RESEARCH PROJECT (BMBR5103) EXPLORING FACTORS AFFECTING EMPLOYEE JOB SATISFACTION AT BANK FOR INVESTMENT AND DEVELOPMENT OF VIETNAM STUDENT’S FULL NAME : NGUYEN PHUONG NAM STUDENT ID : 14967 INTAKE : MARCH 2013 ADVISOR’S NAME & TITLE : NGUYEN THE KHAI, DBA SEPTEMBER 2014 ADVISOR’S COMMENTS Advisor’s signature: . Page iii of 53 DECLARATION I declare that the work on which this dissertation is based, hereby submitted to Open University Malaysia for the degree of Master of Business Administration. This wok has not previously been submitted by me for a degree at this or any other university. It is my work in design and execution, and that all material contained herein has been duly acknowledged. Nguyen Phuong Nam (Mr.) Page iv of 53 ACKNOWLEDGEMENTS Firstly, I came to my great pleasure to have a chance to attend the official course of Strategic Management of OUM and HUTECH conducted by Nguyen The Khai, DBA two months ago. Through this class, a lot of knowledge on Business Research Method with different angles, art and skills needed have been absorbed carefully and this will help me a lot in the long run to work in business environment. Secondly, understanding of Business Research Method will help me and other members of the class build teamwork’s environment, leading team and motivate others through Business Research Method. Thirdly, I would like to express my great thankfulness to my lecturer – Nguyen The Khai, DBA, who inspired me with interesting lessons, ways of systematic learning that will be very useful for me. With kind regards, Nguyen Phuong Nam Page v of 53 Contents ADVISOR’S COMMENTS iii DECLARATION . iv ACKNOWLEDGEMENTS v LIST OF TABLES . ix LIST OF FIGURES . ix ABSTRACT 10 CHAPTER 1: OVERVIEW 11 1.1 BIDV introduction . 11 1.2 Context of the study: BIDV’s inside problems 12 1.3 Research problem statement 13 1.4 Research objectives 13 CHAPTER 2: LITERATURE REVIEW 15 2.1 Definitions of Constructs . 15 2.1.1 Job satisfaction . 15 2.1.2 Benefits . 16 2.1.3 Work-related expectancies . 18 2.1.4 Performance appraisal system knowledge . 18 2.1.5 Supervison 20 2.2 Theories of Job Satisfaction . 21 2.2.1 Maslow Hierarchy Theory . 21 2.2.2 Herzberg’ Two-Factor Theory . 22 2.2.3 Vroom’s Expectancy Theory of Motivation 23 2.2.4 Adams’s Equity Theory (1963) 24 2.2.5 Locke’s Range of Affect theory . 25 2.3 Proposed research model and hypotheses 26 2.3.1 Proposed research model 26 2.3.2 Proposed research hypotheses 27 CHAPTER 3: RESEARCH METHODOLOGY 28 Page vi of 53 3.1 Sample 28 3.2 Measurement of variables 28 3.2.1 Benefits . 28 3.2.2 Job satisfaction . 28 3.2.3 Work-related expectancies . 29 3.2.4 Performance appraisal system knowledge . 30 3.2.5 Supervision . 32 3.3 Data collection . 33 3.4 Data Analysis . 33 CHAPTER 4: RESEARCH FINDINGS . 34 4.1 Construct Reliability 34 4.1.2 Main construct: Job satisfaction . 35 4.1.2. Construct: Performance Appraisal System Knowledge 35 4.1.3. Construct: Work-related expectancies 35 4.1.4. Construct: Benefits 36 4.1.5. Construct: Supervision 36 4.2 Descriptive statistics 37 4.3 Correlations among variables . 38 4.4 Hypothesis testing results . 39 4.4.1 Proposed hypothesis H1 . 40 4.4.2 Proposed hypothesis H2 . 41 4.4.3 Proposed hypothesis H3 . 42 4.4.4 Proposed hypothesis H4 . 43 CHAPTER 5: DISCUSSION AND RECOMMENDATION . 44 5.1 Discussion 44 5.2 Managerial implications . 45 REFERENCES . 46 APPENDIX 50 Page vii of 53 Page viii of 53 LIST OF TABLES Table 1: Measurement of benerfits Table 2: Measurement of Job satisfaction Table 3: Measurement of Work-related expectancies Table 4: Measurement of Performance appraisal system knowledge Table 5: Measurement of supervision Table 6: Cronbach's alpha- Internal consistency Table 7: Cronbach's alpha of Construct Job Satisfaction Table 8: Cronbach's alpha of Construct Performance appraisal system knowledge Table 9: Cronbach's alpha of Construct Work-related expectancies Table 10: Cronbach's alpha of benefits Table 11: Cronbach's alpha of supervision Table 12: Descriptive statistics Table 13: Correlations among variables Table 14: H1 model summary Table 15: H1 Coefficients (a) Table 16: H2 Model summary Table 17: H2 Coefficients (a) Table 18: H3 Model summary Table 19: H3 Coefficients (a) Table 20: H4 model summary Table 21: H4 Coefficients (a) 28 29 30 31 32 34 35 35 35 36 36 37 38 40 40 41 41 42 42 43 43 LIST OF FIGURES Figure 1: Maslow's Hierarchy Needs Theory 22 Figure 2: Vroom's Expectancy Theory of Motivation 23 Figure 3: Proposed Research Model 26 Page ix of 53 ABSTRACT Employees are internal customers of the organization, to meet the current requirements and is willing to work with organizations to implement business objectives. However, most organizations focus on customer satisfaction about the product, but very little attention to employee's satisfaction with his work or not. The satisfaction of employees towards work will boost the quality of banking operations. Therefore conducted a study on employee satisfaction towards work is a necessity for the development of the bank. Because of that, I decided to delve into the topic "Exploring factors affecting employee job satisfaction at Bank for Investment and Development of Vietnam" (BIDV) threads clarify this issue.This study discusses the factors that influence job satisfaction. Data were collected through questionnaire from 270 employees (n=270) of four departments in BIDV. The hypotheses were tested using SPSS software, version 15.0. All variables were tested the reliability Cronbach’s Alpha, the correlations, descriptive statistics, and the like. The study result reveals that procedural justice, work-related expectancy, perceived organizational support, and performance appraisal system knowledge have positive relationship with job satisfaction. This result helps the managers of BIDV have a more holistic view of enterprise systems and more specific policies strategies. The company should appropriate to improve employee satisfaction contributing to impact customer satisfaction, empowerment and competitiveness of their enterprise on the market. The implications to human resource development for organizations that want to increase employee job satisfaction is to focus on enhancing the support for the employees, improving the procedural fairness, and caring the employee’s expectancies and the like. Key words: job satisfaction, benefits, work-related expectancies, performance appraisal systems, supervision, BIDV Page 10 of 53 4.3 Correlations among variables Correlations T ABLE 13: C ORRELATIONS AMONG VARIABLES JS JS Pearson Correlation BN .538(**) WR .703(**) PA .475(**) SU .341(**) .000 .000 .000 .000 270 270 270 270 270 .538(**) .689(**) .459(**) .306(**) .000 .000 .000 Sig. (2-tailed) BN N Pearson Correlation Sig. (2-tailed) WR N Pearson Correlation Sig. (2-tailed) PA N Pearson Correlation Sig. (2-tailed) SU N Pearson Correlation Sig. (2-tailed) N .000 270 270 270 270 270 .703(**) .689(**) .565(**) .356(**) .000 .000 .000 .000 270 270 270 270 270 .475(**) .459(**) .565(**) .425(**) .000 .000 .000 270 270 270 270 270 .341(**) .306(**) .356(**) .425(**) .000 .000 .000 .000 270 270 270 270 .000 270 ** Correlation is significant at the 0.01 level (2-tailed). Page 38 of 53 4.4 Hypothesis testing results As proposed in chapter 2, we suggested that the relationships between procedural justice, work-related expectancies, performance appraisal system knowledge, perceived organizational support and job satisfaction were all positive. In order to prove that the hypothesis is supported, the hypothesis has to fulfill three below requirements: + R square is positive; + Unstandardized coefficients Beta: positive if the proposed hypothesis is positive; vice versa, negative if the proposed hypothesis is negative; + Significant is less than 0.05 Below is the hypothesis testing result of all proposed hypotheses. Page 39 of 53 4.4.1 Proposed hypothesis H1 H1: There is a positive relationship between benefits and job satisfaction. Model Summary T ABLE 14: H1 MODEL SUMMARY Model Summary Mode l R R Square .538(a) .289 a Predictors: (Constant), BN Adjusted R Square .286 Std. Error of the Estimate .49009 That the R square is 0.289 is positive. Coefficients(a) T ABLE 15: H1 C OEFFICIENTS ( A ) Unstandardized Coefficients Mode B (Consta nt) BN Std. Error 1.640 .186 .496 .047 Standardized Coefficients t Sig. Beta B Std. Error .538 8.799 .000 10.437 .000 a Dependent Variable: JS That unstandardized coefficients beta B is 0.538 is positive, and the significant is 0.000 less than 0.05. Conclusion: The hypothesis H1 is supported. Hence, benefits and job satisfaction have positive relationship. Page 40 of 53 4.4.2 Proposed hypothesis H2 H2: There is a positive relationship between work-related expectancies and job satisfaction Model Summary T ABLE 16: H2 M ODEL SUMMARY Model R R Square .704 (a) Adjusted R Square .494 Std. Error of the Estimate .492 .42336 a Predictors: (Constant), WR That the R square is 0.494 is positive. Coefficients(a) T ABLE 17: H2 C OEFFICIENTS ( A ) Unstandardized Standardized Coefficients Coefficients T Sig. Beta B Std. Error Model B Std. Error (Constant) .951 .163 WR .710 .044 .703 5.833 .000 16.182 .000 a Dependent Variable: JS That unstandardized coefficients beta B is 0.703 is positive, and the significant is 0.000 which is less than 0.05. Conclusion: The hypothesis H2 is supported. Hence, work-related expectancies and job satisfaction have positive relationship. Page 41 of 53 4.4.3 Proposed hypothesis H3 H3: There is a positive relationship between performance appraisal system knowledge and job satisfaction. Model Summary T ABLE 18: H3 M ODEL SUMMARY Model R R Square .475(a) Adjusted R Square .225 Std. Error of the Estimate .223 .51151 a Predictors: (Constant), PA That the R square is 0.225 is positive. Coefficients(a) T ABLE 19: H3 C OEFFICIENTS ( A ) Model (Constant) PA Unstandardized Standardized Coefficients Coefficients t Sig. Beta B Std. Error B Std. Error 1.596 .224 .542 .061 .475 7.111 .000 8.833 .000 a Dependent Variable: JS That unstandardized coefficients beta B is 0.475 is positive, and the significant is 0.000 which is less than 0.05. Conclusion: The hypothesis H3 is supported. Hence, performance appraisal system knowledge and job satisfaction have positive relationship. Page 42 of 53 4.4.4 Proposed hypothesis H4 H4: There is a positive relationship between supervision and job satisfaction. Model Summary T ABLE 20: H4 MODEL SUMMARY Model R R Square .341 (a) Adjusted R Square .116 Std. Error of the Estimate .113 .54632 a Predictors: (Constant), SU That the R square is 0.116 is positive. Coefficients(a) T ABLE 21: H4 C OEFFICIENTS ( A ) Model Unstandardized Standardized Coefficients Coefficients T Sig. Beta B Std. Error B Std. Error (Constant) 1.715 .312 SU .488 .082 .341 5.497 .000 5.944 .000 a Dependent Variable: JS That unstandardized coefficients beta B is 0.341 is positive, and the significant is 0.000 which is less than 0.05. Conclusion: The hypothesis H4 is supported; hence, supervision and job satisfaction have a positive relationship. Page 43 of 53 CHAPTER 5: DISCUSSION AND RECOMMENDATION 5.1 Discussion This study is conducted in order to first establish evaluation model of employee job satisfaction in BIDV, second to understand the factors affecting job satisfaction and assessment of level of satisfaction, and finally suggest some recommendation for the managers of BIDV. When testing the reliability of five constructs including job satisfaction, benefits, workrelated expectancies, performance appraisal system knowledge, and supervision, we found that all these constructs have the good Cronbach’s alpha. The largest is the Cronbach’s alpha of workrelated expectancies with 0.883, and the lowest is that of benefits with 0.830. That all results of Cronbach’s alpha are greater than 0.8 shows that these constructs are good enough to conduct further analysis. From the above analysis in chapter 4, mean of job satisfaction equals 3.5598 with the standard deviation 0.58014 by using 5-point Likert scale. It could be said that employees at BIDV have average job satisfaction. When satisfaction is calculated by each variables, benefits has the highest mean (3.8731); next is the factor supervision (3.7763) and work-related expectancies (3.6716). The factor has the lowest mean (3.6219) is performance appraisal system knowledge. When testing the hypotheses, the results show that all four proposed hypotheses are supported. It could be approved that there are four factors influencing job satisfaction among employees working at BIDV. Benefits, work-related expectancies, performance appraisal system knowledge, and supervision are together affecting the level of job satisfaction at BIDV. Page 44 of 53 5.2 Managerial implications For those employers in BIDV, this study has some certain significance. First of all, with the average job satisfaction relatively low (3.5598), employer must implement some internal and external measures to increase the employee job satisfaction. When there is high level of job satisfaction, employees will feel more productive and have long-term commitment to the company. The results of the regression analysis showed that the factors affecting job satisfaction include benefits, performance appraisal system knowledge, work-related expectancies, and supervision. Although this study may not totally accurately reflecting the level of employee job satisfaction as well as the factors affecting the level of job satisfaction at BIDV, this study will also help managers in issuing and improving company’s policies to enhance job satisfaction. The employees at BIDV feel satisfied with benefits the most; thus, the BIDV’s managers could further improve the salary and reward system, make the effect different between officer staff and sales staff. The company recognizes that employees satisfy with the benefits; therefore, if the company cares much for their expectancies by paying worth with the employee’s efforts, the employees’ satisfaction will be increased. Page 45 of 53 REFERENCES Arizi B. (2011) Job satisfaction: A literature review. Research on Management Research and Practice. Vol 3, Issue 4, pp: 77-88 Armstrong, M. (2006). A Handbook of Human resource Management Practice, Tenth Edition, Kogan Page Publishing, London, p. 264 Baron, A.R. & Greenberg. 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T., Ngo, H.Y. & Wong, C. S. (2002). Affective organizational commitment of workers in Chinese joint ventures. Journal of Managerial Psychology, 17(7), 580-598. Page 49 of 53 APPENDIX EMPLOYEE SATISFACTION SURVEY, 2014 BANK FOR INVESTMENT AND DEVELOPMENT OF VIETNAM Dear Sir/Madam, Below is the questionnaire about employee satisfaction. The purpose of this survey is to obtain information about factors affecting job satisfaction among employees at BIDV. I appreciate your kind corporation helping me answering all the questions below. All of your answers will be kept confidential and will only be used for the study’s purpose. In case you have any questions, please contact me via email: nguyenphuongnamtchq@gmail.com Thank you! Please read carefully every item before answering. Circle one of the scales mentioned at each part to indicate your answer. No. Items I am satisfied with the benefits I receive The benefits we receive are as good as most other organization offer The benefits package we have is non equitable There are benefits we have which we should have I understand the performance appraisal system being used in my agency. My supervisor and I concur on the meaning of the criteria used in the performance appraisal system. Completely disagree Disagree to some extent Uncertain Agree to some extent Completely agree Page 50 of 53 10 11 12 13 14 15 16 17 18 19 20 21 I understand the objectives of the present performance appraisal system. I have a real understanding of how the performance appraisal system works I not understand how my last performance appraisal rating was determined (R). I know the criteria used by my employer to evaluate my performance. I understand the standards of performance my employer expects. My employer clearly communicates to me the objectives of the performance appraisal system. I would benefit from additional training in the process of the appraisal system (R). Procedures regarding the performance appraisal system are not generally understood by the employees (R) An attempt should be made to increase employees' understanding of the performance appraisal system (R). It is more likely that I will be given a pay raise or promotion at BIDV if I finish a large amount of work. It is more likely that I will be given a pay raise or promotion at BIDV if I high-quality work. Getting work done quickly at BIDV increases my chances for a pay raise or promotion. Getting work done on time is rewarded with high pay at BIDV. Completing my work on time gets me greater approval from my immediate supervisor at BIDV. My immediate supervisor at BIDV gives me more recognition when I get a lot of work done. Page 51 of 53 22 23 24 If I get my job done on time, I have more influence with my immediate supervisor at BIDV. My immediate supervisor at BIDV pays added attention to the opinions of the best workers. When I finish my job on time, my job is more secure at BIDV. Items 25 26 27 28 29 30 31 All in all, how satisfied are you with the persons in your work group? All in all, how satisfied are you with your job? All in all, how satisfied are you with this organization, compared to most? All in all, how satisfied are you with your supervisor? Considering your skills and the effort you put into your work, how satisfied are you with your pay? How satisfied you feel with the progress you have made in this organization up to now? How satisfied you feel with your chance for getting ahead in this organization in the future? Items 32 33 34 35 36 37 38 The way my supervisor listens when I have something important to say The way my supervisor sets clear word goals. The way my supervisor treats me when I make a mistake My supervisor’s fairness in appraising my job performence The way my supervisor is consistent in his/her behavior toward subordinates The way my supervisor helps me to get the job done The way my supervisor gives me credit for my ideas Completely satisfied Satisfied Neutral Unsatisfied Completely unsatisfied Neutral Satisfied Completely Satisfied Completely Unsatisfied unsatisfied Page 52 of 53 39 40 41 42 43 44 45 46 47 48 49 The way my supervisor gives me clear instruction The way my supervisor informs me about work changes ahead of times The way my supervisor follows through to get problems solved The way my supervisor understands the problems I might run into doing the job The way my supervisor shows concern for my career progress My supervisor’s backing me up with other management The frequency with which I get a pat on the back for doing a good job The technical competence of my supervisor The amount of time I get to learn a task before I’m moved to another task The time I have to the job right The way my job responlitities are clearly defined. Page 53 of 53 [...]... the factors that influence employee satisfaction with the job + Survey and assessment of employee satisfaction for thejob at BIDV Page 13 of 53 + Propose a solution to improve employee satisfaction on the job at the BIDV Page 14 of 53 CHAPTER 2: LITERATURE REVIEW 2.1 Definitions of Constructs 2.1.1 Job satisfaction In Organizational Behavior Research, Job satisfaction or Employee Satisfaction is one of. .. satisfaction refers to the attitude and feelings workers have about their work Positive and favorable attitudes towards the job indicate job satisfaction Vice versa, negative and unfavorable attitudes towards the job indicate job dissatisfaction According to Greenberg and Baron (2008), job satisfaction can be understood as the employee s positive or negative attitude in relation to the work According... job satisfaction and performance appraisal system knowledge In 1981, Dipboye and Pontbriand found that in case that employee development and performance improvement were enhanced in the performance appraisal, employees felt more satisfied and had greater acceptance of the performance appraisal According to Prince and Lawler (1986), the constructs "work planning and goal setting" and "discuss performance... expectancies and job satisfaction H3: There is a positive relationship between performance appraisal system knowledge and job satisfaction H4: There is a positive relationship between supervision and job satisfaction Page 27 of 53 CHAPTER 3: RESEARCH METHODOLOGY 3.1 Sample The sample for the study consisted of participants N=270) Using simple random sampling, data was collected from 270 employees (both male and. .. satisfaction and supervision Haward and Frink (1996) states that supervisors’ behaviour, relationship with co-workers are positively related to job satisfaction A large number of research findings indicate that employees’ high morale and job satisfaction depend on supervisors’ employee centered attitude and their considered behaviour ( Halpin, 1957; Seeman, 1957; Fleishman et al.; 1955; Likert,1961) Begum and. .. 16,000 officers, employees and financial consultants who are well-qualified and welltrained with full experience and have been accumulated and transferred for over half of a century, BIDV always brings its customers the benefits and reliability - Banking Network: BIDV has 118 branches and 500 transaction offices, thousands of ATMs and POS transactions in 63 provinces and cities nationwide - Non-banking... Page 19 of 53 communication, mutual trust, opportunities for appraisees to joint goal setting, the supervisor’s knowledge of the employees’ performance and being evaluated on job- related factors, are significantly related to ratees’ satisfaction with performance appraisals In accordance with Cascio (1996), satisfaction with appraisals has been defined as how content employees are with the level of involvement... consists of Investment Securities Company (BSC), Insurance and Investment Company (BIC) and Leasing Company with more than 20 branches nationwide - Overseas representatives: It trades on all three sectors: Banking, Insurance and Financial Investment in Laos, Russia and especially in the Cambodian market (Investment and Development Company of Cambodia – IDCC, Investment Banking and Development of Cambodia... al (2008), job satisfaction can be defined as the collection of feeling and beliefs that people have about their current job Besides having attitudes about their jobs as a whole, people can have attitudes about different aspects of their jobs such as the kind of work they do, their coworkers, supervisors or subordinates and their pay In general, job satisfaction is critical to retaining and attracting... should have 3.2.2 Job satisfaction Job satisfaction was measured using overall job satisfaction developed by Taylor and Bowers (1974) The scale consisted of seven items and each item has five alternatives in which 1 is Page 28 of 53 completely satisfied, 2 is satisfied, 3 is neutral, 4 is unsatisfied, and 5 is completely unsatisfied The respondent has to choose one option which candidly expresses his . PROJECT (BMBR5103) EXPLORING FACTORS AFFECTING EMPLOYEE JOB SATISFACTION AT BANK FOR INVESTMENT AND DEVELOPMENT OF VIETNAM STUDENT’S FULL NAME : NGUYEN PHUONG NAM STUDENT ID : 14967. the factors that influence employee satisfaction with the job. + Survey and assessment of employee satisfaction for thejob at BIDV. Page 14 of 53 + Propose a solution to improve employee satisfaction. satisfaction towards work is a necessity for the development of the bank. Because of that, I decided to delve into the topic " ;Exploring factors affecting employee job satisfaction at Bank