Evaluation of Remuneration Policy’s Influence on Performance of Staff of Access Bank Plc, Bida

¹R.L. ALIYU, B.M TUDUN WADA² AND K.S. OLADEJO³

¹Department of Business Administration, Kano State Polytechnic, Kano, Nigeria.

²Department of Banking & Finance, Kano State Polytechnic, Kano, Nigeria.

³Department of Banking & Finance, Federal Polytechnic, Bida, Nigeria.

E-mail: rahamalaliyu@gmail.com, saleemabubakar10@gmail.com

ABSTRACT

Many commercial entities especially Banks place high priority on staff remuneration, this is because the ability of a commercial bank to achieve its goals at minimal cost will depend mostly on how motivated its employees are, be it skilled labour, semi-skilled or unskilled labour, all depend or believe strongly on competitive remuneration. This research work assessed how compensation policies can be used effectively to enhance productivity in Commercial banks. The works of other scholars have been reviewed to enable the researcher take a position. Primary data and other information were used. The population of the study is 16 members of staff, due to the size of the population; the entire population shall constitute the sample size. Simple random sampling technique was adopted in administering the questionnaire. The study found out that, once members of staff are well compensated above the industrial/industry average, then, productivity will be enhanced. Another finding is that, the current remuneration packages of the bank is not adequately competitive, members of staff expressed displeasure over the compensation policies. The work concluded by recommending that the bank under investigation should review its compensation policies in-line with the practices in other leading banks, that is, compensation policies should be made more competitive to minimize labour turnover in the bank.