The Effectiveness of Motivational Strategies on Productivity in Selected Financial Institutions in Nigeria

Mofoluke  Omilani; Morakinyo  Akintolu

doi:10.4236/ajibm.2017.77062

Mofoluke Omilani, Morakinyo Akintolu

Abstract: This study examined the effectiveness of motivational strategies on productivity, with reference to First Bank of Nigeria and Union Bank of Nigeria employees. The study adopted the descriptive survey research design. The findings revealed that there is positive relationship between motivational strategies and employees’ productivity. The result demonstrated that The financial strategies available to employees are leave allowances, bonus and fringe benefits paid when due, availability and accessibility of medical insurance, pension fund scheme and the non-financial strategies are promotions as at when due, training and friendly work environment contribute immensely to high productivity of employees. The finding indicated that motivational strategies have significant influence on productivity of workers as it makes workers put in their best always, and manage to use it as a tool to motivate and increase productivity, and influences workers’ attitude towards work doing impact on the morale of workers and helps workers put in their best. There is a significant effect of promotion, allowances and benefits medical insurance scheme, pension fund scheme, work environment on productivity. Motivational strategies in the workplace enhance high level of productivity. The following recommendations were made; the management needs to improve salaries, benefits from time to time and improve the working condition of workers. Also give a sense of recognition, belongingness, chance to contribute and flexibility in approaches to conflicts with the workers.

Keywords: Motivation, Strategies, Productivity, Financial Institutions

Cite this paper: Omilani, M. and Akintolu, M. (2017) The Effectiveness of Motivational Strategies on Productivity in Selected Financial Institutions in Nigeria. American Journal of Industrial and Business Management, 7, 881-892. doi: 10.4236/ajibm.2017.77062.

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