Sometimes, one wonders why some people perform more than others on the job or better still why people work hard. Man in his natural from is somehow lazy and always tries to gravitate towards his comfort unless some kind of force or situation arouses his desire to move out of his confronts zone in other to avert negative consequences or reap a positive reward as it becomes the motives for his working towards his set target (motivating factor).
Given the above illustration, management scholars have tried to define, what motivate is all
The Webster, Encyclopedic Dictionary of the English Language (1995) said that motivation relates to the sense need or year etc that prompts an individual to act-also-Wale Adewunmi (1992) defined motivation as “the inner stimulus that induces one to behave the way he does”. It has to do with inner state that energizes, activates or moves and therefore directs behaviour towards goals.
In all organisation, productivity is beckoned on the design of its incentive variables to balance among various management levels. There are several incentive variables that couls motivates people to work to their optional level and when these variables are not there, their productivity will be greatly affected. This may come in the form of a well packaged remuneration. Skill others may not necessarily be motivated with a well packaged incentive scheme. The group believe that “money is not every thing”. “People work for broadly defined rewards”. These rewards can be broken down into two general classes know as intrinsic and extrinsic rewards.
Extrinsic rewards include figure pay proportion, compliments etc, and are often independence of the task performed and are controlled by other people. Intrinsic rewards on the other hand include the feeling of accomplishment of task and is administered by the individual doing the task. However, workers performance in an organization depends on these rewards among other incentives which may in one way or the other command for satisfaction.
1.1 BACKGROUND OF STUDY
Incentives are objectives or goals which are capable of satisfying what the employee views as need, drive or desire. It include accredited payment for improved productively as well as environment condition for example, infrastructures, transportation facilities, canteen services etc, though they do not directly provide income to workers, but are necessary for their effective performance. In other words incentives do not only refer to wages payment but other things like job enrichment, free flow of information, give relationship among junior and senior officers. Above all, the recognition accorded to a long way to induce and energize them to work harder to achieve not only the organization goals but also societal goals.
It is worthy of not that such incentives like monetary rewards which may motivate the younger people who are beginners or the lower class of people in the society may no necessarily be motivating factor for some middle class and upper class of people in the society. People in various positions, even though at a similar level, must be given incentives, which reflect their individual performance and expectations.
A higher performance must be rewarded more that the lower performance for a feeling of equity to prevail. Given this, money is likely to be a motivator variables remuneration has been favoured as the means of giving incentives to producers or sell increased volume or to improve the quality of their performance.
In most business and other organisation, money is actually used in keeping an organization, adequately staff and not primarily as a motivator. Any bonus schemes for manual worker should be related to criteria which are meaningful to the employees and which are capable of being measured consistently. The incentives to achieve one particular objective for example, increase volume, should not act as an incentive to worsen other standards of achievement like quality. It is therefore, important to know that what induces a worker most as many people have difference needs and aspiration people work for various reasons, depending on what they want or what they are looking forward to achieving. Here, it is the duty of the management of any organisation to find out the needs of its employees and then chariced towards attaining them.
Incentives which may be seen as payment or reward for work or services rendered have been a common feature in Nigeria establishments to which first bank of Nigeria Plc is not an exception. It is therefore, the objective of this that could motivate workers to greater achievement.
Management scholars and other employers of labour will also find this work very useful as it would enable them to be vast of the value of incentives to performance of workers, if appropriately applied.
This will in bring greater efficiency of workers if adequately employed.
Furthermore, students and other people who wish to carry out a similar study in other establishment will find this work beneficial as the ideas exposed on this work will be a guide in the right direction.
First Bank of Nigeria Plc, for over a century, has distinguished itself as a leading banking institution and a major contributor to the economic advancement and development of Nigeria. This bank was founded in 1894 by a shipping magnate from Liverpool, Sir Alfred. Jones, the Bank Commercial as a small operation in the office of Elder Dempster and Company in Lagos. It was incorporated as a limited liability company on March 31, 1894 with Head Office in Linerpool. It started business under the corporate name of the Bank for British West Africa (BBWA) with a paid of 12,000 pounds sterling, after absorbing its predecessor, the Africa Bank Corporation, which was establish earlier in 1892. This in the banking industry in West Africa. In the early years of operations, the Bank recorded an impressive growth and worked closely with the colonial government in performing the traditional functions of a central bank, such as issue of speak in the West African sub-region.
To justify its West Africa coverage, a branch was opened in Accra, old coast (now Ghana) in 1896 and another in Freetown, Sierra Leone in 1898. These marketed the genesis of the bank’s international banking operation. The bank’s international banking in Nigeria was in the second branch of the Bank in Nigeria was in the old Calabar in 1990 and two years later, services were extended in Northern Nigeria.
With a network of 315 branches spread throughout the federation. Inducing are in city of London, the bank maintains the largest branch network in the industry.
To satisfy the needs of its customers first bank has diversified into a wide range of banking activities and services. These include corporate and retail banking registra-ship, trusteeship insurance brokerage.
Over the years, the bank has experienced phenomenal growth with a share capital of N55.6 million in 1980, the bank’s share capital grew to N650.385 million as at 31 March, 2000, to bank’s total asset base was N127.230 billion as at 31 March, 2000.
To reposition and to take advantage of opportunities in the changing environment, and they embarked on several restricting initiatives 1957, it changed its name from Bank of British West African. In 1969, the bank was incorporate locally as the Standard Bank of Nigeria limited in the line with companies decree of 1965.
Changes in the name of the bank also name of the bank also occurred in 1979 and 1991, to First Bank of Nigeria plc respectively. In 1985, the bank introduced a decentralized structure with the regional administrations.
This was reconfigured in 1992 to enhance the bank’s operational efficiency. In 1996, the bank introduce the FBN century 11 project to revolutionaries its operating in listed in the dynamics of the environment FBN got listed in the Nigeria Stock Exchange (NSE) in March 1971 and has won the NSE president’s merit award nine times for the best financial report in the banking sector. During the year it also won the first Institution of Accountants for Nigeria (IAN) award for excellence in the corporation category.
The bank has continued to be a leader in financing long term investment in each economy which was demonstrated in 1947 when the first long term loan was advised to the then colonial government. To demonstrate its commitment to its customers and the development of the Nigeria economy, the bank has since broadened its loan and credit portfolios to various sectors of the economy.
The bank has improved tremendously judging from a number of parameters including number of branches growth in deposit asset size and of loans and advances furthermore, its track record of profitability and reliability in sound banking has continually placed the bank in its leadership position.
It lime with its mission, statement “remain true to our name by providing the best financial services possible”, the bank will consistently transform itself as if go ahead in its second century of qualitative bank to the nation.
1.2 PROBLEMS ASSOCIATED WITH THE SUBJECT MATTER
It is fundamentally unrealistic to assure that people would continue to find satisfaction in co-operating in organizations affairs, if no interest is shown in their individual needs and problems.
It is agreed that in spite of whiteness gaping must have been achieved in ensuring adequate compensation among workers around the world existing (organisation, programs have failed to attract, hold and motivate employees because the individual worker is not considered and he did not participate in the planning and designing of such incentives before its execution or implantation.
However, the economic and social development of Nigeria depends to a great extent on the ability of the public services to attract and retain the services of qualified manpower. Therefore, the concept of total compensation programme has economic, social, behavioural and legal basis or consequence. To what extent is this recognized by the first bank of Nigeria Plc’s incentive scheme on the performance of workers the company?
1.3 PROBLEMS THAT THE STUDY WILL BE CONCERNED WITH
The above problems bring to first the following sub-problems:
a) What type of incentive schemes are available on the first bank of Nigeria Plc?
b) Are employees of the company actually reaping benefits, which provides job satisfaction from these schemes?
c) Is first bank of Nigeria plc, attaining the main objectives for administering these scheme?
d) To examine the different types of incentives schemes put on place by the first bank of Nigeria Plc.
e) To do an in depth analysis of first bank of Nigeria Plc incentive schemes and productivity trend over the years.
f) To examine to which these incentive schemes lead to attainment of workers.
g) To treat the effectiveness, adequacy and deviance of these incentives schemes to the overall performance of individual worker or group of workers.
h) To examine the extent the organisation is achieving its objectives for administering these incentive schemes.
1.4 THE IMPORTANCE OF STUDYING THE AREA
This study is aimed at investigating the impact of monetary incentive scheme for the performance of workers in an organisation. First Bank of Nigeria Plc, Enugu as a modern organisation was used. Because of resource constraints, a branch of first bank of Nigeria Plc was studied. All the department and cadres of employees were covered in the study to examine incentive and its administration in first bank plc the study will also evaluate the appropriateness for the programme with a view to ascertaining how they influence workers to perform efficiently which results in an increase in the organizational productivity. Finally, the study will also address the impact of the incentive on the existing workers as well as those that have lefts the organisaiton.
1.5 DEFINITION OF IMPORTANT TERMS
It is hoped that this study when completed will assist business enterprises in their operation and enable them to employ necessary incentive schemes and other motivational variables that would optimize the productivity and performance of their workers. The study when completed will identify the motivational factors and incentive variable, if any that are currently militating against the smooth operations of organization and especially in banking industry.
This work will be of assistance to the management of first bank plc as it will enable them to restructure their incentive schemes so as to reflect the aspirations and need of their workers. Besides, it will be of great importance to the other organizations, since it will expose them to some of the incentive. Scheme that can be employed to improve workers performance.
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