Performance Appraisal and Staff Motivation in the Financial Sector, Port Harcourt
Chapter One
Objective of the study
The objective of the study is to examine the performance appraisal and staff motivation in the financial sector. The specific objectives are;
- To identify the factors that motivate and de-motivates staff in the financial sector
- To determine the extent to which staffs performance appraisal has influenced organizational performance in the financial sector
- To investigate the factors affecting various motivational strategies in the financial sector
CHAPTER TWO
REVIEW OF RELATED LITERATURE
The Concept of Motivation
Rajput (2011), contends that the word motivation is derived from a Latin word “Movere” which literally means “to move”. They defined motivation as “the individual’s desire to demonstrate the behaviour and reflects willingness to expend effort”. Motivation can be divided into extrinsic and intrinsic motivation. The word motivation has been derived from motive which means any idea, need or emotion that prompt a man into action. Whatever may be the behaviour of man, there is some stimulus behind it. Stimulus is dependent upon the motive of the person concern. Motive can be known by studying a person’s needs and desires. There is no universal theory that can explain the factors influencing motives which control man’s behaviour at any particular point in time. In general, the different motives operate at different times among different people and influence their behaviors. The process of motivation studies the motives of individuals which cause different type of behaviour. Young (2000) also defined motivation as the force within an individual that account for the level, direction, persistence of effort at work. Halepota (2005) definition of motivation is “a person’s active participation and commitment to achieve the prescribed results”. Halepota further presents that the concept of motivation is abstract because different strategies produce different results at different times and there is no single strategy that can produce guaranteed favorable results at all times.” Butkus& Green (1999), motivation is derived from the word “motivate”, means to move push or persuade to act for satisfying a need. According to Antonioni (1999), “the amount of effort people are willing to put in their work depends on the degree to which they feel their motivational needs will be satisfied. On the other hand, individuals become de-motivated if they feel something in the organization prevents them from attaining good outcomes. It can be observed from the above definitions that, motivation in general, is more or less basically concern with factors or events that leads and drives certain human action or inaction over a given period of time given the prevailing conditions. Furthermore, the definitions suggest that there is the need to be an “invisible force “to push people to do something in return.
CHAPTER THREE
RESEARCH METHODOLOGY
Research is the process of arriving at a dependable solution to problems through planned and systematic collection, analyzing and interpretation of data (Osuala, 1993).
Green and Full (1975) defines research methodology as the specification of procedures for collecting and analyzing the data necessary to solve the problem at hand such that the differences between the cost of obtaining various levels of accuracy and the expected value of the information associated with each level of accuracy is optimized.
Thus, in this chapter the method and techniques of data collection and analysis for this study are discussed in details, research design, population of study, sample and sampling technique, sources of data collection, research instrument, validity of the instrument, reliability of the instrument, procedure for administration of research instrument, as well as the limitation of the research methodology. This will be important in order to assess performance appraisal and staff motivation in the financial sector.
Research Design
The research design adopted in this research work is the survey research design which involves the usage of self-designed questionnaire in the collection of data. Under the survey research design, primary data of this study will be collected from Eco Bank Plc in order to determine performance appraisal and staff motivation in the financial sector. The design was chosen because it enables the researcher to collect data without manipulation of any variables of interest in the study. The design also provides opportunity for equal chance of participation in the study for respondents.
Population of Study
The population of study is the census of all items or a subject that possess the characteristics or that have the knowledge of the phenomenon that is being studied (Asiaka, 1991). It also means the aggregate people from which the sample is to be drawn.
Population is sometimes referred to as the universe. The population of this research study will be the entire staff of Seventy-five (75)
CHAPTER FOUR
DATA PRESENTATION, ANALYSIS AND DISCUSSION
This chapter is about the analysis and presentation of data collected from the field through questionnaire. The analysis of the data with particular question immediately followed by the presentation of findings.
As mentioned in chapter three, 50 questionnaires were administered and 50 were retrieved and necessary analysis was carried out on them and presented as follows:
CHAPTER FIVE
SUMMARY, CONCLUSION AND RECOMMENDATION
Introduction
It is important to ascertain that the objective of this study was on performance appraisal and staff motivation in the financial sector. In the preceding chapter, the relevant data collected for this study were presented, critically analyzed and appropriate interpretation given. In this chapter, certain recommendations made which in the opinion of the researcher will be of benefits in addressing the challenges of performance appraisal and staff motivation in the financial sector
Summary
This study was on performance appraisal and staff motivation in the financial sector. Three objectives were raised which included: To identify the factors that motivates and de-motivates staffs in financial sector, to determine the extent to which staffs’ performance appraisal has influence organizational performance in financial sector and to investigate on the factors affecting various motivational strategies in financial sector. In line with these objectives, three research questions and hypotheses were formulated and answered. The total population for the study is 75 staff of selected Eco bank in Portharcourt, Rivers state. The researcher used questionnaires as the instrument for the data collection. Descriptive Survey research design was adopted for this study.
Conclusion
This study reasons that the variables of rewards, work environment and training and development do simultaneously affect the employees’ performance at financial sector. It also expresses that the test demonstrates that the work environment, training and development variables respectively affect the staffs’ performance, it impact on performance appraisal. In the organizations as financial sector there is need of employee motivation, so such impacting variables that should be utilized by the organization, because of which employees stay faithful to their organization. In this era of competition, the employees of the banks should work better positive attitudes and perform better by showing initiatives and by showing creativity in the work. The discoveries of the study concluded that performance appraisal absolutely impact on employee’s motivation in Eco banks employees Motivation and work environment both together lead towards better authorization result, if utilized in opposite way. Rewards and compensations should be given to employees to make them motivated and committed.
Recommendation
There should be more recruitment to replace old experience staff in the bank to ensure continuity since most of the employees have spent more than sixteen years in the service. The clerical employees should be motivated with meritorious promotions, job rotation and job enrichment to reduce boredom and challenged to be innovative. Supervisors and managerial staff should be trained to develop sharper skills so that employees can be up to the task when given the opportunity. Training and development of employees must not be down play. The period for extrinsic motivational packages to long serving staff could be reviewed down or reduced so that meritorious staff with lesser period of service may also benefit from it. This can help to maintain some staff from leaving Ecobank to other banks and the quantum of the level must increase to meet the levels in bank industry.
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