Effect of extrinsic reward system on employee’s productivity in deposit money banks in Nigeria
1 Department of Management, University of Nigeria, Enugu Campus Nigeria.
2 Department of Cooperative Economics and Management, Federal College of Land Resources Technology Owerri, Nigeria.
Research Article
World Journal of Advanced Research and Reviews, 2023, 18(03), 458–469
Article DOI: 10.30574/wjarr.2023.18.3.1092
Publication history:
Received on 30 April 2023; revised on 08 June 2023; accepted on 10 June 2023
Abstract:
This study investigated the effect of extrinsic reward system on employee productivity in deposit money banks in Nigeria. The specific objectives of the study are to: determine the effect of fringe benefits reward system on employee turnover intension and evaluate the effect of promotion reward systems on employee productivity. Research design was descriptive survey research. Study Area was Enugu State. Sample size of 378 respondents was drawn from 503 population of the study using Taro Yamane sample technique. The research question was answered with simple percentage, mean and standard deviation while methods of data presentation are table and simple percentage. The hypotheses were tested with regression analysis comprising student-t statistics. The following are the major findings of the study: the study reveals that fringe benefits reward system has significant effect on employee turnover intention since the fringe benefits reward promotes attention and focus of employee to render service without fear or favour (t-statistics (9.292) > P-value (0.000), the study reveals that promotion reward systems has significant effect on employee productivity since promotion reward system improves employee’s statue thereby enhancing their employee productivity (t-statistics (6.312) > P-value (0.000). The study concludes that there was positive and significant effect of extrinsic reward system on employee productivity in deposit money banks in Nigeria. The study recommends that managements of deposit money banks should embrace and prioritize the use of a performance based reward system to encourage employee to give their best performance at all time.
Keywords:
Extrinsic Reward System; Fringe Benefits Reward; Promotion Reward; Employee Productivity
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