The effect of monetary rewards on the performance of workers in commercial banks

Abstract

The purpose of the study was to establish the relationship between monetary rewards and the performance of workers with specific emphasis on salary, allowance and bonuses. The research design adopted in this study was a case study design. The study population included the staff of centenary bank [Mapeera branch] a total of 50 respondents were selected for the study. Simple random sampling was used to select respondents in the field. The questionnaires were used and administered to the employees working with the organization. Data from the questionnaires was coded, entered, edited for consistency and easiness in and later analyzed using Statistical Package for Social Scientists (SPSS) where correlation was used to establish the relationship between monetary rewards and performance of workers. Regarding the study results, it was revealed that monetary rewards like salary affect the performance of workers. The results also showed that allowances also have an impact on the performance of workers in the organization. The researcher recommended that the management of the company should increase on the monetary incentives or rewards like salary, allowance and bonus so as to improve and motivate the performance of workers, this will also improve efficiency, customer service, task performance among others in the organization. Areas of further research were as follows; impact of employee training on organizational performance, impact of job rotation on employee performance and impact of integrated financial management systems of level of service delivery.