ABSTRACT
The essence of this thesis is to ascertain the usage of incentives as a motivational tool using the Nigerian banking sector as a case study. Questionnaires were sent to employees in this sector and their responses were critically analysed and related to the theories.
The research methodology was primarily quantitative, but also qualitative features were adopted in the thesis. Of related motivational theories, the Process and the Content Theories were adopted. Incentives usage as a motivational tool goes a long way in determining the outcome of a particular project.
The study brought out the fact about how the usage of incentives as a motivational tool can enhance the productivity of an organization. The questionnaire also allows the respondents to give their opinions outside the box (options), thereby stating the positive impact and absence of incentives as a motivational tool at various banks in Nigeria. The responses were analysed with the use of charts.
In conclusion, the researcher of this study recommends that incentives should be encouraged in the Nigerian banking sector and employees should be promoted in due time, so as to improve productivity and to increase profitability.
TABLE OF CONTENTS
Thesis Abstract
Tables and Figures
1 INTRODUCTION
1.1 Background of the study
1.2 The Statement of Problem
1.3 Scope of the Study
2 INCENTIVES
2.1 Background of Incentives method
2.2 Purpose for incentives
2.3 Individual incentives
2.3.1 Based on Time Incentives
2.3.2 Based on Production Incentives
2.4 Group incentives
2.4.1 Profit sharing
2.4.2 Cost savings (Scanlon plan)
2.4.3 Cafeteria-style benefits
2.5 Types of incentives
2.5.1 Monetary Incentives
2.5.2 Non-Monetary incentives
2.5.3 Positive Incentives
2.5.4 Negative Incentives
2.5.5 Limitations of Incentive plan
2.5.6 Measures for Effective Incentives plan
3 MOTIVATION
3.1 The Process of Motivation
3.2 Motivation Theories
3.2.1 Equity Theory
3.2.2 Expectancy Theory of motivation
3.2.3 McClelland’s Need Theory
3.2.4 Two –Factor Theory
3.2.5 Hierarchy of Needs Theory
3.2.6 Goal -Setting Theory
3.2.7 Theory X and Y
3.2.8 ERG Theory
4 NIGERIAN BANKING SECTOR
4.1 What is a Bank?
4.2 Brief History About Nigerian Banking sector
4.3 Banks Reform in Nigeria
4.4 Impact of the Reform
4.5 Use of Incentives in Nigerian Banks
5 RESEARCH METHODOLOGY
5.1 Research Approach
5.2 Implementation
5.3 Scope and Limitation
5.4 Validity and Reliability
6 RESULTS
6.1 Descriptive information of respondents
6.2 Research results
7 CONCLUSION AND RECOMMENDATION
7.1 Conclusion
7.2 Recommendation
BIBLIOGRAPHY
APPENDICES
1 INTRODUCTION
The researcher describes the word ‘incentives’ as a reward system, financial or non-financial which are offered to employees in order to motivate them to work according to the organization’s set goals and to surpass expectation positively. It also helps to drive performance and increase productivity.
Incentives have played a massive role to every organization that adopted its usage. It serves as a motivational tool for the employees towards achieving swift and excellent results.
Employees are highly driven when the means of compensation (incentives) is in place. It boosts the morale of the employee to become more efficient, effective, result-oriented and passionate to deliver expectation and perhaps beyond expectations in every given task.
In Nigeria today, employees want to be motivated by the organizations they work for while the organizations on the other hand need motivated people to work for them. Some banks, in their deliberate efforts to influence the performance of their employees however initiate a system of incentives such as special awards and certifications for best employee of the month, quarter etc., unsung heroes (celebrating departmental employee of the year with awards, certifications, trips etc.). It was observed from the researcher’s previous work experiences however that incentives go a long way to enhance the positive work flow in organizations, as well as encouraging team spirit, and job satisfaction amongst employees.
1.1 Background of the study
Nigeria has about 21 licensed commercial banks which are running effectively with results in terms of fund transactions (debit, credit, transfer and more); and branches across the country to ensure their services reach the entire people of the country. The operations are done with competent hands who attend to all the day- to-day activities of the bank.
Of all these activities and operations in the Nigerian banking sector, the employees ensure that all their daily activities are carried out with passion in order to achieve the organizational commitments and objectives. Incentive systems are therefore put in place by all banks for all categories and levels of employees for motivation purpose, so that ultimately employee performances are enhanced, maintained and sustained.
According to the research conducted on this work, it was gathered that the usage of incentives in Nigerian Banks would encourage the employees to put in more effort in every given task thereby running extra mile towards achieving breath-taking results in all operations.
1.2 The Statement of Problem
Individual employee performance in any organization ultimately determines the strength of the organization. The people that work in the organization are therefore a key asset to the overall performance of the organization. Not much can be achieved if the employees do not have high morale, and a feeling of job satisfaction which goes a long way in determining the level of the individual performances. The role of incentives in the motivation efforts of the employers (the organizations’ management), becomes a rather important consideration. This study concentrates on how Nigerian banks have used incentives as a motivational tool, however to ascertain its impact on employees who gets and those who does not.
1.3 Scope of the Study
This thesis focuses on the use of incentives in the Nigerian banking sector (as a case study). The scope of the thesis covers some financial institutions that use incentives as a motivational tool to enhance employees’ performance and morale on the job, those that give incentives but their employees however consider them as not adequate and therefore not sufficiently motivating, if motivating at all, and finally, some other institutions that do not even give incentives at all. The thesis...
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