THE EFFECT OF FRINGE BENEFITS AND INCENTIVES ON EMPLOYEE PRODUCTIVITY.
PROPOSAL
The aim of this project is to carry out research on the “Effect of Incentives and Fringe benefits on employee productivity. The researcher will find out why people or employees are willing to work very hard when they are motivated or even work beyond the official closing hour. After that I will ascertain the impact the fringe benefits and incentives have on the progress of a company as well as the employee.
A research should be carried out on the following important parts of a research work.
Introduction:
My readers should be able to know why I so much like to carry out research on “Fringe benefits and incentives”. The owners of business and cooperate organizations will find it very useful because secret behind motivating worker will be dealt with in detail.
Research questions:
I will prepare a questionnaire to enable me conduct public interview. Also I will visit a good number of business organizations to enable me find out their opinions on the topic.
Statement of Hypothesis:
Union the hypothesis, a comparison should be made by me to either reject or accept the data collected by the members of the public. Scope, limitations and delimitations of this project. I know that a lot of factors will be a problem to me viz. Finance, time, language barrier, bureaucracy among others. All these will be a problem to this research.
Definition of terms:
I will also explain in detail the various terms that will be used in this research to enable readers understand the project very well. There will be no room for any doubt in this project.
Review of related literature:
I know quit sure that I will read a lot of text books, journals, newspapers, presentations and browsing from the internet to enable me ascertain the opinions that have existed before my research.
Finally, I will make recommendations on the geared outcome of the project.
1.0 Introduction 1
2.0 Literature Review 13
3.1 Area of Study 72
5.1 Recommendations 91
Reference 96
Appendix 98
Questionnaire 99
CHAPTER ONE
INTRODUCTION
Fringe benefit and incentive are additional encouragement and favours granted to workers by their employers to enable them to work hard towards the achievement of the organizational goal or to increase productivity. It is an established fact that every worker or employee is entitled to his basic salary/wage. Provided that the worker contributes his/her quota to the achievement of organizational objectives. Outside his/her basic salary/wage, he receives additional benefits as a motivating factor to enable him take the job of the organization as his own. Provision of adequate incentives and benefits to workers is considered as a phenomenon, which improves the maintenance and proper up keeping of personal resources. Incentives and fringe benefits are designed to enhance production especially in the industry.
Incentive and fringe benefit also encourages arouse, retain and motivate to action workers who are properly provided with them and who are consequently satisfied. It equally important to state here that some employees are difficult to please no matter the amount of incentives and fringe benefits available for them.
Again, there are workers who are provided with little or no incentives and fringe benefits outside their basic salary yet they work hard towards the successful accomplishment of the company’s objectives. It is important and necessary for the management to ascertain the factors that are responsible for each factor mentioned above. On a more normal and general note, however, the employees in all organizations need to be properly and adequately maintained so that they will be motivated to contribute their best towards the realization of organizational objectives. It is equally worthy of note that if the employers packaged their welfare benefits very well, the employees are left with no option than to work hard in order to satisfy their employers to enable them provide more for them.
Furthermore, the concept of employee’s welfare, which is one traditional way of securing, increased performance and loyalty of employees in the industry needs to be reactivated. It is believed that if the management tailors incentives and fringe benefits packages to suit the need of its employees, the morale and productivity of the employees will be positively affected. It is also the duty of the management to regulate the employees working conditions, which will not negate the organizational goals of productivity. Some organizations do expose their employees to occupational risks that produce damages on certain definite organs of the body. It is therefore essential for management to take effective measures to protect workers from the risks and dangers emanating from adverse working conditions. The magic of achieving the objectives of an organization lies greatly on labour and as such incentives and fringe benefits becomes a must.
In recent years, Nigeria has experienced a high incidence of strike actions by various categories of its workers to press home their need for improved conditions of service. Example of such strike wads the nation wide strike declared on 9th of June 2004, by the Nigeria labour congress (NLC) to discourage further increase in pump prices of petroleum products by the federal government of Nigeria. The federal government is busy increasing the pump prices of petroleum product while her work force are passing through difficult situation. The labour force of this country is sick from the root to the branches and this has led to low productivity.
Generally, management is interested in maximizing the shareholders wealth by increasing the organizations productivity and profitability. Therefore it is of strategic importance for management to maintain a healthy relationship with their employee if the organizational goals and objectives are to be achieved. The bottom line is that there is a relationship between the working conditions of employees and productivity. The relationship is such that if the working conditions of employees are good, the organization would most likely enjoy high productivity. In every organization, there is a hierarchy of authorities from the top to the lowest level of workers. Each level has its own peculiar incentive and benefit package in addition to their general one with reference to the operatives, the important questions are:
The main purpose of this project is to find out the main major impact incentives and fringe benefits play on the general performance of employees more especially Nigerian workers. It is also geared towards finding out the incentive and benefit measures to offer to the Nigerian workers so that optimum or satisfactory performance can be derived from them.
The objective of the study is aimed at the following.
The basic assumptions are: -
That all the introductory part of this research are guaranteed to the workers and consequently given to them at stipulated time. That since virtually all organizations are structured into distinct basic levels known as organizational structures, the incentives peculiar to each level may differ from the other.
That virtually all organizations are aware of the degree of importance of incentives and fringe benefits provisions to the workers in order to adequately maintain, retain and to motivate them towards contributing their best to the realization of the organizational objectives.
That any incentives and fringe benefits adopted by one company or organization can also apply to organizations engaged in similar business. Also that all other non-similar companies will benefit from this study.
That however well an organization may be carrying out its objectives, its organizational performance could still be improved on.
Wages and salaries of employees are inadequate to provide for their numerous needs as a result of high inflation rate and depreciation in the value of Naira in the country, which has led to the disenchantment of employees with their work and pay packets. It has also resulted in a condition of inadequate productivity. Since improving the standard of living of employees is one of the moral and legal obligations of the employer, there is need for them to tune their incentives and fringe benefits packages towards satisfying the needs of their workers.
This study will be of immense assistance to all managers, shareholders, supervisors among others, as it will enable them determine whether their incentives and fringe benefits scheme meet the likewise policy makers and anybody who wants to achieve positive results through people will find the work very useful since it will lead to greater understanding of the value of incentives and fringe benefits in relation to the performance employees. All the same, students and others who wish to carry out a similar study in other corporations will find the work beneficial because it intends to expose a lot of useful ideas about reward programmes and employee productivity. It is hoped that this will also stimulate further researchers in this area so as to improve the performance of organization and the goal of workers by joining the organizations.
This study may not be exhaustively carried out due to some constraints. Among them are listed below:-
1.6 DEFINITION OF TERMS:
BONUS: This is an extra payment or premium paid to a worker for performance above what is required of him.
INCENTIVE: This is an encouragement to greater activity. Also it is the urge and ability to get things done. It can as well be seen as anything that arouses feeling, or incites to action.
SALARY: This is the remuneration for services rendered weekly, monthly or yearly that is fixed. Also it is a reward for service rendered.
MOTIVATION: This is something that makes one do what one is expected to do at the right time and place. According to Robert Dubin, it means the mechanisms inside the person that sustains his continued activity as a human being.
FRINGE BENEFITS: These include all expenditure by the employer on labour other than basic wages. In a narrow sense of it, it refers to those benefits, which the employee can convert into cash.
EMPLOYER: According to Oxford Dictionary, an employer is a person who gives work or job to other usually for payment.
EMPLOYEE: This refers to a person to whom job is offered for wages/salary.
Download our android mobile app for more materials
ORDER NOW
COMPLETE MATERIAL COST N2,500 Or $10. FRESH PROJECT MATERIAL COST 50,000 NAIRA FOR UNDERGRADUATE, OTHERS 100,000 -200,000 NAIRA.
THE NATURE AND CONSEQUENCES OF JUVENILE DELINQUENCY IN NIGERIA: A STUDY OF ENUGU NORTH LGA, ENUGU STATE
Foreign Transaction For Dollars Payment :
Bank Name: GTBank
Branch Location: Enugu State,Nigeria.
Account Name: Chi E-Concept Int’l
Account Number: 0117780667.
Swift Code: GTBINGLA
Dollar conversion rate for Naira is 175 per dollar.
ATM CARD: YOU CAN ALSO MAKE PAYMENT USING YOUR ATM CARD OR ONLINE TRANSFER. PLEASE CONTACT YOUR BANK SECURITY FOR GUIDE ON HOW TO TRANSFER MONEY TO OTHER BANKS USING YOUR ATM CARD. ATM CARD OR ONLINE BANK TRANSFER IS FASTER FOR QUICK DELIVERY TO YOUR EMAIL . OUR MARKETER WILL RESPOND TO YOU ANY TIME OF THE DAY. WE SUPPORT CBN CASHLESS SOCIETY.
OR
PAY ONLINE USING YOUR ATM CARD. IT IS SECURED AND RELIABLE.
form>DELIVERY PERIOD FOR BANK PAYMENT IS LESS THAN 24 HOURS
CALL OUR CUSTOMERS CARE OKEKE CHIDI C ON : 08074466939,08063386834.
AFTER PAYMENT SEND YOUR PAYMENT DETAILS TO
08074466939 or 08063386834, YOUR PROJECT TITLE YOU WANT US TO SEND TO YOU, AMOUNT PAID, DEPOSITOR NAME, UR EMAIL ADDRESS,PAYMENT DATE. YOU WILL RECEIVE YOUR MATERIAL IN LESS THAN 2 HOURS ONCE WILL CONFIRM YOUR PAYMENT.
WE HAVE SECURITY IN OUR BUSINESS.
PROPOSAL
The aim of this project is to carry out research on the “Effect of Incentives and Fringe benefits on employee productivity. The researcher will find out why people or employees are willing to work very hard when they are motivated or even work beyond the official closing hour. After that I will ascertain the impact the fringe benefits and incentives have on the progress of a company as well as the employee.
A research should be carried out on the following important parts of a research work.
Introduction:
My readers should be able to know why I so much like to carry out research on “Fringe benefits and incentives”. The owners of business and cooperate organizations will find it very useful because secret behind motivating worker will be dealt with in detail.
Research questions:
I will prepare a questionnaire to enable me conduct public interview. Also I will visit a good number of business organizations to enable me find out their opinions on the topic.
Statement of Hypothesis:
Union the hypothesis, a comparison should be made by me to either reject or accept the data collected by the members of the public. Scope, limitations and delimitations of this project. I know that a lot of factors will be a problem to me viz. Finance, time, language barrier, bureaucracy among others. All these will be a problem to this research.
Definition of terms:
I will also explain in detail the various terms that will be used in this research to enable readers understand the project very well. There will be no room for any doubt in this project.
Review of related literature:
I know quit sure that I will read a lot of text books, journals, newspapers, presentations and browsing from the internet to enable me ascertain the opinions that have existed before my research.
Finally, I will make recommendations on the geared outcome of the project.
CHAPTER ONE
1.0 Introduction 1
- Statement of the Problem 4
- Purpose of Study 6
- Assumptions of the Study 7
- Significance of the Study 8
- Limitations of the Study 10
- Definitions of Terms. 11
CHAPTER TWO
2.0 Literature Review 13
- Meaning of Incentives/Fringe Benefits 14
- Employee Benefit and Allowance 31
- Types of Major Benefits and Incentives 35
- Other Types of major benefits and Incentives 48
- Constructing Benefit Pay System 55
- Fringe Benefits And Perks 63
- Wages Incentive Systems 67
- Importance of Incentive Scheme. 70
CHAPTER THREE
- Research Design 72
3.1 Area of Study 72
- Population of Study 73
- Sample Size 73
- Instrument of Data Collection 73
- Method of Data Collection 76
CHAPTER FOUR
- Data Presentation and Analysis. 77
CHAPTER FIVE
- Summary 90
5.1 Recommendations 91
- Conclusion 94
Reference 96
Appendix 98
Questionnaire 99
CHAPTER ONE
INTRODUCTION
Fringe benefit and incentive are additional encouragement and favours granted to workers by their employers to enable them to work hard towards the achievement of the organizational goal or to increase productivity. It is an established fact that every worker or employee is entitled to his basic salary/wage. Provided that the worker contributes his/her quota to the achievement of organizational objectives. Outside his/her basic salary/wage, he receives additional benefits as a motivating factor to enable him take the job of the organization as his own. Provision of adequate incentives and benefits to workers is considered as a phenomenon, which improves the maintenance and proper up keeping of personal resources. Incentives and fringe benefits are designed to enhance production especially in the industry.
Incentive and fringe benefit also encourages arouse, retain and motivate to action workers who are properly provided with them and who are consequently satisfied. It equally important to state here that some employees are difficult to please no matter the amount of incentives and fringe benefits available for them.
Again, there are workers who are provided with little or no incentives and fringe benefits outside their basic salary yet they work hard towards the successful accomplishment of the company’s objectives. It is important and necessary for the management to ascertain the factors that are responsible for each factor mentioned above. On a more normal and general note, however, the employees in all organizations need to be properly and adequately maintained so that they will be motivated to contribute their best towards the realization of organizational objectives. It is equally worthy of note that if the employers packaged their welfare benefits very well, the employees are left with no option than to work hard in order to satisfy their employers to enable them provide more for them.
Furthermore, the concept of employee’s welfare, which is one traditional way of securing, increased performance and loyalty of employees in the industry needs to be reactivated. It is believed that if the management tailors incentives and fringe benefits packages to suit the need of its employees, the morale and productivity of the employees will be positively affected. It is also the duty of the management to regulate the employees working conditions, which will not negate the organizational goals of productivity. Some organizations do expose their employees to occupational risks that produce damages on certain definite organs of the body. It is therefore essential for management to take effective measures to protect workers from the risks and dangers emanating from adverse working conditions. The magic of achieving the objectives of an organization lies greatly on labour and as such incentives and fringe benefits becomes a must.
- STATEMENT OF THE PROBLEM
In recent years, Nigeria has experienced a high incidence of strike actions by various categories of its workers to press home their need for improved conditions of service. Example of such strike wads the nation wide strike declared on 9th of June 2004, by the Nigeria labour congress (NLC) to discourage further increase in pump prices of petroleum products by the federal government of Nigeria. The federal government is busy increasing the pump prices of petroleum product while her work force are passing through difficult situation. The labour force of this country is sick from the root to the branches and this has led to low productivity.
Generally, management is interested in maximizing the shareholders wealth by increasing the organizations productivity and profitability. Therefore it is of strategic importance for management to maintain a healthy relationship with their employee if the organizational goals and objectives are to be achieved. The bottom line is that there is a relationship between the working conditions of employees and productivity. The relationship is such that if the working conditions of employees are good, the organization would most likely enjoy high productivity. In every organization, there is a hierarchy of authorities from the top to the lowest level of workers. Each level has its own peculiar incentive and benefit package in addition to their general one with reference to the operatives, the important questions are:
- Why are some workers not satisfied despite the fact that in addition to their basic salaries, incentive and fringe benefit packages designed to satisfy them are provided to them?
- Why are some employers provided these services to their employers?
- Is the cause of poor performance in different organization in Nigeria as a result of poor incentives and benefits provisions to the workers?
- PURPOSE OF THE STUDY
The main purpose of this project is to find out the main major impact incentives and fringe benefits play on the general performance of employees more especially Nigerian workers. It is also geared towards finding out the incentive and benefit measures to offer to the Nigerian workers so that optimum or satisfactory performance can be derived from them.
The objective of the study is aimed at the following.
- How the employees see the reward of their efforts or inputs.
- How incentives and fringe benefits have affected quality of service rendered to their customers.
- How incentives and fringe benefits have affected the ability of staff to maintain their equipment.
- How fringe benefits and incentives have affected the turnover of organizations.
- Finding out to what extent the principles of fringe benefits and incentives propounded by renowned authors can work in Nigeria
- ASSUMPTIONS OF THE STUDY
The basic assumptions are: -
That all the introductory part of this research are guaranteed to the workers and consequently given to them at stipulated time. That since virtually all organizations are structured into distinct basic levels known as organizational structures, the incentives peculiar to each level may differ from the other.
That virtually all organizations are aware of the degree of importance of incentives and fringe benefits provisions to the workers in order to adequately maintain, retain and to motivate them towards contributing their best to the realization of the organizational objectives.
That any incentives and fringe benefits adopted by one company or organization can also apply to organizations engaged in similar business. Also that all other non-similar companies will benefit from this study.
That however well an organization may be carrying out its objectives, its organizational performance could still be improved on.
- SIGNIFICANCE OF THE STUDY
Wages and salaries of employees are inadequate to provide for their numerous needs as a result of high inflation rate and depreciation in the value of Naira in the country, which has led to the disenchantment of employees with their work and pay packets. It has also resulted in a condition of inadequate productivity. Since improving the standard of living of employees is one of the moral and legal obligations of the employer, there is need for them to tune their incentives and fringe benefits packages towards satisfying the needs of their workers.
This study will be of immense assistance to all managers, shareholders, supervisors among others, as it will enable them determine whether their incentives and fringe benefits scheme meet the likewise policy makers and anybody who wants to achieve positive results through people will find the work very useful since it will lead to greater understanding of the value of incentives and fringe benefits in relation to the performance employees. All the same, students and others who wish to carry out a similar study in other corporations will find the work beneficial because it intends to expose a lot of useful ideas about reward programmes and employee productivity. It is hoped that this will also stimulate further researchers in this area so as to improve the performance of organization and the goal of workers by joining the organizations.
- LIMITATION OF THE STUDY
This study may not be exhaustively carried out due to some constraints. Among them are listed below:-
- Time: Time was one of the constraints I had during the course of writing this project. I hadn’t enough time to carryout my research due to the time the management and my project supervisor allotted to the submission of the project.
- Finance: Being a student, I did not have enough money to transport myself to places where enough information on the topic of discussion could have been made available. It was as a result of far distance I would have traveled to obtain such information. As a result of this, I could not visit organizations that could have been of assistance to me.
- Also, not much has been written on this aspect of study especially as it concerns the Nigerian organizations, so, the research centered more on the interviewing of some workers and journals published by the company.
1.6 DEFINITION OF TERMS:
BONUS: This is an extra payment or premium paid to a worker for performance above what is required of him.
INCENTIVE: This is an encouragement to greater activity. Also it is the urge and ability to get things done. It can as well be seen as anything that arouses feeling, or incites to action.
SALARY: This is the remuneration for services rendered weekly, monthly or yearly that is fixed. Also it is a reward for service rendered.
MOTIVATION: This is something that makes one do what one is expected to do at the right time and place. According to Robert Dubin, it means the mechanisms inside the person that sustains his continued activity as a human being.
FRINGE BENEFITS: These include all expenditure by the employer on labour other than basic wages. In a narrow sense of it, it refers to those benefits, which the employee can convert into cash.
EMPLOYER: According to Oxford Dictionary, an employer is a person who gives work or job to other usually for payment.
EMPLOYEE: This refers to a person to whom job is offered for wages/salary.
Download our android mobile app for more materials
ORDER NOW
COMPLETE MATERIAL COST N2,500 Or $10. FRESH PROJECT MATERIAL COST 50,000 NAIRA FOR UNDERGRADUATE, OTHERS 100,000 -200,000 NAIRA.
THE NATURE AND CONSEQUENCES OF JUVENILE DELINQUENCY IN NIGERIA: A STUDY OF ENUGU NORTH LGA, ENUGU STATE
MAKE YOUR PAYMENT INTO ANY OF THE FOLLOWING BANKS:
GTBANK
Account Name : Host Link Global Services Ltd
ACCOUNT NUMBER: 0138924237
Account Name : Host Link Global Services Ltd
ACCOUNT NUMBER: 0138924237
First Bank:
Account Name: Chi E-Concept Int’l
Account Name: 3059320631
Account Name: Chi E-Concept Int’l
Account Name: 3059320631
Foreign Transaction For Dollars Payment :
Bank Name: GTBank
Branch Location: Enugu State,Nigeria.
Account Name: Chi E-Concept Int’l
Account Number: 0117780667.
Swift Code: GTBINGLA
Dollar conversion rate for Naira is 175 per dollar.
ATM CARD: YOU CAN ALSO MAKE PAYMENT USING YOUR ATM CARD OR ONLINE TRANSFER. PLEASE CONTACT YOUR BANK SECURITY FOR GUIDE ON HOW TO TRANSFER MONEY TO OTHER BANKS USING YOUR ATM CARD. ATM CARD OR ONLINE BANK TRANSFER IS FASTER FOR QUICK DELIVERY TO YOUR EMAIL . OUR MARKETER WILL RESPOND TO YOU ANY TIME OF THE DAY. WE SUPPORT CBN CASHLESS SOCIETY.
OR
PAY ONLINE USING YOUR ATM CARD. IT IS SECURED AND RELIABLE.
form>DELIVERY PERIOD FOR BANK PAYMENT IS LESS THAN 24 HOURS
CALL OUR CUSTOMERS CARE OKEKE CHIDI C ON : 08074466939,08063386834.
AFTER PAYMENT SEND YOUR PAYMENT DETAILS TO
08074466939 or 08063386834, YOUR PROJECT TITLE YOU WANT US TO SEND TO YOU, AMOUNT PAID, DEPOSITOR NAME, UR EMAIL ADDRESS,PAYMENT DATE. YOU WILL RECEIVE YOUR MATERIAL IN LESS THAN 2 HOURS ONCE WILL CONFIRM YOUR PAYMENT.
WE HAVE SECURITY IN OUR BUSINESS.
Comments
Post a Comment