Effect of intrinsic and extrinsic rewards on employee performance in access bank PLC Nigeria
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Tizhe, Usanye Miriam
MBA in Human Resource Management
Dublin Business School
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Rewards are essential to employee performance and organizational performance, as they serve as a major motivator to work. Rewards thus, are significant in conditioning employees behaviours towards greater productivity, satisfaction and engagement This research aimed to investigate the role of intrinsic and extrinsic rewards on employee performance, using Access bank Nigeria, Kaduna branch as a case study. The hypotheses included variables such as; job satisfaction, employee productivity and employee engagement. The research assumes the correlational studies design and adopts a quantitative methodology which collected data from fifty-four respondents based on questionnaires and uses the Pearson’s multiple and simple regression analysis. The results revealed that there was a positive relation between extrinsic rewards and job satisfaction and employee productivity, as well as intrinsic rewards and employee engagement. It was also revealed that extrinsic rewards influence employee performance for a short while as it is only centered on pay, however intrinsic made employees’ performance better for a longer term as it leads to a sense of belonging and attachment in Access Bank. This reveals that both extrinsic and intrinsic rewards are good, however intrinsic leads to more committed and engaged staff. It is therefore recommended that managers find a balance between the two types of rewards to keep employees performing properly.