ABSTRACT
Compensation
management is one of the most important aspects of personnel management. It covers economic rewards in form of wages
and salaries as well as in various forms of non-wage economic payment known as
fringe benefits, indirect compensation or supplementary pay. Therefore, this research work has been carried
out to look at the impact of organizational compensation management system on
the performance of employees in the public sector.
The
research found out that compensation management has a great impact on the
performance of employees in the organization and that there are other factors
which re not monetary inclined that contributed greatly to the performance of
employees. Factors such as; motivation,
leadership, communication, control, sense of belonging and decision making. It is therefore hoped that this project will
help in understanding the impact of compensation management on employees’
performance. The project is intended to create awareness for organization
members, society and government. Also
the general reader will find it educating and informative. The need for this
study arises from the variation in performance of employees in the organization
that has been noticed and this research work hoped to improve the standard and
in order to achieve this, project has gone into so many past works of authors
and related literatures in order to profound solutions.
This
study is divided into five chapters covering the wide scope of compensation
management. Chapter one deals with the
general focus of the study. Chapter two
tries to review various concepts and theoretical strands that are relevant to
this study. In chapter three, attempt
was made to look into the methodology of the study. Chapter four endeavour to present, analyze
and summarize the data collected in the course of the study. The conclusion of the study is in chapter
five where general discussions, conclusion and recommendations were made. These were considered relevant to improve the
impact of compensation management on employees’ performance. In the analysis of
the research work it was concluded that compensation management system has a
great impact on employees’ performance.
TABLE OF CONTENT
PAGES
Title
page 1
Abstract
2
Table
of contents 3
CHAPTER ONE: Introduction
1.0 Introduction 5
1.1 Statement of Problem 8
1.2 Research Questions 8
1.3 The Hypothesis which this study tested 9
1.4 Purpose of Study 9
1.5. Relevance of Study 9
1.6 Scope of the Study 10
1.7 Significance of the Study 10
1.8 Limitations of the Study 11
1.9 Literature to be Reviewed 11
1.10 Method to be Sold 11
1.11 Definition
of Terms 12
1.12 Operationalisation/Definition of Variables 12
1.13 Brief History of Guaranty Trust Bank Plc 12
References 14
CHAPTER TWO: Literature Review
2.1 Introduction 16
2.2 Assessment
of Training Needs 19
2.3 Training
Objectives 20
2.4 Present
Status 20
2.5 Determination
of Training Effectiveness 23
References 46
CHAPTER THREE: Research Methodology
3.0 Introduction 48
3.1 Research Design 48
3.2 Characteristics of the Study Population 49
3.3 Sample Size and Procedure 49
3.4 Data Collection and Administration 49
3.5 Data Analysis 49
References 50
CHAPTER FOUR: Presentation of Data Analysis
4.0 Introduction 51
CHAPTER FIVE: Summary, Conclusion
and Recommendation
5.0
Summary 66
5.1 Research Findings 66
5.2
Conclusions 66
5.3 Recommendation 67
References
68
Appendix
I 70
Appendix
II 71
CHAPTER ONE
1.0 INTRODUCTION
Business is becoming more complex and
human elements remain an indispensable component of its survival. Training is a
sort of investment from which an organization expect some positive returns. It involves
the development or modification of behaviour of employee in such a way that
they become more effective at their duty post.
Flippo (1980) said that when
employees have been selected, recruited and inducted, such employee must be
develop to better fit the job and the organization since on one is perfectly
fit at the time of hire. Soetan, (1995) also buttressed this point when he said
that training is always necessary when required skills, attitude and knowledge
are either inadequate or completely lacking and when performance deficiencies
that can be eliminated through training are identified.
However, training is often aimed at
increasing productivity, improving quality of work, raise moral as well as
development of new skills, knowledge and attitude. Development on the other
hand, is a learning activity which is directed toward future rather than
present needs and which is concerned
more with career growth than immediate performance. The focus of development
tends to be more on future manpower requirement and other growth needs of
individual in the workplace.
Training and development are not
synonymous. Whiles training is the process of improving job behaviour of an
employee immediately, while development is future oriented often geared toward
preparing an employee for greater responsibilities in the future.
Effective management of change calls
for a dynamic human resources development policy to ensure that each staff in
an organization possesses requisite knowledge, skills experience and expertise
for the performance of his task.
The Administrative approach is based
on the number of employees to be trained in one year at a particular period.
The needs of the employee or the organization is not considered rather it
depend on whose turn it is to go for training and the number of staff the
budget can take care of. This approach, the employees is sent to improve
his/her welfare either financially academically or otherwise. The employees is
sent for training for his/her personal benefit. In organization, a measure of
polities exist as the employee interact with one another here, training
selection is based on either or some of the following lobbying, setting rid of
some troublesome employees and projection of individual’s personal image, this
is know as political approach. The organization development approach is usually
adopted where the management cadre in an organization are made to attend
training programmes as a result of poor performance of a unit or division as
the case may be.
In systematic approach, the need of
the employee is identified from the gap between his actual performance and the
desired performance. Periodic performance appraisal can provide very useful
data to identify these needs` systematic approach to training is preferred in profit
oriented organization because it is often job related and is directed toward
the achievement of organization goals.
Training and development usually
takes two forms namely:
·
House
training
·
Off
house training
In-house training is usually carried
out within the organization e.g. induction course, on-the-job training coaching
programmes, etc here, the training is done in the normal work environment
situation with the trainee using the actual tools, equipment and material that
he/she will use when he/she is fully trained. On the other hand, off-house
training takes place outside the organization, for instance management
consultant and training institutions organized training programmes which
employee attends. Evaluation training it
decides whether training justifies it cost or whether it is doing what it set
out to do.
The main goal of training is to
improve employee ability to perform specific tasks. Many organization therefore
spend a deal of time and money on training and development of their employees. However,
management is justifiable worried about the effectiveness of training
programmes in term of content, method usefulness and result. There are many
approaches to training depending on the purpose it is expected to serve.
These are:
v Administrative Approach
v Welfare Approach
v Political Approach
v Organizational development Approach
v Systematic Approach
Boydel C. (1971) has suggested the
following ten steps as constituting systematic training process.
v Identification of the occupation
chosen as priority.
v Examination of the occupation chosen
as priority
v Analysis of the occupation
v Specification, selection, and
appraisal of the people to be training
v Setting training objectives
v Planning of the training programme
v Implementation of training programme
v Checking / assessment of the training
Budgeting for training can be
described as a process for systematically relating expenditure of funds for
training to accomplish its planned objectives. The main purpose of training
budget is to have realistic estimates of funding necessary for the training
services which are meant to be crucial to the achievement for organizational
goal both in short times and long time basis. According to Douglas
(1969), the step to follow in preparing a training budget are as follows.
·
Assess
the training needs of the organization
·
Draw
a training programme for the year
·
Document
the annual budget for the training schools or department
The information
The time to be spend on training
The number of people to be trained
The incidental expenses such as
traveling expenses.
1.1 STATEMENT OF PROBLEM
In line with recent changes in
business circles, human resources
department (HRD) have come to stay. This department is usually responsible for
handling matters on training and development while personnel and administrative
department which have been in existences are still in charge of all other
matters. This is done to ensure that all employees are assisted with programmes
to enable them acquire additional knowledge, skill and attitude with which to
perform their jobs.
It is common knowledge that most
companies recognize that their principal
asset lies within the skill of their employee at all level. Therefore,
this research work is aimed at finding answer to questions relating to the
impact of training on performance.
1.2 RESEARCH QUESTIONS
In the research, attempt shall be
made to find answer to the following question
Is
job performance dependent on staff training?
Is
job dedication dependent on training received?
Is
job commitment a function of training received?
Is
labour turn-over a function of training received?
1.3 THE HYPOTHESIS WHICH THIS STUDY TESTED ARE:
HO: Job performance is not dependent on staff training?
H1: Job performance is dependent on staff training?
HO: Job dedication is not dependent on training received?
H1: Job dedication is dependent on training received?
HO: Job commitment is not a function of training received?
H1: Job commitment is a function of training received?
HO: Job security is not a function of staff training?
H1: Job security is a function of staff training?
HO: Labour turn over is not function of training received?
H1: Labour turn over is not function of training received?
1.4
PURPOSE OF STUDY
The purpose of this study is to
examine the effect or extent which training motivates workers toward greater
job performance in the banking industries. It also examines the training method
being employed and it examine what can be regarded as adequate manpower raining
and development on employees performance and how organization can improve
employee performance beyond the impact of training and development.
1.5
RELEVANCE OF STUDY
Many
organization spend a great deal of time and money on training and development of their employees, however the management of
some companies are often worries about the effectiveness of such training and
development programmes in terms of content, methods, usefulness and desire
results. This research effort attempt to evaluate the impact of training and
development on employees performance of a firm in the banking industry.
Training and development of employee
is very relevant to an organization since it may increase high rate of workers
turn over and encourage employee to stay with an employer for an appreciable
period.
Secondly, there are chance of
prevention of industries folding up if they have competent and well trained
staff delivering improved and better services in line with the organization’s
goal and objectivities. This will in turn enable our home made product and
services to compete favorably with foreign
products and services. Training programme also usually provide a job
chance designed to improve the quality of work life the hope that the employees
will reciprocate with training gives the employees a fair chance to better
performance and avoids the frustrating experience of poor performance.
Effective training and motivation therefore ensure the loyalty of employee and
invariable, high productivity through the avoidance of wastages.
1.6
SCOPE OF THE STUDY
Many organization spend a great deal
time and money on training and development of their employee, however the
management of some companies are often worried about the effectiveness of such training
and development programmes in terms of content, method usefulness and desired
to content, this research effort attempt to evaluate the impact of training and
development on employees performance of term in the banking industries.
1.7
SIGNIFICANCE OF THE STUDY
Training can result in improve
individual dedication and job satisfaction as performance when training
requirement are determine by analyzing the work to be done the manpower
resources available and the present and future environmental demand or
organization.
All new employees, regardless of
their previous training, education and experience, need to be introduced to
their new employee’s work environment and to be taught how to perform specific
tasks, moreover specific occasion, for training arise when job changes, and new
skills must be introduced by advancing
automatic.
As some employees respond to continue
training, they can be progressively increase their value to organization and
prepare themselves for promotion. Continues training can help employee to
develop their ability to learn, adapt themselves to work methods, learn to use
new kinds of equipment and adjust to method changes in job content and work
relationship.
1.8
LIMITATIONS OF THE STUDY
The bank under investigating,
guaranty Trust Bank had about 3,000 employee in the entire organization, it
also has about 15 branches in Lagos
due to the monetary and time constraints, the researcher limit the research to
the Allen Avenue
branch and training center also situated and it head office.
The study also does not intend to
look into other factors hat are known to improve employees job performance such
as motivation of staff in terms of monetary reward and fringe benefit etc.
1.9
LITERATURE TO BE REVIEWED
This existing literature reviewed is
on manpower training and development. The view of management expert in the
relationship between training, development and performance was examined.
Training is a process of changing behavior of member of an organization in such
a way to contribute effectively to the growth of the organization.
1.10
METHOD TO BE SOLD
This is the method through which the
research was conducted; the focus is highlighting, the effective training on
employees’ performance. In other words, we are interested in evaluating the
effect of training and development on employee. The research activity was
confirmed to the workers of Guaranty Trust Bank Plc. The subjects were both
female and male the research instrument use for the study was a questionnaire
the questionnaire was designed to find a number of issue such as:
-
Whether
employees who are trained enhance the performance of employee.
-
Whether
training has no significant relationship to labour turn over.
-
Whether
the time, money, material etc. invested on training is justified.
1.11
DEFINITION OF TERMS
Training and development it all about
growth of an organization, training has been one of the great factor that makes
organization to achieve their growth, goals and objectives performance, the
word performance is all about the effort carried out in an organization by the
employee to me training and development
contribute to performance, after every employees have been trained with high
training, it will surely enable them to perform very well, so in the other word
training and development leads to higher performance.
1.12
OPERATIONALISATION / DEFINITION OF
VARIABLES
For the purpose of this study, a
number of concepts would feature prominently and attempts will be made to
define them within the frame work of this project.
TRAINING: This
is the systematic acquisition of skill, concept or attitude that results in
improved performance in an organizational setting.
Training needs: This represent the gap between the kind of performance an employee has
and the kind of performance which is expected to have which can otherwise be
bridged by systematic training.
1.13
BRIEF HISTORY OF GUARANTY TRUST BANK PLC
Guaranty Trust Bank Plc received it
license to commence commercial banking activities in Nigeria in August 1990, however the
curtain actually rose in February 1991 when the bank opened the doors of its
first office called “the Plaza” to the public.
The Plaza becomes a high benchmark
for style and service in financial service provision. It may not have been rare
but it was certainly not common that a new bank would insist on having its own
purpose built premises and they go ahead to invest massively in functional
technology before official commencing business. This was simply a reflection of
Guaranty Trust Bank’s insistence on
doing things right and doing the right things, from the very beginning it was
important that the customers should begin to perceive and experience value
added services, right from the moment they stepped into the premises. This is
they unifying aesthetic quality at all branches from one branch in 1991,
guaranty rust ban currently has twelve branches each strategically located to penetrate the major hubs of
commerce in Nigeria. The following
year, the Ikeja and broad street branches opened between 1995 and 1998,
branches were opened in Apapa, Kaduna, Abuja, Onitsha,
Aba Ibadan and Warri.
Meanwhile, the bank was moved its
corporate headquarters from the plaza to plural house in October 1994. Then in
September 1996, the bank became a publicly quoted organization with its share
traded on the Nigeria
stock exchange.
In its first year on the exchange,
Guaranty Trust Bank earned the president’s merit award, the highest award bestowed
on deserving members of the stock exchange. In 1998, after an in-depth
strategic planning exercise, the offshoot of which included a major
restructuring of the organization, the vision was tested and held through while
the mission statement was reviewed as follow.
“We are the first class financial
services provider possessing the urge to win at all times consistently adding
value to all stakeholder.
Than bank has remained a
learning organization learning new ways
to delight its customer-sweet on the counters, a hand umbrella on a rainy day,
aesthetic, function premises and technology has always been a passion with
management from its early days of operations until today, guaranty trust bank
has utilized functional contemporary
technology that has kept is ahead of the curve.
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