INTRODUCTION

Job Satisfaction has been an important concern in the world of professional commitments as, so
far it has been undoubtedly believed, the outcome of the industry, to a large extent, depends on the
job satisfaction of the employees. How to define Job Satisfaction seems rather difficult because it
deserves to be defined in terms of territorial socio-economic realities.

When an employee finds his or her job interesting, rewarding and reliable- this state of the
employee is that he or she is satisfied in his or her job. Thus, job satisfaction comprises many
factors. Bullock (1952) defined job satisfaction as an attitude which results from a balancing and
summation of many specific likes and dislikes experienced in connection with the job. So, job
satisfaction is a position of the employee that is believed to have had enough ground to stay at that
job with dedication, commitment and professionalism to order to serve both his or her and
organization’s interests because the employee expectations are met here. The overall job
satisfaction depends on what one expects and what he or she receives. As a result, it is clear that a
lot of factors function to bring about job satisfaction and at the same time lack of them is
responsible for job dissatisfaction. Internship program is a perfect blend of the theoretical and
practical knowledge. This report is originated to fulfill the requirement of the assign project
internship report on “Employees’ Job Satisfaction of CBL” has been assigned to me by the
university supervisor Mr. Md. Johirul Islam.

One seems very important with regard to the company’s constant growth is staffs’ job satisfaction.
In the first world this issue has been understood reasonably because they do understand that the
job satisfaction of the staffs is much more important than other components of the organization.

Academia had figured out the matter and done a lot research on it. In this respect, Bangladesh has
yet to do something credible as the concept is relatively new in Bangladesh. But we intend to reach
the global market; we ought to race with the global players. So, it has been realized the fact that
job satisfaction has to be taken care of pragmatically. With an increasing number of workers eager
to find a greater work/life balance, so in case any organization should find out the ways to keep
their employees happy now. Over the years, as business budgets have tightened and remaining
employees have been forced to take on larger workloads, employees have experienced.

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Employee Job Satisfaction of The City Bank Limited -

Significantly added stress without receiving compensatory rewards and other extra facilities. Even
simple changes will bring employees feeling a greater balance in their lives. Flexible work hours
aren't the only way to increase employee satisfaction. Here are some other steps that can take to
retain employees loyalty and dedication while reducing turnover, provide workers with
responsibility and then let them use it, show respect, recognize the whole person, mark out a clear
path to growth. During this period learned about the core components that trigger the job
satisfaction of the staffs of The City Bank Limited Ltd. Based on these core components, the level
of employee job satisfaction can be measured, like; job itself, good salary, flexibility, ability to
influence decisions, job security, workload, physical work environment, advancement and new
opportunities, new technologies, interesting projects, training program, interpersonal relations,
challenges, recognition.

1.1: ORIGIN OF THE REPORT

This report is an internship report prepared as a requirement for the completion of the BBA
program. The primary goal of the internship was to provide an ‘on the job’ exposure to the student
and an opportunity for translation of theoretical conceptions in real life situation. The students are
placed in enterprises, organizations, research institutions as well as development projects.

In this connection, after the completions of the BBA program, I was assigned to the Customer
Service Department of The City Bank Limited for practical orientation. I choose the topic
“Employee’s Job Satisfaction of The City Bank Limited” for my internship report under the
supervision of Mr. Monir Uddin Ahmed (Branch Manager, Gulshan Branch) of THE CITY BANK
LIMITED.

1.2: STATEMENT OF THE PROBLEM

The aim of Management is to meet personal and organizational goals. This requires strengthening
employees’ self- efficacy by offering proper compensation and benefit programs through
mentoring, strong supervision, training courses, ensuring the availability of essential means,
materials and supplies as well as equipment. By providing all theses, an organization can build a
strong team of skilled and motivated employees who will achieve organizational goals and bring

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success to the organization. Hence, Job Satisfaction is one of the determinants of employee
performance and productivity in banks. Now the employees of CBL (Gulshan branch) feel that,
they are not getting proper treatment for employee job satisfaction. They also feel that, CBL earn
more popularity than other banks and customers are also increasing day by day. So, CBL should
be progress their software more modify and variation. Employees also think, compensation and
benefit budget or capital should be restructured.

1.3: OBJECTIVES OF THE STUDY

The objective of the study is to gather practical knowledge on banking system and operation. This
internship gives us a chance to co-ordinate with the theoretical knowledge and the practical
experience. The main purpose of this study is to determine the impact of employees’ job
satisfaction on employee performance and productivity in City Bank Limited. Banks should
focus more on compensation and motivation than on cost control and efficiency because banks
cannot get effectiveness without a satisfied employee.

Broad Objective:

To identify the Employees’ Job Satisfaction of The City Bank Limited.

Specific Objectives:

1. To identify the key factors of Employees’ Job Satisfaction at CBL.

2. To know the employees’ opinion on job satisfaction.

3. To know about the overall Employees’ Job Satisfaction of The City Bank Limited.

3. To identify Benefit management system of The City Bank Limited.

4. To find out the problem regarding job satisfaction of employees.

5. To provide the necessary recommendation to improve employee job satisfaction of The City
Bank Limited.

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1.4: Scope of the study
As I was doing internship in Gulshan-1 Branch of the City Bank Limited so this report has been
prepared on the information obtained from this branch only.

1.5: Methodology of the study

1. Types of Data:

It is useful to distinguish between two broad types of data- Primary data & Secondary data.

Primary Data: Primary data means it comes directly from the researcher who conducted the study.
It is the specific information on a field.

Secondary Data: It is defined as an analysis and interpretation of primary research. Secondary

data collected by someone else for some other purpose but being utilized by the investigator for
another purpose.

2. Sources of Data:

For smooth and accurate study everyone has to follow some rules & regulations. The

study inputs were collected from two sources:

(a) Primary source

(i) Questionnaires survey

(b) Secondary sources

(i) Annual report of The City Bank Limited Ltd.

(ii) Website: http://www.thecitybank.com/

(iii) Book: Human Resource Management (14th edition) - Gary Dessler.

3. Population and Sample: All employees of The City Bank Limited (Gulshan Branch) are
population and sample for this study. There are total 40 employees working in Gulshan branch.

4. Sampling Technique: A Non- probability sampling method has been used to prepare the report.

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5. Sample Size: Among all the employees of The City Bank Limited 20 employees has been
selected as a respondents.

Designation No. of employees

Branch Manager 1
Branch Operation Manager 2
Customer Service Officer 6
Relationship Manager 4
Cashier 3
Guard/Peon/Caretaker 4
Total 20

6. Sample Element: The sample elements of this report are the employees of CBL, Gulshan
Branch.

7. Research Design: It requires a systematic procedure from selection of the topic to final report
preparation. In this study descriptive research was undertaken to gain insights on the level of
employee job satisfaction of The City Bank Limited. To perform the study data sources were
identified and collected, they were classified, analyzed, interpreted and presented in a systematic
manner and key points were found out. The overall method of methodology is given below in the
form of flowchart that has been followed in the study.

Analysis: In the analysis part tabular and graphical analysis has been done using MS-Excel.

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1.6: LIMITATIONS

There were certain limitations while conducting the study. These are summarized below:

 The main obstacle while preparing this report was time. As the tenure of the internship
program was very short, it was not possible to highlight everything deeply.
 Work pressure in the office was another limitation restricting this report from being more
detailed or analytical.
 Confidentiality of information was another barrier that hindered the study. Every
organization has its own secrecy that is not revealed to someone outside the organization.
While collecting data at The City Bank Limited, personnel did not disclose enough
information for the sake of confidentiality rule of the organization.
 Employees may not be provided proper information about compensation system of the
organization.
 Sometimes companies don’t want to disclose their internal operations. If that will happen
it may be hampering to prepare an accurate compensation system.

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 Chapter -2 Company Overview

Overview of the Company

HISTORY OF CITY BANK

City Bank is one of the oldest private Commercial Banks operating in Bangladesh. It is a top bank
among the oldest five Commercial Banks in the country which started their operations in 1983.
The Bank started its journey on 27th March 1983 through opening its first branch at B. B. Avenue
Branch in the capital, Dhaka city. It was the visionary entrepreneurship of around 13 local
businessmen who braved the immense uncertainties and risks with courage and zeal that made the
establishment & forward march of the bank possible. Those sponsor directors commenced the
journey with only Taka 3.4 crore worth of Capital, which now is a respectable Taka 2311.78 crore
as capital & reserve.

City Bank is among the very few local banks which do not follow the traditional, decentralized,
geographically managed, branch based business or profit model. Instead the bank manages its
business and operation vertically from the head office through 5 distinct Units namely

 Business Unit
 Branch Banking
 Risk Unit
 Operations Unit
 Support

Under a real-time online banking platform, these 5 distinct Units are supported at the back by a
robust service delivery or operations setup and also a smart IT Backbone. Such centralized
business segment based business & operating model ensure specialized treatment and services to
the bank's different customer segments.

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The bank currently has total 120 branches which includes 99 online branches, 1 full-fledged
Islamic Banking branch, 1 SME service center and 11 SME/Agri branches spread across the length
& breadth of the country. Besides these traditional delivery points, the bank is also very active in
the alternative delivery area. It currently has 291 ATMs of its own; and ATM sharing arrangement
with partner banks that has more than 1150 ATMs in place; SMS Banking; Internet Banking and
so on.

VISA Debit Card is another popular product, which the bank is pushing hard in order to ease out
the queues at the branch created by its astounding base of some 400,000 retail customers. The
VISA Prepaid Card for the travel sector is currently underway.

City Bank is the local caretaker of the brand and is responsible for all operations supporting the
issuing of the new credit cards, including billing and accounting, customer service, credit
management and charge authorizations, as well as marketing the cards in Bangladesh. Both cards
are international cards and accepted by the millions of merchants operating on the American
Express global merchant network in over 200 countries and territories including Bangladesh. City
Bank also introduced exclusive privileges for the card members under the American Express
Selects program in Bangladesh. This will entitled any American Express card members to enjoy
fantastic savings on retail and dining at some of the finest establishment in Bangladesh. It also
provides incredible privileges all over the globe with more than 13,000 offers at over 10,000
merchants in 75 countries.

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2.1 Introduction to CBL

City Bank is one of the largest corporate banks in the country with a current business model that
heavily encourages and supports the growth of the bank in Retail and SME Banking. The bank is
very much on its way to opening many independent SME centers across the country within a short
time. The bank is also very active in the workers' foreign remittance business. It has strong tie-ups
with major exchange companies in the Middle East, Europe, Far East & USA, from where
thousands of individual remittances come to the country every month for disbursements through
the bank's large network of 99 online branches and SME service centers.

The current senior management leaders of the bank consist of mostly people form the multinational
banks with superior management skills and knowledge in their respective "specialized" areas. The
newly launched logo and the pay-off line of the bank are just one initial step towards reaching that
point.

CORPORATE PROFILE

 Name of the Organization : The City Bank Limited.

 Establishment Year : 1983.
 Principal Office : Jiban Bima Tower 10 Dilkusha CIA, Dhaka. PO.Box-3381,
Cable-
BANKCITY. Phone: 02-9565915, 9553137, 9553147.
PABX: 9565925-34
 Head Office : Gulshan Avenue 136, City Bank Center, Gulshan-2.
Dhaka1212.
Phone: 02- 9884457, 01190004885.
 Website : www.thecitybank.com
 Number of branches : 120
 Number of employees : 3000+
 Total Capital : 2311.78+ crore

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2.2: Mission
The Mission of an organization defines the specific focuses by achieving which we move towards
their Vision. The new Missions of CBL are as follows:

 Offer wide array of products and services that differentiate and excite all customer
segments.
 Be the “Employer of choice” by offering an environment where people excel and leaders
are created.
 Continuously challenge processes and platforms to enhance effectiveness and efficiency.
 Promote innovation and automation with a view to guaranteeing and enhancing excellence
in service.

 Ensure respect for community, good governance, and compliance in everything we do.

CORE VALUES

The Values of CBL defines the expected behavior of the employees to be able to collectively
achieve the Mission and the Vision of the bank.

1. RESULT DRIVEN

2. ENGAGED & INSPIRED

3. ACCOUNTABLE AND TRANSPARENT

4. COURAGEOUS & RESPECTFUL

5. FOCUS ON CUSTOMER DELIGHT

6. DISTRIBUTION AND INTERPRETATION

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RESULT DRIVEN

 They drive to meet or exceed ambitious performance objectives and quality standards,
deliver business results and continually find sustainable improvements in methods or
processes.
 Bank act in a proactive way by taking action. We not only react to situations but also
anticipate future opportunities or problems, and act upon them well in advance.
 They always come up with new ideas to operate more efficiently.

ENGAGED & INSPIRED

 They work collaboratively with others and demonstrate commitment to achieve the team
objectives.
 They tend to convince others and accept feedback, in order to get their commitment to
ideas, projects, or actions.
 They are committed to develop individuals and make them believe in themselves, so they
constantly push their limits.

ACCOUNTABLE AND TRANSPARENT

 CBL tend to perform responsibly with a sense of ownership and hold us accountable for
the outcome.
 They mobilize resources effectively to ensure that strong corporate performance is
delivered. they, as accountable leaders, believe that our behavior and action collectively
will create positive impact on their customs, bottom line, and future.
 They have full faith in the fact that an employee who is accountable to the company will
produce more and better quality work than an employee who is not

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COURAGEOUS & RESPECTFUL

 We are confident in our capabilities and judgment and always challenge the status quo in
a drive for implementation.
 We seek to encourage a climate of respect to ensure that all employees treated equally and
can share individual views. We act as a “leader”, not a “boss” by being open to self-
criticism and being rational, impartial, & compassionate at all times.

FOCUS ON CUSTOMER DELIGHT

 We desire to help and serve our customers in a way that best meets their expectations and
actual needs.
 We are committed to provide high quality service to our customers for a long-lasting and
mutually profitable relationship.
 “Customer” can be any person or organization for whom the service is intended (external
client, internal client, colleagues at all levels, suppliers, regulators etc.)

DISTRIBUTION AND INTERPRETATION

 City Bank Limited's Human Resources Manual is available for all employees on the City
Bank Intranet under City HR. Hard copy of this Manual are also available with each
divisional head of the Bank.
 The master copy of the manual will be maintained in the Human Resources Division.
 Questions concerning the applicability and interpretation of the policies in this manual
should be discussed with and resolved by the Human Resources Division.
 The Managing Director and CEO of the Bank have the authority to review and grant
requests for exceptions to policies in this manual.
 In case of inclusion /updating of any policy/policy clause, the master copy of the HR
Manual will be readily preplaced and the Divisional Heads will be sent a copy of the
change.

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Vision
The ‘vision’ of an organization is the desired future where it wants to see itself. The Vision is
always stretching and farfetched. It sets the tone for the organization and given a common direction
to the people as to where it wants to be.

CBL Vision is as stated below:

“THE FINANCIAL SUPERMARKET WITH A WINNING CULTURE OFFERING

ENJOYABLE EXPERIENCES”

SPECIAL FEATURES OF THE BANK

 City Bank is the first bank in Bangladesh to have issued Dual Currency Credit Card. The
bank is a principal member of VISA international and it issues both Local Currency (Taka)
& Foreign Currency (US Dollar) card limits in a single plastic.

 It already started its Customer Call Center operation.

 In November 2009, City Bank has launched American Express Credit Card and American
Express Gold Credit card.

 City Bank prides itself in offering a very personalized and friendly customer service. It has
in place a customized service excellence model called CRP that focuses on ensuring happy
customers through setting benchmarks for the bank's employees' attitude, behavior,
readiness level, accuracy and timelines of service quality.

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2.3: Activities of CBL

DEPARTMENTS IN CBL
Bank Departments

Retail banking Card Department Foreign Exchange

Department Department

Figure 2: Departments in City Bank Limited.

Retail Banking Department
Retail banking department is the Heart of all banking activities. It performs the core functions of
bank, operates day- to- day transactions. It is the storage point for all kinds of transaction of foreign
exchange department, loans, and other department etc. It also plays a very valuable and important
role in deposit mobilization of the branch.
In this department done following things:
 Accounts opening;
 Cash Transaction;
 Remittance;
 Clearing cheque;
 Cheque Transfer;
 Bank statement & solvency;
 Balance Checking;
 Cheque book issue;
 Cheque book delivery;
 FDR/DPS service;
 Transfer of account;
 Closing of account;
 Dormant Account and so on.

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Foreign Exchange Department
Foreign Exchange Department is an international department of the bank. It deals with globally
and facilitates international trade through its various modes of services. It bridges between
importers and exporters. Bangladesh Bank issues license to scheduled banks to deal with foreign
exchange. These banks are known as Authorized Dealers. One of the largest businesses carried out
by the commercial bank is foreign trading. The trade among various countries falls for close link
between the parties dealing in trade. The situation calls for expertise in the field of foreign
operations. The bank, which provides such operation, referred to as rending international banking
operation. Mainly transactions with overseas countries are respects of import; export come under
the preview of foreign exchange transactions. International trade demands a flow of goods from
seller to buyer and of payment from buyer to seller. In this case, the bank plays a vital role to
bridge between the buyer and seller.

Products and Services of CBL

City Bank Limited increases its product list continuously. Every year it launches new service or
product. Since its establishment, its product list has been so healthy and includes most features.
Whenever, they launch a product or service, they look deeply in its technical issue. Showing below
some service names:

 Internet Banking;
 SME banking;
 Retail Banking;
 ATM Service;
 Credit Card;
 Debit Card;
 Foreign exchange dealing;
 Loan Syndication;
 Corporate Banking;
 Locker Facilities;
 Citygems priority banking;
 Manarah (islami banking);
 Remittance.

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2.4: ORGANOGRAM OF CBL

Organogram of The City Bank Limited

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 Chapter 3

3.1 Human Resource Management:

Human resources are the people who work for the organization; human resource management is
really employee management with an emphasis on those employees as assets of the business. In
this context, employees are sometimes referred to as human capital. As with other business assets,
the goal is to make effective use of employees, reducing risk and maximizing return on investment.

According to Gary Dessler:-

“Human Resource Management refers to the policies and practices one needs to carry out the
people or human resource aspects of management position, including recruiting, screening,
training, rewarding and appraising.”

According to David A Decenzo and Stephen p. Robbins:

“Human is made of four activities: Staffing, Training and development, Motivation and
Maintenance.”

3.2 Functions of HRM:

Acquisition

Acquisition of Human Resource: There are two steps involved in acquisition process:

a. Recruitment: Recruitment is a process by which organizations locate and attract individuals to

fill job vacancies.

b. Selection: Selection is a process of measurements, decision, making and evaluation.

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Training and Development

Training and development skills are also vital assets for your human resource manager. The ability
to create training programs that solve human performance problems will yield important benefits
for your organization. Instructional design skills, as well as outstanding facilitation and
presentation abilities, result in training programs that produce tangible results for your company.
Talents in program evaluation and employee feedback are also needed to constantly improve the
quality of all of your training programs. Development of Human Resources: After selecting and
recruiting individuals in the right position of the organization the next function is to train and
develop them, so that they can become efficient employees and work toward the achievement of
the organization goal.

Motivation

Motivation of Human Resource: The motivation function is one of the most important functions.
After training and developing the employees the HR manager should stimulate them to work well.
For motivation purpose the HR manager have to give the employees some compensation and
benefit package. Activities in HRM related with helping employees work at high energy levels.
Motivation is a function of willingness and ability (skills) to do the job.

Maintenance

Maintenance of Human Resource: The last phase of the HRM function is called the maintenance
function. For maintaining the people HRM should go for some method of providing a safe and
healthy work place, labor relation & collective bargaining.

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3.3 Objectives of HRM:
The primary objective of HRM is to ensure the availability of right people for right jobs so as the
organizational goals are achieved effectively. This primary objective can further be divided
into the following sub-objectives:

1. To help the organization to attain its goals effectively and efficiently by providing competent
and motivated employees.

2. To utilize the available human resources effectively.

3. To increase to the fullest the employee’s job satisfaction and self- actualization.

4. To develop and maintain the quality of work life (QWL) which makes employment in the
organization a desirable personal and social situation.

5. To help maintain ethical policies and behavior inside and outside the organization.

6. To establish and maintain cordial relations between employees and management.

7. To reconcile individual/group goals with organizational goals.

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3.4 Job Satisfaction:
Job satisfaction or employee satisfaction has been defined in many different ways. Some believe
it is simply how content an individual is with his or her job, in other words, whether or not they
like the job or individual aspects or facets of jobs, such as nature of work or supervision.

According to Keith Davis:-

"Job satisfaction is a set of the favorable or unfavorable feelings with which employees view
their work."

Others believe it is not so simplistic as this definition suggests and instead that multidimensional
psychological responses to one's job are involved. Researchers have also noted that job satisfaction
measures vary in the extent to which they measure feelings about the job (affective job satisfaction)
or cognitions about the job (cognitive job satisfaction).

Job satisfaction represents a combination of positive or negative feelings that workers have
towards their work. Meanwhile, when a worker employed in a business organization, brings with
it the needs, desires and experiences which determinates expectations that he has dismissed. Job
satisfaction represents the extent to which expectations are and match the real awards. Job
satisfaction is closely linked to that individual's behavior in the work place.

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3.5 FACTORS OF JOB SATISFACTION
Job satisfaction is under the influence of a series of factors such as: The nature of work, Salary,
Advancement opportunities, Management, Work groups and Work conditions.

A somewhat different approach regarding the factors of job satisfaction is provided by Rue and
Byars, Figure 4.

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When talking about factors of job satisfaction the fact that they can cause job dissatisfaction must
be kept in mind. Therefore the issue weather job satisfaction and job dissatisfaction are two
opposite phenomena? There is no consensus regarding this issue among authors. Herzberg’s Two
Factor Theory is probably the most often cited point of view. In fact the main idea is that employees
in their work environment are under the influence of factors that cause job satisfaction and factors
that cause job dissatisfaction. Therefore al factors that have derived from a large empirical research
and divided in factors that cause job satisfaction (motivators) and factors that cause job
dissatisfaction (hygiene factors).(table 1)

3.6 Theories of job satisfaction

I. Motivator-Hygiene Theory

Herzberg’s motivator-hygiene theory suggests that job satisfaction and dissatisfaction are not two
opposite ends of the same continuum, but instead are two separate and, at times, even unrelated
concepts. ‘Motivating’ factors like pay and benefits, recognition and achievement need to be met
in order for an employee to be satisfied with work. On the other hand, ‘hygiene’ factors (such as,
working conditions, company policies and structure, job security, interaction with colleagues and
quality of management) are associated with job dissatisfaction.

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Because both the hygiene and motivational factors are viewed as independent, it is possible that
employees are neither satisfied nor dissatisfied. This theory postulates that when hygiene factors
are low the employee is dissatisfied, but when these factors are high it means the employee is not
dissatisfied (or neutral), but not necessarily satisfied. Whether or not an employee is satisfied is
dependent on the motivator factors. Moreover, it is thought that when motivators are met the
employee is thought to be satisfied. This separation may aid in accounting for the complexity of
an employee’s feelings, as they might not feel both satisfied and dissatisfied at the same time; or
neither satisfied nor dissatisfied.

Whilst the Motivator-Hygiene theory was crucial in first distinguishing job satisfaction from
dissatisfaction, the theory itself has received little empirical support. Herzberg’s original study has
been criticized for having been conducted with a weak methodology. As a result, subsequent
attempts to test this theory have obtained mixed results with some researchers supporting it and
others not.

II. Job Characteristics Model

The Job Characteristics Model (JCM)[9] explains that job satisfaction occurs when the work
environment encourages intrinsically motivating characteristics. Five key job characteristics: skill
variety, task identity, task significance, autonomy and feedback, influence three psychological
states (Figure 3). Subsequently, the three psychosocial states then lead to a number of potential
outcomes, including: job satisfaction. Therefore from an organization’s point of view, it is thought
that by improving the five core job dimensions this will subsequently lead to a better work
environment and increased job satisfaction.

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Figure 3: Job Characteristics Model
Unlike the Maslow or Herzberg’s theories, the JCM has received more empirical support.
However, it has also drawn criticism as many studies utilizing this model investigate the direct
impact core job dimensions have on personal and work outcomes, completely disregarding the
critical psychological states. Despite this, the JCM and its impact on job satisfaction has been the
subject of three reviews which further lend support to the model. Further to this, Behson and
colleagues’ meta-analysis of 13 studies specifically focused on the role of critical psychological
states, and found these psychological states to play a crucial practical and theoretical role within
the JCM.

III. Dispositional approach

The dispositional approach suggests that individuals vary in their tendency to be satisfied with
their jobs, in other words, job satisfaction is to some extent an individual trait. This approach
became a notable explanation of job satisfaction in light of evidence that job satisfaction tends to
be stable over time and across careers and jobs. Research also indicates that identical twins raised
apart have similar levels of job satisfaction.

A significant model that narrowed the scope of the dispositional approach was the Core Self-
evaluations Model, proposed by Timothy A. Judge, Edwin A. Locke, and Cathy C. Durham in
1997.Judge et al. argued that there are four Core Self-evaluations that determine one’s disposition

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towards job satisfaction: self-esteem, general self-efficacy, locus of control, and neuroticism. This
model states that higher levels of self-esteem (the value one places on his/her self) and general
self-efficacy (the belief in one’s own competence) lead to higher work satisfaction. Having an
internal locus of control (believing one has control over her\his own life, as opposed to outside
forces having control) leads to higher job satisfaction. Finally, lower levels of neuroticism lead to
higher job satisfaction.

IV. Equity theory

Equity Theory shows how a person views fairness in regard to social relationships such as with an
employer. A person identifies the amount of input (things gained) from a relationship compared to
the output (things given) to produce an input/output ratio. They then compare this ratio to the ratio
of other people in deciding whether or not they have an equitable relationship. Equity Theory
suggests that if an individual thinks there is an inequality between two social groups or individuals,
the person is likely to be distressed because the ratio between the input and the output are not

equal.

For example, consider two employees who work the same job and receive the same pay and
benefits. If one individual gets a pay raise for doing the same work as the other, then the less
benefited individual will become distressed in his workplace. If, on the other hand, both individuals
get pay raises and new responsibilities, then the feeling of equity will be maintained.

Other psychologists have extended the equity theory, suggesting three behavioral response patterns
to situations of perceived equity or inequity (Huseman, Hatfield, & Mile, 1987; O'Neil & Mone
1998). These three types are benevolent, equity sensitive, and entitled. The level by each type
affects motivation, job satisfaction, and job performance.

 Benevolent-Satisfied when they are under-rewarded compared with co-worker

 Equity sensitive-Believe everyone should be fairly rewarded
 Entitled-People believe that everything they receive is their just due

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V. Discrepancy theory

The concept of discrepancy theory is to explain the ultimate source of anxiety and dejection. An
individual who has not fulfilled his responsibility feels the sense of anxiety and regret for not
performing well. They will also feel dejection due to not being able to achieve their hopes and
aspirations. According to this theory, all individuals will learn what their obligations and
responsibilities are for a particular function, and if they fail to fulfill those obligations then they
are punished. Over time, these duties and obligations consolidate to form an abstracted set of
principles, designated as a self-guide. Agitation and anxiety are the main responses when an
individual fails to achieve the obligation or responsibility.[24] This theory also explains that if
achievement of the obligations is obtained then the reward can be praise, approval, or love. These
achievements and aspirations also form an abstracted set of principles, referred to as the ideal self-
guide. When the individual fails to obtain these rewards, they begin to have feelings of dejection,
disappointment, or even depression.

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3.7 Measuring Overall Job Satisfaction
The majority of job satisfaction measures are self-reports and based on multi-item scales. Several
measures have been developed over the years, although they vary in terms of how carefully and
distinctively they are conceptualized with respect to affective or cognitive job satisfaction. They
also vary in terms of the extent and rigor of their psychometric validation.

The Brief Index of Affective Job Satisfaction (BIAJS) is a 4-item, overtly affective as opposed to
cognitive, measure of overall affective job satisfaction. The BIAJS differs from other job
satisfaction measures in being comprehensively validated not just for internal consistency
reliability, temporal stability, convergent and criterion-related validities, but also for cross-
population invariance by nationality, job level, and job type. Reported internal consistency
reliabilities range between .81 and .87.

The Job Descriptive Index (JDI),is a specifically cognitive job satisfaction measure. It measures
one’s satisfaction in five facets: pay, promotions and promotion opportunities, coworkers,
supervision, and the work itself. The scale is simple, participants answer either yes, no, or can’t
decide (indicated by ‘?’) in response to whether given statements accurately describe one’s job.

So after a Job descriptive index research on the employees of CBL, it is said that the overall job
satisfaction of CBL is satisfactory over the decades.

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 EMPLOYEES’ JOB SATISFACTION

IN THE CONTEXT OF THE CITY BANK LIMITED

The banking system of Bangladesh is a mixed one, comprising nationalized, private, and foreign
commercial banks. The financial system of Bangladesh consists of Bangladesh Bank as the central
bank, 4 nationalized commercial banks, 5 government owned specialized banks, 30 domestic
private banks, 10 foreign banks and 28 non-bank financial institutions. The City Bank Ltd is a
third generation bank in the growing banking sector of Bangladesh. After its beginning in 27 th
March 1983 The City Bank Limited Bangladesh is an commercial Bank, with a centralized
infrastructure, which is committed to provide high quality financial services to contribute to the
growth of G.D.P. (Gross Domestic Product) of the country through stimulating trade & commerce,
boosting up export, creating employment opportunity for the educated youth, poverty alleviation,
over all socioeconomic development of the country. This research intends to investigate the casual
relationships of Work ethic, stress, participation in decision making, communication, skill variety,
autonomy, task identity and task feedback are the independent variable, job involvement, sense of
competence is intervening variable and job satisfaction is the Dependent Variable in the context
of The City Bank Ltd. Collected data were analyzed by using the SPSS version 12.00 .Reliability
tests, Frequency, Crosstab, ANOVA, T-Test and Correlation analysis are used to assess the
hypothesis. The correlation analysis provided full support to prove almost all the hypothesis
relation. Reliability test used for the data are actually reliable or not. And Frequency used for what
percentages of people are answering the question for support the hypotheses. Using a sample of
20 employees in the bank, this study traced The City Bank Ltd to the job satisfaction of employees
at the workplace through the quality of life factors of job involvement and sense of competence.
Results indicated that personal, job, and organizational climate factors influenced the ego
investment or job involvement of people in their jobs, which in turn influenced the intra psychic
reward of sense of competence that they experienced, which then directly influenced employees'
job satisfaction. Implications of these findings for managers are discussed.

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4.1 Key factors of Employees’ Job Satisfaction at CBL:
Non-Financial Rewards and Benefits
Working Environment
In this study, working environment refers to facilities, interior design and exterior design provided
by company. Facilities are building, equipment and machinery that are provided by company for
business purpose. Beside that working environment includes indoor and outdoor workplace. It is
through the engagement of conducive work environment that will influence service climate and
eventually influence job satisfaction. Every workplace has some pros and cons so do CBL, but
overall satisfaction regarding working environment is quite satisfactory to the employees’.

Relationship with Supervisor

Supervisory practices are the most thoroughly researched of job satisfaction’s variable and most
participative and involving supervisor leadership effect job satisfaction positively. The term
leadership means different things to different people. CBL leadership focuses on the social
exchange relationship between leaders and employees so that possible outcomes such as
subordinate satisfaction, supervisor satisfaction, performance, commitment, role conflict, role
clarity and turnover intentions can be observed.

Respect from Co-Workers

Employees seek to be treated with respect by those they work with. A hostile work environment -
- with rude or unpleasant coworkers -- is one that usually has lower job satisfaction. In CBL
employees’ are seemed to be satisfied with the relationship with their co-workers.

Leave:
CBL employees’ get-
Casual Leave
Annual/ earn leave
Sick/Medical leave
Maternity leave

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Rewards:
As the bank does not have any specific performance evaluation and appraisal system it does not
provide any standard reward system. If any employee can really impress the authority by his/her
extra-ordinary performance s/he is then usually financially rewarded, which comparatively has a
low effect on the employee who is in quite a higher level of the organizational ladder. On the
whole, increment is the only reward that the bank uses for motivating or appreciating its
employees.

Financial Rewards and Benefits

Salary and benefits

Salary is termed “Gross Salary” divided in two parts – Basic Salary (60%) and Allowances (House
Rent - 30%, Medical allowance – 5% and conveyance allowances – 5%) which is 40% of Gross
salary), it shall be paid to the employee at the time of salary payment.
Except for casual employees, every employee, every other regular employee will be compensated
for services rendered to the CBL in relation to his / her Grade / Step position.. Payment should be
made in local currency for all national employees.
Salary shall be made within seven (07) working days of the following months unless any severe
case will be raised. 6 days a week and 42 hours per week and standard 26 working days in a months
Working days (paid days) include CBL holidays and authorized leave days.

Two types benefit employee get:

Increment
Bonus

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Benefit Management System in CBL: Benefit Packages
Though the City Bank Ltd. does not have a satisfactory performance appraisal or reward system,
it has a very good benefit package. Firstly, for the staff level workers the bank provides uniform
and its maintenance expenditure (Officials and managers don’t need any uniform). The bank also
has a package of different types of leaves for all level of employees. The bank provides a
satisfactory annual leave, sick leave and casual leave. The bank has provided the opportunity for
the employees to have extra leave for emergency situation. Female workers get three months long
maternity leave twice in their working lives in this organization. Besides this leave package the
bank provide an opportunity for the employees to have a provident fund, which the bank and the
employee share equally (5% contributed by both the worker and the employer). The bank provides
“Fringe Benefits” for its executive level employees.

Compensation Management System

The bank thinks that its compensation package is very sensitive and confidential and cannot be
exposed to the people from outside. The bank’s pay structure is pretty much dependent on job
evaluation. It means that the bank tries to compensate according to the job difficulty or in other
words job hierarchy.
The bank compensate firstly by ‘classification method’ of job evaluation and then by ‘ranking
method’. While compensating any worker, the bank first determines the class of that post. (The
City Bank Ltd. has four classes of employees – Executives, Officers, Service Workers and Staffs).
After classifying, the bank, determines the rank of the post within the classification and
compensates according to the compensation scale. The Administrative Officer could not provide
us with the pay scale because of some internal problems but informed us that the compensation
scale is attractive enough for the employees working in the bank.

Besides this normal pay scale, the bank has special compensation system for the higher level
employees (the Executive Level employees). The bank provides these employees not only
according to the standard scale but also some additional services like providing residence,
telephone etc.

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During the one year probation period, MMTs will be entitled to monthly consolidated basic salary
of BDT. 24,300.00. upon successful completion of probation period, the MMTs will be appointed
as Junior Assistant Vice President of the bank with a monthly gross remuneration of BDT.
45,000.00.

Compensation is the most important part in any organization as it is one of the key factors of
motivation for all employees now-a-days. Therefore different organization undertakes attractive
compensation policy to uphold the potential employees to increase the productivity. Generally, we
can see two types of compensation system. One is financial and another one is non financial. The
City Bank has been also offering lucrative compensation to their employees for years for which
their demand is up scaling day by day. One of the finest thing that I observe that CBL has always
tried their utmost to keep their best person else by ensuring the best pay scale comparing with the
competitors. Therefore it is seen that the turnout ratio of employees of is so low. CBL goal of
compensation is to focus on the certain activity or works done by the employees upon which the
compensation is maintain or scaled such as it has maintain a combination of cash, benefits,
retirement, perquisites as a total compensation package.

Insurance:
• Property to be insured prior to disbursement
• Fire, earthquake risks will be covered. This will be mandatory. Flood and cyclone risk my
covered for flood and cyclone prone area.
•All properties to be insured against the loan amount for the whole tenor of the loan. At the time
of disbursement, the insurance must be for a period of at least 12 months.
•Property insurance will be renewed by bank for whole loan tenor. Bank will renew the policy
every year by debiting applicant operative account for insurance premium amount. Applicant has
to provide insurance renewal authority and account debit authority to the bank.
•Policy should be assigned favoring the bank.
•Insurance is not mandatory in case of 100% cash covered loan.

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 Questionnaire Analysis

1. Are you satisfied with your salary?

Serial no. Description No. of respondents Percentage

01. Strongly Agree 2 10%
02. Agree 12 60%
03. Neutral 0 0%
04. Disagree 6 30%
05. Strongly Disagree 0 0%
Total 20 100%

Basic Salary
Strongly Disagree
Strongly Agree
0%
10%

Disagree
30%
Strongly Agree
Agree
Neutral
Agree
Disagree
60%
Neutral
Strongly Disagree
0%

Explanation: As we can see 70% employees are satisfied with their basic salary and
30% employees are not satisfied with their salary. So we can say the basic salary is
satisfactory.

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 2. Are you satisfied with your other monetary benefits (medical and house rent
allowance, provident fund, increment, transport facilities, fringe benefits)?

Serial no. Description No. of respondents Percentage

01. Strongly Agree 1 5%
02. Agree 7 35%
03. Neutral 0 0%
04. Disagree 12 60%
05. Strongly Disagree 0 0%
Total 20 100%

Monetary Benefits
Strongly Disagree, Strongly Agree, 5%
0%

Agree, 35%
Strongly Agree
Disagree, 60%
Agree
Neutral
Disagree
Strongly Disagree

Neutral, 0%

Explanation: Among 20 respondents 40% respondents states that the monetary benefits are
sufficient and 60% respondents are not agree with that statement. So it can be say that the monetary
benefits at City Bank Ltd should be improved.

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 3. Do you think that your views and participation are valued in the company?

Serial no. Description No. of respondents Percentage

01. Strongly Agree 1 5%
02. Agree 7 35%
03. Neutral 1 5%
04. Disagree 11 55%
05. Strongly Disagree 0 0%
Total 20 100%

Value of View & Participation

0%

5%

35% Strongly Agree

55% Agree
Neutral
Disagree
5%
Strongly Disagree

Explanation: Among 20 respondents 40% respondents are agree with the statement, 5% neutral,
55% respondents are not agree with that statement. So it can be say that the employees are not
satisfied about their participation at City Bank Ltd.

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 4. Do you think that your compensation matches to your responsibilities?

Serial no. Description No. of respondents Percentage

01. Strongly Agree 3 15%
02. Agree 10 50%
03. Neutral 7 35%
04. Disagree 0 0%
05. Strongly Disagree 0 0%
Total 20 100%

Compensation
0% 0%

15%
35%

Strongly Agree
Agree
Neutral

50% Disagree
Strongly Disagree

Explanation: Among 20 respondents 65% respondents states that the compensation system is
sufficient, 35% respondents does not make any comments. So it can be say that the compensation
system at The City bank Ltd is satisfactory to the employees.

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 5. Are you satisfied with the overall job status and job security?

Serial no. Description No. of respondents Percentage

01. Strongly Agree 3 15%
02. Agree 10 50%
03. Neutral 7 35%
04. Disagree 0 0%
05. Strongly Disagree 0 0%
Total 20 100%

Job status and Job security

0%
0%

15%
35%

Strongly Agree
Agree
Neutral

50% Disagree
Strongly Disagree

Explanation: Among 20 respondents 65% respondents states that the job security is sufficient,
35% respondents does not make any comments. So it can be say that the job security at the City
Bank Ltd is satisfactory.

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 6. Are you satisfied with the work environment (Office set up, Working
condition, etc)?
Serial no. Description No. of respondents Percentage
01. Strongly Agree 6 30%
02. Agree 7 35%
03. Neutral 7 35%
04. Disagree 0 0%
05. Strongly Disagree 0 0%
Total 20 100%

Work environment
0%

30%
35%

Strongly Agree
Agree
Neutral
Disagree
35%

Explanation: Among 20 respondents 65% respondents states that the work environment is
satisfactory, 35% respondents does not make any comments. So it can be say that the work
environment at City Bank Ltd is improved.

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 7. Are you satisfied with your job nature (job autonomy, work schedule, job
stress, creativity of job etc.)?

Serial no. Description No. of respondents Percentage

01. Strongly Agree 0 0%
02. Agree 4 20%
03. Neutral 3 15%
04. Disagree 12 60%
05. Strongly Disagree 1 5%
Total 20 100%

Job Nature

1% 0%

20%

Strongly Agree
15% Agree
60% Neutral
Disagree
Strongly Disagree

Explanation: Among 20 respondents 20% respondents states that the Job nature is satisfactory,
15% respondents does not make any comments and 60% respondents are not agree with that
statement. So it can be say that the job nature at City Bank Ltd should be improved.

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 8. Are you satisfied with your supervisor & co-worker’s behavior?

Serial no. Description No. of respondents Percentage

01. Strongly Agree 0 0%
02. Agree 15 75%
03. Neutral 4 20%
04. Disagree 1 5%
05. Strongly Disagree 0 0%
Total 20 100%

Supervisor and Co-workers's Behavior

0% 0%

5%
20%

Strongly Agree
Agree
Neutral
75% Disagree
Strongly Disagree

Explanation: Among 20 respondents 75% respondents states that the Supervisor and Co-worker’s
behavior is satisfactory, 20% respondents does not make any comments and 5% respondents are
not agree with that statement. So it can be say that the Supervisor and Co-workers at City Bank
Ltd are quite cooperative.

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 9. Are you satisfied with your company management policies?

Serial no. Description No. of respondents Percentage

01. Strongly Agree 1 5%
02. Agree 12 60%
03. Neutral 7 35%
04. Disagree 0 0%
05. Strongly Disagree 0 0%
Total 20 100%

Management Policies
0, 0%
0, 0%
5%, 5%

35%, 35%
Strongly Agree
Agree

60%, 60% Neutral

Disagree
Strongly Disagree

Explanation: Among 20 respondents 65% respondents states that the Management Policies are
satisfactory, 35% respondents does not make any comments. So it can be say that the Management
Policies at City Bank Ltd is improved.

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 10. Are the performance and festival bonuses satisfactory?

Serial no. Description No. of respondents Percentage

01. Strongly Agree 0 0%
02. Agree 12 60%
03. Neutral 3 15%
04. Disagree 5 25%
05. Strongly Disagree 0 0%
Total 20 100%

Performance and festival bonuses

0% 0%

40%

Strongly Agree
60% Agree
Neutral
Disagree
15%
Strongly Disagree

Explanation: Among 20 respondents 60% respondents’ states that the Bonuses are satisfactory,
25% respondents do not agree to the statement. So it can be say that the performance bonuses at
City Bank Ltd are satisfactory.

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 11.What is the level of your overall job satisfaction?

Serial no. Description No. of respondents Percentage

01. Strongly Agree 1 5%
02. Agree 13 65%
03. Neutral 5 25%
04. Disagree 1 5%
05. Strongly Disagree 0 0%
Total 20 100%

Overall Job Satisfaction

0%

5% 5%

25%
Strongly Agree
Agree
Neutral
65% Disagree
Strongly Disagree

Explanation: Among 20 respondents 70% respondents states that the overall job is satisfactory,
25% respondents does not make any comments and 5% respondents are not agree with that
statement. So it can be say that the employees at The City Bank Ltd are overall satisfied with their
job.

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 Findings

1. Employees of CBL are strongly satisfied with their basic salary.

2. The monetary benefits (medical and house rent allowance, provident fund, increment,
transport facilities, fringe benefits) of CBL are not sufficient.
3. Employees are not satisfied with the value of their participation at CBL.
4. Employees of CBL are not satisfied with their job nature.
5. The compensation system of CBL is quite satisfactory.
6. Employees are satisfied with the management policies of CBL.
7. The employees at The City Bank Ltd are overall satisfied with their job.

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 Conclusion

After analyzing the results, this study is found to be sustained as significant relationship is found
between financial reward and job satisfaction. It means that the City Bank Limited employees are
more concerned with what the job is actually paying to them. Some previous study (Kalleberg,
1977; Rehman et al., 2010) also came up with same findings which support the results too. The
City Bank Limited has very attractive salary package, fringe benefits, provisional fund and others
for retired workers. So, these factors result the high relationship between financial reward and job
satisfaction. Although all the variables have impact on job satisfaction, financial reward has more
importance to the employees. Since, the employees of this bank are more concerned about the
financial reward; the issues should be taken more care of by the top management.

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 Recommendations

1. The salary package of The City Bank Limited should be more attractive and competitive
than other banks.
2. The monetary benefits at City Bank Ltd should be improved to reduce turnover and retain
employees.
3. The job nature at City Bank Ltd can be improved at City Bank Ltd by hiring few more
employees.
4. CBL should increase employee’s participation on decision making and other important
issues and value them.
5. CBL should monitor employees’ overall job satisfaction on regular basis.

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 Bibliography

1. Annual Report of “The City Bank Limited Ltd” 2015

2. Adams, J. S. (1963). Towards an understanding of inequity. Journal of Abnormal
and Social
3. Psychology, 67 (5), 422–436.
4. Andonova, V. & Zuleta, H. (2007). The effect of enforcement on human
resources practices.
5. International Journal of Manpower, 28 (5), 344-53.
6. Appelbaum, H. S. (1991). Compensation strategy determinants in high
technology
7. Organization. International Journal of Manpower Management, 12 (8), 31-39.
8. Barber, A. E., & Bretz, R. D. (2000). Compensation, attraction, and retention. In
Rynes, S. L.
9. & Gerhart, B. (Eds.), Compensations in Organizations: Current Research and
Practice.
10. Jossey-Bass: San Francisco, California.
11. Blullock, R.P. (1952), Social factors related to job satisfaction, Research
Monograph
a. No. 70, Ohio State University, Bureau of Business Research, Columbus.
12. Becker B. E., Huselid M. A. & Ulrich D, 2001, Making HR a Strategic Asset,
Strategic Management Journal, p 1-3
13. http://www.thecitybank.com/

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 Appendix

Questionnaire

Name:

Designation:

Age:

Contact no.:

5: Strongly Agree 4:Agree 3:Neutral 2:Disagree 1:Strongly Disagree

(SA) (A) (N) (D) (SD)

1. Are you satisfied with your salary? SA A N D SD

2. Are you satisfied with your other monetary

benefits (medical and house rent allowance,
provident fund, increment, transport facilities,
fringe benefits)?

3. Do you think that your views and participation are

valued in the company?

4. Do you think that your compensation matches to

your responsibilities?
5. Are you satisfied with the overall job status and
job security?

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6. Are you satisfied with the work environment SA A N D SD
(Office set up, Working condition, etc)?

7. Are you satisfied with your job nature (job

autonomy, work schedule, job stress, creativity of
job etc.)?
8. Are you satisfied with your supervisor & co-
worker’s behavior?

9. Are you satisfied with your company management

policies?

10. Are the performance and festival bonuses

satisfactory?

11.What is the level of your overall job satisfaction?

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