an analysis on the impact of motivating factors
TRANSCRIPT
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An Analysis on the impact of motivating
factors influencing Employee satisfaction
at Zambia National Commercial Bank
(ZANACO)
A DISSERTATION SUBMITTED BY THE FACULTY OF BUSINESS,
FINANCE AND MANAGEMENT OF CAVENDISH UNIVERSITY IN
PARTIAL FULFILLMENT OF THE REQUIREMENTS FOR THE DEGREE
OF BANKING AND FINANCE.
BY
MADALITSO THEMBA ZULU
CUZ: 000-725
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ABSTRACT
The study was set out to investigate the key factors of motivation that affect the employee satisfaction
in Zambia national commercial bank (ZANACO). The study had five specific objectives: to establish
whether promotion has an effect on the employee satisfaction, to determine whether salary increment
has an effect on the employee satisfaction, to examine whether fringe benefits has an effect on the
employee satisfaction, to examine whether job security has an effect on the employee satisfaction
and to establish whether relationship between employer and employee has an effect on employee
satisfaction.
The study used a case study strategy which is Zambia national commercial bank (ZANACO) and a
quantitative research design. To achieve the set objectives, the study used the simple random
sampling techniques in sample selection by grouping the employees according to departments which
they are assigned to work. Thereafter, a stratified random sampling was applied to select
respondents. A sample of 45 respondents was selected which comprised employees of Zambia
national commercial bank (ZANACO) which were selected according to the departments which they
are assigned to work and only 40 employees managed to respond to the questionnaires. The study
revealed that Zambia national commercial bank (ZANACO) carries out motivation of its employees
in several ways namely; promotion, Salary increment, fringe benefits, job security and relationship
between employer and employee. However, the study further revealed that the factors of motivation
play a major role in improving the employee satisfaction in Zambia national commercial bank
(ZANACO). All in all, the researcher recommends that Zambia national commercial bank
(ZANACO) should consider further providing periodic salary review.
Furthermore, Zambia national commercial bank (ZANACO) should also consider the long term
serving employees basing on performance through promotion thereby increasing employee
satisfaction. Furthermore, Zambia national commercial (ZANACO) must inform its employees about
the appropriate procedures that must be gone through if they want for instance, a fringe benefit is
to be recommended.
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ACKNOWLEDGEMENTS
I would like to thank everyone that helped make this thesis a possibility. First and foremost, a special
thanks to my supervisors Mr. Lee, Mr .A.M Banda and Mr. Masiye Zulu for the guidance, insights
and encouragement they accorded during the project.
I also take this opportunity to wish my heartfelt thanks for the contribution made by my lecturers
more especially Mr Choongo, Mr. Mwale, Mrs Zyambo, Mr N’genda, Mr. Serenje, Mr B. Mwale,
Dr. Ntambo, Dr Chiwere, and Mr. Sinkala for the knowledge they imparted in me during my studies.
My appreciation also goes to all the interviewees at Zambia national commercial bank (ZANACO)
who were kind enough to share their time and ideas with me during the interviews. Honestly, without
your commitment and dedication, this thesis would not have been possible. You deserve the credit.
Many thanks to my family and friends more especially Herman Zulu, Edith Zulu(MHSRIP), Reuben
Zulu, Masauso Zulu, Teddy Zulu, Chimeko Zulu, Nellah Zulu, Zamikile Zulu, Emmanuel Zulu,
Zandile Zulu and Nomanthemba Zulu; Elijah Chiyangaya, Teddy Chikwikwi, Samuel Makaya,
Katukula Katukula, Natasha Muyatwa, Rozzaria K. Muhome, Natali Kapita and Fadila Banda.
I would also like to express my expression to my classmates; Emmilio Makaveli, Chilufya Banda,
Gostas Simukonda, Georgina Banda, Henry Mumba, Mwambula Mumba, Muto Sitwala, Sitali Sitali
and Daniel Tengo, . I owe my success to you all for your encouragement that has propelled me to
achieve my academic goal. Your invaluable support and patience throughout this exodus has been
unreal and is appreciated from deep within my heart. May God guide you in your endeavours.
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DECLARATION
I ……………………………………………………..hereby declare that this thesis is my own work
which has not been submitted to any other institution for similar purposes. Where other people’s
work has been used acknowledgements have been made.
Madalitso.T.Zulu
____________________________
Signature
____________________________
Date
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APPROVAL
We the undersigned, declare that this thesis is the student’s own work and effort and where he has
used other sources, acknowledgement has been made. This thesis is therefore submitted with our
approval.
Supervisor: ____________________________________________
MR. LEE
Date: _____________________________________________
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Contents ABSTRACT ........................................................................................................................................................ 1
ACKNOWLEDGEMENTS ................................................................................................................................... 2
DECLARATION ................................................................................................................................................. 3
APPROVAL ....................................................................................................................................................... 4
Table of Contents ............................................................................................. Error! Bookmark not defined.
CHAPTER FOUR ................................................................................................. Error! Bookmark not defined.
CHAPTER SIX ..................................................................................................... Error! Bookmark not defined.
CHAPTER ONE .......................................................................................................................... 7
INTRODUCTION ........................................................................................................................ 7
1.4 Significance of the Study ................................................................................................. 10
CHAPTER TWO ..................................................................................................................... 11
2.1. Literature review ............................................................................................................... 11
2.2. An Overview of Motivation .............................................................................................. 11
2.5 The Conceptual Model ....................................................................................................... 20
CHAPTER THREE ................................................................................................................... 23
METHODOLOGY ..................................................................................................................... 23
3.1. Introduction ..................................................................................................................... 23
3.2. The Research Approach ................................................................................................. 23
3.6. Operationalisation of Research Variables .................................................................... 24
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3.7. Data Collection Techniques ............................................................................................ 25
3.8. Data Analysis Method ..................................................................................................... 25
CHAPTER FOUR ...................................................................................................................... 26
4.0. PRESENTATION OF FINDINGS .................................................................................... 26
4.1. Introduction ......................................................................................................................... 26
4.2 Presentation of quantitative findings ............................................................................. 26
4.2.1. Gender of the Respondent ........................................................................................... 26
4.2.2. Effect of Promotion on Employee satisfaction .......................................................... 27
4.2.4. The effect of Fringe Benefits on Employee Satisfaction ........................................... 29
4.2.5. The effect of relationship between employer and employee on employee satisfaction
.................................................................................................................................................. 30
5.0.1. Effect of Promotion on Employee Satisfaction .......................................................... 32
CHAPTER SIX .......................................................................................................................... 34
6.0 CONCLUSION AND RECOMMENDATIONS ............................................................... 35
6.0.1. Summary of the Findings ............................................................................................ 35
6.0.3. Recommendations ........................................................................................................ 36
REFERENCES ........................................................................................................................... 37
A REVIEW ON THE KEY FACTORS OF MOTIVATION THAT AFFECT THE
EMPLOYEE SATISFACTION IN AN ORGANIZATION .................................................. 39
THE CAVENDISH UNIVERSITY ZAMBIA APPENDIX 2: QUESTIONNAIRE ............ 40
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CHAPTER ONE
INTRODUCTION
1.1 Background.
In the modern world, motivation factors and employee satisfaction are growing all the time in
worldwide economies. Motivation is a company’s life-blood. Furthermore, excellent motivational
packages rendered by a company to its employees can create a positive perception and ever lasting
image in the eyes of its customers. There is an increasing recognition of the important role motivation
factors play in satisfying employees in a workplace. An accurate understanding of motivation and
employee satisfaction in a company is more than an academic pursuit. The effectiveness of critical
business policies and strategies depends on the extent which many assumptions about human
motivation and satisfaction are accurate. If they are not accurate, they either have no impact at all,
or worse still, they boomerang and damage the organisation.
These results are inevitably avoided on business performance. However, when employees are not
motivated to work on the tasks assigned by management and if they are not satisfied with the
working conditions, they may fall short of deadlines and redundancy of work due to errors, hence,
not giving the best performance as expected by the management. As a result, they may face
customer dissatisfaction which leads to animosity and may eventually lead to withdrawal of loyalty
from the company and making the switch to the next acceptable competitor.
In many countries, employers pay close attention to the subjective well-being of their employees
and its impact on their jobs. For instance, in Denmark, several companies regularly conduct their
own job satisfaction surveys and an employee satisfaction index has been computed for a number
of European countries. The European Union has called the attention of member states to the quality
aspects of work and highlighted the importance of improving job quality in order to promote
employment and social inclusion.
Furthermore, during the 1980s and 1990s, a number of studies had documented on the recognition
of the factors of motivation that affect employee satisfaction in an organisation. This is because
the world is currently going through an enormous change. For instance, globalization of businesses
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is increasing and information technologies are advancing. The employee needs are changing as the
younger generation employees have different expectations to their work than old workers as a
result of globalization which has made workforce variations the complex issue of motivation. The
major changes are reshaping our world significantly, for better and for worse.
The business sector has received tremendous changes based on the increased competition. This has
been influenced by this aspect of globalization. With the increasing interaction among the global
communities, new business opportunities have been opened for existing business. This has in turn
led to significant competition among the business.
On the other hand, business organizations have been forced to ensure the adoption of the best
business practices that ensure efficiency and effectiveness. This has been most evident in the human
resources strategies that are presently adopted by businesses. Corporate organizations ensure
adoption of the most efficient human resources management strategies that help in ensuring
employee satisfaction and motivation of the employees. It has also been argued by various scholars
and theorists that there is need for recognition on the factors of motivation that affect the employee
satisfaction in an organisation. Research has shown that there is a direct correlation between the
level of employee motivation and their employee satisfaction.
In Zambia, the issue of the factors of motivation that affect employee satisfaction in organisation
is becoming crucial as pertaining to the success of the organization. Along the same, scholarly
views have shown that problems that can contribute to low employee satisfaction include
inadequate and inequitable remuneration, lack of recognition, overwhelming responsibilities and
workload with limited resources, lack of a stimulating working environment, inadequate
supervision which is negative in nature and without feedback.
On the other hand, the factors contributing to high levels of employee satisfaction have been
identified in terms of supportive colleagues, supportive working conditions, mentally challenging
work and equitable rewards. However, another problem is that of poor training opportunities and
limited career progression and lack of transparency in recruitment of staff. Therefore, the challenge
for today’s management is to administer motivational programmes which will improve employee
satisfaction. To this end, modern day managers of companies in both the financial and non-
financial services industries are therefore adopting various kinds of motivational packages not only
to retain employee satisfaction but also to help them achieve competitive advantage in the market.
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1.2. Problem Statement
Researches from earlier studies have investigated the factors of motivation that affect employee
satisfaction in organization. For instance, Moodley (2009) and Salanova (2010), have in their
survey researched on the factors that affect employee satisfaction among the small domestic
companies in Finland. The research findings reported that the factors of motivation that influence
employee satisfaction in an organisation were of paramount importance, as they facilitate high
levels in organisational performance, employee satisfaction and enlighten on the concept of group
dynamics and staff behaviour on how to work.
A similar approach was also employed in the case of 2003 and 2004, who in their research
evaluated the factors of motivation affecting employee satisfaction in South Africa. Summarizing
the results of empirical studies, Nakabiri Harriet (2011) in search of the key factors of motivation
that affect employee satisfaction concludes that there was a very strong positive relationship
between motivation and employee satisfaction in Uganda. However, looking at the context of
Zambian companies, although researches like Kadzamira and Chiowa (2001) have been done on
the factors of motivation that affect employee satisfaction, not much has been articulated.
As such there is a need for more empirical studies that should broadly investigate to what extent
motivating factors can influence employees in a company because according to literature, it has been
discovered that lack of motivation slows down production among employees. This study therefore
seeks to look at the factors of motivation that influence employees of a company particularly the
Zambia National Commercial Bank (ZANACO) so as to increase production.
1.3 Purpose of the Study
To establish the key factors of motivation that affect employee satisfaction in Zambia National
Commercial Bank (ZANACO) Limited.
1.3.1 General Objective
To analyse the impact of motivating factors that affect employee satisfaction in Zambia National
Commercial Bank (ZANACO) Limited.
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1.3.2 Specific Objectives
a) To analyse whether impact of motivation on employee satisfaction.
b) To determine whether promotion has an effect on employee satisfaction.
c) To examine whether salary increment has an effect on employee satisfaction.
d) To analyse whether fringe benefits has an effect on employee satisfaction.
e) To determine whether relationship between employer and employee has an effect on
employee satisfaction.
f) To analyse whether job security has an effect on employee satisfaction.
1.3.3 Research Questions
The following research questions were used by the study to collect data.
a) What extent has promotion affected the employee satisfaction?
b) What extent has salary increment affected the employee satisfaction?
c) What extent has fringe benefits affected employee satisfaction?
d) What extent has relationship between employer and employee affected employee
satisfaction?
e) What extent has job security affected employee satisfaction?
1.4 Significance of the Study
Output from this study is expected to: Theoretically and empirically contribute towards the
knowledge on the key factors of motivation that affect the employee satisfaction in an organization.
This is of relevance to business people, policy makers and financial institutions who will come
across it in developing the strategies on how to motivate employees in order to give the best
performance in an organisation. The study will also be of immense benefit to policy makers in the
human resources functions of the organizations. The policy makers will come up with effective
realistic policies of motivating employees in order to improve their satisfaction. In addition, it will
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also help to enlighten on the concept of group dynamics and staff behaviour to work. The study
will therefore also serve as a reference point by future researchers who will be willing to use it.
CHAPTER TWO
2.1. Literature review
The literature review compares and evaluates the relationship between motivation and employee
satisfaction. The review further investigates possible factors that affect the relationship between
motivation and employee satisfaction.
2.2. An Overview of Motivation
Motivation is defined by administrators as the degree of effort on employee exerts to accomplish
a task and it shows an excitement about work (Waterman, 1982). Motivation plays a major role in
economic development in every country, including in African countries. Studies indicate that in
both advanced and developing countries, everyone has a motive that is inspired by certain factors
that encourage the desire to enhance performance and improve employee satisfaction (Kressler,
2003). A lot of scholars have indicated through empirical findings that motivation plays a major
role in satisfying employees in an organisation. Therefore, motivation literally means the
mainspring and the rationale behind any action (Kressler, 2003). Similarly, Kreitner (1995) argues
that motivation is to inspire people to work individually or in groups in the ways such as to produce
best results. In his definition Kreitner (1995) pointed out that it is the will to act, willingness to
exert high levels of effort towards organizational goals conditioned by the efforts and ability to
satisfy some individual need.
In related literature, McShane & Von Glinow (2003) argues in support of the work of Kreitner that
motivation is a factor that exists in an individual which has the potential to affect the way, strength
and eagerness of behaving towards work. He argues in support of the work of Petri & Govern
(2004). In his studies, the issue of motivation is the thought that explains the propelling force in an
individual that explains differences in intensity of behaviour. However, in countries like Malawi,
motivation is considered by many organisations as a key to success of the company. Along the
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same, the recognition of the various factors of motivation will enhance employee satisfaction and
contribution to general growth of the firm.
In spite of the importance of this topic, Robert (2006) highlighted that motivation has been defined
by the two dimensions that comprise it namely energy and direction. In addition, in his definition,
Roberts (1992) pointed out that energy dimension of motivation is the driving force behind
someone’s effort and persistence during engagement in a particular activity. Therefore, the
direction of motivation determines the area or field of interest in which that effort is projected such
that both are necessary elements of a complete motivational act. This is because energy without
direction has no purpose, and direction without energy results in a state of motivation.
In other modern theories, researchers have categorized various types of motivation based on
whether the motivational states are internally or externally derived. These two global motivational
states are called intrinsic and extrinsic motivation. Nevertheless, Deci (2000) theorized about both
intrinsic and extrinsic motivational states and about correlates of those states.
2.2.1 The impact of motivation
The impact of motivation on employee satisfaction increases the willingness of workers to work,
thus increases effectiveness of the organization or workplace. Motivated employees are inclined
to more productive than non- motivated employees. Most businesses make some pains to motivate
workers but this is normally easier said than done. If employees are satisfied and happy, then he
or she will do work in a more impressive way, on the other hand motivated employees will motivate
other employees in the office.
2.3. Motivation factors
2.3.1. Promotion
Promotion is defined by administrators as going towards upward position in the organization
(Grobler et al, 2002). In other literature, Graham (1986), in his expressly understanding of
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promotion has defined promotion as a process of shifting from lower designation to high
designation within an organization and usually increasing in pay package. Promotion is considered
a powerful motivational factor for employees that satisfy their need for esteem and self-
actualization (Lai, 2009). Similarly, Shields and ward (2001) argue that if organizations are not
giving promotion to their employees then employees will be dissatisfied and their turnover rate
will be high.
Nevertheless, Herzberg (1986) points out that providing employee with opportunities to advance
in their company through internal promotions acts as a motivator related to work. Along the same,
Simon and Enz (1995) and Wiley (1997) found that promotion and advancement opportunity are
among the best tools to motivate employees. In related studies, Riketta and Dick (2005) suggest
that the behaviour of employees in the workplace is related to satisfaction in their careers.
However, in the modern theory, empirical research by Harrison and Novak (2006) shows that an
effort by management to establish promotion training opportunities contributes to employee
satisfaction in an organisation. Training has been defined by administrators as the process by which
individuals change their skills, knowledge, attitudes, and behaviour (Robbins, 1998). Similarly,
Hammer (2000) asserts that an individual will be motivated to do something if they have the mental
ability and skills to accomplish it. In his studies, Hammer (2000) writes that when employees are
trained, they get the knowledge of who to deconstruct tasks and challenges thereby feeling less
intimidated by their jobs or tasks. De Cenzo and Robbins (1996) argue in support of the work of
Hammer (2000) by pointing out that training is basically a learning experience which seeks a
relatively permanent change in an individual's skills, knowledge, attitudes or social behaviour. In
his definition, De Cenzo and Robbins (1996) have pointed out that there is a need to improve an
employee’s skills and knowledge so that he or she becomes efficient to work on both present and
future jobs and tasks.
Notwithstanding the fact, Adeniyi (1995) argue in support of the work of Harrison and Novak and
in their studies they pointed out that in order for every employee to perform well, there is need for
constant promotion due to training opportunities. This is because the right employee training
opportunities forgone provides big payoffs for both the employer and employee in increased
productivity, employee satisfaction, knowledge, loyalty, and contribution to general growth of the
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firm. In Zambia, almost all organizations, for instance, the case under study of Zambia National
Commercial Bank (ZANACO) Limited has recognized the importance of training to the
development of their organizations. The birth of new technologies has made certain jobs and skills
redundant. As a result, there is an increasing emphasis on the need for a skilled and highly trained
workforce which increases both employee satisfaction and productivity of the firm. Employees are
promoted in their working positions because they have attained training in the course of work.
In developing countries, good working conditions influence people at work and are a friendly
environment because this factor has been found to have a direct impact on employee satisfaction
in service organizations. Similarly, Tyilana (2005) points out that the nature of work and its
surrounding environment are the factors that affect the level of employee satisfaction significantly.
In his studies, Tyilana (2005) points out that there are three motivational factors such as
achievement, recognition and work itself cause 88% employee satisfaction.
However, in related modern literature, Jamal (2007) studied the correlation between stressful work
environment and the level of a person’s work ability among workforce of North American
companies. The results show that in 90% of the companies, there is negative association between
stressful work environment and job performance. This suggests that if the work environment seems
stressful, managers must make effort to develop and implement programs that can foster a friendly
job environment to motivate the employees (Hourani et al, 2006). For this reason, managements
should play a constructive role in creating a harmonious atmosphere. They can therefore create
such an atmosphere by arranging events like tea breaks, birthday or wedding anniversary parties
and trips. These programs can act as stimulus to motivate their employees (Campbell, 1990).
2.3.1.1 The impact of Promotion
The impact of promotion raises the status of the employee who receives a promotion which is
visible sign of esteem from the employer. A promotion is viewed as desirable by employees
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because of the impact a promotion has on pay, authority, responsibility, and the ability to influence
broader organizational decision making.
2.3.2 Salary Increment
According to Stone (2008), people are motivated by money for many different reasons. In his
definition, he points out that money as a motivator has been a well-studied topic by a large number
of researchers. Similarly, the factor is often seen as a symbol of success (Tang and Kim, 2002),
and also associated with comfort and security (Engelberg and Sjöberg, 2006). In addition,
Armstrong (1993) concludes that if employees perceive equity between their work and salary, their
job satisfaction will be enhanced to the extent that the satisfaction level depends on salary.
Furthermore, Marler (2000) indicates that when your employees function as a team, you ought to
think like a coach and reward the whole group for a job well done. In his definition, Marler (2000)
points out that this will boost morale both personally and collectively. He adds that employee
incentive programs such as small bonuses serve better the morale of an individual employee and
that of a group as a whole by making them more satisfied.
In related literature, Dorrian (2007) argues that commission simply apply mainly to sales of goods
and services and are generally based on the value of sales achieved above a certain target or on
total value of all sales made. In Malawi, commissions and bonuses are paid on an individual
salesman’s attainment, whilst others are based on the performance of a group, perhaps the entire
sales department and shared out proportionately. According to Stephenson (1995), transport
incentive is proven to be more successful and is tailored to individuals and their accomplishments
and bestowed as frequently as is necessary.
In developing countries, Johns (2008) suggests that satisfaction, bonus and incentives have a
positive interrelationship. It is commonly known that managers use money as a strategy to attract
and retain employees since it is evident that money can have a great impact on employee
satisfaction. Therefore, the need to provide these basic necessities of life motivates most people.
This is because some people think of money as instrumental to satisfying non - economic needs
such as power, status and affiliations with desired groups such that money is often viewed as a
symbol of personal success and achievement.
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2.3.2.1 Impact of Salary Increment
The first increase is the increase in the monthly cash flow. You will have more money coming in
because you are entitled to a higher salary due to the great performance and production at a work
place. This is the most obvious and simple among all the effects of salary increment.
2.3.3. Fringe Benefits
In modern literature, Doellgast (2006) points out that fringe benefits are often known as “perks”
and are items what an employee receives in addition to their normal wage or salary. These include
company cars, health scheme, pension scheme, school privileges, and vacation. In his studies, he
asserts that these encourage loyalty to the company such that employees may stay longer with the
company. However, other studies have found that pensions do not significantly impact employee
satisfaction in cross-section estimates. Artz (2008) uses the Working in Britain 2000 dataset and
argue that pension schemes have significant impact on employee satisfaction. Donohue and
Heywood (2004) find a similar result in the tenth wave of the National Longitudinal Survey (NLS)
regarding employer-provided retirement plans. In addition, others find that pension schemes
positively impact employee satisfaction. Bender, Donohue and Heywood (2005) find this result in
the 1997 wave of the National Study of the Changing Workforce. Heywood and Wei (2006) also
significantly found out positive estimates of pension schemes impact on employee satisfaction
using the 1988 wave of the NLS.
In related literature, Moorhead and Griffin (1998) point out that those employees at the managerial
and non-managerial levels perceived different degrees of importance. The non-managerial
employees perceived fringe benefits as the important factor because these could fulfil their basic
needs according to the Maslow’s Hierarchy of Needs.
2.3.3.1 Impact of Fringe Benefits
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Fringe benefits are extremely tricky from a tax perspective, they also can be complex and
challenging in order to create the right employee morale in a workplace.
2.3.4. Relationship between employer and employee
The main duties of managers are trapped in the realm of human relations. Human relations include
all relations a person has with his peers due to work requirements. Effective management is what
makes the most of individuals' talents, thoughts, ideas and abilities. In organizations, supervisors
play a key role in motivating staff; so paying attention to their position and the role of association
with others in supervision is considered an essential issue.
In general, supervisor is liaison between the manager and staff, and vice versa. The term
"supervision" is often used to refer to leading the staff to their daily activities. Supervision and
control can also be considered as the process for monitoring the activities to make sure they are done
according to the schedules (Robbins, 2005).
Staff's behaviour is heavily influenced by supervision and managers' relationships with authorities.
Therefore, managers are going to see staff's motivation and efforts, if they deal with the positive
aspects of staff, rather than only considering their problems. This is possible if they implicitly trust
the realization of overall objectives and they clearly state their opinions and put their heart and soul
into work (Pirzadian, 2005).
2.3.4.1 Impact of Relationship between employer and employee
This gives the employee a feeling of belonging to the organization, and creates a platform of bringing
up and implementing new ideologies and activities between the person on the ground and the policy
makers.
2.3.5. Job Security
Job security has become indispensable in employee and organization preference list, particularly
due to economic reasons. Thus, it has become one of the most crucial and important factors driving
employee motivation and performance. Researches shown that globally about 75% of the employees
preferred to keep their jobs compared to other factors in their preference list (Feldmann & Arnold,
1985). The most desire of every employee is to keep their jobs for as long as they wish. In this view,
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it implied that job security is a determinant factor and key element influencing an employee's
decision on whether to join an organization or not (Latham, 2007, 99-116).
Empirical investigation indicates that there is a positive relationship between job security as a
motivational factor and employee performance (Latham, 2007, 99-116). Osuagwu (2002) found that
job security has significant effect on employee performance and employees are less motivated to
work when job security is low. Researches investigating effects of job loss and having a job indicate
that employee behaviours start going bad as soon as they start worrying about job loss (Osuagwu
2002; Latham, 2007, 99-116). Thus, researches on this subject (Latham, 2007, 99-116; Osuagwu,
2002) suggest that job security provides employee with high motivation and it affects other
motivation levels. For example, in Latham research (Latham, 2017, 99-116) job security was rated
as one of the three most important motivational tools in all subcategories. Feldmann and Arnold
(1985) study on hotel staff also showed that job security functions as an important motivational tool
since it changes negative work behaviours and the thought of leaving the job. Lack of job security
has been found to be the reason for high turnover of employees.
When talked about job security, everyone imagines that individuals should enjoy formal and stable
employment to let their job security be ensured, while this definition suffers from the inadequacy
that the staff's thoughts about progress and development will gradually recede. What is meant by
job security is to provide a situation for the individual to be reinforced, so that the organization
becomes dependent upon the person's expertise and capabilities, and his expertise and capabilities
are also required outside organization.
Dimensions of job security that are achieved through the development and support of human
resources include:
Specialized empowerment, courage and action empowerment, empowerment inexperience learning,
job satisfaction enhancement, empowerment In behavioral skills, enabling behavioral skills,
thinking empowerment, empowering the employees in their work ethics and conscientious (Soltani,
2000)
2.3.5.1 Impact of Job Security
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This brings up a situation where the employee can plan his or her life and bring about productivity.
2.4. Theoretical framework
2.4.1. Abraham Harold Maslow
Maslow’s hierarchy of needs has had long appeal because it is applicable to most situations. The
theory also appeals to students and business practitioners from different backgrounds and cultures
because it is open to a wide variety of interpretations (Pinnington & Edwards, 2000). Maslow
(1943) suggests that human needs can be classified into five categories and also that these
categories can be arranged in a hierarchy of importance. These include physiological, security,
belongings, esteem and self-actualization needs. He argues that a person is motivated first and
foremost to satisfy physiological needs. Therefore, as long as the employees remain unsatisfied,
they turn to be motivated only to fulfil them. In addition, when physiological needs are satisfied,
they cease to act as primary motivational factors and the individual moves “up” the hierarchy and
seek to satisfy security needs. This process continues until finally self-actualization needs are
satisfied. Maslow (1943) continues that the rationale is quite simple because employees who are
too hungry or too ill to work will hardly be able to make much a contribution to productivity,
hence, difficulties in meeting organisational goals. All in all, the hierarchy of needs is illustrated
below.
Source: Maslow (1971)
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2.5 The Conceptual Model
The illustration on the next page is a conceptual model explaining the variables denoting the levels
that the independent variables have on the dependent variable.
Independent Variable Dependent Variable
Promotion (a)
Salary Increment (b)
Employee
Satisfaction [f]
-Performance
Relationship of
employer and
employee (d)
Intervening Variables
[*]
-Employee competence
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Job security (e) Moderating Variables [*]
-Environment
Fringe Benefits ©
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CHAPTER THREE
METHODOLOGY
3.1. Introduction
This chapter describes the techniques and procedures used by the researcher in conducting the
study and accumulating the data for the study. It is comprised of the description of the population
of the study, sampling techniques and sample size, sources of data, and method of data collection
and method of data analysis.
The study was designed to investigate key factors of motivation that affect the employee
satisfaction in Zambia National Commercial Bank (ZANACO) Limited. The study was examining
the headquarters of Zambia National Commercial Bank (ZANACO) Limited. These factors of
motivation that affect the employees satisfaction designed for the study were from Lusaka which
is the headquarters.
3.2. The Research Approach
The study used a quantitative approach. However, the simple random and stratified sampling
techniques were used to ensure that all the segment of the population was included in the sample.
The researcher used probability sampling which involved the use of stratified sampling and then
simple random sampling in the headquarters of Zambia National Commercial Bank (ZANACO)
Limited.
The procedure used to select respondents was as follows: the motivation factors that affect
employee satisfaction were obtained in accordance to the departments in which the company is
operating in and these were Finance and Administration, Human resource and Agri - business
department. The departments were used to capture and accommodate motivation factors from these
different departments and to ensure that each department contributes on the subject motivational
factors. Furthermore, after grouping motivation factors that affect employee satisfaction in Zambia
National Commercial Bank (ZANACO) Limited in categories using stratified sampling, the
24
motivational factors were randomly selected within each category and the questionnaires were
administered to the respondents.
3.3 Research strategy
The research design embraced the whole research process and anchored on research proposal writing
and approval, research planning and data gathering and preparation. It also looked at the target
population, Sampling size and technique, operationalisation of research variables, data collection
techniques and data analysis method as shown below.
3.4 Sampling frame
The target population includes; all employees from Zambia National Commercial Bank (ZANACO)
headquarters in Lusaka in the departments of Finance and Administration, Human resource and
Agri- business. The total elements under consideration was 45 respondents.
3.5. Sampling Size and Sampling Technique
The sample size used by the researcher in this study constitutes 45 employees from within the
headquarters of Zambia National Commercial Bank (ZANACO) Limited situated in Lusaka.
3.6. Operationalisation of Research Variables
Employee satisfaction has been used as the dependent variable of the study, while promotion,
salary increment, fringe benefits, relationship between employer and employee and job security
are the independent variables of the study.
Promotion can be defined as advancement to a higher level on a job with increased authority,
responsibility and pay. The assumption is that as promotion through training opportunities and
non-financial factors increases then employee satisfaction in Zambia National Commercial Bank
(ZANACO) Limited will also increase. Therefore, the expected sign coefficient of promotion will
be positive.
Salary increment is defined as simply an increase in salary thus a pay raise. A salary is usually
stated as an annual amount. The economic assumption is that as the level of salary increases then
25
employee satisfaction will be high. Hence, the shareholders will be able to provide bonuses and
incentives that affect employee satisfaction. Therefore, the expected sign coefficient of salary
increment will be positive.
All in all, fringe benefits are defined as the goods and services provided free or at a greatly reduced
cost. The economic assumption is that as the level of fringe benefits increases, employee
satisfaction also increases. The shareholders are obliged to give more fringe benefits to its
employees that will also increase employee performance, hence, the expected sign coefficient of
fringe benefits will be positive.
Relationship between employer and employee is defined as the liaison between the manager and
staff, and vice versa. The term "supervision" is often used to refer to leading the staff to their daily
activities. Supervision and control can also be considered as the process for monitoring the
activities to make sure they are done according to the schedules.
Job security is defined as to provide a situation for the individual to be reinforced, so that the
organization becomes dependent upon the person's expertise and capabilities, and his expertise and
capabilities are also required outside organization.
3.7. Data Collection Techniques
The researcher used both the primary and secondary data in the study. The primary data was
collected by the researcher through the use of questionnaire while the secondary data was collected
from Zambia National Commercial Bank (ZANACO) Limited reports and publications.
3.8. Data Analysis Method
The study used SPSS version 16.0 software package to perform regression analysis and estimation
of parameters.
26
CHAPTER FOUR
4.0. PRESENTATION OF FINDINGS
4.1. Introduction
The aim of this chapter is to present the results or findings of the study as revealed in both primary
and secondary data and the analysis of those results and findings of the research. Appendix 1 is the
questionnaire that was used to collect the information for this research. The dependent variable is
the employee satisfaction and independent variables are promotion, salary increment, and fringe
benefits, relationship between employer and employee and job security.
A total of 45 questionnaires were distributed to Zambia National Commercial Bank (ZANACO)
Limited situated in Lusaka. After the questionnaires were filled by the respondents and collected
back, they were screened and sorted out by the researcher. The details of the returned
questionnaires show that out of the 45 questionnaires that were sent out, 40 were completed and
returned, while 5 were not returned, hence, 88% of the respondents returned their questionnaires.
4.2 Presentation of quantitative findings
4.2.1. Gender of the Respondent
The research has revealed that in Zambia National Commercial Bank (ZANACO) Limited more
employees are males and not females. The research from the sample obtained of 40 employees
who returned the questionnaires has revealed that 57.5%, thus 23 of those employees who
responded to the questionnaires were males and 42.5%, thus 17 were females. From the point of
view Zambia National Commercial Bank (ZANACO) Limited had employed fewer females as
compared with male employees.
27
4.2.2. Effect of Promotion on Employee satisfaction
In terms of Promotion, the survey revealed the following:
28
When asked about the effect of promotion on the employee satisfaction in Zambia National
Commercial Bank (ZANACO) Limited, 47.5%, thus 19 of the employees interviewed were highly
affected by promotion, 15% thus 6 employees agreed, 7.5%thus 3 employees were not sure or they
were sceptical, 12.5% thus 5 employees strongly disagreed, and 17.5% thus 7 of the employees
interviewed disagreed to the effect of promotion. According to Abraham Maslow (1943),
promotion is classified under Ego or status needs in the hierarchy of needs. Furthermore, the theory
of Abraham Maslow stipulates that fulfilment of these needs allows employees to maintain a
positive image of themselves, both internally and externally.
4.2.3. The Effect of Salary Increment on Employee Satisfaction
In terms of Salary Increment, the research revealed the following:
When asked about the effect of promotion on the employee satisfaction, 52.50%, thus 21 of the
employees interviewed were highly affected by salary increment, 12.50% thus 5 employees agreed,
12.5% thus 5 employees were not sure or they were sceptical, 10.0% thus 4 employees disagreed,
and 12.5% thus 5 of the employees interviewed strongly disagreed to the effect of salary increment.
According to Abraham Maslow (1943), salary increment is classified under physical or
physiological needs in the hierarchy of needs. The study of Stone (2008) pointed out that people
are motivated by money for many different reasons. In his definition, he points out that money as
a motivator has been a well-studied topic by a large number of researchers. Similarly, the factor is
29
often seen as a symbol of success (Tang and Kim, 2002) and is also associated with comfort and
security (Engberg and Sjöberg, 2006).
4.2.4. The effect of Fringe Benefits on Employee Satisfaction
The research has revealed the following:
When the employees of Zambia National Commercial Bank (ZANACO) Limited were interviewed
on the effect of fringe benefits, 57.5%, thus 23 of the employees interviewed were highly affected
by fringe benefits, 10.0% thus 4 employees agreed, 12.5% thus 5 employees were not sure, 12.5%
thus 5 employees disagreed, and 7.5% thus 3 of the employees interviewed strongly disagreed to
the effect of fringe benefits. Abraham Maslow theory states that fringe benefits are included in the
hierarchy of needs as social needs. Managers of Zambia National Commercial Bank (ZANACO)
Limited provide fringe benefits to its employees in form of recreational activities, company cars,
vacations, pension schemes, and health scheme.
30
4.2.5. The effect of relationship between employer and employee on employee satisfaction
The research has revealed the following:
When the employees of Zambia National Commercial Bank (ZANACO) Limited were interviewed
on the effect of relationship between employer and employee, 67.5%, thus 23 of the employees
interviewed were highly affected by relationship between employer and employee, 10.0% thus 4
employees agreed, 12.5% thus 5 employees were not sure, 12.5% thus 5 employees disagreed, and
7.5% thus 3 of the employees interviewed strongly disagreed to the effect of relationship between
employer and employee. Abraham Maslow theory states that relationship between employer and
employee are included in the hierarchy of needs as social needs.
67.5
10 12.5 12.5 7.50
10
20
30
40
50
60
70
80
Strongly Agree Agree Not sure Disagree Strongly disagree
PER
CEN
T
RELATIONSHIP BETWEEN EMPLOYER AND EMPLOYEE
Relationship between employer and employee
31
4.2.6. The effect of Job security on employee satisfaction
The research has revealed the following:
When the employees of Zambia National Commercial Bank (ZANACO) Limited were interviewed
on the effect of job security, 67.5%, thus 23 of the employees interviewed were highly affected by
job security, 10.0% thus 4 employees agreed, 12.5% thus 5 employees were not sure, 12.5% thus
5 employees disagreed, and 7.5% thus 3 of the employees interviewed strongly disagreed to the
effect of job security. Abraham Maslow theory states that job security is included in the hierarchy
of needs as social needs. Managers of Zambia National Commercial Bank (ZANACO) Limited
provide job security to its employees in form of Long term contracts of up to five years.
67.5
10 12.5 12.5 7.50
10
20
30
40
50
60
70
80
Strongly Agree Agree Not sure Disagree Strongly disagree
PE
RC
EN
T
JOB SECURITY
Job Security
32
CHAPTER 5
5.0 ANALYSIS OF OVERALL FINDINGS
5.0.1. Effect of Promotion on Employee Satisfaction
This entails us that promotion affects the employee satisfaction positively. Along the
same,research by Harrison and Novak (2006) shows that an effort by management to establish
promotion training opportunities contributes to employee satisfaction in an organisation.
5.0.2. Effect of Salary Increment on Employee satisfaction.
This shows that an increase in salary increment positively affect the employee satisfaction since
employees think of money as instrumental to satisfying non-economic needs such as power, status
and affiliations with desired groups. Therefore, money is often viewed as a symbol of personal
success and achievement (Johns, 2008). All in all, salary increment is seen as a strong determinant
of employee satisfaction but positively related to it. Along the same, the outcome is in line with
the study of Stone (2008) which points out that money as a motivator has been a well-studied topic
by a large number of researchers, hence, the factor is often seen as a symbol of success.
5.0.3. Effect of Fringe Benefits on Employee satisfaction.
This shows that an increase in fringe benefits results into an increase in employee satisfaction. All
in all, there is a positive relationship between motivation factors and employee satisfaction. Along
the same, the study of Artz (2008) uses the Working in Britain 2000 dataset and finds that fringe
benefits have a positive significant impact on employee satisfaction. Along the same, Heywood
and Wei (2006) also find significantly positive estimates of fringe benefits impact on employee
satisfaction using the 1988 wave of the NLS.
5.0.4. Effect of relationship between employer and employee on employee satisfaction
The main duties of managers are trapped in the realm of human relations. Human relations include
all relations a person has with his peers due to work requirements. Effective management is what
makes the most of individuals' talents, thoughts, ideas and abilities. In organizations, supervisors
33
play a key role in motivating staff; so paying attention to their position and the role of association
with others in supervision is considered an essential issue.
In general, supervisor is liaison between the manager and staff, and vice versa. The term
"supervision" is often used to refer to leading the staff to their daily activities. Supervision and
control can also be considered as the process for monitoring the activities to make sure they are done
according to the schedules (Robbins, 2005).
Staff's behaviour is heavily influenced by supervision and managers' relationships with authorities.
Therefore, managers are going to see staff's motivation and efforts, if they deal with the positive
aspects of staff, rather than only considering their problems. This is possible if they implicitly trust
the realization of overall objectives and they clearly state their opinions and put their heart and soul
into work (Pirzadian, 2005).
5.0.5. Effect of Job security on employee satisfaction
Job security has become indispensable in employee and organization preference list, particularly
due to economic reasons. Thus, it has become one of the most crucial and important factors driving
employee motivation and performance. Researches shown that globally about 75% of the employees
preferred to keep their jobs compared to other factors in their preference list (Feldmann & Arnold,
1985). The most desire of every employee is to keep their jobs for as long as they wish. In this view,
it implied that job security is a determinant factor and key element influencing an employee's
decision on whether to join an organization or not (Latham, 2007, 99-116).
Empirical investigation indicates that there is a positive relationship between job security as a
motivational factor and employee performance (Latham, 2007, 99-116). Osuagwu (2002) found that
job security has significant effect on employee performance and employees are less motivated to
work when job security is low. Researches investigating effects of job loss and having a job indicate
that employee behaviours start going bad as soon as they start worrying about job loss (Osuagwu
2002; Latham, 2007, 99-116). Thus, researches on this subject (Latham, 2007, 99-116; Osuagwu,
2002) suggest that job security provides employee with high motivation and it affects other
motivation levels. For example, in Latham research (Latham, 2017, 99-116) job security was rated
as one of the three most important motivational tools in all subcategories. Feldmann and Arnold
(1985) study on hotel staff also showed that job security functions as an important motivational tool
34
since it changes negative work behaviours and the thought of leaving the job. Lack of job security
has been found to be the reason for high turnover of employees.
When talked about job security, everyone imagines that individuals should enjoy formal and stable
employment to let their job security be ensured, while this definition suffers from the inadequacy
that the staff's thoughts about progress and development will gradually recede. What is meant by
job security is to provide a situation for the individual to be reinforced, so that the organization
becomes dependent upon the person's expertise and capabilities, and his expertise and capabilities
are also required outside organization.
Dimensions of job security that are achieved through the development and support of human
resources include: Specialized empowerment, courage and action empowerment, empowerment
inexperience learning, job satisfaction enhancement, empowerment In behavioral skills, enabling
behavioral skills, thinking empowerment, empowering the employees in their work ethics and
conscientious (Soltani, 2000)
35
CHAPTER SIX
6.0 CONCLUSION AND RECOMMENDATIONS
6.0.1. Summary of the Findings
The study was carried out to investigate the effect of the factors of motivation on employee
satisfaction in Zambia National Commercial Bank (ZANACO) Limited.
The abstract summaries the findings and recommendations. The general introductory remarks and
literature review shade more light on issues concerning the factors of motivation that affect
employee satisfaction. Employee satisfaction was defined as a dependent variable. The
independent variables were promotion, salary increment, fringe benefits, relationship between
employer and employee and Job security.
The first objective of the study was to establish whether promotion has an effect on employee
satisfaction in Zambia National Commercial Bank (ZANACO) Limited. The study revealed that
promotion has a positive effect on employee satisfaction in Zambia National Commercial Bank
(ZANACO) Limited. However, these results support the theory of Abraham Maslow Hierarchy of
needs and are categorized in the hierarchy as an Ego or Status.
The second objective of the study was to determine whether salary increment has an effect on
employee satisfaction in Zambia National Commercial Bank (ZANACO) Limited. The study
revealed that salary increment has a positive relationship between the factors of motivation and
employee satisfaction. This result supports the adopted theory of Abraham Maslow Hierarchy of
needs and is categorized in the hierarchy as a physical or physiological need.
The third objective of the study was to examine whether fringe benefits have an effect on employee
satisfaction in Zambia National Commercial (ZANACO) Limited. The survey revealed that there
is a positive relationship between the factors of motivation and employee satisfaction. This result
supports the adopted theory of Abraham Maslow Hierarchy of needs and is categorized in the
hierarchy as an Ego or Status.
The fourth objective of the study was to examine whether relationship between employer and
employee have an effect on employee satisfaction in Zambia National Commercial Bank
36
(ZANACO). The survey revealed that there is a positive relationship between the factors of
motivation and employee satisfaction. This result supports the adopted theory of Abraham Maslow
Hierarchy of needs and is categorised in the hierarchy as an esteem and self-actualisation need.
The firth objective of the study was to examine whether job security have an effect on employee
satisfaction in Zambia National Commercial Bank (ZANACO). The study revealed that job
security has a positive relationship between the factors of motivation and employee satisfaction.
This result supports the adopted theory of Abraham Maslow Hierarchy of needs and is categorized
in the hierarchy as a security need.
6.0.2. Conclusion
The purpose of this dissertation was to investigate the factors of motivation that affect employee
satisfaction in Zambia National Commercial Bank (ZANACO) Limited. To achieve its objectives,
the study used the information obtained from questionnaires and Bank of Zambia (BOZ) and
Zambia National Commercial Bank (ZANACO) Publications. The study has proved that salary
increment has a positive impact on employee satisfaction. Furthermore, from the findings from
this quantitative research, it can be concluded that money is a great motivator at work and is often
put on first place among motivational factors. The managers of Zambia National Commercial Bank
(ZANACO) Limited use money as a strategy to attract and retain employees since it is evident that
money can have a great impact on employee satisfaction.
6.0.3. Recommendations
Findings of this study provide us that Zambia National Bank (ZANACO) Limited should consider
further providing periodic salary review. It should also consider the long term serving employees
basing on performance through promotion thereby increasing employee satisfaction. Similarly,
Zambia National Commercial Bank (ZANACO) Limited must inform its employees about the
appropriate procedures that must be done through if they want, for instance, a fringe benefit is
recommended and managers and other staff should follow rightful procedures when
communicating information so as to create a more conducive working environment to achieve the
organisation’s goal.
37
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39
Appendix 1: Questionnaire
QUESTIONAIRE
THE CAVENDISH UNIVERSITY ZAMBIA A REVIEW ON THE KEY FACTORS OF
MOTIVATION THAT AFFECT THE EMPLOYEE SATISFACTION IN AN
ORGANIZATION
Dear Respondent
Please find below a questionnaire as part of my research which I am conducting being part of the
requirement for the Bachelor’s Degree of Banking and Finance, which I am studying with the
Cavendish University of Zambia.
This research aims at reviewing the key factors of motivation that affect employee satisfaction in
Zambia national commercial bank (ZANACO) Limited.
This questionnaire targets the headquarters of Zambia national commercial bank (ZANACO)
Limited which is situated in Lusaka.
These questions pertain to your experience in your current job and organization. All information
gathered in this research will be strictly confidential and the respondent will remain anonymous.
It is hoped that this questionnaire may not take much of your time to complete.
Thank you for your assistance
Madalitso.T. Zulu,
Signature
40
THE CAVENDISH UNIVERSITY ZAMBIA APPENDIX 2: QUESTIONNAIRE
The main objective of this dissertation is to investigate the key factors of motivation that affect employee
satisfaction in Zambia national commercial bank (ZANACO) limited. The study is mainly conducted in the
headquarters of Zambia national commercial bank (ZANACO) limited situated in Lusaka.
DEMOGRAPHIC INFORMATION AND EMPLOYEE SATISFACTION
Gender of respondent: 1= Male__ 2= Female__
Marital status: 1= Married__
2= Single__
3= Divorced___
4= Windowed ___
5= Separated___
Qualification attained: 1= Secondary__
2= University Diploma__
3= University Degree___
4= Post graduate___
41
Statement 1 2 3 4
How long have you been working in Zambia national commercial bank
(ZANACO) Limited
Preference scale: 1= Strongly Agree 3= Not sure
2= Agree 4= Strongly Disagree 5= Disagree 1 2
3 4
Performance of employees has improved
PROMOTION
Preference scale: 1= strongly agree
2= Agree
3= Not sure
4= Disagree
5= Strongly Disagree
Statement 1` 2 3 4 5
42
The management offers employee training opportunities
Promotion are offered by management
SALARY INCREMENT
Preference scale: 1= Strongly agree
2= Agree
3= Not sure
4= Disagree
5= Strongly Disagree
Statement 1 2 3 4 5
Salary increment motivate employees to work hard
Incentives are offered by management
FRINGE BENEFITS
43
Preference scale: 1= Strongly agree
2= Agree
3= Not sure
4= Disagree
5= Strongly Disagree
Statement 1 2 3 4 5
Zambia national commercial bank (ZANACO) Limited provides
health care schemes
Fringe benefits are provided to its employees
School privileges are provided by management
Management provides vacations
RELATIONSHIP BETWEEN EMPLOYER AND EMPLOYEE
44
Preference scale: 1= Strongly agree
2= Agree
3= Not sure
4= Disagree
5= Strongly Disagree
Statement 1 2 3 4 5
Zambia national commercial bank (ZANACO) Limited provides an
atmosphere where managers and other staff communicate
Communication tools are provided to its employees
How often are meetings between management and other employees
conducted
JOB SECURITY
45
Preference scale: 1= Strongly agree
2= Agree
3= Not sure
4= Disagree
5= Strongly Disagree
Statement 1 2 3 4 5
Zambia national commercial bank (ZANACO) Limited provides
employees with contracts
How long are the contracts provided to its employees (55
years or 65 years) [tick the one applicable]
What is the retirement age provided by management
Management provides sick leave / study leave
Thank you for your participation.
46