The effect of monetary incentive on workers performances in nigeria organization (a case study of imt enugu)

Project Abstract

This study aimed to investigate the effect of monetary incentives on workers' performances in Nigerian organizations, with a focus on the Institute of Management and Technology (IMT) in Enugu. The research utilized a case study approach to examine how monetary incentives impacted employee performance within the organization. The study employed a mixed-methods research design, combining both qualitative and quantitative data collection methods. Data was gathered through surveys, interviews, and observations to provide a comprehensive understanding of the relationship between monetary incentives and workers' performances. Findings from the study indicated that monetary incentives play a significant role in motivating employees and improving their performance levels. Employees at IMT Enugu responded positively to monetary incentives, which led to increased productivity and job satisfaction. The study also revealed that the type of monetary incentive offered, such as bonuses, commissions, or performance-based pay, influenced employee motivation and performance outcomes. Employees were more likely to exert greater effort and dedication to their work when they were incentivized with monetary rewards. Furthermore, the study identified a correlation between the clarity of incentive structures and employee performance. Clear and transparent communication of incentive schemes helped employees understand what was expected of them and how they could earn rewards, leading to improved performance levels. The research also highlighted the importance of fairness and equity in the distribution of monetary incentives. Employees valued a fair and consistent reward system that recognized their contributions and efforts. In cases where there were perceived inequities or biases in the allocation of incentives, employee morale and performance suffered. Overall, the findings of this study contribute to the existing literature on the relationship between monetary incentives and employee performance in Nigerian organizations. The research provides valuable insights for organizational leaders and managers at IMT Enugu and other institutions seeking to enhance employee motivation and productivity through effective incentive systems. In conclusion, this study underscores the significance of monetary incentives in driving employee performance and emphasizes the need for organizations to design and implement incentive programs that are aligned with employees' motivations and expectations.

Project Overview

<p> </p><div><p><strong>1.0 &nbsp; &nbsp; INTRODUCTION</strong></p><p>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; Sometimes one wonders why some people perform more than others on the job or why people work hard. Man in his natural form is lazy and always tries to gratitude toward his comfort zone unless some kind of forces or situations confront him. It is this force or situation that arouses his desire or more out of this comfort zone in order to avert negative consequences or reap a positive reward as the case may be. This force or situation now becomes the motive for his working towards his set target (motivating factor).</p><p>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; Wole Adewunmi (1992) defined motivation as “the inner stimulus that induces one to behave the way he does. It has to do with inner states that energizes activities of moves and therefore directs behaviour toward goals,</p><p>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; In an organization, productivity is beckoned on the design of its incentives variable to balance among various management levels.</p><p>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; There are several incentive variable that could motivate people to work to their optimal level and when these variables are not there, their productivity will be greatly affected. This may come in the form of a well packaged remuneration. Still others may not necessarily be motivated with well packed incentive scheme. The group believe that money is not everything. People work for either intrinsic or extrinsic rewards. Extrinsic rewards include the figure pay proportion, controlled by other people. Intrinsic reward on the other hand include the feelings of accomplishment of task and is administered by the individual doing the task.</p><p><strong>1.1 &nbsp; &nbsp; BACKGROUND OF THE STUDY</strong></p><p>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; Incentives are objectives or goals which are capable of satisfying the employee’s need, drive or desire. It includes payment for improved productivity as well as environment conditions. Example, infrastructures, transportation facilities and canteen services etc. Though they do not directly provide income to workers, but are necessary for their effective performance. In other words, incentives do not only refer to usages payment but other things like job enrichment, free flow of information good relationship among junior and senior officers.</p><p>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; It is worthy of note that such incentives like monetary rewards which may motivate the younger people who are beginners or the lower class of people in the society may not necessarily be motivating factor for some middle class or upper class in the society.</p><p>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; People in the society, in various positions even though at a similar level, must be given incentives that reflect their individual performances and expectations.</p><p>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; The Institute of Management and Technology (IMT) Enugu started operation on 1st July 1973 as a result of Edict No. 10 1973 titled Institute of Management and Technology Edict 1973. This Edict united two schools to form institution under the chairmanship of Dr. Ukwu I. Ukwu and its first rector Professor M. O. Chijoke. The united schools were the former college of technology which operated engineering and laboratory technology to National Diploma (ND).</p><p>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; Today (IMT) has grown and developed with more than 20 departments having Dr. Onyisi as its current Recto-in-charge of both campuses;- Campus II and III respectively. &nbsp;</p><p><strong>1.2 &nbsp; &nbsp; STATEMENT OF THE PROBLEM</strong></p><p>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; It is fundamentally unrealistic for managers to assume that employees would continue to find satisfaction in co-operating in organization’s affairs if their needs and wants are not recognized. The success of failure of this depends on the management approach to effective motivation of the employees.</p><p>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; The researcher identifies the below problems as major factors militating against the management success which there is need to know.</p><ol><li>What has been the management incentive scheme</li><li>What is the effect of monetary incentive to workers as regards to increased productivity.</li><li>How effective is the participation of workers in planning and designing IMT incentive scheme.</li><li>How has the existing composition programmes failed to attract the motives workers in IMT.</li></ol><p>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; In view of this, the researcher is determined to highlight the problem areas and how to improve on the organization’s incentive programmes to enhance productivity in the organization.</p><p><strong>1.3 &nbsp; &nbsp; PURPOSE OF THE STUDY</strong></p><p>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; The purpose (objective) of carrying out this research work is;</p><p>1. &nbsp; &nbsp; &nbsp; To determine the type of incentive schemes that are available in IMT.</p><p>2. &nbsp; &nbsp; &nbsp; To find out if the employees (workers) are actually reaping the benefits which the laboured for.</p><p>3. &nbsp; &nbsp; &nbsp; To ascertain if IMT is attaining the main objectives for administering these scheme.</p><p>4. &nbsp; &nbsp; &nbsp; To examine the different types of incentives scheme put in place by the institute.</p><p>5. &nbsp; &nbsp; &nbsp; &nbsp; To do an indepth analysis institute’s incentives schemes and productivity trend over the years.</p><p>6. &nbsp; &nbsp; &nbsp; To determine the extent to which these incentive schemes has led to the overall performance and motivation of workers.</p><p>7. &nbsp; &nbsp; &nbsp; To identify and test the effectiveness adequacy and relevance of these incentive schemes to the overall &nbsp; performance of individual workers or group of workers.</p><p>8. &nbsp; &nbsp; &nbsp; To find out the extent the institute is achieving its objectives for administering these incentive schemes.</p><p></p></div><h3></h3><br> <br><p></p>