CHAPTER ONE

INTRODUCTION

1.1 Background to the Study

Rewards in whatever form have been an integral part of the job environment. Indeed, the

importance of workplace reward and recognition systems cannot be overlooked as they serve to

acknowledge and motivate employees (Gallup 2008). People do respond well to incentives for

good performance and to recognition for doing especially good work. According to Ajila and

Abiola (2004) good remuneration has been found over the years to be one of the policies the

organization can adopt to increase their workers performance and thereby increase the

organization’s productivity.

Indeed, in many organizations the world over, reward systems have been streamlined to suit

modern trends and subtle means have been adopted to get the best from employees. Many

financial institutions in Africa have also followed in the stead of some of the big organizations

by adopting best recruitment and hiring practices to stand the fierce competition which has come

with the advent of globalization. Also, with the present fierce competition in the banking

industry in Ghana, most employers of labour have realized the fact that for their organizations to

compete favourably, the performance of their employees goes a long way in determining the

success of the organization.

According to McCormick and Tifflin (1979), rewards can be either intrinsic or extrinsic. Intrinsic

rewards stem from rewards that are inherent in the job itself and which the individual enjoys as a

1
result of successfully completing the task or attaining his goals. While extrinsic rewards are

those that are external to the task of the job, such as pay, work condition, fringe benefits,

security, promotion, contract of service, the work environment and conditions of work. Such

tangible rewards are often determined at the top organizational level, and may be largely outside

the control of individual managers. Intrinsic reward on the other hand are those rewards that can

be termed ‘psychological rewards’ and examples are opportunity to use one’s ability, a sense of

challenge and achievement, receiving appreciation, positive recognition, and being treated in a

caring and considerate manner (Ajila and Abiola (2004)

Management of rewards of employees in any organization is vital not only for the growth of the

organization but also for the growth of individual employee (Ajila and Abiola 2004). An

organization must know who are its outstanding workers, those who need additional training and

those not contributing to the efficiency and welfare of the company or organization. Also, reward

needs to be carefully managed at all levels of the employment such as from junior to senior

levels, across departments and within the same departments lest it creates conflicts. Hence, the

overall purpose of reward management should help prevent intra-employee conflicts, hire the

right mix of labour and motivate workers.

1.2 Statement of the Problem

The liberalization of the Ghanaian economy, stable democracy and rule of law and flexible

investment code has created a safe environment for businesses to thrive. Indeed, the banking

sector has responded positively leading to an unprecedented increase in the number of banks in

Ghana. Currently, there are 24 banks operating in Ghana.

2
 The upsurge in the number of banks has led to a fierce competition for the available and

potential customers and the right mix of personnel to attract these potential customers. In their

bid to maintain and attract the right managerial personnel, there is the need to use subtle tools as

an edge over other competitors. One such tool is the reward system.

According to Vroom (1964), workers tend to perform more effectively if their wages are related

to performance which is not based on personal bias or prejudice, but on objective evaluation of

an employee’s merit. However, the system of evaluating workers performance is fraught with

personal bias by top management of the various banks. This has led to conflict between junior

and senior staff and consequent general low productivity.

There is a long-running debate about whether employees prefer to be rewarded with a financial

gift or if they prefer praise. Indeed, so much attention is focused on extrinsic reward system to

the neglect of the intrinsic, meanwhile, it is not every employee that may be satisfied by the

former reward system and for that matter giving off his/her best. Indeed, Ajila and Abiola (2004)

hold the view that specific rewards encouraging increases in production has not always been

substantiated, even though management has often attempted to spur production by such offerings

and has often attributed production increase to them.

In view of this, this study attempts to identify the management of reward systems and influence

that rewards has on workers performance in order to address problems arising from motivational

approaches in organizational settings

3
1.3 Research Objectives

It must be recognized that the reward system always presents an intriguing challenge to the top

management of organizations. The researcher therefore intends to find out the importance of

reward management in the banking sector. This over-arching aim will be achieved by examining

the following specific objectives:

• To examine the nature of the rewards system in Barclays Bank.

• To find out the challenges inherent in the rewards system of Barclays Bank.

• To explore the possible remedies that would help overcome the challenges.

1.4 Research Questions

The fierce competition faced by many banks in Ghana has led to the use of subtle tools to

motivate workers for greater productivity. However, there are challenges inherent in the reward

systems to make it all embracive. The questions this research seeks to answer are:

• What is the nature of the reward system in Barclays Bank?

• What are the challenges in the rewards system of Barclays Bank?

• What possible remedies exist to help overcome the challenges?

1.5 Rationale of the Study

Though rewards system play a great role in the motivation of workers to step up their level of

productivity, the same tool can generate conflict in the work place if not managed properly. The

best means of understanding workers motivation is to consider the social meaning of work. In

4
this respect, short-term goals and long-term goals of employees and employers may affect

productivity variously. Accordingly, giving attention to the manner in which rewards given to

workers are perceived is preferable to assuming that reward means the same thing to all.

Again, the performance of workers has become important due to the increasing concern of

human resources and personnel experts about the level of output obtained from workers due to

poor remuneration.

Employers are continually challenged to develop pay policies and procedures that will enable

them to attract, motivate, retain and satisfy their employees. Results from this study are expected

to serve as an input especially for top management of organizations in the baking industry with

respect to planning and delivery of rewards systems.

1.6 Scope of the Study

The continuous existence of any organization depends to a greater extent on the mix of human

resource of the organization the corporate philosophy and the reward system prevailing in that

organization. The scope of this study is limited to employees of Barclays Banks in Accra/Tema

Metropolis. This comes against the backdrop that Accra/Tema hosting the local headquarters of

Barclays Bank where decisions are made concerning the reward systems.

1.7 Organization of the Study

5
The study was structured into five main chapters. Chapter One focuses on the general

introduction, giving a background to the study, the objectives, rationale of the study, limitations

and scope of the study.

Chapter Two presents a review of literature on the subject matter and explanations of the various

conceptual frameworks involved in the study as well as information about the study bank.

Chapter Three mainly features the methodology used for the study and the various statistical

tools and techniques used. Chapter four takes up analysis of field data in matrix and descriptive

forms and the various analytical tools that was used in the analysis.

Finally, Chapter Five gives a summary of the study, conclusion and recommendations.

CHAPTER TWO

6
 REVIEW OF RELATED LITERATURE

2.1 Introduction

Review of related works of any research study helps the researcher to collect, analyze and

synthesize previous information as a guide to his future course of action. Sometimes the

formulation of a theory may indicate missing ideas or links and the kinds of additional data

required. This chapter takes a look at the various variables that may affect the importance of

rewards in the banking industry from the perspective of some writers and researchers. It looks at

the nature of rewards systems, challenges inherent in the reward system and possible remedies to

the challenges of motivation.

2.2 The Nature of Reward Systems

Rewards that an individual receives are very much a part of the understanding of motivation.

According to Flamholtz (1996), an organizational reward system is a set of methods and

procedures designed to administer things which are valued by organizational members in order

to simultaneously motivate people to achieve goals and reinforce past behaviour. He went

further to ague that, rewards determine not only performance in relation to current goals, but also

influences the likelihood of people joining and remaining in an organization as well as the extent

to which effort is directed to developing the organization’s future capabilities.

Flamholtz (1996) identified several types of reward systems. The first is what he calls financial

rewards, which are the most common medium of organizational motivation and reinforcement.

They include wages and salaries as well as other aspects of compensation (bonuses, benefits).

7
The psychic rewards refer to the psychological experience of satisfaction derived by people from

a variety of organizational rewards – non-monetary as well as monetary. Here an individual may

derive psychic rewards from promotions, favourable performance evaluations, verbal

recognition, organizational prerogatives (special parking space, office) or other rewards.

Intrinsic rewards refer to desirable outcomes which are inherent result of a person’s own

behaviour, such as enjoyment of a task. For example, a nurse may derive satisfaction from

helping people, or a teller clerk may derive satisfaction from seeing customers speak well of her

cheerful disposition. Further, he identified extrinsic rewards as rewards not provided not only by

the person himself but by others. They may include external evidence of recognition of

accomplishment such as promotions, performance evaluations, and salary increase. Again,

Flamholtz points out that non-monetary rewards refers to any organizational reward that is not

financial in nature, such as promotions, performance appraisals, prerogatives, prestige etc. The

last type of rewards he identified is social rewards which are rewards not provided by the

organization per se, but which accrue to an individual because of his or her membership in an

organization. For example, certain organizations have considerable prestige, and members may

derive rewards by being recognized as a member of such an organization.

The basic idea to bear in mind according to Flamholtz is that reward systems are intended to

motivate certain kinds of behaviours and to reinforce their occurrence. This means that the

outcomes provided by the reward system must be positively valued by the person. The outcomes

may either be inherent result of the person’s behaviour, such as a feeling of accomplishment, or

external to the person, such as the receipt of an increase in salary or a promotion.

8
The design and management of rewards is very critical to the survival of the any organization.

Flamholtz (1996) opines that if properly designed, reward systems can lead to desirable

behaviour for an organization. He further argues that, if incorrectly designed or administered,

reward systems can lead to gradual deterioration of an organization if not its abrupt demise. It is

therefore clear that the design and administration of rewards systems are the oxygen upon which

the organization thrives.

Research has suggested that rewards now cause satisfaction of the employee which flows from

how the employee sees the management of the reward process (Lawler (1985). He underscores

the fact that the satisfaction of the employee depends on the amount received and the amount the

individual feels he or she should receive. Further, Lawler points out that in comparison to what

others collect influences employees satisfaction and that the employee’s satisfaction with both

intrinsic and extrinsic rewards received affects overall job performance. He also observed that,

people differ widely in the rewards they desire and in the value they attach to each. And

concluded that, many extrinsic rewards satisfy only because they lead to other rewards. All these

observations suggest the need for a diverse reward system.

In a study carried out by Centres and Bugental (1970), they base their research on Herzberg’s

two-factor theory of motivation, which separated job variables into two groups: hygiene factors

and motivators. They made use of a sample of 692 subjects to test the validity of the two-factor

theory. And it was discovered that at higher occupational level, “motivators” or intrinsic job
9
factors were more valued, while at lower occupational levels “hygiene factors” or extrinsic job

factors were more valued. From this work they concluded that an organization that satisfies both

intrinsic and extrinsic factors of workers get the best out of them.

In contrast, Egwuridi (1981) also investigated motivation among Nigerian workers using a

sample of workers of high and low occupational levels. The hypothesis that low-income workers

will be intrinsically motivated was not confirmed, and the expectation that higher income worker

will place a greater value on intrinsic job-factors than low-income workers was also not

confirmed. This shows clearly the extent of value placed on extrinsic job factors.

Akerele (1991) observed that poor remuneration is related to profits made by organization.

However, wage differential between high and low income earners in the same organization was

related to the low morale, lack of commitment and low productivity.

Griffeth et al. (2000) noted that pay and pay-related variables have a modest effect on the exit of

employees. Their analysis also included studies that examined the relationship between pay, a

person’s performance and exit. They concluded that when high performers are insufficiently

rewarded, they quit. If jobs provide adequate financial incentives the more likely employees

remain with organization and vice versa. There are also other factors which make employees to

quit from organizations and these are poor hiring practices, managerial style, lack of recognition,

10
lack of competitive compensation system in the organization and toxic workplace environment

(Abassi et al. 2000).

Also, in another study, Kulkarni (1983) compared the relative importance of ten factors such as

pay, security, etc. which are extrinsic to the job, and other intrinsic factors like recognition, self

esteem, responsibility etc among 80 white collar employees. And it was hypothesized that higher

value will be placed on intrinsic rather than extrinsic job factors. Data was obtained through

personal interview in which individuals were asked to rank each factor according to its

importance. The result did not uphold the hypothesis and it shows two extrinsic factors adequate

earnings and job security as the most important.

Judging from all these empirical studies and findings, one may generally conclude that it is

important for the rewards systems to be managed properly in order to elicit the right behaviour

from workers.

2.3 Challenges Inherent in Reward Systems

Every organization has departments with their heads who supervise the work of their

subordinates. The assessment of these departmental heads normally feed into the reward system

11
of the organization. Research by Greene (1976) and Podsakoff et al. (1984), suggests that leaders

who administer rewards contingent upon performance cause increases or decreases in

subordinates' satisfaction. Kohli (1985) on the other hand found a strong relationship between

contingent approving behaviour and job satisfaction among salespeople. Clearly, a relation of a

sort develops between these departmental heads and their subordinates on one hand and top

management on the other.

According to Adams (1979) social relationships involve an exchange process where a person

may expect equity in comparison with others. For instance, promotion as an outcome of a high

level of contribution in helping to achieve an important organizational objective. He further

argues that, a person’s feeling about the equity of the exchange is affected by the treatment they

receive when compared with what happens to other people. When there is an unequal

comparison of ratios, the person experiences a sense of inequity. Adams posits that a feeling of

inequity causes tension which in turn causes the person to decrease the amount of quality work

or working additional hours without pay. He concluded that once such a scenario plays out, a

person may try to find a new situation with a more favourable balance by resigning from a job or

from the organization altogether. Or the person may attempt to bring about changes in others to

lower their output or may force others to leave the field.

Armstrong (1993) said that the dominant trend is towards finding reward systems which focus on

the person (and his/her contribution) rather than the job. He argues that, this is facilitated by the

introduction of performance-related pay, however, he concludes that management cannot slough

12
off his responsibilities for managing by relying on rewards to lead people to pursue the desired

objectives.

Gomez-Mejia and Balkin (1992) contend that the old model of compensation (with pay

structures based on job analyses, descriptions, specifications, and classifications) is no longer

effective in today's business environment. They conclude that modern organizations must align

their reward system practices with their organizational strategy in order to achieve higher levels

of performance at both the individual and organizational level.

2.4 Possible Remedies for Challenges of Motivation

Humans, according to Maslow (1943) are a perpetually wanting group whose satisfaction of

wants is not altogether mutually exclusive, but only tends to be. He argues that the average

member of society is most often partially satisfied and partially unsatisfied in all of one’s wants.

This implies that managers of reward systems should try to find ways of motivating employees

by devising programs or practices aimed at satisfying emerging or unmet needs.

Kreitner (1988) in support of Maslow’s position further argues that managers must take time to

understand the needs of employees on individual basis especially during challenging times. He

points out that managers have the responsibility to create a proper climate in which employees

can develop to their fullest potential. Failures to provide such a climate would theoretically

13
increase employee frustration and could result in poorer performance, lower job satisfaction, and

increased withdrawal from the organization (Steers and Porter, 1983).

A good rapport between the supervisor and his or her subordinates influences them to act

favorably on behalf of the work unit (Fulk and Wendler, 1982). They posit that, this type of

supervisory behaviour is likely to be able to obtain resources and rewards for subordinates from

the higher management. They suggested that, it is therefore important for supervisors and

subordinates to develop a good rapport.

According to Kohli (1985) managers who set challenging goals for salespeople, encourage

continual improvement in their performance, and show confidence in their abilities to attain these

goals may expect their salespeople to be more sure of what is expected of them and more

satisfied with their jobs and rewards. He concludes that managers must therefore begin to

practice these things.

It is widely held view that in general, employees’ value both intrinsic and extrinsic rewards

available in organizational settings (Kunz and Pfaff, 2002; Anderson and Oliver, 1987). This

presupposes that managers of rewards systems must therefore blend the two to meet expectations

of employees.

Motivational leaders are those who inspire followers to transcend their self-interests and who are

capable of having a profound and extraordinary effect on followers (Robbins, 2003).

14
Demonstrating positive motivational behavior becomes instrumental in motivating employee

work performance (Greene, 1976, House and Mitchelle, 1974; Mumford et al., 2002; Robbins,

2003; Chowdhury, 2000, 2004)

From the available literature, one sees a clear picture of mixed extrinsic and intrinsic rewards as

a fundamental motivating strategy in managing rewards at the workplace. At the same time, it

appears every employee is different and unique therefore one-size-fits-all strategy in managing

rewards could be disastrous. The current study is thus, well positioned to examine the extent to

which the scenarios painted in the available literature are supported within the context of

Barclays Bank.

CHAPTER THREE

METHODOLOGY

3.1 Introduction

This chapter covers the study organization and different methods used in the study. These

methods include the sampling procedure, selection of study bank and respondents, the sample
15
size, the instrument for data collection and the data collection procedure and the analysis of the

data.

3.2 Selection of the Study Organization

The research was conducted in three branches of Barclays Bank. These are: the Ashaiman, Tema

and Spintex Road branches in the Greater Accra Region. The choice of Barclays Bank as the

focus of the study is based on the leading role it played and continues to play in rendering

efficient banking services.

3.2.1 Profile of Barclays Bank Limited

Barclays Bank was incorporated on 14th February, 1917 and commenced business thereof to

provide universal banking services to its valued customers. Operating for the past 92 years,

Barclays Bank has undergone a lot of strategic transformations to become more competitive in

its chosen markets.

Barclays Bank assists its customers with domestic and foreign-related activities, in their roles as

exporters, importers, manufacturers, intermediaries, investors or private individuals. By means of

its close working relationship with its principal foreign and local shareholders/partners, the bank

provides a bridge between Ghana and the rest of the world

The majority of Barclays Bank customer value is provided by Small & Medium size Enterprises,

the corporate segment, the middle-class individual as well as a selected group of institutions
16
(bank and non bank). Barclays Bank concentrates its managerial efforts and available financial

means on growing and expanding these core activities.

3.2.2 Electronic Banking

Since its establishment the bank has continuously introduced bespoke products and services to

meet the needs of its customers. Barclays Bank runs Automated Teller Machine (ATM’s) to

provide 24-hour banking services to its customers in the Ghanaian Banking Industry.

Indeed, all the 94 existing outlets of the bank are networked, offering its customers the kind of

online real time banking service, which enables customers to transact business conveniently at

any branch nearest to them. The effectiveness of this service, in its real sense, is unmatched in

the industry.

3.2.3 The Customer at the Heart of Barclays Bank’s Business

According to available literature Barclays Bank has vigorously pursued the ambition of

becoming a preferred specialist bank providing excellent quality customer service to her target

customers. Barclays Bank focus her efforts and resources on developing partnerships with

Corporate, Commercial, Retail and Institutional customers, invigorating its selling proposition

and growing the activity where it has a competitive advantage. By focusing on its core strengths

and skills, Barclays Bank continues to develop its business by investing in our people, in growth

opportunities and partnerships to achieve improved returns over time.

17
Barclays Bank aspires to timeless values: trust, fairness and openness. Indeed, the bank is

customer focused, winning together, best people pioneering and trust as the driving principles

upon which the bank operates. (Barclays Bank’s Files 2009)

The bank is alive to its social responsibilities as it continues to support social events and

institutions all aimed at giving back to the society that has afforded them the platform to operate.

It is on record that the bank has given its support in the areas of health care and environmental

friendliness. Among such activities, is the “make a difference day” which is a global activity

carried out by all Barclays branches world wide, and the recent Tari No. 1 project where

Barclays raised funds through the sale of Barclays writs bands to acquire a solar panel and other

health care facilities to the Tari No. 1 community hospital in Tamale in the Northern Region.

As at December 2008, the bank’s strength countrywide stands at 1000 employees with 94

networked branches.

3.3 Selection of Respondents

Sample size determination was guided by cost and time consideration. Given the limited time

frame for the study and limited financial resources, a convenience sample of 30 respondents was

selected from the three branches for the interview. The selection was random and informed by

the diversity of the staff of the three branches. This study applied a convenience research

sampling method as it appears most suitable considering the characteristics of the study
18
population (Dunn, 2001). The most appropriate time chosen to interview respondents was at

their work places. Respondents were willing and available to participate in the study hence the

use of convenience method was apparent.

3.4. Data Collection techniques

Two types of data was collected for the study – primary and secondary data. In the collection of

primary data, a semi-structured questionnaire was used to collect information from the staff of

the three branches at their different locations. This was done with the help of two research

assistants over a two week period.

The questionnaire was designed to gather data on level of education, work history and patterns of

skill acquired, types of rewards system, how employees are rewarded, the relationship that exists

between junior and senior staff, involvement of staff in the determination of rewards, movement

of workers between different jobs, conditions of work for various categories, dynamics of the

rewards system among others.

Secondary information gleaned through extensive review of written documents, which included

but not limited to articles in newspapers, textbooks, articles on the internet and publications.

3.5. Data Analysis

19
The questionnaires which were administered to respondents were edited and coded. Computer

software, the Statistical Package for the Social Science (SPSS) as well as Microsoft Excel was

used to analyze the data to obtain descriptive statistics mainly in the form of frequencies and

percentages. For the statistical analysis, bivariate data was used.

Quantitative analysis include the examination of the nature and impact of the rewards system

which includes the percentage of the various sexes, the constraints they face, the impact of inputs

of staff to the management of the rewards system among others. For discussion of results, tables

and graphs were used to present the data.

The study also used proportions generated from simple cross-tabulations as part of the analysis.

This technique was employed to examine the relationship between rewards and performance of

employees on the basis of some selected background variables considered to be of relevance.

The analysis was made with a 99% level of confidence i.e., p = 0.01.

3.6 Limitations of the Study

Lack of time was considered as a major limitation and it was therefore not be possible to carry

out a more rigorous primary data collection exercise. Time was a limiting factor since more time

was needed to go round in administering questionnaires and conducting interviews and at the

same time writing our final examinations. Despite the time constraint, the researcher stuck to the

time frame allocated for each stage of the dissertation hence completing the work on time.

20
Closely related to time was inadequate financial resource, which meant that a more extensive

study was not possible. The cost involved in printing all the relevant documents and the

transportation for gathering the needed data was enormous. However, financial resources were

sought to ensure a representative sample was interviewed for the completion of this work.

The study is limited only to Barclays Banks in the Accra/Tema Metropolis in the Greater Accra

Region for the sake of time and cost constraints. However, the implications of the study will

generally hold for all financial companies in Ghana and the developing world.

The study is also limited by the number of questionnaires for the respondents (30) from a sample

frame of 50. The respondents that were covered, however, were representative enough thus

reduce biases to a minimum

Again, the lack willingness of employees to disclose their income and the reluctance of Barclays

Bank to volunteer information on their staff remuneration meant that random selection of an

adequate sample was not possible. Due to these limitations, the study was conducted using the

case of 30 employees who were be relied upon to give comprehensive information about their

lives, jobs and aspirations. Although this study is fraught with limitations, it is quite certain that

findings will apply to a large number of workers in banks and the policy suggestions would be

relevant to most financial organizations.

21
 CHAPTER FOUR
DATA ANALYSIS AND FINDINGS

4.1 Introduction

This chapter presents an analysis of the data collected from the field. It starts with a bio-data of

the respondents through nature of reward systems, challenges in the reward system to possible

remedies for challenges of motivation.

4.2 Bio-data of Respondents

Sex was included because it was the assumption of the researchers that there should be a balance

between both sexes who are the employees of the Barclays Bank. According to the survey, two-

thirds (66.7%) of respondents are males while the females make up 33.3%. This result shows a

high percentage of males working with Barclays Bank. The study explore further to find out the

22
age range of employees of Barclays Bank and the results show that the modal age of employees

of the bank is 29 years. Clearly, Barclays Bank has a significant number of its employees being

young. The youthful population of Barclays Bank positions the bank to make maximum use of

the youthful exuberance associated with workers who fall into this age category if the reward

system of the bank is properly managed. Table 4.2.1 captures the results.

Table 4.2.1 Sex of Respondents

Sex Frequency Percent
Male 20 66.7
Female 10 33.3
Total 30 100.0

The study probed to find out if respondents are married. According to the results, 33.3% of

respondents said they are married while 66.7% are single. Looking at the age of the respondents

this result is not surprising because most of them are still in their mid twenties and may want to

work and establish themselves before thinking of marriage. This is however good for the

company since most of these young employees can work and give their maximum best without

recourse to pressure by spouse and children.

Further, a test item was designed to find out the educational qualification of the respondents

since this is an important variable in human resource base of any organization. From the study,

23.3% each of respondents have diploma while 53.3% have first degree. Indeed, 20% of

respondents have masters degree with a paltry 3.3% of the respondents have other professional

23
qualifications. Clearly, the human resource of Barclays Bank is solid in terms of relevant

education. Figure 4.2.1 illustrates the results.

Figure 4.2.1 Educational Level of Respondents

60

53
50

40

30

23
20
20
Percent

10

0 3
D
iplom
a F
irst D
egree M
astersD
egree P
rofessional

The 30 respondents from Barclays Bank are divided into five main departments of the

organization. 43.3% of the respondents are in the customer service department while 26.7% are

in operations. Indeed, 16.7% are in human resource with 6.7% in material and transport. The rest

3.3% each are in the finance and retail/sales departments. Specifically, there are three managers,

twelve senior staff and thirteen junior officers and three others. This is a well distributed

workforce knitted into five main departments. In terms of the number of years each employee

has spent with the organization, 43.3% of the respondents have been working for the past two

years while 20% has been with the organization for one year and four years respectively. 6.7% of

the respondents have spent three years while 10% has spent six years and above. Looking at the

results, it implies that most of the employees have not been with the bank for long. Table 4.2.2

depicts the results.

24
 Table 4.2.2 Departments in Barclays Bank
Departments Frequency Percent
Operations 8 26.7
Finance 1 3.3
Material and Transport 2 6.7
Customer Service 13 43.3
Human Resource 5 16.7
sales / retail banking 1 3.3
Total 30 100.0

4.3 Nature of Rewards Systems in Barclays Bank

Rewards by their nature determine performance, likelihood of people joining and remaining with

an organization (Flamoholtz 1996). The study sought to find out the type of reward system that

Barclays Bank has in place. From the results, there are four different categories of rewards in

Barclays Bank. These include: financial rewards (wages, salaries, benefits and bonuses), intrinsic

rewards (enjoyment of work and customers speaking well of employees), extrinsic rewards

(prestige as an employee of Barclays Bank) and social rewards. Figure 4.3.1 pictorially depicts

the results.

Figure 4.3.1 Type of Reward System in Barclays Bank

25
 social rewards

14.3%

extrinsic rewards(pr
14.3%

intrinsic rewards (e financial rewards(wa

7.1% 64.3%

The study probed further to find out which type of the reward system is closely related to the

economic conditions in the country. An overwhelming 96.7% said financial rewards with one

person dissenting. Indeed, financial rewards directly relates to the day to day life of all

employees. This normally comes in the form of salaries, wages and sometimes bonuses and other

fringe benefits. According to the study, half (50%) of the respondents said financial rewards are

implemented when the economic conditions become difficult while 41.7% reported that financial

rewards are implemented when management feels the time is right. In fact, this percentage of

employees intoned that there are no systematic ways of synchronizing the financial reward

system to reflect the economic situation. It is left to the whims and caprices of the management

of Barclays Bank. A measly 4.2% each of respondents claimed financial rewards are

implemented once in a long time and are never implemented at all respectively. Table 4.3.1

demonstrates the results.

26
Table 4.3.1 Implementation of Reward Systems in Barclays Bank
Regularity of Implementation Frequency Percent
When the economic situation becomes difficult for workers 12 50.0
When management feels the time is right 10 41.7
Once in a longtime 1 4.2
Never implemented 1 4.2
Total 24 100.0

Generally, rewards are geared towards hard work which translates into productivity and

satisfaction. The study revealed that, 63.6% said extrinsic rewards motivate them to work hard

while 22.7% financial rewards make them to work hard. Indeed, 13.6% their hard work find

expression in social rewards that they received. This finding demonstrates that employees of

Barclays Bank work hard when they are extrinsically motivated. Again, the study went further to

find out which of the reward systems makes employees satisfied and increase their performance.

It emerged that 40.7% of respondents posit that they are satisfied and can increase their

performance if they are rewarded extrinsically while 22.2% each said they are satisfied when the

reward take the form of financial and social. On the other hand, 11.1% said intrinsic rewards

make them satisfied while a paltry 3.7% are satisfied with psychic rewards. This findings paint a

picture of a mixed bag between the positions of extrinsic and intrinsic rewards. It clearly affirms

Lawler’s (1985) position that a combination of extrinsic and intrinsic rewards makes them

satisfied and increase performance of employees. Figure 4.3.2 illustrates the results.

Figure 4.3.2 Reward Systems, Satisfaction and Job Performance

27
 40

37

30

20
20 20

10
10
Percent

3
0
intrinsic rewards extrinsicerewards psychi rewards
financial rewards social rewards

Recognition of which reward system motivates employees and its implementation by

management could lead to high level of performance by employees. The study found out that an

overwhelming 82.8% of respondents said management recognizes the reward system that

increase their performance while 17.2% reported that management does not recognize the

rewards that increase their performance. The study again probed further to find out if

management of Barclays Bank has ever implemented the reward system that it recognizes as

factor that increases employee’s performance. The response to this test item is too close to call.

57.1% of respondents responded in the affirmative while 42.9% dissented. The huge percentage

that said no is very significant in the sense that close to half of the respondents are saying that

despite the fact that management recognizes the reward system that increase the employees

performance it has failed to implement it. This implies there is a missing gap between what has

been recognize as a stimulant for increase performance and the implementation.

28
One of the key components of extrinsic rewards is promotion. The study sought to find out how

promotions are handled in Barclays Bank. From the results, a whopping 56.7% of respondents

said they have never been promotion ever since they joined the bank while 20% said they were

promoted a year ago. Indeed, a measly 6.7% each reported that they were promoted two and four

years ago while 10% said they were promoted five years ago. The study went further to find out

if the promotions were related to hard work or corporate policy of long service and from the

results; all those who were promoted said it was related to hard work. Again, respondents were

asked to state whether Barclays considers hard work as vital for rewards. From the results, 73.3%

either strongly agreed or agreed that hard work is vital for rewards while 26.7% either disagreed

or strongly disagreed with the assertion that hard work is vital for rewards. Though promotions

are far and spaced in Barclays Bank, it is apparent that it is an important part of the bank’s

reward system.

Equity in the reward system has been identified as another key variable that affect the output of

employees if not properly handled. A test item was therefore developed to find out if there is

equity in the remuneration of junior and senior staff of the bank. The study showed that 66.7% of

respondents either strongly agreed or agreed that there is equity in the remuneration of the senior

and junior staff of the bank while 16.6% either disagreed or strongly disagreed that there is

equity in the remuneration of junior and senior staff of the bank. Indeed, a significant 16.7% or

respondents remained neutral to this test item. Though two-thirds of respondents said there is

equity in the remuneration, the 16.6% is significant and there is the need for more fairness if this

number of employees is to give off their best and raise the productivity level of the bank. Table

4.3.2 captures the results

29
 Table 4.3.2 Equity in the Remuneration of Senior and Junior Staff
Equity in Remuneration Frequency Percent
Strongly agree 5 16.7
Agree 15 50.0
Neutral 5 16.7
Disagree 1 3.3
Strongly disagree 4 13.3
Total 30 100.0

The study also tried to find out Barclays Bank provides rewards for skills and exceptional

performance. From the results, it emerged that 70% of respondents either strongly agreed or

agreed that the bank provides rewards for skills and exceptional performance while 13.3%

strongly disagreed with the statement. On the other hand, 16.7% of respondents remained neutral

about the assertion of rewards for skills and exceptional skills. Further, respondents intoned that

the bank sometimes reward employees recommended by customers and colleague workers.

Indeed, 60% of respondents either strongly agreed or agreed with the assertion while 20% each

remained neutral and strongly disagreed with the statement respectively.

Incentives and fridge benefits in addition to salary workers received have also been identified to

be an important component of the reward system of any organization. Employees of Barclays

Bank were asked if they receive any incentive in addition their main salary. From the results,

two-thirds of respondents (63.3%) responded in the affirmative while one-third (36.7%)

responded in the negative. This result indicates that incentives and fridge benefits are given to

employees of the bank. Employees were further asked to state the type of incentives they receive.

30
From the results 43.8% said they receive clothing and medical allowances while 25% each

reported that they receive end of year benefit and transport allowances respectively. A measly

6.3% of respondents state that receive bonus in performance. Table 4.3.3 depicts the results.

Table 4.3.3 Types of Incentives Received by Employees

Type of Incentive Frequency Percent
Clothing and medical allowance 7 43.8
Bonus in performance 1 6.3
End of year benefit 4 25.0
Transport and medical 4 25.0
Total 16 100.0

4.4 Challenges inherent in the Reward System of Barclays Bank

The total reward package every employee takes home at the end of every month is suppose to

help the employee meet his/her basic economic needs. A test item tried to gauge the feeling of

workers in terms of how their reward package help meet their basic economic needs. From the

study, 73.3% said their monthly reward package help them to meet their basic economic needs

while 26.7% reported that their monthly reward package could not help them meet their basic

economic needs. Those who responded in the negative were asked to state their reasons. 54.5%

said the rising cost of living has made it impossible for their monthly reward package to help

them meet their basic economic needs while 18.2% each posits that large family size and

inconsistent nature of incentives have made impossible for them to meet their basic economic

needs. The results show that Barclays Bank needs to make the incentive system consistent and it

31
should take cognizance of the economic situation prevailing at any particular time into

consideration before putting the package together. Table 4.4.1 shows the results.

Table 4.4.1 Reasons for Inadequacy of Reward Packages

Reasons Frequency Percent
Cost of living is rising 6 54.5
It Is sufficient to manage my large family 2 18.2
It is not always consistent 2 18.2
My basic needs vary each month 1 9.1
Total 11 100.0

Motivation of any form directly affects the output of the employee negatively or positively.

Respondents were asked if their performance is affected when they are unfairly remunerated. A

whopping 83.3% said their performance is affected when they are unfairly remunerated while

16.7% posits that their performance is not affected at all. The study probed further to find out the

ways in which employees are affected when they are unfairly remunerated. From the results,

72% reported it lowers their morale while 16% said it lowers their productive level. Indeed, a

paltry 4% claimed that once they are unfairly remunerated they do not show total commitment to

work while 8% of respondents said unfair remuneration affects their morale, commitment and

productivity. Figure 4.4.1 pictorially shows the results.

Figure 4.4.1 Effects of Unfair Remuneration

32
 all theabove
8.0%

lowproductivity

16.0%

lackof commitment

4.0%

lowmorale
72.0%

An avenue for employees to voice their complaints and grievances has been an interface between

management and employees for employees to get their voices heard. From the study 80% of

employees said that the bank welcomes complaints from employees concerning their conditions

of service while 20% responded in the negative. When the researcher probed further to find out

means of lodging complaints, 62.5% reported that there is an employee complaints unit for

lodging complaints while 29.2% said they do it through their head of department. On the other

hand, a measly 8.3% normally resort to the suggestion box as means of lodging their complaints.

Indeed, the 20% of respondents who claim there are no avenues for lodging complaints poses a

serious challenge to means of communication in the Barclays Bank which could affect output of

employees. Table 4.4.2 illustrates the results.

Table 4.4.2 Means of Lodging Complaints

Means of Lodging Complaint Frequency Percent
33
 Suggestion box 2 8.3
Employee complaint unit 15 62.5
Through departmental head 7 29.2
Total 24 100.0

A challenge face by many financial organizations is the level of interpersonal relations that exists

between senior and junior workers. When the question of motivation of interpersonal

relationship was put to the employees, 76.7% reported that they are motivated by the

interpersonal relationship between them and their managers while 23.3% said they are not

motivated at all by the kind of interpersonal relationship between them and their managers.

The negative response is significant in the sense that once relationship at the office becomes

frigid, output of the employees is automatically affected. The study went further and asks

respondents to describe the kind of interpersonal relationship between them and their managers.

The results show that 66.7% posits that the relationship is cordial while 16.7% reported that the

relationship is fairly good. On the other hand, 10% and 6.7% described the relationship as

mechanical and non-existent respectively. Those who describe their relationship with their

managers in the negative imply that managers and other departmental heads have to work on

their relationships with those who work under them. Figure 4.4.2 demonstrates result of this

finding.

Figure 4.4.2 Type of Relationship between Managers and Subordinates

34
 we have a very cordi 67

mechanical type of r 10

non existent 7

fairly good and frie 17

0 10 20 30 40 50 60 70 80

Percent

Related to the relationship between managers and subordinates, a test item was also designed to

gauge the feeling of subordinates towards their supervisors. From the results, 76.7% of

respondents said their supervisors motivate and inspire them to work harder while 23.3% of

respondents responded in the negative. Respondents were further asked to explain their answers

and the answers given are varied. 27.3% each believed that their supervisors show lack of respect

and inspirational respectively while 18.2% each said their supervisors are friendly and open to

ideas and are team players respectively. A measly 9.1% of respondents reported that their

supervisors are open-minded. The lack of respect shown by some supervisors could serve as a

de-motivation factor towards work. Table 4.4.3 shows the results.

Table 4.4.3 Perception of Subordinates towards Supervisors

Perception Frequency Percent

35
 Lack of respect 6 27.3
He is open minded 2 9.1
Friendly and open to ideas 4 18.2
He is a team player 4 18.2
Inspirational and motivational 6 27.3
Total 22 100.0

The right mix of rewards has been identified as a crucial factor in employees’ performance.

Respondents were asked to state the form of rewards that motivates them to work harder. From

the study, various types of rewards were mentioned by respondents. According to the results,

46.7% of respondents said extrinsic and intrinsic rewards motivates them to work harder while

36.7% of respondents mentioned financial reward. Indeed, 10% of respondents mentioned

promotions and bonuses as the stimulus that ginger them to work harder while a measly 6.7%

reported that self and financial motivation are the driving force for them to work harder. Further

respondents were asked if the current reward system of Barclays Bank will encourage them to

stay. The result is split in the middle. Half of the respondents said they will stay given the current

reward system of Barclays Bank while the other half reported that they will not. Again,

respondents were asked to state factors responsible for employees to leave the bank for other

organizations. Half of the respondents stated that poor managerial style related to reward systems

has been the cause while 20% of respondents said lack of competitive compensations system is

the cause. Indeed, 23.3% posits that lack of recognition has been a major cause for many

employees leaving the bank while a paltry 6.7% adduced the exodus to poor hiring practices.

Figure 4.4.3 exemplifies the results.

36
Figure 4.4.3 Factors Responsible for Employee Exodus at Barclays Bank

poor hiring practice

lack of competitive 6.7%
20.0%

lack of recognition managerial style

23.3% 50.0%

To further probe the challenges inherent in the reward system in Barclays Bank, were asked to

rank the reward system of Barclays Bank in terms of importance. The results indicate that

adequate earning was ranked by 43.3% of respondents as very important while 56.7 ranked it

important. Further, an overwhelming 80% saw job security as very important while 20% saw it

as important. Indeed, recognition at the work place enjoys an important place among employees

of Barclays Bank because 93.3% either rank it as very important or important while a measly

6.7% rank recognition as less important. Respondents were asked to state if the reward system of

Barclays Bank satisfies the ranking. The study revealed that 60% of respondents said the reward

system of Barclays Bank does satisfy their ranking while 40% responded in the affirmative.

Contingent upon this answer, 73.3% of respondents intoned that managers who administer the

reward system at Barclays Bank cause them to decrease their performance while 26.7%

responded in the affirmative, that is managers of the reward system at the bank help increase

their performance. Table 4.4.4 gives a picture of the results.

37
 Table 4.4.4 Effects of Management of Reward Systems
Effects Frequency Percent
Decrease in performance 22 73.3
Increase in performance 8 26.7
Total 30 100.0

4.5 Possible Remedies for Challenges of Motivation.

The need for managers of reward systems to satisfy their employees and get them motivated is

important for any organization to achieve its set goals and corporate vision. To this end, the

study tried to find out means of resolving the challenges of getting employees of Barclays Bank

motivated. From the study, 85.7% of respondents either strongly agreed or agreed that a good

rapport between the supervisor and his subordinates influences them to act favourably on behalf

of the work unit. This finding affirms Wendler’s (1982) position that when supervisors and

subordinates develop a good rapport rewards and resources could easily be obtained from

management for subordinates. Indeed, 14.3% of respondents remained neutral to this test item.

Another way of resolving the challenges of the reward system of Barclays Bank is to set

challenging goals for employees which should be accompanied by appropriate rewards. From the

study, all the respondents either strongly agreed or agreed that when challenging goals are set

with appropriate rewards; they are more than motivated to give off their best. Indeed, this finding

is in tandem with Kohli’s (1985) position that employees especially salespeople are more sure of

38
what is expected of them and satisfied with the rewards that go with set targets. Illustration of the

results is captured in table 4.5.1.

Table 4.5.1 Setting Challenging Goals with Appropriate Rewards

Challenging Goals and Appropriate Rewards Frequency Percent
Strongly agree 13 43.3
Agree 17 56.7
Total 30 100.0

The study also explores the possibility of blending the various types of rewards as a way of

getting the best from employees since the needs and expectations of each employee vary. The

results show an overwhelming support to this assertion. All the respondents either strongly

agreed or agreed that managers of reward systems must blend the various types of rewards in

order to meet the expectation and needs of each employee. There was an irresistible support for

superior officers demonstrating motivational behaviour to get subordinates to work harder. All

the respondents again affirm their support to this test item. And finally, respondents suggested

other means of resolving the challenges of the reward system of Barclays Bank. From the study,

27.3% of respondents suggested an improvement in the reward system of Barclays Bank while

18.2% again said the right mix of reward for each employee is a sure way of getting motivated to

work. Indeed, 22.7% of the respondents also reported that both junior and senior staff must be

consulted in the packaging of any reward for them while 31.8% of the respondents hold the view

that employee input during appraisals must taken into mainstream decision making process for

them to feel part of the organization and consequently live up to the goals of the organization.

The result is shown by figure 4.5.1.

39
Figure 4.5.1 Resolving Challenges of the Reward System of Barclays Bank

4.6 Correlations

The Pearson and Spearman correlations were used in an effort to identify relationships between

some of the variables. Few significant correlations were found as a result of this procedure, and

those which were determined to be significant were relatively high.

Table 4.6.1(a) Pearson Correlation Results

Salary, incentives and Performance affected when

basic economic needs unfairly remunerated
does your salary and Pearson Correlation 1 .742(**)
incentives help you to
40
 meet your basic
economic needs
Sig. (2-tailed) . .000
N 30 30
is your performance Pearson Correlation
affected when you are .742(**) 1
unfairly remunerated
Sig. (2-tailed) .000 .
N 30 30
** Correlation is significant at the 0.01 level (2-tailed).

Table 4.6.1(b) Spearman Correlation Results

Salary, performance
incentives and affected when
basic economic unfairly
needs remunerated
Spearman's rho does your salary and Correlation
incentives help you to Coefficient
1.000 .742(**)
meet your basic
economic needs
Sig. (2-tailed) . .000
N 30 30
is your performance Correlation
affected when you are Coefficient .742(**) 1.000
unfairly remunerated
Sig. (2-tailed) .000 .
N 30 30
** Correlation is significant at the 0.01 level (2-tailed).

The correlation coefficient of 0.74 for Pearson and Spearman respectively confirm that there is a

relationship between salary, incentives and basic economic needs on one hand and performance

of employees when unfairly rewarded on the other. In fact, this relationship is positive and the

relatively high value of 0.7 for Pearson and Spearman shows the good strength of association

between the two variables. As expected, the two test results are statistically significant at 1%

level of significance, which implies that the correlation coefficients are reliable. This therefore

confirms that when salaries and incentives for employees are equitably shared to meet basic

economic demands of employees they tend to increase their performance through hard work;

however, the opposite is true when they are unfairly rewarded. There is ample evidence therefore
41
to believe that fairness in the reward system with one eye on the basic economic needs of

employees is key and crucial to their output performance of employees.

CHAPTER FIVE

SUMMARY, CONCLUSIONS AND RECOMMENDATIONS

5.1 Introduction

42
This chapter presents the concluding part of the study. It starts with the summary of findings, 

followed   by   the   conclusions   drawn   and   finally   ends   up   with   recommendations   for   policy 

guidance   for   financial   organizations   interested   in   managing   the   reward   systems   of   their 

organizations in order to get the best from their employees.

5.2 Summary

The liberalization of the financial industry has opened the floodgates for the influx of many

banks into Ghana. This has generated intense competition for the best brains in the banking

sector and rewarding them accordingly for them to increase the customer base and general

productivity of the banks.

To find out the importance of the reward system in Barclays Bank, the study revealed that the

staff of Barclays Bank is dominated by males with the modal age pegged at 29 years This

implies that, the bank has a youthful workforce which is a long term secured human resource for

the bank.

Indeed, the study revealed that the human resource base of Barclays Bank is solid in terms of

relevant education. Majority of the employees (53.3%) have first degree with another 20%

holding masters degrees.

43
The study also revealed that Barclays Bank operates various kinds of reward systems such as

extrinsic, intrinsic, financial, social and psychic as a way to motivate or boost the morale of

employees. Indeed, the needs and expectations of each employee vary and therefore Barclays

adopts various blends of the reward systems to motivate its staff.

The importance employees attach to the adequacy of their reward packages vis-a-vis their basic

economic needs is given expression to by the positive correlation that has been found to exist

between basic economic needs of employees, equity in the remuneration package and their

overall performance. It was found that where employees are unfairly rewarded it tends to affect

the total performance negatively.

To ascertain the importance of rewards systems, a set of questionnaire was designed and

administered to employees of Barclays Bank. Related literature was reviewed and the data

analyse for conclusion and recommendations.

5.3 Conclusion

The information gathered by this study pointed to how important the reward system can help a

financial institution like the banks to motivate their employees, especially when the needed

attention is given to differing interests of workers. Indeed, financial rewards in the form of

wages, salaries, benefits and bonuses has been identified as one type of reward that relates
44
directly to the economic situation of workers therefore tends to attract more attention than the

other rewards. However, there is the need to find a blend between this reward and the rest for

maximum output from workers.

Again, managers of rewards need to establish a good working relationship with their

subordinates in the office. Where there is a good rapport between junior and senior staff, trust is

built and subordinates perform better once they know their supervisor can be trusted to speak for

them and ensure their felt needs are addressed.

Indeed, there is the need for fairness and equity in the remuneration of workers. Where a section

of workers perceive the remuneration package to be skewed in favour of a few their performance

is directly affected. It is therefore incumbent on reward managers to be aware of the equity factor

in designing their reward packages.

5.4 Recommendations

Evidence gathered by the researcher from the field points to the important place occupied by

reward systems in the operations of Barclays Bank. The researcher would therefore like to make

the following recommendations:

45
To start with, there is the need for Barclays Bank to re-organize its reward system to meet the

varying needs of its employees especially the needs of the senior and older staff and that of the

young and talented junior staff. This brings into sharp focus the equity factor where those who

are young but talented devoted to the bank’s ideals should be adequately rewarded.

Secondly, for Barclays Bank to always stay ahead of the other banks there is the need to

constantly seek the input of all of its workers in the designing of its reward package. The one

size fits all philosophy has outlived its usefulness in the current competitive banking sector

where every bank is out looking for the best brain to man it operations. This, when done will

help the bank maintain its experienced staff and rake in more talented ones.

Again, there is the need for in-service training and refresher courses for managers of the reward

systems in Barclays Bank to be abreast with modern strategies that blends the different reward

systems to ensure the bank gets the best from its staff to help it maintain its foothold in the

competitive market of the banking industry. These trainings and courses will always position

reward managers of the bank to be ready for the needs of the employees anytime.

To further get the best performance from employees, Barclays Bank needs to adopt the strategy

of setting target for employees accompanied by the necessary reward packages. This has been

proven to give clear direction and purpose to employees who can work to achieve such set

targets.

46
An innovation that Intercontinental Bank can consider seriously is the concept of Telephone

Banking. With this, loyal customers of the bank need not join long queues in the banking halls

before withdrawing or depositing cash or cheque. The bank can serve these loyal customers at

home or their offices through courier services.

Finally, avenues should be created for employees to always channel their grievances and when

such grievances are tabled, action on them should be decisive. This will help gain the trust and

corporation of all employees of Barclays Bank to live up to the dreams of the bank.

BIBLIOGRAPHY

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intrinsic motivation.” Organization Behaviour and Human Performance, No 8, pp 217-229.

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3. Ajila C and Abiola A (2004). Influence of Rewards on Workers Performance in an

Organization. J. Soc. Sci., 8(1): 7-12 (2004)

4. Akerele, A. 1991. “Role of labour in productivity.” Nigeria Journal of Industrial Relation, 5:

50-58.
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5. Anderson E, Oliver R. L (1987). Perspectives on behavior-based versus outcome-based sales
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6. Armstrong N (1993) “Effect of motivators and hygiene factors on job performance among
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7. Barclays Bank’s 2008 Report

8. Centres and O, Bugental. 1970. “Intrinsic and Extrinsic Job motivators among different
segments of the working population.” Journal of Applied Psychology, 50: 193-197.

9. Chowdhury M (2004). “Gender and Race in Salespersons Evaluations: A Case Study of a

Multicultural Sales force. J. Bus. Behav. Sci. 12, (1); 52-60

10. Egwuridi, P.C. 1981. Job Satisfaction: Effects on Job Characteristics. Unpublished MSc
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investigation. Organ. Behav. Hum. Perform. 30: 241-64.

13. Gallup J (2008 ). Factors affecting Job Stress, Job Strain and Job Satisfaction among acute
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Firm Performance, Southwestern Publishing Company, College Division, Cincinnati, OH.

15. Griffeth M Sur H, Mumcu G, Soylemez D, Atli Y, Idrim C (200o). Factors affecting Dental
Job satisfaction, Evaluation and the Health Prof. The Haworth Press. 27: 152-164.

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16. Greene CN (1976). A longitudinal Investigation of PerformanceReinforcing Leader Behavior
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424-433

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28. Steers A and Porter J (1983) An empirical test of the consequences of behavior-and outcome-
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APPENDIX

CENTRAL UNIVERSITY COLLEGE

This questionnaire is designed to seek information for a study on the topic “The Importance of
Managing Reward in the Banking Industry” Your honest opinions would be appreciated and
used for the purpose of this study only. You are assured of confidentiality.

A. Respondents Bio-data

A1. Age

50
 1. 20 – 29
2. 30 – 39
3. 40 – 49
4. 50 – 59
5. 60 and above
A2. Sex

1. Male
2. Female
A3. Marital Status

1. Married
2. Single
A4. Highest educational qualification

1. Elementary/Basic
2. GCE “O”/ “A” Level
3. Diploma
4. 1st Degree
5. Masters Degree
6. Professional
7. Others……………………………………………………………………..

A5. Department

1. Operations
2. Finance
3. Engineering/IT
4. Material and Transport
5. Customer Service
6. Human Resource
7. Others, specify…………………………………………………………
A6. Status
51
 1. Manager
2. Senior Officer
3. Junior Officer
4. Others, specify.........................................................................................

B. The Nature of Reward Systems

B1. How long have you been working with Barclays Bank?

1. One year
2. Two years
3. Three years
4. Four years
5. Five years

6. Six years and above

B2. What types of reward systems do you have at Barclays Bank?

1. Financial rewards (wages, salaries, benefits, bonuses)

2. Psychic rewards (promotion, verbal recognition, performance evaluation, parking space)

3. Intrinsic rewards (enjoyment of work, customers speaking well of employees)

4. Extrinsic rewards (promotion, salary increase, performance evaluation)

5. Social rewards (prestige as an employee of Barclays)

B3. Which type of reward system is related to economic conditions in the country?

…………………………………………………………………………………..

B4. How often is this implemented?

1. when the economic situation becomes difficult for workers

2. when management feels the time is right

52
 3. once in a long time
4. never implemented
5. others, specify…………………………………………………………..
B5. Which of these reward systems is directly related to hard work?

………………………………………………………………………………….

B6. Which of these reward systems will make you satisfied and increase your performance?

…………………………………………………………………………………..

B7. Does management recognize which reward increases your performance?

1. Yes
2. No
B8. Has management ever implemented this?

1. Yes
2. No
B9. When were you last promoted?

1. a year ago
2. 2. years ago
3. 3 years ago
4. 4 years ago
5. 5 years or more
6. Never been promoted
B10. Was the promotion related to hard work or corporate policy of long service?

1. hard work
2. corporate policy of long service
3. Others, specify…………………………………………………………………..

B11. Does Barclays Bank welcome complaints from employees concerning conditions of
service?
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 1. Yes
2. No
B12. If yes, what are the means of lodging complaints?

1. Suggestion box
2. Employee complaint unit
3. Through departmental head
4. Others, specify…………………………………………………………………..

Rate the following modes of reward as regards Barclays Bank

1. Strongly agree 2. Agree 3. Neutral 4. Disagree 5. Strongly disagree

B13. Barclays Bank considers hard work as vital for rewards.

1. Strongly agree 2. Agree 3. Neutral 4. Disagree 5. Strongly disagree

B14. Barclays Bank provides equity in remuneration of senior and junior employees

1. Strongly agree 2. Agree 3. Neutral 4. Disagree 5. Strongly disagree

B15. Barclays Bank provides rewards for skills and exceptional performance.

1. Strongly agree 2. Agree 3. Neutral 4. Disagree 5. Strongly disagree

B16. Barclays Bank rewards employees recommended by customers and colleagues.

1. Strongly agree 2. Agree 3. Neutral 4. Disagree 5. Strongly disagree

B17. Do you receive any incentive in addition to your salary?

1. Yes
2. No
B18. If yes, what kind of incentive do you receive, please list them
…………………………………………………………………………………….
…………………………………………………………………………………….

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C. Challenges Inherent in Reward Systems

C1. Does your salary and incentives help you to meet your basic economic needs?

1. Yes
2. No
C2. Please explain your answer…………………………………………………

……………………………………………………………………………………

C3. Is your performance affected when you are unfairly remunerated?

1. Yes
2. No
C4. If yes, in which way?

1. low morale
2. lack of commitment
3. low productivity
4. Others, specify……………………………………………………..

C5. Does interpersonal relationship between you and your manager motivate you to work
harder?

1. Yes
2. No
C6. Describe the relationship between you and your manager…………………………

…………………………………………………………………………………………..

C7. Does your supervisor motivates and inspires you to work harder?

1. Yes
2. No

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C8. Please explain your answer………………………………………………………

………………………………………………………………………………………..

C9. Which form of rewards motivates you to work harder?

……………………………………………………………………………………….

C10. Will the current reward system of Barclays Bank encourage you to stay and work with the
bank?

1. Yes
2. No
C11. What factors make employees of Barclays Bank leave for other organizations?

1. poor hiring practices

2. managerial style
3. lack of recognition
4. lack of competitive compensation system in the organization

Rank the following rewards in terms of their importance to you

1. very important 2. important 3. less important 4. not important at all

C12. Adequate earnings

1. Very important 2. Important 3. Less important 4. Not important at all

C13. Job security

1. Very important 2. Important 3. Less important 4. Not important at all

C14. Recognition

1. Very important 2. Important 3. Less important 4. Not important at all

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C15.Does the reward of system of Barclays bank satisfies your ranking?

1. Yes
2. No

C16. Does managers who administer the rewards system in Barclays Bank cause increase or
decrease in your performance?

1. decrease in performance
2. increase in performance
3. others, specify…………………………………………………………………

D. Possible Remedies for Challenges of Motivation

Rate the following on the scale of 1 – 5

1. Strongly agree 2. Agree 3. Neutral 4. Disagree 5. Strongly disagree

D1. A good rapport between the supervisor and his or her subordinates influences them to act
favorably on behalf of the work unit

1. Strongly agree 2. Agree 3. Neutral 4. Disagree 5. Strongly disagree

D2. Setting challenging goals with appropriate rewards

1. Strongly agree 2. Agree 3. Neutral 4. Disagree 5. Strongly disagree

D3. Managers of rewards systems must blend all the reward systems to meet expectations of the
employees of Barclays Bank.

1. Strongly agree 2. Agree 3. Neutral 4. Disagree 5. Strongly disagree

D4. Demonstrating positive motivational behavior by superior officers becomes instrumental in

motivating employees work performance

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1. Strongly agree 2. Agree 3. Neutral 4. Disagree 5. Strongly disagree

D5. What can you suggest as a way of resolving the challenges in the reward system of Barclays
Bank?

……………………………………………………………………………………………...

……………………………………………………………………………………………..

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