The Impact of Motivation on Employee Performance in selected Insurance Companies in Nigeria
Oluwayomi Ayoade Ekundayo & Emmanuel Ademola Ajanaku
Department of Actuarial Science & Insurance
Joseph Ayo Babalola University, Ikeji-Arakeji, Osun State, Nigeria
Department of Accounting, Joseph Ayo Babalola University, Ikeji-Arakeji, Osun State
Email: oaekundayo@jabu.edu.ng, Ajibest2001@yahoo.com
Corresponding Author: Oluwayomi Ayoade Ekundayo
ABSTRACT
Motivation refers to a complexity of forces that inspires a person at work to intensify his desire and willingness to use his potentialities to perform in order to achieve organizational goals or objectives. This study investigates the relationship between motivation and the level of employee performance as applied to some selected insurance companies in Lagos. The study has three main objectives viz.; evaluate the effects of motivation on employee performance in some selected insurance companies, to assess motivational factors that can influence employee performance and to recommend possible policies and innovations for better performance of the employees and increased profitability. Structured Questionnaire was used as the instrument for the research work. This instrument was tested for reliability and validity of its content. The results of the tests were certified ok by the experts. The study used stratified random sampling and simple random sampling techniques in selecting the respondents. A sample of 100 respondents which included management, senior and junior staff members of the selected insurance company was used for the primary data. Simple percentages, distribution tables and pie charts, statistical tools were used to analyse the primary data while Chi-Square (X2) was applied to test the only hypothesis formulated for the study at 0.05 level of significance. The findings revealed that motivation was the major factor that affected employee performance. Furthermore, the study showed a direct strong and positive relationship between motivation of employees and their performance. This study hereby recommends that the management team in organizations should always carry out thorough study on the various motivational tools that can appeal and motivate their employees. Such motivational tools can include; involvement of employees in decision making, rotation of employees, provision of fringe benefits, payment of bonuses to workers, and promotion of deserved staff to higher positions of authority.
Keywords: Motivation, Employee Performance, Intrinsic and Extrinsic Motivation
