Non-Financial Rewards and Employee Performance in Money Deposit Banks in Lagos State, Nigeria

Abstract

Organisations compete globally to gain and retain an appreciable market share. To achieve this, they use an effective reward system to motivate, retain, and attract employees. The study examines the relationship between non-monetary rewards and employee performance in money deposit banks in Lagos State, Nigeria. This study adopted a cross-sectional design. The study’s population comprises five (5) deposit money banks licensed by the Central Bank of Nigeria. The study adopts a convenience sampling technique to select five financial institutions in the state and simple random sampling technique was used to select respondents for the study. Based on Yamane’s formula, the sample size was 352 employees and data collection is through structured questionnaire. The formulated hypotheses were tested with Pearson Correlation. The findings reveal that all the dimensions of non-financial reward significantly affect employee performance among the selected financial institutions at a 0.05 level of significance. Thus, the study concludes that non-financial rewards significantly impact employees' organisational performance. The study recommends that new employees should be given a copy of an organisation's compensation manual and also allowed the opportunity to ask questions during orientation.