Role-Reward Congruence for Enhancing Marketing Executives Team Efficiency in the Banking Industry in Nigeria.

Abstract

Team marketing is gaining in prevalence and importance. It requires the joint marketing effort of several marketing executives, often from different functional areas within the bank. As a result, designing compensation plan for a marketing team has been a truly challenging assignment. Therefore, this study was under taken to determine the principles that should be followed in designed a team –based compensation system for marketing executives in the banking industry in Nigeria. Both primary and secondary sources were used to garner data for the study. Questionnaire was the principle source of the primary data, while interview served as complementary. A sample size of 180 marketing executive was determined using a percentage formula. A calculated chi-square result of 208.179 was obtained, using Kendall’s W Test statists. This value is greater than the critical chin-square value of 5.991, which is significant as P-value of 0.000<0.05. Furthermore, with the Kendall’s coefficient of concordance of 0.578, there is an established agreement on role-reward congruence, indicating that each team member contribute in a different way to the team. Therefore, not all of the team member must be measured and paid in the same manner. The specific performance measures used and the percentage which is team based should be chosen in accordance with the tasks performed by the individual marketing executive on the team. This finding is supported by equity theory of motivation that focuses on people’s perceptions of the fairness of their work outcomes relatives to their work inputs.

Keywords: Role-Reward Congruence, Shared Reward, Team-Members Input, Peer Evaluation, Marketing Executives, Banking Industry, Team Efficiency, Team- Dynamics, Equity theory of Motivation.