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 Format: Microsoft Word   Chapters: 1-5

 Pages: 80   Attributes: COMPREHENSIVE RESEARCH

 Amount: 3,000

 Oct 09, 2019 |  07:25 pm |  2320


Title page                                                                                          

Approval page                                                                                   




Table of contents                                                                    



1.1        Background of the study                                                        

1.2        Statement of the problem                                              

1.3        Objective of the study                                                    

1.4        Research Hypothesis                                                     

1.5        Significance of the Study                                                        

1.6        Scope or Delimitation of the Study                               

1.7        Limitation and Constraints of the Study                       

1.8        Definition of Key terms                                                 



2.1     Definition and Meaning of Compensation           

2.2     Objective of Compensation                                            

2.3     Types of Reward                                                            

2.4     Reward and Performance                                                        

2.5     Challenges of Motivation                                                        

2.6     Reward System for High Performance                           

2.7     Brief History of Stanbic IBTC Bank Plc                         



3.1        Research Design                                                           

3.2        Area of the Study                                                          

3.3        Population of the Study                                                

3.4        Sample of the Study                                                      

3.5        Method of Data Collection                                             

3.6        Administration and Retrieval of Instrument                  

3.7        Problem of Methodology                                                

3.8        Method of Data Analysis                                                         




4.1        Presentation and Analysis of Data                                

4.2        Test of Hypothesis                                                                  



5.1        Summary of Findings                                                   

5.2        Conclusion                                                                    

5.3        Recommendations                                                                  




Employee motivation cannot be overemphasized. Having adequate understanding of the conceptual framework of a good compensation plan is highly critical for the attainment of organizational goals and objectives. Good incentives tend to improve the performance of employees. If employees are sure that effort will lead to desired outcome, performance will definitely increase. It is pertinent to note that employees will perform better when offered appropriate incentives under a just and fair situation. This research project evaluates the effects of compensation on employee productivity. The Chi-square method was used for the test of hypothesis. The researcher therefore discovered among others that job satisfaction, staff training and development and employee welfare across the workforce is maximized in commensurate to motivation and equal opportunity for the attainment of full-scale employee productivity and organizational goals and objectives. Based on the above findings, the researcher now recommend among other things that compensation policies should cut across all cadre of employees in all department. Also, organization should establish procedures for continuous monitoring and evaluation of the relationship between compensation and productivity for the benefit of the organization, employees and customers.     



1.1    Background of the Study

          Employers are challenged with the task of recruiting and retaining employees in an organization for as long as possible. They also ensure that such employees consistently, cooperatively and voluntarily work towards the attainment of the organizational overall corporate objectives. Today, dynamic and ever-changing business environment have forced many organizations to devise means that will ensure they consistently attract the best skilled labour, recruit and retain them with the aim that such employees will perform their responsibilities in an orderly and unified system capable of pulling together other production resources (land, machine and capital) for the general actualization of organizational mission. One way to pursue and achieve such mission is to establish a good motivation system.  

          Mullins (1999) asserts that motivation is some driving force within individuals by which they attempt to achieve some goals in order to fulfil some needs or expectations. Considering the fact that business environment is becoming highly competitive, it becomes necessary for organization and its management to prioritize compensation issues so as to exert the best performance out of it workers. Compensation basically takes two forms, namely: extrinsic (salaries and wages, fringe benefits, special award, promotion, status symbol i.e. company car, private office and so on) and intrinsic (autonomy, higher responsibility, participation in decision making, social interaction and so on). Reward can also be monetary or non-monetary. Organization, if structured on a well-established compensation plan, results in the efficient and optional utilization of enterprise factors of production and employee increased productivity. Companies that seek success, prosperity, growth, development, continuity and optional productivity of employee must as a matter of urgency recognize those driving force within the employee and fashion out ways (motivation) of achieving goals in order to fulfil needs. Vecchio (1995) posits that motives are dynamic or consistently changing. He states further that the changes result from the rise and fall of a motive importance.

          Conclusively, lateness to work and leaving work earlier, sickness and absenteeism, refusal to accept responsibility or leaving the job outrightly can be managed, curtailed and improved upon with an effective compensation system. This includes merit pay, recognition, award, gain sharing and so on. However, improved work performance and efficient maximization of shareholders’ wealth is feasible with an effective reward plan. It is in view of the above that this study attempts to evaluate the effects of compensation on employee productivity using Stanbic IBTC Bank Plc Lokoja as a case study.                

1.2    Statement of the Problem

          Science will say to every action, there is an equal and opposite reaction. This is also applicable in the business world and individual employee productivity. Exactly what goes in is what goes out in the same proportion. In spite of the crucial effect of well-structured reward policies on employee productivity, it is obvious to mention that some organizations have failed to tailor their compensation policies in a manner that is capable of inducing and motivating the inner ego of its employees to perform better towards increased organizational productivity. Such a situation generates into decrease company sales and revenue, negative or low cash flow, loss of market share, high turn over of employee, weak competition etc. The problem that this research work intends to address is on the use of inappropriate design of compensation system in an organization.

1.3    Objective of the Study

          This study aims at assessing the effects of compensation on employee productivity in Stanbic IBTC Bank Plc Lokoja. Other specific objectives include:

i.             To determine the effect of reward on employee productivity leading to organizational increased output.

ii.           To identify measures that the management has taken or is taking to properly compensate its staff devoid of internal politics and marginalization.

iii.          To determine, based on past and present records, whether compensation of workers has improved, deteriorated or remained stagnant.

iv.          To determine the reasons for motivating staff.

v.            Offer recommendations for improved work performance.

1.4    Research Hypothesis

          The researcher formulates the following hypothesis to guide this work:

H0: Compensation has no significant effect on employee productivity.

H1: Compensation has significant effect on employee productivity.        

1.5    Significance of the Study

          This research will study the need for compensation in Stanbic IBTC Bank Plc Lokoja. It is hoped that compensation will be given the importance it deserves. The study will also improve the relationship between employees and employers and progressing through compensation. Therefore, the study will firstly benefit Stanbic IBTC Bank Plc Lokoja in the sense that it will help it have control over conflict of interest that exists between employers and employees in the work place, lead to overall achievement of organizational objectives and goals and as well assist organization maximise shareholders’ wealth.

Secondly, the study will benefit the employee by arousing his driving force towards increased performance under a challenging stress period and also will aid to ensure employee job security.

Lastly, the study will be of benefit to the customers of Stanbic IBTC Bank Plc Lokoja through better service delivery. This is achieved by way of advising customers on when and where to invest their money that will guarantee them maximum rate of return on their investment.


1.6    Scope or Delimitation of the Study

          The research work studies the nature of compensation, how it affects employee productivity in Stanbic IBTC Bank Plc Lokoja. The research will look at compensation as it relates to performance and growth of the firm. Finally, the research will look at any possible limitation and make necessary recommendations.





1.7    Limitation and Constraints of the Study

          Some limitations encountered in the course of this study are as follows:

i.             Time and busy schedules in the office. As a result of limited time, coupled with job challenges which is evident in situations where one will have to forfeit programme. Study time to attain to other demanding issues of the office.

ii.           Financial constraints and inadequate supply of relevant materials to carry out the research.

iii.          Tusseling with relevant and irrelevant materials about the project topic for significant research work. this way, one consulted varied contribution of authors of which some were relevant and others irrelevant to the topic of discussion and all these have sharpen the understanding and views of the researcher.

iv.          Distribution and collection of questionnaire from the staff of Stanbic IBTC Bank Plc Lokoja for analysis.


1.8    Definition of Key Terms

i.      Compensation: The willingness to exert high level of effort to reach organizational goals condition by the effort ability to satisfy some needs.

ii.     Performance: Desire result of behaviour.

iii.   System: A set of interrelated and independent parts arranges in a manner that produces a unified whole.

iv.    Organization: A systemic arrangement of people brought together to accomplish some specific goals.

v.     Goal: The basic purpose, function or task of an enterprise.

vi.    Need: An internal state that makes certain outcomes appear attraction.

vii.  Productivity: Output or volume, the extent to which one can produce or perform.

viii.Recruitment: Process of locating, identifying and attracting capable applicants.

ix.   Responsibility: An obligation to perform assigned activities.

x.     Extrinsic: Motivation controlled by contingency that depends on a track performance.

xi.   Intrinsic: Motivation that is felt when task performance serves as its own reward.

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