Private Sector Banks Employees Job Satisfaction in Theni District of Tamil Nadu

Selvaraj N^*
*Correspondence: Selvaraj N, Assistant Professor of Commerce, Saraswathi Narayanan College, Madurai, India, Tel: + 919843727975, Email:

Keywords

Employees • Banks • Industry • Socio-economic • Satisfaction

Introduction

Human resources play an important role in organizational effectiveness. Regardless of how sophisticated and modern the business activities of an organization become, it'll be extremely difficult to sustain its growth and effectiveness unless human resources are complementary to its operations. This is often all the more important during a industry like banking, where endless improvement in commission may be a must to satisfy the rising expectations of the customer. In services product, the role of the vendor is pivotal in deriving the last word satisfaction of the customer. An equivalent product delivered by different individuals will cast different spells on the customer which experience will go an extended way in shaping the longer term of the connection in banking either positively or negatively because the case could also be. With a positive frame of mind and marketing orientation an employee are going to be during a position to anticipate customer needs and accordingly satisfy them. Job satisfaction results from the exchange between the stress and expectations of an organization, and therefore the workers’ expectations and private objectives. Workers and organizations have relationships of reciprocity. An organization provides the means for the workers to hide a series of needs and to understand their personal aspirations and therefore the workers provide the organization with resources in order that it's going to reach its objectives [1]. Job satisfaction is that the amount of overall positive effect or feeling that individuals have towards their jobs. It says that a private has high satisfaction; it means the individual generally likes and values his job highly and feels positively towards it [2].

Statement of the Matter

Human resource at the present is taken into account to be a valuable asset to an organization. The survival of a business unit depends to an excellent extent on its employees’ capacity to figure, willingness to perform their jobs, their motivation and in particular, their satisfaction with their present jobs. So to say, an employee’s job involvement may be a necessary condition to figure to his optimum capacity provided the organization creates a workable environment. Job satisfaction is an expected outcome of positive job involvement. High job satisfaction contributes to organizational commitment, job involvement, better physical and psychological state and quality of life to the workers.

The banking system being a service-oriented industry, its man power is its prime asset. Its efficiency or inefficiency in delivering services to the customer features a direct pertaining to its organizational success. The customer’s perception of the organization is therefore largely supported the standard of services rendered by the banks. The satisfaction of the workers in their job is of paramount importance in determining the success with which any organization functions.

Job satisfaction has the some relation with the psychological state of the workers; it's a point of direct correlation with the physical health of the employees. Once they have job satisfaction their performance are going to be high and naturally the involvement within the job are going to be more. Within the environment prevailing today, it's necessary to review the work satisfaction of employees who contribute much to the event of banks also because the customers.

Hence, this study tries to urge an insight into job satisfaction in terms of pay pocket and other benefits involved the work and job involvement of bank employees of the general public and personal sectors. The study tries to look at the impact of the socio-economic background on job satisfaction, the determinants of job satisfaction and quality of labor lifetime of the bank employees of Sivagangai district of Tamil Nadu.

Review of Literature

Narender Kumar and Jain [3] conducted a survey of motivational techniques, which were employed by bank executives within the state of Haryana. The analysis showed that “Praise permanently work” was the foremost popular technique employed by bank executives. Informal discussions on bank problems with staff members were identified as a well-liked measure. Techniques like caring for the private problems of staff members, the cooperative attitude of officers, a letter of appreciation, persuasion and request also are widely utilized in banks. Among moderately used techniques are staff meetings, family visits, and difference of treatment and mutual affection with staff.

In the study ”Perceived Management Styles and Job Satisfaction of Executives of personal Sector Firms”, VSR Vijayakumar [4] (1996) tried to relate perceived management sorts of the organizations with the work satisfaction of the executives. The finding of the study clearly showed that the perceived management style influenced the work satisfaction of the executives of bureaucratic organizations. Job satisfaction increased when the perceived management style moved towards participatory decisionmaking, leadership, control and goal setting styles.

Jacob Thomas and K. Sasi Kumar [5] in their article “Human Resource Management Practices in Kerala State Co-operative Bank Ltd.” indicated the extent of satisfaction and dissatisfaction of managers in several aspects of their employment within the Kerala State Co-operative Bank Ltd. and located that the higher-level managers were more satisfied than the lower level managers.

Siavash Rashidiet [6] acknowledged that the theories related to job satisfaction are supported the principle that each one environmental elements could shape entire career satisfaction. In literature, major studies illustrate that positive and negative emotions are largely related to job satisfaction. Job satisfaction source isn't only job position but also other factors like the physical and welfare work environment, relationships with supervisors and colleagues, group culture and management sort of the managers. During this study, it's aimed to gage and prioritizes the five dimensions of job satisfaction in Zanjan Refah Bank employees: (i) the character of the job (ii) supervisor, (iii) peer, (iv) promotion and (v) payment. During this study a field research was applied with a survey study. To testify the hypothesis, the Pearson parametric and Friedman test was conducted. The main findings of this study are (i) there's an indirect correlation exists between level of education and nature of the work (ii) job promotion and payment, (iii) there's not any significant differences in job satisfaction between men and ladies.

Syed Mohammad Azeem and Hassen Altalhi [7] in their study are aimed to explore the role of perceived work-life balance and job satisfaction in developing commitment among hospital employees. Additionally thereto, gender difference is additionally taken into consideration to draw concrete conclusion. The study is quantitative in nature. Supported the literature review its proposed that work-life balance and satisfaction are going to be significantly contributing in developing commitment among the chosen respondents. So as to live selected variables 13 items were adopted to live work-life balance. Job satisfaction is measured by Minnesota Satisfaction Questionnaire (MSQ). 11 items were selected from work commitment index to live organizational commitment. Results revealed a moderate level of work-life balance, job satisfaction and organizational commitment among the chosen employees. Significant relationship is found between work-life balance and job satisfaction. Work interfering family life and family interfering work life are found positively related with organizational commitment. Male and feminine respondent are found significantly different in their level of commitment, perceived work interfering family life and perceived family interfering work life.

Objectives of the Study

The precise objectives of the study are

1. To review the work satisfaction and profile of selected private sector banks with theoretical aspects.

2. To review the socio-economic profile the workers of personal sector bank employees.

3. To analyses the connection between the extent of job satisfaction and therefore the socio economic background of the workers of personal sector banks.

4. To seek out the factors influencing and their impact on job satisfaction of the bank employees of personal sector banks.

5. To live and compare the general quality of labor life and level of job satisfaction.

6. To supply suggestions to enhance job satisfaction of personal sector bank employees supported the findings of the study.

Data Collection

Both primary and secondary data are used for this study. The first data were collected with the assistance of an interview schedule. Before undertaking the survey, a pre-test was conducted. Within the light of the pre-test, the interview schedule was modified and restructured.

Period of Study

The first data were collected during the months of November 2020 to March 2021. The reference period of the survey was 2020-21.

Limitation of the Study

This study is subject to the subsequent limitations:

1. The opinions are collected from the sample employees of the private sector banks in Sivagangai district. they'll differ from these of other employees.

2. The study has been conducted only in Sivagangai district. Other districts haven't been covered thanks to several barriers.

3. A few respondents won't have given the important facts at the interview. Therefore the results could also be misleading to some extent.

Scope of the Study

During this highly competitive world, success of any organization depends on its human resource. Banks are not any exception to the present. A satisfied, happy and hardworking employee is that the biggest asset of any organization, including banks. Workforce of a bank is responsible to an outsized extent for its productivity and profitability. Efficient human resource management and maintaining higher job satisfaction level in banks determine not only the performance of the bank but also affect the expansion and performance of the whole economy. So, for the success of banking, it's vital to manage human resource effectively and to seek out whether its employees are satisfied or not. as long as they're satisfied, they will work with commitment and project a positive image of the organization. The intention of the study is to assist the bank organizations to draw up plans for increasing the work satisfaction of their employees.

Analytical Framework

In this section, an attempt has been made to analyses the level of job satisfaction of the employees in public and private sector banks. The job satisfaction of the employees is measured by the score values calculated for 46 statements which are related to the job satisfaction by adopting scaling techniques, namely “Likert-type scale” [8].

To secure the total score for every positive statement scores were allotted in the order by 5 for ‘strongly agree’, 4 for ‘agree’ 3 for ‘neither agree nor disagree’ 2 for ‘disagree’ and 1 for ‘strongly disagree’. Similarly for every negative statement scores were allotted in the order of 1 for ‘strongly agree’, 2 for ‘agree’ 3 for ‘neither agree nor disagree’ 4 for ‘disagree’ and 5 for ‘strongly disagree’. All positive statements bear odd number and negative statements even numbers in the 14 statements. This enabled the respondents to record their responses with proper understanding of the settlements.

In this study the job satisfaction of employees is classified into three categories, namely high level, medium level and low level for analytical purposes. The level of job satisfaction has been determined by the score values calculated for 46 statements on job satisfaction by adopting the scaling technique while the score values ≥ ( X̅ + S.D.) and score values ≥ X̅(X– S.D) have been classified respectively as the high level of job satisfaction and the low level of job satisfaction, the score values in between ( X̅ + S.D) and ( X̅ – S.D) have been classified as the medium level of job satisfaction. X̅ and S.D. being the arithmetic mean and standard deviation respectively calculated from the score values of the 300 employees- respondents.

Private Sector Employees:

( X̅ + S.D) (161.73 + 12.16) = 173.89 ≈ 174 and above = High level satisfaction.

( X̅– S.D.) (161.73 – 12.16) = 149.57 ≈ 150 and below = Low level satisfaction.

(X̅ - S.D) between ( X̅X + S.D) = between 150 and 174 = Medium level satisfaction.

For testing the relationship between the employees the socio-economic background and their level of job satisfaction, the Chi-Square test has been employed.

For computing the Chi-Square test the following formula has been used.

Where

O = Observed frequency

E = Expected frequency

c = Number of columns in a contingency table

r = Number of rows in a contingency table.

The calculated value of the Chi-Square is measured with the table value of the Chi-square for the given level of significance (usually at the 5 per cent level). If at the stated level the calculated value is less than the table value the null hypothesis is accepted and otherwise it is rejected.

Quality of work life and level of job satisfaction of employee’s private sector banks

During this section, an effort has been made to debate the connection between the standard of labor life and therefore the level of job satisfaction. The mean score value of various levels of job satisfaction of the workers privately sector banks are shown in Table 1.

From the Table 1, it's seen that the mean score values are high for “participative management”, “seniority and merit in promotion” and “organizational health programmes” with high level of job satisfaction.

The mean score values are high for “participative management”, “satisfactory working environment” and “recognition” within the case of medium level of job satisfaction.

Within the case of low level of job satisfaction, the high mean score values are observed for “recognition”, “alternative work schedule” and “satisfactory working environment”.

It might be seen that the general quality of labor life for top level of job satisfaction is 3.05, for medium level it's 2.96 and for low level of job satisfaction it's 2.70.

Consistency in perception of quality of labor life with different levels of job satisfaction of employee’s private sector bank The internal consistency of the standard of labor life factors with level of job satisfaction for the workers working privately sector banks is presented in Table 2.

Table 2 shows that within the case of employees working privately sector banks with high level of job satisfaction, the high level of internal consistency for quality of labor life is observed within the factors “recognition” and “satisfactory working environment”.

Within the case of medium level of job satisfaction, there's a high level of internal consistency of the standard of labor life factors are “minimizing occupational stress” and “congenial relationship between clerks and officers” respectively.

Under the low level of job satisfaction, “participative management” and “recognition” show a high level of internal consistency. It's understood that the general quality of work life is 3.298 in high level of job satisfaction, 2.691 in medium level of job satisfaction and a couple of .163 within the case of low level of job satisfaction respectively.

Variation in quality of work-life with different levels of job satisfaction of employees working private sector banks

In order to check the null hypothesis that there's no significant difference in quality of work life among the workers with different levels of job satisfaction. The difference in quality of work life between high and medium level of job satisfaction of employees working privately sector banks is calculated and shown in Table 3.

From Table 3, it's observed that the worth of the Z-test for the standard of labor life between high and medium levels of job satisfaction is 1.08. It’s statistically not significant at the 5 per cent level. Thus the null hypothesis is accepted. there's no significant difference within the quality of work life between high and medium levels of job satisfaction.

The Z-test results for quality of work life between medium and low levels of job satisfaction of employees working privately sector banks are shown in Table 4.

Table 4 shows that the Z-test for quality of work life between medium and low levels of job satisfaction is 3.19. it's statistically significant at the 5 per cent level. Thus the null hypothesis is rejected. there's a big difference in quality of work life between medium and low levels of job satisfaction.

The Z-test details for quality work life between high and low level of job satisfaction of employees working privately sector bank are presented in Table 5.

It’s seen from Table 5. That the Z-test of quality of work life between high and low level of job satisfaction is 8.63. It’s statistically significant at the 5 per cent level. Thus the null hypothesis is rejected. Hence, there's a big difference in quality of work life between high and low levels of job satisfaction of bank employees.

Correlation between quality of work life and job satisfaction of employees working privately sector banks.

In this section an effort has been made to look at the correlation between quality of work life and job satisfaction of the workers working privately sector bank. For this, Karl Pearson’s’ correlation coefficients were computed for workers working privately sector banks.

To find the connection between quality of work life and employees’ job satisfaction, Karl Pearson’s’ coefficient correlation was used. It’s found to be positive (p.0.006). It indicates that a positive relationship exists between quality of work life and job satisfaction. To seek out the importance of this relation, the R-value of this correlation is decided which comes bent be 0.78. It shows that the connection is critical at the five per cent level. Thus, it's going to be concluded that quality of work life features a significant impact on the work satisfaction of the workers working privately sector banks.

Relationship among the factors of quality of work life for the workers working privately sector bank.

An effort has been made during this section to analyses the connection among the factors of quality of work life of the workers workings privately sector banks. For this, Karl Pearson’s’ coefficient of correlation was figured out separately for top , medium and low levels of job satisfaction.

The coefficient of correlation in respect of the factors of quality of work life with high level of job satisfaction is presented in Table 6. The numbers mentioned from 1 to 14 horizontally are an equivalent quality of work life factors mentioned vertically.

It’s seen from Table 6 that within the case of high level of job satisfaction, the factor “pay and its stability” is positively correlated with the factors minimizing occupational stress. The factor “minimizing occupational stress” is positively correlated with the factors namely, “alternative work schedules”, “promotional opportunities” and “satisfactory working environment”. The factor “organizational health programmers” is positively correlated with “participative management” and “adequacy of resources”. The factor “alternative work schedules” is positively correlated with “recognition”, “congenial relationship between clerks and officers” and “job security”. The factor “participative management” is positively correlated with “grievance redressal procedures” and overall quality of work life, and therefore the factor “recognition” is positively correlated with “seniority and merit in promotion” respectively.

The correlation of coefficient in reference to employees working privately sector banks’ quality of labor life with medium level of job satisfaction is presented in Table 7.

Table 7 shows that within the case of medium level of job satisfaction, “pay and its stability” is positively correlated with the factor “organizational health programmes”. The factor “organizational health programmes” is positively correlated with the factor “alternative work schedules and promotional opportunities”. The factor “alternative work schedule” is positively correlated with “participative management” and “grievance redressal procedures” The factor “participative management” is positively correlated with “recognition”, “congenial relationship between clerks and officers”, “grievance redressal procedures”, “adequacy of resources” and “satisfactory working conditions”; the factor “recognition” is positively correlated with the factor “job security”; the factor “adequacy of resources” is positively correlated with the factor “seniority and merit in promotion” respectively.

Table 8 shows the correlation of coefficient in respect of employees working privately sector banks with low level of job satisfaction.

From Table 8, it is observed that in the case of low level of job satisfaction, the factor ‘pay and its stability” is positively correlated with “satisfactory working environment”; the factor “minimizing occupational stress” is positively correlated with “organizational health programmes”; the factor “organizational health programmes” is positively correlated with “alternative work schedules” and “congenial relationship between clerks and officers”; the factor “alternative work schedules” is positively correlated with “participative management”; the factor “participative management” is positively correlated with “recognition”, “adequacy of resources”, “seniority and merit in promotion” and “promotional opportunities”; the factor “recognition” is positively correlated with “job security”; the factor “congenial relationship between clerks and officers” is positively correlated with “grievance redressal procedure” and the factor “seniority and merit in promotion” is positively correlated with “overall quality of work life”.

Findings

The mean score values are high for “participative management”, “satisfactory working environment” and “recognition” in the case of medium level of job satisfaction. In the case of low level of job satisfaction, the high mean score values are observed for “recognition”, “alternative work schedule” and “satisfactory working environment”. It is understood that the overall quality of work life is 3.298 in high level of job satisfaction, 2.691 in medium level of job satisfaction and 2.163 in the case of low level of job satisfaction respectively. Table 4 shows that the Z-test for quality of work life between medium and low levels of job satisfaction is 3.19. It is statistically significant at the 5 per cent level. Thus the null hypothesis is rejected. There is a significant difference in quality of work life between medium and low levels of job satisfaction.

Suggestions

On the idea of the findings of the study, a couple of suggestions are offered for improving job satisfaction of employees of public and personal sector banks in Sivagangai district.

The efficiency and performance of an employee is usually hurdled by the employees’ socio-economic background.

The management should identify the employees’ personal variables in job satisfaction. After identifying the interior variables it could take decisions easily.

Training and development programmes must be provided to the workers at regular intervals to update their knowledge and skills.

Salaries to the workers must tend in accordance to their experience within the job.

The kind of labor given to an employees should be consistent with his/her abilities and knowledge and their efforts for doing a specific task must be valued by giving appreciations and rewards to the workers for his or her diligence in order that their level of motivation increases.

Along with healthy environment, healthy relationship should even be maintained in a corporation. The bank should provide certain benefits to their employees, in order that they will perform well to realize organizational goals.

The job should be interesting enough, in order that it must create enthusiasm among the workers. Enough freedom must tend to the workers to require important decisions.

References

1. Raul Diego Vallejo, Jesus Antonio Diego Vallejo and Sixto Olivar Para. “Job Satisfaction in Banking Workers.” Pscothema 13 (2001): 629.
2. Hugh J Arnold and Daniel C Feldman. “Organizational Behavior.” McGraw Hill, New York (1988).
3. Narender Kumar and Jain VK. ”Motivational Techniques and bank Executives” in dynamic and organizational behaviors series.” Discovery publisher, New Delhi (1991).
4.  Vijayakumar VSR “Perceived Management Styles and Job Satisfaction of Executives of personal Sector Firms.” Indian J Indus psychol (1996): 88-93.
5. Jacob Thomas and Sasi Kumar K. “Human Resource Management practices in Kerala State Co- operative Bank Ltd.” Manag Res 6 (2000): 39.
6. Siavash Rashidi, Hashem Kozechian and Akbar Heidary. “The Study and Prioritization of Job Satisfaction Dimensions in Zanjan-based Refah Bank Employees.” Int J Finan Banking Studies 1 (2012): 35- 38.
7. Syed Mohammad Azeem and Hassen Altalhi. “Role of Perceived Work-life Balance and Job Satisfaction in Developing Organizational Commitment among Hospital Employees in Saudi Arabia.” Int J Educational Res Bus Soc Sci 5 (2015): 185-197.
8. Claire Selthiz. “Research Methods in Social Relations.” Methuen and Co. Ltd, London (1965).