The Impact of Monetary Incentive on Organizational Performance
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Chapter One of The Impact of Monetary Incentive on Organizational Performance
INTRODUCTION
Sometimes, on wonders why some people perform more than others on the job or better still why people work hard.
Man in his natural form is somehow lazy and always tries to gravitate towards his comfort unless some kind of force of reap a positive reward as the becomes the motive for his working towards his set target (motivating factor).
Given the above illustration, management scholars have tries to define what motivation is all about.
The Webster, Encyclopedic Dictionary of the English language (1995), said that motivation relates to the senesced or year etc. that prompts an individual to act. It has to do with inner state that energizes activates or moves and therefore directs behaviour towards peoples.
In all organization, productivity is beckoned on the design of its incentives variables to balance among various management levels. Still others may not necessarily be motivated with a well packaged incentive scheme . The group believe that money is not every thing. People work for broadly defined rewards. These rewards can be broken down into two general classes know as intrinsic and extrinsic rewards.
Extrinsic rewards include figure pay proportion, complainants etc. and are often independence of the task perform and controlled by other people.
BACKGOUND OF STUDY
Incentives are objectives or goals which are capable of
satisfying what the employee views as need, drive or desire. It includes a accredited payment for improved productivity as well as environment condition for example, in infrastructures, transportation facilities, canteen services etc. in other words incentives do not only refer to wages payment but other things like job enrichment, free flow of information, gives relationship among junior and senior officers.
A higher performance must be rewarded ore that the lower performance for a felling of equity to prevail. Given this, money is likely to be motivator variables remuneration has been favored as the means of giving incentives to produce or sell increased volume or to improve the quality of their performance.
Incentives which may be seen as payment or reward for work or services rendered have been a common feature in Nigeria establishments to which first bank of Nigeria Plc. Is not an excerption. It is therefore, the objective of this that could motivate workers to greater achievement.
Management scholars and other employers of labour will also find this work heavy useful as it would enable them to be vast of the value of incentives to performance of workers, if appropriately applied. This will in effect bring great efficiency of workers if adequately employed.
First bank of Nigeria Plc., for over a country, has distinguished itself as a leading banking institution and a major contributor to the economic advancement and development of Nigeria.
THE STATEMENT OF THE PROBLEM
It is fundamentally unrealistic to assure that people would
continued to find. Satisfaction in co-operating in organization’s affairs, if no interest is shown in their individual needs and problems.
It is agreed that in spite of whiteness gains must have been achievement ensuring adequate compensation among workers around the world existing (organization, programs have failed to attract, hold and motivate employees because the individual worker is not considered and he did not participate in the planning and designing of such incentives before its execution or implication.
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