05 Importance of Job Satisfaction to Banking Industry
JOB Satisfaction
One of the most accepted job satisfaction definitions in
organizational psychology was written by Edwin Locke in 1969. According to
Locke, job
satisfaction can be defined as the pleasurable emotional state resulting from the appraisal
of one’s job as achieving or facilitating the achievement of one’s job values.
A
good employer makes going to work each day fun, rewarding and challenging. When
searching for jobs, look for companies with happy employees, good benefits and
a positive company culture. These are signs of a great place to work.
A
great place to work cares about and supports its employees while also
challenging them to grow with the company. At these companies, managers and
their employees trust and respect each other and have a shared commitment to
both individual and company success. Great companies try to meet their
employees' financial, mental, physical and emotional needs. As a result,
employees are often more productive, satisfied and willing to stay at the
company long term. These things are very important to banking industry to
maintain positive working environment.
The importance of
job satisfaction
No one doubts that workers
are an organization’s most vital resource. Keeping employees satisfied improves
the company’s overall performance for many reasons:
- Lower
absenteeism and turnover. Happy employees
are less likely to leave or to be absent from work, resulting in
time and money savings for the organization
- Higher
productivity, satisfied employees -no matter
their seniority- perform better. Thus the effectiveness of companies with
a higher amount of good performance employees
- Loyalty, if
employees feel that the company supports their interests, they tend to
work harder.
The
importance of Job satisfaction is that it reduces not only psychological and
social risks but its also profitable for organizations of every industry.
In recent years the banking sector has been able to attract
young talents who have chosen banking profession as their preferred career. The
nature of work is changing at whirlwind speed, and the factors that keep an
employee satisfied with his or her job are also changing
The employees of the Bank are valuable assets to the organization and if they are highly satisfied they produce more and this is profitable to the organization. So in this competitive environment it is necessary to know employees attitude towards their jobs and to measure the level of satisfaction with various aspects of job satisfaction (Bhatti, 2011). Efficient human resource management and maintaining higher job satisfaction levels in Banks determines not only the performance of the Bank, but also growth and performance of the entire economy. Job satisfaction refers to an individual’s emotional reaction towards the job. It is thus an integral component of organizational climate and also an important element of employee relationship management. Job satisfaction is the positive emotional state that occurs when a person’s job seems to fulfill their important job values (Katuwal and Randhawa, 2007).
Theories about job
satisfaction
The classic Maslow’s
Hierarchy of Needs was one of the first approaches used to explain
satisfaction in the workplace. Basically, Maslow’s theory postulates
that essential human needs -such as physiology and safety- need to be
first met before achieving more complex needs, like belonging and esteem.
When
applied to working environments things like compensation, healthcare, and job
security would represent the basic needs. Once they are fulfilled, the employee
can take care of the complex needs: relationships at work, feelings about the
job, etc. More recent approaches consider that the Maslow’s Hierarchy of Needs
is not suitable to be applied in working environments since it doesn’t consider
employee’s cognitive processes.
On the other hand, the Two-Factor Theory by Herzberg proposes that job satisfaction relies on a combination of both intrinsic and extrinsic factors. Intrinsic satisfaction is related to the feeling of happiness about the job itself and its responsibilities. Extrinsic factors synonymies hygiene factors are related to the objective work conditions like compensation, benefits, commuting and so on.
https://www.google.com/searchq=why+job+satisfaction+is+important+in+banking+industry&sxsrf=ALiCzsZ1WIhCDKq_C6UdmuonPpFQM2KU9w%3A1670399017666&ei=KUSQY6STKImTz7sP4_yioA4&oq=why+job+satisfaction+is+important+in+bank&gs_lcp=Cgxnd3Mtd2l6LXNlcnAQARgCMgUIIRCgATIFCCEQoAEyBQghEKABOgoIABBHENYEELADOgcIABCwAxBDOgUIABCABDoGCAAQFhAeOgUIABCGA0oECEEYAEoECEYYAFDRAli8HWDmOmgBcAF4AIABQGIAesMkgEFMC40LjSYAQCgAQHIAQrAAQE&sclient=gws-wiz-serp
https://blog.starmeup.com/en/people-first-culture/job-satisfaction-complete-guide/#:~:text=One%20of%20the%20most%20accepted,achievement%20of%20one's%20job%20values.
Good artical Pabasara, A Happy emplyee produce a happy customer.Employee job satisfaction brings additional benifits which are not always measured by monetary ferms.Employee job satisfaction become one of top priorities in the country's turbulent socio economic environment
ReplyDeleteYes Prarthana, in banking sector we experience many challenges nowadays due to uncertainty of the economy, specially work stress is increased due to customer complains. Employer has to have a clear picture of what is going on in bank branch net work. I have summarized some remedies to overcome them in my next articles.
DeleteEmployee surveys are an effort to engage employees and gain information about how they feel about their employer, work environment and other factors that contribute to their satisfaction at work. It tells employers about the number of their workers who are happy, satisfied with their duties and happy with their benefits. It allows you to measure things like employee morale either anonymously or requiring employees to add their names. Satisfaction survey questions can be multiple choice, true or false, fill in the blank or a combination of formats.
ReplyDeleteConducting employee satisfaction surveys can be taken as one of the best methods and I agree with your idea about the format of questioner. Employee satisfaction Index ESI , Employee net promote score eNPS along with a specialized software can be used for the purpose.
DeleteReally when we are working in an organization, we should work in happily.otherwise,we won't be able to satisfy the customer even.so many factors causes for job dissatisfaction.work pressure,work load,no any support from collegues and superiors,lack of recognition,lack of compansation & benefits are some points causing for this issue.
ReplyDeleteYes, a happy employee creates a happy customer. Remuneration , compensation and motivation seems to create much satisfied employees along with contended customers.
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