The Supremacy of Financial and Non-Financial Rewards towards Employees’ Job Satisfaction in Tanzania; Evidence from Commercial Banks - Mtwara Region

Authors : Ansgar Joachim Sakaya

Volume/Issue : Volume 4 - 2019, Issue 11 - November

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Employees are the strategic asset of an organization that gives it competitive advantage through unique contribution from its employees. Designing and execution of rewards package is a bit challenge if there is a need for mutual benefit between employer and employee. To continue enjoying employee’s contribution, organization needs to invest heavily in satisfying their needs through rewards system. The study adopted a survey design where purposive sampling strategy was used to select departments in all commercial bank branches and, simple random strategy was used to obtain a representative sample of the population. Primary data were gathered through questionnaire administered to 63 respondents out of 80 employees working with banks branches at Mtwara Region. Data were tested and analyses descriptively by use of frequency and percentage, Compared Means scores, conduction of reliability test, use of correlation analysis, factor analysis and multiple linear regression. Results of the study revealed that, non-financial rewards influence job satisfaction in commercial banks branches at Mtwara Region but on the other side, financial rewards were found to have no correlation with job satisfaction in this case but significantly influence it. Thus, the null hypothesis of the study is rejected and alternative hypothesis is accepted. In regards with the study findings, the study has recommended the following to be done by banks. To rethink and possibly harmonize their rewards systems to sweet the sector as by doing so they will be in position to reduce unnecessary movement resulting from turnover. Adjust intrinsic and extrinsic reward policies and strategize in procession with existing trade and industry atmosphere, Relationship improvement and a fit between employees and their supervisor should be attained and sustained strategically, Avoid postponements of rewards after achieving set goals. Involve employees in decisions regarding designing their rewards packages. HR department should also rethink of hiring criteria by looking at individuals who do not have high expectations on rewards as these individuals will not pose much of their efforts in demands for rewards (This calls for demographic factors consideration in rewards package design). High Organs of the banks should build a connection between their corporate strategies and rewards packages to enhance employees’ job satisfaction.

Keywords : Rewards Package; Job Satisfaction; Demographic Factors; Commercial Banks; Tanzania.


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