Effectiveness of Compensation Techniques in Reinforcing Commitment among Staff of Indigenous Family-Owned Businesses (Fobs) in South-East Nigeria
- Post by: airjournals
- August 29, 2023
- Comments off
Authored by
Ojide, Chukwuemeka Gabriel1, Enudu, Titus Okey PhD2 & Chidinma Everest3
123Department of Business Management, Enugu State University of Science and Technology
| Abstract The study evaluated the effectiveness of compensation techniques in reinforcing staff commitment of indigenous family-owned businesses (FOBs) in South- East, Nigeria. It intended to achieve the following specific objectives; To examine the relationship between promotion and staff dedication, to evaluate the relationship between recognition and staff participation and to investigate the relationship between career development and staff retention of indigenous family-owned businesses (FOBs) in South-East, Nigeria. Three research questions and three hypotheses were formulated in accordance with the objectives to guide the study. Data were collected mainly from the primary source, in addition to the secondary source. Descriptive survey Research Design was adopted for the study, while questionnaire was used as instrument. The study had a population size of 850 employees. Through Taro Yamane, a sample – size of 272 employees emerged, while 262 copies of the questionnaire were correctly filled and returned. The data obtained were analyzed, using Descriptive statistics. Pearson Product moment Correlation Analysis was used in testing the hypotheses at 5% level of significance. The study findings revealed that: there is a significant positive relationship between promotion and staff dedication of indigenous family-owned businesses (FOBs) in South-East, Nigeria (r=.896, p<.05), there is a significant positive relationship between recognition and staff participation of indigenous family-owned businesses (FOBs) in South-East, Nigeria (r= .917, p<.05) and there is significant positive relationship between career development and staff retention of indigenous family-owned businesses (FOBs) in South-East, Nigeria (r=.927,p<.05). The study, therefore concluded that employees perform at efficiency level when they are effectively compensated. Apart from salary, which is the conventional method of remuneration, employees can also be compensated with promotion, recognition and career development. It was recommended that management of the companies studied should as a matter of urgency review their compensation techniques to enable them retain the commitment of their skilled employees, as well as attract high skilled employees to achieve desired goals. Keywords: Compensation Technology; Commitment; Staff; Indigenous Family-Owned Business; South-East Nigeria |
Citations
Ojide, C. G., Enudu, T. O. & Everest, C. (2023). Effectiveness of Compensation Techniques in Reinforcing Commitment among Staff of Indigenous Family-Owned Businesses (Fobs) in South-East Nigeria. Contemporary Journal of Management 5(2) | 20-29. https://doi.org/10.5281/zenodo.8296650
Categories: