Business

44International Journal of Arts and Commerce Vol. 2 No. 2 February 2013

IMPACT OF REWARD ON EMPLOYEES PERFORMANCE IN A SELECTED MANUFACTURING COMPANIES IN IBADAN, OYO STATE, NIGERIA

Sajuyigbe, A. S.

Department of Business Administration,

Osun State Polytechnic, Iree, Osun State, Nigeria.

Email: sajuyigbeademola@yahoo.com

Tel: +234-807-2652-957

Olaoye Bosede .O (Mrs.)

Department of Business Administration and Management

Osun State Polytechnic, Iree

Tel: +23480-3728-5002

Adeyemi M.A (Mrs.)

Department of Business Administration and Management

Osun State Polytechnic, Iree

Tel: +23480-3082-7353

Abstract

Human resource is one of the important assets that organization owns. Reward helps management to retain efficient and experienced workforce in an organization. This research work examined the impact of reward on employees’ performance with special reference to selected manufacturing companies in Ibadan, Oyo State, Nigeria. Structured questionnaire was used to collect data from one hundred (100) participants through purposive sampling method and data were analyzed by multiple regression analysis with the aid of statistical package for social science (SPSS) version 16. Result showed that reward dimensions jointly predict employees’ performance, which accounted for 71% variance of performance. Subsequently, recommendations were made to the management of organizations that they should buildup the commitment among employees by rewards and achieve both individual and Organizational objectives.

Key words: Reward, Praise, Pay, Recognition, and Bonus

1.0 Introduction

Reward had been seen to be a vital instrument in employee performance. A well rewarded employee feels that he/she is being valued by the company that he/she is working for. They are also encouraged to work harder and better if they are aware that their well-being is taken seriously by their employers, and that their career and self development are also...