Modern reward management systems and performance of family-owned hospitality businesses in Nigeria

Despite the vital importance of reward systems in organizational performance, it remains a daunting challenge as many business organizations in Nigeria struggle to successfully implement an efficient reward system. This study investigates the impact of modern reward management systems on the performance of family-owned businesses in Nigeria's hospitality industry in Bida, Niger State. The research design employed is a descriptive analysis and inferential analysis method and a questionnaire to elicit data from the respondents. The targeted population comprises of the four hundred and seventy-eight (478) hotel owners and or manager and employees. The population covered all the registered hospitality family-owned business (Hotels) operating in the study area, while the sample size was determined using Taro Yamane (1967) at two hundred and eighteen (218). The study aims to achieve a balance between precision, confidence, and feasibility, ensuring that the findings can be generalized to the entire population while keeping the survey manageable in terms of resources. The findings revealed that modern reward management systems have a significant positive impact on family-owned business performance in Nigeria's hospitality industry. The study identified key reward management practices, including employee recognition programs, performance-based bonuses, and training and development opportunities, as critical factors influencing employee motivation, job satisfaction, and business performance. The research contributes to the existing body of knowledge on reward management and family-owned business performance, providing valuable insights for human resource practitioners, business owners, and policymakers seeking to improve the competitiveness and sustainability of family-owned businesses in Nigeria's hospitality industry.