Public Sector Banks Employees Job Satisfaction in Theni District of TamilNadu

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

Day-in and day-out people keep excelling themselves by way of improving their efficiency, skills and competencies in every sphere of life. They also venture into new avenues of economic and academic activities on an equal fitting with others and a few times even overtaking them. They’re ready to accomplish all this despite socio-economic, cultural and psychological impediments which have kept them subjugated over an extended period. This has become possible on account of educational opportunities, political awareness, urban living, legal prevalence and measures of social reform within the last two centuries. There’s a standard belief even among the educated to think that folks enter into any profession and only to earn money. albeit, the necessity and desire to supply wealth and money may be a very significant motivating factor, people by and enormous aren't motivated by the mere idea of earning money alone.

Banks became a neighborhood and parcel of our life. There was a time when the dwellers of cities alone could enjoy their services. Now banks provide access to even a standard man and their activities reach areas hitherto untouched. Aside from their traditional business oriented functions, they need come to satisfy social and national responsibilities. Banks cater to the requirements of agriculturists, industrialists and traders and every one other sections of society.

Job satisfaction is an attitude which ends up from balancing and summation of the many specific likes and dislike experienced in reference to the work. The evaluations may rest largely upon one’s success or failure within the achievement of private objective and upon the perceived combination of the work and company towards their ends [1].

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 Theni district of Tamil Nadu.

Review of Literature

Akhilesh and Mary Matthew [2] in their study “A Study of Bank Jobs in reference to Work Motivation, Job and Work Involvement” made an in-depth analysis of employees’ perceptions about the work and therefore the relationship of job characteristics to the specified work behavior by selecting a sample of 114 nonnationalized bank employees consisting of both officers and clerks. They found that among the officers, work motivation might be improved through increasing job authority and accountability. At the clerical level, rewards and sanctions were significantly related to job involvement

Sinha and Sarita [3] conducted a study on “Employees’ Satisfaction and its Organizational Predictors” with the objectives of identifying the employees’ satisfaction in reference to their essential needs and expectations and therefore the direct effect of satisfying and not the character of jobs also because the impact on the varied facets of the organization. The study also showed that both managers and workers give priority in satisfaction for the use of experience, knowledge and recognition. Managers preferred challenging work, freedom from tension and freedom to figure. Regarding the workers, they opted for promotional avenues, good relation at work and good working environment.

In a study by Mosharraf Hossain [4] entitled, “Job Satisfaction of economic Bank Employees in Bangladesh: A Comparative Study of Public Sector and personal Sector”, the satisfaction of economic bank employees and therefore the consequence on related issues were investigated. The results showed that the general public sector bank employees were during a better position in terms of job satisfaction than their counterparts privately sector banks and therefore the executives were more satisfied than the non-executives. Job satisfaction had a big direct correlation with performance. Bank employees of Bangladesh were highly dissatisfied with salary, lack of fair promotional opportunity, low job status and absence of recognition of excellent work.

Rai Imtiaz Hussain [5] in his study to look at job satisfaction among private and public banking sector in Punjab Pakistan and the way various factors affect the work satisfaction. This research explained the factors which create the work satisfaction. These factors are supervision, job security, promotional opportunities, relationship with co-workers and pay. The results of the study show that the majority of the workers in banking sector are satisfied with their job. Direct correlation was found between job satisfaction and job security, good supervision, promotional opportunities, pay and relationship with coworker. Furthermore, Independent T-test was wont to see the work satisfaction between employees of public and personal sector. There was no significant difference of satisfaction between Public Sector employees and personal sector employee in banking sector.

Aysıt Tansel and Saziye Gazioglu [6] in their paper investigated the work satisfaction in reference to managerial attitudes towards employees and firm size using the linked employer-employee survey leads to Britain. We first investigate the management-employee relationships and therefore the firm size using maximum likelihood profit estimation. Next various measures of job satisfaction are associated with the management-employee relations via maximum likelihood ordered profit estimates. Four measures of job satisfaction that haven't been used often are considered. They’re satisfaction with influence over job; satisfaction with amount of pay; satisfaction with sense of accomplishment and satisfaction with respect from supervisors. Main findings indicate that management-employee relationships are less satisfactory within the large firms than within the small firms. Job satisfaction levels are lower in large firms. Less satisfactory management-employee relationships within the large firms could also be a serious source of the observed lower level of job satisfaction in them. These results have important policy implications from the purpose of view of the firm management while achieving the aims of their organizations especially within the large firms within the area of managementemployee relationships. Improving the management-employee relations in large firms will increase employee satisfaction in many respects also as increase productivity and reduce turnover. the character of the managementemployee relations with firm size and job satisfaction has not been investigated before.

Objectives of the Study

The precise objectives of the study are

1. To review the work satisfaction of public sector banks with theoretical aspects.

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

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

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

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

6. To offer suggestions to enhance job satisfaction of public 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 general public sector banks in Theni district. They’ll differ from these of other employees.

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

3. A couple of 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

In 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

During this section, an effort has been made to analyze the extent of job satisfaction of the workers publicly and personal sector banks. The work satisfaction of the workers is measured by the score values calculated for 46 statements which are associated with the work satisfaction by adopting scaling techniques, namely “Likert-type scale” [7]. To secure the entire score for each positive statement scores were allotted within 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 each negative statement scores were allotted within 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 within the 14 statements. This enabled the respondents to record their responses with proper understanding of the settlements.

In this study the work satisfaction of employees is assessed into three categories, namely high level, medium level and low level for analytical purposes. the extent 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 ≥ (X+S.D) and score values ≥ (X–S.D) are classified respectively because the high level of job satisfaction and therefore the low level of job satisfaction, the score values in between (X+S.D) and ( X– S.D) are classified because the medium level of job satisfaction. X and S.D. being the first moment and variance respectively calculated from the score values of the 300 employee’s respondents.

Public Sector Employees

(X+S.D) = (179.18+11.43) = 190.61 ≈ 191 and above=High level satisfaction.

(X-S.D) = (179.18–11.43) =167.75 ≈ 168 and below=Low level satisfaction. (X-S.D) between (X+S.D) =between 168 and 191=Medium level satisfaction. For testing the connection between the workers the socio-economic background and their level of job satisfaction, the Chi-Square test has been employed. For computing the Chi-Square test the subsequent formula has been used. (O-E)2 χ2 = Σ ----------- with (r-1) (c-1) degree of freedom. E Where O = Observed frequency E = Expected frequency c = Number of columns during a contingency table r = Number of rows during 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 a smaller amount than the table value the null hypothesis is accepted and otherwise it's rejected.

Relationship between Quality of Work life and Levels of Job Satisfaction of Employees Working Public Sector Banks

In this section an effort has been made to debate the connection between quality of work life and levels of job satisfaction. For this, the mean score values of various levels of job satisfaction of employees working publicly sector banks are shown in Table 1.

From Table 1, it can observed that within the case of high level of job satisfaction the mean score values are high for “participative management”, “adequacy of resources” and “seniority and merit in promotion” for the workers working publicly sector banks.

The mean score values are high for “grievance redressal procedures”, “congenial relationship between clerks and officers” and “minimizing occupational stress” within the case of medium level of job satisfaction. Within the case of low level of job satisfaction high mean score values are observed for “adequacy of resources”, “participative management” and “congenial relationship between clerks and officers”. It might be seen that the general quality of work life for top level of job satisfaction is 2.61, for medium level it's 2.83 and for low level of job satisfaction it's 3.13.

Consistency in Perception of Quality of Work life with Different Levels of Job Satisfaction of Employees Working Publicly Sector Banks

The interior consistency of the standard of work life factors with levels of job satisfaction for the workers working publicly sector banks is presented in Table 2.

From Table 2, it's seen that within the case of employees working publicly sector banks with high level of job satisfaction, a high level of internal consistency of the standard of work life is observed within the factors namely, “satisfactory working environment” and “pay and its stability”. Within the case of medium level of job satisfaction, there's a high level of internal consistency of the standard of work life factors “minimizing occupational stress” and “job security”. Under the low level of job satisfaction, “recognition” and “promotional opportunity” show a high level of internal consistency. The interior consistency of the standard of work life for overall quality of work life is high in low level of job satisfaction which is 2.269 compared to medium and high levels of job satisfaction which are 2.826 and 3.421 respectively.

Variations in Quality of Work life with Different Levels of Job Satisfaction of Employees Working Public Sector Banks

So as 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 publicly sector banks is calculated and shown in Table 3.

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Table 3 shows that the Z-test for quality of work life between high and medium level of job satisfaction is 4.12. It’s statistically significant at the 5 per cent level. Thus the established null hypothesis is rejected. There’s a big difference in quality of work life between high and medium levels of job satisfaction. The Z-test for quality of work life between medium and low levels of job satisfaction of employees working publicly sector bank is shown in Table 4.

Table 4 shows that the Z-test for quality of work life between medium and low level of job satisfaction is 3.29. It’s statistically significant at the 5 per cent level. Thus the established 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 for quality of work life between high and low levels of job satisfaction of employees working publicly sector banks is presented in Table 5.

Consistent with Table 5, the Z-test for quality of work life between high and low levels of job satisfaction is 8.75. It’s statistically significant at the 5 per cent level. The established null hypothesis is rejected. There’s a big difference in quality of work life between high and low levels of job satisfaction.

Correlation between Quality of Work life and Job Satisfaction of Employees Working Publicly Sector Banks During this section, an effort has been made to look at the correlation between quality of work life and job satisfaction. For this Karl Pearson’s correlation coefficients were computed for workers working publicly sector banks. To find the connection between quality of work life and employees’ job satisfaction, Karl Pearson’s coefficient of correlation was used.

It’s found to be positive (P=0.007). It indicates that a positive relationship exists between quality of work life and job satisfaction. to seek out the importance of this relationship the R-value of this correlation is decided which involves be 0.85. It shows that the connection is critical at the five per cent level. Thus, it's going to be concluded that the standard of work life features a significant impact on the work satisfaction of the workers. Relationship among the Factors of Quality of Work life for the Workers Working Public Sector Banks

An effort has been made within the section to analyze the relation among the factors of quality of work life of the workers working publicly 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 is 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.

According to Table 6 it's clear that within the case of high level of job satisfaction, the factor “pay and its stability” is positively correlated with “recognition”, the factor “minimizing occupational stress” is positively correlated with ‘seniority and merit in promotion”; the factor “alternative work schedule” is positively correlated with “grievance redressal procedures”; the factor “participative management” is positively correlated with “job security”; the factor “recognition” is positively correlated with “promotional opportunities”; the factor “congenial relationship between clerks and officers” is positively correlated with “satisfactory working environment” and therefore the factor “seniority and merit in promotion” is positively correlated with “job security”. The correlation of coefficient in respect of employees working publicly sector banks with medium level of job satisfaction is presented in Table 7.

From Table 7, it's seen that within the case of medium level of job satisfaction, the factor “pay and its stability” is positively correlated with “adequacy of resources”, “organizational health programmes” is positively correlated with the factors “recognition”, “promotional opportunities” and overall quality of work life; the factor “alternative work schedules” is positively correlated with “satisfactory working environment” and “recognition”; the factor “participative management” is positively correlated with “congenial relationship between clerks and officers”, the factor recognition is positively correlated with “grievance redressal procedure” and therefore the factor “adequacy of resources” is positively correlated with the factor “promotional opportunities”.

Table 8 shows the correlation of coefficient in respect of employees working publicly sector banks with low level of job satisfaction. Table 8 shows that within the case of low level of job satisfaction, “pay and its stability” is positively correlated with the factor “alternative work schedules”; the factor “organizational health programmes” is positively correlated with “grievance redressal procedures” and “overall quality of work life”. The factor “alternative work schedules” is positively correlated with the factor “job security”; the factor “participative management” is positively correlated with the factors namely “recognition” and “promotional opportunities”. The factor “congenial relationship between clerks and officers” is positively correlated with “promotional opportunities”. The factor “grievance redressal” is positively correlated with “satisfactory working environment and therefore the factor “seniority and merit in promotion” is positively correlated with “job security” respectively. Inter-correlation among the main variables is presented in Table 9. Table 9 reveals that there was significant direct correlation between age and income, experience and education, quality of work life and job satisfaction.

Findings

The Z-test for quality of work life between high and low levels of job satisfaction is 8.75. it's statistically significant at the 5 per cent level. within the case of medium level of job satisfaction, the factor “pay and its stability” is positively correlated with “adequacy of resources”, “organizational health programmes” is positively correlated with the factors “recognition”, “promotional opportunities” and overall quality of work life. The factor “congenial relationship between clerks and officers” is positively correlated with “promotional opportunities”. The factor “grievance redressal” is positively correlated with “satisfactory working environment and therefore the factor “seniority and merit in promotion” is positively correlated with “job security” respectively. There was significant direct correlation between age and income, experience and education, quality of work life and 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 Theni 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. Robert P Bullock. “Social factors related to job satisfaction; a technique for the measurement of job satisfaction.” Research Monograph, Ohio state University, USA.
2. KB Akhilesh, Matthew Mary. “A Study of Bank Jobs in reference to Work Motivation, Job and Work Involvement.” Indian J Commercial Relations 26 (1991): 244-254.
3. Sinha BP Jai, Singh Sarita. ”Employees’ Satisfaction and its Organizational Predictors.” Indian J commercial Relations 31 (1995): 135-152.
4. Hossain Mosharraf. ”Job Satisfaction of economic Bank Employees in Bangladesh: A Comparative Study of Public Sector and personal Sectors.” Indian J Commercial Relations 35 (2000): 346-361
5. Hussain R Imtiaz. “Job Satisfaction among Employees of Banks: A Comparative Analysis between Public and personal Sector Banks of Punjab, Pakistan.” Int J Asian sci 2 (2012): 1915-1924
6. Tansel Aysıt, Gazioglu Saziye. “Management-Employee Relations, Firm Size and Job Satisfaction.” Int J Manpower 35 (2014): 1260-1275.
7. Selltiz Claire, Jahoda Marie, Deutsch Morton and Cook W Stuart, et al. Research Methods in Social Relations.8th Edition, Wiley, United Kingdom (2014): 1-576