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IMPACT OF
EMPLOYEE COMPENSATION ON ENTERPRENEURIAL PRODUCTIVITY
ABSTRACT
This
research study with the topic "Impact of Employee Compensation on
Entrepreneurial Productivity" sort to find out if there was any
significant improvement on entrepreneurial productivity by way of fair and adequate
employee compensation. The most visible reward for work is monetary. Not
surprising therefore, that employees place great emphasis on matters relating
to their remuneration. Compensation is the remuneration received by an employee
in return for his/her contribution to the organization. It refers to payment of
a fair and adequate remuneration to employees. In a nut shell, compensation is
price for labour. The main objective of this study is to highlight the need for
adequate remuneration especially in the private sector. To enumerate the effect
of inadequate remuneration on entrepreneurial productivity, examine the
correlation between remuneration and employee performance among others. Survey
research method was used through the use of comprehensive questionnaires which
were distributed among members of staff of Flying Eagle Shipping Limited. In
the analysis of data collected, it was found that employee compensation has
significant impact on entrepreneurial productivity. Employee is the most vital
resource for any organization hence the need for fair and adequate
compensation. Based on the findings of this research work, it was recommended
that the issue of employee remuneration should be taken seriously by
Entrepreneurs. Entrepreneurs should change their orientation about employees
and pay more attention to their compensation as employee is the goose that lay
the golden egg for the organization. This research work will be of immense
importance to employees and employers in the private sector especially human
resources Managers who will adopt the findings of this research for better
compensation scheme of their workers.
TABLE OF
CONTENTS
CHAPTER ONE:
INTRODUCTION
1.1 Background to the Study
1.2 Statement of Research Problems
1.3 Research Objectives
1.4 Research Questions
1.5 Research Hypotheses
1.6 Significance of the study
1. 7 Scope and Limitation of Study
1.8 Operationalization
1.9 Profile of Flying Eagle Shipping
Limited
1.10 Scope of Services Rendered by Flying Eagle
Shipping Limited
1.11 Definition of Terms
CHAPTER TWO:
LITERATURE REVIEW
2.1 Introduction
2.2 Employee
2.3 Compensation
2.3.1
Factors Affecting Compensation
2.3.2 Types
of Compensation
2.3.3 Role
of Compensation to Employee
2.3.4
Objectives of Compensation
2.3.5
Incentive
2 .3.6 Roles
of Incentive
2.3.7
Training and Development
2.3.8
Difference Between Training and Development
2.3.9
Promotion
2.4 Productivity
2.5 Entrepreneurship
2.5.1
Entrepreneurship Perspective
2.5.2
Entrepreneurial Process
2.5.3
Entrepreneurial Management
2.5.4 Who is
an Entrepreneur
2.5.5
Characteristics of Entrepreneur
2.5.6
Conceptual Frame Work
2.5.7
Theoretical Frame Work
2.5.8
Empirical Frame Work
2.5.8
Historical Frame Work
CHAPTER
THREE: RESEARCH METHODOLOGY
3.1 Introduction
3.2 Research Method
3.3 Research Design
3.4 Study Population
3.5 Research Sample Frame
3.6 Data Source and Data Collection Procedure
3.7 Research Instruments
3.10 Validity Test of Research Instrument
3.11 Reliability of Test of Research
Instrument
CHAPTER FOUR: PRESENTATION AND ANALYSIS OF DATA
4.1 Introduction
4.2 Data Analysis
4.3 Testing of Hypothesis
CHAPTER
FIVE:
SUMMARY,
CONCLUSION AND RECOMMENDATION
5.1 Introduction
5.2 Summary of Chapters
5.3.1
Theoretical Findings
5.3.2
Empirical Findings
5.4 Recommendations
5.5 Conclusion and Policy Implications
5.7 Contribution to Knowledge
References
Questionnaire
CHAPTER ONE
INTRODUCTION
1.1. BACKGROUND OF STUDY
After the
Second World War, concern for economic development became all-pervasive. There
was a growing concern for economic development and this strengthened interest
in entrepreneurship with primary focus on exploring practical measures to
augment the supply of entrepreneurs, i.e. persons with competence and aptitude
to initiate, nurture and expand industrial enterprises. This resulted in the
belief in education and training to inculcate and develop entrepreneurial
capabilities in people so that they could set up their own enterprises.
Subsequently programmes directed towards this goal were conceptualized.
The nineteen
century was a fertile time for entrepreneurial activity, as technological
advances during the industrial revolution provided the impetus for continued
inventions and innovations. Much of the literature in the field of
entrepreneurship is from the USA and Europe, and thus is based upon western
values and cultures. The study of entrepreneurship continues to grow as a field
of enquiry and remains one of the most attractive areas of research in the
management field.
Entrepreneurship
(small business enterprise) plays a significant role in world economy.
Specifically, small business firm constitute majority of the types of
businesses in all economies of the world (Hill and McGowan, 1999, Timmons,
1994; Storey, 1994, Culkin and Smith, 2000). Some of the world's multi-national
corporations, which have influenced many world economics, started as small
business enterprise.
In Nigeria
entrepreneurship, (small business enterprise) accounts for substantial part of
the total industrial employment, production, and value-added in Nigerian
business concerns. Okongwu (2001) explained that small business enterprises
generate the industrial wealth of Nigeria in addition to being a major agent in
the economic, technological, social and political growth and development of
Nigeria, not minding the presence of multinational and other large firms in
Nigeria such as Shell, Mobil, NNPC, NITEL, NPA, NPHC, Lever Brothers, Nestle
Foods and others.
Through
small business entrepreneurship, jobs are created not just for the
entrepreneurs themselves but also for other people in the Nigerian economy. The
aftermath of creation of jobs is reduction in dependence on government to provide
everybody with jobs, reduce government expenditure, improve standard of living
of Nigerians, reduce social ills in the society, create balanced budget for the
economy and invariable leads to higher Gross Domestic Product (GDP).
Entrepreneurs,
through efficient and effective entrepreneurship practices and strategies
contribute substantially towards economic development by producing and
introducing new goods, services and ideas into the market or through new
production methods or technologies. Entrepreneurial business organization or
individuals are propellers of contemporary world economies. The
conceptualization, development, production and commercialization of new goods
and services and ideas can revitalize ancient industries or create entirely new
ones. Entrepreneurial business companies and individuals are the change agents
that accelerate modern societies forward and engender beneficial innovations
via continuous improvement, creative destruction of old offerings and process
and creative transformation of systems and cultures (Kropp and Zolin 2005). :
Therefore,
for Nigeria to be reckoned with in the community of nations economically, there
is the important and urgent need to encourage entrepreneurship in small
business enterprise in the country. It should be a managerial and governmental
policy to note always that entrepreneurship is needed in the Nigerian economy
to create jobs, reduce unemployment rate, crime rates, government's
expenditure, poverty, social unrest, create wealth, raise productivity level of
the economy, provide certain services conveniently and raise the standard of
living of Nigeria. For the Nigerian economy to be strong and stable in the
relevant sectors, there is the need to emphasize and practice entrepreneurship
in small business enterprises through the enactment of relevant policies,
efficient and effective management practices, and provision of the enabling
environment in Nigeria.
Success or
productivity of entrepreneurship is closely related to employee and employee
remuneration. The ability to remunerate employee is generally considered an
essential management tool in achieving entrepreneurial productivity. Adequate
employee remuneration motivate employee towards putting in their best which in
turn leads to increased productivity.
Employee
remuneration is defined as, "the reward or compensation given to the
employees for their work performances. It is a method of promoting morale,
increasing motivation and foster team cohesion. there two main types of
employee remuneration namely Piece Rate method and Time Rate method. the former
is compensation based on unit productivity, while the latter is the time an
employee spends on a job, such as finishing a project before a deadline.
1.2 STATEMENT OF PROBLEMS
Employees in
most private organizations in Nigeria are not well remunerated in the work
place and this has been brought about low entrepreneurial productivity.
Management
seems to ignore the factors that create conducive environment for compensation
such as good working environment, appropriate and adequate remuneration,
promotion, training and manpower development.
Research has
shown that in private sectors, little or no attention is paid on employee
remuneration and motivation. More emphasis is placed on more productivity and
increased productivity.
In today's
competitive world, management needs to continuously emulate practices that will
attract and retain a highly qualified and skilled workforce. Dissatisfied
employees may be forced to work due to unemployment or insecurity, but this is
not in the interests of the long-term success of the organization. Inadequate
employee remuneration brings about dissatisfaction which in turn brings about
low entrepreneurial productivity. Dissatisfaction may be expressed in other
forms like internal conflicts, poor interpersonal relations, low trust, stress
leading to workplace conflict, and violence. It is generally recognized that
employees currently in the work force are more concerned than their
predecessors with the quality of their working life and with the associated
psychological reward. It is doubtful however, whether many of them would
continue working if it were not for remuneration. This further brings to lime
light the relevance of remuneration in an organization.
1.3. OBJECTIVE OF STUDY
The most
visible reward for work is monetary. Not surprising therefore, that employees
place great emphasis on matters relating to their remuneration. The main
objective of the research study is to identify the impact of employee
compensation on entrepreneurial productivity.
Other
objective of the study include the follow:
i. To highlight the need for adequate
remuneration especially in the private sector.
ii. To enumerate the effect of inadequate
remuneration on entrepreneurial productivity
iii. To examine the correlation between
remuneration and employee performance.
iv. To evaluate the problems inhibiting the
performance of employees and acknowledge them in terms of improving employee
remuneration and training/development.
v. To address the increasing issue of job
dissatisfaction which account for major reasons for low entrepreneurial
productivity.
vi. To highlight the need for employee
promotion in relation to entrepreneurial productivity .
vii To bring to bare, the causes of high
labour turnover and seek ways to address it.
viii. To highlight the role of compensation in
attracting and retaining right caliber of employee.
ix. To further emphasize on the need for
employee utmost participation in achievement of organizational goal.
1.4 RESEARCH QUESTION
To address
the research problem empirically, it is necessary to build a conceptual and
prepositional foundation that will help to appreciate the relative importance
and possible inter-relationship between employees’ compensation and
entrepreneurial productivity.
Below are
some of the research questions of the study.
i. To what extent does employee
remuneration affect entrepreneurial productivity?
ii. Does employee training and development
have any impact on entrepreneurial productivity?
iii. Does staff incentive have any impact on
entrepreneurial productivity?
iv. To what extent does promotion affect
employee performance?
1.5 RESEARCH HYPOTHESIS
To provide
systematic answers to the research questions. Attempt will be made to explore
the relationship among variables highlighted in the study.
The
following hypothesis will be tested:
Hypothesis 1
H1: Employee
remuneration does not affect entrepreneurial productivity.
Hypothesis 2
H2: Employee
training and development do not have any impact on entrepreneurial
productivity.
Hypothesis 3
H3: Staff
Incentive does not have any impact on entrepreneurial productivity.
Hypothesis 4
H4:
Promotion does not affect employee performance.
1.6 SIGNIFICANCE OF THE STUDY
The study
will be of immense importance to many sectors such as students, employees and
management especially human resources managers who will adopt the findings of
this research for better compensation scheme for their workers. The research,
when completed, will create a corrective measures which if put into use will
enhance further efficiency. Finally, it is hoped that this research will be of
tremendous help as well as a source of reference for further research.
1.7 SCOPE AND LIMITATION OF STUDY
This study
covers the extent to which employees remuneration affect or improve
entrepreneurial productivity. Employee remuneration however, is not the only
factor that influences entrepreneurial productivity but, due to financial and
time constraints, this study shall be limited to the impact of employees'
compensation on
entrepreneurial
productivity; the scope and area of coverage will however, be limited to Flying
Eagle Shipping Limited, a private firm engaged in international logistics with
head office located at Surulere, Lagos State.
1.8 OPERATIONALIZATION
Operationalization
simply put is the difference or disparity between the independent and the
dependent variable of a research work. The independent variable as the name
implies is the main variable used in the research and can be manipulated by the
researcher. The dependent variable is dependent on the independent variable and
also manipulated by the independent variable. This research work tries to
highlight the impact of the independent variables on the dependent variable.
For the
purpose of this research work, the independent variable are expressed below
Y = f(X}
Where Y = Dependent Variable
X =
Independent Variable
f = Function
i.e EP = f(EC)
Where,
EP =
Entrepreneurial Productivity
EC =
Employee Compensation
EP consist
of the following
Y = EP =
(Y1. y2, y3, y4 ……………..Yn)
Y1 =
Increased Performance
Y2 =
Increased Output
Y3 =
Increased Profitability
Y4 =
Increased Market Share
X = EC =
(X1,X2,X3,X4…………………………Xn)
EC consist
of the following
X1 =
Remuneration
X2 =
Incentive
X3 =
Training and Development
X4 =
Promotion
This
research study only covers the analysis between the variable of productivity
construct (increased performance, increased output, increased profitability and
increased market share) and the variable of employee compensation construct
(remuneration, promotion, training and development and incentive).
1.9 PROFILE OF FLYING EAGLE SHIPPING LIMITED
FLYING EAGLE
SHIPPING LIMITED is an International Freight Forwarder, Relocation, Removal and
Storage Company designed to render highly professional and personalized service
in the areas of International Freight Forwarding, Clearing of Consignment from
the Sea and Air Ports with services covering International Freight Forwarding,
International Removal & Relocation of household goods and general cargo,
Custom Clearance, Door to Door Services, Local and International Removal,
Haulage, Warehousing and Project Handling. Flying Eagle Shipping Limited has
its Head Office located at 2 Okanlawon Ajayi Street, Surulere, Lagos and Branch
Offices at Abuja, Port Harcourt, Calabar, Warri. Also have full fledged offices
in Abidjan, Mali and Ghana. The company is custom licensed and incorporated in
2001 under the Company and Allied Matters Decree of 1990.
Flying Eagle
Shipping Limited provides international moving services of the highest quality.
She has a team of efficient professionals who guarantee sound international
Move. Removal services are carried out in the most professional way by a team
of highly trained and well-equipped personnel.
1.10 SCOPE
OF SERVICES RENDERED BY FLYING EAGLES SHIPPING LIMITED
- Customs Clearance at all Nigerian Air
& Sea Ports viz. Lagos - Apapa & Tin Can Island Ports, Lagos; Port
Harcourt - Area 1 & Onne (FOT & FLT); Calabar Port; Lagos - Murtala
Mohammed International Airport, Lagos; FCT, Abuja - Nnamdi Azikwe International
Airport, Abuja; Port Harcourt - Port Harcourt International Airport, Omagwa;
and Kano - Aminu Kano International Airport, Kano.
- Export Processing and Forwarding of
Commercial Cargoes and Personal Effects to Worldwide destinations through at
all Nigerian Air and Sea Ports listed above
- Repairs and Return of Equipment,
Machinery and Tools to and from over 700 worldwide destinations in partnership
with Flying Eagles Shipping Limited.
- Door to door and door to port handling
of inbound I outbound commercial cargoes and personal effects from over 700
worldwide destinations. Our constant and frequent usage of various trade routes
in the world accounts for our strength, stability and ability. This has
qualified us for discount facilities from major Airlines.
With
effective use of high level information equipments and a team of
top-of-the-line professionals, we lift cargo from any part of the world and
deliver to customers door step (irrespective of volume).
- Local and International removals and
relocation of Household Goods & Personal Effects.
- Industrial relocation including
dismantling, removal, transportation and reinstallation of Machinery and office
structure.
- Handling of diplomatic cargoes on door
to door and door to port basis.
- Heavy Duty Haulage and Transportation
within Nigeria.
1.11
DEFINITION OF TERMS
PRODUCTIVITY
This is
defined as multiplicative function of motivation and ability. It is an overall
measure of the ability to produce a good or service. More specifically,
productivity, is the measure of how specified resources are managed to
accomplish timely objectives as stated in terms of quantity and quality.
MOTIVATION
This refers
to an inner drive that compels and moves an individual to act or behave in a
certain way I manner. Tannehill (1970) defined motivation as an influence, a
force that gives rise to behavior. He went further to say that motivation is
something that makes people to move in a given direction, not with a threat or
force but some promise of reward.
ORGANIZA
TIONAL EFFECTIVENESS
According to
the Merriam Webster Dictionary, organizational effectiveness can be defined as
an organization that produces a desired effect. Likewise, organizational
efficiency can be described as an organization that is productive without
waste. The desired effect will depend on the goals of the organization. In a
nut shell, it refers to the extent to which output is in line with
organizational objectives.
MANAGEMENT
This is
defined as the art, science or process of combining and utilizing the physical
resources and human resources of the organization to achieve the organizational
objective.
INCENTIVE
Extra
payment made to workers in order to motivate them into higher performance and
productivity. Monetary Incentives: These are incentives granted in the form of
financial rewards, which include bonus, pension scheme, leave allowance etc.
ENTREPRENEURSHIP
Mc Gowan
(1999), Entrepreneurship can be seen as a process which involves the effort of
an individual or individuals in identifying variable business opportunities in
an environment and obtaining and managing the resources needed to exploit those
opportunities. Drucker (1985), considers entrepreneurship as innovative process
of converting an idea into market place reality by exploiting opportunities, He
notes that entrepreneurship is practice-behaviour. McClelland (1961), entrepreneurship
is "a dynamic process created and managed by an individual, the
entrepreneur, who strives to exploit economic innovation to create new value in
the market toward achieving a particular need."
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