The Impact of Reward Management System on Employee Productivity: Study of the Banking Sector in Ireland.

Abstract

This research aims to assess the effectiveness of reward system in motivating, monitoring and controlling employees in the Irish banking sector. Rewards as a tool to enhance employee productivity and increase employee loyalty is also an objective of this study. Concepts such as Reward management system, employee productivity and employee loyalty were critically explained in the literature review in other to achieve the research objectives. The researcher also applied the use of Equity theory and Goal setting theory in investigating reward management system in the banking sector to find if there exists equity in the reward management system and how rewards have motivated employees to accomplish their goals since based on the assumptions of the theory that employees become more enthusiastic to accomplish goals because of the rewards that follow. The researcher carried out this study using a qualitative approach and conducted ten semi-structured interviews with employees from four different banks in Ireland. The findings generated from this study have brought to light the different reward systems that are active in the Irish Banking sector, the impact of rewards on employee productivity and also the relationship that exists between rewards and employee loyalty. The implications of the findings generated are explained, the research limitations are identified, and the researcher also gave recommendations for future research and practice.