The Effects of Rewards System on Job Performance

The purpose of this study is to identify and assess the elements of the rewards system that have potentials for enhancing advertising agency staff performance. The study reveals that elements of the rewards system that have great potentials for enhancing agency staff performance are in the following descending order; good pay, profit sharing and bonus pay, promotion, perceived opportunity for growth, participation in decision-making, praise and appreciation. The extrinsic or financial components of the rewards system (pay, bonus, incentives and stock options etc), ab initio, have greater potentials, for enhancing agency staff performance. Thereafter, the intrinsic or non-financial components (power, status, recognition, acknowledgement etc) will become very active only when there are adequate and sufficient financial rewards to meet their physiological and psychological needs. Based on the above findings, agency managers or owners should appropriately and harmoniously combine and package, in varying degrees, both elements of the financial and non-financial rewards to motivate their staff, instigate them to higher job performance and positively influence their job attitude.

Autorentext

Woleola J.Ekundayo graduated from UNIBEN,Benin City in 1986 with Second Class (Upper) Honours in Political Science and obtained Master of Business Administration degree from FUTA, Akure in 2002. He was formerly Executive Secretary, AAPN(AAAN), Lagos. He is currently the Registrar, Ondo State University of Science and Technology, Okitipupa, Nigeria.