Employee Compensation Management And Organisational Performance Of Selected Deposit Money Banks In Lagos State, Nigeria

Alliu Fatai Oguntade and Babatunde Hamed Akinlabi
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Alliu Fatai Oguntade: Department of Management Sciences, Trinity University, Yaba Lagos, Nigeria
Babatunde Hamed Akinlabi: School of Creative and Cultural Business, Robert Gordon University, Aberdeen Scotland

International Journal of Research and Innovation in Social Science, 2023, vol. 7, issue 2, 196-207

Abstract: Background: Compensation management is central to the growth and development of organisations and the long-term survival of firms depends on how this critical variable is managed. The changing dynamics of organisations operating environment have thrown some challenges including poor services, declining profitability, high staff attritions and less value to shareholders to organisations. This study examined the effect of compensation management on the organisational performance of selected deposit money banks in Lagos State, Nigeria. Methods: The study employed a cross-sectional survey research design. The population comprised 420 middle-level and senior management staff of the selected banks based on consistent performance. A structured and validated questionnaire was used to collect data and the response rate was 82.4%. The data were analysed using inferential statistics applied to determine the correlation between the variables. The Statistical Package for Social Sciences (SPSS) software was used to analyse the inferential statistics. Using similar software, the regression model was determined and analysed. Results: Employee compensation management has a positive significant effect on profitability (β = 0.459, t = 7.005, p

Date: 2023
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