Non-Monetary Motivation Strategies and Growth of Selected Deposit Money Banks in Ogun State, Nigeria

Abstract

The challenge facing managers in the banking sector is how to get employees committed to their work and put in their best towards the accomplishment of banks’ goals and objectives. There was gradual and consistent decline in the performance of banks due to low level of motivation within and outside the banking organizations. It is therefore imperative for managers in the banking sector to design and implement strategies and policies that will adequately address issues relating to employees’ welfare so that it will help in achieving industrial peace which is a panacea to organizational growth. The general objective of this study was to establish the effect of non-monetary motivational strategies on the growth of selected deposit money banks in Ogun State, Nigeria. The study adopted cross-sectional survey and target population was 800 staff of the selected commercial banks in Ogun State and sample of 481 employees was used in this study. A stratified sampling technique method was used and data was collected through the use of questionnaire. A pilot study was conducted to pretest the validity and reliability of instruments for data collection. The data was analyzed by use of quantitative method with the help of Statistical Package for Social Sciences (SPSS) version 21.0. The study established that work environment, leadership style, training and career advancement have positive and significant effect on the growth of selected deposit money banks in Ogun State, Nigeria. The regression analysis showed that work environment plays the most significant role on the growth of selected deposit money banks in Ogun State at 5% level of significance. Based on these findings, the study recommended that management of selected deposit money banks in Ogun State should plan very well when considering motivational strategies aimed at increasing overall productivity of the workers so as to achieve growth.

Keywords: Motivation strategies, Leadership style, Training, Work environment, Growth