REWARDS ON EMPOYEE JOB SATISFACTION IN THE BANKING INDUSTRY

ABSTRACT

This study aims at examining and exposing the impact of non- monetary rewards  on  Job  satisfaction of  Employees in  selected  Banks  in  part Harcourt.

The subject matter was introduced with the consideration of the background and cursory view of rewards to labour, the problems associated with it and what problems posed by such, that the research study would solve. It also periscopes the purpose and significance of the study.

Chapter two reviews the views, opinions and suggestions of different scholars, practioners/ managers etc, that were documented in textbooks, journal, magazines and other articles. While chapter three explains the techniques and methods adopted in carrying out the research.

Chapter four analyses the data got from the questionnaire administered to respondents. Presents the data and gives findings.

And lastly, the whole research study was summarized , concluded and recommendations made.

Conclusively, it is seen that there is a positive relationship between non- monetary rewards and job satisfaction especially in the banking industry.

CHAPTER ONE INTRODUCTION

1.1  BACKGROUND OF THE STUDY

Every employee goes into the organization with two things in mind-

i.        The desire for good rewards, remuneration and compensation and

ii.       To get satisfaction from what he is doing job) as to bring about growth.

The  desire  is  intensified by  the  fact  that,  the  individual with arrays rewards to satisfy or meet these needs.

We also consider the fact that human wants are insatiable. As one need is satisfied a higher need crops up.

When therefore an organization fails to meet up with the expectations of the individual employee, he therefore becomes dis- satisfied. Explaining the effect of dissatisfied workers.

Nwachukwu (1988.82) say when the opportunity for meaningful achievement are eliminated, workers become sensitized to the environment and begin to find faults. He went further to say that the failure  for  an  employee  to  achieve  an  objective  leads  to  series  of

defensive behavior such as aggression, withdrawal, depression and projection.

Obviously, good rewards and jobs play a dominant role in our lives. A good job provides the economic basis for necessities, luxuries and lifestyles to be met and thus providing the satisfaction for the physiological needs. In Nigeria, there is a high rate of poverty that is even worsened by a biting inflation. To a very large extent, in such a country the objective of most familiars is to eat, clothe and shelter first, before the person can think of any other thing.

Most  times,  this  poverty  and  penury,  the  guest  for  materialism and corruption direct us to make the mistake that every job satisfaction lies in the  monetary  reward,  accruable  to  it.  However,  Nigerians  like  to showcase whatever they do that gives them the job satisfaction. Example, the attachment of their titles to their names, no matter how wretched such title will be on them.

Robert (1986.73) asserts that we define ourselves in part   through our career, jobs or professions. It seems only reasonable that anything of such central importance must be of concern to all employees. No wonder

Nwachukwu (1988) opines that employees satisfaction is the aim of most managers. The contention is that a satisfied employee has a better attitude to work than a dis-satisfied employee.

We can also consider the situation after the Nigeria independence, whereby civil service was the pride of most Nigerians despite the little monetary reward that it offered. This was because it offered Nigerians (civil servants) job satisfaction.

Every manager is now faced with a problem, as what satisfies an employee are  many and varied. In fact each employee differs in the things that satisfy him and make him work harder.

Gibson (1991.112) corroborates this, that people differ in  rewards they desire and in the relative importance of different rewards for them. He stresses further that individuals differ on what rewards they prefer.

Also, preferred rewards vary at different points in a persons career at different ages and in various situations.

Koontz et al (1988.636) citing lawyer and suttle in questioning the need hierarchy say. At the higher level, the strength of needs varied with the individual. In some individuals such needs predominated, and in others, self actualization needs were strongest.

In the past, one major way in which managers satisfied their employees was by monetary rewards only, but today management has brought with it,  non-monetary rewards,  that  even employees in  less  jobs  are  also satisfied like their counterparts in highly paid jobs.

The Japanese Management style gives the Japanese employee the feeling that he will growth with the company making the firm to make him. That one day, he will be a co-owner of that company he work for. This their driving force that gives the employees job satisfaction, not just basically meeting up the physiological requirements of an employee. If the above assertion is true, it therefore means that something else other than monetary rewards is very vital for job satisfactions.

In this work, the researcher will take an in-depth study of some of non- monetary rewards that organizations offer like promotion, recognition, pension plans, insurance scheme, job security, sick leave pay, training and development, benefits, vacations etc. that are being offered to employees of the banking industry in Nigeria.

The  Researcher wants to  unearth the  effect that such incentives and rewards have on employees job satisfaction, and also to discuss on some new trends in non-monetary benefit plans.

1.2  STATEMENT OF PROBLEM

In  the  past,  a  significant  number  of  studies  on  what  motivates  an employee and gives him satisfaction, the effect of satisfaction on job performance, and also the factors that influence employee satisfaction have been carried out, such as theory of needs Expectancy theory, herzbery two-factor theory.

Nwachukwu (1988) listed a number of factors that influence employees satisfaction some of these factors are sex, age, job level, personal characteristics of the job holder, level of education, income level, supervision, relationship with co-workers size of the work group and job content. Despite all these studies in trying to find out factors and causes of employee satisfaction, there remains an area still lacking considerable attention. This is the impact of non-monetary rewards on job satisfaction especially  in  the  banking  industry  since  it  is  assumed  that  bank employees are well remunerated.

However, it is felt that all bank employees are not satisfied with their jobs, inspite of the monetary rewards. Thus this study tends to emphasize on the impact of non-monetary rewards on job satisfaction in selected banks in port Harcourt.

1.3    PURPOSE OF THE STUDY

The  purpose  or  objective  of  this  study  is  to  among  other  things investigate.

1.  The difference between monetary and non-monetary rewards

2.  The relationship between monetary and non-monetary rewards.

3.  The major ways an employee can be rewards non-monetarily.

4.  How non-monetary rewards effect employee satisfaction on the job.

5.  The effect of dissatisfaction on employee job satisfaction.

6.  The importance of non-monetary rewards in an organization.

1.4  STATEMENT OF HYPOTHESIS

This study will test tentative propositions arising from the relationship of the two variables under study. The test will be carried out to provide empirical evidence that would support the inference that would be made in the research exercise. The following hypotheses would be tested.

1.       There is no positive significance relationship between promotion and job satisfaction.

2.    There is no positive and significance relationship between training and development and job satisfaction.

3.    There is no positive and significant relationship between employee recognition and job satisfaction.

1.5 SIGNIFICANCE OF STUDY

This study would reveal  the importance of non-monetary rewards which had not been given or attached considerable attention or much concern by organizations. It would be able to differentiate full compensational programme from benefits. It would also aid managers in knowing when to use either financial or non-financial rewards in motivating their employees.

This will go a long way in finding a solution on the debates among researchers  as  to  whether  intrinsic  or  extrinsic  rewards  are  more important in determining job satisfaction.

1.6  SCOPE AND IMITION OF THE STUDY

In this research study, the scope is limited to the searchlight on non- monetary rewards as they affect job satisfaction. Again, it will focus on the banking industry in port Harcourt, Rivers State.

The research study is limited by several factors. Most bank refused to attend and respond to the questionnaire of the researcher. Their simple excuse was that, head office should first give them clearance to this effect. And another reason being that they are too busy to respond to questions. Some  employees claim that  giving  out  information would amount to applying for dismissal from work.

Another limiting factor is that most of the literature in the research are writer in other environment that are quite distinct from what is obtainable in Nigeria. These was that obvious was that obvious problem of dearth of material. There was constraint on time, on the part of the researcher, as I had to share the little time available to work, for my family and for studies.

To even compound the matter, the distance between port Harcourt and

Enugu- my place of residence and school, never helped matters.

There were also insufficient funds for me to carry out this research study the way I wanted.

However, all  these limitations do  not  in  any way effect the  quality, validity and content of this research study.

1.6    DEFINTION OF TERMS

This section will generally define variables and other relate concepts in the research setting.

EMPLOYEE

Is anybody employed or offered a job into an organization and who is entitled to receive salary or wages. Horaby (1963) defines employee as anybody employed for wages.

SATISFACTION

This is the contentment experienced when a want is satisfied or fulfilled. In other words, satisfaction is the outcome or result already experienced by an individual either on the job or outside it.

COMPENSATION

Compensation means salaries and incentives for personnel, but also include hourly wages and employee benefit plan. Compensation can also be wages, salaries, incentives received by an employee for work done and do also include other monetary and non-monetary rrewards on the job.

FRINGE BENEFITS

Fringe benefits can be defined as additional entitlement given to employees by management to supplement their wages.

JOB SATISFACTION

Job satisfaction is anything that makes an employee to feel fulfilled and happen with his job.

MORALE.   The mental attitude of employees toward their   company and their job.

SUMMARY

The offer of  labour goes with the  reward of wage-payment. This salary/wage goes a long way to help the employee satisfy especially his physiological needs.

However, there are still some non-monetary rewards that such employee needs from his organization that can as well assist in motivating him and giving him job satisfaction.

Managers are now faced with some trendy problems, which can be to find out the non-monetary rewards that can boost the morale of their employees to put in their best for the growth of such organization.

This  study  will  focus  on  the  Banking  Industry  because  of  the erroneous assumption that their employees are well paid, but do they have job satisfaction. The objective of the study was unraveled and hypotheses stated. The study will be significant to managers, researchers, and ministrations, chief Executives etc.

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