Role of Non-Financial Rewards in Enhancing Employee Motivation: A Study of Guaranty Trust Bank, Kano Metropolis

The issue of employee motivation has been a thorn in the flesh of the banking industry despite the availability of competitive financial incentives since most organizations have been facing the problem of lack of morale, poor commitment and waning discretionary effort among workers. This has led to the increased focus on the relevance of non-financial rewards as an important driver of intrinsic motivation especially within the service based institutions like banks. It is in this context that this conceptual study checks on the use of non-financial rewards to improve employee motivation in Guaranty Trust Bank, Kano Metropolis. The general aim of the research is to investigate the role of such dimensions of non-financial rewards as recognition and appreciation, career development opportunities, work environment, job autonomy and empowerment, and work life balance initiatives in employee motivation. The research methodology used in the study is a conceptual one, which is founded on the comprehensive review and synthesis of secondary data obtained in peer-reviewed journals, academic books, and conference publications, and other academic literature. The results of the literature review indicate that non-financial rewards can be rather effective at increasing the motivation of the employees because they can meet intrinsic needs associated with autonomy, competence, and well-being and recognition and career development appear to be among the most potent. The paper concludes with the finding that non-financial reward systems are needed to maintain motivation in competitive banking environment. It consequently advises banks to value the structured recognition systems, employee development effort, good work environments, and empowerment practices and initiatives on work-life balance in order to enhance motivation and organizational effectiveness.

Keywords: Non-Financial Rewards, Employee Motivation, Banking Sector, Conceptual Study, Guaranty Trust Bank.