The Impact of Monetary and Non-Monetary Incentives on Employee Motivation and Job Satisfaction: Insights from the Zambian Financial Service Industry

Tony Nkomoki and Florence Chomba
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Tony Nkomoki: Nanjing University of Information, Science and Technology, China
Florence Chomba: Nanjing University of Information, Science and Technology, China

International Journal of Research and Innovation in Social Science, 2024, vol. 8, issue 12, 2060-2068

Abstract: This study investigates the impact of both monetary and non-monetary incentives on employee motivation and job satisfaction across various organizational contexts. Utilizing a quantitative research design, the study analyses survey data from 436 employees within the Zambian financial service industry. The regression analysis considers factors such as age, gender, job level, and tenure, along with preferences for different types of incentives and their perceived effectiveness. The findings reveal that non-monetary incentives, particularly those related to recognition and work-life balance, significantly enhance job satisfaction. Conversely, monetary incentives, while important, have a less substantial effect on long-term motivation and job satisfaction. These insights highlight the necessity for financial institutions to adopt a balanced approach, integrating both monetary and non-monetary incentives to foster a motivated and satisfied workforce.

Date: 2024
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