FACTORS INFLUENCING JOB SATISFACTION IN PRIVATE...

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FACTORS INFLUENCING JOB SATISFACTION IN PRIVATE BANKING SECTOR OF PAKISTANMuhammad Naeem Qureshi, COMSATS Institute of Information Technology, Virtual Campus, Pakistan. [email protected] Khalid, Assistant Professor, Department of Management Science, COMSATS Wah. [email protected].

Citation: Qureshi, M, N and Khalid, K (2015). Factors influencing job satisfaction in private banking sector of Pakistan, Journal of Strategy and Performance Management, 3(3), 123-157.

ABSTRACT

Background: Job Satisfaction is among the most critical aspects that influence the performance of an individual. In Pakistan’s banking sector, which is one of the fastest growing sectors in the economy, there seems to be a growing dissatisfaction among employees after the sector was privatized in 1990s. The trend is reflected through huge disparity between corporate level and branch level employees.

Research Problem: This thesis investigates the current level of satisfaction of banking sector employees with regards to the financial benefits (salaries, increments, allowances) and promotion system used by the banking sector.

Methodology: A structured questionnaire was used to investigate the relationship between job satisfaction in the banking sector and the four constructs of Salaries, Increments, Other Allowances and Non-Financial Benefits.

Results: The results indicate that employees consider themselves underpaid compared to other banks and other sectors of the economy. They are also significantly dissatisfied with the promotion system used by the sector. The results also indicate disparity between branch manger & above cadre and those below the branch manager.

Implications: Several interventions are immediately required to arrest the dis-satisfaction among banking sector employees including improvements in increments reward system, promotion system and religious concerns.

Future Research: This research can be effectively expanded to include central and southern parts of Pakistan. Social and cultural aspects of job in the sector can be investigated along with religious aspects of banking.

INTRODUCTION

Job Satisfaction is among the most critical aspects that influence the performance of an individual. There is enough scholarly evidence to assume a direct relationship between the level of job satisfaction of an employee to perform well on his/

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her job and his/her productivity and positive contribution towards the organization. Job Satisfaction is not only lined to better performance but also towards intangibles such as positive influence on other employees, HRM reputation of the firm inter alia.

Privatization of government organizations is a debate of kinds in developing economies. Its proponents profess that the inherent inefficiency of the public sector keeps an organization from performing to a reasonable level, especially when they are producing outputs that have to compete in open markets. Privatization helps remove inefficiencies and thus make the output competitive in open markets. The opponents point towards reduction in jobs.

In the banking sector, public sector banks hired manpower under political influence, having little or no professional background, at much higher wages. This coupled with inherent inefficiencies of the public sector made the banks inefficient and uncompetitive due to higher operating costs and decreasing profits. As such, privatization was not expected to bring any significant changes unless a corresponding effort to restructure the organization was undertaken. This restructuring could have been done by the government before selling the banks or by the new owners of the bank after the privatization process. The main aim of restructuring is a reduction in labor force with a hope of retaining the efficient part of it.

Development Financial Institutions (DFIs) and Nationalized Commercial Banks (NCBs) in Pakistan were marred with lack of financial discipline and highly pervasive political influencing to circumvent due financial intermediation process. NCBs and DFIs accounted for more than 90% of bad loans in the entire system. (Pakistan-Banking Sector Restructuring and Privatization Project, World Bank Report 2001). The aim of banking reforms in Pakistan thus included strengthening the sources of financial governance and enhancing the ability and authority of State Bank of Pakistan to effectively supervise bank regulators, markets, the courts and bank owners. Subsequently, corporate reforms were initiated in NCBs and DFIs when two banks - Muslim Commercial Bank (MCB, now known as MCB Bank) and Allied Bank of Pakistan Limited (ABL) were privatized in the year 1991.

Pakistan has a vibrant banking sector. Several large global and local banks operating throughout the country, having entered the market after privatization of banking sector in 1991. Before privatization, this sector was considered among the best sector for prospect jobs with attractive financial and other benefits. It was perhaps the most preferred sector for employees. Until 1991, only National Bank of Pakistan, HBL, MCB, ABL, and UBL were working in Pakistan. However, since all banks were owned by Government, this sector was considered amongst the inefficient sectors being operated by the government. With global changes in financial sector and the said inefficiency, government decided to privatize the public sector banks, also allowing the private sector to invest in banks.

Like other private sector organizations the emphasis of the Banks also diverted towards generating more and more profits. In the process of generating profit the banks forgot to take care of their employees which create unrest among the employees. In the present scenario the number of private Banks increased in large number and so the people working in the Banks.

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In this sector, there is a huge disparity between employees who have completed more than 20 years service and are enjoying the perks as per post privatization contracts, and other, newly appointed or appointed after privatization of banks. The difference of financial benefits received by both of them is high which creates dissatisfaction amongst young, newly appointed employees.

Research Gap

No study currently exists which has explored the current level of satisfaction in different cadres of employees in the banking sector of Pakistan and studied its impact. This thesis will address the said gap.

Job satisfaction is dependent factor which depends on two independent factors including Financial Benefits and Promotional System.

Research Questions

Following are the research questions that are addressed in this thesis:

a. What is the current level of satisfaction of banking sector employees with regards to the financial benefits (salaries, increments, allowances) they are receiving?

b. What is the current level of satisfaction of banking sector employees with regards to the non-financial benefits (including promotion) they are receiving.

c. How motivated are the banking sector employees to preform well on their job.

Research Objectives

Research objectives of this thesis include:

a. To find out the financial benefits currently offered in the banking sector of Pakistan.

b. To find out the satisfaction level of employees with financial benefits given to them.

c. To find out the non-financial benefits currently offered in the banking sector of Pakistan.

d. To find out the satisfaction level of employees with non-financial benefits given to them.

e. To find out the satisfaction level of banking sector employees in Pakistan.

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A satisfied worker contributes positively to his organization by delivering the best of his abilities on job. As such, lack thereof will cause lower performance as since the employee will not relate the success of organization to his/her personal success. Monitory benefits play a vital role towards increased job satisfaction of an employee since they provide mental satisfaction of fulfilling his/her financial needs. Non-financial benefits also have significant influence on job satisfaction since if one feels jammed in a job position and is not getting promotions, he/she is not likely to contribute with full potential this causing losses to the organization. This study will contribute to existing literature on job satisfaction of private bank employees to financial benefits and promotion system in the organization. Since these two factors play an important role in accessing level of job satisfaction of employees, it will also provide valuable information about the potential performance of this sector.

LITERATURE REVIEW

Impact of various factors upon the job satisfaction of an individual has been extensively researched in literature. While some of the studies reflect the demographic antecedents of an individual job satisfaction, others relate it to the type and nature of work, working environment, job enrichment and other factors influencing the workplace. Similarly, the fairness of promotion system followed by the organization, autonomy of taking decisions related to immediate responsibilities, behaviour of seniors, social relations with peers and the quality job are considered as important factors contributing towards job satisfaction (Dawson, 1987).

JOB SATISFACTION

Job satisfaction means different to different people. Some are happy with the challenges or the opportunity to use their creative skills. Others like the environment or their relationships with colleagues. In some cases, it’s a mix of several factors that brings the most satisfaction. Numerous theories associated to the delineation of employee satisfaction have been proposed by researchers. For example motivation-hygiene theory of Herzberg’s states that factors creating satisfaction are dissimilar and separate from those which headed towards dissatisfaction. Factors leading towards satisfaction are named as motivators which include recognition, advancement, responsibility and achievement. On the other hand, factors that lead towards dissatisfaction and prevent job satisfaction are known as hygiene factors which primarily include supervision, interpersonal relations, administrative policies, working environment and salary.

The Labor Theory of Value suggest that the economic value of any good is contingent upon the labor required to produce the it, including labor required to generate real capital required. As such, labor constitutes the significant part of value creation in any organization.

In modern corporate world, individuals have a strong association with their works, which can be judged form the fact that most people respond with their rank or title when asked what they do (Aristovnik and Jaklič, 2013). A banker would her call himself/ herself a Area/ Branch/ Operations Manager instead of saying he is a banker or a financial expert. Similarly, modern human spends most of his/ her waking times on

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weekdays at office. Thus, well being at work is central to well being in a modern society in general (Judge and Klinger, 2008).

Besides being central to individual identities and related to overall societal well being (or satisfaction), job satisfaction has strong influence on better performance of individuals and thus higher productivity of organizations. (Balzer et al, 1997). Locke (1976) suggested that satisfying the needs of an employees does not mean fulfilling his desire but it is more linked to finding a match between the organizational and individual values system and fulfilling his/ her needs. This implies that increased salary beyond a critical alone may not satisfy an employee unless the work environment, opportunities to develop oneself and opportunities of professional growth are also provided (Wang, 2005). Ivancevich et al. (1997) proved empirically that happy employees translate into happy customers. The likelihood of Employees that are satisfied with their job and work environment to be welcoming and ready to address customers concerns is much higher compared to employees that are not happy with their job (Zhen and Yang, 2009). As a corollary, unhappy employees eventually cause unhappy customers, bringing in uncompetitiveness for the organization (Hanif and Kamal, 2009).

Perceived value in a job, as seen by an employee, is no an iron cast concept. It varies from employee to employee depending on many factors such as, inter alia, his/ her social position, financial well being, level of education, previous experiences (Maher, 2002). Needs of humans have been studied extensively in social sciences literature and is reflected in the landmark work by Maslow, known as Maslow’s Hierarchy of Needs (Maslow, 1943). While this theory initiated and remains strong in human motivation literature, it was also the first one to examine the critical nature of determinants of job satisfaction, and found its way into Human Resource Management (HRM) literature. The theory suggests existence of a five tier cascade of human needs - physiological needs, safety, belongingness/love, esteem, and self-actualization. The theory further suggests that the satisfaction of needs has to follow a bottom to top order – satisfying higher order needs before satisfying lower order needs will yield no or negative results. Thus an individual with vulnerabilities in the physiological domain will find no value in self esteem or belonging.

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In a purely organizational context, the lowest tier would consist of minimum wages which can help people sustain a livelihood, requiring satisfaction of such basic human needs as food, clothes and a place to live. The second tier corresponds to safety reflected in safety of life, job security, freedom form fear in any shape including peers and seniors etc. The next tier represents a start of a more cordial relationship between the employee and the organization where efforts can be made to make the employee own his organization and see its growth as his/ her own growth. After that comes esteem, which is expressed by recognizing the employee for his/her contribution. Finally, the level of self actualization represents a set of behaviors where employees attempt to achieve their full potential in their respective professional needs.

As discussed earlier, satisfaction of lower level needs of an employee must precede satisfaction of higher level needs. It is also important to realize that organizational conditions must exist for an employee to perform when at a particular level. For example, an employee, whose esteem needs are satisfied looks for self actualization. If he/ she does not find opportunities to actualize his/ her full potential, he/ she is not likely to be satisfied with the job.

Herzberg’s dual factor theory, also known as two factor theory or motivation-hygiene theory (Herzberg, 1966) suggests that the set of factors which cause satisfaction or motivation in employees is a distinct and different from the set of factors that cause dissatisfaction or demotivation. He called the factors which drive satisfaction as motivation factors and those driving dissatisfaction as hygiene factors. Corresponding to Maslow’s Hierarchy of Needs, the motivation factors are higher level factors including elements such as recognition, achievements, growth opportunities etc. Similarly, the hygiene factors include lower level elements such as working conditions, pays, supervisor’s behaviors. (Porter, Wrench and Hoskinson, 2007) Importantly, Based on 203 engineers and accountants in Pittsburg area, Herzberg proposed that these two set of factors act totally independent of each other (Frederick H, 1966). For managers, this theory implies that removal of factors that cause job dissatisfaction does not mean job satisfaction per se. Its not a continuum where one aspects starts decreasing when the other increased. To ensure job satisfaction, a different set of factors will need to be addressed.

Employee satisfaction has a telling impact on several economic and social aspects, e.g. overall economic growth and living standards. Literature suggests a strong positive relationship between profitability of an organization and job satisfaction of its employees. Balzar et al. (1997) sees job satisfaction as the perception of employees about their work environment and thus influence their expectations from their job. Thus, job satisfaction has a strong influence on what an individual wants from a job (Brief and Weiss 2002). According to Baron et al. (2006), studies have generally showed a relationship between negative indicators such as employee absence and turnover to motivation and job satisfaction of employees. This implies individuals with lower satisfaction with their jobs are more likely to remain absent from work and seek other jobs that offer better financial and non-financial opportunities.

Employee commitment also relates positively to increased competitiveness of an organization. DeVaro, Li, & Brookshire (2007) focus on the related aspects addressed by the organizations to find out job satisfaction levels. Job satisfaction has also been extensively studied with relevance to pay and promotions, leadership behavior, co-

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workers attitude, supervisor behavior, facilities available on job, health and safety issues and other work related factors.

Pakistan’s banking sector has performed better than many other economies and sectors within Pakistan’s economy even during recession periods. With a large workforce, the performance of this factor has a strong influence on the overall employment levels and macro economic performance. While there are several studies in job satisfaction available for various professions, studies in banking sector are rare, particularly in Pakistan’s banking sector. This gap has motivated the researcher to explore the antecedents of employee job satisfaction in banking sector of Pakistan.

Mansor et al. (2012) studied employee satisfaction in 236 employees of the Bank Islam Malaysia Berhad to ascertain the extent of employee satisfaction based on the following criteria:

• Demographic factors – gender, age, placements, educational level, designation, salary, length of tenure;

• Motivational factors- salary, promotion, comfortable working conditions, interesting and challenging job, job expansion and opportunities to use one’s abilities;

• Reward system – money and other forms of compensation such as medical subsidies, vacations, retirements etc.;

• Supervision/leadership – leadership style, role clarity, conflict, turnover intentions, delegation, informing, communicating;

• Working environment – facilities (building, equipment, machineries), interior design, exterior design provided by bank, comfort;

• Competitiveness among employees – both internal and external.

The study concluded that job satisfaction can be fairly predicted by using the all the five factors listed above, with the third factor having comparatively lesser weightage.

Sowmya and Panchanatham (2011) researched job satisfaction of 120 employees of several public as well as private sector banks in India. Using the factor analysis by principle component method on a large number of variables effecting the job satisfaction, the five predominant factors were identified:

• Pay and promotion,

• Organization aspects,

• Supervisor behavior,

• Job and working conditions, and co-worker behavior.

The researchers concluded that, while the pay and promotion are the primary and indispensable requirements for the satisfied employee, the managerial and

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organizational aspects are also highly valued. Besides that, they noted that, due to importance banks have in their country’s financial system; even small job dissatisfaction within the banking sector can cause visible negative impact in the area of negligence and high staff turnover.

Relationship between financial benefits and job satisfaction.

Rewards have a strong positive correlation with the performance of an employee, through increased job satisfaction. They are critical towards building employee commitment and thus translate into superior performance and competitiveness (Wang 2004). This relationship is widely recognized and most organizations have a strong and structured system for rewarding employees for their achievements towards organizational objectives and conformance pre-set standards. Reward can include tangible aspects such as increased pays and bonuses and services/ benefits such as increased or exclusive office space, car, fuel etc. (Bratton and Gold 1994). Lawler (2003) suggested that besides the quantity of the reward, a critical factor is the weightage that an employee associates with the kind of reward, thus referring back to Maslow’s theory.

Literature is, however, almost entirely agreed upon the fact that rewards increase employee commitment, which in-turn increased the chances of better performance by the employee and thus potential better organizational performance. The current competitive environment in the banking sector has created a situation where employees pays and allowances are directly related to his/ her performance towards pre-set goals, mostly financial. This is exacerbated by launch of newer financial products almost every days and increased pressure on employees to find clientele for the products. As such, employees have also learned new survival methods and job hopping is highly pervasive in Pakistan’s banking sector, leaving little room for higher levels of Maslow’s hierarchy such as commitment to organization. Employees who can find clientele for newer products or can attract investments are in higher demand and keep moving form bank to bank, in search for greater financial rewards. This has led to a lack of balanced approach and employees have no room to work towards other balanced scorecard perspectives such as Learning & Growth, Improved Processes and Customer Satisfaction – which are necessary for the long term growth of their organization (Islam & Saha, 2001).

Thus the immediate is taking precedence over the important and the tail seems to be wagging the dog. Since financial aspect has become the only critical determinant of employee commitment and is also the only measuring scale of employee’s performance, lower paid employees are becoming increasingly dissatisfied with their jobs, thus impacting the overall long term organizational performance (Hamermesh, 2001, 2002). Besides financial, other aspects such as autonomy over ones job, behavior of supervisors, social relations and quality of the job also have significant impact on employee performance (Dawson, 1987).

Relationship between non-financial benefits and job satisfaction.

Several other non financial indicators seem to explain the extent of job satisfaction among employees such as absenteeism, turnover and performance of the employee

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(Patterson, 2010). Patterson suggests that the roots of employee dissatisfaction may lie in a very particular aspect of job of in a combination of several factors. Therefore, to achieve a true understanding of factors behind employee dissatisfaction, focus should be on exploring the complete spectrum of potential factors. Patterson also argues that the satisfaction factors may differ from employee to employee depending on several factors.

Promotions and opportunities to grow in ones job are also strong determinants of commitment and satisfaction of employees. Study of Cowling and Newman (1995) found that appraisal system improves the employee satisfaction by offering personal recognition. Furthermore, researchers concluded that traditional performance appraisals create dissatisfaction among employees, therefore, there is a need to adopt such appraisal systems that emphasis on the development needs of the employees. Chen, Chang and Yeh (2004) explored the relationship between opportunities for personal development and employee satisfaction in a research carried out in Taiwan. The results suggest that while all employees have such needs, their extent can vary with the type of employees/ organizations. For instance, R&D organizations and their employees have a more pronounced need for personal development compared to jobs where expertise may not be critical. In a recent study (Zabel, 2015) conducted in USA for automation professionals, benefits, working environment, good relationships with colleagues, feeling of accomplishment, salary and job security were rated as close most important by employees. It is important to note that the automation industry is considered a well paid industry with averages wages around or above $100,000 per year.

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While the results are not ground breaking, they certainly represent a need to further inquiry into the long held belief that salary ceases to remain an important determinant of employee satisfaction after a certain point.

Research Design and Method

Deductive approach for this research is used .The research is cross-sectional and survey strategy for data collection is used. Questionnaire is used to conduct survey. Given (2008) refers that a quantitative research is the systematic empirical investigation of social phenomena through statistical techniques. The process of research usually engages the questions development as well as scales that are used to measure satisfaction and other factors on the numerical level.

Quantitative research objective is to develop and also employ theories, mathematical models and hypothesis pertaining to the observable fact. Quantitative data is in numerical form such as percentages, statistics etc. The quantitative research collects data asking questions from respondents of selected sample and the collected data is analyzed using statistical techniques with the expectations that numbers will give unbiased results which can then be generalized to the some larger population.

A descriptive research methodology is used for this study. A questionnaire survey is managed to collect the data from the targeted population identified by the researcher. “The term ‘survey’ is commonly applied to a research methodology design to collect data from a specific population, or a sample from that population, and typically utilizes a questionnaire or an interview as the survey instrument (Robson, 1993).” Sample questionnaire surveys are a vital tool for collecting and analyzing the information from chosen individuals. Wright, Rossi and Anderson (2013) said that sample questionnaire surveys are widely accepted as a key instrument for conducting and applying primary social science research methodology.

The approach in this study was used for gathering the data was survey approach. As Robert Groves (1996) stated, “Surveys produce information that is inherently statistical in nature. Surveys are quantitative beasts” (p.389). This study also tried to quantify the feedbacks of the participants of the study so this was the reason for choosing this approach. Also according to Newman (2000), “Surveys are appropriate for research questions about self reported beliefs or behaviors” (p.273).

There distinct advantages in using a questionnaire as a tool for collecting data questionnaires is that they less expensive and easier to administer; they lend themselves to group administration and, they allow confidentiality to be assured. Descriptive research is designed to describe the behaviors or the characteristics of a specific population in an accurate and in a systematic fashion. It doesn’t fit tidily into the definition of either qualitative or quantitative research methodologies, but as an alternative it can use elements of both, often within the same study. It also refers to the type of research question, research design, and its data analysis that applied to a given topic. Descriptive statistics tell what is, while inferential statistics try to determine cause and effect.

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Demographics

Demographics were collected in the areas of Gender, Age, Qualification, Tenure and Employment Status. Gender had the options of Male and Female and were coded as 1 and 2 respectively. Age had options of 20-30, 30-40, 40-50 and 50+; and were coded as 1, 2, 3 and 4 respectively. Qualification had options of PhD, MS/MPhil, Masters and Bachelors coded as 1, 2, 3 and 4 respectively. Tenure had options of Less than 1 year, 1-2 years, 2-5 years, 5-10 years and 10+; coded as 1, 2, 3, 4 and 5 respectively. Employment Status had options of Permanent, Contractual and Temporary; coded as 1, 2 and 3 respectively. Following table shows a summary of this:

Sample

Questionnaires were distributed to 700 employees in the selected Private Banks in Hazara Division including employees from MCB, HBL, UBL, Bank Al-Falah, Bank Al-Habib and Meezan Bank Limited. Out of 700 distributed questionnaires 643 respondents completed all the questionnaires. The researcher choose random sample of the population for this study. The sample frame comprised of the Bank Officers with different age groups, qualification, job tenure and employment status. The technique use for selecting sample was stratified random sampling. Random sampling is considered the best single way to obtain a representative sample and stratified random sampling is an appropriate technique in order to make proportionate, and therefore meaningful, comparisons between sub-groups in the population.

Instrumentation and Data collection

In this research, the questionnaire served as the research tool to gather information. A Likert type scale was used in the questionnaire

The rating scale used to demonstrate as below:

1. Strongly Disagree 2.Disagree 3.Neutral 4.Agree 5.Strongly Agree

After the data collected, it is necessary to utilize statistical techniques to analyze the information as this study is quantitative in nature. Therefore, the survey data was processed using two software tools; SPSS 17 and Minitab 17. First the relevant data was coded, summarized and then transferred to both the tools for analysis and presentation.

Reliability and Validity

Test-retest method was used to ascertain reliability. A random sample of 20 respondents was used for test-retest, in which no significant variance was observed. Temporal space between the test and retest was 30 days. Similarly there was no significant difference between early and late respondents.

There were 5 constructs in the questionnaire, namely Salaries, Increments, Other Allowances, Non-Financial Benefits and Job Satisfaction. There were 5, 5, 2, 5 and 10

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items in these constructs respectively. An internal consistency analysis was performed for each construct using the item analysis tool available in Minitab 17 software. Cronbach’s Alpha value for the constructs came out to be 0.9540, 0.9504, 0.9452, 0.9725 and 0.9875 respectively. The overall Cronbach’s Alpha for the complete instrument was 0.9931, thus the measurement tool was fairly reliable and valid.

Correlation analysis was used to examine the relationship among independent variables (various financial and on financial benefits) and the dependent variable (job satisfaction). Correlation analysis helped in shaping the degree and form of association among various financial and on financial benefits job satisfaction. Details are shown in the Results chapter.

Regression analysis was used to test the hypnosis of study. It presents significance of the models. If the probability value is less than 0.1 the model will be considered significant at 90% confidence interval, if it is less than 0.05 it will be considered significant at 95% confidence interval, and if it is less than 0.01 it will be considered significant at 99% confidence interval. Moreover if the probability value of significance is above 0.1 then the regression as a whole is considered failed and it indicates that dependent variable cannot be explained by independent variable. Regression further describes the measure of change between dependent variables by independent variables.

To test the study hypothesis and also find the answers of the research questions, data collected from the questionnaires was analyzed using two software tools; SPSS 17 and Minitab 17. The reason for using two different tools is relative ease of use in for certain tools in Minitab 17 while SPSS 17 helped in effectively coding the data and performing advanced analysis, particularly for regression. Another reason was authors specific expertise in selected tools of each software.

Results and Analysis

As described in last chapter, the questionnaire had 5 constructs covered by 27 items (questions). Following is a brief discussion on the results on each construct and their selected items.

4.1 Construct 1 – Salary

Item 1 – Perception about current salary being commensurate with job requirements.

Most of the respondents (457/643) disagreed of strongly disagreed with the proposition, implying an underlying dissatisfaction with high work load and relatively weak pay structures. Following is a graphical summary:

Correlation Analysis

Following is the output of Minitab-17 w.r.t correlation between job satisfaction and salary being commensurate with job requirements:

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Pearson correlation of X1 and Y = 0.967 P-Value = 0.000

It can be seen that most respondents consider that their satisfaction with jobs depends on the adequacy of their salary. High Pearson coefficient and P-Value at 0.000 shows reliable figures. As such, this conclusion goes without saying and is consistent with general perception in the industry and is also supported in theory by Maslow.

Demographic Analysis

Following figures show correlation between dissatisfaction with pay and demographic aspects of Gender, Age, Qualification, Tenure and Employment Status. All Pearson correlation values vary between -0.058 and +0.025 indicating no significant correlation. If at all, it can be said that more qualified people are more dissatisfied and older employees seem to have sunk into ‘living with’ the problem.

Pearson correlation of Q1 and Gender = -0.045 P-Value = 0.255

Pearson correlation of Q1 and Age = -0.033 P-Value = 0.400

Pearson correlation of Q1 and Qual = 0.025 P-Value = 0.526

Pearson correlation of Q1 and Tenure = -0.058 P-Value = 0.142

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1st$Quartile 2.0000Median 2.00003rd$Quartile 4.0000Maximum 4.0000

2.2664 2.4396

2.0000 2.0000

1.0603 1.1830

A:Squared 67.41P:Value < 0.005

Mean 2.3530StDev 1.1183Variance 1.2506Skewness 0.51216Kurtosis :1.15890N 643

Minimum 1.0000

Anderson:Darling $Normality$Test

95% $Confidence$Interval$for$Mean

95% $Confidence$Interval$for$Median

95% $Confidence$Interval$for$StDev

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Median

Mean

2.52.42.32.22.12.0

95%$Confidence$Intervals

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Pearson correlation of Q1 and Empl Status = -0.019 P-Value = 0.632

Other items in the construct also reflected similar perceptions. Almost similar percentages of respondents irrespective of demographics felt their pay was less compared to their peers in their organizations and in other organizations. Similarly, they had a minimal level of allegiance with their organization and seemed ready to leave if offered better pay.

Construct 2 – Annual Increments

Item 6 – Perception about annual increments being commensurate with efforts put in by the individual

Again, a very large number of respondents (543/643) disagreed or strongly disagreed with the preposition, indicating and inherent lack of trust on reward system used to decide annual increments. Following is a graphical summary:


Following is the output of Minitab-17 w.r.t correlation between job satisfaction and annual increments being commensurate with efforts put in by the individual:

Pearson correlation of X2 and Y = 0.971 P-Value = 0.000

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1.8631 2.0187

2.0000 2.0000

0.9524 1.0626

A<Squared 63.04P<Value < 0.005

Mean 1.9409StDev 1.0045Variance 1.0090Skewness 1.02521Kurtosis 0.02790N 643

Minimum 1.0000

Anderson<Darling $Normality$Test




4321

Median

Mean

2.001.951.901.85


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It can be seen that most respondents consider that their satisfaction with jobs depends on the appropriateness of their annual increments. High Pearson value of 0.971 suggests strong correlation and P-Value of 0.000 suggests perfect adequacy of the Person coefficient. As with the first construct, this conclusion is also consistent with general perception in the industry.


Cell Contents: Pearson correlation, P-Value

As seen in the table above, there is no significant relationship between the perceptions expressed in the response about annual increments and any of the demographic aspects.

Most other items in the construct expressed similar responses. Respondents generally believed that management does not favor employees when deciding increments, implying a perception that top management is focused more on earning higher profits instead of investing on employees.

Construct 3 – Other Allowances

Item 11 – Perception about allowances satisfying employees needs

Since this construct also reflected financial compensation aspects, its results were no different from the first two constructs. The responses were heavily biased towards strong or weak disagreement and there was no significant correlation with demographics. Following table and figure summarize the same.

Q6 Gender Age Qualification Tenure

Gender -0.0230.554

Age 0.0160.678

0.0030.935

Qualification 0.0620.324

0.0110.787

-0.0390.324

Tenure 0.0230.563

0.0020.962

-0.0190.633

0.0220.579

Empl Status -0.0150.698

-0.0210.601

-0.0380.334

-0.0370.349

0.0730.063

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Construct 4 – Non-Financial Benefits

Item 13 – Perception about promotions reflective of employees efforts

504 out of total 643 respondents believed that the systems used for promotions did not reflect the efforts put in by the employees. Following is a graphical summary:


Gender -0.0180.647

Age 0.0080.833

0.0030.935


0.0110.787

-0.0390.324

Tenure -0.0030.937

0.0020.962

-0.0190.633

0.0220.579


-0.0210.601

-0.0380.334

-0.0370.349

0.0730.063

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1.8054 1.9551

2.0000 2.0000

0.9165 1.0225

A;Squared 65.45P;Value < 0.005


Minimum 1.0000

Anderson;Darling $Normality$Test




4321

Median

Mean

2.001.951.901.851.80


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Other items in the constructs also reflected similar sentiments including perceptions that promotion systems were less fair when compared to other organizations, promotion system being non-reflective of employees experience etc. Responses to one of the items also reflected a significant lack of trust in promotion decisions made the management.


Following is the output of Minitab-17 w.r.t correlation between promotion system and efforts put in by the individual:

Pearson correlation of Y and X3 = 0.876 P-Value = 0.000

It can be seen that most respondents consider that their satisfaction with jobs depends on whether they get a fair deals when they are considered for promotions. Pearson value at 0.876 suggests strong correlation and P-Value of 0.000 suggests reliability of the Person coefficient. Again, this conclusion is also consistent with general perception in the industry.

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2.0111 2.1756

2.0000 2.0000

1.0072 1.1237

A:Squared 60.54P:Value < 0.005

Mean 2.0933StDev 1.0622Variance 1.1284Skewness 0.806538Kurtosis :0.562551N 643

Minimum 1.0000

Anderson:Darling $Normality$Test




4321

Median

Mean

2.202.152.102.052.00


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As shown in the table, there is no significant relationship between perceptions expressed in this construct and demographics of the respondents.

Construct 5 – Job Satisfaction

Item 18 – Perception about receiving recognition when performing well

�


Gender -0.0420.288

Age -0.0040.921

0.0030.935


0.0110.787

-0.0390.324

Tenure -0.0380.338

0.0020.962

-0.0190.633

0.0220.579


-0.0210.601

-0.0380.334

-0.0370.349

0.0730.063

!


3.0412 3.2543

3.0000 3.0000

1.3044 1.4553

A8Squared 26.85P8Value < 0.005


Minimum 1.0000

Anderson8Darling $Normality$Test




54321

Median

Mean

3.253.203.153.103.053.00


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Perceptions about this aspect were mixed. A mean of 3.14 shows a belief that when the employee performs well, he or she is recognized to a satisfactory level. However, about 200 respondents do not agree with this.


Again, there seems to be no demographic significance, as shown in the table below:


Item 19 – Perception about feeling close to people at work

�


Gender -0.0230.565

Age 0.0310.428

0.0030.935


0.0110.787

-0.0390.324

Tenure -0.0370.345

0.0020.962

-0.0190.633

0.0220.579


-0.0210.601

-0.0380.334

-0.0370.349

0.0730.063

!


3.2847 3.4805

3.0000 3.0000

1.1986 1.3373

A<Squared 25.57P<Value < 0.005

Mean 3.3826StDev 1.2641Variance 1.5980Skewness <0.14965Kurtosis <1.07244N 643

Minimum 1.0000

Anderson<Darling $Normality$Test




54321

Median

Mean

3.53.43.33.23.13.0


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Most employees felt that they were close to their peers in terms of personal relations. A mean figure of 3.38 reflects this in the summary below. This result is also consistent with responses to item 26 where most respondents feel they get along well with their supervisors (mean=3.35)


There is no demographic significance, as shown in the table below. Level of association with peers seems to increase with age of the employees though.


ANOVA

Following are some selected ANOVA outputs analysis carried out on Minitab 17 keeping different items of Job Satisfaction as responses and different items of the four predictor constructs (Salaries, Increments, Other Allowances and Non-Financial Benefits).


Gender -0.0280.476

Age 0.0300.454

0.0030.935


0.0110.787

-0.0390.324

Tenure -0.0610.124

0.0020.962

-0.0190.633

0.0220.579


-0.0210.601

-0.0380.334

-0.0370.349

0.0730.063

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Construct 1: Salaries:

�

The above graph (interval plot) is for the first construct. The third item showing high levels of dissatisfaction is the response when respondents were asked to compare their salaries with salaries of peers from other organization. This response shows a deep dissatisfaction among banking employees and that they consider the banking industry inferior to other industries in terms of pays.

The affinity between 1st and 5th item (Salaries reflecting responsibilities and experience respectively); and 2nd and 4th item (Perceived fairness in internal decisions on salary levels and willingness to leave job due to inadequate salaries) is also indicated by Tukey’s Simultaneous 95% CI test given below (means on zero):

�

Q5Q4Q3Q2Q1

2.8

2.7

2.6

2.5

2.4

2.3

2.2

2.1

2.0

Data

95% CI for the Mean

The pooled standard deviation was used to calculate the intervals.

Q5 - Q4

Q5 - Q3

Q4 - Q3

Q5 - Q2

Q4 - Q2

Q3 - Q2

Q5 - Q1

Q4 - Q1

Q3 - Q1

Q2 - Q1

0.80.60.40.20.0-0.2-0.4-0.6-0.8

If an interval does not contain zero, the corresponding means are significantly different.

Tukey Simultaneous 95% CIsDifference of Means for Q1, Q2, ...

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The significant difference of means for variance in most items show adequacy of research tool.

Construct 2: Increments:

The interval plot below shows a perceived lack of sensitivity by management towards welfare of employees. (high mean levels for item 8 asking management favoring employees when deciding increments).

�

Similarly, none of the items when juxtaposed with item 10 (I will leave the organization because of inferior increment system) contains zero in Tukey’s 95% CI (given below) shoes that this factor (increments) leads to job-hopping decisions.

�

Q10Q9Q8Q7Q6

4.5

4.0

3.5

3.0

2.5

2.0

Data

95% CI for the Mean


Q10 - Q9

Q10 - Q8

Q9 - Q8

Q10 - Q7

Q9 - Q7

Q8 - Q7

Q10 - Q6

Q9 - Q6

Q8 - Q6

Q7 - Q6

210-1-2



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Construct 3: Other Allowances:

The interval plot below shows some variance between the 2 items (allowances reflective of needs and allowances as compared to other organizations). The higher means for the later indicate that allowances being less is not as painful for respondents as is the fact that they do not match up with allowances offered by other organizations.

�

Construct 4: Non Financial Benefits:

The interval plot below shows high comparative mean for item 14 (promotion standards not being as good as other originations). This result reaffirms the earlier discussion about a sense of banking industry being inferior to other industries in such areas.

�

Q12Q11

2.15

2.10

2.05

2.00

1.95

1.90

1.85

1.80

Data

95% CI for the Mean


Q17Q16Q15Q14Q13

3.0

2.8

2.6

2.4

2.2

2.0

Data

95% CI for the Mean


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There seems to be no significant variance in means in comparisons where questions other than item 14 are involved in the Tukey’s 95% CI test below:

�

Outputs of Tukey’s 95% CI test are also reaffirmed by Hsu’s Simultaneous 95% CI test below:

�

Q17 - Q16

Q17 - Q15

Q16 - Q15

Q17 - Q14

Q16 - Q14

Q15 - Q14

Q17 - Q13

Q16 - Q13

Q15 - Q13

Q14 - Q13

1.00.50.0-0.5-1.0



Q17 - Q14

Q16 - Q14

Q15 - Q14

Q14 - Q17

Q13 - Q14

1.00.50.0-0.5-1.0

different.If an interval has zero as an endpoint, the corresponding means are significantly

Hsu Simultaneous 95% CIsLevel Mean - Largest of Other Level Means for Q13, Q14, ...

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Regression Analysis

Y represents the output (dependent variable) which represents ‘Job Satisfaction’ as manifested through 10 items (Q18 to Q27) in the questionnaire. Similarly, X1 through X4 represent the four independent variables expressed as ‘Salaries’, ‘Annual Increments’, ‘Other Allowances’ and ‘Non-Financial Benefits’ constructs in the questionnaire. The regression analysis was performed in Minitab-17 software tool and the regression equation comes out as follows:

Y = 0.2219 + 0.4351 X1 + 1.1368 X2 - 0.3986 X3 - 0.0984 X4

Model Summary

S R-sq R-sq(adj) R-sq(pred)

0.204153 96.76% 96.74% 96.71%

The P-Values of first three predictors (X1, X2 and X3) are 0.000 (against an alpha level of 0.05) which indicate that they are all significantly related to Job Satisfaction. However, the P-Value of the 4th predictor (Non-financial Benefits) is 0.036 which does not seem to be as strongly correlated to the dependent variable as the other three predictors. The Adjusted R-Sq value is 96.74% which indicated a fair degree of explanation of the variance in response given by the predictors.

Source DF Adj SS Adj MS F-Value P-Value

Regression 4 794.053 198.513 4762.95 0.000

X1 1 4.363 4.363 104.69 0.000

X2 1 26.764 26.764 642.15 0.000

X3 1 5.974 5.974 143.33 0.000

X4 1 0.184 0.184 4.42 0.036

Error 638 26.591 0.042 33.46

Lack-of-Fit 45 19.078 0.424 0.000

Pure Error 593 7.513 0.013

Total 642 820.644

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The VIF values of all 4 independent variables are above 10, which indicates a significant amount of multicollinearity among the predictors. In regression, multicollinearity refers to predictors that are correlated with other predictors. Moderate multicollinearity may not be problematic. However, severe multicollinearity is problematic because it can increase the variance of the regression coefficients, making them unstable and difficult to interpret. Some solutions include removing highly correlated predictors from the model and using Partial Least Squares (PLS) regression models. Apropos, the model was re-run by removing the two predictors with highest VIF values (X1 and X4) and following results were obtained:

Removing predictors from an equation always carries an apprehension whether the degree to which the model explained variances in the output remains the same. It needs to be noted that removal of constructs due to existence of multicollinearity does not, by any means, suggest insignificance. It only shows that even if removed from the model, they will be adequately represented by other determinants because they are highly collinear with the determinant that remains in the model. For example, the VIF values suggest removal of ‘Salary’ construct. However, it is only because it is adequately represented by annual increments and not because it is insignificant. A strong measure of this aspect is the adjusted R-Sq value, which was 96.74% for all 4 predictors in the model. Following is the model summary with X1 and X4 removed:

Model Summary

S R-sq R-sq(adj) R-sq(pred)

0.224141 96.08% 96.07% 96.05%

Term Coef SE Coef T-Value P-Value VIF

Constant 0.2219 0.0266 8.33 0.000

X1 0.4351 0.0425 10.23 0.000 28.01

X2 1.1368 0.0449 25.34 0.000 31.13

X3 -0.3986 0.0333 -11.97 0.000 15.50

X4 -0.0984 0.0468 -2.10 0.036 40.49

Term Coef SE Coef T-Value P-Value VIF

Constant 0.1602 0.0262 6.12 0.000

X2 1.5404 0.0274 56.24 0.000 9.63

X3 -0.4945 0.0288 -17.16 0.000 9.63

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It can be seen that the adjusted R-Sq value with only X2 and X3 in the model is 96.07%, which though slightly less than having all 4 predictors, still explains almost same levels of variance in the output. The new regression equation come out to be as follows:

Y = 0.1602 + 1.5404 X2 - 0.4945 X3

The negative coefficient of X3 (Other Allowances) is counter intuitive (It may be noted that in the initial model, X4 also has a negative coefficient, albeit with a lower numerical figure compared to X3). However, this explains some important underlying beliefs in banking sector employees, which were discussed in qualitative sessions conducted after such results were obtained.

There seems to be a general consensus among banking employees that the non-financial benefits available in the banking industry are the exclusive province of higher officials. The only person getting any considerable non-financial benefits in bank branches in the branch-manager. Besides the manager, almost all non-financial benefits are available to senior officials sitting in regional and central headquarters, who were not a subject of this research. Therefore, as such, there are hardly any non-financial benefits in banking sector for employees below the branch-manager level, except the hope for a promotion.

Similarly, the term ‘Other Allowances’ was related by most respondents to an insignificant amount of financial sum they receive from their employers. On average, allowances account for less than 10% of the total financial amount received my most subjects. This is far less when compared to the allowances of employees in other sectors. For example, a grade 18 federal government employee gets more than the equivalent of his basic salary as allowances – specially after the ad-hoc allowances given by the government since 2007. (This will change now as the current budget has proposed merger of ad-hoc allowances into basic salaries).

All in all, the regression analysis suggests that banking sector employees consider their annual benefits as the most important determinant of their satisfaction with jobs, even higher than their salaries. This can be explained by considering the fact the basic salaries are almost ‘written on stone’ due to various regulations that govern the banking sector. As such, even if these salaries are increased (or decreased), the extent of change will be almost similar across ranks and would thus make no comparative difference to employees.

On the other hand, the annual increments are reflective of the value the employer assigns to the effort of employees. As such, not getting substantial annual increments somehow conveys to the employee that his/ her efforts were not enough, or from the employees’ perspective, were not adequately valued.

The results generally show that the level of job satisfaction in the banking sector of Pakistan is very low. It is evident that a large number of banking sector employees are highly dissatisfied with their salaries, allowances and promotion system being followed. It is also clearly visible that such dissatisfaction is not limited to employee of a particular gender, age group, qualification level or status of employment.

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It is also evident that most of banking sector employees, irrespective of the bank they work for, tends to believe that other banks are better than their present employer. They also believe that other sector have better working conditions, pays and non-financial benefits compared to the banking sector.

Based on the results and analysis presented in this chapter, following comments are offered for the hypothesis set in this thesis:

H1 High pays and allowances leads to high levels of job satisfaction

The first three constructs (salary, Increments and Other Allowances) were directly related to the financial benefits an employee gets from its employer (bank). Several methods were used to arrive to the conclusion including demographics, statistical analysis, correlation analysis, ANOVA and combination of ANOVA and regression in the shape of ANCOVA. With mean values of as high as 4.3/5 expressing dissatisfaction, H1 is accepted with a suggestion of particular focus on annual increments.

H2 Fair promotion system leads to high levels of job satisfaction

Table: Coefficients

Model

ErrorStandardize

d Coefficients T Sig.

Std. Error Beta

(Constant)0.0266 0.2219

8.33.000

Salary

Increments

Other Allowances

0.0266

0.0425

0.0449

0.4351

1.1368

0.3986

10.23

25.34

11.97

0.000

0.000

0.000

Dependent Variable: Employee Performance

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The fourth construct was representative of non-financial benefits an employee gets from its employer (bank). The construct used items to ascertain satisfaction, comparative satisfaction within industry (banking) and comparative satisfaction across industries. As discussed earlier, for most of the banking employees, non-financial benefits boil down to the promotion system. There is a general consensus among respondents regarding inadequacy of non financial benefits offered in the banking sector of Pakistan thus, H2 is accepted.

Conclusion

The banking sector of Pakistan is one of the fastest growing sectors in the economy. However, paradoxically, it also happens to be the sectors with the least satisfied employees. While there can be several explanations for such dissatisfaction, this thesis tried to study the relationship between job satisfaction in the banking sector and the four constructs of Salaries, Increments, Other Allowances and Non-Financial Benefits. Following is a summary of conclusions arrived at, after analyzing the results of survey:

a. Banking sector employees believe that their salaries are not reflective of their contribution towards the bank.

b. Employees believe that they get lower salary when compared to other employees who have similar responsibilities. (Though this is not statistically possible, but the perception carries significant importance and merits a mention)

c. Employees believe that they get lower salary when compared to employees in other organizations.

d. Most banking employees will leave their current job if they are offered better salaries by another bank or another organization.

e. Employees believe that their experience is not reflected in their salaries.

Table: Coefficients

Model

ErrorStandardize

d Coefficients T Sig.

Std. Error Beta

(Constant)

0.0266 0.2219 8.33 .000

Non Financial Benefits 0.0468 0.0984 2.10 0.036

Dependent Variable: Employee Performance

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f. Employees believe that they put in large efforts throughout the year which are not reflected in their annual increments.

g. Annual increment system is considered to be inconsistent.

h. System used to award annual increments is perceived to be marred by nepotism.

j. Employees believe that they get smaller increments when compared to other employees who have similar responsibilities. (Again, this is not statistically possible, but the perception carries significant importance and merits a mention)

k. Employees believe that they get smaller increments when compared to employees in other organizations.

l. Most banking employees will leave their current job if they are offered better increments by another bank or organization.

m. Employees’s needs are not met by respective allowances. (Example: they spend more fuel to travel for job related requirements than the fuel allowance they get).

n. Employees believe that they get inadequate allowances when compared to employees in other organizations.

p. Employees feel that promotions in their bank are not based on level of efforts put in by the employee.

q. Employees believe that the promotion system in their organization is poor when compared to promotion system in other organizations.

r. Management is considered to have no consideration for employees when making promotion decisions.

s. Most employees think that their experience warrants higher rank.

t. Most employees do not feel a sense of recognition.

u. Employees feel closer to their peers.

v. Job security levels are lower.

w. Employees feel their health is compromised due to the level of stress in their jobs.

x. Employees do not feel very good about their job.

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Implication and Recommendations for Industry

Based on the results of this thesis, following recommendations are offered for the banking industry of Pakistan:

a. There is an immediate need to address the lack of dis-satisfaction employees have with their jobs. The lack emanates from perceptions that the salaries are inadequate, increments do not reflect efforts out in by the employees, promotion systems are not fair.

b. The decision makers need to compare the salaries, increments and growth opportunities offered by other sectors and design their own system accordingly, so as to become comparable with those sectors.

c. Annual increments seem to be the most important determinant of employees’ satisfaction with their jobs in the banking sector. Generally, it is perceived that increments do not reflect the efforts put in by the employees. Decision makers in the banking industry need to review the increments awarding structure.

d. Promotion system is not seen to be fair by banking sector employees. Decision makers need to investigate this aspect more deeply and remove the factors which cause such perceptions.

e. Most of the banking sector employees consider themselves worse off when compared to other banks. This is statistically impossible but reflects inherent dissatisfaction within the banking industry; perhaps attributable to the religious perceptions about sector. It is considered that expansion of Islamic banking and thus employment of a larger number of employees in the Islamic banking functions may address such concerns.

Recommendations for Researchers

Following are some of the suggested areas where this research can be extended:

a. More banks can be added to the data set to reflect difference in working cultures.

b. Geographically diverse respondents can be researched to add depth to the results, including respondents from banks in other countries.

c. Perceptions about religious aspects of banking (Riba) can be researched to ascertain the relation of such beliefs with dissatisfaction.

d. Social and cultural aspects of dissatisfaction can be studied to augment the results.

e. Researchers can use different variables for assessing level job satisfaction in banking sector of Pakistan and it is also recommended to do comparative study among different banks.

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Limitations

This study has several limitations. Important ones are mentioned below:

a. Employees of a limited number of banks were surveyed due to lack of time and research funds.

b. Employees of a specific area in Pakistan were surveyed due to lack of time and research funds.

c. Some important aspects such as perceptions about religious concerns about mainstream banking were not researched due to it being outside the scope of the study.

d. While is has been proved statistically that the study does not suffer from any significant biases, some biases related to human nature may still be present in the study.

e. The perceptions of employees in other sectors were not measured due to it not being in the scope of this study. This might have raised new research question about deeper nature of dissatisfaction in the society overall.

f. Some aspects that cause dissatisfaction may be attributable to the social and cultural aspects. These aspects were not studied due to being outside the scope.

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