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The Impact Of Differential Wage Rates On Job Satisfaction
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CHAPTER ONE
1.0 INTRODUCTION
Human resources are the life wire of
any given company without which organisations (Banks) will not be
possible. In other words, for any company/organisation to achieve
maximum services or even survive, it has to motivate members of its work
force through wage rate. Accordingly, it is important that employers do
these things, which they hope will satisfy the derives and desire of
the employees in other to ultimately induce them to work harder for
maximum services.
The Nigerian economy has passed through hard times
lately as Neboh A. E (1996:1) wrote “the national economy has been
battered by adverse balance of payment†problem, dividing oil revenue,
unemployment, inflation and the depreciation of the value of the naira.
This has led to a drastic decline in the fortunes of the companies.
Employees
have also had a grapple with low standard of living, increased
taxation, and dividing purchasing power. This had forced them to
perpetually seek new and better employment or look beyond their income,
so we will find some of them selling various items ranging from
textiles, jewelleries, whose, wires, etc. The both of them are fellow
workers and visitors in the office.
Significantly the employees have
learnt to battle with retrenchments, lay offs, non payment of salaries
and benefit lack of promotion and difference in wage rate base on their
qualification etc. This situation has made it difficult to harmonize the
goals of the employers with these of the employees, since the success
of the organisation can ensure that the employees achieves his goals of
satisfying his needs. This is known to affect stage motivation and moral
negatively.
Workers are always anxious to take jobs whereas they
will be well paid and satisfied. The most prominent factors for job
satisfaction is money and this is paid as wage rate.
1.1 BACKGROUND OF THE STUDY
Wages
are regular amount of money that is earned usually every work, for work
or services Oxford Advanced Learners Dictionary (6th edition). In a
nutshell, it is the reward for labour.
Differential wage rate is
related to differences and the likes given to workers as a result of
certain factors that influence a person’s perception of what his reward
level should be include skills’ abilities, training and performance. A
person who believes his job make a great demand of him expects more.
Thus, people with high job inputs must receive more rewards than people
with low job inputs or they’ll be dissatisfied C.C. Nwankwo. However,
job satisfaction may mean different things to different workers. Some
are satisfied with the job environment because it is very conducive;
others are satisfied with the type of management and their techniques.
Some others are satisfied with the nature of the job they do.
The
basic requirement for job satisfaction may include comparatively higher
pay, an equitable payment system, real opportunities for promotion,
considerate and participative management – Michael Armstrong 2001 a
satisfied worker is not necessarily a high producer and a high producer
is no necessarily a satisfied worker. Money in the form of pay or some
other sort of remuneration is the obvious extrinsic reward. Money cannot
provide most people’s wants.
1.2 STATEMENT OF RESEARCH PROBLEM
Virtually
speaking, the human resources in any human organisations have been
considered as the most valuable assets which ultimately account for the
overall organisational success and effectiveness that is why every
organisation Will always strive to ensure a well packaged and highly
motivated incentives including both extrinsic and intrinsic modes of
motivation to constantly facilitate the desired work behaviour from
their employees.
Meanwhile, the means to motivate workers to elicit
the expected improved work behaviour have not been fully utilised.
Although, most to ensure constant employee satisfaction, however the
application of managers of various organisation have tried quite a
number of methods to ensure constant employee satisfaction, however the
application of these methods such as wage rate have raised so many
questions, which consequently, open room for further research on their
impact on worker’s attitude.
Thus, the wage rate that is satisfactory
to one worker may not be satisfactory to another. So the use of
differential wage rate, according to experts have been considered on the
account of certain factors which include differences in skills,
abilities, training and performance on the workers. Nonetheless, it is
observed that workers take up jobs for various needs and which the use
of differential remuneration may not be able to actualize them all.
Hence, there is need to research into why workers still remain
unsatisfied in spite of high wages or remuneration packages, and why do
some members of the organisations feel they are still marginalized or
not well remunerated, despite their high input into organisational
success and goal achievement so the need for us to investigate the
impact of differential wage rate on workers, most especially as applied
to banking institutions has called for this research project with a view
to explaining or providing possible answers to various questions
regarding the subject matter.
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ABSRACT - [ Total Page(s): 1 ]This project aims at examining importance of difference in wages rate at different level of workers in an organisation.It will also look into how salaries will motivate to put in their best, to get the best outcome in an organisation.This project will make use of questionnaires as instruments to get information that will be useful for analysis as well as interpretation. Simple proportion percentage will be employed to test the validity of the responses.Finally, conclusion, summary, acid recommen ... Continue reading---
