Evaluation of Staff Motivation Strategies on the Productivity of Nigerian Banking Industry

The study critically evaluated the inadequacy or the inappropriateness of motivational strategies that have beclouded the banking industry subsector overtime which has led to the erosion of public confidence on banks. The methodological framework adopted for the investigation was descriptive survey design using correlational analysis. A questionnaire was administered to 125 respondents selected from three commercial banks which helps in generating the primary data while the secondary data was gotten from the internet, textbooks, journals, etc. The research instrument was face-validated, and a reliability test was conducted using Cronbach alpha coefficient (α), and the instrument was found reliable and acceptable for use. The research hypotheses were tested using Pearson Product Moment Correlation (r) aided by SPSS version 20.0. The findings of the study revealed that there is a significant relationship between staff motivation strategies, the attraction of skilled labor force, labor turnover, fraud incidences in the banking industry and the organizational productivity. These negative tendencies have implicated the performance of the banking business leading to declining in organizational productivity which over time has eroded public confidence. The study concluded that the design of appropriate motivational strategies that can arrest these negative tendencies in the banking industry, therefore, becomes a matter of urgent attention.