An Examination of Employees Reward Preference: A Case Study of Premier Bank's Reward Strategy

Abstract

This study examines both contract and permanent employee's rewards preference using Premier Bank Nigeria as a case study. This study was carried out by conducting an in-depth analysis of the existing reward strategy at Premier Bank examining employee's preferences for the rewards on offer. An empirical study was conducted using both interviews and survey. A total 100 staff member was surveyed with a 91% usable responses achieved. Also interviews were conducted.

The outcome of the study highlighted the importance of extrinsic rewards particularly financial reward (money) and its role as a motivator for employees of Premier Bank. The results indicated that majority of the contract employees are in customer service related role (57%), below 30 years of age (70%), single (65%) and comprises mostly of females (52%) compared to the permanent employees. There was also a high preference for rewards that are extrinsic (Financial reward) in nature among both contract and permanent employees. While, contract employees showed high preference for performance related pay (PRP). The study recommends some rewards practice should be extended to the contract employees e.g. performance related rewards, promotion opportunities, training and development and schemes like pension cover and medical services to increase loyalty to the organization.