The effect of reward on employee job satisfaction in lion international bank

Abstract

The research was undertaken to examine the effects of intrinsic and extrinsic rewards on employee job satisfaction at Lion International Bank. An explanatory research design with survey method and mixed approach is applied in this study. Using stratified random sampling technique 234 participants (employees) of the target bank-LIB were selected from the total population of 1,232 and Minnesota Satisfaction Questionnaire (MSQ) was distributed to selected sample out of them 220(94%) were collected. Descriptive analysis, correlation and multiple regression tests were applied for data analysis. The descriptive analysis results have shown that there is a moderate satisfaction for both intrinsic and extrinsic reward and the employee overall job satisfaction is low. The correlation results show that there is a positive, strong and significant relationship between rewards (intrinsic and extrinsic) and employees’ job satisfaction. The multiple regressions also indicated that reward has significant effect on employee job satisfaction of the bank. Based on the results of the study it was concluded that the bank`s employee were working in a state of dissatisfaction. Finally this study recommended that the bank should alter its current status of reward system and evaluate the atmosphere of overall job satisfaction.