AN ASSESSMENT OF COMPENSATION AND BENEFIT PACKAGE PRACTICES OF ENAT BANK S.C: THE CASE OF CITY BRANCHES

Abstract

This research paper focuses on assessing the compensation & benefit package practices of Enat Bank S.C. In order to achieve its purpose, the researcher used a descriptive research design to obtain rich data & to have a systematic collection & presentation of data. The study adopted both quantitative & qualitative research approaches. Quantitative approach was used since it enabled the researcher to analyze numerical data that were gathered from the responses of the questionnaire & qualitative approach was used to interpret the data that were collected from interview & open-ended questions of the questionnaire. In addition, document analysis technique was also used to strengthen & support the research and also to illustrate the gap with regards to the Bank’s policy and its compensation and benefit package practice. Out of the total population of 470, the study selected a sample of 150 respondents through proportionate Stratified Sampling Technique since this technique would give each stratum to have an equal chance of being selected. Relevant data were collected from employees of the bank through distribution of survey questionnaire & interview was also conducted with the HR Manager of the Department. The collected data were analyzed using frequency, means and percentage method by means of (SPSS) version 22.The major findings of the research revealed employees’ dissatisfaction with the existing compensation & benefit package practices of the company. Among the many ones, inadequate compensation & benefits provision, poor reward & compensation administration system, lack of job promotion opportunity, absence of management-employee discussion towards compensation planning, moderate level of staff turnover rate due to insufficient and undesirable benefit provision, and in equitable payment of salary & benefits as compared to other banks that are performing in the industry were the major causes of employees’ dissatisfaction. Thus, it was recommended that the Bank revises its compensation and benefit package system by critically investigating those compensations and benefit packages that need fundamental improvement so as to meet its employees’ expectations & satisfaction.