EFFECT OFREWARD MANAGEMENT ON EMPLOYEE PERFORMANCE OF SELECTED OILS AND GAS INDUSTRIES: EVIDENCE FROM SOUTH-SOUTH NIGERIA
Journal Title: International Journal of Management, IT and Engineering - Year 2017, Vol 7, Issue 5
Abstract
The purpose of this study focuses on effect of reward management on employee performance of selected oils and gas industries in south -South Nigeria. Specifically the study aimed to pursue the following objectives: to determine the extent of relationship between financial reward and productivity in oil and gas firms in South -South , Nigeria and ascertain the extent at which Non-financial reward enhance employee performance in oil and gas firms in south –south, Nigeria. The study has a population size of (105), out of which a sample size of 86 was realized using Taro Yamane‟s formula at 5% error to tolerance and 95% level of confidence. Instruments used for data collection were primary questionnaires and interview. The total number of 86 copies of the questionnaire were distributed while 80 copies were returned and 6 copies were not returned. Survey research design was adopted for the study. Two hypotheses were tested using simple linear regression tool. The findings indicate that There is a significant relationship between financial reward and productivity in oil and gas firms in South South , Nigeria (r = 0.936; t = 23.567; F =555.388; p < 0.05). Non-financial reward significantly enhance employee performance in oil and gas firms in south –south, Nigeria (r= 722; t= 9.219; F= 84.994; p< 0.05). The study concluded that rewardmanagement is concerned with the formulation and implementation of strategies and policies, the purposes of which are to reward people fairly, equitably is improve their performance. The study recommends that organizations should come up with the desirable mix of all the techniques for optimum employee performance, which mean both financial reward and non- financial should blend together to achieve optimal result.
Authors and Affiliations
Emmanuel, Kaluagbaeze, Agu,Okoroagu, Onuoha, Charity Ekwutosi And Iwaraokoietim
Keywords
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