Employees Performance as Affected by Monetary and Psychological Incentives (the Field of Study the Commercial Banks in UAE) a Comprehensive Review Study

Abstract

Purpose: The study investigated the Impact of Monetary and Psychological Incentives on Employees’ performance.  The problem of the study that is there is any statistically significant impact of the monetary incentives on employees' performance. Is there any statistically significant impact of the psychological incentives on employees' performance?  The study aimed to examine the impact of monetary incentives on employees' performance. To determine the impact of psychological incentives on employees' performance   Theoretical framework: This study utilized quantitative. Research strategy approach. It has two independent variables, which are 1- Monetary incentives 2. Psychological incentives and one dependent variable is employee performance.   Design/methodology/approach: the study adopted an inductive approach, descriptive-analytical approach, and historical approach. The questionnaire was used to collect data from commercial banks in the United Arab Emirates. To achieve the goals of the study, the following hypotheses were tested: First hypothesis: there is no significant relationship between Monetary incentives and employee performance. The second hypothesis there is no significant relationship between psychological incentives and employees’ performance   Findings: The study found several results, among which is that there is a significant relationship between financial, and psychological incentives and employee performance. Qualification does not affect the performance of staff in the commercial bank.   Research, Practical & Social implications: The study recommended several recommendations, among which; Interest in developing an effective system to evaluate the performance of staff, interest in providing psychological support, and praise for the staff to raise the level of their performance.   Originality/value: The value of the study is to provide a clear outlook regarding how to balance between the monetary incentives and embark the psychological incentives to maintain and increase the employee’s performance in the field of banking. The result finding can guide the managers about the best practices related to incentives, offered to their employees.