Job Satisfaction of employees: A study on Standard Chartered Bank

Group MembersStacy DSouza (1146129)Nazish Shaikh (1146156)

ProgramMaster of Business Administration - MBA

Instructor NameShahnaz Meghani

SZABIST Karachi Campus

Overview

Standard Chartered Bank (Pakistan) Ltd. is the oldest and largest international bank in Pakistan. It is also the first international bank to be awarded Islamic banking license and the first to open an Islamic banking branch.

2013 marked Standard Chartered's 150th anniversary in Pakistan. The Bank, which started as the Chartered Bank opened its first office in Karachi in March 1863.

The Banks serves both Retail and Corporate and Institutional Banking customers. Retail Banking provides credit cards, personal loans, mortgages, deposit taking and wealth management services to individuals and small to medium sized enterprises. Corporate and Institutional Banking provides clients with services in trade finance, cash management, lending, securities services, foreign exchange, debt capital markets and corporate finance. It also offers a complete suite of Islamic banking solutions under its Standard Chartered Saadiq brand.

Standard Chartered was assigned a rating of AAA/ A1+ by PACRA. In 2012 and 2013 it won the award for Best Bank in Pakistan by The Asset Triple A for two consecutive years.

The Bank employs over 4,500 people in Pakistan and has a network of 116 branches of which 10 are dedicated Standard Chartered Saadiq branches as well as 191 ATMs.

History

Standard Chartered Bank was formed in 1969 through the merger of two separate banks, the Standard Bank of British South Africa and the Chartered Bank of India, Australia and China.These banks had capitalised on the expansion of trade between Europe, Asia and Africa. The Chartered BankThe Chartered Bank was founded by James Wilson following the grant of a Royal Charter by Queen Victoria in 1853.The bank opened in Mumbai (Bombay), Kolkata and Shanghai in 1858, followed by Hong Kong and Singapore in 1859. The traditional trade was in cotton from Mumbai, indigo and tea from Kolkata, rice from Burma, sugar from Java, tobacco from Sumatra, hemp from Manila and silk from Yokohama.The bank played a major role in the development of trade with the East following the opening of the Suez Canal in 1869 and the extension of the telegraph to China in 1871.In 1957 Chartered Bank bought the Eastern Bank, together with the Ionian Bank's Cyprus Branches and established a presence in the Gulf. The Standard BankThe Standard Bank was founded in London in 1862 by John Paterson from the Cape Colony in South Africa, and started business in Port Elizabeth in the following year.The bank was prominent in financing the development of the diamond fields of Kimberley from the 1870s. It later extended its network further north to the new town of Johannesburg when gold was discovered there in 1886.The bank expanded in Southern, Central and Eastern Africa and had 600 offices by 1953.In 1965, it merged with the Bank of West Africa, expanding its operations into Cameroon, Gambia, Ghana, Nigeria and Sierra Leone.In 1987 Standard Chartered Bank sold its stake in the Standard Bank, which now operates as a separate entity.

Important FactsEstablished since 1863176 branches spread over 41 citiesUS$ 487 million acquisition of Union Bank, the largest ever transaction in Pakistans banking historyStandard Chartered recorded a profit before tax (PBT) of Rs 1.093 billion during FY08190 billion deposit base at the end of HY09

Sector OverviewPakistan's private banks seem to have made deeper inroads in the saving habits of people as the promising working results published by half for them for last year allayed fears about their commercial viability in a tight liquidity market and a low savings rate. The entire banking sector experienced depressed profitability. During 1Q09 (January-March 2009), the deposits of the banking sector grew by 2%. Total deposits of the Sector reached Rs 3.9 trillion by the end of 1Q09, depicting a growth of 2% from Rs 3.8 trillion at the end of CY08. Banking sector witnessed a 3% contraction in the deposit base during October 2008, owing to a liquidity crunch in the market, but since then the deposit growth has slowly picked up. The banks offered high returns to attract customer deposits and 6% rise in NFA helped the banks to widen their deposit base. While the ongoing year will likely be challenging (in that the absolute quantum of systemic provisions may remain flat (YoY) the overall macroeconomic environment is set to be more upbeat over the next 2-3 years. Despite of the economic crunch Standard Chartered has reported profit in the year 2009 with the indication of expanding its branch network further both in Conventional and Islamic Banking.

INTRODUCTION

Job satisfaction is not the same as motivation. It is more if an attitude, an internal state of the person concerned. It could, for example, be associated with a personal feeling of achievement. Job satisfaction is an individuals emotional reaction to the job itself. It is his attitude towards his job.Definitions: Job satisfaction does not seem to reduce absence, turnover and perhaps accident rates. -Robert L. Kahn Job satisfaction is a general attitude towards ones job: the difference between the amount of reward workers receive and the amount they believe they should receive. -P. RobbinsJob satisfaction defines as The amount of overall positive affect (or feeling) that individuals have toward their jobs.-Hugh J. Arnold and Daniel C. Feldman Job satisfaction is the amount of pleasure or contentment associated with a job. If you like your job intensely, you will experience high job satisfaction. If you dislike your job intensely, you will experience job dissatisfaction. By Andrew J DuBrins,

The practice of supervision, PakistanJob satisfaction is one part of life satisfaction. The environment influences the job. Similarly, since a job is important part of life, job satisfaction influences ones general life satisfaction. Manager may need to monitor not only the job and immediate work environment but also their employees attitudes towards other part of life. JOB FAMILY

POLITICSLIFE LEISURE

RELATED ELEMENT OF LIFE SATISFACTIONHuman life has become very complex and completed in now-a-days. In modern society the needs and requirements of the people are ever increasing and ever changing. When the people are ever increasing and ever changing, when the peoples needs are not fulfilled they become dissatisfied. Dissatisfied people are likely to contribute very little for any purpose. Job satisfaction of industrial workers us very important for the industry to function successfully. Apart from managerial and technical aspects, employers can be considered as backbone of any industrial development. To utilize their contribution they should be provided with good working conditions to boost their job satisfaction. Any business can achieve success and peace only when the problem of satisfaction and dissatisfaction of workers are felt understood and solved, problem of efficiency absenteeism, labor turnover require a social skill of understanding human problems and dealing with them scientific investigation serves the purpose to solve the human problems in the industry. a) Pay. b) The work itself. c) Promotion d) The work group. e) Working condition. f) Supervision.

PAY Wages do play a significant role in determining of satisfaction. Pay is instrumental in fulfilling so many needs. Money facilities the obtaining of food, shelter, and clothing and provides the means to enjoy valued leisure interest outside of work. Moreover, pay can serve as symbol of achievement and a source of recognition. Employees often see pay as a reflection of organization. Fringe benefits have not been found to have strong influence on job satisfaction as direct wages.

THE WORK ITSELF Along with pay, the content of the work itself plays a very major role in determining how satisfied employees are with their jobs. By and large, workers want jobs that are challenging; they do want to be doing mindless jobs day after day. The two most important aspect of the work itself that influence job satisfaction are variety and control over work methods and work place. In general, job with a moderate amount of variety produce the most job satisfaction. Jobs with too little variety cause workers to feel bored and fatigue. Jobs with too much variety and stimulation cause workers to feel psychologically stressed and burnout.

PROMOTION Promotional opportunities have a moderate impact on job satisfaction. A promotion to a higher level in an organization typically involves positive changes I supervision, job content and pay. Jobs that are at the higher level of an organization usually provide workers with more freedom, more challenging work assignments and high salary.

SUPERVISION Two dimensions of supervisor style: 1. Employee centered or consideration supervisors who establish a supportive personal relationship with subordinates and take a personal interest in them. 2. The other dimension of supervisory style influence participation in decision making, employee who participates in decision that affect their job, display a much higher level of satisfaction with supervisor an the overall work situation.

WORK GROUP Having friendly and co-operative co-workers is a modest source of job satisfaction to individual employees. The working groups also serve as a social support system of employees. People often used their co-workers as sounding board for their problem of as a source of comfort.

WORK CONDITION The employees desire good working condition because they lead to greater physical comfort. The working conditions are important to employees because they can influence life outside of work. If people are require working long hours and / or overtime, they will have very little felt for their families, friends and recreation outside work.Determinants of job satisfaction: While analyzing the various determinants of job satisfaction, we have to keep in mind that: all individuals do no derive the same degree of satisfaction though they perform the same job in the same job environment and at the same time. Therefore, it appears that besides the nature of job and job environment, there are individual variables which affect job satisfaction. Thus, all those factors which provide a fit among individual variables, nature of job, and situational variables determine the degree of job satisfaction. Let us see what these factors are.

Individual factors: Individuals have certain expectations from their jobs. If their expectations are met from the jobs, they feel satisfied. These expectations are based on an individuals level of education, age and other factors.Level of education: Level of education of an individual is a factor which determines the degree of job satisfaction. For example, several studies have found negative correlation between the level of education, particularly higher level of education, and job satisfaction. The possible reason for this phenomenon may be that highly educated persons have very high expectations from their jobs which remain unsatisfied. In their case, Peters principle which suggests that every individual tries to reach his level of incompetence, applies more quickly.Age: Individuals experience different degree of job satisfaction at different stages of their life. Job satisfaction is high at the initial stage, gets gradually reduced, starts rising upto certain stage, and finally dips to a low degree. The possible reasons for this phenomenon are like this. When individuals join an organization, they may have some unrealistic assumptions about what they are going to drive from their work. These assumptions make them more satisfied. However, when these assumptions fall short of reality, job satisfaction goes down. It starts rising again as the people start to assess the jobs in right perspective and correct their assumptions. At the last, particularly at the fag end of the career, job satisfaction goes down because of fear of retirement and future outcome.Other factors: Besides the above two factors, there are other individual factors which affect job satisfaction. If an individual does not have favorable social and family life, he may not feel happy at the workplace. Similarly, other personal problems associated with him may affect his level of job satisfaction. Personal problems associated with him may affect his level of job satisfaction.

Nature of job: Nature of job determines job satisfaction which is in the form of occupation level and job content.Occupation level: Higher level jobs provide more satisfaction as compared to lower levels. This happens because high level jobs carry prestige and status in the society which itself becomes source of satisfaction for the job holders. For example, professionals derive more satisfaction as compared to salaried people: factory workers are least satisfied. Job content: Job content refers to the intrinsic value of the job which depends on the requirement of skills for performing it, and the degree of responsibility and growth it offers. A higher content of these factors provides higher satisfaction. For example, a routine and repetitive lesser satisfaction; the degree of satisfaction progressively increases in job rotation, job enlargement, and job enrichment.Situational variables: Situational variables related to job satisfaction lie in organizational context formal and informal. Formal organization emerges out of the interaction of individuals in the organization. Some of the important factors which affect job important factors which affect job satisfaction are given below:

1. Working conditions: Working conditions, particularly physical work environment, like conditions of workplace and associated facilities for performing the job determine job satisfaction. These work in two ways. First, these provide means job performance. Second, provision of these conditions affects the individuals perception about the organization. If these factors are favorable, individuals experience higher level of job satisfaction. 2. Supervision: The type of supervision affects job satisfaction as in each type of supervision; the degree of importance attached to individuals varies. In employee-oriented supervision, there is more concern for people which is perceived favorably by them and provides them more satisfaction. In job oriented supervision, there is more emphasis on the performance of the job and people become secondary. This situation decreases job satisfaction 3. Equitable rewards: The type of linkage that is provided between job performance and rewards determines the degree of job satisfaction. If the reward is perceived to be based on the job performance and equitable, it offers higher satisfaction. If the reward is perceived to be based on considerations other than the job performance, it affects job satisfaction adversely. 4. Opportunity:It is true that individuals seek satisfaction in their jobs in the context of job nature and work environment by they also attach importance to opportunities for promotion that these job offer. If the present job offers opportunity of promotion is lacking, it reduces satisfaction.

Effect of Job Satisfaction

Job satisfaction has a variety of effects. These effects may be seen in the context of an individuals physical and mental health, productivity, absenteeism, and turnover.Physical and Mental Health: The degree of job satisfaction affects an individuals physical and mental health. Since job satisfaction is a type of mental feeling, its favorableness or unfavourablesness affects the individual psychologically which ultimately affects his physical health. For example, Lawler has pointed out that drug abuse, alcoholism and mental and physical health result from psychologically harmful jobs. Further, since a job is an important part of life, job satisfaction influences general life satisfaction. The result is that there is spillover effect which occurs in both directions between job and life satisfaction. Productivity: There are two views about the relationship between job satisfaction and productivity: 1. A happy worker is a productive worker,2. A happy worker is not necessarily a productive worker. The first view establishes a direct cause-effect relationship between job satisfaction and productivity; when job satisfaction increases, productivity increases; when satisfaction decreases, productivity decreases. The basic logic behind this is that a happy worker will put more efforts for job performance. However, this may not be true in all cases. For example, a worker having low expectations from his jobs may feel satisfied but he may not put his efforts more vigorously because of his low expectations from the job. Therefore, this view does not explain fully the complex relationship between job satisfaction and productivity.The view: That is a satisfied worker is not necessarily a productive worker explains the relationship between job satisfaction and productivity. Various research studies also support this view. This relationship may be explained in terms of the operation of two factors: effect of job performance on satisfaction and organizational expectations from individuals for job performance. 1. Job performance leads to job satisfaction and not the other way round. The basic factor for this phenomenon is the rewards (a source of satisfaction) attached with performance. There are two types of rewards intrinsic and extrinsic. The intrinsic reward stems from the job itself which may be in the form of growth potential, challenging job, etc. The satisfaction on such a type of reward may help to increase productivity. The extrinsic reward is subject to control by management such as salary, bonus, etc. Any increase in these factors does not help to increase productivity though these factors increase job satisfaction. 1. Extrinsic rewardA happy worker does not necessarily contribute to higher productivity because he has to operate under certain technological constraints and, therefore, he cannot go beyond certain output. Further, this constraint affects the managements expectations from the individual in the form of lower output. Thus, the work situation is pegged to minimally acceptable level of performance. However, it does not mean that the job satisfaction has no impact o productivity. A satisfied worker may not necessarily lead to increased productivity but a dissatisfied worker leads to lower productivity.

Absenteeism: Absenteeism refers to the frequency of absence of job holder from the workplace either unexcused absence due to some avoidable reasons or long absence due to some unavoidable reasons. It is the former type of absence which is a matter of concern. This absence is due to lack of satisfaction from the job which produces a lack of will to work and alienate a worker form work as for as possible. Thus, job satisfaction is related to absenteeism. HIGH

TURNOVER

JOB ABSENCESSATISFACTION

LOW LOW HIGH TURNOVER AND ABSENCES

RELATIONSHIP OF JOB SATISFACTION, EMPLOYEE TURNOVER AND ABSENCES

Employee turnover: Turnover of employees is the rate at which employees leave the organization within a given period of time. When an individual feels dissatisfaction in the organization, he tries to overcome this through the various ways of defense mechanism. If he is not able to do so, he opts to leave the organization. Thus, in general case, employee turnover is related to job satisfaction. However, job satisfaction is not the only cause of employee turnover, the other cause being better opportunity elsewhere.For example, in the present context, the rate of turnover of computer software professionals is very high in India. However, these professionals leave their organizations not simply because they are not satisfied but because of the opportunities offered from other sources particularly from foreign companies located abroad.

DIMENSIONS OF JOB SATIFACTION

Job satisfaction is a complex concept and difficult to measure objectively. The level of job satisfaction is affected by a wide range of variables relating to individual, social, cultural, organizational factors as stated below:- DIMENSIONS

INDIVIDUAL SOCIAL ORGANIZATIONAL ENVIRONMENTAL CULTURAL FACTORS FACTOR FACTOR FACTOR

Individual:- Personality, education, intelligence and abilities, age, marital status, orientation to work.

Social factors:-Relationship with co-workers, group working and norms, opportunities for interaction, informal relations etc.

Organizational factors:- Nature and size, formal structure, personnel policies and procedures, industrial relation, nature of work, technology and work organization, supervision and styles of leadership, management systems, working conditions.

Environmental factors:-Economic, social, technical and governmental influences.

Cultural factors:-Attitudes, beliefs and values. These factors affect job satisfaction of certain individuals in a given set of circumstances but not necessarily in others. Some workers may be satisfied with certain aspects of their work and dissatisfied with other aspects .Thus, overall degree of job satisfaction may differ from person to person.

IMPORTANCE TO STUDY JOB SATISFACTIONThe importance to the study of job satisfaction level is very important for executives. Job satisfaction study importance can be understood by the answer of the following question 1) Is there room for improvement?2) Who is relatively more dissatisfied?3) What contributes to the employee satisfaction?4) What are the effects of negative employee attitudes?

Benefits of job satisfaction study Job satisfaction surveys can produce positive, neutral or negative results. If planned properly and administered, they will usually produce a number of important benefits, such as-1. It gives management an indication of general levels of satisfaction in a company. Surveys also indicate specific areas of satisfaction or dissatisfaction as compared to employee services and particular group of employee.2. It leads to valuable communication brought by a job satisfaction survey. Communication flow in all direction as people plan the survey, take it and discuss the result. Upward communication is especially fruitful when employees are encouraged to comment about what is on their minds instead of merely answering questions about topics important to management.3. As a survey is safety value, an emotional release. A chance to things gets off. The survey is an intangible expression of managements interest in employee welfare, which gives employees a reason to feel better towards management.4. Job satisfaction surveys are a useful way to determine certain training needs.5. Job satisfaction surveys are useful for identifying problem that may arise, comparing the response to several alternatives and encouraging manager to modify their original plans. Follow up surveys allows management to evaluate the actual response to a change and study its success or failure.

Importance to Worker and OrganizationFrequently, work underlies self-esteem and identity while unemployment lowers self-worth and produces anxiety. At the same time, monotonous jobs can erode a worker's initiative and enthusiasm and can lead to absenteeism and unnecessary turnover. Job satisfaction and occupational success are major factors in personal satisfaction, self-respect, self-esteem, and self-development. To the worker, job satisfaction brings a pleasurable emotional state that often leads to a positive work attitude. A satisfied worker is more likely to be creative, flexible, innovative, and loyal.For the organization, job satisfaction of its workers means a work force that is motivated and committed to high quality performance. Increased productivity the quantity and quality of output per hour worked seems to be a byproduct of improved quality of working life. It is important to note that the literature on the relationship between job satisfaction and productivity is neither conclusive nor consistent. Unhappy employees, who are motivated by fear of job loss, will not give 100 percent of their effort for very long. Though fear is a powerful motivator, it is also a temporary one, and as soon as the threat is lifted performance will decline.Tangible ways in which job satisfaction benefits the organization include reduction in complaints and grievances, absenteeism, turnover, and termination; as well as improved punctuality and worker morale. Job satisfaction is also linked to a more healthy work force and has been found to be a good indicator of longevity. And although only little correlation has been found between job satisfaction and productivity, Brown (1996) notes that some employers have found that satisfying or delighting employees is a prerequisite to satisfying or delighting customers, thus protecting the "bottom line."

Creating Job SatisfactionSo, how is job satisfaction created? What are the elements of a job that create job satisfaction? Organizations can help to create job satisfaction by putting systems in place that will ensure that workers are challenged and then rewarded for being successful. Organizations that aspire to creating a work environment that enhances job satisfaction need to incorporate the following:1. Flexible work arrangements, possibly including telecommuting 2. Training and other professional growth opportunities 3. Interesting work that offers variety and challenge and allows the worker opportunities to "put his or her signature" on the finished product 4. Opportunities to use one's talents and to be creative 5. Opportunities to take responsibility and direct one's own work 6. A stable, secure work environment that includes job security/continuity 7. An environment in which workers are supported by an accessible supervisor who provides timely feedback as well as congenial team members 8. Flexible benefits, such as child-care and exercise facilities 9. Up-to-date technology 10. Competitive salary and opportunities for promotion Probably the most important point to bear in mind when considering job satisfaction is that there are many factors that affect job satisfaction and that what makes workers happy with their jobs varies from one worker to another and from day to day. Apart from the factors mentioned above, job satisfaction is also influenced by the employee's personal characteristics, the manager's personal characteristics and management style, and the nature of the work itself. Managers who want to maintain a high level of job satisfaction in the work force must try to understand the needs of each member of the work force. For example, when creating work teams, managers can enhance worker satisfaction by placing people with similar backgrounds, experiences, or needs in the same workgroup. Also, managers can enhance job satisfaction by carefully matching workers with the type of work. For example, a person who does not pay attention to detail would hardly make a good inspector, and a shy worker is unlikely to be a good salesperson. As much as possible, managers should match job tasks to employees' personalities.Managers who are serious about the job satisfaction of workers can also take other deliberate steps to create a stimulating work environment. One such step is job enrichment. Job enrichment is a deliberate upgrading of responsibility, scope, and challenge in the work itself. Job enrichment usually includes increased responsibility, recognition, and opportunities for growth, learning, and achievement. Large companies that have used job-enrichment programs to increase employee motivation and job satisfaction. Good management has the potential for creating high morale, high productivity, and a sense of purpose and meaning for the organization and its employees. Empirical findings show that job characteristics such as pay, promotional opportunity, task clarity and significance, and skills utilization, as well as organizational characteristics such as commitment and relationship with supervisors and co-workers, have significant effects on job satisfaction. These job characteristics can be carefully managed to enhance job satisfaction.Of course, a worker who takes some responsibility for his or her job satisfaction will probably find many more satisfying elements in the work environment. Everett (1995) suggests that employees ask themselves the following questions:1. When have I come closest to expressing my full potential in a work situation? 2. What did it look like? 3. What aspects of the workplace were most supportive? 4. What aspects of the work itself were most satisfying? 5. What did I learn from that experience that could be applied to the present situation?

Workers' Roles in Job Satisfaction

If job satisfaction is a worker benefit, surely the worker must be able to contribute to his or her own satisfaction and well-being on the job. The following suggestions can help a worker find personal job satisfaction:1. Seek opportunities to demonstrate skills and talents. This often leads to more challenging work and greater responsibilities, with attendant increases in pay and other recognition. 2. Develop excellent communication skills. Employers value and reward excellent reading, listening, writing, and speaking skills. 3. Know more. Acquire new job-related knowledge that helps you to perform tasks more efficiently and effectively. This will relieve boredom and often gets one noticed. 4. Demonstrate creativity and initiative. Qualities like these are valued by most organizations and often result in recognition as well as in increased responsibilities and rewards. 5. Develop teamwork and people skills. A large part of job success is the ability to work well with others to get the job done. 6. Accept the diversity in people. Accept people with their differences and their imperfections and learn how to give and receive criticism constructively. 7. See the value in your work. Appreciating the significance of what one does can lead to satisfaction with the work itself. This helps to give meaning to one's existence, thus playing a vital role in job satisfaction. 8. Learn to de-stress. Plan to avoid burnout by developing healthy stress-management techniques.

Assuring Job SatisfactionAssuring job satisfaction, over the long term, requires careful planning and effort both by management and by workers. Managers are encouraged to consider such theories as Herzberg's(1957) and Maslow's (1943) Creating a good blend of factors that contribute to a stimulating, challenging, supportive, and rewarding work environment is vital. Because of the relative prominence of pay in the reward system, it is very important that salaries be tied to job responsibilities and that pay increases be tied to performance rather than seniority.So, in essence, job satisfaction is a product of the events and conditions that people experience on their jobs. Brief (1998) wrote: "If a person's work is interesting, her pay is fair, her promotional opportunities are good, her supervisor is supportive, and her coworkers are friendly, then a situational approach leads one to predict she is satisfied with her job" (p. 91). Very simply put, if the pleasures associated with one's job outweigh the pains, there is some level of job satisfaction

MODEL OF JOB SATISFACTION

THEORIES OF JOB SATISFACTION

Affect TheoryEdwin A. Lockes Range of Affect Theory (1976) is arguably the most famous job satisfaction model. The main premise of this theory is that satisfaction is determined by a discrepancy between what one wants in a job and what one has in a job. Further, the theory states that how much one values a given facet of work (e.g. the degree of autonomy in a position) moderates how satisfied/dissatisfied one becomes when expectations are/arent met. When a person values a particular facet of a job, his satisfaction is more greatly impacted both positively (when expectations are met) and negatively (when expectations are not met), compared to one who doesnt value that facet. To illustrate, if Employee A values autonomy in the workplace and Employee B is indifferent about autonomy, then Employee A would be more satisfied in a position that offers a high degree of autonomy and less satisfied in a position with little or no autonomy compared to Employee B. This theory also states that too much of a particular facet will produce stronger feelings of dissatisfaction the more a worker values that facet.Two-Factor Theory (Motivator-Hygiene Theory)Frederick Herzbergs Two factor theory (also known as Motivator Hygiene Theory) attempts to explain satisfaction and motivation in the workplace This theory states that satisfaction and dissatisfaction are driven by different factors motivation and hygiene factors, respectively. An employees motivation to work is continually related to job satisfaction of a subordinate. Motivation can be seen as an inner force that drives individuals to attain personal and organization goals (Hoskinson, Porter, & Wrench, p.133). Motivating factors are those aspects of the job that make people want to perform, and provide people with satisfaction, for example achievement in work, recognition, promotion opportunities. These motivating factors are considered to be intrinsic to the job, or the work carried out. Hygiene factors include aspects of the working environment such as pay, company policies, supervisory practices, and other working conditionsWhile Hertzberg's model has stimulated much research, researchers have been unable to reliably empirically prove the model, with Hack man & Oldham suggesting that Hertzberg's original formulation of the model may have been a methodological artifact. Furthermore, the theory does not consider individual differences, conversely predicting all employees will react in an identical manner to changes in motivating/hygiene factors.] Finally, the model has been criticized in that it does not specify how motivating/hygiene factors are to be measured.According to Herzberg following factors acts as motivators: Achievement, Recognition, Advancement, Work itself, Possibility of growth, & Responsibility.

Hygiene factors are : Company policy & administration, Technical supervision, Inter-personal relations with supervisors, peers & Subordinates, Salary. Job security, Personal life, Working Conditions, & Status.

Need Fulfillment Theory :Under the need-fulfillment theory it is believed that a person is satisfied if he gets what he wants & the more he wants something or the more important it is to him, the more satisfied he is when he gets it & the more dissatisfied he is when he does not get it. Needs may be need for personal achievement, social achievement & for influence.a) Need for personal achievement :Desires for personal career development, improvement in one's own life standards, better education & prospects for children & desire for improving one's own work performance.b) Need for social achievement :A drive for some kind of collective success is relation to some standards of excellence. It is indexed in terms of desires to increase overall productivity, increased national prosperity, better life community & safety for everyone.c) Need for influence:A desire to influence other people & surroundings environment. In the works situation, it means to have power status & being important as reflected in initiative taking and participation in decision making.In summary, this theory tell us that job satisfaction is a function of, or is positively related to the degree to which one's personal & social needs are fulfilled in the job situation.Social References - Group Theory :It takes into account the point of view & opinions of the group to whom the individual looks for the guidance. Such groups are defined as the 'reference-group' for the individual in that they define the way in which he should look at the world and evaluate various phenomena in the environment (including himself). It would be predicted, according to this theory that if a job meets the interest, desires and requirements of a person's reference group, he will like it & if it does not, he will not like it.A good example of this theory has been given by C.L. Hulin. He measures the effects of community characteristics on job satisfaction of female clerical workers employed in 300 different catalogue order offices. He found that with job conditions held constant job satisfaction was less among persons living in a well-to-do neighborhood than among those whose neighborhood was poor. Hulin, thus provides strong evidence that such frames of reference for evaluation may be provided by one's social groups and general social environment.

FINDINGSAs per the questionnaire Physical environment Working relations Supervision Goal attainment Salary and incentives Rewards Fairness related to Package, Process of work and employee treatment Job security and good social life Quality of the workforce Decision making Growth opportunityINTERVIEW

1. Do you find the physical environment adequate to deliver good performance? Ans) Yes , the environment of SCB is sufficiently good enough to deliver good performance.2. What is your opinion about the working relations at the place?Ans) According to me good relations in an organization help you to deliver your work more efficiently and effectively. 3. How effective do you find the supervision of your company?Ans) The supervision plays an important role in motivation. In SCB the supervision is directional and it also empowers its employees in decision making and many other activities. 4. What do you want to accomplish in your life and how this Job is contributing in the attainment of your goal?Ans) The banking job is the right job for me to accomplish my goal which is to become the head of consumer banking.5. What are the necessary incentive or package that one should be offered? Are you satisfy with your current package and incentives plan?Ans) Many people are satisfied with whatever they had some people look for good salary while others go for career growth and designations, so we can say that it is situational and it vary from one persons priority to the other.Yes, I am fully satisfied with my current package and incentives plan.6. What kind of rewards motivates you?Ans) Rewards and appreciation of work motivates me more ( either by words or by physical means- incentives and bonuses).7. What your comments about fairness in the organization. Fairness related to Package, Process of work and employee treatment?Ans) No flexible working hours, late hours sitting ( specially during audit and closing- monthly) and social life gets disturbed.8. Do you think that you have job security and good social life?Ans) Yes I have job security but very less social life.

9. What is most important, Quality or Quantity? And what are you getting in your current workplace?Ans) Its situational.10. How are you contributing in the betterment of organization? Have you ever participate in management for taking important decision?Ans) The best an employee can do for its organization are customer satisfaction and customer retention. I have generated revenues for scb more than it was expected (500%) for branch.I have recently participated in branch innovation.I take many decisions ( daily routine). 11. Why did you choose this company and this present position? What growth opportunity are you looking for?Ans) In comparision of the other banks Its an international brand Higher learning scope Higher career growthAs I told you before that I want to become the head of consumer banking.

12. What is your overall opinion about your workplace? Ans) International brand Maintains same standards all over the world Hygienic and attractive infrastructure Great learning ( in terms of knowledge and experience) Career growth Friendly, fast and accurate services To be the Best bank in Asia, Africa and Middle East ( mission )13. Any suggestion and recommendation that you want to give your company or management for their betterment or betterment of employees? We assure you that your identity will not be disclosed? Ans) Number of branches should be increased ( currently having 150 branches across Pakistan) in order to serve higher number of customers and to create more opportunities ( employment).

From the study, the researcher has come to know that most of the respondents have job satisfaction; the management has taken the best efforts to maintain cordial relationship with the employees. Due to the working conditions prevailing in this company, job satisfaction of each respondent seems to be the maximum. From the study, I have come to know that most of the employees were satisfied with the welfare measures provided by SCB. The employees of SCB get more benefits compare to other companies.1. The respondents are satisfied with the environment and nature of work2. The respondents relationship with the superiors and colleagues are quite good.3. The Respondents are not provided with proper welfare facilities.4. The communication and motivation of employees by their superiors in this organization is reasonable.5. The Pay and promotion activities in this organization is also good.6. The Respondents are overall satisfied with their job7. The Parking facilities provided by the organization are not good thats8. Why most respondents disagree with this question.9. The refreshment facilities are also need to be improved

SUGGESTION AND RECOMMENDATIONIn the organization most of employees are satisfied with all the facilities provided by company. But there are some employees also who are not satisfied with the company. Management should try to convert unsatisfied employees in to satisfied employees. Because if employee is not satisfied than the he is not able to give his 100% to his work and the productivity of employee decrease. So management should try to satisfy his employees because employees are the assets of the company not liabilities. InterviewA questionnaire is designed to examine the level of job satisfaction of an average employee. The questionnaire is made of 13 questions that are divided into three parts. The first part is dedicated to the demographics and general information of the interviewee. The second part assesses the level of job satisfaction with respect to different aspects of job and includes13 questions. All the questions are related to the job satisfaction of the interviewee and the impact of the job on their well-being. The aim of the interview is to assess the level of satisfaction with ones job. 4.2. Findings

Since the interview is divided into three parts, the findings are also divided into three the findings are also discussed in three parts to avoid any confusion. It is found in the first part that the interviewees belonged to 4 different positions at the bank. Two of the interviewees held the position of the relationship manager, two of teller, one of floor manager, and the last one held the position of a business coordinator. Employees had the minimum work experience of one year and the maximum of four years. All employees belonged to the age group of 25 to 31 years. It was also found that the bank had recently acquired SCB Operations but that did not have any impact on employee performance or motivation.The second part of the interview revealed that 50% of the employees were satisfied with their current position and working hours while 50% of the respondent were unhappy about their salary. It was also found that up to 66% of the employees were unhappy with the scheduling of their jobs but up to 83% were quite satisfied with the vacations and sick leaves given by the organization. 50% of the employees were also happy with the opportunities of promotion and job security. The employees showed dissatisfaction with their leaders and relationship with their supervisors, opportunities to utilize their talent and to learn. However, it was noted that the employees had a good relationship with their co-workers and were happy with their job responsibilities and recognition for accomplishment.The third part of the interview revealed that though the perception of the employees of their organization is getting better their experience, their perception of their leaders was not very positive. It was found that up to 83% of the employees agreed that there needs to be a better communication between the supervisors and the employees and all of the employees agreed that there is a need for improvement in the management style of the company. Employees felt their supervisors and managers did not have the communication skills needed to bring the best out of the employees. Almost all the respondents defined their relationship with their supervisors as professional.4.3. Discussion

It was noted that the environmental factors significantly altered the response of the employees as the organization had been having electricity problems for two days when the interview was conducted. It was also noted that there was unequal job distribution due to this problem at the time of the interview. Some employees had nothing to do while others were overloaded with work as only some of the systems were working. Keeping the environmental factors aside, it was found that even though employees rated their relationship with co-workers are satisfactory, they were extremely uncomfortable filling the questionnaire in front of the colleagues. There was also some hesitation in revealing their name on the questionnaire. It was also found that the employees were unhappy about the scope of their job and the only reason why the employees who were dissatisfied chose to continue with their jobs was due the rewarding system, job security, vacation and sick leaves, and other benefits offered by the organization to motivate the employees. It was also noted that the position of job had a significant impact on the employee perception of the job, for example, the relationship managers were not satisfied with their supervisor while the business coordinator seemed to be very fond of her supervisor. Similarly, the tellers were unhappy with their salary while the flood manager thought her salary was more than enough. All these factors played an important role in employee satisfaction. It was also found that employees who had a good relationship with their supervisors had a lower level of stress compared to the employees who had a professional relationship with their supervisors. This is consistent with the findings of the review of the literature which shows that the good relationship with the supervisors buffers the employee stress (Cohen & Willis, 1985).

Chapter 5 - ConclusionConclusion

It can be concluded that the level of employee motivation at SCB Bank is not very high nor low. Though employees seem satisfied with the working hours, vacations, rewards, etc, there seems too much dissatisfaction with respect to the leadership style of the organization. The employees do not seem very happy with the things are managed in the organization which is likely to have a negative impact on the organization in the long term. It was also noted that the respondents altered their answers in presence of other employees but they did make an attempt to indirectly suggest that they are not completely satisfied with their jobs. The main reason for this appears to be the lack of leadership in the organization and lack of communication between the employees and their supervisors. If the organization does not introduce changes in leadership in the organization it can lead to and increased rate of employee turnover. It is clear from the results that relationship of the employees with their supervisor plays an important role in increasing employee morale and motivation no matter how good the rewarding system of an organization is.5.2. Recommendations

Increased Communication It is recommended that the communication between eh management and the employees be improved in the organization. Customer service is a very important part of organization and in order to provide the customer with quality services, it is necessary to make sure that the employees of the organization are motivated. This can be achieved by increasing the interaction between the management and the employees. It is recommended that the top managers visit the work floor of the organization and personally communicate the employees so that they motivated to perform better. Decentralization It is also recommended that the organization provide the employees with an opportunity to take part in the decision making process. All new ideas and thoughts should be welcomes and employees should be encouraged to express their opinions. This will improve the sense of belongingness of the employees and they will feel like they play an important part in the organization. This will also serve the esteem need mentioned in Maslows hierarchy of needs theory. Utilization of Skills Managers should make sure that the each employee is fit for his or her job. If the skills of the employees are underutilized this can result in boredom and dissatisfaction. Each employee must be suited for his or her job position.