THE SOUTH AFRICAN FINANCIAL SERVICES INDUSTRY: HOW TO USE MOTIVATIONAL FACTORS TO ENSURE EMPLOYEE SATISFACTION

Abstract

The financial services industry plays a dominant role in promoting economic growth and providing employment. Financial services offered within this industry are highly sort after by the public, and the services offered require high levels of employee-client interaction. Given the importance of this particular industry and the high level of employee-client interaction required in the financial services industry, it is important for employees to be satisfied with their working environments. The motivational factors contributing towards employee satisfaction need to be determined. Therefore, the primary objective of this study is to investigate the influence of selected motivational factors on employee satisfaction within the financial services industry. A questionnaire was used in an empirical investigation to gather the responses of 254 financial services employees in Nelson Mandela Bay, South Africa. The questionnaires were subjected to various statistical analyses and significant relationships were found among the independent (management feedback, employee participation as well as job interest and importance) and dependent (employee satisfaction) variables. The implementation of this study?s recommendations may lead to improved employee satisfaction within the industry that could lead to increased levels of client satisfaction. In addition, the business performance of financial service providers may improve if they employ more satisfied employees. To conclude, proactive identification of the correct motivational factors may assist financial service providers to positively influence employee satisfaction levels.