Importance of Employee Satisfaction

Introduction

Employee satisfaction is supremely important in an organization because it is what productivity depends on. If your employees are satisfied they would produce superior quality performance in optimal time and lead to growing profits. Satisfied employees are also more likely to be creative and innovative and come up with breakthroughs that allow a company to grow and change positively with time and changing market conditions. The importance of employee satisfaction at the workplace is as the heart to your body. If you are partially satisfied then you can work but there will be less or no productivity. The companies who are at the top in world ranking have good HR system where every employee is happy and satisfied with the environment and remuneration package.

Literature Review

Dealing with Stress at Work

At work, we try to adhere to time management techniques for effective and efficient use of our days. But how can we control pressure when it swamps? Deadlines slipping Difficult work mates. Unrealistic deadlines imposed. Even unreasonable bosses Not all situations can be controlled, but there are some ways heat at work can be turned down rather than wait for it to explode .Brown& Nick (April 1952)

Job Satisfaction

Job satisfaction has been defined as a pleasurable emotional state resulting from the appraisal of one’s job an affective reaction to one’s job; and an attitude towards one’s job. Weiss (2002) has argued that job satisfaction is an attitude but points out that researchers should clearly distinguish the objects of cognitive evaluation which are affect (emotion), beliefs and behaviors. This definition suggests that we form attitudes towards our jobs by taking into account our feelings, our beliefs, and our behaviors.

Job Satisfaction and Emotions

Mood and emotions while working are the raw materials which cumulate to form the affective element of job satisfaction. (Weiss and Cropanzano, 1996).Moods tend to be longer lasting but often weaker states of uncertain origin, while emotions are often more intense, short-lived and have a clear object or cause. There is some evidence in the literature that state moods are related to overall job satisfaction. Positive and negative emotions were also found to be significantly related to overall job satisfaction Frequency of experiencing net positive emotion will be a better predictor of overall job satisfaction than will intensity of positive emotion when it is experienced.

Emotion regulation and emotion labor are also related to job satisfaction. Emotion work (or emotion management) refers to various efforts to manage emotional states and displays. Emotion regulation includes all of the conscious and unconscious efforts to increase, maintain, or decrease one or more components of an emotion. Keithner & Robert (1956)

Retention and Job Satisfaction

When Judy gave her notice, no one blinked an eye. Not that she wasn’t valued — she was but turnover was commonplace at her organization. On her last day a senior manager, disappointed that Judy was leaving, expressed his sadness to see her go and indicated he wished there was something they could have done to make her stay. Funny thing, no one had ever found out why Judy was leaving or what they could do to keep her. No one had taken the time to inquire about her wants, needs or goals. No one had asked. Not even her direct supervisor. Too often employee retention is viewed as a process or function of the human resources department. Somehow there is an expectation that the recruiting staff should not only identify and hire employees, but that they should also ensure their retention through some sort of strategy or program. The reality is that employee retention is everyone’s responsibility. According to experts, while most managers believe

employees leave due to money issues, in actuality it is an employee’s relationship with their supervisor that has the greatest impact on whether they stay or go, because a supervisor has control over the CORE elements that create job satisfaction –compensation, opportunity, recognition and environment. And that is why it is important to hold supervisors accountable for retaining a thriving workforce. This means that not only do organizations need a performance management system that recognizes and rewards supervisors for meeting objectives that reduce employee turnover, supervisors need to understand what steps they can take to meet their responsibility in employee retention and job satisfaction. Deborah S. Hildebrand (April 2008)

Objectives

Board Objective

The Board objective of this report is to know job satisfaction of Dhaka Bank.

Specific Objectives:

How compensation motivates Dhaka Bank employees.

Try to identify the Dhaka Bank employee opinion regarding Performance management system.

To know how Dhaka Bank career development opportunities motivates employees.

Dhaka Bank employee satisfaction regarding their training program.

Find out the Dhaka Bank employee work environment.

Find out the possible Solution.

Methodology

Research Type

The report takes in Descriptive research. Quantitative research is required. Quantitative research is the systematic scientific investigation of quantitative properties and phenomena and their relationships. The objective of quantitative research is to develop and employ mathematical models, theories and/or hypotheses pertaining to natural phenomena. The process of measurement is central to quantitative research because it provides the fundamental connection between empirical observation and mathematical expression of quantitative relationships.

Sources of Data Collection:

This research report is based on primary and secondary sources.

Primary Data:

Collect information through the survey

Interview

Secondary Data:

Official documents of Dhaka Bank.

Selected books journals and other Prospectus of Dhaka Bank.

Business Research Report of Dhaka Bank.

Sample Size:

My sample size is 50. I was succeeded to collect information through 10 questionnaires.

Sample Design:

Sampling is the use of a subset of the population to represent the whole population. Probability sampling, or random sampling, is a sampling technique in which the probability of getting any particular sample may be calculated. Non probability sampling does not meet this criterion and should be used with caution. Non probability sampling techniques cannot be used to infer from the sample to the general population. Any generalizations obtained from a no probability sample must be filtered through one’s knowledge of the topic being studied.

Convenience Sampling:

A convenience sample chooses the individuals that are easiest to reach or sampling that is done easy. Convenience sampling does not represent the entire population so it is considered bias.Ex: Interviewing people at a shopping mall as they walk by. This is easy because you just choose it, without any random mechanism. You just choose the people that walk by you as your standing there. Sometimes the people could ignore you so it all depends what your surveying.

OR

Or if you want to choose 5 people from a class of 50. You could choose : First 5 students who raise their hand. First 5 students in the first row. 5 tallest students .

Judgmental Sampling:

In judgmental sampling, the researcher or some other “expert” uses his/her judgment in selecting the units from the population for study based on the population’s parameters.

This type of sampling technique might be the most appropriate if the population to be studied is difficult to locate or if some members are thought to be better (more knowledgeable, more willing, etc.) than others to interview. This determination is often made on the advice and with the assistance of the client. For instance, if you wanted to interview incentive travel organizers within a specific industry to determine their needs or destination preferences, you might find that not only are there relatively few, they are also extremely busy and may well be reluctant to take time to talk to you. Relying on the judgment of some knowledgeable experts may be far more productive in identifying potential interviewees than trying to develop a list of the population in order to randomly select a small number.

Scope:

The scope of the study is to know customer satisfaction regarding Dhaka Bank limited The report covers the organizational structure, background, functions and the performance. As a result I gathered knowledge regarding organization structure, background, function and the performance.

Limitation:

Some of the Respondents were not cooperative to provide sufficient information.

Non-availability of precise data.

Some issues are discussed precisely shortly.

Organizational Overview

Introduction:

Dhaka Bank Limited is the leading Private Sector Bank in Bangladesh offering full range of Personal, Corporate, International Trade, Foreign Exchange, Lease Finance and Capital Market Services. Dhaka Bank Limited is the preferred choice in Banking for Friendly and Personalized Services, cutting edge Technology, tailored solutions for Business needs, Global reach in Trade and Commerce and high yield on Investments, assuring Excellence in Banking Services.

Dhaka Bank Limited (DBL) is a Scheduled Bank that was incorporated as a public limited company on April 06, 1995 under the Companies Act, 1994. The Bank started its commercial operation as a Private Sector Bank on July 05, 1995 with a target to play the vital role on the socio-economic development of the country. Aiming at offering Commercial Banking Service to the Customers’ door around the country, the Dhaka Bank Limited (DBL) established 45 branches up-to last year. This organization achieved Customers’ confidence immediately after its establishment.

Within this short time the bank has been successful in positioning itself as progressive and dynamic financial institution in the country. This is now widely acclaimed by the business community, from small entrepreneur to big merchant and conglomerates, including top rated corporate and foreign investors, for modern and innovative ideas and financial solution.

The Authorized Capital of the Dhaka Bank Limited (DBL) was Tk.1000 Million and Paid up Capital of Tk.100 million. The Bank raised its authorized capital at 6000 million and Paid up Capital raised at Tk.1934 Million as on 31 December 2008. The Total Equity with shareholder’s equity (Capital and Reserves) of the Bank as on 31 December, 2008 stood at Tk.4000 Million. The Capital Adequacy Ratio is 20% as on December 31, 2007, which exceed the Stipulated Requirements for the Bangladesh Bank.

1.1 Mission & Vision

The Mission of the Dhaka Bank Limited (DBL) is “To be the Premier Financial Institution in the country providing High Quality Products and Services backed by Latest Technology and a Team of Highly Motivated Personnel to deliver Excellence in Banking”.

“The stars in the seven skies sparkle in brilliance and twinkle in blissful beauty. We wonder at them in profound admiration and speculation.

At Dhaka Bank the shareholders management and employees draw inspiration from the distant stars. The team is committed to assure a standard that makes every banking transaction a pleasurable experience. Our endeavor is to offer customers the razor sharp sparkle through accuracy, reliability, timely delivery, cutting edge technology, tailored solutions for business needs, global reach in trade and commerce and high yield on your investments.

Our people, products and processes are aligned to meet the demand of our discerning customer. Our goal is to achieve a distinction like the luminaries in the skies. Our prime objective is to deliver a quality that demonstrates a true reflection of our vision – “Excellence in Banking.”

The Vision of the Dhaka Bank Limited (DBL) is to be one of the top three Private Commercial Banks in Bangladesh by the year 2008

Goals of the Bank

Long-term Goal:

To be the Market Leader both in terms of Deposits and good advances among Private Commercial Banks in Bangladesh by the year 2009.

Short-term Goal:

To increase Current Market Shares at least 0.50% by 2009.

Financial Goal:

To reduce the existing Cost of Fund by 1%, this currently stands at 9.40%

Other Goals:

To be one of the best Banks of Bangladesh.

To achieve Excellence in Customer Service next to none and superior to all competitors.

To cater to all differentiated segments of Retail and Wholesale Customers.

To be a High Quality Distributor of Product and Services.

To use state of the Art Technology in all spheres of Banking.

Analysis & Findings

Q 1: The current pay system has a positive effect on employee productivity.

	Disagree	Neutral	Agree	Strongly Agree
Frequency	10	8	13	19
Percent	20	16	26	38

Pay system always motivating factors for any organization employees. Compensation and Reward system plays vital role in a organization. In this tiny portion I want to identify the employee opinion regarding their pay system. The above pie chart and frequency table provided clear picture regarding the issue.20% respondents were disagree regarding the issue. In contrast 13 + 19 = 32 respondents were positive minded regarding the issue. It really encouraging sign for any organization that highest numbers of respondents were positive minded regarding pay system of Dhaka bank. In conclusion remark it has clearly identified that major employees were happy regarding the issue.10 respondents were not happy regarding the pay system of Dhaka Bank. After conversation with the Dhaka Bank Management it has identified why 10 respondents were not satisfied regarding the issue, Just because of management is not happy regarding their performance.

Q 2: I am paid appropriately for the work-related experience that I have.

	Strongly Disagree	Disagree	Neutral	Agree	Strongly Agree
Frequency	1	7	5	16	21
Percent	2	14	10	32	42

When any organization appropriately paid to their employee then it is really motivating the employees. In this portion it is really necessary to identify employee opinion regarding the issue. The above pie chart provided the information regarding the issue. 7 + 1 = 8 strongly disagree regarding the issue. On the other hand 16 + 21 = 37 respondents were positive minded regarding the issue. Above all I can say that highest numbers of respondents were positive minded regrding the issue.

Q3 : I receive regular performance evaluation.

	Strongly Disagree	Disagree	Neutral	Agree	Strongly Agree
Frequency	1	5	5	13	26
Percent	2	10	10	26	52

If you employ people in your business, you’re going to be faced with a number of tricky management issues – dealing with tardiness, sick leave, and keeping your staff motivated. Performance reviews can be useful for motivating employees, but only if they are accurate. An inaccurate review, which fails to recognize the employee’s value to the organization, can be worse than no review at all. The given pie chart and frequency table provided the information regarding Dhaka Bank employee got the regular performance review from their supervisor. Only 1 + 5 = 6 respondents were negative minded regarding the issue. On the other hand 13 + 26 = 39 respondents were positive minded regarding the issue. Above all, it has proven that highest numbers of respondents were positive minded regarding the issue.

Q 4: The Performance Management Process is fair.

	Disagree	Neutral	Agree	Strongly Agree
Frequency	8	7	16	19
Percent	16	14	32	38

Fair performance management always good for bank. Through the better performance management system can assess their employee performance. Performance management is a quickly maturing business discipline. Like its better known siblings—sales and marketing, human resources, supply chain management, and accounting and finance—performance management has a key role to play in improving the overall value of an organization.8 respondents were disagree regarding the issue. In contrast 16 + 19 = 35 respondents were satisfied regarding the issue. Above all I can say that highest numbers of respondents were strongly agree regarding the issue.

Q 5: The pay offered by Dhaka Bank is very competitive with other Bank.

	Strongly Disagree	Neutral	Agree	Strongly Agree
Frequency	21	6	11	21
Percent	42	12	22	42

Completive pay structure always important for any bank. The above pie chart provided the employee opinion regarding Dhaka Bank competitive pay structure. 24% respondents were negative minded regarding the issue.6 respondents were neutral regarding the issue. In contrast 11 + 21 = 31 respondents were positive minded regarding the issue. It is really good and positive for any organization. Above all I can say that highest numbers of respondents are positive minded regarding the issue.

Q 6: Management pays attention to workplace safety.

	Disagree	Neutral	Agree	Strongly Agree
Frequency	8	7	16	19
Percent	16	14	32	38

Safety in the working environment is something that everyone has to think about, from management to employees. Everyone has a right to a safe and healthful workplace, So it is important that employers have a clear and workable plan to enhance workplace safety.

16% percent respondents were disagree regarding the issue. On the other hand 16 +19 = 35 respondents were strongly agree regarding the issue. From the total analysis it has identified that highest numbers of respondents were strongly agree regarding the issue.

Q 7: Managers regularly meet with employees to discuss safety issues.

	Disagree	Neutral	Agree	Strongly Agree
Frequency	12	7	11	20
Percent	24	14	22	40

Importance of safety at work place can’t be over exemplified. It is mostly felt in factories where the laborers are exposed to sustained risk in their daily operations. Adaptation of safety measures not only ensures safety of the life of the workers but also of their family dependents. The above pie chart and table provided the information that Manager regularly meet with employees to discuss safety issue.24% employees were negative minded regarding the issue. 7 Respondents neutrally thought that their manager regularly meet with employees to discuss with safety issue. 11 + 20 = 31 respondents were strongly agree that their Manager regularly meet with the employees to discuss

Q 8: Dhaka Bank provides a variety of training opportunities for employees.

	Strongly Disagree	Neutral	Agree	Strongly Agree
Frequency	7	1	18	23
Percent	14	2	37	47

Variety of training importance is increasing day by day as a result each and every organization gives more concentration. In this portion it is necessary to identify Dhaka Bank employee opinion regarding their variety of training opportunity. The given pie chart and frequency table provided the information regarding the issue. 7 respondents were strongly disagree regarding the issue. On the other hand 18 respondents were positive minded that Dhaka bank provided variety of training for all level employees. Above all it has identified that highest numbers of respondents were positive minded regarding the issue.

Q 9: The training I receive is relevant to my job.

	Strongly Disagree	Neutral	Agree	Strongly Agree
Frequency	7	2	20	21
Percent	14	4	40	42

Training helps the employee to get job security and job satisfaction. The more satisfied the employee is and the greater is his morale, the more he will contribute to organizational success and the lesser will be employee absenteeism and turnover. A well trained employee will be well acquainted with the job and will need less of supervision. Thus, there will be less wastage of time and efforts. The given pie chart and frequency table provided the information regarding the issue. 14% respondents were negative minded regarding the issue. In contrast 20 + 21 = 41 respondents were strongly agree regarding the issue. From the analysis it has clear that highest numbers of respondents were positive minded regarding the issue. So, the training program which offered by Dhaka Bank is relevant to the employee job contents. As a result weak employees are more benefited. Through the training weak employees can develop their skills.

Q10: I am able to balance work priorities with my personal life

	Strongly Disagree	Disagree	Neutral	Agree	Strongly Agree
Frequency	2	14	5	12	18
Percent	4	27	10	24	35

It is really important issue for any employee that balancing work life and personal life. In this portion it is really necessary to identify how Dhaka Bank employee balancing their personal life & work life. The above pie chart and table provided the information regarding the issue.2 respondents negative minded regarding the issue. On the other hand 12 + 18 respondents were positive minded regarding the issue. It has identified from the total analysis that highest numbers of respondents were positive minded regarding the issue.

Findings

The research would essentially endeavor to concentrate on the predicament of Dhaka Bank employee satisfaction regarding their job. In this tiny proportion I want to write down my research findings. Commencing the total data analysis I got the clear picture regarding Dhaka Bank employee satisfaction regarding the job. I took several important issues– Training Program, Compensation, Performance Management, Career development to identify the employee satisfaction in different activities of Dhaka Bank

Dhaka Bank employees give positive information regarding their compensation. Major respondents are satisfied regarding their organization compensation package. Small portion of employees were dissatisfied regarding their compensation package.

Another important point is performance management system. After the total analysis it has clear to me hat highest numbers of respondents were highly satisfied regarding their organization evaluation system. Here also some small portions of employees were dissatisfied regarding their performance evaluation system.

Career development always play vital role for employee life. After conducting the total survey it identified that major respondents wee strongly positive minded regarding their organization career development system.

Training always play vital role for the organization employees skill development. Without better training employee can’t improve their skill, abilities. Positive news for the Mitsumaru that highest numbers of respondents were strongly satisfied regarding their organization training program.

Another important point is organization work environment. It is really necessary to organization employees to work under good environment. It is identified from the analysis that major respondents were strongly satisfied regarding the issue.

Overall the analysis part it has been clear to me that Dhaka Bank employees were highly satisfied regarding the Training Program, Compensation, Performance Management Program and Career Development Program.

Recommendation

After conducting the total analysis it is also identified that some portion of employees were dissatisfied regarding their job.

Some portion of employees was not satisfied regarding their compensation package. Organization can provide special allowance for those dissatisfied organization employees.

As a result dissatisfied employees were more motivated to work.

Another important point is performance management system. After conversation with some employees they provided the information that Company not accurately evaluates their performance. Organization gives more emphasis on this issue.

Another important point is Career development opportunity. Some portions of employees were not satisfied regarding the issue. Top Management should give more emphasis on this issue.

Training is another important issue for the organization employees. Small amount of employees were not satisfied regarding the issue. Organization should give more emphasis on employees training facility.

Work environment is play vital for increase the employee productivity. Small portion of employees were not satisfied regarding the issue. Top management carefully collect the dissatisfied employees opinion as well as take necessary initiative regarding this issue.

Conclusion

Research is a very effectual manner to study a problem. It helps me recognize how and why a situation exists. It make possible to ascertain new things and ideas and make available me accurate and consistent information which can be used as basis for making decision for immediate and future actions. All the way through research I can reach the solution of a particular problem. From the analysis part it has been clear to me that Mitsumaru employees were positive minded regarding the career development program, performance management program, compensation, training and work life.It I really good sign for any organization

Internship Experience

Duties and Responsibilities:

I was assigned in the Human Resources Department and My Internship topic was “Job Satisfaction of Dhaka Bank” because my major subject is Human Resource Management. Both primary and secondary sources of data have been used to prepare the report. To collect primary data, interviews were conducted different Level Employees. Structured questionnaire was used to collect primary data. My survey sample was not inside the office. To collect secondary data, efforts have been to go through official documents, company websites, newspaper clipping, textbooks etc.

Specific Contributions I have made to the Organization:

As an internship student I was trying to contribute to the Dhaka Bank. I was trying to contribute to the organization through my internship report. I was trying to measure the Dhaka Bank Employee Job Satisfaction.

How the job related to my major area:

I worked under the Human Resources department. This department mainly focuses and gives emphasis on the strategies. As a Human Resource Management student I always learn how to deals with the strategies. So I can easily say that my job related to my major area.

Department of Human Resources:

HRD performs all kind of administrative and personnel related matters. The broad functions of the division are as follows:

1.Selecting & Recruitment of new Personnel.

2. Prepare all formalities regarding appointment and joining of the successful candidates.

3. Placement of Manpower.

4. Deal with the transfer, promotion and leave of the employees.

5. Training & Development.

6. Termination and retrenchment of the employees.

7. Keeping records and personal file of every employee of the company.

8. Employee welfare fund running.

9. Arranges workshops & trainings for employee & executives.

What I have learnt from my Internship period?

I have learnt so many things from my internship period. As a HR student I always concentrate how to develop my Knowledge. It is my gratification to enlighten that Dhaka Bank gives me the opportunity to enrich my knowledge. I learnt how to make official letter like – promotion, transfer, dismiss and many other official letter. I also learn how fix the compensation.