A STUDY ON JOB SATISFACTION AND MORALE OF COMMERCIAL BANKS IN BANGLADESH

A STUDY ON JOB SATISFACTION AND MORALE OF COMMERCIAL BANKS IN BANGLADESH

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  Jamal Nazrul Islam,Haradhan Kumar Mohajan, Rajib Datta, Int. J. Eco. Res., 2012, 152-172 ISSN: 2229-6158 A STUDY ON JOB SATISFACTION AND MORALE OF COMMERCIAL BANKS IN BANGLADESH Jamal Nazrul Islam Emeritus Professor, Research Centre for Mathematical and Physical Sciences University of Chittagong, Bangladesh Haradhan Kumar Mohajan Assistant Professor, Premier University, Chittagong, Bangladesh. E-mail: [email protected] Rajib Datta Department of Finance, Faculty of Business Studies, Premier University, Chittagong, Bangladesh. E-mail: [email protected] ___________________________________________________________________________ Abstract In today’s changing world the business environment is changing rapidly. The emergence of e-commerce and development of information and technology plays a significant role in the nature of work as well as their attitude towards the organization. We have been experiencing a tremendous growth in banking sector of Bangladesh during the last decade of the twentieth century. Private commercial bank plays a vital role in the overall development of our economy. Though it is a challenging profession, people working in this sector have increased notably during last few years. In recent time banking sectors have become the first choice for career development. In consideration of that factor, this study investigates job satisfaction among employees of all public and private commercial bank limited. The research method used an anonymous survey that was voluntarily completed and returned to the researcher. The study determined that morale and job satisfaction plays a vital role in overall performance of the employees in the workplace. The study also determined that social status, supportive colleagues and feeling secure about the job were the top three best reasons for working in the banks. It was also determined that pay, decision making authority, and promotional policy were the three top priorities for improving the work environment. Keywords: Job satisfaction, Morale, Social status, Supportive colleagues, Pay, Decision making authority, Promotional policy. _________________________________________________________________________________________ INTRODUCTION economic advantages to business Job satisfaction can be defined as an organizations (Aronson et al. 2005). A individual’s general attitude toward his or satisfied, happy, efficient, dedicated and her job (Robbins et al. 2003). Price (1997) hard working employee is the biggest asset defined job satisfaction as the degree to of any organization. Vijayashreea and which employees have a positive affective Jagdischchandrab (2011) tried to identify orientation towards employment by the the type of locus of control (i.e. internal or organization. Cranny et al. (1992) defined external) present in Public Sector Units job satisfaction as an affective (emotional) (PSU) in Bangalore of India on job reaction to a job that results from the satisfaction of PSU employees. Their incumbent’s comparison of actual research indicates that there is a positive outcomes with those that are desired. This correlation between internal locus of later definition seems to be generally control and job satisfaction as well as agreed upon throughout the literature. Job between external (other) locus of control satisfaction is the degree to which people and job satisfaction. They show that enjoy in doing their job. internal control is the term used to Job satisfaction plays an important role in describe the belief that control of future improving the financial standing of outcomes resides primarily in oneself and organizations. Dissatisfaction amongst external control refers to the expectancy higher-level employees will most likely that control is outside of oneself, either in reflect on lower-level employees thus the hands of powerful other people or due resulting in economic, financial and to fate/chance. Akinbobola (2011) morale problems which indicates that a expressed that there is significant positive relationship between job independent prediction of job involvement satisfaction and job level conveys certain by age, job satisfaction and some 152 IJER | Jul - AUg 2012 Available [email protected]
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  Jamal Nazrul Islam,Haradhan Kumar Mohajan, Rajib Datta, Int. J. Eco. Res., 2012, 152-172 ISSN: 2229-6158 characteristics which are supervision, and 1 i.e., total 7 Islamic Banks (IBs) in fringe benefit, contingent reward, Bangladesh. After March 2008 there are operating procedure, co-workers and six thousand three hundred eight (6,308) communication. She discussed the branches of schedule bank in our country implications of the result in line with (Bank and Financial Institutions’ corporate governance and conflict Activities 2004-2005, Finance Division, resolution. Mokaya and Gitari (2012) have Ministry of Finance, People’s Republic of tried to determine the effect of workplace Bangladesh). In spite of thousands of recreation on employee performance at people working in this sector, there is not Kenya Utalii College and take attempt to enough research going on to know the cover aspects of job satisfaction, service actual job satisfaction of employees of this quality, customer satisfaction, and sector. For the success of banking sector of employee productivity. Varatharaj and Bangladesh it is essential to manage Vasantha (2012) analyzed the women human resource effectively and to find working in service sector of Chennai city of whether its employees are satisfied or not. India and tried to identify the various Morale of employee reflects the overall factors which help to maintain work life attitude toward their work, i.e., how much balance among women employees in service committed an employee towards his sector. Daneshfard and Ekvaniyan (2012) organization and his job, as well as his discussed the comparison job satisfaction willingness to achieve the goal of the and organizational commitment in all of organization and its shareholders. Efficient employees (including managers, staffs and human resource management and faculties), student areas, education and maintaining higher job satisfaction level in research, financial and administrative banks determine not only the performance branches of the delegation in Islamic Azad of the bank but also affect the growth and University of Kogiluyeh and Boyer performance of the entire economy of the Ahmad province of Iran. country. In today’s competitive business world, satisfied employees are treated as the STATEMENT OF PROBLEM essential human capital. Though it is very In today’s changing world the business easy to measure the financial performance environment is changing rapidly. In the of a firm by using various financial tools age of information and technology, we and techniques, but it is very difficult to have seen change has occurred in every determine whether the organization doing aspect of our life from personal to the right thing for its employees to remain business, government to private, national satisfied in their workplace. There were so to international, so the nature of people many extensive research conducted to and their expectation from the job is also measure job satisfaction of employees changing. We have come across various working an organization. During the last human resources and behavioral issues few decades banking sector of Bangladesh which we think play a significant role in plays a dominant role in the financial their job satisfaction and morale. The service industry. At present, there are purpose of the study is to describe the forty-nine (49) schedule banks among current level of job satisfaction and morale those, four (4) are Nationalized of the employees. Commercial Banks (NCBs), five (5) are Specialized Banks (SBs), thirty (30) are OBJECTIVES Private Commercial Banks (PCBs) and ten This study will focus on the following (10) are Foreign Commercial Banks three objectives: (FCBs) in Bangladesh. Among those 30 • to determine the level of job PCBs and 10 FCBs there are respectively 6 satisfaction reported by employees, 153 IJER | Jul - AUg 2012 Available [email protected]
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  Jamal Nazrul Islam,Haradhan Kumar Mohajan, Rajib Datta, Int. J. Eco. Res., 2012, 152-172 ISSN: 2229-6158 • demographics will be identified such pleasurable or positive emotional estate as age, gender, marital status, religion, resulting from the appraisal of one’s job department and tenure to verify if they experience.” Job satisfaction is a result of relate to job satisfaction, and employee’s perception of how well their • to determine the relationship between job provides those things that are viewed factors of job satisfaction by using a as important. It is generally recognized in descriptive as well as inferential the organizational behavior field that job statistical tool in relation to overall satisfaction is the most important and satisfaction ratings. frequently studied attitude. There are three important dimensions to job satisfaction as RESEARCH HYPOTHESIS follows (Locke 1976): It is hypothesized that factors of job • Job satisfaction is an emotional satisfaction and morale will be associated response to a job situation. As such, it with performance of the employees in all cannot be seen; it can only be inferred. commercial banks. Job satisfaction is • Job satisfaction is often determined by important for organizations to address due how well outcomes meet or exceed to its impact on absenteeism, turnover, and expectations. For example, if pro-social citizenship behaviors such as organizational participants feel that helping co-workers, helping customers and they are working much harder than being more cooperative with all social ties other in the department but are (Karl and Sutton 1998). Literature also receiving fewer rewards, they will shows that increased productivity was probably have a negative attitude found to be related to higher satisfaction toward the work, the boss and/or co- (Wilkinson and Wagner 1993). Job is not workers and they will be dissatisfied. only just obeying the boss; it provides On the other hand, if they feel that they internal satisfaction and is something for are being treated very well and are which employees bear to live. being paid equitably, they are likely to Organizations put efforts and provide have a positive attitude toward the job, excellent conditions for satisfying their and then they will be job satisfied. employees (Jain et al. 2011). Job • Job satisfaction represents several satisfaction today is a topic of major related attitudes (Mitchell and Larson interest for many researchers and is an 1987). organizational variable that should be A satisfied employee tends to be absent understood and constantly monitored for less often, to make positive contributions the welfare of any organization (Eyupoglu and to stay with the organization very and Saner 2009). eagerly (Hakim 1993). But a non-satisfied employee may be absent more often, may LITERATURE REVIEW experience stress that disrupts co-workers, The study will summarize current and may be continually looking for literature on job satisfaction and morale, another job. Contrary to what a lot of explore theories related to job satisfaction, managers believe, however, high levels of and discuss the importance of being aware job satisfaction do not necessarily lead to of employee’s current satisfaction levels. higher levels of productivity. One survey Throughout this discussion the definitions indicated that, also contrary to popular of job satisfaction and morale stated above opinion, Japanse workers are less satisfied will be applied. with their jobs than their counterparts in the USA (Lincoln 1989). Job Satisfaction and Morale The history of job satisfaction stems back Locke (1976) gives a comprehensive to the early 1900’s with the situationist definition of job satisfaction as “a perspective on job satisfaction. This 154 IJER | Jul - AUg 2012 Available [email protected]
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  Jamal Nazrul Islam,Haradhan Kumar Mohajan, Rajib Datta, Int. J. Eco. Res., 2012, 152-172 ISSN: 2229-6158 perspective states that satisfaction is 1969” (Gregson 1991). This measure is determined by certain characteristics of the basis itself on five facets of job job and characteristics of the job satisfaction. environment itself. This view has been The first facet is the work itself, present in the literature since the first satisfaction with work itself is measured in studies by Hauser, Taylor and the various terms of the core job characteristics such projects at the Western Electric plants in as autonomy, skill variety, feedback, task Hawthorne (Cranny et al. 1992). These identity, and task significance (Hackman studies follow the assumption that when a and Oldham 1975). certain set of job conditions are present a Supervision, the second facet, is measured certain level of job satisfaction will follow. in such ways as how supervisors provide The Hawthorne Studies are considered to feedback, assess employees’ performance be the most important investigation of the ratings, and delegate work assignments. human dimensions of industrial relations Co-workers, the third facet, are measured in the early 20th century. They were done in terms of social support, networking, and at the Bell Telephone Western Electric possible benefits attached to those manufacturing plant in Chicago beginning relationships (Cranny et al. 1992). in 1924 through the early years of the Pay, the fourth facet, is an important Depression. The Hawthorne plant created source of satisfaction because it provides a an Industrial Research Division in the potential source of self-esteem as well as early 1920’s. Personnel managers the generic opportunity for anything developed experiments to explore the money can buy (Brockner 1988). effects of various conditions of work on Obviously satisfaction with pay is morale and productivity (Brannigan and measured primarily by current income but Zwerman 2001). Today, reference to the also by opportunities for salary increases. “Hawthorne Effect” denotes a situation in Promotion is the final facet and the one which the introduction of experimental that the JDI explicitly assesses how conditions designed to identify salient perceptions about the future can affect job aspects of behavior has the consequence of satisfaction. Today the facets of the JDI changing the behavior it is designed to are generally assessed by modifying the identify. The initial Hawthorne effect adjective checklist and using a Likert scale referred to the observation that the on statements such as, “opportunities for productivity of the workers increased over advancement are plentiful” measured from time with every variation in the work one (strongly disagree) to five (strongly conditions introduced by the experiments agree) (Cranny et al. 1992). (Brannigan and Zwerman 2001). Simply According to a study, ‘5-Year 1992-1997 stated when people realize that their and 10-Year 1987-1997’, the 100 “best behaviors are being watched they change companies to work for”, those with the how they act. The development of the highest levels of satisfaction and moral Hawthorne studies also denotes the outperformed the 300 largest US beginning of applied psychology, as we companies over both 5- and 10-year know it today. These early studies mark periods (figure-1). the birth of research on job satisfaction relating to ergonomics, design and Another popular and highly researched productivity. measure of job satisfaction is the One of the most popular and researched Minnesota Satisfaction Questionnaire measures of job satisfaction is the Job (MSQ). The MSQ can be scored for Descriptive Index (JDI). “The JDI is a 72- twenty facets; scores from one question for item adjective checklist type questionnaire each facet provide a single overall developed by Smith, Kendall, and Hulin in composite score. The MSQ is commonly 155 IJER | Jul - AUg 2012 Available [email protected]
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  Jamal Nazrul Islam,Haradhan Kumar Mohajan, Rajib Datta, Int. J. Eco. Res., 2012, 152-172 ISSN: 2229-6158 used in conjunction with the Minnesota career changers, that is, adults with Importance Questionnaire (MIQ). considerable work experience in one or Thompson and Blain (1992) expressed that more chosen occupations who are “These instruments were designed for use dissatisfied with their work and remain with adult career counseling clients with undecided about their career future.” The work experience. They are particularly MIQ assesses the relative importance of useful for clients that might be called each vocational need to the respondent. 30% 25% 20% 100 Best 100 Best 15% Russell 300 Russell 300 10% 5% 0% 5-Year 1992-1997 10-Year 1987-1997 Figure 1: Impact of job satisfaction. The MSQ, a measure of job satisfaction, satisfaction can be vital to organizational assesses the degree of respondent success (Cranny et al. 1992). Proper satisfaction with each need in their current management can only be attained through work environment. Scoring for the MSQ is knowing what affects job satisfaction. relatively simple: percentile scores of 25 A study conducted in Europe, Asia, Africa, or lower indicate low satisfaction, and the Americas reported similarities percentile scores of 26 to 74 indicate among workers. Yankelovich Partners moderate satisfaction, and scores of 75 or (1998) survey reported that “10,339 higher indicate high satisfaction. The MIQ workers were surveyed across 10 uses scale scores ranging from –1.0 to 3.0. European countries, Russia, Japan, and the Low importance is indicated by scores USA. Researchers consistently identified below 0.0, moderate importance is the same top five key attributes in a job, indicated by scores between 0.0 and 1.4, ability to balance work and personal life, and high importance is indicated by scores work that is truly enjoyable, security for of 1.5 or higher (Thompson and Blain the future, good pay or salary and 1992). enjoyable co-workers. Across the four Job satisfaction is one of the most studied major geographic regions studied, workers constructs in the areas of industrial specifically emphasized the importance of organizational psychology, social potential advancement and the opportunity psychology, organizational behavior, to build skills as a way to maintain personnel and human resource employability and job security”. management, and organizational A survey polling members of the management. This makes sense in that Association for Investment Management knowledge of the determinants, the and Research found that 81% of the consequences, and other correlates of job managers said they were satisfied or very 156 IJER | Jul - AUg 2012 Available [email protected]
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  Jamal Nazrul Islam,Haradhan Kumar Mohajan, Rajib Datta, Int. J. Eco. Res., 2012, 152-172 ISSN: 2229-6158 satisfied with their job. When asked to standpoint, job satisfaction is important identify the factors that create positive due to its impact on (1) absenteeism (2) feelings about their job, most managers turnover, and (3) pro-social citizenship named ‘professional achievement, behaviors such as helping coworkers, personal or professional growth, the work helping customers, and being more itself and their degree of responsibility’ cooperative. Thus, to redesign jobs, reward more important than compensation. systems, and human resource management Factors they viewed as creating negative policies that will result in optimum job feelings about their jobs were ‘company satisfaction and productivity, managers policies, administration, relationships with need to know what employees value.” In supervisors, compensation and the order to know what employees value it is negative impact of work’ on their personal necessary for organizations to assess and lives (Cardona 1996). In order to decrease pay attention to current levels of job some of these negative feelings and satisfaction. increase productivity it has been proposed Current studies on job satisfaction are to reduce the number of work days plentiful with some interesting results. In employees miss by increasing job one study the relationship among career satisfaction, redesigning disability plans experience, life satisfaction, and and involving supervisors in management organizational factors for managers of (Maurice 1998). healthcare organizations is explored. Employers interested in remaining Within this study a two-stage Delphi competitive in today’s world economy analysis of American College of need to concentrate on retaining quality Healthcare Executives (ACHE) members employees. Walker (1998) expressed that identified nine domains of important job “Rewarding employees for work well have skills, knowledge, and abilities necessary done increases satisfaction and for success as healthcare managers. The productivity.” Simple practices like this nine domains, ranked in order of can aid the atmosphere of the work importance, are ‘cost/finance, leadership, environment. Metzler (1998) cited that professional staff interactions, healthcare “Giving recognition and rewards outside delivery concepts, accessibility, ethics, the paycheck such as recognizing key quality/risk management, technology, and employees by name may also help.” marketing’ (Wiggins and Bowman 2000). McDonald and Hutcheson (1999) have Notice leadership and professional staff shown that “Other research indicates that interactions falling in second and third in customer satisfaction and loyalty are order of importance for domains necessary excellent predictors of profitability…the for success. The same study shows that strongest predictors of customer managers aspiring to become CEOs and satisfaction: employees’ general those who do not reported similar levels of satisfaction with their jobs and employees’ job satisfaction. It is also stated that satisfaction with their work/life balance.” personal satisfaction from one’s Again it is important to note that job employment, peer recognition, satisfaction is subject to change. Osipow advancements, and positive feelings about (1968) indicated that “Results of studies personal success are excellent subjective comparing differences between age groups measures of career success (Wiggins and and level of job satisfaction report an Bowman 2000). increase in job satisfaction with age.” Karl Another study focusing on organizational and Sutton (1998) expressed that “From an citizenship behaviors (OCB) analyzing employee’s standpoint, job satisfaction is a peer ratings of altruistic OCB in a sample desirable outcome in itself. From a of 96 US nurses showed that the managerial or organizational effectiveness contextual variables of job satisfaction, 157 IJER | Jul - AUg 2012 Available [email protected]
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  Jamal Nazrul Islam,Haradhan Kumar Mohajan, Rajib Datta, Int. J. Eco. Res., 2012, 152-172 ISSN: 2229-6158 organizational commitment, and trust in and recognition for achievement, management were pertinent for the autonomy, growth and development, the participants (Wagner and Rush 2000). quality of students, the reputation of the Organ (1990) indicated that “Such institution and one’s colleagues, behaviors have been described as having responsibility, the interaction between an accumulative positive effect on students and teachers and its effect on organizational functioning.” Job students’ learning, and the work itself. satisfactions, pay satisfaction, and trust in Factors that prevent job dissatisfaction management and peers, and organizational describe relationships to the context or commitment as antecedents of OCB in US environment in which individuals work, populations. Of these attitudes, job representing such variables as satisfaction has been most consistently interpersonal relationships, salary, tenure, associated with OCB. Feeling satisfied policies and administration, rank, reflect appraisals of the fairness of the supervision, working conditions, the fit social exchange that the employee has between the faculty role and the person with the organization. It is also suggested involved, and collective bargaining (Tack that satisfaction is a by-product of leader and Patitu 1992). A recent report on job fairness and job satisfaction is one of the satisfaction among American teachers most reliable predictors of OCB (Wagner identified that more administrative support and Rush 2000). and leadership, good student behavior, a Until recently most researches on job positive school atmosphere, and teacher satisfaction were done in the industrial autonomy as working conditions sector with attempts to adapt finding to associated with higher job satisfaction. A higher education. While the above findings weak relationship was found between have relevance, job satisfaction for faculty faculty satisfaction and salary and benefits. must be examined. Given the impending Research also shows that demographic shortage of prospective faculty to fill the variable such as age and gender have little numerous vacancies, the topics of job or no significant impact on job satisfaction satisfaction for faculty, recruitment, and (National Center for Education Statistics retention must be given attention. 1997). Consequently, university officials and Folami and Bline (2012) discussed in their current faculty in higher education must research the evidence on the link between recognize the factors that lead to job job satisfaction and employee affective dissatisfaction among faculty and outcomes, including turnover and job eliminate them; as well as, recognize the performance. They examine the factors that increase job satisfaction and association between task complexity, enhance them (Tack and Patitu 1992). Low organizational context variables of levels of satisfaction and morale can lead centralization, organizational complexity, to decreased teacher productivity and formalization, and environmental burnout, which is associated with a loss of uncertainty with job satisfaction. concern for and detachment from the Some workers are satisfied with their work people one works with, decreased quality and are poor performers. Of course, there of teaching, depression, greater use of sick are employees who are not satisfied but are leave, efforts to leave the profession, and a excellent performers (figure-2). pessimistic and dehumanized perception of students (Mendal 1987). The research suggests that internal stressors on faculty include achievement 158 IJER | Jul - AUg 2012 Available [email protected]
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  Jamal Nazrul Islam,Haradhan Kumar Mohajan, Rajib Datta, Int. J. Eco. Res., 2012, 152-172 ISSN: 2229-6158 causes 1. Job satisfaction Job Performance “The Satisfied worker is more productive” is caused by 2. Job satisfaction Job Performance “The more productive worker is satisfied” causes 3. Job satisfaction Job Performance “There is no specific direction or relationship” Figure 2: Satisfactions and performance relationships, Source: Gibson, Ivancevich and Donnely 1997, p-109. Theories of Job Satisfaction A number of theories exist which relate to job satisfaction. The following are the relevant theories of job satisfaction which are highlighted in brief manner: The Facet Model of Job Satisfaction Job Facet Example Description Achievement The extent of a feeling of accomplishment. Creativity Being free to come up with new ideas. Recognition Praise for doing a good job. Hertzberg’s (Hertzberg 1966) Motivator-Hygiene Theory of Job Satisfaction When Motivator needs are met, workers will be satisfied; when these needs are not met, workers will not be satisfied. When Hygiene needs are met, workers will not be dissatisfied; when these needs are not met, workers will be dissatisfied. Two-Factor Theory of Job Satisfaction Figure 3: Two factor theory of job satisfaction. Hygiene factors • Quality of supervision • Pay • Company policies • Physical working conditions • Relations with others Job Motivators • Promotion opportunities • Opportunities for personal growth • Recognition • Responsibility • Achievement 159 IJER | Jul - AUg 2012 Available [email protected] Job
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  Jamal Nazrul Islam,Haradhan Kumar Mohajan, Rajib Datta, Int. J. Eco. Res., 2012, 152-172 ISSN: 2229-6158 Two Views of Job Satisfaction Figure 4: Two views of job satisfaction. The Discrepancy Model of Job what one thinks the job should be like, Satisfaction what one expected the job to be like, what To determine how satisfied they are with one wants from a job, or what one’s their jobs, workers compare their job to former job was like. some ideal job. This ideal job could be Job Satisfaction as a Steady State Figure 5: Job satisfaction as a steady state. The Dispositional Model of Job • research by Staw and Ross has Satisfaction established the longitudinal stability of The dispositional model of job satisfaction job satisfaction, and being as follows: • twin studies suggest a weak genetic • the dispositional model suggests that basis for job satisfaction. some people are inherently more satisfied than others, 160 IJER | Jul - AUg 2012 Available [email protected]
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  Jamal Nazrul Islam,Haradhan Kumar Mohajan, Rajib Datta, Int. J. Eco. Res., 2012, 152-172 ISSN: 2229-6158 METHODOLOGY Data Collection/Instrumentation The research study will be conducted on We collected the primary data through personal interview of the employees of the personal interview of the selected organization, who are working more than 2 respondents of public and private banks years, as well as a questionnaire used to be of Bangladesh. At the same time a collected various information related with questionnaire consisting of number of job satisfaction and morale, and questions related with job satisfaction and observation method will be used in various morale were given to select respondents of sensitive issues to know the actual public and private banks of Bangladesh. behavioral aspects of employee. The secondary data are mainly collected from Annual Report of various banks and Specific Procedures bank website, published journal, internet Several procedures needed to be publication, and various publications of completed in order for this study to occur. Bangladesh Bank as well as Bank and First, a research proposal needs to submit Financial Institutions’ Activities. The to the respective authority for getting the instrument uses a five point Likert scale to green signal from head office. Then, rank the items. before conducting personal interviews The ranges are as follows: (1) strongly prior notice should be given as well as disagree, (2) disagree, (3) neutral, (4) questionnaire will be prepared in the mean agree, and (5) strongly agree. time by considering all the relevant information required proving the research Data Analysis hypothesis. Then, data collected through The collection of respondent’s response questionnaire as well as personal was analyzed by using Microsoft Excel interviews will be check to find out the Sheet. The following manipulations were acceptable one. Then we have to edit and carried out on the data: mean, standard code the data for our convenient use in the deviation, co-efficient of variance, research report, at this stage it is necessary frequencies, and chi-square test (tables 5, 6 to check the consistency by using various and 7). techniques then we have to enter the data in the computer for statistical analysis with RESULTS the help of descriptive as well as Employee’s Morale and Job Satisfaction inferential tools. We take an effort to study Survey was composed of 36 questions the job satisfaction level among employees designed to elicit information on the work of selected private and public banks of environment. The first part of the Bangladesh. questionnaire was based on demographics such as age, gender, marital status, Population and Subjects department, and number of years with the At present there are many branches of organization. The first 19 questions were commercial banks in Bangladesh. Among based on a Likert scale and coded as the working employees of all commercial numbered in the methodology section. banks, the total numbers of respondent The following 12 questions were about were 23 and selected participants were the what are the most important reasons permanent and working in the organization behind choosing to work in the for more than 2 years and especial organization (table-1). Levels of emphasis were given on those employees satisfactions are as follows: 1= Highly whom are in charge of various dissatisfied, 2 = Moderately dissatisfied, 3 departments. A random selection process = Neutral, 4 = Moderately satisfied, 5 = was used to select those respondents Highly satisfied. among employees of the banks. 161 IJER | Jul - AUg 2012 Available [email protected]
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  Jamal Nazrul Islam,Haradhan Kumar Mohajan, Rajib Datta, Int. J. Eco. Res., 2012, 152-172 ISSN: 2229-6158 1 2 3 4 5 1 How would you rate your job satisfaction within the Department? 2 How would you rate the management style of your Manager? 3 Do you feel Management allows you to perform your job effectively? 4 Do you currently voice any concerns or issues in your work area to management? 5 Did you receive a response to your concerns about your voice? 6 Do you feel staffing levels in your Department/Division are adequate? 7 Do you have the opportunity for beneficial job related training? 8 Are you satisfied with the current evaluation process of your organization? 9 Do you think promotional opportunities are handled fairly? 10 Do you feel Acting Pay is handled fairly and equitably in your Department? 11 Are you provided the proper tools and training to perform your job? 12 Do you feel appreciated for the job you perform by Management? Table 1: First 12 questions are based on a Likert scale. The next 7 statements are about the opinions of respondents about the working environment (table-2). The respondents are advised to put tick (√) in the box. Highly Moderately Satisfied Dissatisfied Highly Satisfied Satisfied Dissatisfied 1 Nature of work 2 Reward system 3 Support from the superior 4 Support from colleagues 5 Working environment 6 Decision making authority 7 Promotional opportunity Table 2: The rest 7 statements are based on a Likert scale. In the middle of questionnaire there are 12 dichotomous questions to cross check the respondent’s response (table-3). In the following 12 questions respondents are advised to put tick (√) on Yes or No box. Yes No 1 Do you think that it is a challenging job? 2 Is salary justifiable in proportion to work? 3 Are you satisfied with authority and responsibility given to you? 4 Are you feeling secure in your job? 5 Is relationship with peers and supervisors congenial? 6 Will you leave your present organization if you get a better chance with higher salary? 7 Do you have enough scope to show your ability and loyalty towards your organization? 8 Do you like to tell others about your present profession? 9 Do you think that it is respective job in our society? 10 Do you think you can achieve your goal by working in this organization? 11 Is adequate information available to perform the job effectively? 12 Is there any available opportunity for advancement? Table 3: The 12 questions to cross check the respondent’s response. 162 IJER | Jul - AUg 2012 Available [email protected]
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  Jamal Nazrul Islam,Haradhan Kumar Mohajan, Rajib Datta, Int. J. Eco. Res., 2012, 152-172 ISSN: 2229-6158 The last 5 statements are closed end questions to know the way of expressing dissatisfaction and overall level of satisfaction of individual employee (table-4). The following 5 statements are about their experiences and advised to put tick (√) in the box. Highly Moderately Satisfied Dissatisfied Highly Satisfied Satisfied Dissatisfied 1 This company is a pretty good place to work 2 I can get ahead in this company if I make the effort 3 My job makes the best use of my abilities 4 I know what my boss expects of me 5 I think I have made the right decision to work here Table 4: To know the way of expressing dissatisfaction and overall level of satisfaction of individual employee. The questionnaire was hand delivered to Moreover, the attitude of any employee the different departments of the banks. affects a lot. One gets satisfaction in any of Fifteen surveys out of 23 were returned for the activities depending upon how he/she a response rate of sixty-five percent (65%). perceives the situation and what is The purpose of the study is to describe the expected in exchange of effort. There may current level of job satisfaction and morale be the difference between two employees, and its relationship to performance of working at a different place and on permanent employees of the banks. different cadres. It all depends upon viewing of the situation and the effect of Research Findings rest of the factors which are crucial at any Job satisfaction is the result of effect of so point of time. A display of the satisfaction many factors. The terms are highly levels for the employees is given below personalized, as the level of satisfaction which contains the Microsoft Excel Sheet differs from time to time and situation. printout of the encoded data. Co-efficient of variance Rank order in terms of Factor x δ (COV) Mean A-1 3.87 0.96 0.248 4 A-2 3.40 0.85 0.250 8 A-3 3.47 0.86 0.248 6 A-4 4.33 1.12 0.259 1 A-5 4.13 1.05 0.253 2 A-6 4.07 1.02 0.251 3 A-7 3.47 0.86 0.248 7 A-8 3.53 0.87 0.247 5 Average 3.78 0.95 0.250 Table 5: Aggregated results of the survey of the factor types A. 163 IJER | Jul - AUg 2012 Available [email protected]
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  Jamal Nazrul Islam,Haradhan Kumar Mohajan, Rajib Datta, Int. J. Eco. Res., 2012, 152-172 ISSN: 2229-6158 Chi-square test: H 0 = there is no significant effect of employee morale in employee’s performance; Chi- square ( χ 0.05 = 3.841 ) at 5% significance level. 2 Observation Expected observation (O − E )2 (O − E )2 (O) (E) E 1 3 4 1.333333 2 3 1 0.333333 1 3 4 1.333333 0 3 9 3.000000 2 3 1 0.333333 Table 6: Reports of the survey by Chi-square test, where χ 0.05 = 3.841 . 2 Hypothesis is rejected i.e., employee morale significantly affects the performance in the organization. Factor x δ COV Rank order in terms of Mean B-1 4.4 1.149 0.261 2 B-2 4.5 1.176 0.263 1 B-3 4.1 1.023 0.251 5 B-4 4.3 1.096 0.257 4 B-5 4.4 1.149 0.261 3 Average 4.3 1.118 0.258 Table 7: Aggregated results of the survey of the factor types B. This data contains the information that was opportunity, reward system, decision collected, analyzed, and used to determine making authority, and basic salary. the important constructs relating to • The lowest rated (lowest mean) employee satisfaction. After analyzing the satisfaction level deemed important by tables, we have observed that employees the employee were: basic salary, are moderately satisfied and the deviation decision making authority and reward among the respondents response is very system for which mean remains bellow insignificant as result they are very much 3.5 (5 point Likert scale as mentioned consistent with each other. The primary in Methodology) descriptive results for each factor are as • The mean age of the respondents was follows: approximately 29 years old. There • Overall the results are positive. The were twelve male and three female employee views this organization as a respondents. good place to work. • The mean number of years working • The top rated (highest mean listed with the banks was approximately first) satisfaction level deemed three (3) years. important by the employee were: • Due to the purpose of this study the support from superior, support from primary relationship examined was the colleagues, working environment, correlations between all the variables nature of work, promotional 164 IJER | Jul - AUg 2012 Available [email protected]
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  Jamal Nazrul Islam,Haradhan Kumar Mohajan, Rajib Datta, Int. J. Eco. Res., 2012, 152-172 ISSN: 2229-6158 and the rating of overall job Frequency: Total satisfaction (overall this is a good Respondents Frequency place to work). • Several associations were found that support the hypothesis that constructs Pay/Salary 15 15 job satisfaction and morale will be associated with the performance of the Training 15 12 employees. • The bulk of the instrument composed Fair promotional of questions rated on a Likert scale handling 15 11 provided some interesting information. • The qualitative data involving the three best things about working at the SIBL EXAMINING THE DETERMINANTS and the three things that could best OF JOB SATISFACTION AND improve the work environment were MORALE analyzed according to frequency of Job satisfaction and morale is derived from responses and tabulated. and is caused by many inter-related • Several other constructs evolved from factors. Although these factors can never the qualitative data that were be completely isolated from one another interesting. Most of the employee’s for analysis, they can by the use of thing that job satisfaction can lead to statistical techniques, be separated enough increase performance. Almost all the to give an indication of their relative respondents believe that satisfied importance to job satisfaction and morale employees usually not absent from the to employees’ performance. job. Dominant portion of respondents think dissatisfied employee should Personal Factors leave the organization and others believe that they should actively and 1) Sex constructively try to improve the Though the number of women working in condition. a bank is increasing, but the investigation finds that women are less with banking Three best things about working as job. Study reveals that woman to man ratio follows: per branch is 4:20. Another reason is that banking is a challenging profession it Frequency: Total requires tremendous determination to Respondents Frequency succeed. Those who are working they are doing for their pleasure or for the income aspect. Generally tendency is such that Respective job unless women feel necessary she will not in the society 15 15 go for job. Though the scenario is changing very few women are career Colleagues/ oriented. Out of the surveyed almost all Supervisors 15 13 are job oriented, having a little desire for further progress. Male employees are Feeling secure thinking of competition era now, and they in the job 15 12 are thinking of promotion to the next cadre. But, in a country like Bangladesh Three things that could best improve the opportunity to have a highly secured the work environment as follows: job is rare. 165 IJER | Jul - AUg 2012 Available [email protected]
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  Jamal Nazrul Islam,Haradhan Kumar Mohajan, Rajib Datta, Int. J. Eco. Res., 2012, 152-172 ISSN: 2229-6158 2) Age suits to their educational background, and Age is an important factor to decide about hence satisfied. job satisfaction. Maximum age limit for probationary officers/officer grade-II to 5) Religion join bank is of 28-30 years which varies The factor which should be considered as over situation. Study finds that employees an important determinant of job irrespective of age factor are satisfied with satisfaction and morale of employee is the job in sub-staff and clerical cadre. religion. Religious belief among the While officers above the age group of 35 employees resists them to act any unlawful seems to be settling somewhere permanent and unethical activities as well as the as frequent transfer is not a conducive one religious believe motivates them to be for them. So far female employees are satisfied with what they get. So, in that concerned, they are highly satisfied as the case substantial research should take place general duty is related to children bringing as various Islamic Banks are emerging up and taking care of beloved ones. For around the world. them increasing age means greater responsibility for homely affairs. FACTORS INHERENT IN THE JOB 3) Time on Job 1) Type of work The study finds that those employees who The most important factors inherent in the have got higher need for achievement time job are type of work. In the research it is on the job may become crucial factor if not clear that employees working in the banks promoted, hence they are dissatisfied. It are satisfied with their work. As we know has been seen that job satisfaction level that job market is not expanding in among officers level employee is Bangladesh, most of the people who get somewhat below par as they wanted to the job of a bank are very satisfied. There show their competence to the higher level are mainly four departments in a bank and and demand promotion. It is observed that study reveal that employees working in the most of the employees put a lot of efforts Cash Department suffer stress and their in their work at the initial stage of their satisfaction level is reduced substantially. career. Most satisfied employees found in the Investment Department. Banking sector 4) Education has got a tradition of rotational services As bank is engaged with commercial especially for entry level officers. It means activities, it requires better aptitude changing of counter, brings some level of towards figure and calculation. The survey dynamism. While for the rest of the reveals that the employees are from employees repetitive and monotonous task various disciplines Science, Commerce, looks boring. Arts etc. It clearly proved by the performance of the respondents that 2) Skill required regardless of educational disciplines they Skill in relation to job satisfaction has a are quite successful in their profession. As bearing on several other factors, kind of banking is a field where more practical work, responsibility and others. A study of implication is required rather than the relation of skill to job satisfaction theoretical knowledge. Another, concluded that where skill exists to a interesting think reveal the study that considerable degree, it tends to become the people with less qualification suppose to first source of satisfaction to the workman, be satisfied with their job and their satisfaction in condition of work. Research satisfaction level is quite static over the indicates that most of the employees in period of time and they think that this job every department get required skills to 166 IJER | Jul - AUg 2012 Available [email protected]
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  Jamal Nazrul Islam,Haradhan Kumar Mohajan, Rajib Datta, Int. J. Eco. Res., 2012, 152-172 ISSN: 2229-6158 perform their job effectively and in the research on an average there are 27 efficiently. Again, many respondents think employees working in each branch which they are not appropriately suited to the job is well above the industry average and that they are specified and ultimately this considered to be overcrowded. Still many reduces their job satisfaction and morale employees blame they have to take too towards the organization. much responsibility because there are not enough workforces to do the job 3) Occupation status effectively. Occupation status is related to, but not identical with job satisfaction. 6) Present place of work Occupational status is always valued in Employees’ level of job satisfaction varies terms of others opinion. It has been seen with the present place of work. Employees that employees who are working at the working in rural and semi urban branches lower position seems to look for other job, seem less satisfied than employees with where they can have greater job urban and metropolitan branches. As the satisfaction. It has been seen that business is carried in branch wise, this is employees are more dissatisfied in jobs located in rural, semi-urban, urban and in that have loss social status and prestige. metropolitan cities. In comparison to Study discloses that most of the employees metro and urban branches, semi-urban and working in the banks seem to be quite rural branches are small and the employees satisfied with their occupational status and of these branches are having a better they are quite happy to say other about opportunity to interact with one another, their job in the society. while in big city branches, this seems to be a rare one. Most of the respondents in the 4) Commitment to the organization research response positively that is, they Level of commitment to the organization are quite satisfied with their present place is such an important factor in the of work. performance of employee. Ultimately, level of commitment indicates how much FACTORS CONTROLLABLE BY employees are satisfied with their work MANAGEMENT and toward organization. Study indicates that though dominant percentage of 1) Security employees are very much committed with An average employee will think of job the organization few of them responded security first rather than other factors to negatively and saying that they will leave get settle in life. It has been seen that the organization if they get better chance employees secured in job are more any where, this eventually indicates lower satisfied in their job. But security is of less satisfaction level and morale of the importance to the better educated person, employees towards their work and perhaps because there is not so much fear organization. of layoff in the kind of jobs that the highly educated obtain, or the highly educated are 5) Size of organization justifiably more confident of being able to In a small organization, employees get a find other jobs if necessary. Research greater chance to interact with other indicates that all the employees are highly employees and can seek co-operation of secured hence they are satisfied. others very easily. While in a large organization this can be possible but 2) Pay depending upon requirement of the The importance of pay as a factor in job organization and the task which it has satisfaction has been greatly over assigned to the employees. It is observed emphasized by management. Most studies 167 IJER | Jul - AUg 2012 Available [email protected]
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  Jamal Nazrul Islam,Haradhan Kumar Mohajan, Rajib Datta, Int. J. Eco. Res., 2012, 152-172 ISSN: 2229-6158 have found that pay ranks well below want to be near their friends. Survey finds security, type of work etc. The research that co-workers seem to be co-operative exposes that the pay structure is well one. After working for many years below the industry average. Though, many together brings a sense of mutual co- employees think they are paid reasonably operations, which is there with the bank. but most of the top and mid level But nature of man is such that anything is executive/officers think they are less paid. offered with the expectation of return. It is observed that because of low level of Above all, employees are moderately pay structure many mid level employees satisfied with their support from already switched to another bank and it is colleagues. a potential threat for the bank. 6) Supervision 3) Opportunity for advancement/ Good supervision ranks about average in Promotional opportunity importance of the first ten things people In today’s time this factor is of greater want in a job. To the subordinate his importance. Young ones are more supervisor is the company; hence worker’s interested in advancing because it is feelings towards his supervisor are usually possible only in his earlier years. Belief similar to his feelings towards the that individual merit is rewarded would company. Supervision is without question, appear to be closely related to belief that one of the most important factors related to there is chance to advance even where a job satisfaction, which is correlated with person does not believe that he deserves a factors that also are important in assessing promotion it is still highly important to job satisfaction level of bank. Research him that the best man be prompted. indicates that employees are moderately Research finds out that employees are satisfied with supervision they get from moderately satisfied with their their superior. It is necessary to mention promotional opportunity and most of them that still some of the respondents express believe that the promotional policy their dissatisfaction with superior support handled fairly, though it is observed that and they blame that they are not getting few young employees were dissatisfied enough support from superior to perform with promotional policy because they the task effectively and efficiently. think seniority is given more preference over performance. 7) Other Factors Other factors include culture, relationship 4) Working conditions with peers and subordinates and Working conditions rank variously from recognition of work are important second to eighth in importance, there determinants of job satisfaction and seems to be a tendency for working morale. Whenever any employee in an conditions to be ranked lower, perhaps underdeveloped economy finds a job with because they have been improved in higher security and regular return, he/she banking sector. The study observed that is satisfied. Moreover, the culture of state management ensured a comfortable also believes in earn and enjoyment working condition suitable for employees. philosophy. In addition to that the people All the employees are satisfied with of this region believe in business much working conditions. than the job. So a tendency of lack of commitment has been noticed among 5) Co-workers employees. One’s associations have frequently been mentioned as a factor in job satisfaction. Certainly this seems reasonable as people 168 IJER | Jul - AUg 2012 Available [email protected]
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  Jamal Nazrul Islam,Haradhan Kumar Mohajan, Rajib Datta, Int. J. Eco. Res., 2012, 152-172 ISSN: 2229-6158 LIMITATIONS OF THE RESEARCH • The top level management of bank To measure the actual level job should keep an eye on the existent pay satisfaction and morale of employees is a structure, as study reveals that many daunting task. Instead of the best effort it respondents are not satisfied with their would not be possible to collect the actual salary. So, the company should try to information from the respondents. While provide the competitive pay structure conducting this study following limitations considering industry situation. are encountered: • It is recommended that the top level • Absence of corporate culture: As manager should give enough decision there is no Research and Development making authority and responsibility to Department in bank sector, there is no the mid and lower level specific source of collecting necessary executives/officers so that they can act data. independently and make their best • Fear of information leakage: It is the effort to increase their performance. main obstacle of getting accurate • Though, most of the employees are response from the respondents as most quite satisfied with the present of the employees did not provide promotional policy which is basically appropriate answer to the questions based on seniority and length of work. because they think it will be disclosed It is recommended that the company to others. should try to implement the • Poor knowledge of the respondents: promotional policy based on both In many cases respondents did not have seniority as well as performance so any knowledge about subject matter of that the young and energetic the study. employees are motivated to perform • Busy schedule: Because of the busy better in their job. schedule, most of the cases respondents • The study observed that there are some were unable to give time for personal employees who are not competent interview. enough to perform their job effectively • Perception of respondents: Many and efficiently. That is why it is respondents think that it is worthless to required to give enough concentration give time to answer such questions by the top management while which ultimately gives nothing as result recruiting new employees and standard they are very non-cooperative. recruitment system should be followed. It is very clear that if it would be possible • To increase the morale of the to overcome the above limitations, the employee it is required to make their findings of the research may be more job more interesting and manager representative and can easily prove the should always appreciate his/her hypothesis. subordinates for doing a good job. • It is strongly recommended that the RECOMMENDATIONS team work among employees of each The impact of job satisfaction and morale department should be encouraged and in the performance of the employee is very superior should try to create an implicit issue. Satisfied employees always atmosphere suitable for group work motivated to perform their job in a better and relationship building activities. way as well as morale keep the employees The organization first understand the to be committed to the organization. From employees welfare, their financial issues, the extensive study on the commercial their interest of domain, their problems, banks reveals that though employees are their family problems and how much time satisfied but there are some factors which is devoted to their families, the exploit- should be taking into consideration: tation in workplace (Jain et al. 2011). 169 IJER | Jul - AUg 2012 Available [email protected]
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  Jamal Nazrul Islam,Haradhan Kumar Mohajan, Rajib Datta, Int. J. Eco. Res., 2012, 152-172 ISSN: 2229-6158 Finally, it is recommended that these be communication throughout the workforce replicated in the future before policy were among some others associated. changes are made that involve the Feeling motivated at work is just as employees work environment. This will important as having work assignments ensure that levels of job satisfaction be delegated fairly. Finally the employees maintained at an above average level. believe they are providing a valuable service to their clients and make CONCLUSIONS contribution to the overall development of The research suggests that job satisfaction the bank. The in-charge of different can affect employee morale, turnover, department also enjoys its job autonomy. absenteeism, and pro-social behavior, Other ideas were expressed when asked to which can be crucial for organizational inform the three best things about working success. This not only applies to traditional at the Bank. These ideas include: business but also the financial institutions Respective job in the society, friendly like bank. The job satisfaction of colleagues/supervisors and feel secure in employees of the commercial banks is the job. critical for the success. However, the majority of the respondent Overall the employees are quite satisfied feels that more pay would be the best way and view the bank as a good place to work, to improve the work environment. More majority of them think that they can go training and necessary equipment to ahead if they try hard to achieve their goal. perform the job would also be appreciated. They are very much satisfied with the The respondents also strongly expressed supervisory relationships as well as they that the work-loads are not equal between know what their superior expects from colleagues. them. Almost all of the respondents think The results of the current study support the that they made the right choice to work notion that job satisfaction and morale are with the organization. major factors in improving the The bank’s missions as well as motivation performance of the employee. It is and hygiene factors are important for their recommended that these results be kept in job satisfaction. In order from most to least mind when structuring all aspects of they are: feeling comfortable talking to employee positions in the bank and further senior management about job content, change. While not all suggestions are feeling comfortable talking to the feasible due to budget constraints it is supervisor about job content, having open recommended to be aware of current communication throughout the workplace, satisfaction levels of employees in order to having performance evaluations done by address problems efficiently. This will his supervisor be fair and based on clear result in a smoother operating of the performance standards, and pay structure banking system that is more apt to of the organization. successfully serve its purpose as an However they were not the only organization. associations. As shown in the results section satisfaction with career REFERENCES advancement had a strong association with Akinbobola, O.I. (2011), Conflict in Human job satisfaction. Working in an Capital Relationships: The Impact of Job Satisfaction on Job Involvement in a environment of cooperation and mutual Workplace, International Journal of respect was also important to the Social Science and Humanity, 1(2): 92-95. employees’ job satisfaction. Topics such Aronson, K.R.; Laurenceau, J.P.; Sieveking, N. and as talking with senior management about Bellet, W. (2005), Job Satisfaction as a problems with and simple open Function of Job Level, Administration Policy Mental Health, 32(3): 285-291. 170 IJER | Jul - AUg 2012 Available [email protected]
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