In many organizations, managers are normally faced with the obstacle of motivating their workers to do certain things. For instance, the management seeks to motivate their employees achieve its objectives (DuBrin, 2008). The second objective that managers have is to make sure that their workers manage to achieve their own personal goals. Motivation can be said to be something psychological that makes people be able to be energized to carry out certain stated objectives. Motivation can either be cognitive, social or even psychological. Motivation can be split into two parts: extrinsic or intrinsic motivation. Intrinsic motivation is a type of motivation that comes from the person's inner self (Lawler, 1994). The person depends more on their internal self than the external pressure that surrounds them. This may be connected to various psychological rewards like positively recognizing their abilities. It is imperative for workers to be provoked so as to work hard and produce more in the company.
Real motivation to take actions normally comes from within the staff of the organization. Despite the fact that managers may have some sort of power to influence their workers, their power is limited by the fact that one cannot force workers to behave (Crouse, 2005). They can be able to offer different types of incentives like rearranging the schedules of work and improving the work conditions but the result lies on the workers. Motivation in any organization becomes strong when an individual possesses a clear vision of what they desire to achieve and how they will bring it to pass (Crouse, 2005). Without a vision, employees will have a basis not to carry out their duties in the organization.
Reasons for choosing the topic
Managing people can be a very challenging task for any management in an organization. As a student who is doing ACCA course, I comprehend that motivation is very important for workers in any firm. This is because it affects working relationships, commitment and performance in the firm. In our changing work environment, it is imperative that motivated employees are around (Lawler, 1994). Employees that are motivated are the life of any organization. Based on this reason, I believe that that it is a requirement that a detailed scrutiny of motives be done. The chosen topic will enable me to be able to have an analysis that is in-depth into the various factors that motivate employees in achieving the organization's objectives.
Organization Selection
Detail Background
The organization chosen for my research is the Commonwealth Bank. Commonwealth Bank was chosen because it is the second largest company in Australia (Microsoft case studies, 2007). The bank offers many financial services like business and institutional banking, retail and management, insurance and investment services to their clients. The Australian government founded it in the fiscal year 1911 and has been credited as one of the fourth largest banks (Commonwealth Bank, 2012). The Commonwealth Bank has been able to spread its culture and value from the top management to the down part.
In order to be established for a long time and to maintain it is dominance as a financial institution, the bank has developed various strategies for motivating its employees. The bank accredits its success to its employees (AGSM Executive programs, 2011). Additionally, the Bank purports that it is engaged in developing and attracting talents from all places. They have also been able to grant their workers pays and remunerations that are competitive (Human resource Management, 2012).
My main objective is to choose a company that is reputable and enjoys larger market share all worldwide to be successful. Consequently, I think that the Commonwealth Bank is the most suitable firm to be employed for my research in understanding the role of motivation in employee relations (AGSM Executive programs, 2011). Furthermore, the research is important, as it will depict whether or not further improvements can be made on employee motivation in the company.
Research Objectives
The intent of this work includes finding out the various motivational policies that the Commonwealth Bank has set out. The thorough research for data was carried out to find out whether the theories of motivation agree with the reality in the Bank. By the conclusion of the research, I should be able to get a conclusion to the following aims:
To determine how motivation theories have been applied in the context of the Commonwealth Bank.
To find out the various factors that influence the level of motivation that an employee may have.
To find out if financial rewards are enough to ensure that the motivation levels of the workers
Suggest improvements to their policies of motivation
By realizing these aims, in the Commonwealth Bank's context, I know that I will be able to derive a conclusion which may be employed to determine how effective motivation policies in the Commonwealth Bank. Furthermore, this will be able to determine whether giving financial incentives only is enough for solve the motivation problem in institutions (AGSM Executive programs, 2011).
Research Approach
The material gathering process employed in my research will be mainly through secondary and primary sources. For the primary sources, I will employ interviews and surveys. For the secondary sources, the research will employ journals, books, and other internet sources (Cooper DR & Schindler, 1998). All these will be employed to know the level of motivation of the staff in Commonwealth Bank. Secondly, I will carry out a critical analysis of the results that I will get so that I will obtain clearer data on the factors that motivate workers at the Commonwealth Bank. Furthermore, I will give the reasons as to why the results are the way they are besides just comparing the results with the theories of motivation. Lastly, the conclusion will be given by answering the research questions that were proposed initially. The limitations of the research will also be discussed at this stage.
2. Research work
2.1 Information Gathering
Information collection is a significant part of research and analysis. This is because it shall be employed to form the conclusion. The techniques of information gathering may comprise of primary and secondary sources. Primary data may be described as data that is collected by any researcher by any means for answering research questions (Jackson, 2009). Examples of primary data may be interviews, surveys, questionnaires and the internet. Secondary data is data that has been collected by other researchers for their own use. However, a different researcher may use this type of data for their own different use. Examples of such kind of data may include books, annual reports, financial statements and internet sources. This forces me to evaluate the relevance of the kind of secondary data that I will choose to use to show me the motivation strategies employed by Commonwealth Bank. In addition, I will employ much care to be able to filter both the secondary and the primary sources of data employed (Cooper DR & Schindler, 1998). This will assist in preventing biasness of the information received in the conclusion and analysis of the research.
2.2 Primary data employed in the research
There are two kinds of primary data that have been employed in gathering data for this research. I have chosen to employ surveys and interviews and designed various questions that will be employed to get answers for my research (Cooper DR & Schindler, 1998). The data that will be gathered may be either quantitative or qualitative kind of data. This means that I have to employ my analytical skill and sound judgment to be able to create an appropriate analysis of the information I have received.
2.2.1 Interviews
I chose to employ interviews in my research to know the hidden requirements and details on the motivational factors that drive workers in the Commonwealth Bank. This method will assist me in finding out the various notions that each employee in the organization upholds concerning motivation (Cooper DR & Schindler, 1998). Interviews are questions that are either asked to a group of persons or one-on-one individuals. They will give a lot of information in instances in which people's number is small and can be very useful when a researcher desires to get a knowledgeable opinion on an issue. Personal interviews normally involve an individual working directly with the respondent. The interviewer in this case has the chance to be able to find out or ask questions as a follow-up. The interviewer is the most crucial part of the interview. Therefore, they have to be properly trained on how to conduct the interviews well and to respond to any emergency. The interview of each group of people in the organization's hierarchy will be significant in identifying the factors of motivation of each hierarchy. Therefore, I will employ interviews to cover the staff and the bank managers. Despite having several advantages, in-depth interviews possess several disadvantages. In-depth interviews may result to biasness, as the interviewer is restricted to the questions that they will ask. The biasness may come from wither the interviewer who is asking the question of the answer given by the person being interviewed (Jackson, 2009). Consequently, I have to design proper questions that will assist me be able to get accurate answers for the aims of the research. Furthermore, the researcher may get in to trouble by asking questions that are illegal or too personal.
I chose to employ a less formal environment as a setting for the interview. This is because I want the workers of the Commonwealth Bank to feel at ease while answering my questions. I believe that such a setting will be important in helping me get the most answers to answer my research questions. For the managers, I will employ a formal tone, as this will make them feel respected enough to answer my questions. The identity of those interviewed will also be kept anonymous. During my interview, I will make sure that I employ simple, clear English and extensive body language (Jackson, 2009). This will enhance my interaction with the respondent. In addition, I will ensure that my questions focus a broad scope so that I can be able to split dissatisfied workers from those that enjoy their job.
2.2.2 Surveys
A Survey involves questionnaires and a respondent who will assist in obtaining both quantitative and qualitative data. In this case, the respondent is the individual who answers the questions that the interviewer gives them. This research method may employ two kinds of questions: closed or open-ended questionnaires (Jackson, 2009). Closed ended questions are questions of surveys whereby the respondents are requested to answer the questions that the researcher has supplied. In open-ended questions, the respondents are requested to give their own answers to the questions instead of being directed. Once the researcher identifies the aims of the survey, questions can be developed so that specific information is received from the participants of the survey. The information is reviewed and analyzed to meet the objectives of the research. Surveys are the most effective means of gathering data as it can get information from a target group.
While developing my research questions, I have to consider the literacy level of the respondents. This is especially when the survey questions will be completed independently. However, in my research project, I will employ a company with literate employees. Hence, my gathering of the answers to my survey questions will be much easier. It is imperative that I field test the field first before I conduct my survey. I will use a few employees to answer my survey questions before I employ the target population. This is to make sure that my survey goes unhindered. I will ensure that the survey questions are distributed to individual respondents. This will minimize group discussions that will tamper with the data received. The respondents will be reminded of how anonymous and valued their responses are. This will ensure that employees that employees who are unmotivated will voice their grievances without fear of losing their jobs.
My target population is the Commonwealth Bank's employees and their management. My focus will be to find out what motivates the workers in their job. To get the mean rating, I will quantify the average of the opinions I receive. In this case, this will be a 5-point scale (5 being fully agreed while 1 being fully disagrees). This data will be employed in the part A of the survey. This survey will assist me to find out the Bank and the motivation level that its employees have. Question 1 of part B will be employed to rank, from 1 to 7 the significance that motivation factors in the company have to its employees performance. 1 is the most important while 7 is the least important question. The answers to the survey questions have a significant role in analyzing as it will help me rank the factors that motivate employees from the most significant to the least. I have formed a question as the second questions concerning financial reward in Part B. This is an extrapolation of the first question in part B. The answer to this survey question will assist me in finding out whether finances only can act as the main motivation factor in any firm. I would attempt to include my observation from part A together with the employment of various motivational theories that I have identified. Consequently, this will assist me to explain the reasons behind the motivational rankings according to the answers received from the survey questions. I will include the sufficiency of financial rewards in part B. Furthermore, I will attempt to connect the results of the second question to the first question in Part B.
In some instances, the respondents may have some considerations where they disagree. This may be considered as a neutral rating surface. When quantifying the mean rating to the questions, the scale of 1 to 5 will be employed. The ratings will be employed to indicate whether the responses are more negative or positive towards the survey questions. The results of the survey carried out in the Commonwealth bank will be recorded in Part A as they are all rated by the rating scale below 3. This is an indication that the neutrality leans more towards the responses that are positive. However, I will attempt to explain the existence of these positive responses in my analysis so that I can improve my research.
To carry out this survey, I would require approval from various individuals. First, I would require permission from the management of the Bank, to enable me interview both the employees and their managers. I would also require permission from the informants themselves to derive private information from them. This information gotten from them ought to be kept in a confidential manner because of ethical purposes. This means that nay information or issue of concern that the respondents will raise will not be disclosed to anyone but will solely be employed for the purpose of this research project. By doing this, I will create a comfortable environment whereby the employees of the Commonwealth Bank will disclose private information as it will not be revealed to anyone. No statistical measures will be employed to prove the significance of the information received. The sample size of twenty employees is reasonable enough to represent the entire population in the Bank. I hope that this would be sufficient to provide enough evidence that will assist me in analyzing the result of the research project. I will provide clear reasons as to why am conducting the research and what kind of data I expect to receive in my survey design. Consequently, this will make me design my survey questions in a manner that there would be a link with my research objectives. The survey will be mingled with the interviews that will be conducted. This will be done by choosing a few questions that may require adequate as well as explanations that are more detailed. This will be achieved by employing open-ended questions in the interviews. These questions will provide a greater comprehension of the level of motivations, the ranking of the factors of motivation and the significance that financial rewards have towards motivating employees in the Bank.
2.3 Secondary research
For my research project, secondary data will be employed to supplement the information that primary data has given me. Furthermore, it will assist me compare the information that I have received with the current study. This data will include internet sources, journals and books.
2.3.1 Motivation Theories
There has been much work carried out on factors that affect human motivation. This search has resulted in many theories being formulated to explain the motivation phenomenon. I have chosen some of the theories to explain and compare the levels of motivation in the Commonwealth Bank. These theories are two types: content and process theories
2.3.2 Content theories
i) Hertzberg's Two-Factor Theory
The theory was formulated by a behavioral scientist, Frederick Herzberg, in the fiscal year 1959. The scientist purported that there are some factors in the working environment that may result in satisfaction while others stop dissatisfaction (Latham, 2007). Herzberg argues that the opposite of dissatisfaction is No dissatisfaction while the opposite of satisfaction is no satisfaction. The job factors have been split into two categories based on the theory. The first category is the hygiene factors and this comprises of job factors that are essential for the continuation of motivation in the work environment (Griffin, 2011). These factors have not been known to bring a long-term positive satisfaction in the work place. These factors only assist in pacifying the workers so as not to dissatisfy them. Examples of these factors are clear and fair company policies, the pay structure, the physical working environment, the status of employees in the workplace and other benefits (Condrey, 2010). The second category is the motivational factors which are not considered to be motivators. However, when applied they are common in bringing satisfaction to the workers. These factors are intrinsic and depict the psychological requirements that the employees in a company may want. Examples of such factors may be a sense of achievement, recognition, enjoyable work, responsibility as well as promotional and development chances in the work environment (Latham, 2007).
http://tutor2u.net/business/images/herzberg_factors.gif
Figure 2.3.2 Herzberg two-factor theory diagram
Source: Herzberg, 2012
2.3.3 Maslow hierarchy of needs
http://www.simplypsychology.org/Hierarchyofneeds.jpg
Figure 2.3.3 Maslow hierarchy of needs
Source: Simply Psychology, 2011
This theory was purported by Abraham Maslow in the fiscal year 1943 in the paper dubbed,' A theory of Human Motivation.' The hierarchy of needs that Maslow portrays is normally depicted in the shape of a pyramid (Steer, 1979). The most fundamental requirement is normally at the top while the least is at the bottom of the pyramid. The theory is based on the initiative that people have five basic needs. These needs are:
Physiological needs: These are the five basic requirements of human beings like water, clothing, air, shelter and food (Norwood, 1999).
Safety requirements: These comprises of the emotional protection, environmental as well as the physical security that a worker may require (Steer, 1979). For example, the employee may need security in the areas of their health and family. When physical safety is not present because of either natural calamity, an individual may have stress disorders (Miller et al., 2012). This can be demonstrated by being protected against lose of a job or income in a workplace.
Social needs: An individual needs to feel like they belong somewhere. Lack of this due to neglect, rejection or even shunning may make a person not be able to form vital relationships (Hoffman, 2007). This is demonstrated when an individual can be able to work with supporting workmates and communication.
Esteem needs: People require to be respected in order to have self-respect. This normally shows itself by the desire of individuals to be accepted by other workers. This need is split into two categories: external esteem requirements may include attention, recognition, power or even admiration. Internal esteem needs may include confidence, self-respect, freedom and competence.
Self-actualization need: This is the stage where an individual has finally realized their maximum potential (Hoffman, 2007). However this level is never attainable as whenever an individual grows, there are always chances for them to develop more.
2.3.4 The Mc Clelland's 3- Need theory
The theory purports that time and experiences are critical in shaping the needs that an individual may have (Lauby, 2005). These requirements can be categorized into power, achievement or even affiliation. These major things motivate individual's effectiveness and motivation in the workplace.
Affiliation
People in the organization need to feel that they belong and are accepted by their fellows (Lussier & Achua, 2009). They may choose to do the norms of the organization for acceptance.
Power
This need for power may be categorized into two groups: institutional and personal. Those in need of personal power may just want to give directions to their fellow workmates. In most cases, this requirement is seen as not desirable (Nahavandi & Malekzadeh, 1998). People who require institutional power may just need power so that they can be able to advance the objectives of the organization. It is said that managers who have a great need for such kind of power are very effective in their work.
Achievement
People who have such a need in their lives tend to avoid situations that have either low or high level of risks involved. Low risks are avoided because such achievement are normally not deemed to be genuine (Green, 1992). Projects that involve high level of risk are normally deemed to be sheer luck and not because of one's efforts.
2.4 Process Approach
2.4.1 Vroom expectancy theory
http://www.nwlink.com/~donclark/leader/ahold/Vroom_Expectancy_Theory.png
A diagram showing vroom expectancy theory
Source : Alderfer's, C, 1969
This theory was purported by Victor Vroom in the fiscal year 1964. Unlike Herzberg and Maslow, Vroom emphasizes more on the outcomes of the job than their needs (Hoffman, 2007). Vroom argues that the intensity for a worker to perform is dependent on the intensity of the desired expectation that their work will result in a result that is definite. An employee is normally motivated with their desire to want a reward. Vroom argues that motivation means to processed choices that an individual may make among other forms of voluntary activity (Lussier & Achua, 2009). This theory is premised on the individual's choices, valences and instrumentalities.
Instrumentality: This is the perception of workers as to whether they will get the thing that they desire. This is even in instances where the manager has promised a great reward (Lauby, 2005). Management in the organization must make sure that the promise to grant the reward is fulfilled and that their workers are aware that they have fulfilled it.
Valence: This is the emotional orientations that people have in respect to the rewards that they have been promised. In addition, the depth of the want of the workers for either intrinsic or extrinsic rewards ought to be respected (Lussier & Achua, 2009). The management is therefore charged with the responsibility of ensuring that they understand what their workers value.
Expectancy: Every employee has different expectations and level of confidence about what they are capable of doing (Thomas, 2009). This means that the management must be able to discover what the resources, supervision and training.
If people trust in the link between outcome and expectation, then motivating people towards particular objectives depends on three things:
Effort: Advocating the belief that making more effort will improve the work performance
Performance: Advocating the belief that when workers perform highly they will have a great reward (Lussier & Achua, 2009).
Outcome: The reward ought to be attractive
2.4.1 Adams Equity theory
John Adams, a workplace psychologist, developed the theory in the fiscal year 1963. The theory calls personal rewards and efforts in the workplace as outputs and inputs. Inputs refer to what people put into the organization (Madura, 2006). For example, hard work, efforts, ability, determination, tolerance and time are some of the inputs. Outputs are the things that we receive because of our efforts. For example, job security, salary, recognition, reputation and a sense of achievement. The word referent others implies the people to whom the employees compare their circumstances with (Green, 1992). This theory assists in showing us why finances are not the only motivation factors. Moreover, the theory explains why giving one individual a pay rise may result in a devastating effect on the other workers. Whenever people feel that they are treated with fairness or placed in an advantageous position, they are more likely to be motivated. Whenever they feel that they are treated unfairly, they will be prone to lack motivation (Hoffman, 2007). Many workers in an organization desire to maintain equity between their inputs and the outcomes that they get from their work. The equity theory advocates that when people are treated fairly within their work relationships, they will likely to be motivated. The theory does not just assess the outputs and inputs of any individual but also the benefits received in relation to other employees (Frey & Osterloh, 2002). For some employees, the smallest sign of negative inequality in their condition will result in a feeling of disappointment and injustice leading to lack of motivation and worse open hostility. To improve their out puts, some workers may result in claiming for more rewards or even looking for other job opportunities.
http://www.businessballs.com/images/adams_equity_diagram_sm.gif
Source: Business balls, 2011
3. Analysis
The statistical analysis is carried out by employing Microsoft Excel where quantitative data are evaluated and tabulated. Tables and charts have been employed to present survey outcomes. Throughout the research, I will analyze Part A, B and C of my survey results premised on the theories of motivation. (Reference: 2.4 Motivation Theories).
3.1 Demographic characteristics of the respondents
(Please refer to appendix B for detailed results of the survey)
Gender
Gender of the respondents
No of respondents (N)
Percentage (%)
Female
10
50%
Male
10
50%
N= 20
100%
(Table 3.1.1)
The results depict that half of the respondents are male (50%) and %) & female participation in the Bank. It could then be noted that Commonwealth Bank provides equal opportunities to both men and women.
3.1.2 Age
Age Range
N.o of respondents (N)
Percentage (%)
21-30 years
8
40%
31- 40 years
5
25%
41- 50 years
5
25%
51-60
2
10%
20
100%
(Table 3.1.2)
In terms of the respondent's age, more than three quarters of the total respondents comprised of adults between the age 31-60 years. Young people aged 21-30 years may prefer financial benefits than a long-term benefit to motivate them.
3.1.3 Status of the employees
Status
N.o of respondents (N)
Percentage (%)
Married
4
20%
Single
9
45%
Divorcees
6
30%
Others
1
5%
Total
20
100%
(Table 3.1. 3)
The above chart depicts that nearly half of the respondents are single (45%), 20% of the respondents are married while 30% are divorcees. Those with others (gays, widows, widowers) as their status are only 5%. From the research, only 55% of the workers have a high responsibility of meeting the needs of their family members.
3.1.4 Years of employment in the company
Years of employment
N.o of respondents (N)
Percentage (%)
0-1 years
3
17%
1-3 years
4
20%
3-5 years
7
35%
More than 5 years
6
30%
Total
20
100%
(Table 3.1.4)
The highest percentage of respondents (35%) stated that they had 3 to 5 years of work experience. The least amount of workers had only been in the Bank for 1 to 3 years. These findings depict that the company tends to minimize the cost of recruitment and training new staff.
3.2 Ranking of motivating factors
The motivating factors were ranked by employing the percentage basis. The highest percentage were the most important while the least percentage were the lowest ranked factors. Based on the data collected from the survey, the results have been depicted as follows.
(Please refer to Appendix B for the detailed breakdown of the survey and the transcript of the interview)
( Chart 3.2 Factors of motivation at the Commonwealth Bank)
In this part of the analysis, I am going to discuss Parts A and B. this is because the detailed analysis of these sections will be able to give me a better comprehension of the attitude that the employees of Commonwealth bank have as well as their present circumstance in the organization.
3.2 Comparison to Content Theories
3.2.1 Comparison of results to Maslow's Hierarchy of needs theory
Based on the above figure (chart 3.2), I found the clear link with the Maslow's hierarchical needs. The workers in Commonwealth Bank ranked the psychological needs in the hierarchical structure of the Maslow hierarchy. Amongst the highly ranked factors, a high number of workers in the Bank rated competitive salary, good working conditions and job security as the motivators in their job. This links very well with the basic physiological needs in the Maslow theory. For a worker to move towards self-actualization, they will need to fulfill the lower factors.
During my interview with the Bank's management, good salary package was one of the motivating factors for working. In addition, the young workers of the Bank aged between 21 to 30 years old stated that physiological needs are the main motivator. This is because of high living expenses and a desire to live a comfortable lifestyle. The Commonwealth Bank has various compensation package aimed at benefiting its workers. Most employees in the Bank are more focused on having a great salary package.
Staff in the Commonwealth also placed job security and great working environment as second and third significant factors. These factors can be placed as the safety factors in the Maslow hierarchy (Lauby, 2005). Middle aged (31 to 50 yrs) and married employees seemed more concerned on the lookout for a place where job security is sure than the other categories. The motivating factors that are placed at average and least positions are promotion and growth and good relationship with workmates. Tactful discipline, interesting work, recognition and leadership were the least significant motivating factors. These correspond to esteem and self-actualization factors in the Maslow theory.
As a recommendation, I would say that the Motivating factors that the Commonwealth Bank had are Good salary, proper working environment and job security must be provided. This is to say that if the Bank desires to see their employees motivated, they have to ensure that these conditions are satisfied.
3.2.2 How the Hygiene factors theory linked with the survey findings
According to the Hygiene theory, job security, good salary and great working conditions are placed as the top motivating factors (Lussier & Achua, 2009). This outcome is supported in the statement of the survey interviews where workers claim that factors like good salary, advancement in their job and the responsibility given to them as their factors for motivation. The second factor proposed by the hygiene factor theory is the working environment (Frey & Osterloh, 2002). These were noted as the factors that may result in dissatisfaction in their job. In the theory, factors like supervision, salary, company policy and working conditions can be categorized as hygiene factors more than motivators.
The theory indicates that factors like working conditions, salary, supervision, company policy and security can be deemed as hygiene factors. Motivational factors that are advocated by the theory are advancement for opportunities, recognition, promotion, status and responsibility (Griffin, 2008). The motivators in the theory were linked with positive effects that are long term. However, hygiene factors can be considered to only be short term in how they affect work performance and attitude. Both the Maslow and the hygiene factors theory are similar in what they purport. Both theories argue that for employees to be satisfied, they have to be motivated.
3.2.3 How the Vroom's Expectancy Theory links with the survey findings
This theory does not apply to the Commonwealth Bank. The theory argues that workers only put efforts in their job when they expect that they will get something in future (Miner, 2007). From the interview, the management argued that rewards that are based on performance could only exist when the Bank exceeds the targeted revenue. This may motivate the workers in the Bank to work towards increasing the revenues while gaining their bonuses.
3.2.4 How the Adams Equity theory applies to the findings
The findings found out that the theory applies to the Commonwealth bank. This is because the theory mainly focuses on maintaining equal and fair distribution of its resources amongst its workers (Smith, 1994). The employees in the Bank are trying to find out the balance that may exist between what they bring into the Bank and what they receive as benefits. The employees in the Bank think that they have brought in something that has been rewarded accordingly. Their skill and hard work matched with the salary and other benefits that the Commonwealth bank gave to their workers.
4.0 Attitudes of the employees towards various motivational factors
(Chart 4.1 Survey Question 1)
The above figure depicts that workers are more concerned with receiving financial benefits (65%) which are associated with the money like salaries, wages, bonus and retirement benefits and even medical reimbursement. In normal conditions, these are the first expectations that any worker would demand. Other non-financial things like appraisal, job security and opportunities for growth come in much later (Griffin, 2008). Only 20% of the respondents could not be able to prioritize their benefits as motivating factors.
4.1.1 Job securities in the company
(Chart 4.1.1 Survey Questions 3)
The results in the figure depict that employees in the Commonwealth Bank have job security challenges. Nearly three quarters of the employees disagree with the current job security in the Bank. This is because the Bank's management holds on to the traditional notion of holding traditional autocratic power (Human resource Management, 2012). This makes them dominate their juniors a lot by employing strict rules and regulations. The findings depict that the Bank lacks a strong trade union that is able to advocate for the rights of the workers. However, the Bank takes care to ensure that their valuable workers very seriously. The employees are confident on their job security as the Bank is well established and it has been there for a long time.
4.1.2 Training, career advancement and development
(Chart 4.1.2 Survey question 4)
The research depicts that the staff in the Bank have specified opportunities for their growth in knowledge in their area of expertise. This shows that the Commonwealth Bank has the ability to introduce the necessary training required the existing workers (Human resource Management, 2012). Consequently, this results in better performance in their work especially with newly trained or less experienced staff. Most of the workers say that the Bank places great significance on training and developing the workers through various programs. In addition, the Bank places great value on the significance of being updated in skill and technological knowledge.
5.1.3 Teamwork and communication
(Chart 5.1.3 Survey question 5)
The graph depicts how many respondents gave the teamwork that existed in the Bank a high rating. This means that most workers are greatly motivated in an environment whereby they get along well with their colleagues. The management also concurred that the teamwork environment would result in better results and synergy.
5.1.4 Leadership and responsibility
The graph below depicts only the management handles the leadership aspect of the Bank. The respondents further added that decision-making in the bank is handled by the senior management. More than 60% of the workers in the Bank purported that the management did not give them any task that was beyond their ability.
(5.1. 4 Survey question 6)
6.0 Summary of the Analysis
Based on the survey and the interview carried out, motivation in the Commonwealth is great. The financial factors have been the main motivation agents in the Commonwealth bank (Commonwealth Bank, 2012). Nevertheless, in order to get maximum results for their efforts, more has to be done. For example, the Bank could introduce flexible working hours for the workers, (Reference Survey question: Part A (3). In addition, the Bank could ensure that the junior workers are granted responsibilities so that they can be able to grow in their expertise (Armstrong, 2002). All the motivation theories employed in the research have supported the survey results. Psychological needs became the first motivation factors during the survey interviews with the Bank employees. The work environment is also significant in building the positive attitudes in the employees (Part B (3).
The employees feel secure in their job and this has resulted in high staff turnover. The work culture has ensured that ever worker fits in the bank. Furthermore, a harmonious relationship exists amongst the employees. This means that good communication and cooperation exists amongst the employees in the bank. Respondents, (employees in the bank) have stated that they are accepted favorably in the bank. This has assisted to maintain a system of professionalism. (Chart 4.1.3 Survey questions 5. A). Majority of the workers in the bank stated that opportunities of training and development have been advocated. (Chart 4.1.2 Survey question 5). This means that for better performance in companies, the management should ensure that the employees are adequately motivated.
7.0 Conclusion
7.1 Achieving of the research objectives
The research concludes that despite having many motivational tactics in the bank, many other factors can be employed to ensure better performance. From the research, many workers have revealed other factors that will improve motivation. Therefore, my conclusion will be premised on the four research aims that are stated in the (project objective 1.3).
Identification of the key indicators that may influence the motivation of employees in the bank
The rationale of the investigation is to explain the motivation factors that the Common wealth bank possesses and the reward system offered to their employees. This assists the bank to be able to inspire, support and maintain the existing workers. The bank has ranked good working conditions, high salary and job security as the most significant factors of motivation. From the employees' point of view, financial rewards are the most important form of motivation.
Understanding motivation theories and how these theories apply to the research findings
Both the survey and the interview results have applied to all the theories stated in the research. For instance, the survey results purported that Maslow theory, the employees wanted high salary, good working environment and job security as their motivation factors. The limitation of these theories is that they only apply in the US. The theories have failed to provide relevant information on how gender and culture affects motivation in any work environment.
Are financial rewards alone sufficient enough to ensure sustained motivational level of the employees
All the survey and interview results are concerned not just with the money that they are given but also other incentives like promotions that are non financial. For example, employees require a sense of belonging, wages and career advancement as motivation factors.
Practical suggestion and recommendation for further improvement for organization's motivation policies.
Overall, the bank has managed to put great efforts in ensuring that the employees are motivated. However, more need to be done to ensure that the employees are motivated. For example, the bank could ensure employees have flexible working hours by making the workers work in shifts (Thomas, 2009). To ensure a workforce that is stable, the bank should ensure that the employees are involved in the retention activities like family picnics and compensation packages to the old employees. This would ensure that the employees are more appreciated in the workforce.
6.2 Limitations of the Research
The study did not employ statistical measures hence the research project lacked accurate findings. In addition, the research was premised on a small sampling size in both interviews and the surveys. Hence, this could result in bias, as the sample is only a representation of the entire workforce in the bank.
