Job Satisfaction of Employees in Banking Sector in Australia

Abstract

At present, the job satisfaction of the employee is very important for achieving the success of the organization and for its survival. This is the indicator that is established for measuring the job satisfaction of employees. The current survey was employed in the office environment of the Australian Banks in the form of a questionnaire structure. From various banks in Australia, around 315 responses have been received. The main purpose of the current study is to analyze the job satisfaction of employees in the banking sector. The needs and the satisfaction of the employee have been identified and the elements were established which are then analyzed. The results that are obtained show the differences in the job satisfaction of the employees with the different office environments. This comparison has been carried out between the employees of the private banking sector and the public bank sectors. Most of these banks are significant statistically. The differences in the satisfaction of the employees between their banks have been conducted concerning the improvement in the productivity of the employee, their health conditions, their well-being, best services, behavioral conditions with the staff, social and economic factors, improvements in the banking sector and the job satisfaction has been analyzed.

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Introduction

The key factors that are influential in the context of an office environment in the banking sector of Australia have been investigated in a good manner. According to researchers, various factors can influence the job satisfaction of the employee concerning their workspaces, building design also includes, the temperature and air quality, lighting and noise, the employee’s ability to personalizing their workspaces, and the design of the workspace and its management, etc. In general, it is understood that if the conditions in the office environment are unfavorable then it can have an influence on the job satisfaction of the employees in a negative way and can lead to health problems and short-term sick leaves will increase. In a typical office organization, there is a 15 percent loss in the gains in the whole turnover which has been reported (Allred & Addams, 2013). This might be due to the discomforts that are faced by the employees in the banking sector of Australia. Previously conducted research has shown that the satisfaction provided by one or more factors of the environment will not necessarily produce equal satisfaction with the whole environment. Eventually but not all the factors are given equal importance (Ashar et al., 2013).

To gain an understanding in a better way about the influential factors of the office environment of the banking sectors in Australia, the critical factors that are responsible for the satisfaction of the office environment have to be quantitatively analyzed.

Research gaps

The study conducted on the public and private sector banks has shown that there is a quality gap difference in the office environment which is responsible for the job satisfaction of the employee (Bhutto & Laghari, 2012). This gap has been filled by analyzing the job satisfaction of the employees in both the private and public sector banks (Belias & Koustelios, 2014). The purpose of the current literature is to investigate the link between the rewards, incentives, and recognition for the motivation of the employee and their satisfaction. However, the two other elements that are focused on the study are satisfaction with the supervision and compensation. In the current study, an attempt has been made to find out the key factors that are responsible for the job satisfaction of the employees and it then shows the relationship between recognition and rewards as the comparative analysis is carried out along with supervision and compensation. The outcome is job satisfaction as it is the fundamental motivation for employees while working in the banking sector. The research gaps that have been found in this are found to be significant so this study is used for evaluating the factors that could have an impact in a positive way on the employees working in the banking sector by having concern over the motivation and job satisfaction. The research objectives are as follows:

The impact of recognition and rewards are analyzed and satisfaction with compensation and supervision
The variables that have been explained above will be explored for customer satisfaction

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Literature review

The job satisfaction of the employees in the banking sector of Australia is analyzed based on the output that is produced by the individuals and it is in turn related to the office environment. In Australia, As per Belias et al, at the corporate level, the job satisfaction of the employee is found to be affected by numerous factors like temperature, noise, furniture, and other arrangements. It is even dependent on the physical environment and its impact on the health and job satisfaction of employees (Bolton) (Belias et al.., 2013). The satisfaction of the workers in the office is not an exception. In determining the amount and the quality of the output produced by the labor that is provided by the structure and culture of the organization, the style of management, the complexity and the nature of the work, and the kind of facilities will play a key role. The important part is also played by personal characteristics, competencies, and motivation. According to Dekoulou & Trivellas, the long-term relationship between the facilities provided and the job satisfaction of the employees is what the scholars and the facility service providers are interested in (Dekoulou & Trivellas, 2015).

As per Sageer et al, the term job satisfaction, in this case, is used to describe whether the employees in the banking sector of Australia are happy and satisfied. In addition to this, whether they can fulfill their needs and desires at the workplace (Sageer et al., 2012). As per Fernandez & Moldogaziev, most of the measures signify that the job satisfaction of the employee is considered to be the factor involved in the motivation of the employee, achievement of goals by the employee, and the positive morale of the employee in the workplace. In general, if the job satisfaction of the employee in your organization is positive, sometimes it can also be discouragement because the mediocre employee will stay as they are satisfied with the work environment (Fernandez & Moldogaziev, 2012). The measure used for knowing the job satisfaction of the employees will vary from company to company. The other method that can be used for measuring the job satisfaction of the employees is by meeting the employees in small groups and verbally asking them the same questions. Based on the culture of the company any method can be employed as both contribute enough knowledge about the job satisfaction of the employees to the managers (Kabir & Parvin, 2011).

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Importance of the job satisfaction of the employee in the banking organization

The following are the benefits that will be achieved if the employee has job satisfaction in the banking organization in Australia which include:

The retention of the employee is increased
Productivity is increased
The satisfaction of customers is increased
The training, turnover, and recruiting costs will be reduced
Customer satisfaction and loyalty will be enhanced
Employees will become more energetic
Teamwork will be improved

Comparative analysis

Job satisfaction and its related determinants such as recognition and rewards, satisfaction obtained with compensation and supervision, and fundamental motivation are compared and reviewed as follows:

Job satisfaction

The most vital asset that stands out among all is the human asset for picking up the preference that is powerful over the participants of the organization. This asset can be used optimally by holding it by driving its utilization through diversified methods which would compensate is found to be the significant critically (Allred & Addams, 2013). The gains in the organization can be expanded by fulfilling the workforce with the help of resource availability. For the firm to be successful human resources would form the key part of prosperity (Ashar et al., 2013). The satisfaction of employees can result in a peaceful environment in the firm. For the employee to have job satisfaction pay is the major factor which is considered to be the important aspect, however, it is again related to various other factors such as recognition, involvement in the job, promotion, and commitment which are the other features taken into consideration. Besides this, not questioning sexual orientation and its influence on the quality and level of training given, and the age movements are found to be the aspects that have been identified with the fulfillment of work (Bhutto & Laghari, 2012). For identifying the factors of employee satisfaction this has been carried out which have been positively correlated to the three systems that are denoting the loyalty of the employee like the tenure of the employment plans of career advancement in the company and providing a recommendation about employment to others.

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Recognition and rewards

A direct relationship is developed with the satisfaction and the motivation of employees with recognition and rewards. Any changes made in terms of rewards and recognition, and then it can bring a definite change in the motivation of work and the job satisfaction of the employee (Belias & Koustelios, 2014). The prices that are corresponded ordinarily to this are the innate and the extraneous prizes. A coordinated connection does not exist between the administration of the laborers and their willingness to work if their pay is not good. Hence, rewards and recognition are considered to be part of the satisfaction of the job as they develop and also achieve the relationship between the organization and the employee (Kumari, 2012).

The satisfaction obtained through supervision

The exceptional human relations in the firm can be administered by the chief so that it can help in achieving the objectives of the organization (Kumari, 2012). In this way, supervision is considered to be one of the elements for enhancing the job satisfaction of the employee (Belias et al., 2013). With the pay given by the organization, the employees might show happiness, but they might get disappointed with the various perspectives, for instance, the nature of supervision provided (Dekoulou & Trivellas, 2015). From the investigations, it has been noted that a close relationship exists between the subordinate and the autonomous variables to varying extents of the fulfillment of jobs and the inspiration of the work.

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Compensation

In the business organization, compensation and reward system plays an important role in the job satisfaction of the employee in the firm. Various techniques of compensation are used by employers to motivate workers, including bonus pay, piece rates, sharing of profits, promotions, and delays in compensation. Additionally, explicit reward mechanisms, wages that are fixed weekly or hourly will be required for the employee to perform their duties satisfactorily (Fernandez & Moldogaziev, 2012). For determining the performance that is significant in the job compensation can play a vital role and it is known to be associated positively with the motivation process.

Conclusion

In recent times, the organization has given a huge interest in examining the factors or the conditions that enhance the job satisfaction of employees to a greater extent in the banking sector of Australia. From the findings, it has been noticed that the behaviors of the employees who have job satisfaction have made positive contributions to the effectiveness and performance of the organization. The purpose of the current study is to reveal the relationships between the job satisfaction of the employees about the office environment. An employee is considered to be one of the major factors in achieving the success of the organization. Without a certain level of job satisfaction by the employees and their efforts no organization can succeed. Often attempts are made by the organization to satisfy the employees and to gain their loyalty and needs. The elements that have been identified in the theoretical foundation have been reviewed and are compared with the findings of the experimental research. The job satisfaction of the employees in the banking sector of Australia has been reviewed from a strategic standpoint. In the end, the relation between the loyalty of the employee and the profitability of the organization has been illuminated. From, this survey, it is understood that the needs of the employees are to be improved to make improvements in the job satisfaction of the employees in the banking sector of Australia. In addition to this productivity of the employees, their health and wellbeing along with the growth of the organization will be achieved. Then the bar chart has been plotted for the three most key questions of the survey which has shown the comparison of the public banking sectors and the private banking sectors based on the important questions.