ANALYSIS OF STAFF REMUNERATION SYSTEM (A CASE STUDY OF RITMANCOLLEGE, IKOT EKPENE)

INTRODUCTION: Remuneration is the monetary compensation that one receives exchange for the work or services performed. Typically, this consist of monetary rewards, also referred to as wage or salary. A number of complementary benefits, however, the increasingly popular remuneration mechanism. Thus it is financial compensation received by a officer/employed/staff of an organization. It typically a metric of salary, bonuses, shares of and/or call options on the company stock, benefits, and perquisites, ideally configured to take into account government regulations, tax law, the desires of the organization and the executive and rewards for performance. The past decades starting with the 1980’s saw a dramatic rise in executive pay in the country relative to that of overage workers wage in Nigeria, and to lesser extent in a number of other countries. Observers differ as to whether this is a natural and beneficial result of competitive for scare business talent that can add greatly to stock holder value in large companies/organizations. In a modern corporation Chief Executive Officers (CEOs) and other top executives are often paid salary plus short-term incentives or bonuses. This combination is referred to as total cash compensation (TCC). Short-term incentives usually are formular-driver and have some performance criteria attached depending on the role of the executive.

Theoretical Background

Adequate and effective payment of staff remuneration, salaries, allowances, entitlement or emolument has been a great source of concern challenge over the years especially in RitmanCollege, IkotEkpene. Challenges such as duplicate payment of remuneration to a staff, wrong calculation or arithmetics when competing the total remuneration to staff. Possible tampering of staff benefits of those competing the payments, time compilation, in the general process of compilation, possible omission of mistake of inclusion of staff names and lots more. But this new system after implementation will bring all the above mentioned challenges and the likes to rest, and also improve and increase the spirits and confidence of managers, staff at various levels or organization as it regards security, efficiency and effectiveness in all the remuneration processes.

Statement of the Problem

As mentioned previously, great problems have been seen when processing the remuneration of staff in organization/institutions, such as time delay or factor, duplicate payment of entitlement, intrusion to individuals/staff account. The problem of familiarity with the existing system which has made users to endure the general problems been encountered or experienced with the system. The problem of possible Ostracization or omission of staff name or identify when recording the remuneration.