Employee Motivational Tools and Growth of Insurance Firms in Rivers State

Abstract

The study examined the relationship between employee motivational tools and growth of insurance firms in Rivers State. The objective of the study was to examine the relationship between dimensions of employee motivational tools (career growth, exciting work environment and soliciting worker’s opinion) and measures of growth such as expansion, staff strength and financial growth of insurance firms in Rivers State. The study adopted the cross-sectional survey research design using a population twenty (20) accessible insurance firms operating in Rivers State. The entire population of 20 insurance companies was used. Five (5) top managers were randomly selected as respondents across the 20 insurance companies which gave rise to a total of 100 respondents. Questionnaire was used as instrument for data collection. The instrument was validated by two experts in Measurement and Evaluation. The reliability of the instrument was ascertained using Cronbach Alpha. Out of 100 copies of the questionnaire administered, the researcher was able to retrieve ninety (90) copies. Spearman Rank Order Correlation was used to test the hypotheses at 0.05 level of significance. It was found that there is a significant positive relationship between dimensions of employee motivational tools and measures of growth of insurance firms in Rivers State. It was concluded that It is pertinent for every firm specifically insurance firms to ensure that strategies are employed to attract qualified workforce and retain them for optimal performance which will in turn lead to organizational growth. Consequently, the study recommends that management of insurance firms should ensure their employees are exposed to relevant contacts in their career line; employees of insurance firms should ensure they are well

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