FACTORS AFFECTING THE MOTIVATION OF EMPLOYEES IN THE BANKING SECTOR OF BANGLADESH

Abstract

As one of Bangladesh's largest employment sectors, the banking sector plays a vital role in the country's economy. Because the number of banks is much higher than ideally required, it has created some troubles for this sector in recent years. Consequently, the potential and existing employees have been somewhat conservative about starting or continuing a career in this sector. In contrast, this area was very lucrative even a couple of years ago. Therefore, boosting the motivation of the existing employees has become a must. Hence, this study attempts to identify the factors that motivate employees in the banking sector. An extensive literature review has been conducted to discover the motivating factors identified by previous research work at home and abroad. Next, a questionnaire was developed to examine the significance of these variables among current bankers. Primary data have been collected from private, public, foreign, and central bank employees. The data analysis shows that all 15 factors are relevant to motivating the bankers. Non-cash benefits, working conditions, job security, salary and bonus, quality supervision, relationship with co-workers, autonomy, responsibility, etc., have been found to be the most significant factors. This study recommends that the Bank management understand the individual needs of employees, which may evolve over time. The authors are confident that the study will be 2 of immense importance to multiple stakeholders, including the bank management and policymakers.