Assessing the reward package on employee’s performance in nigerian banks

This research project was aimed to investigate the impact of reward package on employee’s performance in Nigerian Banks. In the globalised environment, it is of important to ensure a rewarded/motivated workforce because employees are the only asset that appreciates in value over time, thereby directly contributing to organisational performances. Employee reward package has been a major problem in the banking industries, due mainly to poor salaries and pecuniary benefits such as transport allowances and bonuses. The main objectives of the study were todetermine the effects of organizations reward package on workers’ productivity and to ascertain the effect of rewards package on employee’s performance. The study adopted a cross sectional design, which entailed a structured questionnaire being distributed to respondents. The structured questionnaire comprised Section A and Section B. The sample size was 171, which was derived from a target population of 300 employees through the systematic sampling technique. The researcher used the personal method in distributing and collecting questionnaires to sample respondents and 165 completed questionnaires were returned. This equated to a high response rate of 97%. Furthermore, the data collected was analysed using the Statistical Package for Social Sciences (SPSS) Version 15.00 for Windows. Upon completion, the entire dissertation was checked for plagiarism program. The study found that salaries and bonuses were amongst the top extrinsic rewards at Guaranty trust bank and Union bank. Good financial rewards are vital in influencing the behaviour of employees, as well as in enhancing organisational performances. The researcher recommended that managers of Guaranty trust bank and Union bank should consider reviewing the reward packages, offering competitive financial rewards and timeously rewarding employees.