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3) Impacts of Job Dissatisfaction in Lower and Middle Management in Banking Industry with special reference to PQR Bank

      Impacts of Job Dissatisfaction       

                

    

Job dissatisfaction among workers seems to be a problem for many workplaces to some degree over the world. The factors explaining job dissatisfaction seem instead more similar across the various private and public sectors worldwide. It may be difficult to explain job dissatisfaction without using the measures of satisfaction like earnings, job security, type of work, hours of work, working timing, working conditions and environment, and distance and commuting. In this study therefore, dissatisfaction will be explained with respect to satisfaction. According to Locke (1993), job dissatisfaction is a negative emotional state resulting from not appraising ones job or experience. It is the extent to which people dislike their jobs (Spector, 1997). In any organization, both employers and employees have expectations. The employer employee conflict happens when the expectations are not mutual. It will end up with the employers complaining that their workers are not performing and employees grumbling that their bosses are selfish. This may be attributable to a variety of factors including the economy, increased pressures at work and home or generational differences between workers and supervisors. Actually, people do not work just for the sake of money alone though that is the main motivation. They want to advance in their careers. They want their employers to give them responsibilities and trust that they can perform. They want to feel appreciated. They want to build great working relationships with their employers and colleagues. They want to learn. When humans do not experience any kind of progress, they feel bored and uninspired. They rebel by either giving less than their best, bicker around or walk off. The result of which are increased complaints, low performance and productivity. Job dissatisfaction matters to organizations, to managers, to customers and perhaps most of all to employees. Job dissatisfaction is by definition unpleasant, and most individuals are conditioned, probably even biologically-driven, to respond to unpleasant conditions by searching for mechanisms to reduce the dissatisfaction. Studies show the same dissatisfactions have plagued generations of workers: job stress, unpleasant working conditions, long hours, monotony, ineffective supervision, insufficient training, poor internal communication, lack of recognition, rising costs, low pay and shrinking benefits. 

In this study, We will discuss the Job Dissatisfaction of Lower and Middle Management in Banking Industry with special reference to PQR Bank . In my first article I discussed the composition of the middle and lower  management of the PQR Bank . when this vital topic comes to the banking industry we can see such huge impacts regarding this topic. Employee satisfaction is important to your company's overall success. The impact of dissatisfied employees can range from high turnover and low productivity to a loss in revenue and poor customer service. While a company's philosophy, mission and values are fundamental to success, human capital is an organization's most valuable asset and miss management of human capital will affect like mention below.


Impacts of this cause to banking industry.

* Workforce Productivity.                                


Dissatisfied employees tend to spend less time focusing on their job duties and more time discussing with family, friends and coworkers why they are unhappy at work. Lack of motivation and attention to detail are the results of dissatisfied employees, which translates to low productivity. Consequently, companies whose employees' productivity levels are low also experience loss of profits. 

* Low Profitability.                        


Productivity and profit have a strong correlation. The people and equipment required for production cost a certain amount of money. When these resources produce a relatively low amount of goods, services or sales for the money spent on them, the profit margin for the company is low. In some cases, company leaders react by implementing salary freezes or even cuts. These measures may stem the tide of rising costs, but they don't do much to increase productivity. Managers must explore cultural solutions to compel higher production without dissatisfaction of employees.         

   * Customer Retention           

                  

Customer loyalty declines when employees are dissatisfied with their jobs. Employee satisfaction is one of the points HCL Technologies CEO Vineet Nayar explains in his Forbes website article titled "Why I Put My Employees Ahead of My Customers." Nayar states that "Employees First, Customers Second is a management approach. It is a philosophy, a set of ideas, a way of looking at strategy and competitive advantage. Simply when employees are dissatisfied they did not deliver  the expectation of the organization and due to the above customers will no satisfy with the provide service they will move to other alternatives.           

* Employee Turnover.       


When employees are terminated or resign, turnover analyses reveal that overall dissatisfaction is the cause for poor performance or the decision to leave. Consumed with looking for work that motivates them and finding a company that appreciates their efforts, employees slip into patterns of poor performance or simply quit. Turnover is costly. As turnover rates increase, dissatisfaction can spread throughout the workplace, encouraging others to find employment elsewhere. Employee retention, a workplace measurement related to turnover, can be extremely difficult in an environment where employees are frequently dissatisfied with their jobs or working conditions.   

 * Business Reputation.            

Employees are the face of your organization, which means your business reputation depends on employees' behavior, actions and performance. Improving employee satisfaction can work wonders for the way your business is viewed by competitors, customers, clients and people interested in working for you. Employee dissatisfaction impacts your ability to reach certain business markets as well as your ability to recruit qualified applicants. Business failure can be linked to variables such as financial distress or economic hardship; however, employees who are dissatisfied with their jobs and the company they work for can have a tremendous impact on your reputation and success. 

* Increased mistakes.                     


When employees are dissatisfied with their job, they stop putting forth quality work and aren’t as worried about the consequences. They are distracted and may have spiraling thoughts about the future.  When mistakes increased it will costly damaged to an organizations.

 * Personal Conflicts.               


Everyone has different personalities and styles in approaching work. Co-workers with a high variance in these areas can have strained relations. When employees are dissatisfied with their organization and they will trying to make arguments. It's important for managers to help supervisors break down problems to the fundamental issues and steer clear of issues of personality. This is one of the most difficult sources of organizational conflicts to remedy, as personalities are hard to change. It may take intensive problem solving and conflict-resolution training for co-workers with personality differences to overcome this issue and work cooperatively together.

 * Negative view of the company.  

Dissatisfied employees may try to talk to their friends at work about the feelings they are having. They want to feel validated that what they are experiencing, whatever it may be, is real. They wonder if other people are experiencing the same issues with their jobs at the company.        


Those are the key impacts of job dissatisfaction  relating to the banking industry special reference to PQR Bank. According to an PQR Bank study on the Job Dissatisfaction , the majority of Lower Level Management are quitting their jobs because there is no clear solutions for the above mention dissatisfaction reasons refer to my previous article.

We've noticed a low annual resignation rate in the Top Management level, which means it's very stable. Middle Level Management is moving to other banks because of the dissatisfaction matters  at the bank. The PQR Bank has been severely harmed as a result of this. The following recent impacts were noted by this investigation.                  

1) The vast majority of those who left the company were young, bright, and capable individuals. Their industry knowledge and experience are highly sought after by competitors, who see them as valuable asset. It will take time for ABC employees to fill in the void left by the departure of someone like this

2) To fill vacancies, they need to find people of the same caliber. As a result, additional funding is required beyond the budget for this process, which is time-consuming and expensive.

3) Banking operations are heavily reliant on the personal connections and assistance provided by employees. As a result of MLM's merger with competitors, PQR Bank's customer base is being used to canvass new businesses to new workplaces. This could have a negative impact on the company's business and profitability.

4) Refer to the annual report 2021 the PQR Bank Profits decrease   compared to past years figures.

 

2018

2019

2020

Gross Income 

115,310

118,855

102,339

Operating Income 

53,743

55,177

46,213

Operating Expenses 

35,393

39,679

35,041

Profit before tax

18,350

15,498

11,172

Profit for the year 

12,143

11,151

8,025

 Source - Annual report 2021 - Page No.358


Reference

1. https://eddy.com/hr-encyclopedia/job-dissatisfaction/ on 10.05.2022

2. https://www.researchgate.net/publication/338829602_Job_dissatisfaction_and_Its_Impact_on_Work_Results on 10.05.2022

3.https://carehealthjobs.com/impact-of-job-dissatisfaction on 10.05.2022


Comments

  1. Yes employees are the backbone of any organization. They are the most precious and important asset among all the assets of any organization. Job satisfaction is a part of employee life satisfaction. So the employee job satisfaction becomes one of the top priority issues in the banking industry.

    ReplyDelete
    Replies
    1. Yes Sushini you are absolutely correct. Job satisfaction will create employee life satisfaction. It's such a hidden point about this . As you mentioned clearly employees are They are the most precious and important asset among all the assets of any organization. So the employee job satisfaction becomes one of the top priority issues in the banking industry.

      Delete
  2. One more point employers don’t always get it right, and job dissatisfaction is a common workplace problem. Improvement thing is take the initiative to determine what causes job dissatisfaction at your organization, you can prepare and implement strategies to overcome it.

    ReplyDelete
    Replies
    1. Yp employers don’t always get it right, they sometimes take dictions without concerning employees of the organization due to the above job dissatisfaction were create. I will mention in my next articles what are the implementations to overcome this serious issue.

      Delete

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