policies of an organization should be adequate so as to obtain effective and efficient production and performance.

CHAPTER 1

INTRODUCTION

  • Background of The Study

This study is based on the impact of effective compensation on the employees performance in Onitsha Cotton Mill limited, Anambra state Nigeria.

Apparently, there are different needs among employees that  must be achieved through compensation received.

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It is pertinent that organizations should strive hard to effectively compensate their workers, for motivational reasons, which will help in the achievement of organizational goals and objectives.

This study falls within personnel management, personnel management, according to the institute of personnel management is that part of management concerned with people at work and with their relationship within an enterprise, society, and across an enterprise. Also according to Flippo (1986), is the planning, organizing, directing and controlling of the procurement, development, compensation, integration, maintenance and separation of human resources at the end that individual, organization and societal objectives are accomplished.

It can be also defined as money received for the work performance plus other kinds of benefits and services that the organizations provide for their employees.

Compensation is recompense, reward, wages or salaries given by an organization to person or a group of persons in return to work done, service rendered or a contribution made towards achievement of organizational goals. Wages dearness allowance, bonus and other allowance are examples of monetary compensation while good accommodation, children education, transport facilities, subsidized ration of essential commodities comes under non monetary compensation.

  • Statement Of The Problem

Certain conditions or factors can make workers to perform effectively or ineffectively on their jobs. It has been observed that a number of factors seems to be responsible for job dissatisfaction among workers. These include lack of interest in the jobs, poor salaries, poor conditions of service and lack of fringe benefits. General Cotton Mill limited workers tends to be affected by the factors enumerated above. It has also been observed that as a result of lack of compensation as a motivational factors, there is growing shortage and loss of competent hands in general Cotton mill Onitsha in particular.

In This study, on the effect of compensation, on the performance of worker in Onitsha cotton mill limited in particular, tend to find out what compensation have to do in motivating workers.

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This study is faced with the problems of finding out the importance of compensation to workers performance. It is not just giving compensation to workers, but equally knowing how adequate is that compensation towards efforts the workers are putting in achieving organizational objective. Therefore this study has a significance effect on the performance of workers on business organization.

1.2 Purpose of The Study

The core purpose of the study is to know the impact, effective compensation has on the performance of workers in general cotton mill Nigeria limited Anambra state.

The function of personnel management has to be given adequate attention because of its bad effects towards the organization anytime it is lacking, therefore this study seek to find out many dysfunctional behaviours like absenteeism, breaking of organizational rules and regulation from employee’s anytime compensation is unfair or inadequate. Finally, attention should be given to this topic, if the organization want to achieve its organizational goals and objectives.

1.4 Significance of The Study

The findings from this study would serve as a good reference material. To educationalist, it would also serve as a good material for people studying human relation as affected by compensation.

It would also be a good reference material to those in the research institute that would be a future practicing managers in piloting the affairs of the organization.

It would also serve as a good material for policy formulation and planning.

The employees themselves would not find this study very useful. This would not only give them ideas on what to expect management to do for them, but it would serve as a guide which will enable them to strive towards greater performance as it would be in a position to compensate them adequately.

This would also constitute a useful and interesting text in the library for student to use.

1.5 Research Questions

  1. 1. How does human relation affect any business organization especially in the general cotton mill Onitsha?
  2. 2. How does compensation system in the organization inspire for higher performance?
  3. How does the management provide adequate transport for early arrival in the work place?
  4. How does your pay in the organization commensurate with productivity performance?
  5. What measure does the management used in evaluating performance?
  6. 6. How long have you worked in this organization?
  7. What type of leadership style exist in the organization?
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1.6 Scope/Delimitation of The Study

The scope of the study is impact of effective compensation on the employees performance in general cotton mill Onitsha, is  the focus of the study.

The study could not cover the entire state, due to the time frame and the structure of the topic under review.

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Project topic: THE IMPACT OF EFFECTIVE COMPENSATION ON THE EMPLOYEES PERFORMANCE (A STUDY OF GENERAL COTTON MILL LIMITED ONITSHA)

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