Study on identifying financial & non-financial benefits on employee

motivation at ABC bank

 Dissertation - MBA 7099

DECLARATION

This work is being submitted in partial fulfillment of the requirements for the degree of

………………………………………………………………………………………….and has not previously been accepted in

substance for any degree and is not being concurrently submitted in candidature for any degree.

Signed ............................................................

(Candidate) Date - ...................................

SUPERVISOR’S DECLARATION STATEMENT

Student Name –

Supervisor’s Name -

I acknowledge that the above named student has regularly attended the meeting, and actively
engaged in the dissertation supervision process.

Signed - …………………………………………….

(Supervisor) Date - …………………......

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ACKNOWLEDGEMENT

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ABSTRACT

The ultimate purpose to be identified through handling this research at ABC Bank PLC was
to identify the accurate method of rewarding special rewards either as financial or non-
financial rewards which last towards employee motivation and satisfaction which leads the
employees to retain in the organization This research may be helpful to the future researches
that those who are planning to go on researching about reward management within an
organization and how it influences to the motivation of the employees and to get an idea
about the scope, knowledge, attitudes, and skills of the researcher are increased through
giving a fluent idea on this research. The basic information for the research is collected from
a questionnaire prepared using journals, books, online references, and annual reports etc. and
as well as a secondary way of collecting the data this research is done to provide an
investigation which influences on accurate reward system used to motivate employees of
ABC Bank PLC. The sample of representatives of the bank consists with 83 employees who
have preferred from 105 employees’ population of ABC Bank PLC. Moreover, the sampling
technique called Stratified Random Sampling has used to select ABC Bank’s branches in
order to balance the employee representation. Ultimately, every layer of employees in the
organization is represented by the sample. It is identified and viewed clearly that there are
both financial as well as non-financial in the reward system and this could be considered as
the independent variables and in the sense of employee motivation it is considered as a
dependent variable. Statistical package known as SPSS 22.0 has used to analyze the
collected data. Ultimately, it has concluded that overall reward system in terms of financial
rewards would effect on the level of employee motivation while giving the recommendation
to pay more attention on upgrading the overall system of compensation, building fair and
transparent salary scales, paying medical fee benefits and annual fixed bonuses while
restructuring the low interest loan facilities. Further, it requires upgrading the overall system
of training & development while building an effective performance appraisal system with
giving adequate promotional opportunities to the employees. Finally, the bank must create a
flexible transfer policy while giving positive feedback to encourage the employees
successfully.

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Table of Contents
Error! Bookmark not defined.
DECLARATION ........................................................................................................................ i

ACKNOWLEDGEMENT .........................................................................................................ii

ABSTRACT ............................................................................................................................. iii

LIST OF TABLES ...................................................................................................................vii

LIST OF FIGURES .................................................................................................................. ix

CHAPTER ONE – INTRODUCTION ...................................................................................... 1

1.1 Background of the study .................................................................................................. 1

1.2 Research Problem Identification ...................................................................................... 4

1.2.1 Symptoms of the Problem ......................................................................................... 4

1.2.2 Justification of the problem ....................................................................................... 6

1.2.3 Defining Research Problem ..................................................................................... 13

1.3 Research Questions ........................................................................................................ 13

1.4 Objectives of the research .............................................................................................. 13

1.5 Importance of the study .................................................................................................. 14

1.6 Limitations relevant to the Study ................................................................................... 15

1.7 Chapter Outline .............................................................................................................. 15

CHAPTER TWO–CRITICAL REVIEW OF LITERATURE ................................................ 17

2.1 Introduction .................................................................................................................... 17

2.2 Importance of Reward .................................................................................................... 17

2.3 Types of Rewards ........................................................................................................... 19

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2.4 Motivation ...................................................................................................................... 19

2.5 Importance of the reward - Motivating employees ........................................................ 21

2.6 The relationship between Rewards and Motivation ....................................................... 21

2.7 Theories of Motivation ................................................................................................... 22

2.7.1 Hierarchy of Needs of Abraham Marlow’s ............................................................. 22

2.7.2 Two Factor Theory of Herzberg’s ........................................................................... 23

2.7.3 Adam’s theory of equity .......................................................................................... 24

2.7.4 Reinforcement Theory of Skinner ........................................................................... 25

2.7.5 Theory of David McClelland ................................................................................... 25

CHAPTER THREE – RESEARCH METHODOLOGY ........................................................ 27

3.1 Conceptual Framework .................................................................................................. 28

3.2 Hypothesis Development ............................................................................................... 28

3.3 Operationalization .......................................................................................................... 29

3.4 Research Design ............................................................................................................. 30

CHAPTER FOUR – DATA PRESENTATION AND ANALYSIS ...... Error! Bookmark not

defined.

4.1 Demographics of the respondents .................................. Error! Bookmark not defined.

4.2 Questionnaire Analysis .................................................. Error! Bookmark not defined.

4.2.1 Reward management system ................................... Error! Bookmark not defined.

4.2.2 Employee Motivation .............................................. Error! Bookmark not defined.

4.3 Reliability and Validity Testing ..................................... Error! Bookmark not defined.

4.4 Correlation Analysis ....................................................... Error! Bookmark not defined.

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4.5 Multi-Regression Analysis ............................................. Error! Bookmark not defined.

CHAPTER FIVE: CONCLUSIONS & RECOMMENDATIONS......... Error! Bookmark not

defined.

5.1 Summery Of the Study ................................................... Error! Bookmark not defined.

5.2 Conclusion of the Study ................................................. Error! Bookmark not defined.

5.3 Recommendations .......................................................... Error! Bookmark not defined.

5.4 Suggestions for Further Research .................................. Error! Bookmark not defined.

LIST OF REFERENCES ......................................................... Error! Bookmark not defined.

APPENDIX 1 – Questionnaire (Blank)/ Interview Guidelines Error! Bookmark not defined.

APPENDIX 2 – Minutes of the Mandatory supervisor’s Meeting ......... Error! Bookmark not

defined.

APPENDIX 3 – Ethics Application Form ............................... Error! Bookmark not defined.

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LIST OF TABLES

Table 1 - Operationalization of the study ................................ Error! Bookmark not defined.

Table 2 - Q01- Age group ........................................................ Error! Bookmark not defined.

Table 3 - Q02 -Gender ............................................................. Error! Bookmark not defined.

Table 4 - Q03 - Work Experience ............................................ Error! Bookmark not defined.

Table 5 - Q04 - Income level ................................................... Error! Bookmark not defined.

Table 6 - Designation ............................................................... Error! Bookmark not defined.

Table 7 - Q6 - Financial Reward.............................................. Error! Bookmark not defined.

Table 8 - Q7 - Financial Reward.............................................. Error! Bookmark not defined.

Table 9 - Q8 - Financial Reward.............................................. Error! Bookmark not defined.

Table 10 - Q9 - Financial Reward............................................ Error! Bookmark not defined.

Table 11 - Q10 - Financial Reward.......................................... Error! Bookmark not defined.

Table 12 - Non-Financial Reward............................................ Error! Bookmark not defined.

Table 13 - Q12 - Non-financial reward.................................... Error! Bookmark not defined.

Table 14 - Q13 - Non-financial reward.................................... Error! Bookmark not defined.

Table 15 - Q14 - Internal motivation ....................................... Error! Bookmark not defined.

Table 16 - Q15 - Internal motivation ....................................... Error! Bookmark not defined.

Table 17 - Q16 - Internal motivation ....................................... Error! Bookmark not defined.

Table 18 - Q17 - Internal motivation ....................................... Error! Bookmark not defined.

Table 19 - Q18 - Internal motivation ....................................... Error! Bookmark not defined.

Table 20 - Q19 - External motivation ...................................... Error! Bookmark not defined.

Table 21 - Q20 - External motivation ...................................... Error! Bookmark not defined.

Table 22 - Reliability of questions on financial rewards ......... Error! Bookmark not defined.

Table 23 - Reliability of questions on non-financial rewards .. Error! Bookmark not defined.

Table 24 - Reliability of questions on internal motivation ...... Error! Bookmark not defined.

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Table 25 - Reliability of questions on external motivation...... Error! Bookmark not defined.

Table 26 - Validity of questions on Financial Rewards ........... Error! Bookmark not defined.

Table 27 - Validity of questions on Non-Financial Rewards .. Error! Bookmark not defined.

Table 28 - Scree Plot - Non-Financial Rewards ...................... Error! Bookmark not defined.

Table 29 -Validity of questions on Internal Motivation .......... Error! Bookmark not defined.

Table 30 - Scree Plot - Internal Motivation ............................. Error! Bookmark not defined.

Table 31 - Validity of questions on External Motivation ........ Error! Bookmark not defined.

Table 32 - Reward system & motivation ................................. Error! Bookmark not defined.

Table 33 - Financial rewards & Internal Motivation ............... Error! Bookmark not defined.

Table 34 - Financial rewards & External Motivation .............. Error! Bookmark not defined.

Table 35 - Non-Financial Rewards & Internal Motivation ...... Error! Bookmark not defined.

Table 36 - Non-Financial Rewards & External Motivation..... Error! Bookmark not defined.

Table 37 - Model Summaryb ................................................... Error! Bookmark not defined.

Table 38 - ANOVA .................................................................. Error! Bookmark not defined.

Table 39 - Hypothesis .............................................................. Error! Bookmark not defined.

Table 40 - Coefficients............................................................. Error! Bookmark not defined.

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LIST OF FIGURES

Figure 1 - The workforce at ABC Bank PLC 2017 ................. Error! Bookmark not defined.

Figure 2 - Public Ratings of ABC Bank PLC – assigned by Fitch ......... Error! Bookmark not

defined.

Figure 3 - Market Share by Loans & Deposits of the Banks ... Error! Bookmark not defined.

Figure 4 - Risk-weighted assets & the total assets .................. Error! Bookmark not defined.

Figure 5 - The number of employees ....................................... Error! Bookmark not defined.

Figure 6 - Employees’ age group ............................................. Error! Bookmark not defined.

Figure 7 - Profit per employee ................................................. Error! Bookmark not defined.

Figure 8 - Level of Employee Motivation ............................... Error! Bookmark not defined.

Figure 9 - Frequency of Engagement....................................... Error! Bookmark not defined.

Figure 10 - Retention Rate ....................................................... Error! Bookmark not defined.

Figure 11 - Hierarchy of Needs of Abraham Marlow’s ........... Error! Bookmark not defined.

Figure 12 - Two Factor Theory of Herzberg’s......................... Error! Bookmark not defined.

Figure 13 - Equity Theory of Adam’s...................................... Error! Bookmark not defined.

Figure 14 - Theory of David McClelland ................................ Error! Bookmark not defined.

Figure 15 - Conceptual Framework ......................................... Error! Bookmark not defined.

Figure 16 - Google sample size calculator ............................... Error! Bookmark not defined.

Figure 17 - Descriptive statistics.............................................. Error! Bookmark not defined.

Figure 18 - Q01- Age group..................................................... Error! Bookmark not defined.

Figure 19 - Q02 -Gender .......................................................... Error! Bookmark not defined.

Figure 20 - Q03 - Work Experience ........................................ Error! Bookmark not defined.

Figure 21 - Q04 - Income level ................................................ Error! Bookmark not defined.

Figure 22 - Designation ........................................................... Error! Bookmark not defined.

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Figure 23 - Scree Plot Financial Rewards................................ Error! Bookmark not defined.

Figure 24 - Scree Plot - External Motivation ........................... Error! Bookmark not defined.

Figure 25 - Histogram & Scatter plot ...................................... Error! Bookmark not defined.

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 CHAPTER ONE – INTRODUCTION

1.1 Background of the study

The ultimate purpose to do the study of research is mainly to identify the consequence of the
financial & non-financial services provided towards motivating the employees at ABC bank
by increasing their benefits of the employee at their stay at the bank to make sure that the
employees are well motivated to work in ABC bank in a happy and peaceful environment at
all the branches in the district of Kandy in Sri Lanka. The primary cause is to motivate the
employees by providing the requirements of them, therefore, they intend to provide the best
of them furthermore through this ultimately without knowingly the goals and objectives of
the association are achieved eventually. (Clark & Estes, 2002) In every organization,
employee plays a very important major role in an organization to the growth of it when
compared to all other stake holders. Therefore, a human could be identified as a stock of
competencies within the organization which is the main asset that should be in an
organization for the betterment of it. To manage all these employees with receiving benefits
towards the employer and also to the employees with having a clear understanding of each
other, human resource management is a very important element. Therefore, it ensures the job
security of the employees and also the employees are satisfied with their job because they are
sure about their future carrier in the organization. Furthermore, because of this, the
employees work tirelessly and willingly towards the betterment of the organization to achieve
the goals and objectives of the organization. (Ivancevich, 2003)

In order to have a better culture and behavior within the organization, employees are an
essential factor and the main intermediate between the stakeholders of the organization is the
supervisor. Moreover, the employee could be seen as a key segment inside culture and
conduct of the firm. Further, it can be said that within the organization it is favorable to both
the parties. According to good practitioners of human resource management within the
organization, all employees at every stage or at every position should be reviewed closely and
make sure whether that the work done is in perfect and whether the person does his work
appropriately bearing the responsibility in their role.

Being one of the important services providing sector, banking involves people more at a
complex rate when compared to other business activities related to the other sectors such as
 Dissertation - MBA 7099

manufacturing in the industrial sector. Due to this human competency has become
incompatible with compared to supplementary production factors.

Reward management which is a sub part of the management of human capital is an essential
factor should be present in an organization, which could be identified. This result less
demotivation and fewer mistakes done by the employees due to the rewards provided to gain
the best of them done towards the organization. Through reward management, the employer
can gain or expect an effective and efficient workforce done by the employees. Even though
each and every employee is offered with various reward schemes realistically it is hard to
make each and every employee happy with what they are offered. Therefore, the
organizations managing party bears the responsibility in providing the best and correct
motivational method which flows financially towards the employee while the organization
gets benefit through it. (Ivancevich, 2003)

ABC Bank PLC.

Conferring to the act prevalent for companies originally Investment and Credit Bank Ltd with
corresponding to the Act of Banking 1988was incorporated on 10th of March in the year 1986
in Sri Lanka as a public limited company consists of limited liability as a bank in the
commercial sector that is licensed and then shifted to register under the companies act later in
the year 2008. In this manner, it is conceivable to recognize that current bank's investor as
17688 with a 39677mn market capitalization at 31st of December 2017 (ABC Bank PLC,
2017). In the banking industry within Sri Lanka, this has become the leading institution in the
financial sector. The ATM machine was established for the first time in 1998 by the bank in
the industry of banking of Sri Lanka.

For the second successive year, ABC Bank PLC has become the finest bank within Sri Lanka
in the year 2016 which the award is awarded by “The Euro Money” which is a magazine with
reference to commercial aspects and with time goes on the ABC Bank was identified as a
bank with a most astounding technologically created bank in Sri Lanka. This was achieved
since this is the first ever bank within Sri Lanka to carry out all the transactions and
operations basing a computerized system.

Since 2009 ABC Bank is ranked third place according to its asset base when compared with
other private banks in Sri Lanka. Currently, the bank is widely spread and it was able to
expand island-wide to 220 branches, 326 ATM’s and also 41 Off-site ATM’s. Fitch Rating

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Lanka Ltd. does the credit rating of the bank and it maintains overall at AA-(Ike) (Stable)
level and it can be identified some subordinate banks such as ABC Centre Ltd, Siyapatha
Finance PLC, ABC IT Solutions Ltd., S.C. Securities (Pvt) Ltd. (ABC Bank PLC, 2016/17).

The organization sees to develop in providing the financial services within Sri Lanka to the
3600 approaches while growing continuously in the market is its vision. Within the island, all
around the island within the 220 branches, the workforce of the bank consists around 4000
employees including the head office of the bank. The employees of ABC bank comprise with
4000 representatives inside island wide branches and its head office. The employee force in
ABC Bank Ltd can be shown as in the illustrated graph below.

Further, it very well may be shown in the workforce at the bank as pursues; (ABC Bank PLC,
2016/17)

Figure 1 - The workforce at ABC Bank PLC 2017

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1.2 Research Problem Identification

1.2.1 Symptoms of the Problem

According to the procedures such as the market share, public ratings, growth of advances,
growth of deposits, the growth of assets etc. the whole Sri Lankan banking sector is
differentiated.

Bank’s Public Ratings –According to Fitch ratings

Figure 2 - Public Ratings of ABC Bank PLC – assigned by Fitch

In the above graph, it can be notified as Commercial Bank of Ceylon and HNB are the most
competitive banks in the field with respect with the ABC Bank which represents the rank 8
next to these banks.

Therefore, it can be identified as it could be identified as conceivable to come to a conclusion

that the total rating of the ABC Bank Ltd could be built up accordingly, to the requirement.

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Market Share of the bank in terms of Loans & Deposits

Figure 3 - Market Share by Loans & Deposits of the Banks

Sources: Annual Report, F/Y 2016/17

When viewing the graphs directly above clearly, in terms of loans and deposits it can be
concluded in the market share the ABC Bank stays at the 6th place while the competitive
banks which are Commercial Bank of Ceylon and HNB take the 4th and 5th place
respectively. In the point of view, it is concluded that the ABC Bank does not depict that it is
at a favorable position compared with the other competitive banks which are Commercial
Bank of Ceylon and HNB Bank. Since then there is a tendency which the competitors are
also trying to expand their market share.

Risk-weighted assets/total assets

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Figure 4 - Risk-weighted assets & the total assets

Source: Banks Fitch

When considering the above charts, it is able to get an idea about the consequential
development of the entire valuables at ABC Bank, but when compared to the competitors the
development process goes on a rate that is inferior compared to them. It is also identified as
the capital ratios of HNB and Commercial bank of Ceylon takes a greater ratio than the ABC
Bank. As a result, the part of the business of the ABC Bank comparatively to the main
competitors in the private banking sector in Sri Lanka which are HNB and Commercial Bank
of Ceylon takes a lesser amount. The major cause for this can be identified as the inability to
plan the business accurately and lack of acceptable reactions over the growing competitive
environment in the field.

1.2.2 Justification of the problem

At the point, the employees of the ABC Bank were placed since the bank was established and
they use to follow up the overall system of the bank. The employees work in the bank used
to live in a different culture which suites to the bank which consists of a very calm
environment, therefore, the workers or the employee's lives have a very unique life style
which interlinks with the bank entirely which they work together as one family. The
employees are well committed to achieving the organizational goals and objectives as a team
than achieving personal goals. They work hard tirelessly to accomplish the organizational
goals while assuring the growth and the success of the organization. The attitudes of the
employees at ABC Bank has been changed with due to the environment that has been built
within the bank and the positions and responsibilities that have been allocated to individuals

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has also increased with experiences and qualifications with the development in their life
styles comparatively to the going on the world. More young employees have taken the
responsibilities compared than the senior employees with the changes within the state and
time, therefore the figure of employees have been increased with the increase in the wide
spread of the branches island wide within the previous three years compared to the other
years.

Also, the network of the branches of the bank has increased with a number of 200 when
looking past three years. As a conclusion of the ABC Bank the management is going to
initially start providing a special reward scheme for the employees based on their
performance with in their respective task and also it has been identified that the employees
have developed in 2017 at an overall level when compared to the year 2016 with different
recruitments and responsibilities given to them.

The number of employees

2016 2017

Figure 5 - The number of employees

(Source ABC Bank Annual Report)

When considering the graph shown above it can be seen that 53 employees which has been
recruited in the year 2017 has been resigned from the bank out of the 69 numbers recruited
within the year who are between the ages 21- 30.

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Employees’ age group

2017 2017

Figure 6 - Employees’ age group

Sources: Annual Report, F/Y 2016/17

To end up as an effective business, the business should possess a fluent idea and have a focus
on reward management which has become the latest trend to attract employees towards the
business. In the opinion the organization should identify the essentiality of management of
rewards for the organization according to the fluctuations of the environment of the
organization and due to the environmental fluctuations, the entire association also entire firm
should have a method of appraisal, therefore, this provides an ability to have controls to
measure and improve the working strategies of the employees identifying their capabilities as
well as their weaknesses.

There are a few types of the regular advancement of realization by means of the significance
of the measurement of performance because of changes in the present fluctuating condition
which is executed by them. The changes occurred within people are the most important factor
that is based for the success in the organization and also it is identified that the entire success
of the organization is based on the people and the positivity point is that the organization and
the employees have an idea about this. Since the stirring attitude across the “organizational
man in the direction of the individualized corporation” recommended by (Armstrong, Baron,
2008) has brought about to think through the general population as the most extreme
resource. At the point reward management is a very important method which helps to support
to the growth of the organization through recruiting appropriate individuals for the relevant
positions and also it is able to obtain an idea about the employee within their related
performance to the relevant task and their capabilities and if there are weaknesses where they
should be trained and developed for the future betterment of the organization and to retain
them through having good reward management techniques such as providing them with

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rewards like annual bonuses compared to their general performance, benefits with regards to
retirement, loans provided to employees at special charges, health grants consisting with a
system to provide support to the spouse for an occasion of death, allowances for education,
special facilities relevant on behalf of the staff such as holiday chalet services, itinerant
expenditures… etc. It is analyzed that the banks reward plan should be developed to motivate
the employees with regard to the special survey done by the HR department and also it is
identified that the loan amount provided for the vehicle and special loans should be increased
while the interest rate should be decreased and also accordingly the salary incremental are
expected by the employees. It is not capable to have an operating model namely
‘Organizational Man’ which was recommended by Bartlett & Ghoshal (1995), In the modern
world, in understanding and assuming that the results ensure the success of the organization.
As proposed by Toynbee and Walker (2008), ‘old’ way which the outcome is “the errands of
the have explained, controlled and measured accurately to the co- purpose focusing the
growth of highly based on the people although preparing machines that are accurate and
productive over the assistance.

Accordingly, through the system of performance management that is controlled and lead by
the superiors or the top level management should possess a favorable and a powerful
controlling system while providing more facilities and rewards therefore it could make easily
gain the best of the workforces to the organization and also it makes the employers work in
the organization in a very happy and in a quite manner identifying the available capabilities
that the organizations expect from them to achieve the organizations goals and for the growth
of it while increasing its profitability and earnings. All this is based on the employees since
according to the way they work and to their capabilities, the organization decides of retaining
and recruiting them for various tasks while giving them a vast range of responsibilities. Since,
It can be identified as the individuals are the most important part that an organization should
possess while the return towards the employees too should be given to them in various ways.

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Profit per Employee (Source ABC Bank Annual Report)

Figure 7 - Profit per employee

In the above graph it shows the profit per employee received through the ABC Bank, when
viewing it profit per employee relevant to the ABC bank it has relatively the lowest rate
compared the competitors of the ABC Bank which consists of the NSB, Commercial bank of
Ceylon, People’s bank and HNB and therefore this could be said that the ABC Bank does not
possess an accurate rewarding system to the employees when viewing with the other banks
competing in the field of banking and with regard to this currently the employees get greater
opportunities than in the ABC Bank, therefore, they intend to resign from the bank and join
other organizations, as well as the actual performance of the employees, would not be gained
due to this.

Accordingly, the bank has identified this as an issue with increasing in the rate of resigning
employees due to lack of motivation and with regard to that the below summary of a survey
regarding this matter is expressed as follows;

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Figure 8 - Level of Employee Motivation

(Source ABC Bank Annual Report)

When viewing the above graph and the points mentioned above it can be concluded as the
main factor which contributes to reaching the overall growth and development of the
association as the human capital. Therefore, to gain the best outcome of the employees the
bank should maintain a reward offering system according to their performance in order to
motivate them.

Frequency of Engagement

Figure 9 - Frequency of Engagement

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2016 2017

Figure 10 - Retention Rate

(Source ABC Bank Annual Report)

It is analyzed that the employee motivation has being declined even though the bank
possesses different kinds of methodology in order to employee motivation such as holding
employee forums, encouraging the employees through providing them facilities such as
intranet, holding feedback forums, providing suggestion plans, open door policy, training due
to presentation of poor and granting lack of rewards.

In considering the years 2016 to 2017 it is identified that the rate of employees who retain
within the organization has declined from 98.2% to 95.4% and also according to the
management of performance within the organization there are various disagreements and
different ideas within each other in the way of providing the reward which either it should be
provided financially or not- financially, since that it had made a co-issue to answer this
question with relation to the researches done at ABC Bank.

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1.2.3 Defining Research Problem

The entire research is based on the methods of testing the motivation of the employees at the
ABC Bank. According to the reward management system of the organization, the research is
basically done to identify the motivational level of the employees through delivering financial
or non-financial rewards and it is shown separately the benefits of both the categories in the
research.
1.3 Research Questions

In this point, the writer tries to analyze the types of rewards based on the positions and levels
of their tasks and he tests about whether the rewards should be given in terms of financially
or non-financially since the following questions mentioned below requires direct answers
which are relevant and specific.

The benefits of employee motivation through financially or not- financially and the impacts
on it at ABC Bank at the Kandy Region

Is it able to recognize any effect towards the degree of employee motivation through
providing financial benefits at ABC Bank PLC in reward management?
Is it able to recognize any effect towards the degree of employee motivation through
providing financial benefits at ABC Bank PLC in reward management?
1.4 Objectives of the research

The ultimate purpose to be identified through handling this research at ABC Bank PLC is to
identify the accurate method of rewarding special rewards either as financial or non-financial
rewards which last towards employee motivation and satisfaction which leads the employees
to retain in the organization while some other objectives too can be listed as follows;

Key Objectives of the Research

“To identify the financial & non-financial benefits on employee motivation at ABC bank"

Sub-Objectives

 To arise to a decision whether there is a method of providing proper financial

rewards in order to motivate the employees at ABC Bank PLC.

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 To identify the availability of an effect from non-financial rewards over the degree
of employee motivation in ABC Bank PLC
 To recognize the rewarding scheme in terms of financial or non-financial which is
most suitable to ensure the employee motivation of the ABC Bank PLC
 Evaluate the potential future areas to develop the reward management system of
ABC Bank
1.5 Importance of the study

Employees in the sense are the key role of an organization which contributes towards the
growth and the development of the employees as well as they may also be the reason for the
failure of the organization, based on their dedication and commitment only the development
can be seen therefore it can be said as the people and the human resource is the DNA of an
organization.

Within organizations at presently it can be identified as motivation of employees within the

work period is lesser and due to this the stay of the employer at that certain institution will be
for a short period of time and also when compared to this bank it has been notified that the
employees of ABC Bank PLC have shifted to the competitors of the same field. Accordingly,
the bank should identify and give priority in providing a better reward system while
considering the latest trends which are also adapted by the key competitors and provide as
similarly to its employees too. Since all the results of this research will be very productive in
arising with new ideas to upgrade the current rewarding system therefore it may help to
increase the productivity within the employees through motivation of the employees and this
results also in a rapid growth of the business while retaining the employees as well as the
customers and this helps to make the maximum output through the employees. This research
may be helpful to the future researches that those who are planning to go on researching
about reward management within an organization and how it influences to the motivation of
the employees and to get an idea about the scope, knowledge, attitudes, and skills of the
researcher are increased through giving a fluent idea on this research.

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1.6 Limitations relevant to the Study

Through this research it is required to get the overall idea about the bank limiting to a specific
area on behalf of the entire population since it is impossible to collect data through using a
survey and also this entire research should be analyzed due to lack of time and also
availability of lack of financial and physical resources which could be considered as some of
the restrictions as well, and because of those it may make influenced to get out of the final
outcome on behalf of the total community. And also due to the factors such as job
satisfaction, the conditions that have applied to the workers has been restricted and this has
influenced the employees partially with regard to the rewarding system that is maintained by
the bank because of its difficulty in identifying them clearly, therefore, the motivation and
level of satisfaction the employees remain constant.

Thus, the entire research is conceivable to grow further towards vast populace by considering
the impact of in excess of a solitary variable towards the worker inspiration without confining
the openness of certain data by considering over the common asset shortage and the
scholastic reason.

1.7 Chapter Outline

Chapter 01 – Introduction

Firstly, the research is started through identifying the problem and introducing it, justifying
the problem, and at last, providing the definition of the problem also finally the questions
were discussed based on the whole research while attending to answer those based on the
research. Afterward the co- objectives together with the main objective which is to be
achieved which is identified through the research is discussed and finally, the limitations of
the research are discussed.

Chapter 02 – Critical review of Literature

Reach at a structure for continuing with the exploration is identified with going past the
writing and auxiliary information.

Chapter 03- Research Methodology

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The data collection methods within the process of handling the research are concerned based
on the strategies used.

Chapter 04 – Data Presentation and Analysis

To summarize and for presentation the research data the Microsoft Excel and also convenient
charting systems in SPSS are used while the summarized data is evaluated and submitted as a
fully completed one based on the major objectives.

Chapter 05 – Conclusions and Recommendation

To conclude the research and to make further the research clarified and understandable the
research questions are presented according to the outcomes that are realized throughout the
research and to those who intent to further go on researching about this, recommendations
could be developed.

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CHAPTER TWO–CRITICAL REVIEW OF LITERATURE

2.1 Introduction

Although the expectations differ from goals as a technique that is motivating the employees
to reach their expectations and the life goals the bank could provide an incentive and rewards
as a method of it. Since it is a hard task to prepare or to arrive at certain decisions about the
expectations of an employee and with not knowing the requirement of the employee it is
difficult to plan a certain reward according to a rewarding system.

Within an organization, the expectations of the employers and employees are fulfilled
through reward management. Here the employer and employees’ ideas contrast to each other.
Unless the employees fulfill the employer’s requirement regarding the organization the
employee won’t be rewarded with anything though they expect many things from an
employer regarding their pay, promotions, carrier allowances etc. The rewards are presented
to the employees on behalf of the energies and capabilities, what they provide to the
association and for its growth. (Clark & Estes, 2002)

2.2 Importance of Reward

Designing, implementing and maintenance which is used to analyze an appropriate system of

rewarding involves in achieving the highest achievement regarding the organization and
which this is a key feature of human resource management can be also recognized as a
procedure of introducing or either developing of various policies to achieve higher goals of
the organization while motivating the employees through offering these.

A proper and an effective scheme of rewards management should be created within an

organization since the aims of the association could be achieved efficiently through
motivation within the employees and also it would affect positively to the development
within the organizational culture too while increasing the satisfaction and the motivation
within the employees. It is not founded with any framework or either any other things for the
reward management system. The applicable reward management system should b different
from each other since it is not applicable to any other company even though it is under the
same field. This is less effective in the current world because of the development of
technology in the going world, subsequently a certain time duration.

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The extrinsic and intrinsic elements for inspiration are incorporated into remuneration the of
executives notwithstanding monetary and non-money related strategies for fulfilling.

In reward management, it is identified that there are some theories implemented and which
they should be considered before preparing a system. Those hypotheses are idea
psychological contract, factors effect on pay level and inspiration hypothesis (Luthanset,
2005 & Milne, 2007).

In the point of view, the organization sees and focuses on its expectations and the well-
disciplined behavior of the employees who serve in the organization. On behalf of the bank,
the researches or the individuals could practice premeditated agendas and various theories to
create an effective rewarding system. (Chiang & Birtch, 2009)

Purpose of Rewards

The final purpose of the evaluation of the performance of the employees is to reward them
based on their productive work done which is analyzed by a reward system. Performance and
also some other factors are considered when giving away rewards to the employees within the
environment of the organization. Some employees reach their targets beyond the limit that
has given to them, therefore, they could be rewarded in a positive nature according to the
analyzing through the reward management system. Employees who are unfortunate to
perform and maintain the standards within their task are negative within their minds due to
lack of rewards achieved. Therefore, the organization has made a point to make some system
to make the employees to follow accepted procedures through having and punishment
system. The ultimate purpose is to achieve the organizational goals and objectives while
ensuring the employee's motivation to have the best outcome through having an accurate
reward management system. Giving away rewards is not only providing the financial benefits
which also includes the salary. The individuals expect a return; recognition etc. more than
they do. Through creating an effective rewarding system both the financial and non-financial
nature of this should be considered. (Armstrong. 2010)

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2.3 Types of Rewards

Therefore, in designing a reward system the organization should see to the internal and
external environment of the organization too.
Internal objectives

This straight forwardly influence to the performance and behavior of employees and this
helps to retain the best and the productive employees within the organization while
improving the performance of the job while seeing to the growth of the, while the job
satisfaction is the basis of internal reward system within the organization

External objectives

This includes the salary, incentives, profit sharing and some other benefits such as various
allowances and it is also very clear that the rewards do not have a direct relationship between
the work performance and some assistances are inclined by the external informal groups,
organization, and co-workers while the financial factors are affected by the financial rewards
such as profit sharing, bonuses, wages etc. while pension plans, sick leaves, special purchase
discounts, and paid vacations are some of the indirect financial benefits also it can be said as
the best way to motivate the employees is to provide them with money as a reward since it is
a great help in the way of finance. (Clark & Estes, 2002)

Also the organizations use to follow up with various other ways in order to motivate
employees such as providing lunch hours, having meals with the top management which
would help to work in a peaceful environment with cooperatively with each other, with
having close supervision would be also helpful to the employees to perform their tasks well.
It can be reviewed Non-financial rewards helps the organization to build a better relationship
to work in a better environment while motivating the employees.

2.4 Motivation

This is the major important factor that is required within the organization and the final
outcome of this is reaching the objectives of the organizational objectives effectively and
efficiently. Since there was no evidence at the past this could not be assumed and clarified.

Matter of Motivation

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The two types of motivation, an intrinsic motivation which is a form of motivation through
internal reward where the employees are directly concerned and focused about their security
of the employment readiness of bearing more responsibilities, self-development, and growth
etc. This also helps the employees to develop their life styles based on their performance
while extrinsic rewards which is a form of external form of motivation. Both this is
considered as main key factors to be considered in developing a unique rewarding system to
the organization. (Armstrong. 2010)

The strength of the organization can be analyzed through how the targets and aims are
achieved while quality also should be maintained in the sense with increasing their
motivation, therefore, the performance is excelled through this. Motivation is a method of
expressing and encouraging an individual by involving into various tasks and an individual
who has been motivated possess and perform well in exhibiting commitment, encouraging in
performing work enthusiastically which leads to having a growth in the overall performance
of the organization.

Sustainability is relied upon to acknowledge by any business in any industry by guaranteeing

an abnormal state of execution of workers in any organization. Since they provide various
types of components of the methodology of motivation such as promotions, incentives,
additional salaries etc. Motivation is a way of study that helps the people behave
encouragingly while it is directed to achieving targets and aims of the organization.
Motivated people continuously work for the betterment of the organization for a long period
at one place reducing and overcoming problems and difficulties they face although many
faults are occurred with the people who are demotivated. (Clark & Estes, 2002)

The importance of Motivation

Motivation is the main key factor towards employees to gain the best outcome from them
which is very important which helps to lead to achieving the organizational goals and
objectives which also leads towards the organization's success and development. Although it
is identified as the organizational goals are totally different from the individual aims if the
employees do not work towards reaching the organization targets the organization starts to
fail since this the managers allocate the resources of the organization accordingly realizing
with having a clear idea about the organizational goals and objectives so that it may be easily
achieved with time with individuals motivation or either motivation with or without the

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managers. It is easy and quicker to achieve these goals when working according to the
hierarchy. (Chiang & Birtch, 2009)

At present the commercial banks of Sri Lanka have not been able to provide good quality and
a standard service due to less motivation of the employees, attitudes of the employee and
dissimilar levels of the employees can be seen as the main reasons. The organization is facing
a challenge to retain the employees with good motivation, but it is accountability of the HR
manager to retain employees at a well satisfied mentality without letting them demotivate.
Employee productivity has two determinants as mental and presence that is physical therefore
it is important to consider this in deeply to get a better result of the company and also this
should be maintained in a mentality when facing the competitors. Also, there are ways of
increasing the productivity level of the employees while satisfying through increasing the
welfare activities including facilities of healthcare, therefore, the employees work hardly.
Therefore, the company should take measures to develop satisfaction within the organization.
This would result into growing, active participation of employees in regular transactions…
etc. (Armstrong. 2010)

2.5 Importance of the reward - Motivating employees

The organization depends on the organizational survival with in the global environment had
been directly considered by the central bank of Ceylon.

Human resource is the main valuable factor because the services rendered by them since the
service provided by them is invaluable and it helps the organization to increase its capacity of
work and it makes a key point to provide a high-quality service to the customers as a critical
point of success in providing financial services.

Even though employee motivation can be identified as a dependent variable it is highly

affected through the main factor which is a promotion.

2.6 The relationship between Rewards and Motivation

The employee’s high standard of quality is maintained through employee recognition and to
obtain the rewards of employees while employee rewards are mostly expressed by the means
of monetary terms as a tangible asset. Certain benefits are also offered against based on their
performance evaluation while it differs to each other from position and level of the employee

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and it is identified that the employees like to work in the company if they pay well in the
organization. Also, certain rewards are directly offered only on based on their performance of
hardworking. So it can be concluded as there is a direct relationship between employee
performance and job satisfaction. The reward system is one of the major factors that
influences towards employee commitment. (Clark & Estes, 2002)

It is not a new thing or a unique thing, which is offering a reward to the employee based on
the employee performance after analyzing their work through a reward system. This can be
seen in the past too. This consists of financial and non-financial benefits such as monthly
salary, intensive packages, bonus packages, and other rewarding methods. This directly
influences to the performance of the employee while motivating them, while this differs from
the nature of the organization and the level of the organization. These rewards are provided
by the organization as a return given to their performance. If the employees are rewarded
properly they will work productively with a good mentality and, motivation.

2.7 Theories of Motivation

2.7.1 Hierarchy of Needs of Abraham Marlow’s

Figure 11 - Hierarchy of Needs of Abraham Marlow’s

The human needs can be analyzed as shown in the above diagram which was presented by
Abraham Maslow. If any kind of need could not be fulfilled according to the hierarchy, the

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top needs would not be able to achieve. The last part of the research will provide a detailed
explanation of the categories of the needs. The individual’s life is totally built based on
needs and wants. There are a few examples that have been explained about the five layers
related to the human. (Armstrong. 2010)

2.7.2 Two Factor Theory of Herzberg’s

Due to unhappiness and dissatisfaction of the employees caused due to certain reasons and
also satisfaction and happiness of employees are explained by Fredrick Herzberg. He has
presented the following theoretical structure. (Chiang & Birtch, 2009)

He has presented career development, promotion, salary level as the main factors in a job
satisfaction in motivating the employees.

Figure 12 - Two Factor Theory of Herzberg’s

 Hygiene Factors
Here it is identified that the salaries, allowances as financial benefits while and promotional
benefits and other benefits as non- financial terms. Also, this includes the various relationship
with workers at the management level and the attitudes of the supervisors in the firm.

 Motivating Factors
Job satisfaction is the key factor of motivating employees which identifies the satisfaction of
the employees with the company based on their salary, performance, responsibilities and

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additional benefits. These motivated employees have a great capacity of working at a higher
level maintaining good productivity providing services with efficiently and effectively. This
is shown directly through the theory of Herzberg as well as this helps to identify the personal
and organizational goals separately and the ways that it affects. (Chiang & Birtch, 2009)

2.7.3 Adam’s theory of equity

This is a very simple theory which was introduced by Adam and this can be proved logically.
It is simple as it says the outcome of the products which are used as inputs should be equal
and similar to each other and he says if any output is greater than the inputs the employees
should work more tirelessly to fulfill that task, since the employees expect some more
rewards except the salary, increments, bonuses…etc. they receive monthly. Furthermore, he
says that if these factors do not take to consideration the employees real potential won’t come
out in the sense they are dis satisfied with lack of rewards received towards their performance
and it results to dis motivation of the employees will result in the outcome lesser which leads
to failure in the organization. (Clark & Estes, 2002)

Figure 13 - Equity Theory of Adam’s

Since the management of the organization should know to take precautionary measures to
prevent occurring that kind of a situation and to maintain a close relationship within the
employees to maximize the productivity through motivation.

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2.7.4 Reinforcement Theory of Skinner

The employees behave according to their pattern in their lifestyle which this is presented
through reinforcement theory presented by Skinner. This research was done to identify the
behavioral pattern of the company too. Skinner has made equal the human brain and the mind
to a black box since he says it is impossible to identify it by looking the outside. The result of
this may be either positive or negative. The management should strengthen the employees
while motivating them. It can be said that there is a positive nature if the outcome is repetitive
and vice versa when comparing the outcome of the employee behavior according to the
reinforcement theory. Therefore, the management should motivate the employees while being
aware of the employee behavior. (Armstrong. 2010)

2.7.5 Theory of David McClelland

This research was found by David Mc Clelland in 1962 and this is about employee
motivation should be considered when achieving the need for power and affiliation according
to the theory. Here, it is said that people’s behavioral patterns are different from each other
depending on their motivational factors. Also, David says that employee motivation is
decided by three main factors except for the age level, gender and their belonging culture
relevant to people. Furthermore, it says that one of those factors are dominant.

Figure 14 - Theory of David McClelland

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Achievement

Employees possess their work at a challenging manner with regard to the maximum effort
while providing their services at a rate of higher quality and a higher level of accuracy while
they work willingly towards the firm. Employees who work willingly to the firm bears
responsibilities and are capable of bearing to perform the new tasks which are in a
challenging nature. Even though they do not accept the difficult tasks since it makes harm to
the employees’ mindset so it makes demotivate the employee while considering involvement
in the performance evaluation on behalf of the employees.

Affiliation

Employees are willing to work friendly with people who are able to work in a happy and a
calm environment who behave in a pleasant manner and also employees dislike to work with
the people who possess various behavioral patterns while the employees who are well
motivated and willing to able to work on behalf of the organization and also they work very
hardly to make the maximum output towards the company for the betterment of the company.
Accordingly, the feedback should be personally given by the management and also they
should be appraised according to their performance and making especially a point of the good
work done by them and they should no employees always do not make mistakes. Therefore,
the good things should be explained first while the bad at the last. If the feedback is given
publicly the employees might be demotivated and less willing to perform tasks while bearing
responsibilities since it should be done personally. (Clark & Estes, 2002)

Power

It is the ability that a certain individual possesses to have control over some task or some
individuals regarding the actions performed or their behavior and the individual who bears
these should have an idea that what to be implemented while they should be able to prove
what they do. The happiness of the employee while working depends on the employee’s
recognition within the company this makes the best outcome of the employee. There are
mainly two kinds of power according to the interest of employees. While certain employees
take interest in controlling power and personal power is the capability to have control over
others while organizing and coordinating the tasks which mean institutional power.

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CHAPTER THREE – RESEARCH METHODOLOGY

Introduction

This survey is done to recognize the interlinkage between the reward system and motivation
of employees which belongs to the Kandy region of ABC Bank. And also this helps to
identify the consequence of the financial & non-financial rewarding systems provided
towards motivating the employees at ABC bank by increasing their stay at the bank to make
sure that the employees are well motivated to work in ABC bank in a happy and a peaceful
environment at all the branches. According to the deductive research approach, quantitative
research also has designed. (Antonioni, 2009)
The basic information for the research is collected from a questionnaire prepared using
journals, books, online references, and annual reports etc. and as well as a secondary way of
collecting the data this research is done to provide an investigation which influences on
accurate reward system used to motivate workers of ABC Bank PLC and furthermore the
example of delegates comprises with 83 representatives who have favored from 105
representatives' populace of ABC Bank PLC. Additionally, the inspecting procedure called
Stratified Random Sampling has used to choose ABC Bank's offices so as to adjust the
worker portrayal. Eventually, every layer of workers in the association is spoken to by the
example.

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3.1 Conceptual Framework

Here, the following framework is designed to come to a conclusion about the relationship
within the preferred variant for the research as stated below.

FINANCIAL REWARDS H1

EMPLOYEE MOTIVATION

NON-FINANCIAL
REWARDS
H2

DEPENDENT
INDEPENDENT
VARIABLE
VARIABLES

Figure 15 - Conceptual Framework

It is identified and viewed clearly that there are both financial as well as non-financial in the
reward system and this could be considered as the independent variables and in the sense of
employee motivation it is considered as a dependent variable.

3.2 Hypothesis Development

Main Hypothesis

H1: Here it is identified as it is presented with a significant relationship in between the

financial rewards and the employee motivation in Kandy regional branches of the ABC Bank
PLC

H2: Here it is identified as it is presented with a significant relationship in between the non-
financial rewards and the employee motivation in Kandy regional branches of the ABC Bank
PLC

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3.3 Operationalization

Concept Variable Indicators Measurement Question No

Reward Financial 1. Extra bonus LIKERT 6-10
management Reward SCALE
2. Scale of salary
system

3. Medical

4. Fixed bonuses

5. Loans with Low

interest
Nonfinancial 1. Annual leaves LIKERT 11,12,13
reward SCALE
2. Opportunities for
learning & training

3. Provision of
sufficient levels
Internal 1. Effective LIKERT 14-18
motivation performance appraisal SCALE
system

2. Effective
promotional schemes

3. Support for the Staff

4. Organizing &
identifying the work

5. The flexibility of the

policy of transferring
External 1. Commissions LIKERT 19,20
motivation SCALE
2. Letters of

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appreciation
Table 1 - Operationalization of the study

3.4 Research Design

With reference to the co objectives of this research, here the basic information is collected
and analyzed the data in a quantitative figure which will be applicable to the statistical
methods to reach the final result in an effective way.

Also here the objective of the research is achieved through an analytical approach and also
while analyzing and the relationship between the variables based on the selected models and
theories.
Designing of the sample

Population

It is possible to identify the total population in all ABC Bank’s branches as in follows.

Branch Branch Ass: Officers Banking Assistants Secretaries Total

Manager Manager

Total 5 20 30 40 10 105
Table 2 - Population

Selection of the sample

Stratified sampling technique has used here to assess attitudes relevant to all respondents
regarding the organization’s reward system as follows;

Size of the sample

1.1 Deciding the size of the sample

83 employees are contained in the selected sample and it represents all positions of the banks
within 0.05 of a significant level.

Data collection

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Here the structured questioners have basically collected using bank’s annual reports, books,
magazines, web references, journals, and newspapers… etc. Used as the methods of
collecting secondary data.

Planning of Questionnaire

At this point, the questions are structured based on certain sub categories regarding the
reward system which is provided either in terms of financial, non-financial rewards towards
motivating employees.

In this way, the goal of gathered information is to break down the information utilizing SPSS
22.0 According to the classes, for example, P-P Plot examination, Multi-Correlation
Analysis, Reliability, and Factor Analysis, Regression Analysis and Regression Analysis so
as to test descriptive analysis (Kervin, 1999).

in order to test determined hypotheses (Kervin, 1999).

Designing of the questionnaire

This is done expecting to collect the basic data from the structured questionnaire, and it can
be said as the overall purpose of the research is to conclude with the personal feelings of the
employees with uplifting their mindset. Stratified testing method has utilized notwithstanding
the survey dissemination among the chose test contingent upon the situation of the
representative in the bank. Also, the direct questions are asked for the purpose of
investigating the impression of workers accurately and simple questions are made and created
while removing the complicated ones while the sub categories are as follows,

Section A - Demographic details including Age, Gender, Education, occupation, and

Income…etc.

Section B- Three key dimensions associated with the Reward system including Financial
Rewards in addition to Non-financial rewards

Section C- The degree of Employee Motivation

Here, it has included five Likert Scale for the purpose of representing attitudes of the
employees by rating those factors from 1- 5 as “strongly disagree” to “strongly agree” in
addition to 20 questions included here.

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Analysis of the research

Statistical package recognized as SPSS 22.0 has been utilized to investigate the gathered
information through essential techniques for information accumulation while playing out an
illustrative examination, Reliability and Factor Analysis, P-P Plot investigation, Regression
Analysis, and multi-relationship examination so as to measurably test the theories.

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