EMPLOYEES REMUNERATION, WORKING CONDITIONS AND EMPLOYEES PRODUCTIVITY IN THE NIGERIAN BANKING INDUSTRY (A CASE STUDY OF STERLING BANK)


EMPLOYEES REMUNERATION, WORKING CONDITIONS AND EMPLOYEES PRODUCTIVITY IN THE NIGERIAN BANKING INDUSTRY (A CASE STUDY OF STERLING BANK)

ABSTRACT  

The research proffers an assessment of the Employees Remuneration, Working Conditions and Employees Productivity in the Nigerian Banking Industry, a study of sterling bank. It analyses Employees Remuneration and working conditions,  its functions and significance .The research projects Employees Remuneration and working conditions as a unifying factor enhancing employees Productivity towards to the accomplishment of the aims and objective of the Nigeria banking system.

The relevant research questions were analyzed using the chi- square statistical tool.

Result from the study indicated that Employees remuneration influence on performance and productivity is significant, Absence of good remuneration packages has influence on employees productivity in the Nigeria banking industry, and Promotion of staff premised on favoritism, internal politics, and nepotism rather than on merit has influence on employees productivity in the Nigeria banking industry.

Base on this, the study advised the Nigeria banking industry and sterling bank plc in specific that employee should be encouraged, motivated by banking industry and sterling banks in specifics, Nigeria banking industry regardless of their status should make the incentives activity a priority, Nigeria banking industry and sterling bank plc in specifics should monitor the progress of their employees closely, Nigeria banking industry and sterling bank plc in specifics are equally advised to limit the number of work load and working hour giving to each employee and the job rotation should be well structured and perfected.

CHAPTER ONE

INTRODUCTION

1.1       BACKGROUND TO THE STUDY

Employees are organization’s most potent resources and the progress, stagnation and backwardness of an organization depends on the ability of employers of labour to attract, retain, motivate and reward adequately dedicated and committed employees. Employees’ decision to either stay or leave a particular job lies on the remuneration package of the organization. In an effort of organization to earn adequate performance of their employees, there is need for such organization to implement appropriate incentives packages to gear the employees to their best performance. The level of job satisfaction of employees and their willingness to remain in an organization is influenced by the remuneration and motivation packages of such an organization.

 Remuneration can be broadly classified into two categories, namely, direct and indirect remuneration (Adekoya, etal, 2014). Direct remuneration, which includes salaries, wages, allowances, gratifications, commissions and bonuses are financial payment or reward given to an employee in exchange for his physical and mental efforts. Indirect remuneration are usually referred to as fringe benefits, which consists of sick pay, free medical facilities, subsidized meals, company cars, recreational facilities, redundancy payment and retirement benefits  are the additional payment to employees to motivate them to exude superior performance. Working conditions also refers to the working environment and all the existing circumstances affecting employees in workplace. The conditions in which an employee work amongst others, include, amenities, conduciveness of the physical environment of the working place, stress, noise levels, degree of safety or danger, workload, hours of work, rest period and legal rights. Remuneration and working condition packages have a robust impact on the productivity of employees. An organization with good remuneration structure and enhanced working conditions tend to earn high productivity and performance from the employees rather than an organization that deprives its employees from these incentives.

The remuneration structure of an organization in all sectors is the driving force that fortifies employees’ effort towards the attainment of organizational goals (Aslam, etal, 2015). Highly remunerated employees will work assiduously to ensure that they help their organization achieve its stipulated objectives. In this light, organizations’ management team has started recently to adopt various kinds of remuneration packages for their staff, not only for employees’ retention but to give them a competitive advantage over their rivals in the industry they operate.

Sterling Bank Plc is a full service national commercial bank ratified and licensed by the Central Bank of Nigeria. The bank shares trade under the banking sector of the Nigerian Stock Exchange. The operation of the bank can be broadly grouped into three categories, namely, Consumer Retail (policy and strategy to offer banking services to prospective and actual individual customers, provision of micro credit facilities to small and medium enterprises), Corporate (deal in several sectors such as power, mines and steel, telecommunication, food and beverages and the like) and Commercial (provision of banking services to firms at various levels). The Bank’s heading office is located at Marina, Lagos state and has about 187 branches, 840 automated teller machines (ATMs), 3567 point of sales (POS) terminal and 2285 employees across the country.

Commercial banks, like Sterling Bank, play an important role in the economy of Nigeria. Services provided by employees of the bank have a lasting perception on the public image of the bank on the eyes of the bank’s customer. The level of satisfaction of the banks’ customers is dependent on the motivation level of the bank’s employees. In the 21st century, information technology has taken over the operations and activities in all industry, banking industry inclusive. Most activities in the bank are done via electric devices, internet, computer and other similar devices, yet the importance of human resource cannot be ruled out, because human beings are need to operate these devices. It is not enough for banks to rely on the number of their employees or their qualifications, but remunerating them adequately is the only channel to get the best out of them. The key to enhanced staff performance and gain optimal productivity from them is through employees’ motivation through proper remuneration and improved work conditions.

1.2       STATEMENT OF PROBLEM

Sterling Bank, a fraction of the Nigerian Banking Industry is a service delivery firm that is bedeviled with motivational problems. The way and manner employees are remunerated influences their performance and productivity. In a situation, where employees are dissatisfied and discontented with their job, their productivity would be adversely impacted upon. This indicates that employees are crucial for the growth, profitability, wealth maximization, survival, continuity, progress and retardation of an organization, banks inclusive.

It is no gainsaying to assert that lack of adequate service delivery exists in Nigerian banking industry, Sterling Bank inclusive, evidenced by absence of good remuneration packages in the bank. This might have triggered employees to exude superior performance, had it been Sterling Bank is practicing it.

Finally, the processes of promotion of staff or employees in Nigerian banking industry, Sterling Bank inclusive, are not properly done. Promotion of staff is premised on favoritism, nepotism, bribery, internal politics, lobbying and “bottom power” rather than on merit.  Sometimes, employees’ promotions are delayed. All these makes the employees to feel unhappy about their job and it will surely slow down their productivity. When promotions processes are based on merit, the efficiency and effectiveness of employees’ productivity and performance will be realized and this gives the firm a competitive advantage over rivals in their banking industry.

1.3       OBJECTIVE OF THE STUDY

1.         To determine how employees remuneration influences their performance and productivity.

2.         To determine the reason for absence of good remuneration packages in the Nigeria bank.

3.         To know the Promotion of staff premised on favoritism, internal politics, and nepotism, bribery rather than on merit influence on employees productivity in Nigeria baking industry.

1.4       RESEARCH QUESTION

1.         What influence does employees remuneration have on performance and productivity?

2.         What is the reason for absence of good remuneration packages in the Nigeria bank?

3.         What is the reason Promotion of staff is premised on favoritism, internal politics, and nepotism, bribery rather than on merit?

1.5       RESEARCH HYPOTHESIS

H0:       Employees remuneration has no influence on performance and productivity.

H0:       Absence of good remuneration packages has no influence on employees productivity in the Nigeria banking industry.

H0:       Promotion of staff premised on favoritism, internal politics, and nepotism rather than on merit has no influence on employees productivity in the Nigeria banking industry.

1.6       SIGNIFICANCE OF THE STUDY

The research shall project employees remuneration as a unifying factor in enhancing employees productivity in the Nigerian banking inudustry towards the realization of organizational aims and objective.

1.7       SCOPE OF THE STUDY

The research profers an assessment of the employees renumeration, working conditions and employees productivity in the Nigerian banking inudustry: using sterling bank as a case study.

1.8       LIMITATION OF THE STUDY

During the course of carrying out the study, several limitations were encountered:

Financial Constraint:   Due to the paucity of funds, the study covered only sterling bank of Nigeria.

Time Constraint:  A relatively short time was given to conduct a study of this magnitude in addition to other academic commitment of the researcher.

Unwillingness of the Respondents:  Majority of the respondents were unwillingly to participate in the survey because they feel that is an intrusion to their personal life.

Nevertheless, a robust and fact-finding study was carried out.

1.9       DEFINITION OF THE TERMS

Employees: This known as an individual who works part-time or full-time under a contract of employment, whether oral or written, express or implied, and has recognized rights and duties. Also called worker.

Employees remuneration: This refers to the reward or compensation given to the employees for their work performances. Remuneration provides basic attraction to a employee to perform job efficiently and effectively. Remuneration leads to employee motivation.

Working conditions:  working conditions cover a broad range of topics and issues, from working time (hours of work, rest periods, and work schedules) to remuneration, as well as the physical conditions and mental demands that exist in the workplace.

Employees productivity:  Employee productivity (sometimes referred to as workforce productivity) is an assessment of the efficiency of a worker or group of workers. Productivity may be evaluated in terms of the output of an employee in a specific period of time.

 

.

EMPLOYEES REMUNERATION, WORKING CONDITIONS AND EMPLOYEES PRODUCTIVITY IN THE NIGERIAN BANKING INDUSTRY (A CASE STUDY OF STERLING BANK)



TYPE IN YOUR TOPIC AND CLICK SEARCH.






RESEARCHWAP.ORG

Researchwap.org is an online repository for free project topics and research materials, articles and custom writing of research works. We’re an online resource centre that provides a vast database for students to access numerous research project topics and materials. Researchwap.org guides and assist Postgraduate, Undergraduate and Final Year Students with well researched and quality project topics, topic ideas, research guides and project materials. We’re reliable and trustworthy, and we really understand what is called “time factor”, that is why we’ve simplified the process so that students can get their research projects ready on time. Our platform provides more educational services, such as hiring a writer, research analysis, and software for computer science research and we also seriously adhere to a timely delivery.

TESTIMONIES FROM OUR CLIENTS


Please feel free to carefully review some written and captured responses from our satisfied clients.

  • "Exceptionally outstanding. Highly recommend for all who wish to have effective and excellent project defence. Easily Accessable, Affordable, Effective and effective."

    Debby Henry George, Massachusetts Institute of Technology (MIT), Cambridge, USA.
  • "I saw this website on facebook page and I did not even bother since I was in a hurry to complete my project. But I am totally amazed that when I visited the website and saw the topic I was looking for and I decided to give a try and now I have received it within an hour after ordering the material. Am grateful guys!"

    Hilary Yusuf, United States International University Africa, Nairobi, Kenya.
  • "Researchwap.org is a website I recommend to all student and researchers within and outside the country. The web owners are doing great job and I appreciate them for that. Once again, thank you very much "researchwap.org" and God bless you and your business! ."

    Debby Henry George, Massachusetts Institute of Technology (MIT), Cambridge, USA.
  • "Great User Experience, Nice flows and Superb functionalities.The app is indeed a great tech innovation for greasing the wheels of final year, research and other pedagogical related project works. A trial would definitely convince you."

    Lamilare Valentine, Kwame Nkrumah University, Kumasi, Ghana.
  • "I love what you guys are doing, your material guided me well through my research. Thank you for helping me achieve academic success."

    Sampson, University of Nigeria, Nsukka.
  • "researchwap.com is God-sent! I got good grades in my seminar and project with the help of your service, thank you soooooo much."

    Cynthia, Akwa Ibom State University .
  • "Sorry, it was in my spam folder all along, I should have looked it up properly first. Please keep up the good work, your team is quite commited. Am grateful...I will certainly refer my friends too."

    Elizabeth, Obafemi Awolowo University
  • "Am happy the defense went well, thanks to your articles. I may not be able to express how grateful I am for all your assistance, but on my honour, I owe you guys a good number of referrals. Thank you once again."

    Ali Olanrewaju, Lagos State University.
  • "My Dear Researchwap, initially I never believed one can actually do honest business transactions with Nigerians online until i stumbled into your website. You have broken a new legacy of record as far as am concerned. Keep up the good work!"

    Willie Ekereobong, University of Port Harcourt.
  • "WOW, SO IT'S TRUE??!! I can't believe I got this quality work for just 3k...I thought it was scam ooo. I wouldn't mind if it goes for over 5k, its worth it. Thank you!"

    Theressa, Igbinedion University.
  • "I did not see my project topic on your website so I decided to call your customer care number, the attention I got was epic! I got help from the beginning to the end of my project in just 3 days, they even taught me how to defend my project and I got a 'B' at the end. Thank you so much researchwap.com, infact, I owe my graduating well today to you guys...."

    Joseph, Abia state Polytechnic.
  • "My friend told me about ResearchWap website, I doubted her until I saw her receive her full project in less than 15 miniutes, I tried mine too and got it same, right now, am telling everyone in my school about researchwap.com, no one has to suffer any more writing their project. Thank you for making life easy for me and my fellow students... Keep up the good work"

    Christiana, Landmark University .
  • "I wish I knew you guys when I wrote my first degree project, it took so much time and effort then. Now, with just a click of a button, I got my complete project in less than 15 minutes. You guys are too amazing!."

    Musa, Federal University of Technology Minna
  • "I was scared at first when I saw your website but I decided to risk my last 3k and surprisingly I got my complete project in my email box instantly. This is so nice!!!."

    Ali Obafemi, Ibrahim Badamasi Babangida University, Niger State.
  • To contribute to our success story, send us a feedback or please kindly call 2348037664978.
    Then your comment and contact will be published here also with your consent.

    Thank you for choosing researchwap.com.