The Importance of the Job Satisfaction of Bank Tellers in the Banking Industry of Hong Kong - Research Paper Example

 Introduction Introduction to the Problem This paper aspires to investigate the factors that influence bank tellers’ levels of satisfaction, within the specific context of the Hong Kong banking industry. The proposal suggests the use of the Minnesota Satisfaction Questionnaire (MSQ) to evaluate what encourages them within their jobs. The abovementioned instrument is considered as one of the most -inclusive instruments employed for this purpose, enabling the evaluation of job satisfaction variables that are typically not tackled in other assessments (Wernimont 1966). Furthermore, this paper adds up to the scarce literature that particularly deals with the job satisfaction and performance of bank tellers. Background of the Study Hong Kong’s economy is strongly influenced by its banking sector. While it makes for nearly 3% of employment only, its contribution to the GDP of the country has closed at 12% in 2007. They have particularly progressed since their expansion into Chinese territory (Deutche Bank Marketing Research 2009). It is thus critical for this sector to evaluate all factors that may allow it to prosper continually as a multinational financial hub. The progress of the banking sector strongly relies on economic recovery of the country itself. In effect, the present study intends to assess if the financial crises has negatively influenced the job satisfaction of employees in the sector, specifically its tellers. The latter are frontliners and the first touch point with whom customers interface with. Their level of satisfaction will in turn have implications on their performance levels; making the study noteworthy (Creswell 2008). Significance of the Study This research will delve into the job satisfaction and perceived performance of bank tellers in Hong Kong, and these shall be assessed through the typology of the MSQ. This dissertation will further make out the intrinsic and extrinsic aspects that possibly have considerable impact on bank tellers job satisfaction and perceived performance, specifically comparing their perceptions before and after the financial crisis. These aspects have an influence on their personal performance, and is expected to have effects on the organisation’s bottomlines. When banks are knowledgeable of the particular factors that cause the dissatisfaction of their key people, it is likely for them to tailor fit their strategies to the concerns of these people. In effect, this will allow for more producitivity, more efficient operations, and greater likelihood of achieving the enterprise goals. Laming (2004) cited that job satisfaction is an outcome of how employees view their jobs as a result of a wide array of work-related factors. It is linked with positive results, both for the meployee and the organisation. These results at the individual level may incude low stress levels and a heightened sense of empowerment (Maehr & Braskamp, L 1986). Laming (2004) further determined that when employees experience satisfaction over their jobs, they tend to have reduced levels of absenteeism and tardiness and correspondingly have a high level of stimulation and engagment on the job. Job contentment can similarly affect life contentment directly. By and large, job satisfaction has been interrelated with various positive work outcomes (Bohlander and Snell 2009). Job satisfaction is also an outcome of human resource practices, as the latter strongly influences employees’ attitudes towards their work and the organisation at large (Kreitner & Kinicki 1998; Maehr & Braskamp 1986). The sense of job satisfaction of employees are also affected by their superior’s management style; employees’ educational achievement (Verhofstadt and Omey 2003), and the adequacy of training offerings (Laming 2004). Theories of Motivation Lindner (1998) notes that motivation is the compelling force which induces an individual to work towards an objective. While intangible, the results of motivation are manifested at various levels. Sirota, Mischkind, and Meltzer (2006) note that motivation ascertains the degree, direction, and length of time allotted for a specific behaviour. When these behaviours are manifested, certain inferences may be made on the degree of motivation and satisfaction of the person. Moreover, motivation involves cognitions, affect, and behaviours that an individual has towards an objective (Giancola 2011). Deci & Ryan (1985) further observe that motivation may either come from an internal or an external source. The former transpires when doing an act itsself is taken as fulfilling and leads individuals to be engaged in the task. On the other hand, extrinsic motivaton emanates from the expectations of yieldign tangible rewards and evading something unpleasant. Yet one other theory of motivation has been put forth by Maslow (1943) whereby it is asserted that persons have differing need levels, and these may be depicted through a ranking. There are five need levels, namely, physical, safety, belongingness, esteem, and self-actualisation. Persons who have reached self-actualisation have a higher possibility of being driven by values. There are other needs which are requisites to self-actualisation, and these need to be fulfilled if feelings of adequacy are to be assured. These cover physical needs; safety needs; the need to belong; and esteem needs. Once satisfied, an individual may proceed to the next-order need. The goal-setting theory of Locke (1968) is based upon the belief that people are generally motivated to reach an outcome that is clearly defined, and often times, this outcome is the reward in itself. The ultimate goal must present a situation in which the time between the beginning of the behaviour and the outcome is close. In short, goals should be moderate; they should not be too difficult or too easy for individuals to be motivated. In motivation, the theory suggests that people are not motivated when goals are either easy or difficult; many would want a challenge though they also want to feel that a greater possibility of being successful in achieving the goal. The goal should always be objectively and clearly defined for any individual to be motivated (Latham & Locke, 2002). Additionally, according to Laming (2004), an individual’s behaviour is motivated by the magnitude and intensity of his motives and his anticipated outcomes for achieving his goal, ‑­and the incentives that he is expecting. McClelland (1961), proposed that individuals have three important needs which influence their motivation and their capacity to motivate others. These include the need for achievement and a sense of accomplishment; the need for friendship, interaction and acceptance from others; and the need to influence others, level up one’s personal status and make an important effect on society. There are three main drivers which affect an individual’s behaviour. These include the need for success, affiliation and power. Success or achievement motivations primarily cause a person to be satisfied with what he has atttained and a need to reach excellence. Affiliation motives allow the person to articulate his concerns towards significant others with whom he associates. Lastly, the power motivation causes an individual to have control and influence over others. Theoretical Framework: Herzberg’s Two-Factor Theory of Motivation The theoretical framework that is proposed by the present study is that espoused by Herzberg (1966) in his two-factor theory. This framework asserts that particular factors can engender worker’s contentment, whereas others which are not addressed can bring about discontent. Herzberg and his company’s theory categorized job satisfaction into thirteen facets. The measurement of such factors allows the recognition of the job aspects that considerably impact job satisfaction (Deb 2006), which is the intent of the present research. Companies can employ the factors labeled as ‘motivators’ to work on and/or increase worker satisfaction. Motivation might be regarded as the enthusiasm to put forth substantial effort in carrying out organisational objectives through one’s role (Laming 2004). When motivators are put into effect at sufficient levels, these are likely to heighten satisfaction on the job. “Hygiene factors”, when left unaddressed, are likely to lead to dissatisfaction. If employees perceive that hygiene factors are below reasonable levels, their job satisfaction will extensively decline as well. The theory of Herzberg (1966) indicates that when hygiene factors are the only aspects responded to by the organisation, this is not adequate in leading to satisfaction. This particular state is unproductive not only for the workers but also for their companies (Bohlander and Snell 2009). Hence, it is crucial for management to seek ways of addressing motivators, beyond attending to hygiene factors. Herzberg (1966) mentioned that the factors that are classified as motivators involve sense of achievement, accountability, career advancement, personal growth including the job itself and the accompanying responsibilities. These motivators play a role in employee engagement and satisfaction, and persuade the employees to lead to optimised performance. Hygiene factors, conversely, include relations with superiors, management, pay, work surroundings, and association with contemporaries, all of which do not automatically boost satisfaction but are necessary in maintaining a ‘functional’ degree of satifaction among them (Herzberg 1966). Aside from organisational settings, Herzberg’s theory has also been employed across other settings (Crompton 2003; DeShields et al 2005). These are indicative of the strong external validity of the theory and its applicability in different contexts. Huang and Van De Vliert (2003) have also employed the extrinsic/intrinsic structure to investigate the cultural and socio-economic aspects that have an effect in worker motivation in Britain. Motivators The task itself is a motivator, and this pertains to the activities pertinent to the job irrespective of its difficulty. What is more, responsibility is a motivator that speaks about whether or not the member is given the accountability to make decisions. Advancement is also taken into account as a facet of motivation. Promotions, whether predicted or unanticipated, can also influence satisfaction. As a final point, the opportunity for development, as a motivating factor, pertains to the possibility of being recommended for a higher post. Additionally, having the capability to acquire new proficiencies or being subjected to training programs lead to professional and individual growth, and thus has implications on employees’ satisfaction (Herzberg 1966). Hygiene Factors Aside from motivators, Herzberg (1966) also acknowledged hygiene factors. One such factor are company policies and administration, which may influence employees’ satisfaction. Unproductive administrative regulations characteristically have an effect on staff and their behaviours toward work. Supervision also influences the level of satisfaction of the workforce, and this includes the enthusiasm of supervisors to educate, hand over accountability, practise objectivity, and advocate development. Interpersonal association with supervisors, contemporaries and subordinates pertain to the personal and professional relationships that are established between staff and the other persons he is dealing with. These relationships are used for collaboration, are a venue for teamwork, and is a chance to exercise responsibility and achievement. Working conditions speak about the physical facets of the job including the facilities and material resources. Too little or too much work assignments are also categorized under this factor. Pay also has an effect on worker motivation and satisfaction. One’s status as communicated in organisational symbols such as a personal office, car, benefits, job title and others draw attention to a person’s importance. These also affect job satisfaction. Finally, job security, as a hygiene factor,has to do with the stability of the company even amidst crisis (Herzberg 1966). Methodology Research Approach To validate the hypotheses of this paper, the mixed approach was used. Such methods according to Creswell (2008) control the advantages of the quantitative and qualitative approaches. The bases of facts from the two sides may lead to a more inclusive grasp of the phenomenon being investigated. The researcher’s prejudice may manipulate the evaluation of qualitative data; hence, it must be assessed by the ordered and exacting method of statistics used for quantitative analysis (Punch 2003). One approach can initiate partial grasp of the variables of interest, and a mixture of the two approaches can logically address the weak points of each one. Yet, utilizing both data obtaining methods concurrently can boost internal validity of the results as it may be put side by side (Newman & Benz 1998) Mixed methods are more credible than the exclusive use of a single approach. Utilizing a combination of research evidence can verify the validity and dependability of the results obtained using a single research approach. Other authors of different studies concur with this. With a single research approach, researchers may unintentionally inject their prejudices in the process and might affect the integrity of data gathering and the research itself (Newman & Benz 1998). Research Design The significance of a research design in a study cannot be underrated. Creswell (2008) noted that this can be inferred from its rationale as it relates to how a particular study is prepared. Others believe that the significance of a research design is based on its ability to join the essential facets of the paper to reach the research goals. These facets are the traits of the sample employed; the measures taken up; the instruments used to collect relevant data; and the mode by which data are examined. This paper used mixed methods research design. The qualitative element is employed to investigate the issues, to have a better grasp of the incident and to answer posted questions. Qualitative research delves into the “why” of things, often attained by evaluating unprepared data like narratives and textual data. This approach does not only depend on statistics to evaluate the research topic as it is delves more into people’s attitudes, their behaviours, value systems, concerns, drives, plans, cultures and lifestyles (Marshall & Rossman 2006), within their specific setting. The quantitative part of the paper is clearly descriptive-correlational in relation to research design. Moreover, there was no purpose to initiate any interference on the variables of interest. Rather, the researcher only ascertained the views of personnel on motivators and hygiene factors within bank organisations, requesting for their pre-and post crisis evaluations. Likewise, a correlational approach concludes the links among variables, showing both the potency and the course of such relationship (Punch 2003). In this paper, the assessment on each motivator and hygiene factor are correlated with overall satisfaction, justifying the correlational nature of the study. Setting and Sample To recruit participants for the survey, purposive sampling method has been employed, a non-probability sampling method. Hence, each member of the population does not have an equal chance of being enlisted in the sample proper (Creswell 2008). In this paper, the researcher used definite criteria to select participants. Respondents must be a regular worker of Bank X, with at least 1 year of tenure; must hold a teller position; and must be willing to take part. It was needed that they must be employed for at least a year so it can be ensured that they have undertaken performance assessment and can answer questions pertaining to job performance. Second, supervisory, managerial and executive positions were ruled out as they are a part of top management and may have influenced beliefs on the job satisfaction and performance, respectively The final inclusion criterion guarantees that the employees’ involvement is deliberate and as a result augments the probability of truthful answers (Marshall and Rossman 2006). Purposive sampling poses certain limitations to the external validity of the research outcomes, since these may only be applied to similar populations. These are samples which possess the same criteria as those used in selecting the respondents for the current study (Creswell 2008). Procedure The data collection methods engage obtaining secondary and primary data. To begin with, the researcher garnered pertinent literature like journal articles, book selections, and online references to learn more about the topic. The search engines and online databases were made used in this endeavor, and precise search terms were ‘job satisfaction’, ‘motivation in the financial sector’, and ‘relationship between motivation and performance’. There were abundant hits that the researchers have stumbled upon. The results were manually sifted through in relation to relevance to the paper. The most important ones were regarded as chief foundations in the literature review. The combination of these secondary sources made up the thesis’ second chapter. Aside from secondary data, primary data were also collected using mixed methodologies, for the most part by means of survey questionnaires and interviews. The researcher formulated the questionnaire that adheres to the dissertation’s aims. Consequently, it has been initially tested to ensure the lucidity of the questions raised and to have an approximate calculation of how long each questionnaire would be accomplished (Creswell 2008). The Cronbach’s alphas calculations ought to be greater than 0.60, to indicate that the subscales are internally consistent (Punch 2003). This step of computing for internal consistency is necessary, as reliablility is a psychometric requisite for ensuring the soundness of assessments. With this, the outcomes that are gathered from the test are also proved sound. Aside from pilot testing, the researcher shall also ask content experts to assess the instrument to guarantee that it thoroughly measured the variables of interest. They will be asked to review the content validity of the survey questionnaire, proposing that it sufficiently measured what it has been purposed to assess (Punch 2003). Ethical Considerations There will be particular ethical practises that were exercised in the paper. One is the condition of permission forms from the participants in the survey questionnaire. This is done to guarantee that they will partake in the study without anyone forcing them to do so. In the supervision of the survey, the participants will also be notified of their right to withdraw from the research at any given time should they want do so. This is to recognize their freedom and to earn their trust (Creswell 2008). As with the interviews, the researcher will make sure that the respondents were at ease with the researcher. Such relationship would make them to provide answers that are more candid and honest. This is likely to increase the validity and reliability of the interview answers (Punch 2003). All survey participants and interviewees will be guaranteed of the discretion of their answers. They will be notified that nobody from the firm would glimpse any of the individual outcomes of either the survey or interviews. Also, they will be given notice that if the accounts were to be made public, it will be exclusively for academic functions. These reassurances of privacy and ambiguity helped in boosting their confidence in the researcher and in the same way, the integrity of their answers (Creswell 2008). Additionally, the researcher will seek help from two subject matter experts to countercheck the categorization of the answers given into themes, to further amplify the validity of the data assessment. Methodological Limitations There are particular boundaries with the methodologies that will be employed. For instance, the researcher anticipates the limited number of participants. While enough for parametric statistics (Punch 2003), this barely represents the banking industry of Hong Kong generally. In addition, the utilization of a purposive sampling method shall limit the external validity of the results. The outcomes may only be generalized to like populations, who qualifies based on the same criteria employed in the study. In addition, the peculiar demographic traits of the sample have similar effect on external validity. Method of Data Analysis The quantitative data will be evaluated using standard statistical software, specifically the Statistical Package for the Social Sciences (SPSS) v. 15.0. The researcher will record the data onto SPSS for statistical evaluation when finalized. Frequencies and percentages will be produced to show the demographic profiles of the samples to the survey in relation to gender, age, tenure, and educational achievement. Descriptive statistics, specifically averages and standard deviations, will be calculated for each job satisfaction factor. The mean is a useful measure of central tendency without extreme values, while the standard deviation measures the spread of the data. The link amid different subscales of training and development and job performance was performed using the calculation of Pearson correlation coefficient or Pearson r. This is a measure of relationsh between two variables, both of which are assessed in the interval or ratio levels of measurement. The use of this measure of correlation likewise assumes that the variables follow a normal distribution (Punch 2003). On the other hand, the qualitative data from the interviews will be evaluated by thematic analysis. This will require the examination of the answers per question to draw different themes. The frequency of mentioning each theme will be noted, allowing the identification of prevailing patterns (Creswell 2008). Reflections The present proposal acknowledges the importance of the job satisfaction of bank tellers in the banking industry of Hong Kong. They are particularly important because of they are the first touch point of the customer. In effect, I realized that if they are not satisfied on the job, they are likely to render ineffective service, and this will have repercussions on the business. The job satisfaction of an employee has many and long-lasting implications. When employees are satisfied, they are more likely to be productive; to find meaning in their work; to contribute more enthusiastically to enterprise goals; feel valued; exhibit organisational citizenship behaviours; and are more likely to stay in their jobs. On the other hand, if there is dissatisfaction with one’s jobs, the implications include reduced output; decreased quality of work; a decreased selse of well-being; and turnover. Overall, this paper shall utilize the mixed methods approach, which are anchored from positivist and interpretivist research paradigms. One other insight which I garnered in drafting the proposal is the utility of a mixed methods approach. One limitation that a research may have is the sole use of either the quantitaitve or qualitative approach. This particular study has addressed this constraint by using both approaches, supplementing each one’s limitations. Time Scale and Resources Step W1 W2 W3 W4 W5 W6 W7 W8 Gather literature                 Finalize instrument                 Solicit permission from respondent banks                 Coordinate with HR on survey deployment schedule                 Encode data onto SPSS                 Conduct interviews                 Write up Discussion                 Write up Conclusion                 The first step that shall be undertaken is the gathering of relevant secondary data that will form the theoretical backdrop of the research. The second step will be to draft the research instrument. The latter should also be pilot tested and subjected to a review of face and content validity. Moreover, the researcher shall solicit permission from the respondent banks in HK to carry out the research. The reseracher shall also coordinate with the HR teams of the banks to finalize the administration schedule of the surveys. The data shall be encoded onto SPSS for statistical analysis. The write-up of the discussion and conclusion chapters shall be the last step of the process. These shall also involve proofreading of the whole manuscript. The resources needed include funding for library research. Other expenses that need to have a budget on are photocopying of survey forms, phone expenses, among others. There are no major costs that will be incurred in the study. Participation by the tellers shall not be incentivised. References Bohlander, G and Snell, S 2009, Managing human resources. Cengage Learning, UK. Creswell, J 2008, Research design: Qualitative, quantitative and mixed methods approaches, 3rd edition, Sage Publications. Crompton, J 2003, Adapting Herzberg: a conceptualization of the effects of hygiene and motivator attributes on perceptions of event quality. Journal of Travel Research, vol. 41, 305–310. Deb, T. 2006. Strategic approach to human resource managers. Atlantic Publishers and Distributors, US. Deci, EL & Ryan, RM 1985, Intrinsic motivation and self-determinaton in human behaviour. Plenum, New York. DeShields, O, Kara, A, and Kaynak, E 2005, Determinants of business student satisfaction and retention in higher education: applying Herzberg’s two-factor theory. International Journal of Educational Management, vol. 19, pp. 128–139. Deutsche Bank Research Marketing 2009, Hong Kong’s banks during the financial crisis. Deutsche Bank Research, Germany. Giancola, FL 2011, Examining the job itself as a source of employee motivation, Compensation & Benefits Review, vol. 43, no. 1, pp. 23-29. Herzberg, F 1966, Work and the nature of man. Thomas Y. Crowell, New York. Huang, X, and Van De Vliert, E 2003, Where intrinsic job satisfaction fails to work: national moderators of intrinsic motivation. Journal of Organizational Behavior, vol. 24 , no. 2, pp. 159–179. Kreitner, R & Kinicki, A 1998, Organisational behaviour, Irwin/McGraw-Hill, Boston, MA. Laming, D 2004, Understanding human motivation, Blackwell Publishing, Oxford. Lindner, J 1998, Understanding employee motivation, Journal of Extension, vol. 36, no. 3. Locke, EA & Latham, GP 1990, A theory of goal setting and task performance. Prentice Hall, Englewood Cliffs, NJ. Locke, EA 1968, “Toward a theory of task motivation and incentives” Organizational Behavior and Human Performance, vol. 3, no. 2, no. 157-189 Maehr, M & Braskamp, L 1986, The motivation factor, Lexington Books, Lexington, Massachusetts. Marshall, C and Rossman, G 2006, Designing qualitative research. USA, Sage. Maslow, A 1943). A theory of human motivation, Psychological Review, vol. 50, 1943, 370-96. Maslow, AH 1943, A theory of human motivation, Psychological Review, no. 78, pp. 370-396. McClelland, D 1961, The achieving society, Van Nostrand Reinhold, New York. Newman, I, Benz CR 1998, Qualitative-quantitative research methodology: exploring the interactive continuum. Southern Illinois University Press. Punch, K 2003, Survey research: The basics. Sage Publications. Sirota, D, Mischkind, LA, and Meltzer, MI 2006, Why your employees are losing motivation, Harvard Management Update, vol. 11, no. 1.  Verhofstadt, E and Omey, E 2003, The impact of education on job satisfaction in the first job. Universiteit Gent. Wemimont, P 1966, Intrinsic and extrinsic factors hi job satisfaction. Journal of Applied Psychology, vol. 50, pp. 41-50. Appendix A – Survey Questionnaire Part I. Demographic Profile 1. Gender □ Male □ Female 2. Age □ 50 3. Educational Attainment □ High School □ Bachelor’s □ Master’s Degree □ Doctorate Degree □ Others, pls. specify ___________ 4. Civil Status □ Single □ Married 5. Tenure as Bank Teller □ 1- Read More