Effect of Financial and Non Financial Incentives on Staff Productivity

Effect of Financial and Non Financial Incentives on Staff Productivity

Abstract

The goal of this study is to evaluate the impact of financial and non-financial incentives on employee performance at Pennisula Resort in Lagos State. The study's population consists of 50 respondents, 10 management personnel, and 40 workers from Pennisula Resort in Lagos State. The research's sample comprises of 25 respondents, who were chosen for the study using a simple random sampling method. The researcher's self-created questionnaire titled The Effect of Financial and Non-financial Incentives on Staff Performance Questionnaire was used to collect data for the study. 

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Experts from financial institutions verified the tool in terms of financial and non-financial incentives. The test re-test technique was employed to verify the study's dependability. To analyse the research topics, frequency tables and percentages were utilized, and a criteria percentage of 50 was created. Any item with a value more than 50 was approved otherwise, it was rejected.


Introduction 

Because organisational success is dependent on its workers' productivity, it is critical to emphasize factors that will influence employees' motivation and performance in order for them to be productive Liao (2007). The primary purpose of human resource management is to adopt strategies that increase employee work satisfaction. Employees demand monetary and non-monetary compensation for their services and efforts. Employees become unhappy and underperform when there is a lack of fair compensation, training and development opportunities, and recognition. 

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Organizational theorists usually agree that the main asset an organisation may have is its human resources; nevertheless, the effective accomplishment of the company's objectives is dependent on the appropriate deployment of the organization's human resources. Managers must guarantee that their workers are motivated in such a manner that organisational objectives are fulfilled in order to get a competitive edge over their rivals. 


Conclusion 

The research found that financial and non-financial incentives influence employee performance. While financial incentives are important in motivating employees in Peninsula to make ends meet and improve their socioeconomic status in an unstable economy in Lagos where prices are skyrocketing and salaries cannot keep up with the prices of goods and services, non-financial incentives cannot be overstated. 

As a consequence, the research indicates that when employers pay attention to workers' (staff's) financial and non-financial problems, the organisation as a whole benefits.

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