Employee Job Satisfaction in the banking industry
Job satisfaction is how an employee feels success on his job-related achievement and is generally related directly to productivity and personal development (Kaliski, 2007). Job satisfaction is something doing well and being recognized and rewarded for the effort done by the individual and it also can be identified as a key that leads to recognition, income, promotion and the ability to achieve the goals that lead to the feeling of fulfillment and satisfaction (Kaliski,2007).
As stated by Abdolshah et al, (2018) “Job satisfaction” can be defined as the extent to which individuals are satisfied with their work or job and how they love it.
If said in other words Job satisfaction is the feeling that employees could have regarding their work also positive feelings towards the job indicates the satisfaction of the job and negative feelings towards the job indicates job dissatisfaction (Armstrong, 2006).
George et al, (2008) say that job satisfaction is a collective feeling that employees have about their work or work environment. Further, George et al, (2008) also state that level of satisfaction can defer from person to person from extreme satisfaction to extreme dissatisfaction. Employees too can have different attitudes about various reasons such as type of job, coworkers, supervisors and their wages (George et al, 2008).
Sypniewska and A. Barbara (2014) emphasize that job satisfaction can be influenced by different types of factors as stated below.
- Age
- Promotion
- Policies and practices
- Care towards the employee.
- Rewards such as payments, incentives and proper recognition.
- Working atmosphere
- Superiors and leaders
- Security
- Challenges and responsibilities
- Relationship between the coworkers and superiors.
- Creativity and innovation
- Nature of duties and feedback
- Being flexible
- Letting employees adjust their job role
- Work delegation Recognition and rewards
- Communication and transparency
- Promote good health among employees
- Work environment and housekeeping
- Training and development
- Strong and sociable culture
- Reduce bureaucracy
Source: K.J.Anju and G.Sona, (2015)
The organization which I am working for has also not failed to make sure that employee is satisfied with the work from time to time. As a leading organization in the banking industry, it makes sure that employee satisfaction is taken into consideration in implementing a new process. The organization identifies the issues and gets ideas from the employees for implementing changes and using online questionnaires to make sure that the employee expectation is achieved and the employee is satisfied.
Employees are instructed to utilize their annual leaves and all the employees must be given seven days of consecutive leave according to the preferred days of employees so that employee gets a chance to spend time with their family and balance both personal and work life.
During the pandemic, employees were reporting to work on a shift basis based on safety measures and the wages were paid as done in early days without any pay cuts.
Employees at my organization have the access to a common forum that they can give their feedback and ideas to the top management so that they are happy about their voices are heard.
Branch banking is delegated mainly under two superiors namely the Branch manager and Branch operations manager so that employees are given authority within their job roles and take responsibility for whatever they do.
A newsletter is published every month and circulars are released to the common portal so that each and everyone has knowledge on what is happening and what is about to happen in the organization.
Employees who perform well are paid incentives throughout the year and they get a preference during their promotions. Compensations are given to employees who complete levels of banking exams.
Medical claim, health insurance scheme and free checkups provided for employees and their immediate family members.
Accommodation and meal allowance is provided for employees who are working outstation.
The core banking system has been upgraded recently and fixed assets are being changed to new ones to ensure that a happy environment is created.
Even though there were so many problems faced by the pandemic the bank never failed to have training sessions for its employees. The virtual training, online exams were held and even the bank had online interviews to make sure that eligible candidates were promoted in due time.
As said above Figure no 15 gives a brief on measures taken to maintain and increase the satisfaction level of employees at the organization
Figure no 15: Measures are taken to reduce employee dissatisfaction
Source:
HNB Annual Report 2020.
References.
Abdolshah, M., Khatibi, S. and Moghimi, M., 2018. Factors Influencing Job Satisfaction of Banking Sector Employees. Journal of Central Banking Theory and Practice, 7(1), pp.207-222.
Armstrong, M. (2006). A Handbook of Human Resource Management Practice, Tenth Edition, Kogan Page Publishing, London, p. 264
Aziri, B. (2011) Job Satisfaction: A Literature Review. Faculty of Business and Economics, South East European University, Ilindenska 1200, Tetovo, Makedonia.
Buchanan, D. and Bryman, A., (2009). The Sage Handbook of Organizational Research Methods.
George, J.M. And Jones, G.R. (2008). Understanding and Managing Organizational Behavior, Fifth Edition,
Hall, B., 2016. 10 ways to improve employee satisfaction in your business.
Hatton National Bank PLC, 2020, Annual Report 2020, viewed 26 April 2020,< www.hnb.net/2020>
Kaliski, B.S. (2007). Encyclopedia of Business and Finance, Second edition, Thompson Gale, Detroit, p. 446
Kalluvelil Janardhanan, Anju & George, Sona. (2015). A STUDY ON JOB SATISFACTION OF EMPLOYEES IN BPCL – KOCHI REFINERY LIMITED, AMBALAMUGAL.
Pearson/Prentice Hall, New Yersey, p. 78
Sypniewska, Barbara A. (2014): Evaluation of Factors Influencing Job Satisfaction, Contemporary Economics, ISSN 2084-0845, Vizja Press & IT, Warsaw, Vol. 8, Iss. 1, pp. 57-72,
Absolutely Pernalla, job satisfaction is dependent on supervisor behavior, coworker behavior, pay and promotion, job and working condition and organizational aspects. In the case of job satisfaction aspects the commercial banks perceived pay and promotion is an indispensable factor to decide their satisfaction level. The employees have significant inclination towards optimistic supervisory behavior and pleasant organizational setup (Sowmya 2011).
ReplyDeleteThank You Treva adding to your comment (George et al., 2008). said People also can have attitudes about various aspects of their jobs such as the kind of work they do, their coworkers, supervisors or subordinates and their pay.
DeleteAgreed with you Pernalla, Engagement is about creating opportunities for employees to connect with their colleagues, managers and wider organization. It is also about creating an environment where employees are motivated to want to connect with their work and really care about doing a good job (Kelly,205).
ReplyDeleteWell said Duminda Motivation also refers to a condition that determine the reason why people do or does not do things and the motivation process involves alternate actions taken to achieve some sort of desired goal (N.E.Victor,2014).
DeleteWell said Pernalla, As per a case study done by Karim et.al (2014), Every organization depends on their manpower for success and development. In-fact, if workers or employees work properly, the organization can easily achieve the target. To get the best out of the employees in work, proper attention must be given to enhance their job satisfaction level. While studying the job satisfaction level of employees of Janata Bank Limited, the finding is that on average they were satisfied with their jobs. Although some weaknesses exist in contents of Welfare facilities, other facilities, performance Appraisal system, behavior of boss, Career Development System and Promotion system, the bank can easily overcome them through improvement measures.
ReplyDeleteYes Indeevari. Further Harter et al, (2002) stated that there is a positive connection between job satisfaction and productivity, profit, safety and fluctuation of employees .
DeleteAgree with your views. According to Zeuch,M. (2016), Talent development is closely linked to talent retention. Job satisfaction is also largely connected to which development opportunities the company offers the employee.
ReplyDeleteThankyou Wasantha. Adding further Hanges and Salvaggio (2003) came out with an idea that organizations which were able to keep their workforce in a happy environment were able to achieve targets higher than the expected level.
DeleteExactly Pernalla. Job satisfaction can also be referred as an attitude which result from a specific job factors, individual characteristics and group relationship outside the job. Job satisfaction is high if the requirements of a job meets the expectations of an employee (Mishra, 2013).
ReplyDeleteThankyou Chanaka, Adding further we can say that leadership styles plays a major role in employee job satisfaction Skansi (2000).
DeleteWork satisfaction as an effective response or reaction to a wide range of conditions or aspects of one’s work such as pay, supervision, and working conditions is defined by French (2002). Others define it an affective orientation towards anticipated outcome (Wanous & Lawler, 2012) stated that it is a statement to describe the feelings of employees about their work (Arches, 2001). This statement expresses the gap between what individuals feel they should receive from their work and what they derive from the actual situation. A sense of satisfaction or its absence is, thus, an individual’s subjective, emotional reaction to his or her work.
ReplyDeleteThanks for sharing Hashanika, Further job satisfaction is reflected in enthusiasm and happiness in one's work style and it is a key which leads to recognition and target achievement (Kaliski,2007).
DeleteAgree. Job satisfaction further implies enthusiasm and happiness with one’s work. Job satisfaction is the key ingredient that leads to recognition, income, promotion, and the achievement of other goals that lead to a feeling of fulfillment (Kaliski,2007).
ReplyDeleteThankyou Uddika for your agreement, Further Aziri(2011) stated that employee loyalty is very for a long term stability of the organization and employee satisfaction is a key for employee job satisfaction.
DeleteAgree with you. Many studies have demonstrated an unusually large impact on the job satisfaction on the motivation of workers, while the level of motivation has an impact on productivity, and hence also on performance of business organizations. There is a considerable impact of the employees perceptions for the nature of his work and the level of overall job satisfaction. Financial compensation has a great impact on the overall job satisfaction of employees (Aziri, 2011)
ReplyDeleteThankyou Chamara, Further Basheer(2013) stated that employee retention is one of the major issue faced by the organizations these days and employee job satisfaction plays a major role in it, therefore identifying the necessity of the employee and providing them in the right time helps to retain the employee through creating a satisfied environment.
DeleteAgreed with you and need account, Job satisfaction and motivation are two relatively broad concepts, however extremely important for individual employees, companies, and society, for employees, job satisfaction and motivation are important with respect to experiencing mastery and happiness (Scheers & Botha,2014).
ReplyDeleteThank you Eranda ,Adding further job satisfaction can be defined as an emotional reaction of employees whose out puts will be higher than the desired ones because they are satisfied by doing their job and they have a feel that their talents are recognized and being utilized by the organization(Cranny et al ,1992).
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