TECHNIQUES
OF MOTIVATING EMPLOYEES TOWARDS PEAK PERFORMANCE IN FINANCE INSTITUTION IN THE 21ST
CENTURY ECONOMY
CHAPTER
ONE
INTRODUCTION
1.1 BACKGROUND OF THE STUDY
Motivation, as a
process, started with a need in human being which creates a vacuum in a person.
In an attempt to fill the vacuum an internal driving force is generated which
starts and sustains a chain of action and reaction. It is at that point that
the vacuum is also filled. With this background information, Nnabuife (2009),
define motivation as the internal or external driving force that produces the
willingness to perform an act to a conclusive end. This first aspect of
motivation we choose to describe as internal motivation because the driving
force comes from within an individual. The second aspect is external
motivation, is applied by the organization. This is because employees are
motivated to identify with organization in order to satisfy their varied and
variegates needs and desires. Until they have been identified and properly
satisfied, they will never cease to impede smooth running of the organizations.
One of the biggest
problems facing manager in the organizations is how best to get employees
committed to their work and put in their best towards the accomplishment of
organization’s objectives. Motivation is concerned with why people do what they
do. It answers such questions as why do managers or worker go to work and do a
good job. This tries to explain what motivates people to act the way they do,
with primary focus on the work place. It is the primary task of the manager to
create and maintain an environment in which employees can work efficiently and
realize the objectives of the organization.
Employees differ
not only in their ability to work but also in their will to do so (motivation).
To motivate is to induce, persuade, stimulate, even compel, an employees to act
in a manner which fulfilled the objectives of an organization. The motivation
of employees depends on the strength of their motives. Motives are need, wants,
desire, or impulses within the individual and these determine human behaviour.
Therefore, motivation is the process of arousing behaviour, sustaining
behaviour progress, and channeling behaviour into a specific curse of action.
Thus, motives (needs, desire) induce employees to act. Motivation therefore is
the inner state that energies people, channels and sustains human behaviour.
Since it has been established that all behavior except
involving responses are goals directed, manager can apply motivational theories
of management in their attempt to direct the job behaviour of employees towards
the goal of their establishment.
Every organization and business wants to be successful
and have desire to get consent progress. The current era is highly competitive
and organizations regardless of size, technology and market focus are facing
employee retention challenges. To overcome these restraints a strong and
positive relationship and bonding should be created and maintained between
employees and their organizations human resource or employees of any
organization are the most central parts so they need to be influenced and
persuaded towards task fulfillments.
For achieving prosperity, organizations design different
strategies to compete with the competitors and for increasing the performance
of the organizations. A very few organization believe that the human personnel
and employees of any organization have its main assets to which can lead them
to success or if not focused well to decline. Unless and until, the employees
of any organization are satisfied with it, are motivated for the tasks
fulfillment and goals achievements and encouraged, none of the organization can
progress or achieve success.
Employee motivation is one of the policies of managers to
increase effectual job management amongst employees in organization (shadier et
al. 2009). A motivated employee is responsive of the definite goals and
objectives he/she must achieve, therefore in that direction. Rutherford (1990)
reported that motivation formulates an organization more successful because
provoked employee are constantly looking for improved practices to do a work,
so it is essential for organizations to persuade motivation of their employees
(Kalimullah et al 2010) Getting employee to do their best work even in
strenuous circumstances is one of the employees most stable and greasy
challenge and this can be made possible through motivating them.
1.2 STATEMENT OF THE PROBLEM
Workers
leave organization due to the fact that they are not motivated enough. Some are
not willing to leave because they are enjoying some benefit in terms of
promotion, which leads to increase in salaries and wages, bonus and some other
incentives.
The workers of financial institutions
in Eket will prefer financial incentives to non financial incentives, more
especially the junior workers, due to the fact that such incentives are not
used as a motivational technique, the company have the problem and challenges
of retention of their employees. Hence low performance and productivity becomes
the end result and finally work dissatisfaction.
1.3 OBJECTIVES OF THE STUDY
i) To
investigate the motivational techniques adopted by the AKwa Savings and Loans
Limited, Eket to retain her employees.
ii) To
examine the response of the employees to motivational techniques adopted by the
financial institutions in Nigeria.
iii) To
find out the problem hindering the success of the employee’s motivation in AKwa
Savings and Loans Limited, Eket.
iv) To
ascertain if motivation lead to higher performance and productivity.
v) To
make recommendations and suggestions based on the findings of this study.
1.4 RESEARCH QUESTIONS
i) What
are the motivational techniques adopted by the Akwa Savings and Loans Limited to
retain her employees?
ii) How
responsive is the employees to motivational reward adopted by the company?
iii) What
are the factors hindering the success of employee’s motivation in the company?
iv) Which
of the incentives given to the employees lead them to higher performance and
productivity?
1.5 RESEARCH HYPOTHESES
HYPOTHESIS 1
H0: The motivational techniques adopted by AKwa Savings and Loans
Limited, Eket do not significantly lead to retention of the employees.
H1: The motivational techniques adopted by AKwa Savings and
Loans Limited, Eket do significantly lead to retention of the employees.
HYPOTHESIS
2
H0: The employees do not significantly respond to the motivational
rewards adopted by the company.
H1: The employees do significantly respond to the
motivational rewards adopted by the company.
1.6 SIGNIFICANCE OF THE STUDY
The findings from this study
will help to highlight those areas where there are problems among staff and
thus will be of great benefit to the management of organizations and policy
makers. The results of this study would hopefully be significant in the sense
that it would enable both the management and the labour union to better
understand how the various incentive packages could be harnessed to inspire
staff to increase and sustain productivity.
The findings from this study would
help to further highlight the likely problems of frustrations and how
motivation can be used to either reduce or eliminate these problems amongst
staff of the organization. The results from this study will help to highlight
the concept of group dynamics and staff behaviour to work. Through such
understanding, the administrative scope of the chief executives official could
be broadened and this would put him in a better position to review and
over-haul their orientation to administration in terms of better motivating
staff and thus producing better results by fully utilizing the human resources
potentials available.
Furthermore this study will be of
immense benefit to policy makers in the human resources functions of the
organizations. Also labour union officials and representative at the
negotiation meeting will find it useful when putting together their “basket of
needs” and it will assist management in these other areas:
i)
Designing and putting in
place together welfare incentives for the workforce
ii)
Enables the organization
identifies various types of needs and expectation of people at work.
iii)
Outline different approach
to work motivation.
iv)
Explain the meaning and
underlying concert of motivation.
1.7 SCOPE OF THE STUDY
The study concerns about techniques of
motivating employees towards peak performance in finance institution in the 21st
century economy with a particular reference to Akwa Savings and Loans Limited,
Eket.
1.8 DEFINITION OF TERMS
MOTIVATION: Motivation
is define as the internal or external driving force that produces the
willingness to perform an act to a conclusive end Nnabuife (2009).
TECHNIQUES: This
is a systematic method, procedure, formula, or routine by which a particular
task is accomplished (Clement, 2015).
EMPLOYEE: This
define as an individual who works as a part-time or full-time under a contract
of employment, whether oral or written, express or implied, and has recognized
rights and duties.
PERFORMANCE: The
accomplishment of a given task measured against preset known standards of
accuracy, completeness, cost and speed. In a contract, performance is deemed to
be the fulfillment of an obligation in a manner that releases the performer
from all liabilities under the contract.
PRODUCTIVTY: Productivity
is defined as the ratio of the output (good and services) and input (Labour,
capital or management) Mojahed, (2005).