The Impact of Rewards on Employee Performance: A Study of Commercial Banks in Noakhali Region

Abstract

Rewards are benefits that come from performing a job, providing a service, or performing a duty. Rewards are one of the most important tools to encourage employees in the workplace. The goal of the reward system is to deliver positive results. The purpose of the study was to examine and analyze how the rewards system of the banking sector in Bangladesh helps employees to acquire work skills. The aim was to find out which aspects of the reward system work best and which aspects can be further improved and enhanced to increase employee satisfaction. The experimental part of the project was conducted using a quantitative research method. The size of the sample was 80. Data was collected with the help of questionnaires issued to the respondents working as ban bankers. The questionnaire consists of nine variables that are being used as rewards for employees. Frequency tables and graphs based on descriptive statistics were used in the study to provide information about variables in the population. The result shows that the mean for salary evaluation, bonus, benefit, promotion, recognition, career, responsibility learning opportunity from a low 2.82 to a high of 4.02. The responses of salary evaluation, benefit, promotion, career advancement show that employees consider this factor slightly important than factors as mean value is greater than 3.5. The standard deviation of promotion and responsibility shows that these variables have extensive responses than their mean as value indicates 0.98 and 0.94 respectively. The results of the study revealed how employees responded to current reward systems. The results conclude that reward systems have a significant effect on employees' attitudes toward work. The study suggested improving the reward system of companies to increase the level of satisfaction among employees.

Examining the Role of Motivation and Reward in Employees’ Job Performance through Mediating Effect of Job Satisfaction: An Empirical Evidence

“…Firms can achieve their strategic goals only if they maintain the highest quality in operations and customer service. Such initiatives will enhance organizational performance (Guilbault, 2018) and facilitate them to achieve a competitive advantage (Jeni, Mutsuddi, & Das, 2020). Organizational performance is a multi-faceted concept that relies on multiple elements, such as financial situation, infrastructure, service quality, etc.…”

“…In simple words, employee performance refers to how they perform the assigned duties and tasks, including results and the behavior that they demonstrate while performing their tasks (Abbas & Sagsan, 2019). Dynamic firms take employee performance as a driving force for their success and continuously work to ensure their improvement (Jeni et al, 2020). Performance can be measured on quantity, quality, and/or work efficiency (Tian et al, 2021).…”

“…Likewise, well-rewarded employees feel that the organization is valuing them. If an employer takes care of the employee and rewards them for appreciating their work, in return, the employee will put maximum effort to achieve his defined targets (Jeni, Mutsuddi, & Das, 2020). The absence of a motivation and rewards system reduces workers' morale (Hammond & Waltemeyer, 2021).…”

Preliminary Study of Perceived Enjoyment, Impulse Buying Tendency, Gamification, and Online Purchase Intention on e-Commerce using Stimulus-Organism-Response (S-O-R)

“…In this research, rewards giving was focused on. Rewards can be defined as the benefits that come from completing a task, performing a job, providing a service and many more (Jeni et al, 2020). By giving rewards to an individual upon completing a task, it could motivate them to do better and to engage more which in return will develop a positive behavior or attitude.…”

entire system of wages and rewards to increase productivity in factory

“…Solving the problem of increasing productivity and analyzing the factors that tend to suppress productivity usually involves mechanical engineering and technical factors, as well as organizational changes in plant technology (Jeni et al, 2020). Without underestimating the importance of these aspects of productivity and their role in increasing output, it remains possible that most of the problems that arise in Japan are not so much due to technical factors as the influence of social organization on productivity systems.…”