The present study aims to examine the relationship between the concept of empowerment in relation to employee performance, engagement and need for achievement in the Greek business and banking/financial sector. In specific, the main objective is to determine whether empowerment affects employee performance. The scale items on empowerment were derived from the Spreitzer (1995) 12-item scale, consisting of meaning, competence, self-determination and impact. A survey was conducted using organizations from the business and financial/banking sector in the broader area of Thessaloniki. The researchers sent the questionnaires via e-mail to various companies and banks and received 105 questionnaires. Four research hypotheses were developed and tested via a simple regression analysis. The findings of the study were the following: there is a strong and positive relationship between empowerment and employee performance, there exists a positive relationship between empowerment and engagement, a positive and strong relationship between need for achievement and empowerment and finally a positive relationship between need for achievement and engagement. Employees are found to be more engaged when they feel empowered, as well as to perform more effectively when they are under a sense of empowerment. Finally, implications, limitation along with recommendations are identified and examined.