Extrinsic Rewards and Organizational Performance of Deposit Money Banks in Port Harcourt, Nigeria

Abstract

Abstract:                                                                                 

This paper examined the relationship between extrinsic rewards and organizational performance of Money Deposit banks in Port Harcourt. The study investigated the impact of extrinsic rewards on two measures of organizational performance: Market Share and Efficiency. The population of the study comprised of employees of seventeen (17) deposit money banks located in Port Harcourt. The objective of this study is to examine the relationship between extrinsic rewards and organizational performance of deposit money banks in Port Harcourt. A structured questionnaire was the major instrument used in gathering primary data, the findings which were analyzed using Spearman Rank Order of Correlation Coefficient with the aid of the SPSS. The population of the study was two hundred and twenty- three (223), while the Yamane Taro formula was used to get the sample size of one hundred and forty-three (143) employees. The study brought to the lime light that there exists a weak relationship between extrinsic reward and organizational performance (market share), and a strong relationship with extrinsic reward and organizational performance (efficiency) of deposit money banks in Port Harcourt. Based on this and other findings, it is recommended that deposit money banks in Port Harcourt should improve their extrinsic reward technique, giving adequate and regular performance based bonus, as well as paying the employees an adequate basic salary that reflects the economic conditions.

Keywords: Extrinsic Reward, Market Share, Efficiency, Organizational Performance.