PROJECT TOPIC :COMPENSATION, CAREER AND PRODUCTIVITY
CHAPTERS: Chapter 1 – 5
PRICE : #3, 000
FORMAT: Ms Word
This study, COMPENSATION, CAREER AND PRODUCTIVITY contains concise information that will serve as a framework or guide for your project work. The project study is well-researched for academic purposes and are usually provided in complete chapters with adequate References.
Keywords:COMPENSATION, CAREER AND PRODUCTIVITY
The need to rely heavily on the knowledge and skills set of staff has become important in organisations today. This is due to the pressure faced by organisations to achieve competitive advantage within business environments that are highly competitive in nature. The banking industry in Nigeria knowledge oriented and fiercely competitive and as such, the need to be innovative to achieve differential advantage has never being more important. This need has made organisations realize the benefits of viewing employees as being strategic to the achievement of corporate objectives. The aim of this paper is to examine the impact of HR policies on compensation, career and productivity of employees in organisations. This is achieved by examining Guaranty Trust Bank (GT Bank) who is viewed as the case study company in this dissertation. Significant data was acquired from 192 employees of GT Bank in a bid to understand the present HR practices implemented to achieve the corporate objectives of the bank. The findings of this research showed that GT Bank presently has a manpower planning policy implemented to drive growth within the bank. However, the researcher suggested a review of this policy to ensure the identification of areas that need possible improvement. This research highlights the benefits of employee engagement towards the enhancement of organisational productivity within the bank. The researcher recommended that GT Bank implements HR policies that support equity, employee performance, employee development, employee benefits and work-life balance. The development and alignment of HR strategies with the business strategies of the bank to achieve organisational performance was recommended for action in the GT Bank.
Keywords:Compensation, Career, Productivity, Human Resource Management
Table of Contents
FORMAT OF NETHERLAND BUSINESS SCHOOL
The operating environment of today is patently laden with uncertainties, recession and thus the need for organization’s to be manned with superbly prepared individuals whose orientation is for quality and excellence. Acquiring and utilizing human capital is both an individual and an
Organizational task. There is the need to explore modern tools for developing and harnessing human capital potentials against the backdrop of a highly dynamic working environment. The paper focuses on the need for career development for staff and some of its wider implications.
A career is the pattern or sequence of work roles of an individual. Career development is however situated within organizational environment, where it involves every level of employees, and for which every employee must be responsible for his own career development. However, within the general context of an organization, career development policies are formulated for the purpose of deciding the extent to which it makes or buys talents requited for its operation as follows:
- Make or grow its own managers (a policy of promotion from within)
- Recruit or buy-in deliberately from outside (a policy to bring in ‘fresh blood’ into the establishment). The policy often admits a reasonable amount of wastage and takes timely steps to encourage people, in a gentle friendly manner, to seek their career fortunes elsewhere if they are in danger of stagnating.
- An extension of the above is the buying in of talents from outside because of future shortfalls in the availability of managers, as revealed by the company’s demand and supply forecasts.
An organization’s human capital policy may also be based on short – or long-term performance policies as well as long-term flexibility.
Short-Term Performance Policy
The focus is on here and now. Essentially organizations would recruit and train high performers who are good at their present jobs and are duly compensated. If such high performers are really good they would be promoted to handle higher responsibilities and would be rewarded accordingly. But no conscious effort is taken by the organization to develop such high performers for future roles. The Idea is that high performers would emerge, grow and be eager to take on higher responsibility In the future, and where they are not ready, the organization would bring in new talents.
Employers who believe in long-term career planning develop highly structured approaches to career management. Unlike the short-term performance approach, the long-term plan organization would go for elaborate reviews of not only performance but also potential using competencies and assessment center’s to identify talent and confirm that such talents are available In-house. They would also have ‘high flyers’ schemes and planned job moves In line with a predetermined programme.
This policy takes the good part of the short-term performance by ensuring that they bring In high performers and train them to do well on their jobs, also compensating them adequately. In addition, they recognize that potentialities should be Identified, assessed and developed by giving training and development which may not be job specific, and by deliberately broadening the high performer’s experience through job rotation and sometimes even career redirection. This approach therefore avoids the short sightedness of the short-term performance policy and at the same time the rigidity and lack of realism of the strictly structured career development approach of the long-term plan policy. This is because in present day atmosphere of rapid technological and developmental changes, long-term plans of over five years may be impractical. This is a situation where the short-term performance system is likely to be more common in the small and rapidly growing businesses where the structure is functional and the organisation is flowing and malleable. The long-term system would be seen in larger more administrative or bureaucratic organisations where exact predictions of future needs are possible and there is a place for the developed high flyer either in his present company or somewhere else. Large multinational companies are the most likely to operate such a system. But for most medium size companies pursuing excellence, the long-term flexibility policy would seem to be more appropriate.
Stages of Career / Human Capital Development
The following schemes are merely for a guide since they are based on the peculiar cultures of the authors that devised them.
Table a: Schein’s Nine Stages of Career Development Cycle
|0 – 21||Growth, Fantasy, Exploration|
|16 – 25||Entry into the world of work|
|16 – 25||Basic Training|
|17 – 30||Full membership in early career|
|25+||Full membership in mid-career|
|35 – 45||Mid-Career Crisis|
|40+||Decline and disengagement|
Table b: Greenhaus and Callanan Five-Stage Cycle of Career Development
|1.||Up to 25||Occupational choice: preparations for work|
|2.||18 – 25||Organizational entry|
|3.||25 – 40||Early career establishment and achievement|
|4.||40 – 55||Mid-Career|
|5.||50 and above||Late Career|
Basically, these are career decisions or aspirations of individuals. Many authors have carried out studies on what inspires career choices.
Schien in 1978 concluded that the following factors instigates career choices by individuals:
- Self-perceived talents and abilities
- Self-perceived motives and needs
- Self-perceived attitudes and values.
He also identified the following as the five main career anchors:
- Technical/Functional Competence
Choices made by these individuals are informed mainly by interests in the technical aspects of their jobs, and not in management as a function as such. They would accept management responsibility only if in their functional areas; e.g. decision of an executive to give up the CEO position for that of Deputy where he continues performing his technical tasks:
- Management Competence
For this individual, exercising managerial responsibility is an end in itself while high performance in technical/functional jobs is seen only as a means. A brilliant accountant with this type of anchor would prefer to advance from Chief Accountant of a Conglomerate to be General Manager of a Division rather than the Finance Director of the group.
iii. Security and Stability
Those who have this anchor are prepared to do whatever the organization requires in order to maintain their job security as well as present and future company benefits that go with it. Most people with this anchor hardly ever change jobs. They are also likely to integrate their career with home life. Teachers and civil servants tend to exhibit this characteristic in the Nigerian environment.
These individuals have a persistent urge to build something new. They demonstrate entrepreneurial characteristics and when their new ventures turn out to be a success, they soon become bored and desire to move on to new challenges. In large organizations, such people are usually found in positions of Project Manager.
This refers to a tendency to choose a career based on the desire to be free from organizational constraints in their exercise of technical/functional competence. Individuals with this characteristic as a career anchor prefer to set their own pace and work style. They usually work alone in very small organizations. Good examples are consultants,’ writers, lecturers, etc.
Other Career Anchor
Service to others: The active force here is the desire to help others through the exercise of certain interpersonal competence, not as an end in itself but for the help of others. Many people in such professions as medicine, nursing and teaching demonstrate this career anchor.
Power, influence and Control: This may be separate from managerial anchor or may be a pronounced part of it, as evidenced by the excessive love for power by some people in what would normally be managerial positions such as chief executive of a company. But usually, people with this anchor are found more often in politics, the military and some religious sects.
Organisational Support for Career Development
Career choices are the responsibilities of Individual members of an organisational. Yet, organisations must augment the Individual efforts of their employees. This can be done through:
- Career Exploration – by providing the tools and assistance for the individuals from realistic self-diagnosis and performance ratings from staff appraisal exercises and supplying them with all necessary organizational information.
- Career Goal Setting – By providing a clear view of the career opportunities available in the business and making a wider range of opportunities available to meet career priorities.
- Career Strategies and Action Planning – information about what works in the organization, what expectation are realistic and support on how to attain those realistic goals should be given.
- Career Feedback -By providing the individual employee with an honest appraisal of his current performance and his career potential.
- Career pathways and grids – a sequence of job roles or positions related either via work content or abilities required, through which an individual employee can move in his career progression. The pathways may be vertical, subjected to age limits, qualifications for entry, etc. The matrix is more flexible and enjoys better adoption in recent times.
The need to develop effective HR policies in a bid to drive career growth and ensure the achievement of success has become imminent in organisations today. The knowledge of employees is now seen as a major life line for the achievement of competitive advantage in organisations. Various organisations are now seeing the benefits of developing and utilizing the knowledge assets of employees in a bid to drive growth and enhance the innovative capability of the organisation. In the quest to achieve innovation through employee productivity, organisations are now developing strategic initiatives that support the development and growth of employees in a bid to achieve this aim.
Employee engagement is a concept that focuses on building the relationship between an employer and its employees. Strategic initiatives are being implemented by organisations to help foster the development of positive employer-employee relationship in a bid to drive growth and enhance organisational productivity, although, both internal and external organisational challenges limit the attainment of these organisational goals. In view of this, organisations must find ways to develop effective HR policies that help motivate staff, build careers and enhance organisational productivity. The aim of this research is to examine the impact of HR policies on compensation, career and productivity of GT Bank.
Guaranty Trust Bank (GTB) is a foremost African financial institution that provides banking services to millions of people. GT Bank was established in 1990 and has a vast business interest in Africa and the United Kingdom. GT Bank currently has an asset base of N3.2 trillion and shareholder’s funds of over N580bn. GT Bank currently has a staff strength of 10,000 people spread across West, East Africa and United Kingdom.
GT Bank was founded on excellence, excellent customer experience, good ethics and best practices. GT Bank is synonymous to innovation by delivering growth yearly on essential financial indices and its clientele base. GT Bank is recognized as one of the most profitable financial institutions in Nigeria for the delivery of excellent service, innovation, ethics and values and professionalism. The vision and mission statements of GT Bank are highlighted below:
- Vision: “We are a team driven to deliver the utmost in customer service.
We are synonymous with innovation, building excellence and superior financial performance and creating role models for society”(GT Bank, 2018)
- Mission: “We are a high quality financial services provider with the urge to be the best at all times whilst adding value to all stakeholders”(GT Bank, 2018)
The current high employee turnover coupled with the lack of motivation has led to limited productivity and loss of revenue in GT Bank
The purpose of this study is to examine the impact of effective HR policies for compensation, career and organisational productivity in GT Bank.
Three research objectives were created in line with the purpose of this study and these are:
- Examine the HR priorities in GT Bank
- Examine the views of GT Bank staff regarding the current HR practices in the bank
- Examine the impact of effective HR policies on the compensation, career and productivity of employees in GT Bank
In view of the research objectives developed in this study, three research questions were created which are:
- What are the HR priorities in GT Bank?
- What are the views of GT Bank staff regarding the current HR practices in the bank
- What is the impact of effective HR policies on the compensation,careerandproductivity of employees in GT Bank?
In a bid to address the research objectives of this study, a suitable research design had to be implemented. The researcher adopted the use of case study as a research design to help shed light on the research statement by ensuring a detailed understanding is obtained on the current HR practices in GT Bank. The use of case study enabled the researcher compare the research outcome with the contents of the literature review.
Questionnaires were adopted to help acquire data from employees of GT Bank regarding the present HR practices obtainable in the bank. The data gathered was analysed in a bid to provide a better understanding of the present situation of GT Bank. The researcher decided to make this study quantitative in nature due to the desire of the researcher to be objective as possible and also adopt the use of statistics to analyse the data acquired. This is explained further in Chapter three.
The researcher adopted the use of questionnaires as the research instrument to help gather valuable data from employees of GT Bank. The questions developed by the researcher reflected the contents of the literature review. This was done in a bid to address the research objectives of this paper. Twelve (12) questions were developed by the researcher – and these questions were structured under themes to further reflect and align with the contents of the literature review.
The researcher selected 192 employees to participate in this study. A sample size calculator was used to determine the sample size to adopt in relation to the population of study. In view of the time constraints, the researcher knew that it would be extremely difficult to interview 192 people in a bid to gather data for analysis purposes. And as such, the researcher implemented the use of questionnaires to capture relevant data from employees regarding the present HR practices of GT Bank. These are further explained in chapter three of this paper.
Questionnaires were adopted by the researcher to gather data from staff or GT Bank. The use of Likert scale was implemented by the researcher to help ensure respondents have the opportunity to select from a series of options within the data set. All quantitative data gathered in this study were tabulated for easy analysis. Frequency and percentage distribution were adopted to further provide an in-depth understanding of the distribution of staff responses within the data set.
This project is split into seven chapters and explained as follows:
- Chapter One – This chapter shows the background of researcher which helps shed light on the research statement of this study. Research questions and research objectives were defined in thus chapter and a summary of the research methodology used was outlined.
- Chapter Two – This chapter shows the literature review which focuses on the concepts of HR and its benefits to businesses.
- Chapter Three – This chapter explains the research methodology used to address the research objectives of this study.
- Chapter Four – This chapter shows the data gathered from all 192-staff selected to participate in this research. The interpretation of the data gathered is also shown in this chapter.
- Chapter Five – This chapter shows the generation of options for possible use in GT Bank. This chapter also discusses the evaluation of the options suggested in a bid to select the best option for use in GT Bank.
- Chapter Six – This chapter discusses the implementation plan for the selection of the most appropriate option for use in GT Bank.
- Chapter Seven – This chapter discusses the researcher’s reflection on the entire research.