Effects of reward systems on job satisfaction at the Accra main branch of the National Investment bank limited

Abstract

This study sought to examine the effects of reward systems on job satisfaction of the staff of the National Investment Bank main branch in Accra. The research, specifically examined the nature of reward systems at NIB and compared the reward system to best practice as well as determine the extent of worker satisfaction with the reward system. The study used descriptive design to determine the effects of reward systems on job satisfaction. A total of 44 respondents made up of staff and a management staff of the NIB main branch in Accra answered a questionnaire on the effects of reward systems on job satisfaction and performance at the Bank. The research was conducted using administered set of questionnaires. The study revealed that job satisfaction really depends much on an effective reward system. High salary, promotion, training and recognition for work done were deemed important by the staff. Based on that, it was recommended that the reward systems should be improved to increase staff job satisfaction. It was also recommended that employees of NIB should be given their commensurate rewards regularly as it would make them perform better at their jobs. It was further recommended that management should apply specific rewards to identified groups of staff and also focus on issues of training and promotion.