A CRITICAL ANALYSIS ON THE EFFECT OF INCENTIVES AND FRINGE BENEFITS ON EMPLOYEE’ PERFORMANCE IN FIRST BANK OF NIGERIA LIMITED

Adebukunola Sokefun 72 PAGES (15335 WORDS) Project
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ABSTRACT

This study critically assesses the effect of incentives and fringe benefits on employee’s performances in an organization. First Bank of Nigeria Limited was used as a case study.  Five (5) research questions were generated and Three (3) hypotheses were stated. The population consists of all the employees in the Head Office of the bank in Lagos- Island. Simple random technique was used to select Six (6) Departments out of the Nineteen (19) departments in the bank. All the staff of the Six (6) departments; a total of One Hundred and Five (105) was used as sample. Structured questionnaires were used to solicit responses from the respondents. Inferential statistic tools of chi-squares were used to test the stated hypothesis and also analyze data collected. The findings establish clearly that incentives and fringe benefits are vital tools for enhanced employees efficiency and organizational growth. It is however recommended that First Bank of Nigeria Limited should formulate corporate policies that will sustain and improve their employees’ incentives scheme that already exists. The study recommended that it is imperative to institutionalized incentive and fringe benefit scheme in the banking sector.

 

KEYWORDS: INCENTIVES, FRINGE BENEFITS, EMPLOYEE’ PERFORMANCE, FIRST BANK OF NIGERIA LIMITED

 

 

                              

 

 

 

 

 

                               TABLE OF CONTENTS

 

CONTENTS                                                                 PAGES

Cover Page                                                                       i

Certification                                                                     ii

Approval Page                                                                iii

Dedication                                                                      iv

Acknowledgement                                                           v

Abstract                                                                          vi

Table of Contents                                                          vii

 

Chapter One

1.1     Introduction                                                                   1

1.2     Background                                                                    2       

1.2.1  Historical Background of the Case Study              5

1.3     Statement of the Study                                          7

1.4     Objectives of the Study                                         8

1.5     Research Questions                                               9

1.6     Statement of the Hypothesis                                  9

1.7     Significance of the Study                                      10

1.8     Justification of the Study                                                10

1.9     Scope of the Study                                                         11

1.10   Definition of Terms                                              12

 

 

 

Chapter Two

Literature Review                                                                     14

2.0     Introduction                                                                             14

2.1     Conceptual Clarification                                                 14

2.1.1  Empirical Evidences of Relationship between Fringe, Incentives & Employee’s Performance                             17

2.2     Theoretical Framework                                                   19

2.3     Literature on the Subject Matter                                                26

2.3.1  Origin of incentive & Fringe Benefits                             26

2.3.2  Overview of Incentive & Fringe Benefits                        27

2.3.3  Effects of Organizational Incentives & Fringe Benefits    32

2.3.4  The Concept of Employee Benefits                                 32

2.3.5  Essence of Fringe Benefits to Employees & Employers   33

2.3.6  Effect of Incentives & Fringe Benefits on Attitudes         35

2.3.7  Effect of Incentives & Fringe Benefits on Behaviour       35

2.3.8  Effect of Incentives & Fringe Benefits on Motivation      36

2.3.9  Conditions Necessary for the use of Individual

Incentive Plans                                                                36

2.3.10         Types of Incentive Plan                                                  37

2.3.11         Types of Fringe Benefits                                                 41

2.3.12         Objectives of Incentive & Fringe Benefits                       43

2.3.13         Advantages of Incentive Scheme & Fringe                      44

2.3.14         Need for Extending Benefits to Employees                     45

 

Chapter Three                                                                        47

Research Methodology                                                             47

3.0     Area of Study                                                                 47

3.1     Research Design                                                             47

3.1.1  Sources of Data                                                              47

3.2     Study Population                                                            48

3.2.1  Determination of Sample Size                                         48

3.3     Instrumentation                                                              49

3.3.1  Validity of the Instrument                                               49

3.3.2  Reliability of the Instrument                                            49

3.4     Procedure for Data Collection                                         50

3.4.1  Data Analysis                                                                 50

3.5     Limitation of the Study                                                   50

 

Chapter Four                                                                         52

Data Analysis, Findings & Discussion                                                52

4.0     Data Analysis, Findings & Discussion

4.1     Discussion of the Findings

 

Chapter Five                                                                           70

Conclusion & Recommendations

5.0     Summary of Findings

References                                                                                73

Questionnaire                                                                           78

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APA

Adebukunola, S (2019). A CRITICAL ANALYSIS ON THE EFFECT OF INCENTIVES AND FRINGE BENEFITS ON EMPLOYEE’ PERFORMANCE IN FIRST BANK OF NIGERIA LIMITED. Afribary.com: Retrieved October 17, 2019, from https://afribary.com/works/a-critical-analysis-on-the-effect-of-incentives-and-fringe-benefits-on-employee

MLA 8th

Sokefun, Adebukunola. "A CRITICAL ANALYSIS ON THE EFFECT OF INCENTIVES AND FRINGE BENEFITS ON EMPLOYEE’ PERFORMANCE IN FIRST BANK OF NIGERIA LIMITED" Afribary.com. Afribary.com, 09 Oct. 2019, https://afribary.com/works/a-critical-analysis-on-the-effect-of-incentives-and-fringe-benefits-on-employee . Accessed 17 Oct. 2019.

MLA7

Sokefun, Adebukunola. "A CRITICAL ANALYSIS ON THE EFFECT OF INCENTIVES AND FRINGE BENEFITS ON EMPLOYEE’ PERFORMANCE IN FIRST BANK OF NIGERIA LIMITED". Afribary.com, Afribary.com, 09 Oct. 2019. Web. 17 Oct. 2019. < https://afribary.com/works/a-critical-analysis-on-the-effect-of-incentives-and-fringe-benefits-on-employee >.

Chicago

Sokefun, Adebukunola. "A CRITICAL ANALYSIS ON THE EFFECT OF INCENTIVES AND FRINGE BENEFITS ON EMPLOYEE’ PERFORMANCE IN FIRST BANK OF NIGERIA LIMITED" Afribary.com (2019). Accessed October 17, 2019. https://afribary.com/works/a-critical-analysis-on-the-effect-of-incentives-and-fringe-benefits-on-employee