Factors Affecting Job Satisfaction Of Employees In Private Sector Bank: An Exploratory Study

Abstract

The most thoroughly studied concept in human resource management across all industries is job satisfaction. Employees are the company's most valuable asset, so management must invest heavily to keep them happy and retained for a longer period of time. Any organization's strategic progress relies on productive people. It is true that a person's ability to be satisfied at work largely depends on how well those expectations match up with reality. Economical-factors (like retirement and compensation benefits) as well as family and occupational factors influence how these job expectations are shaped (job satisfaction, relocation, professional satisfaction, advancement opportunities, etc.). The researches of Hawthorne were among the most important precursors to the review of job satisfaction. The Harvard Business School's Elton Mayo experiment sought to determine how different elements, most particularly lighting, influenced workers' productivity. These studies ultimately established that momentary output intensifies are initiated by novel variations in working conditions (Hawthorne Effect). Subsequent investigation determined that this jump was triggered less by the introduction of novel circumstances than by the simple realisation that one's behaviour was perceived. The outcome of this study gave proof that employee do various jobs for reasons other than money also, which cleared the path for new researchers to explore various factors which affect job satisfaction. Indian banking sector is the largest sector which is like life blood of the economy. Private sector banks are the largest job provider in banking sector. The study was conducted in private banks of Mumbai. Prime objectives of this study was to explore various factors which affect job satisfaction among bank staff, to know the root source of job related dissatisfaction among employees of private bank, make recommendations for improvement of job satisfaction in private sector bank.