Financial Incentives on Employee Motivation of Ministry of Commerce and Industries in Ekiti State

Abstract This study investigate the effects of financial incentives on employee motivation in Ministry of commerce and industries in Ekiti State, Nigeria. A quantitative research approach was employed, with a survey of 85 employees from selected Ministry of commerce and industries in Ekiti State. The results show that financial incentives have a significant positive impact on employee motivation, with merit pay, bonuses, and allowances being the most effective incentives. The study also reveals that employee motivation is influenced by demographic factors such as age, gender, and educational level. The findings of this study have implications for Ministry of commerce and industries in Ekiti State, highlighting the importance of financial incentives in motivating employees to achieve organizational goals. Based on the findings the research recommended that Ministry of commerce and industries should prioritize financial incentives as a key motivational strategy to enhance employee performance and productivity, Ministry of commerce and industries should adopt merit pay systems that reward employees based on their performance. This will motivate employees to work harder and improve productivity, Provide Regular Bonuses: Regular bonuses can boost employee morale and motivation. Ministry of commerce and industries should consider providing bonuses to employees who meet or exceed performance targets and Offer Competitive Salaries: Ministry of commerce and industries should offer competitive salaries to attract and retain top talent. This will help to motivate employees and reduce turnover rates.