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AN EVALUATION OF THE IMPACT OF REMUNERATION ON EMPLOYEES ATTITUDE AND PERFORMANCE IN ORGANIZATION

AN EVALUATION OF THE IMPACT OF REMUNERATION ON EMPLOYEES ATTITUDE AND PERFORMANCE IN ORGANIZATION

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ABSTRACT

The essay evaluates the impact of remuneration on individual attitude and performance in organization. The objective of the essay is to identify how remuneration affect employees performance as well as to find out the various methods of remuneration and also to identify the challenges of wages and salaries administration in organization. To this end, attempts were made to review literature on the meaning of remuneration, the impact of remuneration on employees performance, methods of remuneration, objectives of remuneration as well as challenges confronting organization in salaries and wages administration. The researcher recommended that organizations should adhere strictly to the government regulation on salaries and wages as stipulated in the labour Act.

 

CHAPTER ONE: INTRODUCTION

1.1     Introduction        –         –         –         –         –         –         –         1

1.2     Objectives of the Essay         –         –         –         –         –         3

1.3     Significance of the Essay      –         –         –         –         –         4

1.4     Scope and Limitations of the Essay        –         –         –         4

CHAPTER TWO: LITERATURE REVIEW

2.0     Introduction        –         –         –         –         –         –         –         6

2.1     Meaning of Staff Remuneration    –         –         –         –         6

2.2     The Effect of Compensation on Employee’s Work Performance-   18

2.3     Methods of Data Compensation    –         –         –         –         25

2.4     Objectives of Remuneration –         –         –         –         –         31

2.5     Challenges Facing Organization in Salary and Wages Administration   –         –         –         –         –         –         –         34

CHAPTER THREE: SUMMARY, CONCLUSION AND RECOMMENDATIONS

3.1     Summary   –         –         –         –         –         –         –         –         35

3.2     Conclusion –         –         –         –         –         –         –         –         36

3.3     Recommendations       –         –         –         –         –         –         36

References

 

CHAPTER ONE

  1. INTRODUCTION

Remuneration refers to the mode of compensating the workers exerting their energy or spending their time in accomplishing their organizations objectives.

Remuneration 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. Remuneration which comes in form of services includes recreational services, canteen services and medical services.

Remuneration has a significant impact on workers attitude and performance in organization because it is the most effective motivational technique. Good remuneration improves productivity, while poor remuneration affects productivity adversely. However, the general problem of monetary remuneration is that they are expert in the short run but not necessarily cost effect. On the other hand, monetary remuneration can motivate workers depending on his or her needs for  money. Individual behaviour and consequently performance in an organization is related to remuneration. 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, remuneration 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. OBJECTIVES OF THE ESSAY

The main objective of the essay is to evaluate the impact of remuneration