Journal of Theoretical & Applied Statistics 7(2): 1-14, 2019

ISSN 2079-2174
@ IDOSI Publication 2019.7.2.1207

EFFECT OF MONETARY INCENTIVES ON WORKERS PERFORMANCE IN

ORGANIZATION: NIGERIAN SITUATION

BY

EKWOCHI, EUCHARIA ADAEZE, Ph.D., M.Sc., MBA, B.Sc., IPMA, IRDI, IMPD
DEPARTMENT OF BUSINESS ADMINISTRATION
FACULTY OF MANAGEMENT SCIENCES
ENUGU STATE UNIVERSITY OF SCIENCE AND TECHNOLOGY, ENUGU, NIGERIA
E-MAIL: ukalexgideon1@yahoo.com Tel: 07033486833
&
OKOENE, CHRISTIANA NNENNA, B.Sc., M.Sc.
TANSI UNIVERSITY
UMUNYA – ANAMBRA STATE, NIGERIA Tel: 08109608400

ABSTRACT

The paper is examining the effect of monetary incentives on workers’ performance in Nigerian
organizations. The specific objectives include; to ascertain the effects of directors’ remuneration
on the performance of organizations, to examine the extent to which salaries and wages affect
the performance of organizations and to determine the effect of employee benefit scheme onthe
performance of organizations. The study used ex post facto design as methodology. The
analytical tool of the study was unit root test, descriptive statistics and ordinary least squares.
The study found out that the study found out that directors remuneration have significant effect
on the performance of organizations due to the calculated chi-square (X2) value (44.14) is
greater than table value (7.377), the study found out that salaries and wages affect the
performance of coca cola bottling company because the calculated chi-square (X 2) value (30.87)
is greater than table value (7.377) and the researcher discovered that employee benefit scheme
have significant effect on the performance of organizations because the calculated chi-square
(X2) value (35.44) is greater than table value (7.377), the study recommended that consequently,
management should design, formulate and implement compensation strategy objectively in order
to enhance the attainment of overall organizational goals with a view of getting the best
contributive and supportive effects from organizational workers and finally, both management
and workers should be made to understand the objectives contained in the compensation strategy
so that unintended and subjective motives can be played down on while trying to enhance the
common objective strategically. This, without doubt, will give room for good organizational
performance.

KEYWORDS: Monetary Incentives, Workers Performance, Organization

1
INTRODUCTION engineering. Business organizations
including the oil and gas sector exist to
The success and the survival of any produce goods and services, which they
organization are determined by the way the hope to exchange for money to maximize
workers are remunerated and rewarded profit. In pursuit of these defined objectives,
(Adams, 2013). The reward system and the organization procures resources and
motivating incentives will determine the processes them into output. Of the resources
level of employees’ commitment and their acquired, Chabra, (2011) noted that the
attitude to work. As noted by Akerele, human factor is the most significant because
(2011) poor incentives packages have been a if not properly managed, it can deliberately
major factor affecting employees’ retard operational performance of an
commitment and productivity. organization. Evidence abounds to attest to
Organizational performance comprises the the fact that all employees do not exert the
actual output or results of an organization as same effort towards organizational goals or
measured against its intended outputs in other words, some employees achieve
(or goals and objectives). According to better results than others. To achieve results,
Campbell & Chia, (2013) organizational employees will exhibit the required job
performance encompasses three specific behaviour. Gerhart, Minkoff & Olsen,
areas of firm outcomes: financial (2012) noted that the dilemma that managers
performance (profits, return on assets, return face in today’s business world is how they
on investment, etc.); product market could get employees to exhibit the required
performance (sales, market share, etc.); and job behaviour in the work place. Since it has
shareholder return (total shareholder return, been established that all behaviours except
economic value added, etc.). Specialists in involuntary responses are goal directed,
many fields are concerned with managers can apply the use of compensation
organizational performance including packages such as directors’ remuneration,
strategic planners, operations, finance, legal, salaries and wages and employee benefit
and organizational development. scheme to direct the job behaviour of
employees towards the goal of the
In recent years, many organizations have establishment. Therefore, for any
attempted to manage organizational organization to record any degree of
performance using the balanced meaningful success in the pursuit of its goals
scorecard methodology where performance and aspirations, it must have the ability to
is tracked and measured in multiple create values enough to compensate for the
dimensions such as: financial performance burdens imposed upon the staff. Such value
(e.g. shareholder return), customer service, or motivators can come in the form of good
social responsibility (e.g. corporate training policies, facilities or monetary
citizenship, community outreach), incentives such as fringe benefit, promotion,
employee stewardship, performance status symbol etc. so as to satisfy the needs
measurement systems ,
performance of the staff for enhanced operational
improvement and organizational performance (Gibson, 2004).
2
 Andersen, and Afifi. (2007) explains some
Hameed, Ali & Arslan, (2014) noted that of the common examples of monetary
monetary incentives are financial incentives incentives as thus;
used mostly by employers to motivate 1. Piece Rates – This is mostly used in
employees towards meeting their targets. production industries where
Money, being a symbol of power, status and employees are given a certain amount
respect plays a big role in satisfying the of money on each produced piece.
social–security and physiological needs of a Piece rates motivate employees to
person. From the foregoing it is evident that work harder and quickly to produce
monetary incentives therefore go a long way more pieces as each has a monetary
in promoting workers’ performance in incentive attached to it. However,
Nigeria organizations. when issuing piece rates, production
supervisors must ensure quality is not
Concept of Monetary Incentives compromised.
An incentive is a reward given to a person to 2. Pay Raise – These are mostly
stimulate his or her actions to a desired offered to employees who have
direction (Opara, 2013). Incentives have worked in a company for a
motivational powers and are widely utilized considerable longer period of time.
by individuals and large organizations to Some companies also give pay rises to
motivate employees. They can either be employees who have reached a certain
monetary or non–monetary. Lazear, (2006) level of production or those who have
is of the view that monetary Incentives are completed the required training
financial incentives used mostly by programs. Some offer annual salary
employers to motivate employees towards increment to loyal workers.
meeting their targets. Money, being a 3. Bonuses – Another good form of
symbol of power, status and respect plays a monetary incentive is issuance of
big role in satisfying the social–security and bonuses. These might be bonuses to
physiological needs of a person. Money individuals who have met their sales
however, seizes to be a motivator when the quotas or even bonuses to teams that
psychological and security needs are have completed their projects in time
satisfied. At that point it becomes a or have surpassed their production
maintenance factor (Shuja, Li, and Shamim, targets. Some companies give yearly
2016). Christmas bonuses to long serving
employees as a way of rewarding
When creating a reward program to motivate
loyalty
employees, decision makers and company
4. Sharing Profits – This is another
owners need to understand that the reward
excellent way of rewarding
or incentive neither guarantees quality
employees. A small profit portion is
output nor loyalty but just a bonus that
shared with employees based on their
encourages workers to meet their goals
position, duration with the company
without compromising on quality. Guerrero,
and input in attaining the overall set
3
 goals. Profit sharing is preferred by achievements. This improves the
most companies since it gives working environment as employees
employees a sense of belonging build a positive approach to work and
and ownership. become more innovative in adopting
5. Contests – These are mostly offered different ways of operation
to sales and production personnel. An 4. Element of life control – some
additional price or bonus is given to employees consider monetary
the employee or to a team with the incentive as an extra source of income
highest production level. Again, or side hustle. This offers an element
employers can offer cash rewards to of control to their income since they
employees with best suggestions just know they can increase their overall
to encourage more input in terms of earnings and still get recognized for it.
positive ideas that improve on sales, 5. No personalization – Non-
production or performance. monetary incentives need to be
Other than the above forms of monetary tailored to suit individual preferences.
incentives, others may include; retirement This is not the case for monetary
and education funds, off duty payments and incentives as almost every need has
payments to different employee training money value attached to it and
programs among others. therefore will provide direct
satisfaction to employees.
Hameed, Ali & Arslan, (2014) highlights the
benefits of monetary incentives as thus: The Concept of Workers Performance
1. Boosts morale – employees like to Entwistle, (2007) defined performance as
be recognized and rewarded for the level of an individual's work
improved performances. Monetary achievement after having exerted effort. Job
rewards not only boost morale for performance can be viewed as an activity in
high performance but also improve which an individual is able to accomplish
productivity. This is because the task assigned to him/her successfully,
employees will always work hard to subject to the normal constraints of
surpass their employers’ expectations reasonable utilization of the available
so as to earn an incentive. resources.
2. Easy and direct – monetary Aswathappa, (2007) defined job
incentive is a straightforward way of performance as the overall expected value
rewarding deserving employees. It is from employees’ behaviours carried out
easily noticed and adoptable. over the course of a set period of time. This
3. Improves the definition according to Ojeleye & Okoro,
working environment – it makes (2016) although fairly technical, includes
employees develop a feeling that their specific ideas that are worth breaking down:
work is noticed and that they will be • Performance is a property of behavior, or,
paid for further accomplishments and plainly stated, what people do at work • An

4
employee’s behavior adds expected value to which the company belongs, a company
the organization – that is, an employee’s generally evaluates itself and is evaluated by
behaviors may be distinguished as helping other agencies in terms of operational
or hindering an organization, but the performance. Generally keeping a high
outcomes of employee behaviors are rarely index or score on all the above mentioned
measured so their value is merely expected. points indicate that the company’s
Performance can further be broken down operational performance is good. These
into two distinct types: Task Performance metrics which cumulatively determine the
and Contextual performance. Task operational performance of the company are
Performance is the action that contributes to very useful and important as these help the
transforming raw materials to goods and company to identify the particular area in
services, the things that are typically which the company is lacking and it tries
included in job descriptions. Examples improving on these aspects. A company
include selling clothes, drilling holes, or with a high operational performance is seen
teaching a class. Contextual performance is in good light by all, customer, employees
the behavior that contributes to overall and investors so all companies are
effectiveness through supporting the social continuously trying to improve this.
and psychological climate of the workplace.
Directors’ Remuneration and Workers’
Akerele, (2011) defined operational Performance
performance as the performance of the In any organization tasks are performed with
company against prescribed standards, such the help of resources; material, machine,
as compliance with regulations, waste money and most importantly men. All other
reduction, productivity, etc. Sajuyigbe, resources except for human beings as
Olaoye & Adeyemi, (2013) stated that employees are non-living. Employees make
Operational Performance Measurements are use of these resources to generate output
the key metrics which are used to measure without them other resources will be useless,
the operational performance of a company. dormant and will not produce anything.
Different companies have different metrics Therefore, human resource is the greatest
to measure their own performance but few asset any organization can have and should
of the metrics are common across the entire be given the highest priority (Ojeleye &
business environment. Few of these metrics Okoro, 2016). Similar view is supported by
include: Hameed, Ali & Arslan, (2014), they argued
* Customer Satisfaction Index that human resource provides basis for an
• Employee Satisfaction Index organization to achieve sustainable
• Revenue Generation competitive advantage. Since organizations
• Productivity are operating in a dynamic and competitive
• Gross Profit business environment, they need to develop
strategies to acquire and retain the
Keeping in mind the above few mentioned competent workforce. He also emphasized,
points and points specific to the industry to nowadays human asset considered to be the
5
most important asset of any organization and but it is worth the effort. Akerele, (2011)
in order to get the efficient and effective stated that the objective of employee
result from human resource motivation is benefits and practices of an organization are
necessary Remuneration is traditionally seen to provide an attractive and competitive total
as the total income of an individual and may remuneration package which both attracts
comprise a range of separate payments and retains high quality employees.
determined according to different rules Turnover of key employees can have a
(Naseem & Khan, 2011). Organizations disproportionate impact on the business and
need highly performing individuals in order the people organizations wish to retain are
to meet their goals, to deliver the products probably the ones most likely to leave.
and services they specialize in, and finally to Turnover is an expensive organizational
achieve competitive advantage. outcome and companies expend
Accomplishing tasks and performing at a considerable time and resources in attempts
high level can be a source of satisfaction, to reduce turnover particularly dysfunctional
with feelings of mastery and pride. Low turnover (Campbell & Chia, 2013). It is
performance and not achieving the goals caused primarily by poor supervision, a poor
might be experienced as dissatisfying or work environment and inadequate
even as a personal failure. Moreover, compensation. Excessive employee turnover
performance if it is recognized by others often engenders far reaching consequences
within the organization is often rewarded by and at the extreme may jeopardize efforts to
financial and other benefits. Performance is attain organizational objectives.
a major although not the only prerequisite
for future career development and success in Sajuyigbe, Olaoye & Adeyemi, (2013)
the labor market. Although there might be indicated that when an organization loses a
exceptions, high performers get promoted critical employee, there is a negative impact
more easily within an organization and on innovation, example consistency in
generally have better career opportunities providing services to guests may be
than low performers. jeopardized and major delays in the delivery
of services to customers may occur.
Employee Benefit Scheme and Workers’ Employee remuneration is not just about
Performance pay, that is wages and salaries. It is also
Employers should always ensure that the concerned with non-pay benefits or benefits
organization is perceived as a great place to in kind. These non-pay benefits are usually
work meaning that it becomes an employer known as employee benefits and sometimes
of choice, that is one for whom people want as fringe benefits or perks. The former refers
to work. There is a desire to join the to the more important benefits such as
organization and once there, to want to stay. pensions and include those which are widely
Employees are committed to the applied in the organization.
organization and engaged in the work they Salaries and Wages and Workers’
do. To acquire a national, even a local Performance
reputation as a good employer takes time,
6
Different definitions have been advanced on his/her family. As direct financial rewards,
salaries and wages usually to show the wages and salaries are the most emphasized
differences that exist between both terms. by the employees, thus they sort of take a
Hameed, Ali & Arslan, (2014) noted that centre stage in the scheme of things as far as
basic salary is a fixed periodical payment for rewards for work is concerned.
non-manual employees usually expressed in
annual terms, paid per month with generally Effects of Monetary Incentives on
no additions for productivity. Wage refers to Workers’ Performance
payment to manual workers, always One of the major problems facing most
calculated on hourly or piece rates. Chhabra, employers in both public and private sector
(2011) also defined salary as a fixed amount is how to motivate their employees in order
paid to the employees at regular intervals for to improve performance. Economics is
their performance and productivity whereas largely based on the assumption that
wages are the hourly- based payment given monetary incentives improve performance.
to the labor for the amount of work finished It is generally believed that effect of
in a day. He further argued that while monetary incentives is unambiguously
Salaried persons are generally said to be positive as large monetary incentive
doing “white collar office jobs” which improves employee performance (Adams,
implies that an individual is well educated, 2013). The issue of employee performance
skilled and is employed with some firm and cannot be over emphasized. The general
holds a good position in the society, whereas believe is that employees will not perform to
the waged persons are said to be doing “blue the best of their ability unless they are
collar labour job” which implies that an motivated to do so. Various researchers have
individual is engaged in the unskilled or come up with various ways to motivate
semi-skilled job and is drawing wages on a people at work. However, because human
daily basis. One purpose of a person as an beings are different from one another in
employee of a company is to earn income in terms of needs, culture, religion etc. so does
the form of wages or compensation. Lazear, what motivate them also varies. Some
(2006) argued for the importance of salaries employees are motivated by financial and
and wages in Nigeria, he stated that wages other incentives and some nonfinancial
should not only be adequate but they must incentives. Naseem & Khan, (2011) states
also show some element of equity, this is that recent studies have shown that a
particularly true from the point of the combination of financial and non-financial
employees. Anything short of a fair and incentives can motivates employee to
equitable wage or reward can quickly attract perform well on their job. Managers
the wrath of employees in an economy such continuously seek for ways to create a
as Nigeria. For many Nigerian employees, motivating environment where employees
wages or salaries are highly critical issues. will work at their optional levels to achieve
They are decisive because without them in the organizational objectives. Work place
sufficient quantities, life becomes extremely motivators include both monetary and non-
precarious for the worker and members of monetary incentives. Monetary incentives
7
can be diverse while having a similar effect process of rewarding employees for higher
on associates. The purpose of monetary productivity by instilling fear of loss of job
incentives is to reward employees for (e.g., premature retirement due to poor
excellent job performance (Egbunike, 2015). performance). The desire to be promoted
Since human resource is the most valuable and earn enhanced pay may also motivate
resource of any organization, it must employees. Akerele, (2011) notes that
activate, train, develop and above all devising effective methods for motivating
motivate in order to achieve individual and employees is one of the major factors in
organizational goals. Motivation is the improving the performance of an
willingness to work. It is the drive and organization. Organizations are more
stimulation, which enables individual to successful if their employees are constantly
perform their work. Some individual defines seeking new ways to improve their work,
motivation as money and most people are and getting workers to reach their full
motivated by money. Monetary rewards as a potential can be achieved by providing them
motivator is high in developing countries with motivation. For this reason, the
due to high cost of living and low quality of development of policies for remunerating
lives which they are facing. Most activities employees appropriately so as to improve
of man are related to making money. their motivation is considered imperative for
organizational growth (Abdul, Zubair and
Hameed, Ali &Arslan, (2014) asserts that Arslan, 2014).
money remains the most significant
motivational strategy. Hendra and Rezki, Clearly, it would be difficult to overestimate
(2015) describes money as the most the significance of monetary incentives in
important factor in motivating the industrial contributing to employee satisfaction. They
workers to achieve greater productivity. He have always been indispensable in
advocates the establishment of incentive stimulating employees’ performance.
wage systems as a means of stimulating Financial incentives are used to attract
workers to higher performance, competent people to join an organization in
commitment, and eventually satisfaction. the first place, to persuade them to remain
Money possesses significant motivating there subsequently, and finally to give them
power in as much as it symbolizes intangible an incentive to achieve a high level of
goals like security, power, prestige, and a performance (Abah, 2013). However
feeling of accomplishment and success. financial “stimulation” is not the only
Christopher, (2015) demonstrates the important factor; it is just one element of the
motivational power of money through the system for motivating personnel. There are,
process of job choice. He explains that in fact, many different options available for
money has the power to attract, retain, and increasing the motivation of individuals to
motivate individuals towards higher carry out their responsibilities. It is clear that
performance. Anarado, (2015) states that techniques for improving motivation are not
many managers use money to reward or necessarily permanent in terms of their
punish workers. This is done through the effectiveness. Moreover, a single factor
8
elicits different reactions in different people individual shows positive and required
˗ what may increase one employee’s behaviour. For example - Immediately
productivity may actually undermine the praising an employee for coming early
motivation of another. This confirms the for job. This will increase probability of
importance, and indeed the necessity of outstanding behaviour occurring again.
studying the needs of the individuals, Reward is a positive reinforce, but not
including their attitudes, desires and necessarily. If and only if the employees’
priorities, in order to develop an effective behaviour improves, reward can said to
system of employee remuneration. be a positive reinforcement. Positive
reinforcement stimulates occurrence of a
The managers use the following methods for behaviour. It must be noted that more
controlling the behaviour of the employees: spontaneous is the giving of reward, the
Positive Reinforcement- This implies greater reinforcement value it has.
giving a positive response when an

Negative Reinforcement- This implies for his good work, he may feel that his
rewarding an employee by removing behaviour is generating no fruitful
negative / undesirable consequences. consequence. Extinction may
Both positive and negative reinforcement unintentionally lower desirable
can be used for increasing behaviour.
desirable/required behaviour.
Punishment- It implies removing Reinforcement theory explains in detail how
positive consequences so as to lower the an individual learns behaviour. Managers
probability of repeating undesirable who are making attempt to motivate the
behaviour in future. In other words, employees must ensure that they do not
punishment means applying undesirable reward all employees simultaneously. They
consequence for showing undesirable must tell the employees what they are not
behaviour. For instance - Suspending an doing correct. They must tell the employees
employee for breaking the organizational how they can achieve positive
rules. Punishment can be equalized by reinforcement.
positive reinforcement from alternative
source. Data Presentation and Analysis
In treating and analyzing of data collected
Extinction- It implies absence of
extensive use of tables and percentage will
reinforcements. In other words,
be paramount. The data collected were
extinction implies lowering the
presented in table and analyzed with
probability of undesired behaviour by
percentage. The hypotheses were tested by
removing reward for that kind of
using Chi-Square.
behaviour. For instance - if an employee
The formula is shown below:
no longer receives praise and admiration

9
 X2 =∑ (o-e)2 the calculated chi-square value is less than
e the table value, the null hypothesis (H0) is
where X = Chi-Square
2
accepted.
O= Observed frequency
E= Expected frequency Data Presentation
Decision rule: If the calculated chi-square This research Project is being presented and
value (X2) is greater then or equal to the analyzed with tables and percentages. This
table value at 0.05 level of significant, the is to enable the researcher draw a conclusive
alternate hypothesis (H1) is accepted, but if findings on this research topic.

Does directors’ remuneration have significant effect on the performance of organizations?

Options Number of frequency Percentage (%)

Strongly agree 55 48

Agree 35 30

Disagree 15 13

Strongly disagree 10 9

Total 115 100

Source: Field Survey, 2018

The above table shows that 48% of the respondents strongly agree that directors’ remuneration
have significant effect on the performance of organizations, 30% agree, 13% disagree while 9%
strongly disagree.

Do salaries and wages affect the performance of organizations?

Options Number of frequency Percentage (%)

Strongly agree 50 43

10
Agree 35 30

Disagree 17 15

Strongly disagree 13 12

Total 115 100

Source: Field Survey, 2018

The above table shows that 43% of the respondents strongly agree thatsalaries and wages affect
the performance of organizations, 30% agree, 15% disagree while 12% strongly disagree.

Test of Hypothesis One:

HO1: Directors’ remuneration does not have significant effect on the performance of
organizations

Variables O E 0–E (O – E)2 (0 – E)2

E

Strongly agree 55 28.75 26.25 689.06 23.97

Agree 35 28.75 6.25 39.06 1.36

Disagree 15 28.75 - 13.75 189.06 6.58

Strongly disagree 10 28.75 - 18.75 351.56 12.23

Total 115 115 44.14

The calculated chi-square value = 44.14

Df = (K – 1) (4 – 1) = 3

Table value at 0.05 of significance and 4 degree of freedom (Df) = 7.377

Decision: Since the calculated chi-square (X2) value (44.14) is greater than table value (7.377),
we reject the null hypothesis (Ho) and accept the alternate hypothesis (H1) which states that
directors’ remuneration does not have significant effect on the performance of organizations

Test of Hypothesis Two:

HO2: Salaries and wages do not affect the performance of organizations

Variables O E 0–E (O – E)2 (0 – E)2

11
 E

Strongly agree 50 28.75 21.75 462.19 16.08

Agree 35 28.75 6.25 39.06 1.36

Disagree 17 28.75 - 11.75 138.06 4.80

Strongly disagree 13 28.75 - 15.75 248.06 8.63

Total 115 115 30.87

The calculated chi-square value = 30.87

Df = (K – 1) (4 – 1) = 3
Table value at 0.05 of significance and 4 degree of freedom (Df) = 7.377

Decision: Since the calculated chi-square The following recommendations are made
(X2) value (30.87) is greater than table value for this study:
(7.377), we reject the null hypothesis (Ho) 1. Consequently, management should
and accept the alternate hypothesis (H1) design, formulate and implement
which states that Salaries and wages do not compensation strategy objectively in order
affect the performance of organizations to enhance the attainment of overall
organizational goals with a view of getting
Conclusion the best contributive and supportive effects
The study concluded that directors from organizational workers.
remuneration have significant effect on the 2. Finally, both management and workers
performance of organizations while salaries should be made to understand the objectives
and wages affect the performance of contained in the compensation strategy so
organizations and employee benefit scheme that unintended and subjective motives can
have significant effect on the performance of be played down on while trying to enhance
organizations the common objective strategically. This,
without doubt, will give room for good
Recommendations organizational performance.

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