Management of employee motivation for successful business in the banking sector

Abstract

The issue of employee motivation is related to successful business management. Human resources represent a great potential, because they have knowledge, inventiveness and intelligence. However, a large part of human potential is not used to a sufficient degree, which leads to unused resources and to dissatisfaction and lack of motivation on the part of employees. Good motivation is part of leadership; a manager knows how to motivate and create good relationships. Business entities are part of society, and to achieve economic goals, they must take into account the impact that they have on society and on the human resources of an organization. This paper explains contemporary motivational theories, with the aim of enabling successful business in banking sector. Managers of banks can make decisions about the most significant factors that improve employee motivation. Integrated knowledge, accumulated experience, and employee satisfaction are the main factors behind successful operations in all organizations, and in particular in the banking sector. These factors form a basis for the successful management strategy of any company. The paper presents an overview of motivation in countries whose organizational culture differs with respect to the scope of operations and employees in the banking sector. The first part of the paper gives an overview of motivational theories based on the presentation and comparison of motivational factors in Pakistan, South Asian countries, and Croatia and Serbia. In evaluating motivation for ranking purposes a comparison method was applied, with the use of arithmetic means, while the data obtained from respondents’ questionnaires were processed using the SPSS 22 statistical method. The authors aimed to make a modest contribution in assessing motivational factors and to point to their significance in the banking sector. Better motivated employees in the banking sector are more efficient in carrying out business tasks.