The Impact Of Monetary And Non-Monetary Reward On Workers Productivity In An Organisation: A Case Study Of Zenith Bank PLC

Ugowe Samson Omoruyi, Taofiq Olasunkanmi Yusuff, Ifeanyi Alvin Uyanna, Fidel Chukwuemeke Ojugbeli, John Oluwademilade Adewumi, Chioma Blessing Benedict

Abstract


The study examines the impact of monetary and non-monetary rewards on workers' productivity in Zenith Bank Plc, focusing on how reward systems influence employee motivation and performance. A survey research design was employed, utilizing structured questionnaires distributed to 50 employees. Data were analyzed using percentage distribution and chi-square (X²) statistical methods. Findings revealed that 78% of respondents agreed that monetary rewards such as salaries, bonuses, and allowances significantly enhance their productivity, while 65% affirmed that non-monetary incentives like recognition and career development positively influence their job commitment. Hypothesis testing showed a significant relationship between monetary rewards and employee productivity (X² = 15.72, p < 0.05), as well as between non-monetary rewards and workforce motivation (X² = 12.89, p < 0.05). The study concludes that a well-structured reward system combining both monetary and non-monetary incentives is essential for maximizing employee performance and organizational success.

 


Keywords


Monetary rewards, Non-monetary rewards, Employee productivity, Motivation, Incentives, Zenith Bank Plc, Workforce performance, Reward system.

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References


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DOI: http://dx.doi.org/10.52155/ijpsat.v50.1.7163

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