Compensation packages: a strategic tool for employees' performance and retention Compensation packages: a strategic tool for employees' performance and retention (original) (raw)
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Compensation System and Employees Performance: A Study of Non-Academics Staff of Universities
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© Kamla-Raj 2014 Compensation Management and Employee Job Satisfaction: A Case of Nigeria
Human resources are the pivot of organisational effectiveness and the greatest asset that an organisation can possess. The retention of skilful and well equipped workforce in an organisation is pertinent to the growth and overall performance of an organisation. The satisfied employees' surely contribute to the organisation to achieve its competitive advantage over its competitors. The present study is an attempt to investigate the relationship between compensation management and employees' job satisfaction in Nigeria's Insurance Sector. The instrument used in information gathering was questionnaire. In all, 250 questionnaires were administered to the employees' of an insurance company, 213 were retrieved and 212 were found usable for response rate of 84.4%. The statistical analysis revealed that compensation management and employees' job satisfaction are significantly correlated though weak and that compensation management have an impact on motivation and job sat...
Global Advanced Research Journal of Arts and Humanities (GARJAH), 2015
The main aim of the study was to identify compensation determinants and how rewards can be made meaningful so as to increase employees' organisational commitment. The objectives of the study were to determine whether entitlement-orientation to rewards influences organisational commitment; and to ascertain whether financial rewards increase organisational commitment of academic staff. The study employed descriptive survey design in gathering data from 157 academic staff, from a total number of seven private tertiary institutions which were selected through stratified sampling. Respondents from these seven private tertiary institutions were conveniently and purposively selected. The study observed that compensation was determined by both internal and external factors; tenure and job position positively influenced the maintenance of organisational membership. It was also realised that, financial rewards only increased continuance commitment but not affective commitment. This study creates awareness and sensitises stakeholders about the impact of ineffective compensation on employees' and institutional performance and how compensation can be tailored to individual needs and wants in achieving both individual and organisational goals.
WSEAS transactions on business and economics, 2024
Compensation has a significant impact on employee job satisfaction and performance. The impression of being paid what one is worth predicts job satisfactions. However, it is unclear how compensation affects employee performance, which may have led to many disagreements. This concentrate subsequently looked to lay out the impacts of remuneration on workers' exhibition in private universities in north-central, Nigeria. The study's objective was to investigate how compensation administration affects employee performance at private universities in the central part of Nigeria. The review utilized an engaging exploration plan. Defined irregular examining was utilized to choose an example size of 1290 representatives drawn from the objective populace of 1312. Reactions were gathered through the organization of a poll. The legitimacy and unwavering quality of the survey were improved through a pilot concentrate on completed in chosen private universities. Both face and content legitimacy were utilized to guarantee the legitimacy of the instruments. SPSS was used to classify and code the collected data before tabulating it. Means frequency tables, percentages, and descriptive statistics were used to analyze the qualitative data. Competitive salaries were established, and the study came to the conclusion that incentive plans motivate workers to work at a higher level of efficiency and productivity, as well as increase productivity and reduce employee turnover. It can work on the work process and work techniques, The review suggests that the college organization can impact Representative execution by conveying to the workers that they esteem their commitment and furthermore reassuring representative cooperation in the dynamic course of the pay organization framework at the universities. At the point when representatives feel that their viewpoints are esteemed at their employers, they will generally show unwaveringness and responsibility because of the feeling of belongingness and trust from the administration.
Archives of Business Research, 2017
This study was necessitated due to rate of employee turnover, which is increasing in Nigeria banking system; a situation whereby employee continuously move from one bank to another in a short period of time. This paper seeks to examine the influence of compensation management on employee retention. It specifically set out to examine the relationship between Salary and Employee satisfaction in selected Commercial banks in Awka. The study employed descriptive research design. Primary source of data was the major instrument used for this study. 60 copies of questionnaire were administered to employees of selected commercial banks (First bank, Fidelity and Sterling bank); 56 were retrieved and they were all useful. Pearson's Product Moment Correlation was used for the analyses. The findings revealed that there is a positive weak relationship between salary and employee satisfaction. This shows that employees were not satisfied despite their seemingly attractive salary. In view of the finding, the study concluded that if management fail to formulate, administer and implement a good compensation policies that would allow them retain their talented employee; these employee might leave their job if they find a better offer elsewhere. The researcher recommended among others that compensation structure should include new and enticing ways to motivate and retain employee with wide range of benefits other than salary.
Asian Journal of Economics, Business and Accounting
The paper analyses the compensation-intention to quit relationship in one of the technical universities in Ghana. Employing a descriptive survey design, data on the variables are collected using one hundred self-administered valid questionnaires. Data collected were analysed by means of structural equation modelling. The results show there is no significant relationship between intentions to quit and salary, incentives, allowance and fringe benefits. However, there was an inverse relationship between the dependent variable and the predictors. The result implies managers of such institutions do not focus only on monetary, but non-monetary rewards packages drawing their compensation plan. This study provides avenues for reviewing compensation packages of technical universities in order to motivate its employees to help prevent high labour turnover. The paper is among the few that employs the structural equation modelling in its analysis.
International Journal of Scientific Research and Management, 2017
This study assessed compensation/pay and staff retention in selected commercial banks in Adamawa state. The bed rock of this study was that inability to retain staff is bedevilling the Nigeria's banking institutions. Therefore, the question of whether compensation/pay significantly affect retention of commercial bank staff is the arena of the study. Data were collected from 197 bank staff from Yola north, Yola south, Mubi north and Numan local government areas using both close and open ended questionnaires. The data was analysed using regression analysis, while Likert scale technique was used as measurement instrument for the study. Cronbach's Alpha test was used to measure the reliability of the measurement instrument, which showed a result of 77.4% reliability. The result shows that, a 1% increase in payment of monetary benefits (RPM), increased staff retention by 0.688, a 1% increase in the thirteenth month salaries (TMS), increased staff retention by 0.484, a 1% increase in timely payment of salaries (TPS), led to an increased staff retention by 1.866, but a 1% increase in the use of money as an incentive (MMW), triggered a 0.155 decrease in staff retention. Findings of the study therefore revealed that compensation/ pay has positive effect on the retention of commercial bank staff, except when used as an incentive. The study therefore recommended that while using compensation/pay as motivational strategies, commercial banks' management should avoid the use of compensation/pay as incentives.
Effect of Compensation on Employee Job Performance of Deposit Money Banks in Kano State, Nigeria
International Journal of Economics, Business and Management Research
This study examines the effect of compensation (measured by financial and non-financial compensation) on employees’ job performance at Deposit Money Banks (DMBs) in Kano State, Nigeria. The study adopted a survey research design. The population used for the study comprised 1382 out of which a sample size of 372 (including the attrition rate) was determined using Yamane's (1967) sample sizes determination formula and a convenient sampling technique was used to select the respondents. The study utilized an adapted questionnaire as the instrument for data collection. The data collected for the study were analyzed using Partial Least Square Structural Equation Modeling (PLS-SEM) in determining the measurement, structural models and hypotheses testing through SmartPLS 3.0 software. The study found that financial compensation has a positive and significant effect on employee job performance, while nonfinancial compensation has a positive but insignificant effect on employee job perfor...
Compensation Scheme and Academic Staff Performance in Federal Polytechnic Nasarawa
International Journal of Innovative Research in Social Sciences and Strategic Management Techniques, 2020
This study examined the effect of compensation schemes on academic staff performance in Federal Polytechnic Nasarawa. Specifically, it investigated the effect of special allowances and part-time emoluments (independent variable) on academic staff performance (dependent variable) of the institution. The descriptive survey research design was adopted for the study. The population comprises of the 485 academic staff of the institution from where a total of seventy nine (79) samples of academic staff were selected across six (6) faculties using stratified sampling technique. Questionnaire was used to gather data from the respondent. The reliability of the questionnaire was tested using Cronbach- alpha coefficient and the test yielded the alpha coefficient of 0.85 and 0.82 for special allowances and part-time emoluments respectively.Descriptive statistics was used to present the data while multiple regression analysis was carried out to examine the extent to which the independent variabl...