Reward System and Organizational Productivity: An Assessment of Chevron Nigeria Limited, Lagos State
Reward system is a necessary tool to advance productivity of an organization. It is a major way of motivating employees to produce their best performance in line with organizational goals. However, poor organizational productivity has been attributed to the absence of effective rewards system. Hence, this paper dissect the reward system in Chevron by measuring indicators such as financial incentive, verbal recognition and promotion. The paper adopted a survey research design in ascertaining the relationship between Reward system and Organisational productivity. The targeted population were staff of Chevron Nigeria PLC, Lagos State. A simple random sampling technique was used to arrive at the sample size. 327 questionnaire were administered and 300 were retrieved for analysis. Secondary data also used for further analysis. The paper established the relationship between financial incentive and organization to be statistically significant at r = .269, verbal recognition significantly correlate with organizational productivity r=0.044 and promotion correlates with organizational productivity r=0.284. Therefore, paper recommends that since rewards system is a necessary tool in organizations, its engagement to motivate employees should be basic in order to generate productivity.
Keywords: Reward System, Organizational Productivity, Incentive, Chevron, Lagos State.