IMPACT OF INCENTIVE SCHEMES ON WORKERS PERFORMANCE IN ORGANIZATIONS (A CASE STUDY OF ECO BANK PLC, EDO STATE)

ABSTRACT

This research is to determine the significance schemes on workers performance in an organization using Bendel Feed and Flour Mill limited as a case study. The questionnaire was used for the collection of data of this study. A total of one hundred and fifty (150) questionnaire were administered out of which eighty (80) representing 66.6% were retrieved. Three hypothesis were formulated and tested using the simple percent and chi-square methods to measure the perception of the respondents. Increases in salaries motivate workers to performance housing scheme for workers to motivate them to performance. Medical incentive motivate them to performance. In an organization, Base on the analysis of the data collected, the following findings were made. That housing scheme for workers motivates them to performance. Increase in salaries will motivate workers to performance in an organization. Based on the above findings the following recommendations were made for implementation:
1) The incentive scheme workers enjoy in Eco Bank Plc, should compete favourably with the incentive schemes of workers in other organization.
2) Organization should strive to reduce inequality in the incentive schemes enjoyed by different level of workers
3) Management should ensure that there is fairness in the implementation of incentive scheme programme in the organization

1.1 BACKGROUND TO THE STUDY
Human beings that work in an organization have some needs to satisfy. Thus, the desire to satisfy these needs makes people to work. A need is accomplished by a state of drive or tension which gives rise to a behaviour directed towards the satisfaction of the needs and thus allows the desired.
Schindler (2004) believes that a man will like to put in his best to work and learn the simple joy of doing something well. If he feels pleasant at producing something of value to the society and will feel pleasant emotion (satisfaction) for himself as well as his employer, propel him to work. One of the way a worker may feel pleased with his work is when the work provides him with the means of satisfying his needs. Hence, employee strive to put in their best to work in order to achieve their needs readily, while embracing the aims and objectives of the organization.
It is in view of this that the study want to take an analytical look at the significance of incentive schemes in the motivation of workers to performance using Eco Bank Plc, Auchi as a case study.

1.2 STATEMENT OF THE PROBLEM
Organization exists in order to achieve some objectives. For the organization to achieve these objectives, people need to be employed in the organization as workers or employees. These people employed in the organization as workers have set of needs to satisfy. These set of needs have varying effects on the behavior of the workers.
Thus, these needs become part of the objectives of the organization. It is when these needs are satisfied that the workers will be motivated to put in their best and work to words the realization of the organization’s objectives. One of the ways of meeting the needs of the workers is through the provision of incentive schemes. If these need are not satisfied, the persons will be unhappy. Such unhappy situation can affect the performance of these workers negatively. It is in recognition of this fact that this study want to look objectively at the significance of incentive schemes in motivation of workers using Eco Bank Plc, Auchi as a case study.

1.3 OBJECTIVES OF THE STUDY
In this study the researcher hopes to achieve the following objective:
• To identify the types of incentive schemes being provided in an organization using Eco Bank Plc, Auchi as a case study.
• To find out the extend to which the organization’s incentive schemes have motivated the workers
• To ascertain the problems militating against incentive schemes and to suggest solution to them.

1.4 RESEARCH QUESTIONS
In order to carry out this study properly, the following research question are asked.
1. To what extent do the provision of housing scheme satisfy the workers in organization?
2. Does the provision of medical facilities in the organization motivate workers?
3. What are the need for incentive scheme in the organization?
4. Does increase in salaries motivate higher performance in an organization?