IIARD International Institute of Academic Research and Development

Journal of Business and African Economy (JBAE )

E-ISSN 2545-5281
P-ISSN 2695-2238
VOL. 8 NO. 1 2022

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Non-Statutory Welfare System and Employee Productivity of Deposit Money Banks in Port Harcourt, Rivers State

Agwuma, Precious Ogechi

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Abstract

This study empirically examined the relationship between non-statutory welfare system and employee productivity of deposit money banks in Port Harcourt, Rivers State. The study adopted the cross-sectional survey design in its methodology. The population of the study was 200 employees of the selected banks while its sample size was 133 as determined using Taro Yaman formula. The Cronbach Alpha value scale threshold of 0.7 was exceeded which indicated the reliability of the scales used in the study. Statistical analysis was carried out at two levels; descriptive statistics and charts were done at the primary level while Spearman Ranked Ordered Correlation was used at the secondary level with the aid of Statistical Packages for Social Science (SPSS) version 23.0. Given the findings drawn from the analysis, it was concluded that the application of non-statutory welfare system in the management of organization’s workforce within the context of deposit money banks in Port Harcourt is a critical recipe for sustained employee productivity. Consequently, it was recommended that the management of deposit money banks should regularly review its remuneration policies to match rising costs of living and inflation as focus on statutory welfare alone is no longer enough to drive employees’ morale toward sustained.

keywords:

Non-statutory Welfare System, Productivity, Employee Innovation, Employee Effectiveness, Deposit Money Banks

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