Rewards and Incentives Impact on Job Satisfaction of Saudi Banks Employees

Abstract

This study aims to investigate rewards and incentives impact on job satisfaction of Saudi banks Employees , to achieve these objectives a questionnaire was developed to measure study variables that are believed to affect job satisfaction, a total of 480  questionnaires were distributed to a study sample, consisting of employees in Saudi banks, 403 questionnaires were collected, so the response rate is 83.9 % of the total sample. The study concluded a set of  results , the most important one were as follows :financial, moral, individual and collective incentives play a significant role in developing banks’ activities, encouraging innovation, reducing employees’ turnover rate, minimizing the complaint and  their dissatisfaction among, and raising  employees morale. The study concluded that Saudi banks  are  keen to have  employees satisfaction by providing financial incentives and rewards for distinguished staff , and by providing wages and salaries that match with  work size and responsibilities .The study also concluded that Saudi banks do not provide scholarship opportunities to enable employees to join their  higher study, and they do not provide regular and continues financial and collective incentives at departments and sections levels. Moreover  they do not offer employees a percent of their annual profits . The study also concluded that Saudi banks use negative incentives to punish employees for their work negligent, and transfer employees from one area to another in case of work negligent and  they dismiss   employees arbitrary  in case of committing financial mistakes.Finally, the study recommended a set of recommendations including: Saudi banks have to pay more attention to their human resources in order to achieve higher profits and  providing customers with better banking service through achieving  employees job satisfaction., Banks also  have to increase  their concern  with financial ,, moral, individual and collective incentives  and benefits provided to employees due to their significant role on  employees job satisfaction and job performance . Such  incentives should be compared annually with  other  local ,regional and  international incentives provided by the local,  similar regional and international institutions incentives. Banks also  have  to provide more training courses and to develop a system of scholarship for distinguished employees for the purpose of  employee's retaining . Finally  Saudi banks  have to uses fair and transparent negative incentives system to punish employees for work negligent,  and to apply the same equally on all  employees  without patronage.

Keywords: Saudi Banks, financial Incentives, moral Incentives, individual Incentives, collective incentives, negative incentives, Job Satisfaction