FINANCIAL INCENTIVES REWARD SYSTEM AND EMPLOYEES’ JOB SATISFACTION AMONG CASUAL WORKERS IN DISTILLED FIRMS IN LAGOS STATE, NIGERIA

Abstract

It is believed that compensation management is a process that is complicated and needs to be done with precision and accuracy. If done incorrectly, it can cause issues for the organization. The best compensation plans motivate staff members to put in more effort and perseverance at work. Additionally, it aids in the establishment of quantifiable, practical, and job-related criteria by the organizations. Examining the financial incentive reward system and employee job satisfaction among casual workers at the Distilled companies in Lagos State was the primary goal of the study. There were 1263 casual workers in all, employed by four Lagos-based distillery enterprises. Taro Yamane (1967) was used as a formula to determine the sample size of 304 for this investigation. Only 300 surveys were returned, though. For the study, correlation and regression tests were used to assess hypotheses. Payment equality was found related to employee satisfaction (F (1, 298) = 299.083, P<0.05, R2=.0.51), as well as to organizational commitment and fringe benefits (r=0.961; P<0.05). The study found a correlation that is significant between the performance and job satisfaction of casual workers in distilling enterprises and the financial incentive reward system.