THE IMPACT OF FINANCIAL INCENTIVES ON EMPLOYEE MOTIVATION
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Abstract: THE IMPACT OF FINANCIAL INCENTIVES ON EMPLOYEE MOTIVATION
Objective: This study aims to (1) investigate the relationship between financial incentives and employee motivation, (2) examine how different types of financial incentives affect motivation, and (3) identify the most effective financial incentives in enhancing employee motivation.
Research Design: A survey design was chosen due to its effectiveness in gathering quantifiable data from a large number of respondents, allowing for comprehensive analysis and generalization of findings.
Sample Size: Using Taro Yamane's formula for a finite population, a sample size of 400 employees was determined to be sufficient for accurate and reliable results, ensuring a 95% confidence level with a 5% margin of error.
Case Study: This research was conducted within the banking sector, where financial incentives are a common strategy to boost performance.
Location: Lagos, a major financial hub in Nigeria, was selected for its diverse and dynamic workforce.
Reliability Coefficient Score: The survey instrument achieved a Cronbach's alpha score of 0.87, indicating high reliability.
Findings: The study found that financial incentives significantly enhance employee motivation. Performance bonuses, profit sharing, and commission-based incentives were identified as the most effective, while fixed salary increments had a moderate impact.
Recommendation: Organizations should tailor their financial incentive programs to include a mix of performance-based rewards to maximize employee motivation and overall productivity.
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