An Investigation of The Factors Influencing Compensation Practises in Organisations Within'l'he Banking Industry in Kenya
Kimengich, Bernard Kipkoech
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The study focused on a survey of the factors influencing compensation practices In organizations within the banking industry in Kenya with specific reference to Kenya Commercial Bank in Nairobi County. The general objectives of the research were to investigate the factors influencing compensation practices in Kenya Commercial Bank. The specific objectives of the study were to investigate the effect of firm's performance, competitive structure. compensation policy and demographic factors of employees on the compensation practices of Kenya Commercial Bank. The findings of the study will be beneficial to the management of the Kenya Commercial Bank in focusing on the strategies aimed at attaining higher effectiveness and efficiency so as to improve on the compensation related problems. Also it will be used by other banking institutions or related organizations to know the areas that need more attention in their compensation practices to impact on the banks performance. This will enable employees to be satisfied enough in providing all financial services thus improving the overall productivity of the organization due to dedicated employee's services. Other researchers can use the findings of the study for reference. It can help them in future as a source of secondary data when researching on related fields in different areas of interest. The study used descriptive research design because it explained a phenomenon and dealt with the aggregate of all responses using descriptive statistics and stratified random sampling procedure to select the sample that will represent the entire population. Stratified random sampling was used because the population will be heterogeneous. The researcher targeted 955 employees from the three levels of management of all the branches in Nairobi County and a sample size of 324 respondents. Questionnaire administration was the main method of data collection. The results were analyzed by use of both qualitative and quantitative techniques. Results were analyzed qualitatively by the data being cleaned, coded and a narrative explanation given. Quantitative data were analysed by use of tables, bar charts, pie charts, frequencies and percentages from which interpretations were made.