Impact of Financial Reward on Employees’ Commitment in College of Education, Ikere-Ekiti, Ekiti State, Nigeria.

Ayeni, Olapade Grace

Abstract


The need for increased efficiency has become extremely important in educational institutions like the College of Education, Ikere-Ekiti. In order to bring about staff efficiency, managers must put in place strategies to help workers achieve maximum efficiency on the job. One of such strategies is financial reward.  This study therefore examines the impact of financial reward on workforce efficiency in College of Education, Ikere-Ekiti. Three (3) Research Questions and hypotheses were generated and tested respectively. Survey method was adopted and one hundred and fifty (150) academic members of staff were selected for the study. A well-constructed questionnaire was developed for the study. The questionnaire was validated by expert in Business Education department. The reliability coefficient of 0.98 was obtained which implies high reliability on the instrument. The descriptive statistics method of standard deviation was used to provide answer to the research questions and Chi-Square (X2) statistics was used to analyze the hypotheses at 0.05 level of significance. The findings revealed that financial rewards in form of salary and benefits enhance effectiveness and commitment. However, it was revealed that financial reward does not result in sustained motivation for retention. It was therefore suggested that management should provide timely and fair compensation and benefits to members of staff.


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