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CHAPTER ONE
INTRODUCTION
1.0 Introduction
Remuneration is the monetary compensation that one receives exchange
for the work or services performed. Typically, this consist of monetary
rewards, also referred to as wage or salary. A number of complementary
benefits, however, the increasingly popular remuneration mechanism. Thus
it is financial compensation received by a officer/employed/staff of an
organization. It typically a metric of salary, bonuses, shares of
and/or call options on the company stock, benefits, and perquisites,
ideally configured to take into account government regulations, tax law,
the desires of the organization and the executive and rewards for
performance. The past decades starting with the 1980’s saw a dramatic
rise in executive pay in the country relative to that of overage workers
wage in Nigeria, and to lesser extent in a number of other countries.
Observers differ as to whether this is a natural and beneficial result
of competitive for scare business talent that can add greatly to stock
holder value in large companies/organizations. In a modern corporation
Chief Executive Officers (CEOs) and other top executives are often paid
salary plus short-term incentives or bonuses. This combination is
referred to as total cash compensation (TCC). Short-term incentives
usually are formular-driver and have some performance criteria attached
depending on the role of the executive.
1.1 Theoretical Background
Adequate and effective payment of staff remuneration, salaries,
allowances, entitlement or emolument has been a great source of concern
challenge over the years especially in Ritman College, IkotEkpene.
Challenges such as duplicate payment of remuneration to a staff, wrong
calculation or arithmetic when competing the total remuneration to
staff. Possible tampering of staff benefits of those competing the
payments, time compilation, in the general process of compilation,
possible omission of mistake of inclusion of staff names and lots more.
But this new system after implementation will bring all the above
mentioned challenges and the likes to rest, and also improve and
increase the spirits and confidence of managers, staff at various levels
or organization as it regards security, efficiency and effectiveness in
all the remuneration processes.
1.2 Statement of the Problem
As mentioned previously, great problems have been seen when
processing the remuneration of staff in organization/institutions, such
as time delay or factor, duplicate payment of entitlement, intrusion to
individuals/staff account. The problem of familiarity with the existing
system which has made users to endure the general problems been
encountered or experienced with the system. The problem of possible
Ostracization or omission of staff name or identify when recording the
remuneration.
1.3 Aims and Objectives of the Study
The aim of this research is to design and implement a system for the analysis of staff remuneration. The objectives of this study includes:
i. To develop a system that will be used for the analysis of staff remuneration.
ii. To create a new technology that will have a long standing and positive effects in the management of staff entitlements.
iii. To developed a system that will prevent the incessant tampering/attempt of staff money.
iv. To identify the short coming connected to the existing method.
1.4 Significance of the Study
The significance pf the study includes:
i. It would help reduce the level of intrusion existing in our organization of management.
ii. Managers/users of the system will fell or experience utmost relieve and convenience when using the system as it regards timeliness in all the process.
iii. It would help sanitize our companies, institution and organization of duplicate payment of staff.
iv. It would help to calculate the general allowance, salaries to staff.
1.5 Scope of the Study
The scope of this research cover the analysis of staff remuneration system, with reference to RitmanCollege as the case study in Ikot Ekpene.
1.6 Organization of the Research
This project work is divided into five chapters. Chapter one starts
with the introduction, theoretical background, statement of the
problem, aims and objective of the study, scope of the study,
organization of the research and definition of terms. Chapter two
focuses on the review of related literature, chapter three is concerned
with the system analysis and design implementation and documentation
which are system design diagram, choice of programming, analysis of
modules, programming environment, hardware/software requirements and
implementation. Chapter five contains summary, conclusion, constraint of
the study and recommendation.
1.7 Definition of Terms
Barter: To exchange goods or services in return for other goods or services.
Contract: A formal or legally bonding agreement.
Extrinsic: Not an essential part of something, coming or operating from outside something.
Intrinsic: A basic essential part of something as one of it’s features.
Periodic: Occurring or appearing at a regular intervals in regular cycles.
Retirement: The act of leaving a job or career at or near the usual age for doing so, or the state of having left a job or career.
Remuneration: A payment or reward for losses sustained or in convenience.
Subsidize: to reduce the cost of something by providing a subsidy or a monetary gift/contribution to somebody or something, especially to pay expenses.
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