Economic subjects | Finances » Adaeze-Nnenna - Effect of Monetary Incentives on Workers Performance in Organization, Nigerian Situation

Source: http://www.doksinet Journal of Theoretical & Applied Statistics 7(2): 1-14, 2019 ISSN 2079-2174 @ IDOSI Publication 2019.721207 EFFECT OF MONETARY INCENTIVES ON WORKERS PERFORMANCE IN ORGANIZATION: NIGERIAN SITUATION BY EKWOCHI, EUCHARIA ADAEZE, Ph.D, MSc, MBA, BSc, IPMA, IRDI, IMPD DEPARTMENT OF BUSINESS ADMINISTRATION FACULTY OF MANAGEMENT SCIENCES ENUGU STATE UNIVERSITY OF SCIENCE AND TECHNOLOGY, ENUGU, NIGERIA E-MAIL: ukalexgideon1@yahoo.com Tel: 07033486833 & OKOENE, CHRISTIANA NNENNA, B.Sc, MSc TANSI UNIVERSITY UMUNYA – ANAMBRA STATE, NIGERIA Tel: 08109608400 ABSTRACT The paper is examining the effect of monetary incentives on workers’ performance in Nigerian organizations. The specific objectives include; to ascertain the effects of directors’ remuneration on the performance of organizations, to examine the extent to which salaries and wages affect the performance of organizations and to determine the effect of employee benefit scheme onthe performance of

organizations. The study used ex post facto design as methodology The analytical tool of the study was unit root test, descriptive statistics and ordinary least squares. The study found out that the study found out that directors remuneration have significant effect on the performance of organizations due to the calculated chi-square (X2) value (44.14) is greater than table value (7.377), the study found out that salaries and wages affect the performance of coca cola bottling company because the calculated chi-square (X2) value (30.87) is greater than table value (7.377) and the researcher discovered that employee benefit scheme have significant effect on the performance of organizations because the calculated chi-square (X2) value (35.44) is greater than table value (7377), the study recommended that consequently, management should design, formulate and implement compensation strategy objectively in order to enhance the attainment of overall organizational goals with a view of getting

the best contributive and supportive effects from organizational workers and finally, both management and workers should be made to understand the objectives contained in the compensation strategy so that unintended and subjective motives can be played down on while trying to enhance the common objective strategically. This, without doubt, will give room for good organizational performance. KEYWORDS: Monetary Incentives, Workers Performance, Organization 1 Source: http://www.doksinet INTRODUCTION The success and the survival of any organization are determined by the way the workers are remunerated and rewarded (Adams, 2013). The reward system and motivating incentives will determine the level of employees’ commitment and their attitude to work. As noted by Akerele, (2011) poor incentives packages have been a major factor affecting employees’ commitment and productivity. Organizational performance comprises the actual output or results of an organization as measured against its

intended outputs (or goals and objectives). According to Campbell & Chia, (2013) organizational performance encompasses three specific areas of firm outcomes: financial performance (profits, return on assets, return on investment, etc.); product market performance (sales, market share, etc.); and shareholder return (total shareholder return, economic value added, etc.) Specialists in many fields are concerned with organizational performance including strategic planners, operations, finance, legal, and organizational development. In recent years, many organizations have attempted to manage organizational performance using the balanced scorecard methodology where performance is tracked and measured in multiple dimensions such as: financial performance (e.g shareholder return), customer service, social responsibility (e.g corporate citizenship, community outreach), employee stewardship, performance , measurement systems performance improvement and organizational engineering. Business

organizations including the oil and gas sector exist to produce goods and services, which they hope to exchange for money to maximize profit. In pursuit of these defined objectives, the organization procures resources and processes them into output. Of the resources acquired, Chabra, (2011) noted that the human factor is the most significant because if not properly managed, it can deliberately retard operational performance of an organization. Evidence abounds to attest to the fact that all employees do not exert the same effort towards organizational goals or in other words, some employees achieve better results than others. To achieve results, employees will exhibit the required job behaviour. Gerhart, Minkoff & Olsen, (2012) noted that the dilemma that managers face in today’s business world is how they could get employees to exhibit the required job behaviour in the work place. Since it has been established that all behaviours except involuntary responses are goal directed,

managers can apply the use of compensation packages such as directors’ remuneration, salaries and wages and employee benefit scheme to direct the job behaviour of employees towards the goal of the establishment. Therefore, for any organization to record any degree of meaningful success in the pursuit of its goals and aspirations, it must have the ability to create values enough to compensate for the burdens imposed upon the staff. Such value or motivators can come in the form of good training policies, facilities or monetary incentives such as fringe benefit, promotion, status symbol etc. so as to satisfy the needs 2 Source: http://www.doksinet of the staff for enhanced operational performance (Gibson, 2004). Hameed, Ali & Arslan, (2014) noted that monetary incentives are financial incentives used mostly by employers to motivate employees towards meeting their targets. Money, being a symbol of power, status and respect plays a big role in satisfying the social–security and

physiological needs of a person. From the foregoing it is evident that monetary incentives therefore go a long way in promoting workers’ performance in Nigeria organizations. Concept of Monetary Incentives An incentive is a reward given to a person to stimulate his or her actions to a desired direction (Opara, 2013). Incentives have motivational powers and are widely utilized by individuals and large organizations to motivate employees. They can either be monetary or non–monetary. Lazear, (2006) is of the view that monetary Incentives are financial incentives used mostly by employers to motivate employees towards meeting their targets. Money, being a symbol of power, status and respect plays a big role in satisfying the social–security and physiological needs of a person. Money however, seizes to be a motivator when the psychological and security needs are satisfied. At that point it becomes a maintenance factor (Shuja, Li, and Shamim, 2016). When creating a reward program to

motivate employees, decision makers and company owners need to understand that the reward or incentive neither guarantees quality output nor loyalty but just a bonus that encourages workers to meet their goals without compromising on quality. Guerrero, Andersen, and Afifi. (2007) explains some of the common examples of monetary incentives as thus; 1. Piece Rates – This is mostly used in production industries where employees are given a certain amount of money on each produced piece. Piece rates motivate employees to work harder and quickly to produce more pieces as each has a monetary incentive attached to it. However, when issuing piece rates, production supervisors must ensure quality is not compromised. 2. Pay Raise – These are mostly offered to employees who have worked in a company for a considerable longer period of time. Some companies also give pay rises to employees who have reached a certain level of production or those who have completed the required training programs.

Some offer annual salary increment to loyal workers. 3. Bonuses – Another good form of monetary incentive is issuance of bonuses. These might be bonuses to individuals who have met their sales quotas or even bonuses to teams that have completed their projects in time or have surpassed their production targets. Some companies give yearly Christmas bonuses to long serving employees as a way of rewarding loyalty 4. Sharing Profits – This is another excellent way of rewarding employees. A small profit portion is 3 Source: http://www.doksinet shared with employees based on their position, duration with the company and input in attaining the overall set goals. Profit sharing is preferred by most companies since it gives employees a sense of belonging and ownership. 5. Contests – These are mostly offered to sales and production personnel. An additional price or bonus is given to the employee or to a team with the highest production level. Again, employers can offer cash rewards to

employees with best suggestions just to encourage more input in terms of positive ideas that improve on sales, production or performance. Other than the above forms of monetary incentives, others may include; retirement and education funds, off duty payments and payments to different employee training programs among others. Hameed, Ali & Arslan, (2014) highlights the benefits of monetary incentives as thus: 1. Boosts morale – employees like to be recognized and rewarded for improved performances. Monetary rewards not only boost morale for high performance but also improve productivity. This is because employees will always work hard to surpass their employers’ expectations so as to earn an incentive. 2. Easy and direct – monetary incentive is a straightforward way of rewarding deserving employees. It is easily noticed and adoptable. 3. Improves the working environment – it makes employees develop a feeling that their work is noticed and that they will be paid for further

accomplishments and achievements. This improves the working environment as employees build a positive approach to work and become more innovative in adopting different ways of operation 4. Element of life control – some employees consider monetary incentive as an extra source of income or side hustle. This offers an element of control to their income since they know they can increase their overall earnings and still get recognized for it. 5. No personalization – Nonmonetary incentives need to be tailored to suit individual preferences. This is not the case for monetary incentives as almost every need has money value attached to it and therefore will provide direct satisfaction to employees. The Concept of Workers Performance Entwistle, (2007) defined performance as the level of an individuals work achievement after having exerted effort. Job performance can be viewed as an activity in which an individual is able to accomplish the task assigned to him/her successfully, subject to

the normal constraints of reasonable utilization of the available resources. Aswathappa, (2007) defined job performance as the overall expected value from employees’ behaviours carried out over the course of a set period of time. This definition according to Ojeleye & Okoro, (2016) although fairly technical, includes 4 Source: http://www.doksinet specific ideas that are worth breaking down: • Performance is a property of behavior, or, plainly stated, what people do at work • An employee’s behavior adds expected value to the organization – that is, an employee’s behaviors may be distinguished as helping or hindering an organization, but the outcomes of employee behaviors are rarely measured so their value is merely expected. Performance can further be broken down into two distinct types: Task Performance and Contextual performance. Task Performance is the action that contributes to transforming raw materials to goods and services, the things that are typically

included in job descriptions. Examples include selling clothes, drilling holes, or teaching a class. Contextual performance is the behavior that contributes to overall effectiveness through supporting the social and psychological climate of the workplace. Akerele, (2011) defined operational performance as the performance of the company against prescribed standards, such as compliance with regulations, waste reduction, productivity, etc. Sajuyigbe, Olaoye & Adeyemi, (2013) stated that Operational Performance Measurements are the key metrics which are used to measure the operational performance of a company. Different companies have different metrics to measure their own performance but few of the metrics are common across the entire business environment. Few of these metrics include: * Customer Satisfaction Index • Employee Satisfaction Index • Revenue Generation • Productivity • Gross Profit Keeping in mind the above few mentioned points and points specific to the industry

to which the company belongs, a company generally evaluates itself and is evaluated by other agencies in terms of operational performance. Generally keeping a high index or score on all the above mentioned points indicate that the company’s operational performance is good. These metrics which cumulatively determine the operational performance of the company are very useful and important as these help the company to identify the particular area in which the company is lacking and it tries improving on these aspects. A company with a high operational performance is seen in good light by all, customer, employees and investors so all companies are continuously trying to improve this. Directors’ Remuneration and Workers’ Performance In any organization tasks are performed with the help of resources; material, machine, money and most importantly men. All other resources except for human beings as employees are non-living. Employees make use of these resources to generate output without

them other resources will be useless, dormant and will not produce anything. Therefore, human resource is the greatest asset any organization can have and should be given the highest priority (Ojeleye & Okoro, 2016). Similar view is supported by Hameed, Ali & Arslan, (2014), they argued that human resource provides basis for an organization to achieve sustainable competitive advantage. Since organizations are operating in a dynamic and competitive 5 Source: http://www.doksinet business environment, they need to develop strategies to acquire and retain the competent workforce. He also emphasized, nowadays human asset considered to be the most important asset of any organization and in order to get the efficient and effective result from human resource motivation is necessary Remuneration is traditionally seen as the total income of an individual and may comprise a range of separate payments determined according to different rules (Naseem & Khan, 2011). Organizations need

highly performing individuals in order to meet their goals, to deliver the products and services they specialize in, and finally to achieve competitive advantage. Accomplishing tasks and performing at a high level can be a source of satisfaction, with feelings of mastery and pride. Low performance and not achieving the goals might be experienced as dissatisfying or even as a personal failure. Moreover, performance if it is recognized by others within the organization is often rewarded by financial and other benefits. Performance is a major although not the only prerequisite for future career development and success in the labor market. Although there might be exceptions, high performers get promoted more easily within an organization and generally have better career opportunities than low performers. Employee Benefit Scheme and Workers’ Performance Employers should always ensure that the organization is perceived as a great place to work meaning that it becomes an employer of choice,

that is one for whom people want to work. There is a desire to join the organization and once there, to want to stay. Employees are committed to the organization and engaged in the work they do. To acquire a national, even a local reputation as a good employer takes time, but it is worth the effort. Akerele, (2011) stated that the objective of employee benefits and practices of an organization are to provide an attractive and competitive total remuneration package which both attracts and retains high quality employees. Turnover of key employees can have a disproportionate impact on the business and the people organizations wish to retain are probably the ones most likely to leave. Turnover is an expensive organizational outcome and companies expend considerable time and resources in attempts to reduce turnover particularly dysfunctional turnover (Campbell & Chia, 2013). It is caused primarily by poor supervision, a poor work environment and inadequate compensation. Excessive

employee turnover often engenders far reaching consequences and at the extreme may jeopardize efforts to attain organizational objectives. Sajuyigbe, Olaoye & Adeyemi, (2013) indicated that when an organization loses a critical employee, there is a negative impact on innovation, example consistency in providing services to guests may be jeopardized and major delays in the delivery of services to customers may occur. Employee remuneration is not just about pay, that is wages and salaries. It is also concerned with non-pay benefits or benefits in kind. These non-pay benefits are usually known as employee benefits and sometimes as fringe benefits or perks. The former refers to the more important benefits such as 6 Source: http://www.doksinet pensions and include those which are widely applied in the organization. Salaries and Wages and Workers’ Performance Different definitions have been advanced on salaries and wages usually to show the differences that exist between both terms.

Hameed, Ali & Arslan, (2014) noted that basic salary is a fixed periodical payment for non-manual employees usually expressed in annual terms, paid per month with generally no additions for productivity. Wage refers to payment to manual workers, always calculated on hourly or piece rates. Chhabra, (2011) also defined salary as a fixed amount paid to the employees at regular intervals for their performance and productivity whereas wages are the hourly- based payment given to the labor for the amount of work finished in a day. He further argued that while Salaried persons are generally said to be doing “white collar office jobs” which implies that an individual is well educated, skilled and is employed with some firm and holds a good position in the society, whereas the waged persons are said to be doing “blue collar labour job” which implies that an individual is engaged in the unskilled or semi-skilled job and is drawing wages on a daily basis. One purpose of a person as an

employee of a company is to earn income in the form of wages or compensation. Lazear, (2006) argued for the importance of salaries and wages in Nigeria, he stated that wages should not only be adequate but they must also show some element of equity, this is particularly true from the point of the employees. Anything short of a fair and equitable wage or reward can quickly attract the wrath of employees in an economy such as Nigeria. For many Nigerian employees, wages or salaries are highly critical issues. They are decisive because without them in sufficient quantities, life becomes extremely precarious for the worker and members of his/her family. As direct financial rewards, wages and salaries are the most emphasized by the employees, thus they sort of take a centre stage in the scheme of things as far as rewards for work is concerned. Effects of Monetary Incentives on Workers’ Performance One of the major problems facing most employers in both public and private sector is how to

motivate their employees in order to improve performance. Economics is largely based on the assumption that monetary incentives improve performance. It is generally believed that effect of monetary incentives is unambiguously positive as large monetary incentive improves employee performance (Adams, 2013). The issue of employee performance cannot be over emphasized. The general believe is that employees will not perform to the best of their ability unless they are motivated to do so. Various researchers have come up with various ways to motivate people at work. However, because human beings are different from one another in terms of needs, culture, religion etc. so does what motivate them also varies. Some employees are motivated by financial and other incentives and some nonfinancial incentives. Naseem & Khan, (2011) states that recent studies have shown that a combination of financial and non-financial incentives can motivates employee to perform well on their job. Managers 7

Source: http://www.doksinet continuously seek for ways to create a motivating environment where employees will work at their optional levels to achieve the organizational objectives. Work place motivators include both monetary and nonmonetary incentives. Monetary incentives can be diverse while having a similar effect on associates. The purpose of monetary incentives is to reward employees for excellent job performance (Egbunike, 2015). Since human resource is the most valuable resource of any organization, it must activate, train, develop and above all motivate in order to achieve individual and organizational goals. Motivation is the willingness to work. It is the drive and stimulation, which enables individual to perform their work. Some individual defines motivation as money and most people are motivated by money. Monetary rewards as a motivator is high in developing countries due to high cost of living and low quality of lives which they are facing. Most activities of man are

related to making money. Hameed, Ali &Arslan, (2014) asserts that money remains the most significant motivational strategy. Hendra and Rezki, (2015) describes money as the most important factor in motivating the industrial workers to achieve greater productivity. He advocates the establishment of incentive wage systems as a means of stimulating workers to higher performance, commitment, and eventually satisfaction. Money possesses significant motivating power in as much as it symbolizes intangible goals like security, power, prestige, and a feeling of accomplishment and success. Christopher, (2015) demonstrates the motivational power of money through the process of job choice. He explains that money has the power to attract, retain, and motivate individuals towards higher performance. Anarado, (2015) states that many managers use money to reward or punish workers. This is done through the process of rewarding employees for higher productivity by instilling fear of loss of job

(e.g, premature retirement due to poor performance). The desire to be promoted and earn enhanced pay may also motivate employees. Akerele, (2011) notes that devising effective methods for motivating employees is one of the major factors in improving the performance of an organization. Organizations are more successful if their employees are constantly seeking new ways to improve their work, and getting workers to reach their full potential can be achieved by providing them with motivation. For this reason, the development of policies for remunerating employees appropriately so as to improve their motivation is considered imperative for organizational growth (Abdul, Zubair and Arslan, 2014). Clearly, it would be difficult to overestimate the significance of monetary incentives in contributing to employee satisfaction. They have always been indispensable in stimulating employees’ performance. Financial incentives are used to attract competent people to join an organization in the first

place, to persuade them to remain there subsequently, and finally to give them an incentive to achieve a high level of performance (Abah, 2013). However financial “stimulation” is not the only important factor; it is just one element of the 8 Source: http://www.doksinet system for motivating personnel. There are, in fact, many different options available for increasing the motivation of individuals to carry out their responsibilities. It is clear that techniques for improving motivation are not necessarily permanent in terms of their effectiveness. Moreover, a single factor elicits different reactions in different people ˗ what may increase one employee’s productivity may actually undermine the motivation of another. This confirms the importance, and indeed the necessity of studying the needs of the individuals, including their attitudes, desires and priorities, in order to develop an effective system of employee remuneration. Positive Reinforcement- This implies giving a

positive response when an individual shows positive and required behaviour. For example - Immediately praising an employee for coming early for job. This will increase probability of outstanding behaviour occurring again. Reward is a positive reinforce, but not necessarily. If and only if the employees’ behaviour improves, reward can said to be a positive reinforcement. Positive reinforcement stimulates occurrence of a behaviour. It must be noted that more spontaneous is the giving of reward, the greater reinforcement value it has. The managers use the following methods for controlling the behaviour of the employees: Negative Reinforcement- This implies rewarding an employee by removing negative / undesirable consequences. Both positive and negative reinforcement can be used for increasing desirable/required behaviour. Punishment- It implies removing positive consequences so as to lower the probability of repeating undesirable behaviour in future. In other words, punishment means

applying undesirable consequence for showing undesirable behaviour. For instance - Suspending an employee for breaking the organizational rules. Punishment can be equalized by positive reinforcement from alternative source. Extinction- It implies absence of reinforcements. In other words, extinction implies lowering the probability of undesired behaviour by removing reward for that kind of behaviour. For instance - if an employee no longer receives praise and admiration for his good work, he may feel that his behaviour is generating no fruitful consequence. Extinction may unintentionally lower desirable behaviour. Reinforcement theory explains in detail how an individual learns behaviour. Managers who are making attempt to motivate the employees must ensure that they do not reward all employees simultaneously. They must tell the employees what they are not doing correct. They must tell the employees how they can achieve positive reinforcement. 9 Source: http://www.doksinet Data

Presentation and Analysis In treating and analyzing of data collected extensive use of tables and percentage will be paramount. The data collected were presented in table and analyzed with percentage. The hypotheses were tested by using Chi-Square. The formula is shown below: X2 =∑ (o-e)2 e 2 where X = Chi-Square O= Observed frequency E= Expected frequency Decision rule: If the calculated chi-square value (X2) is greater then or equal to the table value at 0.05 level of significant, the alternate hypothesis (H 1 ) is accepted, but if the calculated chi-square value is less than the table value, the null hypothesis (H 0 ) is accepted. Data Presentation This research Project is being presented and analyzed with tables and percentages. This is to enable the researcher draw a conclusive findings on this research topic. Does directors’ remuneration have significant effect on the performance of organizations? Options Number of frequency Percentage (%) Strongly agree 55 48 Agree

35 30 Disagree 15 13 Strongly disagree 10 9 Total 115 100 Source: Field Survey, 2018 The above table shows that 48% of the respondents strongly agree that directors’ remuneration have significant effect on the performance of organizations, 30% agree, 13% disagree while 9% strongly disagree. 10 Source: http://www.doksinet Do salaries and wages affect the performance of organizations? Options Number of frequency Percentage (%) Strongly agree 50 43 Agree 35 30 Disagree 17 15 Strongly disagree 13 12 Total 115 100 Source: Field Survey, 2018 The above table shows that 43% of the respondents strongly agree thatsalaries and wages affect the performance of organizations, 30% agree, 15% disagree while 12% strongly disagree. Test of Hypothesis One: H O1 : Directors’ remuneration does not have significant effect on the performance of organizations Variables O E 0–E (O – E)2 (0 – E)2 E Strongly agree 55 28.75 26.25 689.06 23.97 Agree 35 28.75

6.25 39.06 1.36 Disagree 15 28.75 - 13.75 189.06 6.58 Strongly disagree 10 28.75 - 18.75 351.56 12.23 Total 115 115 44.14 The calculated chi-square value = 44.14 Df = (K – 1) (4 – 1) = 3 Table value at 0.05 of significance and 4 degree of freedom (Df) = 7377 Decision: Since the calculated chi-square (X2) value (44.14) is greater than table value (7377), we reject the null hypothesis (Ho) and accept the alternate hypothesis (H 1 ) which states that directors’ remuneration does not have significant effect on the performance of organizations Test of Hypothesis Two: H O2 : Salaries and wages do not affect the performance of organizations 11 Source: http://www.doksinet Variables O E 0–E (O – E)2 (0 – E)2 E Strongly agree 50 28.75 21.75 462.19 16.08 Agree 35 28.75 6.25 39.06 1.36 Disagree 17 28.75 - 11.75 138.06 4.80 Strongly disagree 13 28.75 - 15.75 248.06 8.63 Total 115 115 30.87 The calculated chi-square value = 30.87

Df = (K – 1) (4 – 1) = 3 Table value at 0.05 of significance and 4 degree of freedom (Df) = 7377 Decision: Since the calculated chi-square (X2) value (30.87) is greater than table value (7.377), we reject the null hypothesis (Ho) and accept the alternate hypothesis (H 1 ) which states that Salaries and wages do not affect the performance of organizations Conclusion The study concluded that directors remuneration have significant effect on the performance of organizations while salaries and wages affect the performance of organizations and employee benefit scheme have significant effect on the performance of organizations to enhance the attainment of overall organizational goals with a view of getting the best contributive and supportive effects from organizational workers. 2. Finally, both management and workers should be made to understand the objectives contained in the compensation strategy so that unintended and subjective motives can be played down on while trying to enhance

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