The Relevance of Financial Incentives on Employee Motivation in Nigeria

Abstract

In capturing the relevance of financial incentives on employee motivation in Nigeria this paper is using GT bank as a case study. A primary form of data collection was employed where raw information was gathered via questionnaire and codified in numerical form for statistical analysis. Meanwhile, more than 230 questionnaires were distributed to the participants, though 230 questionnaires were validly filled. Correlation and regression analyses were used and reported that pay and allowance exhibits a negative and insignificant impact on employee motivation, bonus incentives can influence employee motivation positively and significantly, promotion incentives contribute positively and significantly to employee motivation, and retirement benefits could impact employee motivation positively and significantly. It was concluded that a weak positive connection exists between employee motivation and pay and allowance, weak positive and significant connection exists between employee and bonus incentives, weak positive correlation and significant connection exists between the variables, and weak positive and significant correlation between employee motivation and retirement benefits.