Description
job satisfaction among employees of private banks
Submitted By: -
ROLL NO NAME OF STUDENTS
15 Sumeet Punjabi
19 Juhi Makhija
21 Ritu Valecha
23 Megha Tulsani
25 Priya Advani
43 Paramveer Bains
Submitted To: -Prof. Sunil Lalchandani
Date of submission:-7
th
October 2014
Objectives
1. To study the level of job satisfaction among Employees in Bank.
2. To study the factors influencing Job factors.
3. To identify the level of Satisfaction of employees towards their salary.
4. To study the Employee satisfaction from designation.
5. To study the initiative taken by Employer for Employees Job Satisfaction.
Research Methodology:
Primary Data:-
Primary data is collected by sample survey from 30 Employees of 3 different
Banks each Bank 10 Employees i.e ICICI Bank, Axis Bank and Kotak Bank located
in Ulhasnagar.
Secondary Data:-
Secondary data is also known as readymade data. Data which is already
available in books, magazines, newspapers, blogs, and the main source now-a-days is
Internet. Secondary data is collected from following sources:-
? Magazine
? Newspapers
? Blogs
? Internet
Executive Summary:
A satisfied, happy and hard working employee is the biggest asset of any organization,
including banks. Workforce of any bank is responsible to a large extent for its productivity
andprofitability. Efficient human resource management and maintaining higher job
satisfaction level in banks determine not only the performance of the bank but also affect the
growth and performance of the entire economy. So, for the success of banking, it is very
important to manage human resource effectively and to find whether its employees are
satisfied or not. Only if they are satisfied, they will work with commitment and project a
positive image of the organization. The present project makes an effort to study the job
satisfaction level among employees of selected private sector banks in ULHASNAGAR.
Index
Sr no. Particulars
1 Introduction
2 Review Of Literature
3 Area Of Study
4 Findings And Analysis
5 Suggestions
6 Conclusion
7 Biblography
8 Annexure
I ntroduction:
Human 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 people?s 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
labour 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.
Job satisfaction is the positive attitude that a person has for his job. Many research studies
have been done on this area all over the world. The employees? attitude toward his job simply
means his feelings about job, boss, peers, perks, contesters, work place, work schedule, etc. A
positive feeling about these leads to job satisfaction and negative feeling leads to job
dissatisfaction.
Job satisfaction is defined as an individual?s general attitude toward his or her job. This
means that an employees? assessment of how satisfied or dissatisfied he or she is with his or
her job is a complex summation of a number of discrete job elements.
Job satisfaction
Definitions:
“Job satisfaction does not seem to reduce absence, turnover and perhaps accident rates”.
-Robert L. Kahn
“Job satisfaction is a general attitude towards one?s job: the difference between the amount of
reward workers receive and the amount they believe they should receive.”
-P. Robbins
Job satisfaction defines as “The amount of overall positive affect (or feeling) that individuals
have toward their jobs.”
-Hugh J. Arnold and Daniel C.
“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.”
- Feldman
FACTORS I NFLUENCI NG J OB SATI SFACTI ON
Fitting the right man on the right job is the primary function of an organization
for its success. Then only all the resources can be managed effectively. Without human
efforts an organization cannot accomplish its objectives. Renis Likert rightly observes
“All the activities of any enterprise initiated and determined by the persons, who make
up that institution, plants, offices, computers, automated equipment and all else that
make a modern firm uses, are unproductive except for human effort and direction of all
the tasks of management, manager the human component, is the central and the most
important task, because all else depends on how well it is done”.
The important factors conducive to job satisfaction are mentally challenging
work, equitable rewards, supportive working conditions, etc.,
1. Mentally Challenging work:
Employees tend to prefer jobs that give them opportunities to use their skills
and abilities and offer a variety of tasks, freedom and feedback how well they are
doing. These characteristics make work mentally challenging.
This is approached by two ways.
(a) Designing Jobs :
“Whatever level of job you are designing, it must be of interest and give
satisfaction to the worker”
The Job exist to fill roles. The jobs and their occupants both need regular modification
and sometimes radical change, over course of time.
(b) Defining performance :
Arriving at a single measure of performance is difficult. To measure quality
rather than quantity, include staff morale, customer satisfaction, inter team
collaboration and specific project results as measures of performance.
Hence the rule is “ENSURE that jobs offer a wide range of stimulation and
variation”
Including the factors above mentioned will help to make any post more appealing in
the long term and motivate the job holder to perform more effectively.
2. Equitable rewards :
“Get the money right or everything else could easily go wrong”
Employees want pay systems and promotion policies that they perceive as being just,
unambiguous and in line with their expectations. When pay is seen as fair based on job
Employees
Variation
Multi skill
Interest
Prospects
Ownership
Accountability
Targets
demands, individual skill level and community pay standards satisfaction is likely to
result. Individuals who perceive that promotion decisions are made in a fair and just
manner, therefore are likely to experience satisfaction from their jobs.
A pay package is not just about salary, though that is how most people tend to think of
it. Other elements come in to play, not all of them directly cash related.
3. Supportive working conditions:
Employees are concerned with their work environment for both personal
comfort and facilitating doing a good job. Studies demonstrate that employees prefer
physical surroundings that are not dangerous or uncomfortable. Temperature, light
noise and other environment factors should not be at either extreme.
4. Supportive colleagues:
People get more out of work than mere money or tangible achievements. For
most employees, work also fills the need for social interaction. Not surprisingly
Incentives
Pay
Packages
Flexi time
Paid holidays
Car
Insurance
Health care
Pensions
Shares
Salary
therefore, having friendly and supportive co-workers leads to increased job
satisfaction.
DETERMINANTS OF JOB SATISFACTION:
Psychological aspects of job satisfaction are first considered. Dispositional stands,
situational factors and cognitive dissonance influence job satisfaction.
Dispositional stands refer to certain tendencies that individuals show toward
certain things. They may like something and dislike something. There may be no
apparent reasons for such likes and dislikes.
The situational factors of job satisfaction say that a person?s attitude to job
influenced not by pre-disposition they have towards the job, but by the situations like
peers, work environment etc. They are open with no prior dispositions. Attitude got
formed from the work place encounters.
Cognitive dissonance is the mental anxiety a person undergoes when two sets
of information or perceptions are contradictory. A new worker while contributing to his
work, also has to participate in union activities. Cognitive dissonance arises here. Later
the dissonance is resolved by balancing . If no such resolution is possible, satisfaction
from job is affected. He becomes the troubled person and develops a dislike for job.
There are different factors for job satisfaction. They are
? Job itself
? Rewards
? Challenge
? Variety
? Work group
? Work Status
? Opportunity for growth
? Fairness of competition
? Healthy working conditions
? Company status
? Management style.
? Social relevance of work life
? Flexibility in enrichment
? Scope for participation in management
? The style of Leadership
? Dignity of job
? Market standing of the company
? The extent of transparency in communication.
VARI ABLES OF J OB SATI SFACTI ON:
According to Abraham A. Korman, there are two types of variables, which determine
the job satisfaction of an individual. They are:
I. Organizational variables, and
II. Personal variables.
ORGANISATIONAL VARIABLES :
1. Occupational Level:
The higher the level of the job, the greater the satisfaction of the individual will be. This is
because higher level jobs carry greater prestige and self-control. This relationship between
occupational level and job satisfaction stems from social reference group theory in that our
society values some jobs more than the others. Hence people in valued jobs will like them
more than those who are in non-value jobs. The relationship may also stem from the need-
fulfillment theory. People in higher level jobs find most of their needs more satisfied than
when they are in lower level ones.
2. Job Content:
Greater the variation in job content and the less the repetitiveness with which the tasks
must be performed, the greater the satisfaction of the individuals involved will be. Since
job content in terms of variety and nature of tasks called for is a function of occupational
level, the theoretical arguments given above apply here also.
3. Considerate Leadership:
People like to be treated with consideration. Hence considerate leadership results in
higher job satisfaction than inconsiderate leadership.
4. Pay and Promotional Opportunities:
All other things beings equal these two variables are positively related to job satisfaction.
An explanation for this finding lies in both the theories discussed above.
5. Interaction in the Work Group:
Here the question is; when is interaction in the work group a source of job satisfaction
and when is it not? Interaction is most satisfying when-
i. It results in the cognition that other person?s attitudes are similar to one?s own,
since this permits the ready calculability of the other?s behavior and
constitutes a validation of one?s self;
ii. It results in being accepted by others and
iii. It facilitates the achievement of goals.
PERSONAL VARIABLES:
For some people, it appears that most jobs will be dissatisfying irrespective of the
organizational conditions involved, whereas for others, most jobs will be satisfying. Personal
variables like age, educational level, sex, etc., are responsible for this difference.
1. Age:
Most of the evidence on the relation between age and job satisfaction, holding such
factors are occupational level constant, seems to indicate that there is generally a positive
relationship between the two variables up to the pre-retirement years and then there is a sharp
decrease in satisfaction. An individual aspires for better and more prestigious jobs in the later
years of his life. Finding his channels for advancement blocked, his satisfaction declines.
2 . Educational Level:
With occupational level held constant, there is a negative relationship between the
educational level and job satisfaction. The higher the education, the higher the reference
group, which the individual looks for guidance to evaluate his job rewards, will be.
3. Role Perception:
Different individuals hold different perceptions about their roles, i.e., the kind of
activities and behaviors they should engage themselves in to perform their jobs successfully.
Job satisfaction is determined by this factor also. The more accurate the role perception of an
individual the greater his satisfaction will be.
5. Sex:
There is yet no consistent evidence as to whether women are more satisfied will their
jobs than men, holding such factors as job and occupational level constant. One might predict
this to be the case, considering the generally lower occupational aspirations of women.
OUTCOMES OF JOB SATISFACATION:
To society as a whole as well as from an individual employees? standpoint, job
satisfaction in and out of itself is a desirable outcome. However, from a pragmatic managerial
and organizational effectiveness perspective, it is important to know how, satisfaction relates
to outcome variables.
SATISFACTION AND PRODUCTIVITY:
Satisfied workers are more productive than the less satisfied counterparts. This
“satisfaction-performance controversy” has raged over the years. Although most people
assume a positive relationship, the preponderance of research evidence indicates that there is
no strong linkage between satisfaction and productivity. For example, a comprehensive meta-
analysis of the research literature found only a 0.17 average of correlation between job
satisfaction and productivity. Satisfied workers will not necessarily be the highest producers.
There are many possible mediating variables, the most important of which seem to be
rewards. If people receive rewards they feel are equitable, they will be satisfied and this is
likely to result in greater performance effect. Also, recent research evidence indicates that
satisfaction may not necessarily lead to individual performance improvement, but does lead
to organizational-level improvement. Finally, there is still considerable debate whether
satisfaction leads to performance or performance leads to satisfaction.
SATISFACTION AND TURNOVER:
High employee job satisfaction result in low turnover. Unlike that between
satisfaction and productivity, research has uncovered a moderate relationship between
satisfaction and turnover. High job satisfactions will not, in and out of itself, keep turnover
low, but it does seem to help. On the other hand, if there is considerable job dissatisfaction,
there is likely to be high turnover. One group researchers found that for women of eighteen to
twenty-five, satisfaction was an excellent predictor of whether or not they changed jobs. On
the other hand, as job tenure (Length of time on the job) increased, there was less likelihood
of their leaving. Tenure has also been found to listen the effects of dissatisfaction among
male employees.
There are other factors, such as commitment to the organization, that play a role in
this relationship between satisfaction and turnover. Some people cannot see themselves
working anywhere else, so they remain regardless of how dissatisfied they feel. Another
factor is the general economy. When things in the economy are going well and there is little
unemployment, typically there will be an increase in turnover because will begin looking for
better opportunities will other organizations. Even if they are satisfied, many people are
willing to leave if the opportunities elsewhere promise to be better. On the other hand if jobs
are tough to get, dissatisfied employees will stay where they are. On an overall basis,
however, it is accurate to say that job satisfaction is important in employee turnover.
Although absolutely no turnover is not necessarily beneficial to the organization, a low
turnover rate is usually desirable because of training costs and the drawbacks of inexperience.
SATISFACTION AND ABSENTEEISM :
Research has pretty well demonstrated an inverse relationship between and
absenteeism. When satisfaction is high, absenteeism tends to be low; when satisfaction is
low, absenteeism tends to be high. However, as with the other relationships with satisfaction,
there are moderating variables such as the degree to which people feel that their jobs are
moderating variables such as the degree to which people feel that their jobs are important.
For example, research among state government employees has found that those who believed
that their work was important had lower absenteeism than did those who did not feel this
way. Additionally, it is important to remember that while high job satisfaction will not
necessarily result in low absenteeism, low job satisfaction is likely to bring about high
absenteeism
OTHER EFFECTS OF JOB SATISFACTION :
In addition to those noted above, there are a number of other effects brought about by
high job satisfaction. Research reports that highly satisfied employees tend to have better
mental and physical health, learn new job-related tasks more quickly, have fewer on-the-job
accidents, and file fewer grievances. On the positive side it has also recently been found that
satisfied employees are more likely to exhibit pro-social “citizenship” behaviors and
activities such as helping coworkers, helping customers and being more cooperative.
From an overall standpoint, then, most organizational behavior researchers as well as
practicing managers would argue that job satisfaction is important to an organization. Some
critics have argued, however, that this is pure conjecture because there is so much we do not
know about the positive effects of satisfaction. On the other hand, when job satisfaction is
low, there seems to be negative effects on the organization that have been documented. So if
only from the stand point of viewing job satisfaction as minimum requirement or point of
departure, it is of value to the organization?s overall health and effectiveness and is deserving
of study and application in the field of organizational behavior.
AIMS OF JOB SATISFCTION:
1. Economic aim
2. Humanistic aim
3. Theoretical aim
1. Economic aim:
The workers who are all satisfied more will be more productive than dissatisfied
workers. Because those who have fulfilled their needs in respect to their status may
give full involvement and imitativeness to work and this will definitely lead that
organization towards the achievement of their goal in an effective way.
2. Humanistic aim:
Humanistic aim of the job attitude research will make the work hours as pleasurable
and as meaningful as possible.
3. Theoretical aim:
This aim will increase the understanding power, knowledge and skills of employee to
know the factors which are responsible for job satisfaction and will contribute to
personality theory in particular and to psychological theory in general.
REVI EW OF LI TERATURE:
Job satisfaction has been defined as a general attitude towards one?s job. It is in regard to
one?s feelings or state of mind regarding the nature of their work. It is a self-reported positive
state resulting from the appraisal of one?s job or from one?s job experience. According to
Robbins (1997), Job satisfaction is the difference between the amount of rewards employees
receive and the amount they believe they should receive.
Hoppack introduced the term „Job satisfaction? in 1953 in his book on job-satisfaction.
Hoppack defined job satisfaction as „any combinations of psychological, physiological and
environmental circumstances that make a person say I am satisfied with the job?. The
definition is vague in so far as there are many parameters used by Hoppack.
Philip apple while has listed five major components of job satisfaction as,
1. Attitude towards work group.
2. General workings conditions.
3. Attitude towards company.
4. Monetary benefits and
5. Attitude towards supervision
Other components that should be added to these five are the individual?s state of mind about
the work itself and about life in general. The individual?s health, age, level of aspiration,
social status and political and social activities can all contribute to job satisfaction. A person
attitude toward the job may be positive or negative.
According to Weiss and Cropanzano (1996), job satisfaction represents a person's Evaluation
of one's job and work context. This definition is still being debated. It Captures the most
popular view that job satisfaction is an evaluation and represents both belief and feelings.
Saleh (1981) states that job satisfaction is a feeling which is a function of the perceived
relationship between all that one wants from his job life and all that one perceives as offering
or entailing. The emphasis here is on all that one wants, whether it is important for self-
definition or not.
Professor Herzberg , Mausner and Synderman in 1959 , after conducting a massive study
developed „Two Factor Theory? that identifies two set of factors contributing to Job
satisfaction and dissatisfaction . Those are
(1) Hygiene factors: salary, relation with superior and peer, quality of technical supervision,
company policy and administration, working condition etc. and
(2) Motivation factors: Achievements, recognition, work itself, responsibility, advancement
and possibility of growth.
Kamal & Sengupta (2008) in their research paper made an attempt not only to ascertain the
degree of overall job satisfaction prevailing among the Bank Officers but also to elicit
officer?s views on the different factors contributing to their job satisfaction. It is also
observed that as a person ages, his job satisfaction shows an increasing trend. Younger
employees have more energy, more expectations and more options, and hence have lesser
satisfaction with the job. Overall the job satisfaction of bank officers though is not very high
but still satisfactory. But there is still considerable room for improvements.
Shrivastava & Purang (2009) in their study examined the job satisfaction level of a public
sector and private sector bank employees in India. Public and private sector banks differ with
respect to their background and work culture. Writers of this study observed that the work
culture of public sector banks was based on the concept of socio- economic responsibility, in
which profitability is secondary. On the other hand, private sector banks work towards
profitability. Because of these differences between the sectors hold an important factor in
shaping the work culture of an organization, it needs to be explored how they would likely
affect job satisfaction.
Khanetal, (2011) in their research paper highlighted the problems faced by banking industry
in Pakistan which is badly affecting the loyalty of the customers and the employees. The
employees? satisfaction and retention are critical to the conduct of business in the competitive
marketplace and business environment today, and the banks enjoy no exception to it. So, the
purpose of their research study was to establish link between perceived human resources
internal service quality practices with employee retentions in mediating environment of
employee job satisfaction.
AREA OF STUDY
Our Area of Study consists of Employees of three banks which are ICICI Bank, Axis Bank
and Kotak Bank. ICICI Bank located in Ulhasnagar-5, Axis Bank located in Ulhasnagar-
3and Kotak Bank located in Ulhasnagar-3.
About ICICI Bank:
ICICI Bank was originally promoted in 1994 by ICICI Limited, an Indian financial
institution, and was its wholly-owned subsidiary. ICICI's shareholding in ICICI Bank was
reduced to 46% through a public offering of shares in India in fiscal 1998, an equity offering
in the form of ADRs listed on the NYSE in fiscal 2000, ICICI Bank's acquisition of Bank of
Madura Limited in an all-stock amalgamation in fiscal 2001, and secondary market sales by
ICICI to institutional investors in fiscal 2001 and fiscal 2002. ICICI was formed in 1955 at
the initiative of the World Bank, the Government of India and representatives of Indian
industry. The principal objective was to create a development financial institution for
providing medium-term and long-term project financing to Indian businesses.
In October 2001, the Boards of Directors of ICICI and ICICI Bank approved the merger of
ICICI and two of its wholly-owned retail finance subsidiaries, ICICI Personal Financial
Services Limited and ICICI Capital Services Limited, with ICICI Bank. The merger was
approved by shareholders of ICICI and ICICI Bank in January 2002, by the High Court of
Gujarat at Ahmedabad in March 2002, and by the High Court of Judicature at Mumbai and
the Reserve Bank of India in April 2002. Consequent to the merger, the ICICI group's
financing and banking operations, both wholesale and retail, have been integrated in a single
entity.
About Axis Bank:
Axis Bank was the first of the new private banks to have begun operations in 1994, after the
Government of India allowed new private banks to be established. The Bank was promoted
jointly by the Administrator of the specified undertaking of the Unit Trust of India (UTI - I),
Life Insurance Corporation of India (LIC) and General Insurance Corporation of India (GIC)
and other four PSU insurance companies, i.e. National Insurance Company Ltd., The New
India Assurance Company Ltd., The Oriental Insurance Company Ltd. and United India
Insurance Company Ltd. The Bank today is capitalized to the extent of Rs. 357.71 crore with
the public holding (other than promoters) at 57.49%. The Bank's Registered Office is at
Ahmedabad and its Central Office is located at Mumbai. Presently, the Bank has a very wide
network of more than 671 branch offices and Extension Counters. The Bank has a network of
over 2764 ATMs providing 24 hrs a day banking convenience to its customers. This is one of
the largest ATM networks in the country.
About Kotak Mahindra Bank:
Kotak Mahindra Bank is an Indian bank and financial service firm established in 1985. It was
previously known as Kotak Mahindra Finance Limited, a non-banking financial company.In
February 2003, Kotak Mahindra Finance Ltd, the group's flagship company was given the
licence to carry on banking business by the Reserve Bank of India (RBI). Kotak Mahindra
Finance Ltd. is the first company in the Indian banking history to convert to a bank. As of
2011 to October 2013, it has more than 500 branches, over 1,000 ATMs and a consolidated
balance sheet of approx. US$ 2.9 billion. The Bank has its registered office at Nariman
Bhavan, Nariman Point, Mumbai.
Findings and Analysis
1. How long you worked for this Bank?
As per the survey, among employees of AXIS bank 30% of employees had
worked for period of 6months to 1year as they believe in adding freshers to the job whereas
25% of employees work for 1-3 years while 20% are retaining their job for 3-5 years and the
remaining 25% are working for more than 5 years because of their hardworking and honest
attitude towards bank.Talking about the employees of ICICI bank 40% of employees had
worked for period of 6months to 1year whereas 30% of employees work for 1-3 years while
20% are retaining their job for 3-5 years and the remaining 10% are working for more than 5
years this shows that ICICI influences young blood to the bank .Where as among employees
of Kotak bank 25% of employees had worked for period of 6months to 1year whereas 25% of
employees work for 1-3 years while 35% are retaining their job for 3-5 years and the
remaining 15% are working for more than 5 years.
0
5
10
15
20
25
30
35
40
45
Axis ICICI Kotak
6months -1year
1-3years
3-5 years
more than 5 years
2. What was your salary at the time of Joining?
Survey shows, 30% employees of AXIS bank had offered salary below Rs.5000
because they were fresher towards job where as 25% of employees earn salary between
5001-10,000 in their starting stage while 25%have offered salary ranges from Rs.10,001-
20,000 and the remaining 20% are have salary more than 20,000 at the time of appointment
because of theirexperience.Among employees of ICICI bank 20% have offered salary below
Rs. 5000 because of their less experience towards job whereas 30% of employees earn salary
between 5001-10,000 at the time of appointment while 40% have offered salary ranges from
Rs. 10,001- 20,000 and the remaining 10% had started earning salary more than Rs 20,000.In
case of kotak bank, 50% of employees have offered salary below Rs.5,000 while 20% of
employees earn salary between 5001-10,000 at the time of joining while 30% had salary
ranges from Rs. 10,001- 20,000 and the remaining 10% are had offered salary more than
Rs.20,000.
0
10
20
30
40
50
60
70
Axis ICICI Kotak
Below Rs.5,000
Rs5,001-10,000
Rs.10,001-20,000
More than Rs,20,000
3. What is your Present Salary?
As per survey, 10% employees of AXIS bank have salary below Rs. 5000 because of their
low designation towards job whereas 25% of employees earn salary between 5001-10,000
while 50% have salary ranges from Rs. 10,001- 20,000 and the remaining 15% are earning
salary more than 20,000 because of their increased experience. Among employees of ICICI
bank 20% have salary below Rs. 5000 because of their less experience towards job whereas
30% of employees earn salary between 5001-10,000 while 35% have salary ranges from Rs.
10,001- 20,000 and the remaining 15% are earning salary more than 20,000. In case of kotak
bank, 20% of employees have salary below Rs. 5000 while 20% of employees earn salary
between 5001-10,000 while 40% have salary ranges from Rs. 10,001- 20,000 and the
remaining 20% are earning salary more than 20,000 because of their increased experience.
0
10
20
30
40
50
60
Axis ICICI Kotak
Below Rs.5000
5001-10,000
10,001-20,000
Above 20,000
4. How do you view your Job?
As per the survey, 50 %employees of axis bank are satisfied with their job and take job as
motivation. 70 %employees of kotak bank feel that their job is a responsibility and are not
that much satisfied from their job. 60% employees of ICICI bank who are satisfied with their
job and take them as a challenge.
50%
70%
60%
0%
10%
20%
30%
40%
50%
60%
70%
80%
Axis Kotak ICICI
5. Working environment:
Working environment relates mainly to where they work and what is there without which the
employees are unable to work, the answer to this question was COMPUTERS , A total of
91% of the respondents from axis, kotak and ICICI work on a computer for more than four
hours a day, including a group of 73% who do so for more than eight hours a day. Only a
small proportion of respondents 4% work with computers for less than four hours a day. The
length of computer usage also shows a clear gender difference: only 2% of women, compared
with 12% of men, work on computers for less than four hours a day. The reason behind a lot
of computer usage is that increase in technology and speed of work done, which would let
any bank to achieve its targets fast.
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
more than 4 hrs more than 8 hrs less than 4 hrs
6. Working hours:
Over all, all the banks work for 9 - 5 but it depends how much an employee want to get on in
the job as to any additional work that employee do. There have been numerous occasions
when employee have started at 7 and finished beyond 6, but then there are other occasions
when employee will leave mid afternoon after a customer meeting so it is dependent on
workload. The more the work load, more the number of hours to work. The reason behind
this could be the pressure of work the employee has.
7. Work responsibilities and stress level :
Employees of all the 3 banks AXIS, KOTAK, ICICI believe that – more work – more
responsibilities – more stress – more productivity – more incentives – the MOST
SATISFACTION. This means that if there is more work, there are more responsibilities,
there will more stress and in pressure there is more productivity and if there is good
productivity because of employees they will receive good incentives and ultimately they are
satisfied .
8. Superior Subordinate relation
As per the survey, only 40% employees from Axis bank are satisfied with their relation with
superior whereas 60% employees are satisfied with their relation with superior in Kotak bank,
in ICICI bank 80% employees enjoy satisfactory relation with their superior, the reason
behind this could be their own performance and skills and the rewards they get, because on
that basis the relationship becomes strong.
40%
60%
80%
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
Axis Kotak ICICI
9. Job Security
As per the survey conducted among three banks, it is observed that 20 percent of employees
rated 1 in terms of job security satisfaction where as 10 percent of employees rated 2 , 20
percent of employees rated 3 while 30 percent of employees rated 4 and remaining 20 percent
of employees rated 5 in terms of job security satisfaction.
20%
10%
20%
30%
20
10. Present performance appraisal policy of the bank.
As per the survey conducted among three banks, it is observed that 20 percent of employees
rated 1 in terms of satisfaction for performance appraisal policy of their bank where as 15
percent of employees rated 2 , 15 percent of employees rated 3 while 25 percent of
employees rated 4 and remaining 25 percent of employees rated 5 in terms of job security
satisfaction.
1
2
3
4
5
10%
15%
15%
25%
25%
11. Recognition and reward for your work and contributions
As per the survey conducted among three banks, it is observed that 10 percent of employees
rated 1 in as they don?t get high satisfactory rewards for their work of their bank where as 20
percent of employees rated 2, 20 percent of employees rated 3 while 35 percent of employees
rated 4 and remaining 15 percent of employees rated 5 because they are satisfied from the
rewards they are getting in their work.
1
2
3
4
5
10%
20%
20%
35%
15%
13. Employees balance between work and family life
As per survey, it is observed that 60 % employees from Axis bank maintain balance between
work and family life, whereas only 40 % employees of kotak bank have ability to maintain
work and family life and 80 % of employees of ICICI bank manage their work and family
life. This could be because of their pressure of work and relationship with their family
members and the capabilities they possess.
60%
40%
80%
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
Axis Kotak ICICI
14. High job satisfaction leads to high productivity:
out if 10 Employees from Axis bank, 8 feel that high productivity depends on high
satisfaction, only 6 employees of kotak bank said that high productivity depends on high
satisfaction, Where as, every employee of ICICI bank said that high productivity is fully
dependent on high level of satisfaction because the reason behind this could be their personal
experiences and knowledge while working there.
0
2
4
6
8
10
12
Axis Kotak ICICI
15. Are you satisfied with the employee assistance policy (e.g. lunch and transport etc.) of
the bank?
As per the survey conducted in overall three banks 20% employees rated 1 in terms of
satisfaction with the employee assistance policy of the bank, whereas 30% rated as 2, 20%
rated 3, 10% of employees rated 4 while the remaining 10% of employees rated 5.
20
30
20
10
10
1
2
3
4
5
16. Are you satisfied with long and short term benefits like promotion) & insurance
policies of the company?
As per the survey conducted in overall three banks 30% employees rated 1 in terms of
satisfaction with long and short term benefits & insurance policies of the company, whereas
25% rated as 2, 20% rated 3, 10% of employees rated 4 while the remaining 5% of
employees rated 5.
30
25
20
10
5
1
2
3
4
5
17. Overall how satisfied are you as an employee?
As per survey conducted in overall three banks 30% employees rated 1 in terms of
satisfaction, whereas 20% rated as 2, 10% rated 3, 20% of employees rated 4 while the
remaining 20% of employees rated 5.
30
20
10
10
20
1
2
3
4
5
Suggestions:
1. Most important cause of dissatisfaction private employees is of job security. So, private
banks must provide an element of security to employees. Banks can provide security
in terms of conditions that until employee will fulfill these conditions; his/her job
will remain secure.
2. Other important cause of dissatisfaction among private Bank employees is their
relationship with supervisors. Supervisors must have a fair relationship with their
employees to keep them satisfied.
3. It has been found that employees of private sector banks were less satisfied with
their jobs so to increase their satisfaction, private sector banks need to improve job
security. Layoff threats are one of the greatest blows to employee loyalty, even among
those whose jobs are not immediately at risk.
4. Long tenure of working in organizations increases the job satisfaction of employees.
the Indian middle class is very protective towards family members, so private sector
banks must launch special schemes to safeguard the interests of family members of
employees. This may be education facilities for children, pension schemes for
employees, accommodation for employees, gratuity, and other retirement benefits.
5. In the light of the findings, job security is one of the most important ingredients of
job satisfaction. Secure job environment enhances the degree of job satisfaction.
Management must create an environment of job security among employees. Indians
work with emotions, so any legal job contract will not motivate them.
Instead, there should be a psychological or emotional bond between employees
and the Organization.
Conclusion:
The result of the study indicates that layoff threats, quick turnover, less
welfare schemes, and less scope for vertical growth increase job dissatisfaction.
On the other hand, secure job environment, welfare policies, and job stability
increase the degree of job satisfaction. Efficient human resource management
and maintaining higher job satisfaction level in banks determine not only the
performance of the bank but also affect the growth and performance of the entire
economy. So, for the success of banking, it is very important to manage
human resource effectively and to find whether its employees are satisfied or not.
Only if they are satisfied, they will work with commitment and project a
positive image of the organization.
Biblography:
1. www.Scribd.com
2. Wikipedia.org
3. www.icicibank.com
4. www.axisbank.com
5. www.kotak.com
6.http://shodhganga.inflibnet.ac.in/bitstream/10603/12822/9/09_chapter%
202.
Annexure:
Note: This questionnaire will be used purely for academic research only. I nformation
provided will be kept confidential.
Name: __________________________________________________________
Age: ______ Gender: Male/Female Marital Status: Single/Married
Educational Qualification: ___________________
Present Designation: _____________________
Name of the Bank: __________________________________________________
1. How long you worked for this Bank?
6 Months-1years 1-3years
3-5years more than 5years
2. What was your salary at the time of Joining?
Below Rs.5000 Rs.5001-10,000
Rs.10,001-20,000 Above 20,000
3. What is your Present Salary?
Below Rs.5000 Rs.5001-10,000
Rs.10,001-20,000 Above 20,000
4. What is the attitude of Management in solving Employees problem?
Fast and in favour of worker Fast and in favour of worker
Postponed Refused
5. How do you view your Job?
Challenging Motivating
Secured Responsible
Rate the following things in 1 to 5
Signature
Sr. No. Survey Questions 1 2 3 4 5
1. working environment of the Bank
2. job location?
3. working hours
4. salary structure
5. work responsibilities
6. stress level
7. Superior subordinate relations
8. job security
9. present performance appraisal policy of the Bank
10.
recognition and rewards for your work and
contributions
11. Does your personal problem affect your work?
12.
Are you able to maintain a healthy balance between
work and family life?
13.
Do you feel that high job satisfaction helps in high
productivity?
14. leave policy (Sick leave, etc.) of the Bank
15.
Are you satisfied with the employee assistance policy
(e.g. - lunch & transport etc.) of the Bank?
16.
Are you satisfied with long and short term benefits
(like promotion) & insurance policies of the
company?
17. Overall how satisfied are you as an employee?
18 Any suggestions to improve your job satisfaction?
doc_196787433.docx
job satisfaction among employees of private banks
Submitted By: -
ROLL NO NAME OF STUDENTS
15 Sumeet Punjabi
19 Juhi Makhija
21 Ritu Valecha
23 Megha Tulsani
25 Priya Advani
43 Paramveer Bains
Submitted To: -Prof. Sunil Lalchandani
Date of submission:-7
th
October 2014
Objectives
1. To study the level of job satisfaction among Employees in Bank.
2. To study the factors influencing Job factors.
3. To identify the level of Satisfaction of employees towards their salary.
4. To study the Employee satisfaction from designation.
5. To study the initiative taken by Employer for Employees Job Satisfaction.
Research Methodology:
Primary Data:-
Primary data is collected by sample survey from 30 Employees of 3 different
Banks each Bank 10 Employees i.e ICICI Bank, Axis Bank and Kotak Bank located
in Ulhasnagar.
Secondary Data:-
Secondary data is also known as readymade data. Data which is already
available in books, magazines, newspapers, blogs, and the main source now-a-days is
Internet. Secondary data is collected from following sources:-
? Magazine
? Newspapers
? Blogs
? Internet
Executive Summary:
A satisfied, happy and hard working employee is the biggest asset of any organization,
including banks. Workforce of any bank is responsible to a large extent for its productivity
andprofitability. Efficient human resource management and maintaining higher job
satisfaction level in banks determine not only the performance of the bank but also affect the
growth and performance of the entire economy. So, for the success of banking, it is very
important to manage human resource effectively and to find whether its employees are
satisfied or not. Only if they are satisfied, they will work with commitment and project a
positive image of the organization. The present project makes an effort to study the job
satisfaction level among employees of selected private sector banks in ULHASNAGAR.
Index
Sr no. Particulars
1 Introduction
2 Review Of Literature
3 Area Of Study
4 Findings And Analysis
5 Suggestions
6 Conclusion
7 Biblography
8 Annexure
I ntroduction:
Human 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 people?s 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
labour 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.
Job satisfaction is the positive attitude that a person has for his job. Many research studies
have been done on this area all over the world. The employees? attitude toward his job simply
means his feelings about job, boss, peers, perks, contesters, work place, work schedule, etc. A
positive feeling about these leads to job satisfaction and negative feeling leads to job
dissatisfaction.
Job satisfaction is defined as an individual?s general attitude toward his or her job. This
means that an employees? assessment of how satisfied or dissatisfied he or she is with his or
her job is a complex summation of a number of discrete job elements.
Job satisfaction
Definitions:
“Job satisfaction does not seem to reduce absence, turnover and perhaps accident rates”.
-Robert L. Kahn
“Job satisfaction is a general attitude towards one?s job: the difference between the amount of
reward workers receive and the amount they believe they should receive.”
-P. Robbins
Job satisfaction defines as “The amount of overall positive affect (or feeling) that individuals
have toward their jobs.”
-Hugh J. Arnold and Daniel C.
“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.”
- Feldman
FACTORS I NFLUENCI NG J OB SATI SFACTI ON
Fitting the right man on the right job is the primary function of an organization
for its success. Then only all the resources can be managed effectively. Without human
efforts an organization cannot accomplish its objectives. Renis Likert rightly observes
“All the activities of any enterprise initiated and determined by the persons, who make
up that institution, plants, offices, computers, automated equipment and all else that
make a modern firm uses, are unproductive except for human effort and direction of all
the tasks of management, manager the human component, is the central and the most
important task, because all else depends on how well it is done”.
The important factors conducive to job satisfaction are mentally challenging
work, equitable rewards, supportive working conditions, etc.,
1. Mentally Challenging work:
Employees tend to prefer jobs that give them opportunities to use their skills
and abilities and offer a variety of tasks, freedom and feedback how well they are
doing. These characteristics make work mentally challenging.
This is approached by two ways.
(a) Designing Jobs :
“Whatever level of job you are designing, it must be of interest and give
satisfaction to the worker”
The Job exist to fill roles. The jobs and their occupants both need regular modification
and sometimes radical change, over course of time.
(b) Defining performance :
Arriving at a single measure of performance is difficult. To measure quality
rather than quantity, include staff morale, customer satisfaction, inter team
collaboration and specific project results as measures of performance.
Hence the rule is “ENSURE that jobs offer a wide range of stimulation and
variation”
Including the factors above mentioned will help to make any post more appealing in
the long term and motivate the job holder to perform more effectively.
2. Equitable rewards :
“Get the money right or everything else could easily go wrong”
Employees want pay systems and promotion policies that they perceive as being just,
unambiguous and in line with their expectations. When pay is seen as fair based on job
Employees
Variation
Multi skill
Interest
Prospects
Ownership
Accountability
Targets
demands, individual skill level and community pay standards satisfaction is likely to
result. Individuals who perceive that promotion decisions are made in a fair and just
manner, therefore are likely to experience satisfaction from their jobs.
A pay package is not just about salary, though that is how most people tend to think of
it. Other elements come in to play, not all of them directly cash related.
3. Supportive working conditions:
Employees are concerned with their work environment for both personal
comfort and facilitating doing a good job. Studies demonstrate that employees prefer
physical surroundings that are not dangerous or uncomfortable. Temperature, light
noise and other environment factors should not be at either extreme.
4. Supportive colleagues:
People get more out of work than mere money or tangible achievements. For
most employees, work also fills the need for social interaction. Not surprisingly
Incentives
Pay
Packages
Flexi time
Paid holidays
Car
Insurance
Health care
Pensions
Shares
Salary
therefore, having friendly and supportive co-workers leads to increased job
satisfaction.
DETERMINANTS OF JOB SATISFACTION:
Psychological aspects of job satisfaction are first considered. Dispositional stands,
situational factors and cognitive dissonance influence job satisfaction.
Dispositional stands refer to certain tendencies that individuals show toward
certain things. They may like something and dislike something. There may be no
apparent reasons for such likes and dislikes.
The situational factors of job satisfaction say that a person?s attitude to job
influenced not by pre-disposition they have towards the job, but by the situations like
peers, work environment etc. They are open with no prior dispositions. Attitude got
formed from the work place encounters.
Cognitive dissonance is the mental anxiety a person undergoes when two sets
of information or perceptions are contradictory. A new worker while contributing to his
work, also has to participate in union activities. Cognitive dissonance arises here. Later
the dissonance is resolved by balancing . If no such resolution is possible, satisfaction
from job is affected. He becomes the troubled person and develops a dislike for job.
There are different factors for job satisfaction. They are
? Job itself
? Rewards
? Challenge
? Variety
? Work group
? Work Status
? Opportunity for growth
? Fairness of competition
? Healthy working conditions
? Company status
? Management style.
? Social relevance of work life
? Flexibility in enrichment
? Scope for participation in management
? The style of Leadership
? Dignity of job
? Market standing of the company
? The extent of transparency in communication.
VARI ABLES OF J OB SATI SFACTI ON:
According to Abraham A. Korman, there are two types of variables, which determine
the job satisfaction of an individual. They are:
I. Organizational variables, and
II. Personal variables.
ORGANISATIONAL VARIABLES :
1. Occupational Level:
The higher the level of the job, the greater the satisfaction of the individual will be. This is
because higher level jobs carry greater prestige and self-control. This relationship between
occupational level and job satisfaction stems from social reference group theory in that our
society values some jobs more than the others. Hence people in valued jobs will like them
more than those who are in non-value jobs. The relationship may also stem from the need-
fulfillment theory. People in higher level jobs find most of their needs more satisfied than
when they are in lower level ones.
2. Job Content:
Greater the variation in job content and the less the repetitiveness with which the tasks
must be performed, the greater the satisfaction of the individuals involved will be. Since
job content in terms of variety and nature of tasks called for is a function of occupational
level, the theoretical arguments given above apply here also.
3. Considerate Leadership:
People like to be treated with consideration. Hence considerate leadership results in
higher job satisfaction than inconsiderate leadership.
4. Pay and Promotional Opportunities:
All other things beings equal these two variables are positively related to job satisfaction.
An explanation for this finding lies in both the theories discussed above.
5. Interaction in the Work Group:
Here the question is; when is interaction in the work group a source of job satisfaction
and when is it not? Interaction is most satisfying when-
i. It results in the cognition that other person?s attitudes are similar to one?s own,
since this permits the ready calculability of the other?s behavior and
constitutes a validation of one?s self;
ii. It results in being accepted by others and
iii. It facilitates the achievement of goals.
PERSONAL VARIABLES:
For some people, it appears that most jobs will be dissatisfying irrespective of the
organizational conditions involved, whereas for others, most jobs will be satisfying. Personal
variables like age, educational level, sex, etc., are responsible for this difference.
1. Age:
Most of the evidence on the relation between age and job satisfaction, holding such
factors are occupational level constant, seems to indicate that there is generally a positive
relationship between the two variables up to the pre-retirement years and then there is a sharp
decrease in satisfaction. An individual aspires for better and more prestigious jobs in the later
years of his life. Finding his channels for advancement blocked, his satisfaction declines.
2 . Educational Level:
With occupational level held constant, there is a negative relationship between the
educational level and job satisfaction. The higher the education, the higher the reference
group, which the individual looks for guidance to evaluate his job rewards, will be.
3. Role Perception:
Different individuals hold different perceptions about their roles, i.e., the kind of
activities and behaviors they should engage themselves in to perform their jobs successfully.
Job satisfaction is determined by this factor also. The more accurate the role perception of an
individual the greater his satisfaction will be.
5. Sex:
There is yet no consistent evidence as to whether women are more satisfied will their
jobs than men, holding such factors as job and occupational level constant. One might predict
this to be the case, considering the generally lower occupational aspirations of women.
OUTCOMES OF JOB SATISFACATION:
To society as a whole as well as from an individual employees? standpoint, job
satisfaction in and out of itself is a desirable outcome. However, from a pragmatic managerial
and organizational effectiveness perspective, it is important to know how, satisfaction relates
to outcome variables.
SATISFACTION AND PRODUCTIVITY:
Satisfied workers are more productive than the less satisfied counterparts. This
“satisfaction-performance controversy” has raged over the years. Although most people
assume a positive relationship, the preponderance of research evidence indicates that there is
no strong linkage between satisfaction and productivity. For example, a comprehensive meta-
analysis of the research literature found only a 0.17 average of correlation between job
satisfaction and productivity. Satisfied workers will not necessarily be the highest producers.
There are many possible mediating variables, the most important of which seem to be
rewards. If people receive rewards they feel are equitable, they will be satisfied and this is
likely to result in greater performance effect. Also, recent research evidence indicates that
satisfaction may not necessarily lead to individual performance improvement, but does lead
to organizational-level improvement. Finally, there is still considerable debate whether
satisfaction leads to performance or performance leads to satisfaction.
SATISFACTION AND TURNOVER:
High employee job satisfaction result in low turnover. Unlike that between
satisfaction and productivity, research has uncovered a moderate relationship between
satisfaction and turnover. High job satisfactions will not, in and out of itself, keep turnover
low, but it does seem to help. On the other hand, if there is considerable job dissatisfaction,
there is likely to be high turnover. One group researchers found that for women of eighteen to
twenty-five, satisfaction was an excellent predictor of whether or not they changed jobs. On
the other hand, as job tenure (Length of time on the job) increased, there was less likelihood
of their leaving. Tenure has also been found to listen the effects of dissatisfaction among
male employees.
There are other factors, such as commitment to the organization, that play a role in
this relationship between satisfaction and turnover. Some people cannot see themselves
working anywhere else, so they remain regardless of how dissatisfied they feel. Another
factor is the general economy. When things in the economy are going well and there is little
unemployment, typically there will be an increase in turnover because will begin looking for
better opportunities will other organizations. Even if they are satisfied, many people are
willing to leave if the opportunities elsewhere promise to be better. On the other hand if jobs
are tough to get, dissatisfied employees will stay where they are. On an overall basis,
however, it is accurate to say that job satisfaction is important in employee turnover.
Although absolutely no turnover is not necessarily beneficial to the organization, a low
turnover rate is usually desirable because of training costs and the drawbacks of inexperience.
SATISFACTION AND ABSENTEEISM :
Research has pretty well demonstrated an inverse relationship between and
absenteeism. When satisfaction is high, absenteeism tends to be low; when satisfaction is
low, absenteeism tends to be high. However, as with the other relationships with satisfaction,
there are moderating variables such as the degree to which people feel that their jobs are
moderating variables such as the degree to which people feel that their jobs are important.
For example, research among state government employees has found that those who believed
that their work was important had lower absenteeism than did those who did not feel this
way. Additionally, it is important to remember that while high job satisfaction will not
necessarily result in low absenteeism, low job satisfaction is likely to bring about high
absenteeism
OTHER EFFECTS OF JOB SATISFACTION :
In addition to those noted above, there are a number of other effects brought about by
high job satisfaction. Research reports that highly satisfied employees tend to have better
mental and physical health, learn new job-related tasks more quickly, have fewer on-the-job
accidents, and file fewer grievances. On the positive side it has also recently been found that
satisfied employees are more likely to exhibit pro-social “citizenship” behaviors and
activities such as helping coworkers, helping customers and being more cooperative.
From an overall standpoint, then, most organizational behavior researchers as well as
practicing managers would argue that job satisfaction is important to an organization. Some
critics have argued, however, that this is pure conjecture because there is so much we do not
know about the positive effects of satisfaction. On the other hand, when job satisfaction is
low, there seems to be negative effects on the organization that have been documented. So if
only from the stand point of viewing job satisfaction as minimum requirement or point of
departure, it is of value to the organization?s overall health and effectiveness and is deserving
of study and application in the field of organizational behavior.
AIMS OF JOB SATISFCTION:
1. Economic aim
2. Humanistic aim
3. Theoretical aim
1. Economic aim:
The workers who are all satisfied more will be more productive than dissatisfied
workers. Because those who have fulfilled their needs in respect to their status may
give full involvement and imitativeness to work and this will definitely lead that
organization towards the achievement of their goal in an effective way.
2. Humanistic aim:
Humanistic aim of the job attitude research will make the work hours as pleasurable
and as meaningful as possible.
3. Theoretical aim:
This aim will increase the understanding power, knowledge and skills of employee to
know the factors which are responsible for job satisfaction and will contribute to
personality theory in particular and to psychological theory in general.
REVI EW OF LI TERATURE:
Job satisfaction has been defined as a general attitude towards one?s job. It is in regard to
one?s feelings or state of mind regarding the nature of their work. It is a self-reported positive
state resulting from the appraisal of one?s job or from one?s job experience. According to
Robbins (1997), Job satisfaction is the difference between the amount of rewards employees
receive and the amount they believe they should receive.
Hoppack introduced the term „Job satisfaction? in 1953 in his book on job-satisfaction.
Hoppack defined job satisfaction as „any combinations of psychological, physiological and
environmental circumstances that make a person say I am satisfied with the job?. The
definition is vague in so far as there are many parameters used by Hoppack.
Philip apple while has listed five major components of job satisfaction as,
1. Attitude towards work group.
2. General workings conditions.
3. Attitude towards company.
4. Monetary benefits and
5. Attitude towards supervision
Other components that should be added to these five are the individual?s state of mind about
the work itself and about life in general. The individual?s health, age, level of aspiration,
social status and political and social activities can all contribute to job satisfaction. A person
attitude toward the job may be positive or negative.
According to Weiss and Cropanzano (1996), job satisfaction represents a person's Evaluation
of one's job and work context. This definition is still being debated. It Captures the most
popular view that job satisfaction is an evaluation and represents both belief and feelings.
Saleh (1981) states that job satisfaction is a feeling which is a function of the perceived
relationship between all that one wants from his job life and all that one perceives as offering
or entailing. The emphasis here is on all that one wants, whether it is important for self-
definition or not.
Professor Herzberg , Mausner and Synderman in 1959 , after conducting a massive study
developed „Two Factor Theory? that identifies two set of factors contributing to Job
satisfaction and dissatisfaction . Those are
(1) Hygiene factors: salary, relation with superior and peer, quality of technical supervision,
company policy and administration, working condition etc. and
(2) Motivation factors: Achievements, recognition, work itself, responsibility, advancement
and possibility of growth.
Kamal & Sengupta (2008) in their research paper made an attempt not only to ascertain the
degree of overall job satisfaction prevailing among the Bank Officers but also to elicit
officer?s views on the different factors contributing to their job satisfaction. It is also
observed that as a person ages, his job satisfaction shows an increasing trend. Younger
employees have more energy, more expectations and more options, and hence have lesser
satisfaction with the job. Overall the job satisfaction of bank officers though is not very high
but still satisfactory. But there is still considerable room for improvements.
Shrivastava & Purang (2009) in their study examined the job satisfaction level of a public
sector and private sector bank employees in India. Public and private sector banks differ with
respect to their background and work culture. Writers of this study observed that the work
culture of public sector banks was based on the concept of socio- economic responsibility, in
which profitability is secondary. On the other hand, private sector banks work towards
profitability. Because of these differences between the sectors hold an important factor in
shaping the work culture of an organization, it needs to be explored how they would likely
affect job satisfaction.
Khanetal, (2011) in their research paper highlighted the problems faced by banking industry
in Pakistan which is badly affecting the loyalty of the customers and the employees. The
employees? satisfaction and retention are critical to the conduct of business in the competitive
marketplace and business environment today, and the banks enjoy no exception to it. So, the
purpose of their research study was to establish link between perceived human resources
internal service quality practices with employee retentions in mediating environment of
employee job satisfaction.
AREA OF STUDY
Our Area of Study consists of Employees of three banks which are ICICI Bank, Axis Bank
and Kotak Bank. ICICI Bank located in Ulhasnagar-5, Axis Bank located in Ulhasnagar-
3and Kotak Bank located in Ulhasnagar-3.
About ICICI Bank:
ICICI Bank was originally promoted in 1994 by ICICI Limited, an Indian financial
institution, and was its wholly-owned subsidiary. ICICI's shareholding in ICICI Bank was
reduced to 46% through a public offering of shares in India in fiscal 1998, an equity offering
in the form of ADRs listed on the NYSE in fiscal 2000, ICICI Bank's acquisition of Bank of
Madura Limited in an all-stock amalgamation in fiscal 2001, and secondary market sales by
ICICI to institutional investors in fiscal 2001 and fiscal 2002. ICICI was formed in 1955 at
the initiative of the World Bank, the Government of India and representatives of Indian
industry. The principal objective was to create a development financial institution for
providing medium-term and long-term project financing to Indian businesses.
In October 2001, the Boards of Directors of ICICI and ICICI Bank approved the merger of
ICICI and two of its wholly-owned retail finance subsidiaries, ICICI Personal Financial
Services Limited and ICICI Capital Services Limited, with ICICI Bank. The merger was
approved by shareholders of ICICI and ICICI Bank in January 2002, by the High Court of
Gujarat at Ahmedabad in March 2002, and by the High Court of Judicature at Mumbai and
the Reserve Bank of India in April 2002. Consequent to the merger, the ICICI group's
financing and banking operations, both wholesale and retail, have been integrated in a single
entity.
About Axis Bank:
Axis Bank was the first of the new private banks to have begun operations in 1994, after the
Government of India allowed new private banks to be established. The Bank was promoted
jointly by the Administrator of the specified undertaking of the Unit Trust of India (UTI - I),
Life Insurance Corporation of India (LIC) and General Insurance Corporation of India (GIC)
and other four PSU insurance companies, i.e. National Insurance Company Ltd., The New
India Assurance Company Ltd., The Oriental Insurance Company Ltd. and United India
Insurance Company Ltd. The Bank today is capitalized to the extent of Rs. 357.71 crore with
the public holding (other than promoters) at 57.49%. The Bank's Registered Office is at
Ahmedabad and its Central Office is located at Mumbai. Presently, the Bank has a very wide
network of more than 671 branch offices and Extension Counters. The Bank has a network of
over 2764 ATMs providing 24 hrs a day banking convenience to its customers. This is one of
the largest ATM networks in the country.
About Kotak Mahindra Bank:
Kotak Mahindra Bank is an Indian bank and financial service firm established in 1985. It was
previously known as Kotak Mahindra Finance Limited, a non-banking financial company.In
February 2003, Kotak Mahindra Finance Ltd, the group's flagship company was given the
licence to carry on banking business by the Reserve Bank of India (RBI). Kotak Mahindra
Finance Ltd. is the first company in the Indian banking history to convert to a bank. As of
2011 to October 2013, it has more than 500 branches, over 1,000 ATMs and a consolidated
balance sheet of approx. US$ 2.9 billion. The Bank has its registered office at Nariman
Bhavan, Nariman Point, Mumbai.
Findings and Analysis
1. How long you worked for this Bank?
As per the survey, among employees of AXIS bank 30% of employees had
worked for period of 6months to 1year as they believe in adding freshers to the job whereas
25% of employees work for 1-3 years while 20% are retaining their job for 3-5 years and the
remaining 25% are working for more than 5 years because of their hardworking and honest
attitude towards bank.Talking about the employees of ICICI bank 40% of employees had
worked for period of 6months to 1year whereas 30% of employees work for 1-3 years while
20% are retaining their job for 3-5 years and the remaining 10% are working for more than 5
years this shows that ICICI influences young blood to the bank .Where as among employees
of Kotak bank 25% of employees had worked for period of 6months to 1year whereas 25% of
employees work for 1-3 years while 35% are retaining their job for 3-5 years and the
remaining 15% are working for more than 5 years.
0
5
10
15
20
25
30
35
40
45
Axis ICICI Kotak
6months -1year
1-3years
3-5 years
more than 5 years
2. What was your salary at the time of Joining?
Survey shows, 30% employees of AXIS bank had offered salary below Rs.5000
because they were fresher towards job where as 25% of employees earn salary between
5001-10,000 in their starting stage while 25%have offered salary ranges from Rs.10,001-
20,000 and the remaining 20% are have salary more than 20,000 at the time of appointment
because of theirexperience.Among employees of ICICI bank 20% have offered salary below
Rs. 5000 because of their less experience towards job whereas 30% of employees earn salary
between 5001-10,000 at the time of appointment while 40% have offered salary ranges from
Rs. 10,001- 20,000 and the remaining 10% had started earning salary more than Rs 20,000.In
case of kotak bank, 50% of employees have offered salary below Rs.5,000 while 20% of
employees earn salary between 5001-10,000 at the time of joining while 30% had salary
ranges from Rs. 10,001- 20,000 and the remaining 10% are had offered salary more than
Rs.20,000.
0
10
20
30
40
50
60
70
Axis ICICI Kotak
Below Rs.5,000
Rs5,001-10,000
Rs.10,001-20,000
More than Rs,20,000
3. What is your Present Salary?
As per survey, 10% employees of AXIS bank have salary below Rs. 5000 because of their
low designation towards job whereas 25% of employees earn salary between 5001-10,000
while 50% have salary ranges from Rs. 10,001- 20,000 and the remaining 15% are earning
salary more than 20,000 because of their increased experience. Among employees of ICICI
bank 20% have salary below Rs. 5000 because of their less experience towards job whereas
30% of employees earn salary between 5001-10,000 while 35% have salary ranges from Rs.
10,001- 20,000 and the remaining 15% are earning salary more than 20,000. In case of kotak
bank, 20% of employees have salary below Rs. 5000 while 20% of employees earn salary
between 5001-10,000 while 40% have salary ranges from Rs. 10,001- 20,000 and the
remaining 20% are earning salary more than 20,000 because of their increased experience.
0
10
20
30
40
50
60
Axis ICICI Kotak
Below Rs.5000
5001-10,000
10,001-20,000
Above 20,000
4. How do you view your Job?
As per the survey, 50 %employees of axis bank are satisfied with their job and take job as
motivation. 70 %employees of kotak bank feel that their job is a responsibility and are not
that much satisfied from their job. 60% employees of ICICI bank who are satisfied with their
job and take them as a challenge.
50%
70%
60%
0%
10%
20%
30%
40%
50%
60%
70%
80%
Axis Kotak ICICI
5. Working environment:
Working environment relates mainly to where they work and what is there without which the
employees are unable to work, the answer to this question was COMPUTERS , A total of
91% of the respondents from axis, kotak and ICICI work on a computer for more than four
hours a day, including a group of 73% who do so for more than eight hours a day. Only a
small proportion of respondents 4% work with computers for less than four hours a day. The
length of computer usage also shows a clear gender difference: only 2% of women, compared
with 12% of men, work on computers for less than four hours a day. The reason behind a lot
of computer usage is that increase in technology and speed of work done, which would let
any bank to achieve its targets fast.
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
more than 4 hrs more than 8 hrs less than 4 hrs
6. Working hours:
Over all, all the banks work for 9 - 5 but it depends how much an employee want to get on in
the job as to any additional work that employee do. There have been numerous occasions
when employee have started at 7 and finished beyond 6, but then there are other occasions
when employee will leave mid afternoon after a customer meeting so it is dependent on
workload. The more the work load, more the number of hours to work. The reason behind
this could be the pressure of work the employee has.
7. Work responsibilities and stress level :
Employees of all the 3 banks AXIS, KOTAK, ICICI believe that – more work – more
responsibilities – more stress – more productivity – more incentives – the MOST
SATISFACTION. This means that if there is more work, there are more responsibilities,
there will more stress and in pressure there is more productivity and if there is good
productivity because of employees they will receive good incentives and ultimately they are
satisfied .
8. Superior Subordinate relation
As per the survey, only 40% employees from Axis bank are satisfied with their relation with
superior whereas 60% employees are satisfied with their relation with superior in Kotak bank,
in ICICI bank 80% employees enjoy satisfactory relation with their superior, the reason
behind this could be their own performance and skills and the rewards they get, because on
that basis the relationship becomes strong.
40%
60%
80%
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
Axis Kotak ICICI
9. Job Security
As per the survey conducted among three banks, it is observed that 20 percent of employees
rated 1 in terms of job security satisfaction where as 10 percent of employees rated 2 , 20
percent of employees rated 3 while 30 percent of employees rated 4 and remaining 20 percent
of employees rated 5 in terms of job security satisfaction.
20%
10%
20%
30%
20
10. Present performance appraisal policy of the bank.
As per the survey conducted among three banks, it is observed that 20 percent of employees
rated 1 in terms of satisfaction for performance appraisal policy of their bank where as 15
percent of employees rated 2 , 15 percent of employees rated 3 while 25 percent of
employees rated 4 and remaining 25 percent of employees rated 5 in terms of job security
satisfaction.
1
2
3
4
5
10%
15%
15%
25%
25%
11. Recognition and reward for your work and contributions
As per the survey conducted among three banks, it is observed that 10 percent of employees
rated 1 in as they don?t get high satisfactory rewards for their work of their bank where as 20
percent of employees rated 2, 20 percent of employees rated 3 while 35 percent of employees
rated 4 and remaining 15 percent of employees rated 5 because they are satisfied from the
rewards they are getting in their work.
1
2
3
4
5
10%
20%
20%
35%
15%
13. Employees balance between work and family life
As per survey, it is observed that 60 % employees from Axis bank maintain balance between
work and family life, whereas only 40 % employees of kotak bank have ability to maintain
work and family life and 80 % of employees of ICICI bank manage their work and family
life. This could be because of their pressure of work and relationship with their family
members and the capabilities they possess.
60%
40%
80%
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
Axis Kotak ICICI
14. High job satisfaction leads to high productivity:
out if 10 Employees from Axis bank, 8 feel that high productivity depends on high
satisfaction, only 6 employees of kotak bank said that high productivity depends on high
satisfaction, Where as, every employee of ICICI bank said that high productivity is fully
dependent on high level of satisfaction because the reason behind this could be their personal
experiences and knowledge while working there.
0
2
4
6
8
10
12
Axis Kotak ICICI
15. Are you satisfied with the employee assistance policy (e.g. lunch and transport etc.) of
the bank?
As per the survey conducted in overall three banks 20% employees rated 1 in terms of
satisfaction with the employee assistance policy of the bank, whereas 30% rated as 2, 20%
rated 3, 10% of employees rated 4 while the remaining 10% of employees rated 5.
20
30
20
10
10
1
2
3
4
5
16. Are you satisfied with long and short term benefits like promotion) & insurance
policies of the company?
As per the survey conducted in overall three banks 30% employees rated 1 in terms of
satisfaction with long and short term benefits & insurance policies of the company, whereas
25% rated as 2, 20% rated 3, 10% of employees rated 4 while the remaining 5% of
employees rated 5.
30
25
20
10
5
1
2
3
4
5
17. Overall how satisfied are you as an employee?
As per survey conducted in overall three banks 30% employees rated 1 in terms of
satisfaction, whereas 20% rated as 2, 10% rated 3, 20% of employees rated 4 while the
remaining 20% of employees rated 5.
30
20
10
10
20
1
2
3
4
5
Suggestions:
1. Most important cause of dissatisfaction private employees is of job security. So, private
banks must provide an element of security to employees. Banks can provide security
in terms of conditions that until employee will fulfill these conditions; his/her job
will remain secure.
2. Other important cause of dissatisfaction among private Bank employees is their
relationship with supervisors. Supervisors must have a fair relationship with their
employees to keep them satisfied.
3. It has been found that employees of private sector banks were less satisfied with
their jobs so to increase their satisfaction, private sector banks need to improve job
security. Layoff threats are one of the greatest blows to employee loyalty, even among
those whose jobs are not immediately at risk.
4. Long tenure of working in organizations increases the job satisfaction of employees.
the Indian middle class is very protective towards family members, so private sector
banks must launch special schemes to safeguard the interests of family members of
employees. This may be education facilities for children, pension schemes for
employees, accommodation for employees, gratuity, and other retirement benefits.
5. In the light of the findings, job security is one of the most important ingredients of
job satisfaction. Secure job environment enhances the degree of job satisfaction.
Management must create an environment of job security among employees. Indians
work with emotions, so any legal job contract will not motivate them.
Instead, there should be a psychological or emotional bond between employees
and the Organization.
Conclusion:
The result of the study indicates that layoff threats, quick turnover, less
welfare schemes, and less scope for vertical growth increase job dissatisfaction.
On the other hand, secure job environment, welfare policies, and job stability
increase the degree of job satisfaction. Efficient human resource management
and maintaining higher job satisfaction level in banks determine not only the
performance of the bank but also affect the growth and performance of the entire
economy. So, for the success of banking, it is very important to manage
human resource effectively and to find whether its employees are satisfied or not.
Only if they are satisfied, they will work with commitment and project a
positive image of the organization.
Biblography:
1. www.Scribd.com
2. Wikipedia.org
3. www.icicibank.com
4. www.axisbank.com
5. www.kotak.com
6.http://shodhganga.inflibnet.ac.in/bitstream/10603/12822/9/09_chapter%
202.
Annexure:
Note: This questionnaire will be used purely for academic research only. I nformation
provided will be kept confidential.
Name: __________________________________________________________
Age: ______ Gender: Male/Female Marital Status: Single/Married
Educational Qualification: ___________________
Present Designation: _____________________
Name of the Bank: __________________________________________________
1. How long you worked for this Bank?
6 Months-1years 1-3years
3-5years more than 5years
2. What was your salary at the time of Joining?
Below Rs.5000 Rs.5001-10,000
Rs.10,001-20,000 Above 20,000
3. What is your Present Salary?
Below Rs.5000 Rs.5001-10,000
Rs.10,001-20,000 Above 20,000
4. What is the attitude of Management in solving Employees problem?
Fast and in favour of worker Fast and in favour of worker
Postponed Refused
5. How do you view your Job?
Challenging Motivating
Secured Responsible
Rate the following things in 1 to 5
Signature
Sr. No. Survey Questions 1 2 3 4 5
1. working environment of the Bank
2. job location?
3. working hours
4. salary structure
5. work responsibilities
6. stress level
7. Superior subordinate relations
8. job security
9. present performance appraisal policy of the Bank
10.
recognition and rewards for your work and
contributions
11. Does your personal problem affect your work?
12.
Are you able to maintain a healthy balance between
work and family life?
13.
Do you feel that high job satisfaction helps in high
productivity?
14. leave policy (Sick leave, etc.) of the Bank
15.
Are you satisfied with the employee assistance policy
(e.g. - lunch & transport etc.) of the Bank?
16.
Are you satisfied with long and short term benefits
(like promotion) & insurance policies of the
company?
17. Overall how satisfied are you as an employee?
18 Any suggestions to improve your job satisfaction?
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