Reward Management Practices and Employee Performance in Deposit Money Banks, Anambra State, Nigeria

Abstract

The banking industry played a significant role towards the nations socio-economic development globally considering the fact that the banks serve as the major avenue through which the flow of funds is effectively transmitted to the consuming public. However, its performance largely depends on the extent to which the employees are rewarded towards putting their services willingly and enthusiastically. This research titled: Reward management practices and employee performance in Deposit Money Banks (DMBs) in Anambra State is carried out to examine the extent to which reward management practices influences employee performance in Deposit Money Banks, Anambra state. The study adopts a descriptive research survey design with a total population of 1826 who are employees of some selected DMSs in the study area but a sample of 174 was determined using the Godden sample size statistical formular. However, out of the total sample size of 174 respondents reached only 152 completed and returned the questionnaire giving a retrieval rate of 87%. The study elicited data using a twenty-four (24) items structured questionnaire designed in a five points Likert scale. The three (3) formulated hypotheses were tested using simple linear regression. The findings revealed that there is significant positive relationship between reward management practices and employee’s performance in Deposit Money Banks, Anambra State. The study specifically revealed that there is a significant positive relationship between promotion and employee self-efficacy (r =.898, p-value <0.05, there is a significant positive relationship between appreciation and job satisfaction (r =.799, p-value <0.05 and there is a significant positive relationship between delegation and workplace flexibility (r =.859, p-value <0.05. Premised on the findings, this research therefore recommends that Deposit Money Banks in Anambra state should improve its reward through merit-based and timely promotion as a means of reward system. Employee appreciation should be commensurable with their efforts and be consistently carried out, this appreciation should be given to employees who have demonstrated their capacities in an outstanding manner. Finally, employees should not only be involved in decision making but responsibilities should be assigned through delegation while initiative and intuition through an independent decision by employees be encouraged.