“Impact of Motivational Factors on Employee Engagement and

Retention of Employees at Sonali Bank Limited”

By
Md. Monjurul Hossain

A Report
Submitted to the
Department of Management Studies

In partial fulfillment of the requirements

for the award of the degree
of
BACHELOR OF BUSINESS ADMINISTRATION

Department of Management Studies

Faculty of Business Studies
Jahangirnagar University
Savar, Dhaka

July, 2017
“Impact of Motivational Factors on Employee Engagement and
Retention of Employees at Sonali Bank Limited”

By
Md. Monjurul Hossain
3rd Batch
ID No: 1809

Supervisor
Md. Ashadullah
Assistant Professor

Department of Management Studies

Faculty of Business Studies
Jahangirnagar University
Savar, Dhaka-1342

July, 2017
“Impact of Motivational Factors on Employee Engagement
and Retention of Employees at Sonali Bank Limited”
 LETTER OF TRANSMITTAL

10th July, 2017

Md. Ashadullah
Assistant Professor
Department of Management Studies
Jahangirnagar University
Savar, Dhaka-1342

Subject: Internship report submission on “Impact of Motivational Factors on Employee

Engagement and Retention of Employees at Sonali Bank Limited”.

Dear Sir,

It is an honor for me to submit my internship report on “Impact of Motivational Factors on

Employee Engagement and Retention of Employees at Sonali Bank Limited”. The report
has been formulated based on the information I have assembled during my internship period at
Sonali Bank Limited with regard to the theoretical knowledge I have gathered from my
academic courses. The report is formulated with all reliable and valid information as far my
concern and does not represent any fabricated information about the organization.

I sincerely hope your acceptance and appreciation regarding my report which will encourage
me to do this type of work more in future.

Sincerely Yours,

_____________________
Md. Monjurul Hossain
ID No: 1809
Registration No: 36655
3rd batch
Department of Management Studies
Jahangirnagar University
Savar, Dhaka-1342

i
 LETTER OF AUTHORIZATION

This it to endorse that the Internship Report on “Impact of Motivational Factors on

Employee Engagement and Retention of Employees at Sonali Bank Limited” has been
prepared with reliable information and done by Md. Monjurul Hossain, Student (ID No: 1809),
Department of Management Studies, Faculty of Business Studies, Jahangirnagar University.

Under my direct supervision the report has been prepared as an essential requirement of
Bachelor of Business Administration (BBA) degree from Department of Management Studies,
Faculty of Business Studies, Jahangirnagar University.

This report has been accepted and approved as an essential requirement of Bachelor of Business
Administration (BBA) degree.

I wish him a very successful and prosperous career.

_______________________________

Md. Ashadullah

Assistant Professor,

Department of Management Studies,

Faculty of Business Studies

Jahangirnagar University

Savar, Dhaka-1342

ii
 STUDENT’S DECLARATION

I am Md. Monjurul Hossain, a student of Bachelor of Business Administration (BBA) program,

Jahangirnagar University, hereby declare that this particular internship report has been
formulated on “Impact of Motivational Factors on Employee Engagement and Retention
of Employees at Sonali Bank Limited” after the completion of my internship at Sonali Bank
Limited, Nayarhut Branch, Dhamrai, Dhaka-1344 under the intensive supervision and
guidance of my honorable internship supervisor and teacher Md. Ashadullah, Assistant
Professor, Department of Management Studies, Jahangirnagar University.

In accord to the applicable guidelines, I hereby submit my internship report and announce that
–

 The report has been prepared for academic purpose only.

 This has been formulated with all reliable and valid information as far my concern.
 Does not contain any confidential or destructive information about the organization.
 Does not represent any fabricated information.
 Has not been submitted previously for any degree, neither fully nor partially.

_____________________
Md. Monjurul Hossain
ID No: 1809
Registration No: 36655
3rd batch
Department of Management Studies
Jahangirnagar University
Savar, Dhaka-1342

iii
 ACKNOWLEDGEMENT

A truthful supervision, and guidance of expert and experienced professionals are required to
formulate an internship report. I have experienced sincere assistance, treasured propositions,
stimuluses, and orientations from my respected Teachers and the Executives of Sonali Bank
Limited, Nayarhut Branch, Dhamrai, Dhaka-1344.

I am honored to have the opportunity to precise my heartfelt appreciativeness to those without

whose consecration and assistance I was unable to formulate this report.

First of all, I would like to thank All Mighty Allah for keeping me fit to complete the report on
time.

Succeeding that, I am grateful to my honorable supervisor of internship program, Md.

Ashadullah, Assistant Professor, Department of Management Studies, Jahangirnagar
University, Savar, Dhaka-1342 for his tremendous support and wholeheartedly cooperation
throughout the internship period. Without his help and guidance, I could hardly prepare this
report.

I am heartily gratified to Md. Shamsuzzaman, Senior Principal Officer (Head of Branch),

Sonali Bank Limited, Nayarhut Branch, Dhamrai, Dhaka-1344 for his remarkable provision
and energetic mutual aid during this period.

I am also grateful to Mr. Azizur Rahman, Officer, Sonali Bank Limited, Nayarhut Branch,
Dhamrai, Dhaka-1344. He was my supervisor in General Section and has contributed a lot to
my report and work life by helping me to know about the general banking activities.

Then again I would like to thank Mr. Gauranga Kumar Sarker, Senior Officer (cash), Sonali
Bank Limited, Nayarhut Branch, Dhamrai, Dhaka-1344 for helping me to know the human
resources practices in Sonali Bank Limited.

Also Mr. Zainal Abedin, Officer, Sonali Bank Limited, Nayarhut Branch, Dhamrai, Dhaka-
1344 for his filled guidance and administration regarding this report.

And last but not the least I would like to thank my parents for their enthusiastic and durable
provision for the duration of entire internship program.

iv
 Executive Summary

Motivation is an important factor for any organization. It plays a very dynamic role in not only
managing human resources but also maintaining the culture and environment within the
workplace. It is capable of contributing to the overall direction of the organization and the
accomplishment of its goals and objectives.

Motivation occupies an important place and position in the whole management process. This
technique can be used fruitfully for encouraging employees to make positive contribution for
achieving organizational objectives. Motivation is necessary as human nature needs some sort
of inducement, encouragement or incentive in order to get better performance. Motivation of
employee’s offers many benefits to the organisation and also to the employees. This suggests
the importance of motivating employees. Motivation acts as a technique for improving the
performance of employees working at different levels.

The employees of Sonali Bank Limited are motivated by factors such as good relations and
appreciation from their co-workers and managers. They are also motivated by an interesting
job where they develop and have many responsibilities. The employees of Sonali Bank Limited
are motivated by most factors, which are mentioned in motivational theories.

This report will give the reader an idea about various motivational practices in Sonali Bank
Limited. It will also provide a view of effectiveness of the motivational aids provided by the
organization.

In chapter one of this report the banking system of sonali Bank limited is discussed. The scope
of this study and the limitations of this study are also discussed in the chapter. The hypothesis
behind the study is also found in this chapter. Reader can also find the limitation of the study
in this chapter. This chapter will provide an insight of the motivational aids provided to the
employees of Sonali bank Limited. Also the chapter will provide the reader with a glimpse of
effectiveness of these motivational factors on employee involvement. Employees are
considered as the most significant factor behind every successful organization. And for this
organizations puts at extensive efforts in choosing candidates, training and development and
so on. Most of the time, skills and knowledge of an employee is supposed to be the most
important thing behind success, but one thing that is left behind is their satisfaction and
motivation. This chapter also discusses the objective of this study. The fundamental objective

v
of this study is to find out the impact of motivational factors on employee engagement and
retention of the employees at Sonali Bank Limited.

In chapter two the methodology of the study is discussed. In this part the method for preparing
the report and sampling method is discussed briefly. The sampling method was convenience
sampling. The sample size was 60 and samples were taken from 12 branches of Sonali Bank
Limited. This particular chapter of the report will describe the justification for the application
of specific techniques that are used for identifying, selecting, and analysing information need
to determine the level of motivation of the employees regarding various motivational factorss.
And will let the reader identify the how the data was collected and processed. This chapter is
divided into various sections like report design, categories of data, questionnaire development,
sample introduction and data collection procedure.

Chapter three gives an idea about the theoretical framework of this study. The major
motivational theories were presented, starting with three need fulfilment theories. The need
theories were grouped together in the analysis because they test the same variables. The two
need fulfilment theories were followed by the equity theory, the expectancy theory and the
reinforcement theory, in that order. Each of these theories were given importance according to
their contribution to this study. Maslow’s hierarchy is built based on five stages of need of
human being. Maslow says that the source of motivation is a special need. This need is
instinctive or biological and do often affect us unconsciously. Further, the needs have the same
characteristics for humans in general and are based on genetics. Moreover, the theory argues
that the less satisfied a need are the stronger it will be. What makes people act in a special way
are to satisfy a special need. When one need is satisfied, it will no longer influence the person
and another need will fill its place. The life of a human is a never-ending quest trying to fulfil
needs. Herzberg divided the needs into two group. He told that one set of factors are
motivational factors and the other set of factors are hygiene factors. Factors, which increase
the satisfaction at work, are named motivational factors. These factors are linked to the tasks
that the worker perform. The motivational factors can lead to greater performance and
satisfaction, but cannot create dissatisfaction if they not exist. The hygiene factors do not lead
to satisfaction if they do exist. However, they create dissatisfaction if they not exist in the
company. These factors are related to solution of tasks at work. The factors are according to
Herzberg bonded to the employees working environment. The hygiene factors are the same as
Maslow’s physiological needs, safety needs and social needs. The Equity theory contributes to
this study because it focuses on how individuals comparing themselves to other people in a job

vi
related way. The basic principle of equity theory is that people measure the ratio between their
input and what they get back, the output. The assumption underlying the theory is that people
will feel bad if they experience inequity. People also do the same measure for their co-workers
and environment, comparing their own ratio to theirs. Hence, people have two equity ratios one
for themselves and one for their environment. People compare their own ratio with the one of
others and make a judgment if they are over, under or normally paid. The theory of expectancy
is structured on five basic components named job outcomes, valence, instrumentality,
expectancy and force. Reinforcement theory is important because it provides a tool for how to
create motivation not only by satisfying a direct need but also by reducing the satisfaction of a
need.

Chapter four gives an idea about structure of the organization. This chapter also provides an
idea about the products and services of the organization. This chapter is a written representation
of Sonali Bank Limited. This will provide the reader to have informational access throughout
the organization and will enlist history of the organization, mission, vision, hierarchy of the
management body and so on. After the completion of this chapter, the reader will be able to be
acquainted with Sonali Bank Limited.

Chapter five consists of the data analysis taken from the survey. This chapter gives an idea
about the impact of motivational aids.

Chapter six provides an idea about the findings of the study. The major finding of the study is
the employees of Sonali Bank Limited are very motivated about their job. The involvement of
the employees can be improved by introducing payment for overtime.

Chapter seven gives some recommendations and draws general conclusion about the study.

Modern Banking is an outcome development driven by changing financial activities and

lifestyle. It offers the widest range of financial services specially credit, savings, and payment
services and performs the widest range financial functions of any business firm in the economy.
By definition, Bank collects deposit from the money holders and invests the accumulated
savings of the depositors in the form of credit and other financial service to the Clint. At one
hand the bank pays interest at a higher rate from borrower to realize profit. So we find that
money works both as input and output of the banking industry.

Motivation is the result of conscious and unconscious factors such as intensity of the desire or
need, incentive or reward value of the goal and expectations of the individual. These factors

vii
play a vital role to promote the individual towards the specific goal. Motivation is the important
feature in any organization, to motive the employees towards the success of the organization.
Actually motivation is an internal process that makes the person move toward a goal.
Motivation can’t be measured.

This study is concern about the factors that directly affect the employee’s motivation. How
different variables are related to the motivation and what are impacts on the employee’s
motivation. This study is related to the banking sector and to find out the impact of different
factors including financial rewards, personal characteristics, high salary plan, supervision and
job design on employee’s motivation specifically in Sonali Bank Limited. These variables
affect the motivation at what extend or level. Motivation has also the great importance in
organizational performance. These factors determine the motivational impact on employees.

viii
 Table of Contents

Chapter 01: Introduction ............................................................................................................ 5

1.1 Background ...................................................................................................................... 6

1.2 Justification of the report ................................................................................................. 6

1.3 Objectives ........................................................................................................................ 7

1.3.1 Fundamental Objectives............................................................................................ 7

1.3.2 Secondary Objectives................................................................................................ 7

1.4 Research Question ........................................................................................................... 7

1.5 Hypothesis........................................................................................................................ 8

1.6 Consequences of the report .............................................................................................. 8

1.7 Scope of the report ........................................................................................................... 8

1.8 Limitations of the report .................................................................................................. 8

Chapter 02: Methodology ........................................................................................................ 10

2.1 Report Design ................................................................................................................ 11

2.2 Categories of Data.......................................................................................................... 11

2.3 Questionnaire Development........................................................................................... 11

2.4 Sample Introduction ....................................................................................................... 12

2.5 Data Collection Procedure ............................................................................................. 12

2.5.1 Primary Data ........................................................................................................... 12

2.5.2 Secondary Data ....................................................................................................... 12

2.6 Data Processing Procedure ............................................................................................ 12

Chapter 03: Theoretical Framework ........................................................................................ 14

3.1 Introduction to motivation theories ................................................................................ 15

3.2 Need-fulfilment theories ................................................................................................ 15

3.2.1 Maslow’s Need Theory ........................................................................................... 15

3.2.2 Herzberg’s theory of motivation ............................................................................. 17

1
 3.3 Equity theory.................................................................................................................. 18

3.4 Expectancy theory.......................................................................................................... 18

3.5 Reinforcement theory..................................................................................................... 20

Chapter 04: Organizational Synopsis....................................................................................... 21

4.1 History and Background ................................................................................................ 22

4.2 Vision ............................................................................................................................. 22

4.3 Mission........................................................................................................................... 23

4.4 Slogan ............................................................................................................................ 23

4.5 Branches & Subsidiaries ................................................................................................ 23

4.6 Organizational Structure ................................................................................................ 24

4.7 Products.......................................................................................................................... 26

4.8 Ancillary Services .......................................................................................................... 26

4.9 Core Business of Bank ................................................................................................... 27

4.10 Digitalization Status ..................................................................................................... 27

4.11 Islami Banking ............................................................................................................. 28

4.12 Green Banking ............................................................................................................. 29

4.13 Corporate Profile .......................................................................................................... 29

Chapter 05: Data Analysis ....................................................................................................... 31

5.1 General discussion ......................................................................................................... 32

5.2 Motivation ...................................................................................................................... 33

5.3 Payment.......................................................................................................................... 35

5.4 Job Security.................................................................................................................... 36

5.5 Promotion....................................................................................................................... 37

5.6 Benefits and rewards ...................................................................................................... 38

5.7 Engagement.................................................................................................................... 39

5.8 Recommendation ........................................................................................................... 41

Chapter 06: Findings ................................................................................................................ 43

2
Chapter 07: Recommendation and Conclusion........................................................................ 45

7.1 Recommendations .......................................................................................................... 46

7.2 Conclusion ..................................................................................................................... 47

References ................................................................................................................................ 48

Appendix .................................................................................................................................. 49

List of Figures
Name of the figure Page no
Figure 01: Maslow’s hierarchy of needs 16
Figure 02: Organogram, Sonali Bank 24
Limited
Figure 03: Branch Organogram, Sonali Bank 25
Limited.
Figure 04: Why did you join Sonali Bank 32
Limited?
Figure 05: Which of these factors your ability 33
to work?
Figure 06: Rate the creativity of management 33
in implementing sufficient reward systems
Figure 07: Manager/supervisor encourages 34
open, honest two-way communication
Figure 08: How satisfied are you with your 34
payment?
Figure 09: How satisfied are you with the 35
current salary structure of your organization?
Figure 10: Rate your job security 36
Figure 11: Frequency of promotion is 36
satisfactory

3
Figure 12: What is the level of fairness in 37
promotion in your opinion?
Figure 13: What is the most distinctive 38
feature of your job?
Figure 14: How satisfied are you with the 38
current benefits provided?
Figure 15: Rate your engagement with the 39
organization
Figure 16: Level of correlation between 40
benefits provided by your organization and
your engagement?
Figure 17: You like your daily work 40
Figure 18: What will improve the employee 41
engagement in your organization?

4
Chapter 01: Introduction

5
Motivation is the drive to work for an organization. It is a factor which is directly linked with
productivity of an organization. Banking sector is considered to the highest contributor to our
country’s economy. So it is important to keep its employees motivated about their workplace
to keep them effective.

The purpose of this study is to find the motivational aids provided to the employees of Sonali
bank Limited. Also the report will provide the reader with a glimpse of effectiveness of these
motivational aid on employee involvement.

1.1 Background
We are living in an era where people are considered as the most significant resource of an
organization. Employees are considered as the most significant factor behind every successful
organization. And for this organizations puts at extensive efforts in choosing candidates,
training and development and so on. Most of the time, skills and knowledge of an employee is
supposed to be the most important thing behind success, but one thing that is left behind is their
satisfaction and motivation.

Motivation is an important factor for any organization. It plays a very dynamic role in not only
managing human resources but also maintaining the culture and environment within the
workplace. It is capable of contributing to the overall direction of the organization and the
accomplishment of its goals and objectives.

Banking sector is supposed to be the most important among all to run the economical functions
of a country. Among all economic systems, banking supposed to play the most strategic role in
planning and implementing financial policy. Even though it is unable to create wealth, but its
activities simplify the production, distribution and exchange of wealth. By this way it has
created a reputation of being the most effective sector for economic growth. It is important to
keep employees of a bank motivated for being more productive and effective so that they can
contribute more to our country’s economy.

1.2 Justification of the report

Internship is a must for Bachelor of Business Administration degree from Department of
Management Studies, Jahangirnagar University. Every student has to work in a selected
organization to enhance practical knowledge and experiences. I was assigned to Sonali Bank
Limited (SBL), Nayarhut Branch and as a requirement of my course I was assigned to prepare

6
a report on “Impact of Motivational Factors on employee engagement and retention of
employees at Sonali Bank Limited”.

1.3 Objectives
This report has two different sort of objectives behind its fulfilment. One is fundamental
objective, which includes the primary reason why the report has been prepared. And the other
one is secondary objective, which includes benefits that are derived from learning from
practical experiences and enhancing the academic knowledge.

1.3.1 Fundamental Objective

The fundamental objective of this study is to find out the impact of motivational factors on
employee engagement and retention of the employees at Sonali Bank Limited.

1.3.2 Secondary Objectives

Secondary objectives are the objectives that will help to fulfil the fundamental objective of this
study. Secondary objectives include all finding out the effect of various factors on motivation.
Secondary objectives are:

a. Finding out if payment of the employees of SBL is sufficient to motivate them.

b. Finding out whether job security of the employees of SBL is high enough to motivate
them.
c. Finding out if the employees of SBL are satisfied with their promotion.
d. Finding out whether the employees of Sonali Bank are satisfied with their benefits and
rewards.
e. Assessing engagement of the employees with the organization.
f. Assessing the effect of motivation and employee engagement on retention of the
employees.

1.4 Research Question

Research question is query of which, responses are derived from the report, and this particular
report will provide the answers of the following questions –

 What sort of activities are done by the management of Sonali Bank Limited?

 Are these activities adequate for the betterment of both the employees and
organization?

 Are the employees of Sonali Bank Limited motivated?

7
  Which functions of management need more outlook to keep the employees motivated
at their workplace?

1.5 Hypothesis
Hypothesis 1: The general assumption of this study is the employees of Sonali Bank Limited
are not motivated. As a result, the employees are not engaged well enough with the organization
which affects the retention of employees in the organization.

Hypothesis 2: Sonali Bank Limited does not offer enough motivational assistance to the
employees of the organization. As a result, the employees are not engaged well enough with
the organization which affects the retention of employees in the organization.

1.6 Consequences of the report

This report is an essential requirement for the fulfilment of the Bachelor of Business
Administration degree. Besides that, it not only focuses on the fulfilment of the degree but also
on the betterment of the organization. This report will help the management body to identify
the bottlenecks in motivational practices, impact of these practices on its employee satisfaction
and which activities need more outlook for better workplace environment. The main purpose
of the report is to determine the level of motivation of the employees of Sonali Bank regarding
its management practices. So the conclusion can give the organization a different view about
their activities and employee’s welfare. In addition, with that, the recommendations that are
listed at the ending of the report can be helpful for the organization to move itself toward
betterment.

1.7 Scope of the report

The preliminary scope of this report is having a practical experience about the activities of
Sonali Bank Limited. It will cover different motivational aids provided by Sonali bank limited
and their effectiveness on employee engagement. All the collectable data about employee
motivation regarding motivational practices are documented in this report. This report also
includes variance between the theoretical knowledge assembled from academic courses and
practical knowledge grouped from real life work experience at Sonali Bank Limited.

1.8 Limitations of the report

Between this short time frames it is found that, limitations were higher than the scope of this
study. And these formed maximum proportion of difficulties against preparing this report.

8
 Time Constraint: Within these two months of working experience it was quite difficult
to find out all sectors of a banking system and also to determine the human resource
factors that push employees toward dissatisfaction.

 Scarcity of Employees: The branch of Sonali Bank Limited located at Nayarhut,

Dhamrai, Dhaka has only ten human resource including one worker. It was difficult to
picturize the overall scenario of the human resource practices and also to determine the
actual satisfaction level of its employees.

 Insufficiency of Information: It was unmanageable to collect all relative information

from the branch and the website is the only secondary source to collect information. As
the website is not that much up to date there was a huge insufficiency of information.

 Secrecy of Information: For being appointed as an intern, information access was

limited. Dealing or collecting secret data was prohibited and which generates enormous
amount of technical hitches.

 Business of Employees: For being a small branch one person have to perform several
work at a time. So they were unavailable to respond to the survey. Collecting
information from them was a challenging task to deal with.

 Inadequate Software System Access: Sonali Bank Limited maintain a unique

employee ID for each employee. Without which no outsider is permitted to have an
access over the software they use.

 Repetition of Work: As Nayarhut Branch is a small one and also located in a rural area
number of customer was very few. As a result, work load was not that much high. It
has a few work to perform. So one has to go through the same work repeatedly.

 Insufficiency of Published Documents: Except some annual reports and some

internship report there was not that much published documents from where the
information can be derived.

 Small sample size: Due to lack of time the sample size of the study is 60. Which is not
enough for generalization of perception of the whole organization.

9
Chapter 02: Methodology

10
This particular chapter of the report will describe the justification for the application of specific
techniques that are used for identifying, selecting, and analysing information need to determine
the level of motivation of the employees regarding various motivational factorss. And will let
the reader identify the how the data was collected and processed. The foremost propose of this
chapter is to determine the validity and reliability of the report.

2.1 Report Design

Reports can be categorized into two big forms. One is exploratory, which explores for
knowledge for further usage of the report findings. The other one is conclusive, which includes
analysing a problem and coming into a conclusion to solve the problem. This report is basically
an exploratory report. The fundamental purpose of this report is to explore through the
motivational practices of Sonali Bank Limited and to identify the impact of these practices on
its employees. In addition, with to recommend suggestions for its betterment.

2.2 Categories of Data

To formulate the report, two types of data had been used.

a) First one is primary data, which includes interview with branch manager, survey on
employees, personal observation.
b) And the second one is secondary data, which includes reviewing bank statements,
books, articles, procedure manual published by Sonali Bank Limited and so on.

2.3 Questionnaire Development

As the report presents the impact of motivational aids on employee engagement of employees
at Sonali Bank it was not sufficient to interview one or two people to have a clear sight
regarding the fact. Besides it was hardly manageable to communicate with a huge amount of
people within this short time period. As a result, questionnaire was required to be developed to
communicate with different people within this sort time.

The questionnaire was named “Impact of Motivational Factors on Employee Engagement and
Retention of employees at Sonali Bank Limited”, which includes twenty-five questions divided
into eight categories.

11
As the sample employee are considered as cohort, group of different respondent who
experience same event within same time intervals, so there was no space for gender or age
discriminations.

And for being an exploratory research and also for the enormous work load having insignificant
amount of time of the employee, only nominal scale is used.

The questionnaire is attached in the appendix section.

2.4 Sample Introduction

The branch of Sonali Bank Limited located at Nayarhut, Dhamrai was considered as the main
field of study along with 11 other branches. There were around 60 employees in these branches.
So these sixty people are considered as sample who represents the employees of Sonali Bank
Limited.

2.5 Data Collection Procedure

Required data for formulating the report were collected based on primary and secondary
sources. Office records, consultations with employees, paper circulars, and annual report are
the significant data sources. Concepts and procedures are assembled from bank manuals and
relevant books.

2.5.1 Primary Data

The primary data required for the report is gathered by direct interview with the branch
manager, by conducting a survey on the employees and personal observation during this
internship period.

2.5.2 Secondary Data

Secondary data used for constructing this report were collected by reviewing website, bank
statements, books, articles both online and offline, procedure manual published by Sonali Bank
Limited, internship reports, online research papers and so on.

2.6 Data Processing Procedure

Data were processed by passing through four steps, which includes data entry, preparation of
graph and charts, data analysis and preceding data interpretation.

12
a) Data Entry: All the collected data were organized by itemizing in Microsoft Excel.
b) Graph and Charts Preparation: Graph and charts have been prepared with the help
of Microsoft Excel and then placed in Microsoft Word.
c) Data Analysis: Data were analyzed depending on the results show in the charts.
d) Data Interpretation: Based on the analysis data are interpreted for coming to the
result.

13
Chapter 03: Theoretical
Framework

14
This chapter represents the major theories of motivation which influence the questioner of this
study. Theoretical discussion will also help to evaluate the empirical findings.

3.1 Introduction to motivation theories

"Movere" is the Latin word from which inspiring beginnings; it signifies "to move" all in spite
of the fact that it may say something in regards to what motivation is. It is by a wide margin
insufficient to portray its significance in this unique situation. Muchinsky (1993) has defined
motivation as “Motivation is the individual’s desire to demonstrate the behaviour and reflects
willingness to expend effort” (Muchinsky, 1993). There are several definitions of motivation
but they are based on some common grounds such as what encourages human behaviour, what
gives direction to these behaviours, how such behaviours are formed.

Motivation can be divided in two different types, extrinsic and intrinsic motivation. Extrinsic
motivation refers to external factors, which can be measured in monetary terms, such as salary
and benefits (Aronson, 2002).

First, the major motivational theories will be presented, starting with three need fulfilment
theories. The need theories will be grouped together in the analysis because they test the same
variables. The three need fulfilment theories will be followed by the equity theory, the
expectancy theory and the reinforcement theory, in that order. Each of these theories will give
their important contribution to this study.

3.2 Need-fulfilment theories

Need fulfilment theories are the theories which focuses on the motivational factors based on
human needs.

3.2.1 Maslow’s Need Theory

Maslow argues in his need-hierarchy theory that all humans have universal needs that are
satisfied in a hierarchical manner, which is shown in figure 1 below (Bergman & Scarpello,
2001). This theory was at its creation not mainly focused on work motivation, but that was
something that Maslow later became interested in. Maslow in Muchinsky (1993) says that the
source of motivation is a special need. This need is instinctive or biological and do often affect
us unconsciously. Further, the needs have the same characteristics for humans in general and
are based on genetics. Moreover, the theory argues that the less satisfied a need are the stronger
it will be. What makes people act in a special way are to satisfy a special need. When one need
is satisfied, it will no longer influence the person and another need will fill its place. The life
of a human is a never-ending quest trying to fulfil needs.

15
 Figure 01: Maslow’s hierarchy of needs

 Physiological needs are the most basic needs and they are needed for survival of the
human organism. Examples of needs are such things such as food, water, shelter and
clothes (Bergman & Scarpello, 2001). A person might think that in our times, these
needs are fulfilled and does no longer affect our motivation, but that is not a correct
assumption. Although this part will be described very brief since it contains many
thoughts that are not relevant and in too much detail to be regarded in this thesis
(Maslow, 1998). The need for sex and sleep is also part of physiological needs. Earlier
these needs have been treated as if they were isolated but that is no longer the case, they
are more and more seen as related to each other, e.g. a need for sleep can be satisfied
with food or drink of a certain kind such as coffee. Theory state, as earlier mentioned
that if a group of needs on a lower level of the hierarchical chain are not satisfied, then
the needs in the above sections will be neglected to a larger or smaller extent depending
on how much in need of a certain variable the person is (Maslow, 1998). This is very
important to keep in mind here, taking the issue to its extreme because it would make
a very hungry or tired person, to neglect the needs to be social with its co-workers and
neglect to perform well. Since level of performance is likely to be related to social
needs, self-esteem needs and Self-actualization needs.
 Safety needs will be actual, first when the physiological needs are fulfilled. Safety needs
means that the person is free from danger, threats and deprivation. In today’s world,
16
 most of the safety needs are fulfilled but we can still see examples of natural disasters
and riots that are threatening people’s safety. Other safety needs, which are more related
to the work environment, are things such as being free from bodily harm, injury and to
have a feeling of safety (Muchinsky, 1993).
 Social needs are needs for belonging and association to other people and organizations.
This is related to the person’s ability to interact with its environment. Meeting of these
needs can be seen in a person’s family and friends at work (Bergman & Scarpello,
2001). People in general will be motivated to find social relationships and to maintain
them.
 Self-esteem needs are the need for people in our society to have a desire for a firmly
based and stable high evaluation of them self and others. Self-esteem is built up by how
a person value one self, one’s capacity and also how they are valued by their
environment (Maslow, 1998). This category of needs can be divided in two sub
categories. First is the need for achievement, freedom and independence. Second is how
people are view by their environment, if they get respect and appreciation and also if
they have a good reputation and high status. A person with satisfied Self-esteem needs
will have a good self-confidence and feel useful to his environment. If these needs are
not fulfilled the person will feel discouragement and helplessness (Maslow, 1998).
 Self-actualization needs are about fulfilling all your needs, to reach your full potential
(Atkinson, Smith, Bem & Nolen-Hoeksema, 2000). This category is the most diffuse
of the groups and the main point is that a person must do what a person is. A musician
must play music to reach the stage of self-actualization. Maslow (1998) states that only
a few percent of the world’s population reach a point where they satisfy their self-
actualization need.

3.2.2 Herzberg’s theory of motivation

Herzberg stated through extensive research that worker’s satisfaction is related to what they
actually did. Factors, which increase the satisfaction at work, are named motivational factors.
These factors are linked to the tasks that the worker perform. The motivational factors can lead
to greater performance and satisfaction, but cannot create dissatisfaction if they not exist
(Bergmann, 2001). The hygiene factors do not lead to satisfaction if they do exist. However,
they create dissatisfaction if they not exist in the company. These factors are related to solution
of tasks at work. The factors are according to Herzberg bonded to the employees working

17
environment. The hygiene factors are the same as Maslow’s physiological needs, safety needs
and social needs (Herzberg, 2004).

More explicit only the motivational factors lead to greater performance. The hygiene factors
only create dissatisfaction if they do not exist, but cannot create motivation even if they exist
(Herzberg, 2004).

3.3 Equity theory

The Equity theory contributes to this study because it focuses on how individuals comparing
themselves to other people in a job related way.

1. A person that compare oneself to his environment

2. The people in the environment that the person compares oneself too.

3. Inputs that are all the contribution that a person makes to his work, such as education,
intelligence, skills, experience, seniority, level of effort and health.

4. Outputs are all the outcomes that a person gets from his work such as salary, benefits,
working conditions and status symbols.

The basic principle of equity theory is that people measure the ratio between their input and
what they get back, the output. The assumption underlying the theory is that people will feel
bad if they experience inequity. People also do the same measure for their co-workers and
environment, comparing their own ratio to theirs. Hence, people have two equity ratios one for
themselves and one for their environment. People compare their own ratio with the one of
others and make a judgment if they are over, under or normally paid. If their own ratio is greater
than the one of other, they will feel angry because they are underpaid (Foster, 2000).

3.4 Expectancy theory

The theory is structured on five basic components: job outcomes, valence, instrumentality,
expectancy and force (Muchinsky, 1993).

 Job outcomes: things that the organization can provide the employee with. Examples
are payment, promotions and vacation time. The outcomes could vary in numbers and
there are no actually to them. Usually the outcomes are seen as positive in form, like
rewards or experiences, but this is not always true. Examples of outcomes could be
being transferred to a new location or getting portend. Intangible outcomes also exist

18
 for the individual in forms of recognition or accomplishment (Bergmann & Scarpello,
2001).
 Valence: This is the feelings that the employee has about the outcomes. The valence is
defined as attractiveness or anticipated satisfaction. The employee usually grades the
attractiveness in a scale from minus ten to plus ten, where a greater plus are a more
positive outcome for him or her and vice versa. The employee generates as many
valences as there are outcomes (Muchinsky, 1993).
 Instrumentality: The instrumentality exists in the employee’s mind and is defined as the
relationship between the perceived degree of performance and the outcome attainment.
Instrumentality is synonymous to condition and is aiming at the attainment of a certain
outcome and in which way the outcome is conditional to the individual’s performance
of the job. An example could be the salary, if a person thinks that increased pay is
conditional to the performance, the instrumentality that are associated with the outcome
(higher salary) would be very high. Vice versa, the instrumentality is believed very low
if the outcome, being transferred abroad, is seen as not related to work performance.
Instrumentalities are like valence generated by the person itself. The individual
evaluates the degree of connection between performance and outcome attainment on
the job. The grading reminds of the valence scale, but is shared from zero to ten, since
it is seen as probabilities. The factor zero means that there is no correlation between the
outcome attainment and the job performance. The variety of instrumentalities are as
many as there are outcomes (Bergmann & Scarpello, 2001).
 Expectancy: The term expectancy is the perceived relation between effort and
performance. The effort relationship can vary between jobs, as in some jobs where there
is no need to try hard since the worker will not perform any better. The scale here is the
same as with instrumentality. Null means that the probability that you will increase your
performance if you make more efforts are not likely. One mean that the increased effort
is followed by a higher performance, in a corresponding way. Like the parts mentioned
before the individual generates the expectancy of her or his job. It works out like the
employees make an assessment of the relationship between effort and job performance.
Usually the individual only focus on one expectancy value and generates it upon the
effort and performance relationship. The best way to establish expectancy is throughout
feedback (Muchinsky, 1993).

19
  Force: The force component is the amount of effort or pressure within the individual to
be motivated. A larger force will theoretically generate a higher motivation. The force
is a product of valence, instrumentality and expectancy together (Muchinsky, 1993).

3.5 Reinforcement theory

Reinforcement theory is important because it provides a tool for how to create motivation not
only by satisfying a direct need but also by reducing the satisfaction of a need. The
reinforcement theory acts on the basis of the need theories. For example, the reinforcement
theory argues that by punishing an individual you can create motivation. Money appeals to all
needs people have (Scarpello & Bergmann, 2001). By taking away money from someone as a
punishment for an undesired behaviour, you will make that person motivated to stop that
specific behaviour.

20
Chapter 04: Organizational
Synopsis

21
This chapter is a written representation of Sonali Bank Limited. This will provide the reader to
have informational access throughout the organization and will enlist history of the
organization, mission, vision, hierarchy of the management body and so on. After the
completion of this chapter, the reader will be able to be acquainted with Sonali Bank Limited.

4.1 History and Background

The Bank came to commencement in 1972, just after the independence of Bangladesh. The
Bank’s Nationalization Order (presidential Order-26) pronounced it as the largest and leading
Nationalized Commercial Bank by liquidating National Bank of Pakistan, Premier Bank and
Bank of Bhawalpur. With the assurance of several socio-economic schemes portrayed by the
government and execution of money market activities voluntarily it took place in nation
building, which coved almost every sphere of the nation’s economy.

In the year of 2007, November 15, the bank had renovated itself as a Public Limited Company
with overall adoption of its ownership by the government. With regard to this, all assets,
liabilities and business has been taken by the government and the organization inaugurated
itself as Sonali Bank Limited. After this renovation and corporatization, the management has
been entitled with obligatory sovereignty for successively managing the business effectively
so that it can participate in the competitive market.

The business is currently administrated by eleven board members as Board of Directors. Well
acknowledged banker and reputed professional have the control of regulating the activities of
the bank and are known as Chief Executive Officer and Managing Directors. The corporate
head quarter which is acknowledged as the commercial centre of the capital is located at
Motijheel, Dhaka, Bangladesh.

Presently, the authorized and paid up capital of Sonali Bank is Tk. 10 billion and Tk. 9 billion
respectively. The reserve funds were Tk. 60 million in 1979 and increased by Tk. 2.050 billion
on 30 June 2000 (Sonali Bank Limited, 2017).

4.2 Vision
The organization is functioning with the vision of being socially committed foremost banking
institution with global manifestation (Sonali Bank Limited, 2017).

22
4.3 Mission
Sonali Bank Limited is currently functioning its activities with the mission listed below-

 To extend quality products for the assistance of needs that are not same to different
human folk who wish to enrich their lives.

 To formulate and maintain value for the stakeholders.

 To add value towards socio-economic expansion of the nation state (Sonali Bank
Limited, 2017).

4.4 Slogan
The phrase which is being used to promote the organization to outright a characteristic position
is, “Your trusted partner in innovative banking” (Sonali Bank Limited, 2017).

4.5 Branches & Subsidiaries

From 1972 to 2017 within this forty-five years Sonali Bank Limited has achieved a dynamic
expansion by increasing number of branches, subsidiaries and associates.

 Branches: Sonali Bank Limited presently have 1210 branches in total including, 1208
local branches, 2 foreign, 742 rural, 466 urban, 16 regional, 46 principal and 11 G.M.
offices.

 Subsidiaries: Sonali Exchange Company Incorporated (SECI) have 10 branches in

USA and Sonali Investment Limited (Merchant Banking) have 5 branches among
which 4 is located within Dhaka and 1 at Khulna.

 Representative Offices and Correspondence \: Apart from those branches and

subsidiaries it also have 3 representative offices located at Jeddah, Riyadh, Kuwait and
639 correspondence (Sonali Bank Limited, 2017).

23
4.6 Organizational Structure

Board of Directors
Head
Office
CEO and Managing Director
Credit

DMD-1 DMD-2 DMD-3 DMD-4 DMD-5

General Manager

Deputy General Manager

Assistant General Manager

Senior Principle Officer

Principle Officer

Senior Officer

Officer

Figure 02: Organogram, Sonali Bank Limited

24
 Head of Branch

Managers Operation

Foreign Exchange
Credit In-Charge IT
In-Charge

Accounts and
General Banking Internal Control
In-Charge

Credit Officer Credit Recovery Unit

(RM) Administration (RU)

Figure 03: Branch Organogram, Sonali Bank Limited.

25
4.7 Products
Sonali Bank Limited has come up with several products for the advancement of its customers.
These includes-

 Finance and Insurance

 Consumer Banking

 Corporate Banking

 Investment Banking

 Investment Management (Sonali Bank Limited, 2017)

4.8 Ancillary Services

In addition to normal banking operations Sonali Bank Limited also offers several services with
the help of its branches located in different places among the country.

 Collection: Sonali bank offers gas bill, electricity bill, telephone bill, water/sewerage
bill, municipal holding tax, passport fees, visa fees, travel tax, customs and excise
duties, source tax and VAT, jakat fund, hajj deposit and land development tax as
collection service in support of the government of the nation.

 Payment: As payment service it performs pension of employees of government and

other corporate bodies, Bangladesh Bank employees’ pension, army pension, British
pension, students' stipend/scholarship, Govt. & Non-Govt. teachers' salary, food
procurement bill on behalf of the government.

 Social Services: For social development and welfare Sonali Bank Limited executes old
age allowances, widows, divorcees and destitute women allowances, freedom fighters'
allowances, rehabilitation allowances for acid survival women, maternal allowances for
poor women and disability allowances.

 Sale and Encashment/Purchase: As sales encashment services it offers savings

certificates, ICB Unit Certificates., prize bonds, wage earner's development bonds, US
dollar premium and investment bond, lottery tickets of different semi-Govt. and
autonomous bodies, sanchaypatra, public service commission's application form,
judicial service commission's application form, exchange of soiled/torn notes.

26
  Misc. Services: And preceding to all bank account information of tax payee client
according to demand of NBR, local governance support project enlist of Non-
Government insurance company is being performed too (Sonali Bank Limited, 2017).

4.9 Core Business of Bank

The following tasks are performed by Sonali Bank Limited as its core businesses-

 Corporate Banking

 Project Finance

 SME Finance

 Consumer Credit

 International Trade

 Trade Finance

 Loan Syndication

 Foreign Exchange Dealing

 Rural and Micro credit

 NGO-Linkage Loan

 Investment

 Government Treasury Function

 Money Market Operation

 Capital Market Operation

 Remittance (Sonali Bank Limited, 2017)

4.10 Digitalization Status

The progress of Sonali Bank Limited is dynamic and perceptible within these forty-five years
from its establishment. The organization has been shifted to digitalization by the means of

27
computerization of branches, maintaining remittance management software, providing
customers ATM, online and SMS banking facilities.

 Branch Computerization: From 1972 till present within this forty-five years Sonali
Bank Limited has computerized its 1204 inland branches.

 Foreign Remittance: An in-house software named "Remittance Management System"

shortly RMS+ is being executed at every branches throughout the country for paying
foreign remittance instantly. The software is able to send confirmation notification of
the remitter via their mobile.

 Automated Teller Machine (ATM): Sonali Bank Limited offers its customers cash
withdrawal by 75 own booths and 6500+ shared booths around the country and also
launched Credit Card recently.

 Online and SMS Banking: Presently 1203 branches of Sonali Bank Limited is
consecrated with online banking facilities of Any Branch Banking (ABB) network. In
addition 844+ branches with SMS banking and Core Banking Solution (CBS) (Sonali
Bank Limited, 2017).

4.11 Islami Banking

Bearing in mind the increasing demand of religious Muslims Sonali Bank Limited has
inaugurated Islami Banking based on Islami Shariah.

 Establishment: The facility has been effective from 29th June 2010.

 Aims & Objectives: With an objective to facilitate the online banking based on
Shariah, to establish Islami Baking utilizing the bank’s good will, encouraging savings
and so on.

 Functions of Islamic Banking: This windows performs collection of deposits and

investment assistance through on-line banking (Sonali Bank Limited, 2017).

28
4.12 Green Banking
With the ambition of implementation of green banking program Sonali Bank Limited has
issued In-House Environment Management guideline which will emphasize on reduction of
paper, water and electricity.

 In-House Environment Management Development: In-House Environment

Management includes directives of safeguarding an environment friendly and efficient
banking by means of reducing, reusing and recycling. And with regard to this the
organization established solar system at 35 branches and 1 ATM booth. A solar panel
having capacity of 10,000 watts has been established at the top floor of the corporate
head quarter since 2010.

 Incorporating Environmental Risk in Credit Risk Management (CRM):

Environmental risk has been incorporated with Credit Risk Management (CRM).
Environmental risk is also being considered with credit risk in advance of approving
loan.

 Green Finance: Green finance has been taking place by financing in establishing
Effluent Treatment Plant (ETP) in industrial projects, Hybrid Hoffman Kiln (HHK) at
brick field, Solar System, Renewable Fuel Projects, Bio-Fertilizer Plant, Bio-Gas Plant,
PET bottle, Non-fire Block Brick Manufacturing Plant and so on.

 Green Marketing: Invention of environment friendly products and services,

production, marketing has been taking place.

 Formulation of Climate Risk Fund: Donations are being made in disaster

management sector for having a control over risks regarding climate change. Tk. 2.5
million has been donated previously and Climate Risk Fund is under construction
(Sonali Bank Limited, 2017).

4.13 Corporate Profile

Name of the Company : Sonali Bank Limited

Chairman : Mr. Md. Ashraful Moqbul

CEO & Managing Director : Mr. Md. Obayed Ullah Al Masud

Company Secretary : Mr. A.K.M Sajedur Rahman Khan

Legal Status : Public Limited Company

29
Genesis : Emerged as Nationalized Commercial Bank in 1972,

following the Bangladesh Bank (Nationalization)

Order No. 1972 (PO No.26 of 1972)

Date of Incorporation : 03 June, 2007

Date of Vendor's Agreement : 15 November, 2007

Registered Office : 35-42, 44 Motijheel Commercial Area, Dhaka,

Bangladesh

Authorized Capital : Taka 6000.00 Crore

Paid-up Capital : Taka 3830.00 Crore

Number of Employee : 22,446

Number of Branches : 1210

Phone-PABX : 9550426-31, 33, 34, 9552924

FAX : 88-02-9561410, 9552007

SWIFT : BSONBDDH

Website : www.sonalibank.com.bd

E-mail : itd@sonalibank.com.bd (Sonali Bank Limited, 2017)

30
Chapter 05:
Data Analysis

31
This chapter represents the facts and their impacts regarding motivational aids. The analysis is
done based on the collected information from a survey in 12 branches of Sonali Bank limited.
The sampling was done based on convenience of the surveyor. The size of the sample was 60.
70 percent of the sample were male and 30 percent of the sample were female respondents.

5.1 General discussion

This part provides a general idea about distinctive motivational factor in joining Sonali Bank
Limited.

Q1: Why did you join Sonali Bank Limited?

While answering this question 70% of the employees told that they joined Sonali Bank Limited
because of job security. 20% of the employees said they joined because of the staff loan facility.
10% of the employees choose good salary as a reason.

100.00%

90.00%

80.00%

70.00%

60.00%

50.00%

40.00%

30.00%

20.00%

10.00%

0.00%
Good Salary Job Security Staff Loan

Reasons behind joining SBL

Figure 04: Why did you join Sonali Bank Limited?

Q2: Which of these factors your ability to work?

While answering this question 60% of the employees said challenges affect their ability to
work. 40% replied that cooperation affects theirs.

32
 40%

60%

Challenges Cooperation

Figure 05: Which of these factors your ability to work?

5.2 Motivation
These part will discuss about the overall motivation and management of Sonali Bank limited.

Q3: What is your level of motivation at work?

40% of the respondents said their level of motivation is very high. 30% said their motivation
is moderate and 30% said their motivation is moderate.

Level of motivation

30%

40%

30%

Very high High Moderate

Figure 06: Q3: What is your level of motivation at work?

33
Q4: Rate the creativity of management in implementing sufficient reward systems

85% of the employees said the creativity of management is very high. 5% of the employees
responded with high and 10% of the employees said the creativity of management in
implementing reward system is low.

10%

5%

85%

Moderate High Low

Figure 07: Rate the creativity of management in implementing sufficient reward systems

Q5: Manager/supervisor encourages open, honest two-way communication

75% of the respondents strongly agreed with the statement and 25% of the respondents said
they agree with the statement.

25%

75%

Strongly Agree Agree

Figure 08: Manager/supervisor encourages open, honest two-way communication

34
5.3 Payment
This part represents the level of satisfaction of the employees with the salary and payment
structure of Sonali Bank Limited.

Q6: How satisfied are you with your payment?

65% of the respondents said they were satisfied with their payment. 15% of the respondents
said they were satisfied and 20% of the respondents said they were moderately satisfied.

20%

15%

65%

Very high High Moderate

Figure 09: How satisfied are you with your payment?

Q7: How satisfied are you with the current salary structure of your organization?

60% Said they were very satisfied with the current salary structure. 40% of the respondents
said they were satisfied with the current payment structure of the organization.

35
 40%

60%

Very Satisfied Satisfied

Figure 10: How satisfied are you with the current salary structure of your organization?

5.4 Job Security

This part will help to rate the job security of Sonali Bank Limited.

Q8: Rate your job security

95% of the respondents rated their job security as very high and 5% of the respondents the job
security was moderate.

5%

95%

Very high Moderate

Figure 11: Rate your job security

36
5.5 Promotion
Q9: Number of promotions you got?

While answering this question respondents aging 30 and below said they were never promoted.
Respondents of age group 30 to 40 said they got two promotions on average. Respondents
aging 40-50 said they got four promotions on average. Respondents aging 50+ said they got
more than five promotions on average.

Q10: What is the frequency of promotion?

According to the respondents the frequency of promotion is five years.

Q11: Frequency of promotion is satisfactory

20% of the respondents said they strongly agree with the statement. 40% said they agree with
the statement. 25% said they were neutral and 15% of the respondents disagreed with the
statement.

15%
20%

25%

40%

Strongly agree Agreee Nutral Disagree

Figure 12: Frequency of promotion is satisfactory

Q12: What is the level of fairness in promotion in your opinion?

80% of the respondents said the level of fairness in promotion is very high and 20% of the
respondents said the level of fairness in promotion is high.

37
 20%

80%

Very high High

Figure 13: What is the level of fairness in promotion in your opinion?

5.6 Benefits and rewards

This part will help to find the benefits of working in Sonali Bank Limited. It will also help to
understand the reward system of Sonali Bank Limited.

Q13: What is the most distinctive feature of your job?

75% of the respondents said staff loan is the most distinctive feature. 20% respondents said job
security is the most distinctive feature and 5% said promotion is the most distinctive feature.

100.00%

90.00%

80.00%

70.00%

60.00%

50.00%

40.00%

30.00%

20.00%

10.00%

0.00%
Staff Loan Job Security Promotion

Most distinctive feature

Figure 14: What is the most distinctive feature of your job?

38
Q14: Amount of bonuses provided?

100% of the respondents said they get bonuses equal to their basic.

Q15: Do you get payment for your overtime?

100% of the respondents said they do not get any payment for over time.

Q16: Does your organization provide any reward based on performance?

100% of the respondents said Sonali Bank Limited provide reward based on performance.

Q17: Does your organization provide fringe benefits?

100% of the respondents said they do not get any fringe benefit.

Q18: How satisfied are you with the current benefits provided?

75% of the respondents said they were satisfied with the current benefits. And 25% of the
respondents said they were satisfied.

25%

75%

Very Satisfied Satisfied

Figure 15: How satisfied are you with the current benefits provided?

5.7 Engagement
This part will help to understand the level of engagement of the employees and the correlation
between motivation and engagement.

Q19: Rate your engagement with the organization

39
80% of the respondents said their engagement with Sonali bank limited is very high and 20
percent said their engagement is high.

20%

80%

Very high High

Figure 16: Rate your engagement with the organization

Q20: Level of correlation between benefits provided by your organization and your
engagement?

30% of the respondents said the correlation is very high 50% of the employees said the
correlation is high and 20% of the employees said the correlation is moderate.

20%

30%

50%

Very high High Moderate

Figure 17: Level of correlation between benefits provided by your organization and your
engagement?

40
Q21: Do you wish to switch your job if you are given better salary somewhere else?

100% of the employees answered with no to this question.

Q22: You like your daily work

5% Strongly agrees with this statement 85% of the respondents said they agree and 10% had
neutral opinion.

10% 5%

85%

Strongly agree Agreee Nutral

Figure 18: You like your daily work

5.8 Recommendation
This part is constructed with the opinion of the employees for better engagement.

Q23: What will improve the employee engagement in your organization?

35% of the respondents think different salary structure will improve their engagement. 40% of
the respondents think payment for overtime will improve their engagement. 5% of the
respondents think accommodation facility will improve their engagement. 20% think more
bonuses will help to improve employee engagement.

41
 100.00%

90.00%

80.00%

70.00%

60.00%

50.00%

40.00%

30.00%

20.00%

10.00%

0.00%
Different salary structure Payment for overtime Accommodation More bonuses

What will improve employee engagement

Figure 18: What will improve the employee engagement in your organization?

Q24: What will keep the employees motivated?

25% respondents said training will keep the employees motivated. 15% of the respondents said
performance bonuses will keep the employees motivated. 20% of the employees said seminar
and workshops will keep the employees motivated and 40% of the employees said appreciation
of management will keep the employees motivated.

42
Chapter 06: Findings

43
Findings from the survey are discussed below:

a) Majority of the employees believe that job security in Sonali Bank Limited is very high
a) Challenges affect the ability to work the most
b) The employees of Sonali Bank Limited are highly motivated
c) The management of Sonali Bank Limited is highly creative in implementing reward
system
d) Communication with the managers and supervisors is open and honest
e) The employees of Sonali Bank Limited are very satisfied with their payment
f) The employees of Sonali Bank Limited are very satisfied with their payment structure
g) The employees of think their job security is very high
h) The system for promoting employees is fair
i) Frequency of promotion is satisfactory
j) Most of the employees think staff loan is the most distinctive feature of their job
k) The bonuses provided are equal to the basic of the employees
l) The employees do not get any payment for their overtime
m) Sonali Bank Limited provides reward based on performance
n) Fringe benefits are not provided by the organization
o) The employees are very satisfied with the benefits provided
p) The engagement of employees is very high
q) Most of the employees think engagement has positive relation with benefits provided
r) The employees of Sonali Bank Limited do not wish to switch their job even if they are
offered a job with better salary somewhere else
s) Most of the employees like their daily task
t) Most of the employees think payment for over time and different salary structure will
improve their engagement
u) Most of the employees think appreciation of the management is the most effective way
of motivating the employees

44
Chapter 07: Recommendation
and Conclusion

45
7.1 Recommendations
After studying the motivational aids provided by Sonali Bank Limited following
recommendations can be given:

a) Most of the employees get motivated by challenges so the governing body of SBL can
introduce new challenges for the employees. The challenges can be extended in a limit
that the employees do not get demotivated.
b) Most of the employees of SBL are very motivated. Keeping the motivation at the same
level will not be enough rather the organization has to find new ways to motivate the
employees.
c) The managers and supervisors are needed to be more proactive in establishing good
communication.
d) The employees are very satisfied with their payment and job security. Sonali Bank
Limited must ensure the satisfaction remains the same in the coming years.
e) The employees are satisfied with their promotion. So there is no need to bring changes
in current policy regarding promotion.
f) As staff loan is the most distinctive feature of SBL, the facility of staff loan can be
improved
g) The employees do not get paid for overtime. They will be much more encouraged to
work hard if they get payment for their overtime.
h) The organization can provide some fringe benefits.
i) Payment for overtime and different salary structure can be vital factors for improving
employee engagement
j) Employees think appreciation of the management is the most encouraging factor of
motivation. So, Appreciation of the management at every level must be ensured.

46
7.2 Conclusion
From the study above it can be said that the employees of Sonali Bank Limited are very
motivated about their job. They are satisfied with the facilities and benefits provided by the
organization. The managers and supervisors are supportive to their subordinates. Though most
of the areas of motivation are managed well by the organization, there are some areas to
improve.

Modern Banking is an outcome development driven by changing financial activities and

lifestyle. It offers the widest range of financial services specially credit, savings, and payment
services and performs the widest range financial functions of any business firm in the economy.
By definition, Bank collects deposit from the money holders and invests the accumulated
savings of the depositors in the form of credit and other financial service to the Clint. At one
hand the bank pays interest at a higher rate from borrower to realize profit. So we find that
money works both as input and output of the banking industry.

47
References
Amarteifio, E. (2017, May 15). Factors influencing the motivation of bank staff in the Cape
Coast metropolis. Retrieved from www.academia.edu:
https://www.academia.edu/1947651/Factors_influencing_the_motivation_of_bank_st
aff_in_the_Cape_Coast_metropolis

Aronson, E. W. (2002). Social Psychology . New Jersey: Prentice Hall.

Bergmann, T. &. (2001). Compensation Decision Making. Buckingham: Open university press.

Foster, J. J. (2000). Motivation in the workplace. Work and organizational psychology, 302-
326.

Griffin, R. W. (2005). Management. Boston: Houghton Mifflin Co.

Herzberg, F. M. (2004). The Motivation to Work. New Brunswick: Transaction Publishers.

Khan, T. (2017, may 15). Employee Motivation in Banking Sector. Retrieved from
www.linkedin.com: https://www.linkedin.com/pulse/employees-motivation-banking-
sector-tariq-khan

Maslow, A. (1998). Toward a Psychology of Being. London: Willy .

Muchinsky. (1993). Psychology Applied to work. Belmont: Wadsworth inc.

Nawaz Ahmed, R. A. (2014, August 5). Factors Motivating Employees in Public Sector.
Retrieved from www.indus.edu.pk: https://www.indus.edu.pk/publication/Publication-
11.pdf

Sonali Bank Limited. (2017, 04 17). Retrieved from Sonali Bank Limited:
http://www.sonalibank.com.bd/#

V. Balachandran, V. C. (2009). Office management. New Delhi: Tata McGraw-Hill Education.

48
Appendix

49
 Survey on

Impact of Motivational Factors on Employee Engagement and

Retention of Employees at Sonali Bank Limited

Personal information

Name:

Age:

Branch:

Position:

Gender:

Education:

Part 01 (General Discussion)

1. Why did you join Sonali bank?

 Good Salary
 Staff loan
 Recognition
 Job security
 Lack of jobs
 Don’t know

2. Which of these factors do you feel affects your ability to work?

 Challenges
 Monetary benefit
 Lack of control
 Competition
 Cooperation
  Recognition

Part 02 (Motivation)

4. What is your level of motivation at work?

 Very High
 High
 Moderate
 Low
 Very Low

5. Rate the creativity of management in implementing sufficient reward systems for

you?

 Very High
 High
 Moderate
 Low
 Very Low

6. Manager/supervisor encourage open, honest two-way communication

 Strongly Agree
 Agree
 Neutral
 Disagree
 Strongly Disagree

Part 03 (Payment)

7. How satisfied are you with your payment?

 Very satisfied
 Satisfied
 Moderate
 Dissatisfied
 Very dissatisfied
8. How satisfied are you with the current salary structure of your organization?

 Very satisfied
 Satisfied
 Moderate
 Dissatisfied
 Very dissatisfied

Part 04 (Job Security and difficulty)

9. Rate your job security

 Very High
 High
 Moderate
 Low
 Very Low

Part 05 (Recognition)

10. Number of promotions you got

 None
 One
 Two
 Three
 Four
 Five
 More Than Five

11. What is the frequency of promotion?

 2-4 years
 4-6 years
 6-8 years
 More than 8 years

12. Frequency of promotion is satisfactory

  Strongly Agree
 Agree
 Neutral
 Disagree
 Strongly Disagree

13. What is the level of fairness in promotion in your opinion?

 Very High
 High
 Moderate
 Low
 Very Low

Part 06 (Benefits and rewards)

14. What is the most distinctive feature of your job?

 Salary
 Promotion
 Recognition
 Staff loan
 Job security

15. Amount of bonuses provided?

 Half of basic
 Equal to basic
 Double of basic
 Other

16. Do you get payment for your overtime?

 Yes
 No

17. Does your organization provide any reward based on performance?

 Yes
  No

18. Does your organization provide fringe benefits?

 Yes
 No

19. How satisfied are you with the current benefits provided?

 Very satisfied
 Satisfied
 Moderate
 Dissatisfied
 Very dissatisfied

Part 07 (Engagement and Retention)

20. Rate your engagement with the organization

 Very High
 High
 Moderate
 Low
 Very Low

21. Level of correlation between benefits provided by your organization and your
engagement?

 Very High
 High
 Moderate
 Low
 Very Low

22. Do you wish to switch your job if you are given better salary somewhere else?

 Yes
 No

23. You like your daily work

  Strongly Agree
 Agree
 Neutral
 Disagree
 Strongly Disagree

Part 08 (Recommendation)

24. What will improve the employee engagement in your organization?

 Different salary structure

 Payment for overtime
 Accommodation facility
 More bonuses

25. What will keep the employees motivated?

 Training
 Performance bonus
 Seminar and workshop
 Appreciation of management