IMPACT OF REWARD SYSTEM IN THE BANKING SECTOR OF NIGERIA
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ABSTRACT
This study examines the relationship between rewards system and employee performance in Auchi Microfinance bank, Auchi, Edo state, Nigeria. The study adopted a descriptive survey research design. The study also used purposive sampling techniques and sample was collected through a structured survey questionnaire distributed to the bank. The total number of 240 copies of the questionnaire were printed and administered to prospective respondents in the bank that form the population of the study. 206 copies of the questionnaire (86%) were filled and returned, 34 copies of the questionnaire (14%) were not returned. Out of 206 copies of the questionnaire that were returned 25 copies of the questionnaire (12%) were partly filled and 181copies of the questionnaire (88%) were useable. The analysis of this study is limited to 181 respondents. Data was analyzed using SPSS version 20 and Pearson Correlation and multiple Regression were used to test the relationship between variables. The results indicated that there is a positive significant relationship between task autonomy, task involvement, recognition, salary, job security and working condition and employee performance. Job security has a high positive relationship with employee performance than other variables and task autonomy has a low positive relationship with employee performance. It is recommended that banks should provide a variety of both intrinsic and extrinsic rewards to their employees since there is no one best reward that befit all in all situations, time and places.
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