alexa EFFICACY OF FINANCIAL INCENTIVES – An Assessment of Medium Scale Entrepreneurial Firms.
ISSN: 2162-6359

International Journal of Economics & Management Sciences
Open Access

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Research Article

EFFICACY OF FINANCIAL INCENTIVES – An Assessment of Medium Scale Entrepreneurial Firms.

OJOKUKU, Roseline, Moyosore. (Ph.D)1* and OYEDOKUN, Akintunde, Jonathan2*

1Ladoke Akintola University of Technology,Department of Management and Accounting, Ogbomoso, Nigeria.

2Ladoke Akintola University of Technology,Department of Management and Accounting, Ogbomoso, Nigeria.

*Corresponding Author:
OJOKUKU, Roseline, Moyosore
Ladoke Akintola University of Technology
Department of Management and Accounting
Ogbomoso, Nigeria
E-mail: [email protected]

OYEDOKUN, Akintunde, Jonathan
Ladoke Akintola University of Technology
Department of Management and Accounting
Ogbomoso, Nigeria
E-mail: [email protected]
 

Abstract

The paper examined the efficacy of financial incentives in motivating employees of ICT medium scale enterprises. Seven financial incentives (profit sharing, bonus, premium pay, stock options, cash bonus, and commission and retirement savings incentives) were examined in the paper. Convenience sampling techniques was adopted with a sample size of 167. Descriptive tools involving percentages, frequency distributions and cumulative frequency was used to analyze the data. The result confirmed that cash bonus, premium pay and profit sharing constitute the effective financial incentive entrepreneurs used in motivating their employees. Senior staffs of the establishment were found to be the major beneficiary of retirement savings incentives.

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