Assessing the effect of employee welfare and compensation on organizational performance: a case of Sahel Sahara Bank Ghana limited

Abstract

AbstractThe employee rewards policy of any organization shapes behavior and work patterns, playing a significant role in organizational development. This is because such policies dictate the level of motivation necessary to achieve both individual and corporate objectives. The primary asset of any organization is its human resources. In assessing an organization’s overall performance, placing emphasis on retaining a skilled and productive workforce is crucial. Highly motivated employees contribute value to the organization by effectively accomplishing their goals and objectives. This article aims to determine the presence of a relationship between these variables and assess the extent to which compensation and employee welfare influence the organization’s performance. The research adopted a descriptive research approach, utilizing both qualitative and quantitative data to provide a comprehensive depiction of the specific details pertaining to the selected organizations. For this research, the entire population of 30 respondents from the organization was sampled using a stratified random sampling technique to ensure that the desired conclusions could be drawn. This research employs a correlational design as its research design. Data collection involved gathering information from both primary and secondary sources, with the administration of questionnaires for the acquisition of primary data. The findings derived from the research indicated that an effective compensation and employee welfare system is the backbone of all policies concerning the acquisition and utilization of human resources which in the long run influences the performance of the organisation. The study recommended the need for management to employ positive techniques to encourage high performance from staff and management to ensure equity in the distribution in employee welfare and compensation packages.

Keywords

• Compensation
• employees’ welfare
• organisation
• performance
• bank
• Employment Relations