Employee Motivation: Factors And Impact On Performance In Australian National Bank

Problem Statement

Employees are being considered as the backbone for every organization. In order to maintain the uninterrupted operation in the workplace, it is very important for the organizations to adopt an effective motivational strategy so that employee engagement in the workplace can be increased (Ton 2014). Employee turnover as well as employee retention in the workplace, get influenced depending on the motivational tactics adopted by the organization.

Analyzing the current organizational scenario, it has been identified that lack of employee engagement, increasing employee turnover rate and internal conflicts have become the common issues. Hence, it cannot be denied that the employee performance is highly dependent on the motivational initiatives adopted by the organization. Motivation is being considered as the combination of factors, which operate to drive the organizational growth (Wallace et al. 2016).

It cannot be denied that motivation is one kind of psychological power that reflects through the behavioral characteristics of human. Employee motivation plays an essential role in the managerial field. Analyzing both the practical and theoretical aspects of motivation, initiatives are being adopted by the organization. Not only for the career growth, but also motivation can bring the personal improvement in human characteristics. The research will shed light on the basis functions of motivational factors and those impact on the employee performance.

Problem statement

Analyzing the current situation in Australian national bank is concern about increasing employee turnover rate. It has been identified that after the introduction of automation software in the financial sector, it has become tough for the employees to matchup with the speed of technology, which is making the task more complex. It is also true that after the introduction of technology, the job size has been decreased, which has created dissatisfaction among the employees (Wang 2015). By continuing this it can be said that after installing the automated teller machine, large numbers of employees have been sacked from the online banking process. Due to changing nature of work, lack of efficiency among the employees have become the major concern.

2. Project objectives

• To investigate the influences of banking operations in Australian national bank for understanding employee prospect
• To identify the factors that are deriving the employee performance in Australian national bank
• To make the comparison between employee achievement and motivation: in a context of Australian national bank
• To provide measurable recommendations for introducing motivational strategies in case of driving employee performance

The research will shed light on the popular baking organization Australian National Bank and its internal situation. Through this research, emerging employee issues in this organization will be identified. Analyzing the emerging challenges in the workplace, the study will shed light on the importance of introducing motivational strategies for dealing with the situation.

Examining the environment in banking sector, it will be identified that the in order to ensuring the effective employee performance, the organization needs to focus on understanding the current situation in the workplace so that the motivational initiatives can be introduced as per the requirement. Therefore, it can be said that through this research, the researcher will be able to understand the psychological needs of the employees so that the management can ensure required facilities to the staffs for increasing their engagement.

Concept of employee motivation

Employee motivation is being considered as the level of energy as well as creativity that can help to increase employee engagement in the workplace. In the changing economic situation, employee motivation has become the major concern for thee management. Due to increasing opportunities in the market, the pressure on the employee have been increased. As its result, stress and anxiety among the employees have increased (Wang 2015). In this situation, increasing employee engagement, it has become necessary for the organizations to introduce different practices can be introduced so that the psychological satisfaction can be provided to the employees.

Project Objectives

In case of both the small and large organizations, work environment as well as organizational culture is being influenced depending on the employee motivation. A motivated employee gives full effort for bringing effective productivity in the organization. Employee turnover as well as employee retention in the workplace, get influenced depending on the motivational tactics adopted by the organization. Analyzing the current organizational scenario, it has been identified that lack of employee engagement, increasing employee turnover rate and internal conflicts have become the common issues. Hence, it cannot be denied that the employee performance is highly dependent on the motivational initiatives adopted by the organization. Motivation is being considered as the combination of factors, which operate to drive the organizational growth

Motivation methods

In order to sustain in the competitive business environment, the organizations have adopted various initiatives for bringing different motivational tactics. Depending on the initiatives adopted by the organizations, the motivational methods are being changed. In case of bringing the motivational tactics in the workplace HR professionals play an effective role. Those are as follows

Innovation and creativity

If the employees will get proper chance to express their creative ideas to the management, it can help to increase employee engagement in the workplace (Alt, Díez-de-Castro and Lloréns-Montes 2015). By providing equal opportunities to share innovation and creativity, the flexible workforce can be introduced in an organization. On the other hand, it is true that in this process, ability as well as confidence of the employees can be increased, which helps to fulfill the self-esteem needs. Therefore, by continuing this it can be said that in order to motivation in the workplace can help to enhance the efficiency of the employees. On the other hand, it is true that it can be beneficial for increasing the rate of productivity in the workplace.

Empowerment

By providing proper responsibilities and involving them in the decision making process, controlling power of the employees over the operations can be increased (Wallace et al. 2016). In this situation the feelings of frustration for getting avoided can be decreased. By involving the employees in decision making process, employee loyalty in the workplace can be increased (Wang 2015).

Training and development

Training and development are being considered as effective initiatives for increasing employee engagement (Alt, Díez-de-Castro and Lloréns-Montes 2015). It cannot be denied that by involving the employees in training, efficiency of them can be increased. In this process self-assessment can help the employees to understand their strength and weakness. If an employees will be aware of his capabilities and skills, in that case the confidence of that person is being increased.

On the other hand, it can be said that the employees who believe in training process, can be encouraged towards achieving the organizational goals. By providing effective training session employees can be motivated towards updating the career path. Training and development session is always important for motivating the employees in enhancing their professional skills and competency. However, economy has left major significance due to which business experts fail to invest money for training purposes.  

Concept of Employee Motivation

Work-life balance

It cannot be denied that in the current business environment, due to changing work nature as well as increasing working hours, it has become tough for the employees to maintain the work-life balance. As its result, the quality of life is getting affected. In this circumstances, rate of employee turnover is getting influenced. In this situation, increasing employee motivation, the organizations need to focus on providing flexible shifting hours so that employees can fulfill their responsibilities in right manner. If the quality of life can be properly maintained, it can help to improve employee performance.

Incentive structure

Money is an important motivational factor in every organization. If the employees will be paid against the responsibility of task, in that case, employee engagement in the workplace can be increased (Rasskazova, Ivanova and Sheldon, 2016). On the other hand, it is true that in order to improve the performance standard employees should be appreciated by introducing effective incentive structure. Different reward policies against a particular goal can help to encourage the employees towards achieving the goals.

Different theoretical approaches for employee motivation

The term motivation indicates the process for inspiring and increasing stamina as well as ability of a person. Therefore, it can be said that motivation is something that helps to inspire the self-intentionality of individuals (Alt, Díez-de-Castro and Lloréns-Montes 2015). Different psychologist have explained the various theories depending on the psychological process of human. It is mentioned that in order to achieve the organizational goals, the behavioral characteristics of the employees are important to be motivated.

Maslow hierarchy of needs

(Source: Healy, 2016)

The famous psychologist Abraham Maslow has developed the motivation theory, where the author has shed light on different needs of human. In this theory, it is mentioned that by investigating the behavioral needs of human, it can be easier or the organizations to increase employee engagement (Rasskazova, Ivanova and Sheldon 2016). In the Maslow’s hierarchy of needs e five needs of human have been mentioned. Those are as follows

Safety needs

Financial, emotional, personal, health and well-being securities are being involved in the safety needs.

Psychological needs

Needs for shelter, sleep, food and water are the psychical needs of human.

Social needs

Family, friendship needs and intimacy needs are involved in the social needs.

Esteem needs

Typical human desire, respect and fame needs indicate the esteem need of human.

Self-actualization

In this process, needs for happiness, understanding self-ability and talent are being involved.

McGregor’s theory X and theory Y

In this theory, x is being assumed as the dislikes, ambitions, requirements and responsibility avoiding characteristics of the workers. In such cases, people try to escape from the responsibilities and do not life to perform well.  On the other hand, in the Y axis, responsibility and desire of the workers are being assumed. It can be said that depending on the y axis, people commit in achieving the goals for the organization. In such cases, people seek for accepting the responsibilities.

Equity theory

In case of equity theory, the perceived fairness of individuals are being understood.  Through this theory, the reflection of the employee effort can be analyzed. Depending on the idea, individuals can gets motivated depending on their effort (Kiruja and Mukuru 2018). In this theory, it is mentioned that individuals focuses on understanding if they are being fairly being treated as per theory capabilities or not.

Motivation Methods

Herzberg’s motivation hygiene theory:

Both job satisfaction and dissatisfaction are being considered as important job factors. In this theory Herzberg mentioned about two different factors such as motivation and hygiene factors.

Motivation factors

Recognition, achievement, responsibility, growth and advancement are being considered as the motivational factors.

Hygiene factors

Company policy, supervision, relationship with the supervisors, security and salary status are being considered as the hygiene factors in the workplace.

Reinforcement theory

In this theory, the behavioral changes of individuals are being highlighted. It is mentioned in this theory that the behavioral characteristics in the workplace can be changed depending on the extinction, reinforcement and punishment. Rewards and recognitions are being used for reinforcing the behavior of the employees. Punishments are being introduced against the disappointing behavior in the workplace. On the other hand, Extinction is being introduced for stopping individuals from practicing the learned behavior in the workplace.

Factors affecting employee motivation in the workplace

Implementing the employee motivational strategy in the workplace has become necessary for the organizations. By maintaining strong bonding between the employees and employers, the employee motivation influences the productivity rate.

Economic challenges

In order to implement effective motivational approaches in the workplace, economic factors create challenges. It cannot be denied that money is the important motivational element in the workplace. The financial motivations are being provided depending on the reward and recognitions. By introducing an effective incentive and wages structure in the workplace, the employee motivation is being increased. In that case, depending on the economic status in the country the career progression as well as training and development programs are being introduced.

Lack of communication in the workplace

Effective interpersonal communication strategy in the workplace, the relationship between the employees and employers can get affected. In case of lack of communication in the workplace, leadership practices get affected. On the other hand, it becomes tough for the management to understand the needs and demands of the employees.

Lack of implementation of compensation strategy

It has been identified that some of the cases, the lack of implementation of compensation strategies due to inactive participation of HR professionals.  Due to lack of understanding of the needs and demands of thee employees, the business managers fail to implement the effective strategies in the workplace. As its result, the motivational practices in the organization gets affected.

 5. Conclusion

In this study it can be concluded that if the researcher will be able to follow the proper research methods for conducting the research the effective output can be achieved. Analyzing the secondary research, it has been identified that motivational initiatives in the workplace can help to drive the performance standard of the employees in workplace. It is also true that the research will also be beneficial for the organizations which are struggling to bring employees motivation in the workplace. It is also true that Not only for the career growth, but also motivation can bring the personal improvement in human characteristics.

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