Monetary Rewards and Performance of Employees in Organisations Case Study: Centenary Bank

Abstract

The purpose of this study was to examine the influence of monetary rewards on the performance of employees and the case study was centenary bank. The study was guided by different objectives that include the relationship between salaries and wages and the performance of employees, relationship between incentives and bonuses and the performance of bonuses and also the relationship between, Allowances and the performance of employees. A model was developed and tested using 32 questionnaires these where obtained from the Krejice and Morgan table and these were completed by the staff in the bank. The study took quantitative and qualitative approaches using cross-sectional and correlational designs, data was collected and analysed at the descriptive level using summary statistics such as means and standard deviations, and Pearson‟s correlation using Statistical Package for Social Sciences (SPSS). The findings from the results showed positive relationship between salaries and performance of employees, a positive relationship between bonuses and incentives wand the performance of employees and also a positive relationship between allowances and the performance of employees. Recommendations were also made from the study for example Managers must make known to employees concerning the reward attached to each performance target and also managers must ensure that rewards distributed to employees are dynamic and constantly re-evaluated.

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