EMPLOYEE MOTIVATION: AN EFFECTIVE TOOL TO ENHANCE WORKER’S PRODUCTIVITY ( A CASE STUDY OF AFRI BANK OF NIGERIA PLC)
TABLE OF CONTENTS
CHAPTER ONE
1.1 Introduction
1.2 Statement of the problems
1.3 Purpose of the study
1.4 Significance of the study
1.5 Scope and limitation of the study
1.6 Historical background of Afri bank Nigeria plc
1.7 Organizational chart of Afri bank of Nigeria plc
1.8 Definition of the term used.
CHAPTER TWO:- LITERATURE REVIEW
2.1 History of fringe benefits (incentive) as a motivational factor, Wages, and Salaries in Nigeria
2.2 Motivation and employees’ services
2.3 Theories of motivation
2.4 Other motivational theories
2.5 Relationship between performance and motivation
2.6 Relationship between fringe benefit and motivation
2.7 Motivational techniques
CHAPTER THREE:- RESEARCH METHODOLOGY
3.1 Introduction
3.2 population and Sample
3.3 Research Design
3.4 Research Instrument
3.5 Method of Data Collection
3.6 Method of Data Analysis
CHAPTER FOUR: PRESENTATION AND ANALYSIS OF DATA
4.1 Presentation of data
4.2 Analysis of data
CHAPTER FOUR:- SUMMARY CONCLUSION AND RECOMMENDATION
5.1 Summary
5.2 Conclusion
5.3 Recommendations
References
Appendix
CHAPTER ONE
1.1 INTRODUCTION
Employee’s interest in higher productivity does not develop without some stimulation by management; either directly or through the creation of an atmosphere in which employees wants to contribute their best effort to the job.
It must be received that in any organization, motivation `has a great impact on worker’s performance, if properly administered. It will enhance the output of the workers which has a multiplier effect on the rate of profit and turnover of the organization.
Remuneration policy and methods can be considered in isolation from the country’s economic policies. That is why the state of the economy must be critically analyzed before any policy on remuneration could be implemented.
According to Haire (1963), in his wages and salary policy and administration, he states that pay in one form or another is certainly one of the main spring of motivation in one society.
As a motivator, it becomes part of general psychological problem’’. An incentive is a systematic procedure for establishing a sound compensation structure. By reducing inequalities among employees earning, a good programme raised individual moral and reduces inter group friction.
Similarly, motivation (incentives) policy shall be the policy of an organization to promote incentives that are at least as good as, if not better than, those paid by the competitors for similar types of work under similar conditions of works in the communities in which it operates.
1.2 STATEMENT OF THE PROBLEMS
One approach to employees’ motivation has been to add incentive to an individual’s job as the primary factor in improving performance. Endless mixes of employee benefit –such as Health care, Life insurance, profit sharing , Employee’s stock ownership plans, Exercise facilities, Subsidized meal plans, Child care availability, company’s car and more have been used by companies in their effort to maintain happy employees in the belief that happy employee are motivated employee. To what extent has these incentives affect employees productivity in Nigeria: A case study of Afribank plc.
1.3 PURPOSE OF THE STUDY
Motivating employees to contribute their efforts to accomplish organizational duties and task requires the identification variables that could be influencing such efforts. The identification of such variable is not an easy task. This could be attributed to the variety of employees need and aspiration from the jobs which imply that motivating factors are multi dimensional.
Basically, the purposes of the study are:-
(1) To resolve problem in process of motivating workers.
(2) To examine various leading theories of motivation and their effect on productivity.
(3) To determine whether a group of workers will have some need and wants which effects their productivity.
(4) To determine whether financial motivation alone can satisfy the employees need and wants therefore stimulate them
to work harder.
(5) To arrive at suggestions which if implemented can help to improve the workers output and efficiency and thus achieve company goals and objectives.
(6) To serve as guidelines for the easy study.
(7) To serve as reference for other staffs.
1.4 THE SIGNIFICANCE OF THE STUDY
For modern days business enterprises to be successful, the presence of committed and dedicated managers and highly motivate workers is required.
To get the workers motivated, the manager must understand those factors that will motivate a particular employee at a particular point in time.
The study will however, assist managers in getting the best out of their workers to achieve the enterprises objectives.
This will be achieve by establishing the importance of motivation in today’s highly competitive and dynamic business environment and how the concept could be used to inspire appropriate co-operation effort essential for achieving individual and organizational goals.
1.5 SCOPE AND LIMITATION OF THE STUDY
There are certain motivational factors that would account for a specific type of behaviour (better performance, higher productivity) from the workers. The area which the study covers are:-
⦁ Motivation and employee services
⦁ Maslow’s hierarchy of needs
⦁ McGregor theory x and theory Y
⦁ McClelland theory of human motives
⦁ Victor Vroom’s expectancy theory
⦁ motivational techniques
⦁ Relationship between fringe benefit and motivation.
⦁ Relationship between motivation and performance.
The study also takes a case study of Afribank of Nigeria Plc and twenty five (25) numbers of respondents to arrive at the objective of the study.
HISTORICAL BACKGROUND OF AFRIBANK NIGERIA
PLC
Afribank Nigeria plc, formerly known as International Bank for West Africa (IBWA) was granted a license to carryout banking business on 26th October, 1959 and began operations on 4th January, 1960 with the opening of a branch in Kano and shortly afterwards another branch was opened in Apapa. The head office was subsequently established in 1960 at 94 Broad Street, Lagos. Originally owned by banque del Afrique Occidental (BIAO” IBWA’’) To reflect its 49% acquisition In 1964 by First National City Bank Icn. and consequently, its has international ownership.
The Bank was later incorporated under the Nigeria companies Act of 1968 as a private limited liability company on 30th May, 1969. In 1976, the federal government of Nigeria has 60% ownership of the bank, later 10% was off loaded by the staff trustee ownership scheme while BIAO retained 40% shareholding on technical partnership. Afribank is one of the most diversify banks in the country over the last few years. The Bank has worked itself up to be among the top four (4) leading banks in Nigeria and it has a network of 250 branches covering entire country with an asset base of over N11.06 billion and a wide spectrum of corporate institution and individual customers that enjoy the professional services of the Bank.
In meeting the full range of its customers requirements, the bank has diversify its operation into the following wholly owned subsidiaries to compliment it comprehensive financial services delivery
⦁ Afribank International limited (Merchant Bankers)
⦁ Afribank insurance brokers
⦁ Afribank estate company limited (for in house
services)
⦁ Afribank trustee and Security Company limited.
Afribank mission is to achieve the position of a leading International growth providing comprehensive and qualitative banking and financing services which meet the change needs of its customers through the employment within the group of high caliber personnel and utilization of up to date technology, while ensuring optimum returns of its shareholders. As approved by Federal ministry government based upon the recommendation of the technical committee for privatization and commercialization (TCPC), the ministry of finance incorporation (MOFI) in 1993 relinquished all of its equity holding in Afribank for sale to the public.
The share of Afribank were admitted and listed on the first tier market of Nigeria Stock Exchange (NSE) on 29th October, 1993.
ORGANIZATIONAL CHART
However, taking a critical look on this above organogram, one would see that Afribank of Nigeria has employed line and staff organization structure. In this form of organization there are functional aspect appointed, but in this instance, they have no executive power and act in an advisory capacity only. The result of this is that line manager and supervisors maintain direct control and authority over their members of their department but also available to them except knowledge to assist their department in the effective operation of their functional area.
1.1 DEFINITION OF THE TERMS USED
For clarity purpose, the following words (and possible others) and terms will be used in the course of research work. The specific meanings assigned to these works are essential for a full understanding of the study. Among these words includes the following.
(1) Fringe benefit:- These are extra benefit given especially to employee in addition to their salaries or wages.
(2) Work:- That essential part of human life that relate to his Sustenance, survival, status and link to the society.
(3) Workers:- Davidson (1979) defines a worker as any
Person who has entered or works under a contract with an employer whether the contract of personality to execute any work of labour
(4) Administration:- According to breech, he defines
Administration as that part of management process concerned with the institution and carry out procedure by which the programme is laid dawn and communicated and the progress of activities is regulated and checked against target and plan (Robert Appleby C: Modern Business Administration P.4).
(5) Management :- It is a social process entailing
responsibility for the effective and economical planning and regulation of the operation of an enterprise in fulfillment of given purpose or task.
(6) Motivation: - It is kind of inducement which spur the individual externally to undertake a task on a particular action.
(7) Productivity/performance:- The qualitative and
quantitative turnout of worker in the goods and services
produced.
(8) Efficiency :- The sums up of qualities and
quantities of Job produced within a given time and resources.
(9) Compensation:- That which is given as an equivalent for
Services.
(10) Job :- A set of task or responsibilities grouped together under a
particular title.
.