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Impact Of Reward System And Fringe Benefits On Job Satisfaction
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1.2 Statement of the Problem
Owing to the high level of
unemployment that has plagued the labour market in Nigeria, many
employers of labour have taken advantage of this menace by unilaterally
fixing salaries and wages without the participation of their employees.
Empirical researches also indicate that labour is largely underpriced
since the numbers of job seekers are more than the number of available
jobs. According to the National Manpower Board, (2009) the Nigeria
labour market can barely absorb 10% of the over 3.8 million graduates
turned out by the Nigeria educational system on a yearly basis.
Sometimes,
employers prove very difficult to negotiate with. While the employee
wants the highest and the best package, the employer would like to
minimize cost as much as possible for profit maximization. Bad and
depressed economic condition in Nigeria makes it the more difficult to
fully implement a good reward and fringe benefits system.
Many of the
studies on the dynamics of reward system, fringe benefits and job
satisfactionwere done outside Nigeria. These studies particularly focus
on workers in the banking industry. In Nigeria, most of the available
studies such as Odunlade (2012) and Aninkan (2014) were too brief and
lacking depths. Moreover, these researches were also theoretical studies
whose findings were subjectively based on researchers’ personal
opinions. It is noted that the past studies did not give adequate
attention to reward system and fringe benefits, as well as highlighting
plausible strategy that can stimulate employee job satisfaction in
Nigeria. It is against this backdrop that this study seeks to fill in
the gap in knowledge by critically examining the impact of reward system
and fringe benefits on job satisfaction with a special reference to
Ensure Insurance Plc.
1.3 Objectives of the Study
The major aim
of this research is to investigate the impact of reward system and
fringe benefits on job satisfaction. While the specific objectives
include the following:
i. To investigate the relationship between monetary reward and employees’ job satisfaction.
ii. To examine the impact of fringe benefits on employees’ job commitment.
iii. To evaluate the relationship between compensation management and workers’ productivity.
1.4 Research Questions
The following are the research questions generated for this study:
i. What is the relationship between monetary reward and employees’ job satisfaction?
ii. What is the impact of fringe benefits on employees’ job commitment?
iii. How does compensation management affect workers’ productivity?
1.5 Research Hypotheses
The researcher intends to test the following hypotheses:
Hypothesis One:
Ho: There is no significant relationship between monetary reward and employees’ job satisfaction.
HI:There is a significant relationship between monetary reward and employees’ job satisfaction.
Hypothesis Two:
Ho: Fringe benefit has no impact on employees’ job commitment.
HI:Fringe benefit has an impact on employees’ job commitment.
Hypothesis Three:
Ho: There is no significant relationship between compensation management and workers’ productivity.
HI:There is a significant relationship between compensation management and workers’ productivity.
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