THE IMPACT OF EFFECTIVE COMPENSATION ON THE EMPLOYEES PERFORMANCE
CHAPTER ONE
1.0 INTRODUCTION
1.1 BACKGROUND OF THE STUDY
This academic work is based on the impact of effective compensation on the employees performance in Onitsha Cotton Mill Limited, Anambra State, Nigeria apparently, there are different needed among employees that must be achieved through compensation received. It is very pertinent that organizations should strive hard to effectively compensate their workers for motivational reasons which will help in the achievement of organizational goals and objectives.
The study falls within personnel management and personnel management according to Flippo 1986 is defined as the planning, organizing, directing and controlling of the procurement, development, compensation, integration, maintenance and separation of human resources at the end tht individual organizational and societal objectives are accomplished.
It can also be defined as money received for the work performance plus other kinds of benefits and services that the organizations provide for their employees, compensation is recompense, reward, wage or salary given by an organization to person or a group of persons in return to work done, service rendered or a contribution made toward achievement or organizational goal.
BRIEF HISTORY OF GENERAL COTTON MILL LIMITED ONITSHA, ANAMBRA STATE
General Cotton Mill Limited, Onitsha anambra State is a textile manufacturing company that is known with the sales of textile and textile products.
The company was incorporated on the 10th April, 1964 RC 3782, located at Niger bridge Industrial Layout, Onitsha and also has one of its branches at Bloc 4A, Apapa lane, Dolphin Estate Ikoyi, Lagos, having Chief Nolla O. Edun as its chairman, R.N.W. lee (U.S. citizen) as its MD / CEO and also F.A Enechukwu-Deputy managing director.
It is a textile company offering composite textile Mill producing African prints, or fabric materials with spinning, weaving, and printing division producing cotton yarn with a good number of employees at its service.
Cotton as a resources is a miracle fibre that has been spun, woven and dyed since ancient times and it is still the most widely used fibre clothing, it is soft and fluffy, and grows in a boll around the seeds of the cotton plant. Cotton can be used for many products like: clothes, beddings, tabletops, furniture’s and even arts etc.
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