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THE IMPACT OF MOTIVATIONAL INCENTIVES AND COMPENSATION ON THE PERFORMANCE OF EMPLOYEES
CHAPTER ONE
INTRODUCTION
Background of the study
Motivational incentives and compensation refers to the mode of compensating the workers exerting their energy or spending their time in accomplishing their organizations objectives.
Motivational incentives and compensation can be in monetary terms or in form of services. A monetary term is of course in form of wages and salaries and part of fringe benefits like housing and transportation allowances. Compensation package has three major components which are wages and salaries, fringe benefits and the other one is incentive schemes. Motivational incentives and compensation which comes in form of services includes recreational services, canteen services and medical services.
Motivational incentives and compensation has a significant impact on workers attitude and performance in organization because it is the most effective motivational technique. Good motivational incentives and compensation improves productivity, while poor motivational incentives and compensation affects productivity adversely. However, the general problem of monetary motivational incentives and compensation is that they are expert in the short run but not necessarily cost effect. On the other hand, monetary motivational incentives and compensation can motivate workers depending on his or her needs for money. Individual behaviour and consequently performance in an organization is related to motivational incentives and compensation. This is because people come to work in order to excel or to succeed in competitive situation.
As such, individuals with high needs for achievement have intense desire for success and equally intense fear of failure. As individuals, they like to see challenges set moderately difficult talk (but not impossible goal) for themselves, take realistic approach to risk, prefer to assume personal responsibilities to get the job done like specific and prompt feedback on how they are performing and likeness to work for long hours (Alfred, 1987).
Therefore, motivational incentives and compensation is one of the best motivational factors that facilitate individuals to put in their best in their job. As such, a well remunerated individual tends to work hard while a poorly remunerated worker does not put much effort in his or her job because such individual is not motivated.
1.2 OBJECTIVES OF THE STUDY
The main objective of the essay is to evaluate the impact of motivational incentives and compensation on workers or employees attitude and performance in an organization. Other specific objectives are:
1. To identify how motivational incentives and compensation affect employees performance and attitude in organization.
2. To find out the various method of motivational incentives and compensation in organization.
3. To identify the objectives of motivational incentives and compensation in organization.
4. To identify the challenges of wages and salaries administration in organization and to provide workable solution to the identified problems.
1.3 SIGNIFICANCE OF THE STUDY
The essay is significant in the following ways:
To corporate organizations, it would enhance policy formation in the areas of staff wages and salaries administration.
To students who may wish to use this essay as a reference material or as a spring board for their own work would find this work really significant.
1.4 SCOPE AND LIMITATION OF STUDY
The essay focuses on the impact of motivational incentives and compensation on individual works attitude and performance in organization.
However, the following are some of the limitations of the essay:
Time Constraint: The Limited time required for the completion of the work compete with the time I had to use in research and also prepare for lectures and group work.
Financial Constraint: The cost of sourcing for the materials and the cost of transportation to where to get the appropriate materials needed for the completion of the essay
Inadequate Information: I encountered problems in collecting date and information due to inadequate materis or book to get the needed information for the completion of the essay.
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