Appraisal as a Determinant for Adequate Compensation in Private Sector: A Study of Selected Organisations in Nigeria
In this paper, efforts were made to critically investigate and analyze appraisal as a determinant for adequate compensation in private sector organizations in Nigeria. Thus, the paper sets out by reviewing a body of existing literature on concept of management theories and how the subject of appraisal and adequate compensation, have evolved over the years. The research adopts the basic tenets and focus on major private sector organizations in Nigeria’s manufacturing and service industries. Six organizations listed on the Nigeria stock exchange were served with structured questionnaire to elicit information needed to test the research hypotheses. Published annual reports and statement of accounts of the respondent organizations for the period 2001 – 2007 were used to extract relevant information relating to the Study. Data collected from both sources were analyzed using statistical tools such as frequency distribution, simple percentage and chi-square (2). The results indicate that effective management and conduct of appraisal could be used by private sector organizations in Nigeria to determine adequate compensation for the workforce, while taking into account other factors. Finally the paper recommends that private sector organizations should develop an appraisal system base on careful job analysis and establish its reliability and validity.
Key Words: Appraisal, Determinant, Adequate Compensation, Private Sector
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