EFFECTS OF TOTAL REWARD SYSTEM ON EMPLOYEE PERFORMANCE: A CASE OF BAYPORT FINANCIAL SERVICES, GHANA

Abstract

ABSTRACT The study aimed to investigate the effects of reward strategies on employee performance at Bayport Financial Services. The study was guided by four specific objectives: To assess the effort of financial reward on employee’s performance; To assess the effect of non-financial reward on employee’s performance; To determine the relationship between the psychological reward and employee’s performance. A non-probability sampling technique, specifically, convenient sampling was used to select a sample of 144 respondents from a target population of 400 employees in the Kumasi Branches. The study adopted descriptive research and a correlational design. Structured questionnaires were used to collect primary data. Data analysis was carried out using quantitative techniques with the aid of SPSS. The study found a significant relationship between psychological reward and employee performance. However, financial and non-financial rewards did not show any significance. The study concluded that there is a relationship between psychological reward and employee performance.