Employee Motivation: An Imperative For Enhancing Employee Productivity in Central Bank of Nigeria (Published)
This study the role of motivation in enhancing employee productivity in the Central Bank of Nigeria (CBN), focusing on financial incentives, non-financial incentives, and training and development. Employee productivity is essential for the Bank’s mandate of monetary stability, financial regulation, and effective policy implementation. However, challenges such as bureaucratic constraints, inconsistent rewards, and limited career development opportunities often undermine staff motivation. Using a survey research design, data were collected from 205 employees selected through a multistage sampling technique. Descriptive statistics and regression analysis were employed to determine the influence of motivational variables on employee productivity. The findings revealed that financial incentives, including salaries, bonuses, allowances, and performance-based rewards, have a strong and significant positive effect on employee productivity. Non-financial incentives such as recognition, promotion opportunities,a supportive work environment, andjob security were also found to significantly enhance employee morale and performance. Furthermore, training and development demonstrated a significant effect on productivity by improving employees’ skills, competence, and adaptability. The study concludes that both intrinsic and extrinsic motivational strategies are critical for sustaining high productivity within the Central Bank of Nigeria. It recommends that the Bank strengthen its reward structures, enhance non-monetary motivational practices, and institutionalize regular training programmes to maintain an efficient and motivated workforce.
Keywords: Employee Productivity, financial incentives, non-financial incentives, training and development