THE IMPACT OF COMPENSATION AND REWARD SYSTEM ON ORGANIZATIONAL PERFORMANCE IN TOTAL NIGERIA PLC KADUNA
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THE IMPACT OF COMPENSATION AND REWARD
SYSTEM ON ORGANIZATIONAL PERFORMANCE IN TOTAL NIGERIA PLC KADUNA
ABSTRACT
This research work emphasizes on the
impact of reward and compensation system on the productivity of employee in an
organization. The major objective of the study is to ascertain the possible
change or impression of reward and compensation system on the performance of
employee in an organization and critically examine its impact on organizational
productivity. The method adopted by the researcher to collect data was survey
research design. The finding of the study showed that management of total plc, Kaduna
TABLE
OF CONTENTS
Title
page - - - - - - - - - i
Declaration - - - - - - - - - ii
Approval
page - - - - - - - - - iii
Dedication
- - - - - - - - - iv
Acknowledgement - - - - - - - - v
Abstract - - - - - - - - - - vii
Table
of Contents - - - - - - - - viii
CHAPTER ONE
INTRODUCTION
1.1
Background of the Study - - - - - - 1
1.2
Statement of the Problem - - - - - - 5
1.3
Objectives of the study - - - - - - 6
1.4
Significance of the study - - - - - - 6
1.5
Research Questions - - - - - - - 8
1.6
Scope of the Study - - - - - - - 8
1.7
Limitation of the Study - - - - - - 9
1.8
Definition of terms - - - - - - - 10
CHAPTER TWO
LITERATURE REVIEW
2.1
Introduction - - - - - - - - 13
2.2
Compensation system - - - - - - - 15
2.3
Reward strategy - - - - - - - - 19
2.4
Job analysis and job evaluation - - - - - 20
2.5
Objective of compensation system - - - - - 32
2.6
The effect of rewarding performance
no productivity - 34
2.7
Factors that influence employee productivity
- - 37
2.8
Factors that influence employee
reward system - - 39
2.9
Problem of implementing compensation
and reward policies 41
2.10 Suggested solution to problem of implementing reward
and compensation policies - - - - - 43
CHAPTER THREE
RESEARCH METHODOLOGY
3.1
Introduction - - - - - - - - 45
3.2
Research design - - - - - - - - 45
3.3
Area of the study - - - - - - - 45
3.4
Population of the study - - - - - - 46
3.5
Sample and sampling technique - - - - - 46
3.6
Instrument of data collection - - - - - 46
3.7
Validity of the instrument - - - - - - 47
3.8
Reliability of the instrument - - - - 47
3.9
Methods of data collection - - - - - - 47
3.10
Methods of data analysis - - - - - - 48
CHAPTER FOUR
PRESENTATION AND ANALYSIS OF DATA
4.1
Introduction - - - - - - - - 49
4.2
Characteristics of the respondents - - - - 50
4.3
Data Presentation and analysis - - - - - 52
4.4
Summary of findings - - - - - - - 58
4.5
Discussion of findings - - - - - - - 58
CHAPTER FIVE
5.1
Summary - - - - - - - - - 60
5.2
Conclusion - - - - - - - - - 61
5.3
Recommendations - - - - - - - 62
References - - - - - - - - - 64
Appendix - - - - - - - - - 66
CHAPTER ONE
BACKGROUND OF THE STUDY
1.1 Introduction
Organizations are established with
the aim of effectively utilizing various available human and non-human resource
to achieve certain objective. Among these resources in human, which is commonly
seen as the most valuable asset an organization could use to earn competitive
advantage and achieve its objective, hence the need for human resources
management to ensure optimum productivity and organizational continuous
existence.
Human resource has been tagged the
most valued asset of any organization. Its strategic approach emphasized a
“tight fit” between individual needs, rights, ambitions, and goals within the
organization which make compensation system central in the affairs of emerging
students, scholars and HRM practitioners in the world over. The emergence of
human resource management posed great threat to the conventional personnel
management and industrial relation because it evolved from the core approach or
organization relationship. It is an asset that should be invested upon so as to
provide long-term commitment and high performance in an organization. As
organizations strive to achieve one or more objectives through exhaustive
utilization of human capital, so also, the employee aim toward achieving
individual purpose (objective) while working for the organization.
Reward system is the instrument used
to increase employees’ productivity. It seeks to attract and retain suitable
employees, encourage good management – employee relationship and commitment and
minimizes tension and conflict as it deals with all forms of final returns,
tangible service and mechanism for good relationship. Furthermore, the major
case of industrial conflict is based on the fact that employees feel their
benefit are denied or about to be denied thus the importance of compensation
system is to provide a good platform for equity and farness. This provides a
challenging environment and increase productivity of employees. The
compensation system ensures that both intrinsic and extrinsic needs of employee
at all levels are adequately provided for compensation develops organizational
integrity, policy, procedures and practices capable of improving organizational
productivity. Reward and compensation is concerned with employees and
organization performance development through which better result can be
achieved by understanding and managing reward and compensation within an agreed
framework, planned goals, standard and competency requirements.
Petroleum sector plays a great or
leading role in building Nigeria
economy since petrol (Crude oil) serves as the major source of income in Nigeria and is the strength of Nigeria Nigeria
However, the study examines the
impact of reward and compensation, system on organizational productivity, the
base of good reward and compensation structure, employees expectation at
different levels and how the compensation structure is based on performance of
individual(s) or job requirement of employees. The researcher therefore tends
to draw attention of Board of Directors (BOD) and management of organization to
the need for effective and efficient reward and compensation system capable of
improving employees’ performance and enhance organizational productivity.
1.2 Statement
of the Problem
Some organizations over the years
see employee as additional cost as well as liability to their operations, hence
do not remunerate them appropriately, and where it is more appropriate, the
compensation is not commensurate with the efforts and skills that workers put
into the organization’s activities, instead of paying attention on how
employees will be compensated appropriately, some organizations concentrate
more on other resource, such as materials, machines and money. The effort is
more on how to improve the production process with little or no consideration
for human efforts.
This had led to the inability of
such organizations to attain their set objective, organization success relies
heavy on how much attention pay to its employees’ reward policies. It is in
view of this that the study seeks to know how reward and compensation system in
organization affect the performance of employees as well as that of the
organization in general.
1.3 Objectives
of the Study
The major objective of this study is
to examine and assess the impact (if any) of reward and compensation system on
the productivity of employee in an organization. The specific objectives
therefore, are to;
1.
Draw
the attention of management to prompt, timely and adequate compensation of
employee
2.
Analyse
the available reward package and how it affect employees and organizational
performance
3.
Ascertain
the need for management to create a conducive working environment by providing
both physical and psychological incentires to make employees more committed to
organizational goals
4.
Encourage
a good reward and compensation policy which should be channeled toward
increasing organizational productivity.
1.4 Significance
of the Study
The importance of this study cannot
be overemphasized due to the fact that, it holds a lot benefit to ensure
continuous existence and survival of organizations, the study will be great
benefit to manager or human resource department of organization regarding the
identification of effective reward and compensation, system, it cost and
benefit on organizational operations, harmonizing employees and organizational
interest to avoid sub-optimality etc.
In addition, the study clarifies the
argument on weather effective reward and compensation system adds value to
organizational activities, which will enable organizations take profitable side
on whether to compensate employees or not. This research due to adequate review
of various up-to-date literature is a source of material to post and
undergraduate student and as well as researchers who may intend to undergo a
study on the subject matter in future.
Knowledge the say, is power this
research work exposed the researcher to many practical issues on human resource,
reward and compensation system and the respective relationship that exist
between effective reward and compensation system, productivity customer
patronage as well as organization productivity and profitability. In addition,
the study was an avenue for the researcher to study some materials text book,
journals, annual reports etc which on ordinary activity would not have thought
of.
Finally, the study serves and meet
one of the pre-national diploma in management from Kaduna Polytechnic Kaduna.
1.5 Research
Question
1.
What
are the benefit of prompt compensation to employees in the organization
2.
How
can a reward package affect the performance of an employee in an organization
3.
How
does a conductive working environment make an employee committed in attaining
organizational goals
4.
In
what way can employers encourage employees
1.6 Scope
of the Study
This research work is undertaken to
analyse the impact of reward and compensation system on the productivity of
employees in an organization though employees reward and compensation system is
just one of the various tools used to ensure effective human resource
management, but the study strictly concerns itself with reward and
compensation, its system and its impact in enhancing organizational
productivity and profit ability.
In addition, the research work is
carried out to study the impact of reward and compensation system on the
productivity of employees in Total Nigeria Plc Kaduna. This therefore shows that the study nether
cover every organization in petroleum industries non has it cover every branch
of total Nigeria Plc but Total Nigeria Plc, Kaduna South.
1.7 Limitation
of the Study
A research work of this nature is
however unpleasant with numerous problem that limit the researcher ability
especially in Nigeria
The researcher found it difficult to
access meaningful data concerning the organization reward, policy but has to
use the limited information available. Nevertheless, the research work was
adequately covered based on the available information to the researcher though
its difficult to claim a total perfection, therefore the topic is opened for
further build up consideration and research.
1.8 Definition
of Terms
Compensation: Compensation of all form of
financial return, tangible services and benefit an employee receives as part of
an employment relationship.
Industry: This is the group of firm that
engage in the production of similar product (i.e. goods / services)
Productivity: Productivity is the output unit /
per labour input into the production process given the level of existing
technology.
Management: This is the process of planning,
organizing, staffing, leading, directing, coordinating and controlling
available resources toward s achieving a target objective.
Reward: This is the cor-faced of an
employment relationship. Reward system consists of an organization’s integrated
policies process and practices for rewarding its employees in accordance with
their contribution skills competence and their market worth.
Remuneration: This is the financial reward
accruing to employee for his or her performance in the organization.
Motivation: It is the inner drives that arouse
direct and maintain an individual behavior toward accomplishing organization
goals.
Research: Is a way of arriving at a
dependable solution to business and management problem through a systematic way
of data collection, data analysis and data interpretation.
Pay Structure: Is a framework for managing base
pay progression over time for employee benefit.
Policy: Is organizational guiding
principles that regulate its operation and activities.
Job Analysis: According to Raymond, etal (2004)
it is the process of getting detailed information about jobs.
Job Description: Is the setting out of the purpose
of job, where it is fit in the organization structure the content within which
the job holder function and the principal accountability of job older. Main
task the employee has to carry out.
Job Enlargement: Is the act of combining previously
fragment task into one job to add greater autonomy and responsibility to a job
and is based on the job characteristic approach and maximizing the interest and
challenges of work.
Job Evaluation:
Is a systematic process for
establishing the relative work of job within an organization.
Reward Strategy: It is a definition of the intention
of the organization on how its reward policies and process should be developed
to meet business requirement.
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