IOSR Journal of Business and Management (IOSR-JBM)

ISSN: 2278-487! "olume #$ Issue 2 (No%! - &e'! 2()2)$ ** (+-),

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The Impact of Rewards on Employee Performance in
Commercial Banks of Bangladesh: An Empirical Study
Serena Aktar
1,
Muhammad Kamruzzaman Sachu
2,
Md. Emran Ali
3
)
Senior le'turer in Management /a'ult0 of Business$ Nort1ern 2ni%ersit0 Banglades1$ &1a3a$ Banglades1!
2
4ssistant Manager &e5artment of 6raining$ Be7im'o *1arma'euti'als 8td!$ &1a3a$ Banglades1!
9
*rofessor in Management &e5artment of Management$ 2ni%ersit0 of Ra.s1a1i$ Ra.s1a1i$ Banglades1!
Abstract: 61is stud0 see3s to e7amine t1e relations1i5 :et-een re-ards and em5lo0ee 5erforman'e as -ell as
to identif0 t1e relations1i5 :et-een e7trinsi' and intrinsi' re-ards! 61e stud0 e75lored fa'tors determining
e7trinsi' and intrinsi' re-ards and t1eir im5a't on em5lo0ee 5erforman'e and a'tions to influen'e t1e
'ommer'ial :an3s for a 'onsideration of a more s0stemati' and stru'tured a55roa'1 to a'3no-ledge em5lo0ee;s
efforts -1i'1 -ould in turn 5ros5er 1ig1 5erforman'e 'ulture in 'ommer'ial :an3s of Banglades1! &es'ri5ti%e
statisti's :ased fre<uen'0 ta:les and gra51s -ere used in t1e stud0 to 5ro%ide information on demogra51i'
%aria:les! 61e results are in%estigated in terms of des'ri5ti%e statisti's follo-ed :0 inferential statisti's on t1e
%aria:les! 4 total of 2(( <uestionnaires -ere distri:uted to em5lo0ees of t1e 'ommer'ial :an3 and a total of )8(
em5lo0ees 'om5leted t1e <uestionnaire 5ro5erl0! 61e result indi'ate t1at t1ere is a statisti'al signifi'ant
relations1i5 :et-een all of t1e inde5endent %aria:les -it1 de5endent %aria:les em5lo0ee -or3 5erforman'e and
all t1e inde5endent %aria:les 1a%e a 5ositi%e influen'e on em5lo0ee -or3 5erforman'e!
Keywords: Re-ards$ Intrinsi' re-ards$ =7trinsi' re-ards$ =m5lo0ees; 5erforman'e!
9. Introduction
Rewards is one of the important elements to motiate emplo!ees for contri"utin# their "est effort to
#enerate innoation ideas that lead to "etter "usiness functionalit! and further improise compan! performance
"oth financial and non$financiall!. Accordin# to %ewhurst et al.&2'1'(, there are other means to reward
emplo!ees that do not )ust focus on financial compensation. Some of these include the praised that emplo!ees
are a"le to ac*uire from their mana#ers, the opportunit! to take on important pro)ects or tasks, and een
leadership attention. Much research on leader power hae found that superisor reward power would "e
positiel! associated with emplo!ee task performance, productiit!, satisfaction, turnoer, and or#anizational
citizenship "ehaiors& Simon,1+,-. Martin / 0unt, 1+1'. 2ahan#ir,2''-(.
Emplo!ee will #ie their ma3imum when the! hae a feelin# or trust that their efforts will "e rewarded
"! the mana#ement. 4here are man! factors that affect emplo!ee performance like workin# conditions, worker
and emplo!er relationship, trainin# and deelopment opportunities, )o" securit!, and compan!5s oerall policies
and procedures for rewardin# emplo!ees, etc. Amon# all those factors which affect emplo!ee performance,
motiation that comes with rewards is of utmost importance. Motiation is an accumulation of different
processes which influence and direct our "ehaior to achiee some specific #oal &6aron, 1+13(.Rewards can "e
e3trinsic or intrinsic, e3trinsic rewards are tan#i"le rewards and these rewards are e3ternal to the )o" or task
performed "! the emplo!ee. E3ternal rewards can "e in terms of salar!7 pa!, incenties, "onuses, promotions,
)o" securit!, etc. 8ntrinsic rewards are intan#i"le rewards or ps!cholo#ical rewards like appreciation, meetin# the
new challen#es, positie and carin# attitude from emplo!er, and )o" rotation after attainin# the #oal. Accordin#
to 9uthans &2'''(, there are two "asic t!pes of rewards, financial and non$financial and "oth can "e utilized
positiel! to enhance performance "ehaiors of emplo!ees. :inancial rewards means pa!$for$performance such
as performance "onus, )o" promotion, commission, tips, #ratuities and #ifts etc. ;on financial rewards are non
monetar!7non cash and it is a social reco#nition such as acknowled#ement, certificate, and #enuine appreciation
etc. 4he non financial rewards is also called materials award &;eckermann and Kosfeld, 2''1(.
%esired performance can onl! "e achieed efficientl! and effectiel!, if emplo!ee #ets a sense of
mutual #ain of or#anization as well as of himself, with the attainment of that defined tar#et or #oal. An
or#anization must carefull! set the rewards s!stem to ealuate the emplo!ee5s performance at all leels and them
rewardin# them whether isi"le pa! for performance of inisi"le satisfaction. 4he concept of performance
mana#ement has #ien a rewards s!stem which contains. needs and #oals ali#nment "etween or#anization and
emplo!ees, rewardin# emplo!ee "oth e3trinsicall! and intrinsicall!. 4he s!stem also su##ests where trainin# and
deelopment is needed "! the emplo!ee in order to complete the defined #oals. 4his trainin# or deelopment
need assessment of emplo!ee #ies them an intrinsic motiation. :re! &1++,( ar#ues that once pa!
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61e Im5a't of Re-ards on =m5lo0ee *erforman'e in >ommer'ial Ban3s of Banglades1: 4n
e3ceeds a su"sistence leel, intrinsic factors are stron#er motiators, and staff motiation re*uires intrinsic
rewards such as satisfaction at doin# a #ood )o" and a sense of doin# somethin# worthwhile.
4here is mi3 findin# in the literature to determine which t!pe of reward is more effectie to increase emplo!ees5
performance. Accordin# to =err! et al &2''-( financial rewards is not the most motiatin# factor and financial
results hae a de$motiatin# effect amon# emplo!ee &Sriastaa, 2''1(. Seeral studies hae found that amon#
emplo!ee sure!ed, mone! was not the most important motiator, and in some instances mana#ers hae found
mone! to hae a demotiatin# or ne#atie effect on emplo!ees &>niersit! of 4e3as, undated(. ?n the other
hand, R!an &undated( indicated that non monetar! t!pes of rewards can "e er! meanin#ful to emplo!ees and
er! motiatin# for performance improement. Accordin# to him, creatie use of personalized non $monetar!
rewards reinforces positie "ehaiours and improes emplo!ee retention and performance. 4hese t!pes of
reco#nition can "e ine3pensie to #ie, "ut priceless to receie.
35. Scope And !"ecti#es f The Study
4his research is limited to emplo!ees of the commercial "ank in 6an#ladesh. 4his is due to time
constraint which the research is una"le to "e done in other or#anizations in a lar#er area. :or this stud!, the
researcher onl! focused on the #roup respondents from e3ecutie leel and a"oe. 4he num"ers of respondents
that inole within this research are 11' persons. 4he respondents were identified usin# Stratified Random
Samplin#.
4he o")ectie of this stud! is to find out the relationship "etween rewards and emplo!ees performance
in commercial "ank in 6an#ladesh. More specific o")ecties are to find out
1. 4he effect of intrinsic rewards on emplo!ee5s performance.
2. 4he effect of e3trinsic rewards on emplo!ee5s performance.
3. 4he relationship "etween e3trinsic and intrinsic rewards.
$ypothesis:
4he research process is the *uantitatie stud!. @uantitatie research proides numerical measurement
and statistical predicta"ilit! that can "e representatie of total population&6arson, 2''3(.Accordin# to Kerlin#er
&1+1-(, *ualitatie studies attempt to esta"lish causal association amon# o")ectiel! specified aria"les throu#h
testin# h!potheses deried from predictie theories. 4he followin# h!potheses are taken for the stud!A
$
%:
4here is no direct relationship "etween intrinsic rewards and emplo!ee5s performance.
$
&:
4here is a direct relationship "etween intrinsic rewards and emplo!ee5s performance.
$
%
: 4here is no direct relationship "etween intrinsic rewards and emplo!ee5s performance. $
'
:
4here is a direct relationship "etween intrinsic rewards and emplo!ee5s performance.
$
%
: 4here is no si#nificant difference "etween intrinsic reward and e3trinsic rewards on emplo!ee performance. $
(
:
4here is a si#nificant difference "etween intrinsic reward and e3trinsic rewards on emplo!ee performance.
61. )iterature Re#iew
8n the #lo"alization a#e, the workplace realities of preious or#anizations no lon#er e3ist. 8t is
necessar! to reise carefull!. 8t is also important for the or#anizations to meet and introduce new motiational
tools of emplo!ees since the chan#e has "een o"sered on the workplace realities in toda!5s or#anizations
&Ro"erts, 2''3(. 6eer et al, &1+1B( stron#l! asserts in their research of chan#in# work enironment the realit!
that or#anizations toda! hae totall! chan#ed, therefore it is more important for the top mana#ement to carr! out
new methodolo#ies of deelopin# stron# and dura"le relationship "etween the or#anization and emplo!ees for
meetin# the or#anizational #oals and fulfillin# the continuall! chan#in# needs of "oth parties. Most of the
or#anizations hae #ained the immense pro#ress "! full! compl!in# with their "usiness strate#! throu#h a well
"alanced reward and reco#nition pro#rams for emplo!ee. %eeprose &1++B( ar#ued that the motiation of
emplo!ees and their productiit! can "e enhanced throu#h proidin# them effectie reco#nition which
ultimatel! results in improed performance of or#anizations. 4he entire success of an or#anization is "ased on
how an or#anization keeps its emplo!ees motiated and in what wa! the! ealuate the performance of
emplo!ees for )o" compensation. Accordin# to 6a"akus et al. &2''3(, the perceptions that emplo!ees hae with
re#ards to their reward climate influences their attitude towards their emplo!ees. 8n addition, the commitment of
mana#ers towards their or#anization is also shown "! how the mana#er rewards his7her emplo!ees. Coulder
&1+-'( mentions the norm of reciprocit!, which focuses on the a"ilit! of or#anization to accommodate the needs
of their emplo!ees, and reward them for their effort. 8n e3chan#e for the rewards proided to them, emplo!ees
should reciprocate "! increasin# their commitment towards their or#anization and their work. Man! studies in
the creatiit! literature hae shown that the firm5s reward s!stem pla!s a critical role in motiatin# emplo!ees to
perform creatiel! &Eisen"er#er, 1++2. Eisen"er#er, Armeli and =retz, 1++1. Eisen"er#er and Rhoades, 2''1(.
As an effort to stimulate emplo!ees5 creatiit!, man! mana#ers hae used e3trinsic rewards &e.#. monetar!
incenties and reco#nition( to motiate their emplo!ees &:air"ank and Diliams, 2''1. Ean %i)k and Ean den
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61e Im5a't of Re-ards on =m5lo0ee *erforman'e in >ommer'ial Ban3s of Banglades1: 4n
Ende, 2''2(. Dhile empirical research has shown that e3trinsic rewards help enhance indiiduals5 creatie
performance. 4he literature is still diided when it comes to its effects on indiiduals5 creatiit! &6ear et al.,
2''3(.
4he effectieness of skilled emplo!ees is likel! to "e limited if the! are not motiated to perform. ?ne
of the means that or#anizations can use to enhance emplo!ee motiation and performance is to proide
performance$ related compensation & %elane! and 0uselid, 1++-(. A reward and compensation s!stem is "ased
on the e3pectanc! theor!, which su##ests that emplo!ees are more likel! to "e motiated to perform when the!
perceie that there is a stron# link "etween their performance and the reward the! receie& :e! and 6)orkman,
2''1. Cuest, 2''2. Mendonca, 2''2(. 8n other words, the compensation s!stem& e.#. profit sharin#( contri"utes
to performance "! linkin# the interest of emplo!ees to those of the team and the or#anization, there"! enhancin#
effort and performance& kalle"er# and Mood!,1++B. 0uselid, 1++F. Klin#, 1++F(. Accordin# to ;elson / Spitzer
&2''2( althou#h cash rewards are welcomed "! emplo!ees, mana#ers should neer use this as a tool to motiate
their emplo!ees to improe their performance leels. Should this happen, there is a chan#e that the essence of
the reward would "e for#otten. 8n a stud! conducted "! &6ewen, 2'''(, the researcher warns that mana#ers
should "e aware of Gnonrewards5. Such rewards should "e utilized sparin#l!, and should not "e used all the time.
4he! are also descri"ed to "e passie, and the! do not necessaril! lead to positie "ehaiors in the lon# term.
Accordin# to Shore / Shore &1++F(, emplo!ees who are a"le to e3perience and receie reco#nition for their
work are also a"le to hae a "etter perception of their work, their workplace and the people the! work for. 4hus,
there is a need for the emplo!er to reall! make an effort in showin# the emplo!ee that his7her well"ein# is of
concern to the or#anization and the mana#ement and that the contri"ution of the emplo!ee towards the
or#anization is hi#hl! alued. 4his idea is further reiterated "! 6uchanan &1+,B( who adds that the reco#nition
of contri"utions towards the or#anization has a positie relationship towards increasin# the commitment of the
emplo!ee towards the or#anization and its o")ecties.
Accordin# to Coodwin / Cremler &1++-(, the "ankin# industr! is in need of emplo!ees that are "oth
satisfied and motiated, for without them, customer satisfaction leel would also "e affected. 4his idea is also
supported "! Adelman et al. &1++B( who maintains that interpersonal relationships esta"lished "etween "ank
personnel and the customers are a "i# driin# force "ehind ensurin# that a customer is satisfied or dissatisfied.
Re!nolds / 6eatt! &1+++( add that the relationship esta"lished "etween the emplo!ees and the customers ma!
lead to an increase in alues perception with re#ards to the "ank5s products and serices. Dhen a hi#h perception
of alue is achieed, then it is also hi#hl! likel! that the customer will "e satisfied, there"! "rin#in# in more
"usiness for the "ank.
I*+ Theoretical ,ramework
Reward Systems:
4his stud! inoles intrinsic and e3trinsic rewards as independent aria"les. 8n independent aria"le
e3trinsic reward includes three dimensions such as "asic pa!, merit pa! and performance "onus. As for the
intrinsic reward, it includes four dimensions such as reco#nition, learnin# opportunit!, challen#in# work and
career adancement.
Employees- Performance:
4his stud! inoles emplo!ees5 performance as dependent aria"le. 8n dependent aria"le emplo!ee
performance encompasses three dimensions such as productiit!, )o" *ualit! and )o" accomplishment.
Relationship of the aria"le for this stud! is referred to the followin# fi#ureA
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22. .ethodology
4his stud! is an empirical stud!, "ased on the primar! data. Honsiderin# the nature of the present stud!,
a com"ination of structured *uestionnaire was used in order to collect releant information from a sample of 11'
commercial "ank emplo!ees. A total of 11' emplo!ees were randoml! selected from a listed 12 commercial
"anks in 6an#ladesh where 2 #oernment commercial "anks, 1' non$ #oernment commercial "anks & B 8slami
commercial "anks and - non 8slami commercial "anks( namel! 2anata 6ank 9imited, A#rani 6ank 9imited,
Mercantile 6ank 9imited, =rime 6ank 9imited, 6rack 6ank 9imited, 6asic 6ank 9imited, >nited Hommercial
6anl 9imited, %atch 6an#la 6ank limited, 8slami 6ank 6an#ladesh 9imited, Shaha)alal 8slami 6ank 6an#ladesh
9imited, Al$Arafa 8slami 6ank 6an#ladesh 9imited, :irst Securit! 8slami 6ank 9imited .4he sure! had "een
done from e3ecutie leel and a"oe. 4he num"er of *uestionnaire distri"uted to the respondents is 2''. 4he
num"er of return is 11+ and the num"er of *uestionnaire that is usea"le was 11'.6oth primar! and secondar!
data are used for the stud!. =rimar! data collected throu#h the *uestionnaire with case stud! method, which was
desi#ned on the "asis of o")ecties and h!potheses. 8t is the most ine3pensie wa! to #ather data from
respondents. 4he *uestionnaire consists of four sections namel! demo#raphics profile, intrinsic reward, e3trinsic
reward and emplo!ee5s performance. 9ikert F&fie( Scale point is used for these purposes. %escriptie and
=earson correlation anal!sis will "e used for data anal!sis. A well known statistical packa#e S=SS &Statistical
=acka#e for Social Sciences( ersion1-.' was used in order to anal!ze the data.
*I+ .a"or ,indings And /iscussion
Biographical information of the respondents 012&3%4
4a"le -.2 indicates the a#e allocation of the sample of respondents from the commercial "anks at which the
research was conducted. As can "e seen from the fi#ure and ta"le, the ma)orit! of the sample &nI-'( or ,,.1J
was male, while the remainin# 22.2J &nIB'( coered of female respondents.
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4he respondents, *ualification leel were cate#orized, their *ualification leels were diided into si3 #roups5
i.e.1.1J was passed SSH, 1.1J was passed 0SH, 13.3J were passed #raduation, and ,+.BJ were passed
master. 8t shows that ma)orit! of the emplo!ees were post$#raduate &nI1B3(.
:re*uenc! distri"ution of the respondents5 e3perience leel is shown in ta"le 1.B , it can "e seen that most of the
respondents5 e3perience leel was B$- !ear&2-.,J(, 1$3 !ear&2B.BJ( and 1'$12 !ears followed "! 22.2 J .
/escripti#e Statistics
%escriptie statistic in the form of arithmetic means and standard deiations for the independent
aria"les and dependent aria"le for the respondents were computed and presented in 4a"le
&e5endent %aria:le: =m5lo0ee?s *erforman'e
4a"le -.F shows that the means for the means for the "asic pa!, performance "onus career
adancement, reco#nition, learnin# opportunit! and challen#in# work ran#ed from a low 3.'3 to a hi#h of ,.B-.
Results of the descriptie statistics in terms of arithmetic mean and standard deiation show that reward of the
emplo!ee in the sample are relatiel! #ood. 4he mean alues for the entire aria"le are relatiel! hi#h. A"oe
mean alues of independent aria"le and dependent aria"les show that emplo!ees5 performance depend on the
reco#nition, challen#in# work and "asic pa! compared to other aria"les. Mean alue for emplo!ee performance
is 2.23 which shows that emplo!ees of the commercial "ank of %haka in 6an#ladesh are oerall performer.
.odel Summary
Ta!le 5+5: Regression Analysis
Ad)usted R Std. Error of the
Hhan#e Statistics
Model R R S*uare S*uare Estimate : Hhan#e Si#. : Hhan#e
1 .,'2
a
.B+2 $.'1F 121.1'111 .+,' .2FB
2 .++B
"
.+1, .+13 ,2.'2,++ 23-.11- .'''
a
*redi'tors:(>onstant)$ Intrinsi' re-ards$ =7trinsi' re-ards
:
*redi'tors: ('onstant)$Intrinsi' Re-ards!
:rom a"oe calculation it shows that there was a si#nificant correlation "etween dependent aria"le and
independent aria"les which mean emplo!ees5 performance ,'.2J depend on intrinsic and e3trinsic reward.
0ere E3trinsic the a"oe ta"le also shows that there was a stron#l! si#nificant correlation "etween e3trinsic and
intrinsic rewards. R S*uare were .B+2 and .+1, which told us that a"out B+J and +1.,J relation "etween
dependent aria"le and independent aria"les is e3plained "! independent aria"les include in this model.
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61e Im5a't of Re-ards on =m5lo0ee *erforman'e in >ommer'ial Ban3s of Banglades1: 4n
Ta!le 5+6: A1*A Test
Model Sum of S*uares Mean S*uare : Si#.
Re#ression 321+'.+F1 1-'+F.B,- .+,'
Residual 331,+.1B+ 1-F1+.+2B .2FB
a
Total -F3,'.1''
Re#ression 122B+,-.,'- 122B+,-.,'- 23-.11-
Residual 1FF-B.'+B F111.'31 .'''
a
Total 12B'FB'.1''
:rom A;?EA test it shows that the ta"le Si#. alue o.oF is #reater than the calculated Si#. Ealue '.'''.
So, it re)ected the null h!pothesis at FJ leel of si#nificance and also 1J leel of si#nificance. 8t means, there
was a si#nificant correlation "etween dependent aria"le and independent aria"les. 4herefore, emplo!ees5
performance depends on rewards as well as intrinsic rewards stron#l! depend on e3trinsic rewards in different
commercial "anks in 6an#ladesh.
Ta!le 5+3: %imension Horrelations rewards and emplo!ees5 performance
Emplo!ees5 performance E3trinsic rewards 8ntrinsic rewards
Emplo!ees5 performance 1 .FB+&.1-+( .B+-&.1+,(
E3trinsic rewards .FB+&.1-+( 1 .++B
KK&
.'''(
8ntrinsic rewards .B+-&.1+,( .++B
KK&
.'''( 1
@@! >orrelation is signifi'ant at t1e (!() le%el (2-tailed)!
4a"le shows all the correlations "etween the aria"les e3amined in the stud!. 4he correlation
coefficient was shown a stron# relationship, r I '.FB+ "etween e3trinsic rewards and emplo!ees5 performance.
4he correlation coefficient was shown a stron# relationship, r I '.B+- "etween intrinsic rewards and emplo!ees5
performance. Meanwhile intrinsic rewards also showed a stron# relationship r I '.++B toward e3trinsic rewards
with the si#nificant leel less than '.'1.
Ta!le 5+7: 4$test Emplo!ees5 performance oer intrinsic and e3trinsic rewards
.odel
Standardi8ed Coefficients
t Sig+
Beta
6asic =a! .-B2 1.BF2 .121
=erformance "onus .B,1 .+B1 .2'1
Hareer Adancement .B+1 .+,, .2''
Reco#nition .3,B .-+1 .2-,
9earnin# opportunit! .B2, .11+ .23-
Hhallen#in# Dork
.-,1 1.F-- .1',
&e5endent "aria:le: =m5lo0ees; 5erforman'e!
4he t$test shows that there are si#nificant relation "etween e3trinsic and intrinsic rewards and
emplo!ee performance. 4he results of h!potheses testin# are summarizes in ta"le which is #ien "elowA
Ta!le 5+&%: Summar! of 0!pothesis Results
$ypothesis Result
$&: 4here is a direct relationship "etween intrinsic rewards and emplo!ee5s Supported
performance.
$
'
: 4here is a direct relationship "etween intrinsic rewards and emplo!ee5s Supported
performance.
$
(
: 4here is a si#nificant difference "etween intrinsic reward and e3trinsic rewards Stron#l!
on emplo!ee performance. Supported
*II+ )imitations f The Study
9ike all research studies, this stud! is not without some prominent limitations. :irst, in the present
stud! onl! limitation is the #eo#raphic sample limited to %haka areas. >nderstandin# the empirical ersatilit! of
the phenomenon re*uires further inesti#ation "! coerin# outside the cit! of the %haka where life liin# costs
are lower that life liin# costs of %haka.
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61e Im5a't of Re-ards on =m5lo0ee *erforman'e in >ommer'ial Ban3s of Banglades1: 4n
*III+ Summary And Conclusion
;ow a da! human resource is considered to "e the most important resource of an or#anization to
remain competitie in the "usiness world. Ac*uirin# the ri#ht workforce and then retainin# that force is one of
the challen#es to the or#anization. 4he result from this stud! e3amined and determined the relationship "etween
rewards and emplo!ees5 performance and also determined the relationship "etween intrinsic and e3trinsic
rewards. 6ased on a result from =earson Horrelation Anal!sis, it showed that there was a positie relationship
"etween rewards and emplo!ees5 performance and also showed a hi#hl! positie si#nificance in the relationship
"etween intrinsic and e3trinsic rewards.
4he results of correlation matri3 hae supported the h!pothesis that there e3ist a positie relationship
amon# e3trinsic rewards, intrinsic rewards and emplo!ees5 performance. 4he correlation matri3 also stron#l!
supported the h!pothesis "etween e3trinsic rewards and intrinsic rewards. 4here are two factors included in the
e3trinsic rewards such as "asic pa! and performance "onus. 6asic pa! is a hi#hl! si#nificant factor which affects
emplo!ee performance than performance "onus. 6oth are positie si#nificant factors which affect emplo!ees5
performance. 4here are four factors included in the intrinsic rewards such as reco#nition, learnin# opportunit!,
challen#in# work, career adancement. Amon# all of the four factors challen#in# work is a hi#hl! si#nificant
factor which affects emplo!ees5 performance.
6ased on result of the stud!, it is showed that onl! e3trinsic or intrinsic rewards are not sufficient to motiate
emplo!ee to perform work hi#hl!. 8f commercial "ank of 6an#ladesh keep "oth t!pes of rewards for the
emplo!ees than it will increase their emplo!ees5 performance. 6ecause there stron# correlation "etween intrinsic
and e3trinsic rewards.
Acknowledgements
4he authors are #rateful to Md. Mofedul 8slam Apu for 84 related support toward formattin# this article.
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