Effect of Non-Financial Incentives on the Performance of Employees at Guaranty Trust Holding Company Plc. (GTCO).

Abstract

In the highly competitive landscape of Nigeria’s Deposit Money Bank (DMB) sector, organizations like Guaranty Trust Holding Company Plc. (GTCO) rely heavily on motivated and high-performing employees to deliver exceptional customer service and maintain a strong competitive edge. As the most vital asset within the organization, employees play a central role in driving growth and expansion. This study explores how non- financial incentives influence employee performance at GTCO, one of Nigeria's leading deposit money banks. With growing attention on sustainable and intangible motivational strategies, the research examines the impact of career development opportunities, employee recognition, work environment, and official gifts on different aspects of performance task performance, operational performance, and contextual job performance. A mixed-methods approach was employed, with primary data collected through an online Google Form questionnaire administered to 286 employees across two key locations: Lagos State (the company’s headquarters) and the Federal Capital Territory (FCT), Abuja. The sample size was calculated using Taro Yamane’s formula and adjusted upward to account for possible low response rates. Data were analyzed using descriptive statistics, correlation tests, and multiple regression analysis via SPSS version 27.0. Results indicate that all four non-financial incentives significantly improve employee performance. Notably, the work environment had the strongest effect, as evidenced by the highest Beta coefficient (.784) and statistical significance (p < 0.000). Career advancement, recognition, and symbolic gifts also showed substantial positive effects. These findings are consistent with earlier studies from both developed and developing economies and align with the Resource-Based View theory, which underscores the value of leveraging intangible human capital resources for long-term organizational success. Based on these results, it is recommended that GTCO implement structured career development initiatives, formal recognition programs, meaningful non-monetary rewards, and a supportive workplace culture to boost employee motivation and ensure sustained organizational performance. This study adds to academic discourse by offering valuable insights into how non-financial motivational strategies can be effectively incorporated into human resource practices to enhance productivity and competitiveness, especially in rapidly urbanizing regions such as the FCT.