CHAPTER ONE

INTRODUCTION

1.1       BACKGROUND OF STUDY

Today, an organization’s result is highly dependent on the employees work reward. It is therefore necessary for insurance firms to find out what motivates their employees so that they can plan a suitable reward system and gain better results. The right combination of immaterial and material rewards can boost up the employees' productivity and enhance their commitment to the firm. 

Reward is one of the most important elements in motivating employees for contributing their best efforts to generate innovation ideas that lead to better business functionality and further improvise organizational performance both financially and non-financially (Dewhurst et al., 2010). The current financial crisis Nigeria is experiencing has made the reward system. With focus on bonuses and viable remuneration, a highly debated topic in media.  The mantra that is always heard is that organizations expect employees to follow the rules, regulations and also to work according to the standards set for them whereas the employees expect good working conditions, fair play, fair treatment, a secure career, power and involvement in decision making.

Rewards systems are often used as a management tool for achieving desirable aims and objectives. One of the most common aims of reward in insurance firms is to motivate employees to perform better in the firm (Armstrong, 2006). In the present business culture, workers will give their greatest when they have an inclination or assume that their endeavours will be remunerated by administration (Baron, 1983). Inspiration is the key that motivates individuals to do what they do. Inspiration is a collection of various procedures which impact and direct the conduct of workers to accomplish some particular objective (Baron, 1983). One of the key issues that worry each labourer in an organization needs to do with the reward or remuneration for their exertion. In Lagos State, Staff not just need great pay and advantages, they likewise need to be esteemed and acknowledged for their work, treated decently, do work that is imperative, have progression openings, and chances to be engaged with the insurance firm (Frey, 1997). Prizes assume an essential job in insurance firms and office projects to pull in and hold their workers. (Perry et al 2006).

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