Factors Influencing Job Satisfaction of Banking Sector Employees 207

UDK: 331:336.71(55)
DOI: 10.2478/jcbtp-2018-0009

Journal of Central Banking Theory and Practice, 2018, 1, pp. 207-222

Received: 12 September 2016; accepted: 2 April 2017

Mohammad Abdolshah* *Assistant Professor, Industrial

Engineering Department, Islamic
Seyed Amir Mohammad Khatibi ** Azad University Semnan Branch,
Mostafa Moghimi *** Semnan, Iran.
Corresponding Author,
Factors Influencing Job E-mail:
Abdolshah@gmail.com
Satisfaction of Banking
** MSc. in MBA, Industrial
Sector Employees Engineering Department,
Semnan University, Semnan,
(The case study: Asgariyeh and Iran.
MehrIran Banks in Qazvin and Email:
Alborz, Iran) Am.khatib@semnan.ac.ir

*** MSc. in MBA, Industrial

Engineering Department,
Abstract: Satisfaction in life and everyday work is important in eve- Semnan University, Semnan,
ryone’s life. We spend most of our time working or being involved Iran.
in some economic activity to make a living. This paper focuses on Email:
the relative importance of job satisfaction factors and their impact Nmmoghimi@gmail.com
on the overall job satisfaction of employees. The present study is a
cross-sectional type of research performed in 2015. The study popu-
lation is senior executives of the Asgariyeh and MehrIran Banks in
Qazvin and Alborz. The research instruments included two ques-
tionnaires based on individual characteristics and proprietary. The
Individual characteristics questionnaire consists of 4 questions and
the Proprietary questionnaire consists of 70 items, including a de-
pendent variable of Job satisfaction. SPSS software was used for data
analysis. One-sample t-Test was used to investigate the condition of
each of the dependent and independent variables in the research. In
conclusion, it can be said that the colleagues, upgrade, and compen-
sation variables are respectively in the first, second, and third place
influencing job satisfaction.

Keywords: Job Satisfaction, Banking Sector, Employees Satisfaction

JEL Classification: J28, E58, O53

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208 Journal of Central Banking Theory and Practice

1-1- Introduction

Human Resource (HR) is considered to be the most valuable asset in any organi-
zation. HR is the most important pillar of economic, social and cultural develop-
ments. Employee performance is influenced to a large extent, by motivation and
job satisfaction (JS). In other words, employees’ opinion about the organizations
they work for is very important and their performance depends on their satisfac-
tion of the work. (Uyargil, 2010). Strictly speaking, one of the effective factors on
HR performance is Job Satisfaction (JS). The term ‘job satisfaction’ refers to the
attitudes and feelings people have about their work. Positive and favourable at-
titudes towards the job indicate job satisfaction. Negative and unfavourable atti-
tudes towards the job indicate job dissatisfaction (Armstrong, 2006). JS is a topic
of wide interest to both people who work in organizations and people who study
them.

As shown in figure 1, each person needs to be in five different categories. Ac-

cording to Maslow, the manager needs to know where an employee is on the
hierarchical pyramid in order to motivate him/her. Then they need to focus on
meeting that person’s needs at that level (Robbins, 1999). As one moves up in
Maslow’s pyramid their needs becomes more complicated. In order to reach each
higher lever, one should first fulfil the needs of the lower level. Therefore, when
the need in the highest level of Maslow’s pyramid is met, more JS is generated and
HR will be converted into human capital. It causes organization’s growth. There-

Fig 1. Maslow pyramid

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 Factors Influencing Job Satisfaction of Banking Sector Employees 209

fore, JS is measured according to each person`s needs in each organization and its
fulfilment. This indicates that JS of employees in any organization is important
as human capital. Job satisfaction is the key ingredient that leads to recognition,
income, promotion, and the achievement of other goals that lead to a feeling of
fulfilment (Kaliski, 2007).

JS represents one of the most complex areas managers face today when it comes
to managing their employees. In this regard, Job and JS have great importance for
investigation. In this self-report study, five core dimensions of job characteristics
(salary, promotion opportunities, supervision and co-workers) are used to evalu-
ate the Job Satisfaction of the newly established banks (MehrIran and Asgariyeh)
employees. Section 2 includes the theoretical framework and literature review.
Section 3 explains the research methodology. In section 4 the research results
will be discussed and section 5 presents a discussion and conclusion.

2- Theoretical Framework and Literature Review

2-1- Theoretical Framework

2-1-1- Job

The word ‘job’ literally means forcing someone to work (Shafiabadi, 1997). The
concept of job characteristics model focuses on designing a job so that it moti-
vates a person (Droar, 2006) [2]. The five core job features, which are task signifi-
cance, task variety, task identity, autonomy, and feedback are believed to posi-
tively correlate with job satisfaction and performance (Hunter E.P., 2006).

2-1-2- Job satisfaction theories

Job satisfaction theories are plentiful. Initial studies in the context of work-relat-
ed attitudes were started since before the First World War I and actively followed
in the UK, Europe, and America. Employment phenomenon has been considered
since the beginning of human social life. Every thinker has spoken somehow
about this issue.

Job satisfaction is an important factor in career success. A factor that increases

the efficiency as well as the personal satisfaction. According to Fisher and Hana
(1931), Job satisfaction is an internal factor and can be considered as an emotional
adaptation with jobs and employment condition. So, if the job is good fun for
a person, they would be satisfied with their job. In contrast, if a person doesn’t

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210 Journal of Central Banking Theory and Practice

have desirable job satisfaction, they wouldn’t enjoy their work and would like to
change his job. According to Hoppock (1935), job satisfaction is a complex and
multidimensional concept that is related to the psychological, physical and social
factors. Referring to definitions above, it seems that JS is a positive look that each
individual has on his place and his vision of the job. Given the significance of JS,
investigating the factors that affect JS have great importance.

Sociologists and psychologists have offered different opinions about work and job
in recent centuries. For example, Brophy (1981) noted a few theories that include:

1) Needs theory

Job satisfaction rate depends on two factors:

First, how much and to what extent needs are met through work. Second, how
much and to what extent needs remain unmet through work.

2) The expectations theory

Individual expectations are effective in determining the type and degree of job
satisfaction. Obviously, if the individual expectations from their job are high,
they will be more satisfied than the person who have the lowest expectations of
their job. Thus, job satisfaction is an individual concept and it should be exam-
ined separately for every person.

3) Theory role

Two social and psychological aspects are considered in this theory. Individual’s
feeling about job situation and their activities in performing entrusted respon-
sibilities and playing a specific role as a member of a society determines the job
satisfaction rate.

4) Hope and expectation theory

This theory is also proposed following “theory of expectations” and “theory of

probability”. This theory believes that job satisfaction is determined by full adap-
tation of hopes and expectations with individual progress, while the discontent is
caused by the failure to meet expectations.

Factors affecting job satisfaction:

A - Organization
B - Environment

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 Factors Influencing Job Satisfaction of Banking Sector Employees 211

C – Work nature
D - Personal factors

A- Organization

1. Compensation: It is a decisive factor of job satisfaction especially when this pay

is fair and equiTable from an employee’s viewpoint.
2. Promotion: promotion includes positive changes in salary, less being super-
vised, more working challenge, more responsible and freedom of decision
making. Individual promotion leads to increasing an employee`s spirit.
3. Organizational policies: Rigid policies provoke negative job emotions and flex-
ible policy leads to job satisfaction.

B- The environment:

1. Supervision style: where supervisors have had a friendly behaviour with staff,
job satisfaction has been high as well.
2. Working Group: If individuals in the group have similar social characteristics,
attitudes and beliefs, they create an atmosphere that ensures job satisfaction.
Whenever a working group is larger, job satisfaction is also reduced.
3. Desirable working conditions: better physical and mental relaxation is pro-
vided for an individual in desirable working conditions.

C- Work nature:

The nature of an employee’s work is best defined as the type of work that he does.
This can refer to the basic daily tasks that he carries out as part of his job, and
it can refer to other non-routine tasks that may be required by the job as well.
Added together, the characteristics of these tasks comprise the nature of an em-
ployee’s work. The nature of this work may be summed up in the employee’s title.
For example, a human resources manager is someone who manages a human
resources department and performs all of the tasks required of such a position.

D- Individual factors:

While the organization external environment and the nature of job are deter-
minant factors in job satisfaction, individual traits and characteristics also play
an important role in it. Individuals who generally have negative attitude always
complain about everything that is job related regardless of which job is in ques-
tion. Also, some personality characteristics increase job satisfaction. In addition,
individuals who are placed in hierarchy of higher level needs will have more job
satisfaction.

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In this regard, there are different tools and methods to assess JS. By examining
the available resources in this case, we can mention the following methods and
tools.

1) Self-reported grading scale

2) Sensitive events (critical incidents)
3) Explicit behaviour
4) Practical orientation
5) Scale emoticon
6) Interview
7) Scale and a questionnaire

2-2- Literature Review

A great deal of research has been done in this case. We will refer to some of them
below. Yadav and Dabhade (2014) revealed the importance of work life balance
for women employees. Bowra and Nasir (2014) explored the impact of fairness
of performance appraisal on employee motivation and job satisfaction and the
endeavours to influence the banking sector in Pakistan.

Jeet and Sayeeduzzafar (2014) examined the impact of human resource manage-
ment practices on job satisfaction of private sector banking employees. Panghal
and Bhambu (2013) in their published work concluded that job satisfaction is
closely related to the nature of work, the quality of management, supervisor be-
haviour, co-worker behaviour, pay, promotion, organizational aspects, and work-
ing environment. Kord (2012) in his study entitled “A Cross-Cultural Study of Job
Satisfaction and Organizational Commitment of Bank Employees of Iran and
India” ascertained the relationships between job satisfaction and organizational
commitment and also compared the mean scores of job satisfaction and organi-
zational commitment of bank employees. Nawab and Bhatti (2011) in their study
consider building an understanding of the impact of employee compensation on
their job satisfaction and employee’s organizational commitment among Paki-
stani university teachers. They also develop a course of action for university’s
administration to come up with practices which would enable them to attract
and retain top level faculty at their institutions. Ahmad and Amini Yekta (2010)
to determine the impact of leadership behaviour and perceived organizational
support on the job satisfaction of Iranian employees, worked on 136 employee of
Tehran Cement Company, showed significant impact of leadership behaviour on
both intrinsic and extrinsic job satisfaction. Additionally, their study showed that
perceived organizational support is significantly related to extrinsic job satisfac-

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 Factors Influencing Job Satisfaction of Banking Sector Employees 213

tion. Sehgal (2012) studied job satisfaction in banking employees in Shimla as the
capital and largest city in Northern India. In this study job satisfaction between
private and public banks is compared. Also it is explained that it is important to
manage human resource effectively to reach an accepTable job satisfaction and
have a success banking as a result. An empirical investigation by Chang & Lee
(2006) in the manufacturing, banking, and service industries revealed that per-
sonality traits and job characteristics have a positive and significant influence on
organizational commitment as well as job satisfaction. Bhuain & Menguc (2002)
explored the new configuration of job characteristics, organizational commit-
ment, and job satisfaction. Bhuain, Al-Shammari, & Jefr (2001) echoed the simi-
lar findings that job autonomy, task identity, and feedback have impacted job
satisfaction, while task variety has influenced employees’ commitment. Sanker &
Wee (1997) conducted a survey on the association of job characteristics and job
satisfaction in three different countries and they reported that job characteristics
influenced job satisfaction of the respondents in all of the countries.

Researches, studies and programming evaluation centre (1994) of the Islamic

Republic Iran Broadcasting (IRIB) conducted a poll from Tehran citizens about
«job satisfaction». The results showed that 19% of the respondents were dissatis-
fied or completely dissatisfied with their job in total calculated scores. However,
29% of them were completely satisfied with their job and more than half of the
respondents were also moderately satisfied. The respondents showed more satis-
faction feeling with their job and only 9% of them expressed their dissatisfaction,
while dissatisfaction was more among males.

Mayo (1945) suggested that psychological and sociological factors were of major
importance in determining a worker`s behaviour, effectiveness, and satisfaction.
Herzberg (1966) and his associates contributed to the job enrichment movement
with the intentions of creating the means for increasing motivation, satisfaction,
and productivity of people at work. The Job Characteristics Model has its roots
in the pioneering works of (Herzberg, 1966), Blood and Hulin (1967) all of who
examined the relationship between certain objective attributes of tasks and em-
ployees’ reactions to their work. The design of job has long been considered an
important influence on individual’s intrinsic motivation and later leads to higher
job performance level of employees (Amabile, 1988,) (Amabile T. , 1985) (Kanter,
1988) (George & Zhou, 2001) (Oldham & Cummings, 1996) (Tierney & Farmer,
2002), (McCrae, 1987), (Ruscio, Whitney, & Amabile, 1998), (West & Farr, 1989).

Based on the above empirical studies, it is inferred that job characteristics have a
positive influence on the work motivation and job satisfaction. To prove this hy-
pothesis, an investigation is carried out based upon the selected newly established
private MehrIran Bank & Asgariyeh Bank employees in Qazvin and Alborz.
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3- Research methodology

A large number of organizations use evaluation to determine individual’s job sat-

isfaction levels. One of the valid instruments for measuring job satisfaction is the
Job Descriptive Index (JDI- just do it) - just do the job and it does not represent
the attitude towards the organization.

As shown in figure 2, five main factors are proposed as job satisfaction dimen-
sions in JDI model that include as follows:

Compensation, work conditions in the current environment, promotion oppor-

tunities, direct responsible (supervisor›s abilities to show interest and attention
of staff), and colleagues.

Fig 2. Job Descriptive Index

The purpose of research is to study the effect of the above 5 independent variables
on job satisfaction and also rate them respecting their impact on job satisfaction.

The assumption is that each of these 5 independent variables have effect on the
dependent variable.

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 Factors Influencing Job Satisfaction of Banking Sector Employees 215

The present study was a survey study of descriptive – analytical type in 2015.
The research population of this study was staff of Qazvin and Alborz Provinces
Asgariyeh and MehrIran Banks.

The sample size is calculated using the Cochran formula of 35 samples including
senior executives of Asgariyeh and MehrIran Banks. The research instruments
included individual characteristics questionnaire and proprietary questionnaire.
The individual characteristics questionnaire was designed based on the latest sci-
entific findings and consists of 4 questions. The proprietary questionnaire con-
sists of 70 items, including a dependent variable of Job satisfaction (1-22) and
5 independent variables including direct responsible (23-36), colleagues (37-47),
promotion (48-54), compensation (55-63) and work conditions in the current en-
vironment (64-70).

Individual characteristics questionnaire validity was approved by the professors.

The above mentioned questionnaire includes the questions that have been used in
similar researches continually and thus their reliability is approved. Proprietary
characteristics questionnaire validity was approved based on the related papers
and also by professors` judgement. The questionnaire was randomly handed out
to 10 individuals to determine its reliability and then the reliability rate of total
questionnaire (0.95) and dependent and independent variables, i.e. job satisfac-
tion (0.88), direct responsible (0.85), colleagues (0.83), promotion (0.76), com-
pensation (0.80) and work conditions in the current environment (0.75) at the
appropriate level of reliability were confirmed by using the Cronbach›s alpha co-
efficient.

After collecting, coding and entering data into computer, the SPSS statistical
software was used to analyse the data. Kolmogorov-Smirnov test was used to
investigate the normality of the research variables; one-sample t-test was used to
examine the research variables condition. The Friedman test was used for exam-
ining hypotheses i.e. the impact of each the independent variables on Job satis-
faction, the linear regression, and to rank the effect of each independent variables
on Job satisfaction.

4- Research results
4-1- Descriptive Statistics

Table 1 shows the condition of subjects in terms of the demographic variables. It

can be seen that the majority of male individuals have been between 30 and 41
years old, married and with a master’s degree.

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216 Journal of Central Banking Theory and Practice

Table 1. Demographic characteristics of subjects

Variable Level Number Percentage
Male 6 86.6
Gender
Female 4 11
Under 30 years 3 8
31-40 years 16 45.7
Age
41-50 years 12 34.3
Above 50 years 4 11
Diploma 1 2
Associate Degree 2 5
Education
BS 29 82.9
MA 3 8
Single 11 31.4
Marriage
Married 24 68.2

4-2- Inferential statistics

First, normality of research variables distribution should be examined to investi-

gate the condition of research variables and hypotheses test. As shown in Table 2,
the significance level of Kolmogorov-Smirnov test is larger than 0.05 for the Job
satisfaction, direct responsible, colleagues, promotion, compensation and work
conditions in the current environment, the claim of distribution normality is
accepted for these variables and parametric tests can be used for examining the
condition of research variables and hypotheses test.

Table 2. Testing distribution normality of research variables

Research variables Significant Level Condition
Job Satisfaction 0.966 Normal
Direct responsible 0.727 Normal
Colleagues 0.838 Normal
Promotion 0.286 Normal
Compensation 0.503 Normal
Work conditions in the current environment 0.906 Normal

According to Table 3, t-tests are significant for the independent and dependent
variables of research and with considering the average above 3 of these variables,
considering the dependent variable, it can be said that respondents have signifi-

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 Factors Influencing Job Satisfaction of Banking Sector Employees 217

cant Job satisfaction. It can also be said that the 5 identified variables (Direct
responsibility, Colleagues, Promotion, Compensation, Work conditions in the
current environment) are important. Linear regression has been used to inves-
tigate the research hypotheses test, i.e. the effect of each 5 independent variables
on job satisfaction.

Table 3. Investigating the research variables condition

Standard Critical Significance
Research variables Average
deviation t-statistics level
Job Satisfaction 3.200 0.231 5.110 0.000
Direct responsible 3.263 0.379 4.100 0.000
Colleagues 3.600 0.440 8.058 0.000
Promotion 3.457 0.596 4.531 0.000
Compensation 3.482 0.373 7.646 0.000
Work conditions in the
3.404 0.436 5.481 0.000
current environment

Table 4 shows the Pearson correlation coefficient rate between the dependent and
independent variables of research. Given the presence of high and significant cor-
relations between the 5 independent (Direct responsible, Colleagues, Promotion,
Compensation, Work conditions in the current environment) variables and the
dependent (job satisfaction) variable, linear regression can be used to investigat-
ing the impact rate.

Table 4. Pearson correlation coefficient of the research variables

Job Direct
Research variable Colleagues Promotion Compensation
Satisfaction responsible
Job Satisfaction - - - - -
Direct responsible 0.350* - - - -
Colleagues 0.455* 0.122 - - -
Promotion 0.413* 0.237 0.010 - -
Compensation 0.390* 0.411* 0.078 0.219 -
Work conditions in the
0.366* 0.274 0.170 0.090 0.439*
current environment

*: at level of 0.05, significant

Table 5 shows regression coefficients, regression coefficient test statistics and test
significance level to test for examining the effect of each independent variable on
Job satisfaction. It is observed that all variables have a positive significant impact
and impact on Job satisfaction. Also, colleagues and direct responsible variables
had the highest and lowest impact factor variable on job satisfaction, respectively.
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218 Journal of Central Banking Theory and Practice

Table 5. Regression coefficients of affecting the independent variables and hypotheses test
Regression The test Significance
Independent Variable
coefficient statistics level
Direct responsible 0.220 3.520 0.002
Colleagues 0.322 4.120 0.000
Promotion 0.301 3.900 0.000
Compensation 0.298 3.778 0.000
Work conditions in the current environment 0.276 3.714 0.001

Friedman test has been used to rate the effectiveness of the 5 independent vari-
ables on job satisfaction. According to Table 6, the rank difference of 5 independ-
ent variables affecting Job satisfaction is significant. Thus, it can be said that the 5
independent variables have different ranks affecting Job satisfaction. According
to ranks, it can also be said that colleagues, promotion, and compensation vari-
ables are respectively the first, second, and third in affecting job satisfaction.

Table 6. Friedman test and average rank of the research independent variables
Research independent variable Average rating
Direct responsible 2.41
Colleagues 3.53
Promotion 3.19
Compensation 3.09
Work conditions in the current environment 2.79
Friedman test significance level 0.040

5- Discussion and conclusion:

“Job satisfaction” represents the extent to which individuals are satisfied with
their job and love it. Study about the important causes and consequences of the
staff attitude on job satisfaction is one of the main aspects of industrial and or-
ganizational psychology. Many organizations determine job satisfaction levels of
their employees from their attitude. To assess job satisfaction, various aspects of
the job need to be examined such as pay, promotion opportunities, supervisors,
colleagues and supervisors’ style, work environment, policies and procedures,
belonging to the working group, working conditions, and job benefits. One of the
valid tools for measuring job satisfaction is job description index (JDI- just do it
- just do it and not the attitude toward the organization). The purpose of research
was to investigate the influence and ranking of variables on the JS. The present
study was a descriptive–analytic survey in 2015.

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 Factors Influencing Job Satisfaction of Banking Sector Employees 219

According to the results obtained from t-tests, colleagues, promotion and com-
pensation variables are significant and based on their average above 3, these
variables are placed among the variables affecting job satisfaction. However, the
direct responsible and the work conditions in current environment variables
haven’t had a significant effect on increasing competitiveness. Then, managers
should try to pay more attention to colleagues, promotion, and compensation in
their organizations.

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220 Journal of Central Banking Theory and Practice

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