Abstract:
In capturing the relevance of financial incentives on employee motivation, some
specific objectives were stated such as to examine the impact of pay and allowances
incentives on employee motivation, to ascertain the impact of promotion incentives
on employee motivation, to investigate the impact of bonus incentives on employee
motivation, and to determine the impact of retirement benefits on employee
motivation in Nigeria using GT bank as a case study. A primary form of data
collection was employed where raw information was gathered via questionnaire and
codified in numerical form for statistical analysis. Meanwhile, more than 230
questionnaires were distributed to the participants, but 230 questionnaires were
validly filled. The frequency analysis was first conducted to know the number of
respondents and the percentile responses and views, followed by the factor analysis,
which was used to capture the variance explained of the scaling measurement. It was
concluded that a weak positive connection exists between employee motivation and
pay and allowance, weak positive and significant connection exists between
employee and bonus incentives, weak positive correlation and significant connection
exists between the variables, and weak positive and significant correlation between
employee motivation and retirement benefits.
