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ABSTRACT
Background
The P4P system’s objective is to reward great performance. However, it might also be used to punish deserving employees while unjustly and unfairly rewarding the non-deserving employees, leading to negative perceptions and psychological experiences by other employees.
The objectives of this study are as follows:
1. To explore the perceptions of employees towards the P4P system at the bank.
2. To explore the psychological experiences of employees based on how the P4P system is implemented at the bank
3. Based on the findings, make recommendations to the bank, the banking industry in general and the literature about P4P and rewards.
The objectives of this study are as follows:
1. To explore the perceptions of employees towards the P4P system at the bank.
2. To explore the psychological experiences of employees based on how the P4P system is implemented at the bank
3. Based on the findings, make recommendations to the bank, the banking industry in general and the literature about P4P and rewards.
Method
The study followed qualitative research design, therefore, the 10 conveniently sampled participants’ verbatim transcribed semi-structured interviews were analysed and interpreted from the interpretivist paradigm perspective to understand the lived experiences of the employees with regard to how the P4P is implemented
at the bank. Content analysis was used to explore the deep, contextual meanings of the participants’ words and to extract themes and the subsequent subthemes.
at the bank. Content analysis was used to explore the deep, contextual meanings of the participants’ words and to extract themes and the subsequent subthemes.
Result
The P4P system was perceived as a great but biased initiative and employees psychologically experienced betrayal and confusion, felt both motivated and demotivated and experienced the P4P as an uninspiring exercise.
Conclusion
The bank understudy introduced the P4P as a retention and remuneration strategy; however, because of human errors, the system appears not to work effectively. As a result, the bank should consider redeveloping the P4P policy and involve all relevant stakeholders to ensure buy-in and support, more specifically from line managers or supervisors.