The Role of Financial Incentives on Employees’ Motivation in Financial Institutions in Tanzania”: A Case of Bank of Tanzania” is the original and individual work of Edmund Kyaruzi Barongo.

Barongo, Edmund Kyaruzi (2013) The Role of Financial Incentives on Employees’ Motivation in Financial Institutions in Tanzania”: A Case of Bank of Tanzania” is the original and individual work of Edmund Kyaruzi Barongo. Masters thesis, The Open University of Tanzania.

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Abstract

The broad objective for this study was to assess the role of financial incentives in employee’s motivation in financial institutions using the case of the Bank of Tanzania. Specifically, the study aimed at identifying the most important indicators of motivation, determining the most significant non-salary incentives in motivating employees and determining the most significant financial incentives on motivation. The study was descriptive in nature and it employed quantitative approach in the data analysis. The study had a sample of 100 respondents who were purposively selected. The study through the first objective revealed salary, staff loan, car loan and house allowance as the top four most important indicators of motivation at the Bank of Tanzania. Through the second specific objective it was revealed that staff and car loans as the most significant non-salary incentives in motivating supporting, professional and the managerial employees at the Bank of Tanzania. In determining the most significant financial incentives on motivation; medical insurance and salaries of employees were most significant financial incentives at the Bank of Tanzania. It was concluded that managers need to make sure their employees work in pleasant and desirable work environments. If people grew in an environment in which their needs are not met, they will be unlikely to function as healthy individuals or well-adjusted individuals. This study recommended the use of its results as starting point for managers and other interested parties to identify and understand factors motivating employees in their institutions to ensure an environment that encourages, promotes, and fosters such factors.

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