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The Effects Of Employee Benefits On The Performance Of Employees
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1.2 PROBLEM STATEMENT
Designing and implementing a good employee
benefit plan is a huge challenge for most organizations in Nigeria. A
study conducted by Cascio (2003) in some West African countries
including Nigeria revealed that most organizations in developing
countries do not structure and implement their employee benefit packages
in an appropriate manner; hence employees find it difficult to really
believe they are benefiting from their workplace.
Poorly designed
benefit plans that do not actually motivate employees to put in their
best at work is a major issue in corporate Nigeria today. Organizations
that do not design their employee benefit plans based on the personality
and nature of their employees tend to be wasting resources and efforts,
as employees are not motivated to work hard if certain benefit packages
offered by the organization do not speak to their needs. An average
Nigeriaian worker places more importance to the benefits he or she will
derive from working, therefore they are very concerned about what they
are paid. Cascio (2003) opines that because of the importance that
employee benefits hold for people’s lifestyle and self esteem, employees
are very concerned about what they are paid as benefits- a fair and
competitive employee benefit, while wise organizations are concerned
about what they pay because it motivates important employee decisions
especially when it comes to job delivery and performance.
Implementation
of employee benefit is also a major challenge in corporate Nigeria, as
employee benefits are sometimes delayed or ruled out due to cost
reduction measures by the management of an organization. This has
brought about massive corruption, high employee turnover and low
employee moral/productivity.
1.3 RESEARCH OBJECTIVES
The main
purpose of this study is to examine the impacts of employee benefits on
the performance of an employee in an organization. However, in line with
the main objective of the study, the specific objectives are:
To identify employee benefit packages offered to the employees of First bank, Uyo.
To evaluate the design and implementation of employee benefit plans/ policies of First bank, Uyo.
To examine the effects of identified employee benefit packages on the overall performance of the employees of First bank, Uyo.
To suggest better employee benefit packages and plans to the management of First bank, Uyo.
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