A recent study on banking staff by senior Regenesys Business School facilitator Dr Abhinanda Gautam has proven that job satisfaction, related to incentives has a direct correlation with branch performance.
This study shows a positive relationship between branch performance and employees’ satisfaction with the quality of performance evaluation, feedback, and recognition at the branch—the “incentives” dimension of a high-performance work system.
FICCI (Federation of Indian Chamber of Commerce and Industry) conducted various surveys on the banking industry to evaluate job satisfaction and increase the growth prospects of the industry. Job satisfaction can bring down employee turnover and help managers analyse and understand ways to retain dexterous and productive employees.
Dr Gautam was examining the relationship between employee job satisfaction and the branch performances in public sector and private sector banks, with reference to the National Capital Region in India.
Five government-owned (public) and three corporate (private) banks were approached and 90 employees asked about their job satisfaction, in relation to their job, management support, personal adjustment (ie if they got flexi time or leave easily) and social relations (co-workers and team).
“Branch Performance’ has a high and significant positive co-relation with the job area segment of job satisfaction in the case of both public, as well as private sector banks,” she found.
“Managers should consider ways to enhance job facets such as fringe benefits, operation conditions, supervision and social relations. They should also improve the other job facets that lead to the lowest levels of job satisfaction such as promotion, communication and nature of work,” Dr Gautam determined.
We can learn from these findings – look after your employees and your firm will reap the rewards – a win-win for all!