ABSTRACT

The study focused on the effects of welfare packages on employees’ performance in First Bank and Union Bank Nigeria Plc, Abia State. The specific objectives of the study were to: ascertain the effect of intra-mural welfare services on employees’ efficiency, ascertain the effect of extra-mural welfare services on employees’ commitment, and find out the effect of salary and bonuses on employees’ job satisfaction in First Bank and Union Bank Nigeria Plc. The study adopted survey research design, primary and secondary data were used. The population of the study consists of all the staff of First Bank and Union Bank Nigeria Plc in Abia State. Descriptive statistics were used to analysed the objectives, and Multiple Regression analysis were used to test the hypotheses posited. Major findings revealed that: Convenience facilities, water/canteen facilities, banks kits, and health services are the intra-mural welfare services that are significant and positively related to employees’ efficiency. Maternity benefits, education facilities, social insurance, and recreational facilities are the extra-mural welfare services that are significant and positively related to employees’ commitment. Basic pay, promotion allowance, thirteen months pay and contingency pay are salary and bonus packages that are significant and positively related to the employees’ job satisfaction in First Bank and Union Bank Nigeria Plc. The study concluded that welfare packages of First Bank and Union Bank Nigeria Plc have a positive effect on their employees’ performance within the periods covered by the study. The study recommended that: First Bank and Union Bank Nigeria Plc should maintain the intra-mural welfare services they are already using. However, they should always crave for opportunities to improve the efficiency of their intra-mural welfare services to be more acceptable to their employees. Arrangements for prevention of fatigue should be incorporated in their intra-mural welfare services. The banks should ensure that salary and bonus are regularly evaluated and augmented to meet with national minimum wage, and are designed to build in inflation rate in the economy and to champion employees’ local needs.