Evaluation of Staff Motivation Strategies on the Productivity of Nigerian Banking Industry

Pauline Onyeukwu,Nkoyo Edet Ekere

doi:10.18775/ijied.1849-7551-7020.2015.41.2005

Pauline Onyeukwu, Nkoyo Edet Ekere

Open Access

https://doi.org/10.18775/ijied.1849-7551-7020.2015.41.2005

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Abstract

The study critically evaluated the inadequacy or the inappropriateness of motivational strategies that have beclouded the banking industry subsector overtime which has led to the erosion of public confidence on banks. The methodological framework adopted for the investigation was descriptive survey design using correlational analysis. A questionnaire was administered to 125 respondents selected from three commercial banks which helps in generating the primary data while the secondary data was gotten from the internet, textbooks, journals, etc. The research instrument was face-validated, and a reliability test was conducted using Cronbach alpha coefficient (α), and the instrument was found reliable and acceptable for use. The research hypotheses were tested using Pearson Product Moment Correlation (r) aided by SPSS version 20.0. The findings of the study revealed that there is a significant relationship between staff motivation strategies, the attraction of skilled labor force, labor turnover, fraud incidences in the banking industry and the organizational productivity. These negative tendencies have implicated the performance of the banking business leading to declining in organizational productivity which over time has eroded public confidence. The study concluded that the design of appropriate motivational strategies that can arrest these negative tendencies in the banking industry, therefore, becomes a matter of urgent attention.

Highlights

Banking industry in the 70s through 80s to the 90s was linked to the preponderances of evidences that the bank workforce were ranked amongst the most highly motivated labor force in the Nigeria labor history
The findings of the study revealed that there is a significant relationship between staff motivation strategies, the attraction of skilled labor force, labor turnover, fraud incidences in the banking industry and the organizational productivity
The study concluded that the design of appropriate motivational strategies that can arrest these negative tendencies in the banking industry, becomes a matter of urgent attention

Summary

Introduction

Banking industry in the 70s through 80s to the 90s was linked to the preponderances of evidences that the bank workforce were ranked amongst the most highly motivated labor force in the Nigeria labor history. It was an unquestionable fact that, in the early times of banking development in Nigeria, Bank workers were treated as most respectable citizens in Nigeria By this classification, one could entrust any business transactions into their hands without fear of any contradictions, or misgivings occasioned by unethical and sharp practices that characterized behaviors of workers in other sectors of the economy. One could entrust any business transactions into their hands without fear of any contradictions, or misgivings occasioned by unethical and sharp practices that characterized behaviors of workers in other sectors of the economy By this position, it was a popularly held view that employees of banks are properly and adequately motivated in cash and in -kind to give their best to the industry and the society at large. This top performance can only be achieved when they are driven by enjoyment for t he work itself (Lawler, 2003)

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