THE IMPACT OF MONETARY INCENTIVE ON ORGANISATION PERFORMANCE

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THE IMPACT OF MONETARY INCENTIVE ON ORGANISATION PERFORMANCE

ABSTRACT

This study was intended to examine the impact of monetary incentive on organizational performance. This study was guided by the following objectives; to examine the extent monetary incentives has impacted on organizational performance, to ascertain the extent monetary incentives scheme lead to attainment of organizational performance and motivation of workers and to examine whether organizations and employees are reaping benefits from monetary incentives. The study employed the descriptive and explanatory design; questionnaires in addition to library research were applied in order to collect data. Primary and secondary data sources were used and data was analyzed using the chi square statistical tool at 5% level of significance which was presented in frequency tables and percentage. The respondents under the study were 100 staff of First Bank of Nigeria. The study findings revealed that monetary incentive has significant impact on organizational performance; based on the findings from the study, it was recommended that, having a well-articulated monetary rewards system to influence level of employees’ motivation in order to ensure commitment and enhanced productivity