Impact of Strategic Reward and Compensation Practices on Performance of Union Bank Ple in Ilorin Metropolis
No Thumbnail Available
Date
2022-01
Journal Title
Journal ISSN
Volume Title
Publisher
The Faculty of Management Sciences, Usmanu Danfodiyo University, Sokoto, Nigeria.
Abstract
The success of any business organization in today's ever-changing business world is attributable to its ability to compete favourably in the market. Therefore, strategic reward and compensation practices become vital tools used by managers of different organizations to stimulate the activities of the employees to act towards achieving the set objectives of the organization. Hence, the main focus of the study is to examine the effect of strategic reward and compensation practices on employees' performance. The descriptive survey research method was adopted for the study. A total of 53 copies of the structured questionnaire were administered to the respondents to obtain the necessary primary data. Simple regression was used for testing the formulated hypotheses. The result of the analysis revealed that strategic reward and compensation practices have a significant influence on the performance of employees (R= 0.949 and p-value less than 0.05). The study concluded that there is a significant effect of strategic reward and compensation practices on employees' performance. Therefore, the study recommended that bank management should always review the content of their strategic reward and compensation practice from time to time consistent with the interest of the staff by considering their welfare accordingly so that they can put in their best to gain a competitive advantage.
Description
Keywords
Compensation, Employees performance, Practices, Strategy, Reward
Citation
Suleiman, A. A. & Ayoola, O. J. (2022). Impact of Strategic Reward and Compensation practices on performance of Union Bank Plc in Ilorin Metropolis. Sokoto Journal of Management Studies, 30(1): 45-60, Published by the Faculty of Management Sciences, Usmanu Danfodiyio University, Sokoto, Nigeria.