Impact Of Job Satisfaction On Employee’s Productivity (A Case Study Of Eco Bank Nigeria Plc. Ilorin)
The purpose of this study was to investigate on objective, significance on impact of job satisfaction on employees productivity. In this highly competitive world, success of any organization depends on its human resource. Bank are no exception to this. A satisfied, happy and hard working employee is the biggest of asset of any organization, including banks. Workforce of any bank is responsible to a large extend for its productivity and profitability. The research questions is to ask what extent does job- satisfaction improves employee productivities, to what extent does job satisfaction result satisfy customers. The population of the study is fifty (50) staff and sample size of fifty (50). This research makes on effort to study the job satisfaction level among employees of bank sector in Ecobankplc, Gusau. Bank jobs have always remained the first preference of youth here. So, this study is also an effort to find out what they think of this job afterward. Information gat herd are primary and secondary data. Summery were also made in job satisfaction on employee productivity so as to induce workers to strike willingly towards the ac1ievement of organization goals. The method of data collection is simply table and percentage method. The findings are that salaries of workers are not paid promptly, pay package of workers of Ecobank are inadequate, salaries advance is mostly granted during festival period and seniority is what has been the first consideration for promotion. Finally, the recommendation are that provision of adequate accommodation in the hierarchy of needs, provision of meal-subsidy or meal ticket for workers during break time at the canteen and the company should give car loan and motorcycle loan to staff base on their salary set scale ability to pay back.
Table of Content
- Title Page
- Table of Content
- 1.1 Background of the Study
- 1.2 Purpose of the Study
- 1.3 Statement of the problems
- 1.4 Research Question
- 1.5 Scope of the Study
- 1.6 Significant of the Study
- 1.7 Limitation of the Study
- 1.8 Historical Background of Eco Bank Nigeria Plc
Review of Related Literature
- 2.1 Introduction
- 2.2 The Concept of Job Satisfaction
- 2.3 The Concept of Productivity
- 2.4 Measurement of Job Satisfaction
- 2.5 Determinants of Job Satisfaction
- 2.6 Job satisfaction, Absenteeism and Turnover Job Satisfaction
- 2.7 Empirical Studies on Effects of Job Satisfaction on Productivity
- 3.1 Introduction
- 3.2 Research Design
- 3.3 Population of the Study
- 3.4 Sample Size of the Study
- 3.5 Sampling Technique
- 3.6 Source of Data
- 3.7 Data Collection Instrument
- 3.8 Method of Data Analysis
Presentation and Analysis
- 4.1 Data Presentation and Analysis
- 4.2 Data Analysis
- 4.3 Summary of Findings
Summary, Conclusion and Recommendation
- 5.1 Summary
- 5.2 Conclusion
- 5.3 Recommendation
1.1 Background of the Study
In recent years job satisfaction has received a great deal of attention from economists and policy makers. Traditionally, economist has distributed the use of subjective and attitudinal variables, but early papers established that job satisfaction was a related to a number of objective. Job features and was able to predict consequences such as observation and quits.
In today’s corporate organization, productivity is the most concern area which is yet to reach its required volume. Several research has been taken to find out reason behind this, and the result shown was the job satisfaction is the important dependant variable to productivity. This focuses attention on how to improve satisfaction of an individual towards their jobs.
One of the leading challenges in management has been implementing effective human development strategies to enhance organizational performance and accountability. As a result of the emphasis on performance, researchers in human resource management have stressed effective human resource strategies such as job satisfaction, team empowerment, participate management and strategic planning. This study determines the impact of job satisfaction on employee’s productivity. Since very insufficient work is done on this area in Pakistan due to limited data availability. One could find many research studies on this subject but when we discuss Pakistan organization area at the deep end of the research resources.
The fact that employees of organization are becoming key to strategic decision making seems reasonably indisputable ever In bank sector. In bank setting human resources department is still facing a challenge to prove its added value to the organizations performance. They are, however baffling to justify the reasons for their existence in organization. The believe that satisfied employee are more productive than dissatisfied employee has a basic tort among managers from years. Although much evidence question that assumed causal relationship, it can be urged advanced societies should be concerned without only the quality of life i.e. concern such as higher productivity and material acquisition but also with its quality. They urge organization to have a responsibility to provides employees with jobs that are challenging and intrinsically rewarding.
1.2 Purpose of the Study
Basically, this research work intends to achieve the following objectives:
- To examine the relation between job satisfaction and customer satisfaction.
- To enhance better understanding between employees and employers in an organization.
- To examine the relationship between job satisfaction and employees productivity.
- To ensure employees to understand his responsibility on job satisfaction.
- To identify other factors apart from job satisfaction that result in increase in employee’s productivity.
1.3 Statement of the Problem
Having realize that all business firms has pre-set goals and objectives which is to satisfy the needs of the society at minimum cost and maximize profit. To do these is need to motivate it’s workers to put in the best, but this is not the reality in Eco Bank Plc. Because there are many problems which employees of the bank faced. The employees are not well motivated a d a result of the Central Bank of Nigeria (CBN) examine some bank, there’s fear for job loss subsequently decrease productivity. The study point out the problems which organization encounter if there is no impact of job satisfaction on employee’s productivity.
- If there is no impact on job satisfaction on employee productivity, the business may not expand or grow.
- Small banks may collapse, if there is no impact of job satisfaction on employee productivity.
- If there is no impact on job satisfaction on employee productivity it may lead to low of goods.
1.4 Research Question
The magnitude of salary and other entitled packages greatly determines the level of ob satisfaction of an employee. It also greatly affects the morale and attitude towards delegated duties and hence the employee’s productivity, and furthermore on employee’s impact towards customers satisfaction. Since job satisfaction employee productivity and customers satisfaction are intertwined, this gives rise to the research questioned which are under listed
- What other factors apart from job satisfaction affect improve employee’s productivity?
- To what extent does job satisfaction result satisfy?
- To what extent does job satisfaction improve employee’s productivity?
1.5 Scope of the Study
The scope of this study is limited to the aspect of impact of job satisfaction on employee’s productivity to make an effort to study the job satisfaction level among employee of bank sector in Gusau Eco bank Nigeria Plc.
1.6 Significance of the Study
This write up would be of great benefit to the organization manager and student taking business administration and management as a field of study. It will help manager of the bank to know how best to Induce their subordinate so that they can strive willingly towards achieving organizational goals. These research work will be useful to all organization towards attaining optimal performance of it’s employees with minimum cost. Finally, to student it is believed that it will widen their knowledge in the field of study.
1.7 Limitation of the Study
This research study has the following limitation:
i. Inadequate Fund:
A research of this magnitude needs fund to update some information especially on internet but due to effect of global economic melt down which affected almost every employees funds were not easy to access either from parent or guardians.
ii. Time Constraint:
The time duration available to carry out the research and finding collide with school lecture hours.
iii. Lack of Utmost Cooperation:
Low level of compliance was operation. some are so reluctant to give the researcher access to certain document of information which are important to our findings, in view of this the researcher has limit its findings to information excerpted from internet and resource personnel.
1.8 Historical Background of Ecobank Nigeria Plc
The Pan-African Bank; EcoBank Transnational Incorporation (ETI). ETI, a public limited liability company was established as a bank holding company in 1985 under a private sector initiative spearheaded by the Federation of West African Chambers of Commerce and Industry with the support of ECOWAS. In the early 1980’s, the banking industry in West African was dominated by foreign and state owned banks. There were hardly any commercial banks in West African owned and managed by the African private sector. ETI was founded with the objective of filling this vacuum. EcoBank Nigeria Plc was incorporated on the 7th of October 1986 and commenced business on 24th April 1989. The bank has an asset of N194.06 billion and a paid-up share capital is Impact of Job Satisfaction on Employee’s Productivity is currently N32.48 billion out of which 29% held by EcoBank transnational incorporated. “ETI” EcoBank transactional incorporated, lome “ETI” is the parent company of the EcoBank Nigeria and one of the leading regional banking group with presence in more Africa countries than any other bank.
EcoBank Transactional Incorporated, lome “ETI” is an international off share banking institution with an authorized share capital of US dollar 32 million was raised from over 1,500 individuals and institutions from West African countries with an authorized share capital of US dollar 102 million now increased to US and 482 million, over US and 5.5 billion in assets, 746 branches and over 11,000 employees. The group operates in 30 African countries. ETI is also going into new area in the African continents with the immediate opening of additional branches in west, central and Southern African and subsequently all over African. ETI is listed in three (3) exchanges in Africa, BVRM in Cote d’voire, Ghana and Nigeria. ETI is rated BB by Fitch. EcoBank operate as “one Bank” with common brand, standards, policies Impact of Job Satisfaction on Employee’s Productivity and process which means you get consistent and ‘reliable service across its network of over 600 branches, offices and over 600 alliance location.
EcoBank Transnational Incorporation (ETI), the parent company of the Eco Bank group, the largest Pan-African banking group by geography with presence in 32 countries is pleased to announce the 100% acquisition of Oceanic bank International plc following approval by shareholders of both institutions and the completion of all required regulatory and legal process. All change control process pertaining to the merger were completed in a ceremony that took place on Monday 24th October. The new board directors has been reconstituted with Arnold Ekpe, CEO of EcoBank Group as the chairman. John Aboh, Managing Director of Oceanic Bank will continue that role. It is envisaged that the banking operations of Oceanic Bank will be merged with the existing EcoBank Nigeria.
During the fourth quarterly of 2011, EcoBank Nigeria Acquired 100% of the shareholding in Oceanic Bank creating the expanded EcOBank Nigeria Plc. As 5of December, 2011, the expanded EcoBank Nigeria Controlled total assets valued at approximately 8.1 billion US dollar (NGN: 32 trillion), making it one of the five largest banks in Nigeria at the time.
Additionally, it is set to open new branches nationwide all EcoBank branches are fully automated with on-line real time computer system ensuring flexibility and speed in dealing with customers.
Summary, Conclusion and Recommendation
This chapter is to summarize the whole work of the research on the topic “impact of job satisfaction on employees’ productivity”. The aim of this research work is to improve productivity in an organization and find out how job satisfaction has energize workers to strive willing towards the achievement the organization goal.
However, in the finding of EcoBank Nigeria plc, Challenge, Kwara State employed piece wage rate, time wage rate, premium bonus method in the organization in order to improve the performance of personnel morale in the organization. This is to enable personnel to be satisfied with their job. In this return it will enable the company to maximize profit as well as improve personnel performance.
Job satisfaction is one of the major course of motivation in our society. Job satisfaction is the most important item in any collective bargaining. Not only that, they also give rise to the greatest number of dispute. This arises due to the fact that job satisfaction determine the standard of living of workers. While to employer the wage bill often considerable item in the cost of production. Undoubtedly, job satisfaction has become one of the most important factors in management towards achieving the organization goals and objectives. It is the duty of management to provides for workers good condition of work, attractive. Job satisfaction and other things that will induce them to put in their best towards achieving the organizational set goals.
Mainly money or fund is regarded as the major motivator of human behaviour in the organizational selling. Money or fund is a means of satisfying many needs and want. This fact enable management to use it to obtain acceptance of direction and control. The research has been directed towards accessing the role job satisfaction play as motivation instrument in increasing workers productivity with reference to EcoBank Nigeria plc. Attempt was made to collect primary data through the administration of questionnaire and his information was supplement by published literature on the subject matter.
All in the view expressed by various authors and scholar on analysis of job satisfaction on employee performance. Maslow Hierarchy of needs theory states that people are motivated by five kinds of needs, esteem. Love, physiological selling and self actualization knowing people needs help management to meet them. In a nutshell, despite the desirability of motivational system, the motivational tool in EcoBank plc is money or fund rewards. Monetary incentive alone cannot stimulate employee and even they do, they do to a certain point beyond these point. It become necessary for the management should use other stimulant
The researcher after making a brief summary and conclusion hereby wish to make the following recommendation:
- As impact of job satisfaction, all staff must be provided with adequate accommodation. In the hierarchy of needs the needs for shelter is important therefore the organization must make provision for comfortable accommodation
- Secondly, meal subsidy or meal ticket: This provision can be made to workers during break time at staff canteen so that workers can take their lunch at subsidy rate.
- Thirdly, give gift to workers at the end of the year to appreciate their performance present should be given to workers who perform wonderfully so as to encourage them to do more better in the coming year.
- Fourthly, the company should give car loan and motor-cycle to staff base on their salary scale and ability to pay back. More so, payment of pension and gratuity to lay off staff, this is to encourage other staff that V there is future to embark on when they finally leave the service of the company.
Impact of Job Satisfaction on Employee ‘s Productivity v. Lastly, they should be given paid leave. The organization should be able to give the employee chance to travel to anywhere of their choice
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