COMPENSATION MANAGEMENT AND EMPLOYEES’ JOB SATISFACTION AMONG STAFF OF CENTRAL BANK OF NIGERIA, LAGOS
COMPENSATION MANAGEMENT AND EMPLOYEES’ JOB SATISFACTION AMONG STAFF OF CENTRAL BANK OF NIGERIA, LAGOS

Summary/Abstract: The study investigated the compensation management and employees’ job satisfaction among staff of the Central Bank of Nigeria, Lagos; it further examined the effect of wages and salaries on the bank’s staff job satisfaction. These were with a view to providing information on the impact of compensation on their job satisfaction. The research design adopted for this study was descriptive survey. The study population, 140, was randomly selected using Taro Yamane formula. The questionnaire was used to gather relevant data. The collected data was analyzed using regression analysis. The results showed that value of R square 53.4% of the variation in the dependent variable (wages and salaries) is explained by the independent variable (employees’ job satisfaction). The model is highly significant at F = 156.832, p = .000, which shows that it can be used to predict the outcome variable. The value of coefficient (β = 0.140) is significant and positive, showing that wages and salaries lead to increase in employees’ job satisfaction. The results also showed that value of R square – 75.3% of the variation in the dependent variable (direct and indirect) – is explained by the independent variable (employees’ job satisfaction). The model is highly significant at F = 417.091, p = .000, which indicates that it can be used to predict the outcome variable. The value of coefficient (β = 0.868) is significant and positive. The results of this study indicate a link between total compensation management and employees’ job satisfaction. The study concluded that awareness of the total compensation package of employees will help management to ensure that they create avenues for the employees to get abreast with the policies and compensation packages.

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