Social Rewards and Employees' Performance in Deposit Money Banks (DMBs) in Akure, Ondo State

Abstract Employee performance is a critical determinant of organisational success, yet many organisations fail to optimise the potential of non-monetary incentives like social rewards. Existing literature often aggregates social rewards with other reward types, leaving their specific impact underexplored, particularly in the Nigerian banking sector. This study examines the influence of social rewards such as affiliation, working conditions, and social events on employee performance in selected Deposit Money Banks (DMBs) in Akure, Ondo State. A survey research design was adopted, with a stratified random sample of 110 employees drawn from various job roles and departments in seven (7) DBMs that were purposively sampled in the study area. Data were collected through structured questionnaires and analysed using descriptive statistics and multiple regression analysis. The findings reveal that social rewards significantly influence employee performance, collectively accounting for 78.7% of its variance (R2=0.787, F (3,114) =105.27, p<0.001). Among the predictors, working conditions had the strongest impact (β=0.592, p<0.001), followed by affiliation (β=0.299, p<0.001), while social event showed no significant influence (β=−0.079, p=0.292). The study concluded that social rewards, particularly affiliation and conducive working conditions, are pivotal in enhancing employee performance. It recommended that organisations prioritise fostering affiliation through teamwork and collaboration, while also investing in supportive work environments to maximise employee potential. Periodic social events should complement these strategies to improve morale and cohesion.