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AN
EVALUATION OF THE IMPACT OF REMUNERATION ON EMPLOYEES ATTITUDE AND PERFORMANCE
IN ORGANIZATION
ABSTRACT
The essay evaluates the impact of remuneration on
individual attitude and performance in organization. The objective of the essay
is to identify how remuneration affect employees performance as well as to find
out the various methods of remuneration and also to identify the challenges of
wages and salaries administration in organization. To this end, attempts were
made to review literature on the meaning of remuneration, the impact of
remuneration on employees performance, methods of remuneration, objectives of
remuneration as well as challenges confronting organization in salaries and
wages administration. The researcher recommended that organizations should
adhere strictly to the government regulation on salaries and wages as
stipulated in the labour Act.
CHAPTER ONE
1.1
INTRODUCTION
Remuneration
refers to the mode of compensating the workers exerting their energy or
spending their time in accomplishing their organizations objectives.
Remuneration
can be in monetary terms or in form of services. A monetary term is of course
in form of wages and salaries and part of fringe benefits like housing and
transportation allowances. Compensation package has three major components
which are wages and salaries, fringe benefits and the other one is incentive
schemes. Remuneration which comes in form of services includes recreational
services, canteen services and medical services.
Remuneration
has a significant impact on workers attitude and performance in organization
because it is the most effective motivational technique. Good remuneration
improves productivity, while poor remuneration affects productivity adversely.
However, the general problem of monetary remuneration is that they are expert
in the short run but not necessarily cost effect. On the other hand, monetary
remuneration can motivate workers depending on his or her needs for money. Individual behaviour and consequently
performance in an organization is related to remuneration. This is because people
come to work in order to excel or to succeed in competitive situation.
As such,
individuals with high needs for achievement have intense desire for success and
equally intense fear of failure. As individuals, they like to see challenges
set moderately difficult talk (but not impossible goal) for themselves, take
realistic approach to risk, prefer to assume personal responsibilities to get
the job done like specific and prompt feedback on how they are performing and
likeness to work for long hours (Alfred, 1987).
Therefore,
remuneration is one of the best motivational factors that facilitate
individuals to put in their best in their job. As such, a well remunerated
individual tends to work hard while a poorly remunerated worker does not put
much effort in his or her job because such individual is not motivated.
1.2
OBJECTIVES
OF THE ESSAY
The
main objective of the essay is to evaluate the impact of remuneration on
workers or employees attitude and performance in an organization. Other
specific objectives are:
1.
To identify how remuneration affect
employees performance and attitude in organization.
2.
To find out the various method of
remuneration in organization.
3.
To identify the objectives of
remuneration in organization.
4.
To identify the challenges of wages
and salaries administration in organization and to provide workable solution to
the identified problems.
1.3
SIGNIFICANCE
OF THE ESSAY
The essay is
significant in the following ways:
To corporate
organizations, it would enhance policy formation in the areas of staff wages
and salaries administration.
To students
who may wish to use this essay as a reference material or as a spring board for
their own work would find this work really significant.
1.4
SCOPE
AND LIMITATION OF ESSAY
The essay
focuses on the impact of remuneration on individual works attitude and
performance in organization.
However, the
following are some of the limitations of the essay:
Ø Time
Constraint: The Limited time required for the
completion of the work compete with the time I had to use in research and also
prepare for lectures and group work.
Ø Financial
Constraint: The cost of sourcing for the
materials and the cost of transportation to where to get the appropriate
materials needed for the completion of the essay
Ø Inadequate
Information: I encountered problems in collecting
date and information due to inadequate materis or book to get the needed
information for the completion of the essay.
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