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BANKING FINANCE

MOTIVATING THE WORKFORCE FOR GREATER PRODUCTIVITY IN THE BANKING SECTOR

MOTIVATING THE FOR GREATER PRODUCTIVITY IN THE

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MOTIVATING THE WORKFORCE FOR GREATER PRODUCTIVITY IN THE BANKING SECTOR

ABSTRACT

In essence, this study looked at how to increase in the banking sector of the in the twenty-first century. (Zenith Bank International Plc Asaba Case Study).

The study used both primary and secondary data to X-ray the subject matter; the primary data came from Zenith Bank International Plc Asaba personnel.

The secondary data were gathered from publications related to the topic, and hypotheses were also formulated to ascertain the significant relationship between motivational factor and productivity for experience staff of Zenith Bank International Plc Asaba.

Fifty (50) questionnaires were administered, and the end fourth five (45) was retrieved and used for the . When the hypotheses were tested using chi-square statistics techniques (X2) at the 0.05 level of significance,

it became clear that there is a significant correlation between the motivational factor and work productivity for experienced staff of Zenith Bank International Plc Asaba.

Following a thorough analysis, it became clear that Zenith Bank International Plc Asaba has strong financial standing and is among the top five banks in the nation.

It also has a long and illustrious history of employee motivation, which explains why many believe it to be the best bank in the country.

The management of the bank received important recommendations as well, which if followed might propel them to the next level. Therefore, without any bins in the absence of motivation, a Bank or company may be likened to a blind man who cannot see what lies ahead of him, an individual without a direction, or a ship without a captain.

In conclusion, the findings of this study proved beyond a shadow of a doubt that motivating the workforce for greater productivity in the banking sector of the economy in the 21st century highly have the significant relationship on motivational performances.

Throughout the course of this study, it became abundantly evident that controlling the relationship between the employee and his staff is essential to encouraging the workforce to produce more in the banking sector of the economy in the twenty-first century.

INTRODUCTION

CHAPTER ONE

Psychologists generally concur that people have a range of wants, but there is substantial dispute over the nature of these needs and their relative importance.

Unfortunately, each of these models has flaws and gaps, and we still lack a comprehensive theory of motivation. Several attempts have been made to present models of motivation that list a specific number of motivating needs, with the implication that these lists are all-inclusive and represent the full picture of needs.

What should be done alone to maintain a high level of performance through employees is a concern for all organisations. The ideal approach to manage is to find the way to accomplish a target or mission with the least amount of inputs of material and human resources available,

which is what the topic of proper motivation of workers is developed from as a result of the many attempts made by management practitioners.

As a result of these difficulties, numerous theoretical concepts, ideas, and management strategies have developed. In general, motivation has been viewed by authors as a crucial element of the managerial task of leading or directing.

Nevertheless, other administrative functions including planning, controlling, staffing, and organisation also have a role in establishing employers' attitudes towards assigned work tasks. Leading or leadership style is also a significant predictor in this regard.

Workers are one of the weapons for economic advancement in any serious and competitive society. Because an organisation can't function without a committed workforce, their welfare is seriously considered. The nation's (Nigerian) compensation structure is arguably the worst in the world, with an average worker take-home pay of N35 per month.

Workers are treated poorly, used and mistreated, harassed, offended, and dismissed without any consideration for what they have contributed to the organisation and society as a whole.

It is clear from this that managerial functions and activities that are intended to focus the labour force's productive effort on achieving organisational goals have importance for the issue of worker motivation.

According to Knotz et al. (1980), management should attempt to establish and maintain a climate that encourages individuals working in groups to achieve pre-determined goals to perform at their best.

Goal conflicts between people and other groups frequently arise as a result of ongoing organisational work and group dynamics.
In contrast, according to Strauss and Sayles, the following strategies can be used to motivate employees

(1) The conventional method,
(2)

human relations strategy.

(3)

Bargaining tacitly.

(4)

Competition

(5)

Motivated internally

(1) The Economic Man Model, a common term for the classic approach to motivation, makes the following assumptions.

(a) People only work because they want to make money, and they will only do so if they are motivated by a fear of losing their employment.

(b) Since no one enjoys working and will attempt to get away with doing as little as possible, management must specify every regulation, tell every employee exactly what to do, and give each employee the narrowest range of duties imaginable.

(2) The human relations approach: this places an emphasis on motivating employees primarily through providing security and benefits that offer some protection against illness, old age, and unemployment.

The formation of strong, cohesive work groups and a variety of recreational pursuits should both satisfy the social demand for belonging.

(3) The implicit bargaining method to motivation encourages workers to perform a reasonable amount of labour by agreeing to be more flexible with regard to monitoring.

These negotiations typically involve an implicit, unspoken understanding.

(4) The fourth method of incentive revolves around rivalry for pay raises and promotions that come along with excellent work.

This is crucial because it enables the worker to meet a variety of needs, some of which include a sense of success and elevated social status.

(5) Internalised motivation, the final strategy under consideration, focuses on giving opportunities for need satisfaction through actual job performance.

This strategy makes use of Herzberge's motivators, which suggests that management must establish circumstances that encourage employees to work gladly and voluntarily towards organisational goals out of a sense of enjoyment for their .

Economic incentive is downplayed while age mode is stressed more. These techniques can be employed separately or in combination, depending on the status and fashion. Furthermore, it is noted that the majority of managers typically combine all five techniques.

Because people want to pursue their own personal goals while the organisational goals are being achieved, it is crucial to take motivation into consideration in organisations.

However, some issues with low motivation do occur because some people enter the workplace with different expectations, behaviours, and perspectives. These issues with individual motivation could be split into two groups.

First off, some individuals's inability to be driven may be caused by personality inefficiencies; conversely, for these people, the desire to avoid failure may be too strong. The desire to achieve success could not be strong enough.

If there is to be any spin on achievement-oriented activity at all, this could result in general resistances to achievement-oriented activity that should naturally be countered by other extrinsic modalities of incentive.

Second, even when the desire to succeed is fairly strong, the challenge that the individual worker faces may prove to be insufficient or too difficult. Whichever of these applies to the individual worker, it will typically show in a variety of ways, such as a lack of enthusiasm or an early surrender.

Effective group functioning is based on the growth of supportive relationships, according to Bryans and Crouin. This is significant because it allows for various viewpoints to be presented and carefully considered, enabling the emergence of disputes that might be damaging to the institution.

Bryan and Crouin went on to say that a truly supportive environment could help with dialogue, group problem-solving, and decision-making.

This is because belonging to the establishment could provide the person a feeling of acceptance. This might act as a strong driving factor in his interactions with other establishment members.

At the core of all of this is the problem of individual differences, which greatly influence how motivated a person is. Some of the causes of individual differences include genetic make up, upbringing, and present stimuli.

Despite all of the apparent motivational and productivity issues, every organisation must look for ways to guarantee ongoing productivity that is directed towards achieving organisational objectives.

It cannot be claimed that the organisational structure under investigation differs in any manner in terms of achieving the goal for which it was designed.

Thus, via all of these processes, private and corporate business has contributed to the development of Nigeria into the nation it is today.

The behavioural sciences, particularly psychology, where efforts are made to understand the what, when, how, and who of human activity, find motivation to be relevant. The Nigerian writers Gbadamosi and Adegbakin (1996) contend that motivation is a component of the sciences that seek to explain why people behave in particular ways.

The extent to which economic elements like success, job security, acknowledgment, advancements, job enrichment, or the job itself, responsibility, decision-making participation, and managerial style are required to increase employee morale for high productivity will also be examined in this study.

These elements are referred to as non-economic motivators in this study since their incentive strength does not always come from money.

It is frequently stated that one of the main issues with private organisations is not that the employees lack motivation, but rather that the management are unable to foster it. A successful organisation requires effective leadership, great morale, and adequate motivation.

A good leader is one who can inspire his team to operate as productively and efficiently as possible. But a guy only provides from his own resources. A leader needs to understand what motivates people and how to use it in order to inspire others.

I think that compensation and perks are taken for granted and do not act as the main motivators. On the other hand, some aspects of human dignity may not result in financial gain, but they may be very important to the person, and when they are present,

they may create a very positive and healthy environment to inspire sufficient motivation, whereas when they are absent, the result is frustration and demotivation.

The study highlights seven components that support dignity and hence boost employee morale for greater productivity. The study also looks into how these “non-economic motivators” affect the output of Zenith Bank International Plc Abeba and the individuals who work there.

In this study, adequate motivation is simply defined as happiness, fulfilment, or job satisfaction, whereas non-economic motivators are those factors that are not necessarily calculable in monetary terms but that drive human behaviour and help the organisation achieve its goals as much as possible.

Perhaps I should clarify that the term, “the implication of adequate motivation of workers productivity,” is a comparison I made that could be compared to Herzberg hygiene elements.

Herzberg came to the conclusion from his research that success, acknowledgment, the work itself, responsibility, advancement, and growth are major sources of satisfaction because their positive influences are far more frequently a source of satisfaction than their negative influences are a source of dissatisfaction. More recent studies have strengthened Herzberg's position.

Herzberg's list of satisfiers and his sequence are supported by studies, although the specific placement or ranking of these satisfiers is up for debate.

However, all of these investigations were done in advanced, light industrialised societies. Therefore, it is uncertain whether the conclusions can be extended to the situation in Nigeria.

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