Evaluation of staff motivation in financial institutions of Uganda a case of finance trust bank (FTB), Kalerwe branch

Abstract

The study evaluated staff motivation in financial institutions of Uganda, particularly Finance Trust Bank Limited (FTB), Kalerwe branch. The study objectives were: to assess the staff motivation interventions used in FTB, Kalerwe branch; to identify the challenges faced in motivating staff at FTB, Kalerwe branch; and to design a strategic framework that can improve the motivation of staff in the banking industry. A descriptive design with a quantitative and qualitative approach was adopted. Primary data was collected from 41 employees who include branch manager, credit supervisor, branch accountant and 38 bank officers at FTB, Kalerwe Branch Uganda. Quantitative data from bank officers was analyzed using SPSS Version 20.0 and management was interviewed to generate qualitative data analyzed with Nvivo version 20 to generate thematic themes. Results revealed that staff motivation interventions were setting of achievable goal, competitive compensation, award of bonus to high performance, career professional growth and up skilling programs at the FTB. However, poor compensation schemes, excessive concentration on achievement, conflict of interest between staff goal and company goal, lack of promotion plan, ineffective communication, limited attention to staff suggestions and unrealistic targets were challenges facing motivation of staff at the bank. The strategies to improve staff motivation include offering regular and competitive salary compensation, opportunity for promotion hierarchical advancement to staff, delegation and appreciation from the management, in-service training (CPDs), clear realistic job responsibility, creative task performance, staff engagement, flexible schedule and favorable working environment at bank. The study recommends that FTB Uganda should provide competitive compensation, reward bonus to excellent performers, letter of commendation, career path development and extension of job tenure for over four years motivate staff so as to achieve high productivity