DOI 10.4010/2016.

1738
ISSN 2321 3361 © 2016 IJESC
`

Research Article Volume 6 Issue No. 6

A Study on Compensation and Benefits its Influence on Employee’s

Performance in Milk Industry
A. Bhavani Shree1, Bharathi.T2, Manjunath.S3
Associate Professor 1, Assistant Professor 2, 3
Department of Business Administration
Vidyavardhaka College of Engineering, Mysore, India
bhavanirahul@yahoo.com1, bharathireddy8@gmail.com2, manjugayathri44@gmail.com3

Abstract:
Compensation is that the Human Resource Management functions that contend with each kind of reward that people receive
reciprocally for activity structure task. It’s primarily associate exchange of relationships. Workers exchange their labor for
monetary and business rewards. Monetary compensation is each direct and indirect. In India, dairying has been practiced as a rural
cottage industry since the remote past. Semi industrial farming started with the establishment of military dairy farms and co-
operative milk unions throughout the country towards the end of the nineteenth century, however, market milk technology is also
thought-about to have commenced in 1965, with the functioning of the central dairy farm of Aarey milk colony and milk product
technology in 1956 with the establishment of “Anand Milk Union Limited” (AMUL) Dairy in 1946 first milk union started in
India, at Gujarat. To study the influence of monetary benefits on employees performance. To analyses the influence of non-
monetary benefits on employee’s performance. To understand the influence of fringe benefits on employees performance.

Key Words: Compensation, monetary and non-monetary benefits.

INTRODUCTION job performance, and job satisfaction. Compensation

Compensation is the remuneration received by an employee in
return for his/her contribution to the organization. It is an
organized practice that involves balancing the work-employee
relation by providing monetary and non-monetary benefits to
employees.
Compensation is associate integral a part of human resources,
management that helps in motivating the staff and up structure
effectiveness. Compensation represents both the intrinsic and
extrinsic reward employees receive for performing their jobs.
Intrinsic competition reflects employees ' psychological mind
-set that results from performing their job. Extrinsic
competition includes both monetary and non-monetary
rewards. Organizational development professionals promote
intrinsic competition through effective job design.
Competition professionals are responsible for extrinsic
competition.
Components of Compensation System: Job Analysis, Pay
Structure,Salary Structure
Types of Compensation
Monetary Benefits
 Basic Pay- Salary, Wage
 Incentive pay- Bonus , commission, Stock Option
 Deferred pay – Stock purchase, Annuity
Non-Monetary Benefits: Medical Insurance, Life Insurance,
Disability Income, Pension, Social Security, Vacations,
Holiday, Sick Leave, Low cost or free meals
Fringe Benefits: Retirement, Housing, Insurance coverage,
Life and Disability Insurance
Compensation may be a systematic approach to providing
value to workers in exchange for work performed.
Compensation could win many functions helping in enlisting,
management, additionally called wage and earnings
administration, remuneration management, or reward
management, is bothered with coming up with and
implementing total compensation package. The standard
conception of wage and earnings administration emphasized
on solely determination of wage and earnings structures in
structure settings. However, over the passage of your time,
more varieties of compensation, entered the business field that
necessitated to require wage and earnings administration in
comprehensive means with an acceptable modification in its
terminology. Beach has outlined wage and earnings
administration as follows:
Concept of Compensation
The literal that means of compensation is to counter-balance.
Within the case of human resource management,
compensation is brought up as cash associated alternative
edges received by a worker for providing services to his
leader. Cash and edges received could also be in several kinds
- primarily based compensation in cash form and numerous
edges, which can be related to employee's service to the leader
like provident fund, gratuity, and insurance theme, and the
other payment that the worker receives or edges he enjoys
instead of such payment.
Casio has outlined compensation as follows:
"Compensation includes direct money payments, indirect
payments within the type of worker edges and incentives to
encourage workers to try for higher levels of productivity”
Compensation Dimensions :Based on higher than description
of compensation, we have a tendency to could establish and
outline numerous dimensions of compensations as follows:

International Journal of Engineering Science and Computing, June 2016 7327 http://ijesc.org/
Wage and Salary, Incentives, Fringe Benefits, Perquisites,
Wages
Concept of Reward
A reward is Associate in nursing craving information given to
a personality's to change its behavior. Rewards generally
function reinforces. A reinforce are some things that, once
given once a behavior, causes the chance of that behavior's
prevalence to extend. Note that, simply because one thing is
tagged as a bequest, it doesn't essentially imply that it's a
reinforce. A bequest may be outlined as reinforce providing its
delivery will increase the chance of a behavior. Reward or
reinforcement is Associate in Nursing objective thanks to
describe the positive price that a private ascribes to Associate
in Nursing object, behavioral act or an inside physical state.
Minimum Wage:
An earnings is one that needs to be paid by associate degree
leader to his staff regardless of his ability to pay. Per the
higher than committee,"Minimum wage is that the wage that
should give not just for the blank sustenance of life, except for
the preservation of the potency of the staff. For this purpose,
earnings should give some live of education, medical
necessities and amenities. "
Living Wage:
Along with the earnings the Committee on honest Wages has
given the conception of wage that has been outlined as "A
wage is one that ought to modify the wage earner to supply for
himself and his family not solely the clean necessities of food,
consumer goods and shelter however a live of sparing comfort
as well as education for his kids, protection against ill-health,
needs of essential social wants and a live of insurance against
the a lot of necessary misfortunes as well as adulthood.”
Fair Wage:
The idea of honest wage is coupled with the capability of the
trade to pay. The Committee has outlined honest wage as “Fair
wage is that the wage that is on top of the remuneration
however below the remuneration. The lower limit of the
honest wage is clearly the minimum wage: the higher limit is
to be set by the capability of the trade to pay. "
Incentives
‘Incentive’ is also outlined as any reward of profit given to the
worker over and higher than his wage or remuneration with a
read to motivating him to surpass in his work. Incentives
embody each financial likewise as non-monetary rewards. A
theme of incentive could be a attempt to encourage individual
or cluster performance. The subsequent square measure a
number of the definitions of the term ‘Incentive’:
- “Wage incentives square measure additional monetary
motivation. they're designed to stimulate human effort by
gratifying the person, over and higher than the time rated
remuneration, for enhancements within the gift or targeted
results” – The National Commission on Labour.
Need for incentive:
It is true that financial compensation will represent vital
reason for the operating of a worker. However this
compensation alone cannot bring job satisfaction to the
employees. One cannot expect effective performance from an
employee WHO is discontent with its job, although he's well
paid. Sociologists and industrial psychologists conjointly read
that the monetary facet isn't the sole dominant motivating
force. Confidence within the management, pride within the job
and in firm and concern for the general smart cannot be
International Journal of Engineering Science and Computing, June 2016
brought by a bonus. Therefore the fashionable authorities on
management science have recognized the necessity for the
availability of incentives to create up smart morale.
Classification of Incentives:
All sorts of incentives is broadly speaking classified into 2
types particularly,
- Money Incentives, and
- Non-financial Incentives.
Financial Incentives
Financial incentives or monetary system incentives area unit
the foremost original of all the incentives. It’s given within the
kind of cash. The money incentives still type the foremost
necessary influencing and motivating issue up to an exact
limit. As a result of its solely by virtue of the financial
compensation that the employees will satisfy their elementary
desires like food, clothing, shelter, etc. The money incentives
could also be either direct or indirect. Direct incentives
embody wages, bonus and different incentives directly given
to the employees within the kind of money. Indirect money
incentives embody subsistence allowance expenses, medical
expenses etc.
Other Incentives:
Other incentives like fast promotion, provisions of facilities
for development and coaching, provision of labour welfare,
amenities, etc. even have a big role to play in motivating the
workers.
Fringe Benefits
The fringe benefits are categorized as follows:
- Payment for time not worked: edges underneath this class
embody - leave with pay, vacation pay, paid rest and relief
time, paid lunch periods, grievance time, talk’s time, period of
time, etc.
- additional get hold of time worked: This class covers the
advantages like - premium pay, incentive bonus, shift
premium, maturity insurance, share, social insurance,
Christmas bonus, Deewali or Pooja bonus, food value grant,
housing grant, recreation.
Organizations give a spread of fringe edges. The perimeter
edges square measure classified underneath four heads as
given here under:
Employment Security:
Benefits underneath this head embody state insurance,
technological adjustment pay, leave travel pay, overtime pay,
leave for negotiation, leave for maternity, leave for grievances,
holidays, value of living bonus, call-back pay, retiring rooms,
jobs to the sons/daughters of the staff and therefore the like.
Health Protection:
Benefits underneath this head embody accident insurance,
social insurance, insurance, hospitalization, life assurance,
medical aid, sick edges, sick leave, etc.
Old Age and Retirement:
Benefits underneath this class include: delayed financial gain
plans, pension, gratuity, provident fund, maturity help, and
maturity content, medical edges for retired staff, travel
concession to retired staff, jobs to sons/daughters of the
deceased worker and therefore the like.
7328 http://ijesc.org/
Personnel Identification, Participation and Stimulation:
This class covers the subsequent benefits: day awards, group
action bonus, canteen, cooperative credit societies, academic
facilities, beauty parlor services, housing, tax aid, content,
quality bonus, and recreational programs, stress content, safety
measures etc.
Employee Security:
Physical and job security to the worker ought to even be given
a read to promoting security to the worker and his members of
the family. The good thing about confirmation of the worker
on the task creates a way of job security. Any a minimum and
continuous wage or earnings offers a way of security to the
life.
Retrenchment Compensation:
The Industrial Disputes Act, 1947 provides for the payment of
compensation just in case of lay-off and retrenchment. The
non-seasonal industrial institutions using fifty or a lot of
employees need to offer one month’s notice or one month’s
wages to any or all the employees WHO square measure
retrenched once one year’s continuous service. The
compensation is paid at the speed of fifteen days wage for
each completed year of service with a most of forty five days
wage in a very year. Employees square measure eligible for
compensation as explicit higher than even just in case of
closing down of undertakings.
Lay-off Compensation:
In case of lay-off, staff square measure entitled to lay-off
compensation at the speed of fifty of the entire of the essential
wage and costliness allowance for the amount of their lay-off
aside from weekly holidays. Lay-off compensation will
ordinarily be paid up to forty five days in a very year.
Safety and Health:
Employee’s safety and health ought to be taken care of so as
to shield the worker against accidents, unhealthy operating
conditions and to shield worker’s capability. In India, the
Factories Act, 1948, stipulated sure needs relating to operating
conditions with a read to produce safe operating setting. These
provisions relate to cleanliness, disposal of waste and
effluents, ventilation and temperature, dirt and fume, artificial
humidification, crowding, lighting, potable, toilet facility
urinals, and spittoons.
Provisions regarding safety measures embody fencing of
machinery, work on or close to machinery in motion,
employment of juvenile on dangerous machines, putting gear
and devices for alienating power, self-regulating machines,
easing of recent machinery, prohibition of employment of
ladies and kids close to cotton openers, hoists and lifts, lifting
machines, chains ropes and lifting tackles, revolving
machinery, pressure plant, floors, excessive weights,
protection of eyes, precautions against dangerous fumes,
explosive or ingnitable dirt, gas, etc. Precautions just in case
of fireside, power to need specifications of defective
components of take a look at of stability, safety of buildings
and machinery, etc.
Objectives of Fringe Benefits:
The read purpose of employers is that fringe edges kind a very
important a part of worker incentives to get their loyalty and
holding them. The necessary objectives of fringe edges are:
- To form and improve sound industrial relations.
- To spice up worker morale.
International Journal of Engineering Science and Computing, June 2016
- To inspire the staff by distinctive and satisfying their
unhappy desires.
- To produce qualitative work surroundings and work life.
- To produce security to the staff against social risks like
adulthood edges and maternity edges.
- To safeguard the health of the staff and to produce safety to
the staff against accidents.
- To market employee’s welfare by providing welfare
measures like recreation facilities.
- To form a way of belongingness among workers and to
retain them. Hence, fringe edges are referred to as golden
hand-cuffs.
- To satisfy necessities of varied legislations regarding fringe
edges.
Need for Extending Benefits to Employees:
- Economic process and price of living has caused incessant
demand for provision of additional profit to the staff.
- Employers too have found that fringe edges gift enticing
areas of negotiation once giant wage and earnings will
increase don't seem to be possible.
- As organizations have developed the flowery fringe edges
programs for his or her workers, larger pressure has been
placed upon competitive organizations to match these edges so
as to draw in and keep workers.
- Recognition that fringe edges are non-taxable rewards has
been major stimulant to their growth.
- The growing volume of labor legislation, notably Social
Security legislation, created it imperative for employers to
share equally with their workers the value of maturity,
survivor and incapacity edges.
- The expansion and strength of trade unions has considerably
influenced the expansion of company edges and services.
- Labor insufficiency and competition for qualified personnel
has light-emitting diode to the initiation, evolution and
implementation of variety of compensation plans.
- The management has more and more completed its
responsibility towards its workers and has return to the
conclusion that the advantages of increase in productivity
ensuing from increasing industry ought to go, a minimum of
partially, to the staff United Nations agency are chargeable for
it, so they'll be protected against the insecurity arising from
state, sickness, injury and maturity. Company benefits-and-
services programs are among a number of the mechanisms that
managers use to provide this security.
OBJECTIVES OF THE STUDY:
 To study the influence of monetary benefits on employees
performance
 To analyses the influence of non-monetary benefits on
employees performance
 To understand the influence of fringe benefits on
employees performance.
RESEARCH METHODOLOGY
As per to Clifford woody, “Research methodology comprises
of defining and redefining problems, collecting, organizing
and evaluating data, making deduction and researching to
conclusions”.
 SELECTION OF SAMPLE SIZE: 152 Respondents.
 SAMPLING TECHNIQUE USED HERE IS: Random
sampling.
 Sample Test: ‘Z test’,
 DATA COLLECTION METHODS
7329 http://ijesc.org/
 Primary data are those, which were collected afresh and be justified by incentives. Thereby, given conditions of
for the first time and thus happen to be original character. imperfect observation in pract5it would show that
However there are many methods of collecting the shareholders are able to write efficient contracts that align
primary data they are: their interests with that of management.
 Questionnaire
 STATISTICAL TOOLS USED: SPSS Analysis and Interpretation of Data
Monetary Benefits and Employee Performance
LITERATURE REVIEW Table 4.1 Showing the Descriptive Statistics for Monetary
Benefits Factor
Not only in practice but also in theory the debate on
what determines executive pay leaves and structures is still in Items N Mean Std. Deviation Std. Error Mean
progress. There square measure varied theories wont to make 152 2.43421 0.91833 0.07449
Q1
a case for executive pay, but the sphere remains dominated by
the perfect contracting approach of agency theory as Q2 152 2.86842 0.96071 0.07792
introduced by jensen and meckling (1976). This suggests that Q3 152 2.78289 1.03526 0.08397
executive pay is an instrument to alleviate agency problems
Q5 152 2.92105 0.91728 0.07440
that is to render executive pay is an instrument to align the
interests between shareholders and management (Bebchuk n Q6 152 3.18421 0.93795 0.07608
fried, 2004). 152 3.58553 0.85695 0.06951
The terms of executive competition are viewed by that of Q11
market forces and behavioral assumptions, resulting in pay Q13 152 3.59868 1.01159 0.08205
setting being “simply “seen as a matter of optimal pay design Q19 152 3.61842 1.33687 0.10843
(Gomez-Mejia n Wiseman, 1997). Market forces at time are
assumed to lead to optimal pay leaves and structure; in an To test is there any influence of monetary benefits on the
effort to compensate executives for the risks they are willing employees’ performance; the Z test has been conducted. For
to take to manage corporations in the best interests of its the purpose of testing out assumption following hypothesis
shareholders (Jensen and Meckling, 1976, Jensen and Murphy, designed
1990b). As a result of this it may come then as no surprise that
Hypothesis 1
one of the most studied relationships in the executive pay
H0 – The Monetary Benefits do not have any influence on the
literature is the correlation between pay and firm performance employees’ performance
(Gomez-Mejia, 1994; Barkema and Gomez-Meja, 1998). An H1 - The Monetary Benefits do have influence on the
observable positive pay and performance link can validate that employees’ performance
executive's risk Taking behavior with possible returns should

Table 4.2 Showing the Results of Z test for the above Hypothesis
One-Sample Test
Test Value = 3
Items T Df Sig. (2-tailed) Mean 95% Confidence Interval of the
Difference Difference
Lower Upper
Q1 (7.60) 151.00 0.00 (0.57) (0.71) (0.42)
Q2 (1.69) 151.00 0.09 (0.13) (0.29) 0.02
Q3 (2.59) 151.00 0.01 (0.22) (0.38) (0.05)
Q5 (1.06) 151.00 0.29 (0.08) (0.23) 0.07
Q6 2.42 151.00 0.02 0.18 0.03 0.33
Q11 8.42 151.00 0.00 0.59 0.45 0.72
Q13 5.70 151.00 0.00 0.62 0.40 0.83
Q19 7.30 151.00 0.00 0.60 0.44 0.76

From the above results it is understood that among eight items

six items are significant. It means that these six monetary
benefits have influence on the employees’ performance. These
monetary benefits are listed as below
Table 4.3 Showing the Monetary Benefits that have influence on Employee Performance
Sl. No Monetary Benefits that have influence on Employee Performance
Q1 I am happy with the salary paid with respect to my position in the organization
Q3 I am happy with the salary paid according to my years of experience& knowledge in the domain.
Q6 I am happy with the commission that I am receiving.
Q11 I am really satisfied with Bonus paid for my attendance.
Q13 I am satisfied with Provident fund provided by my organization.
Q19 I am satisfied with the overtime allowance that I am receiving in my organization.

International Journal of Engineering Science and Computing, June 2016 7330 http://ijesc.org/
Interpretation Hypothesis 2
From the above analysis it shows that the monetary benefits H0 – The Non-Monetary Benefits do not have any influence
have influence on the employee performance. Because out of on the employees’ performance
eight items the six items have significance level i.e. less than H1 - The Non-Monetary Benefits do have influence on the
0.05 and two items don’t have significance level i.e., more employees’ performance
than 0.05. Hence here we can accept alternative hypothesis.
Table 4.5 Showing the Results of Z test for the above
Non-Monetary Benefits and Employee Performance Hypothesis
Table 4.4 Showing the Descriptive Statistics for Non- One-Sample Test
Monetary Benefits Factor

Item N Mean Std. Deviation Std. Error Mean Test Value = 3

Item 95% Confidence
Q4 152 3.23026 0.6658202 0.054005146 Sig. Interval of the
(2- Mean Difference
Q7 152 3.62500 0.5732734 0.046498612
T Df tailed) Difference Lower Upper
Q8 152 3.50658 1.4738188 0.119542490
Q4 4.264 151 .000 .23026 .1236 .3370
Q14 152 2.95395 1.2089009 0.098054807
Q7 13.441 151 .000 .62500 .5331 .7169
Q15 152 3.36184 0.9102022 0.073827150
Q8 4.238 151 .000 .50658 .2704 .7428
Q17 152 3.30921 0.8156869 0.066160942 Q14 -.470 151 .639 -.04605 -.2398 .1477
Q18 152 3.86184 0.9353212 0.075864566 Q15 4.901 151 .000 .36184 .2160 .5077
Q20 152 3.28947 1.2482124 0.101243393 Q17 4.674 151 .000 .30921 .1785 .4399
Q18 11.360 151 .000 .86184 .7119 1.0117
To test is there any influence of non- monetary benefits on the
Q20 2.859 151 .005 .28947 .0894 .4895
employees’ performance; the Z test has been conducted. For
the purpose of testing out assumption following hypothesis From the above results it is understood that among eight items
designed six items are significant. It means that these six non- monetary
benefits have influence on the employees’ performance. These
non-monetary benefits are listed as below

Table 4.6 Showing the Non-Monetary Benefits that have influence on Employee Performance
Sl. No Non-Monetary Benefits that have influence on Employee Performance
Q4 I am satisfied with the rest room and lunch room facility available in my organization.
Q7 I am happy with the Insurance scheme benefits provided by my organization
Q8 I am satisfied with the canteen facilities available in my organization
Q15 I am happy with the dependent benefits that my organization is providing.
Q7 I am satisfied with the Medical facilities provided by my organization.
Q18 I am satisfied with the educational facilities provided` by my organization for my Children.

Interpretation
From the above analysis it shows that the non-monetary
benefits have influence on the employee performance.
Because out of eight items the six items have significance
level i.e.
Less than 0.05 and two items don’t have significance level i.e.,
more than 0.05. Hence here we can accept alternative
hypothesis.

Fringe Benefits and Employee Performance

Table 4.7 Showing the Descriptive Statistics for Fringe Benefits Factor
Items N Mean Std. Deviation Std. Error Mean
Q9 152 3.1974 1.25037 .10142
Q10 152 3.2237 1.03704 .08412
Q12 152 3.1447 1.21474 .09853
Q16 152 3.4211 1.50287 .12190

To test is there any influence of fringe benefits on the Hypothesis 3

employees’ performance; the Z test has been conducted. For H0 – The Fringe Benefits do not have any influence on the
the purpose of testing out assumption following hypothesis employees’ performance
designed H1 - The Fringe Benefits do have influence on the employees’
performance

International Journal of Engineering Science and Computing, June 2016 7327 http://ijesc.org/
Table 4.8 Showing the Results of Z test for the above Hypothesis
One-Sample Test
Test Value = 3
Items T Df Sig. (2-tailed) Mean Difference 95% Confidence Interval of the
Q9 1.946 151 .054
Q10 2.659 151 .009
Q12 1.469 151 .144
Q16 3.454 151 .001
From the above results it is understood that among four items
one item are significant. It means that one fringe benefit
Table 4.9 Showing the Fringe Benefit that has influence on Employee Performance
Sl. No Non-Monetary Benefits that have influence on Employee Performance
Q16 I am happy with the disability benefits that my organization is providing.
Interpretation
From the above analysis it shows that the fringe benefits
doesn’t have influence on the employee performance. Because
out of four items the one items have significance level i.e. less
than 0.05 and three items don’t have significance level i.e.,
more than 0.05. Hence here we can accept null hypothesis.
Findings
Employees and workers are permanent part of organization.
The qualification and skills possessed play a vital role in the
accomplishment of the organization objectives, and goals and
mission. Compensation and Benefits is very important to
employees and workers.
The present study has been undertaken with particular
objectives such as to examine and evaluate the compensation
and benefit.
Keeping these objectives in mind while investigation I found
the data, analyzed and interpreted the same to draw out certain
conclusion which may help the organization in policy framing
Future, evaluation of the data based on empirical evidence has
given rise to few findings which are listed below:
 The study indicates that the organization has
compensation on both male and female employees in
respect to compensation and benefit.
 The study indicates that the organization has
compensation and benefit policy which influence
employee’s performance.
 They study also reveals that MYMUL uses both monetary
and Non-monetary and Fringe Benefits of the
organization.
Recommendations
In the light of the knowledge acquired through the working
procedure in the project, it is necessary to make certain
suggestions which I hope will help the workers and also the
management to increase the production and good relationship
between the workers and the management. So with the
background of compensation and benefit and shortcoming
faced by MYMUL, the following suggestions can be given.
 The management should be aware of the factor which
cause compensation and benefit and where employee’s
performance will become poor. Then only it is possible
for the management to understand the employee’s
grievance.
International Journal of Engineering Science and Computing, June 2016
Difference
Lower Upper
.19737 -.0030 .3978
.22368 .0575 .3899
.14474 -.0499 .3394
.42105 .1802 .6619
influences the employees’ performance. That fringe benefit
listed as below.
 To overcome or to improve the employee’s grievance, the
management may provide special bonuses, cash prizes
and preference the promotion, reward etc. to make the
employees satisfied.
 The organization should organized and conduct
counseling sessions of workers in order to know their
opinions and problems and there should be more
interactive between the management and the employees.
Scope for Future Study
Based the research done this project will be helpful for the
future researchers who can do the research on the Performance
appraisal as it will be based on the compensation and benefits
provided by the organization.
Conclusion
Study stated on Compensation and Benefit was undertaken at
MYMUL.
Over a period of time the meaning of compensation and
benefit re-evolved. Before and through the commercial
revolution the compensation only meant a monetary support
provided to workers in case of accident or death due to
accident while working in manufacturing firms. Advantages
were solely in terms of some money bonuses, which used to
be almost all for the workers. Eventually, the capitalism
changed its face and transformation from product based to
service base took place. Compensation and benefit combine
together to form a whole monetary and non-monetary facilities
given to any employee during the term of the employment.
Manufacturing structure has started carving a very attractive
compensation and benefits in order to retain the employees for
a long period of time. The company made some major steps in
terms of compensation and advantages that have helped the
workers furthermore as employers in terms of financial
benefits for the employers.
Finally it can be concluded that Compensation and Benefit is
most important key function of the company to attract the best
talent, retain the best talent and to improve employee
performance
References
1. Akintoye, I.R. (2000). The place of financial
management in personnel psychology. A Paper
7328 http://ijesc.org/
 Presented as Part of Personnel Psychology Guest 16. Oshagbemi, T. (2000). Correlates of pay satisfaction
Lecture Series Department of Guidance and in higher education. The International Journal of
Counselling, University of Ibadan, Nigeria. Educational Management, 14(1), pp. 31-39.

2. Arnolds, C.A., & Boshoff, C. (2004). The
management of the early stages of restructuring in a
tertiary education institution: An organisational
commitment perspective. South African Journal of
Business Management, 35(2), 1-13.
3. Bassett, G. (1994). The case against job satisfaction
[Electronic version]. Business Source Premier, 37(3),
61-68.
4. Brainard, J. (2005). Postdoctoral researchers value
structured training over pay, survey says
[Electronic version]. The Chronicle of Higher
Education, 51(32),21.
17. Rudman, R. (2003). Performance planning & review:
2nd edition. Sydney, Australia: Allen and Unwin
Academic.
18. Sweeney, P.D., & McFarlin, D.B. (2005). Wage
comparisons with similar and dissimilar others
[Electronic version]. Journal of Occupational and
Organizational Psychology, 78(1), 113-131.
19. Young, B.S., Worchel, S., & Woehr, W.D.J. (1998).
Organizational commitment among public service
employees [Electronic version]. Personnel Journal,
27(3),339-348.

5. Branham, L. (2005). The 7 hidden reasons employees

leave: How to recognize the subtle signs and act
before it’s too late. New York, NY: Amacom.

6. Banjoko, S.A. (1996). Human resource management.

Lagos: Saban Publishers.

7. Bratton, J. and J. Gold, 2003. Human Resource

Management: Theory and practice (3 ed.). New York:
Palgrave Macmillan.

8. Boggie, T. (2005). Unhappy employees [Electronic

version]. Credit Union

9. Cranny, C.J., Smith, P.C., and Stone, E.F. (1992), Job

satisfaction: How people feel about their jobs and
how it affects their performance, Lexington Books,
New York.

10. Klein, Andrew L. (1996). "Validity and Reliability

for Competency-Based Systems: Reducing Litigation
Risks." Compensation and Benefits Review 28(4):
31-37.

11. Henderson, Richard I. (1997). Compensation

Management in a Knowledge Based World, 7th ed.
New York: Prentice-Hall.

12. Kinnear, L., & Sutherland, M. (2000). Determinants

of organisational commitment amongst knowledge
workers. South African Journal of Business
Management, 31(3), 106-112.

13. Milkovich, G.M. and J.M. Newman, 2004.

Compensation (8 ed.). Burr Ridge, IL: Irwin
McGraw-Hill.

14. Nel, P.S., Van Dyk, P.S., Haasbroek, H.D., Schultz,

H.B., Sono, T., & Werner, A.(2004). Human
resources management (6th ed.). Cape Town: Oxford
University Press.

15. Pauline, George B. (1997). "Executive Compensation

and Changes in Control: A Search for Fairness."
Compensation and Benefits Review 29
(March/April): 30-40.

International Journal of Engineering Science and Computing, June 2016 7328 http://ijesc.org/