INCENTIVES USAGE AS A MOTIVATIONAL TOOL (Case: The Nigerian Banking Sector)(MANAGEMENT PROJECT TOPICS AND MATERIALS)
ABSTRACT
The essence of this thesis is to ascertain the usage of incentives as a motivational tool using the Nigerian banking sector as a case study. Questionnaires were sent to employees in this sector and their responses were critically analysed and related to the theories.
The research methodology was primarily quantitative, but also qualitative features were adopted in the thesis. Of related motivational theories, the Process and the Content Theories were adopted. Incentives usage as a motivational tool goes a long way in determining the outcome of a particular project.
The study brought out the fact about how the usage of incentives as a motivational tool can enhance the productivity of an organization. The questionnaire also allows the respondents to give their opinions outside the box (options), thereby stating the positive impact and absence of incentives as a motivational tool at various banks in Nigeria. The responses were analysed with the use of charts.
In conclusion, the researcher of this study recommends that incentives should be encouraged in the Nigerian banking sector and employees should be promoted in due time, so as to improve productivity and to increase profitability.
1 INTRODUCTION
The researcher describes the word ‘incentives’ as a reward system, financial or non-financial which are offered to employees in order to motivate them to work according to the organization’s set goals and to surpass expectation positively. It also helps to drive performance and increase productivity.
Incentives have played a massive role to every organization that adopted its usage. It serves as a motivational tool for the employees towards achieving swift and excellent results.
Employees are highly driven when the means of compensation (incentives) is in place. It boosts the morale of the employee to become more efficient, effective, result-oriented and passionate to deliver expectation and perhaps beyond expectations in every given task.
In Nigeria today, employees want to be motivated by the organizations they work for while the organizations on the other hand need motivated people to work for them. Some banks, in their deliberate efforts to influence the performance of their employees however initiate a system of incentives such as special awards and certifications for best employee of the month, quarter etc., unsung heroes (celebrating departmental employee of the year with awards, certifications, trips etc.). It was observed from the researcher’s previous work experiences however that incentives go a long way to enhance the positive work flow in organizations, as well as encouraging team spirit, and job satisfaction amongst employees.
