TABLE OF
CONTENTS
CHAPTER ONE
1.1
Introduction
1.2
Statement of the problems
1.3
Purpose of the study
1.4
Significance of the study
1.5
Scope and limitation of the study
1.6
Historical background of Afri bank Nigeria plc
1.7
Organizational chart of Afri bank of Nigeria plc
1.8
Definition of the term used.
CHAPTER
TWO:- LITERATURE REVIEW
2.1 History of fringe benefits (incentive) as a
motivational factor, Wages and Salaries in Nigeria
2.2 Motivation
and employees’ services
2.3 Theories
of motivation
2.4 Other motivational
theories
2.5 Relationship between performance and
motivation
2.6 Relationship between fringe benefit and
motivation
2.7 Motivational
techniques
CHAPTER
THREE:- RESEARCH METHODOLOGY
3.1 Introduction
3.2 population
and Sample
3.3 Research
Design
3.4 Research
Instrument
3.5 Method
of Data Collection
3.6 Method
of Data Analysis
CHAPTER
FOUR: PRESENTATION AND ANALYSIS OF DATA
4.1
Presentation of data
4.2
Analysis of data
CHAPTER FIVE:- SUMMARY CONCLUSION AND
RECOMMENDATION
5.1 Summary
5.2 Conclusion
5.3 Recommendations
References
Appendix
CHAPTER ONE
1.1
INTRODUCTION
Employee’s interest in higher productivity does
not develop without some stimulation by management; either directly or through
the creation of an atmosphere in which employees wants to contribute their best
effort to the job.
It
must be received that in any organization, motivation `has a great impact on
worker’s performance, if properly administered. It will enhance the output of
the workers which has a multiplier effect on the rate of profit and turnover of
the organization.
Remuneration
policy and methods can be considered in isolation from the country’s economic
policies. That is why the state of the economy must be critically analyzed
before any policy on remuneration could be implemented.
According
to Haire (1963), in his wages and salary policy and administration, he states
that pay in one form or another is certainly one of the main spring of
motivation in one society.
As
a motivator, it becomes part of general psychological problem’’. An incentive
is a systematic procedure for establishing a sound compensation structure. By
reducing inequalities among employees earning, a good programme raised
individual moral and reduces inter group friction.
Similarly,
motivation (incentives) policy shall be the policy of an organization to
promote incentives that are at least as good as, if not better than, those paid
by the competitors for similar types of work under similar conditions of works
in the communities in which it operates.
1.2
STATEMENT
OF THE PROBLEMS
One
approach to employees’ motivation has been to add incentive to an individual’s
job as the primary factor in improving performance. Endless mixes of employee
benefit –such as Health care, Life insurance, profit sharing , Employee’s stock
ownership plans, Exercise facilities, Subsidized meal plans, Child care
availability, company’s car and more have been used by companies in their effort to maintain happy employees in
the belief that happy employee are motivated employee. To what extent has these
incentives affect employees productivity in Nigeria: A case study of Afribank
plc.
1.3
PURPOSE
OF THE STUDY
Motivating
employees to contribute their efforts to accomplish organizational duties and
task requires the identification variables that could be influencing such
efforts. The identification of such variable is not an easy task. This could be
attributed to the variety of employees need and aspiration from the jobs which
imply that motivating factors are multi dimensional.
Basically,
the purposes of the study are:-
(1) To
resolve problem in process of motivating workers.
(2) To
examine various leading theories of motivation and their effect on
productivity.
(3) To
determine whether a group of workers will have some need and wants which
effects their productivity.
(4) To determine whether financial motivation
alone can satisfy
the employees need and wants therefore stimulate them
to work harder.
(5) To arrive at suggestions which if
implemented can help to improve the workers output and efficiency and thus
achieve company goals and objectives.
(6) To serve as guidelines for the easy study.
(7) To serve as reference for other staffs.
1.4
THE
SIGNIFICANCE OF THE STUDY
For
modern days business enterprises to be successful, the presence of committed
and dedicated managers and highly motivate workers is required.
To
get the workers motivated, the manager must understand those factors that will
motivate a particular employee at a particular point in time.
The
study will however, assist managers in getting the best out of their workers to
achieve the enterprises objectives.
This
will be achieve by establishing the importance of motivation in today’s highly competitive and dynamic business
environment and how the concept could be used to inspire appropriate co-operation effort
essential for achieving individual and organizational goals.
1.5
SCOPE
AND LIMITATION OF THE STUDY
There
are certain motivational factors that would account for a specific type of
behaviour (better performance, higher productivity) from the workers. The area
which the study covers are:-
n
Motivation and employee services
n
Maslow’s
hierarchy of needs
n
McGregor
theory x and theory Y
n
McClelland
theory of human motives
n
Victor
Vroom’s expectancy theory
n
motivational
techniques
n
Relationship
between fringe benefit and motivation.
n
Relationship
between motivation and performance.
The
study also takes a case study of Afribank of Nigeria Plc and twenty five (25)
numbers of respondents to arrive at the objective of the study.
HISTORICAL
BACKGROUND OF AFRIBANK NIGERIA
PLC
Afribank
Nigeria plc, formerly known as International Bank for West Africa (IBWA) was
granted a license to carryout banking business on 26th October, 1959
and began operations on 4th January, 1960 with the opening of a branch in Kano
and shortly afterwards another branch was opened in Apapa. The head office was
subsequently established in 1960 at 94 Broad Street, Lagos. Originally owned by
banque del
Afrique Occidental (BIAO” IBWA’’) To reflect its 49% acquisition In 1964 by
First National City Bank Icn. and consequently, its has international
ownership.
The
Bank was later incorporated under the Nigeria companies Act of 1968 as a
private limited liability company on 30th May, 1969. In 1976, the federal
government of Nigeria
has 60% ownership of the bank, later 10% was off loaded by the staff trustee
ownership scheme while BIAO retained 40% shareholding on technical partnership.
Afribank is one of the most diversify banks in the country over the last few
years. The Bank has worked itself up to be among the top
four (4) leading banks in Nigeria and it has a network of 250 branches
covering entire country with an asset base of over N11.06 billion and a wide
spectrum of corporate institution and individual customers that enjoy the
professional services of the Bank.
In
meeting the full range of its customers requirements, the bank has diversify
its operation into the following wholly owned subsidiaries to compliment it
comprehensive financial services delivery
n
Afribank International limited (Merchant
Bankers)
n
Afribank
insurance brokers
n
Afribank
estate company limited (for in house
services)
n
Afribank
trustee and Security Company limited.
Afribank
mission is to achieve the position of a leading International growth providing
comprehensive and qualitative banking and financing services which meet the
change needs of its customers through the employment within the group of high
caliber personnel and utilization of up to date technology, while ensuring
optimum returns of its shareholders. As approved by Federal ministry government
based upon the recommendation of the technical committee for privatization and
commercialization (TCPC), the ministry of finance incorporation (MOFI) in 1993
relinquished all of its equity holding
in Afribank for sale to the public.
The
share of Afribank were admitted and listed on the first tier market of Nigeria
Stock Exchange (NSE) on 29th October, 1993.
ORGANIZATIONAL
CHART
However,
taking a critical look on this above organogram, one would see that Afribank of
Nigeria has employed line and staff organization structure. In this form of
organization there are functional aspect appointed, but in this instance, they
have no executive power and act in an advisory capacity only. The result of
this is that line manager and supervisors maintain direct control and authority
over their members of their department but also available to them except
knowledge to assist their department in the effective operation of their
functional area.
1.6
DEFINITION
OF THE TERMS USED
For
clarity purpose, the following words (and possible others) and terms will be
used in the course of research work. The specific meanings assigned to these
works are essential for a full understanding of the study. Among these words
includes the following.
(1)
Fringe benefit:- These are extra
benefit given especially to employee in addition to their salaries or wages.
(2)
Work:- That essential part of human life that relate to his Sustenance,
survival, status and link to the society.
(3)
Workers:- Davidson (1979) defines a worker as any
Person who has entered or works under a contract with an employer
whether the contract of personality to execute any work of labour
(4)
Administration:- According
to breech, he defines
Administration as that part of management process concerned with the
institution and carry out procedure by which the programme is laid dawn and
communicated and the progress of activities is regulated and checked against
target and plan (Robert Appleby C: Modern Business Administration P.4).
(5)
Management :- It is a social process entailing
responsibility for the effective and economical
planning and regulation of the operation of an enterprise in fulfillment of
given purpose or task.
(6)
Motivation: - It is kind of inducement which spur the individual externally to
undertake a task on a particular action.
(7)
Productivity/performance:- The qualitative and
quantitative turnout of worker in the goods and services
produced.
(8)
Efficiency :- The sums up of qualities and
quantities
of Job produced within a given time and resources.
(9)
Compensation:- That which is given as an equivalent for
Services.
(10)
Job :- A set of task or responsibilities grouped together under a
particular title.
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