CHAPTER ONE
INTRODUCTION
An organization
can be defined, in terms of the machinery used, but rather it is the human
beings in the organization that make up the organization. For an organization
to achieve it’s objective, it has to entail the utilization of the available
resource such as time, money and material resources such as machinery, raw
materials and human resources.
The human
resources of an organization are its most treasured reassured resources. This
is because all other resources are of no importance without the involvement of
the human resources (the Gordian 2004) the human resources coordinator,
coordinates all other resources into whatever objective they are to achieve.
Also, the survival, achievement of productivity and the importance of any organization
rests on the human resources, because human resources can think, differentiate
between good and bad, and have ability to know what is attainable.
An organization
that wishes to achieve its object has to work beyond the survival and relevance
of processes procedures, machine and indeed all technology but focus more on
the human resources because all technology function as a result of the skill
and willingness of the human resources, for the human to be highly motivated.
Motivation is the
general term applying to the entire class of drives, desire, needs, whishes and
similar force (Weltrich and Kootz 1993) to say an organization motivation
employees means that is does those things which it hopes will safe those
deserved and desired manner. Human motivation therefore is that which triggers
or propels human beings to act in a required way. It can also be said as that
something and make them willing to work hard in other to do it. But before an
employee can be effectively motivated to carryout a task, he has to have a
motive. These human motives are based on a need, they are either primary need
such as their physical requirement for water, air, food, sex, sleep, shelter on
secondary needs such as self esteem, status, affiliation with others, affection,
accomplishment and self assertion (Weltrich and Koontz 1993) when these things
are satisfied in a human being, he may feel highly motivated.
For an
organization to effectively coordinate its employees’ because employees
abilities are not fully productive without motivation. Motivation is a
particular drive or desire in an individual and it moves them into performing
an action that will enable them achieve a goal. An organisaiton has to know
that it cannot achieve its objective by just employing an individual based on
their technical qualifications, experience, credential and all material but
rather, it should look at the individual person motive as well (Kelner 2000)
for an employers to have a long term success than in any given job will depend
for more on the energy and emotional engagement he brings to the job than on
the training or qualification the person has obtain over a long time, the
energy tends to differentiate those who enjoy their work and makes it easier
for individual to excel.
1.1 STATEMENT OF PROBLEM
The purpose of an
organization is to achieve its objectives and to achieve these, it has to have
effectives and efficient employees. This, however not the case in most
organization what we see are employees who are lazy, slow, relevant to act and
unconcerned about their jobs. They are said to lack the zeal, the brightness
and the motivation of hardworking, people and generally they dislike hearing
anybody talk about efficiency, dedication, honesty, competence and productivity
all which characterize achievement of people in an organization (the guardian
2004).
Moreover, most
organization does not consider motivation technique as one of the ways in which
they can improve their employees productivity. They are mostly profit driven
and don’t think that by appropriate motivation of their employees, they will
achieve their objectives. These organization looks at the technical
qualifications experience, credentials and the aims of the individual they
employ such that these employees with right credentials, qualifications and
experiences are not rightly motivated in their job or work condition, their
performances tend to be below par.
1.2 OBJECTIVE IF THE STUDY
The purpose of
this study is to show that an organization can achieve its objectives
motivating its employees. The study shows, to the organization, the ways to
improve their goals. The study also shows the extent of motivation in the
turnover of employees in an organization. The specific objective of the study
are therefore to:
* Identity
the importance of human resources in an organization and also shows the
importance of motivating the human resources in an organizational development.
* It
states clearly how the motivation of the human resources can help organization
in achieving the objectives.
* It
identifies the organizational context of effective motivation and performance.
* It
states how the management of an organization can use rewards and goals to
motivate its employees.
1.3 SIGNIFICANCE OF THE STUDY
The study is
significant in the sense that it will enable the bank and other organizations
to be aware of the importance of their human resources and also that by
motivation, their human resource will improve their objectives.
The study will
also provide information on factors which best motivates staffs of any
organization, it is also hoped that this study will serve as a resourceful
material for further research into this subject matter and also broaden over
knowledge on motivation.
1.4 SCOPE AND LIMITATION OF THE STUDY
The study focuses
on the way motivational techniques are being used in organization using the
Guaranty Trust Bank Plc (GTB)
branch as a case study. It also tries to find out if the organization as ever
used any motivational techniques with its employees and to know how the
employees responded to such act.
This study is,
however, limited as a result of time and resources. Due to the limited time
made available to the researcher for the completion and submission of study and
also the limited time in getting response from the respondents. It was quite
difficult to cover all aspect of the study, although they will be covered and
quite acceptable.
Finances has also
being a limitation to this research work, it would have been ideal to use
several topics is being used by the organization, but this would amount to
little financial input than is available.
However, even with
the limitation encountered during the course of the research, the quality of
information gathered was impressive, and it is hoped that the study will serve
as a reference point for other researches.
HYPOTHESIS
The hypothesis to
be tested in the study are highlighted thus:
Ho – Performance doesn’t increase it are recognized for doing a good
job
Hi – Incentives lead to improvement in employee’s
performance.
1.5 HISTORICAL
BACKGROUND AND ORGANIZATION CHART OF THE STUDY
Guaranty trust
Bank plc was incorporated in July 1990, as a private limited liability company
wholly owned by Nigerian individual as institution.
The bank was
licensed as a commercial bank in August 1990 and commercial operation in
February 1991.
In September 1996,
Guaranty Trust Bank became a publicly quoted company, winning the prestigious stock
exchange “presidents merit award in its first year on stock exchange and gain
in the year 2000 and 2003, the bank’s initial public offer in 2001 and
subsequent offer in 2004 were largely successful, proof of general acceptance
by the investment. The bank has always been committed to awarding excellent
cash returns to shareholders on their investment.
In its second year
of operation (1991) GT Bank declared a profit after tax of N42million, and
promptly paid a divided of N1.25million to its shareholders. The following year
1993 and intern divided was paid for the first time. The sum of (N25million)
was also paid from a profit after tax of N319million. This sets a lasting
tradition and now the Bank remains an existing institution in that
pays both intern and fund dividends each financial year. Using a base period of
November 2001, shareholders have reaped returns over 400% on their investment.
The bank obtained
a universal banking license in February 2002 giving credence as an excellent
financial services provider, the bank’s financial capacity to meet obligations
as they fall has led to a credit risk rating by August and co-limited, one of
the foremost credit rating agencies in Nigeria, the bank introduced e-banking
services in the last three years, it has been rated as the best amongst those
of other Nigerian banks. The bank was appointed as a settlement bank by the
central bank of Nigeria (CBN) in 2003.
The bank has, over
the years, been a recipient of several awards of superior financial
performance, superior customer services delivery excellent share performance,
management efficiency etc. In 2001, it clinched too pearl awards for quoted
companies on the stock exchange in the dividend yield and sectored leadership
categories in 2002, it received the corporate issuers table award from
rulers-SBET Research in 2003, the bank was nominated for, a consumer
sensitivity award in the banking sector for consumer services excellence.
The bank’s latest
financial statement for 2006/2007, year ended shows a group profit before
tax of N10.2 billion, total assets base plus contingents over N225 billion,
return on average equity of 59% and earnings per share of 238 kobo on every
ordinary shares of 50 kobo held.
THE OPERATIONS OF
GUARANTY TRUST BANK PLC
The bank is
committed to providing professional banking services from various facts of the
Nigerian economy. To achieve this, it is divided in to units that offer
specialized service to these various sector. These units include the
institutional banking group (IBG). The commercial banking group (CBG), public
sector group (PSG). Investment banking group and the personal enterprise
settlement group.
The institutional
banking group is changed with the responsibility of serving multinational and
large corporate organization on the manufacturing services, energy, aviation,
telecommunication, import and export sector among others. The commercial
banking group is structured to suit the banking needs of middle market players
such as government contractors, traders and medium scale corporate
organizations. The public sector group, on the other hand, deals directly with
government premarital at the federal, state and local government levels
providing financial advisory services and other tailor made product portend.
While Adventism (personal banking) is a response to the personal needs of the
bank’s high net with customers. The bank has, however, been recognized into two
arms, namely:
OPERATION AND MARKETING:
these new organizational structures as approved by the management become
operational in
which marked the beginning of 2005/2006 financial year. The new functional
configuration does not affect the unit but aligns guaranty trust banks human
and material resources in its marketing units with the country’s geographical
zones and recognized the expanding economic and business opportunities within
and across these regions. It also addresses market competition issues and over
internal operation team with a view to generating better efficiencies with each
of these unit. GT Bank Plc operates on two fronts, participatory and
professionals. On one hand, it strives to actively acquire the knowledge needed
to service its customers and on the other hand, it imparts knowledge on how
they can improve their business. This way, the bank provide total banking
solution that meet its customer needs.
Guaranty Trust
Bank’s primary business is the provision of a full range of financial services
to select spectrum of cooperate and individual clients. They employ the best
people processes and technology. The bank’s services are not limited to retail
banking loans and advances, money market activities as well as foreign exchange
operation. They also specialize in investment banking services and fund
management services to the middle and top end of the Nigerian business market,
the segment comprises top-level indigenous, enterprises and high net worth
individuals.