ROLE OF financial INCENTIVES TO WORKERS MOTIVATION
ROLE OF FINANCIAL INCENTIVES TO WORKERS MOTIVATION
Employees' financial competence is a crucial component in any organisation since it impacts how motivated they are to put out effort on the work.
The financial capabilities and other motivating modules available to a worker(s) are a determining factor for his or her degree of productivity since they affect the achievement or failure of an organization's established objectives.
In concrete terms, all of the conditions that workers must meet are tools that will improve job performance by increasing productivity.
The term “incentives” refers to wage-payment programmes that link wages directly or indirectly to production criteria (Ubeku, 1975, p. 139).
Incentives differ from wages in that they might be financial, material, and so on. However, in this study, we are primarily interested with financial incentives, as stated by Ubeku above; they are also referred to as wage incentives. Financial incentives are particularly crucial to an employee's well-being since they emphasise the importance of his job and effort.
This is because a lack or failure to meet these requirements will have a negative impact on his attitude towards work. As a result, the importance and significance of financial incentives must not be underestimated.
As a result, financial incentives are critical since they allow employees to earn more money for exceeding a specific quota or norm. Okoh (2005, p.169).
Incentive is sometimes considered or employed as a motivating component in an organisation. Ubekwe (1975, p. 139). It is a measure used or implemented to encourage a worker to put in extra effort at work in order to achieve high or maximum production.
Financial incentives are viewed as a motivational factor for an employee, and their value can be determined in a variety of ways.
One of the methods (importance) is that financial incentives will inspire people (workers) to do their tasks well to the extent that they are satisfied with their jobs. That is, the more an employee's wants are met, the more likely he or she is to respond with high levels of production.
Another assumption is that when a reward is attached to a job, the person will be driven to put forth his best effort.
As a result, financial incentives assist an organisation in increasing productivity, improving individual employee performance, and meeting overall organisational efficiency requirements.
Thus, financial incentives for employees are quite significant since they serve as a motivational component or scheme in an organisation. Because the level of an employee's economic (financial) will go a long way towards awakening his or her intrinsic aptitude to accomplish his or her job.
No management system will be effective if it consistently emphasises higher levels of performance and progress while failing to reward and reorganise employees' work. As a result, managers and employees at all levels should evaluate productivity and the rewards associated with it.it means (financial incentives).
1.2 PURPOSE OF THE STUDY
The purpose of this study is to investigate and provide a detailed examination of the influence of financial incentives in worker motivation. Using nigeria Breweries Plc as a case study.
For this research study to be significant, it must have a purpose.
The following are the purposes of this investigation.
To demonstrate the significance of financial incentives in worker motivation as applied by nigerian Breweries plc. Benin.
To demonstrate how Nigerian Breweries Plc views the significance of financial incentives for workers.
To determine the strength and/or weakness of financial incentives at Nigerian Breweries plc.
To demonstrate what motivates people to work at Nigerian Breweries Plc.
To demonstrate the approaches used by the management of Nigerian Breweries Ltd to attain its goals and objectives.
1.3 SCOPE OF THE STUDY
This study spans five years, commencing in 2002 and ending in 2006. It will look into the proper use of financial incentives to motivate personnel.
The study will also look at the various techniques to motivation and suggestions for effective motivation.
The research study will include information gathered from junior, senior, management, and expatriate employees. Nigerian Breweries employs both Nigerian and international expatriate staff.
1.4 Research Hypotheses
H0 Financial incentives alone exceed the other forms of employee motivation.
Financial incentives alone trump other forms of employee motivation.
H0 Financial incentives do not promote employee performance.
Financial incentives alone can increase employee motivation.
H0 = acceptable Null
Ha = is not acceptable Null.
1.5 SIGNIFICANCE OF STUDY
This study, once completed, will be of great value to pupils. Corporate groups and individuals interested in learning more about financial incentives and their impact on employee motivation. It will also be useful to managers who want to research motivational strategies in the workplace.
The usage of incentives or welfare packages, as well as spectacular allowances, is at the heart of employee motivation; thus, this study will take a critical look at financial incentives in the workplace, using Nigerian breweries as a case study.
HISTORICAL BACK GROUND OF NIGERIAN BREWERY
Nigerian Breweries Plc, as the name implies, is a public limited company with its registered headquarters in Lagos. Foreign and Nigerian investors make up the ownership structure.
Note that the Nigerian Breweries Plc was founded in November 1946 with the primary goal of brewing. It was the first brewery to be established in the country.
For logistical reasons, production did not begin until late June 1949, when the first bottle of Star Larger rolled out of its single plant in Lagos. In 1949, the company had only one brewing plant in Lagos and a single product star.
Currently, it has brewing plants in Edo, Ibadan, Aba, Kaduna, and enugu, as well as a broader product line that includes Gulder, Legend Extra Stout, Maltina, Amstel Malta, Heineken, and Fayrouz.
The corporation aggressively pursues a national distribution strategy to ensure that its products are available at every major retail store where the consumer is or may be found. In this regard, the positioning of the brewing facility in various regions of the country is purposeful in order to promote the efficient supply of products to our teeming clients.
The Nigerian Breweries Plc also incorporates good citizenship; the company is committed to a culture of excellence in all of its activities, so it strives to be above board in all of its interactions with employees, customers, suppliers, shareholders, competitors, the government and its agencies, the general public, and so on. Progress thus far would not have been possible without a dedicated, efficient, and responsible workforce.
This company does not take anything for granted, and as a result, it has a defined human resources policy. According to Ikpatt, C., and Ibanga, M.H. (2001), the company's human resource policy ensures successful employee training and development at all levels of the organisation.
When new employees are hired, their training requirements are carefully designed and implemented, taking into account the specific demands of the business as well as the individual attributes of the employee(s) in question.
The advancement of employees, and thus their livelihood, is dependent on the success of the organisation. As a result, the company expects its employees to be loyal and committed to maintaining a high level of efficiency, and the corporation is concerned about the well-being and security of all of its employees.
As a result, both parties have mutual obligations and rights, which are summarised below. The company shall strive to recognise employees' freedom to form and join a trade union registered under the Trade Union Act.
Every employee is encouraged to maximise his potential and pay close attention to his job and success. In return, the employee will give to the company.
The promise to always strive to carry out their duties/responsibilities to the best of their abilities.