Performance-Based Compensation and Employee Performance of the Selected First Banks in Enugu Metropolis Nigeria

Okoro Agu AGU; Samuel Chukwudi IIODIGWE; Ivoma Orga JOSEPHINE; Charity Ekwutosi ONUOHA; Vitus Chinedu Ogbunuju

المؤلفون

Okoro Agu AGU Department of Business Management, College of Management Sciences, Evangel University, Akaeze, Nigeria
Samuel Chukwudi IIODIGWE Department of Marketing and Consumer Studies, Faculty of Economics and Management Sciences, University of Ibadan, Ibadan, Nigeria https://orcid.org/0000-0003-2189-427X
Ivoma Orga JOSEPHINE Department of Business Administration, Faculty of Management Sciences, Enugu State University of Science and Technology (ESUT), Enugu, Nigeria
Charity Ekwutosi ONUOHA Department of Business Administration, Faculty of Management Sciences, Enugu State University of Science and Technology (ESUT), Enugu, Nigeria
Vitus Chinedu Ogbunuju Department of Marketing, Chukwuemeka Odumegwu Ojukwu University, Igbariam, Anambra State, Nigeria

الكلمات المفتاحية:

Individual performance-based bonus، Merit increase، Promotion-based incentive، Piece-rate-scheme and employee performance

الملخص

The Study focuses on performance-based compensation and employee performance of the selected first banks in Enugu metropolis Nigeria. Specifically the study aimed to pursue the following objectives To determine the effect of individual performance-based bonus on employee commitment of the selected first banks in Enugu metropolis, Nigeria, ascertain the relationship between merit increase and job satisfaction of the selected first banks in Enugu metropolis, Nigeria, determine the effect of piece-rate-scheme and manpower utilization of the selected first banks in Enugu metropolis, Nigeria, ascertain the relationship between promotion-based incentive and career growth of the selected first banks in Enugu metropolis, Nigeria, . The study had a population size of (540) of employees of the selected first banks, and sample of 230 were derived using taro Yamane sample size determination formula. The total number of 230 copies of the questionnaire was distributed while 202 copies were properly filled/returned & used while 28 copies were not properly filled. Survey research design was adopted for the study. Four hypotheses were tested using Pearson product moment correlation coefficient and simple linear regression tool. The findings indicated Individual performance-based bonus had a significant effect on employee commitment of the selected first bank in Enugu metropolis, Nigeria (r = 0.909; F= 946.974; t = 30.773; p< 0.05). There was a positive relationship between merit increase and job satisfaction of the selected first bank in Enugu metropolis, Nigeria (r = 0.904; p< 0.05). Piece-rate-scheme had a significant effect on manpower utilization of the selected first bank in Enugu metropolis, Nigeria (r = 0.770; F = 291.045; t = 17.060; p< 0.05). There was a positive relationship between promotion-based incentive and career growth of the selected first bank in Enugu metropolis, Nigeria (r = 0.713; p < 0.05). The study recommends that First bank Plc. should always use individual performance based bonus to encourage and motivate employees to be committed to their job that will at same boost organizational goal at large.