This paper “Effects of motivation on employee behavior” focuses upon various aspects of employee problems, management solutions, better HR practices and building up overall satisfaction for the workforce in an organization. This research particularly focuses upon the banking sector of Pakistan, mainly the private side of it.
Starting with the basic problem that our society is facing nowadays, i.e. low employment rate and high level of poverty. This leads to a very large amount of workforce who desperately wants to get into any type of the job, which is available in the job market. Various organizations and these people then hire this work force than take full advantage of their workers without thinking of what they actually want out of their jobs. The basic aim of this research paper is to find out what actually employees want out of their jobs and how can we motivate them in order to make them work whole-heartedly. The major aim of an organization should be to make their employees committed to them as long as they can. Retaining well-trained and professional employees is one of the major issue banks must focus upon, especially by looking at the growing competition in this sector. The research discusses various factors, which have positive or negative relationship with employee satisfaction. These factors include monetary motivators, non-monetary motivators, personal development and level of training, which is given to the employee in a working environment. Moreover, this research is conducted upon primary data, collected on hand. The analysis will be done on the regression model, which is conducted upon selected variables, and a significant relation will be made depending upon the results.
Human resource management involves attracting, developing, and maintaining a talented and energetic workforce. All organizations at all times need to have the right people available to do the work required to achieve and sustain competitive advantage. A committed and organized workforce can help the organization to be successful. A committed individual would associate strongly with the organization and take pride in considering themselves as members. For this purpose it is very important to study employee’s behavior within an organization. There are many factors, which affect employee behavior and its loyalty towards the company, who all have an added effect on the overall performance of the organization. For studying employee behavior it is extremely important to look whether the employees are satisfied with their jobs or not. Also, whether the company is using enough motivational strategies to retain and appreciate its employees. Motivational strategies have always been effective if handled carefully. If an employee is satisfied and motivated in a right manner, he will definitely get more committed towards his organization as compared to the employee whose organization does not focus on such issues. Better human resource management practices play a vital role in overall job satisfaction and organizational culture. This study basically focuses on all the aspects that are important in order to retain and develop employee with in a bank. Also, what are the factors that effect employees and make them satisfied with their organization and management authorities?
From last decade banking industry in Pakistan has been experiencing a remarkable growth. Firms involved in banking services select the best banking facility available in the town to overcome competitive performances. For this purpose banks have to maintain their performance level and retain their skilled and trained employees in order to come up to their customer’s expectations. The focus of this study is to determine the impact of various human resource management practices like team building, motivational strategies, monetary and non-monetary factors, personal development, recognition etc. which have a strong influence on the working employees with in an organization. Also, one of the major things that I want to find out of this research is that what are the means of satisfaction that can be delivered to the employees of our society, particularly Pakistan. This has been seen in foreign job markets that employees demand for a lot of other thing other than pays. Do employees in Pakistan prefer them? Or they just want monetary rewards? Is that the only way through which we can give them sense of satisfaction?
Impact Of Emotional Rewards On Employee Motivation And Satisfaction:
Management should motivate employees by giving different rewards to offer efficient and good services that customers expect. Rewards can be monetary or non monetary. Sometimes a word of praises by the boss is also very effective and makes the employee work more efficiently and increases his satisfaction level. Emotionally rewards are also long lasting and motivates employee to work with more determination. Recognition of an employee in an organization also motivates and increases the performance level of the employee.
Influence Of Monetary Factors On Employees:
In a country like Pakistan where due to a lot of job saturation people hardly get employments, it is extremely important to give them monetary benefits because at the end of the day everybody work in order to gain personal satisfaction and making a living. This study will find out that how much importance does monetary rewards have with the banking sector and what employees actually want out of their jobs.
Look For New Ways To Increase Productivity Level:
Motivating employees and boosting employee satisfaction level can increase productivity level. This can be done by appreciating and respecting employee, by increasing interaction between management and employees. Training of the staff also plays a vital role in their performance. With the advancement of the technology, increasing the use of new facilities can also help an organization increase its productivity. Technology, like use of instant messages instead of phone calls, will also save time and cost.
How Much Importance Does Level Of Training Have On Employee Behavior:
The study will also focus upon various techniques of training which the bank focuses on and whether they use such techniques or not. Also the research will also find out that what are the training conditions within the banking industry of Pakistan and whether employees are ready to get skilled according to the work requirements. One more thing that is extremely important in this research is how much effort does the management authorities putting in order to make their workforce skilled and trained. And for that purpose how much workshops are being conducted and what is the attendance level.
Significance Of Study:
Employee behavior is very important for organizational success. If an employee has strong relations in an organization it would result in high productivity and customer satisfaction. Strong relations of an employee with an organization depend upon a lot of factors like safe work environment, different incentives, training and organizational culture. Healthy relations lead to efficient, motivated and productive employees who lead to increased profitability and high number of customers. The study will help us find more options how to increase employee satisfaction. It will help organizations to create such an environment, which will lead to employee satisfaction and loyalty. The study of employee behavior will also lead to the employee problems they face at a workplace and what steps an organization can take to solve them.
Linder (1998) conducted this research through a descriptive survey and 25 employees at the Piketon research center filled questionnaires. The participation rate was up to 92%. The main question which the paper answer’s is what employees need out of their job?
This study was conducted in order to find out whether money can is the main instrument to motivate them or other factors affect them. The writer starts with defining motivation and the purpose of motivation that why is it an essential part of a business organization. The paper also explains the different theories of the various writers such as Herzberg, Maslow, Vroom, Adam and skinners theory. Each theory focuses on employee need and how an organization can work to cater them and make them efficient in their performance. The basic purpose of the research was to find out that how do employees rank the following motivators at the scale of 1-10 which are: (a) job security, (b) sympathetic help with personal problems, (c) personal loyalty to employees, (d) interesting work, (e) good working conditions, (f) tactful discipline, (g) good wages, (h) promotions and growth in the organization, (i) feeling of being in on things, and (j) full appreciation of work done. The results came out to be very different as expected. Employees want interesting works to be one of the initial factors of motivation. Then comes the monetary motivators gradually followed by non-monetary ones but these motivators do have a lot of importance in the work environment. The research shows that employees must tell the employers about what motivates them so that they can design the motivational strategy according to the needs their employees have.
Alessandra et, al (2007) explains in his research paper about both the aspects of motivation and motivating techniques. The paper gives answer to the research question of what are the techniques that can be used in order to motivate employees.
The two most important and basic techniques are monetary and non-monetary motivators. The problem that comes in monetary motivators is that this method leads to more expense of the organization as a whole. Motivation can also have both positive and negative effects on the employee. Motivation if taken in positive manner will lead to more encouraged and active work force. But in case this takes a negative stance this will change into a disaster of dissatisfied employees and bad word of mouth about the organization. The three main managerial components that affect the organization performance and their proper implementation will lead to positive non-monetary motivators in the work place to affect efficiently are: Hire the Best, extensive training and on-going communication. These three practices will help in minimizing time that is used in solving problems by the management, as the best employed people will not create many problems. Training will hence polish the best into Best of all and will create a sense of attachment with the organization. Another source of motivating employees is to communicate with the employees on a constant mode so that they feel that they can share problems with someone, they can participate in activities that take place in work environment, and also their suggestions are taken into consideration.
Finally, the overall gist of the paper is that if you positively motivate your employees it will definitely have an effect on their performance in a positive manner.
Samuel, Chipunza (2009) describes the two types of motivational strategies as stated by Herzberg the intrinsic and the extrinsic, both are important for the organization to use in order to retain employees for a longer time. Intrinsic motivators are those which are given within the organization i.e. a good work environment, freedom of speech, growth etc. On the other hand, extrinsic motivators are the hygiene factors used by the organization to encourage their employees. They may not be much effective than the non-monetary motivators as they are considered to be the dissatisfactory elements, which can cause an employee to be unfulfilled with the job they are performing. Empirical studies have proved that these motivators such as competitive salary, good interpersonal skills, friendly environment and good job environment have appreciated employees to retain for longer time in the same organization. Other motivational variables, such as job autonomy, training and development opportunities, monitoring, and promotion based on abilities has also worked a lot on public and private sector. Similarly, recognition and reward for good performance was found to have significantly influenced retention of employees in the private sector organizations but not so in the public sector. Employees, especially those with esteem and self-actualization drives want to be appreciated and rewarded, not necessarily with money, but by openly acknowledging their achievements and contribution to the attainment of organizational goals and objectives.
The study shows that both intrinsic and extrinsic variables are extremely important in an organization. All the factors work in order to retain employees and maintain them for long time. Nonetheless any of the factors should not be considered less important. Each and every factor has its own importance in an organization’s culture and can affect both positively and negatively.
Karthikeyan et, al (2010) describes a detailed research that was conducted on 46 banks of India. Data was collected through various primary and secondary means of data collection. These included detailed questionnaires, which were filled by 454 respondents out of sample of 512. The paper explains the research question of how various strategies of training can affect the overall performance and profitability in an organization.
The basic objective of the research was to find out the association between training and the level of growth, which it achieves within a bank. Various variables like training programs, training input and facilities, job effectiveness, growth and results and attitude towards training were used in order to measure their affect on organizations growth and overall profitability. The results show that if learning objectives are met fully the overall effectiveness of training goes up by 0.291 likewise this will increase job effectiveness and hence resulting in Growth and profitability. The paper moreover discusses various H.R practices that can be taken in consideration in order to improve the company’s image, culture and their employee performance. If such strategies are implemented or practiced they will eventually lead in personal growth of the employees, their betterment and overall growth and profitability of the organization as well. By incorporating personality development programs such as role-play, group discussion and business games the superior and subordinate relationship can be strengthened. Moreover, Banks should take necessary steps in such a way that employees should feel training is essential to enhance the productivity and customer satisfaction to meet the present business challenges in India.
Kamery (2004) explains various motivational strategies used by the management. These methods will also lead to positive reinforcement of the employees. The article also discusses various techniques of what managers can do in order to get the desired performance he wants out of his employees. This particular writer argues about human psychology of desiring more and more things, and yet will never be satisfied with what they have. He says that if a person has basic physical needs, he would never want to acquire more of it. Other factors like fulfillment of psychological desires will lead to more satisfaction. This satisfaction will have more of mental relaxation and psychological attachment. Motivation will vary from person to person. Some individuals will be happy from small motivational efforts taken by the management whereas some will be more demanding in every aspect. What employees want out of their jobs is the ownership of what they do, social values, recognition and sense of achievement of their work. Whereas on the other hand the higher-level needs include opportunity and growth, teamwork, sharing control and building trust and respect.
A very good factor that has been working very efficiently and resulted in happy organization culture is when managers assign various tasks to employees, give them deadlines and show them goals to achieve. Other than this employee involvement in decisions, positive feedback, create a friendly and happy work environment, share information regarding upcoming products, projects and etc. all these practices will help in making employees more affiliated with the organization.
The results have shown that consistent and on-going use of positive motivational strategies has lead suffering organizations to be able to have more effective culture and retained workforce for a longer time.
Martin (2009) conducted this research to find out various training techniques and applications in order to improve effective follow-up. This positive follow-up is the research question/purpose of this paper. The methodology used to conduct this research was through case study method. And different questions were answered with empirical evidence. The writer argues that employees who have higher levels of self-efficacy and motivation power will tend to learn more out of these training activities which take place. Other than that an organization’s culture makes its employees well understand the work environment and what it demands from the employees. This includes the management behavior and their level of feedback to the employees. Their support and encouragement helps employees to show their best in order to make a good impression. All these training activities will be of no use if the management does not use proper maintenance techniques. These techniques will include consultation, training assessments in order to evaluate productivity and supervisory consultations to get instant feedback. Some of the performance assessment techniques include goal setting, leadership style, listening skills, written communication, team building, project management etc. The effectiveness of all this period can be measured through the increase in productivity and enhanced performance of the employees. This will also help us find out the positive and the negative impacts. But all the procedures if implemented properly will affect in a positive manner. This will also have a positive benefit in qualitative manner, as teamwork, trainings of team building and recognition through awards.
In the end the papers concludes that motivation, self-efficacy, risk management and uncertainty reduction will hence be the proper follow-up activities and will help in positive effective training results.
Glen (2006) examined the effective and practical implementation of motivational factors on controlling retention rate. The basic purpose of the paper is to find out the value assessment and feedback criteria on employee maintenance, as retaining highly qualified skilled workforce is extremely important for organizations in today’s world. The research methodology was based on nine predictors on which employees were measured. The article explains that each and every employee has its own mode of motivation and its own level of motivational agreement. Cash cannot always act as best motivational technique to encourage employees. If one ignores the other potential broad motivators it can cause dissatisfaction too. Different predictors which may influence employee behavior are work life balance, values, role change, information and reward/recognition etc. the authors explains the whole process through HD employee engagement Matrix in which each predictor has its own place and value. It explains that good management practices ensure the success of these practices. These can be used either in a combination of each other or can be used individually, but will help in organization improvement. In a workplace, the basic context is the key. When talking about the holistic view of the key elements of the business. It is most likely to impact team engagement, motivation, attendance and retention, link individual assessment to the key drivers directly of the business, and recognize that key talent is likely to thrive on experience-based career leverage opportunities.
Dysvik, Kuvaas (2008) wrote this research paper to explore the relative and combined influence on approach goals and work intrinsic motivation. The purpose of the study is to find out relative and combined influence in terms of direct model and moderate model. The research design was conducted through cross-sectional survey was conducted among 400 employees from a range of industrial sector. The study was conducted by measuring each and every variable through various methods. And the variables were then re-confirmed to know whether the results were right or not. There were four major variables i.e. goal orientation, intrinsic motivation, extrinsic motivation and a few controlled variables. The study found out that the job given to the employees was exciting enough or not, whether they liked working in environment where their talent was considered or not, their level of satisfaction of the work they are doing, is the environment friendly enough, the level of competition is motivating or not etc. The results showed that mastery goals and turnover intention were positive in an scenario where intrinsic motivation was extremely low. So the results concluded that mastery goals and turnover intention are positively related when intrinsic motivation gives it complete support. The writer suggests that intrinsic motivators work as buffers for the employees of the organization and these will act as predictors between mastery goals and employee turnover intention.
Adams (2004) conducted this research to find out the positive effects on the behavior of employees by giving feedback. The main question that was to find out from this research was to check all the positive effects of giving feedback to the employees. Also, this research included potential bias as quoted by the author and a little empirical evidence also existed. 77 trainees working for an organization collected the data and they were observed for over a period of 60 days. This research found different positive effects of giving feedback to the working employees of an organization. These included career implications for the employees, the positive effect will promote more hard work, predictable behaviors, and positive workforce attitudes, the need of getting high performance ratings etc. one of the most important factors that is to be considered here is that employees want self-development in whatever work they do. As they want to rise high and their appreciations and self-development will really help them to focus more on their work. The findings showed that liked individuals were more likely to get less positive or less feedback, to avoid over-confidence. Also less interactive people would get more negative feedback, as employees having good interpersonal and interactive skills will be appreciated more. More feedback was given to employees who were less interactive or less liked so that they are more appreciated. These employees will also get goals to accomplish so that they can show their hard work and improve themselves. This is how management can use various techniques in order to appreciate their employees and make them feel good about what they do and give them suggestions of how to improve themselves.
Kim (2006) wrote this descriptive paper to help manager in the contemporary world to overcome problems they face. Especially managers who are new in this business face a lot of problems in handling stuff. So, managers must start with knowing their employees individually and motivating them with things they like, such an understanding will lead to organizational productivity as a whole. There are various factors, which work as motivational instruments in a working environment and for the employees. These will include work appreciation considering the most important one. Appreciation is the most chap and most effective motivator that one can to induce energy and desire to produce well. Assistance in problems with work and coordination also helps in promoting an employee. Likewise, job security good wages and interesting work are considered to be most impressive motivators. The writer also performed various surveys in order to find out different problematic areas. Theories were also part of his research incl. intrinsic and extrinsic factors, which were also described in detail with the findings of the practical research that was conducted. In the end, he stated that employees are the most important factor of an organization and it is just them who can make and destroy an organization completely.
Employee motivation is encouraging employee to perform his best and return the customer happy. It’s the level of energy and commitment an employee applies to his job. Management also plays a role in motivating an employee to give his maximum to the job by offering different incentives, which can be monetary or non-monetary. Motivated employees always succeed in their work. These factors are dependent upon:
Monetary and non-monetary motivational strategies: various techniques regarding monetary rewards such as fringe benefits, bonuses, allowances etc. are used by organizations in order to satisfy their employees. Other than that non-monetary motivators are those, which will leave a mark on employees and will always encourage them to work. These techniques make these employees associate hem with the organization and work for it whole-heartedly.
Employee retention and personal development: If a company develops the employee personally and the employee feels that he is progressing positively, it will again have a positive impact on his behavior. Also promotions will play a major part in this. Also, if an employee is recognized in a organization, he will definitely show better performance because at the end of the day recognition is all what an employee needs. This will eventually lead to employee retention with in a bank.
Level of training: If the company will give more training to the employees and give the chance to grow and polish their skills it will increase their expertise and make them more satisfied with their job. This training can be conducted through workshops, making each and every employee attend it, telling them what is the significance of this training for their job effectiveness and giving them maximum amount of training inputs and facilities, so that they can provide everything to the organization.
Incentives: This is one of the major factors that effect employee satisfaction because this helps them earn more than what they actually do. This is something, which gives them more monetary benefit than their actual pays.
Fringe benefits: These are the benefits, which serve as extra package; attached with the job they are performing e.g. free transportation service, free medical services, insurance packages, social security, vacation packages with salary, free cafeteria etc.
Increase in pays: Sufficient increase in pay with a passage of time also leads to personal satisfaction and gives a sense of growth to the employees.
Feedback: Other than monetary rewards feedback is one of the major non-monetary factors, which provide employees with a lot of appreciation and motivation to work even, better than what they usually do.
Work environment: This has a great effect on the employees because they get a better place to work in and better environment, which will help them, be more creative. The comfort level and the textures and attractiveness of office will count in this.
Job security: it gives the employees a sense of attachment towards the organization and makes them satisfied at heart. This gives them more internal satisfaction.
Promotions: this will obviously give a positive impact because the employee will feel a sense of progress both in monetary and physical aspects.
Freedom of speech: Employees if get the chance to work in a more free environment and get the chance to give suggestion and show their creativity, this will make them more involved in their job.
Job Satisfaction: Satisfaction means how happy an employee is with his job. More a person will be happy from his job the more his satisfaction level will be. Job satisfaction is an important attribute for an organization. Different factors affect job satisfaction of an employee. Job satisfaction can be intrinsic or extrinsic.
Workshops: These are the activities, which are conducted in order to train the employees according to the need of the job. This also gives them a chance to develop personally.
Job effectiveness: Training will actually lead to more accurate and better performance by employees. Their performance can be measured on a better scale and hence more effective job will lead to long retention in the organization.
Q1. What is more effective in motivating employees, monetary or non-monetary factors?
Q2. Is development always important in retention of employees?
Q3. Do fringe benefits really act as a motivator?
Q4. Does training always help is motivating employees?
Q5. Do promotions act as a major factor in employee satisfaction?
Q6. Do employees consider feedback and appreciation as major factors effecting performance?
1st independent variable:
Hypothesis H1: Monetary motivators have a positive effect on the overall employee satisfaction.
Null hypothesis H0: Monetary motivators have no positive effect on employee satisfaction.
Hypothesis: Non-monetary motivators have a positive effect on overall employee performance.
Null hypothesis: Non-monetary motivators have no positive effect on employee performance.
2nd independent variable:
Hypothesis: Employee development has direct relationship with retention of employees.
Null hypothesis: Employee development has no relationship with retention of employees.
3rd independent variable:
Hypothesis: Training has a direct relationship with employee performance.
Null hypothesis: Training has no relationship with employee performance.
The research is conducted upon bank i.e. Habib Metropolitan Zurich branch. The tool that is been used in order to find out the results is questionnaires and interviews.
Questionnaires: These questionnaires are rotated within 50 employees of the bank, from the middle and lower departments. This will help us in find out various perceptions on employees about the motivation they should get and what they actually are getting. The total population will consist of 50 working people from a single bank. Questionnaires will comprise of employee profile and than 10 questions explaining each variable in detail. These questions may overlap in order to confirm the answers. Two types of measuring scales are used in the questionnaire i.e.
10 Research papers written by various scholars have been reviewed in order to collect secondary data.
The complete research will be conducted out of a complete population of 50.
The questionnaires will be rotated among 50 employees.
Non-probability sampling i.e. convenience sampling is being used as the sampling technique of this research.
Dependent variable: EMPLOYEE SATISFACTION
Independent variables: Monetary variables, non-monetary variables, personal development and employee retention and level of training.
Level of Training
Personal development and employee retention
The equation of the fitted model is:
Employee satisfaction = 1.02315 - 0.084492*level of training +
0.806915*monetary motivators - 0.00248203*non monetary motivators -
Analysis Of Variance:
Source Sum of Squares Df Mean Square F-Ratio P-Value
Model 10.5949 4 2.64872 29.15 0.0000
Residual 3.1801 35 0.0908601
Total (Corr.) 13.775 39
R-squared = 76.9139 percent
R-squared (adjusted for d.f.) = 74.2755 percent
Standard Error of Est. = 0.30143
Mean absolute error = 0.213938
Durbin-Watson statistic = 2.05026
Analysis Of Regression:
In order to test the relationship between four most important indicators of employee satisfaction, we run the above regression. The regression shows the effect of level of human resource training, monetary motivators, non-monetary motivators and personal development on the level of employee satisfaction. The coefficient of determination shows that the independent variables are explaining 77 percent of the variation in dependent variable. Also the high coefficient value shows the strong explanatory power of the model. Moreover, statistically significant value of F-statistic shows that explanatory variables are jointly significant at 1 percent level.
The equation of the fitted model can be written as:
Employee satisfaction =1.02315 - 0.084492*level of training +
0.806915*monetary motivators - 0.00248203*non monetary motivators -
The results indicate that the level of training has a positive and significant impact on the level of employee satisfaction. The coefficient value of 0.84 shows that the one point increases in level of training increases the level of employee satisfaction by 0.84 points, keeping all other variables constant. Since the P-value is less than 0.05, there is statistically significant relationship between the two variables at the 95% confidence interval, which means that we are able to reject our null hypothesis of no direct relationship between level of training and employee satisfaction.
In order to check the relationship of another important determinant of level of employee satisfaction, we look at the statistical significance of monetary motivators. These monetary motivators include French benefits, compensation plans, bonuses etc. Intuitively as well as theoretically this variable should have a direct relationship with level of employee satisfaction. The coefficient value of 0.806 shows that after controlling for other indicators, the one point increase in level of monetary motivators increases the level of employee satisfaction by 0.806 points. The value is also statistically significant at 1 percent level that shows that we are able to reject our null hypothesis of no positive relationship between level of employee satisfaction and monetary motivators.
Finally, another important determinant of level of employee satisfaction is the level of non-monetary motivators. These non-monetary motivators include feedbacks, recognition and appreciation of employees, promotions etc. Besides monetary benefits, these motivators are assumed to have a positive impact on level of employee satisfaction. The positive and significant coefficient value of 0.248 indicates that non-monetary motivators have a statistically significant impact on the level of employee satisfaction.
The findings have clearly shown that employees in Pakistan have a huge amount of potential to work if they are satisfied on monetary basis. Due to the working environment of our country we can conclude that employees here look for monetary benefits and personal development as a major factor of their satisfaction.
This research has also shown that the employee work force is always in search of better opportunities and development in their personal life. The need of growth is a very basic criterion seen in these people. Moreover, another thing that is seen in this research is that employee does look for non-monetary benefits also. Feedback is one of the major things that create a sense of motivation in these people. And feedback is the only inexpensive thing, which the management authorities can give frequently. Feedback has a major effect on motivation. The research has shown that people who frequently receive positive feedback under promotion focus tend to have higher motivation than those who receive less feedback or feedback that is not goal oriented. Another major thing that is to be mention here is that setting goals and letting the employee accomplish with in a particular time make him work more actively and motivates them to complete the task on time.
Moreover, if any reward is added in this scenario this will definitely give them a room for motivation, also accomplish it more efficiently and with better productivity rate. Given higher goals to achieve lead to better performance level and higher productivity rate. However, if a reward is attached with this task it will lead to higher efficiency levels and higher satisfaction while completing the given task. This will generate maximum amount of self-efficacy and personal satisfaction. Hence, the whole practice and on-going cycle will make the employee more committed to his job, organization and work he is performing. Plus, this exercise will lead to what an organization wants to achieve. And which is very essential for the bank the employees are working in. Hence, the primary motif of the bank to generate maximum amount profits through better productivity of the human resource they acquire will be sustained. And to maintain this performance level the bank will have to keep on practicing the same HR practices for development and with attached monetary benefits to it.
Moreover by looking at the detailed study we can also conclude that in a country like Pakistan where there is a lot of unemployment a recession. It is very important for the organizations who want to hire, acquire, maintain and sustain employees with better performance levels and commitment with the organization. They will have to give them a blend of both monetary and non-monetary benefits attached with the job they are performing. This will make them more active and efficient in the work they are performing. Also, this will motivate them to work for the organization for longer time. Another factor that is to be considered by the banks is that they should promotes the employees after a specific amount of time or shifting jobs will also help in changing and freshen up their working style. More monotonous environment leads to low productivity and efficiency levels. These employees need benefits out of their job so that they can get more than what they have i.e. the basic needs of life. As said by Maslow’s after accomplishing physical needs one has to acquire psychological needs. And this process of constantly acquiring more and human desire to grow makes him work for the betterment and growth of his future. And for that purpose it is important for these organizations to take advantage of this basic human need.
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