A Conceptual Paper on Extrinsic Rewards and Employee Performance in the Pandemic of Deposit Money Banks in Port Harcourt, Nigeria

Abstract

With the breakout of the novel covid-19 pandemic otherwise known as corona virus, there has been a lot of fear and apprehension that organizations (banking sector) will experience a drastic shift in the way they conduct business. The covid-19 pandemic impact on employees and organizations across the world has been dramatic and horrifying. The big question now is how do organizations maintain and retain employees and also optimize performance. The purpose of this study is to find out how the deposit money banks in Port Harcourt, Rivers State, Nigeria, continue to operate during the lockdown expecting its employees to perform optimally and still stay safe in this pandemic of the covid-19. Employee performance can be enhanced during this pandemic by a variety of ways by using extrinsic reward system. The study relied on Vroom’s Expectancy theory as its literature review, while the methodology of this study was conducted using secondary sources only. It was gathered that the extrinsic reward system affects employee performance in the money deposit banks and it was also revealed that employees of the deposit money bank during this covid-19 pandemic period highly preferred the extrinsic rewards system. It is highly recommended that during this covid-19 pandemic period, money deposit banks should focus seriously on the extrinsic reward tools as form of motivating the employee and by so doing, enhance performance.