The Impact of Monetization of Fringe Benefits on the Productivity of Nigerian Workers: The Case of Federal Polytechnic, Idah-Kogi State

ABSTRACT 

This study centers on the Impact of Monetization of Fringe Benefits on the Productivity of Nigerian Workers with specific focus on the Federal Polytechnic. Idah. In carrying out the study, three hypotheses were formulated to guide the researcher. They are briefly stated as follows: Proper Implementation of the Monetization Policy will lead to positive change in work attitude, thus, enhancing productivity of workers; there is a relationship between monetization of fringe benefits and job satisfaction among workers in the Federal Polytechnic, Idah and finally, increase in salaries through monetized benefits is not sufficient to meet the basic needs of workers. To validate these hypotheses and the principal research questions set out in the statement of the problem, data were generated through primary sources (like questionnaire, oral interview and observations) and secondary sources such as text books, internet materials, journals, newspapers, magazines. The data -From the questionnaire were subjected to statistical analysis. The analysis revealed among other things that although the policy is partially implemented, it has boosted the morale of workers and enhanced job performance through positive change in work attitude. Furthermore, the study shows that increase in salaries through monetized benefits is not sufficient to meet the basic needs of workers in the face of rising cost of living. The study also discovered that the incidence of frustration, fear and anxiety in the Polytechnic workforce is due to the retrenchment component of the policy and this is bound to have a negative effect on workers' productivity. The study recommended among other things the full implementation of the policy in order to harvest the best from workers; adoption of measures to boost morale of workers since this is necessary to retain able and competent employees; the implementation of reform measures that have human face; the use of more financial rewards which should be tied to performance and regular promotions, job security, regular payment of salaries, good working relationship, better conditions of service to boost job satisfaction among workers and improve their performance productivity .

TABLE OF CONTENTS

Title Page

Approval Page

Certification

Dedication

Acknowledgement

Abstract

Table of Contents

... iv ,

... V

... vii

. . . X.

Chapter 1 : Introduction . . . 1

1. I Background to the Problem ... 1

1.2 Statement of the Problem ... 5

1.3 Objective(s)oftheStudv ... 7

1.4 Significance of the Study . . . 8

1.5 Scope and Limitations of the Study . . - I I.

Chapter 2: Literature Review and Methodology

2.1 Literature Review ... 14

2.1.1 Introduction ... 15

2.1.2 Meaning and Nature of Fringe Benefits in Nigerian Public Service. ... 15

2.1.3 The Monetization of Fringe Benefits in the Federal Public Service ... 18

2.1.4 Components of the Monetization Programme .. . 19

2.1.5 Merits of Monetization ... 22

2.1.6 Demerits of Monetization ... 26

2.1.7 The Impact of Monetization of Fringe Benefits on the Productivity of workers in Nigeria. ... 31

2.1.8 The Dilemma of Implementing the Monetization Progmnrne ... 38

2.2 Research Hypotheses ... 39

2.3 Operationalization of Key Concepts . . - 40

2.4 Methodology . . . 42

2.4.1 Research DesiLm . . . 42

2.4.2 Sample Design ... 42

2.4.3 Method of Data Collection

2.4.4 Validity and Reliability of Data

2.4.5 Method of Data Analysis

2.5 Theoretical Framework.

Chapter 3: Background Information on the Federal Polytechnic, Idah, Kogi State.

3.1 Historical Background of the Federal Polytechnic, Idah

3.2 Organizational Structure of the Federal Polytechnic, Tdah

3.3 The Polytechnic Reputation

Chapter 4: Data Presentation, Analysis and Findings

4.1 Data Presentation and Discussion of Findings.

Chapter 5: Summary, Conclusion and

Recommendations

5.1 Summary

5.2 Conclusion

5.3 Recommendations

5.4 Bibliography

Appendix - Questionnaire.