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Impacts of reward system on workers productivity in insurance companies

 Department: Business Administration and Management  
 By: usericon Ekings  

 Project ID: 2832
   Rating:  (3.3) votes: 6
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A reward system can be seen as a means of actively engaging and renewing the employee’s sense of community and mission of an organization. In this view, an effectively administered system of rewards can provide an incentive for quality workmanship and performance. Reward system and management is one important Human Resource Management strategy for attracting and retaining high-quality employees as well as facilitating them to improve performance. This study adopted a survey research design. The target population comprised of 1200 staff of insurance firms in Nigeria, especially in Lagos state. Taro Yamane’s formula was used to determine the sample size of 300 respondents. A structured questionnaire was used to generate data. The questionnaire was adapted with Cronbachs Alpha test for the constructs of the variables ranging from 0.887-0.908, respectively. Data were analyzed using descriptive statistics (Frequencies, percentages, inferential statistics (regression). The findings revealed that there was a significant positive relationship between a sense of accomplishment and employee task performance (R0.382, R20.146,p0.0000.05). Recognition& appreciation has a significant positive effect on employee contextual performance (R 0587,R20.345,p0.0000.05).salary& wages has no significant positive effect on employee’s counterproductive behaviour (R0.043,R20.002,p0.4210.05). Fringe benefits has a significant positive effect on employee’s adaptive performance(R0.918,R20.843,p0.0000.05). It was concluded that Combined Reward system variables had a positive effect on employee performance. It was recommended that organizations should ensure that they provide the needed motivation, compensation or remuneration that will spur employees to act towards improving their task performance. They should check employees to ensure that they have the required resources to accomplish a task in record time. ...
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