7. Employee Motivation in Banking Sector

7. Employee Motivation in Banking Sector

 

The Business strategy related to rewards and motivation toward job satisfaction incorporates a resilient result in the success of the organization (Devanna et al. 1984). The connections between rewards, motivation, and job satisfaction of employees are strategically important to the success of public and private organizations (Schuler and Jackson1996).

 

E.g. According to my experience in the banking sector, because of the huge competition banks should be more concerned about motivation and job satisfaction to survive in the market.

 

The Current organization environment searches to determine the affordable balance between employee commitment and performance of the organization. The reward and recognition programs functions as the foremost contingent factor in keeping employees’ self-esteem need high and passionate. According to (Oosthuizen 2001) explicit that it is among the function of managers to motivate the staff with success and influence their behavior to realize the efficiency of the organization, and today’s in the banking sector, they mainly focus on incentives, rewards, and recognition on employees Human as financial services, traveling, education, health insurance in both government and private banking sectors. (Danish and Usman, 2010).

 

resource management (HRM) is taking into account an important organizational resource that helps a company will continue its effectiveness. “It is one important area that influences a number of employees' attitudes and behavior such as intent to levels of job satisfaction, and organizational commitment. (Lee & Heard, 2000) stated that society has created an impetus for organizations and employees. In this new beginning, employees are the primary source. Organizational prosperity and survival depend on how a company treats its employees. It’s very important to concern the employer and the employee to the movement of high commitment work practices in an organization. (Majumder, 2012).

 

(Majumder, 2012). The better procedures are the recruitment & selection process, Job role designing, performance management system, reward system, and carrier development (Huselid, 1995). The availability of promotional opportunities, paycheck, and good supervision & support will incur positive feeling in employees and leads to loyalty to the organization & reduce turnover. (Nasurdin et al 2001)

E.g. As a banker, In my bank, our HR department plays a main role in employee recruitment, retention & carrier development, In the recruitment process, they strictly follow the education & behavior background. Since loyalty is the most important to the bank. For financial benefits, they match the remuneration system with other competitors & according to the living expenses. But carrier development & job opportunities depend on the skills & educational level of employees. Luthans (2007, p.147.) stated organizational commitment is “an attitude reflecting employees’ loyalty to their organization and is an ongoing process through which organizational participants express their concern for the organization and its continued success and well-being”. (Danish and Usman 2010).

 

Rewards can be distinguished into three main types, as extrinsic, intrinsic & social rewards. Extrinsic rewards are physical benefits, such as a paycheck, bonuses, fringe benefits, and career development opportunities. Intrinsic rewards are rewards that come from the content of the job itself. Intension with other people and supportive relationships with co-workers are social rewards. (Jehanzeb, et al cited Williamson et al 2009).

 

Gagne (2009) advised a new model of knowledge-sharing motivation which provides suggestions for coming up with five vital human resource management (HRM) practices as well as staffing, job design, performance and compensation systems, management styles, and training. Ali and Ahmed (2009) confirmed that there is a statistically important relationship between reward and recognition severally, also motivation and satisfaction. The study reflects that if rewards or recognition offered to staff were to be altered, then there would be a corresponding modification in work motivation and satisfaction. Since promotional opportunities, the work itself, the operating procedure, the sense of achievement, the recognition, compensation, and relationship with co-workers are correlated positively & significantly with work motivation & job satisfaction (Danish and Usman, 2010).

 

As a banker, according to my experience, it is necessary to improve job satisfaction through employee performance. That affects employee motivation and leads to the success of the organization.

· Organizations should develop good working conditions to facilitate employees to perform well.

·       Help to work with collaboration co-workers and management.

·       Organizations should induce employees to perform in the workplace.

·       Introducing training opportunities, to enhance own skills and adapt to new technology.

·       Promotions should be based on skills, qualifications, and experience.

·       Activation of proper working environment with sufficient resources.

(Mendis, 2017)

Reference List

Bushra, F., Ahmad, U. and Naveed, A., (2011). Effect of transformational leadership on employees' job satisfaction and organizational commitment in the banking sector of Lahore (Pakistan). International Journal of Business and Social science, 2(18).

Danish, R., and Usman, A., (2010). Impact of reward and recognition on job satisfaction and motivation: An empirical study from Pakistan. International journal of business and management, 5(2)159-61.

Majumder, M., (2012). Human resource management practices and employees’ satisfaction towards private banking sector in Bangladesh. International Review of Management and Marketing, 2(1) 53-54

Mendis, M., (2017). The nexus between job satisfaction and job performance: an empirical study of bank assistants of Sri Lanka. Middle East Journal of Management, 4(4)290

Jehanzeb, K., Rasheed, M., Rasheed, A., and Ameer, A., (2012). Impact of rewards and motivation on job satisfaction in banking sector of Saudi Arabia. International Journal of Business and Social Science, 3(21) 272-73.