A conceptual framework for senior management motivation in the banking sector in Zimbabwe

Abstract

This research was conducted to establish the factors that motivate senior management to exceptionally perform their duties in the banking sector of Zimbabwe. Financial and non- financial motivation factors potentiate incomparable senior management performances through high productivity and cost cutting to increase profitability at all costs. The research ascertained the factors that motivate senior management, established the impact of the motivation factors and examined statistical differences existing in the factors that influence senior management of different gender, education level and experience in the banking sector of Zimbabwe. The study was informed by an explanatory research design. It made use of descriptive quantitative analyses to process primary data gathered through questionnaires. The current study that sought to come up with a conceptual framework for senior management motivation in the banking sector in Zimbabwe major research question was answered. The study results show the factors affecting senior management motivation, the percentage of variance explained, the reliability statistics, the standardized beta coefficients and the ranking provided. To this end, this current study concluded that working conditions, is generally the most powerful factor in predicting senior managers motivation in the Zimbabwean banks (β=0.749; p<0.05) followed by growth (β=0.380; p<0.05), then training or advancement (β=0.308; p<0.05), then responsibility (β=0.059; p<0.05) and then recognition with (β=0.051; p<0.05) and lastly performance appraisal with (β=0.003; p<0.05). It was recommended that the banks must appreciate and recognise the efforts of senior managers. The senior managers must receive competitive salaries and good remuneration packages. Moreover, the banks must recognise good work and appreciate hard work through cash or incentives to improve motivation of the senior managers and this in turn will result in improved performance. Continuous training and development exercises must be carried out by the banks to enhance capabilities of senior managers. Thus most of the managers are eager to participate in team building exercises. Team work enhances the senior managers individual work bargain and success. On the other hand the banks must be able offer family programs at regular intervals as a gesture to show the value of a family support system. Study grants and education leave to scale up qualifications of the senior managers must also be offered by the banks.