ABSTRACT
Compensation is recompense, reward, wage or salary given by an organization to persons or a group of persons in return to a work done, services rendered, or a contribution made towards the accomplishment of organizational goals, and any organizations who fail to compensate its employee adequately may not be able to achieve.
Based on above premises, this research study was set out majorly evaluate various mechanism of compensating workers, ensuring good productivity and in a view of archiving organizational goals.
The study was carried out with the use of questionnaire research instruments, whereby hundred respondents were elicited information from with the aid of questionnaires.
The study reveal that if all forms of incentive (Fringe benefits, adequate compensation, training and better remuneration etc.) were granted to the employees from time to time, it could enhance their performance thereby engendering organizational goals and better productivity.
Key word: Compensation, productivity and employee.
CHAPTER ONE
BACKGROUND OF THE STUDY
1.0 INTRODUCTION
Remuneration in form of money seems most acceptable to people in an industrial society where paid jobs are common. Money can buy basic needs; it can also buy power and social status, it is a reward to work. For jobs that are generally challenging, nor very interesting, or for those that do not require much training and skill, and are not offering lifelong career, money is the only motivator. A person in a paid employment in a managerial capacity normally has some motivation that makes him spend his day at work this may be in form of offer of additional reward, prospect of promotion, or other specific incentives, that add value to his basic needs of reward and security.
Human resources management strives to achieve organizational goals and the goals of the employees through effective personnel programs policies andprocedures. Successful performances of the personnel function can greatly enhance the bottom line of any organization. the personnel practitioners however are challenged more today than at any time in the history by a changing and more demanding labour force that has high expectation about the work place. At the same time, rapidly advancing technologies and outside influences are changing the nature of our jobs. It is thus more critical and more difficult to maintain a work environment that motivates and satisfies human resources.