The Role of Monetary Incentives for Enhancing Employee Performance with Special Reference to Selected Financial Institutions in the Bhilai Region

Abstract

Employee motivation in a competitive workplace is greatly aided by monetary incentives, sometimes known as financial rewards for performance. The economic research claims that cash rewards are a very popular way for organizations and businesses to improve employee performance. Utilizing a normative survey method, the current investigation was conducted. The technique of stratified random sampling was employed. A sample of 123 employees from the Bhilai region was chosen by taking into account different strata of gender, location, and institution type. According to the study's findings, financial incentives have a good impact on employee performance, but employees in the financial institution industry place a higher importance on non-financial rewards. The study's findings about employees' preferences for monetary incentives will help employers and HR managers in the financial institution sector design incentive programs that will motivate workers and improve performance. The study's findings will also be helpful to future researchers who want to understand how different incentives affect employees' performance.