Full Project – Evaluating the impact of compensation scheme on productivity

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CHAPTER ONE

1.1    BACKGROUND OF THE STUDY

Compensation as a concept according to Bernadin (2007) refers to all form of financial returns and tangible benefits that employee receives as part of employment relationship. Compensation is divided into two parts and these are cash compensation which is the direct pay provided by employer for work performed by the employee and fringe been compensation which refers to employee benefit programs.

Cash compensation has two elements which include base and pay contingent. Base pay has to be with hourly or weekly wage pay overtime pay, shift differential and uniform allowance while pay contingent is concerned with performance allowance such as merit increase, incentive pay bonuses and gain sharing. Fringe compensation also has two parts to it which are legally required benefit programs and discretional benefit.

Legally required benefit programs include social security, worker compensation while discretional program include health benefits, pension plans, paid time off, tuition reimbursement, recognition award, foreign service premium responsibility allowance, child care, promotion annual increment and a host of others (Cacoa, 2005, Bernadin, 2007).

The concept of employee compensation and benefits cannot be discussed in a vacuum. Various studies have established that salaries and benefits are closely related to job satisfaction can bring about motivation which in turn affects employee job performance and organizational commitment.

1.2    STATEMENT OF THE PROBLEM

In Nigeria, employee cannot give high productivity if compensation are not adequately measured and given with respect to work done. However, it is a clear fact that people work to earn a living not with salaries alone but also with compensation given to them which inspire them to put in their best on job assignment. It is also a recognized fact that compensation to an employee can enhance human relation in our organization.

Therefore, without adequate compensation, many people tend to develop unhealthy or negative attitude to work and lack of good human relationship, among themselves which will in turn lead to low productivity in an organization. These are some of the problems which the research work tends to reconcile in other to enhance high productivity in an organization.

1.3    OBJECTIVE OF THE STUDY

The objective of the research work titled “Evaluating the impact of compensation scheme on productivity” are as follows:

1. To determine the effect of compensation on employee productivity.
2. To determine the extent to which compensation of an employee can enhance human relation.

1.4    RESEARCH QUESTION

The following research questions are to aid and guide this research to a specific point.

1. Does financial compensation motivate employee to higher productivity in an organization?
2. To what extent does compensation of an employee enhance his/her human relation?

1.5    RESEARCH HYPOTHESIS

         The following hypothesis are formulated to guide this study;

Hypothesis one:

Ho: there is no significance relationship between financial compensation and employee productivity in an organization.

H₁: There is significance relationship between financial compensation and employee productivity in an organization.

Hypothesis two:

Ho: There is no significance relationship between financial compensation and human relations.

H₁: There is significance relationship between financial compensation and human relations.

1.6    SIGNIFICANCE OF STUDY

The significance and importance of this study can never be over emphasized. The study is significant to the following set of entities.

1. It will be significant to management and captains of industry in terms of acquainting them with the knowledge on the subject of compensation and how it enhances the employee to productivity.
2. It will also be significant to student of business administration by acquainting them with the knowledge on the subject of compensation.

• Furthermore the study is also significant to future researcher who may want to carry out research on the subject of compensation by serving as a guide to them.

1.7    SCOPE OF THE STUDY

The study focuses on evaluating the impact of compensation scheme on productivity. Despite the fact that there are banks all over and we cannot study to Unity Bank PLC, Sapele. The work spans through how compensation can enhance employee productivity in an organization.

1.8    DEFINITION OF TERMS

1. COMPENSATION: Compensation can be money, a payment to give someone a fair exchange for their effort and output.
2. Employee: An employee is anyone who as has agreed to be employed under a contract of service to work for some form of payment. This can include wage, salary, commission and piece rate.

• MOTIVATION: Motivation is a psychological feature that arose an organization to act towards a desired goal and elicits control and sustain certain goal-directed behaviour. It can be considered as a driving force. A physiological one that compels or reinforce an action towards a desired goal. For example, hunger is a motivation that elicits a desire to eat. It is also referred to as the purpose or psychological cause of an action.

1. Organization: A social unit of people that is structured and managed to meet a need or to need or to pursue a collective goal. All organization have a management structure that determine relationships between the different activities responsibility and authority to carry out different task.
2. PRODUCTIVITY: Productivity is the ratio of output to inputs in production, it is a measured of the efficiency of production.

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Full Project – Evaluating the impact of compensation scheme on productivity