Influence of Non-Financial Rewards on Performance of Employees in JPMorgan Chase & Company in USA

Abstract

This paper aimed to examine the influence of non-financial rewards on the performance of employees in JPMorgan chase & company in the USA. The study was literature based. The study relied upon prior studies to make the inferences. The reviewed literature was extracted from various references to give a comprehensive synopsis. Studies conducted in the USA and outside were considered valuable to make inclusive inferences. The study findings indicated that non-financial reward has a positive effect on the performance of employees. The non-financial rewards include rewards and recognition, career opportunity, promotion, participation of employees in decision-making and responsibility to identify their impact on employee motivation. Non-monetary rewards have an intrinsic motivational impact on employees. These types of rewards increase employees' motivation to work by raising their self-esteem and can satisfy employees' professional ambitions and personal fulfillment. The performance of the employees is stimulated after realizing they are more appreciated and recognized by the organization's management. The non-financial rewards may be attained through job promotions, awards and acknowledgment, flexible job arrangements, career development and flexible job schedules. The study concluded that non-financial rewards such as rewards and recognition, career opportunity, promotion, participation of employees in decision-making and responsibility could increase the performance of employees in JPMorgan Chase & Company in the USA. The study recommended that management at JPMorgan Chase & Company should have to work extra on increasing non-financial reward practices to have a much better level of worker performance. Also, the management in the bank should adjust the time working schedules to make it easy for workers to select their productive hours hence improving their performance. The policy frameworks should include the significance of non-financial rewards in the organization. Keywords: Non-Financial Rewards, Performance, JPMorgan Chase & Company, USA