COMPENSATION MANAGEMENT PRACTICES AND EMPLOYEE’S PERFORMANCE AMONG SELECTED DEPOSIT MONEY BANKS IN AKUNGBA-AKOKO, ONDO STATE, NIGERIA

A good compensation management practice serves as a driver of employee’s motivation which in return leads to performance at both the levels of employees and organization. While evidence of compensation management practices has been documented in literature, however, the evidence is limited in Nigerian content especially in a public university setting. It is against this background that this study investigated the effect of compensation management practice on employee performance in selected deposit money banks in Akungba Akoko, Ondo State, Nigeria. Specifically, the study investigated the effect of salary, incentives, bonus, and allowance on employee’s performance in selected deposit money banks in Akungba-Akoko, Ondo State, Nigeria. The study made use of survey research design and the use of questionnaire as a method of data collection. Data collected were analysed using descriptive and inferential statistical method. The results of the analysis show that compensation management practices significantly predicted employee’s performance in a public university setting in selected deposit money banks in Akungba-Akoko, Ondo State, Nigeria. In addition, the significant effect of salary, incentives, bonus, and allowance was found on employee’s performance in a public university in selected deposit money banks in Akungba-Akoko, Ondo State, Nigeria. The study therefore concludes compensation management practice is positively and significantly related with employee’s performance in selected deposit money banks in Akungba-Akoko, Ondo State, Nigeria. The study recommends that there should be upward review of total emolument of university workers as this would enhance outcomes at employee levels which will in turn translate to performance at organizational level.