Motivation in the Banking Industry.
Abstract
The introduction of universal banking law has brought changes over the years, with it stiff competition in the banking industry.
Commercial banks are no exception to the modern changes in ensuring staff motivation towards their organizational goals. The study seeks to assess the motivation in the banking industry at Ecobank Nigeria.
The survey research design was used for the study. The study revealed that, management can make use of different strategies and policies to motivate employees in the banking environment.
Employees are interested in enhanced salaries, fringed benefits, promotion, and car loans as motivating elements sufficient to push employees of the bank to give out their best.
The research also revealed that the core duty of the bank is normally carried out by branch Staff who as such motivational packages should be geared towards them to ensure that they delight the customers.
Promotion has been a worry to most staff; measures should be put in place by management to ensure that there is continuity in the promotion of staff to avoid low productivity in terms of deposit mobilization.
The study revealed that if management withdrew motivational packages it will have serious repercussions on employees‟ performance.
There was a positive relation between employee performance and corporate performance since employees were able to achieve the bank’s performance indicators in terms of deposits, loan recovery, profitability and also ensuring the liquidity of the banks.
Introduction
Background Of Study
Even with the best strategy in place and appropriate organizational architecture, an organization will be effective only if it members are motivated to perform at a high level.
The types of motivation are intrinsic and extrinsic. “Intrinsic motivation is a psychological force that determines the direction of a person’s behaviour as a result of challenging or interesting work, giving autonomy to work, designed scope to develop skills, abilities, opportunity to develop and grow, etc.
Extrinsic is also psychological force that determines behavioral change as a result of tangible and intangible benefit such as salary, fringe benefit and special awards” (Jones and George, 2003).
It is a fact that success in every organization depends on the quality of its human resources both skilled and unskilled labour which is perhaps the most intangible aspect of the organization, hence the most important.
All these things plants, machinery and financing cannot generate income without manpower. Studies have shown that in today’s competitive business environment, success is increasingly a function of effective human resources management (Ahindo, 2008).
It is therefore necessary to have a workforce that is motivated to yield high performance and productivity towards achieving the organizational goals and objectives.
Irrespective of the industry within which an organization operates, the concept of motivationcannot be looked down upon.
References
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