COMPENSATION STRATEGY AND EMPLOYEE’S PERFORMANCE IN ORGANISATIONS: A CASE STUDY OF FIRST BANK OF NIGERIA, EDO STATE.

ABSTACT

The study examined compensation strategy and employee performance in organization with case study of First bank Plc, Benin City, Edo State Nigeria. The essence of the study is to investigate effect of compensation strategy on employee’s performance in organization, using promotion, incentive, training and development and non- monetary compensation as an independent variables while employee performance is dependent variable.  The methodology used for the study was survey design.  A questionnaire was designed using structured questions to collect primary data from employees of First bank Plc, Benin City, Edo State with a sample size of 100 which was selected among staffs of First bank, Benin City. The study revealed base on the findings from the analysis that promotion has no significant effect on employee performance, while other variables used like Incentives, training and development and non-monetary compensation strategy has significant effect on employee performance. the recommendation include the following: The attitude towards promotion needs serious improvement owing to its benefits to employee performance,  the attitude towards training and development needs to be maintained owing to its significant benefits to employee performance, the attitude towards incentives needs to be consistently maintained owing to its benefits to employee performance, the attitude towards non-monetary compensation needs to be consistently maintained owing to its benefits to employee performance.