Organization Financial Incentive and Employee Job Satisfaction: A Study of UBA and GTB Lagos

ORGANIZATION FINANCIAL INCENTIVE AND EMPLOYEE JOB SATISFACTION: A STUDY OF UNITED BANK FOR AFRICA PLC AND GUARANTY TRUST BANK PLC

 Click here to Get this Complete Project Chapter 1-5

 CHAPTER ONE

INTRODUCTION

1.1       Background to the Study

The progress and continuous existence of any organization are determined by the manner the employees are given their emoluments and rewards. As stated by Dixit and Bhati (2012), poor incentive packages have been the major factor affecting employees’ commitment and productivity. The attitude of workers to their jobs and the level of their dedication are determined by the reward system and the motivating inducements.

According to Ogundele (2010), motivation is as an action which an individual takes in order to correct an imbalance work.  Nevertheless, for any organization to achieve its goals and objectives in any competitive business environment, employers of labour must have an in-depth knowledge and understanding of what galvanizes its workforce to perform effectively and efficiently and reward them in the same way. Moreover, employees must be motivated via sufficient incentives plans and reward system and that will always stimulate them to take the initiative, do things on their own without necessarily having to ask bosses for direction or go-ahead because they are proactive and have the interest of the organization at heart and have a good attitude to work, hence foster organizational productivity. Nonetheless, in a fast-changing organization, inducement strategies are used by employers of labour to make sure that the competent and hard-working employees are kept happy, invigorated, energized, and retained for the continuous improvement of the organization.

Bola, Kuye, Sulaimon, Peter, Olayiwola, Glorious, Adekoya (2012) posited that Motivation is the driving force within individuals that propel them to action. As a result, improvement in productivity can only be possible and attainable if the employees are properly motivated through sufficient incentive packages that are commensurate with their performances.

According to Alaneme, Ayinla, Kuye,  Adebakin, Adeleke (2012),  motivation can be defined as the willingness to exert greater effort to achieve organizational goals, and any influence that directs individual’s goal directed behavior.

Incentives impel and drive employee attitude in the place of work and also foster understanding between the employer and the employee which will as a result, give rise to the fantastic performance of the employees in particular and the organization as a whole. Chidi, Joy, Badejo, Ogunyomi, Onabote (2012), added that motivation is the process of stimulating people to action in order to accomplish desired goals. It is a predisposition to act in a specific goal directed way. Charles (2000) viewed motivation as psychological forces that determine the direction of a person’s behavior, a person’s level of effort, and a person’s level of persistence in the face of obstacles.

To forestall or prevent a lack of understanding and conflict with the members of staff, the reward system must be lucidly communicated to the workforce; with appropriate measuring of job which will drive the much desired motivational impetus in the employees.

Incentives packages and reward system instituted by an organization go a long way in influencing job satisfaction and performance.

Job satisfaction has to do with a personal evaluation of the extent to which people like their job. That is, whether or not the condition in the work itself and the environment, as well as policies and management strategies are beneficial. In a situation where they are favourable, then, employees are satisfied, if the conditions remain the same. This leads them to form positive attitudes that are useful to customers and management. Schermerhorn (2000), opines that job satisfaction is an emotional response towards various aspects of an employee’s work. He emphasizes that likely causes of job satisfaction include “ status, supervision, co-workers’ relationship, job content, remuneration, and organizational structure.

Hersey and Blanchard (1988), state that motivation is influenced by forward-looking perception concerning the relationship between performance and reward, while satisfaction refers to people’s feelings about the rewards they have received. A number of research findings have suggested a positive relationship between motivation and job satisfaction to the extent that Kreitner and Kinicki (2001), suggest that managers can potentially enhance employee motivation through employees’ job satisfaction.

A number of other research findings have had support for the uplifting effects of money in employee motivation, especially in developing nations with poor employee remuneration, but with high family, societal, political, and so forth financial demands and expectations.

1.2       Statement of the Problem

In the past, employers of labour have been complaining that employees perform their work efficiently when they are newly employed, but with time, their efficiency and productivity dwindle. The employees have attributed decrease in efficiency and productivity to the fact that employers do not provide adequate financial incentives and motivation to enable them to put in their best. According to Ubeku (1975) productivity suffers a lag if incentives are poorly or inappropriately used. The use of various incentives to motivate staff must be adequate and appropriate. The human in the economic sense, has generally been regarded as an economic man, this means that means that man or worker, as the case may be, only responds to financial incentives as a form of motivation. This assumption is popular among the classical economic schools of thought. They equate satisfaction only to economic values, such as a monetary inducement as the only benefit that workers respond to. In other words, the only condition that may get a worker motivated or satisfied can only be measured in financial or monetary terms.

The problem is lack of job satisfaction among staff. Locke and Lathan (1976) gave a comprehensive definition of a job satisfaction as pleasurable or positive emotional state resulting from the appraisal of one’s job or job experience. Job satisfaction is a result of an employee’s perception of how well their job provides those things that are viewed as important. According to Mitchell and Lasan (1987), it is generally recognized in the organizational behavior field that job satisfaction is the most important and frequently studied attitude. While Luthan (1998) posited that there are three important dimensions to job satisfaction: Job satisfaction is an emotional response to a job situation. As such, it cannot be seen, it can only be inferred.

Job satisfaction is only determined by how well outcome meet or exceed expectations. For instance, if organization employees feel that they are working much harder than others in the department, but are receiving fewer rewards they will probably have negative attitudes towards the work, the boss and or coworkers. On the other hand, if they feel they are being treated very well and are being paid equitably, they are likely to have positive attitudes towards the job.

Job satisfaction represents several related attitudes which are the most important characteristics of a job about which people have an effective response. These, to Luthans, are: the work itself, pay, promotion opportunities, supervision and coworkers.

Employee satisfaction is closely related to productivity, which is then related to firm profitability. Employee satisfaction has a positive impact on organizational performance. Beside this, firm profitability has a reasonable non-recursive effect on employee satisfaction. Employee satisfaction plays a considerable role in enhancing the firm profitability and improving operational performance of organizations and quality of goods and services. There is no doubt in it that employee satisfaction is critical to attain quality and profitability at organization, employee satisfaction attain quality and profitability of the organization. Employee satisfaction impacts quality at industry, to achieve quality and profitability at organization, employee satisfaction is fundamental and without it, an organization cannot think of being successful.

To tackle this problem, the researcher has decided to use financial incentive. This will boost staff morale and galvanize them towards greater productivity and more dedication to their jobs. This problem, if left unsolved, will lead to disenchantment of the staff with their jobs, low morale among staff, poor quality of work done and by extension, lack of satisfaction of customers. Therefore, the importance of solving this problem cannot be over-emphasized.

 1.3      Aim and Objectives of the Study

The purpose of this study is to examine the effect of organizational financial incentives on employee satisfaction. This study intends to know the extent to which financial incentives impact on the employees’ job satisfaction. Other objectives include:

  1. To determine the extent to which organizational financial incentives affect employee job satisfaction.
  2. To evaluate the significant difference, if any, in the relationship between organizational financial incentives and employee job satisfaction of the selected companies. (UBA PLC and GTBank PLC)
    • Relevant Research Questions

The following relevant research questions are adopted  for this study.

  • To what extent does financial incentives and rewards influence employee attitude at work?

2    Is there any significant difference in the relationship between organizational        financial incentives and employee job satisfaction of the selected firms. (UBA Plc and GTBank Plc)

  • Relevant Research Hypotheses

Milkovich and Gerhart (2011) claimed that theories of motivation comprise individual needs, exchange and behavior of employees. These fundamentals influenced by organizational financial incentives which later stimulate job satisfaction. The level of job satisfaction in organizations is dependent on the employees’ level of motivation and rewards provided by the organizations. So the following hypotheses have been developed:

Hypothesis I

Ho: Organizatinal financial incentives do not affect employee job satisfaction

Hi: Organizational financial incentives affect employee job satisfaction

Hypothesis II

Ho: There is no significant difference in the relationship between organizational financial incentives and employee job satisfaction of the selected firms.(UBA PLC and GTBank Plc).

Hi: There is a significant difference in the relationship between organizational financial incentives and employee job satisfaction of the selected firms. (UBA PLC and GTBank Plc).

1.6       Significance of the Study

This study shows clearly the impact organizational financial incentives have on employee job satisfaction in an organization. The study will therefore be useful to:

The organization under study (UBA and GTB): This will help the organization in no small way in the area of policy formulation with respect to employee incentive plans and emolument.

Education: The study will add immensely to knowledge that is already in existence on the impact of organizational financial incentives on job satisfaction.

Management: This study will equip and adequately furnish management with useful information as to how to motivate its employees so as to get the best out of them and keep them happy in their jobs. In other words, the high rate of employee turnover will be drastically reduced to the barest minimum.

Workers / Employees: This study will energize and stimulate workers to do their jobs with more vigor and enthusiasm. They will also be able to meet their basic needs easily and their quality of work life will improve tremendously.

Researcher: The study will enrich the knowledge of the researcher as well as  broaden or widen his horizon as far as the impact of organizational financial incentives on employee job satisfaction is concerned in particular and motivation is concerned in general. The researcher, having delved into several sources to gather relevant information, is therefore armed with sufficient information and ready to impart a great deal of knowledge to people.

Future researchers: The study will serve as a platform for more investigation in the future for future researchers.

1.7       Scope of the Study

The study centred on organizational financial incentives and job satisfaction in organizations using United Bank for Africa and Guaranty Trust Bank staff as case studies. The study is aimed at measuring the impact of organizational financial incentives on employee job satisfaction of the employee in the organizations under study. In other words, the study will focus attention on whether the employees actually derive satisfaction from the application of financial incentives and where in the affirmative, if such invariably makes the employee have any sense of satisfaction.

The study does not intend to look at the management style of organization, neither does it intend to look at the organizational structure but rather the area of emphasis is limited in scope to that stated above. The time frame of this investigation covers the United Bank for Africa and Guaranty Trust Bank.

1.8       Definition of Terms

Financial incentives: monetary reward or compensation used to motivate workers.

Employee commitment: This refers to the level of employees’ dedication with the organization, their preparedness to exert a high level of effort, goal congruence and values and a strong wish or hunger to be an integral part of the organization.

Job satisfaction: Job satisfaction is the extent to which an employee is satisfied and happy with his/her job which propels the employee to give his/her all to the organization.

Emolument: This is the cash paid to employees for the work they have done

Low morale: This refers to when employees do not show zeal and enthusiasm in the performance of their jobs

Productivity: This refers to the degree of how efficient a machine, a person, a system, or factory is in transforming raw materials into finished goods.

Project Overview

Click here to Get this Complete Project Chapter 1-5    Number of Pages: 56 with Questionnaire

 

 

 

 

Need a Project Writer for a Different Topic

 

Click here to Get The Complete Research Project Chapter 1-5


RESEARCH PROJECT CONTENTS
CHAPTER ONE - INTRODUCTION
1.1 Background of the study
1.2 Statement of problem
1.3 Objective of the study
1.4 Research Hypotheses
1.5 Significance of the study
1.6 Scope and limitation of the study
1.7 Definition of terms
1.8 Organization of the study
CHAPETR TWO – LITERATURE REVIEW
2.1. Introduction
2.2. Conceptual Framework
2.3. Theoretical Framework
2.4 Empirical Review
CHAPETR THREE - RESEARCH METHODOLOGY
3.1 Research Design
3.2 Study Area
3.3 Population of the Study
3.4 Sample Size and Sampling Technique
3.5 Instrument for Data Collection
3.6 Validity of the Instrument
3.7 Reliability of the Instrument
3.8 Method of Data Collection
3.9 Method of Data Analysis
3.9 Method of Data Analysis
3.10 Ethical Considerations
CHAPTER FOUR - DATA PRESENTATION AND ANALYSIS
4.1. Introduction
4.2 Demographic Profiles of Respondents
4.2 Research Questions
4.3. Testing of Research Hypothesis
4.4 Discussion of Findings
CHAPTER FIVE – SUMMARY, CONCLUSION & RECOMMENDATIONS
5.1 Introduction
5.2 Summary
5.3 Conclusion
5.4 Recommendation
REFERENCES
APPENDIX


Frequently Asked Questions | PenViewWriting.com

Frequently Asked Questions

How do I get my choice complete project on any topic?
To get your choice of complete project on any topic, simply click on the Download button above. Once you do that, follow the simple procedure stated on the page to complete the process. The steps are easy and straightforward, ensuring you can quickly access the full project without stress. You may be required to provide some basic details or confirm your selection before the download begins. After completing the procedure, the project will be available for you to save on your device. This method guarantees you receive the exact project topic you want in a complete, ready-to-use format.
I have a fresh topic that is not on your website. How do I go about it?
If you have a fresh topic that is not listed on our website, don’t worry—you can still get a complete and well-prepared research project. All you need to do is chat with us directly on WhatsApp or contact our Instant Help Desk. Once you share the details of your topic, our team of experts will guide you through the process and provide a custom-written research project tailored specifically to your requirements. This ensures that even if your topic is new, unique, or uncommon, you will still receive a high-quality, original project that meets your academic needs.
How fast can I get this complete project on any project topic?
You can get your complete project very quickly, depending on your needs. If you want this exact project topic without any adjustments or modifications, it will be ready for you to download within 15 minutes. The process is fast, simple, and convenient, ensuring you don’t waste time waiting. However, if you require some changes, customization, or a fresh project written from scratch, the delivery time may take a little longer, depending on the scope of work involved. Either way, we are committed to ensuring you get your complete project promptly to meet your academic deadlines.
Is it a complete research project or just materials?
It is a Complete Research Project, not just research materials or excerpts. This means you will receive everything you need in a standard academic project format. Specifically, the package includes Chapters 1 to 5, a well-written Abstract, a detailed Table of Contents, complete References, and where applicable, Questionnaires or Secondary Data. Each section is carefully structured to meet academic requirements, making it suitable for submission or further customization. So, when you download, you’re not just getting scattered notes but a fully developed research project that is ready for use, study, or adaptation to your specific academic needs.
What if I want to change the case study for this topic?
If you would like to change the case study for this topic, it’s very easy. Simply chat with our Instant Help Desk now via +234 708 7083 227, and you will get an immediate response. Our team will assist you in modifying the project to reflect the new case study of your choice. This ensures the content remains relevant and tailored to your academic requirements. Whether you want to switch to a different organization, location, or sample population, our experts will make the necessary adjustments promptly, so you still receive a complete and well-structured research project without any hassle.
How will I get my complete project?
Your Complete Project Material will be delivered directly to your email address for easy access and use. The file will be sent in Microsoft Word document format (MS Word), which allows you to easily read, edit, and customize the content to suit your specific requirements. This format is widely accepted for academic work and ensures you can make adjustments such as changing the case study, updating references, or adding personal inputs if needed. Once the project is sent, you can download it to your device immediately and begin working with it without any extra steps or complications.
Can I get my Complete Project through WhatsApp?
Yes! You can also receive your Complete Research Project directly through your WhatsApp number for convenience. Once your project is ready, we can send the full material in MS Word format straight to your WhatsApp, making it quick and easy for you to download and access on your phone or computer. This option is especially helpful if you prefer instant delivery, faster communication, or easier access on mobile devices. Whether through email or WhatsApp, you will still get the same complete project—including all chapters, abstract, references, and questionnaires where applicable—delivered securely and without delay.
What if my Project Supervisor made some changes to a topic I picked from your website?
If your project supervisor has made some changes to the topic you picked from our website, there is no need to worry. Simply call our Instant Help Desk now on +234 708 7083 227, and you will get an immediate response. Our team will assist you in adjusting the project to reflect your supervisor’s corrections or modifications. Whether it involves rephrasing the topic, changing the case study, or adding specific requirements, we will make the necessary updates quickly. This ensures your project aligns perfectly with your supervisor’s expectations while still maintaining a complete, high-quality research structure.
Do you assist students with Assignment and Project Proposal?
Yes! We also assist students with Assignments and Project Proposals in addition to complete research projects. If you need help with writing, structuring, or editing your proposal or assignment, our team is ready to guide you and provide the necessary materials. Simply call our Instant Help Desk now on +234 708 7083 227, and you will be attended to immediately. We provide professional support to ensure your work meets academic standards, whether it’s a proposal for approval, a class assignment, or a full project. This way, you can save time, reduce stress, and achieve excellent results.
What if I do not have any project topic idea at all?
Smiles! 😊 We’ve totally got you covered if you don’t have any project topic idea at all. Our team specializes in helping students brainstorm and select suitable topics that align with their field of study, interests, and academic requirements. All you need to do is chat with us on WhatsApp now via +234 708 7083 227 to get instant help. We will provide you with a list of well-researched, relevant, and trending project topics to choose from. Once you make your choice, we’ll guide you through the next steps, ensuring you get a complete project tailored just for you.
How can I trust this site?
You can trust this site because we are genuine and duly registered with the Corporate Affairs Commission (CAC), which gives you confidence that we are a recognized and legitimate business. In addition, our platform is protected with Secure Sockets Layer (SSL) encryption, meaning all your personal details, communications, and financial transactions are highly secure and safe from unauthorized access. Over the years, we have successfully assisted thousands of students with research projects, proposals, and assignments, building a solid track record of reliability. With these measures in place, you can be assured of our credibility, professionalism, and commitment to your academic success.
Customer Testimonials | Https://researchprojecttopics.com.ng

Our Customers are Happy

Ademola A.

★★★★★

I was skeptical at first, but after placing my order, my full project arrived in my email in under 15 minutes! The process was smooth, clear, and professional. Truly amazing service!

Kwabena K.

★★★★★

I needed a custom project on a new topic. researchprojecttopics.com.ng delivered within 3 days, and the quality was outstanding. They even guided me on how to defend it. Highly recommend!

Michael H.

★★★★★

Fast, reliable, and very professional. My research project was delivered on time, with no hidden charges. The team is trustworthy and supportive.

Fatou B.

★★★★★

I got my full project in minutes and my custom request within 3 days. Their communication is clear, and the material is top-notch. Excellent experience!

James O.

★★★★★

https://researchprojecttopics.com.ng is a lifesaver! My project was delivered exactly as requested. The team is friendly, professional, and highly responsive. Very satisfied!

Ngozi E.

★★★★★

I was worried about paying online, but the team reassured me and delivered my complete project instantly. Transparent and professional service!

Ama S.

★★★★★

I requested a custom topic project and received it in just 3 days. The guidance and quality were excellent. I recommend Https://researchprojecttopics.com.ng to everyone!

Sarah W.

★★★★★

The service is dependable and efficient. My project arrived on time, and every step was transparent. Truly a professional service I trust.

Emmanuel T.

★★★★★

Fast and reliable. My full project was delivered in minutes, and the custom project in 3 days. Communication was excellent throughout.

Aisha N.

★★★★★

Extremely satisfied with the service. My project was delivered promptly, fully transparent, and of high quality. A trustworthy academic partner!

Leave a Reply