Articles

Organizational Reward System And Employee Satisfaction In Insurance Firms In Nigeria

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Dr Omoankhanlen Joseph Akhigbe Osawe Becon Kehinde
Published Mar 20, 2018

Abstract

This work strive to empirically test the correlation between organizational reward system as it relate to salary, promotion, fridge benefit and incentives on employee satisfaction of insurance companies in Port Harcourt Nigeria. The accessible population was 223 employees of ten (10) firms which was selected through systematic sampling techniques from the insurance industry in Rivers state. The study adopted the cross section research design. The Taro Yamene’s formula was applied to determine the sample size; aggregate of 147 employees was derived. Using the Spearman Rank Order Correlation Coefficient, we discovered that significant-relationship exists between organizational reward system and employee satisfaction. From the findings, it was recommended that Management of insurance firms should ensure that their salaries are encouraging in comparison with what is obtainable in the industry so as to achieve employee satisfaction. Thereafter, contribution to knowledge and suggestion for further study was provided.

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