EXAMINING THE INFLUENCE OF EMPLOYEE INCENTIVE PROGRAMS ON EMPLOYEE PRODUCTIVITY IN MALAYAN SAVINGS BANK, MAKATI BRANCH

Abstract

In today’s competitive business environment, organizations are constantly seeking strategies to improve their overall performance. One of the most effective approaches is the implementation of incentive programs aimed at enhancing motivation, engagement, and productivity among employees. These programs use a variety of methods, including financial bonuses, rewards, non-monetary recognition, and career advancement opportunities, to encourage and reinforce desired behaviors and outcomes within the workforce. Ultimately, incentive programs contribute to fostering a more productive and motivated workforce, driving the company’s growth and success. This study utilizes a quantitative and descriptive research approach, involving 50 employees from the Malayan Savings Bank Makati branch. Data was collected through a survey questionnaire and analyzed using statistical techniques such as frequency and percentage distribution, arithmetic mean, Likert scale, and ranking. These methods were employed to gain a deeper understanding of employee views and assess the impact of incentive programs on motivation, engagement, and overall performance. The results of the study show that the bank's incentive programs are highly effective in boosting employee retention rates, improving attendance and punctuality, and positively influencing employee morale, motivation, and engagement. However, the study also identifies key issues, including toxic competition among employees, a lack of awareness regarding the incentive program schemes, and insufficient transparency in the administration of these programs. Addressing these challenges is crucial for maximizing the effectiveness and fairness of the incentive programs. This research offers valuable insights into the impact of incentive programs on employee productivity. The study suggests that organizations should foster teamwork and mutual support through effective communication and strong leadership. Additionally, it recommends the development of clear and concise communication materials that outline the details of the incentive programs, including eligibility criteria, rewards, and performance measurement methods. By addressing these areas, organizations can enhance the effectiveness of their incentive programs and drive better results for both employees and the company.