07. Job satisfaction and motivation

Job satisfaction and motivation are critical in the workplace, especially in the twenty-first century, since workers have grown more aware of their rights in the workplace as a result of education (Baah, 2010). According to Fredrick Hertzberg's Job Satisfaction model, there are elements both inside and outside an organization that influence how satisfied employees are. The structure of the organization, the culture of the organization, and the internal politics that exist within the organization are all examples of this (MULLINS, 2005).         

7.1. Job satisfaction

Job satisfaction refers to a person's good attitude about his or her work (Daft , 2003). An employee that is content with their employment feels fulfilled while at work. It could, for example, be linked to a quantitative or qualitative sense of personal accomplishment (MULLINS, 2005).

7.2. Motivation

Motivation is explained as "a process of decision-making through which an individual selects desired objectives and initiates the behaviors necessary to achieve them" (HUCZYNSKI & BUCHANAN, 1991). The assumptions and attitudes that managers hold about motivation are likely to influence how they use it to encourage and reward their people (Baah, 2010).

7.3. Importance of Job Satisfaction and Motivation in the Banking Sector in Sri Lanka

The banking sector is one of the most important industries in any country for economic growth (Praveena, 2015). Sri Lanka's banking sector is one of the most profitable in the country. In the country, there are two sorts of banks: privately held commercial banks and publicly owned commercial banks. Private Banks are those that are owned and controlled by private boards of directors and investors, whereas public commercial banks are those that operate to meet the needs of clients under the direct supervision of the Sri Lankan Central Bank. There are only few public commercial banks in the country, despite the fact that there are many privately owned commercial banks.

Banks were once seen to be inefficient since their systems were primarily manual and took a long time to complete. However, thanks to technological improvements, Sri Lankan consumers can now execute banking activities without ever having to visit a bank, and depositing and withdrawing cash can be done at any time of day through machines. Nonetheless, the bank's front and back end activities are seen to be tedious and never-ending. Banks' success is determined by how well they manage their customers through great customer service and personalized financial solutions. As one of the most important strategic resources in any bank, creating a sustained competitive advantage through a firm's people is regarded the finest strategy (Praveena, 2015).

The banking sector provides a wide range of services, including accepting monetary savings, providing credit through loans and credit cards, issuing Treasury Bills and Bonds as a form of investment, representing customers in international transactions, and many other custom-tailored services for individuals and businesses. Thus, bank employees are expected to serve customers who could be a company executive, a farmer in need of micro financing, a businessman in need of financial support for his business, an entire business conglomerate in need of an investment for a new building or a new business venture, or a person in need of a vehicle imported from Japan via a Letter of Credit. As a result, the demands that banking workers must meet are diverse, complicated, and frequently difficult. As a result, bank managers must be capable of ensuring that their subordinates are extremely satisfied in their work, as satisfied employees are a critical factor in determining the performance of the banking industry in any area of the world (Awan & Asghar, 2014). Leaders with emotional intelligence competencies are more likely to succeed in the workplace than those without (San & O’Higgins , 2012). Emotional intelligence, a noncognitive skill of leaders, is critical in strengthening and improving work-related behavior and, as a result, employee job performance, which leads to organizational success (Groves, et al., 2008). Understanding that emotional intelligence has a direct impact on employee performance and productivity, on the other hand, may help firms discover the talents and competences that their managers and subordinates demand (Mina & Melika, 2011).

Employees with higher levels of job satisfaction and psychological well-being are predicted to be more efficient and productive in their particular fields of work. Only satisfied staff would remain loyal to their employer and bring in high-value deposits and well-known clients, but unsatisfied employees may not (Awan & Asghar, 2014).

List of References

Awan, A G, Asghar, A, 2014, Impact of Employee Job Satisfaction on their Performance: A case study of banking sector in muzaffargarh district, pakistan, Global Journal of Human Resource Management Vol.2, No.4, pp.71-94

Daft, R.L. (2003) Management (6th Ed.).Thomson Learning.

Groves, K S, McEnrue, M P, Shen, W, 2008, Developing and measuring the emotional intelligence of leaders, Journal of Management Development, 27(2), pp. 225-250.

HUCZYNSKI, A.A and BUCHANAN, D.A., (1991) 'Organizational Behaviour'-An introductory text.(2nd Ed.) Prentice Hall (UK) Ltd. Pp436- 466

Mina, B, Melika, S, 2011, Effects of an emotional intelligence training program on service quality of bank branches, Managing Service Quality, 21(5), pp. 552 -567.

MULLINS, L. J. (2005) Management and Organisational Behaviour (7th Ed.) FT Prentice Hall.

Praveena, S, 2015, Emotional Intelligence on Job Performance of Bank Managers in Sri Lanka, Open University of Sri Lanka Journal, Vol. 9, pp. 41-59.