Exploration of Effective Factors of the Employee Satisfaction and Motivation in the Banking Sector: A Study on Northern Region Bangladesh
AbstractThe main aim of the present study was to extract the most effective factor of satisfaction employees in the service of banking sector. Employees either motivated or demotivated in the workplace depends on the association of job satisfaction factors such as pay, fair recruitment and selection, entertaining financial benefits, promotion, leave and career development opportunities. The study used Exploratory Factor Analysis (EFA) and one factor Structural Equation Modeling (SEM) for data explanation. Observed that KMO value was 0.834 and extracted ‘promotion and transfer policy’ as the loaded factor covering 51.50% (Eiganvalues 3.088) of the total variance explained. In the SEM satisfaction was supposed as the latent factor with beta coefficient value is 0.079 indicating relationship with employee motivation. The existing employees were highly satisfied with the recruitment and selection (highest mean value 4.015) systems of the banking organization. Researcher observed that employees were highly satisfied with present pay, staffing, financial benefits and career development and they were moderately satisfied with the promotion and transfer and leave policy. Finally, researcher found a strong effective factor of the latent variable influencing the promotion and transfer policy (β=2.229, i.e., >1) as the correlation of satisfaction and motivation of existing employees working in the bank. Key words: Satisfaction, motivation, benefits, career and development path
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