Mohammad Kamrul
Ahsan
Assistant Professor
Department of Business Administration
Metropolitan University, Sylhet, Bangladesh
Abstract
Job
satisfaction is an important and burning researchable issue for academicians
and researchers. The success or failure
of any organization especially banking sector largely depends on employees’ job
satisfaction. The main purpose of this paper is to find out some important
factors that affect the employees’ job satisfaction and to compare both private
and public banks. The sample consisted
of 80 bank employees from both 4 public sector banks (40) and 4 private sector
banks (40). Questionnaire method is used to collect information. The
questionnaire consists of two parts including demographic part and another part
is on factors affecting job satisfaction. A five-point Likert scale has been
used to rank the collected data. The researchers have used percentage, mean,
standard deviation and t-test to analyze the collected data.The major findings of this study are the employees of
public banks perceive greater
satisfaction with job security and compensation packages as compared to private
banks employees. On the other hand, private sector banks employees have
expressed greater satisfaction with salary and co-worker relationship as
compared to those of public sector banks employees.
Key Words:
Private; Public; Bank; Employee; Job Satisfaction
1. Introduction
At
present, human life has become more stressful and complicated. The needs and
requirements of the people are increasing and changing. When needs are not
fulfilled, they become dissatisfied. Dissatisfied peoples’ contributions are
very low. Job satisfaction is one of the most popular and widely researched
topics in the field of organizational psychology (Spector, 1997). Locke (1976)
defines job satisfaction as ‘a pleasurable or positive emotional state
resulting from the appraisal of one's job or job experiences’. Employees who have higher job satisfaction
are usually less absent, less likely to leave, more productive, more likely to
display organizational commitment, and more likely to be satisfied with their
lives (Lease, 1998), (Sharma and
Khanna, 2014). Job satisfaction is the
positive and negative attitude towards the job of the employee. When a person
says that he has high job satisfaction, it means that he really likes his job,
feels good about it and values his job dignity. Job satisfaction is an important
technique used to motivate the employees to work harder. It is often said that
“a happy employee is a productive employee” (Chahal et al. 2013). A satisfied, happy and hardworking employee is an
important asset of any organization, including banks. Banking financial
institutions are the backbone of a nation's economy; so the efficient human
resources management and the maintenance of higher job satisfaction levels
affect the entire economy’s growth and performance. Mizan et al. (2013) said that the environment of banking sectors in
Bangladesh is fairly competitive and they need to ensure the employee’s job
satisfaction to perform efficiently. There are a variety of factors that can
influence a person’s level of job satisfaction. Some of these factors include Organizational
policy and strategy, salary, promotion, bonus and rewards, job security,
relationship with coworkers/supervisors, work culture, working condition,
motivation, training, and Efficiency, etc. Banking sectors are
growing fast in last ten years in Bangladesh. The banking sector comprises four
categories of scheduled banks: i) State Owned
Commercial Banks (SOCBs), ii) Specialized
Banks (SDBs), iii) Private Commercial Banks
(PCBs): a) Conventional PCBs b) Islami Shariah-based PCBs and iv)
Foreign commercial banks (FCBs). There are now 4 non-scheduled
banks in Bangladesh, (BB, 2016). The workforce of any bank is responsible
for its productivity and profitability. So, for the success of banking, it is
very important to manage human resource effectively and to find out whether
it’s employees are satisfied or not. High job satisfaction indicates well-managed
organization. It is a measurement of a supportive working environment in an
organization.
1.1 Objective
The main objectives
of this study are as follows:
i.
To identify the factors that satisfy the bank employees in
Bangladesh.
ii.
To compare the factors of job satisfaction in public and private
sector banks.
1.2 Hypothesis
H0: There
is no significant difference between the employees of public and private banks
in respect of their job satisfaction.
H1:
The Level of job satisfaction in private sector banks is lower than public
banking sectors.
1.3 Methodology
Data collection is one of the major
requirements to conduct any research. In this paper data has been collected
from two sources:
i)
Primary Sources: A structured questionnaire has been used
to collect the data from four public and four private banks in Sylhet city.
From each bank, ten employees are selected by the researchers. Here judgmental
sampling has been used to collect the data from the respondents. Judgmental sampling
is a non-probability sampling where the researchers select the units to be
sampled based on their knowledge and judgment. This type of strategy is termed
as purposive sampling technique.
a)
Population: All the employees of the selected banks such as
managers, senior officers, officers and junior officers have been addressed in
this study.
b) Sample
Size: The total number of sample
is 80 bank employees. 40 employees are taken from public banks and 40 employees
are taken from private banks. Here is a table of collected data.
Table No. 1: Name of the banks and
number of employees.
|
Public Banks
|
Total
|
Male
|
Female
|
Private Banks
|
Total
|
Male
|
Female
|
|
Sonali
Bank
|
10
|
6
|
4
|
Southeast
Bank
|
10
|
7
|
3
|
|
Agrani
Bank
|
10
|
6
|
4
|
City
Bank
|
10
|
8
|
2
|
|
RupaliBnak
|
10
|
10
|
0
|
Dutch Bangla Bank
|
10
|
5
|
5
|
|
Janata
Bank
|
10
|
10
|
0
|
Trust
Bank
|
10
|
8
|
2
|
|
Total
|
40
|
32
|
8
|
Total
|
40
|
28
|
12
|
|
Percentage
|
100
|
80
|
20
|
Percentage
|
100
|
70
|
30
|
Source: Authors’
Compilation based on Field Survey, 2016
Total
respondents are 80 employees and of them, the male is 60 (75%) and female is 20
(25%) in numbers. The questionnaire has two parts. Part 1 has demographic
information and part 2 has factors influencing job satisfaction. To find out
the influencing factors relating to job satisfaction, fourteen factors have
been considered as independent factors and only one factor is considered as a dependent
factor that is job satisfaction. These fourteen factors are rated by Five
Points Likert Scale. These are 1=Strongly Dissatisfied, 2=Dissatisfied,
3=Average, 4=Satisfied, 5=Strongly Satisfied. To verify the collected data
relating to influencing factors several statistical analyses i.e., descriptive
analysis and t test were conducted.
ii)
Secondary Sources: Secondary data has been collected from
websites, journals, books etc. Several articles from various journals have been
consulted to develop the leading ideas.
1.4 Limitations
There
are some limitations of this study. They are:
- The data have been collected from
only the Sylhet region. So it is difficult so show the whole scenario of
job satisfaction both in private and public commercial banks’ employees
throughout Bangladesh.
- At the time of data collection, it
is found that some respondents feel hesitate to provide actual information
about their job. So, it may affect the actual results of the study.
- The ratio of female respondents is
comparatively lower than the male respondents. The percentage is only 25%.
So, it is difficult to know the actual situation of female employees’ job
satisfaction.
- The sample size is only 80
employees (public 40 and private 40). Actually, this sample size is small
to compare the public and private employees’ satisfactions in Bangladesh.
- Satisfaction level differs from
person to person.
2. Literature Review
Literature
reviews help a researcher to develop his or her ideas about a certain theme.
There are thousands of research papers on job satisfaction because no
organization can go a single day without employees. If employees are happy the
organization can succeed very soon. For this reason, the researchers try to
find out the influencing factors of job satisfaction and try to compare between
the employees of private and public banks. To conduct this research, the
researchers, take help from the following authors’ writings.
Bora (2014)
observed that degree of job satisfaction of private sector banks was found to
be comparatively slightly lower than in public sector banks. The main reasons
for job dissatisfaction in Private sector bank were job security, salary not at
par with experience, not much value or credit was given for the tasks
accomplished and monotonous nature of a job. Employees of private-sector banks
perceive that their jobs are not secure. In public sector banks, welfare
policies are clearly defined and legally enforced. Retirement, pensions, gratuity
and other related welfare policies are effectively executed. So there is no
problem with social security. In private sector banks, welfare activities are
neither well planned nor well executed. Employee turnover is very high and job
security is very low. She also showed the factors that affect the job
satisfaction. These are (1) Communication & information flow, (2)
Interpersonal relationship, (3) Credit/value to work, (4) The job itself, (5)
Degree of motivation for the job, (6) Current career opportunities, (7) Level
of job security, (8) Involvement & identification with org goals, (9)
Nature of supervision, (10) Implementation of change & innovation, (11)
Kind of tasks required to be performed, (12) Extent of personal growth &
development, (13) Conflict resolution, (14) Association of job with individual
aspiration and ambition, (15) Participation in decision making, (16) Degree of
skill utilization, (17) Flexibility & independence, (18) Organizational
climate, (19) Level of salary with respect to experience and (20) Satisfaction
with organization structure.
Pragya & Sandeep (2015) observed
that degree of job satisfaction of private sector banks was found to be
significantly lower than in public sector banks. At least three reasons were
found to be responsible for the low job satisfaction level of employees of
private sector
banks. These are (i) Pay, ii) Work relationships and iii) Use of skills and abilities. In the study, Job satisfaction was measured on the basis of four variables. These are (i) Pay and promotion potential, (ii) General working conditions (for example, safety, heat, noise, and dust), (iii) Work relationships (for example relation with superiors, peers, subordinates, and workers) and (iv) Use of skills and abilities. Private sector jobs do not have the required reputation and prestige as compared to government jobs. If it is a private company then satisfaction will be very low and people will try to switch to a government job. Government jobs are symbols of status, prestige, security and social acceptance. Private sector jobs are the second choice.
banks. These are (i) Pay, ii) Work relationships and iii) Use of skills and abilities. In the study, Job satisfaction was measured on the basis of four variables. These are (i) Pay and promotion potential, (ii) General working conditions (for example, safety, heat, noise, and dust), (iii) Work relationships (for example relation with superiors, peers, subordinates, and workers) and (iv) Use of skills and abilities. Private sector jobs do not have the required reputation and prestige as compared to government jobs. If it is a private company then satisfaction will be very low and people will try to switch to a government job. Government jobs are symbols of status, prestige, security and social acceptance. Private sector jobs are the second choice.
Padhy & Bhuyan (2015)
indicated that significant differences exist between employees of Public Sector
and Private Sector Banks regarding various aspects of job satisfaction, pays,
supervision, security, acknowledgment. But they are significant in the case of
the aspects, secure, promotion, relation with co-workers, employee’s
empowerment, supervision, and nature of a job. They observed that degree of job
satisfaction of private sector banks was found to be comparatively slightly
lower than in public sector banks. The main reasons for job dissatisfaction in
Private sector bank were job security, salary not at par with experience, not
much value or credit was given for the tasks accomplished and monotonous nature
of a job. Employees of private-sector banks perceive that their jobs are not
secure. In private sector banks, the environment in highly competitive and job
security is based on performance and various other factors. Though it is true
that this environment provides a challenging job profile, it also creates a
less secure environment. Industriousness, dedication, devotion, and commitment
are not enough to secure a job. On the other hand, in public sector banks,
welfare policies are clearly defined and legally enforced. Retirement,
pensions, gratuity and other related welfare policies are effectively executed.
So there is no problem with social security. In private sector banks, welfare
activities are neither well planned nor well executed. Employee turnover is
very high and job security is very low.
Chothani (2015)
said that ‘After the extensive literature review, Sowmya and Panchanatham
(2011) reveals that 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, commercial
banks employee perceived pay and promotion as an indispensable factor to decide
their satisfaction level. Public Bank Employees and Private Bank Employees
differ significantly in their job satisfaction. Public Bank Employees have the high
level of job satisfaction than Private Bank Employees. The main reasons for job
dissatisfaction in the Private bank were job insecurity, salary not at par with
experience, not much value or credit was given for the tasks accomplished and
monotonous nature of a job.’
Devi & Suneja (2013)
found that significant difference exists between employees of Public Sectors
Banks (PSBs) and Private Sector Banks (PVSBs) regarding pay increments. The
employees of PVSBs are more satisfied with pay increments and revision than
that of PSBs employees. No significant difference has been found regarding
various aspects of relation with co -workers which indicate that employees of
both PSBs and PVSBs feel the same level of satisfaction in their
organization. They also found that no
significant difference exists between employees of Public Sectors Banks (PSBs)
and Private Sector Banks (PVSBs) regarding various aspect of employee
empowerment except two. Employees of PVSBs are more satisfied than the
employees of PSBs regarding the statement ‘I am happy with the amount of
freedom I have to decide how I approach my work and 'the amount of time I have
to perform various job activities’. Thus, in both statements, the level of
satisfaction has been found more in a case of employees of PVSBs than those of
PSBs. Again they showed that employees of both PVSBs and PSBs are satisfied
with their supervision. The significant
difference has been found in the mean scores regarding the statement ‘I am comfortable with how much direction I receive from my boss’. It indicates that employees of PSBs are more satisfied than the employees of PVSBs in this regard. In short, they said that significant differences exist between employees of Public Sector and Private Sector Banks
regarding various aspects of job satisfaction, pay and fringe benefits, supervision, training, and development. But they are significant in the case of the aspects, relation with co-workers,
employee’s empowerment, supervision, performance appraisal and nature of a job.
difference has been found in the mean scores regarding the statement ‘I am comfortable with how much direction I receive from my boss’. It indicates that employees of PSBs are more satisfied than the employees of PVSBs in this regard. In short, they said that significant differences exist between employees of Public Sector and Private Sector Banks
regarding various aspects of job satisfaction, pay and fringe benefits, supervision, training, and development. But they are significant in the case of the aspects, relation with co-workers,
employee’s empowerment, supervision, performance appraisal and nature of a job.
Sehgal (2012)
indicated that there is not much difference in the level of job satisfaction
between public (UCO) banks and private (AXIS) banks, but regarding some factors
like job security, salary offered to employees, benefits given to the employees
and experience, the satisfaction level differs in both the banks. The employees
of public Bank are highly satisfied with the level of job security as compared
to the employees of a private bank, as UCO Bank is public sector bank whereas
AXIS Bank is a private sector bank. When it comes to salary package in relation
to the experience of employees, the employees at public Bank are more satisfied
than the employees of private Bank. The employees at the public Bank are also
happy regarding the benefits they get like promotions appraisals, incentives
etc. The author also showed that highly experienced employees at public Bank
are more satisfied with their job as compared to the employees at a private
bank.
Jain et al. (2012) observed that degree of job
satisfaction of private sector banks was found to be significantly lower than
in public sector banks. Job satisfaction was measured on the basis of five
variables. These are (i) pay, (ii) work condition (for example, safety, heat,
noise, and dust), (iii) service conditions (for example, security, promotion,
and welfare), (iv) relation with superiors, peers, and workers, and (v) company
as a whole. Among four variables, the degree of difference is not noticeable.
But low scores of the third variable, service conditions, were found to be
responsible for overall low degree job satisfaction in private sector banks. Employees
of private-sector banks perceive that their jobs are not secure. In public
sector banks, welfare policies are clearly defined and legally enforced.
Retirement, pensions, gratuity and other related welfare policies are
effectively executed. So there is no problem with social security. In private
sector banks, welfare activities are neither well planned nor well executed.
Employee turnover is very high and job security is very low.
Monga et al. (2015) found that factors of salary,
interpersonal relationship, and communication, the attitude of superiors,
working conditions and teamwork are more significant in determining job
satisfaction of employees.
Varshney & Malpani (2014)
said that Job satisfaction is a
psychological concept and it is mostly depending upon the internal feeling of
employees. There are a lot of independent variables on which job satisfaction
is depending. These are educational qualifications, nature of work, pay, job
security, promotional opportunities and family & work life balance. The
employee’s satisfaction improves the productivity and profit. So it is important
both employees and employer also.
Parveen &
Khan (2014) showed
Salary, Compensation & Benefits; Promotion; Career Development
&Training; Interpersonal Relations and Working Conditions (Independent
variables) and Job Satisfaction (dependent variable) play a significant role in
employee satisfaction, resulting in increased employee satisfaction and
loyalty. They also showed that very high degree of positive correlation between
the independent variables (working conditions and CareerDevelopment &
Training) and the dependent variable Total Job Satisfaction.
Sharma & Khanna (2014)
indicated that factors including the salary of employees, performance appraisal
system, promotional strategies, employee’s relationship with management and
other co- employees, training, and development program, work burden and working
hours are found important for improving job satisfaction of bank employees in
banks. The increase in level of these factors improves overall satisfaction of
employees.
Sattar & Ali (2014)
determined that all the variables promotions, work environment, leadership behavior
and job satisfaction have a significant relationship with employees’ job
satisfaction.
Chahal et al. (2013) defined job
satisfaction as an extent of positive feelings or attitudes that individuals
have towards their jobs and it is mainly depend on various factors such as
salary of employees, performance appraisal system, promotional strategies,
employee’s relationship with management and other co- employees, training and
development program, work burden and working hours, nature of job,
working environment, incentives linked job, promotional methods, etc.,
Employee’s welfare measures and Job security should be given utmost importance,
so that the employee’s turnover may be restricted. If these factors are given
little more care, the company can maintain good workers with a high level of
satisfaction, organizational commitment, and involvement. This will, in turn,
lead to effectiveness and efficiency in their work which leads to increased
productivity. The researcher concluded that overall the job satisfaction of
bank officers though is not very high but still satisfactory. But there is
still considerable room for improvements. An organization should try to take
every possible step to enhance job satisfaction among employees because if
employees are satisfied then customers associated with it will also be
satisfied.
Hong et al. (2013)
indicated that work environment, pay and salary and promotion criteria
significant impact towards employees’ level of job satisfaction whereas
fairness of the company does not have a significant impact towards the
employees’ level of job satisfaction.
Islam & Zaman (2013) identified organizations with
pleased employees tend to be more helpful than associations with displeased
employees. This learning accepted the affiliation between independent variables
(motivation and job security) and a dependent variable (job satisfaction).
Because high level of job satisfaction increases employees works involvement
and task performance.
Saleem et al. (2013) found that job stress, communication and
personality have a significant but weak impact on job satisfaction whereas
recruitment & selection procedures, organizational policy & strategy,
and nature of work have a significant and strong impact on employee job
satisfaction.
On
the basis of introduction and literature reviews, the researchers have
formulated a research model which is given here.
Source:
Authors’ Compilation, 2016
This
research model shows that hypothetically independent variables affect the
dependent variable.
3. Analysis and Findings
3.1 Demographic Information
Table No. 2: Profile of the Respondents
|
S. No.
|
Demographic
Profile
|
Public Banks
|
Private
Banks
|
Total
|
|
1
|
Gender
|
|
|
|
|
|
Male
|
32 (80.0)
|
28 (70.0)
|
60 (75.0)
|
|
|
Female
|
8 (20.0)
|
12 (30.0)
|
20 (25.0)
|
|
2
|
Age (Years)
|
|
|
|
|
|
Less than 30
|
6 (15.0)
|
16 (40.0)
|
22 (27.5)
|
|
|
31 to 40
|
23 (57.5)
|
20 (50.0)
|
43 (53.75)
|
|
|
41 to 50
|
6 (15.0)
|
4 (10.0)
|
10 (12.5)
|
|
|
51 to 60
|
5 (12.5)
|
|
5 (6.25)
|
|
3
|
Education
|
|
|
|
|
|
Graduation
|
9 (22.5)
|
3 (7.5)
|
12 (15.0)
|
|
|
Post-Graduation
|
29 (72.5)
|
37 (92.5)
|
66 (82.5)
|
|
|
Banking
Diploma
|
2 (5.0)
|
|
2 (2.5)
|
|
4
|
Religious
|
|
|
|
|
|
Muslim
|
25 (62.5)
|
32 (80.0)
|
57 (71.25)
|
|
|
Hindu
|
15 (37.5)
|
8 (20.0)
|
23 (28.75)
|
|
5
|
Marital
Status
|
|
|
|
|
|
Married
|
29 (72.5)
|
29 (72.5)
|
58 (72.5)
|
|
|
Unmarried
|
11 (27.5)
|
11 (27.5)
|
22 (27.5)
|
|
6
|
Experience
(Years)
|
|
|
|
|
|
Less
than 1
|
5 (12.5)
|
4 (10.0)
|
9 (11.25)
|
|
|
1 to 5
|
19 (47.5)
|
21 (52.5)
|
40 (50.0)
|
|
|
5 to 10
|
11 (27.5)
|
14 (35.0)
|
25 (31.25)
|
|
|
10 to 15
|
4 (10.0)
|
1 (2.5)
|
5 (6.25)
|
|
|
Over 15
|
1 (2.5)
|
|
1 (1.25)
|
|
7
|
Working
Position
|
|
|
|
|
|
Junior
Officer
|
9 (22.5)
|
4 (10.0)
|
13 (16.25)
|
|
|
Executive
Officer
|
18 (45.0)
|
23 (57.5)
|
41 (51.25)
|
|
|
Senior
Executive Officer
|
12 (30.0)
|
11 (27.5)
|
23 (28.75)
|
|
|
Manager
|
1 (2.5)
|
2 (5.0)
|
3 (3.75)
|
Source:
Authors’ Calculation based on Field Survey
From the table, the researchers have
found that both private and public banks have few numbers of female employees.
Most of the employees in private banks are young and energetic compared to
public banks and here employees’ age is no more than 50 years. Most of the
employees are highly educated compared to public banks. So the private banks’
manpower is greater than public banks.
These are the demographic information of the 40 respondents from public
and 40 from private banks employees.
3.2Factors Influencing Job
Satisfaction
Table
No: 3 Descriptive Analyses
|
Public Banks
|
Private Banks
|
||||
|
SN
|
Factors
|
Mean
|
SD
|
Mean
|
SD
|
|
1
|
Salary
|
2.97436
|
0.1298
|
4.00000
|
0.0900
|
|
2
|
Frequency and
Amount of Bonuses
|
2.87179
|
0.1769
|
3.61538
|
0.1139
|
|
3
|
Fringe
Benefits (Increment, Compensation)
|
4.33333
|
0.0848
|
3.02564
|
0.1663
|
|
4
|
Job Security
|
4.61538
|
0.0789
|
2.82051
|
0.1509
|
|
5
|
Workload
|
3.33333
|
0.1122
|
2.53846
|
0.1153
|
|
6
|
Training for
Efficiency
|
3.71795
|
0.1216
|
3.61538
|
0.1252
|
|
7
|
Promotion Systems
of the Bank
|
3.25641
|
0.1546
|
3.53846
|
0.1153
|
|
8
|
Flexibility of
Working Hours
|
3.61538
|
0.1197
|
2.89744
|
0.1829
|
|
9
|
Attitude of Top
Management
|
3.46154
|
0.0961
|
3.30769
|
0.1690
|
|
10
|
Leave Policy of
Your Bank
|
3.48718
|
0.0890
|
3.23077
|
0.1578
|
|
11
|
Peers/Colleagues/Co-workers
Relationship
|
4.07692
|
0.0852
|
4.15385
|
0.1135
|
|
12
|
Rewards
for the Performance
|
2.61538
|
0.0945
|
3.84615
|
0.1073
|
|
13
|
Non-Financial
Motivation
|
2.89744
|
0.1413
|
2.94872
|
0.1641
|
|
14
|
Working
Condition and Environment
|
3.51282
|
0.1094
|
3.28205
|
0.1681
|
|
|
Overall
Satisfaction
|
48.7692
|
1.5941
|
46.8205
|
1.9396
|
|
Note: More Mean and Less Standard
Deviation indicates more important factors for job satisfaction. SD=Standard
Deviation
|
|||||
Source:
Authors’ Calculation based on Field Survey
After the analysis of Mean and Standard
Deviation, the researchers have found some factors which are responsible for
job satisfaction. For the public banks, i) Job Security (Mean=4.61538 and
SD=0.0789), ii) Fringe Benefits: Increment, Compensation Packages (Mean=4.33333
and SD=0.0848 and iii) Co-workers Relationships (Mean=4.07692 and SD=0.0852)
are the most influencing factors for job satisfaction. On the other hand, for
the private banks i) Co-worker Relationships (Mean=4.15385 and SD=0.1135), and
ii) Salary (Mean=4.00000 and SD=0.0900) are the most influencing factors for
job satisfaction.
After that, the researcher has found
some factors which are responsible for job dissatisfaction. For the public banks i) Rewards for
Performance (Mean=2.61538 and SD=0.0945) and ii) Non-Financial Motivation
(Mean=2.89744 and SD=0.1413) are the most influencing factors for job dissatisfaction.
On the other hand, for the private banks i) Work Load (Mean=2.53846 and
SD=0.1153) and ii) Job Security (Mean=2.82051and SD=0.1509) and iii)
Flexibility of working hours (Mean=3.200 and SD=0.887).
Finally, the researcher has found that
overall satisfaction of public banks employees is greater than the private bank’s
employees because of public banks have higher Mean of overall satisfaction than
private banks. Public banks have a Mean value of 48.7692 and Standard Deviation
of 1.5941. On the other hand, private banks have a Mean value of 46.8205 and
Standard Deviation of 1.9396.
Chart
No. 2: Overall Satisfaction
Source: Authors’ Calculation
So, it can be said that the employees of
public banks are more satisfied than the employees of private banks
3.3
Hypothesis test
H0: There
is no significant difference between the employees of public and private banks
in respect of their job satisfaction.
H1:
The level of job satisfaction in private sector banks is lower than public
banking sectors.
Table
No: 4 Mean, SD and ‘t’ values of overall satisfaction scores of Public and
Private Banks Employees.
|
|
Overall Satisfaction
|
‘t’
|
||
|
N
|
Mean
|
SD
|
||
|
Public Banks
|
40
|
48.7692
|
1.5941
|
4.9110**
|
|
Private
Banks
|
40
|
46.8205
|
1.9396
|
|
**Significant at 0.01 levels. (2.639)
From the table, the calculated ‘t’ value
is found ‘4.9110’ which is higher than the table value of ‘2.639’ at the
significance level of 0.01. Hence the Null Hypothesis “There is no significant
difference between the employees of public and private banks in respect of
their job satisfaction” is rejected. That means, there is a significant
difference between the employees of public and private banks employees in
respect of their job satisfaction. The Mean value indicates that the public
bank employees scored better than private bank employees in respect of job
satisfaction. So, Alternative Hypothesis “The Level of job satisfaction in
private sector banks is lower than public banking sectors” is accepted.
4. Conclusion
The
main cause of dissatisfaction of private bank employees is that they feel
insecure in their jobs. The cause of higher job satisfaction of public banks is
that welfare policies are clearly defined and legally enforced in public banks.
Retirement pension, gratuity and other related welfare policies are carefully
executed. So, there is no problem of social security. On the other hand,
welfare policies are neither well planned nor well executed in private sector
banks. So they feel the demand of pensions, security and sometimes an easy
lifestyle. For the public banks, salary is not satisfactory, so it should be
increased. Jain et al. (2012)provides general
suggestions for any organization to keep its employees satisfied are i)
Understand employee first, ii) Understand his requirement, iii) Understand his
interest of domain, iv) Understand his problems, v) Understand how much time is
devoted to his family, vi) Understand his family problems, vii) Understand his
financial issues, viii) Understand what he is thinking about his manager or
team leader, ix) Understand any exploitation, x) Understand any mind teasing if
any. For both public and private banks, i) Salaries of the employees
must be given in accordance with their experience in the jobs, ii) Work should
be given according to their abilities and knowledge, iii) Healthy and flexible
work environment should be created, iv) Healthy relationship should be
maintained in the organization, v) There should have rewards and appreciations
for good works and good decisions, vi) There should be special benefits for
achieving goals. The researchers think that these benefits will increase the
job satisfaction among both public and private banks employees.
Employees
are the assets of any organization. Efficient human
resource management and maintaining higher job satisfaction level in banks
determine not only the performance of the bank but also affect the growth and
performance of the entire economy (Jain et al. 2012). So, it is essential to keep them satisfied for
the success of banking sector as well as the prosperity of the economy. It is
very important to handle human resources effectively and to find out whether
they are satisfied or not. Only if they are satisfied, they will work with
commitment and project a positive image of the organization.
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This is Mohammad Kamrul Ahsan, the research fellow of the Department of
the Business Administration at Shahjalal University of Science and
Technology. He has completed his BBA and MBA degree from the Department of
Finance and Banking from the University of Rajshahi. His area of interest
regarding research includes the field of human behavior and green banking. He
has contributed several articles to the peer-reviewed national and
international journals. He has also attended several national and
international research conferences in the home and abroad. He is now working
as an Assistant Professor in the Department of Business Administration, Metropolitan
University, Sylhet, Bangladesh.
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