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A study of non-monetary rewards as a motivation tool 1
A study of non-monetary rewards as a motivation tool
By Irfan Iftekhar
Abstract
The study examines the role of reward system in motivating employees for effective
A study of non-monetary rewards as a motivation tool 2
performance and higher productivity in First Bank of Nigeria Plc. It employed a case study
approach to study how rewards management system motivates the employees of First Bank of
Nigeria Plc. The researcher identified incentives, commendation, prize awards, promotion,
compensation, salary increase, bonus, share value safe working conditions, fair treatment,
medical system and involvement in decision making process, are some of the rewards system
used by First Bank of Nigeria Plc. This paper recognized motivation (intrinsic or extrinsic to
workers) as an instrument for efficient and effective execution of a project. The paper examined
if workers are highly motivated, the motivational factors that mostly affect workers’
performance,
CHAPTER-1 Introduction
In today’s competitive business environment companies are facing many challenges and
among those challenges acquiring right workforce and retaining it, is of utmost importance. In
order to get the efficient and effective result from human resource, employee motivation is
necessary. Employee will give their maximum when they have a feeling or trust that their efforts
will be rewarded by the management. There are many factors that affect employee performance
like working conditions, worker and employer relationship, training and development
opportunities, job security, and company’s overall policies and procedures for rewarding
employees, etc. The First Bank of Nigeria Plc. (FBN) was incorporate 31st March 1894, as the
Bank of British West Africa in Liverpool, United Kingdom (Fry, 1976), by Alfred Lewis Jones
in the office of Elder Dempster & Company in Lagos (FBN UK, 2007), to serve his shipping and
trading agencies in Nigeria. The bank was incorporated as a Limited Liability Company, with a
head office in Liverpool and began operations with an initial paid-up capital of £12,000, after it
A study of non-monetary rewards as a motivation tool 3
acquired African Banking Corporation (FBN UK, 2007). In 1957, the Bank of British West
Africa was change to Bank of West Africa (Fry 1978). In 1965, Standard Bank acquired Bank of
West Africa and reincorporated it as Standard Bank of West Africa.
1.1 Background to the Research
The Nigerian banking industry has witnessed some revolutionary policy initiative right
from 2004 up to now when the Central Bank of Nigeria began some restructuring programs
directed towards resolving the existing problems of the industry. Adegbaju and Olokoyo (2000)
observed that the banking sector reforms, especially the recapitalization policy was a deliberate
policy response designed to correct perceived or impending banking sector crises that might
trigger banking industry failures, which may result directly from insolvency and weak corporate
governance, and others (Ernest, 2012). Ernest added that the asset size of an average bank which
was N42.172billion (US$0.3174 billion) in 2004 has grown geometrically to N267.482billion
(US$2.0856billion) within one year after the consolidation exercise, which indicates a growth
rate of 534.27 per cent. All over the world especially in developing countries like Nigeria,
workers are becoming more and more displeased due to unsatisfactory working conditions
occasioned by economic downturn. The intense competition demands not just high quality
products, but best quality workforce who must be highly trained, rewarded and required to work
within a cooperative environment. To obtain workers’ cooperation requires a lot of motivation
and motivating workers can be very challenging because workers are animate. To execute a
project which consist of interrelated and interdependent activities that need to be planned,
coordinated, monitored, and controlled for the project’s goal to be efficiently and effectively
attained, involves a lot of herculean task, perseverance, motivation and cooperation of the project
A study of non-monetary rewards as a motivation tool 4
team who must work in harmony to attain the project’s goal within the scheduled time, budget
and to meet up to a specified standard
According to Okafor (2009) the period of banking recapitalization in Nigeria from July
2004 till the last month of 2005, was the harbinger of various types of concerns for employees in
the banking industry. Ernest (2012) observes some banks that raised funds from the Stock
Exchange concentrated huge funds on media advertising, focused attention on acquisition of
weaker banks, and struggling to garner available funds they could muster to meet the
recapitalization target and the December 2005 deadline, while relegating the welfare of their
employees (Okafor, 2009). However, some of the new banks, especially First Bank of Nigeria
Plc. redesigned their reward and compensation management systems by increasing employees’
salaries including promoting employees, and awarding prizes and giving bonuses to them.
The post-consolidation reward management system of the First Bank of Nigeria Plc. informed
the desire of the researcher to investigate how the reward management system of the bank has
motivated its employees to enhance their performance effectiveness, achieve their performance
outcomes and increase their productivity. What motivate workers cannot be generalized because,
what motivate workers differs from one worker to another. In fact what motivates an individual?
worker today, may seize to motivate him tomorrow because human needs are insatiable asserted
that monetary incentives would make workers carryout their assigned tasks correctly and meet a
defined target rate of output. His expectancy theory is of the opinion that workers expectation of
reward for the efforts they put in a job has turned out to be part of motivation for employees in
every place of work’s “Hawthorne’s study” established that workers’ productivity was not reliant
only on monetary reward but on social needs (need for safety, recognition, belonging to informal
A study of non-monetary rewards as a motivation tool 5
group, etc.) achieved by mingling with co-workers, and supervisors at the place of work also
supported Mayo’s study.
Reward systems are vital strategic tools that management of an organisation uses to direct
behaviors, attitudes and motivate their employees in desired ways to enhance corporate
performance. Am organization’s reward system may include incentives, processes, and decision
making about the allocation of compensation and benefits to employees, in order to drive a
positive urge in them to voluntarily and enthusiastically contribute their skills and experiences to
the attainment of an organization’s goals. A good reward system enables an organization to
attract the best talents to join its workforce, motivate them to promote productivity and
encourage them to stay for as long as possible.
For a business organization to address employees’ expectations effectively, it must
understand those things that stimulate employee motivation.
1.2 Research questions
Research question is always central to the completion of a successful research study,
hence the following research questions will be explored by the researcher:
1) How do non-monetary rewards act as a motivation tool for improving employee's
performance?
2) How do reward systems encourage employees and reduce staff turnover?
1.3 Research aims and objectives
Deeprose (1994) argued that the motivation of employees and their productivity can be
enhanced through providing them effective recognition which ultimately results in improved
A study of non-monetary rewards as a motivation tool 6
performance of organizations. In view of the above, the aims and objectives of this study are:
1) To discuss the role of the reward systems in motivating employees for higher productivity in
the banking industry.
2) To identify how the reward systems stimulate employee’s commitment at work.
3) To determine how the reward systems enhance employee’s job satisfaction in the bank.
4) To analyze how the reward systems reduce employee turnover in the banking industry.
1.5 Statement of the problem
Recapitalization exercise in Nigerian banking industry during 2004-5 has tailored the
banking structure. In view of this, the researcher decided to investigate the role of reward
management systems of First Bank of Nigeria Plc. in motivating its employees for higher
productivity.
1.6 Significance of the study
This study is important to bank policy makers, RH professionals, scholars, management
of banking and other organizations, including line managers involved in the supervision of other
employees, because it will reveal:
1) Whether reward systems enhance employee performance.
2) How management can best use reward systems to motivate employees to accomplish their
performance outcomes.
3) How organization can spur employees to attain higher productivity and organizational
performance targets. Researcher decided to investigate the role of reward management systems
of First Bank of Nigeria Plc. in motivating its employees for higher productivity.
1.7 Justification of Research
A study of non-monetary rewards as a motivation tool 7
Companies and organizations everywhere need employees to work with. However, while
getting employees can easily be done by means of recruiting practices, there is the more difficult
task of keeping them motivated to work hard to achieve improved performance and to attain both
organizational and personal goals.
1.8 Research methodology
Research methodology is the systematic process adopted by a researcher to solve a
research problem. In this study the researcher used interpretive approach and qualitative research
methodology. Unstructured personal interview was held with more than one hundred members of
staff who were purposively selected based on insight from the personal interview held with the
personnel manager, their educational qualification and years spent on the job. The interview was
held prior to the distribution of the questionnaire. The result from the interview increased the in-
depth knowledge of the researcher on questions to be included in the questionnaire and how the
questions would be framed to the understanding of the respondents and enable adequate
information from the respondents. Time spent with each respondent depended on the depth and
quality of information, and patience of each of the respondent. However, the time range was
between 4 to 10 minutes.
Research philosophy
Research philosophy involves the epistemology that a researcher employed in a research study to
produce knowledge or reality based on the worldview of the participants. The researcher used
interpretive philosophy so as to maintain the researcher as a passive collector and expert
interpreter of data, while she tries to maintain research objectivity.
Research approaches
There are two popular research approaches commonly used by scholars and researchers;
A study of non-monetary rewards as a motivation tool 8
Inductive research approach will be discussed below.
Inductive research approach
The inductive approach (Bryman and Burgess, 1994) to research study is a form of qualitative
research method this has helped in conducting analysis, interpretation and formulation of some
themes and patterns.
Qualitative research methodology
Myers (1997) contends that qualitative research is one of the two major approaches to
research in social sciences. Additionally, Rajasekar, Philominathan and Chinnathambi (2006)
state that qualitative research involves qualitative phenomenon; In this study, I used qualitative
research methods for the purpose of understanding the interviewee’s experiences including the
social contexts in which they live (Myers, 1997).
1.9 The scope and limitation of the study
Qualitative research depends, to a large extent, on the skills of the researcher, whose
personal biases and idiosyncrasies may affect the study outcomes.
There is the possibility that some respondents may not willingly cooperate to supply vital
information.
CH. 1 Summary
First Bank of Nigeria was incorporated as a Limited Liability Company, with a head
office in Liverpool and began operations with an initial paid-up capital of £12,000, after it
acquired African Banking Corporation (FBN UK, 2007).In 1957, the Bank of British West
Africa was change to Bank of West Africa (Fry 1978). In 1965, Standard Bank acquired Bank of
West Africa and reincorporated it as Standard Bank of West Africa. The Nigerian banking
industry has witnessed some revolutionary policy initiative right from 2004 up to now when the
A study of non-monetary rewards as a motivation tool 9
Central Bank of Nigeria began some restructuring programs directed towards resolving the
existing problems of the industry. Ernest added that the asset size of an average bank which was
N42.172billion (US$0.3174 billion) in 2004 has grown geometrically to N267.482billion
(US$2.0856billion) within one year after the consolidation exercise, which indicates a growth
rate of 534.27 per cent.
According to Okafor (2009) the period of banking recapitalization in Nigeria from July
2004 till the last month of 2005, was the harbinger of various types of concerns for employees in
the banking industry. However, some of the new banks, especially First Bank of Nigeria Plc.
redesigned their reward and compensation management systems by increasing employees’
salaries including promoting employees, and awarding prizes and giving bonuses to them. The
post-consolidation reward management system of the First Bank of Nigeria Plc.
CHAPTER-2 Literature Review
Herzberg (1957) proposed that employees are influenced or driven to work by two factors
(motivators and hygiene factors). Hygiene factors ensure that employees do not become
dissatisfied but does not lead to high motivation, but without them; Salary is one of the hygiene
factors hence money does not lead to high levels of motivation but impact on motivation in a
way. As stated in Value based Management (2008) a combination of the two factors results in
four scenarios which are important in the relationship between employee motivation and
A study of non-monetary rewards as a motivation tool 10
rewards.
These include:
High hygiene + High motivation= employees feel motivated and give high performance.
- High hygiene + low motivation = no complains but not highly motivated.
- Low hygiene +High motivation = lot of complains and low motivation
- Low hygiene + low motivation = result in unmotivated
A study of non-monetary rewards as a motivation tool 11
A study of non-monetary rewards as a motivation tool 12
Management is dependent upon rewards like money as the main factor of motivation because
according to Maslow’s hierarchy of needs, money is a unique reward that can satisfy different
needs such as physiological need for food. Non-monetary rewards on the other hand attract
persons with a high need for affiliation through verbal recognition, and high achievers through
challenging jobs. Skinner in 1953 argued that, the use of rewards in the classic work
performance paradigm is based primarily on the reinforcement theory which focuses on the
relationship between a target behavior such as high performance and its consequences for
example pay. This study was framed from Herzberg’s two factor theory and Skinner’s
Reinforcement.
Employee motivation and rewards are divided into two groups; the importance of money as a
motivator has been consistently downplayed by most behavioral scientists like Herzberg who
point out the value of challenging jobs, feedback, cohesive work teams and other nonmonetary
factors as stimulants to motivation. Wallace and Zeffane (2001) noted, management depend upon
rewards like money as the main factor of motivation because according to Maslow’s hierarchy of
needs, money is a unique reward that can satisfy different needs such as physiological need for
food. Bates (2006) indicates, for money to motivate, merit pay rises must be at least seven
percent of base pay for employees to perceive them as motivating and to catch anybody’s
attention. Recent studies on the four methods of motivating employees indicated that money
rated the second among lower-level employees. Such evidence demonstrates that money may not
be the only motivator, but it’s difficult to argue that it doesn’t motivate. This therefore opens up
A study of non-monetary rewards as a motivation tool 13
the debate that non-financial rewards such as recognition, decision making and job security have
a role to play in the internal motivation of employees that monetary rewards cannot address. To
assume that financial incentives will always motivate people to perform better is therefore as
simplistic as to assume that they never motivate people to perform better. The only issue that is
certain about this is that multiplicities of interdependent factors are involved in motivating
employees ranging from money to non-monetary.
2.1 Theories of motivation
Some scholars have developed some theories that help to explain the psychological processes
and approaches that underlie motivation. I will discuss few of those theories below.
2.1.2 Scientific management theory of motivation
Taylor (1911/34) proposed that workers are motivated mainly by salary. In his theory of
scientific management, Taylor contended that employees did not naturally enjoy tasks, therefore,
they needed close supervision and control by their managers. It does not encourage individual
creativity and high productivity as lazy workers may hide and take solace under team work.
2.1.3 Neo-human relation theory of motivation
Maslow (1943) began the neo-human relation theory of motivation in the 1950s. Maslow’s
theory was based on the psychological needs of the employees by proposing hierarchy of five
human needs that employees must fulfilled at workplace. Maslow argued that once a lower level
of a worker’s need has been fully satisfied, an employee would be motivated by the desire to
satisfy the higher need up in the hierarchy. Maslow contended that the lowest needs are
physiological needs (food, drink, shelter, sex, and sleep); the second higher needs are safety
needs (protection from elements, security, and stability); the third higher needs are love needs
(relationship, work group, family, and affection); the fourth higher needs are esteem needs (self-
A study of non-monetary rewards as a motivation tool 14
esteem, achievement, status, dominance, and prestige), while the fifth highest needs are self-
actualization needs (achieving personal potential, self-fulfillment, and realising personal growth).
However, Maslow's definition of self-actualization is difficult to test scientifically; Maslow's
hierarchy of needs theory has some weaknesses. The hierarchy of needs theory is not universal
applicable because human needs may vary across cultures, individual differences and availability
of resources.
2.1.4 Two factor theory of motivation
Herzberg et al. For example, an employee will be motivated to turn up for work if an
employer provides a fair pay and safe working conditions, but they will not influence him to
work harder at his/her job.
Motivators are factors whose presence motivates employees to worker harder in order to
increase productivity. Also, increased pay in terms of overtime and piece rates might be a
motivator for some employees to some extent, and might not be for others.
2.1.5 Needs theory of motivation
McClelland‘s (1961) theory of needs identifies three types of human needs called
achievement, power, and affiliation. McClelland argues that the need for power is caused by the
need to make people behave in a particular way that they would not have behaved. Because
effective managers must positively make an influence on other also, he asserts that top managers
must seek power coupled with a low need for affiliation (Kreitner, 1998).
2.1.6 Equity theory of motivation
Adams’ (1965) equity theory is based on the principle of balance or equity. When employees
are evaluating equity/fairness, the employees often compare the job input (performance
contribution) to outcome (rewards and compensation), and they often compare the same with that
A study of non-monetary rewards as a motivation tool 15
of their co- workers on the same cadre, category or position on organisational structure.
Equity theory reveals that employees are concerned not only with the amount of rewards they
receive for their performances, but also make comparison with the amount of rewards such as
salary increases, recognition and commendation which their colleagues receive. The resulting
tension forms the basis for motivation as employees are driven by their desire for what they
perceive as equity and fairness.
Ramlall (2005) contends that equity theory is based on three assumptions. First, equity theory
suggests that employees develop ideas about outcomes that constitute fair and equitable returns
for their performance contributions to their jobs and organizational objectives. Second, equity
theory states that employees compare what they perceive to be the exchange they receive on their
performances with their co-workers. Third, when employees perceive that their own rewards and
compensations are not equitable and fair relative to the exchange (rewards and compensations)
they perceive their colleagues on the same position or cadre are receiving, they will be motivated
to take actions they deem appropriate.
One of the weaknesses of the theory is managers should not always consider fairness in
determining all employee matters.
2.1.7 Expectancy theory of motivation
One of the assumptions of expectancy theory is that employees join organizations with
expectations about their needs, motivations, and past experiences. Expectancy theory observes
that motivation is a combined function of employees’ perception that their inputs will lead to
performance and of the outcomes that may result from the performance (Ramlall, 2005).
Vroom (1964) believes that employees behavior results from conscious choices among
alternatives referred to as Valence, Instrumentality, and Expectancy. Valence is the value
A study of non-monetary rewards as a motivation tool 16
employees place on the rewards based on their needs, goals, and values, including sources of
motivation. Instrumentality is low when the employee perceives that the reward offered is the
same for all performances given.
One of the limitations of expectancy theory is that the relationship between effort and
performance is not perfect because they are moderated by employees’ skills and knowledge,
including the difficulty of the task. Also, employees’ skills and knowledge play an important role
as more skilful and more knowledgeable employees will find it easier to complete the job.
2.1.8 Intrinsic motivation
Hennessey and Amabile (2005) argue that intrinsic motivation refers to the desire to act in
one’s own interests or simply for the enjoyment of a particular activity. The proponents of
intrinsic motivation argue that employees are motivated to do their tasks because of the pleasure
or satisfaction that they get in performing their job functions. This motivation comes from within
an employee rather than from external rewards such as monetary incentives and others.
2.1.9 Extrinsic motivation
The extrinsic motivation consists of performing some activities with a feeling of being
pressured or anxious in order to ensure that a person achieves some results that he/she desires.
For example, extrinsic motivation causes employees to go to work because of the wages they
receive from their employers.
2.2.1 Rewards management theory
Having briefly discussed some theories of motivation above, it is important to discuss how
reward systems motivate employees in an organization. That is, highly compensated and
motivated employees serve as the competitive advantage for their organization because their
A study of non-monetary rewards as a motivation tool 17
performance effectiveness leads an organization to accomplish its corporate goals. Entwistle
(1987) believes that if employees accomplish their performance outcomes successfully, it leads
to organizational rewards and performances; Akerele argues that wage differential between high
and low income earning employees is the root of low commitment and low efficiency.
Nwachukwu (1994) linked low productivity of workers to failure of some employers to
provide adequate compensation for hard work, which maybe demoralizing to some employees,
and can cause them to reduce their productivity. Therefore, good remuneration has been
identified by some scholars as one of the policies and organization can utilize to increase their
workers performance and ultimately increase the productivity of an organisation.
Flynn (1998) posits that reward and recognition programmes keep high spirits and
enthusiasm among employees, enhance their morale and produce a linkage between performance
and motivation. Ramlall believes that rewards enhance the level of productivity and performance
of employees on their jobs.
In conclusion, the above reviewed literature provided useful conceptual background on how
reward systems can motivate employees to achieve their performance outcomes and productivity.
2.2.1 Introduction
Throughout time, many have attempted to develop detailed theories and studies of
motivation. It would be very difficult to try to pinpoint one theory or even one technique that
seems to work better or is more effective for a certain organization. I hope to make some
judgment about the effectiveness of styles of motivation and satisfaction from one’s job under
these specific managerial levels.
2.2 Motivation
Although money may not be the most important consideration in the turnover intent of
A study of non-monetary rewards as a motivation tool 18
some skilled employees, nevertheless, money remains an important factor in turnover decisions.
Kinnear and Sutherland (2001: 17) argue that skilled employees in South Africa need to earn a
competitive package and also have the opportunity of earning performance based bonuses. They
want their efforts to be rewarded and to have a fair share of the organisation’s success in
monetary terms. This argument also reflects the outcome of a research finding by Patron (2004:
21) who found that, although money may no longer be the most important motivator among
career professionals, nevertheless, it remains a good combination in the retention equation. In a
similar research conducted by Consumer Insight Agency (cited in Cruz, 2006: 24) it was found
that the black talent in various organisations want to earn enough money in order to start their
own businesses and become Chief Executive Officers (CEO). In their effort to retain critical
employees, various organisations have shifted their attention to determining the variables that
impact most favourably on the retention of core employees. The Towers Perrin study (cited in
HR Focus, 2003:3) shows that variables that motivate talented employees to remain in an
Organisation, are a mixture of both intrinsic and extrinsic factors such as performance-based pay,
employee stock ownership, and profit-sharing bonuses.
The First Bank has put into practice many of Herzberg's 'motivators' and shows it too.
Similarly Maslow's higher levels of need are less obvious and less easy to explain but of great
importance. Social needs are but a fact that we wish to feel part of something we share in. The
First Bank creates the opportunity for its community of employees worldwide to share in its
common goals and vision for the group. It is done by means of rewarding the people who
contribute to its success through their commitment and hard work. The next level 'esteem' -
refers to our need to feel valued, that what we do matters. The mindset at this bank is that
employees can 'make it happen' for themselves and for this there are opportunities for all
A study of non-monetary rewards as a motivation tool 19
employees through promotion or training and then recognises their achievements.
One of the most interesting fact about the First Nigerian Bank is that the bonus structure
is one of the techniques it uses to motivate its employees and has proven to be extremely
effective, the bank also absolutely recognizes that there is more than just the dollars and cents.
Therefore the bank as a whole tries to address those more personal or intangible techniques to
motivation as well, such as a plaque or a gift for winning a contest for number of loans.
Individual-based rewards to highlight that person’s achievements is sometimes all a person will
need. The bank also offer performance incentive pay which is a motivational tool for the staff
which has successfully helped them achieve goals, Employees performance is measured along
with the key performance indicator (KPI) and constantly monitored through the performance
monitoring system. Staff are appraised at the end of every quarter based on individual key
performance indicator. Staff that meets 80% to 100% of their performance goals earn the full
payment of the performance incentive pay. This bank follows motivation theories and turns those
into practice like according to Herzberg meeting hygiene factors would only eliminate
dissatisfaction, but would not result in actual motivation. This can be achieved only by fulfilling
motivator factors, such as recognition, achievement, the work itself (i.e. meaningful, interesting,
and important work), responsibility, and growth, this is the gist of the motivation practices used
by this bank.
2.3 Human Resource Management
During the last decade, the personnel/HRM field has shifted from a micro focus on
individual HRM practices to a debate on how HRM as a more holistic management approach
may contribute to the competitive advantage of the organizations. Three different perspectives
have been used in recent researches on the relationship between HRM practices and performance
A study of non-monetary rewards as a motivation tool 20
of the organisation, retention by the organisation and strategies of the organization.
2.4 Rewards
According to Salisu (2012, 2-3) financially packaged incentives and other monetary rewards are
frequently used by Nigerian banks as motivations for better performance. Stating further, he said
the performance of Nigerian banks could be linked to the kind of employees’ monetary
motivation systems implemented in the banks. Salisu (2012, 2) however stated that incentives are
intimately related to motivation and are inducements placed along the course of ongoing
relatives that keeps the activities directed towards one goal rather than another. He posited
further that “as the success of banks” performance hinged on the kind of employees they
possessed, employee motivations produce a well-motivated workforce for higher performance of
the banks. Babaita (2011,96),stated that the Nigerian banks actually take the motivation issues so
seriously to the point that it was stated briefly in their Annual Reports and Accounts as what they
statutorily do for all their employees. He added that “some of the Nigerian banks indicate that
they provide family medical cover for the work-force”, why some state that “when an employee
acting within the scope of his/her employment accidentally injures a third party, Isiaka
mentioned that some of the banks show the efforts of the workers through prompt promotions,
granting of staff loans for cars, houses, share purchase, land purchase loans, massive in-service
training, recognition of dedicated and loyal staff through long-service awards, and continuously
reviewing employees’ remuneration package. To that extent, it is clear and conclusive that the
banking industry in Nigeria takes the use of motivation and incentives deployment as a very
strong weapon to enunciate extra performances from their employees. At this bank almost every
A study of non-monetary rewards as a motivation tool 21
role can be described in terms of specific job targets.
Then the performance of the employee is judged and duly reported, only to be followed
by a review of performance when the years ends. For the sake of high performance the payment
for such results are a great motivator. When the target is achieved the reward is made by means
of payments and subsequently named a bonus. When someone gets a target to gain a given
number of new customers or business every year. If she or he achieves this then the bonus is
given. While tougher targets entails to a higher bonus because achieving these stretch targets is
difficult.
2.6 The value of non-monetary rewards to employees
Reward package by the First Bank, like most other banks, offer funding of pension
schemes, health insurance, paid holidays. This package additionally offers each employee the
benefits of a choice of working hours and perks. At the heart of the package lies a highly
competitive salary package with perks which depends on their skills and professional expertise
regardless of any social stigma. Graded progression remains one of the best motivators for the
employees of this bank... The heart of the package is a competitive salary based on skills and
experience regardless of any social stigma. One of the most important motivators for the
employees is the recognition of good performance by graded progression...
2.5 Ways employers can motivate employees
A very crucial motivator for First Bank employees is good performance recognition and
graded progression where the employee are encouraged to 'make it happen' through personal
development. The bank trains and encourages its employees to develop their skills and
competency and their advanced professionalism helps the bank. It also helps its employees to
give back something to the community they live in and hence the bank tried to be involved in the
A study of non-monetary rewards as a motivation tool 22
development of the community, this forms a better image of the bank the employee is thereby
motivated by the whole community to work more sincerely.
2.7 Major benefits of non-monetary rewards
If any bank employee who delivers the project ahead of time and within budget and the
organisation does due to this well and the individual performs well too, the additional payments
may be quite substantial. The major benefits for staff at the First Bank include:
- For good work employees get recognition:
- A collective sense of success is achieved when the business goes well
- Additional responsibility and development is obtained by them by means of doing well
regularly- When people do well in their work, the organisation rewards them.
2.8 Monetary motivation versus non-monetary motivation
There is a strong backing for money as a motivating factor. But there are research studies
which disagree with money being the only key motivator, stating that money only does not
significantly affect employees' motivation. Non-monetary rewards if used correctly are equally
as important. According to some studies significant management style, like the one found in First
Bank and also the dialect used by senior directors and executives are as important tools in
motivating the employees.
2.9 Conclusion
In most organizations workers are motivated through various rewards and incentives
including First Bank, these incentives are tangible or monetary, like salary compensation, some
incentives are intangible or non-monetary rewards like the sense of success or achievement
(Spector, 2003). Organizations like First Bank are improving retention and motivational
concerns and diminish employee turnover through various monetary and non-monetary rewards.
A study of non-monetary rewards as a motivation tool 23
Salary is one of the hygiene factors hence money does not lead to high levels of motivation but
impact on motivation in a way. These include, Wallace and Zeffane (2001) noted, management
depend upon rewards like money as the main factor of motivation because according to
Maslow’s hierarchy of needs, money is a unique reward that can satisfy different needs such as
physiological need for food. Wallace and Zeffane (2001) noted, management depend upon
rewards like money as the main factor of motivation because according to Maslow’s hierarchy of
needs, money is a unique reward that can satisfy different needs such as physiological need for
food. Maslow’s theory was based on the psychological needs of the employees by proposing
hierarchy of five human needs that employees must fulfilled at workplace. The fourth higher
needs are esteem needs (self- esteem, achievement, status, dominance, and prestige), while the
fifth highest needs are self- actualization needs (achieving personal potential, self-fulfillment,
and realising personal growth).
However, Maslow's definition of self-actualization is difficult to test scientifically; the
hierarchy of needs theory is not universal applicable because human needs may vary across
cultures, individual differences and availability of resources.
Two-factor theory of motivation-Herzberg et al. Also, increased pay in terms of overtime
and piece rates might be a motivator for some employees to some extent, and might not be for
others.
Needs theory of motivation-McClelland‘s (1961) theory of needs identifies three types of
human needs called achievement, power, and affiliation. Because competent managers must
positively make an impact on others, McClelland recommends that senior managers should have
a thirst for power coupled with a low need for affiliation (Kreitner, 1998).
A study of non-monetary rewards as a motivation tool 24
Equity theory of motivation- Adams’ (1965) equity theory is based on the principle of
balance or equity. When employees are evaluating equity/fairness, the employees often compare
the job input (performance contribution) to outcome (rewards and compensation), and they often
compare the same with that of their co- workers on the same cadre, category or position on
organisational structure.
Chapter 3
3.1- Introduction
The primary purpose of this research was to analyse whether designing a reward
programme with combined focus on both monetary and non-monetary rewards will result in the
increased employee motivation. This chapter refers to the design of the objectives of the study.
The chapter presents and in-depth analysis and interpretation of the results from the findings of
the study.
3.2- Research Method
This study specifically covers three branches of First Bank in Nigeria. The choice of this
case study is not unconnected with the fact that this bank has one of the largest employers of
labour in the financial industry in Nigeria. A total number of 150 questionnaires (50 for each
branch) were considered. The questionnaires were distributed among the staff and management
of the selected business branches. The random sampling technique was employed in the
distribution of the questionnaires. It suggests that each person who is eligible has the opportunity
of getting selected until the desired sample size is obtained. For data analysis reasons, the likert
scale responses have been accordingly coded. Subsequently the data thus collected were
analysed by making use of descriptive as well as quantitive methods.
These research hypothesis which are testable include:
A study of non-monetary rewards as a motivation tool 25
1. H0: Compensation strategy has no negligible effect on Employees’ Productivity.
2. H0: Compensation strategy has negligible effect on Organizational Performance.
In research hypotheses testing, a model was identified which closely followed the idea conveyed
in the works of Butler et al (1997), and Butler and Gardner (1994). Butler et al (1997), and
Butler and Gardner (1994) have tested the hypothesis that managers disown the workers who
show low productivity, through the workers’ compensation program.
3.2.1- Research Design
The mixed method questionnaire was employed as the primary research instrument in the data
collection period to gather information from respondents at the First Bank. Majority of the
questions in the survey were of closed-ended type for the convenience of respondents and also
to achieve higher reliability under controlled observations. In order to test the validity of the
questionnaire after it was designed, a pilot study was conducted among random staff members
at the First Bank who have completed at least one year of their service to the bank. Then
appropriate amendments were made and the questionnaire was then released to the sample
population. The purpose of the cross-sectional research is descriptive; usually it has no
hypothesis, but the aim is to describe a population or a subgroup within the population with
particular focus an outcome or a set of risk factors (Levin, 2006).
A study of non-monetary rewards as a motivation tool 26
3.2.2- Research Approach
What motivate workers cannot be generalized because, what motivate workers differs
from one worker to another. The reason for this is that individual needs, wants, desires, interests,
goals or aspirations differ from one individual to another. The research method used is primarily
quantitative approach but also used qualitative features. It focuses on numbers than words and
can be achieved with the use of questionnaires. Twenty (20) questions were carefully drafted
about incentives as a motivational tool and how it contributed to employees’ job positively or
negatively in First Bank. The qualitative part is included for respondents to give their opinion
outside the fixed option. There are two popular research approaches commonly used by scholars
and researchers; they are inductive and deductive approaches (Saunders et al, 2003). In view of
this, I decided to use inductive (qualitative) approach (Bryman and Burgess, 1994) in this study.
The inductive approach (Bryman and Burgess, 1994) to research study is a form of
qualitative research method. It gives room for research findings to emerge from the frequent and
A study of non-monetary rewards as a motivation tool 27
significant themes in the raw data, without the limitations required by structured methodologies
(Thomas, 2003). In this study, I applied inductive approach to data collection and analysis of
interview transcripts; this assisted me in conducting analysis, interpretation and formulation of
some themes and patterns.
3.2.3- Research Philosophy
Research philosophy involves the epistemology that a researcher employed in a research
study to produce knowledge or reality based on the worldview of the participants. There are three
types of popular research philosophy commonly used by social scientists, including those in
business/management; they are positivism, interpretivism and realism (Saunders et al., 2003). In
this study, I decided to use interpretive philosophy. Interpretive epistemology is the assumption
or belief that meaning is socially influenced by culture and history and reality is constructed
subjectively. The researcher used interpretive philosophy so as to maintain the researcher as a
passive collector and expert interpreter of data, while she tries to maintain research objectivity.
3.3- Data sources/ information gathering
The population consist of any middle to senior level officer or professional at the First
Bank who working there and who has experienced a reward programme consisting both the
elements, the monetary and the non-monetary of rewards. Validity is an extent to which the data
are found to be true. Validity is one if the obtained results are truthful and believable. To
determine the validity, a series of questions are posed by the researcher who often will look for
the answers in the research of others to know whether the measurements are accurate or not.
(Ukssays 2003- 2013), Reliability is the extent to which results are consistent over time and an
accurate representation of the total population under study is referred to as reliability, if by using
another similar methodology the same results are obtained, then this research instrument is
A study of non-monetary rewards as a motivation tool 28
acknowledged as correct and reliable, with which an individual's scores remain relatively the
same. (Ukssays 2003-2013). The reliability of this study was tested with the use of questionnaire.
3.3.1- Data collection/sample size
A basic decision about sampling which has to be decided is who or what population of
interest is (Czaja & Blair, 2005). According to Zikmund (2003) sampling procedure is something
which uses a few number of population of a population in order to make a conclusion about the
entire population. The sample population for the study at the Fist Bank consisted of a random
selection of bank employees. The questionnaires were e-mailed to nearly 200 employees who
have completed at least one year of job at this bank and included locals as well as those who
belonged to other districts. Those who did not wish to participate in the study were asked to
ignore the message. 150 respondents participated. There a confidentiality clause included to the
questionnaire and the participation was entirely voluntary. Although the technique of sampling is
a convenience sampling, yet the database represented a wide portion of respondents from
different age groups, job positions and expertise.
3.3.2- Questionnaire design/ interviews
The research questionnaire was designed in a way as to analyse whether monetary and
non-monetary rewards programme will result in the increase of the motivation of employees. The
questionnaire was used to answer the following questions
1) What do you think about rewards in workplace?
2) Do reward systems motivate employees to enhance their productivity?
3) What are the reward preferences by the employees, monetary or non-monetary?
Zikmund (2003) in his research states that the main objective of a research analysis is to know
the cause and effect linkage among variables. This study attempts to know the major factors that
A study of non-monetary rewards as a motivation tool 29
causes the working individual to behave differently as compared to other persons. Shao (1999)
argued that research questions should designed in a way that involve questions with a choice of
specific responses so that the answer can be measured and analysed subsequently. When the
response was obtained by means of emails, random interviews were conducted to ascertain the
authenticity that the respondent is the same person who has replied to the email and not another
person.
3.3- Validity and reliability of the questionnaire
Validity is the measure to which a proof confirms the interpretations of the data are
correct and the manner of interpretation is appropriate. To know validity, it is necessary to post
series of questions by the researcher, after which answers are deduced in order to know whether
the measurements are correct. The research analysis in this study can be considered to be valid
due to the fact that the respondents played an effective role in answering the questions and the
respondents at the First Bank were given enough time to send the answers at their own comfort
and privacy.
Reliability is the extent to which the acquired results are unfailing over time, the real
representation of the population which is studied, is known as reliability. If the study has a
consistency with which an individual's score remain the same and can be determined by the help
of test-retest method at two different times, then it is reliable (Ukssays, 2003-2013). This study's
reliability was tested with the use of strategically designed questionnaire. A connection was then
found for the questionnaire and result gathered from respondents.
3.4-Data analysis
Respondents were required to give their own opinion about rewards in First Bank.
According to the findings by means of data collected, the majority of the junior and middle staff
A study of non-monetary rewards as a motivation tool 30
consider rewards in the workplace in this bank as a major motivator which enhances the morale
of the employees and entice them to give their best in their respective job functions. While the
senior staff revealed that non-monetary rewards for hard work also increased productivity.
Rewards, however, are taken as an enhancer that enhances employees to work with even
more effort to attain a set target and helps drive performance to attain a difficult task. Most of the
respondents also suggested that the bank should attract and retain employees with both monetary
and non-monetary rewards.
No one disagreed that there was a great satisfaction which was obtained through getting
incentives or rewards.
A study of non-monetary rewards as a motivation tool 31
Although everyone agreed to getting rewards, whether monetary or non-monetary, but
the choice of area where the wanted to avail this award differed.
The third part of the research is important because it establishes a fact as to whether non-
monetary rewards also boosts performance. All the respondents received incentives, however
some respondents partially agreed to this but no one disagreed. 70 of the respondents prefer
promotion, 40 respondents choose job performance, 20 of the respondents wanted profit sharing
and 30 of the respondents choose others. 60 percent of the respondents choose monetary reward
while 20 percent choose non-monetary rewards saying that it also goes a long way to support
employees’ performance. When investigated about the relationship between organisational
rewards systems and achieving performance targets at work, it was asked to explain how the
reward systems of the bank motivates the employees to meet their performance. More than 90
percent of the participants agreed that the bank’s reward systems drive employees to meet their
performance targets.
3.5- Limitation of the study.
There are many other factors which may affect the level of employee retention but to
A study of non-monetary rewards as a motivation tool 32
time constraint other factors are not taken for research. The sample size was also limited. In the
study no intervening or moderating variables are considered. It is therefore recommended that a
consistent study and assessment of individual worker’s needs, wants, desire, hierarchical level
and their performance level should be carried out in order to know what motivates every worker
at every point in time, whether lower level or management staff, and therefore take necessary
actions to stimulate their efforts towards high standard performances, efficient, and effective
project execution, timely project completion, and reward them accordingly. Our regression
results revealed that an effectively formulated and implemented compensation strategy has the
potential beneficial effect of enhancing workers’ productivity in specific and the overall
organizational productivity in general.
CH-4 Findings
Introduction
The primary aim of this study was aimed at analyzing whether designing a reward
programme with the joint focus on both monetary and non-monetary rewards will result in
increased employee motivation and organisational benefits. To address this need, this study
explored the impact of non-monetary and monetary reward programmes on the motivation of the
workers by means of an administered survey. In this chapter an in-depth analysis as well as
assimilation of results from the finding of the study, is presented. The participants' responses
gathered from this survey were sufficient to address all the mentioned three research questions
laid out in this study. As discussed earlier, the aim of this study was to understand about those
factors which act as 'motivators' for the employees and also how much these factors contribute to
the employees’ motivation. The findings suggest that rewards have a great motivation potential
A study of non-monetary rewards as a motivation tool 33
which go a long way in motivating the employees to an extent where they stretch their efforts to
achieve targets.
Discussion
What are the reward preferences by employees? The mean (average) ranking of the
different benefit categories is shown below. The ranking scale was 1=most important; 7=least
important. It is clear that financial benefits rated most highly with employees and these were also
the reward structures rated highly by organisations. The research is supported by findings in the
study conducted by Thumbran (2010) and Nienaber (2009), which indicated the most important
reward category was monthly salary/guaranteed remuneration. It was the second place where the
ranking of performance recognition came up. As discussed in this chapter, while some
organisational benefits (retirement benefits, medical aid) were rated highly by the organisations,
organisational benefits as a whole were not rated highly by employees when ranking their own
reward structure. The same was true for learning opportunities and environs of work. The study
is supported by findings in the study conducted by Thumbran (2010) and Nienaber (2009), which
indicated the least important reward category was quality work environment.
Career development and work life balance appeared to have been rated more highly by
employees than the importance attached to these benefits by organisations. These results suggest
that organisations could pay more attention to these rewards particularly in South Africa. It can
be assumed that given the educational disparity between the South African workforce, and
increased focus on the Broad Based Black Economic Empowerment, there is an expectation that
these elements are up weighed. There are further opportunities for organisations to test and
survey this finding for future application.
It can further be assumed that due to the current economic climate and the demographic
A study of non-monetary rewards as a motivation tool 34
nature of the population sample, male dominant; majority of the respondents fell within the range
of 30-39 years of age; non-white dominant; it is these factors which have partially resulted in
financial benefits being ranked the highest. It can be assumed that the majority of the
respondents are in their wealth creation’ phase in their lives. Economic and knowledge creation
is what these respondents strive for.
Organisations are cost cutting and restructuring with the aim of getting leaner. Fit for
purpose structures are being put in place to ensure no job duplication and accountability over
responsibilities makes it harder for employees to benefit financially to the extent they would
have done so in the past. Furthermore, as most of the participants worked in the financial sector,
and sales positions it can be assumed that yearly increases and performance bonuses are not as
high in recent years as was in the past. Due to this, there has been a significant strain on
disposable income of households; increased inflation and increases in fuel costs. It is with this in
mind that respondents may have indicated financial benefits as being the most important reward
category benefit in this study.
Motivation of the Banking Staff
The data was analysed into means based on 14 motivating variables and ranked in a
decreasing order of importance to the motivational level of the staff. The results show that the
staff motivational level is generally high ( X =3.59) in the banks of the Cape Coast Metropolis.
This is mainly due to the high affirmative perception ( X = more than 3.51) by the workers that
they are provided with free medical by the bank; travelling and transport allowances opportunity
to improve their competencies through training and the provision of necessary tools to
effectively carry out their work. The rest include opportunity to attend workshops, seminars and
conferences; opportunity to work in areas of great interest; and adequate transportation
A study of non-monetary rewards as a motivation tool 35
(official/private) for their work (Table 5). This finding is similar to what Storwall (2004) as
quoted by Bergström and Ternehäll (2005) found in his study that bank and insurance industries
have the most motivated workers. Majority (44 representing 54.3%) of the respondents agreed to
the fact they were being provided with free medical care whilst 37 (45.7%) disagreed. This could
mean that the staff place much importance on their health and any attempt to ensure they are
healthy.
Thus, a critical look at the health and safety policies of the banks of the Cape Coast
Metropolis can improve the bank staff motivation in the Metropolis. In support of this finding,
Cole (2000) was of the opinion that companies which cater for their workers through the
provision of welfare facilities are likely to reduce the incidence of labour turnover as it is the
belief of the respondents too. Of the 81 bank staff who participated in the study, majority
(76.5%) of them agreed that providing them with opportunities to improve their competencies
through training will improve their motivation. This finding confirms the assertion by Franco,
Bennett, Kanfer and Stubblebine (2000) that managers should ensure that staff improve their
competence (through training) in order to be motivated in their jobs.
Although the overall motivational level was high, the results show that the following factors only
contributed averagely ( X between 2.51 and 3.50) to the overall staff motivation. These include
the staff receiving negotiated salary for their work; having the opportunity to take part in
decisions; receiving appropriate recognition from the banks and receiving promotion
immediately when they are due. Others are the staff being provided with accommodation or
support to secure one; being assured of study leave when desired and receiving other monetary
reward besides their salaries.
Over half of the respondents (57%) expressed their agreement to receiving appropriate
A study of non-monetary rewards as a motivation tool 36
recognition. Thus, the importance of receiving appropriate recognition from the banks was
averagely scored ( X =3.30). This implies that the staff perceived that receiving appropriate
recognition would generously affect their overall motivation and thus, it should be maintained.
This finding is consistent with Herzberg’s two factor theory of recognition being a satisfier (job
related) which increases the satisfaction at work.
Work Environment:
In the case of work environment, the overall model was also not significant. However;
the effect of tenure was marginally significant. Pairwise multiple comparisons (of all possible
pairs) of Tenure categories, using Tukey-Kramer’s multiple comparison adjustment for the p-
values and confidence limits, showed that respondents with a tenure of 3-5 years rated the
importance of work environment higher than those with a tenure of 6-8 years (controlling for the
effects of the other demographic variables). Although not significant, the overall trend appears to
be that those with a shorter tenure rated work environment as more important than those with a
longer tenure.
The staff were of the view that receiving promotion immediately when they are due
contributed averagely ( X =3.26) to their motivation. A total of 53 (65.4%) out of the 81 agreed
to receiving timely promotion. Last but not least, the results revealed that the respondents
perceived receiving monetary reward besides their salaries to have averagely contributed to their
level of motivation. Comparatively, those who agreed were more (54.3%) than those who
disagreed (45.7%) to receiving monetary reward.
This finding conforms to Herzberg’s theory that feelings of job satisfaction is more
important than money in achieving high motivation (Herzberg et al., 2004). This study is backed
A study of non-monetary rewards as a motivation tool 37
by findings from the Saratoga Institute which acknowledged the practices of employment which
aided retention and motivation. One of the most important drivers in employment retention and
motivation was ‘culture and work environment’.
Learning Opportunities
In the case of Learning Opportunities, the overall model was marginally significant. The
effect of Role was significant. Respondents from the Sales and Technical roles may be confined
to one type of skillset and are in requirement of further competencies that may be marketable in
the workplace. It is for this reason that they may have highlighted Learning Opportunities as
significant.
Summary
Career development and work life balance appeared to have been rated more highly by
employees than the importance attached to these benefits by organisations. These results suggest
that organisations could pay more attention to these rewards particularly in Nigeria.
Compensation strategy is seen as one of the most important strategies in the human resource
management function as it influences the productivity and growth of an organization. Hence,
modern corporate organizations have deemed it imperative to incorporate effective compensation
strategies for workers as part of their corporate goals and objectives. This is believed will shape a
work force focused on strategic performance goals and capable of achieving them.
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