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Factors Affecting the Job Satisfaction of the Employees in the Private

Commercial Banks of Bangladesh

Article  in  Journal of Management Research · September 2020

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 Journal of Management Research
Vol 6, Issue 1, Journal of Management Research, ISSN, 2663-1040, Jan-June 2020

Factors Affecting the Job Satisfaction of the Employees in the

Private Commercial Banks of Bangladesh

Authors: Omar Faroque1, Shameema Ferdausy2 and Md. Sahidur Rahman3

Abstract
This paper aims to determine the factors affecting the job satisfaction of the employees working
in the private commercial banks (PCBs) of Bangladesh. The Minnesota Satisfaction
Questionnaire has been used to obtain the data from 590 employees working at the mid-level,
junior-level, and entry-level in the thirty PCBs of Bangladesh. Convenience sampling technique
has been used to select the PCBs and the respondents. Chi-square test and binary logistic
regression analysis have been utilized as statistical tools in this study. The results of the study
show that nature of the bank, age, marital status, education, length of the service, and number of
bonuses of the employees have significant impact on job satisfaction and thus, for these variables
null hypotheses are accepted. The results also found that sex, salary, level of present service, and
area of service have statistically no influence on job satisfaction and thus, alternative hypotheses
are accepted for these variables. Due to rapid development and competition in the PCBs, some
measures should be taken to reduce long working hours and tight leave policy to foster job
satisfaction. Implications, limitations, and future directions are also discussed in the study.
Keywords: Job satisfaction, private commercial banks, demographic variables, socio economic
variables, and Bangladesh.

1. Introduction
In today’s business environment, creating a constructive environment is becoming increasingly
essential for organizational expansion and performance (Ali, Lei, & Wei, 2018). Employees are
treated as a strategic element of the organization for the acquisition of competitive advantage
(Huselid, 2003). A favorable employee relation establishes a sound environment, which
encourages high employee participation and an employee-oriented culture (Ali et al., 2018). At
present service sector is characterized by competition, change, quality, creativity, technology
(Eldor & Harpaz, 2016) and workforce diversity (Gahlawat, Phogat, & Kundu, 2019) across the
world. Thus, the demands for competitive employees are more than ever (Eldor & Harpaz,
2016). High demand for competent employees has changed the organizational relationship (Islam
& Tariq, 2018) and employees are motivated to cooperate and perform diligently and
responsively (Islam, Khan, Khawaja, & Ahmad, 2017). Consequently, concern for job
satisfaction is increasing (Islam, Ahmed, & Ali, 2019).

1
Assistant Professor, Department of Management Studies, Bangabandhu Sheikh Mujibur Rahman Science &
Technology University, Gopalganj 8100, Bangladesh, E-mail: [email protected]
2
Professor, Department of Management, University of Chittagong, Chattogram 4331, Bangladesh.
3
Professor, Department of Management, University of Chittagong, Chattogram 4331, Bangladesh
Job satisfaction is a set of favorable or unfavorable feelings and emotions with which employees
view their work (Davis & Newstrom, 2014; Karan, Rahman, Biswas, 2018). It is used to measure
the intentions of employees towards their workplace (Sweeney, Hohenshil, & Fortune, 2002) and
how an employee is pleased with his or her job (Vietoria, 2010; Rahman, Karan, & Arif, 2014).
It is an individual’s cognitive, affective, and evaluative reactions towards job (Greenberg &
Baron, 1997). Job satisfaction is the important measures of employees’ experiences, orientation
and commitment (Anleu & Mack, 2014). It can be an important indicator of how employees feel
about their jobs and a predictor of work behaviors’ such as organizational citizenship (Organ &
Ryan, 1995), absenteeism (Wegge, Schmidt, Parkes, & Dick, 2007) and turnover (Saari & Judge,
2004); organizational effectiveness (Sinha, 2013). It includes appreciation, benefits, job
conditions, pay, promotion, supervision, and organization’s policies or procedures (Spector,
1997).
It is documented that satisfied employees can satisfy the customers (Hong, Choi, & Chae, 2020);
can work more hours with better competence (Sohail & Delin, 2013); feel comfortable and
contribute optimistically to organizational performance (Ali et al., 2018). Job satisfaction
increases employee job involvement and organizational commitment (Davis & Newstrom,
2014); affects the growth, performance and collaboration (Shrivastava & Purang, 2009). Job
satisfaction plays an important role in reducing negative behaviors at the workplace such as
frequent absence, lack of discipline, and high turnover (Rego & Cunha, 2008; Davis &
Newstrom, 2014). Additionally, satisfied employees are less inclined to leave jobs (Byrd,
Cochran, Silverman, & Blount 2000; Lambert & Paoline, 2010); more involvement with their
organizations (Salanova & Schaufeli, 2008); have a positive relationship with staff retention
(Sabbagha, Ledimo, & Martins, 2018); devote themselves more fully in their work, achieving
self-efficacy and a positive impact upon health and wellbeing, and prompts greater employee
support (Cleland, 2008). It is found that dissatisfaction among employees increase emotional
fatigue (Hobfoll, Halbesleben, Neveu, & Westman, 2018) and cannot deliver on time service
(Jacob, 2012).
Given the intensity of rivalry in the service industry, banks must realize how the employee
relations climate and HRM practices influence organizational performance (Ali et al, 2018). The
factors related to job satisfaction of the bank employees is the key in formulating and
implementing future policies and strategies in the organizations (Bader, Hashim, & Zaharim,
2013). High satisfaction will lead to higher productivity, higher participation, and less possibility
of turnover (Sowmya & Panchanatham, 2011); job worthy (Jaiswal, 2019) and employees’
loyalty (De Gieter & Hofmans, 2015). Banks are the most pivotal industry for economic
development of a country (Akram, Hashim, & Akram, 2015). It is gradually more expanding and
diversifying beyond the boundaries of traditional banking (Singh & Kaur, 2009). In service
sector, banks are the most important sector which has higher contributions in the economic
development of Bangladesh (Rahman, Gupta, & Hug, 2012) and considered as profit maximizing
entities (Secchi, 2011). Day by day its contribution is increasing in the economic growth,
employment generation, and foreign exchange. Hence, the present study aims to set out to
investigate for the following research questions. Are there any relationship between demographic
variables and job satisfaction of the employees working in the private commercial banks of
Bangladesh?, Are there any relationship between socio-economic variables and job satisfaction
of the employees working in the private commercial banks of Bangladesh?

18
2. Literature Review
Job satisfaction has been a significant and stimulating topic for scholars and practitioners of
management and psychology for a few decades (Yang & Wang, 2013). It is the most
comprehensively area conducts in organizational behavior research (Bailey, 2009). It is an
interdisciplinary endeavor in psychology (Argyle, 1989), sociology (Kalleberg & Loscocco,
1983; Hodson, 1985), economics (Freeman, 1978; Hamermesh, 2001), management (Burgard &
Gorlitz, 2014), and public administration (Wright & Kim, 2004; Jung, Jae Moon, & Hahm, 2007)
over the last five decades. Satisfaction is a form of work-related influence that is likely to be
based on cognitive assessment and concerns different facets of one’s work and one’s affective
response towards the job as a whole (Pepe, Addimando, Dagdukee, & Veronese, 2019). The
word ‘job satisfaction’ has defined in numerous ways by different researchers and scholars under
the management perspective, however, the simplest form of definitions are as follows: a
collection of feelings that an individual holds toward his or her job (Robbins & Judge, 2019); a
pleasurable or positive emotional state resulting from the appraisal of one’s job (Locke, 1976);
cognitive and affective reactions to the differential perceptions of what an employee wants to
receive compared to what he or she actually receives (Weiss, 2002). Job satisfaction is the
combination of positive or negative feelings of employees about their work (Brikend, 2011) and
the extent to which people like their jobs (Ellickson & Logsdon, 2002). Job satisfaction is
psychological feelings about the jobs (Paposa & Kumar, 2019).
Many research studies have been conducted concerning the job satisfaction of the employees in
the banks. Islam and Saha (2001) found that salary, efficiency, fringe supervision and co-worker
relation were the most important factors contributing to job satisfaction. Job satisfaction of
private bank officers was higher than public sector. Tenure was the second most important factor
affecting job satisfaction. Sex and age reflected relatively a lower level of impact on job
satisfaction. Crossman and Abou-Zaki (2003) have been shown that female employees were less
satisfied with all facets except pay; lower educated employees were least satisfied and self-
reported job performance was found to increase with tenure. Rahman et al. (2006) revealed that
payment, healthy relationship with colleagues, sense of accomplishment, adequate information
available to do task, ability to implement new ideas are the most important to enhance the level
of job satisfaction. Awamleh and Fernandes (2007) disclosed that core job dimensions had not
shown any impact on job satisfaction but had significant impact on employee performance.
Kaya, Koc, and Topeu (2010) unearthed that the positive impact of HRM activities,
organizational climate in particular makes a significant contribution to job satisfaction. Faroque,
Islam, Rashid, and Murtaza (2014a) shown that age, tenure, ability, emotions, values, attitudes
and personality have strongly significant impacts on job satisfaction. Antonaki and Trivellas
(2014) concluded that the mediating role of job satisfaction on association between specific PCB
aspects and organizational commitment, elevating the importance of their role in the
organizational context of the banking sector. George and Zakkariya (2015) revealed the
importance of increasing job satisfaction and trimming down job-related stress in organizations
and that job-related stress and job satisfaction experienced by employees of different sectors of
banks differ on the basis of sector and concluded that even in the same sector there can be a
variation in job stress and job satisfaction of employees. Saner and Eyupoglu (2015) uncovered
that bank employees were moderately satisfied with their jobs. Akram et al. (2015) showed that
distributive justice has positive and significant impact on job satisfaction; procedural justice has
significant negative relationship with job satisfaction.
Ali et al. (2018) have shown that strategic HRM has a significant positive relationship with
operational performance and the employee relations climate mediated the relationship between

19
SHRM and organizational performance. Idris, See, and Coughlan (2018) investigated the
relationship between employee empowerment and job satisfaction. Findings revealed a strong
positive association between employee empowerment and job satisfaction. Puni, Mohammed,
and Asamoah (2018) uncovered that there were positive association between transformational
leadership and job satisfaction. Bastida, Marimon, and Carreras (2018) uncovered that HRM
practices had effect on employee job satisfaction.
Faroque, Rahman, and Rahman (2019) concluded that marital status, education, weekly holiday,
casual leaves, sick leaves, earned leaves, festival holidays and parental leaves are strongly
associated with job satisfaction. Perugini and Viadisavijevic (2019) have shown the general and
strong evidence of an association disclosure to more gender equal settings in the early stages of
life and lesser gender gaps in job satisfaction. Hsiao, Ma (Jintao), Lloyd, and Reid (2019)
disclosed that gender moderated the association between perceived diversity and job satisfaction,
affective commitment and the correlation between job satisfaction and quit intention. Cavanagh,
Kraiger, and Henry (2019) shown that autonomy became increasingly important to job
satisfaction as workers age. Mensah (2019) observed that there exists a significant positive
relationship between socio cultural values and job satisfaction. Qing, Asif, Hussain, and Jameel
(2019) unearthed that there was a positive correlation between ethical leadership and affective
commitment and job satisfaction. An, Meier, Ladenburg and Westergard-Nielsen (2019) found
that both transformational leadership and transactional leadership enhanced the job satisfaction.
Recently, Khan, Anjam, Faiz, Khan, and Khan (2020) uncovered that transformational leadership
style significantly influence the employees’ job satisfaction. Iqbal, Khan, and Ahmed (2020)
examined the association between perceived organizational politics and alternative job offering
higher pay with turnover of the employees of Bank Alfalah in Karachi, Pakistan. It is observed
that organizational politics is a stronger aspect to change turnover intention into decision.
Bhardwaj, Mishra, and Jain (2020) disclosed that the most of the banking employees are satisfied
with working culture. Cherif (2020) discovered the positive association between the HRM and
job satisfaction. Therefore, it is evident from the above literature that over the last few decades a
remarkable change has been occurred in banking sectors and consequently changes employee job
satisfaction.
The private commercial banks (PCBs) are the highest growth sector in Bangladesh. At present,
banking system is composed of one central bank, six state-owned commercial banks, three
specialized development banks, forty-one private commercial banks, nine foreign commercial
banks and five non-scheduled banks (Bangladesh Bank, 2018). In a bank, employees are
fundamental to delivering a high-quality service and shaping customer perceptions (Bravo,
Matute, & Pina, 2016). Thus, it is urgent to identify the factors which are interrelated with job
satisfaction in the private commercial bank employees of Bangladesh. Therefore, it is an
important area of research to discover the relationship between demographic variables and job
satisfaction as well as socio-economic variables and job satisfaction. However, there is an
understandable gap in research in this arena. Based on the available literature regarding the
relationship between demographic variables and job satisfaction as well as socio-economic
variables and job satisfaction of the employees in the selected PCBs of Bangladesh, we consider
the following hypotheses for the study:
Ho1: There is a relationship between demographic variables and job satisfaction of employees
working in the selected PCBs of Bangladesh.
H02: There is a relationship between socio-economic variables and job satisfaction of employees
working in the selected PCBs of Bangladesh.
Figure 1 exhibits the simple research model of the present study.

20
 Demographic
Variables
Job Satisfaction
Socio economic
Variables
Fig.1. Research Model

3. Research Methods
This study involves 590 employees working in the selected PCBs of Bangladesh. Data on chosen
variables and job satisfaction have been collected through the Minnesota Satisfaction
Questionnaire (Weiss Dawis, England, & Lofquist, 1967) from the employees of mid level,
junior and entry level in the thirty PCBs (twenty-five conventional commercial banks and five
Islamic commercial banks) of Bangladesh. The respondents were selected through the
convenience sampling technique (Field, 2009). To accomplish the objective frequency
distribution, chi-square test, binary logistic regression, correct classification rate (CCR), and
cross validity prediction power (CVPP) have been used in this study as statistical tools (Stevens,
1996). Initially, frequency distribution has been used to describe the demographic and socio-
economic variables, and the job satisfaction of the respondents. Finally, chi-square test and
binary logistic regression have been employed to estimate the existing relationships among the
variables. The correct classification rate (CCR) has been used to measure the fitness of the model
and cross validity prediction power (CVPP) has been used to measure the model validation and
stability of the model. The proposed hypotheses are tested by chi-square test. In this study,
demographic variables include sex, age, and marital status while socio-economic variables
include nature of the bank, education, salary, length of service, level of present service, area of
service, and number of bonus. These variables are considered as independent variables and job
satisfaction (Y) is considered as dependent variable. In logistic regression model, job satisfaction
is considered as the dependent variable (Y). The analyses of the data have been made using the
statistical software SPSS-16.0 version. To check how much the model is stable over the
population, the cross-validity prediction power (CVPP), p2cv is applied. Here
(n  1)( n  2)( n  1)
 cv
2
1  (1  R 2 )
n (n  k  1)( n  k  2)
Where, n is the number of cases, k is the number of predictors in the model and the cross
validated R is the correlation between observed and predicted values of the dependent variable
(Stevens, 1996). The shrinkage coefficient of the model is the positive value of (p2cv – R2);
where p2cv is CVPP and R2 is the coefficient of determination of the model. 1- Shrinkage is the
stability of R2 of the model. The CVPP was also employed as model validation (Islam, Ali, &
Islam, 2013; Faroque et al., 2014a; Faroque, Murtaza, & Mollah, 2014b; Faroque et al., 2019).
4. Results and Discussions
In this study, the mean age of the respondents is 31.55 year; it is between 31 and 32 years. The
modal age of the respondents is 32 years and the minimum and maximum age is 24 and 61 years
respectively. Statistically it is shown that the median age of the respondents is 31 years. With
respect to salary, the mean salary of the respondents, recorded in BDT, is found to Tk.34,802.00
($435). The modal and median salary of the respondent is Tk.30,000.00 ($377) and Tk.32,000.00
($402) respectively. The study discloses that the minimum and maximum salary of the

21
respondents is Tk. 18,000.00 ($227) and Tk.1,25,000.00 ($1565) per month respectively in the
studied PCBs of Bangladesh. Additionally, the study shows the mean length of the service is
4.67 years; it is in between 4 and 5 years. The modal length of the service of the respondents is 2
years and the median length of service is 3 years. As most of the respondents of this study is
from the entry and junior level; the modal length and median length of service is showing
minimum value. The minimum and maximum length of the service of the respondents is 1 year
and 28 years respectively in the studied PCBs of Bangladesh. The simple statistics of this study
is shown in Table 1.

Table 1: Simple statistics of the respondents of the selected PCBs of Bangladesh (N = 590)
Variables Mean Median Mode Skewness Kurtosis Minimum Maximum
Age (Years) 31.55 31 32 1.616 4.289 24 61
Salary (Tk.) 34802 32000 30000 1.949 5.091 18000 125000
Length (Years) 4.67 3 2 2.302 7.456 1 28
Source: Authors’ own calculation, 2020

4.1. Descriptive statistics

The results of descriptive statistics have been demonstrated in Table 2 where the frequency
distribution with percentage of the selected demographic and socio-economic variable is shown.
In Table 2, it is observed that there are 18.65% respondents from Islamic commercial banks and
81.35% respondents from conventional commercial banks. There are 84.57% respondents are
male whereas only 15.43% respondents are female. There are 47.80% respondents whose age
below 30 years and on the other hand whose age 30 years and more is 52.20%. In total
respondents, maximum is married and that is 71.17% while only 28.83% are single. Among the
respondents, there are only 35.76% respondents having MBA, MPhil, and PhD degrees and most
of the respondents have Bachelor and Master Degrees and it is 64.24%. In this study, 68.47%
respondents’ salary is below Tk. 35,000.0 and salary Tk. 35,000.00 and above is 31.53%. There
are 71.55% respondents whose length of present service is below 5 years. On the other hand,
29.45% respondents’ length of present service is 5 years and above. Observably, most of the
respondents’ yearly number of bonus is below 5 and it is 84.75%. On the other hand, only
15.25% respondents’ bonus is 5 and above in a year in the studied PCBs. Working level of the
respondents is in entry and junior level is 78.14% among the total number of respondents. On the
contrary, there are only 21.86% respondents whose level of present service is mid level. Lastly,
most of the respondents of this study are providing service in the branch and it is 84.92%. On the
other hand, there are only 15.08% respondents whose area of service is in the corporate branch.
Finally, according to responses the level of job satisfaction is 87.80% while the level of
dissatisfaction is only 12.20% in the selected PCBs of Bangladesh.

22
 Table 2: Frequency distribution of job satisfaction and different variables of the employees in the PCBs
of Bangladesh (N=590)
Variables Frequency Percentage Cumulative %
Nature of the Bank
Islamic 110 18.65 18.65
Conventional 480 81.35 100
Sex
Male 499 84.57 84.57
Female 91 15.43 100
Age
Below 30 years 282 47.80 47.80
30 years and above 308 53.20 100
Marital status
Married 421 71.35 71.35
Unmarried 169 28.65 100
Education
Below Master 379 64.24 64.24
MBA and others 211 35.76 100
Salary
Below Tk. 35000 404 68.47 68.47
Tk. 35000 and above 186 31.53 100
Length of the service
Below 5 years 422 71.53 71.53
5 years and above 168 29.47 100
Number of bonus
Below 5 500 84.75 84.75
5 and above 90 15.25 100
Level of present service
Mid level 129 21.86 21.86
Entry and Junior level 461 79.14 100
Area of Service
Corporate branch 89 15 15.08
Branch 501 85 84.92
Job Satisfaction
Yes 518 87.80 87.80
No 72 12.20 12.20
Source: Authors’ own calculation, 2020

4.2. Effects of some selected variables on job satisfaction of the employees in the selected
PCBs of Bangladesh
The results of Chi-square test are demonstrated in Table 3 where it is found that nature of bank is
the important factor which has the strong significant impact on job satisfaction. It is the fourth
strongest influential factor which affects job satisfaction and accordingly, null hypothesis is
accepted. It is also observed statistically sex has no affect on job satisfaction of the employees in
selected PCBs of Bangladesh and thus, alternative hypothesis is accepted. Other studies also
revealed that sex has no significant impact on job satisfaction (Sohail & Delin, 2013; Campbell,
2011; Ali & Akhter, 2009). But some good number of studies uncovered that sex is significant
on job satisfaction (Sageer, Rafat, & Agawal, 2012; Hunjra, Chani, Aslam, Azam, & Rehman,
2010). In this study, the first strongest influential factor is employees’ age which affects job

23
satisfaction. It is statistically strongly significant with job satisfaction and so, null hypothesis is
accepted. It is commonly said that age has a strong significant impact on job satisfaction
(Faroque et al., 2014a; Khan, Ramzan, & Butt, 2013) while no significant impact of age on job
satisfaction is disclosed by an author (Eyupoglu, & Saner, 2009).
Marital status has also significant impact on job satisfaction in the selected PCBs of Bangladesh.
It is the third strongest influential factor which affects job satisfaction. Thus, null hypothesis is
accepted in this case. Similarly, marital status has also significant impact on job satisfaction
(Bader et al., 2013; Campbell, 2011). Other researchers have claimed that marital status has no
significant impact on job satisfaction (Li, Roessler, Rumrill Jr., & Ahmed, 2016; Sohail, &
Delin, 2013; Yami, Hamza, Hassen, Jira, & Sudhakar, 2011; Bilgic, 1998). Likewise, education
has significant impact on job satisfaction of the employees in the chosen PCBs of Bangladesh. It
is the fifth influential factor which affects the job satisfaction. So, null hypothesis is accepted and
alternative hypothesis is rejected. Some other studies also found the significant relationship
between education and job satisfaction (Bader et al., 2013; Ghafoor, 2012; Sageer et al., 2012;
Campbell, 2011). But in other settings, it is uncovered that education has insignificant impact on
overall job satisfaction (Sohail & Delin, 2013; Eyupoglu & Saner, 2009). Arash, Daskin, and
Saydam (2014) found that higher educated employees are less satisfied within organizations.

Table 3: Results of association between different variables and job satisfaction among employees in the
PCBs of Bangladesh
Variables Satisfaction Total x2cal and
Yes No p Value
Nature of the Bank
Islamic 104 6 110 5.748
Conventional 414 66 480 0.009
Total 518 72 590
Sex
Male 441 58 499 1.016
Female 77 14 91 0.199
Total 518 72 590
Age
Below 30 years 235 47 282 10.044
30 years and above 283 25 308 0.001
Total 518 72 590
Marital status
Married 379 42 421 6.804
Unmarried 139 30 169 0.008
Total 518 72 590
Education
Below Master 341 38 379 4.688
MBA and others 177 34 211 0.022
Total 518 72 590
Salary
Below Tk. 35000 351 53 404 1.002
Tk. 35000 and above 167 19 186 0.194
Total 518 72 590
Length of the service
Below 5 years 361 61 422 7.013

24
5 years and above 157 11 168 0.004
Total 518 72 590
Number of bonus
Below 5 434 66 500 3.039
5 and above 84 6 90 0.052
Total 518 72 590
Level of present service
Mid level 114 15 129
Entry and Junior level 404 57 461
Total 518 72 590
Area of Service
Corporate branch 76 13 89 0.565
Branch 442 59 501 0.275
Total 518 72 590
Source: Authors’ own calculation, 2020

In the same way, length of service has the strong significant impact on job satisfaction of the
employees. It is the second influential factor which affects the job satisfaction and thus, null
hypothesis is accepted. Other studies found the significant relationship between length of service
and job satisfaction (Arash, Daskin, & Saydam, 2014; Bader et al., 2013; Ghafoor, 2012; Kamal
& Sengupta, 2008). But it was insignificant in a study (Eyupoglu & Saner, 2009). In this study, it
is also revealed that statistically salary is insignificant with job satisfaction. So, salary has no
statistical impact on job satisfaction and alternative hypothesis is accepted. It is similar with
other study (Mondal, Faroque, Rahman, & Hossain, 2012). But in the previous study salary is
significant (Ghafoor, 2012). The results of the current study show that number of bonus has also
significant impact on job satisfaction in the selected PCBs of Bangladesh. It is the sixth
influential factor which affects job satisfaction and, in this case, null hypothesis is accepted.
Lastly, level of present service and area of service are statistically insignificant in this study.
These variables have no statistical affect on job satisfaction. So, alternative hypotheses are
accepted for these variables.

4.3. Factors affecting job satisfaction in the selected PCBs of Bangladesh

The results of binary logistic regression analysis have been depicted in Table 4 which contains
the estimate of binary logistic regression coefficient (β), standard error of estimates {S.E.(β)}, p
value and odds ratio with 95% confidence interval (C.I.) that are calculated for each of the
categorical variable. It is found from the Table 4 that -2Log likelihood is 417.212, Cox and Snell
R square is 0.493, Nagelkerke R square is 0.657. It implies that there are 49.3% (according to the
value of Cox and Snell R square) and 65.7% (according to the value of Nagelkerke R square)
variation of the affect on job satisfaction by the selected demographic and socio-economic
variables. It is shown that the employees of conventional banks are more satisfied than Islamic
banks. The results also disclosed that female employees are more satisfied than male employees
in the studied PCBs of Bangladesh. Some previous studies also revealed that female employees
are more satisfied than male (Sageer et al., 2012; Yami et al., 2011; Clark, 1997; Clark, Oswald,
& Warr, 1996). But a good number of authors disclosed that the male employees have higher job
satisfaction than female (Khan et al., 2013; Mondal et al., 2012; Ghafoor, 2012; Hunjra et al.,
2010).

25
The respondents’ age has been appeared as an important strongly significant factor affecting the
job satisfaction. The regression coefficient for the respondents’ age 30 years and above is
-0.830 and the corresponding odd ratio is 0.436 with 95% C.I. [0.231, 0.843]. The result depicts
that the likelihood of affecting job satisfaction is 0.436 times less for the respondents’ age 30
years and above compared to the respondents’ age below 30 years. A good number of studies
have also found an inverse relationship between age and job satisfaction (Jacob, 2012; Mondal et
al., 2012; Sageer et al., 2012; Kamal, & Sengupta, 2008). But others studies found the positive
relationship between age and job satisfaction (Yami et al., 2011; Rose, 2005). Interestingly, the
result disclosed that married employees are more satisfied that unmarried. But other studies
exhibited that unmarried employees are more satisfied than married (Yami et al., 2011; Sousa-
Poza, & Sousa-Poza, 2007). The result also showed that the employees who have MBA and
other degrees are more satisfied. Some studies also have shown that higher educated employees
have higher level of job satisfaction (Sageer et al., 2012). But other studies have shown that
higher educated employees indicated low level of job satisfaction (Mondal et al., 2012; Warr,
1992). It is also found that the employees who have got higher level of salary are more satisfied
in the selected PCBs of Bangladesh.
Length of service is another important significant factor affecting the job satisfaction. The
regression coefficient for the respondent’s length of service 5 years and above is -0.940 and the
corresponding odd ratio is 0.391 with 95% C.I. [0.157, 0.972] which implies that the likelihood
of affecting job satisfaction is 0.391 times less for the respondents’ tenure 5 years and above
compared to the respondents’ tenure below 5 years. So, low length of service provider is more
satisfied than senior one and it is claimed that job satisfaction may decrease with increasing the
length of service (Mondal et al., 2012; Klassen, & Chiub, 2010). Number of bonus of the
respondents’ is also played an important role to determine job satisfaction of the employees in
the PCBs of Bangladesh. The regression coefficient for the respondents’ number of bonus 5 and
above is -0.775 and the corresponding odds ratio is 0.461 with 95% C.I. [0.186, 1.142]. The
results clear that the likelihood of affecting job satisfaction is 0.461 times less for respondents’
number of bonus 5 and above compared to the respondents’ number of bonus below 5 per year.
Level of service has strongly significant impact on job satisfaction. The regression coefficient for
the respondents’ level of service entry and junior level is -1.407 and the corresponding odd ratio
is 0.245 with 95% C.I. [0.122, 0.496]. The result indicates that the likelihood of affecting job
satisfaction is 0.245 times less for respondents’ level of service entry and junior level compared
to the respondents’ level of service of mid level. Lastly, respondents’ area of service branch also
plays an important role in affecting job satisfaction. The regression coefficient for the
respondents’ area of service branch is -0.534 and the corresponding odd ratio is 0.586 with 95%
C.I. [0.328, 1.049]. The result depicts that the likelihood of affecting job satisfaction is 0.586
times less for respondents’ area of service branch compared to the respondents’ area of service
corporate branch.

26
 Table 4: Results of Binary logistic Regression Analysis of job satisfaction by some selected factors (1=
Job Satisfaction)
Explanatory variables Coefficient S. E. of p Value Relative 95% C. I. for
s(β) Estimates Risk {EXP(β)}
{S. E. (β)} {EXP(β)} Lower Upper
Nature of the Bank
Islamic [ref.] ……… ………. ……… 1.000
Conventional 0.252 0.336 0.452 1.287 0.667 2.484
Sex
Male [ref.] ……… ……… ……… 1.000
Female 0.166 0.335 0.620 1.181 0.612 2.279
Age
Below 30 years [ref.] ………. ……… ……… 1.000
30 years and above -0.830 0.336 0.014 0.436 0.231 0.843
Marital status
Married [ref.] ……… ……… ……. 1.000
Unmarried -0.007 0.293 0.981 0.993 0.559 1.763
Education
Below Master [ref.] ……… ……… ……... 1.000
MBA and others 0.318 0.261 0.223 1.375 0.826 2.294
Salary
Below Tk. 35000 [ref.] ……… ……… …….. 1.000
Tk. 35000 and above -0.367 0.393 0.351 0.693 0.321 1.496
Length of service
Below 5 years [ref.] ……… ……… ……... 1.000
5 years and above -0.940 0.465 0.043 0.391 0.157 0.972
Number of bonus
Below 5 [ref.] ………. ……… ……… 1.000
5 and above -0.775 0.463 0.094 0.461 0.186 1.142
Level of service
Mid level [ref.] ……… ……… …….. 1.000
Entry/ Junior level -1.407 0.360 0.000 0.245 0.122 0.496
Area of service
Corporate branch [ref.] ……… ……… …….. 1.000
Branch -0.534 0.297 0.072 0.586 0.328 1.049
-2 Log likelihood = 417.212
Cox & Snell R square = 0.493
Nagelkerke R square = 0.657
Source: Authors’ own calculation, 2020

Table 5: Results of Correct Classification Rate (CCR) of Logistic Model

Observed Predicted
Job Satisfaction Job Satisfaction Percentage Correct
Yes No
Yes 517 1 99.8
No 70 2 2.8
Overall percentage 88.0
a. The cut value is 0.500
Source: Authors’ own calculation, 2020

4.4. Results of CCR

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Table 5 represents the correct classification rate (CCR) which has been used to measure the
fitness of the model. If it is used 0.500 as the threshold or cut value, 88.0 has been found as the
value of CCR. Since a model that affords better classification should be judged superior by the
goodness of fit test that indirectly assesses the classification performance of the model. It has
been concluded through classification performance that the fitted model may be used for
prediction.

4.5. Results of CVPP

The estimated CVPP and R2 of the given logistic model are 0.645 and 0.493 respectively. The
shrinkage coefficient of the model is 0.152 and the stability of R2 of the model is more than 84%.
Hence the fitted model is well due to the shrinkage coefficient. Therefore, from these statistics it
is concluded that the fit of the model is well.

5. Conclusion
In the existing free trade world, the PCBs are the main propeller of the economy. To survive with
the current rapidity of the competition, PCBs are employing modern technologies to reduce cost,
enhance efficiency, and continue competitiveness. But the most important resources of the PCBs
are its human resources. The satisfaction of the employees is, in fact, the sustenance of its
operations. Productivity, involvement, performance, efficiency, quality, loyalty, and client
satisfaction depend on the job satisfaction of the employees. The study revealed and concluded
that the employees of conventional banks are more satisfied than Islamic banks; female
employees are more satisfied than male employees. The employee whose age below 30 years
old; have MBA and other Degree; are more satisfied. In this study married employees are more
satisfied than unmarried employees. The employee whose salaries, length of service and number
of bonuses are lower, are more satisfied in the studied PCBs in Bangladesh. It is also revealed
that the employees who are working in the mid level and at the corporate branch are more
satisfied compared to other categories. Therefore, the authorities should develop strategies and
policies to increase the level of job satisfaction of the employees in the PCBs of Bangladesh.

6. Recommendation
Job satisfaction among the employees shapes the cordial, supportive, and qualitative service
environment in the PCBs of Bangladesh. The authorities of the PCBs should reduce long
working hours and lessen tight leave policies to increase job satisfaction of the employees.
Additionally, they should increase the salary and other incentives to all levels in the PCBs of
Bangladesh. It is further recommended that the PCBs should provide opportunities to employees
to develop their skills such as getting professional MBA and PGD in banking. In this connection
the PCBs can provide financial assistance to the employees to pursue advanced degrees along
with organizing various training programs for them at regular basis. Future research could focus
on: firstly, future studies may need to cover the whole banking industry rather than limiting to
only PCBs of Bangladesh. Then, generalization of the findings might be justified. Secondly, the
structural equation modeling (SEM) generates more reliable conclusion in terms of the construct
validity of the measurement used. Thirdly, to facilitate a good response rate, the questionnaire
should be designed in brief and also in mother tongue (usually Bangla) along with English.
Finally, the sample was drawn only from two regions in Bangladesh. This limits the
generalization of the findings. Therefore, the suggestion is that the future researchers should
collect data across the whole country.

28
7. Contribution of the study
In spite of having average level of job satisfaction among the employees, the PCBs are making
huge profits. Therefore, this study makes constructive implications for the practitioners including
managers in the PCBs and HR managers in general, and other stakeholders. Though the study
has some limitations, it provides important contributions to the literature and to conduct new
research. It provides experiential suggestion to illustrate the favorable correlation between
studied variables and job satisfaction in Bangladeshi banking sector. The study will be gathering
to researcher’s exertion to understand the employees job satisfaction and demographic-
socioeconomic relationship in this sector. The study contributes new guidelines in the research of
OB by opening up an opportunity on the demographic-socioeconomic variables and job
satisfaction. Moreover, there are no need to implement different management strategies for male
and females.

8. Limitations
The most important limitation was in using convenience sampling approach that might limit the
generalizability of the findings. The presence of common method variance in the measures may
have caused inflated relationships between the independent and dependent variables.
Additionally, this study only focuses on less than 50% PCBs in the banking sector of
Bangladesh. This study considers only some demographic and socio-economic variables that
influence job satisfaction while other important variables are omitted. The data were collected
only from western and southern regions of Bangladesh while other important regions were not
considered. A small number of respondents were reluctant to fill up the questionnaires carefully
and they do not understand what the researchers wanted to know about.

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