Motivational strategies of generation y in commercial banks in Kenya

Abstract

Organizations, in order to achieve their goals of providing quality products, profitability and competitive advantage over their rivals must practice strategic planning. Performance on the hand can only be achieved when employees are highly motivated. However, most of the people employed in the commercial banks are young people who are hard to motivate and are characterized by frequent work turnover. The purpose of the study was to determine the motivational strategies of generation Y used in Commercial Banks in Kenya. The study adopted a descriptive research design on a target population of employees of 43 Kenyan banks. Sample of 200 employees was selected. The study used self-administered semi-structured questionnaires as the main instrument for data collection. Using Statistical Package for Social Sciences, descriptive analysis was done on the data collected. This involved: frequencies, percentages, mean and standard deviation. Regression analysis was used to establish the relationship between strategies used by banks and motivation of generation y. The study established that generation y were motivated through motivation recognition, promotion, personal growth, psychological contact, influence and responsibility in that order of reducing importance. The study recommends that organizations should review the motivational strategies offer to the generation y in order to improve their performance and lower job turnover.