Impact Of Monetary Incentive On Organizational Performance

Impact Of Monetary Incentive On Organizational Performance (A Case Study Of First Bank Plc) Enugu

                                                                     ABSTRACT

In all organization productivity is beckoned on the design of its incentive variable to believe among various management levels. These are several incentive variables that could motivate people to work to their optional level and when these variables are not there, their productivity will greatly affected. This may come inform of package remuneration, still others may not necessarily be motivated with a well packaged incentive scheme.

In generating data needed to achieve the objectives of the study descriptive survey research design was adopted. Questionnaire was used on the major instrument for primary data collection. To     broaden the researcher’s depth of knowledge in the study area the researcher embarked upon review of related literature with data drawn from secondary sources. Data generated in the study was presented on frequency table and analyzed using simple percentage while the hypotheses were tested Z test.

Finally, the study concluded that monetary incentives make the workers satisfied with the treatment given to them, the organization will achieve its goals, targets and objectives in a very short time.

CHAPTER ONE

1.0      INTRODUCTION

Sometimes, one wonders why some people perform more than others on the job or better still why people work hard. Man in his natural form is somehow lazy and always tries to gravitate towards his comfort zone unless some kind of force or situation that arouses his desire to move out of this comfort zone in order to avert negative consequences or reap a positive towards as the case may be. The forces of situation now becomes the motive for his working towards his set target (motivating factor)

Given the above illustration management scholars have tried to define what motivation relates to the tense, need or fear etc, that attempts on individual to act. Also Wole Adewuni (1992) defined motivation as “the inner stimulus that induces one to behave the way he does”. It has to with that inner state that energizes, activates or moves and therefore directs behaviours towards goals.

In an organization, productivity is beckoned on the design of its incentive variables to balance among various management levels. There are several incentive variables that could motivate people to work in their optional level and when these variables are not there, their productivity will be greatly affected. This may come inform of a well packaged incentive scheme. The group believes that is not everything.

Starke (1976:35) is of the opinion that “people work for broadly defined rewards can be broken down into general classes known as intrinsic and extrinsic rewards.

Extrinsic rewards include figure pay proportion, compliments etc and are often independent of the task performed and are controlled by other people. Intrinsic rewards on the other hand include the feeling of accomplishment of task and are administered by the individual during the task. However, workers performance in an organization depends on these rewards among other incentives which may in one way or the other command job satisfaction.

  • BACKGROUND OF THE STUDY

Incentives are objectives or goals which are capable and satisfying what the employ is view as need drive or desire. It includes accelerated payment for improved productivity as well as environment conditions. For example, infrastructures, transportation facilities canteen services etc. In other words, incentives do not only refer to wages payments but other things like job enrichment, here flow of information, good relationship among junior and senior officers relationship.

Above all the recognition accorded to individuals by society to their contribution also goes as long way to induce and energize them to work harder to achieve not only the organizational goals but also societal goal.

It is worthy of not that such incentives like monetary rewards which may motivate the younger people who are beginners or the lower does of people in the society. People in various positions, even though at a similar level, must be given incentive that reflects their individual performance and expectations.

A higher performance must be rewarded more than the lower performance for a feeling of quality to prevail. Given this, money is likely to be a motivator. Variable remuneration has been favoured as the means of given employees incentives to produce or sell increased volume or improve the quality of their performance.

In most business and other organization, money is actually used in keeping an organization adequately staff and not primarily as a motivator. Any bonus scheme for manual workers should be related to criteria which are meaningful to the employees and which are capable of being mentored consistently. The incentive to achieve a particular objective for example, increased volume should not set as an incentive to worsen other standards of achievement like quality, it is therefore, important to know what induces a worker most, as many people have difference needs and aspiration. People work for various reasons, depending on what they want, they are looking forward to achieving, here, it is the duty of the management of any organization to find out the needs its employees and then  channel efforts towards attaining them.

Incentive  which may be seen as payment or reward for work or services rendered have been a common features in Nigeria establishments to  which First Bank of Nigeria Plc is not on exception. It is therefore the objectives of this that could motivate workers to greater achievement.

Management scholar and other employers of labour will also find this work very useful as it would enable them to be vast of the value of incentive to performance of workers, if appropriately applied. This will in effect bring greater efficiency of workers if adequately employed.

Furthermore, students and other people who wish to carry out a similar study in other establishment will find this work beneficial as the ideas exposed in this work will be a guide in the right direction.

First Bank of Nigeria Plc, for over a century, has distinguish itself as a lending banking institution and a major contributor to the economic achievement and development of Nigeria. This bank was found in 1894 by a shipping magnate from Liverpool, Sir Alfred.

It was incorporated as Limited Liability Company on March 31st 1894, with head office in Liverpool. It started business under the corporate name of the Bank   for British West Africa (BBWA) with a paid up capital of 12,000 pounds sterling, after absorbing its predecessor.

Over the years, the bank has experienced phenomenal growth with a share  capital and N55.6 million in 1980, the bank’s share capital grow to N650.385 million at 31st March, 2000 the bank total assets base was N180.553 billion while it deposit base stood at N127.230 billion as at 31st March 2000.

The bank has improved tremendously judging from a number of parameters including member of branches, growth in deposit basis, asset size of loans and advances.

  • THE STATEMENT OF THE PROBLEM

It is fundamentally unrealistic to assume that people would continue to find satisfaction in co-operating in organization’s affairs, if no interest is shown in their individual needs and problems.

It is agreed that in spite of whatever, gains must have been achieved ensuring adequate compensation among workers around the world. Existing compensation programmes have failed to attract hold and motivate employees because the individual worker is not considered and he did not participate in the planning and design of such incentives before its execution or implementation. However, the economic and social development of Nigeria depends to a great extent on the ability of the public services to attract and retain the services of qualified manpower. Therefore, the concepts of total compensation programme has economic, social, behaviour and legal basis or consequences. To what extent is this recognized by the First Bank of Nigeria Plc’s incentives scheme on the performance of workers in the company.

  • PURPOSE OF THE STUDY

The above problems bring to file the following sub-problem

  1. What types of incentive schemes are variable in First bank of Nigeria?
  2. Are employees of the company actually reaping benefits which provide job satisfaction from these schemes?
  3. Is first bank of Nigeria Plc, attaining the main objectives for administrating these scheme?
  4. To examine the different types of incentive scheme put in lace by the First Bank Plc.
  5. To test the effectives, adequacy and relevance of these incentives schemes to the overall performances of individual worker or group of workers.
  6. To examine the extent the organization is achieving its objectives for administering these incentive schemes.
    • SCOPE OF THE STUDY

This study aimed at investigating the impact of monetary incentive scheme for the performance of workers in an organization. First Bank of Nigeria Plc, Enugu as a model organization was used because of resource constraints, a branch of first bank of Nigeria Plc was studies. All eh department and cadres of employees were covered in the study, to examine incentives and its administration in first bank Plc, the study will also evaluate the appropriateness of the programme with a view to ascertaining how they influence workers to perform efficiently which results in an increase in the organizational productivity finally, the study will also address the impact of the incentive of the existing worker as well those that have left the organization.

  • RESEARCH HYPOTHESIS

Ho:First bank Plc incentive scheme has no impact on the employees job performance.

H1:First bank Plc incentive scheme has an impact on the employee job performance.

Ho:All cadres of workers in first bank Nigeria Plc are involved in planning the incentive scheme

H1:All cadres of workers in first bank Nigeria are not involved in planning the incentive scheme.

  • SIGNIFICANCE OF THE STUDY 

It is hoped that this study when completed will assist business enterprises in their operations and enable them  to employ incentive schemes and other motivational variables that would optimized the productivity, that management find useful for further planning.

This work will be of assistance to the management of the first bank Plc as it will enable them to restructure their incentive scheme s as to reflect the aspiration and need of their workers. Besides, it will be of great important to offer organization, since it will expose them to some of the incentives.

  • LIMITATION OF THE STUDY

Some problems were encountered while in one form of the other constituted limitation to the collected data.

  1. The sampling frame obtained from the personnel department of First Bank Nigeria Plc indicated that there are more then 300 staff members. It was the intention of the researcher to obtain information from the entire employee but as a result of time and financial constrains, the coverage was united to only 101 representing about 50% of the proportion.
  2. Out of the 101 questionnaire administered, only 76 were returned thereby rendering the assumed margin of error unreliable.
  3. Some respondents were not very less operative and could have given non-reliable information, as they feared publicly despite the assurance by the researcher to treat every information with utmost jealousy.
  4. Time was one of the major constraints faced by the researcher. The time allocated for eh study was too small because the researcher has to attend lectures, prepare for quizzes and examinations and as results too little time was deviated to the study.

Impact Of Road Network On Property Value

The Impact Of Road Network On Property Value (A Case Study Of Enugu Urban)

ABSTRACT

          The impact of road network on property values was not obvious in the years immediately after the colonial period. With the advert of oil boom in the early seventies, the different national development rolling plan which to some extent was vigorously pursued in the Easter states by the constructions of road brought about tremendous significance in the value of property.

These obvious characteristics could not actually hide its tendency, but it has remained a surprise that many scholars have not really focused their attention on this development unit recently when people began to realize that a lot of mistakes had been made during the previous years owing to lack of proper planning of layout and road network in our major cities.

Now that most of the major cities like Abuja and many others have been brought under such influence concerning road designs pattern, those mistakes have started coming into focus to scholars, and government who are policy makers and executor of projects. Despite the prevailing economic circumstance that is not encouraging, it was found during the course of the research study that it would be better to make a long lasting investment on road transportation network and maintenance than taking unnecessary short-term alternatives that will jeopardize both the economic and social life of the people thereby creating drastic impact on property values.

CHAPTER ONE

1.0     INTRODUCTION

1.1     BACKGROUND OF THE STUDY

          The value of any landed property be it developed or undeveloped is dependent on the activities surrounded by four main factors namely, economic factor environmental factor, social factor and political factor.  Each of these factors plays a prominent role on the enhancement of property value, but their joint activity determines to a very large extent the quantum of value attached to the property. In this study however, the author will particularize or lay emphasis particularly on the impact created by the environment  factor on which road transport is  founded, this is aimed at enhancing a better analysis and understanding of the study.

The earliest civilization started with the development of transport routes which enabled the movement of people and  subsequently increased the exchange of goods and services. It is as a result of transportation that the country side was opened up, populated and developed. Forest lands be become farm lands, natural resources could easily be exploited as a result of transportation gaining access to the rural areas.

The function of transportation according to  Faulk (1957) is to convey people from where they are to where they wish to be or to convey merchandise from where it is to where its owner  wants it to be sent at times convenient to the customer and at reasonable cost. This therefore means that a well- planned road network will not only increase or promote accessibility but also will increase population fluidity and reduce transport cost. This population fluidity will cause changes in the effective demand for properties thereby resulting in positive change in property values of the areas concerned.

However, the accessibility of any site determines the profitability and utility thereon, hence the desire to maximize profit in respect of property market users determine the location of any economic activity to be characterized on the use of land. In other words, the greater the accessibility the greater the comparative increase on property value at that location. This is the reason why in recent time, investors on real property are being attracted to properties in areas with adequate road transport network. Sequel to this effect, purchasers or real property developers have discovered in these areas the advantages of good road network as a positive impact of a well planned layout and property maintained roads and facilities affordable at reasonable cost. These positive factors will enhance the property values in the neighbourhood.          Again, road transport development also has  some negative impact on property value, this result from traffic congestion, poor drainage facilities, poor road condition, population from either air or wind etc. this factors affect property value drastically in the urban areas.

1.2     STATEMENT OF THE PROBLEM.

          In Enugu urban, the main problem of road network design was unplanned. This was as a result of the early development of the town without master plan, to provide for appropriate location and development of economic activities because of the unplanned road network, the property value was affected.

1.3     AIM/OBJECTIVE OF THE STUDY

          Aim of the research work.  The aim of this study is to examine the positive and negative impact of road network on property value in Enugu urban.

OBJECTIVES OF THE STUDY

          The objectives of the study are as follows:

  1. To ascertain the relationship between road transportation network and urban property values
  2. To compare the impact created by the various categories of road.
  3. To identify the various problems associated with road transport development in Enugu Urban
  4. To show how road maintenance will affect property values.
  5. To proffer possible suggestions on the measure that could be taken to forestall the problem identifies

1.4     RESEARCH QUESTIONS

                 The division to research on the impact of road network on property values was a result of division into areas  of higher concentration of economic and social activities and areas of low concentration due to the impact created by environment factors on which road transport is found in Enugu urban. This impact however caused a higher demand and redevelopment of some landed property mostly from residential to commercial in the areas of higher concentration, which encouraged increased in property values in such areas.

The research questions for this study that readily comes in mind are thus:-

  1. Did road network affect property values?
  2. Did higher and better road network improve or increase property values?
  3. Did poor road network affects values of property?
  4. Did the improvement of road transportation in Enugu urban enhance the development of commercial activities?
  5. Did improved road network pattern in an area brings about population growth?
  6. Did good road network attracts investment in an area?

1.5            SIGNIFICANCE OF THE STUDY

              This research is envisaged to be generally to property managers and investor who are usually interested in property business, such that they would not invest without due consideration of this aspect to road development to determine the   choice of site and business to attain its higher and best use.

Again the planning authority will also benefit tremendously from this research, it will help them to understand better the essence  of  uniform development in their planning. They should  have at the back of their mind while planning the importance of road network to the economic well being in the areas they plan for.

The rating authority will benefit from this research in that it will enable then understand how an improved or deteriorating state of road or an unplanned road network will affect property value which will in turn affect the revenue derived from the property.

1.6     SCOPE OF THE STUDY

          For the purpose of easy collection and collation of   data, this research work will be centered in Enugu urban area, choice areas within the surrounding towns to be made reference to would be randomly selected and critically examine n other to reduce the margin of errors. Enugu was considered appropriate for this study due to its central location and good road network system thereby giving room for better assessment and analysis of data to obtain a high degree of accuracy.

1.7     LIMITATION OF THE STUDY

This study was limited by some constraints. Most data available on the study were difficult to be accessed. This was because relevant materials needed for this study could not be accessed, especially from the ministry of works and transport as well as ministry of lands and survey and, hence the unavailability of current data.

The value of property increase every now and then and usually at will by the property owners with out the government effecting its changes. This problem made the researcher not to get accurate data on the trend in rented value on the abutting properties as affected by road network.

Another great constraint that was experienced in the cause of this work was distance between school and the study area, this had the effect of limiting the number of visit   paid to the study area.

Furthermore, a study to the consequences to property values is bound to be highly technical owing to the nature of the problem. To this effect, some aspect road transportation study was omitted. By and large, it is generally noted that data collection for research these days are finance driven inadequate finance was a constraint to data reviewed considered to be disclosed. These and other limitations affected the reliability of information available for the study.

1.8     OVERVIEW OF THE STUDY

This research work has been meticulously carried out to ascertain the effects created by road network to the value of property in the study area. The author has tried to simplity the effect to which the various categories of roads affect properties in their surrounding location.

However, the content of this work has been methodically split into five chapters while chapter one emphasizes on the environmental framework   of road transportation in the study area, chapter two describes different opinion by some authors by examining their views concerning this topic of discussion , it was from these  opinion of value that relevant facts were scrutinized  for relevant data needed to analyze road network and urban development in Enugu. This chapter further describes the various category of road as arterial road, sub-arterial roads and the local roads.

Again chapter three discusses on the methodology of the research study. Information was collected through primary and secondary sources. Data from primary sources   comprises oral structural interview and property inspection to achieve the objective of the study. The secondary source of data encompasses the use of related literature of both published and unpublished material. information collected from ministry of works and transport, textbook, professional journal as well were used with effect to how the data will analyzed         finally, chapter four described the presentation and analysis of data while chapter five stipulates the recommendation, findings and the conclusion.

CHAPTER TWO

LITERATURE REVIEW

2.0     INTRODUCTION

In this chapter, review of literature relevant to the research topic has been organized under the following sub-headings.

–        Conceptual Frame Work

–        Summary of review literature

2.1     CONCEPTUAL FRAME WORK

The importance of road transport is founded on its economic and social activities which are concerned with increasing human satisfaction by changing the geographical position of goods and people. It may bring raw material to places where they can be manufactured or finished goods to place where the consumer can make best use of them.

On the contrary, Onakomanja (1981) in his contribution to the book tiled transportation in the Nigeria national economy hold the fact that there is nothing that can produce more confusion and social cost to a developed  region than the existence of inadequately planned road transport system and lack of  changes in land use activity pattern and control mobility and  access according to him are the cornerstone of urban economic activity and transportation is the bedrock on which these cornerstones must  be built many a times, transportation not only ignores this importance aspect but also plan deliberately to subvert the socio-economic activities or the community.

Tegucipalpa, Honduras, wheller et al (1973) acknowledge transportation technology as a factor in spatial distribution of urban population and economic activities. Decisions on the location of economic  activities are closely inter related with these of business sector in seeking to derive maximum advantage from the external “economic” associated with household agglomeration along economic, social and educational class line. The net result of such a decision is a pattern of activity which is reflected in the location segregation of the major components of road transportation network in the urban areas. Economically speaking, no single state or country is self sufficient producing all. it required for a sustainable livelihood.  As a result of this every nations economy is dependent on transportation and the level of economic development concomitant to the means of exchange available to it.

According to good all (1966), intra-city and inter-city transport facilities which harbours the urban developers and the urban area will not grow to a area will not grow to a great size unless transport facilities make  it possible to amass raw materials and distributes products for a field.

However, the improvement of transportation in Enugu has enhanced the development of commercial activities to enjoy external economics from traders from all over the country. This is manifested from the way traders from other states like Sokoto, Lagos, Kano Maduguri, Abuja, Kaduna can conveniently visit Enugu on business trip. This is as a result of good transportation network pattern which create positive impact on their property values. Road transportation has been described as the life wire on which the economic activity of any town or country depends. Hence for an urban activity to function most efficiently and economically there must be an improved inter-city and intra-city transport facility, so as  to ensure an efficient population flow.

Roads have dual function as traffic roads and as means of access on dwellings, this is the view of Keeble (1969 P.178). According to him roads are of great activity, roads originally had pedestrian track before the invention of motorcars, but as human civilization progressed, motorcars were invented  necessitating the development of the tarred roads. in the developing countries like ours     (Nigeria) road development  has  been a sporadic process which is influenced by politics and rapid expansion of the urban towns. They are seen generally as the skeleton of any town plan and arteries of the organism through which the life blood of communication flows. This description is born out of the understanding that urban roads are the integral part of transportation network that connects all urban activities, without which life in the urban areas would not be efficient and systematic. This otherwise proves that the  greater the degree of specialization and growth in the society, the  greater  the degree of dependence among urban activities or land user and the greater the extent of movement between them.

According to Alker Tripp (1956, urban roads fall into three main classes comprising arterial roads, sub-arterial roads and local roads. he postulated that the arterial or parts of the town. the sub-arterial roads like local roads and then gives access to the residential areas. John Noble (1966) as his own opinion states that the relationship between district and residential roads in an urban road network can be classified into three main classes namely primary distributor, district distributor and local distributors.

Primary Distributor

          They form the primary or major road network in the town as a whole and from them all other roads originate. In the study area, primary distributor roads are all roads from which the streets and local roads originate and these roads carry heavy traffic are all times.

District Distributor

These are the roads which distribute traffic without in the residential, industries, commercial and principal business district of the town, they form the link between the primary network and the roads with in the  environment. they are all in a state of good repair along the primary distributors, they have a width of about 10metres.

Impact Of Accounting On Organization Effectiveness

The Impact Of Accounting On Organization Effectiveness

ABSTRACT

          The purpose of this project was to study the impact of accounting on organization effectiveness with reference to federal pay office Enugu.

To guide this study some research   questions were formulated. A review of literature was done to ensure solid conclusion for the study. Continue reading Impact Of Accounting On Organization Effectiveness

Impact of Motivation on Staff overall Performance in the State Civil Service

Impact of Motivation on Staff overall Performance in the Civil Service: A Case Study of Sokoto State Civil Service

 Statement of the Research Problem 

It is affect that organizations are set up for the purpose of achieving their desired objectives. These desired goals and objectives cannot be achieved without individuals working together in groups towards accomplishment of those common goals. It is perceived that employee benefits have a greater impact on job performance, job satisfaction and productivity. They conceived the Continue reading Impact of Motivation on Staff overall Performance in the State Civil Service