Non-Financial Rewards for Exceptional Performance of the Marketing Executives in the Banking Industry in Nigeria

Abstract

The study was undertaken to examine how non-financial rewards could be used to induce exceptional performance of the marketing executives in the banking industry in Nigeria. The study was guided by path-goal theory, which focused on what leaders can do to motivate their subordinates to achieve group and organizational goals. The population of the study included the marketing executives of the consolidated banks in the commercial city of Lagos, Nigeria. A sample of 180 marketing executives was determined using a percentage formula. The Friedman non-parametric test statistics was used for the hypothesis testing. A calculated Friedman Chi-square result of 246.410 was obtained from the tested hypothesis. This value is greater than the critical Chi-square value of 5.991, which is significant as P-value of 0.000<0.05. This indicates that a variety of factors, including job enrichment, recognition, promotion, encouragement, and praise can motivate marketing executives for exceptional performance in the banking industry in Nigeria.

Keywords:Non-financial Rewards, Exceptional Performance, Marketing Executives, Banking Industry, House’s Path-Goal Theory, Promotion, Encouragement, Praise.