Employee Motivation Factors in Banking Sector: A Study on Qualitative and Quantitative Analysis

Motivation is defined as thing that activates human behavior to attain a certain achievement. In the banking sector, the success of the organization mainly reflected by the hard works of employees. Therefore, to achieve the organizational goals employee should be motivated by the external and internal factors. The purposes of this study were to investigate motivation factors, and variation of the impact of demographic determinants on job satisfaction across public and private banking sectors in Sri Lanka. The employees of private and public banks in Uva province was the population of the study. Both qualitative and quantitative analysis was used to perform the analysis. In-depth interviews were done with 30 employees in all grades of private and public banking sector. In-depth analysis was conducted on views about job satisfaction, payments, promotions, recognition and working hours as motivation factors. The sample size of the quantitative data was 250. Narrator analysis was performed on the qualitative data to investigate motivation factors and top motivation factor among employees, while the chi-square test and ordinal logistic regression techniques were used in quantitative analysis. The results indicated that the majority of the employees considered job satisfaction as the top motivator among bankers. A number of dependents, education level and distance to the workplace are significant factors on job satisfaction of private sector bankers whereas age and experience had a significant impact on job satisfaction of public sector employees which implies that demographic determinants on job satisfaction vary with the banking sector.