A Comparative Study on the Impact of Reward System on Job satisfaction in the Public and Private Banks in Vavuniya District
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Date
2010
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Uva Wellassa University of Sri Lanka
Abstract
The Vavuniya District population has been rapidly increased after the civil crisis in north and east of Sri Lanka and one of the industries that develops and widely spreads simultaneously is the banking sector. Among the activities escalating very fast can be specified as mobile banking activities, banking operation, deposit rates and loan facilities are. Due to increase of operations, the employee work load also increased day by day. The government banks and private banks are giving special rewards to satisfy their employees to get maximum productivity. However, public and private banks offer different types of rewards to satisfy their employees. Literature reveals that most of the reward systems are based on the assumptions of attracting, retaining and motivating people. Primary data were collected from a randomly selected sample of 32 private bank assistants and 28 public bank assistants using a structured questionnaire through direct interviews. The Data were analyzed using both descriptive and inferential statistics to identify the relationship between reward systems and job satisfaction. The study concludes that there is a strong positive relationship between reward systems and employee job satisfaction in both public and private banks. However, the results elicits that the relationship of rewards to private bank employees with job satisfaction is higher when compared to the relationship of the rewards and job satisfaction of the public banks.
Key words: Rewards system, Job satisfaction
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Keywords
Banking, Financial Management, Human Resource Management, Job Satisfaction