ABSTRACT
This research work aims at
examining the challenges of managing human resources in estate firms in Lagos
State. It has been said that human resource is the most vital resource for any
organization. It is responsible for each and every decision taken, for each and
every work done and each and every result. Employers should be managed properly
and motivated by providing best remuneration and compensation as per the
industry standard.
In conducting the research works,
both secondary and primary sources of data were adopted. The characteristics of
the population of study were the registered estate firms within Lagos Island,
Lagos Mainland, and Ikeja local government. The simple random sampling
procedure was adopted in selecting those firms in which questionnaires were
administered. The techniques for analyzing the data was through various
applications, tools and available functions in the Statistical Package for
Social Science (SPSS). Test the hypothesis, chi square was adopted.
The outcomes of the analyses are
spelt out in the last chapter of this research work. Most importantly it was
seen that when employees are adequately compensated, it motivates them to work
harder, thereby increasing their performances in the work they do and this in
return will increase the turnover of the firm.
It was recommended that the
managing partners be schooled in human resource practices, so as to be
effective in managing their work force. Also percentage gain on transactions
concluded should be given to the employees to increase their performances
thereby making them productive.
TABLE OF CONTENTS
CONTENTS PAGES
title page i
Certification ii
Dedication iii
Acknowledgement iv
Synopsis v
Table of
contents vi
List of tables
Chapter One
General
Introduction
1.1
General Introduction 1
1.1 Introduction 1
1.2
Statement of problem 2
1.3
Aim and Objectives 3
1.4
Research Hypothesis 3
1.5
Scope of study 4
1.6
Significance of
study 4
1.7
Limitation of the study 5
1.8
Definition of terms 5
References 6
CHAPTER TWO
2.0 Literature Review
2.1
Introduction 7
2.2
Historical background 7
2.3
Relevant
theories and model 8
2.3.1
Theory of man-management 9
2.3.2
Theories of
Compensation 9
2.3.3
Lawler models of pay satisfaction 10
2.4
Current Literature 13
2.4.1
Estate Management as a profession 16
2.4.2
The estate firm and its establishment in Nigeria 16
2.4.3
Human resource management 16
2.4.4
The need for effective human resource management in
real
estate
firms 18
2.4.5
Functions of human resource management in estate firms 21
2.4.6
Compensation Management 22
2.4.7
Evolution of Compensation Management 25
2.4.8
Types of
Compensatin 27
2.4.9
Elements of Compensation Package 30
2.4.10
The Significance of Financial Compensation and the 35
Need
for Compensation Management 37
2.4.11
The Role of Compensation to the Employer and Employees 41
2.4.12
The Relationship of Pay, Performance, Job Satisfaction 42
2.4.13
Challenges of Human Resources Management in Estate
Firms 46
2.4.14
Strategic Waste to Overcoming Human Resources
Management 47
References 50
CHAPTER THREE
3.0 Research Methodology and Study area 51
3.1
Restatement of research hypothesis 51
3.2
Sources of data 51
3.2.1
Primary source 51
3.2.2
Secondary source 52
3.3
Characteristics of the population of study 52
3.4
Sampling Techniques 52
3.4.1
Sampling Design 52
3.4.2
Sampling Procedure 52
3.4.3
Determination of sampling size 53
3.5
Questionnaire Administrative 53
3.5.1
Questionnaire Design 53
3.5.2
Questionnaire Distribution 53
3.5.3
Collection of Responses 53
3.6
Techniques of Data Analysis 53
3.7
Limitations of Research Methodology 54
3.8
Study Area/Case study 54
References
57
CHAPTER FOUR
4.0
Data
Presentation and Analysis of Data
4.1 Introduction 58
4.2 Presentation
and Analysis of Data Based on Research
Hypotheses 58
4.3 Testing pf
research hypothesis 73
CHAPTER FIVE
5.0
Summary
of findings , Conclusion, Recommendations and
suggestions for further studies 75
5.1 Summary of
Findings 75
5.2 Recommendations
77
5.3 Conclusion 78
Bibliography 79
Appendix I Questionnaire
Appendix II
Data Output
LIST
OF TABLES.
Table 4.1 Location 57
Table 4.2 Position 58
Table 4.3 Academic qualification 60
Table 4.4 Work experience 60
Table 4.5 Arms that manage human resource of the firms. 60
Table 4.6 Effectiveness of human resources managers 61
Table 4.7 Evaluation of staff performance 62
Table 4.8 Regularity of staff performance 63
Table 4.9 Basis of performance evaluation 64
Table 4.10 Sanctioning of under performing employees 64
Table 4.11 Are performing employees rewarded 65
Table 4.12 Employee productivity contribute to the growth of the firm 65
Table 4.13 Reasons staff are not well paid 66
Table 4.14 Impact of lack of inadequate compensation 66
Table 4.15 Resultant effect of inadequate compensation 67
Table 4.16 Adequate compensation will result into increased
productivity 68
Table 4.17 Challenges faced in managing human resources 68
Table 4.18 Areas of challenges 69
Table 4.19 Solution to the challenges
faced 69
LIST OF FIGURES
Figure 2.1 Positioning of human resources in any
firm 7
Figure 2.2 The significance of financial
compensation 15
Figure 2.3 Model of pay satisfaction (Lawler’s
model) 15
Figure 2.4 Human resources planning. 20
Figure 2.5 Evolution
of strategic compensation 28
Figure 2.6 Maslow’s
need hierarchy 29
Figure 2.7 Direct
compensation 31
Figure 2.8 Indirect
compensation 33
Figure 2.9 Need
of compensation management 40
Figure 4.1 Location 45
Figure 4.2 Positions 58
Figure 4.3 Academic
qualifications 59
Figure 4.4 Work
experience 60
Figure 4.5 Arms
that manage human resources 60
Figure 4.6 Regularity
of staff performance 63
CHAPTER
ONE
1.0
GENERAL INTRODUCTION
1.1.
INTRODUCTION
Central
of the growth, profitability and success of any firm is the effective
acquisition utilization and maintenance
of the organization’s human recourse is so critical to any firm’s survival such that it
has judging by today’s complex business environment, been acclaimed as the most
important resources available to any
organization or firm.
Workforce
management has become increasingly complex.
The heritage and growth of human resource management profession is
closely linked to people’s attitudes about work. Michael (1998) explained that
the human resource field today recognizes the dynamic relationship between
strategy, people, technology and the processes that drive organizations. Therefore, it is important to note that no
matter how sophisticated a firms equipment are, someone will have to operate them.
It is a truism that an adequate supply of physical and financial resources does
not alone ensure the economic development of any organization. (Banjoko 1996).
Rather, it is the entrepreneurial spirit and
executive initiative which can
utilize these resources profitably for the organization.
The
goal of human resource equipment is to help an organization to meet strategic
goals by attracting and maintaining employees
and also to manage them effectively, Fajana (2006) explained that the
most important and versa resource in any organization is the human element. It is the only resource that
is capable of thinking, planning, executing and achieving of organizational
results. This is why it is being said
that human and the potential they possess drive any firm. Today estate firms
are continuously changing and this impact not only the business but also its
employees. In any firm, human resource
management is responsible for bringing people into the organization, helping
them perform their works, compensating
them for their labours and solving problems that arose. (Churrington 1995). Generally, in most
estate management firms, there are no human resource department, therefore, a
line manager (managing) partner or managing director) will be responsible for
the functions of human resources management.
Furthermore, the effective
management of human resources
result to better performance of
the employee and this has implication
for the firm’s level outcomes and also
collectively, a firm’s level and
use of employee can also provide a unique source of competitive
advantages that is difficult for its competition to replicate. The issue now is whether or how
firms can capitalize on this potential source of profitability.
It
is a common saying that whatever task a man involved himself in, there will
always be a call to try his skill or strength. So also in human resource
management, some challenges are faced by the line managers in putting their
emphasis on attracting and retaining talents.
Some of the challenges faced will be reviewed in this dissertation work.
Most especially, payroll, tax regulations, compensation rates and employee
benefits are some of the labour cost that real estate firms must control. The question now is, as labour cost continue
to rise, how can real estate firms achieve satisfactory profit margins?
It
is in the light of the above that this dissertations is directed at analyzing
the challenges of human resource management in estate management firm, using
Lagos State as a case study.
1.2 STATEMENT OF THE PROBLEM
The
success of any organization lies on the ability to manage a diverse body of
talents that can bring innovative ideas, perspectives and views of their work.
In
estate management firms, it has been observed that most employees tend to move
from their workplace for a better employment. This is caused by poor human
resources management. Therefore, there is a need for effective human resource
management.
In
most estate firms, there are no human resource management department, therefore
a line manger perform their roles. In
the view of the above, how effectively do the line managers carry out or implement human resource management functions in real
estate firm?
Also in applying these human resources functions there will always be a call to try his (line
manager) skills, otherwise called challenges
what may be the likely challenges
to be met and how will they be faced or how can they be turned to become
a major asset to the firm?
This
dissertation is structured to answering the above questions.
1.3 AIM AND OBJECTIVES
The
aim of this study is to examine the challenges of managing human resources in
real estate firms in Lagos State. In
order to achieved the above stated aim the following objective are:-
·
To examine the effectiveness of managers in
human resource management in estate firms.
·
To identify the problems that may be encountered
by the line mangers, in managing human resources in estate firms.
·
To proffer solutions to the identified
challenges.
1.4
RESEARCH HYPOTHESIS
Ho:- There is no correlation between effective human
resource management and productivity.
Ho:- There is a correlation between effective human
resource management and productivity.
1.5
SCOPE OF STUDY
Human
resource management on its own is too wide. It is the intention of this
dissertation to limited this aspect to those that are most important to real
estate firms like training and development, motivation, employee benefit,
compensation management, staffing/recruiting and planning.
It
is not within the scope of the study to
cover the whole estate firms in Lagos State as this will be too tasking.
Therefore, this research will be concentrating on 30% of the estate firms in
Lagos State. These areas have been
selected for study because it is envisaged that information provided will be sufficient enough to speak
for the entire Lagos State.
1.6
SIGNIFICANCE
OF STUDY
Human
resources management is evolving rapidly and it is both an academic theory and
a business practice that addresses the theoretical and practical techniques of
managing a workforce.
This
study will contribute to the body of knowledge, that is, it will provide information on the human
resource management to researchers and student in various fields and estate
surveyors and valuers.
Furthermore,
it will help estate surveyors who seek knowledge, in human resource management
to know the likely challenges to be encountered and how they can be tackled,
and effectively manage.
1.7
LIMITATION OF THE STUDY
In
the course of this work, various
limitation were encountered posting
greatest to the completion of
this research work. They include:
-
Inadequate finance
-
Dearth of information
1.8
DEFINITION OF TERMS
1.8.1
MANAGEMENT
Encyclopedia
of professional management as citied in Olayiwola (2000) defines management as
“an integrating process by which authorized individuals create, maintain and
operate an organization the seductions and accomplishment of its aim.
1.8.2
ESTATE MANAGEMENT
Throncoft
(1965) defines estate management as the director and supervision of an interest
in land with the aim of securing optimum returns.
1.8.3
HUMAN
RESOURCE
According to Wikipedia, the free encyclopedia, human resource is a person
or employee who staffs and operates a
function within an organization.
1.8.4
HUMAN RESOURCE MANAGEMENT
According
to Wikipedia, the free encyclopedia, human resources management is defined as
the strategies and coherent approach to the management of our organization’s mot valued assets- the people
working there who individually and
collectively contribute to the achievement of the objectives of the business.
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