Influence of motivation on productivity among employees (a case study of finbank nigeria plc., lagos state)
This study examines the Influence of Motivation on Productivity among Employees of Fin bank Nigeria Plc., Lagos. The descriptive survey research design was adopted to conduct the study. The study was et to achieve the following objectives: to ascertain whether motivation could influence the productivity of workers in the banking industry; whether employees at the marketing department of Finbank are well motivated; if bank workers attach much importance to their being motivated or not; whether management understands the importance of motivation in the growth of bank workers and the bank industry and to make necessary recommendations that would assist bank management in taking decisions relating to effective motivation of bank workers in the banking industry in general and marketing department in particular. Two hypotheses were postulated following some research questions. Purpose sampling method was used to select the respondents mentioned earlier for the study to select one hundred and respondents from the marketing department of the bank. This was to give every member of population of the study an equal opportunity to have been selected without bias. At the end of the analyses of the data collected from the respondents using a self-constructed questionnaire to collect/elicit responses from the randomly selected subjects. Chi-square statistic was used to analyse the data. The results showed that: motivation could significantly lead to decrease in the productivity of workers at the marketing department of Finbank Plc, Lagos; and there is a significant difference in the productivity of bank workers who were motivated and those whose were not motivated at marketing department at the banking sector. This showed that those who were motivated performed better than those who were not. The implication of these results indicated that motivation influences bank workers’
TABLE OF CONTENTS
Title Page i
Table of Contents vi
CHAPTER ONE: INTRODUCTION 1
1.1 Background of the Study 1
1.2 Statement of the Problem 4
1.3 Purpose of the Study 5
1.4 Research Questions 5
1.5 Research Hypotheses 6
1.6 Significance of the Study 6
1.7 Scope of the Study 6
1.8 Limitations of the Study 7
1.9 Definition of Concepts 7
CHAPTER TWO: LITERATURE REVIEW 9
2.0 Introduction 9
2.1 Concept of Motivation 10
2.2 Types of Motivation 16
2.3 Theories of Motivation 19
2.4 Theories X and Y 27
2.5 The Process of Motivation 29
2.6 Problems Associated with the Absence of Motivation 32
2.7 Solution to Motivation Problem 32
2.8 The Meaning of Workers’ Productivity 34
2.9 Major Factors that Influence Workers Productivity 35
2.10 Compensation and Worker Productivity 37
2.11 The Importance of Financial Compensation 39
2.12 The Need for Effective Compensation and Work Performance 43
2.13 Elements of a Compensation Package 44
2.14 Summary of the Review 48
CHAPTER THREE: METHODOLOGY 49
3.0 Introduction 49
3.1 Research Design 49
3.2 Population/Sample Size 50
3.3 Sampling Techniques 50
3.4 Research Instrument 51
3.5 Validity of Research Instrument 51
3.6 Reliability of Research Instrument 51
3.7 Sources of data 52
3.8 Procedure For Data Collection 53
3.9 Procedure For Data Analysis 53
CHAPTER FOUR: DATA ANALYSIS AND INTERPRETATION 54
CHAPTER FIVE: SUMMARY, RECOMMENDATIONS AND
5.1 Introduction 72
5.2 Summary of the Findings 72
5.3 Recommendations 74
5.4 Conclusions 75
1.1 Background of the Study
Motivation is the willingness to exert high levels of effort toward organisational goals, conditioned by the ability to satisfy some individual needs. As a matter of fact, motivation is a way of making people or someone to put in his or their best in working for you, by appreciating their contributions materially or morally. Obisi (2006) affirms that motivation is the willingness to work. He opines that it is the act of stimulating someone or oneself to get a desired course of actions, to push the botton, to get a desired reaction. No matter how qualified and skilled an employee is, without adequate motivation, he or she would be like an engine without oil which will eventually break down (Obisi, 2003).
In every human society, normal individual persons and groups engage themselves in different work activities in order to make ends meet. It is common knowledge that the more people attain their desired goals and objectives by performing a one job or the other, the more their interest would be aroused, and the more input they will make to promote their individual standards and most importantly, to the growth and sustenance of the organisations where they work. Thus, in order to win the interest and support of workers, good organisational managers or leaders usually employ one kind of motivational approach or another in other to spur their workers towards high productivity in the banking organisation.
For motivation tools to succeed, it must be dynamic. Motivational techniques are not flexible, are dangerous and counterproductive. Organisations must and should not forget a satisfied need is no longer a motivator of behaviour. Environmental and organisational and even individual changes should not be forgotten while organising and implementing motivational tools (Ayo, 2003).
Motivation has so far been identified as a very important tool for organisational high productivity and the major agent for the achievement of peace and harmony in both public and private sectors of the nations economy. In the banking sector, for example banks workers need to be motivated in order to work well for high productivity in the banking sector. People naturally seek jobs that attract high employee satisfaction and restrain themselves from jobs with little or no motivational incentives. In fact, the strength of motivation is enormous in the lives of employee in any establishment be it corporate organisation like the banking Industries. However, it is regrettable to note, that most companies owned by the government or private capitalists do not seem to pay much attention to the welfare of their employees irrespective of their awareness of the challenging roles of motivation in the lives of their workers, and that of the organisation. The absence of motivation in any organisation easily brings conflict between the management and the workers who will certainly see the management as exploiters, greedy and being inhuman to fellow man (Onuoha, 2005).
More often than not, the persistent quest for making abnormal profit do divert the attention of organisational managers from devicing better means of appreciating their workforce. At the banking sector like Finbank Nigeria Plc for example, most entities appear to be more particular about making much profits by compelling their staff or employee to meet very high marketing targets on monthly basis without commensurate motivation, in terms of work incentives and fringe benefits. No wonder, in some institutions such as the schools, teachers and lecturers embark upon constant strikes or industries actions to redress brazen negligence and lack of motivation by their employees (Osuoha, 2004).
Some end up loosing their jobs if, they are unfortunate not to meet up with the expected imposed outrageous targets. Even when most employers seem to be better remunerated, they hardly have time for themselves. Hence, some especially, the socialites, find it boring being caged or exposed to the field in the name of marketing for very long hours daily. This however, seems to have a direct influence on the work performance of individual workers especially the bank workers.
The need for making bank workers feel belonged in the banking sector like the Finbank, in terms of good salaries and better welfare packages is crucial because, bank workers are the strength and support for the existence of every bank organisation even though the management directs and monitors the activities of the employees and affairs of the business. Many organisations do not seem to have realised that it is cheaper and safer to motivate workers than treat them with contempt and disdain. The more satisfied a worker is, the more devoted he or she would be to the organisation and may not bother looking elsewhere for better jobs. Such consistency certainly, would promote the productivity of the workers and boost the revenue and profit of the bank or establishment (Aikomu, 2003).
People are more likely to jump from one job to another if they are not well taken care of in terms of better salaries and wages in addition to good welfare packages. Motivating workers would help bank employers and other industrial outfits compete favourably with their other competitors in the business. Perhaps, the banking sector management ought to be properly guided on the relevance of attaching much importance to the well being of their employees. This would help in not only increasing the work performance of individual workers and organisational productivity, but also in achieving good relationship between the management and workers. This would inevitably usher in peace and harmony in the banking structure (Nlem, 2002).
1.2 Statement of the Problem
Neglect for the motivation of bank workers by not providing adequate salaries and wages as well as good welfare packages seems to have become the order of the day in the banking sector and probably in other organisations. Bank managers often complain of not having time for their personal needs and responsibilities due to the long hours of service that they put in their offices. The situation equally appears to have been extended by compelling every employee whether at the operation, customers service section, and particularly, the marketing department to attract some specified amount of profit to their finance without commensurate motivation in terms of work benefits and incentives to workers.
This however, kills the morale of workers and reduces their performance, efficiency and productivity. This study is set out to discover whether motivation has anything to do with bank worke’rs productivity or not, particularly in the bank with special interest in Finbank Nigeria Plc, Lagos State. It will also find out why some managements have negative attitudes towards motivation of workers.
1.3 Purpose of the Study
This study is set to ascertain:
- Whether motivation could influence the productivity of bank workers at the banking industry or not.
- Whether employees at the marketing department of Finbank Nigeria Plc were well motivated or not,
- If bank workers attach much importance to their being motivated or not,
- whether there was any difference in the productivity of bank workers who are motivated and those who are not,
- Whether management understand the importance of motivation in the growth of workers and organizations, and to
- Make necessary recommendation that would assist management in taking decisions relating to effective motivation of bank workers.
1.4 Research Questions
The following research questions guided the study:
- Can motivation lead to increment in productivity of bank workers?
- Are employees of Finbank Nigeria Plc well motivated?
- Do bank workers attach much importance to their being motivated by the management or not?
- Will there be any difference in the productivity of bank workers who are motivated and those who are not?
- Does the management understand the importance of motivation in the growth and development of bank workers and banking organisations?
1.5 Research Hypotheses
The following hypotheses were postulated in order to help in establishing the relevance of the study.
1. H0: Motivation cannot significantly lead to increment in the productivity of workers at Finbank Nigeria Plc.
2. H0: There will be no significant difference in the productivity of bank workers who are motivated and those who are not.
1.6 Significance of the Study
The study would be of much benefit to the entire management of the Finbank Nigeria Plc and other banking industries in Nigeria with regard to developing positive attitude towards the motivation of bank workers. Also, the employees themselves would benefit from the awareness which this study would have created among organisational manager because, their welfare would been taken care of. The organisational output would also, increase since workers are expected to put in their best, after being motivated thus, promoting the profit margin of the organisations. Furthermore, the whole society would enjoy relative peace as workers and employers conflict would have been curtailed as a result of the good treatment the former would have received from the latter.
1.7 Scope of the Study
The study particularly covered members of staff of Finbank Nigeria Plc in Lagos State.
1.8 Limitations of the Study
The study was limited by the chances of getting the people within the marketing department easily for the collection of data since they are mostly busy with field operations. Time and protocol of obtaining clearance from the branch managers before, having access to interact with their workers especially on official hours also will limit the study.
1.9 Definition of Concepts
The following terms are defined in the way they were used in this study.
Motivation: This is the process of encouraging workers to rendering their utmost or efficient performance to the organisations where they are employed in order to achieve maximum productivity and profit.
Workers’ Productivity: This has to do with the total output or result of work obtainable from the input of employees in any organisation. In other words, it is the total production level of all the workers in a company, industries, schools and other parastatals within the private and public sectors.
Motives: The inner state that energizes, activates, moves and directs or channels behaviour towards goals. The main spring of action.
Incentive: Bonuses given in exchange for a job properly done
Impact: This means the effect it has on factors.
Goals: Refers to as “hoped for” reward towards which motivates are directed
Productivity: The total volume of goals and services produced per worked within a specific period of time in a given production unit.
Employee Behaviour: Refers to manners, moral conduct and treatment shown to or towards management
Motivational Technique: These are means or incentives that managers/ organisations use in motivating or stimulating their employees.
Job fulfillment: This is the final result an organization intend to see from the employees after being motivated.