Direct Financial Compensation and Implementation Scheme in the Transmission Company of Nigeria, Abuja

Abel Ehizojie Oigbochie, Stanley Nwannebuife Ajalie and Obera Victoria Ahonya
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Abel Ehizojie Oigbochie: Nile University of Nigeria
Stanley Nwannebuife Ajalie: Nile University of Nigeria
Obera Victoria Ahonya: Nile University of Nigeria

International Journal of Research and Innovation in Social Science, 2024, vol. 8, issue 5, 509-518

Abstract: The aim of this study is to examine the effect of direct financial compensation on the implementation scheme in the transmission company of Nigeria. The most popular form of reward for employee’s performance is through direct financial compensation. Sadly, several public sector organisations have fallen below standard expectation of direct financial compensation. As a result, the public space is saturated with agitation for better compensation. This article identified staff salaries, incentives and bonuses, wages, leave and travel allowance as constructs in this study. Through the use of a structured questionnaire, data was collected from a sample size of 214 respondents. Data was analysed using regression analysis via the statistical package of social sciences (SPSS). The study revealed that the implementation of direct financial compensation in the Transmission Company of Nigeria is very low and still at a rudimentary state. Findings from the study showed that Salary (SAL) = .78-0.63, Wages (WAG) = .78-0.9, Incentives and Bonus (ICB) =.78-0.24 and Leave and Travel allowance (TSLS) = .78-0.14 all have a significant effect on implementation scheme in transmission company of Nigeria. The study recommends that existing fixed and constant monthly salaries should have fixed dates to avoid frustrating employees due to some possible delays triggered by flexibility of dates. Also, management of the TCN needs to design novel remuneration packages in order to retain the best candidates and satisfy their employee’s expectations, in that they are fair, equitable and free of bias.

Date: 2024
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