EFFECTS OF COMPENSATION PRACTICES ON ACADEMIC STAFF’S JOB PERFORMANCE IN FEDERAL UNIVERSITY OF AGRICULTURE, ABEOKUTA, OGUN STATE, NIGERIA
Keywords:Compensation Practices, Academic Staff
The study examined the effect of compensation practices on academic staff’s job performance in Federal University of Agriculture, Abeokuta, Ogun State, Nigeria. Multi stage sampling technique was used to purposively select 3 Agricultural base colleges followed by proportionate stratified sampling technique where respondents were randomly selected. One hundred and three (103) respondents from the three colleges of agriculture of the university were selected of which 92 questionnaires were retrieved. Data obtained was analyzed using descriptive and inferential statistics such as mean, standard deviation, chi-square and Pearson Product Moment Correlation. Finding revealed that the mean age of the respondents was 42.71 years, 71.7% of the respondents were male, 81.5% of them were married and 79.3% of the respondents were PhD holders. The mean years of experience was 10 years while their mean income was ₦217447.29. Most (79.4%) academic staff perceived that there is a pressing need to review and rationalize the pay structure to improve employee efficiency, some of the compensation packages available were; retirement benefit (100%), study leave (91.3%), career development opportunity (82.6%). The major constraints to compensation strategies identified were poor insurance scheme (21.7%), inadequate welfare package (20.7%) and poor communication network (19.6%). Furthermore, a significant relationship existed between respondents’ age (r= -0.204, P<0.05), compensation packages (r= 0.26, P<0.05) and their job performance. The results concluded that academic staff perceived a pressing need to review the compensation packages by involving them in the compensation decision making process. Effective management and implementation of compensation packages is highly recommended.
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