Fringe Benefits and Employees’ Performance in the Bank of Industry Limited, Lagos

Abstract

Job performance in the banking sector is mostly determined on the level of motivation and job satisfaction that the employees enjoy in the industry. Available evidence in the literature suggests that employees in the Bank of Industry like their counterparts in Money deposit banks are dissatisfied largely because of the inadequate motivation by the management of the organization. This no doubt has negatively impacted on the level of their performance. Arising from the above assertion, the study investigates the relationship between fringe benefits and Employees’ performance in Bank of Industry Nigeria Limited (BOI) in Lagos state. Data were collected through a questionnaire instrument found to be reliable. The sample for the study consists of 120 respondents which were Employees of the organization. The data collected from the field were grouped according to responses and presented in tables using frequencies and percentages. The four hypotheses formulated were tested using Pearson’s Correlation analysis with the aids of the Statistical Package for Social Science (SPSS). The results of the analysis show that there is a positive and significant relationship between fringe benefits such as the provision of health care services, over time payments, bonuses, loan and Employees’ performance in BOI. Based on the results of the study, the researcher concludes that fringe benefits positively influence Employees to perform better in the BOI. Based on the findings and the conclusions of the study, the researcher recommends that the management of BOI should constantly motivate its employees by providing them with adequate fringe benefits to ensure their loyalty and effectiveness to the organization.