The Effects of Employee Benefits on Performance of Employees
CHAPTER ONE
OBJECTIVES OF STUDY
The main purpose of this study is to examine the impacts of employee benefits on the performance of an employee in an organization. However, in line with the main objective of the study, the specific objectives are:
- To identify employee benefit packages offered to the employees of Zenith Bank of Ghana.
- To evaluate the design and implementation of employee benefit plans/ policies of Zenith Bank of Ghana.
- To examine the effects of identified employee benefit packages on the overall performance of the employees of Zenith Bank of Ghana.
CHAPTER TWO
REVIEW OF RELATED LITERATURE
Introduction
Every organization plans how it will deal with the benefits package that employees will have as part of the total compensation. However different employees have different needs of benefit, therefore employers need to review their benefits package to see whether they fit for the needs of employees. The range and scope of employee benefits are growing rapidly, but for benefits to make a positive impact on an individual, the individual first needs to be aware of and understand the benefits their employer currently offers. Though employee benefit forms part of the total reward package, employee benefits have a unique state. First, it has to answer the question of legal compliance. Though, direct compensation is subject to some government regulation, the scope and impact of benefit is far greater. Certain benefits, such as social security are mandated by law. Others such as pension and savings plans, even though not mandated, they are subject to significant regulation or must meet certain criteria to achieve the most favorable tax treatment. The greater involvement of government in the scope and range of employee benefit decision, reflects the vital role employee benefits play in maintaining economic security. Another unique aspect of benefits is that, they become institutionalized as organizations offer them. Providing medical and retirement benefits of some sort become almost obligatory for many employers. Major employers that do not offer 9 such benefits to their employees are rare and might as well find it very difficult to attract and retain a high qualified workforce. Furthermore, the complexity of employee benefits is unique as compared with the other forms of compensation. It is relatively easy to understand the value of money, but not as part of the benefit package. The value of medical insurance, pension provision, disability insurance, ect, ect are rare and difficult to grasp as compared with one’s salary. Fundamentally, most employees are not aware of the benefits available to them, and in cases when they do, they do not appreciate the value or even how to use them.
CHAPTER THREE
Research methodology
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 selected secondary schools in Zenith bank in Accra, Ghana in order to determine the effects of employee benefits on performance of employee. 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 Seventy-five (75) staffs of Zenith bank in Accra, Ghana
Sample Size and Sampling Techniques
The researcher made use of stratified sampling technique because all the members have the same probability of occurrence. The researcher narrowed down the samples to the staffs of Zenith bank in Accra, Ghana in order to access the effects of employee benefits on performance of employee.
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.
CHAPTER FIVE
SUMMARY, CONCLUSION AND RECOMMENDATION
Introduction
It is important to ascertain that the objective of this study was to ascertain the effects of employee benefits on performance of employees. 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 the effects of employee benefits on performance of employees
Summary
This study was on the effects of employee benefits on performance of employees. Three objectives were raised which included: To identify employee benefit packages offered to the employees of Zenith Bank of Ghana, to evaluate the design and implementation of employee benefit plans/ policies of Zenith Bank of Ghana and to examine the effects of identified employee benefit packages on the overall performance of the employees of Zenith Bank of Ghana. The total population for the study is 75 staffs of Zenith bank of Ghana. The researcher used questionnaires as the instrument for the data collection. Descriptive Survey research design was adopted for this study. The data collected were presented in tables and analyzed using simple percentages and frequencies
Conclusion
Based on the deductions from the Human Resource manager’s response and the researchers’ own findings and observations, it is concluded that, employee benefits had significant impact on performance. Though benefits at the zenith bank of Ghana service have been around for several years and maintained stability, they were not attractive to employees. They see it as something that is of basic importance that have significant impact on the performance of their work. This is evident in the high productivity in the zenith bank of Ghana as compared to other organizations
Recommendation
Benefits plans sometimes provide little or no advantage to employees, limiting the organization’s ability to attract, retain and motivate those talented employees. Throughout the research, it was discovered that the public service benefits design was solely carried out by the employer (the government), without the involvement of the employees. With such a finding, the researchers proposes that in designing the benefits, employees should be fully involved, so as to tailor the benefits to what is of value and importance to them. This will increase the patronage; improve the relevance and significance of the package.
Again, to serve the intended purpose, employee benefits programs must reflect the changes that are continually occurring within our societies. Therefore, the researchers recommend the modification of benefits at the service, to reflect changes in life style, age group ect. It was reveled that most of the benefits have been in existence over the last 5-10 years without any changes. This we recommend modification from the employer.
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