EFFECT OF FINANCIAL AND NON FINANCIAL INCENTIVES ON STAFF PRODUCTIVITY (NIGERIAN MARTIME ADMINISTRATION AND SAFETY AGENCY; NIMASA)

EFFECT OF FINANCIAL AND NON FINANCIAL INCENTIVES ON STAFF PRODUCTIVITY (NIGERIAN MARTIME ADMINISTRATION AND SAFETY AGENCY; NIMASA)

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CHAPTER ONE

1.0 INTRODUCTION

1.1 BACKGROUND OF STUDY

The employees are regarded as the pivot behind the success of any organization in Nigeria. The pivotal function of Human resource management promotions and job security, whereas the non financial is to implement practices that enhance the satisfaction of rewards include appreciation, meeting the new challenges, employees with their jobs.

Employees expect financial and non financial rewards for their services and efforts. Financial incentives are the financial payments made to the employees for their high performance. According to Naldöken et al. (2011: 286), the financial incentives provided for employees are listed as payment raise, premiums, profit share, economic awards, payment packages, etc. According to Ellis and Pennington (2004), the financial incentives have a short-term effect on the motivation levels of employees although they play a critical role in their motivation. Therefore, non-financial incentives are also required to give a long-term motivational effect instead of the short-term effects of financial incentives at these premises. Non-financial incentives are listed as enabling authority, participating in the management, job enrichment, promotion, holidays, better working atmosphere (opportunity of air-conditioning, less noise, etc.), enhancing a sense of belonging.

In the absence of equitable pay, training and development opportunities and recognition, employees get dissatisfied and do not perform to the standards. The dissatisfaction resulting from the unavailability of financial and non financial reward usually leads to high employee turnover and poor performance. The benefits that employee foresee for themselves and their families motivates the employee to give their best. The Rewards are categorized into two groups’ financial and non financial rewards. The financial rewards are also called extrinsic rewards and non financial rewards are called intrinsic rewards. The financial rewards include pay, bonuses, allowances, insurance, incentives, promotions and job security, whereas the non financial rewards include appreciation, meeting the new challenges, caring attitude from employer, appreciation and recognition motivates the employee. The healthy working condition which fosters a professional relationship between supervisor and employee fulfills training and development needs of employees and ensures job security motivates employee. Once the pay exceeds a certain level, intrinsic factor become most important motivators. Different types of financial and non financial rewards are discussed below. Fringe benefit is the benefit that is given to employee in addition to pay. It motivates the employee. The availability of fringe benefits creates a motivating environment and lead to an increase in production, sales and profitability. Bonuses are offered to the employees when they achieve certain standards and quotas. Pay is the compensation given to employees which is proportionate to the skills, knowledge and their expectations. Money is ranked at the top because it enables to fulfill their basic needs of life. At the same time money is considered as the sign of triumph and accomplishment because it allows the human to fulfill the needs of belongingness

1.2 STATEMENT OF THE PROBLEM

The success of financial and non financial incentives on the motivation of employees has really become a watch word in most organization; however several organizations in Nigeria still neglect the areas of incentives. Poor incentive measures in an organization might affect staff productivity, commitment and the working environment. The issues of poor incentives could be as a result of organizational policy; it could be poor performance of the human resource management. Lastly there have been series of studies on financial and non financial incentives however not even a single study have been carried out on the effect of financial and non financial incentives on staff productivity in Nigerian Maritime Administration And Safety Agency; NIMASA; hence a need for the study.

1.3 AIM AND OBJECTIVES OF THE STUDY

The main aim of the research work is to determine the effect of financial and non financial incentives on staff productivity. Other specific objectives of the study are:

1.  to determine the relationship between financial and non financial incentives on staff productivity in NIMASA

2.  to determine the types of financial and non financial incentives given to the members of staff of NIMASA

3.  to determine the extent to which financial and non financial affects staff productivity in NIMASA

4.  to investigate on the factors affecting the incentive measure in the Nigerian Maritime Administration And Safety Agency; NIMASA

5.  to proffer solution to the above stated problems

1.4 RESEARCH QUESTIONS

The study came up with research questions so as to ascertain the above stated objectives of the study. The research questions for the study are:

1.  What is the relationship between financial and non financial incentives on staff productivity in NIMASA?

2.  What are the types of financial and non financial incentives given to the members of staff of NIMASA?

3.  To what extent do financial and non financial affect staff productivity in NIMASA?

4.  What are the factors affecting the incentive measure in the Nigerian Maritime Administration and Safety Agency; NIMASA?

5.  What is the way forward to incentive measure in the Nigerian Maritime Administration and Safety Agency; NIMASA?

1.5 STATEMENT OF RESEARCH HYPOTHESIS

H0: there is no significant relationship between financial and non financial incentives on staff productivity in NIMASA

H1: there is significant relationship between financial and non financial incentives on staff productivity in NIMASA

1.6 SIGNIFICANCE OF STUDY

The study on the effect of financial and non financial incentives on staff productivity will focus on Nigerian Maritime Administration and Safety Agency; NIMASA because of the level of organizational culture and large number of staff; the study will determine the relationship between financial and non financial incentives on staff productivity in NIMASA. The study will also serve as a repository of information to other researchers that desire to carry out similar research on the above topic. Finally the study will contribute to the body of existing literature on financial and non financial incentives on staff productivity.

1.7 SCOPE OF STUDY

The study on the effect of financial and non financial incentives on staff productivity is limited to Nigerian Maritime Administration and Safety Agency; NIMASA; the study will cover on financial and non financial incentives on staff productivity in NIMASA from 2013-2017

1.8 LIMITATION OF STUDY

Financial constraint- Insufficient fund tends to impede the efficiency of the researcher in sourcing for the relevant materials, literature or information and in the process of data collection (internet, questionnaire and interview).

Time constraint- The researcher will simultaneously engage in this study with other academic work. This consequently will cut down on the time devoted for the research work

1.9 DEFINITION OF TERMS

Financial Incentives: Monetary reward or compensation use to motivate workers of Nigerian Maritime Administration and Safety Agency; NIMASA.  

Non Financial Incentives: Other incentives apart from monetary rewards given to members of staff of Nigerian Maritime Administration and Safety Agency; NIMASA.

Performance Incentive: Rewards that motivates worker of Nigerian Maritime Administration and Safety Agency; NIMASA to put in more efforts.

Productivity: The rate at which employee work and their yield in of Nigerian Maritime Administration and Safety Agency; NIMASA


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