ABSTRACT
“A study on the factors that increase and decrease job satisfaction in First Bank of Nigeria Plc”. This research project was motivated by the necessity to determine those factors that increase and decrease job satisfaction in the banking sector, using First Bank that has been in existence since 1894 (119 years ago). To solve the research problem, both primary and secondary data were collected. The research instruments used in colleting the data were questionnaire and oral interview. The respondents consist of core staff, contract staff and technicians of First Bank. In carrying out the research, time, finance and the process of obtaining the needed data (organigram and staff strength) couple with other lecture academic programme a limit the study. Also, in organizing and presenting data collected frequencies table and percentage were used. Data analysis and interpretation gave birth to the following findings:
•Job satisfaction plays crucial role (improve performance, increase productivity, reduce turnover and absenteeism) in the organization.
•Pay/salary, age, sex, promotion , recognition and advancement increases job satisfaction while company policy, working condition, job security and working hour decreases it. Based on the findings, the researcher recommended that the organizations should make job satisfaction and its determining factors a watchword and set up a sub department in their human resource management department that would regulate those factors. The conclusion of the study is that job satisfaction is an attitude rather than a behavior, it is correlated with life satisfaction. Above all, the primary concern of many workers is not satisfaction but doing a job hat pays handsomely, challenging and stimulating which the organization should uphold through the adoption of job design strategy.
LIST OF TABLES
4.1.1Sex:Distribution of Respondents
4.1.2Age: Distribution of Respondents
4.1.3Status: Position (Status) in the organization
4.1.4Marital status of Respondents
4.1.5Educational Background
4.1.6Length of Service
4.1.7Level of Job Satisfaction
4.1.8Whether Workers are happy working with the company
4.1.9How often do employee resign from the organization
4.1.10Whether Organization Policy Support job satisfaction
4.1.11Whether Effort of Employees are recognized and Rewarded
4.1.12Does job satisfaction play any role in the organization
4.1.13Those factors that increase job satisfaction in the organization
4.1.14Those factors that decrease job satisfaction in First Bank
TABLE OF CONTENT
Title page
Dedication
Acknowledgement
Abstract
List of Tables
Table of contents
CHAPTER ONE
1.1Background of the Study
1.2Statement of the Problem
1.3Purpose of the Study
1.4Research Question
1.5Significance of the Study
1.6Scope of the Study
1.7Limitations of the Study
1.8Definitions of Terms
CHAPTER TWO: REVIEW OF RELATED LITERATURE
2.1Company Profile
2.2Definition of Job Satisfaction
2.2.1Method of Job Satisfaction
2.3Models of Job Satisfaction
2.4Factors that Influences Job Satisfaction
2.5Role of Job Satisfaction in First Bank
2.6Merit and Demerit of Job Satisfaction
2.7Factors that Increase Job Satisfaction in First Bank
2.8Factors that Decrease Job Satisfaction in First Bank
CHAPTER THREE: RESEARCH DESIGN AND METHODOLOGY
3.1Research Design
3.2Area of the Study
3.3Population of the Study
3.4Sample and Sampling Procedure
3.5Instrument of Data Collection
3.6Validation of the Instrument
3.7Reliability of the Instrument
3.8Method of Data Collection
3.9Method of Data Analysis
CHAPTER FOUR: DATA PRESENTATION AND ANALYSIS
4.1Presentation and Analysis of Data
4.2Summary of Finding
CHAPTER FIVE: DISCUSSION, RECOMMENDATION AND CONCLUSION
5.1Discussion of Result/Findings
5.2Conclusion
5.3Recommendations
References
Appendix I
Appendix II
INTRODUCTION
In today’s global and competitive environment, many organizations have experienced or undergone some transformation at some point in history and the banking sector was not left behind.
The recent transformation experienced by this sector of the economy is Merger and Acquisition (M&A). It is the coming together of too or more companies where one new company will continue to exist and also the taking over of the assets of one company by another. According to Breach (1983) as quoted by Egbo (2011), they are “businesses survival and growth strategies”. Thus reduces the number of banks in Nigeria to twenty-five(25) with many branches all over the country aimed at ensuring long-term survival and continuity in the business world.
As difficult and challenging as it is, it has put new pressure and realities in front of the bank employees with bank executives feeling the maximum heat of determining how the employees will be satisfied in their establishment and their job satisfaction level so as to enhance productivity, continuity and profitability. This is because a satisfied employee would produce more (discharge his or her duty satisfactorily) which in turn will give better benefit to the organization.
Moreover, job satisfaction has been defined as the contentment (or lack of it) arising out of interplay of employee’s positive and negative feelings towards his or her work (Business Dictionary). Ugwu (2009) sees it as the positive or negative feelings of individuals about their job. Armstrong (2009) says it is the attitude and feeling people have about their work. Yet others view it from the angle of the end feeling of a person after performing a task.
However, job satisfaction is a key factor that leads to success in the world of corporation. It has been referred to as the extent to which people like or dislike their job. It can influence a company at the individual level group level and even to the point of impacting a corporation as a whole.
According to Oxford Advanced Learner’s Dictionary (6th edition), the word increase has to do with becoming greater in size, number or value while decrease implies reducing or diminishing.
Therefore understanding job satisfaction, the factors that increases and decreases it is important to the success and betterment of an organization, employees and the society at large, hence this research. Meanwhile, in order to accomplish this study, First Bank Nigeria Plc was selected as a case organization due to its consistency inspite of all odds. It is the first indigenous bank in Nigeria and one of the top five(s) in African in terms of asset. Also, it has a total number of eight thousand, five hundred and fifty one (8551) employees with over 560 branches and 11 subsidiaries within and outside the country.
Despite the transformation, innovation, merger and acquisition that has taken place in the banking sector over the years, First Bank have remain true to its name and has been waxing strong instead of obsoleting. It makes profits as well as incure losses, lay-off as well as recruite workers yearly. With these, this study tends to findout those factors that increase and decreased job satisfaction in this notable organization (First Bank).