"IMPACT OF NON MONETARY REWARDS & RECOGNITION ON EMPLOYEES' MOTIVATION IN BANKS OF KARACHI, PAKISTAN"

Abstract

• Purpose: This study is conducted in order to iraeasure the impact of non-monetary rewards and recognition on employee’s motivation in different banks in Karachi, Pakistan. • Methodology; This study follows a quantitative approach to achieve the objectives of the descriptive study. The study is conducted by distributing a standardized and well-structured questionnaire to 550 employees of different banks. There is one dependent variable that is motivation and two independent variables are non-monetary rewards and recognition. The statistical program SPSS is used for the analyses and presentation of data. The descriptive statistics utilized are based on Pearson correlation coefficient tests and graphical illustrations to provide information on key demographic variables in this study. • Findings: The study confirmed the existence of a strong and significant relationship between non-monetary reward, recognition and employee’s motivation. However, statistical Pearson correlation coefficient testing of all dependent anid independent variables suggests that there is a positive and significant relationship between non-monetary reward, recognition and employee’s motivation. • Practical Implications: Based on the findings, this research can be helpful for HR managers of banks in different ways; HR managers in Pakistani banking sector can design effective compensation package for their competent employees. Management can improve the use of effective rewards and recognition system in the feedback process of their performance management system in order to motivate their employees; therefore the outcome of a motivated workforce includes employee retention, loyalty and harmony that contribute significantly to the growth and overall development of the bank.