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Bank of China (Hong Kong) Limited (BOCHK) is a locally incorporated licensed bank. It is the second-largest commercial banking group in Hong Kong in terms of assets and customer deposits, with more than 200 branches in Hong Kong. It was established on 1 October 2001 from a merger of 12 subsidiaries and associates of the Bank of China in Hong Kong, and listed on the Hong Kong Stock Exchange in October 2002. Established on September 2001, it has combined the businesses of ten of the twelve banks in Hong Kong originally belong to the BOC Group.
Moreover, BOCHK is one of the three banks which issue banknotes for Hong Kong and the designated clearing bank in Hong Kong for transactions involving the Mainland China's currency. BOCHK offers a comprehensive range of financial products and services to retail and corporate customers. It is primarily known for its interest-income business such as investments and other non-interest-income areas such as personal loans, credit cards and wealth management.
We can see that occupational success and job satisfaction are both important in self-esteem, self- respect, and personal development. To the worker, job satisfaction brings an enjoyable emotion state that often leads to a positive work attitude. A satisfied worker is most likely to be innovative, flexible and loyal. For the banking industry, job satisfaction means a work force that is motivated and committed to high quality performance. Herzberg's Motivation- Hygiene Theory and Vroom's Expectancy Model have been extended to describe the factors responsible for the job Satisfaction of the employees in the organization. We can then know more about an employee's job satisfaction will be related to a number of variables such as gender, age, size of the bank, occupational level, organizational climate, educational background and economic background, etc. Another studies of Herzberg's (1957) shown that at least low correlation between high morale and high productivity, and it does seem logical that more satisfied workers will tend to add more value to an organization.
Objectives of the project
Measure existing level of staff satisfaction in BOCHK.
Finding out which parts influence most job satisfaction, it can be an important component in future development.
To discover the various expectations of employees and give suggestion for improvement.
To find out employees are working with their full capabilities or not.
There are different economists had long recognized that financial markets in general, and banks in particular, play a necessary role in the efficient functioning and development of the economy. Some of the recent researches inspect the relationship between financial markets, banks and the macroeconomic has their origins in early work by Cameron (1967), Goldsmith (1969), McKinnon (1973), and Shaw (1973). These authors mention the fact that financial markets affect and in turn affected by economic growth.
Job satisfaction represents the cluster of person's attitude towards or about the job. It is a function of satisfaction with different aspects of job such as works itself, supervision, wages, colleague or promotion, etc and of the particular weighting or importance one attaches to these respective components.
Both of these feelings involves, in effect, weighting up the sum total of influences of the job such as the nature of job, the pay or the promotion. When the sum total of influences gives rise to feelings of satisfactions, the person is job satisfied. However, in total they give rise to feelings of job dissatisfaction the person is job dissatisfied. Thus, if we can improve one of these influences can go with the direction of job satisfaction, making less satisfactory any one of the influences will lead in the direction of the job dissatisfaction. But, what makes a job satisfy are not only depends on the nature of the job, but also on the job expectations that individuals have of what their job should provide.
The study of job satisfaction is a relatively recent phenomenon. It has begun in the Hawthorne studies conducted by Elton Mayo at the western Electronic Company in 1920s during the course of investigations. However, there are completely certain about social factors will affect job satisfaction and productivity. Expectancy theory focuses on the importance of the individual's expectations of his job in determining job satisfaction.
For a person who has expectations that his job should give him opportunities for challenge, pay, a failure of the job to meet this expectation will then to become dissatisfaction compared to a situation where no such expectation is involved. What expect expectation of individuals will have of a job may change. There will be a large number of reasons; some of them are deriving from social and others from individual causes.
The above proposing an expectancy theory regarded over all job satisfaction as a function of satisfaction with various elements of the job. Another theory that has dominated the study of the nature of job satisfaction is "Two Factor Theory". Frederick Herzberg(1959) performed studies to find out which factors caused satisfaction or dissatisfaction in an employee's working environment .He published his findings in the book "The Motivation to Work" (1959) and claim that the factors which cause job satisfaction are separate from the factors which cause job dissatisfaction. The two feelings cannot simply be treated as opposites of another. He described that factors leads to job satisfaction are Recognition, Achievement, Responsibility, Work itself, Advancement and Growth. Furthermore, factors which lead to dissatisfaction are Supervision, Company policy, Relationship with Boss, Work conditions, Salary, Relationship with co-workers. Herzberg argued that management was not only provided hygiene factors to avoid employee dissatisfaction, but also provide factors essential to the work itself in order for workers to be satisfied with their jobs. Thus, I will evaluate the data and apply on the above theories.
After "Two factor theory", another theory was called "Maslow's theory"(1943), Maslow has suggested that there exists a hierarchy of human needs, commencing with physiological needs then safety, social, esteem and self actualization need. According to Maslow's theory, the above needs must satisfy in order. There will be different approaches to motivate workers and provide them job satisfaction through management, job design and compensation packages, etc. I will find out how people are encouraged to consider the above theories to create a good blend of factors that contribute to a supportive, careful planning both by management and by workers.
According to Abraham A. Korman (Lipiec, 2001), he mention two types of variables which determine the job satisfaction of an individual. These are environmental variables and personal variables. Firstly, environment variables include:
The higher the level of job, the greater the satisfaction of individuals. This is because of higher levels of job carry greater prestige and self control.
Greater the variation in job content and the less the repetitiveness with which the tasks must be performed, the greater the satisfaction of the individuals involved.
People like to be treated with consideration. Hence considerate leadership results in higher job satisfaction than inconsiderate leadership.
Pay and Promotional Opportunities
All other things being equal these two variables are positively related to job
Interaction and the work group
Interaction must satisfying when it results is being accepted by others or facilitates the achievement of goals.
Secondly, personal variables include:
Different age have different feeling on their satisfaction.
There is a negative relationship between the educational level and job satisfaction.
The different individuals got different perceptions about their role.
There are no confident evidence as to whether women are more satisfied with that their job than men.
This is because there are many theories support job satisfaction and define the characteristics of satisfaction and to some extent dissatisfaction. For the intention, I will use Hackman and Oldham's Job Characteristic Model (JCM) (Hackman & Oldham, 1975) to determine the level of job satisfaction. This concept focus on five cores which are skill variety, job dimensions, task significance, task identity, autonomy and feedback, they will in turn influence three main psychological states: experienced meaningfulness of the work, experienced responsibility for the work and knowledge of results. These psychological factors will influence job satisfaction. The above five core job characteristics can be add to form a motivating potential score which can be used to calculate how likely a job will affect an worker's attitudes and behaviors. Their relationships made by personal knowledge, skill and growth need strength. Contextual factors such as wage, job security, colleagues and supervision in addition to play an important role in making more satisfaction and producing more and high- quality work. The above findings had been supported by some present study; it focuses on the contextual factors that are provided by the organization to make sure of job satisfaction. Some of the present studies state that the Job Characteristic Model still remains the theoretical focal point in the current discussion of job satisfaction and work design and is still used as a powerful conceptual tool for job enrichment (DeVaro, Li, & Brookshire, 2007).
The discussion of this research investigation will mainly give emphasis on the analysis of satisfaction. The data and information that will be collated for this research investigation will be derived from primary resources and secondary resources. The quantitative approach focused on obtaining numerical findings was used with the survey method. The interview on the other hand, made up the qualitative approach of the study as this focused on observations, description and individual insights of the respondents. This study employed the combined approach so as to overcome the limitations of both approaches.
For any study there must be data for analysis purpose. Without data there is no means of study. Data collection plays an important role in any study. It can be collected from various sources. I have collected the data from two sources which are given below:
The data and information that will be collated for this project investigation will be derived from primary data and secondary data. The primary data includes questionnaire and focus group. Questions are set in such a way that the answers reflect the ideas of the respondents with regard to the level of satisfaction of different factors of job satisfaction. The survey will then combine information about employee satisfaction in different areas such as job satisfaction, supervision, training, colleague's communication, management and workload. I will offer opportunities for respondents to provide their own ideas or comments. I will use focus group to explain survey results and follow up more general survey questions. There will be collected from the employees of Bank of China (Hong Kong), primary data will then be analyzed and secondary data such as journals, government reports, etc will be used to make calculations and analysis. Bogdan and Biklen (1998) describe qualitative data analysis: "The process of data analysis is like a funnel: Things are open at the beginning and more directed and specific at the bottom. The qualitative researcher plans to use part of the study to learn what the important questions are. He or she does not assume that enough is known to recognize important concerns before undertaking the research" (P.7).
Questionnaire is filled by 300 employees of BOCHK staff who are working in New Territories East District 10 different branches. The broader purpose of the present study is to explore the relationship among employee job satisfaction and employee turnover. Questionnaire will be divided in to two parts dissatisfaction factors and satisfaction factors.
The questionnaire was collected which subjects to:
Firstly, a pilot survey was conducted before finalizing the questionnaire.
Then, data collection was also done with the help of personal observation.
After completion of survey the data was analyzed and make conclusion.
Finally, all information was compiled to complete the project report
The focus group interview 20 staff came from 10 different branches. The interview topic is deeply discussing the workload, working time question. There are 45 minutes discussions between 20 staff; they share their experience on their job position.
Result of the analysis
The focus group of 20 staff result shows that 50% of them feel that their branches are busy so that they got heavy workload. Overtime is another problem they have concern. 90% of them feel that team work is so important. The influence topics of the questionnaire result are as follow:
This part is allocated for analysis and interpretation of data. I have use percentage analysis and two-way table to do the analysis of job satisfaction, which is directly obtain from the questionnaire. The respondents were asked to mention their level of satisfaction relating to fourteen factors. The satisfaction score was found out obtained by each respondent since the scores were allocated based on their response. For each of the factor three levels of satisfaction were assigned namely high, medium and low. For high satisfaction three points were given, for Medium two and for low satisfaction one point was given.
The total scores secured by each respondent were finding out. All the respondents were classified based on their level of satisfaction.
NUMBER OF RESPONDENTS AND LEVEL OF SATISFACTION
AGE GROUP AND NUMBER OF RESPONDENTS
20 or below
51 or above
Majority of the respondents (45%) are in 31 to 40 years age group and 29% of the respondents are above 21 to 30 years age group and 23% of the respondents are above 41-50 years age group. Only 3% are 51 or above age group.
The above table reveals that the respondents from above 10 years group have derived highest satisfaction. The percentage of bigly satisfied from the group 5-10 years and above 10 years are the largest. However, the groups who work less than 5 years are most on medium satisfaction. Bank of China should think that if they need to improve the training or benefit for those group employees.
I feel that working hours are convenient.
This graph shows that 0% of employees are strongly agree about the point , 20% of employees are agree on the point, 30% are neither agree nor disagree,50% are disagree and rest 0% of employees are strongly disagree. It means that overtime is a problem that the staff concern.
This graph shows that 50% of employees are strongly agree about the point , 30% of employees are agree on the point, 20% are neither agree nor disagree,0% are disagree and rest 0% of employees are strongly disagree.
Employees work well together to solve problems and get the job done
This graph shows that 45% of employees are strongly agree about the point, 20% of employees are agree on the point, 35% are neither agree nor disagree,0% are disagree and rest 0% of employees are strongly disagree.
I have enough time to spend with my family
This graph shows that 0% of employees are strongly agree about the point, 20% of employees are agree on the point, 15% are neither agree nor disagree,15% are disagree and rest 50% of employees are strongly disagree.
After the above analysis and focus group record, I see that
Employees are not getting value to their work.
Employees think that team work is important..
Most of the employees think that the organization haven't fulfill their
promises, what they do in beginning especially regarding Promotion.
They often feel overworked.
Suggestions and recommendations
After studying different theories and concept, I think that to achieve high job satisfaction should require well planning and good effort both by management and by employees. Top management is encouraged to consider such theories to create a good pleasant of factors that contribute to a challenging, supporting, and rewarding work environment. Because of the Bank of China (Hong Kong) incentive reward system, it is very important that salaries should be related to job responsibilities and that pay increases be related to performance rather than seniority. For example, meet a basic target and gain reward. To increase the job satisfaction level of the employees, Bank of China (Hong Kong) should concentrate mainly on the incentive and reward structure rather than the motivational session. Nowadays, educational qualification in banking industry is important; BOCHK should give promotion to those employees who deserve it. A good management team should have potential to create high productivity, high morale, and a sense of purpose and meaning for the bank and its employees. Moreover, job security is one of the most positive aspects in Hong Kong, BOCHK need to build upon an open and developmental area where employees can enjoy more autonomy, opportunities to share their opinion to the top management and participate in the decision-making process. It can also consider updating special schemes related to retirement or other benefits to increase the sense of security of BOCHK employee's.
To conclude, I can see that the relation of the change of satisfaction determinants and job satisfaction. For example, a person ages and his job satisfaction shows an increasing trend. Younger employees have more education level, expectations and more choices, thus, they have lower job satisfaction. The study on employee's satisfaction is very important for a company. However I shall try my best in collecting the relevant information for my research report, the difficulties which I face in collection of data are using a lot of time to collect data and other resources as it was not possible to conduct survey at large level.