Volume: 25, Issue: 1

Page: 229-244
International Journal of Science and Business
2023
Journal homepage: ijsab.com/ijsb

Determinants of Employee Job Satisfaction:

An Empirical Analysis of the Banking
Sector in Bangladesh
Humaira Begum, Mouri Mehtaj, Md. Asaduzzaman Babu, & Mst. Shamima Khatun

Abstract
The most hotly contested issues in the field of organizational behavior are
around issues of human resource management, organizational management,
and employee happiness. This paper uses interviews and surveys of bank
workers to identify factors that contribute to job satisfaction. This study aims
to measure the impact of job pressure, supervision of management,
compensation and benefits, working environment, job security, training, and
development on the employee satisfaction of the banking sector and how
they affect the overall job satisfaction of bank employees in Bangladesh. IJSB
Accepted 20 July 2023
Convenience sampling methods were used to collect data from 160 Published 22 July 2023
employees from both public and private banks. SPSS 25 version used as DOI: 10.58970/IJSB.2197

statistical tools. The findings of the study reveal that job pressure,
supervision of management, job security, training, and development impact
overall employee satisfaction. On the other hand, compensation, benefits, and
the working environment have no significant impact on the overall job
satisfaction of bank employees. For the banking system in Bangladesh to
flourish, the relevant authorities must accordingly address these critical
elements. The findings of this research can inform policymakers on what
influences workers' happiness on the job. When the authority has a firm
grasp on what its employees want and need, it can better manage its
workforce, boost employee loyalty, and boost customer satisfaction. The ISSN: 2520-4750 (Online) 2521-3040 (Print)

study's findings offer draconian recommendations for the financial services

industry. This study opens up a new scope for academicians to work on
employee job satisfaction in different financial and non-financial sectors; Papers published by IJSAB International are
licensed under a Creative Commons Attribution-
additional research can be done while taking them into account. NonCommercial 4.0 International License.

Keywords: Overall Job satisfaction, Working Environment, Job Security, Training and Development,
Bank Employees, Banking Sector.

About Author (s)

Humaira Begum, Assistant Professor, Department of Finance and Banking, Faculty of Business Studies,
Hajee Mohammad Danesh Science and Technology University, Dinajpur-5200, Bangladesh.
Mouri Mehtaj, Assistant Professor, Department of International Business, University of Dhaka,
Bangladesh.
Md. Asaduzzaman Babu (corresponding author), Lecturer, Department of Marketing, Faculty of
Business Studies, Hajee Mohammad Danesh Science and Technology University, Dinajpur-5200,
Bangladesh.
Mst. Shamima Khatun, MBA student (Finance), Department of Finance and Banking, Faculty of
Business Studies, Hajee Mohammad Danesh Science and Technology University, Dinajpur-5200,
Bangladesh. 229
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1. Introduction
A worker's job satisfaction can be gauged by how well it provides for their requirements and
aspirations. If workers are happy in their jobs, it's because their needs and wants are being met
at work (Shiyani, n.d.). It has to do with things like working conditions, the attitudes of
superiors and peers, and the support provided by upper management. Employee satisfaction
is defined as a state of mind that arises from a positive assessment of one's job and work
experience. Employee satisfaction is an important corporate aim because it has been shown to
increase profits, productivity, employee engagement, and customer satisfaction (Gupta and
Sharma, 2016). Staff happiness and motivation increase client satisfaction, which boosts
business results. Satisfied workers are crucial to the success of any service business (Xu and
Geodegebuure, 2005). Customer pleasure is directly impacted by employee contentment,
which raises service quality (Yee et al., 2018).

Satisfaction is a key issue and financial gains eventually result from providing high-quality
services and satisfying customers (Rouf et al., 2019). So, it is very important to know the
customer acceptance and satisfaction (Bubu et al., 2018). Banks employees are the internal
customer of banks (Singh and Mehta, 2015), and when an employer provides good working
conditions to increase employee satisfaction, the employees will try to reciprocate by putting
forth more effort and commitment on behalf of the company, which results in great service
quality (Othman and Owen, 2001; Yoo and Park, 2007). Employee satisfaction significantly
improves a company's operational performance. Consumers will see employees with high job
satisfaction as more balanced and content with their surroundings, which will have a beneficial
impact on how satisfied customers are. Contrarily, unhappy staff are more likely to show
negative emotions to clients, which lowers client satisfaction through emotional contagion.
Employee satisfaction and turnover have a bad association. The long-serving staff gets to know
their consumers on a personal level (Rast and Tourani, 2012; Singh and Jain, 2013; Yee et al.,
2018; Al-dalahmeh et al., 2018). The researcher found that job satisfaction was strongly
correlated with turnover intention, and this relationship was mediated by satisfaction in
workplace culture (Medina Elizabeth, 2012).

These bonds are the bedrock of a productive client-worker feedback loop. Relationships
between employees and customers lead to improved service. Superior service results in fewer
complaints from satisfied customers and, hence, less hassle for employees. Employees treat
customers better as a result. When these responses lead to improved service, customers are
happier. Satisfaction in the workplace is impossible without a conducive working environment.
Avoiding dissatisfaction among workers requires thinking about what makes them happy at
work. When workers are happy in their jobs, they are more invested in their work, which
ultimately benefits the bank's bottom line. Happier workers are more likely to engage in
corporate citizenship actions that increase productivity and customer satisfaction. People who
enjoy what they do for a living are more inclined to give their all to the success of the businesses
they work for. The study focused on measuring the impact of job pressure, supervision of
management, compensation and benefits, working environment, job security, training and
development, on the employee satisfaction of banking sector and overall employee
satisfaction.

2. Literature Review
A literature review entails the examination and analysis of existing knowledge within a
particular academic discipline, occasionally focusing on information within a specific subfield
and temporal context. While a literature review can simply consist of a compilation of sources,
it frequently adheres to an organized framework that incorporates both summarization and

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synthesis. A synthesis involves the rearrangement or reconfiguration of the material, while a

summary entails providing a concise overview of the information derived from the source.
Traditional elements can be reinterpreted in new ways, or a combination of new and traditional
interpretations can be employed. Alternatively, contingent upon the degree of contentment, it
could delineate the cognitive progression of the field, encompassing notable debates. A
literature review has the capacity to evaluate the sources and provide the reader with guidance
regarding the ones that are most pertinent or relevant. The literature review assesses the
quality of sources and provides recommendations to readers regarding the most relevant or
significant ones.

Shafiuddin et al. (2022) revealed that one of the factors influencing whether an employee stays
with a company or not is the working environment. Examining the workplace and its influence
on employee satisfaction was the goal of this publication. It offers more proof that the
workplace environment has a significant role in determining whether or not employees will be
happy with their jobs and remain with their current employers. According to Ahmad et al.
(2022), the study was conducted to examine the correlation between job satisfaction among
employees and the presence of effort-reward imbalance (ERI) within the banking sector. Based
on the results of the study, it can be concluded that there is no significant impact of gender on
the relationship between effort-reward imbalance (ERI) and job satisfaction among employees
in the banking sector. Lall, (2022) found on a variety of cause-and-effect interactions, including
those involving employee turnover, absenteeism, motivation, and other factors, is sought.
Additionally, it would be interesting to examine how stress management affects job satisfaction
and how that affects service quality in a favorable and meaningful way. According to the survey,
whether an organization is public or private, it is who is performing and how it is functioning
that define both employee and customer satisfaction levels. Sari et al. (2021) found the impact
of organizational culture and leadership style on performance. Quantitative research also
known as path analysis, explains causal relationships or correlations. Employee work
satisfaction and performance are positively and significantly impacted by organizational
culture and leadership style. Performance is significantly and positively influenced by job
happiness. The goal of this study by Asnah et al. (2021) was to ascertain how work motivation
and culture interact to affect employees of any Bank's job satisfaction. The research findings
pertaining to the relationship between organizational culture and work motivation
demonstrate a notable and constructive influence on the level of job satisfaction experienced
by employees within the banking sector. Simultaneously, the amalgamation of organizational
culture and work motivation variables exhibits a noteworthy and affirmative influence on the
job satisfaction of bank employees. According to this study of Sapta et al. (2021) rural banks'
use of technology, organizational culture, and job happiness can all spur them on to operate
better, particularly in times of epidemic. The results of the study indicate that corporate
culture, job satisfaction, and technology play significant roles in motivating employees and
improving their performance. The impact of organizational culture on employee performance
is not direct or advantageous. The findings of this study can be utilized to formulate business
strategies aimed at enhancing employee performance within a highly competitive industry,
thereby contributing to the improvement of a bank's reputation. Bhardwaj et al. (2020) stated
that the study is to monitor how employees feel about their jobs at different public banks and
to investigate the effects of various variable factors on employee satisfaction. This study
identifies the elements that contribute to a higher degree of job satisfaction. These elements
have to do with the manager, restructuring, compensation, promotions, work safety, and
relationships in the workplace. The findings indicate a favorable correlation between job
satisfaction and factors like reward, compensation, employment stability, and promotion
prospects. The findings also indicate that most bank employees in the banking industry are

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content with the work environment, but that pay and scheduling continue to be issues for them.
Sahni, (2020) stated that workplace stress is bound to occur more frequently as there may be
numerous life stressors that range from personal to work-related, according to the study
"Impact of COVID-19 on Employee Behavior". The manager plays a big part in building trust
and cultivating an environment that encourages candor in the workplace. If the company does
not take initiatives to lessen stressful situations at work, the employees' wellbeing may suffer
dramatically.

The goal of this study was to determine how employee job satisfaction and human resource
management relate to organizational commitment in the banking industry. The purpose of this
study was to look into how HRM and employee job satisfaction interact to affect organizational
commitment. Additionally, it sought to determine how HRM and employee job satisfaction
compared to organizational commitment in the banking industry. It was discovered that
organizational commitment and employee job satisfaction were positively connected (Cherif,
2020). This essay will examine the relationship between bank workers' job happiness and their
quality of work life, as well as the crucially important interaction between these ideas and
socio-demographic traits. Along with some general recommendations, such as an adequate
salary, impartial promotion plans, a clear appraisal system, etc., there are a few additional
points with particular relevance to bank employees that have been formulated based on the
researcher's survey-related observations. With the exception of a few who hold top positions
in the study's private banks, the respondents' overall level of unhappiness has been identified
(Dhamija et al., 2019). According to Abu Hassan Asaari and Desa (2019), Salary, Promotion, and
Recognition's Effects on Work Employee happiness is positively impacted by government
employees' motivation. For an organization, rewards and incentives at work are important
because they can be used to steer employees in the direction of attaining the business's
objectives. Additionally, encouraging and recognizing productive workers will increase their
output.

A research attempts to analyze the mediating and moderating impacts of internal marketing
on the connection between job satisfaction and its antecedent in the banking sector. The results
show that internal marketing can have an effect on worker satisfaction in two ways: directly
and via mediating the connections between monetary and intangible benefits. One possible
conclusion is that effective internal marketing contributes to higher levels of employee
contentment (Mainardes et al., 2019). The purpose of this research was to identify and assess
the effects of human, structural, and customer capital on job satisfaction among bank
employees. The results showed that while banks' use of structural capital had no discernible
effect on worker happiness, banks' use of human capital to train and educate workers and their
relationship with business partners (Linda and Fitria, 2019). Workers desire to be close to their
coworkers and that fostering a long-term working relationship with these coworkers fosters
cooperation in banks. Employees appear to be more helpful, considerate, and cooperative with
one another at work, and having friendly, supportive coworkers has a positive effect on
employee satisfaction (Tran and Nguyen, 2018).

Studying the elements that have a major impact on employees' outlooks and motivations at
work is a central focus of industrial and organizational psychology. Companies often poll
workers to find out how they feel about their jobs. Compensation, promotion opportunities,
supervisors, coworkers, and supervisors' personalities, work environment, policies, and
procedures, belonging to the working group, working conditions, and employment perks are
just some of the many workplace factors that must be considered when assessing job
satisfaction. This research was conducted to learn more about the effects and relative

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importance of several variables on the JS. Managers should then make an effort to focus more
on colleagues, advancement, and compensation inside their firms (Abdolshah et al., 2018). In
particular the study examines how intrinsic and extrinsic pleasure factors differ from one
another. According to the research, the bank's employees were only somewhat satisfied with
their positions. The intrinsic and extrinsic pleasure components are significantly positive,
according to a sample t-test. In order to improve employee satisfaction, which will promote
organizational productivity, the outcomes make use of both intrinsic and extrinsic satisfaction
elements. According to this study, the human resource management of the specific banking
institution that operates in Malaysia should pay attention to the two highlighted issues (Ain et
al., 2018).

The purpose of this study is to ascertain how employee performance is affected by variable
remuneration, work motivation, and job satisfaction. Employee performance is positively and
significantly influenced by compensation, job satisfaction is positively and significantly
influenced by work motivation, and job performance is positively and significantly influenced
by compensation (Ketut et al., 2018). The study examined how the physical, social, and
psychological components of the workplace affect job satisfaction and performance. The study
found that most bank employees like their working conditions, especially the physical
atmosphere. Thus, the workplace affects employee satisfaction. The study examines how
management might boost productivity by improving working conditions (Kafui Agbozo, 2017).
In order to understand how training affects employee commitment in the banking industry,
this study will first establish the relationship between training and work satisfaction.
According to this survey, staff training is crucial for the banking industry because it gives
workers the chance to pick up and refresh the skills they need to stay committed to their jobs.
The conclusion shows that if training is undertaken and maintained, a committed workforce is
the result. This result should serve as a reminder to policymakers that employee commitment
does not happen by accident. As a result, policies pertaining to employee training should be
created without delay (Ocen et al., 2017). Besides, Sabir, (2017) mentioned that managers must
create and induce a sense of purpose in their employees' work. There are numerous strategies
for inspiring workers. However, managers who wish to increase productivity should make sure
that staff members feel valued and are given regular employee performance awards.

2.1 Hypothesis development

Satisfaction on the job can be affected by factors such as the actions of superiors and coworkers,
as well as monetary and career advancement opportunities, working conditions, and company
culture (Sowmya and Panchanatham, 2011). The results showed a significant relationship
between socio-economic and demographic variables of respondents like Designation, gender,
age, marital status, experience, work status, nature of family, income, and number of
dependents, but not between Qualification and nature of the job (Devi andNagini, 2013).
Overall job satisfaction at Consolidated Bank was found to be positively affected by
recruitment, also job stress has a negative impact on employee satisfaction (Njuguna and
Owuor, 2016). Many businesses rely on employees' dispositions to gauge how happy they are
with their jobs. Job satisfaction can be determined by taking into account a wide range of
factors, such as salary, career advancement prospects, work environment, regulations and
procedures, relationships with coworkers and superiors, sense of community, working
conditions, and perks (Abdolshah et al., 2018). The hypotheses for this study developed as
below:

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Supervision of management
Supervision of management has a positive and significant effects of the bank employee (Arias
Aranda et al., 2022).
H1 : There is a positive relationship between Supervision of management and employees’ job
satisfaction.

Compensation and benefits

Salary has a great influence on employee job satisfaction (NathRoy, 2017). Employee salary has a
positive impact on employees’ job satisfaction in banking industry (Weerasinghe et al., 2017; Arias
Aranda et al., 2022).
H2 : There is a positive relationship between Compensation and benefits, with employees’ job
satisfaction.

Job pressure
There is a negative and significant effect of job stress on employee satisfaction (Njuguna and
Owuor, 2016; Mardikaningsih and Sinambela, 2022).
H3 : There is a negative relationship between Job pressure and employees’ job satisfaction.

Training and development

Training and development has a great influence on employee job satisfaction (NathRoy, 2017;
Arias Aranda et al., 2022).
H4 : There is a positive relationship between Training and development with employees’ job
satisfaction.

Working environment
Working environment has a great influence on employee job satisfaction (NathRoy, 2017).
Working condition has a positive impact on employees’ job satisfaction in banking industry
(Weerasinghe et al., 2017).
H5 : There is a positive relationship between working environment affects employees’ job
satisfaction.

Job security
Job security has a positive and significant relationship with employee job satisfaction (Hamza
et al., 2022). Job security has a positive impact on employees’ job satisfaction in banking industry
(Weerasinghe et al., 2017).
H6 : There is a positive relationship between Job security and employees’ job satisfaction

3. Research Methodology
3.1 Date and Sample
We have collected the data from 16 banks, both public and private, and followed the
convenience sampling technique to collect the data from 10 respondents from each bank. The
total number of respondents is 160. Dinajpur district, Bangladesh, was chosen as the sampling
area for the study.

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3.2 Variables and Notations

Determinants Variables Notations
Dependent Variables Overall satisfaction OS
Supervision of Management SOM
Compensation and Benefits CAB
Independent Variables Job Pressure JP
Training and Development TAD
Working Environment WE
Job Security JS

3.3 Model specification

Following the study of Kithinji, (2010), the econometric model namely the simple linear
regression model. The regression model is given below.
OS = α+β JP + βSOM+ βCAB+ βWE+ βJS+βTAD+ ℇ
Here (OS) means overall satisfaction is the dependent variable, and JP, SOM, CAB, WE, JS, TAD
are the independent variables, α, β are unknown parameters to be calculated; ℇ is the error
term.

3.4 Analytical tools and technique

The researchers followed a five-point Likert scale with multiple choice and multi-point scales.
SPSS 25 have been used to determine Descriptive Analysis, ANOVA, Pearson Correlation, and
Multiple Regression for authentic findings and draw a significant conclusion.

4. Data Analysis and Interpretation

4.1 Demographic Analysis
The given table 1 reveals the respondent’s demographic information. Most information has
collected from the age range of 35 to 50 (86 respondents) and most of the respondents (132)
were married. In terms of work experience, the researchers got most information from 6
years to 10 years of working experience employees (67 respondents). Finally, the researchers
have considered the respondent’s current job position as senior officer (67 respondents) the
most information we received from that slap of employees.

Table 1. Demographic presentation of the respondents

Particulars Frequency Percent Cumulative percent

Gender Male 154 96.2 96.2

Female 6 3.8 100
Age (Years) 26-35 62 38.8 38.8
36-50 86 53.8 92.6
More than 50 12 7.4 100
Designation Senior Principle Officer 2 1.3 1.3
Principle Officer 17 10.6 11.9
Senior Officer 67 41.9 53.8
Officer 53 33.1 86.9
Junior Officer 19 11.9 98.8
Trainee Officer 2 1.2 100
Work Experience (Years) Less than 2 24 15 15
2-5 17 10.6 26.5
6-10 67 41.9 67.5
More than 10 52 32.5 100
Marital Status Unmarried 28 17.5 17.5
Married 132 82.5 100

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4.2 Principal Component Analysis (PCA)

PCA method was used to indicate the factors that lead to employee satisfaction. Cronbach’s
alpha was calculated to measure the internal consistency and reliability of the instrument.
Kaiser-Meyer-Olkin and Bartlett’s test of sphericity was performed to test the data for its
suitability for factor analysis. Table 2 summarizes Cronbach’s alpha and KMO test values. The
value of Cronbach’s alpha is 0.788, which is very high, thus showing the higher reliability of the
instrument used in the study. The value of KMO is 0.679, which shows that the overall data is
adequate and reliable for factor analysis. Bartlett’s sphericity test scores also indicate that the
data is also valid for carrying out factor analysis.

Table 2: Cronbach alpha and KMO test value

Cronbach Alpha and KMO Test Value
Reliability Statistics
Cronbach’s Alpha No. of Items
0.788 33
KMO and Bartlett's Test
Kaiser-Meyer-Olkin Measure of Sampling Adequacy. 0.679
Bartlett's Test of Sphericity Approx. Chi-Square 361.382
df 21
Sig. 0.00

4.3 Factor loading Analysis

Table 3 shows the results of overall data summarization and data reduction using principal
component analysis with the varimax rotation method, through which six factors were
extracted. The first factor consisted of 4 items, and all were related to the employee; thus, the
name given to that factor was ‘Job Pressure’. The second factor consisted of 4 items, and the
name given to that factor was ‘Supervision of Management. The third factor consisted of five
items, and all items were related to compensation and benefits provided by the banks to the
employees; thus, the name given to the third factor was ‘Compensation and Benefits. The fourth
factor consisted of four items, and all items were related to the working conditions of the banks;
thus, the name given to the fourth factor was ‘Working Environment’. The fifth factor consisted
of four items, and all items were related to the job safety of an employee; thus, the name given
to the fifth factor was job Security. The sixth factor consisted of four items, and all the items
were related to the career development opportunities for the employees in the banks; thus, the
name given to the sixth factor was ‘Training and Development’’.

Table 3: Factor Loadings Using Varimax Rotation (PCA) Method

Items Loading Factor Name
Value
Factor 1
The work gives you a feeling of personal accomplishment. 0.712
Satisfied with your regular assigned activists in the pandemic situation. 0.759
Job pressure
Satisfied with the ability to maintain a balance between family and work 0.699
life in covid-19 situation.
Extra job pressure creates dissatisfaction among bank employees. 0.767
Factor 2
The leader of your organization is a positive role model to you. 0.635
The leader keeps you well-informed about what's going the company. 0.805 Supervision of
Management
The empowerment of management influences the quality of work. 0.751
Supervision of management gives priority to your decision. 0.749

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Factor 3
Your compensation matches your responsibilities. 0.803
Satisfied with the bank’s performance bonus. 0.728
Compensation
You are satisfied with the bank’s profit bonus. 0.760 and Benefits
You receive informal praise and appreciation for your contribution to the 0.730
organization.
You received appropriate recognition for your contribution during a 0.810
pandemic situation.
Factor 4
You feel flexible with the team spirit in your work environment. 0.947
Promoting positive work attitudes among employees. 0.679
Satisfied with the organization as a place to work. 0.771 Working
You get the opportunity to apply your talents and expertise. 0.733 Environment
You are satisfied with the professionalism of the people with whom you 0.950
work.
The important task of this profession is given to men. 0.698
Factor 5
Job insecurity in the pandemic situation creates anxiety among employees. 0.755
Job security is important for employee job satisfaction. 0.675
Job Security
Any tendency to dismiss from the job with extra work pressure. 0.944
Here any security in a pandemic situation (covid-19) etc. 0.949
Factor 6
They provide adequate training to enable an employee to do their job 0.719
effectively. Training and
They apply updated training techniques. 0.743 Development
Providing employees with the necessary skills to serve customers. 0.797
They evaluate and follow up on the training process. 0.723

Table 4 shows the result of Sums of Squared Loadings of factors extracted. Rotation Sums of
Squared Loadings indicate that the first factor accounts for 37.937% of the variance, and the
second factor for 28.158% of the variance, while the total variance for six factors is 100 %.

Table 4: Rotation Sums of Squared Loadings of Factors Extracted

Rotation Sums of Squared Factor 1 Factor 2 Factor 3 Factor 4 Factor 5 Factor 6
Loadings
Eigen value 2.937 2.940 3.831 4.778 3.323 2.982
Total Variance (%) 37.937 28.158 12.072 9.758 6.575 5.499
Cumulative Variance (%) 37.937 66.096 78.168 87.926 94.501 100

4.4 Descriptive Analysis and Pearson’s Correlation

Now, analyzing mean and standard deviation in table 5 the researchers have found the most
important variable is supervision of management (5.243 and 0.781) which affects the
employees’ job satisfaction followed by training and development (5.162 and 0.707), job
security (5.098nd 0.658), job pressure (4.860 and 0.980), working environment (4.600 and
0.787) and compensation and benefits (4.298 and 1.061).

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Table 5: Descriptive Analysis

Factors Minimum Maximum Mean Std. Deviation
Overall Satisfaction 3.00 6.50 5.2115 0.61393
Job pressure 2.50 6.50 4.8609 0.98085
Compensation and Benefits 2.20 6.60 4.2988 1.06115
Training and Development 2.50 6.50 5.1625 0.70777
Job Security 3.00 7.00 5.0984 0.65822
Working Environment 2.83 6.67 4.6000 0.78713
Supervision of Management 3.75 6.75 5.2438 0.78154

Note: Valid number of respondents 160 (listwise)

Table 6 indicates the Pearson Correlation and Descriptive analysis. Basically positive and
significance relationship between overall job satisfaction (Dependent variable) and 6 job-
related factors (Independent variables). The most significant relationship is found between
supervision of management (.624) and overall job satisfaction followed by working
environment (0.462), job security (.397) compensation and benefits (0.356).

Table 6: Correlations Analysis

Variables OS JP SOM CAB WE JS TAD
OS 1
JP .315** 1
SOM .624** 0.040 1
CAB .356** .544** .295** 1
WE .462** 0.042 .503** .218** 1
JS .397** -0.017 .331** 0.046 .617** 1
TAD .253** -.268** .288** -0.140 .371** .304** 1
Note: ** = Correlation is significant at the 0.01 level (2-tailed).

4.5 Linear Regression

From table 7, it is seen; there is a significant correlation between independent variables and
dependent variables. At 5% level of significance, the correlation is 73.3%. The R 2 in the
regression model explains the ability of job-related factors to determine bank employees’ job
satisfaction. The value of R2 is 53.7% of the bank employees’ job satisfaction can be explained
by these studied job-related factors and the remaining 46.3% is determined by other variables.
F tests confirm this outcome. ANOVA informs us if the regression equation is statistically
significant in explaining the dependent variable's variability from the independent factors. The
F value of 29.53 exceeds the table value of 1.945. Thus, H0A is rejected and job-related factors
affect bank employee job satisfaction. The research model is validated by the ANOVA test.

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Table 7: Regression Model Summary

Model Summaryb
Model R R Adjusted R Square Std. Error of the Estimate Durbin-
Square Watson
1 .733a 0.537 0.518 0.42603 1.604
a. Predictors: (Constant), TAD, CAB, JS, SOM, JP, WE
b. Dependent Variable: OS
ANOVAa
Model Sum of Squares df Mean Square F Sig.
Regression 32.159 6 5.36 29.53 .000b
1 Residual 27.77 153 0.182
Total 59.929 159
a Dependent Variable: OS
b Predictors: (Constant), TAD, CAB, JS, SOM, JP, WE

Table 8 we can see that overall satisfaction has a positive and significant relationship with SOM,
JP, JS, and TAD. Those are also positively connected with 5% level of significance. The CAB and
WE is also positively related to OS without any significance level. As a result, we may infer that
the model adequately describes how the variables chosen to explain bank workers' levels of
job satisfaction interact with one another.

Table 8: Multiple Regression Research variables

Coefficientsa
Unstandardized Coefficients Standardized
Model Coefficients t Sig. Rank
B Std. Error Beta
(Constant) 0.589 0.407 1.446 0.150
JP 0.192 0.042 0.307 4.534 0.000 2
SOM 0.378 0.052 0.481 7.200 0.000 1
1 CAB 0.029 0.041 0.050 0.714 0.477
WE 0.029 0.062 0.037 0.465 0.643
JS 0.164 0.066 0.176 2.494 0.014 3
TAD 0.119 0.055 0.137 2.151 0.033 4
Multiple R=.733a ,R Square=0.537
Durbin-Watson: 1.604
ANOVA Result: (F-Test=29.53, which is significant at 1% Level)

4.6 Summary of Hypothesis Analysis

Table 9, Through the use of coefficient analysis, we can see how each independent variable is
connected to the dependent. Some data points have statistical significance, thus it seems
reasonable to assume that these variables do, in fact, have an effect on workers' happiness on
the job. The following table displays results based on the t-value and level of significance:

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Table 9: Hypothesis Discussion

Hypothesis Result Decision
H1: There prevails a According to table 8, R square result 0.537 means 53.7%. Durbin -Watson value is
positive association 1.604 which indicate positive correlation. Supervision of management, 1% level Accepted
between OS and SOM of significance with overall satisfaction.
The hypothesis testing shows significant positive result.
H2: There prevails a According to table 8, R square result 0.537 means 53.7%. Durbin -Watson value is
negative association 1.604 which indicate positive correlation. Job Pressure, 1% level of significance Rejected
between OS and JP with overall satisfaction.
The hypothesis testing shows significant but positive result.

H3: There prevails a According to table 8, R square result 0.537 means 53.7%. Durbin -Watson value is
positive association 1.604 which indicate positive correlation. Job security, 5% level of significance Accepted
between JS and OS with overall satisfaction.
The hypothesis testing shows significant positive result.

H4: There prevails a According to table 8, R square result 0.537 means 53.7%. Durbin -Watson value is
positive association 1.604 which indicate positive correlation. Training and Development, 5% level of Accepted
between TAD and OS. significance with overall satisfaction.
The hypothesis testing shows significant positive result.

H5: There prevails a According to table 8, R square result 0.537 means 53.7%. Durbin -Watson value is
positive association 1.604 which indicate positive correlation. Compensation and Benefits, 10% Rejected
between CAB and OS. insignificance with overall satisfaction.
The hypothesis testing shows insignificant positive result.

H6: There prevails a According to table 8, R square result 0.537 means 53.7%. Durbin -Watson value is
positive association 1.604 which indicate positive correlation. Working Environment 10% Rejected
between WE and OS. insignificance with overall satisfaction.
The hypothesis testing shows insignificant positive result.

5. Findings and Suggestions

5.1 Summary of findings
From the descriptive statistics results, it appears that Supervision of Management, Training
and Development, and Job Security have the greatest average value. Compensation and Benefits
have the lowest average value. The regression analysis regarding the dependent variable (OS)
shows that Supervision of Management, Job Security, training, and Development have a
significant and positive relationship, whereas Compensation and benefits, Job pressure and
working environment have a positive insignificant relationship with bank employee
satisfaction. The correlation of 1% level of significance among dependent and independent
variables displays that job pressure, Supervision of Management, Compensation and Benefits,
Working Environment, Job Security, training, and Development have a positive relationship
with Overall satisfaction. Compensation and Benefits have a positive relationship with OS, JP,
and SOM. That means Compensation and Benefits have a positive impact on employee
satisfaction. From the PCA method, we get that the value of Cronbach's Alpha is greater than
0.7, so those data are reliable for correlation and regression. We find that the value of factor
loading is greater than 0.50; thus, all the factors are significant.

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5.2 Suggestions
The findings show that a clean and organized workplace is valued by all employees. However,
the prosperity of his or her nest egg depends on their mutually advantageous partnership.
Therefore, the bank's policies should be changed so that all workers have the same
opportunities for advancement. Studies show that when working conditions are favorable,
workers are better able to focus on their work. Build trust between employees and upper
management. Job satisfaction surveys conducted once a year by HR departments and
management are insufficient. They need to be included into the routines of the business. Having
positive relationships with coworkers is essential to success in the workplace. Building strong
bonds with coworkers has been shown to have positive effects on morale, output, dedication,
and enjoyment of work. The responsibility for an enjoyable work environment should be
shared between the employer and the worker. Line managers can serve as a conduit between
lower-level employees and upper management if they receive regular training and are included
in strategic meetings and activities. Benefits and Wages: Salary is the single most important
factor in determining job happiness. It should be enough to maintain a comfortable lifestyle for
the workers. The authority needs to think about whether or not the compensation and perks
are competitive with other financial organizations. Creating a Fantastic Office Environment
Through the use of Slides Today's successful companies understand the importance of making
their workers happier in the workplace. The office's physical layout has a significant impact on
morale and productivity. The happiness of your employees can be increased by fostering a
more adaptable workplace. The administration needs to make alternative org charts and
succession plans that promote workplace diversity, employee satisfaction, and productivity.
One of the best things about working for a bank has always been the job security it provides,
but banks could do more to reassure their employees by informing them of exceptional annuity,
tip, retirement, and other benefits plans. Invest more time and energy into learning and growth.
Effective skill training has the potential to increase worker morale and job satisfaction, both of
which benefit the business.

6. Conclusion, Policy Implication and Future Work

6.1 Conclusion
The success of any company depends on happy workers. Employee satisfaction is directly
connected with retention rates. As a result, it is in the best interest of any business to foster a
positive work environment for their employees. Moreover, a mountain of data shows that
happy employees are more dedicated to their jobs and the satisfaction of their customers. It is
obvious that while bank officials are contemplating how to manage the bank, they also need to
consider how to lead the team that operates it. Having a clear direction for the group is one of
the leadership qualities directly associated with employee satisfaction. Establishing favorable
working conditions or environments, honoring accomplishments within organizations,
acknowledging employee efforts, involving and boosting employee engagement, growing
employees' abilities, and assessing and measuring job satisfaction are all important. The
aforementioned elements will raise the level of employee job satisfaction. The main and most
crucial component in determining contentment is pay. It ought to be high enough to keep up
the employees' standard of living. The main causes of job unhappiness were shown to be long
work hours and the compensation structure. In addition, they disliked the hours they had to
labor. Researchers discovered that bank employees are content with their job security because
they feel protected and secure enough to carry out their responsibilities related to their work
environment. The Bank's administrative structure, especially the management, is well liked by
the staff. It is thought that happy employees produce better work and improve the performance
of the business. The bank's management should ensure that the compensation and benefits
package is competitive with other financial organizations. If you take care of your workers, they

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will take care of your customers. Staff morale directly correlates to the quality of service
provided to external consumers. Repeat business from satisfied customers is guaranteed.

6.2 Policy Implication

This report's findings will be useful both practically and conceptually. This analysis, which
offers a fresh perspective on bank employees' happiness, will have a big impact on
Bangladesh's banking sector. The outcome of this report will be extremely beneficial for the
banking sector. This means that rather than competitors, the findings of this analysis assist the
authority in taking action to improve performance and obtain a durable competitive edge.

6.3 Future work

The report's limitations open up a new line of inquiry. Only banks branch employees were used
to gather the data for this research. Participants who correctly grasp the bank and are aware
of the rights of the employee will be able to collect data more effectively. By introducing other
variables, this time period will soon be enriched. To compare the different financial and non-
financial sectors, additional research can be done while taking them into account. Employee
satisfaction can be measured in more depth and specificity in future investigations.

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Cite this article:

Humaira Begum, Mouri Mehtaj, Md. Asaduzzaman Babu, and Mst. Shamima Khatun
(2023). Determinants of Employee Job Satisfaction: An Empirical Analysis of the Banking
Sector in Bangladesh. International Journal of Science and Business, 25(1), 229-244. doi:
https://doi.org/10.58970/IJSB.2197

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