EFFECT OF INTRINSIC AND EXTRINSIC REWARDS ON EMPLOYEE

PERFORMANCE IN ACCESS BANK PLC NIGERIA

TIZHE USANYE MIRIAM

Dissertation submitted in partial fulfilment of the requirements for the degree of

MBA Human Resource Management
at Dublin Business School

Supervisor: Dr Chris Gibbons

August 2020

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 DECLARATION

I declare that this dissertation that I have submitted to Dublin Business School for the award of

MBA Human Resource Management is the result of my own investigations, except where

otherwise stated, where it is clearly acknowledged by references. Furthermore, this work has not

been submitted for any other degree.

Signed: TIZHE USANYE MIRIAM

Student Number: 10535084

Date: 25/08/2020

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 ACKNOWLEDGEMENTS

I would like to express my gratitude to God Almighty for seeing me through my master’s degree

and the opportunity to successfully complete my dissertation. I would like to thank my supervisor,

Chris Gibbons for his academic guidance and support during the course of this research.

I am also thankful to my parents and siblings for their prayers and words of encouragements

towards the successful completion of this theses. Lastly, I would like to extend my gratitude to

my good friends and colleagues for their encouragement and kindness.

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TABLE OF CONTENTS

TITLE PAGE ................................................................................................................................................. i

DECLARATION .......................................................................................................................................... ii
ACKNOWLEDGEMENTS ......................................................................................................................... iii
TABLE OF CONTENTS ............................................................................................................................. iv
LIST OF TABLES AND FIGURES ........................................................................................................... vii
LIST OF ABBREVIATIONS AND ACRONYMS................................................................................... viii
ABSTRACT ................................................................................................................................................. ix

CHAPTER ONE
BACKGROUND OF THE STUDY ........................................................................................................... 1
1.1. Research Overview ................................................................................................................................ 1
1.2. Background of the Study ....................................................................................................................... 2
1.3. Organizational Background ................................................................................................................... 4
1.4. Statement of the Research Problem ....................................................................................................... 5
1.5. Research Questions ................................................................................................................................ 6
1.6. Research Objective ................................................................................................................................ 7
1.7. Research Hypothesis .............................................................................................................................. 8
1.8. Justification of the Study ....................................................................................................................... 8
1.9. Scope of the Study ............................................................................................................................... 10
1.10. Outline of Methodology ..................................................................................................................... 10
1.11. Outline of the Study ........................................................................................................................... 12

CHAPTER TWO
LITERATURE REVIEW ........................................................................................................................ 14
2.1. Overview .............................................................................................................................................. 14
2.2. Conceptual Review .............................................................................................................................. 14
2.2.1. Rewards............................................................................................................................................. 14
2.2.2. Employee Performance ..................................................................................................................... 18
2.2.3. Importance of Intrinsic and Extrinsic Rewards on Employee Performance ..................................... 20
2.2.4. Job Satisfaction ................................................................................................................................. 20
2.2.5. Importance of Intrinsic and Extrinsic Rewards on Job satisfaction .................................................. 21

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2.2.6. Employee Productivity...................................................................................................................... 22
2.2.7. Importance of Intrinsic and Extrinsic Rewards on Employee Productivity ...................................... 23
2.2.8. Employee Engagement ..................................................................................................................... 24
2.2.9. Importance of Intrinsic and Extrinsic Rewards on Employee Engagement...................................... 25
2.3. Theoretical Review .............................................................................................................................. 26
2.3.1. Hierarchy of Needs ........................................................................................................................... 27
2.4. Empirical Review................................................................................................................................. 32
2.5. Conceptual Framework ........................................................................................................................ 34
2.6. Summary of Chapter ............................................................................................................................ 36

CHAPTER THREE
RESEARCH METHODOLOGY ............................................................................................................ 38
3.1. Overview .............................................................................................................................................. 38
3.2. Research Philosophy ............................................................................................................................ 39
3.3. Research Approach .............................................................................................................................. 42
3.4. Research Design................................................................................................................................... 44
3.5. Research Strategy................................................................................................................................. 45
3.6. Sources of Data .................................................................................................................................... 46
3.6. Sample Technique and Sample Size .................................................................................................... 47
3.7. Instrument of Data Collection .............................................................................................................. 48
3.8. Validating the Instrument of Data Collection ...................................................................................... 50
3.9. Method of Data Analysis ..................................................................................................................... 50
3.9. Ethical Considerations ......................................................................................................................... 51
3.10. Limitations of the Methodology ........................................................................................................ 52
3.10. Conclusion ......................................................................................................................................... 53

CHAPTER FOUR
PRESENTATION AND ANALYSIS OF DATA ................................................................................... 54
4.1. Introduction .......................................................................................................................................... 54
4.2. Section A: Demographic Qualities of the Respondents ....................................................................... 54
4.3. Section B: Multiple Regression Test ................................................................................................... 61
4.4. Section C: Simple Regression analysis ................................................................................................ 66
4.5. Section D: Discussion of Findings ....................................................................................................... 71

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CHAPTER FIVE
CONCLUSION AND REFLECTIONS .................................................................................................. 76
5.1. Overview .............................................................................................................................................. 76
5.2. Summary of the Research and Findings .............................................................................................. 76
5.3. Contribution of the Research to Knowledge and Practice ................................................................... 78
5.4. Limitations of the Study....................................................................................................................... 79
5.5. Recommendations for Future Research ............................................................................................... 80
5.6. Recommendations for Practice ............................................................................................................ 81
5.6. Overall Conclusion .............................................................................................................................. 82
References ................................................................................................................................................... 84
Appendix A: Questionnaire ........................................................................................................................ 90
Appendix B: Information Sheet for Participants......................................................................................... 93
Appendix C: Consent Form ........................................................................................................................ 95
Appendix D: Questionnaire tables .............................................................................................................. 97

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LIST OF TABLES AND FIGURES

Table 2. 1. Conceptual Framework ............................................................................................... 34

Table 3. 1. Types of Research Philosophy .................................................................................... 41

Table 3. 2. Characteristics of Deductive Approach ...................................................................... 43
Table 3. 3. Strengths and Limitations of the Survey..................................................................... 46

Table 4. 1. Gender of respondent .................................................................................................. 54

Table 4. 2. Age of the Respondents .............................................................................................. 55
Table 4. 3. Educational qualification of respondent ..................................................................... 56
Table 4. 4. Years of work experience in Access bank? ................................................................ 57
Table 4. 5. Job Title at Access bank ............................................................................................. 58
Table 4. 6. What kind of employment status will you rate your job? ........................................... 59
Table 4. 7. Descriptive Statistics................................................................................................... 61
Table 4. 8. Correlations ................................................................................................................. 63
Table 4. 9. Reliability Statistics .................................................................................................... 64
Table 4. 10. Summary of Multiple Regression Result .................................................................. 65

Figure 2.3. 1. Maslow’s Hierarchy of Needs ................................................................................ 27

Figure 2.3. 2. Herzberg Two factor theory ................................................................................... 30
Figure 2.3. 3. Conceptual Framework .......................................................................................... 36

Figure 3. 1. Research Onion ......................................................................................................... 39

Figure 3. 2. Research Philosophy breakdowns ............................................................................. 40

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 LIST OF ABBREVIATIONS AND ACRONYMS

IV - Independent Variable

DV - Dependent Variable

ETR - Extrinsic rewards

ITR - Intrinsic rewards

JST - Job satisfaction,

EMP - Employee performance

EEG - Employee engagement.

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 ABSTRACT

Rewards are essential to employee performance and organizational performance, as they serve as
a major motivator to work. Rewards thus, are significant in conditioning employees behaviours
towards greater productivity, satisfaction and engagement This research aimed to investigate the
role of intrinsic and extrinsic rewards on employee performance, using Access bank Nigeria,
Kaduna branch as a case study. The hypotheses included variables such as; job satisfaction,
employee productivity and employee engagement. The research assumes the correlational studies
design and adopts a quantitative methodology which collected data from fifty-four respondents
based on questionnaires and uses the Pearson’s multiple and simple regression analysis. The
results revealed that there was a positive relation between extrinsic rewards and job satisfaction
and employee productivity, as well as intrinsic rewards and employee engagement. It was also
revealed that extrinsic rewards influence employee performance for a short while as it is only
centered on pay, however intrinsic made employees’ performance better for a longer term as it
leads to a sense of belonging and attachment in Access Bank. This reveals that both extrinsic and
intrinsic rewards are good, however intrinsic leads to more committed and engaged staff. It is
therefore recommended that managers find a balance between the two types of rewards to keep
employees performing properly.

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 CHAPTER ONE

BACKGROUND OF THE STUDY

1.1. Research Overview

The need for greater profits has propelled managers to seek newer ways of enhancing

organizational performance, as an organization with a positive performance implies greater

success and more profits especially if the organization is a service or product-based company.

Employees are essential to organization, organisations rely on employees to carry out task,

perform duties, interact with customers etc. Employees significantly perform essential functions

that organisations need for survival, further employees are crucial to organization’s performance,

as the organization cannot perform better than the way employees effectively and efficiently

carryout their task. Furthermore, managers are charged with the responsibility of retaining

employees with good skills or risk losing them to competitors. Since employees are so important

to the organization, this academic research has thus been centered on how employee’s

performance can be improved on. One way to achieve this is through rewards, according to

Armstrong (2013), rewards system is one of the most effective means to improve employee

performance and productivity. The reward system provides appreciation of employees with high

performance records and provides incentive to boost performance of those with low performance.

In conceptualizing the importance of reward systems, Griffin and Moorhead (2013:161), stressed

that “reward systems can attract, retain and motivate qualified employees”. A reward system is

thus an instrument which managers use to ensure that employees meet up to organizational

expectations by shaping their behaviours to meet up with organizational goals.

In light of the above, it is evidential that reward system plays an important role in employee

performance and organizational productivity, this dissertation seeks to discuss the impact of

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extrinsic rewards on employee performance, the study tries to understand and empirical ascertain

how these rewards serve as a proper motivator and can be used to elicit positive behaviors from

employees. This current section of the research is the introductory chapter which gives the

background intricacies of the study.

1.2. Background of the Study

Employees are essential component of every organisation as they constitute the work force of the

organisation. Thus, every employer should be concerned about how to improve employee

performance. According to Agrawal (2016), the most effective way of improving employee

performance is through adequate reward system. Rewards instil a feeling of value amongst

employees thus increasing their motivation and commitment to the organisation (Agburu, 2012.),

hence Agarwal (2016), points out that a high reward system will yield a higher employee

performance.

Rewards are subdivided into; extrinsic and intrinsic. Extrinsic refers to those rewards external to

the job performed by the employee, these may include salary, pay, promotions, work bonuses and

incentives. Intrinsic on the other hand refers to psychological rewards like appreciation, positive

and caring attitudes from employer etc. Both type of rewards is highly essential in stirring positive

employee performance.

The concepts of rewards and employee performance has been highly debated amongst the

academic circles, Milkovich, Newman & Milkovich (2005) and Muo (2007), are of the opinion

that rewards are anything between financial and nonfinancial which acts as a means to appreciate

an employee’s worth. Muogbo (2013), in a different explanation notes that rewards are any

tangible means given in exchange for an employee’s accomplishment of a task, Thus, rewards

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create a feeling of value and recognition of the employee by the employer, and can be a significant

motivator.

Employee performance according to Muo (2007), in a simplified definition is the effectiveness

and efficiency of an employee, it is the measurement of how an employee succeeds at his/her given

assignment and adds up to the overall company profit.

Rewards as a motivator can increase employee performance, as it can influence the way and

manner an employee reacts to his/her work, in the opposite, lack of rewards can create unpleasant

feelings and environment at work which can diminish a employees work efforts and zeal thereby

causing them to withdraw from their work and reduce their performance. Therefore, every

employer is saddled with the task of drawing up an employee rewards system which evaluates

employee performance and rewards them adequately.

Sule (2017), opined that rewards increase employee performance by increasing job satisfaction,

employee engagement and employee productivity. Hamama, Tartakovsky, Eroshina et al (2014),

note that rewards can be used as an adequate device to monitor performance of employees as well

as a motivational tool. Therefore, with standard rewards, an organisation can retain staff and

further attract new talents, as Bardan and Youssef-Morgan (2015), note “employees are constantly

seeking better pay”. According to Monga, Verma and Monga, (2015), employees tasks and duties

are formulated to achieve organisational objectives and goals, therefore when employee’s

effectiveness and efficiency are being optimised through good reward system, the success of an

organisation in terms of achieving its goals and objectives is also optimized.

Despite the importance of rewards, what constitutes good rewards is still disputable in academic

circles, for instance Belias and Koustelios (2014), note that rewards are purely monetary having

3
no nonfinancial elements, Aghwu (2013), however suggest that rewards have monetary elements

as well as nonmonetary elements such as appreciation letters, promotions and incentive based

payments such as sales commission. This study therefore intends to examine the effect of extrinsic

rewards on employee performance in Access Bank plc with specific focus on Kaduna state branch

in Nigeria. The bank has a standard rewarding system which ranges from financial and

nonfinancial means. Therefore, this study will be investigating the forms of extrinsic rewards in

Access bank and its impacts vis-à-vis the significance on employee performance.

1.3. Organizational Background

Access Bank in Nigeria is one of the leading financial institutions in the country (Akani, 2019),

with over 26 years of financial practice, Access bank is one of the five leading banks in Nigeria

and belongs to the league of best banks in Africa (Akani, 2019). The bank offers banking and

financial services to countless Nigerians as well as putting mediums and structures to keep staff

satisfied and retained. The bank boast of putting robust and long-term approaches to keeping

employees satisfied, this has enhanced employee performance and further increased the

performance of the bank.

However the banks accolades, the bank constantly creates ways to keep its employees satisfied

due to stiff competition for qualified staff in the banking sector, despite this, the rising cost of

living in Nigeria after the 2015-2016 recession has forced employees to seek organisations that

offer more attractive and promising reward systems (Buba, 2018). The justification for choosing

Access bank as the case of study is despite the competition and rising cost of living, the bank has

successfully retained staff members and has not seen the need to retrench staff or downsize its

workforce. Furthermore performance of staff in an evaluation in 2018 was seen as 75% high a

significant increase over the past two years (Akani, 2019), one of the reasons for this as

4
management noted is high rewards and employee satisfaction, this has yet been empirically proven.

The aim of this study is therefore to empirically investigate how rewards has impacted employee

performance, case study of Access Bank Nigeria.

1.4. Statement of the Research Problem

Mougbo (2013), study discovered that standard and adequate rewards could serve as motivations

to both high and low performers in an organization, it can stimulate achievers to achieve more,

while also compelling low achievers to heighten efforts towards goal attainment. Rewards have

also been researched on by Sule (2017), Mou (2007) and Agrawal (2006), to increase job

satisfaction. On general scale rewards increases employee performance, however what constitutes

adequate rewards is yet to be thoroughly researched on; due to individual personalities and

preferences, certain employees are motivated intrinsically, while others are motivated

extrinsically, some employees can increase their performance due to rewards that offer career and

professional development opportunities, to others their performance can be increased based on

Work-life balance opportunities, social activities and leisure. An in-depth research to note the exact

kind of rewards that increase the performance of employees in Access bank is yet to be undertaken.

Research by Akani (2019), Buba (2018), have taken a rather traditional approach to study rewards

and employee performance at the financial institution. This work thus represents a significant

deviation from the above mentioned research, the research seeks to study the context of what

rewards serve as basic motivations to what kind of employees, it also attempts to investigate the

extent were employee motivation and performance may decline in relation to certain reward

system. This research thus will have significant implications on employee performance and

motivational academic studies as it will examine rewards and impact of employee performance in

Access bank Nigeria.

5
1.5. Research Questions

According to Muo (2007), organisations benefit tremendously when employee performance is

high, as it depicts a more engaged workforce which leads to a corresponding increase in

organisational profit. From this, it can be explained that proper rewards impact employee

performance through increasing employee engagement. Sule (2017), notes that proper rewards

increase job satisfaction and productivity level of employees which causes commitment,

innovation and goal accomplishment. From Muogbo (2013), rewards can impact on employee

performance by increasing employee engagement, job satisfaction and productivity. The research

question will be framed based on these three variables

The following are the research questions

i. What intrinsic and extrinsic rewards are considered satisfactory in Access Bank? This

question will discover the types of intrinsic and extrinsic rewards that are significant in

meeting up to employee expectations and satisfaction.

ii. How has extrinsic rewards increased employee productivity, amongst employees at

Access bank?: This will answer and establish what constitutes employee productivity

and its expressions amongst employees in Access bank.

iii. How has intrinsic rewards enhanced employee engagement in Access bank? This will

answer the extent to which intrinsic rewards has enabled employees to be more

committed, passionate and effective in their workplace

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 iv. In what ways can rewards system be improved to sustain and increase employee

performance in Access bank; This question seeks to discover weaknesses in the reward

system of access bank and recommend methods which they can be improved on to

sustain employee motivation and drive towards work.

1.6. Research Objective

Research aims give the intentions and aspiration of the study, it is necessary because it outlines

what needs to be achieved at the end of the study (Mark, 2015). The research aim is tangent to

studies conducted by Akani (2019) and Buba (2018), who carefully pointed out that rewards have

significant impact on employee performance, while Mou (2007) noted that rewards have the

potentials of engaging workforce thereby increasing their productivity and capacity to carryout

task with much effectiveness and efficiency, Sule (2017) discussed that the proper types of rewards

could increase job satisfaction which leads to better commitment, innovation and goal

accomplishment. Based on this, the central aim of this research is to discuss the effect of extrinsic

rewards on employee performance. The aims and objectives are further divided into the following;

i. To determine what intrinsic and extrinsic rewards are considered satisfactory in Access

Bank.

ii. To carefully examine how extrinsic rewards, increase employee productivity, amongst

employees at Access bank.

iii. To empirically determine how intrinsic rewards, enhance employee engagement

amongst employees at Access bank.

iv. To recommend ways on how rewards system can be improved to sustain and increase

employee performance in Access bank.

7
1.7. Research Hypotheses

The hypotheses of this study are tentative statements which the research seeks to test and establish

in the study, the hypotheses of this study are derived mainly from the research questions and

objectives of the study. They have been constructed in a way as to link the basic variables of the

study. The research hypotheses are;

Ho= There is no significant relationship between extrinsic rewards and Job satisfaction amongst

employees at Access Bank.

Hi= There is a significant relationship between extrinsic rewards and Job satisfaction amongst

employees at Access Bank.

Ho= There is no significant relationship between extrinsic rewards and employee productivity

amongst employees at Access bank.

Hi= There is no significant relationship between extrinsic rewards and employee productivity

amongst employees at Access bank.

Ho= Intrinsic rewards do not play an important role on employee engagement in Access bank.

Hi= Intrinsic rewards play an important role on employee engagement in Access bank.

1.8. Justification of the Study

This study seeks to discuss the effect of intrinsic and extrinsic rewards on employee performance

thereby understanding the pertinent role rewards play in keeping employees motivated and

committed thus, increasing their performance for the overall benefit of the organisation. The

justification of this study will therefore be derived essentially from its determination of several

issues that is yet to be discovered by scholars, for instance, this study will determine the impact

8
intrinsic and extrinsic rewards have on employees’ performance in Access bank plc, Sule (2017),

noted that essentially employees are satisfied when rewards have more intrinsic value i.e it meets

up to self-esteem, promotes self-value, achievement and determination, thus employee will be

propelled to work more based on internal set of motivations, Mou (2007), on the other hand

explained that extrinsic rewards were more satisfactory to employees, since they are usually

tangible pay and compensation given to employees based on their efforts at achieving

organisational goals, further, Buba (2018) noted that both intrinsic and extrinsic rewards are

important at keeping employees satisfied, as intrinsic shapes employee emotions and attitude while

extrinsic provides them with tangible sources which they can associate to thereby increasing their

ability to meet their daily needs. Despite this existing research, none has been empirically

ascertained with reference to Access bank of Nigeria, there is less academic study conducted to

determine the impact intrinsic and extrinsic rewards have as a motivator to employees in Access

bank which keeps their performance at an increasing rate. This study will therefore critically

investigate this and draw scientific conclusions concerning the rewards system in Access bank and

how they are considered satisfactory for employee performance.

Furthermore Akani (2019) and Buba (2018), suggest that rewards are essential to employee

productivity and engagement, while rewards provide motivations to employees which enhances

their achievement of task, attaining organisational goals and objectives which propels them to

greater productivity, rewards also provide the basic instrument to keep them emotionally,

cognitively and behaviourally engaged thus ensuring their loyalty and trust towards the

organisation. The above mentioned is yet to be empirically discovered with reference to Access

Bank, Nigeria. The justification of this study is thus revealed in its empirical and scientific

determination of the effect of intrinsic and extrinsic rewards to employees in Access bank and how

9
these rewards are considered satisfactory and effective in enhancing job productivity and

engagement.

1.9. Scope of the Study

The contextual scope revolves around business management and practice, hence variables like

employee motivation, satisfaction, productivity, performance and engagement will be significantly

used and discussed in the study. The methodological scope is scientific and empirical observation

and measurement, the research seeks to empirical discuss the above-mentioned variables thus, it

will mainly use empirical data to measure the variables. The geographical scope of the study is

Access bank, Nigeria, Kaduna Branch. The bank is one of the leading banks in Nigeria and Africa

(Akani, 2019), it also has standard system of rewards which indicates employee retention,

productivity and performance. This is a major reason why the organization is selected. Overall, the

research will revolve around business management and scientific studies of empirical data and

nature.

1.10. Outline of Methodology

1.10.1. Research Design

The research design used for this study is the survey method and correlational design, while the

survey method enables the researcher to get vast data within a short period of time, the correlational

design seeks to elaborately measure and compare by the impacts of variables on a population

(Mugenba, 2017). The correlational design basically draws a link between variables and further

tries to discover the extent or degree variables influence each other based on their manifestation

on a specific population. Using this design, the researcher will therefore try to correlate the impacts

of intrinsic and extrinsic rewards on employee performance in relation to Access bank in Nigeria.

10
This design is adopted for this study as it will give a more accurate comprehension of variables

under the study. This study investigates the impact of Rewards (Independent Variable)i.e self-

recognition, self-esteem, pay, bonuses, promotions etc on Employee performance (Dependent

Variable) which is further broken down into several testable variables i.e Job satisfaction,

Employee engagement and Productivity.

1.10.2. Data Collection

The study collects data from two sources: Primary and Secondary

Primary data are gotten first-hand from the population, as such primary data was sourced from

employees of Access bank, this was to get their opinions of the topic and investigate if intrinsic

and extrinsic rewards impact performance or there is a presence of other intervening variables.

This data was chosen because it is more reliable and authentic. It further provides the chance of

getting clear data to answer the research questions. The bank is contacted for permission to carry

out the research, thereafter, sign a consent form to enable the respondents participate in the survey.

The primary data was collected through distribution of questionnaires which is determined using

scientific methods of sampling, sampling procedure and data collection.

Meanwhile, regarding the challenges related to the geographic distance between researcher and

the respondents for data collection, an electronic survey called “Google forms” was used to reach

the respondents as employees of Access bank through their company’s website.

The secondary data was collected from books, articles, journals and other printed sources. This

will support the primary data and give credence to the findings of the study. Secondary data was

carefully read, analysed and flittered to remove works that are biased.

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1.10.3. Data Analysis Technique
Analysis was carried out using statistical processes; thus, Statistical Package for Social Science

was used in the data analysis.

1.11. Outline of the Study

The study is subdivided into 5 major sections, each sub-section is linked to the other therefore

harmonizing all elements into a complex whole. The sections of the research are therefore;

Chapter One; This provides the introduction of the research together with the research questions,

aims and objectives, hypothesis, justification, scope and outline of intended methodology.

Chapter two: provides the literature review which critically reviews and critique concepts and

theories in line with the objective of the study. This will further be used to generate units of

measurement for the current study.

Chapter three: Discusses the methodological framework of the study in line with the discussed

units of measurement in the subsequent section. This will discuss in detail the method of data

collection and analysis.

Chapter four: Will contain the analysis and presentation of data, here the data gotten from the field

survey will be discussed in line with the research questions and objectives.

Chapter Five: This will contain the summary, conclusion and recommendations of the study. The

contribution of the study to knowledge and management practices will be noted here as well as

prospects of further research.

As such the research will follow a linear process and pattern as revealed in the figure 1 below:

12
 Figure 1. Diagrammatical outline of the study

Chapter • Background of the study

One

Chapter • Literature Review

Two

Chapter • Methodology
Three

Chapter
Four
• Presentation of Data and Analysis of Findings

Chapter • Summary Conclusion and Recommendations

Five

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 CHAPTER TWO

LITERATURE REVIEW

2.1. Overview

The literature review, contains critically discussed concepts as they relate to the subject matter of

the study (Creswell, 2003), the literature review is conducted in order to get an in-depth

understanding of the basic variables of the study and also identify gaps which will be filled. The

literature review is sub-divided into three parts, the Conceptual review, Theoretical review and

Empirical review.

2.2. Conceptual Review

This review is on the various concepts used in this study which are derived from the research

objectives i.e Extrinsic rewards, Employee Productivity, Employee Engagement, and Job

satisfaction

2.2.1. Rewards

Rewards have been an important subject to management as it is critical in determining employer-

employee relationship, as such a universal definition of rewards is hard to be established (Ong.

and The, 2012), several scholars however have discussed the concept in reverence to their sphere

of study. For example, Troesch and Bauer (2017), defines rewards as all tangible services,

benefits, financial and non-financial rewards which an employee receives as part of employment

contract. They noted that all employees expect to receive benefit as a reward for their labour and

engagement to the organization, hence that benefit is called reward.

Robertson and Kee (2017), however define rewards in the employer context, they stated that

rewards include all packages an employer gives to the employee because of his/her execution of

14
duties assigned to them. They explained that employees were expected to perform, or deliver on

designated duties in line with employer’s expectation, employers on the other hand were expected

to provide benefits or payment to employees after they have performed such task assigned to

them. Rewards therefore are given to employees after they have fulfilled an action, function or

task.

Agburu (2012), opines that it is not at all times that rewards are provided after the completion of

task, at times rewards can be used as motivations to stimulate acceptable behavior amongst

employees and cause them to work harder at achieving organizational goals and objectives.

Therefore, rewards can be used for motivation and payment purposes. The dual usage of rewards

has further subdivided it into two categories.

i. Intrinsic Rewards

Intrinsic rewards are intangible forms of rewards which an employee gains from his activities in a

workplace. They exist in form of emotional feelings and passions generated from fulfilment of

duties. Intrinsic rewards therefore manifest in sense of pride, personal fulfillment from completion

of an activity, gaining a new skill or feeling of importance derived from being part and

participating in a team.

According to Ibrar and Khan (2015), intrinsic rewards mainly serve as motivations rather than

payment, thus they are important in maintaining and retaining long-term employee commitment,

engagement and motivations. He further explained that several employees may seek monetary

rewards which may motivate them in the short run, however, when the monetary reward is

depleted, the motivation may decrease or fade away. Building on emotional motivations is

therefore central for maintaining highly motivated staff. Samuel and Kiende (2018), also explained

15
that intrinsic rewards are important because they are non-tangible, offer a long-term and less costly

way of achieving employee motivation. Intrinsic motivations can also be used repeatedly without

reducing in cost or value.

Intrinsic rewards create meaningfulness of purpose amongst employees, further instilling in them the

desire to do things right, gain the adequate competence for better performance and propel them towards

progress in fulfilling organisational purpose. Intrinsic rewards can therefore be shown in the following

ways;

a. Sense of Meaningfulness: This accrues from the achievement or accomplishment of a duty.

When a job or task is accomplished with the desired result, the employee feels important to the

accomplishment of the task. Therefore he/she has a feeling of value or meaningful as being part of

the team that achieved the task. The feeling therefore gives the employee a sense of worth that his

time, energy was not a waste of time rather was for the larger good.

b. Sense of Choice: This occurs when an employee is freely able to choose the task which he/she

is best suited for, task which are based on personal judgement can be performed to an optimum

level. Jobs that are given to employees to undertake in the most appropriate ways offer employees

the chance to test their skills and realising objectives in a perfect way (Ong. and The, 2012). This

further gives them the feeling of making the task work.

c. Sense of Competence: This comes from achieving and handling tasks well, i.e employee

performance meets up to standard or exceeds set standards, employees gain pride when they

perform high-quality work, satisfaction, pride and sense of importance is built.

16
d. Sense of Progress: This comes from the feeling of achievement, improvement and

development, when employees feel they are constantly advancing in career, skills and even respect

(Aghwu, 2013), they become internally motivated. Employees need to know they are on “the right

track” and they are moving towards the right direction. When offered with convincing signals that

they are making progress, employees have confidence in their organisation, also they are assured

of the future, this thus serves as a long-lasting sense of motivation.

ii. Extrinsic rewards

Extrinsic rewards are part of the broader reward system which consists of intrinsic and extrinsic

rewards. According to Ibrar and Khan (2015), rewards are primarily instruments of appreciation

that aims to motivate employees into putting more effort into their jobs. However, Aghwu (2013),

accounts that rewards play more role than just motivation, to him rewards are means of controlling,

monitoring, and influencing the behaviour of employees in the sense that management can use

rewards to determine behaviours of employees. From the two explanations, we find that rewards

are majorly given to the employees as a means of generating an outcome from them.

Extrinsic rewards therefore according to Ong. and The (2012), refers to rewards that are external

to the employee, they comprise of elements such as pay, fringe benefits, job security, private office

space, promotions, pay rise, etc.

According to San, Theen and Heng (2012), extrinsic rewards have been a major instrument used

to ensure employees give their optimum performance because it is a form of financial

remuneration for jobs well done. However, the extrinsic rewards that can lead to employee

performance have been a subject of debate, Monga, Verma and Monga (2015), suggested that for

extrinsic rewards to motivate employees and make them work better, it must have a wage premium

17
i.e a wage that is above the wage paid by other firms for comparable labour. This is because wage

premium can attract and retain quality workers who are looking for organisations with better

payment. Wage premium also boosts morale and encourages better commitment to firms. Ibrar

and Khan (2015), noted that extrinsic rewards should be proportional to the performance of

employees, i.e employees that meet up goals, have more sales or perform better should be

rewarded higher than those who do not, this shows the organisation is fair and it is serious about

employee contributions to the organisation. San, Theen and Heng (2012), noted that extrinsic

rewards should meet up with the demands of employees, or else they may leave the firm for other

firms that have better rewarding systems.

Aghwu (2013), however noted that extrinsic rewards should be used in ways that do not destroy

employee's intrinsic motivations to their jobs, as the need for continuous improvement requires

employees to constantly be innovators, devising solutions which will improve the entire

organisational process.

Rewards need to be strategic and include all various elements of rewarding employees based on

their needs and experiences within the organization. Thus for rewards to be sufficient, adequate

and meet the needs of employees it must have both intrinsic and extrinsic factors, they must include

both internal and external, financial and non-financial rewards which will encourage, motivate and

stimulate them into better performance.

2.2.2. Employee Performance

Caza, Mccarter and North (2015), opines that employee performance refers to the degree by which

employee fulfils their jobs and execute their required task. Also, Platis, Reklitis and Zimeras

18
(2015), explain that employee performance measures the effectiveness, quality and efficiency of

employee output.

Sule (2017), in better explanation noted that employee performance refers to the achievement of

the fundamental responsibilities assigned to an employee as part of his job description. For jobs

to be achieved properly, the employee needs to mobilise both cognitive ability and skill

knowledge (which includes technical skills) this ensures the effective and efficient achievement

of task assigned to the employee, as such, employee performance is not only regarded as the

carrying out of duties or task given to the employee, it refers to the excellent achievement of these

tasks. For an employee to perform well he/she needs to apply all cognitive and task skills to ensure

that duties assigned are achieved properly with less supervision. Thus, employee performance can

be regarded as the extent by which employees commit themselves to achieve task both mentally,

physically and creatively with less supervision however with the optimum results. Staff that do

not meet up and exceed expected results cannot be termed to be performing well and are

detrimental to a business (Mou, 2007).

Employee performance is therefore the ability to get the expected results assigned by

management, an employee needs to be able to plan, organize and implement strategies to get task

done, this is why employee performance is a complex whole, as for employees to achieve expected

goals they must engage both mental and skill power, thus employee performance is not just

restricted to how well employees achieve task, but how well they are engaged in achieving task

set by management. Is a complex concept that is determined by Job satisfaction, employee

productivity and employee engagement.

19
2.2.3. Importance of Intrinsic and Extrinsic Rewards on Employee Performance

In noting the importance of rewards to employee performance Kulchmanov and Kaliannan (2014),

noted that employee performance is the unit of individual performance which reflects in the entire

organizational performance, this is because the sum total of each employee performance is what

makes the overall organizational performance positive. In explaining this further Zhang (2012),

noted that employee performance is a process that leads to greater organizational performance

(individual performance leads to group performance, group performance leads to departmental or

unit performance, a combination of all departmental performance hence leads to the

organizational performance. Since employee performance is the starting point of organizational

performance, rewards becomes important as it can be used to influence and motivate employees

to perform better, using good reward packages can stimulate performance of employees, by

providing them with the zeal to accomplish all task designed by management. The proper

function, efficiency and effectiveness of the organization depends on the efficiency and

effectiveness of employees, thus if employees excel at achieving and attaining goals set by

organization’s in relation to their duties, the organization is bound to succeed, using rewards to

stimulate and motivate employee performance is thus important not only for the employee but

also for the organization. Employee performance is thus a complex concept which is determined

by several other factors such as; Job satisfaction, employee productivity and employee

engagement.

2.2.4. Job Satisfaction

According to Hamama, Tartakovsky, Eroshina et al (2014), there is no universally recognised

definition of job satisfaction. Parthi and Gupta (2016), stated that job satisfaction is the degree or

extent in which an employee is happy with his/her job which results in a willingness to perform at

20
a higher level. Platis, Reklitis and Zimeras (2015), refers to it as a positive and favourable attitude

towards a job, while Reddy, Reddy, and Rao (2016), noted its collection of beliefs and feelings

people have concerning their jobs. From the three definitions, job satisfaction is a feeling which

according to Robertson and Kee (2017), can be measured in the cognitive, affective, and

behavioral commitments of employees towards an organization.

Several factors make an employee satisfied in an organisation. Spencer and Byrne (2016), stated

that motivating employees is an essential way to keep employees satisfied with their jobs, he

further explained that employees (are not limited to) but motivated by intrinsic and extrinsic

rewards. According to Troesch and Bauer (2017), Motivations lead to job satisfaction, as they

enable employees to engage in activities that enable them to achieve their goals.

Robertson and Kee (2017), are of the opinion that when employees are satisfied with their jobs,

they display cognitive, affective and behavioural commitments, Platis, Reklitis and Zimeras

(2015), explained this further by stating that when employees are satisfied they show positive

actions in innovations, emotions and value placed on the organisation and enthusiasm towards

roles played in the organisation.

Job satisfaction is therefore an outcome of motivations (intrinsic and extrinsic) and when

employees are satisfied with their jobs they are mentally, emotionally, and behaviorally committed

to the organisation.

2.2.5. Importance of Intrinsic and Extrinsic Rewards on Job satisfaction

Adequate rewards are essential for employee motivation to both low achievers and high achievers

(Dewhurst, Guthridge and Mohr, 2009). This is because proper rewards serve as incentives that

increase job satisfaction amongst high performers or achievers and also stimulates low achievers

21
to perform better. Rewards are equally important to all organizations however reward systems may

differ based on organizational laws and the nature of employees in the organization. An important

factor therefore why employers should provide adequate rewards is because it makes employees

satisfied with their jobs, despite the fact that some employees may be satisfied with non-financial

or financial rewards, rewards serve as an essential factor that carters for the needs of the employees

thus keeping them satisfied with their jobs.

Sheilds , Brown, Kaine et al (2015), mentioned that a cardinal importance of rewards is that it

elicits job satisfaction amongst employees through meeting the needs of employees. They further

explained that employees have needs and these needs can be fulfilled through cash or non-cash

bases, rewards that thus provide both cash and non-cash rewards for employees will definitely

provide them with means of meeting their needs and therefore keeping them satisfied for a long

period.

Hence, both financial and non-financial rewards have a positive impact on job satisfaction,

rewards must therefore be structured adequately to carter for both financial and non-financial

needs of employees. If rewards systems are not adequate it leads to negative and adverse outcomes

on job satisfaction (Dewhurst, Guthridge and Mohr, 2009). Low job satisfaction may lead to lack

of commitment, high employee turnover, and poor employee performance. Satisfied employees

on the other hand are not likely to quit the organization, thus good reward system that incorporates

total reward strategy is essential to attract and retain employees.

2.2.6. Employee Productivity

According to Agburu (2012), employee productivity refers to an assessment of the efficiency of a

worker or group of workers. He further noted that productivity is an evaluation of the output of an

22
employee within a specific period. As such, there are several characteristics of a productive

worker.

Armstrong, Reilly and Brown (2011), opine that productive workers take positive initiatives and

self- direct themselves with policies of organisations, he also pointed out productive employees

have high problem-solving skills. Ong and The (2012), productive workers meet up to the task,

have healthy communication and team relationships and are goal-oriented. The value of productive

workers cannot be undermined as Ibrar and Khan (2015) , noted that employee productivity is an

essential aspect of organisation as it affects the company’s profits and performance as such several

scholars have tried to explain factors that can lead to better productivity.

Aghwu (2013), mentioned three ways to improve employee productivity; adequate motivation,

constant training and developing a positive organisational culture. San, Theen and Heng (2012),

noted that improving workplace conditions such as proper motivations, remunerations, health, and

safety, setting out goals and strategies to achieve them and creating positive reinforcements. A

major denominator from the ways by which employees can be productive is to improve employee

motivations.

2.2.7. Importance of Intrinsic and Extrinsic Rewards on Employee Productivity

The imperativeness of rewards on employee productivity cannot be overemphasized as businesses

constantly seek how to keep the productivity level of employees high, this can be achieved when

employees are actually happy while doing their job (Mougbo, 2013). Reward packages serve as a

contingent factor in keeping employees passionate about that job thus driving them to greater

productivity. Akani (2019), explains that rewards can serve as a strong factor to influence the

23
behavior of employees thus propelling them towards better productivity and achieving

organizational efficiency.

Monga, Verma and Monga, (2015), in his own explanation noted that rewards were essential to

employee productivity as it increases the ability and skills of employee, he explained that an

essential part of rewards was creating the avenue for skill and capacity development through career

development programmes, training and education. The aforementioned leads to the development

of two types of capacities cognitive (mental, creativity and innovation) and physical (skills,

technical know-how etc) amongst employees which is essential for employee productivity. With

a combination of the two employees were bound to perform successfully, thus increasing the

fortune of the organization.

Further noted that rewards were essential in employee motivation, and motivated workers served

as competitive advantage for organization, this is because when employees are motivated they are

better productive, thus leading to the skillful and efficient attainment of goals, this enables a

company stay afloat in times of stiff and rigid competition. Furthermore Sule (2017), explained

that the survival of businesses in a competitive market place was largely determined by the quality

of its human resource base, organisations that treat their human resource properly by providing

adequate rewards generally created more committed and productivity workers which was

significant in out-performing competitors.

2.2.8. Employee Engagement

Samuel and Kiende (2018), explained that Employee engagement refers to the degree of

commitment an employee has to his workplace, they also noted that it is the value which an

employee places on his workplace that makes him/her want to put more effort in realizing goals

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and objectives of an organisation. Sharma and Sharma (2014), defined employee engagement from

both managerial and employee point of view, to management “it is the process of leading people

by enabling them to want to do whatever is necessary to ensure the continuous high performance

and the success of the business” and to the employee “It is their attitudinal and emotional state

developed from experiences perceived to be controlled by management” (Sharma and Sharma,

2014:596-597).

According to Tiwari and Lenka (2016), employee engagement is essential to any company as it

leads to financial success, better work performance, improved productivity, more customer

performance, and organisational performance. He further noted that there are three broad factors

that influence employee engagement, these are motivational factors (Growth/ Career

Development, rewards, payment, and salary, work itself and responsibilities), Hygienic factors

(interpersonal relations, working conditions, job security) other factors (leadership style,

communication patterns, equal opportunities, and fair play)

2.2.9. Importance of Intrinsic and Extrinsic Rewards on Employee Engagement

A positive relationship exists between rewards and engagement, as rewards influence employee

engagement outcomes such as increase performance, customer satisfaction, organizational

effectiveness, employee satisfaction, reduced employee turnover and more productivity. With

proper rewards employees become more willing and determined to involve themselves in their

work and employ intellectual, emotional and physical resources to ensure that task is accurately

accomplished and completed. Hicks, O’Reilly and Bahr (2014), notes that proper rewards

increased the vigour, participation and effectiveness of employees in their workplace, thus rewards

can make an employee concretely engaged and involved in workplace activities. Considering the

importance of rewards to employee engagement, employers are recommended to put in place

25
reward systems that will prevent the fluctuations of engagement which could have serious negative

consequences on employees (Rothmann, 2015).

Holmefur , Sundberg , Wettergren et al (2015), acknowledged that different types of rewards

resulted in different commitment levels amongst employees, he noted that financial rewards such

as pay, bonuses and monetary incentives played a lesser role in engaging employees and thus had

a weaker relationship to employee engagement, however intangible and non-financial rewards

were better placed at engaging employees to work on long term basis. Furthermore McMullen

(2010), noted that employee perception to reward differed based on their engagement levels, he

noted that employees who were more committed and participative in organizational activities cared

less about pay and financial benefits, they were more concerned with intangible benefits that

results from task accomplishment, on the other hand staff that were less engaged preferred more

financial benefit. It thus therefore means that intrinsic rewards that came from self-

accomplishment, work-life balance and organizational culture were more potent in engaging

employees than pay or financial remuneration. Therefore, organisations should not focus on

extrinsic rewards while neglecting intrinsic rewards as the latter was more essential to employ

engagement.

2.3. Theoretical Review

The essence of the theoretical review is to explore various theories that discuss on impacts of

rewards on employee performance, this will be essential in drawing a standard theoretical

framework for the study.

26
From the contextual review, it was established that rewards are forms of motivations, thus, theories

that discuss the impact of rewards on employee performance are essential motivational theories.

These theories include;

2.3.1. Hierarchy of Needs

Hierarchy of needs theory was proposed by American psychologist Abraham Maslow in 1943, the

theory arranges the needs of employees in ascending order on a pyramid, these needs are

(Physiological needs, Safety needs, Love and belongingness needs, Esteem needs, Self-

actualization needs). As revealed in the figure 2.3.1 below;

Figure 2.3. 1. Maslow’s Hierarchy of Needs

Source: Bender, Nicholas, David et al (2018)

The theory explains that individuals all have these needs therefore they enter labour contracts to

achieve these needs, the satisfaction of one’s needs leads to the desire to satisfy the other until the

final is achieved. According to Bender, Nicholas, David et al (2018), this relates to extrinsic

27
rewards because with extrinsic rewards employees can satisfy each need e.g with good payments

employees can afford food, shelter, join associations, etc. According to Croucher, Wood, Brewster

et al (2012), Maslow's theory gives a simplified yet progressive explanation of human needs

therefore, an organisation that can aid the employee to achieve all elements on the pyramid will

increase its employee performance.

David (2018), in explaining the Maslow’s pyramid noted that extrinsic rewards can only achieve

the basic needs below the pyramid i.e physiological needs and safety needs, extrinsic rewards

however cannot sustain the upper needs of the pyramid, hence extrinsic rewards can only be used

in the short-term, he also noted that extrinsic rewards can only attract workers, as workers are

constantly on the lookout for better pay, however for workers to be retained, intrinsic rewards

must be provided which aid employees to achieve the needs on the topper part of the pyramid.

Despite the explanations above, Koltko and Mark (2006); Tay and Diener (2011), criticised the

theory by noting that there cannot be a hierarchical structure of needs, as every employee and

individual has their varying order of needs which leads to satisfaction. To some people achieving

social needs is more important than basic needs, hence they place social needs first and can be

satisfied in a workplace if their basic needs are not met. Furthermore, Garcia (2010), noted that

while using the theory managers can encounter a significant problem, as needs and their

satisfaction are psychological feelings, hence even an employee may not be aware of what he/she

needs to achieve satisfaction, thus leading to the question of how managers can know the particular

needs of employees.

28
However, the above, Maslow’s theory still provides an elaborate representation of the intrinsic

and extrinsic need dichotomy and its further essential for understanding the phenomenon of

rewards, motivation and employee performance (Croucher, Wood, Brewster et al (2012).

2.3.2. Herzberg Two Model theory

This theory was developed by Frederick Herzberg in 1959, the theory is built on two factors;

Motivators: Which can encourage employees to work harder; this include achievement,

Recognition, The work itself, Responsibility, Advancement, Growth.

Hygiene factors: These will not encourage employees to work harder but they will cause them to

become unmotivated if they are not present, Company policies, Supervision, Relationships,

Rewards system, Work conditions, Salary.

The theory is described in the figure 2;

29
Figure 2.3. 2. Herzberg Two factor theory

30
According to Bender, Nicholas, David et al (2018), extrinsic rewards system falls under hygienic

factors, therefore if not present may lead to a low job satisfaction and an unmotivated workforce.

Unmotivated workers would perform below expectation.

David (2018), explained Herzberg’s theory via the intrinsic and extrinsic reward dichotomy. He

noted that while intrinsic rewards were motivation factors which are found within the job itself,

extrinsic rewards were hygienic factors which surround the job. From this he stated that the

presence of intrinsic rewards will make employees more motivated and hence propel them to work

harder, the absence of intrinsic rewards leads to lower motivation and less work done. Absence of

extrinsic rewards however do not stop motivation levels of employees however it leads to lower

job satisfaction which could in turn hurt the workplace, as workers will not be encouraged to put

more effort. This leads to the notion that workers may be motivated but not satisfied with their

work.

Therefore, for employers to have a performing, productive and engaging workforce there must be

both motivation and hygienic factors, Schultz, Schultz and Sydney (2010), however noted that

from Herzberg’s analysis, job satisfaction comes before motivation, thus to keep workers satisfied,

an employer should take away all the factors that could cause employees to be dis-satisfied this

factors conclude include low pay, bonuses and absence of financial incentives. Since financial

rewards were mainly essential in keeping workers satisfied, employers should constantly build

and enhance their wage and salary schemes. On the motivation side David (2018), explains that

workers need to be constantly motivated to keep them further productive and engage, thus intrinsic

rewards become necessary, as employees were less motivated by extrinsic rewards.

31
Therefore, it is important for employers to strike a balance between motivation and hygienic

factors as explained by Hezberg as the both are essential to keeping an active and performing

workforce, as Croucher, Wood, Brewster et al (2012), stated that the best work environment were

those with high motivational factors and high hygienic factors.

Herzberg’s theory however is not infallible as certain criticism have been recorded, Khalifa and

Quang (2010), noted that Herzberg’s methodology was limited to engineers and accountants in

other words the professional or white-collar workplace. This sect of workers may like challenging

and responsibility in jobs, the two factors can thus be applied. However, other sect of jobs such as

informal jobs may not support an accurate application of Herzberg’s theory, the hygiene and

motivational factors may thus have a reverse effect. Furthermore, Herzberg’s theory focuses on

formal work institutions thus his theory may not thoroughly explain satisfactions in workplace in

contemporary business environment, as the workplace is not restricted to a formal institution

(Schultz and Schultz, 2010). Despite the criticisms Herzberg’s theory offers two frameworks to

evaluate satisfactions and how it can be achieved in organisations.

The value of both theories is they both discuss motivation to be associated with certain factors as

rewards etc, thus without rewards (intrinsic and extrinsic), employees would be unmotivated,

dissatisfied and this can significantly impact their performance. Hence, these theories provide the

theoretical framework to assess rewards, as a basic form of motivation to do better.

2.4. Empirical Review

This section draws the link between extrinsic and intrinsic rewards and employee performance,

the essence of the empirical review is to draw up conclusions that can be compared to the

conclusion of the present study, for similarities or dissimilarities Presslee, Vance and Webb

32
(2013), while studying the effects of rewards in educational institutions, noted that Extrinsic and

Intrinsic rewards have numerous benefits of which one is employee performance. They noted that

these rewards increase job satisfaction, enhances employee productivity and ensures effective

engagement of employees.

Fareed, UlAbidan, Shahzad et al (2013), made a correlational analysis between extrinsic rewards

and employee performance in insurance firms in Nigeria, he established that while money may

not be a good motivator, the absence of it could be a strong de-motivator, hence financial rewards

are significant for their instrument value as a medium of exchange and also as a tangible means of

recognising employees worth, symbolising status and achievement and improving self-esteem.

Danish and Usman (2010), conducted a study in Pakistan, their goals were to study rewards and

employee performance, they used variables such as job satisfaction, employee retention, employee

productivity etc. Their results revealed that there is a direct relation between reward systems and

employee performance as rewards significantly increased variables that measured employee

performance.

Mohammed and Shasisa (2016), conducted an empirical study from 21 banks in Morroco to study

the effects of intrinsic rewards and staff commitment, performance and productivity. Using

quantitative analysis, the study discovered that that feeling of value and belonging were one of the

most important rewards that engaged staff in the workplace. Furthermore, their research drew a

link between intrinsic rewards and long-term productivity, as they discovered that intrinsic

rewards kept employees productivity for a longer time.

Chijoke and Chinedu (2015), also investigated the effect of rewards on employee performance in

Organizations in Nigeria. They noted that both intrinsic and extrinsic rewards have a significant

33
 impact on employee performance. However, there is a difference between the effect of intrinsic

and extrinsic rewards on employee performance. The significant difference arises from the fact

that intrinsic rewards increase performance of employees and can sustain it over time. While

extrinsic rewards like premium salaries, office space, etc can attract employees to an organization

but cannot keep them for a long time leading to high employee turnover.

2.5. Conceptual Framework

The conceptual framework is the corroborative strategy employed by a researcher, which is used

to unite and harmonize all variables of study with their attendant unit of measurement. The

conceptual framework aids in visualizing the variables of study, their relationship, units of

measurement and expected outcome. The conceptual framework for this study was reserve till

after the literature review so a proper understanding of each variable of the study can be attained,

thereby leading to proper units of measurement for each variable.

From the literature review, the basic variables of the study are summarized below

Table 2. 1. Conceptual Framework

S/N VARIABLE MEASUREMENT

1 Rewards Intrinsic Value:
This refers to all benefits and packages • Sense of Meaningfulness
given to an employee by an employer, as This accrues from the achievement or accomplishment of a
a result of meeting up with job task or as duty.
a means of motivation for greater • Sense of Choice
accomplishment of task (Aghwu, 2013). This occurs when an employee is freely able to choose the
task which he/she is best suited for, task which are based on
Based on Maslow’s and Herzberg’s personal judgement can be performed to an optimum level.
theory a proper reward system is that • Sense of competence
which has both intrinsic and extrinsic This comes from achieving and handling tasks well, i.e
factors employee performance meets up to standard or exceeds set
standards.

34
 • Sense of progress
This comes from the feeling of achievement, improvement
and development.

Extrinsic Values:
• Salary and Wages
• Remunerations and incentives
• Career and Job development
• Work-life balance

2 Employee Performance Job satisfaction

Refers to degree by which Job satisfaction is the degree or extent in which an
employee fulfils their jobs and employee is happy with his/her job which results in a
execute their required task. For willingness to perform at a higher level.
jobs to be achieved properly, the Employee Productivity
employee needs to mobilise both An evaluation of the output of an employee within a
cognitive ability and skill specific period. Productive employees meet up to the
knowledge. Therefore, employee task, have healthy communication and team
performance is a product of relationships and are goal-oriented
several other factors which serve Employee Engagement
as unit of measurement of this Engagement refers to the degree of commitment an
study employee has to his workplace, they also noted that it
is the value which an employee places on his
workplace that makes him/her want to put more effort
in realizing goals and objectives of an organisation

The sole aim of this research will be to measure the impacts of these rewards on employee

performance i.e measuring the impact of variable one on variable two in the above table. The

pictorial representation of the conceptual framework is thus revealed in the figure 2.3.3 below:

35
 Figure 2.3. 3. Conceptual Framework

REWARDS EMPLOYEE PERFORMANCE

• Intrinsic value
IMPACTS
• Job satisfaction
• Extrinsic value • Employee Productivity
• Employee Engagement

The conceptual framework thus informed the hypothesis of this study as outlined in Chapter 1

(section 1.5), the conceptual framework will further determine the choice of methodology, data

collection instruments and data analysis which will enable a thorough investigation into the

relationship of the two variables.

2.6. Summary of Chapter

This chapter was the literature review, the basic variables of the study were reviewed in line with

existing research, the basic variables that were reviewed were Rewards and Employee

performance, this led to the discovery that rewards are basically of two types (intrinsic and

extrinsic) and how adequate a reward system is, is based on the combination of the two. The second

variable which was reviewed was employee performance, the review led to the discovery that

36
employee performance was largely determined by job satisfaction, employee productivity and

employee engagement. The chapter concludes by drawing the conceptual framework which unites

all the variables of the study and how they are to be measured using an appropriate methodology.

The methodology for this study is thus discussed in the next chapter.

37
 CHAPTER THREE

RESEARCH METHODOLOGY

3.1. Overview

This chapter discusses the research methodology which is the combination of instruments,

frameworks, techniques and methods which the researcher adopts to arrive at a logical and

reasonable conclusion to the research objectives. The research methodology is broken down

into; research philosophy which is the method of acquisition of knowledge, the research

philosophy used was positivism because it deals with factual and evidential interpretation of

variables. The philosophy informed the research approach which was deductive approach

because the research incorporates and tries to verify theoretical premises in relation to the subject

matter. The research design adopted was correlational studies which investigates the links

between two variables. The research strategy adopted was survey which flowed from the

research philosophy, survey is the major way of data collection using positivism. The research

techniques involved all quantitative analysis methods. This combined gave the research

methodology an onion layer format, as seen in the diagram below;

38
 Figure 3. 1. Research Onion

RESEARCH
PHILOSOPHY
(Positivism)

RESEARCH
APPROACH
(Deductive)

RESEARCH
DESIGN
(Corellational)
RESEARCH
STRATEGY
(Surveys)

RESEARCH TECHNIQUES

Sources of data (Primary and Secondary) DATA

ANALYSIS
Sampling technique (Simple random)

Instrument of data collection

(Questionnaires)

3.2. Research Philosophy

The research philosophy provides a system of belief that governs the process through which data

is collected, analysed and adopted. Research philosophy governs the process of development of

knowledge; thus, a research philosophy enables the acquisition and establishment of knowledge

through the development of logical reasoning (Creswell, 2013). A research philosophy enables

a researcher study contemporary phenomenon while linking them to previously established

methods of thought which enhances knowledge and scientific inquiry. It is therefore pertinent

for every research to adopt a research philosophy.

Several research philosophies exist, however, to explain them one must first know the difference

between; ontology, epistemology, theoretical perspective, methodology, methods and sources.

This are briefly described in the diagram below;

39
Figure 3. 2. Research Philosophy breakdowns

Source: Crowther & Lancaster (2008)

Based on the above, the different types of research philosophy that exist are described in the table

below;

40
Table 3. 1. Types of Research Philosophy

Source: Crowther & Lancaster (2008)

For this dissertation, the positivism philosophy was adopted, from the table positivism postulates

that knowledge can be gained through observation and measurement, hence making the process of

inquiry factual and more empirically based. With positivism the role of the researcher is

significantly limited, this enables an objective data collection and interpretation process. Research

that is positivist incline is significantly reliable and regarded as more authentic, because its

variables can be easily quantifiable and measured (Crowther and Lancaster, 2008)

41
The researcher adopts the positivism philosophy to make the research more reliable and valid

through quantifiable observations and statistical analysis. Furthermore Wilson (2010), notes that

positivism is in accordance with the empirical view hence it studies knowledge from human

experiences, it also studies discrete, observable events and element which interactions are

evidentially observable and measured. This is essential to the study, as the study fundamentally

seeks to acquire knowledge by studying the relationship between intrinsic and extrinsic rewards

on employee performance, the basic variables can be observed and measured based on their

interaction with humans, thus leading to a factual and objective conclusion. In a simpler

explanation, positivism will enable the researcher to collect the right empirical data to enable an

objective analysis and measurement of the major variables of the study.

A significant drawback of the positivism philosophy as noted by Crowther & Lancaster (2008), is

that it dwells much on empirical measurement and observation, however human beings cannot be

empirically measured and understood, because humans are dynamic and they display different

patterns of behaviour in different context and situation. This however will pose a minimal

limitation to the study as the research adopts other qualitative means (as the use of secondary data)

to buttress and support conclusions, thereby creating a specific pattern to understand human

behaviour and its interactions to the variables of the study. The positivist philosophy however

provided an accurate way to measure the variables of the study as it will produce more scientific

and empirical findings.

3.3. Research Approach

The research approach used for this study is the deductive approach, the research approach used is

the deductive approach also called the top-down approach, according to Bryman and Bell (2015),

this approach collects general data about a phenomenon and analyses them and makes specific

42
conclusions. Using the deductive approach, a researcher studies different variable and tries to link

them to reach a logical and rational conclusion. The deductive approach tries to link premises with

what is obtained. Hence, establishing and authenticating the premise. A more simplistic description

of the deductive approach is contained in the table below;

Table 3. 2. Characteristics of Deductive Approach

Source: Mugenba (2017)

Using the table above, the researcher will integrate the deductive approach into the study based

on:

i. Use of logic: The research adopts the premise of Maslow’s and Herzberg’s theory of

rewards and employee satisfaction which states that employees have needs which if

fulfilled or provided for can serve as sources of motivation, productivity and

engagement. The researcher will test this premise on staff at Access bank, if the

findings tally with the premises, then a logical knowledge has been obtained.

43
 ii. Generalisability: With the movement of general to specific the research seeks to draw

general variables regarding intrinsic and extrinsic rewards and try to investigate their

interactions on a specific group of people i.e employees at Access bank Nigeria

iii. Use of Data: the hypothesis in section (of this research) have been developed in line to

theoretical and conceptual constructs. The research thus seeks to evaluate the

hypothesis

iv. Theory Falsification and Verification: By using Maslow’s and Herzberg’s theory,

this research tries to verify the premises noted by the theories and their applicability in

real life situations, thus the research seeks to study the link between the hierarchy of

needs, two factors and their applications on employee performance.

3.4. Research Design

The research design is the overall method which the integrates different elements and components

of a study. With a research design, the researcher can incorporate all aspects of the study to produce

a coherent and logical study. The research design mainly refers to the frameworks for variable

analysis and data chosen to analyse them (Najeesh, 2017). The research design enables the research

to address the way variables carefully but effectively are measured. Within the social sciences, a

research design enables a researcher to choose a framework for measuring, evaluating and

analysing variables so as to accurately answer the research question posed (Creswell, 2013).

This study adopts the correlational studies design. The correlational design is a form of non-

experimental research design which the researcher adopts in the measurement of two variables,

thus assessing and understanding the relationship between them (Wilson, 2010). The correlational

design is important as it tries to measure two variables, study their impact on each other and

establish a pattern of relationship. The correlational design is thus adopted in this study as the

44
study basically seeks to statistically investigate the relationship between rewards (intrinsic and

extrinsic) and employee performance in Access bank Nigeria, this will aid in a proper

understanding of the two variables and further establish a pattern which can further add to

knowledge on the research subject matter.

3.5. Research Strategy

A research strategy involves the systematic procedures which a researcher adopts to acquire data

and analyse them. According to Creswell (2013), the research strategy gives the researcher an area

of focus in terms of collecting data which is efficient and important to answering the research

question. The research strategy flows from the research philosophy and research approach as the

research philosophy provides the overall framework for carrying out the study, the research

approach gives how the variables will be measured and the research strategy aids in collecting the

right data for accurate measurement.

Referring back to the table (3.1), under positivism the method of data collection involves large

samples, quantitative analysis and measurement of a range of data, this can only be made possible

through the use of survey’s, as such the survey research strategy will be adopted for this study.

The survey is a method of data collection in which questions are posed to the respondents and the

respondent answers. The survey excels in collecting large sums of data, and it is both cost and time

efficient. Furthermore, according to Creswell (2013), it ensures high representativeness,

convenience in data collection, good statistical significance, and less subjectivity. The survey

technique is thus employed in this study as it will give us precise results regarding the research

questions and help the researcher achieve the research objectives which more empirical evidence

as the positivism philosophy demands.

45
Table 3. 3. Strengths and Limitations of the Survey

STRENGTHS LIMITATIONS

Quick and efficient High response rates are important but may be
difficult to achieve

Can cover a wide range of topics May lack-in-depth information on

topic/subject

Obtain responses from large number of Bias responses/misunderstanding questions

people

Can be completed anonymously Potential desire of respondents to respond

favourably

Easy to compare and analyse

Source: Najeesh (2017)

The above strengths and the potency of the survey to the positivism philosophy is the major reason

for its adoption in this study. Concerning the limitations, Ramanathan (2008), notes that the most

formidable limitation of the survey it the inability to obtain in-depth data, however this can be

managed by the use of concrete secondary literature that provides adequate knowledge on the

research topic. The research thus will utilise lots of secondary data to provide in-depth information

for the research, thus enhancing the research validity.

3.6. Sources of Data

Two types of data are utilised for this study, Primary and secondary data

a. Primary Data

The primary data is collected first-hand from the respondents thus it serves as an authentic and

credible form of data as it is to a significant extent a representation of the respondents’ opinions

46
about an issue. Primary data was used to collect information and measure the correlation between

the basic variables of the study. The primary data is collected using the questionnaire.

b. Secondary Data

The secondary data was collected from the review of past literatures, published documents, articles

and journals concerning the research subject matter. The data was utilised to support the primary

data and used for further explanations on the relationship between the variables. Secondary data

was subject to academic scrutiny to ensure data found was authentic and void of bias.

c. Population of the Study

The sample population for this study were employees at Access bank with specific focus on one

of the branches in Kaduna state Nigeria, they were chosen because they are the direct receivers

of intrinsic and extrinsic rewards at the Bank, and hence they are in the best position to offer

quality data regarding the impacts of extrinsic rewards. Also, the researcher has a relationship

with the employees which will aid easy access to the employees. Demographic characteristics

of employees include age, educational level, number of years and possibly nationality.

All employees including senior and junior staff are included for the study i.e staff who have worked

in the company for a year and above. The staff strength of Access bank is 220.

3.6. Sample Technique and Sample Size

The sampling technique was gotten using probability sampling techniques which is the simple

random technique, this technique was chosen as it eliminated bias and offered every employee the

chance to be included in the study. Though it has a limitation of including unwanted elements in

the study, this limitation will be minimised by using a research guide to help employees fill the

questionnaires. The sample size of the study was pegged at 60 to ensure that the population is

47
suitable to conduct regression tests. This was also to ensure that maximum attention is given to the

responses collected, as large sample sizes contains much data and could possibly lead to

misleading results. Additionally, due to COVID-19 most of the employees were unavailable to fill

the questionnaire.

3.7. Instrument of Data Collection

The major instrument for collecting data was the questionnaire, the reason is because;

i. Questionnaires are the basic way of collecting data using survey strategy

ii. Questionnaires aid in making quantitative and statistical analysis

iii. Questionnaires are more favourable in making correlational analysis amongst

variables, which is a cardinal intention of this study.

Furthermore, this instrument is used because of the nature of the research, the subject, nature of

research problem. The subject, nature and research problem require general and vast data, hence,

in order to generate a wide variety of responses as well as meet up with the target population the

questionnaire is utilized.

The questions on the questionnaire was drafted in line with the research questions and variables

operationalized (see Chapter 2 section 2.5).

The questionnaire contained 4 sections.

Section A contained the bio data of the respondents such as age, gender, years of work etc.

Section B contained questions bordering the independent variable i.e Intrinsic and Extrinsic

rewards, here basic questions that tally with the operationalization was asked.

48
Section C contained questions that relates to the dependent variable (employee performance)

questions will tallied with the operationalization i.e job satisfaction, employee engagement and

employee productivity.

Section D contained questions that draws the link between Intrinsic and Extrinsic rewards and

employee performance.

The questions in the questionnaire was drafted based on different scales in relationship to the

variable which is studied under each of the sections.

Section A and Parts of Section B contained questions that are drafted using the dichotomous and

nominal scale, a two-point scale, or a set of other options which allows for precision and concise

responses. Also, some questions in this section were open ended questions whereby spaces were

provided for respondents to write a bit about responses, views, or perceptions about the

phenomenon under study. This will enable the researcher to get a wider range for answers.

Parts of Section B, was structured using the Linkert scale and contained questions which were

drafted using the Linkert Scale, this scale provides room for 5 or more different responses, the

Linkert scale was chosen here because when working with quantitative data, it was easy to draw

conclusions, reports, results and graphs from the responses. The Linkert scale was also important

because it shows the rating of the respondents concerning two or more variables.

Section C was constructed using open ended questionnaire format and Section D was constructed

using the Linkert scale

49
3.8. Validating the Instrument of Data Collection

There are two types of validity i.e External Validity and Content Validity (Creswell, 2013).

External validity is the extent to which the results of a study can be generalized from a sample to

a population. Content validity refers to the appropriateness of the content of an instrument.

This research was conducted keeping the two forms of validity in mind. To ensure the validity of

the questionnaire a pilot study was conducted, i.e a set of questionnaire was sent out to the study

area, and this helped in providing insight and recommendations that ensured the accuracy and

relevance of the content of the questionnaire in order to make sure the responses it generated were

valid.

The researcher also had thoroughly reviewed the literature and sampled various theoretical

frameworks and empirical studies in order to clearly conceptualise the key variables of interest

(Intrinsic, extrinsic rewards and employee performance). The researcher also ensured that the

questionnaires matches to the content of the topic, furthermore the questionnaire was presented to

the supervisor to critically check between variables and theoretical constructs to ensure the

questionnaire measures what it is intended to measure.

3.9. Method of Data Analysis

For this research, to ensure that data is analysed without mistakes, The Statistical Package for

Social Sciences (SPSS) for Microsoft Windows was used to calculate and tabulate data. This was

followed by descriptive analysis of data. While using SPSS several statistical instruments were

used, instrument as mean, media, mode regression and correlation analysis, this provided adequate

50
figures by which can be decisions on the level of significance between variables and their

magnitude of occurrence within the case study.

For section A and B, C. The conventional Percentile table was adopted. The percentile tables is

that which presents data according to their percentages. This is important because the percentile

tables give the extent or the percentage to which the phenomenon occurs in the study area.

Percentages were useful for comparing information where the sample sizes or totals are different.

By converting different data to percentages, you can readily compare them.

For analysing the data in section D of the questionnaire, firstly the Basic statistical methods was

used i.e mean, median, and Standard deviation. After which the multiple and simple regression

technique will be adopted. This was adopted because it predicts the value of a variable based on

the value of two or more other variables and also tests how change in the independent variable

can effect a change in the dependent variable, this is ideal for testing the relationship between the

two variables in this study.

3.9. Ethical Considerations

Research ethics is an important aspect of the research, as it ensures that the researcher coordinates

the research according to established principles and protects the respondents of the study. This

study therefore adhered strictly to research ethics procedures.

Participants were not coerced into answering the questionnaires but based on free will. To recruit

participants, firstly, an email was sent to the manager of Access bank, seeking approval to carry

out a survey in the bank and also to create a discussion board on the bank’s website for

participants whereby, a message explaining the study was posted along with the information and

consent sheet and a link to the questionnaire. The Consent form was sent to the bank’s website,

51
interested participants then filled the form and proceeded to fill the questionnaire via the link

provided. The researcher also ensured that no risk factor was involved while taking the consent

from the participants of Access bank for the research.

The participant welfare was put into consideration, as no action was taken to jeopardise the safety

of participants, data was anonymised by not including any item on the research questionnaire that

allowed respondents to present personal details for themselves, the researcher did not therefore

ask respondents any personal question such as to protect the confidentiality of respondents.

Respondents were briefed about the need to participate in the research however none was coerced

into participating, they were also given the consent form to fill as a prove of their willingness to

participate in the research. They were also told they could withdraw from the research at any time

they felt.

3.10. Limitations of the Methodology

The basic limitations of the methodology include;

i. Instrument of Data Collection: The questionnaire does not provide the opportunity

to collect in-depth data, hence primary information did not contain in-depth

explanation about the relationship between variables, however, this was managed by

using much secondary literature

ii. Sampling Technique: The method of sampling was not quite efficient because it

chooses people randomly neglecting the fact that some individuals with rich

knowledge of the problem were not picked and others with shallow knowledge be

picked.

52
The above limitations however did not hinder the credibility and authenticity of this study, as the

researcher ensured to carefully and judiciously use all techniques recorded in the chapter.

3.10. Conclusion

The above methodology was strictly adhered to by the researcher, this ensured that the total

outcome of the research presents a credible and original form of knowledge that could referenced

to in future academic literature. The methodology also enabled the research findings to be adopted

by managers and human resource practitioners as a method to boost employee performance

through adequate rewards. The next chapter discusses the analysis and interpretation of data.

53
 CHAPTER FOUR

PRESENTATION AND ANALYSIS OF DATA

4.1. Introduction

This chapter contains the presentation and analysis of data, the section is divided into four (4)

sections, A, B, C, Section A contains the demographic qualities of respondents which explain the

background information of the respondents. Section B contains the multiple regression test ,

Section D contains the simple regression test where all the research hypothesis are tested, while

Section D discusses the research findings. Other responses for the questionnaires are reflected in

Appendix C

4.2. Section A: Demographic Qualities of the Respondents

This section deals with the basic background information of respondents

Table 4. 1. Gender of respondent

Frequenc Valid Cumulative

y Percent Percent Percent

Valid Female 24 44.4 44.4 44.4

Male 30 55.6 55.6 100.0

Total 54 100.0 100.0

Source: Field Survey (2020)

54
From table 4.1. 55.6% of the respondents are males while 44.4% of the respondents were females.

This reveals that the disparity between males and females in the research is not much.

Table 4. 2. Age of the Respondents

Frequency Percent Valid Cumulative

Percent Percent

Valid 20-25 years 11 20.4 20.4 20.4

26-30 years 20 37.0 37.0 57.4

31-35 years 11 20.4 20.4 77.8

36-40 years 8 14.8 14.8 92.6

41 years and above 4 7.4 7.4 100.0

Total 54 100.0 100.0

Source: Field Survey (2020)

55
From Table 4.2. age range of respondents between 20-25 years are 20.4%, those between 26-30

years are 37.0%, 31-35 years are 20.4%, 36-40 years are 14.8%, 41 years and above 7.4%.

Table 4. 3. Educational qualification of respondent

Frequenc Valid Cumulative

y Percent Percent Percent

Valid Bachelors 30 55.6 55.6 55.6

HND 4 7.4 7.4 63.0

Masters 20 37.0 37.0 100.0

Total 54 100.0 100.0

Source: Field Survey (2020)

56
From Table 4.3, 55% of the respondents have bachelor’s degree, 7.4% of respondents have HND,

37.0% have a master’s degree, this reflects that those who filled the questionnaire were mostly

those with bachelor’s degree.

Table 4. 4. Years of work experience in Access bank?

Frequenc Valid Cumulative

y Percent Percent Percent

Valid 1-3years 24 44.4 44.4 44.4

4-6years 17 31.5 31.5 75.9

7-9years 8 14.8 14.8 90.7

10years and above 5 9.3 9.3 100.0

Total 54 100.0 100.0

Source: Field Survey (2020)

57
From Table 4.4. 44.4% or respondents revealed that they have 1-3 years work experience at access

bank, 31.5% revealed that they have worked for 4-6 years, 14.8% revealed they have worked for

7-9 years, while 9.3 years revealed that they have worked for 10 years above, this reveals that

majority of the respondents have been working in access bank for 4-6 years.

Table 4. 5. Job Title at Access bank

Frequency Percent Valid Cumulative

Percent Percent

Valid 1 1.9 1.9 1.9

Compliance & 7 13.0 13.0 14.8
regulatory

customer care I 1 1.9 1.9 16.7

Customer care II 3 5.6 5.6 22.2
Finance & Accounts 5 9.3 9.3 31.5
Human resources 9 16.7 16.7 48.1
Marketing 17 31.5 31.5 79.6
Operation & IT 11 20.4 20.4 100.0
Total 54 100.0 100.0

58
Source: Field Survey (2020)

From the table 4.5, 13.0% of respondents are in compliance and regulatory department, 17% are

in human resources, 20% are in operations and IT, 32.1% of them are in marketing, 9.4% are in

finance and accounts, 5.6% are in customer care II while 1.9% are in customer care 1, this reveals

that the respondents are spread through all the departments in Access bank.

Table 4. 6. What kind of employment status will you rate your job?

Frequency Percent Valid Cumulative

Percent Percent
Valid 4.0 1 1.9 1.9 1.9
5.0 5 9.3 9.3 11.1
6.0 14 25.9 25.9 37.0
7.0 12 22.2 22.2 59.3
8.0 11 20.4 20.4 79.6
9.0 9 16.7 16.7 96.3
10.0 2 3.7 3.7 100.0
Total 54 100.0 100.0
Source: Field Survey (2020)

59
From the table 4.6, 1.9% of the respondents rated their employment status at scale 4, 9,3% at scale

5, 25.9% at scale 6, 22.2% at scale 7, 20.4% at scale 8, 16.7% at scale 9 and 3.7% at scale 10, this

reveals that majority of the employees see their job status as being fair at scale 6.

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4.3. Section B: Multiple Regression Test

4.3.1. Descriptive Statistics of the Variables

Table 4. 7. Descriptive Statistics

N Minimu Maximu Mean Std.

m m Deviation

ETR 54 1 5 2.69 1.443

ITR 54 1 5 2.98 1.438

JST 54 1 5 2.98 1.469

EMP 54 1 5 3.07 1.372

EEG 54 1 5 2.97 1.459

Valid N
54
(listwise)

Source: SPSS 22

Table 4.7, shows that our measure of extrinsic rewards (ETR) has a minimum value of 1 and 5 as

the maximum value, this indicates that 1 is the lowest value in the data set while 5 is the highest

value in the data set which signifies that there is no serious outlier issues in the data set. The

average value of the ETR is 2.69 with standard deviation of 1.443, signifies that the data deviate

from both side of the mean value by approximately 1.44. This implies that there is a bit dispersion

of the data from the mean, because of the value of standard deviation which is close to the mean.

The results from the table also indicate that the minimum and maximum values of Intrinsic rewards

(ITR) are 1 and 5 respectively; this indicates non-existence of outliers’ issues from the data set.

61
The mean value of 2.98 and standard deviation of 1.438 in the data implies that there is dispersion

from the mean value by approximately 1.44.

The results from the table also indicate that the minimum and maximum values of job satisfaction

(JST) are 1 and 5 respectively; this indicates non-existence of outliers’ issues from the data set.

The mean value of 2.98 and standard deviation of 1.469 in the data implies that there is dispersion

from the mean value by approximately 1.47.

The results from the table also indicate that the minimum and maximum values of employee

productivity (EMP) are 1 and 5 respectively; this indicates non-existence of outliers’ issues from

the data set. The mean value of 3.07 and standard deviation of 1.372 in the data implies that there

is dispersion from the mean value by approximately 1.37.

The results from the table also indicate that the minimum and maximum values of the employee

engagement (EEG) are 1 and 5 respectively; this indicates non-existence of outliers’ issues from

the data set. The mean value of 2.97 and standard deviation of 1.459 in the data implies that there

is dispersion from the mean value by approximately 1.46.

4.3.2. Correlation Matrix

In this section, the result of the Pearson correlation Coefficients of the variables of the study is

presented in Table 4.8 as follows;

62
Correlation Matrix of the Dependent and Independent Variable of the first model

Table 4. 8. Correlations

ETR ITR JST EMP EEG

Pearson Correlation 1
ETR

Pearson Correlation .051 1

ITR

Pearson Correlation .539 .331 1

JST

Pearson Correlation .322 .208 .343 1

EMP

Pearson Correlation .479 .301 .890 .349 1

EEG

Source: SPSS 22

The correlation matrix is used to determine the degree of association between independent

variables and the dependent variable. It is also used identify whether there is a relationship between

independent variables themselves, to detect the possibility of multicolinearity amongst the

explanatory variables. This is necessary so that a broader picture than we could have got when

regressed separately against performance would be obtained.

In the correlation matrix that reflect on the relationship between the independent variables and the

dependent variables. It shows that extrinsic rewards (ETR) has a weak positive relationship with

intrinsic reward (ITR) as denoted by the value 0.051. (JST) has a positive relationship with (ETR)

with the value of 0.539; showing that (JST) has a moderate and positive relationship with (ETR).

(EMP) has a moderate positive relationship with (ETR) with value of 0.322.

63
In the correlation matrix that reflect on the relationship between the independent variables and

themselves. (EMP) has a weak positive relationship with (ITR) with value of 0.208, while (EMP)

has a moderate and positive relationship with (JST) with value of 0.343. (EEG) has a moderate

positive relationship with (ETR) with value of 0.479; (EEG) has a moderate positive relationship

with (ITR) with value of 0.301, (EEG) has a strong positive relationship with (JST) with value of

0.890, while (EEG) has a moderate positive relationship with (EMP) with the value of 0.349.

4.3.4. Reliability and Validity

In this section, the reliability results of the models of the study are presented and interpreted. The

reliability and validity test is formulated for the study in order to check the validity and also the

level of reliability of the questionnaire that used in collecting the data which is being presented in

Table 4.9 below;

Table 4. 9. Reliability Statistics

Cronbach’s Alpha N of Items

.839 4

Source: SPSS 22

Cronbach’s alpha is most used in order to assess the internal consistency of a questionnaire (or

survey) that is made up of multiple Likert-type scales and items. A reliability analysis was carried

out on the perceived task values scale comprising four variables. Cronbach’s alpha showed the

questionnaire to reach acceptable reliability, α = 0.839. Therefore, Cronbach’s alpha in respect to

outcome shows that the questionnaire appears to be worthy of retention, resulting in a validity of

the data collected from the use of the questionnaire. The Cronbach’s alpha coefficient which shows

64
a score of over .7 for high internal consistency. In this case, α = .839, which shows the

questionnaire is reliable.

4.3.4. Regression Results

In this section, the regression results of the models of the study are presented and interpreted. The

hypotheses formulated for the study are also tested from the results as presented in Table 4.35

below;

Table 4. 10. Summary of Multiple Regression Result

Variables Co-efficient t-values p-values

Coefficient 1.233 1.434 0.159

ITR 0.239 1.739 0.090

JST -0.321 2.247 0.007

EMP -0.215 -1.466 0.150

EEG 0.471 3.349 0.002

R2 0.508

Adjusted R2 0.357

F-stat 6.079

F-sig 0.002

Source: SPSS 22

4.3.5. Discussion of Multiple Regression Findings

The result shows that both eustress and Hyper-stress variables have significant impact on

Operational performance at 1% and 5% levels of significance. However, Job satisfaction,

employee productivity and employee engagement are having significant impact.

Cumulatively the R2 (0.508) which is the combined coefficient of determination indicates the

extent to which the independent variables explain the total variation in the dependent variable and

65
the remaining 49% is explained by the other factors not captured by the model of this study. Thus,

it signifies that 51% of the total variation in extrinsic and intrinsic rewards of Access Bank is

caused by Job satisfaction, employee productivity and employee engagement. This indicates that

the explanatory variables are well selected and combined because the R2 is positive and satisfies

the minimum rule of thumb in which the minimum rule of thumb which is 25%.

The F-statistics of 6.079, which is significant at one percent level of significance indicates that the

model of the study is fit. The value of F-statistics which is statistically significant at one percent

level of significance (0.002) means that there is a 99 percent probability of confidence that the

association amongst the variables of the study is not just by chance.

4.4. Section C: Simple Regression analysis

Hypothesis one (Hi1): Extrinsic rewards has a significant effect on job satisfaction

Hypothesis one was also tested using the simple regression analysis. The data for extrinsic rewards

and job satisfaction were created by summing responses of all items for each of the variable. The

results of the simple regression are presented in Tables 4.10.

Table 4.10. Summary of Simple Regression Analysis for effect of Extrinsic rewards on Job
Satisfaction (N= 54)

Model Summary
Model R R Square Adjusted R Square Std. Error of the
Estimate
1 .723a .522 .508 4.789
a. Predictors: (Constant), Extrinsic Rewards

66
Table 4.10b: Contd.
Coefficientsa
Model Unstandardized Standardized T Sig.
Coefficients Coefficients
B Std. Beta
Error
1 (Constant) 30.782 1.490 20.664 .001
Extrinsic .590 .061 .723 9.672 .002
Rewards
F(1,639) = 9.754, p<0.05
a. Dependent Variable: Job Satisfaction

Source: Field Survey Result, 2020

Table 4.10. presents the results of the linear regression analysis generated on the influence of

extrinsic rewards on job satisfaction. The results as displayed on Table 4.30 shows extrinsic

rewards have a significant positive influence on job satisfaction of Access Bank (β = .590, t=

9.672, p<0.05). The result of this analysis is consistent with the expectation of positive influence

of extrinsic rewards on job satisfaction. The finding shows that the reward influences job

satisfaction advantage with F-statistics of 9.754 and p-values of 0.002 which is less than the

significance level of 0.05 adopted for this work. This means that these extrinsic rewards

statistically and significantly predict the job satisfaction of Access bank. Furthermore, the Table

indicates that the extrinsic rewards are responsible for 50.8% variance in job satisfaction. The fitted

model used to explain the influence of rewards on job satisfaction is therefore summarized in

equation 4.1b.

Y1 = 30.782 + .590RWD………………………………………… Equation (4.1)

Where;

Y1 = job satisfaction

ETR = Extrinsic rewards

67
Hypothesis two (Hi2): Extrinsic rewards has a significant effect on employee productivity.

Hypothesis two (Hi2) was concerned with establishing the relationship between extrinsic rewards

and the employee productivity of Access bank.

To test the hypothesis, simple linear regression analysis was conducted. The data for extrinsic

rewards and employee productivity were created by summing responses of all items for each of

the variable. The results of the regression are presented in Tables 4.36.

Table 4.11. Summary of Simple Regression Analysis for Effect of Extrinsic Rewards on

Employee Productivity (N= 54)

Model Summary
Model R R Square Adjusted R Square Std. Error of the
Estimate
1 .604a .364 .360 2.590
a. Predictors: (Constant), Extrinsic Rewards

Table 4.11b: Contd.

Coefficientsa
Model Unstandardized Standardized t Sig.
Coefficients Coefficients
B Std. Error Beta
1 (Constant) 30.133 1.657 18.186 .001
Extrinsic .339 .053 .604 6.396 .001
Rewards
F(1,639) = 6.948, p<0.05

a. Dependent Variable: Employee Productivity

Source: Field Survey Result, 2020

The regression analysis of rewards and employee productivity is presented in Table 4.11. The

result of the regression analysis indicated that extrinsic rewards have positive and significant effect

on employee productivity with β = .339, F ratio of 6.948, t value of 6.396 and P-value of 0.000

which is less than the level of significance 0.05 adopted for the study (β = .339, F = 6.948, t =

68
6.396 p<0.05). The F-statistics implies that the regression of extrinsic rewards on employee

productivity is statistically significant at p<0.05. The t-value implies that the coefficient of the

model parameter is statistically significant. In addition, the results further show that 36.4 percent

of the variation in pricing decision is explained by rewards (R2 = 0.364, p<0.05), which is

significant. However, the model does not explain 63.6 percent of the variation in employee

productivity, suggesting that there are other factors associated with rewards, which were not

captured indicates that 36.0% in the regression model relates to extrinsic rewards. From the

regression analysis, the regression equation established was:

Y2 = 30.133 + 0.339 RWDi ………………………… Equation (4.2)

Where;

Y2 = employee productivity

ETR= Extrinsic Rewards

The regression equation established shows that taking all factors constant at zero, the employee

productivity of Access Bank was 30.133. The data analyzed also reveals that taking all other

independent variables at zero, a unit increase in rewards will lead to a 0.339 increase in employee

productivity. This result implies that extrinsic rewards have a significant and positive effect on the

employee productivity. Based on the findings, the hypothesis two (Hi2) which states that extrinsic

rewards has a significant effect on employee productivity of Access B is therefore accepted, and

we conclude that extrinsic rewards has a significant effect on employee productivity of Access

Bank.

69
Hypothesis three (Hi3): Intrinsic rewards has a significant effect on employee engagement

To test the research hypothesis one, simple linear regression analysis was conducted using

employee engagement as the dependent variable, and intrinsic rewards as the predicting variable.

The data for rewards and employee engagement were created by summing responses of all items

for each of the variable. Tables 4.37 present the regression results.

Table 4.12: Summary of Simple Regression Analysis for Effect of Intrinsic Rewards on

Employee Engagement (N= 54)

Model Summary
Model R R Square Adjusted R Square Std. Error of the
Estimate
1 -.338a .114 .113 4.269
a. Predictors: (Constant), Intrinsic Rewards

Table 4.12b Coefficientsa

Model Unstandardized Standardized t Sig.
Coefficients Coefficients
B Std. Beta
Error
1 (Constant) 22.054 .431 51.168 .001
Inventory -.134 .015 -.338 9.066 .001
Shrinkage
F(1,640) = 82.196, p<0.05
a. Dependent Variable: Employee Engagement

Source: Field Survey Result, 2020

Table 4.12 presents summary of results of regression analysis on the effects of intrinsic rewards

on employee engagement of Access Bank. The findings on Table 4.35 shows that these rewards

have a significant negative effect on employee engagement (β = -0.134, t = 9.066, p<0.05). The

result shows that intrinsic rewards and employee engagement moves in the opposite direction (that

is, has inverse relationship). This finding is supported by F-statistic of 82.196 and p-value of 0.001

which is less than the adopted level of significance 0.05. The model R2 (that is, goodness of fit for

the regression between rewards and employee engagement) was 0.113 which indicates that 11.3%

70
of the variations in employee engagement are explained by these rewards. 88.6% variations of

employee engagement cannot be explained by rewards in this study necessitating interrogations

through research on other variables influencing employee engagement in the bank. The p-value

equals to 0.001 indicates that intrinsic rewards significantly affects employee engagement of the

Access Bank. The fitted model explaining the variation in employee engagement due to rewards

was stated as follows:

Y3= 22.054 - 0.134RWD …………………………………………… Equation (4.3)

Where;

Y3= employee engagement

RWD = Rewards

According to the regression equation established, taking all factors constant at zero, the employee

engagement of Access Bank was 22.054. The regression coefficient was -0.134. This implies that

employee engagement decreases when the level of rewards rises. That is, for every unit increase

in the incidence of rewards, employee engagement falls by 0.134. Therefore, the hypothesis three

(Hi3) which states that intrinsic rewards has a significant effect on employee engagement of Access

Bank is hereby accepted.

4.5. Section D: Discussion of Findings

In reference to the three hypothesis that were tested using simple regression, the first hypothesis

was to discover the relationship between extrinsic rewards on job satisfaction, the simple

regression test revealed that there is a significant positive influence of extrinsic rewards on job

satisfaction in Access Bank. This shows that with extrinsic rewards, job satisfaction was bound to

increase in Access bank. This finding tallies with discussions in the literature review, as Shields,

Brown, Kaine et al (2015), explained that with good rewards, job satisfaction was bound to occur.

71
The reason for the positive relationship between rewards and job satisfaction was due to the fact

that extrinsic rewards satisfy the basic needs of employees, as discussed in the theoretical

framework (Maslow’s theory) that notes that each employee has three set of needs material needs,

phycological needs and self-fulfillment needs. Extrinsic rewards enhances the satisfaction of

employees by its ability to meet their basic or material needs, such as the need for food, clothing

and shelter which is amongst the strongest needs of employees as Troesch and Bauer (2017),

explained was the first motivation to get a job, when extrinsic rewards can adequately provide for

the basic needs of employees, it creates greater satisfaction in them. This is further going in line

with a related study conducted by Vinny (2018), which was aimed at discovering factors that

influenced job satisfaction amongst lecturers in Nigeria, questionnaires were distributed to about

173 academic lecturers in 3 different universities, variables tested were promotions, bonuses, pay,

fringe benefits and financial incentives. The multiple regression analysis was used to discover the

significance level between such extrinsic rewards and employee motivation, also the study adopted

the non-parametric Friedman test and Mann-Whitney U test to discover the relationship between

the overall satisfaction and the variables. The results revealed that a high test and associations

existed between extrinsic rewards and lecturer’s satisfaction than other factors. The reason for this

was noted by Sule (2017), who explained that extrinsic rewards makes employees happy and

contended with their workplace, the higher the salary the better the level of contentment and

satisfaction. This study has revealed this to be accurate as in the case of Access bank employees

had a positive reaction to intrinsic and extrinsic rewards, thus the two forms of rewards is

authenticated to elicit job satisfaction

The second hypothesis tested in this study was to discover the relationship between extrinsic

rewards on employee productivity, the regression test revealed a positive correlation between

72
extrinsic rewards and employee productivity, this goes further to authenticate what was discovered

from the literature review that explains that extrinsic rewards have a significant role to play in

enhancing productivity. Sule (2017), in explaining the role of extrinsic in influencing employee

productivity noted that these forms of rewards had to capacity to motivate employees, and when

employees are adequately motivated, they are better productive which in turn leads to the skillful

and efficient attainment of goals. Furthermore, as discussed in the theoretical review, Herzberg’s

theory explains that motivational factors influenced staff to work harder and be more productive.

extrinsic rewards served as Herzberg’s motivational factors i.e renumeration, working conditions,

bonuses and salaries. Therefore, putting adequate rewards significantly enhanced employee

productivity as stated by the Herzberg’s theory and confirmed in this research. Thus, extrinsic

rewards were significant in provoking employee productivity in reference to Access bank.

The final hypothesis test was to discover the relationship between intrinsic rewards on employee

engagement. The simple regression test discovered that there is a positive correlation between the

two just as it was discovered from the literature review. Rothman (2015), explained that proper

intrinsic rewards enhanced the willingness of staff to be more involved in the organization, thus

they employee all intellectual, emotional and physical resources to ensure that task are accurately

completed. Employee engagement is stronger and broad term than employee satisfaction,

productivity etc. Employee engagement creates a feeling of attachment between an employee and

his/her workplace. Employee engagement is achieved when employees can fulfil the upper parts

of the Maslow’s pyramid in other words self-actualization and self-esteem. This creates a sense of

feeling of value and belonging amongst employees. The needs of self-actualisation and self-esteem

cannot be fulfilled with extrinsic rewards, as they play a short-term role and they are mainly used

for basic needs. As employees begin to grow in an organization, they crave for greater needs which

73
can only be attained via intrinsic rewards i.e sense of progress, sense of choice and sense of

meaningfulness. Intrinsic rewards such as sense of belonging, feeling of achievement, feeling of

value plays an important role in meeting psychological and self-fulfillment needs of employees,

thus an employee is able to meet his self-esteem needs and have a feeling of self-actualisation

(Parthi & Gupta 2016)

Robertson and Kee (2017), also explained that providing intrinsic rewards was essential in keeping

staff engaged in their jobs on a longer term. Furthermore Platis, Reklitis and Zimeras (2015),

explained that with adequate intrinsic rewards customers get attached to the organisation thus

significantly influencing their engagement which is then manifested in employee loyalty and

commitment.

In the same vein, Samuel and Kiende (2018), noted that adequate intrinsic rewards increased the

feeling of value and self-belonging amongst employees making them more attached to the

organization, further becoming more engaged. Also in an in-depth study Tiwari and Lenka (2016)

, explained that the reason why intrinsic rewards were able to provoke greater engagement amongst

employees was that it made employees have a positive perception of their organization i.e they

developed the feeling that their organization “really cares for them” this thus stimulates employees

into greater engagement to reciprocate the “kind gesture” showed to them by their organization.

Furthermore, Holmefur, Sundberg, Wettergren et al (2015), explained that intrinsic rewards

resonate positively with employees which manifest in positive attitudes to work, other employees

and organizational values. Therefore, intrinsic rewards have the ability to keep employees engaged

as discovered from Access Bank.

74
4.6. Conclusion

This section contained the analysis and presentation of data using percentage tables and statistical

analysis. Findings from this section revealed that there was a positive correlation between the

hypothesis tested in this study, it also approves of all that was discovered in the literature review

section of this dissertation, this further implies that there is a harmony between this study and

previous studies on intrinsic and extrinsic rewards. The next section of this research provides the

summary and conclusion of the study.

75
 CHAPTER FIVE

CONCLUSION AND REFLECTIONS

5.1. Overview

This chapter provides the overall conclusion of the study. This chapter essentially summarizes the

major findings of the study in relation to the research questions. The chapter also provides the

contribution of the research to both the academia and practice, further noting the limitations and

making recommendations for future research and practice.

5.2. Summary of the Research and Findings

Within the practice and academic study of business administration, intrinsic and extrinsic rewards

play a major role, this is because the two serve as significant motivators as well as instruments that

can be used to influence positive behaviour of employees, these two forms of rewards determine

the satisfaction, productivity and engagement of employees in an organisation as without the

proper administration of the two rewards; motivation, morale and satisfaction levels of employees

will be generally low leading to an unproductive workforce that can affect the performance of an

organisation. The value of intrinsic and extrinsic rewards to an organisation can therefore not be

undermined or overemphasized.

In relation to the above, this study critically tried to discover the impacts of the two forms of

rewards on employee performance looking at employee satisfaction, productivity and engagement

as measurement of employee performance. The study drew evidence from Access bank of Nigeria,

this was because apart from its reputation of being amongst the top five (5) banks in Nigeria,

academic studies have revealed that the bank has high employee retainment rates as well as

productivity this was partly due to its reward systems (Akani, 2019). The study therefore was

aimed at empirically discovering if intrinsic and extrinsic rewards influenced employee

76
performance within the bank. To this end, three questions were posed. The below discusses the

findings of the research in relation to the research questions.

R Q 1: What intrinsic and extrinsic rewards are considered satisfactory in Access Bank?

This question was posed to discover the types of intrinsic and extrinsic rewards that was significant

in meeting up to employee expectations and satisfaction. This research has revealed that both

intrinsic and extrinsic rewards have been considered to be satisfactory by employees of Access

bank. Intrinsic rewards such as non-financial rewards (working conditions, training and

development, promotions, appreciation letters etc) that lead to sense of choice, sense of

competence and sense of meaning and extrinsic rewards (pay, salary raise and bonuses) was

revealed to be most satisfactory amongst employees in Access bank. This finding was discovered

based on the hypothesis test that revealed that intrinsic and extrinsic rewards had a positive

correlation with job satisfaction. These findings thus answer this research question by noting that

intrinsic and extrinsic rewards serve as a means of keeping employees satisfied in Access bank

R Q 2: How has Extrinsic rewards increased Employee Productivity in Access?

This question was posed to investigate the links between extrinsic rewards and employee

productivity. Results from the hypothesis test revealed that there is a significant relationship

between extrinsic rewards and employee productivity. This shows that with adequate extrinsic

rewards employees will be provoked to achieve more for the organisation. In relation to this,

extrinsic rewards can enhance the productivity of employees as it provides them with adequate

motivations and satisfactions to increase the achievement of organisational goals, therefore

implying greater productivity.

77
RQ 3: What is the relationship between Intrinsic rewards on Employee Engagement in

Access bank?

This question sought to discover the relationship between intrinsic rewards and employee

engagement which is manifested in organisational commitment, attachment and loyalty. The

regression analysis discovered that there is a significant relationship between intrinsic rewards on

employee engagement in Access bank of Nigeria this is because intrinsic rewards increases the

feeling of sense of belonging and value amongst employees of Access bank thus creating greater

attachment between employees and the organisation. Intrinsic rewards further give employees the

feeling that “the bank really cares for them” this further keeps them significantly loyal to the

organisation, thus, increasing their engagement levels.

5.3. Contribution of the Research to Knowledge and Practice

The essence of academic research in business administration is to significantly contribute to the

progress of knowledge and also provide better methods that enhances the practice of

administration, this research has achieved both, the research has added to academic knowledge as

there was less research conducted on intrinsic and extrinsic rewards with focus on Access bank in

Nigeria, this research, thus, provides empirical and academic knowledge on the subject matter

which can be further developed for critical understanding of reward management systems.

The research has also contributed to knowledge by further proving the findings of previous studies

on rewards and employee performance. This research authenticates previous frameworks and

theories that reveal that intrinsic and extrinsic rewards can influence employee performance by

keeping employees satisfied, productive and fully engaged.

78
Within the field of business administration practice, this study has contributed by providing

knowledge that good intrinsic and extrinsic rewards can lead to better employee performance, thus,

employers should adopt measures to increase intrinsic and extrinsic rewards. Non-financial and

financial rewards can boost the extent to which employees are satisfied with their organisation,

which can further enhance the tasks and goals which they achieve and also keep them committed

by using cognitive and physical skills to achieve task. As proven by this research, intrinsic and

extrinsic rewards can significantly increase the performance of employees. It is worthy for

managers to adopt all necessary techniques in improving intrinsic and extrinsic rewards in their

organisations.

5.4. Limitations of the Study

Despite the success of this research there were certain limitations recorded;

The first limitation of the study is in relation to the instruments of data gathering which is

questionnaires; the questionnaire can only be used to get general data and not specific or in-depth

details concerning a phenomenon, hence the use of questionnaires may have hindered the

researcher from gathering in-depth data concerning intrinsic and extrinsic rewards on employee

performance which could have proven more useful in getting new knowledge on the subject.

Secondly access to many employees from the bank was limited due to the Corona virus lockdown,

as many employees became inaccessible, thus the number of respondents who filled the

questionnaire was low.

Finally, the timeframe for the completion of the research was short, this hindered the researcher

from carrying out a test and retest survey which would have been significant in increasing the

overall validity and reliability of this study.

79
It is worthy to note that despite the above limitations, none affected the validity and reliability of

this study. Hence the findings of this research are suitable for adoption by the academia.

Based on this research study, there is further study’s the researcher would like to suggest. Since

the study have explored areas such as job satisfaction, employee engagement with the research on

intrinsic and extrinsic rewards, therefore, the researcher highlights the exploration of other factors

such as employee commitment, work/life balance, as an employee motivation tool as further study.

Another suggestion the researcher would consider when conducting the research again, is

considering making comparison between two or three different sectors. This would allow for

variations of results.

The researcher also suggests the development of a reward and recognition system, linked to

performance appraisal and research the impact this has on employee performance. Do companies

with good reward and recognition systems find it easier to attract and retain high calibre

employees? This is a good question that could be taken into consideration when conducting further

research studies.

5.5. Recommendations for Future Research

Based on the limitations of the study, the following are recommendations for future research;

i. Researchers can choose to adopt the qualitative method to investigate on the impacts

of intrinsic and extrinsic rewards on employee performance, this will result in in-depth

and detail information concerning the impact of the two rewards

80
 ii. Researchers can adopt a wider timeframe and wider sample to investigate the

relationship between intrinsic and extrinsic rewards on employee performance, further

using the test and retest method to improve research reliability and validity

iii. Researchers can also study the relationship between intrinsic and extrinsic rewards on

new trends of administrative behaviour such as the varying levels of job satisfaction,

commitment and engagement.

iv. Researchers can further test the findings of this study to enhance or update the research

findings.

5.6. Recommendations for Practice

Based on the findings of this study, the following are recommendations for practice;

i. The Banking system of deposit money banks should pay more attention to reward

system at the workplace as it is found to have an impact on employee performance with

respect to service quality of operations and where possible strict penalties should be

taken into consideration in order to boost performance. The management should

encourage the concept of reward system as this will give employee the determination

to feel needed at the job and as a result will boost their performance.

ii. The management of Access Bank should ensure that proper policies or program that

would enable them monitor employee workforce in terms of productivity and to

understand how every employee deals with his/her perception towards reward system

in order to maximize the effect it can have on employees.

iii. The management of Access Bank should device a means that will move employee

engagement through rewards in order to ensure total commitment to work and educate

employees on the benefits of extrinsic rewards. As a result, it will boost employee to

81
 engage in a more energetic manner which will make the employees feel appreciated

and lively at the workplace.

iv. Management should effectively structure reward management systems to include both

intrinsic and extrinsic features to enhance employee productivity.

v. Management should also continuously review reward management systems to ensure

that intrinsic and extrinsic rewards provided are sufficient for employees.

vi. Management should use appropriate frameworks to discover which type of rewards

resonate properly with employees, and continuously build on it for greater

performance.

5.6. Overall Conclusion

This study has successfully investigated the importance and impact of intrinsic and extrinsic

rewards on employee performance with focus on Access bank. Seeing this research is a

quantitative research and one of the attributes of the quantitative research is its ability to make

generalisation on the research phenomena, this research can accurately make generalisations

concerning intrinsic, extrinsic rewards and employee performance. Both intrinsic and extrinsic

rewards serve as a motivator that can successfully influence employees into striving for greater

performance levels of their organisation as revealed by this research. Employee performance leads

to organisational performance, hence, adopting measures that increase employee performance such

as intrinsic and extrinsic rewards will be a prudent step taken by managers. The proper function,

efficiency and effectiveness of an organisation significantly depends on the efficiency and

effectiveness of its employees, to improve the overall positive performance of an organisation,

managers should focus on using intrinsic and extrinsic rewards as a strategy for increasing the

effectiveness of employees, this forms of rewards can effectively stimulate employees into greater

82
satisfaction thereby keeping them committed to achieving organisational goals and better

productivity

83
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APPENDICES

Appendix A: Questionnaire

Section A: Demographic questions

1. Gender of Respondent: a. Male [ ] b. Female [ ]

2. How old are you? Please state:……………………………………

3. Educational Qualification of Respondents a. Bachelors [ ] b. Masters [ ] c. Doctorate [ ] d.

others [ ] please specify …………………..

4. How many years have you worked in Access Bank? Please state………………………………

5. What is your job title? Please state…………………………………………

6. What kind of employment status will you rate your job? ……………………
On a scale of 1 – 10 (Chief executive being the highest [10] )

Section B: Extrinsic and Intrinsic

7. What type of reward system do you have in your organisation?

a. Financial [ ]
b. Non-financial [ ]
c. Both [ ]

8. What is the frequency of rewards in your organisation?

a. Monthly
b. Quarter
c. Yearly
d. Occasionally
e. Other: …………………..

9. Please rate the following rewards in relation to how management acknowledges

your performance.

Rewards Very High High Fair Low Very Low

Salary
Benefits
Salary raise
Bonuses
Appreciation/Praise

90
 Promotion
constructive Feed -
back on a regular
basis
Commendation
letters

10. How motivated are you to improve your performance when given these rewards?
(please tick the appropriate box)

Rewards Extremely Motivated Fairly Slightly Not

motivated motivated motivated motivated
Appraisal Bonus
Job security
Promotion
Salary raise
Appreciation/Praise
Creative tasks
Customer feedback
Empowerment
programs

11. Do you feel you are fairly paid? (please circle the appropriate number)

1 2 3 4 5 6 7 8 9 10
Unfairly paid Fairly paid

12. How much more effort do you put into your work when you know there is a cash
reward for exceeding your target?

1 2 3 4 5 6 7 8 9 10
Very low effort Very high effort

13. I get plenty of opportunities to learn and develop myself in Access Bank

1 2 3 4 5 6 7 8 9 10
Strongly disagree Strongly agree

Section C: Employee performance (please write the answer that best represents your opinion
next to the question)
Scoring key: 5= Strongly agree, 4= Agree, 3= Fairly agree, 2= Disagree, 1= Strongly disagree

91
 14. I enjoy my work as a Banker ………….

15. If I had to choose again, I would still become a banker again ……….

16. I have good interpersonal relationship with my colleagues ……….

17. There is healthy competition among colleagues in the bank……….

18. If the opportunity arises, I would like to work at another Bank……..

19. There is a fair chance that I will look for another job next year……

20. If the opportunity arose, I would quit the banking profession……

Section D: Effect of extrinsic and intrinsic rewards on employee performance (please tick the
appropriate box)

S/N Questions Strongly Agree Undecided Disagree Strongly

agree Disagree
21 Have financial rewards in
Access bank increased
your commitment to the
company?
22 A competitive salary will
make me achieve more
23 I perform more when I
know that there is a cash
reward for meeting the job
goal
24 I feel motivated to increase
my performance when I
receive a non-financial
reward
25 I enjoy my work better
when it provides
opportunity for growth
and development
26 I perform better when my
contributions are
recognized by my superior
or the organization

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Appendix B: Information Sheet for Participants

Research project title: Effect of intrinsic and extrinsic rewards on employee performance in
Access Bank plc.

Student Researcher: Tizhe Usanye Miriam

10535084@dbs.ie

Research Supervisor: Dr Chris Gibbons

Chris.gibbons@dbs.ie

About the Project

I am a master’s student at Dublin Business School and I am carrying out my thesis project under
the direct supervision of Dr Chris Gibbons on the subject of the effect of extrinsic rewards on
employee performance at Access bank plc.

The aim of the project is to determine the effect these rewards have on employee performance
in Access bank plc. The secondary aim is to determine how extrinsic rewards can be used as a
motivational factor hence leading to better employee performance

I would like to invite you to take part in my survey process, signing the consent form, using
google form to fill my questionnaire through the link provided to the employees of the bank.

As a participant in the study you would be required to answer questions about:

Section A: demographic information. The demographic characteristics would be measured in

terms of Age group, gender, years of work etc

Section B: Extrinsic and intrinsic rewards. Here questions will be asked about the reward
systems in the bank.

Section C: Employee performance. This section is about your performance as an employee.

Section D: This stage involves a 5-Point Likert Scale ranging from strongly agree to strongly
disagree to identify, which option would suit you preferably, in terms extrinsic rewards and its
effect on performance.

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Data Protection

The data you provide as part of this questionnaire/experiment will be fully anonymous. I will
not gather any direct personally identifying information about you or anyone close to you. You
will be asked to provide optional demographic information of a broad nature about yourself.
Your data will be collated into a larger dataset and analyzed at the group rather than the
individual level. Your data will only be used for academic purposes and will not be shared with
anyone for commercial purposes.

What are the risks and benefits of taking part in this study?

In addition to providing much appreciated assistance to the student researcher, the main
benefit of taking part in this study will be your contribution to academic research, which aims
to expand knowledge and generate new insights. There will be no risks posed to you as a
participant in this study, either physical or psychological, beyond that which is normally
expected of day-to-day activities.

If you are interested in taking part…

If you are interested in taking part please review the information provided in the consent form
and if you are happy to proceed with the study then please indicate your willingness to take
part by ticking the appropriate box / signing your name where appropriate.

You are under no obligation to take part in this study or to provide a reason if you decide not
to take part. You may choose not to take part without fear of penalty. If you agree to take part,
you have the right to cease participation and withdraw your data at any time for any reason
without fear of penalty. The data will not be used by any member of the project team for
commercial purposes

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Appendix C: Consent Form

I________________________________ voluntarily agree to take part in this research

study.

I understand that I am not obliged to take part in this study and that my participation in the
study is entirely voluntary.

I understand that I am free to withdraw from the study at any time or refuse to answer any
question without the need to provide reason and without fear of negative consequences.

I understand that my responses will be anonymous

I understand that in the case of completing an anonymous questionnaire, it will not be

possible to subsequently withdraw my data since there will be no personally identifying
information attached to my responses.

I understand that I will not benefit directly from participating in this research.

I understand that I am free to contact any of the people involved in the research to seek
further clarification and information.

I understand that signed consent forms will be retained for some time until the exam
board confirms the results of their dissertation.

I confirm that I have had the purpose and nature of the study explained to me in writing and I
have had the opportunity to ask questions about the study with satisfactory answers provided.

I confirm that I have read and fully understood the information provided and statements
above.

Name & Signature of research participant Date

__________________________ _______________

Name & Signature of researcher Date

95
___________________________ _______________

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Appendix D: Questionnaire tables

Section B: Extrinsic and Intrinsic Rewards in Access bank

4.10. In relation to how management acknowledges your performance, to what extent are
you satisfied with the following incentives [Bonuses]
Frequency Percent Valid Percent Cumulative Percent
Valid Dissatisfied 5 9.3 9.3 9.3
Very dissatisifed 1 1.9 1.9 11.1
Neutral 29 53.7 53.7 64.8
Satisfied 17 31.5 31.5 96.3
Very satisfied 1 1.9 1.9 98.1
Neutral 1 1.9 1.9 100.0
Total 54 100.0 100.0
Source: Field Survey 2020
From the table 4.10, 9.3% of the respondents noted that they were dissatisfied, 53.7% were neutral,
31.5% of respondents are satisfied, 1.9% are very satisfied, while 1.9% are neutral, this implies
that the majority of staff are neutral about bonuses.

4.11. In relation to how management acknowledges your performance, to what extent are
you satisfied with the following incentives [Salary raise]
Frequency Percent Valid Percent Cumulative Percent
Valid 2 3.7 3.7 3.7
Dissatisfied 6 11.1 11.1 14.8
Very Dissatisfied 5 9.3 9.3 24.1
Neutral 15 27.8 27.8 51.9
Satisfied 24 44.4 44.4 96.3
Very satisfied 2 3.7 3.7 100.0
Total 54 100.0 100.0
Source: Field Survey (2020)
From the table 4.11, 11.1% of respondents noted that they were satisfied with the way management
acknowledges their performance through salary raise, 9.3% of respondents noted that they were
very dissatisfied, 27.8 were neutral, 44.4% noted that they were satisfied will 3.7 noted that they
were very satisfied, this implies that majority of the respondents are satisfied with salary raise

Table 4.12. In relation to how management acknowledges your performance, to what extent
are you satisfied with the following incentives [Promotion ]
Frequency Percent Valid Percent Cumulative Percent
Valid Dissatisfied 6 11.1 11.1 11.1
Very
4 7.4 7.4 18.5
dissatisfied
Neutral 17 31.5 31.5 50.0
Satisfied 26 48.1 48.1 98.1

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 Very satisfied 1 1.9 1.9 100.0
Total 54 100.0 100.0
Source: Field Survey (2020)
From table 4.12, 11% of the respondents noted that they were dissatisfied with promotion as
acknowledgement of satisfaction, 7.4% noted that they were very dissatisfied, 31.5% were neutral,
48.1 noted that they were satisfied while 1.9% of them noted that they were very satisfied. This
implies that majority of the respondents are satisfied with promotions

Table 4.13. In relation to how management acknowledges your performance, to what extent
are you satisfied with the following incentives [Appreciation/Praise]
Frequency Percent Valid Percent Cumulative Percent
Valid Neutral 13 24.1 24.1 24.1
Satisfied 38 70.4 70.4 94.4
Very satisfied 3 5.6 5.6 100.0
Total 54 100.0 100.0
Source: Field Survey (2020)
From table 4.13, 24.1 of respondents noted that they were neutral concerning appreciation/praise,
70.4% of respondents noted that they were satisfied while 5.6% of them noted that they were very
satisfied. This implies that majority of the respondents were satisfied with appreciation/praise.

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 Table 4.14. In relation to how management acknowledges your performance, to what
extent are you satisfied with the following incentives [Constructive Feed -back on a
regular basis]
Frequen Percent Valid Percent Cumulative Percent
cy
Valid Neutral 18 33.3 33.3 33.3
Satisfied 33 61.1 61.1 94.4
Very satisfied 3 5.6 5.6 100.0
Total 54 100.0 100.0
Source: Field Survey (2020)
From table 4.14, 33.3 percent of the respondent noted that they were neutral on constructive feed-
back on a regular basis. 61.1% of respondents noted that they were satisfied while 5.6 noted that

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they were very satisfied. This shows that majority of the respondents were satisfied with
constructive feed-back on a regular basis.

Table. 4.15. In relation to how management acknowledges your performance, to what

extent are you satisfied with the following incentives [Commendation letters]
Frequency Percent Valid Percent Cumulative Percent
Valid Dissatisfied 1 1.9 1.9 1.9
Very
8 14.8 14.8 16.7
dissatisfied
Neutral 23 42.6 42.6 59.3
Satisfied 21 38.9 38.9 98.1
Very satisfied 1 1.9 1.9 100.0
Total 54 100.0 100.0
Source: Field Survey (2020)
From table 4.15, 1.9% of respondents noted that they were dissatisfied with commendations letters,
14.8 noted that they were very dissatisfied, 42.6% noted that they were neutral, 38.9% revealed
that they were satisfied while 1.9% noted that they were very satisfied. This implies that majority
of the respondents were satisfied with commendation letters.

Table 4.16. Do you feel you are fairly paid?

Cumulative
Frequency Percent Valid Percent Percent
Valid 4.0 1 1.9 1.9 1.9
5.0 7 13.0 13.0 14.8
6.0 19 35.2 35.2 50.0
7.0 15 27.8 27.8 77.8
8.0 10 18.5 18.5 96.3
9.0 2 3.7 3.7 100.0
Total 54 100.0 100.0
Source: Field Survey (2020)
From table 4.16. 1.9% of the respondents gave their scaling for fairly paid as 4, 13.0% as 5, 35.2%
as 6, 27.8% as 7, 18.5% as 8. 3.7% as 9.

Table 4.17. How much more effort do you put into your work when you know there is a
cash reward for exceeding your target?
Cumulative
Frequency Percent Valid Percent Percent
Valid 3.0 3 5.6 5.6 5.6
4.0 7 13.0 13.0 18.5
5.0 9 16.7 16.7 35.2
6.0 14 25.9 25.9 61.1
7.0 4 7.4 7.4 68.5
8.0 7 13.0 13.0 81.5

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 9.0 6 11.1 11.1 92.6
10.0 4 7.4 7.4 100.0
Total 54 100.0 100.0
Source: Field Survey (2020)
From Table 4.17. 5.6% of respondents revealed their scale for putting more effort to work when
there is cash reward for exceeding target at 3, 13.0% at 4, 16.7% at 5, 25.9% at 6, 7.4% at 7, 13.0%
at 8, 11.1% at 9, 7.4% at 10

Table 4.18. I get plenty of opportunities to learn and develop myself in Access Bank
Frequency Percent Valid Percent Cumulative
Percent
Valid 2.0 1 1.9 1.9 1.9
4.0 1 1.9 1.9 3.7
5.0 2 3.7 3.7 7.4
6.0 19 35.2 35.2 42.6
7.0 17 31.5 31.5 74.1
8.0 10 18.5 18.5 92.6
9.0 1 1.9 1.9 94.4
10.0 3 5.6 5.6 100.0
Total 54 100.0 100.0
Source: Field Survey (2020)
From Table 4.18. 1.9% of respondents revealed the level of opportunities to develop themselves
in Access bank at 2, 1.9% at 4, 3.7% at 5, 35.2% at 6, 31.5% at 7, 18.5% at 8, 1.9% at 9 and 5.6%
at 10

Section C: Employee Performance

Table 4.19. I enjoy my work as a Banker
Cumulative
Frequency Percent Valid Percent Percent
Valid 2.0 1 1.9 1.9 1.9
3.0 5 9.3 9.4 11.3
4.0 11 20.4 20.8 32.1
5.0 14 25.9 26.4 58.5
6.0 13 24.1 24.5 83.0
7.0 5 9.3 9.4 92.5
8.0 4 7.4 7.5 100.0
Total 53 98.1 100.0
Missing System 1 1.9
Total 54 100.0

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Source: Field survey (2020)
From Table 4.19, the highest scaling which represent enjoyment of work as a banker is scale 4, 5
and 6 with 20.4%, 25.9% and 24.1% respectively

Table 4.20. If I had to choose again, I would still become a banker again
Frequency Percent Valid Percent Cumulative Percent
Valid 1.0 4 7.4 7.4 7.4
2.0 7 13.0 13.0 20.4
3.0 8 14.8 14.8 35.2
4.0 11 20.4 20.4 55.6
5.0 15 27.8 27.8 83.3
6.0 4 7.4 7.4 90.7
7.0 3 5.6 5.6 96.3
8.0 2 3.7 3.7 100.0
Total 54 100.0 100.0
Source: Field Survey (2020)
From table 4.20. The highest scaling for respondents choice to become bankers again is scale 3, 4
and 5, with 14.8%, 20.4% and 27.8%.

Table 4. 21. I have good interpersonal relationship with my colleagues

Frequency Percent Valid Percent Cumulative Percent
Valid 5.0 6 11.1 11.1 11.1
6.0 11 20.4 20.4 31.5
7.0 12 22.2 22.2 53.7
8.0 11 20.4 20.4 74.1
9.0 7 13.0 13.0 87.0
10.0 7 13.0 13.0 100.0
Total 54 100.0 100.0
Source: Field Survey (2020)
From table 4. 21. The highest scales of having good relationship with colleagues at the bank is
scale 6, 7 and 8 with 20.4%, 22.2% and 20.4% respectively.

Table 4.22. There is healthy competition among colleagues in the bank

Frequency Percent Valid Percent Cumulative Percent
Valid 1.0 2 3.7 3.7 3.7
5.0 7 13.0 13.0 16.7
6.0 15 27.8 27.8 44.4
7.0 17 31.5 31.5 75.9
8.0 5 9.3 9.3 85.2
9.0 6 11.1 11.1 96.3
10.0 2 3.7 3.7 100.0
Total 54 100.0 100.0
Source: Field Survey (2020)
From table 4.22. the highest scaling of having good relationship among colleagues in the bank is

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7.0 scaling with 31.5% and 6.0 scaling with 27.8%

Table 4.23. If the opportunity arises, I would like to work at another Bank
Frequency Percent Valid Percent Cumulative Percent
Valid 1.0 4 7.4 7.4 7.4
2.0 1 1.9 1.9 9.3
3.0 4 7.4 7.4 16.7
4.0 12 22.2 22.2 38.9
5.0 12 22.2 22.2 61.1
6.0 11 20.4 20.4 81.5
7.0 6 11.1 11.1 92.6
8.0 3 5.6 5.6 98.1
9.0 1 1.9 1.9 100.0
Total 54 100.0 100.0
Source: Field Survey (2020)
From the table 4.23, the highest scaling of those who note that if the opportunity arises, they will
go to another bank is 4.0 at 22.2%

Table 4.24. There is a fair chance that I will look for another job next year
Frequency Percent Valid Percent Cumulative Percent
Valid 4.0 2 3.7 3.7 3.7
5.0 8 14.8 14.8 18.5
6.0 10 18.5 18.5 37.0
7.0 11 20.4 20.4 57.4
8.0 10 18.5 18.5 75.9
9.0 7 13.0 13.0 88.9
10.0 6 11.1 11.1 100.0
Total 54 100.0 100.0
Source: Field Survey (2020)
From table 4.24, the highest scaling of those who note that they will look for another job next
year is 7.9 at 20.4%, 6.0 at 18.5%

Table 4.25. If the opportunity arose, I would quit the banking profession
Frequency Percent Valid Percent Cumulative Percent
Valid 1.0 2 3.7 3.7 3.7
2.0 1 1.9 1.9 5.6
4.0 5 9.3 9.3 14.8
5.0 4 7.4 7.4 22.2
6.0 7 13.0 13.0 35.2
7.0 6 11.1 11.1 46.3

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 8.0 9 16.7 16.7 63.0
9.0 7 13.0 13.0 75.9
10.0 13 24.1 24.1 100.0
Total 54 100.0 100.0
Source: Field Survey 2020
From table 4.25, the highest scaling for those who noted that if the opportunity arose, they would
quit the banking profession was 10.0 at 21.1%

Section D: Effects of Intrinsic and Extrinsic rewards on Employee Performance in Access

Bank

Table 4.26. Have financial rewards in Access bank increased your commitment to the
company?
Cumulative
Frequency Percent Valid Percent Percent
Valid Agree 25 46.3 46.3 46.3
Agree,
1 1.9 1.9 48.1
Undecided
Disagree 1 1.9 1.9 50.0
Neutral 6 11.1 11.1 61.1
Strongly
2 3.7 3.7 64.8
agree
Undecided 19 35.2 35.2 100.0
Total 54 100.0 100.0
Source: Field Survey (2020)
From table 4.26, the highest percentages of opinions concerning financial rewards and
commitment to the work place is agree at 46.3% and undecided at 35.2%

Table 4.27. A competitive salary will make me achieve more

Cumulative
Frequency Percent Valid Percent Percent
Valid 1 1.9 1.9 1.9
Agree 22 40.7 40.7 42.6
Disagree 14 25.9 25.9 68.5
Neutral 5 9.3 9.3 77.8
Strongly agree 7 13.0 13.0 90.7
Undecided 5 9.3 9.3 100.0
Total 54 100.0 100.0
Source: Field Survey (2020)
From Table 4.27. The highest percentages of those who note that salary will make them achieve
more are agree at 40.7%, Disagree 25.9%

104
Table 4.28. I perform more when I know that there is a cash reward for meeting the job
goal
Cumulative
Frequency Percent Valid Percent Percent
Valid Agree 10 18.5 18.5 18.5
Disagree 8 14.8 14.8 33.3
Neutral 10 18.5 18.5 51.9
Strongly agree 5 9.3 9.3 61.1
Undecided 21 38.9 38.9 100.0
Total 54 100.0 100.0
Source: Field Survey (2020)
From table 4.28, the highest opinions of those who agree that they will perform more when there
is cash reward for meeting job goal are those who are undecided at 38.9% and those who are
neutral and agree at 18.5% respectively.

Table 4.29. I feel motivated to increase my performance when I receive a non-financial

reward.
Cumulative
Frequency Percent Valid Percent Percent
Valid Agree 9 16.7 16.7 16.7
Agree, Undecided 1 1.9 1.9 18.5
Disagree 3 5.6 5.6 24.1
Neutral 10 18.5 18.5 42.6
Strongly agree 8 14.8 14.8 57.4
Undecided 23 42.6 42.6 100.0
Total 54 100.0 100.0
Source: Field Survey (2020)
From table 4.29, the highest opinions concerning an increase in performance due to non-financial
rewards are those who are undecided at 42.6%, those who are neutral at 18.5% and those who
agree with 16.7%

Table 4.30. I enjoy my work better when it provides opportunity for growth and
development
Frequency Percent Valid Percent Cumulative Percent
Valid Agree 31 57.4 57.4 57.4
Neutral 4 7.4 7.4 64.8
Strongly agree 15 27.8 27.8 92.6
Undecided 4 7.4 7.4 100.0
Total 54 100.0 100.0
Source: Field Survey (2020)
From the table 4.30, the highest percentages for opinions concerning enjoying work better due to
opportunities for growth and development are those who agree at 57.4% and strongly agree at
27.8%
105
Table 4.31. I perform better when my contributions are recognized by my superior or the
organization
Frequency Percent Valid Percent Cumulative Percent
Valid Agree 30 55.6 55.6 55.6
Neutral 6 11.1 11.1 66.7
Strongly agree 15 27.8 27.8 94.4
Undecided 3 5.6 5.6 100.0
Total 54 100.0 100.0
Source: Field Survey (2020).
From table 4.31. The highest percentages for opinions concerning better performance if
contributions are recognized by superiors or organization are those who agree at 55.6% and those
who strongly agree at 27.8%.

106