Employee Reward System and Performance in Selected Deposit Money Banks in Edo North Senatorial District, Edo State, Nigeria
Abstract
Reward system which consists of financial and non – financial rewards has become essential to an organization in managing employees’ performance. Motivated employees can be a significant factor in organizational success. When employees are motivated to work at higher levels of productivity, the organization as a whole will run more efficiently and is more effective at reaching its goals. The broad objective of this study is to examine reward system and performance of employees’ in an organization. This study adopted a quantitative approach were 132 questionnaire was distributed to the participants selected using convenience sampling. Data obtained analysed using spss software to carry out the correlations and regression analysis. The results show that all variables salary, bonuses, appreciation and health care have a significant impact on employees’ performance. The study recommended amongst other that the human Resource Department (HRD) in conjunction with the senior management should develop innovative bonus plan that also recognizes the efforts of non – managerial staff. This will not only motivate the employees to work harder during the year but will also bring harmony in the organization and encourage team work and overall greater performance of the organization.
Keywords
Reward systemfinancial rewardnon – financial rewardemployees’ performance
References
Agguru, J. I. (2012). Recent Trends in Wage and Salary Administration in Nigeria: A Synopsis on Theoretical and Empirical Challenges. International Journal of Basic and Applied Science, J (2), 257-268. Ajila, C. O. (1997). Maslow’s hierarch of needs theory: applicability to the Nigerian industrial setting. IFE Pschol. 5:162-74. Aktar, S., Sachu, Y. & Ali, A. (2023). The Hidden costs and returns of incentives: Trust and trustworthiness among Ceos. Journal of the European Economic Association, 2(5), 743– Aniha, J. (2014). Determinant of Employee Engagement and their impact on employee performance. International Journal of Productivity and Performance Management 63(3). 308 - 323. Barber, A. E. & Bretz, R. D. (2020). Compensation, attraction and retention;, in Rynes, S.L and Gerhart, B (Eds). Compensations in Organization: Current Research and Practice, Jossey- Bass, San Francisco, C.A. Barber, A.E., Dunham, R. &Formissano, R.A., (1992). The impact of flexible Benefits, on Employee Satisfaction: A Field Study”, Personal Pschology, 45(1), 55-75 Bardot, S. (2014). What is the difference between a bonus and an incentive? Compensation insider. http:/compensationinsider.com/what-is-the-difference-between-a-bounsand-anincentive. Bari, N. Arif, U. & Shoaib, A., (2013). “Impact of nonfinancial rewards on employee attitude & performance in the workplace” A case study of Business Institutes of Karachi. International Journal of Scientific & Engineering Research (7), 45-65. Christensen, A. L., (2011). “Linking Ethical Leadership to Employee Performance: The Role of Leader Member Exchange, Self-Efficiency, and Organizational Identification”. Organizational Behaviour and Human Decision Process115(2) 204-213. Coggburn, J.D., Daley, D.M., & Kearney, R., (2012). Public Sector Retire Health Care Benefits: A View from the American States. Personnel Management, 41(2) 219-240. Dulebohn, J. H. Molloy, J. C., Pichler, S. M. & Murray, B. (2009). Employee benefits: Literature review and emerging issues. Human Resource Management Review, 19(2), 86-103. Edirisooriya, W. A. (2014). Impact of rewards on employee performance: With special reference to Electric Co. Reshaping Management and Economic Thinking through integrating Eco- Friendly and Ethical Practices Proceedings of the 3rd International Conference on Management and Economics. Faculty of Management and Finance, Univeristy of Ruhuna, Sri Lanka. Edward, E. L. & Christopher, G. W. (2006). Winning Support for Organizational Change: Designing Employee Reward Systems that keep on working. Fagley, N. S. (2016). The Construct of Appreciation: It is So Much More Than Gratitude (chapter 5). InnD.Carr (Ed.), Perspectives on Gratitude: An interdisciplinary approach. Routledge. George, K., (2015). The Impact of reward system on employee performance: A case study of Bank of Tanzania. Hameed, A., Ramzan, M., Zubair, H.M.K. Ali, G. & Arslan, M. (2014). Impact of compensation on employee performance (Empirical Evidence from Banking Sector of Pakistan). International Journal of Business and Social Science (5(2), 302-309. Heathfield, S. M., (2016). Bonus Pay. The Balance. https:;ww.thebalance.com/what-is-bonus-pay- Hernadez, B. McDonald, K. (2010). Exploring Costs and Benefits of Workers with Disabilities Journal of Rehabilitation 7(6), 15 - 23. Kanzunnudin, M. (2007). Effect of wages and supervision of employee productivity: A case study on PT Tonga Tiur Son Zenith DistricKragan. Focus Ekonomi, 2(1) 11-20. Kouzes, J. M. & Posner, B. Z. (2017). The leadership challenges. San Francisco, CA: Jossey-Bass. Krejcie, R. V. & Morgan, D. W. (1970). Determine sample size for research activities. Educational Psychology Measures. Latham, G. P. (2012). Work Motivation: History, Theory, Research and Practice (2nd) Ed.). thousand Oaks, CA: Sage Lawlar, E. E. (1981). Pay ad Organizational Development, Reading M.A: Addison-Wesly Publishing Co. Lee, L., & Wong, P. K. (2006). Individual Attitude, Organizational Reward System and Patenting Performance of R & D Scientists and Engineers. Munich Personal Repect Achieve. Lin. H. F. (2007). Effects of extrinsic and intrinsic motivation on employee knowledge sharing intention. Journal of Information Science33(2) 135-158. Mccraty, R. & Childre, D. (2004). The Grateful Heart: The Psychophysiology of Appreciation. In R.A. Emmons & M.E. Mccullough (Eds.), The Psychology of Gratitude (p. 230-256). New York, NY: Oxford University Press. Noe, R. A., Hollenbeck, J. R. Gerhart, B., & Wright P. M. (2015). Human Resource Management Gaining the Competitive Advantage (10th Ed.). New York, NY: McGraw-Hill/Irwin. Norazin, N. A., Sabri, S. M & Nazir, E. N. (2021). The Effects of Reward System on Employees’ Performance. Journal Intelek16(1). 2231-7716. Ojeleye, Y. C. & Okoro, C. I., (2016). Job Stress and Employees’ Productivity in Telecommunication Sector of Nigeria (A study of Globacom. MTN, Airtel and Etisalat). International Journal of Multidisciplinary Education and Research (2), 24-40. Onyango, T. (2024). The effect of individual HR Domains on Financial Performance. International Journal of Human Resource Management, 16(5), 676-700. Oyira, E. J., Regina, E., Nkamare, S. E., Lukpata, F. E., Uwa, S. L. &Mbum, A. P. (2021). Effect of reward system among health care workers performance: A case study of University of Calabar Teaching Hospital Calabar, Nigeria. Journal of Hospital Administration, 4(3) 45 – 53. Ozuku, H. (2012). “The influence of intrinsic and extrinsic rewards on employee results: An Empirical Analysis in Turkish Manufacturing Industry”. Business and Economics Research Journal, Uludag University. Paul, S. & Peter, R. (2006). Selling Rewards Paying for performance in Your Sales Force. UK in institute for Employment Studies. Porath, C. L., Gerbasi, A. &Schorach, S. L. (2015). The effects of civility on advice, leadership and performance. Journal of Applied Psychology, 100, 1527-1541. Romanoff, K. (2008). What is the different between a bonus and an incentive? The Perfect pay Plan. http://Theperfectpayplan.Typepad.Com/The_Salary_Sage/2008/07/What-Is-The- Dif.Html. Saira, Y., Madiha, L., Sumaira, A. & Anam, S. (2022). Impact of financial and non financial rewards on employee motivation. Middle-East Journal of Scientific Research, 21(10), 1776-1786. Sajuyigbe, A. S., Olaoye, B. O. & Adeyemi, M. A. (2013). Impact of reward on employees performance in a selected manufacturing companies in Ibadan, Oyo State, Nigeria. International Journal of Arts and Commerce. 2(2) 27-32. Sansone, R. A., & Sansone, L. A. (2010). Gratitude and well-being: The Benefits Appreciation Psychiatry 7(11) 18-21. Sarin, S. & Mahajan, V. (2001). The Effect of Rewards Structures on the Performance of Cross- Functional Product Development Team. The Journal of Marketing. 65(2) 35-53. Surbhi, S., (2015). Differences between salaries and wages. Key differences. Httips:Keydifference.Com/Difference-Between-Salary-Andwages. Umar, A. (2012). Effect of wages, motivation, and job satisfaction on the performance of workers in the manufacturing industry in the City of Makassar. Journal AplikasiManajemen, 10(2) 406-418. Wasiu, E. & Adebajo, D. (2023). The influence of intrinsic and extrinsic rewards on employee results: An empirical analysis in Turkish Manufacturing Industry. Business and Economics Research Journal, 3(3), 29 – 48. Wilson, T. B. (2004). Innovative Reward Systems for the Change work Place. McGraw-Hill, Inc. World Health Organization. Constitution, WHO, 1948 Xanthopolous, D., Bakker A. B., Demerouti E., & Schaufeli, W. B. (2009a). Reciprocal relationships between job resources, personal resources and work engagement. J. Vocat. Behav. 7(4), 235-244. Ying, Z. Y. (2012). The Impact of Performance Management System on Emplo
More Articles from INTERNATIONAL JOURNAL OF SOCIAL SCIENCES AND MANAGEMENT RESEARCH
Building National Analytics Capacity: Advances and Future Pathways
Author: Uchechi Mary-Linda Unamma, Ifeanyichukwu Jeffrey Okwesa, Uzoamaka Iwuanyanwu
Root-Cause and Thematic Analysis for Major Incident Management: A Review
Author: Ifeanyichukwu Jeffrey Okwesa, Uchechi Mary-Linda Unamma, Uzoamaka Iwuanyanwu
Data-Quality and Single-Source-Of-Truth Frameworks for Inter- Agency Reporting: A Review
Author: Uchechi Mary-Linda Unamma, Ifeanyichukwu Jeffrey Okwesa, Uzoamaka Iwuanyanwu
Human-In-The-Loop Decision Systems: Advances and Future Directions
Author: Funmilayo Ashore-Onisemo, Uchechi Mary-Linda Unamma, Ifeanyichukwu Jeffrey, Okwesa,
Roles of Oil Subsidy Removal on Transportation Cost and Water Factory in Cross River South, Nigeria
Author: Onwuzurike Peter Tobechi, Owoh Akwa Owoh, Unoh Grace Inyang, Umaru Musa