Today’s organizations are operating in a dynamic and highly competitive environment which requires constant adjustment of competitive strategies to remain relevant. Total compensation is one of the ways an organization can built a competitive strategy for attracting, retaining suitable employees as well as maintaining peak performance. Mayfair Insurance Company Limited is an organization that offers both life and general insurance to both the individual and corporate clients. The management has set up compensation system in the organization in pursuit of increased performance and the general growth to ensure this is sustained. However, the relationship between the total compensation and employee performance at Mayfair Insurance Company Limited has not yet been established. This study was done to establish the relationship between total compensation and employee performance at Mayfair Insurance Company Limited. Specifically the study will try to establish the relationship of various components of compensation including basis pay, incentives, benefits, non-financial rewards including career development, flexi work schedules and recognition and appreciation. The study will adopt descriptive research design. A sample size of 100 employees of the company was selected from 334 total employees using stratified random method. Data was collected using questionnaires and descriptive statistics (frequency tables and percentages) has been used to present data. Data was analysed using Statistical Package for Social Sciences (SPSS) computer package. Conclusions have been based on findings that there is a positive significant relationship between Total compensation and employee performance at Mayfair Insurance Company Limited and recommendations with benefits, recognition and appreciation being key factors in compensation. This study found the need for comparative studies in other industries like manufacturing and use of varied factors to reach a conclusive finding for generalised findings.
| Published in | Psychology and Behavioral Sciences (Volume 5, Issue 1) |
| DOI | 10.11648/j.pbs.20160501.14 |
| Page(s) | 20-36 |
| Creative Commons |
This is an Open Access article, distributed under the terms of the Creative Commons Attribution 4.0 International License (http://creativecommons.org/licenses/by/4.0/), which permits unrestricted use, distribution and reproduction in any medium or format, provided the original work is properly cited. |
| Copyright |
Copyright © The Author(s), 2016. Published by Science Publishing Group |
Compensation, Employee Performance, Descriptive, Insurance Industry, Relationship
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APA Style
Christopher Muthusi Nzyoka, Bulah Hannah Orwa. (2016). The Relationship Between Total Compensation and Employee Performance in the Insurance Industry, Case of Mayfair Insurance Company Limited. Psychology and Behavioral Sciences, 5(1), 20-36. https://doi.org/10.11648/j.pbs.20160501.14
ACS Style
Christopher Muthusi Nzyoka; Bulah Hannah Orwa. The Relationship Between Total Compensation and Employee Performance in the Insurance Industry, Case of Mayfair Insurance Company Limited. Psychol. Behav. Sci. 2016, 5(1), 20-36. doi: 10.11648/j.pbs.20160501.14
AMA Style
Christopher Muthusi Nzyoka, Bulah Hannah Orwa. The Relationship Between Total Compensation and Employee Performance in the Insurance Industry, Case of Mayfair Insurance Company Limited. Psychol Behav Sci. 2016;5(1):20-36. doi: 10.11648/j.pbs.20160501.14
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Download@article{10.11648/j.pbs.20160501.14,
author = {Christopher Muthusi Nzyoka and Bulah Hannah Orwa},
title = {The Relationship Between Total Compensation and Employee Performance in the Insurance Industry, Case of Mayfair Insurance Company Limited},
journal = {Psychology and Behavioral Sciences},
volume = {5},
number = {1},
pages = {20-36},
doi = {10.11648/j.pbs.20160501.14},
url = {https://doi.org/10.11648/j.pbs.20160501.14},
eprint = {https://article.sciencepublishinggroup.com/pdf/10.11648.j.pbs.20160501.14},
abstract = {Today’s organizations are operating in a dynamic and highly competitive environment which requires constant adjustment of competitive strategies to remain relevant. Total compensation is one of the ways an organization can built a competitive strategy for attracting, retaining suitable employees as well as maintaining peak performance. Mayfair Insurance Company Limited is an organization that offers both life and general insurance to both the individual and corporate clients. The management has set up compensation system in the organization in pursuit of increased performance and the general growth to ensure this is sustained. However, the relationship between the total compensation and employee performance at Mayfair Insurance Company Limited has not yet been established. This study was done to establish the relationship between total compensation and employee performance at Mayfair Insurance Company Limited. Specifically the study will try to establish the relationship of various components of compensation including basis pay, incentives, benefits, non-financial rewards including career development, flexi work schedules and recognition and appreciation. The study will adopt descriptive research design. A sample size of 100 employees of the company was selected from 334 total employees using stratified random method. Data was collected using questionnaires and descriptive statistics (frequency tables and percentages) has been used to present data. Data was analysed using Statistical Package for Social Sciences (SPSS) computer package. Conclusions have been based on findings that there is a positive significant relationship between Total compensation and employee performance at Mayfair Insurance Company Limited and recommendations with benefits, recognition and appreciation being key factors in compensation. This study found the need for comparative studies in other industries like manufacturing and use of varied factors to reach a conclusive finding for generalised findings.},
year = {2016}
}
TY - JOUR T1 - The Relationship Between Total Compensation and Employee Performance in the Insurance Industry, Case of Mayfair Insurance Company Limited AU - Christopher Muthusi Nzyoka AU - Bulah Hannah Orwa Y1 - 2016/02/19 PY - 2016 N1 - https://doi.org/10.11648/j.pbs.20160501.14 DO - 10.11648/j.pbs.20160501.14 T2 - Psychology and Behavioral Sciences JF - Psychology and Behavioral Sciences JO - Psychology and Behavioral Sciences SP - 20 EP - 36 PB - Science Publishing Group SN - 2328-7845 UR - https://doi.org/10.11648/j.pbs.20160501.14 AB - Today’s organizations are operating in a dynamic and highly competitive environment which requires constant adjustment of competitive strategies to remain relevant. Total compensation is one of the ways an organization can built a competitive strategy for attracting, retaining suitable employees as well as maintaining peak performance. Mayfair Insurance Company Limited is an organization that offers both life and general insurance to both the individual and corporate clients. The management has set up compensation system in the organization in pursuit of increased performance and the general growth to ensure this is sustained. However, the relationship between the total compensation and employee performance at Mayfair Insurance Company Limited has not yet been established. This study was done to establish the relationship between total compensation and employee performance at Mayfair Insurance Company Limited. Specifically the study will try to establish the relationship of various components of compensation including basis pay, incentives, benefits, non-financial rewards including career development, flexi work schedules and recognition and appreciation. The study will adopt descriptive research design. A sample size of 100 employees of the company was selected from 334 total employees using stratified random method. Data was collected using questionnaires and descriptive statistics (frequency tables and percentages) has been used to present data. Data was analysed using Statistical Package for Social Sciences (SPSS) computer package. Conclusions have been based on findings that there is a positive significant relationship between Total compensation and employee performance at Mayfair Insurance Company Limited and recommendations with benefits, recognition and appreciation being key factors in compensation. This study found the need for comparative studies in other industries like manufacturing and use of varied factors to reach a conclusive finding for generalised findings. VL - 5 IS - 1 ER -
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