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INSTRUCTORS NAME:AZZAM HANNON
Due to the high competition in the global market, there has been a great need for various companies to re-strategize their operation formulae to ensure success. There are various methods of improving productivity in an organization. Improving employees’ morale in a company enhances feel of ownership and satisfaction among employees which helps in improving performance quality. There are many factors that affect satisfaction of employees in an organization. The dissertation looks into the factors affecting the satisfaction of Treasury stocks employees and how the overall performance of employees is affected. Treasury stocks has many challenges of integrating specific requirements of various employees.
Aims of the study
The research aims at examining the factors affecting employee job satisfaction and relationship among the factors and the performance of employee in Treasury stocks.
Employees are considered as one of the important aspects of an organization and improving their morale improves their performance. Understanding people from different backgrounds is challenging especially to managers from different origins where they have different life experiences. A lot of wisdom is required of the managers dealing with employees from different nationalities to link the needs of different people and improve their productivity while maintaining low employee turnover.
The researcher believes that the research will improve knowledge to managers at Treasury stocks especially in the areas of human relations. The research will be helpful in improving employee morale and understanding different needs of employees working in a diversified environment.
The objective is to find out the factors affecting the performances of Treasury stocks’s employees and how the overall performance of the company is affected.
Through the research, various methods and techniques employed in Treasury stocks in retaining their employees are determined. The limitations as related to employee satisfaction and retention are also highlighted.
The research provides recommendation based on the analysis of the steps and strategies Treasury stocks should employee to retain and satisfy their employees.
1.4 Any historical aspect of problem
According to Diaz-Serrano & Cabral (2005), to ensure optimal productivity, a company has to ensure that their employees are satisfied with their job descriptions and positions. There have been different techniques and methods that have been used by different companies to satisfy their employees. As stated by Diaz-Serrano & Cabral (2005), workforce has great desire for social recognition compared to other factors affecting satisfaction of employees. A better working condition motivates employees and thus enhanced productivity and cooperation between employee and management. Additionally, even though there are different methods that an organization can use to retain and satisfy its workforce, the applicability and efficacy of the methods depends on the company. According to Miller (2007), regardless of the methods a company employs, the methods should be one that takes care of components that affect the social components of workforce. This is an indication that for any method to escell, it must incorporate and affect communication, sense of ownership and relationship between amnagaemnt and employees.
It is important for Treasury stocks to investigate the factors affecting employee satisfaction thoroughly as a crucial aspect and procedure of business survival and growth. Through employee satisfaction analysis, the company not only gain knowledge of the employee satisfaction drivers but establish techniques of employee retention and having a competing edge over other companies. Knowledge of the employee satisfaction factors is a strong backbone on which a company can base its employee retention. This is when the company knows the satisfaction drivers its workforce. According to Cooper (2008) and Pink (2009), the knowledge of factors affecting employee satisfaction helps in strengthening the intermarriage of different variables in a company regarding employee’s satisfaction and retention.
In this study, the research applied qualitative research strategies in order to capture all aspects of the data collected. Through this model, hypotheses are tested in order to assess the impact of variability in the data. The qualitative approach helped in the examination of the current organizational elements that would impact the employee job satisfaction while exploring the various factors that may act as drivers to the satisfaction of employees at the Treasury stocks outlets. By evaluating the aspects in this format, it was possible to come up with or propose strategies to be adopted by the Treasury stocks organization to ensure utmost satisfaction of the employees and also make recommendations for future research where a gap is deemed to exist.
The research design for this study is of the case study type, and Treasury stocks is the subject of the case. Ayelet et al (2008) state that the primary concern of such studies should be to find out “what is fit for a particular setting or case under given circumstances”. By conducting the employee job satisfaction research, the study attempted to assess the best method of handling the employees to ensure maximum satisfaction hence maximum productivity.
The study takes qualitative approach was to achieve the desired objectives. It is only questionnaires that were employed in this research. The qualitative approach was to help in the examination of the current job-related demographic factors. Various factors that act as drivers to the compensation strategies adopted by the organization were explored. This method was appropriate because the research aims were to examine the employee job satisfaction in Treasury stocks bearing in mind the diverse nature of the contemporary workforce.
Random sampling was used whereby questionnaires were issued at random to people working in Treasury stocks. This was with expectations of ensuring that each person in the organization is accorded similar chance of participating in the research.
For the part of the questionnaire, the study intended to use an introductory letter to clarify what the research study was all about and give a clarification of the estimated or approximate duration of the interview. The letter was also be an opportunity to explain the purpose of the study, assure the respondents of confidentiality, and emphasize to them that contribution is voluntary. Two types of questionnaires that capture all that the researcher would like to get from the respondent were designed and several copies produced. A different questionnaire was to be administered to management.
The researched focused on qualitative data about the employees of Treasury stocks. The questions were based on factors that influence employees’ morale working in the organization (Treasury stocks). Questionnaires were designed with board members to understand the overall employee satisfaction in all subsidiaries of the organization and other factors affecting international relations between employees. The researcher identified the strategies being adopted by the management to understand specific needs of different employees from different cultural backgrounds. Data from employees about how they think managers influence their morale, how they feel when their morale is low and how this influences their performance, how they feel when their morale is high and how this influences their performance, what they feel when a manager behaves in a way that increase and decreases their morale were collected.
Results and Analysis
Improving employee morale benefits all stakeholders of an organization. The results of boosting employee morale are increased loyalty to the jobs allocated, high rate of attendance at work, and improved productivity (Bruce, 2002, P.45). Employees tend to become efficient when they have high morale and they reduce costs related to low morale. Achieving a high level of employee morale is attained through several methods. Money is not the only motivator since employee morale is affected by both monetary and non-monetary factors. Managers must be interested in the welfare of their employees and appreciating every effort being made by them towards achieving the organizational goals. Personal experience with all employees is required to improve understanding about their specific needs. Employees are motivated to work in environments which meet their needs and they will perform better in organizations with better mechanisms of satisfaction (Gunsch, 2010, p. 52).
The project established there are two main categories of employee job satisfaction determinants. One of the broad categories comprises organizational determinants and the other comprises individual determinants.
Employee satisfaction in Treasury stocks Company
Tale 1.0 shows the overall level of employee satisfaction in Treasury stocks
Factors influencing job satisfaction Mean
Working conditions 62%
Pay and promotion 60.4%
Job security 61%
Relation with Co-workers 66%
Relation with management 56.2%
In connection to the working conditions, promotion and payments the research revealed that employees are not happy with their current conditions.
4.2 Individual Factors
Individual determinants of job satisfaction are factors that are either biosocial or relate to the individual’s personality. These factors provide an opportunity for the organization to satisfy the individual employee by satisfying the employee’s individual motivational needs. The position of the individual employee in the organization has been generally associated with the level of satisfaction of the individual (Green & Heywood 2008). In addition, literature indicates that on general perspective, the higher the position, the higher the level of satisfaction. One explanation that has been attributed to this relationship is that when an individual holds a higher status in the organization it implies that the individual has better working conditions as compared to others. The rewards the individual gets while holding a higher status are better than those received by the lower level individuals are.
Age of the Employee
Literature provides evidence that age and employee job satisfaction exhibit direct linear relationship (l-Aameri 2003). Organizational change has made the long-term workers to develop feelings of being not being needed in the organization. This especially goes with the advent of increased mergers and downsizing.
Job satisfaction among doctors and nurses has been studied in the recent past (e.g. Quinlan et al 20009) in relation to gender. Quinlan et al (2009) while carrying out an investigation into the employee job satisfaction among the Russian physicians to establish the relationship between work attributes and job satisfaction sought to determine if gender has any relationship with the job satisfaction of these physicians.
The findings of the study revealed that on overall scale, male physicians exhibited higher job satisfaction than their female counterparts (O’Leary et al 2009). In relation to other facets that relate to job environment, female physicians demonstrated more satisfaction in their relations with clients and coworkers than their male counterparts did. The study also found that a majority of physicians are dissatisfied with management and time constraints.
4.3 Organizational Determinants
The Leadership Factor
Leadership factor includes supervisory behavior and style. Research has shown that employee job satisfaction is bolstered when they perceive their supervisor to be competent. Such a supervisor is therefore perceived by the employees as taking keen interest into their best interest and accords them respect and dignity.
The supervisor that takes keen interest into the welfare of the employees and provides them with appropriate advice is one that employees would wish to identify with. This kind of a supervisor makes the employees feel more satisfied with their job. This is according to the findings of a research study conducted recently by O’Leary and associates (2009) attempting to assess job satisfaction.
Organizational policies and the work environment have been changing to align with the organizational dynamics and the rapid changes that the organization has seen over the past years. Change in the organization is one of the areas that the organization design experts have been keen of given that the change in the way of doing things dictates the working conditions as well and this finding is also supported by findings of Green and Heywood (2008).
To further corroborate the importance of working condition as a broad-based concept that determines employee job satisfaction, Quinlan et al (2009) added that it holds a defining position in the organization’s existence since it helps in managing diversity at work.
The Reward System
Saiyadain M. S (2003) contends that there is sufficient evidence, which suggests that an organizational reward system is a significant contributor and determinant of employee job satisfaction. The reward system includes the pay and other monetary benefits that accrue to the employees. Existing literature also supports that organizational reward system has a relationship to the employee job satisfaction, for instance, Barriball et al (2009).
The organization’s method of dealing with payment of benefits, how it distributes promotions, both determine the levels of satisfaction of the organization’s employees (Quinlan et al 2009). Research studies have pointed to the positive relationship between fair reward system and the employee satisfaction. The employees perceive the fairness of the organizational reward system in terms of the level of the compensation they receive, and the method the organization uses to distribute the pay.
It has been found that employee job satisfaction increases when they are given flexible fringe benefits where they select their own benefits Saiyadain 2003). This implies that the overall employee job satisfaction increases while at the same time boosting their satisfaction with the reward system.
Saiyadain (2003) adds that the top management in the organization is more responsive to the relationship between their satisfaction and the pay they receive. However, as indicated earlier from the findings of the Hawthorne studies, not all research studies have come up with evidence to support a strong positive correlation between job satisfaction and the pay or salary. Even the Hawthorne researchers concluded after conducting their studies that the employee salary or monetary benefits are not necessary for the employee job satisfaction. Some other studies have also indicated that the two variables (salary and employee job satisfaction) do not have any relationship (Saiyadain 2003). Therefore, more research needs to be carried out in this area as the already available literature does not offer sufficient evidence for drawing up a conclusion.
4.4 Rewards systems
Rewards systems adopted by multinational companies must match the specific economic conditions in the countries they are established. It can be argued that rewards are the benefits which employees accrue from the organization. And when creating the employment contract between the employees and the organization; the package of rewards may provide a clear understanding about the benefits to be obtained for each activity done (Kotelnikov, 2001, p. 80-82). Stating that, the management may change the reward strategies according to prevailing conditions in each country.
Management uses different strategies to motivate their employees by the use of different reward strategies. They use monetary and non-monetary strategies to improve performance of employees. Monetary rewards include promotions, increment in wages, paid leaves, hospital allowances and others. Non-monetary rewards include thanksgiving for improvement in workplaces, recognition by top management and others. Management improves employee morale and encourages workers to improve their performance when they create good reward incentives within the organization. Managers need to be good leaders so that they can integrate all the needs of employees as well as understanding particular characteristics of employees (Kotelnikov, 2001, p. 81).
There are several depended factors which affect employee morale; and they relate to the individual employee or the workplace environment. Such factors include; employee training program, compensation, organizational policies and practices, recognition, performance evaluations and others. Many managers fail to adopt different employee retention strategies when dealing with people from different nationalities. Multinational organizations have a great challenge of integrating specific needs of different employees from different countries. To improve the morale of their employees, many managers use remuneration as the only factor to regulate and fail to recognize other factors affecting employees especially at the international level. Employees like being treated differently and that better payment is not the only factor that employees consider as a motivator (Gunsch, 2010, p. 54).
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Employees’ Satisfaction Interview Schedule
The following questions are designed only for research purpose. The researcher has no intention to represent this information negatively in his paper. The information will be kept confidently. For the following questions, respondents should be asked to indicate whether they Agree (A), Disagree (D), Strongly Agree (SA), Strongly
Disagree (SD), or are Neutral (N).
Agree (A) Strongly Agree (SA) Disagree (D) Neutral (N)
I am satisfied with the working environment of the company. I am satisfied with job location I am satisfied with the present working hour. I am satisfied with the existing salary structure of the company I am satisfied with the compensation I get & I think it matches with my responsibility I am happy with my work responsibilities I feel comfortable in carrying out my responsibilities I am satisfied with work relationships with the people around me. I am satisfied with various activities in the firm & love participating in them I am happy with your overall job security I am satisfied with the given right to put forward my opinions I am satisfied with the leaders in my workplace as positive role models. I am satisfied with the present performance appraisal policy of the company. I am happy with the recognition and rewards for my outstanding works and contributions I am satisfied and think I’ve been awarded right set of duties, as per my ability Fulfilling my responsibilities give me a feeling of satisfaction & personal achievement. I am satisfied with the leave policy of the company. I am satisfied employee assistance policy (e.g.- lunch & transport etc.) of the company I am satisfied with long term benefit & insurance policies of the company.