PAPER PRESENTATION AT THE 11TH NATIONAL CONFERENCE

OF THE ACADEMY OF MANAGEMENT NIGERIA (AWKA 2017).

TITLE OF PAPER: EFFECTS OF NON-FINANCIAL REWARDS

ON EMPLOYEES PERFORMANCE IN STANBIC IBTC BANK
PLC.

By

Olalekan Obada
Department of Business Administration
University of Abuja, Gwagwalada, Abuja.
+2348035889495
+2348056873101
lekanobada@yahoo.com

And

Dr. Umaru D. Mohammed

Department of Business Administration
University of Abuja, Gwagwalada, Abuja.
+2348032901890
+2348028633633
udmohammed@yahoo.com
i
 ABSTRACT
This study asses the degree to which Non-Financial Rewards have effects on the performance of
employees in Stanbic IBTC Bank. This is based on the fact that it is the employees that carry out
the necessary activities in the most efficient manner to make the bank deliver excellent customer
service, which in turn makes the bank profitable and sustainable; in order to give returns to
shareholders. In the words of Richard Branson, the owner of Virgin Atlantic Airline, “It is not
the customers that are the most important in a business, but the employees; if the employees are
well taken care of, the employees will in turn take care of the customers”. The above quotation
points to the fact that employees need to be fairly and justly rewarded and the way this is done is
through the institution of a qualitative Total Rewards Package by an organization. This Total
Rewards Package is made up of Financial and Non-Financial Rewards i.e. Cash and Non-Cash
Rewards. In revealing the relationship between Non-Financial Rewards and Employees
Performance, this study reviewed related literatures where important concepts in Total Rewards
Administration with particular emphasis on Non-Financial Element; where types, categories
and objectives of Non-Financial Rewards were examined. Also, this study’s empirical review
analyzed previous efforts on the subject matter, bringing to fore position of scholars and the
gaps noted in their separate studies. Under the theoretical framework, this study hinged its
position on the Motivation Theories of Frederick Irving Herzberg and Victor H Vroom.
Furthermore, Questionnaire was used as research instrument. 137 out of the 201 employees in
the FCT Regions of Stanbic IBTC Bank Plc, as at second quarter of 2016 responded to the
questionnaires that this study administered. The method of data analysis used was Simple
Percentages and Regression Analysis. Research findings indicated that Non-Financial Rewards
is common practice in the Banking Industry. Also, respondents feel that Non-financial rewards
serve as a motivation to a better performance and that constant improvements will always be
appreciated, whenever their employer do review of the current Non-Financial Package available
in the bank. It is therefore recommended that decision makers in bank should ensure that Non-
Financial Rewards are qualitative enough to attract, motivate and retain their employees, which
will in turn translate to achieving the set objectives and goals of the bank.

1
Introduction

1.1 Background to the study

It is a widely accepted fact that employees play critical roles in the success of any organization.
To attract quality employees, the organization need to do things that will interest, motivate and
benefit the employee, so that the employee will have a lifelong commitment to the organization.
In line with the recently stated, the way an organization can interest, motivate and give benefit to
the employee is done in two principal ways i.e. through Financial and Non-Financial Rewards, as
seen also in the works of Silverman (2004) and Heliotrope, Jacques, Perrine and Veerapen
(2011) that when these two rewards are properly constituted and administered (financial and
non-financial rewards) the employee will be committed and the organization will in turn be
successful.

The employers’ major objective of making out a qualitative and competitive Total Rewards
Package (Financial and Non-Financial Rewards) is to motivate the employee. Financial and Non-
Financial Rewards are jointly called, Total Rewards. Total Rewards are tools available to the
employer that is used to attract, motivate and retain employees. It involves everything the
employee perceives to be of value resulting from the employment relationship.

When the employee joins the organization, it is important that the employee is constantly
motivated so that the organizational objectives can be constantly met by a very motivated
employee. In line with the recently stated and with reference to Bature (2013) Motivation applies
to the entire class of drives, desires, needs, wishes and similar forces. To say that managers
motivate their subordinates is to say that they do things which they hope will satisfy these drives
and desires and also induce the subordinates to act in a desired manner.

Motivation stimulates to get a desired course of action or to push the right button to get a desired
reaction. Majorly, it is the responsibility of the Human Resource Manager to design, manage and
administer both Financial and Non-Financial Rewards that will motivate the employee. These
rewards are in terms of attractive salary, attractive allowances, social fringe benefits, reasonable
holidays, pension and gratuity. It is expected that when employees are given these, they will give
their best, thereby working efficiently towards the achievement of the organization’s objectives.

Adeleye, Lawal and Olatunde (2015) also see motivation as the psycho-social process of
arousing the interest of employees in the work. In work organizations, it consists of management
efforts to stimulate the desire, energy, interest and commitment of employees towards the
attainment of organizational goals. Such efforts can be extrinsic or intrinsic. Extrinsically
motivated behaviors are actions that result in the attainment of externally administered rewards,
including pay, material possessions, prestige and positive evaluations from others, meaning that
extrinsic rewards can be both financial and non-financial.

Furthermore, when intrinsic and extrinsic motivations are combined, employees should
experience tremendous degree of job satisfaction and work place commitment which will
stimulate performance and as such, in order to maximize job satisfaction as a means of achieving
set out objectives, organizations need to continuously motivate their employees from both the
intrinsic and extrinsic dimensions.

2
Motivating with financial and non-financial rewards has been an age-long practice by
organizations, irrespective of size of the organization. These rewards can come in form of wages,
fringe benefits, skill enhancement, job security etc. though larger employers often offer better
rewards than small and medium enterprises as observed by this study and as also reflected in
Mohammed and Nzelibe (2014).

Specifically, this study focused on the Non-Financial Rewards component of Total Rewards
based on its perceived importance and relevance in motivating and spurring employees to great
performance. Some researchers like Silverman (2004) Kathure (2014) and Emerole
(2015)established in their different efforts that Non-Financial Rewards have great effects on
employees performance and that even in some cases, it is the Non-Financial Rewards component
of an employees’ Total Rewards package that will make the employee decide whether to remain
in an employment relationship or not.

This study validated the increasing belief that Non-Financial Rewards have great effects on
employees’ performance, by bringing to fore relevant theories, reviewing previous literatures on
this subject matter and by using Stanbic IBTC Bank Plc as a case study.

1.2 Statement of the Problem

The desire of every bank is to attract the right employees that will contribute to the achievement
of their corporate objectives. Before a bank can achieve its corporate objectives, the bank needs
to have a highly motivated work force that is performance driven and productive. To have a
quality employee, the bank must ensure that the Total Rewards to the employee is qualitative and
competitive enough, without necessary eroding their bottom line. Despite competitive financial
rewards, employees still quit or even leave for rival banks offering financial rewards which are at
par with their former employment. Also, with competitive financial rewards, in some cases
employees do not exert the efforts required in their functions.

In line with the above, this study revealed if Non-Financial Rewards have effects on employee
performances to the extent that they might quit their job or even not exert the required efforts
their functions require. Further, this study observed that Non-Financial rewards as a subject
matter is not as topical as financial rewards especially by Nigerian scholars and as such this is
also a reason why this study was conducted so as contribute to existing knowledge in this field.

1.3 Research Questions

In line with the above statement of problems, the following are the relevant research questions:

(i) To what extent does Non-Financial Rewards affect employees performance?

(ii) How relevant are Non-Financial Rewards be in the employees decision to quit the
bank?

3
1.4 Objectives of the Study
The main objective of this study to evaluate the effects of non-financial rewards on employees
performance using Stanbic IBTC Plc as point of analysis. Also the specific objectives are to:

(i) Determine the extent to which Non-Financial Rewards affect employees performance.

(ii) Ascertain how relevant are Non-Financial Rewards in the employees decision to quit
the bank?

1.5 Statement of Hypotheses

HO1: Non-Financial Rewards do not have significant effects on employees performance.

HO2: Non-Financial Rewards are not significant in employees decision to quit the bank.

1.6 Significance of the Study

This study will be useful in making the management of Stanbic IBTC Bank Plc know that
employees value Non-Financial Rewards as a very important component of their Total Rewards
Package i.e. it showed that the absence or presence of Non-Financial Rewards have effects on
employees performance.

Secondly, it revealed the fact that non-financial rewards are relevant to the extent that employees
can quit their jobs, if it is not available at the required level.

Thirdly, it will make the management of Stanbic IBTC Bank Plc know that their employees will
exert more efforts on their jobs if Non-Financial Rewards is qualitatively provided in their Total
Rewards Package.

Furthermore, Students, Scholars and Researchers will also benefit from this study, since this
study contributed to the body of knowledge in the area of knowing the types of rewards that an
employee should have, how it can be administered and effects of not including non-financial
rewards in the Total Rewards Package of employees.

Lastly, most studies conducted in the area of rewards and performance mostly emphasizes on
Financial Rewards, this study will be an additional effort to the little research efforts that
scholars has expended on the subject of Non-Financial Rewards, especially in Nigeria.

1.7 Scope of the Study

This study focused on the employees of Stanbic IBTC Bank Plc working in the Federal Capital
Territory, Abuja, as at second quarter of 2016 to reveal the effects of non-financial rewards on
employees performance .The choice of these set of employees is because their employment is
permanent in nature and the fact that they have non-financial rewards as part of their Total
Rewards Package from the bank.

4
It is worthy of mention that these employees are spread across the two regions of the bank in the
Federal Capital Territory and also from the nine specialized units that supports these regions.
The total number of regular employees that questionnaires were administered to was 201.

2. Literature Review
2.1 Conceptual Issues
2.1.1 Non-Financial Rewards
For the purpose of this study, the first conceptual issue that will be examined is that of Non-
Financial Rewards. Kay, Lanier, Mazzini, Eagan, Weber and Miller (2015) defined Non-
Financial Rewards as benefits employees receive from their employers that is above and beyond
the compensation packages for the specific purpose of attracting to the company as well as
retaining and motivating the employees. One thing to quickly note from the definition of Kay et
al, is that employees total rewards package is made up of cash and non-cash. In this wise,
compensation is the financial component and non-financial rewards balances the equation.
Furthermore, this study agrees with Kay et al, that the very essence an employer will institute a
non-financial rewards scheme is to attract, retain and motivate her employees, in the most
efficient and effective manner.

In defining Non-Financial Rewards, Heliotrope, Jacques, Perrine and Veerapen (2011) see Non-
Financial Rewards in employment as a reward to a worker other than extra pay. This research
quite agree with them, since many Non-Financial Rewards are in the form of perks such as
company car, free private medical care and free pension entitlement and are actual part of the
total rewards package and not extra pay. Further, Heliotrope et al equally brought an implicit
angle to this discourse; that employees can also be rewarded with a bigger budget to control,
better office or by being given the choice of where to be posted in the organization they work
for. The recently stated off-course will bring self-esteem and recognition to the employee.

According to Silverman (2004) Non-Financial Rewards is a method of identifying either

individual employees or teams for particularly praise or acknowledgement. This definition is
wider than that of Heliotrope et al (2011) that did not reflect the fact that Non-Financial Rewards
is not only individual based, but also team based. Furthermore, Silverman posited that Non-
Financial Rewards are non-cash awards given in recognition of a high level of accomplishment
or performance, such as customer care or support to colleagues, which is not dependent on
achievement of a pre-determined target.

From the foregoing, it is clear that the concept of Non-Financial Rewards do not necessarily
mean that the reward provided should have no financial value, it simply means that whatever is
given, should not be just money, since this method of conveying appreciation is also likely to be
considerably more memorable than a cash award, which is simply subsumed into an employee’s
salary. In a Non-Financial Rewards Scheme, the organization can offer a gift, an experience or
the means to purchase material goods of their own choice.

Having examined the definitions given by other researchers, this research sees Non-Financial
Rewards as a management tool used in motivating employees so as to behave in a desired
manner. Further, Non-Financial Rewards is not only in the Total Rewards that accrue to an

5
employee, it can also be outside the regular total rewards package, especially when an employee
performs exceedingly above the expected.

2.1.1.1 Types of Non-Financial Rewards

In line with the definition of Non-Financial Rewards in the last section, this sub-section will
examine the different types of Non-Financial Rewards commonly used by employers, as seen
from the angle of previous studies on this subject matter and as also observed by this study.

In the work of Yousaf, Latif, Aslam and Saddiqui (2014) Health Insurance, Transportation
Facility, Accommodation, Pension and Gratuity, Job Designs, Training and Workshops, Fair and
Transparent Performance Management System and Empowerment were identified as the
principal type of Non-Financial Rewards. Expanding their work further, Health Insurance
motivates employees, since its cost has increased overtime. Supporting their assertion, presently
in Nigeria most organizations have keyed into the National Health Insurance Scheme (NHIS)
where both the employer and employee contribute to a pool of fund which gives the employee a
prompt and qualitative healthcare. In the case of transportation, through the provision of staff
buses, it mitigates the financial burden and mental stress that employees have to face in case of
unavailability of transport facility or if the employees live far away from their workplace. Their
explanation is particularly true for a place like Lagos where organizations provide such, since
employees live in far places and transportation facility is grossly inadequate. Accommodation
helps the employees to get cheap but quality accommodation while gratuity is given to
employees when they are retiring.

Furthermore, job designs helps employees accomplish their goals through job rotation, job
sharing and telecommuting. Training and workshops enhances working skills of employees,
since the employee’s performance gap is determined by the supervisor annually through training
need analysis. Employees self-esteem and self-respect are often enhanced through training. A
fair performance management system also increases employee motivation. Yousaf et al said this
focuses on appraising the employees for the contribution made to the organization. Lastly, the
researchers opined that empowerment allows employees to participate in decision making which
ultimately enhances employee motivation, since workplaces where ideas are welcomed and
appreciated are able to create learning environment for the employees. This enables the
employees to use their imagination and creativity.

For Kathure (2014) her emphasis was more on non-material rewards or intangible non-financial
rewards, this study considers this inadequate since non-financial rewards can be either tangible
or intangible. She listed giving more responsibility to employees, promotion, praise and
recognition in public as the types of non-financial rewards available.

The First type of Non-Financial Rewards identified by Heliotrope et al (2011) is the Casual
Praise received at work for a good work i.e. to congratulate an employee for work well done,
reduced error e.t.c.

Based on the popular maxim that the reward for an excellent work done is more work!
Challenging Work was identified by Heliotrope et al as another type of Non-Financial Reward.

6
This position was established in the 1961 work of Frederick Irving Herzberg, where he
mentioned that challenging work is one of the things that motivate an employee.

Career Opportunity was the third type of Non-Financial Reward that this study identified from
Heliotrope et al. Employees always cherishes developmental opportunities and trainings that will
ultimately improve their efficiency and performance at work, which will have a positive impact
on customer service delivery.

Lastly, from Heliotrope et al is official recognition. They said this can be in the form of letter of
appreciation, certificate of commendation, souvenirs or medals. A good example here is the long
service award ceremonies of organizations and the annual end of year parties, where top
performers are recognized and appreciated, not necessarily monetary.

Yavuz (2004) in revealing the types of non-financial rewards said non-financial rewards do not
involve direct payment of cash and they can be either tangible or intangible. This research agrees
totally with her position. She further listed types of non-financial rewards to be encouraging
employees in their jobs through participation in decision making, assigning challenging duties to
them, improving working conditions, recognizing good work through small gifts, letters of
appreciation, plaques, tickets to restaurants etc. and organizing social activities in the work place.

In addition to all the above, Silverman (2004) opined that employees can also be recognized on a
monthly basis, by instituting a monthly recognition scheme, like staff of the month, where the
picture of the staff will be printed and pasted in the organization’s newsletter or/and official
notice board. The recognition could have dinner with the Managing Director, handshake with the
Managing Director or a day off from work as a reward.

By bringing all that has been examined above together, this study observed that non-financial
rewards can be benefitted either on-site (in the working place) or off-site (outside the work
place).

Non-financial rewards like Job designs, Performance Management, Empowerment, Praise,

Promotion, Improved working conditions etc. are benefitted within the work environment, while
health insurance scheme, accommodation, some training and workshops etc. are benefitted off
the work environment.

2.1.1.2 Categorization of Non-Financial Rewards

This study observed that there are many categories that non-financial rewards can be placed into;
based on the types of non-financial rewards considered in the above sub-section. Further, it is
worthy of mention that this categorization is entirely the product of this study.

Non-Financial Rewards can be either Formal or Informal or a combination of both. Formal Non-
Financial Rewards are actually verifiable and in the open i.e. done publicly. Examples include
formal award ceremonies, paid vacations, cosy offices etc. Informal Non-Financial Rewards are
largely not done in the open and are private in nature. Example is when praise is given by a line
manager to a subordinate for a job well done.

7
Another category of Non-Financial Rewards could be either Intrinsic or Extrinsic or a
combination of both. Intrinsic Non-Financial Rewards are internalized by the employees. This
leads to internal satisfaction, increased self-worth and esteem. Examples are praises, good
working environment etc. that makes the employee feel important and do better. While Extrinsic
Non-Financial Rewards are seen and are tangible in nature.

Also, Non-Financial Rewards can be Individualized or administered to a group. Non-Financial

Rewards can be given to an individual as part of a job offer or for delivering on a set target. Non-
Financial Rewards can also be awarded to teams or groups.

Further, Non-Financial Rewards can be tangible or intangible. Tangible in the sense that it is
physical in nature e.g. a status car given to a senior management staff or an official car given a
head of department. Intangible will be in the form of informal praise or official recognition of
achievement or contribution, during a staff event or company function.

Furthermore, Non-Financial Rewards can also be Consultative or Non-Consultative. It is

consultative when the employer consults the employee on the type of Non-Financial Rewards to
be introduced and vice versa.

Lastly, Non-Financial Rewards can be categorized into been provided on-site or off-site. Non-
Financial Rewards like recognition, promotion, official car, job enrichment etc. are provided
within the work area, while health benefits, holidays, pension benefits, external trainings etc. are
provided off-site.

2.1.1.3 Objectives of Non-Financial Rewards

From the foregoing it is clear that Non-Financial Rewards is part of the Total Rewards package
made out by the employer to the employee specifically in returns for the part played by the
employee in meeting the objectives of the organization; be it in a profit or non-profit making
organization. Meaning the first and major objective of the employer in making out Non-Financial
Rewards is to honour the commitment made during the employment process; after the task is
accomplished, otherwise it will breed distrust. Silverman (2004) highlighted other objectives.

One of the objectives of instituting Non-Financial Rewards by the employer is to create a

positive work environment. This is true, since positive work environment will not allow laggards
and bad imputers pollute the organization, so that the organizational objectives can be achieved.

To reinforce desired behaviors in the organization is yet another objective. Yearly staff
appraisals as practiced in many organizations gives opportunity to reward committed, innovative
and disciplined employees.

Also, employers expect that Non-Financial Rewards should motivate employees to a better and
higher performance. This is especially true in organizations that practices pay for performance.
Good examples are Nigerian banks that give qualitative Non-Financial Rewards to employees
that meet and surpass their targets. In line with the above, employers believe that when

8
employees are motivated, morale will be very high, which reduce absenteeism and ill-feeling
towards the organization.

Furthermore, Non-Financial Rewards from the employers’ perspective should help in supporting
organizational vision, mission, values and strategic intent.

Again, when an organization provides a qualitative Non-Financial Rewards Scheme, one of the
objectives is to increase retention and decrease staff turnover. Frequent resignation by employees
is costly to any organization, since vacancies created by resignations will have to be filled and
this process comes with a cost.

Yet another objective of Non-Financial Rewards is that the organization wants to build a team of
loyal employees that will contribute to the success of the organization and not divulge secrets of
the organization to their competitors. When employees feel that they are not fairly treated, they
can become sell-outs and in no time, leave the organization.

Finally, Non-Financial Rewards also have the objective of supporting culture change in an
organization. Culture change in terms of dwindling sales, new management, change in corporate
objectives of the organization etc.

2.2 Employees Performance.

The business dictionary (2016 online edition) defines Employee’s Performance as the job related
activities expected of a worker and how well those activities were executed. Many business
personnel directors assess the employee performance of each staff member on an annual or
quarterly basis in order to help them identify suggested areas for improvement.

It is clear from the definition given to employees performance by the business dictionary that
there is a minimum performance standard required of an employee, which will be accessed in
accordance with the period of review set out by the employer, so that the area of improvement
observed can be worked on. The recently stated is particularly true for employees that their jobs
are full-time in nature and salaries paid periodically. For employees whose job is contractual or
outsourced, once the assessment does not meet the required standard, in most cases; such an
employee will be fired.

Further, Litmos (2016) defined employee performance as whether a person executes his or her
job duties and responsibilities well. Many companies assess their employees performance on an
annual or quarterly basis in order to define certain areas that need improvement. Performance is a
critical factor in organization’s success.

Comparing the definitions of the business dictionary and Litmos, there are some few things in
common. Firstly, is the fact that employees performance is accessed at pre-determined periods
either annually or quarterly. Secondly is the fact that when the appraisals are done, focus will be
on the areas that needs improvement. However, the definition of the latter brings out one very
important point which is central to this study and that is concluding statement; which stated that
performance is a critical factor in an organization’s success. The major reason why an employer
will give an employee a non-financial reward is to motivate the employee, so that the

9
organization can be successful. Whether non-financial rewards actually motivate employees for
superlative performance or not will be revealed later in this study, after analyzing outcomes of
the questionnaires administered.

3. Methodology
The area of this study is the Stanbic IBTC Bank Plc in FCT with administrative divisions as
follows: Abuja-1, with the following branches at Maitama, Utako, Apo, Nigeria Immigration
Service Headquarters, Wuse-2, Edo House (Abuja’s Central Business District) and NNPC
Towers; while the branches in Abuja 2 are located at Ahmadu Bello Way, Garki Area-3,
Gwagwalada, Garki-II, Dei-Dei, Suleja and Kubwa.

The study population is made up of full-time staffs of the bank in the fourteen branches in
addition to full-time staffs in the nine specialized units of Commercial Banking, Internal Control
Unit, Private Banking, Security, Non Interest Islamic Banking, Public Sector Group,
International Business Center, Trade Finance and Facility Management all having overall staff
strength of 201 (see Appendix A).This study adopted a survey approach in its design;
conveniently adopt all the entire population of 210 employees as the sample of the study. The
study employs the used of questionnaire in collecting data from mainly primary sources. Finally,
the methods of data analysis are descriptive statistics and ordinary least squares regression (see
Appendix B for the model specification).

4. Data Analysis/Discussion of Findings

Descriptive statistics of frequencies and percentages were used to analyze the demographic
characteristics of the respondents while the parametric statistics of ordinary least squares
multiple regression was used to test the hypotheses in line with the objectives of the study. The
decision criterion for the hypotheses tested was set at 0.05 percent level of significance. Also, all
the study variable scales are measured using Likert Scale rating, varying from 1 to 5 i.e. Strongly
Agree, Agree, Neutral, Strongly Disagree and Disagree.

4.1 Response Rate

Table 1: Response Rate
Questionnaires Frequency Percentage (%)
Number of Retrieved 137 68.18
Number of not Retrieved 64 31.84
Total Number of Questionnaires Administered 201 100
Source: Survey Data, 2017

Table 4.1 shows that out of the 201 questionnaires administered to the regular employees of
Stanbic IBTC Bank Plc in Abuja, the Federal Capital Territory, 137 was returned, this represents
68.16% response rate, which this study used for analysis.

4.2 Respondents Characteristics

Since the characteristics of the respondents influences result, consequently, their characteristics
are presented in table 2 below. As can be seen in the table, information on five different
characteristics of the respondents that are relevant to this study was collected and interpreted.

10
Information on respondents’ sex, marital status, age, functional area and cadre were collected for
use in the analysis.

Table 4.2: Respondents Characteristics______________________________________________

S/N Characteristics Respondents Category Frequency Percentage
1 Sex Male 86 62.77
Female 51 37.23
Total 137 100.00
2 Marital Status Married 65 47.44
Single 72 52.56
Divorced 0 0
Widowed 0 0
Total 137 100.00
3 Age ≤ 30 22 16.05
31-40 110 80.29
41-50 5 3.66
51-60 0 0
≥ 60 0 0
Total 137 100.00
4 Functional Area Abuja-1 region 49 35.76
Abuja-2 region 67 48.90
Specialized Unit 21 15.34
Total 137 100.00
5 Cadre Managerial 3 2.18
Non-Managerial 134 97.82
Total 137 100.00____________
Source: Survey Data, 2016.

Table 4.2 shows that out of the 201 questionnaires administered to the regular employees of
Stanbic IBTC Bank Plc in Abuja, the Federal Capital Territory, 137 was returned, this represents
68.16% response rate, which this study used for analysis.

Also, table 4.2 revealed that out of the total 137 respondents, 86 are males i.e. 62.77%, while the
remaining 51 are females i.e. 37.23% of the total respondents. For marital status, there are more
single respondents than married, since they were 72 and 65 respectively, i.e. 52.56% and 47.44%
of the total respondents. Further, table 2 reveals that most of the respondents are young people,
since a whopping 110 respondents fall in the age bracket of 31 to 40 i.e. 80.29% while 22
respondents i.e. 16.05% are age 30 or below. For age bracket 41 to 50, 5 respondents’ falls in
here, this represents 3.66% of the total respondents, however; none out of the total respondents is
51 and above.

Finally from table 4.2, 49 respondents are from Abuja-1 region i.e. 35.76% of the total
respondents, 67 respondents i.e. 48.90% of the total respondents are from Abuja-2 region, while
21 respondents i.e. 15.34% of the total respondents are from the specialized units. Further, most
of the respondents are of the non-managerial cadre i.e. 134 respondents, this translates to 97.81%

11
of the total respondents, while 3 respondents i.e. 2.19% are of managerial cadre i.e. middle
management employees.

Table 4.2 shows that in terms of cadre, 3 respondents, which is 2.18% of total respondents are of
the Managerial Cadre i.e. Deputy Managers and above (middle management) while 134
respondents i.e. 97.81%are Assistant Managers and below i.e. trainees, assistant banking
officers, banking officers and senior banking officers.

4.3 Descriptive Statistics of the Responses from the Questionnaire Administered

In line with the research questions established in section 1.3, this section is devoted to the
presentation and analysis of respondents preferences to the six close-ended questions of the
questionnaire in sections two and three together also with their comments and opinions on the six
open-ended questions that is in section four of the questionnaire.

4.3.1 Presentation and Analysis of Responses to Section Two of the Questionnaire

Table 4.3: Effects of Non-Financial Rewards on Employees Performance.
S/N Items Strongly Agree Neutral Disagree Strongly fx n Mean
Agree Disagree
1 On the job informal praises given by 0 1 6 73 57 225 137 1.64
line managers in my bank does not
have effect on my performance.

2 Institutionalization of Annual, 0 0 16 85 36 254 137 1.85

Compassionate and Examination
Leaves in my bank does not have
effect on my performance.

3 The fact that I can be promoted in 0 0 0 55 82 192 137 1.40

any particular year, for a job well
done by the management of my bank
does not have effect on my
performance.

4 Internal and External Training 2 6 8 60 61 239 137 1.74

Programmes organized by my bank
does not have effect on my
performance.

5 Institutionalization of the National 2 7 2 71 55 241 137 1.76

Health Insurance Scheme (NHIS) in
my bank does not have effect on my
performance.

6 The Quarterly Beyond Excellence 3 8 14 81 31 282 137 2.05

Award Scheme in my bank does not
have effect on my performance.
Sectional Mean 1.74
Source: Survey Data, 2017  

12
In line with question one above, out of the 137 respondents, 57 of them strongly disagree that on
the job informal praises given by line managers in their bank does not have effect on their
performance.73 of them also disagree, 6 respondents were neutral about this, while one of them
agree and no respondent strongly agree with the research question. The sectional mean for this
question is 1.64 and this falls within the acceptable range of 2.50 (please refer to appendix ii on
calculation of sectional mean and decision rule on acceptable range) and below and this
translates to the fact that 94.89% of the respondents disagree that on the job informal praises
given by line managers in their bank does not have effect on their performance.

Question two is set to know whether institutionalization of Annual, Compassionate and

Examination Leaves in Stanbic IBTC Bank does not have effect on the performance of
respondents. No respondents strongly agree/agree that institutionalization of Annual,
Compassionate and Examination Leaves in their bank does not have effect on their performance,
however 16 respondents were neutral in their response. 85 respondents disagree with this
assertion and 36 respondents strongly disagree. This means that88.32% of the respondents
population disagree that institutionalization of Annual, Compassionate and Examination Leaves
in the bank does not have effect on their performance, while no percentage was recorded as an
agreement with this assertion, while 11.67% of the respondents population were neutral. The
sectional mean for this question is 1.85 and this is below the acceptable range of 2.50, meaning a
greater percentage of the respondents population disagree that institutionalization of Annual,
Compassionate and Examination Leaves in Stanbic IBTC Bank does not have effect on their
performance.

Question three is to know whether if an employee can be promoted in any particular year for a
job well done by the management of the bank will not have effect on the employee’s
performance. No respondent strongly agree/agree or was neutral about the fact that if he/she can
be promoted in any particular year for a job well done by the management of the bank will not
have effect on he or she’s performance. 55 respondents disagree that the fact that they can be
promoted in any particular year for a job well done by the management of their bank will not
have effect on their performance. Also, 82 respondents strongly disagree with the research
question. The sectional mean calculated for the responses to this question is 1.40, this falls within
the acceptable range of 2.50 and below, meaning the entire 137 respondents does not believe the
assertion that if they can be promoted in any particular year for a job well done by the
management of their bank will not have effect on their performance.

The fourth question in section two of the questionnaire says that Internal and External Training
Programmes organized by Stanbic IBTC Bank does not have effect on employees performance. 2
respondents strongly agree that Internal and External Training Programmes organized by the
bank does not have effect on their performance and 6 respondents also agree with the research
question. Interestingly, 8 employees were also neutral in their response to this question. 60
respondents disagree that Internal and External Training Programmes does not have effect on
their performance, 61 respondents also strongly disagree that Internal and External Training
Programmes does not have effect on their performance. The sectional mean of this question is
1.74, this falls within the acceptable range of 2.50 and below, meaning a total of 88.32% of the

13
137 respondents disagree that Internal and External Training Programmes organized by Stanbic
IBTC Bank does not have effect on their performance.

The fifth research question attempted to know if the institutionalization of the National Health
Insurance Scheme (NHIS) in Stanbic IBTC Bank does not have effect on employees
performance. 2 respondents strongly agrees with the research question and 7 respondents also
agree with the research question, while 2 respondents were neutral. 71 respondents disagreed that
institutionalization of the National Health Insurance Scheme (NHIS) in the bank does not have
effect on their performance, equally 55 respondents strongly disagreed too. This revealed that a
staggering 92% of the 137 respondents disagree that institutionalization of the National Health
Insurance Scheme (NHIS) in Stanbic IBTC Bank does not have effect on their performance. The
sectional mean of this question is 1.76, this falls within the acceptable range of 2.50 and below.

The last question in section two of the questionnaire is whether the Quarterly Beyond Excellence
Award Scheme in Stanbic IBTC Bank does not have effect on employees performance. 3
respondents strongly agree that the Quarterly Beyond Excellence Award Scheme does not have
effect on their performance, 8 respondents equally agreed too, while 14 respondents were
neutral. 81 respondents disagreed that the Quarterly Beyond Excellence Award Scheme does not
have effect on their performance and 31 respondents strongly disagreed too. The implication of
this result is that 81.75% of the 137 respondents disagree that the Quarterly Beyond Excellence
Award Scheme in Stanbic IBTC Bank does not have effect on their performance. The sectional
mean of this question is 2.05, this falls within the acceptable range of 2.50 and below.

In conclusion, the six questions in this section was set to arrive at a conclusion if non-financial
rewards do not significantly have effects on employees performance. The average sectional mean
of the six questions is 1.74. This sectional mean falls within the range of 2.50 and below and this
implies that employees believe that non-financial rewards significantly have effects on their
performance.

4.3.2 Presentation and Analysis of Responses to Section Three of the Questionnaire

Table 4.4: Non-Financial Rewards and Employees Decision to Quit the Bank.
S Strongly Strongly
Items Agree Neutral Disagree fx n Mean
N Agree disagree
1 I will not quit the bank if 9 29 4 75 20 343 137 2.5
on the job praises do not
informally come from
my line manager.

2 I will not quit if there is 12 36 5 56 28 359 137 2.62

no institutionalization of
Annual, Compassionate
and Examination Leaves
in my bank’s HR Policy.

3 I will not quit if I am 3 4 5 82 43 253 137 1.84

14
 denied promotion by my
bank’s management
when I deserve such.

I will not quit if my bank

4 16 39 9 64 9 400 137 2.91
does not regularly send
me on Internal and
External Training
Programmes.

5 I will not quit if there is 5 8 9 77 38 276 137 2.01

no institutionalization of
the National Health
Insurance Scheme
(NHIS) in my bank.

I will not quit if my bank

6 13 40 6 57 21 378 137 2.75
did not institutionalize
the Quarterly Beyond
Excellence Award
Scheme for outstanding
staff.

Source: Survey Data,

Sectional Mean 2.43
2017

The first question in section three of the questionnaire administered is that employees will not
quit the bank if on the job praises do not informally come from their line managers. 9
respondents strongly agree that they will not quit the bank if on the job praises do not informally
come from their line managers. 29 respondents also agree with this assertion, while 4
respondents were neutral in their response to this question. 75 respondents however disagree that
they will not quit the bank if on the job praises do not informally come from their line managers
and 20 respondents also strongly disagree. The calculated sectional mean to this question is 2.50
and in line with appendix ii, this falls within the acceptable range of 2.50 and below, meaning
informally praises from line managers is not too significant a factor for an employee to quit.

Question two says that employees will not quit if there is no institutionalization of Annual,
Compassionate and Examination Leaves in the bank’s HR Policy. 12 respondents out of 137
strongly believe that non institutionalization of Annual, Compassionate and Examination Leaves
in the bank’s HR Policy will not make them quit the bank. Also, 36respondents agree that non
institutionalization of Annual, Compassionate and Examination Leaves in the bank’s HR Policy
will not make them quit the bank , while 5 were neutral in their response. 56 respondents
disagree that non institutionalization of Annual, Compassionate and Examination Leaves in the

15
bank’s HR Policy will not make them quit the bank and 28 respondents also strongly disagree
that non-financial rewards are virtually not in existence in their organization. The calculated
sectional mean to this question is 2.62 and this falls above the range of disagreement and not in
line with the research question i.e. 2.50 and below. By this result, 61.31% of the 137 respondents
disagree that
non institutionalization of Annual, Compassionate and Examination Leaves in the bank’s HR
Policy will not make them quit the bank, which means that institutionalization of Annual,
Compassionate and Examination Leaves in the bank is not significant in motivating an employee
to remain with the bank.

Question three is set to reveal if employees will not quit if denied promotion by the bank’s
management when the employee deserves such. 3 respondents out of a total of 137 strongly
agree that they will not quit if denied promotion by their bank’s management when they deserve
such. 4 respondents also agree that they will not quit if denied promotion by their bank’s
management when they deserve such. However, 5 respondents were neither here or there that is
they were neutral in their response to this question. Further, a whopping 82 respondents disagree
that they will not quit if denied promotion by their bank’s management when they deserve such
and 43 respondents also strongly disagree that will not quit if denied promotion by their bank’s
management when they deserve such. The sectional mean for this question is 1.84 and this falls
within the range of 2.50 and below i.e. the range of disagreement. The implication of this is that
more of respondents are in disagreement with the question than those in agreement, since
91.24% disagree with this research question and 5.10% agree with this research question.

Question four asked if employees will not quit, if the bank does not regularly send them on
Internal and External Training Programmes. 16 respondents strongly agree that they will stick to
their current employment if the bank does not regularly send them on Internal and External
Training Programmes. Also 39 respondents aligned with the erstwhile by agreeing not to resign
from the bank if they are not regularly sent on Internal and External Training Programmes. 9
respondents were however neutral to this question and 64 respondents disagree that they will not
resign from the bank if they are not regularly sent on Internal and External Training
Programmes. 9 respondents also strongly disagree that they will not resign from the bank if they
are not regularly sent on Internal and External Training Programmes. The sectional mean to this
question is 2.91 and this falls within the range of agreement i.e. 2.50 and above, meaning
Internal and External Training Programmes are not significantly considered by an employee
before quitting the bank.

Question five is to find out if employees will not quit if there is no institutionalization of the
National Health Insurance Scheme (NHIS) in Stanbic IBTC Bank Plc. 5 of the respondents
strongly agree that they will not quit, 8 respondents equally agrees, while 9 of the respondents
were neutral about this. 77 respondents holds the National Health Insurance Scheme in great
esteem, hence they disagree that they will not resign if the National Health Insurance Scheme is
not instituted in Stanbic IBTC Bank Plc. 38 respondents also strongly disagree that they will not
quit if the National Health Insurance Scheme is not instituted in the bank. With the recent
responses across the options, it is clear that 83.94% of the respondents believes that the National
Health Insurance Scheme is a key factor to work for the bank. The section mean for this question
is 2.01 and this falls with the grid for disagreement i.e. 2.50 and below.

16
Question six revealed the employees preferences when comes to whether they will quit or not if
the bank did not institutionalize the Quarterly Beyond Excellence Award Scheme for outstanding
staff. 13 respondents strongly agree that they will not quit if the bank did not institutionalize the
Quarterly Beyond Excellence Award Scheme, 40 respondents also align with the recently stated
position, while 6 where neither here or there. 57 respondents disagree that they will not resign if
the bank did not institutionalize the Quarterly Beyond Excellence Award Scheme, 21
respondents also strongly disagree with the question. Based on these results the sectional mean
derived is 2.75, meaning the Quarterly Beyond Excellence Award Scheme is not a significant
factor that will make a Stanbic IBTC Bank quit if it is not in place, since the sectional mean is
above 2.50 i.e. it falls in the range of agreement.

Conclusively and by finding the average of the sectional means of each of the six questions in
section three of the questionnaire administered by this study, the overall sectional mean is 2.43,
this falls within the range of disagreement i.e. 2.50 and below, meaning a greater percentage of
the respondents in answering the research questions disagree that non-financial rewards are not
significant in their decision to quit the bank.

4.3.3Presentation and Analysis of Responses to Section Four of the Questionnaire

Question-1. What is your understanding of Non-Financial Rewards?
The most popular definition given by the respondents was that Non-Financial Rewards are other
benefits not monetized; since 91 respondents i.e. 66.42% of them defined it that way. 23
respondents i.e. 16.78% see it as a way to boost employees’ welfare and provide a measure of
appreciation by the employers to the employees, as well as give the employees a sense of
belonging in an organization. 17 of the respondents i.e. 12.40% defined it as commendations,
recognitions and awards. 4 respondents i.e. 2.91% said it is benefits that accrue to an employee
because he or she works for a particular organization. While 2 respondents i.e. 1.5% of the 137
returned questionnaires; did not provide any definition.

Question-2. What is the most important factor that contributes to your willingness to exert
more effort on your job? 59 respondents at 43.06% said financial rewards are the most
important factor that contributes to their willingness to exert more effort on their jobs. 26
respondents at 18.97% settled for job security, while 20 respondents at 14.6% said it is
promotion, bonus and trainings that will make them exert more effort on their job. 18
respondents did not comment, while the remaining 14 respondents gave responses like; passion
to excel, motivation from leaders of my organization and I just like to give in my best anywhere I
am at any particular time.

Question-3. What are the other types of Non-Financial Rewards you wish to exist in your
bank, but are not presently existing? 48 respondents at 35.03% gave none as their response. 25
respondents at 18.24% said job security does not exist in their organization. Trainings, holiday
package, leave allowance and regular performance recognition/celebration were almost equally
rated at about 11% i.e. said to be non-existence in their organization. The remaining 4
respondents said international trainings, sense of belonging and management commendation do
not presently exist in their organization.

17
Question-4. Non-Financial Rewards like recognition, promotion, official car, job
enrichment etc. are enjoyed within the work environment i.e. on-site, while Non-Financial
Rewards like health benefits, holidays, pension benefits, external trainings etc are off-site;
out of this two classifications, which one do you prefer above the other, or are they equally
rated? 68 respondents at 49.63% prefer on-site Non-Financial Rewards. 49 respondents rates the
on-site and off-site Non-Financial Rewards equally, 19 respondents at 13.86% prefer the off-site
Non-Financial Rewards to On-site Non-Financial Rewards, while 1 respondent did not give any
response.

Question-5. How competitive are the Non-Financial Rewards offered by your bank in
comparison with other banks? 58 respondents at 42.33% says the non-financial rewards
offered
by the bank is not as competitive as what obtains in other banks, 13 respondents i.e. 9.48% did
not
comment on this, while 66 respondents at 48.17% agree that the non-financial rewards offered by
the bank is as competitive as what obtains in other banks.

Question-6 Which Non-Financial Rewards offered by your bank excites you the most and
why? For this particular question the answers given by the respondents were varied. However a
larger percentage of the respondents at about 45.98% agree that the fact the bank subscribes to
the Contributory Pension Scheme excites them the most. Other rewards that gained responses
were the National Health Insurance Scheme, Yearly Bonus Payout, various forms of leave
available in the bank and staff loan.

4.4 Test of Hypotheses

In this section, the two hypotheses formulated in section 1.5 will be tested to know the type of
relationship that exists between the dependent and independent variables and their implications
for this study.

4.4.1 Test of Hypothesis-1

Hypothesis-1: Non-Financial Rewards do not have significant effects on employees
performance.
Table 4.5: Result of Test of Hypothesis-1
Coefficientsa
Unstandardized Standardized
Coefficients Coefficients
Model B Std. Error Beta t Sig.
1 (Constant) 3.986 .447 8.908 .000
Non-Financial .223 .254 .075 .876 .032
Rewards
Source: SPSS output
R-square: 0.75

a. Dependent Variable: Employees 2015 Performance Appraisal Outcome.

18
HO1: Non-Financial Rewards do not have significant effects on employees’performance.

Discussion:
From the regression table obtained above, this study modeled the employee’s performance as a
dependent variable on the independent variable i.e. non-financial rewards. The R-square was
obtained to be 0.75 which means the independent variable, which isnon-financial rewards, in the
organization is causing the employee’s performance at 75% leaving 25% for other variables
which this study did not consider.

Also, non-financial rewards have a coefficient of 0.223 which is positive and thus implies a
direct positive relationship between non-financial rewards and the employees performance at
0.223unit increase with a p-value of 0.032. Hence, the null hypothesis “Non-Financial Rewards
do not have significant effects on employees performance” is then rejected and the alternative
hypothesis is accepted.

4.4.2 Test of Hypothesis-2

Hypothesis-2: Non-Financial Rewards are not significant in employees decision to quit the bank.
Table 4.6: Result of Test of Hypothesis-2
Coefficientsa
Unstandardized Standardized
Coefficients Coefficients
Model B Std. Error Beta t Sig.
1 (Constant) 2.121 .280 7.568 .000
Non-Financial .184 .159 .099 1.154 .021
Rewards
Source: SPSS output
R-square: 0.70
a. Dependent Variable: Employees Decision to Quit the bank.

HO2: Non-Financial Rewards are not significant in employees decision to quit the bank.

Discussion:
Similarly, a regression model was fitted on the employees decision to quit the bank and non-
financial rewards, in order to describe the relationship that exists between the two variables. This
study obtained the R-square value of 0.70, which implies that the variable non-financial rewards
in the bank explains the variable employees decision to quit at 70%, which implies that other
factors not considered by this study, also have significant effects on employees decision to quit
an organization.
The regression coefficient of 0.184 was obtained with its p-value of 0.021 which is a positive and
a significant relationship. Hence, the null hypothesis is therefore rejected and this study
concludes that non-financial rewards are significant in employees decision to quit the bank.

4.5 Major Findings

19
The first major finding of this study is the fact that Non-Financial Rewards have effects on the
performances of employees. The recently stated is supported with the sectional mean of 1.74
derived from the average of all the sectional means to questions in section two of the
questionnaire. Additionally, the result of regression analysis to the first hypothesis of this study
revealed that non-financial rewards have effects on employees performance, since the null
hypothesis was rejected and the alternative hypothesis accepted.

Further, this finding is also in tandem with the works of Kathure (2014) and Emerole (2015) that
this study reviewed. Based on the data that Kathure descriptively analyzed, she was able to
conclude in sub-section 4.3.1 that career development improved employee job commitment to a
great extent. Also Emerole concluded that higher productivity and efficiency of employees in
government pararastals is possible with the effective exploitation of human resources through
non-monetary reward strategy. His position was based on the data that he analyzed which
revealed that the correlation between non-monetary rewards received and employee productivity
was 0.759 (P<0.05) i.e. non-monetary reward received and productivity of employees of the
sampled government parastatals have a positive relationship which was significant at 5%.

Furthermore, Laakso (2012) and Yavuz (2004) which this study also reviewed agree in their
separate works that non-financial rewards have effects on employees performance. Laakso’s
research revealed that non-financial rewards were as relevant as financial rewards, accordingly,
if employees feel that the rewards are relevant, they will be motivated. From Yavuz (2004) the
author asked the respondents in her questionnaire the types of incentives that they wish to exist
in the organization, a whopping 70% of the employees wished that non-monetary incentives exist
qualitatively in the organization.

Secondly, this study discovered that employees of Stanbic IBTC Bank Plc really hold in high
esteem, on the job praises from their line managers, since from this question a sectional mean of
1.64 was derived. This finding is solidified with Robison (2006) who said one of the benefits of
praise is that it helps create employee engagement. Employees won’t be engaged if they feel
nobody cares.

Thirdly, employees of Stanbic IBTC Bank Plc are motivated by the fact that there is opportunity
in the bank to observe their annual leave, take leave for compassionate reasons or even take time
off from work to write exams. The section mean derived for this question is 1.85 and in line with
appendix II this position is significant since it falls within the range of disagreement.

The fourth major finding of this research is that promotion is a critical factor in making staff of
Stanbic IBTC Bank Plc motivated, since it has a significant effect on their performance. The
sectional mean of this question is 1.40 and in all the six questions in section two, this particular
question recorded the most significant sectional mean. This result validates the position of
Heathfield (2016) who posited that promotion elevates an employee’s status and authority.

Fifthly, internal and external trainings programmes also have effects on the employees of Stanbic
IBTC Bank Plc, based on the preferences of the respondents, this question’s sectional mean is
1.74 and this significant, since it fell within the range of disagreement as laid out in appendix ii
of this study.

20
The sixth major finding of this study is that employees of Stanbic IBTC Bank Plc are happy and
motivated that the bank institutionalized the National Health Insurance Scheme. This question is
significant, since the sectional mean derived by this study is 1.76.

Seventhly, the Quarterly Beyond Excellence Award instituted by the bank to recognize and
reward deserving employees, have effects on employees performance, since the sectional mean
for this question is 2.05, this falls within the range of agreement i.e. 2.50 and below

The eight major finding of this study is that non-financial rewards play a very significant role in
employees decisions not to quit the bank. From section three of the questionnaire administered
by this study a sectional mean of 2.43 was derived. This position is also solidified based on the
fact that this study rejected the null hypothesis and accepted the alternative hypothesis of the
second research question, since R-square value was 0.70, which implies that the variable non-
financial rewards in the organization explains the variable employees decision to quit at 70% i.e.
a regression coefficient of 0.184 obtained with p-value of 0.021 which is a positive and a
significant relationship.

Ninthly, the questionnaire administered revealed that employees will quit the bank if they are not
promoted. The sectional mean for this particular question in section three of the questionnaire
is1.84 and this is significant.

The tenth major finding of this study is that employees will quit the bank if National Health
Insurance Scheme (NHIS) is not instituted by the bank. This is a major finding because the
calculated sectional mean was 2.01

Conclusion and Recommendations

5.1 Conclusion
From the preliminaries of this study, the literature review and survey, it will be fitting and
appropriate to conclude that employees play critical roles in the success of every organization; in
this case, Stanbic IBTC Bank Plc and that non-financial rewards is one of the key things that
motivates and makes employees efficient, which employers should not only give adequate
attention to, but should be reviewed regularly; in line with what competitors are offering, without
necessarily eroding their bottom-line.

Also, non-financial rewards if not provided at a qualitative level, can make an employee quit the
employment. This study discovered that Promotion and Health Insurance Scheme are the most
critical reasons why an employee will want to quit an employment, if they are not available,
however these reasons might not be applicable or less important in some other organizations.

5.2 Recommendations
Based on the findings and conclusion the following recommendations are made:

i. The management of Stanbic IBTC Bank Plc should ensure that the bank’s non-financial
reward scheme is qualitative enough to attract, motivate and retain employees, thereby
leading to efficiency in service delivery.

21
 ii. Employers should periodically carry out surveys on the type of non-financial rewards that
their peers are offering, so that their own scheme will be competitive, efficient and
effective, so that they will not lose their employees to their competitors.

iii. Employers should involve their employees in the institution and periodical review of their
non-financial rewards scheme, so that they can really know what will interest and drive
them to perform well.

REFERENCES
Abiri J.O. 2006, Elements of Evaluation, Measurement and Statistical Techniques in Education.
Ilorin Library Publication Committee, University of Ilorin, Ilorin, Nigeria.
AdeleyeE, Lawal Y and Olatunde O. 2015,Investigating the Relationship Between
Motivation and Job Satisfaction: A Study of Paterson Zochonis (PZ) Nig Limited. Abuja
Journal of Business and Management. A Quarterly Double-Bind Peer Reviewed Refereed
Open Access Online & Print -Journal. Vol.1, Issue 1, March 2015.
Alegbeleye G.O and Fabunmi M. 2006, Instrumentation and Data Collection. In G.O.
Alegbeleye, I. Mabawonku and M. Fabunmi (Eds) Research Methods in Education.
Ibadan: University Printers.
Asika N. 2012, Research Methodology in the Behavioural Sciences. Learn Africa Plc, Felix
Iwerebon House, 52 Oba Akran Avenue, P.M.B 21036, Ikeja, Lagos State.
Ayena O.A. 2007, Socio-Cultural Beliefs, Attitudes Towards and Perceived Solutions to Female
Genital Mutilation Among Professionals in Nigeria. Unpublished Doctorial Dissertation,
University of Ilorin, Ilorin, Kwara State, Nigeria.
Bature N. 2013, Human Resources Management. Published by Joyce Graphic Printers &
Publishers VV16 Nassarawa Road, Off Lagos Street, Kaduna – Nigeria.
BusinessDictionary.com www.businessdictionary.com
De l’Aune W.R, Welsh R.L and Williams M.D. 2000, A Natural Outcomes Assessment of the
Rehabilitation of Adults with Visual Impairments. Journal of Visual Impairments and
Blindness.
Falaye E.O. 2005, Sampling and Sampling Technique. In Jimoh S.A. (Ed). Research
Methodology: An Interdisciplinary Approach (pp17-26). University of Ilorin Library and
Publications Committee.
Heliotrope T, Jacques J, Perrine M and Veerapen M. 2011, Performance
Management. Sourced from http://murveen.blogspot.com/2011/04/question-4-identify-
examples-of-15-html.
Hur-yagba A. A. 1994, The Application of Motivation Theories in Nigerian Business

22
 Enterprises, A Case Study of Taraku Mills Limited, Taraku, Benue State. A thesis
submitted to the Post-Graduate School, Ahmadu Bello University, Zaria.
Kay J, Lanier J, Mazzini K, Eagan A, Weber A and Miller S. 2015, Non Monetary Rewards.
Sourced from leeds-faculty.colorado.edu/rosse/courses/4030/…Non Monetary.ppt
Kathure D. 2014, Influence of Non Financial Rewards on Employee Commitment at Kenya
Tea Development Agency. A Post Graduate Research submitted to the School of Business,
University of Nairobi, Nairobi, Kenya.
Laakso L. 2012, Case Study: The Impact of Financial and Non-Financial Rewards on
Employee Motivation. Turku University of Applied Sciences, Degree Program in
International Business Management.
Litmos www.litmos.com (an online learning guide, sourced from the internet on 16th June, 2006)
Management & Business Studies Portal, Frederick Herzberg:The Hygiene Motivation Theory
Thinker. http://mbsportal.bl.uk/taster/subjareas/busmanhist/mgmtthinkers/herzberg.asp
Mohammed U.D. 2005, Business Research Methods. ISBN 978-38024-3-7 Printed by Ollyprints
Limited.
Mohammed, U.D and Nzelibe-Obeleagu C.G. 2014, Entrepreneurial Skills and Profitability of
Small and Medium Enterprises (Smes): Resource Acquisition Strategies for New
Ventures in Nigeria. Proceedings of 25th International Business Research Conference 13-
14 January, 2014, Taj Hotel, Cape Town, South Africa, ISBN: 978-1-922069-42-9.
Ogwokhademhe M.C. 2010, Research Methods in Education. (pp80-97). University of Ibadan,
Ibadan, Nigeria, A Publication of the Faculty of Education.
Okwudili B. E. 2015, Effects of Non-Monetary Rewards on Productivity of Employees
among Selected Government Parastatals in Abia State, Nigeria. Department of Human
Resource Management, Michael Okpara University of Agriculture, Umudike, Abia State
Nigeria. Journal of Business and Management (IOSR-JBM) e-ISSN:2278-487X, P-ISSN.
2319-7668 Volume 17 Issue 2 Ver, IV (Feb 2015).
Saira Y, Madiha L, Sumaira A and Anam S. 2014, Impact of Financial and non Financial
Rewards on Employee Motivation. Middle-East Journal of Scientific Research 21 (10):
1776-1786, 2014. ISSN 1990-9233. Department of Management Sciences, The Islamia
University of Bahawalpur, Pakistan.
Silverman M. 2004, Non-Financial Recognition The Most Effective of Rewards? Published
by Institute for Employment Studies, Mantell Building, Falmer, Brighton BN19RF, UK.
Wikipedia the free encyclopedia, Expectancy theory. Sourced from
https://en.wikipedia.org/wiki/Expectancy_theory
World at Work alliance for work-life rights, www.qulp.org awlp about html aboutus-whatis.html
Working papers of the HR Consulting and Coaching, Lasting Solution,
http://www.hrcareertransition.com human-resources total-rewards-framework-best-
method-communication
Yavuz N. 2004, The Use of Non-Monetary Incentives as a Motivational Tool: A Survey Study
in a Public Organiation in Turkey. A Thesis Submitted to the Graduate School of Social
Sciences of Middle East Technical University.

Appendix A
3.4 Population of the Study
This consisted of all the full-time employees in Abuja-1 and Abuja-2 regions and also all the
full-time employees in the nine specialized units as tabularized below.

23
Table 3.1: Population Size
Category Population Percentage
Abuja 1 Region 82 40.80
Abuja 2 Region 84 41.80
Specialized Units 35 17.40
Total 201 100%
Source: Questionnaire Administered, 2016

Appendix B
Model Specification
The data collected was analyzed using Descriptive Statistics i.e. Simple Percentages and
Regression Analysis, through Computer Aided Statistical Packages for Social Science (SPSS).
Simple Percentages revealed qualitatively preferences and opinions across sex, work area and
marital status. It is also revealed the choices of respondents to the close-ended questions in line
with the research questions i.e. if the sectional means derived are at an acceptable level or
not.While the Regression Analyses showed the type of the relationships between the dependent
and independent variables for the two hypotheses formulated in 1.5.

(i) Simple Percentages. X% = X/N*100

Where:
X = preferences of a particular group in the population

N = total population

(ii) Regression Analysis. Y = α + βX + ε

Where α = constant term
β = coefficient of the variable X
ε = error term
Y = dependent variable
X = independent variable

With reference to hypothesis-1, the dependent variable is employees performance (Y i) and the
independent variable is non-financial rewards (Xi).
Yi = αi + βiXi + εi

For hypothesis-2, the dependent variable is employees decision to quit the job (Y ii) while the
independent variable is non-financial rewards (Xii).
Yii = αii + βiiXii + εii

24