Research on Factors Affecting Employee Motivation at Commercial Banks

Abstract

Purpose: This study was conducted to explore the influence of factors that lead to employee motivation at Vietnam commercial banks. Methodology: Using the PLS-SEM linear structural model analysis method from 245 samples of workers working at commercial banks. Findings: Research results show that five factors all have a positive impact on the work motivation of employees in commercial joint stock banks and, in order of decreasing impact, are: Income and welfare (INC) with coefficient β = 0.453; Working conditions (CON) with coefficient β = 0.319; Training and advancement (TRA) with coefficient β = 0.290; Nature of work (NOW) with coefficient β = 0.191 and finally Relations with colleagues (REL) with coefficient β = 0.173. Therefore, commercial banking industry employees are expected to be more motivated to work when employees feel that the income and welfare they receive from the organization are considered high and this is more important than the remaining factors and employees will tend to work with higher efficiency and be more engaged to the bank when the research factors are satisfied. Unique Contribution to Theory, Practice and Policy: The article has contributed to strengthening the theory about the relationship between factors on employee motivation. First, managers need to build a salary and bonus system suitable to the nature of work, ensuring fairness and accurately reflecting the employees' abilities and work results. Second, for employees to reduce pressure on their personal lives and focus more on accumulating experience and knowledge at work, this accumulation will help reduce many risks for the bank or to gain new initiatives to reap success for itself. Third, training to update knowledge is a necessary factor to equip employees with more effective working skills and it is necessary to design appropriate training courses for each subject as well as the nature of the work of each department or division. Fourth, the nature of work and relationships with colleagues in an organization is not only expressed in solidarity, support and help for each other at work, but also in aspects of sharing thoughts, each individual's feelings in life.