Chapter 1-5 - Financial Mot. FINAL

The Impact of Financial Motivation on Employees Job Satisfaction in the UK’s Banking
Sector, a case study of Barclays Bank Plc. (Preston and Blackburn area)
Abstract
Globalisation has changed the way financial institutions operates, and it requires
improvement on work processes to gain a competitive edge over others. Specifically, banks
need to keep the pace of the momentum in achieving their objectives and thus, hiring
competent human resources is critical, adopting a structured motivation strategy is also
crucial for an organisation to retain talents and ensuring maximum value. This research
investigated the Impact of Financial Motivation on Employees Job Satisfaction in the UK’s
Banking sector.
The study adopted a survey research design, taking into consideration the positivists
philosophy to research. Following deductive approach, hypotheses were formulated, and all
available information were considered before arriving at a conclusion. The risks highlighted
under the ethical considerations were duly mitigated. The population of the study comprised
of the entire workforce of Barclays Bank PLC, Preston, and Blackburn area. The Yaro-
Yamene formula was used to determine the sample size of 30 and convenience sampling
method was adopted in selecting the respondents. The study conducted a descriptive analysis
and chi-square analysis was carried out to test the hypotheses.
The results of the study revealed that pay (salaries/wages), fringe benefit and
bonuses/allowances have significant impact on employees’ job satisfaction in the UK
banking sector. The study recommends amongst others that human capital management team
in the banking sector should be aware of the prominent impact of financial motivation
impacts on employees’ job satisfaction which in turn enhance their retainment and loyalty
with the firm. Therefore, policies should be formulated and implemented to improve on
employees’ job satisfaction.
Keywords: Financial Motivation, Job satisfaction, Fringe benefits, pay.
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Acknowledgments
I am overwhelmed with humility and gratitude to all those who have assisted me in putting
these concepts, which are much above the level of simplicity, into something solid.
I want to express my heartfelt gratitude to my supervisor (Rebekah Powell) for her constant
support during this journey, and her approach for conducting the study and presenting the
findings as clearly and plainly as possible. As well as the chance to work on this topic, which
let me conduct a lot of research and learn about so many new things. I am quite grateful for
the opportunity.
Any endeavour at any level cannot be performed properly without the support and advice of
my parents and friends, without whom I could not have completed my project.
Most importantly, I am grateful to God, the Almighty, for His grace throughout my research
work, which enabled me to successfully complete the research.
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Table of Contents
Title Page
Abstract i
Acknowledgements ii
Table of Contents iii-iv
List of Tables v
List of Figures v
Chapter One – Introduction
1.1 Background to the Study 1-2
1.2 Problem Statement 2-3
1.3 Research Aim 3
1.4 Research Objectives 3
1.5 Significance of the Study 3-4
Chapter Two – Literature Review
2.1 Introduction 5
2.2 Conceptual Review 5-11
2.3 Theoretical Review 11-14
2.4 Empirical Review 15-18
2.5 Summary and Gaps in Literature 18
Chapter Three – Methodology
3.1 Introduction 19
3.2 Research Philosophy 19
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3.3 Research Approach 20
3.4 Research Methods 20-21
3.5 Population of the Study 21
3.6 Sample Size Determination 21
3.7 Data Collection 22
3.8 Data Analysis 22
3.9 Ethical Considerations 23-24
3.10 Conclusion 24
Chapter Four – Data Presentation, Analysis and Discussion of Findings
4.1 Data Presentation 25-27
4.2 Analysis of Research Questions 28-31
4.3 Test of Hypotheses 32-33
4.4 Discussion of Findings 33-34
Chapter Five – Summary, Conclusion and Recommendations
5.1 Summary 35
5.2 Conclusion 35
5.3 Recommendation 35-36
5.4 Suggestion for Further Studies 36
5.5 Limitations of the study 36
Appendices 37-45
References 46-72
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List of Tables
Table 1 Gender of the respondents 25
Table 2 Age of the respondents 26
Table 3 Academic Qualification 26
Table 4 Computer Literacy 27
Table 5 Years of Banking Experience 27
Table 4.2.1 Pay (Salary/Wages) and Job Satisfaction (Reward System) 28
Table 4.2.2 Fringe Benefits and Job Satisfaction (Reward System) 29
Table 4.2.3 Bonus/Allowances and Job Satisfaction (Reward System) 30-31
Table 4.3.1 Chi-Square Tests 32
List of Figures
Fig 2.1 Maslow’s hierarchy of needs 12
Fig 3.1 Model Conceptualization 34
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CHAPTER ONE
Introduction
1.1 Background to the Study
Globalisation has changed the way the banking sector operates, and it requires improvement
on work processes to gain a competitive edge over others (Ali and Akram, 2012). Therefore,
organisations such as banks need to keep the pace of the momentum in achieving their
objectives and thus, hiring competent human resources is critical (Ali and Akram, 2012).
Without a question, professional human resources are a crucial component for every
organization's progress and expansion.
Implementing an organized motivation plan is commonly thought to be critical for an

organization's ability to retain people and maximize value (Al-Alawi, 2005). However, for
this research, the focus is on financial motivation. Motivation is an element in our life that
functions as a driving factor, influencing and directing our actions to achieve certain goals
(Danish and Usman, 2017). Most organisation managers use different methods or strategies
to inspire their employees to perform, classified into either financial (extrinsic) and non-
financial (intrinsic). These motivation strategies directly influence employees’ efficiency,
motivation, morale, enhanced productivity, and job satisfaction (Dany and Torchy, 2017; Noe
et al., 2017; Parsons and Broadbridge, 2006). As a result, a company's efficiency,
profitability, and performance are affected.
However, the choice of motivating the human resources between intrinsic and extrinsic has
been a subject of heated debate by scholars in past years. Intrinsic motivation comprises
responsibilities and personal growth, whereas extrinsic motivation is tangible things such as
money in the form of pay and benefits (Furnham, Eracleous and Chamorro-Premuzic, 2009;
Akafo and Boateng, 2015). Employee motivation is affected by a lot of factors, including
incentives, rewards, and recognition (Danish and Usman, 2017).
Job satisfaction is a term used to describe the contentment level of an employee with his or
her job. In other words, it might emerge as a sentiment toward workers' job obligations,
causing them to have disparate attitudes about various aspects of the job (Federici and
Skaalvik, 2012). A professional organisation devoid of human resources satisfaction could
harm the productivity of such an organisation. Within the scope of the banking industry, the
indicators of job performance are reduced complaints and grievances by customers or clients,
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improved turnover, increased morale of workers and punctuality of employees (Zaraket and
Saber, 2017).
To that effect, a plethora of organisations are increasingly acknowledging the importance of

their prized assets, particularly given the competitive and demanding environment
(Panagiotopoulos, Petta and Karanikola, 2018). They are always looking for methods to
differentiate themselves from their competition via business and policy management,
organizational management, and human resource management (Pang and Lu, 2018).
1.2 Problem Statement
This research aims to evaluate how extrinsic incentive (financial) affects the work
performance of employees in the United Kingdom, with a focus on Barclay Bank. A plethora
of research have been undertaken mainly on employee motivation and job satisfaction but
narrowing down to the financial motivation as well as their relationship have not been
strongly investigated nor reported. In this light, the aim of this research is to contribute to the
growing body of knowledge concerning human resource management.
Managers, particularly in the banking sector, have long been concerned about employee
turnover (i.e., when skilled workers leave) because it interrupts production schedules or
activities amid heightened competition and strict labour markets which is consequently costly
because new personnel with the necessary skill sets must be hired, trained, and developed
(Tamplin and Winterton, 2007). Although this is not the sole consequence of work
dissatisfaction, it is one of them (Hom and Griffeth, 1995). Some studies have demonstrated
conflicting findings concerning workers being less satisfied with their jobs and the reasons
stemming from employee characteristics irrespective of the motivation techniques (Gazioglu
and Tansel 2006; Eskildsen, Kristensen and Westlund, 2004). These include gender,
education level, organisation environment, among others. However, with respect to this
study, there have been some reports claiming that job satisfaction is prevalently low in a
larger organisation in Britain (Gazioglu and Tansel 2006). Money as extrinsic motivation is
regarded as the highest factor leading to lack of job satisfaction as a survey in 2020 highlights
that more than 50% of UK workforce are contemplating quitting or looking for another job
(The Gazette, 2020).
For instance, in a research conducted by Alrawahi et al. (2020), employees feel unfairly
treated by the system given they expected higher pay from the tasks they perform. Also, they
feel demotivated when other employees earn higher wages for the same task, which compels
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them to quit (Andavar and Ali, 2020). The loss of these workers subsequently results in the
loss of talents, knowledge, and experiences, Customers are also lost as a result of this.
Despite the effectiveness of extrinsic motivation, it is argued that the influence of such a
motivation strategy does not stand the test of time (Ali and Anwar, 2021). In this regard, the
importance of human resources management comes to play as they can implement the best
motivation strategies to ensure the retaining of talents, culminating in the organisation's
success (Stefurak et al., 2020). In addressing the impact of financial motivation on job
satisfaction of employees, the researcher looks to focus on obtaining primary data from
Barclay Bank in the UK.
1.3 Research Aim
The main aim of the research is to look at how financial motivation affects employee job
satisfaction in the UK banking sector, with an emphasis on Barclays Bank PLC (Preston and
Blackburn area).
1.4 Research Objectives
The following objectives were developed in order to achieve the research's goal:
1. Investigate the conditions that influence employees’ job satisfaction.
2. Identify the effect of monetary incentives on employee work satisfaction.
3. Provide practical ways for mitigating the severity of monetary incentive on employee
work satisfaction.
1.5 Significance of Study
In this century, job performance and effective motivation strategy are crucial in any
organisation as employees have gained wide awareness of their rights in the workplace
(Dartey-Baah and Harlley, 2010). As previously discussed, the use of financial and non-
financial encouragement of employees largely depends on the different organisations and
their environment. The banking industry is crucial to every country's economy, and as a result
top management needs to motivate their workers to improve their productivity and customer
satisfaction, retain talents and reduce turnover through employee job satisfaction. Also, the
rich population of employees in the banking sector, especially in Barclay banks, as well as its
proximity with the researcher's locale will enable the study to explore deeper to assess the
research questions.
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As a result, the goal of this research is to contribute to the body of knowledge by providing
complete data on employee financial incentives. This will serve as a reference to future
researchers and scholars of the world universities. Various key findings would help
businesses to prioritise and understand the best approach to ensure the satisfaction of their
workers through recommended strategies. In doing these, it gives future researchers to further
build on the recommended strategies for more improvements.
The next chapter provides a holistic literature review of the study and seeks to form a
conceptual framework on which the research centres. Chapter three will outline the
methodology followed by the data collection and analysis techniques, guided by research
onion comprising of layers. Chapter four will present the results of the research with
subsequent findings and discussions. The final chapter will conclude the research by drawing
conclusions and recommendations from the analysed results.
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CHAPTER TWO
LITERATURE REVIEW
2.1 Introduction
This chapter of the dissertation seeks to give a comprehensive assessment of the literature on
financial motivation by introducing the idea of motivation and its many forms. It also
addresses the theoretical frameworks for understanding motivation and its correlation to job
satisfaction. Next is the copious presentation of the empirical literature review on the factors
influencing employees’ job satisfaction and the impact of financial motivation on employees’
satisfaction.
2.2 Conceptual Review
2.2.1 Definition of Motivation
Motivation, in general, is an intrinsic state of human behaviour, consisting of all of the

demands and ideologies that initiate, maintain, and regulate human behaviour (Anghelache,
2015). According to Khan (2015), motivation is an internal or external phenomenon that
increases people's drive and enthusiasm to stay passionate about their job and to preserve and
contribute immensely to achieving a goal. The concept of motivation focuses on motivating,
pushing, and stimulating individuals (i.e., employee) to alter their behaviour to
attain organizational goals and objectives, resulting in increased productivity and employee
satisfaction (Saka and Salman, 2014).
Gîlmeanu (2015) posits that no organisation can accomplish development and

competitiveness needs if there is no focus or dedication toward the motivation of managers
and, subsequently, employee's satisfaction. However, in the context of the work environment,
two major types of motivation exist: extrinsic and intrinsic (Suifan, 2019), which are briefly
discussed in the following subsections.
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2.2.2 Extrinsic Motivation and Intrinsic Motivation
2.2.2.1 Intrinsic Motivation
Millette and Gagné (2008) explain that intrinsic motivation is the act of doing something to
do it, particularly because it is pleasurable and exciting. Prince Ishaku and Samuel (2019)
agree and buttress that intrinsic motivation develops from an employee's inner desires to
accomplish a defined objective in their self-interest, rather than motivation or passion from an
external source of reward. Intrinsically motivated employees labour for their success and may
appreciate challenging work regarded as valuable to the organisation (Suifan, 2019). Job
satisfaction and intrinsic motivation are inextricably linked to organisational commitment
(Mohsan et al., 2011). It's been suggested that intrinsic motivation has an effect on
productivity (Mundhra, 2010). Intrinsic job characteristics include autonomy, career
opportunity, diverse skills, recognition, empowerment, appreciation (Saka and Salman, 2014,
Ismail and El Nakkache, 2014).
2.2.1.2 Extrinsic Motivation
Extrinsic motivation is generally a “reward-driven behaviour” that stimulates people to act

(Suifan, 2019). These rewards are external variables such as “job safety, and training and
development” that drive an employee's commitment to accomplish specified goals (Prince
Ishaku and Samuel, 2019). Common extrinsic rewards that motivate people are “pay,
bonuses, fringe benefits, promotions” (Saka and Salman, 2014). These incentives aim to
extrinsically satisfy the needs of employees (Ismail and El Nakkache, 2014)
2.2.3 Financial Motivation
Financial motivation is an act of providing or meeting basic human needs through financial or
monetary incentives to employees for improved productivity and job performance (Kefay,
Kero and Kumera, 2020). Dessler (2014) postulated that " Financial incentives are monetary
prizes or responses offered to employees whose productivity level surpasses predetermined
benchmarks”. This has a strong influence on employees' working behaviour at their job place
(Chapman et al., 2005). The monetary rewards could be pay, salaries, wages, fringe benefits,
bonuses, profit sharing, annual increments etc. (Kefay et al., 2020; Kubica and Szarucki,
2016; Osibanjo et al., 2014). According to numerous studies, employees place a higher value
on monetary benefits (Vijayakumar and Saxena, 2015). In the United Kingdom and around
the world, money, perks, and a variety of other types of remuneration have been used to
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recruit, retain, and inspire people in order to achieve corporate goals (Barber and Bretz,
2000). Incentive compensation can take numerous forms, including payments, rewards,
equity investments, and profit sharing. These factors have an influence on employee
productivity as well as job satisfaction, and they both influence worker productivity.
Financial incentives are often recognised as the most effective means for motivating
employees in order to reach greater organizational goals (Danish and Usman, 2010). On the
other side, if skilled individuals are not motivated, failure in monetary benefits will limit their
effectiveness. Since the effectiveness, productivity, and efficiency of human resources are all
directly related to employee commitment and engagement with the company (both of which
are heavily based on job satisfaction), it is critical for banking organizations to increase
employee job satisfaction in order to fully utilize available resources and contribute to overall
business efforts and profitability.
2.2.3.1 Pay
Pay (salary or wage) is a financial motivator that promotes enhanced job satisfaction,
resulting in employees' job satisfaction (Teck-Hong and Waheed, 2011). The word “pay” is a
term used for broadly classifying salary, wages, or other benefits (Teck-Hong and Waheed,
2011). Thus, while Kitsios and Kamariotou (2021) and Rothwell and Kazanas (2004) believe
that pay such as salary or wage is the sole determinant of employees’ satisfaction and
commitment, Oni-Ojo et al. (2015) argue that it is not but believe that they influence
employees to stay in organisations. According to Siebern-Thomas (2005), pay and work
satisfaction are positively related. Vieira (2005) opined those poor minimal employees tend
to have minimal jobs, which leads to lower job satisfaction. Luddy (2005) found that
employees at the bottom of the economic ladder have considerably lower levels of job
contentment. Then, according to Nguyen, Taylor, and Bradley (2003), money is a significant
driver of job satisfaction. Employers compensate their employees on an as-needed basis by
paying a salary or pay explicitly stipulated in an employment contract (Chaudhry et al. 2011).
However, in multinational companies, including banks, the strategy of human resources
revolves around salary or wage (Deng, 2020). Employee reimbursement and performance-
based compensation are management practices used by banks to motivate employees to boost
productivity and decrease employees’ attrition. Money is still the most important motivating
technique that leads to work satisfaction within the banking sector (Akintoye, 2000).
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2.2.3.2 Fringe benefits
It is a common norm to link the motivation of employees with supervisors, managers, or

colleagues, but if these employees derive motivation whether or not in the absence of these
parties, this phenomenon is termed fringe benefits (Maican et al., 2021). According to Gupta
(2014), significant fringe benefits include housing allowance, travel allowance, and any other
unusual allowances provided by the firm regularly and at a certain period. Fringe benefits
include sick leave and paid vacations, which have been argued to be the major motivating
factor influencing employee motivation and service.
2.2.3.3 Bonus or allowances
Bonus is no doubt the most effective form of financial incentives for motivating employees in
competing organisations for accomplishing set goals (Aleksić-Glišović, Jerotijević and
Jerotijević, 2019). A study argues that higher bonuses are only given to employees that
perform or contribute immensely, but the effectiveness and scope are to a certain extent
(Deng, 2020). Allowances are additional monetary rewards given to employees when certain
objectives are met (Madhani, 2012) which promote employees' self-esteem and provide the
necessities of existence and survival (Prince Ishaku and Samuel, 2019).
2.2.4 Job Satisfaction
Several definitions of job satisfaction have been defined by researchers, predominantly in the
19th century (e.g., Cranny et al., 1992; Schultz 1982), referred to job satisfaction as a happy
state experienced by employees as a result of their employment. Most recently, Job
satisfaction is critical for a staff’s performance and quality of life because it is a set of beliefs
and emotional responses triggered by the assessment of the employee’s work and its
environment (Atefi et al., 2014; Ayamolowo, 2013; Lu, White and Barriball, 2005). Job
satisfaction is a sacrosanct element that facilitates a collection of feelings or a sense of
fulfilment that individuals have towards their job through promotions, recognition,
remuneration, and goal attainment (George and Jones, 2008; Ausloos and Pekalski 2007).
Also, Anand (2018) reports that employees report to work and perform tasks without any
specific command from a superior or boss depicts job satisfaction. Job satisfaction occurs
when individuals believe they can perform their assigned responsibilities competently; they
acknowledge their progress at work, have a good job with good benefits and get help from
their co-workers and the workplace (Smolarek and Sułkowski, 2020).
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According to Sarrasin et al. (2017), job satisfaction is a measure of an individual's attitude
toward their job responsibilities and how they are triggered by motivation. Dawal and Taha
(2006) agree with the following statement and argue that no employee would be satisfied
without motivation. This raises an argument among several researchers, particularly as they
believe no relationship exists between job satisfaction and their intent to quit a job (Masum et
al., 2016; Sojane, Klopper and Coetzee, 2016; Liu, Aungsuroch and Yunibhand, 2016). On
the other hand, Rizwan et al. (2014) found a contrary argument that there is no such
relationship. Federici and Skaalvik (2012) explain that job satisfaction takes the form of a
general attitude toward one's work and some specific attitude toward different facets of the
job. If employees can accomplish their expectations, either monetarily or non-monetarily,
they become satisfied with their jobs (Ali and Ahmad, 2017). When workers are pleased with
their jobs, it influences their motivation, performance, and turnover, which subsequently
allows for accomplishing organisational goals (Wang et al., 2017). Otherwise, they can
change their workplace or start exhibiting strange attitudes towards their work if they are not
pleased with their work. Also, they may start being absent from work, or there tends to be
staff or employee turnover, and peradventure may decide to leave the company (Gîlmeanu,
2015; Onukwube, 2012). In the banking industry, Singh and Kaur (2009) found that elements
including work supervision, collaboration with co-workers, income and other benefits, and
delegation of authority have the greatest impact on job satisfaction.
Job satisfaction theories are divided into two categories: situational and dispositional (Judge
et al., 2002). Situational theories examine the interaction between the job and its environs.
Work happiness, according to dispositional theories, is a result of individual personalities,
and they are mainly interested in knowing both within-person and between-person diversity
in job satisfaction (Lapierre and Hackett, 2007; Judge and Larsen, 2001).
Since the focus is on the banking sector, various factors usually contribute to the motivation
of employees, such as financial incentives, individual characteristics, high salary package, job
design and supervision (Akhtar et al., 2014). It is always critical for employees working in
such banking institutions to be ignited and feel content with their jobs (Robbins and Judge,
2009). Because when this happens, the banking sector records the high productivity and
efficiency necessary to gain a competitive advantage (Yusuf, 2015). Employee job
satisfaction rises when employees feel like they belong and can coordinate their efforts,
according to Vander et al. (2001)'s research findings.
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The banking business has been able to garner young individuals who have selected banking
as a career choice in recent years. Workplaces are evolving at a fast rate, as are the
components that keep individuals satisfied with their professions. Employee happiness is now
regarded as the most important component in retaining highly skilled individuals in the
banking business (Islam and Hasan, 2005). The need satisfaction research, according to
Vermon (1931), stressed that if the job failed to fulfil the requirements of distinct kinds of
employees in the banking sector, need-deprivation would likely to generate absenteeism. Fair
pay, nice working environment, excellent teamwork, participation, a sense of belonging, the
ability to converse, and ego involvement have all been identified as characteristics that
influence job satisfaction.
2.2.4.1 Employees and Job satisfaction
Banking firms have bridged the gap between performance management and dedication to the
mission, resulting in job happiness. Various factors influence the job satisfaction of
employees, for example, extreme work stress levels affect workers' performances as they
begin to think they are not meeting expectations (Hassan et al., 2020). Taking a leaf from
Herzberg (1968), he highlighted six factors that might affect employees at the workplace:
advancement, growth, increased responsibility, recognition, achievement, and interpersonal
relationship. Several authors claimed that the demographic characteristics of employees has a
great influence on their job satisfaction (Smokrović et al., 2019; Tang and Cousins, 2005;
Pook, Füstös and Marian, 2003). On the other hand, Sledge, Miles and Coppage (2008)
highlight hygiene factors such as program and management, or connection with supervisors
& colleagues, terms of working, pay, status, and safety.
They identify these characteristics as age, education, job position and level of seniority. Age
and gender factors align with numerous authors’ views as they could not agree more (Masum
et al., 2016; Wang et al., 2015; Heinen et al., 2013; Suadicani et al., 2013; Lorber and Skela
Savič, 2012). Other authors argue that communication, nature of work, national culture,
emotional stability, and financial incentives (Origo and Pagani, 2006; Yousef, 2000 and
Analoui, 2000).
According to Kamal, Raj, and Sengupta, Debashish (2009), work satisfaction in the banking
sector varies depending on the satisfaction factors. It's also been noticed that as a person gets
older, his work happiness rises. With age, a person's spiritualism grows, but his options for
transformation diminish. Younger workers have more energy, more aspirations, and more
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opportunities, yet they are less content with their jobs. Overall, bank officials are less content
with their jobs, despite the fact that it is not extremely high.
According to Kakkos, Nikos et al. (2010), the most significant driver of bank workers' job
satisfaction is the fulfilment of relatedness requirements, which refers to superior regard,
followed by development needs. The existence needs (compensation) are found to be a key
driver of employee work satisfaction, in contrast to the existence needs (fringe benefit),
which have no effect on job satisfaction at all. Finally, the least important antecedent of
employee work happiness is relatedness requirements, which include respect and/or
fellowship from colleagues.
According to Sehgal, Shallu, et al. (2012), there is little variation in work satisfaction
between public and private banks, however satisfaction levels differ in several areas, such as
job security, compensation supplied to employees, benefits provided to employees, and
experience. In comparison to staff at private banks, highly experienced employees at public
banks are happier with their jobs, according to the research.
2.3 Theoretical Review
2.3.1 Maslow’s Hierarchical Theory of Needs
Abraham Harold Maslow, an American psychologist, developed a hierarchical theory of

needs to understand the essence of needs. Maslow proposed his "hierarchy of needs" (Figure
3.1), which suggests that the behaviour of an individual can be described by a list of needs in
an orderly manner that must be met in order to increase satisfaction of life; commencing with
basic needs like physiological and safety, as such, progressing to love and belonging, and
finally to "heightened" levels like self - actualization. Although this theory has been criticized
by scholars such as Wahba and Bridwell (1976) for a lack of empirical evidence, a flaw
Maslow himself (1954) acknowledged, the categorization of needs does highlight some key
factors that can be related to banks during recessions, particularly in developing or struggling
economic regions where employees are often lucky just to have a job. In such conditions, it is
expected that people's perceptions of their jobs and lives in general in this region will often
align with Maslow's perking order of needs.
There is a perking order of five requirements classified as inferior order and advanced order
of extrinsic needs, that ought to be met before the next one takes precedence. These orders of
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needs are psychological, safety, social, esteem, and self-actualisation, as represented in
Figure 2.1 below.
Figure 2.1 Maslow’s hierarchy of needs
Source: Armah (2018)
The theory of Maslow, regardless the issues, seems to have been possible to perceive specific
needs and the consequences these demands may have on a person's performance or
productivity levels within an organization. According to Maslow's hierarchy of needs, the
requirements of the workforce must be prioritized to ensure that workers remain extremely
efficient and to accomplish the bank's ongoing growth, sustainability, and achievement.
2.3.2 Herzberg’s Two-Factor Theory
As cited by Kefay and Kero (2019), Herzberg (1966) argued that the criteria that contributed
to job satisfaction differed from those which contributed to job dissatisfaction. Two factors
such as motivators and hygiene could further explain the foregoing disparity. Motivators
entail the ability to be recognised, achieved, an opportunity to grow, responsibilities and the
work itself (Vijayakumar and Saxena, 2015), typically intrinsic. Salary, interpersonal ties,
supervision, job safety, and work environment, on the contrary, are important considerations
for this study. This is an extrinsic factor that usually prevents job dissatisfaction at
workplaces.
Herzberg's theory implication is predicated on the notion that most people are capable of
meeting their lower order demands sufficiently. Several discoveries have emerged due to the
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use of this model in the industry. For example, job enrichment entails making jobs more
motivating than previously through new features (Hertzberg, 1968). These are done to
encourage and motivate workers to get accustomed to the working environment under
different circumstances. In the banking sector, there may be a comparison of earnings with
their colleagues in or out of the firm, and thus, if they find their financial benefits lower, they
feel demotivated and dissatisfied (Chinyio, Suresh and Salisu, 2018). Also, Reed and
Watmough (2015) and Tariq et al. (2013) discovered that excessive workload, low pay, job
stress and hygienic factors contributed to employee dissatisfaction and significantly impacted
performance related to customer satisfaction. This action could compel employees to look
elsewhere for a job opportunity and consequently affect the organisation's position in the
competitive market.
Notwithstanding its sceptics, the Two-Factor Theory remains extremely important in

business. It implies that leaders and their organizations must continually check that
cleanliness conditions are acceptable in attempt to lessen employee dissatisfaction (Ajalie,
2017). This is because employee dissatisfaction results in the loss of morale, which leads to a
decrease in employee efficiency. Managers must also ensure that the tasks or assignments
assigned to workers are challenging, engaging, and rewarding in order for staff to be
encouraged to improve their job performance. This attitude places a premium on work
enrichment in order to push employees to be exceptionally productive. Lastly, managers must
ensure that the tasks assigned to employees use their abilities and experiences in order to
achieve maximum productivity. Focusing on motivational aspects can help individuals and
businesses improve job continuous improvement.
2.3.3 Vroom’s theory of expectancy
Vroom (1964) is one of the ubiquitously accepted theories on motivation that integrated the
concepts of expectancy, valence, and instrumentality into his expectancy theory of
motivation. Expectancy, he asserts, can be defined as the certainty that the task completed by
an employee will drive him to perform as expected. This theory by Vroom explains that there
exist two conditions that motivate workers, which are internal and external. According to
expectancy theory, favourable outcomes are thought to be produced by a certain activity,
which motivates people to perform that action. Also, the expectation theory postulates that
individuals want to maximise their chances of achieving the desired goal and that predictions
about their behaviour may be formed if the elements influencing such behaviour can be
measured (Kefay and Kero, 2019). For instance, in the banking sector, an employee working
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to satisfy customers usually knows that if they work harder, their top-notch job performance
could lead to higher customer satisfaction (Lencho, 2020).
The second component – instrumentality – warrants that they get to be rewarded if an

employee does well. For instance, a person usually believes that a reward for their efforts
stimulates their thought or makes them more motivated to invest additional effort (Lencho,
2020). This emphasises the importance an employee places on rewards for superior task
performance.
Finally, the capacity component demonstrates a person's understanding of the level of reward
or punishment they will experience as a result of their production. If an individual thinks that
the gain or chastisement, they receive is well-deserved based on their tenacity and efficiency,
they will exert further effort to obtain it (Skemp-Arlt and Toupence 2007). The three
components combine to generate force, reflecting a person's motivation to complete a series
of actions (Lencho, 2020). Summarily, when employees have a high valence, instrumentality,
and expectation levels, their compensation (salary, wage or pay) can serve as a motivator
(Chinyio, Suresh and Salisu, 2018).
Vroom's logical method might be utilized to motivate workers and boost their productivity. A
board can establish a link between positive employee valence and greater performance and
ensure that this connection is appropriately communicated to employees. Management can
use a range of tools, such as mental assessment or psychotherapy, to identify the kind of
motivations that employees find acceptable, whether intrinsic or extrinsic rewards, and make
required pay changes. Managers can select the tools, training methods, and level of
supervision required to fulfil objectives. Managers must also guarantee that the company
meets its rewards pledges and create a culture wherein the company routinely fulfils its
obligations. This may demand a company-wide culture transformation to foster collaboration
and transparency (Ajalie, 2017). This idea, on the contrary, is especially relevant to
businesses as it does not only explain why personnel fulfil their obligations, but also gives
employers and managers perspective into why they accomplish their tasks at specified levels.
2.3.4 Adam’s Equity Theory
Adams developed and tested an equity theory of motivation, opining that employee compare
their pay or reward of their efforts to another person. The equity theory is based on social
comparison; it postulates that an individual's motivation is determined by their view of how
well their effort is compensated concerning others (Muchinsky, 2006). To paraphrase Adam's
14
(1963) idea, employees aim for equity when their ratio of output to input matches that of their
counterparts.
2.4 Empirical Framework
2.4.1 Factors affecting Job satisfaction of employee
Extrinsic and Intrinsic motivational factors are usually two common terms that can influence
how satisfied employees are in an indifferent organization (Prince Charles and Akwasi, 2021;
Abbas, Ishaq and Ullah, 2018). Rukh, Choudhary and Abbasi (2015) acknowledge that
Customers' expectations are rising, and businesses must respond by focusing on employee job
satisfaction as a critical component of consumer satisfaction. They emphasized that some
research has been undertaken in Pakistan on the elements that influence job satisfaction in the
banking, financial, and other industries. The study looked at how various target audience,
monetary, and non- monetary factors affect employee satisfaction levels in diverse groups.
The study adopted a numerical method in which a randomly distributed questionnaire was
deployed to extract information from a sample of 253 people. Questionnaire was designed to
be in three parts and used a five-point scale to assess their level of consonance. Further to the
analysis conducted using the SPSS tool, the various factors found to be affecting employees'
level of satisfaction include age, salary, and designation (job position and rank), promotion,
job security, work conditions, and job stress level. This study concludes that older employees
(above 50 years) holding higher-level management positions are the most satisfied with the
factors mentioned above.
In another investigation by Devi and Nagini (2013), the factors influencing bank employees'
job satisfaction was conducted in India's private sector. Rukh et al. (2015), assessed the effect
of selected independent variables on job satisfaction. Also, the quantitative methodology was
used, and it involves the use of a self-administered structured questionnaire using the Likert
scale to elicit data from 103 employees from nine different private banks. This method was
supplemented by employing random selection, and the resulting analysis was carried out
using the Mean and Chi-square tests. The elements were categorised into three parts:
organizational, job-related, and personal. Positive organizational variables include
"workplace conditions, benefits received, a nutritious work environ, better welfare programs,
huge support for team spirit, regular feedback, location of the company, bonus and rewards,
opportunities to learn additional skills, H.R. processes, and acknowledgement for job
accomplishment." "Difficult and responsible job, dignity and respect, interaction with seniors,
15
meaningful work, connection with colleagues and juniors, superior's support for growth,
position clarity, and job security" are examples of employment-related variables. Personal
motivations include chances for self-improvement, personal obligations, the influence of
stressors on health and self-life, and family time.
2.4.2 The impact of financial motivation on employees’ job satisfaction
Flaherty and Pappas (2002) assessed what happens when employees are paid a fixed salary;
they report it decreased job satisfaction and increased turnover intentions. This financial
demotivation leads to job dissatisfaction. By virtue of empirical study carried out by Oni-Ojo
et al. (2015), the attitude of monetary incentives and employee satisfaction were explored
through a descriptive survey design involving a structured questionnaire, open-ended semi-
structured interviews, and field observation. One hundred fifty respondents were randomly
selected before delving deeper through stratified sampling and out of which 127 completed
the survey. The findings found that financial motivation through salary, profit sharing,
bonuses, and fringe benefits frequently increases employee performance. However, some
respondents noted that it also results in unethical behaviour, increased will to resign,
increased employee turnover, and promotes greed and unhappiness (Oni-Ojo et al., 2015).
In another study by Mitra, Israel and Sharma (2012), they aimed to empirically assess the
influence of compensation, work satisfaction on intention to quit, where job satisfaction
serves as the mediating factor. However, it was hypothesised that pay grade, incentives, pay
increase and payment system positively affect job satisfaction in which the study decided to
use a quantitative research technique to address. An online questionnaire was formulated and
administered to 307 employees across Indian, and only 127 responded, but 124 data was
usable for the analysis. It was found that the four dimensions such as pay cadre, incentives,
pay increase and pay structure/administration positively affect job satisfaction, which
confirms the hypotheses. This means that financial spur, such as pay and its mediating
factors, are important to employees for ensuring job satisfaction. (Misra and Sharma, 2012).
In support of this research, albeit in the banking sector, Ali and Ahmad (2017) conclude that
pay is considered secondary importance.
In this study, Oni et al. (2015) associated with employee motivation and work satisfaction
and classified benefits into two categories: financial (compensation, bonuses, profit sharing,
etc.) and intangible (job stability, capacity building, appreciation and assessments,
advancements, etc.). They have also mentioned that employee happiness has a significant
16
impact on an organization's place in the corporate world and provides them with a significant
competitive edge over other organizations in the same category. This study was conducted
utilizing a descriptive surgery approach with chosen businesses and data gathering methods
including questionnaires, open ended interviews, and participant impartial observation. Data
was acquired from a sample of 127 valid respondents from the management and non-
managerial employees. It was determined that both monetary and non-monetary awards will
improve employees' attitudes about their jobs. While some employees are just concerned with
their salary and believe that is all the incentive they require, others are more concerned with
the intangible rewards and will work harder if these are offered.
Nabi et al. (2017) highlighted the complete influence of motivation on employee performance
and claimed that it is all about providing your staff with the correct amount of guidance,
resources, direction, and rewards to keep them motivated to execute their duties. This study
used a descriptive survey with a questionnaire as its research technique. The sample size was
around 130 participants from a selected population, and the SPSS sampling method was used.
The researchers concluded that motivation has a significant impact on overall employee job
performance.
Ims et al. (2017) investigate total functional happiness and the several aspects that impact it,
such as job stability, recognition, compensation, and so on. In Sri Lanka, a basic and
qualitative comparative research was conducted. A sample of 226 workers was chosen, and a
procedure from Ceylon Bank was applied. The data was then analysed using SPSS, and it
was determined that, based on the findings, employee satisfaction in government banks is
much greater than in private banks in Sri Lanka. Furthermore, all of the above listed
characteristics show favourable connections with work satisfaction in the region's banking
industry.
Alajlouni et al. (2015) focused their research on the importance of work satisfaction and how
it influences employee performance in Jordanian banks. With 120 participants, a survey
approach was employed on 20 Jordanian banks. Following the completion of the statistical
study, it was shown that there is an evident and considerably favourable association between
financial success and work happiness.
Al mahayreh et al. (2015) investigated all of the characteristics that might contribute to work
satisfaction among employees of Islamic banks in Jordan. The study focuses on four distinct
factors: job happiness, job duties, appraisals, and connections with co-workers and managers.
17
A questionnaire was administered to 339 workers as part of the study. The findings revealed
that the degree of incentives and self-esteem had a considerable influence on work
satisfaction, but there were no discernible effects on the amount of creativity. The report then
made several suggestions that are critical to sustaining a creative atmosphere in banks. This
might be accomplished by focusing on monetary incentives and building systems to deal with
it.
Pang et al. (2018) investigate the impact of employee motivation on work satisfaction and
organizational performance in several Taiwanese shipping enterprises. To test this
hypothesis, 96 questionnaires were distributed to survey participants. The findings revealed
that job performance and pay had a highly favourable influence on many financial
performance attributes such as turnover growth, return on assets, and so on, as well as non-
financial qualities such as quality of service, customer service, and overall staff productivity.
Waqas et al. (2014) investigated the genuine impact of monetary and non-monetary
incentives on company performance and total employee engagement. The goal of this study
was to explore and evaluate the relationship between the two variables. According to the
study, both monetary and non-monetary incentives are necessary tools for keeping people
motivated and involved in their firms. A sample size of 250 participants was employed
utilizing a survey technique (random sampling) and a quantitative approach to examine the
validity of this hypothesis. After analysing the data with SPSS, it was determined that,
culturally, Pakistani employees’ value both monetary and non-monetary incentives for
employee involvement in the workplace.
2.5 Summary and Gaps
The chapter discussed what the previous research has to say about motivation and job
satisfaction. Additionally, it demonstrated how extrinsic and intrinsic motivation affect job
satisfaction, though a strong emphasis was placed on financial motivation in the banking
sector. This study addressed information gaps by identifying various elements that affect job
satisfaction and then narrowing the study to the influence of financial motivation.
18
CHAPTER THREE
Methodology
3.1 Introduction
This study used Barclays Bank PLC; Preston and Blackburn area as a field study to
investigate how financial motivation influences employee job satisfaction in the UK banking
industry. Employees' income (salary/wages), fringe perks, bonus/allowances, and how they
impact work satisfaction were the subjects of an online survey. For its practicality and vast
quantity of information that can be obtained from many individuals within a brief period of
time and at a relatively low price, an online questionnaire was used as a broad field of survey
research.
3.2 Research Philosophy
A research philosophy is a set of beliefs about how to obtain, analyse, and implement
evidence regarding a subject matter (Galliers, 1991). Positivism was selected as the research
philosophy.
Positivism
Positivism believes that authenticity is made up of realities that can be substantiated, that
truth is the same for everyone, and that views and observations can reveal what that actually
is (Ryan, 2018).
The positivist research philosophy was chosen for this study because it refers to a technique
of studying society using scientific methods and quantitative approaches such as structured
questionnaires, sociological surveys, and government statistics. Furthermore, positivists
believe that the social sciences and natural sciences are scientifically equal. In this work, the
positivist philosophy was used, which involved formulating concepts and hypotheses and
then evaluating them by observational data or empirical examination. More crucially, these
scientific procedures allow this study to achieve trustworthiness, objectivity, and data that can
be generalised.
Thus, to test the proposed study model, the following hypotheses were proposed:
H01: Pay (Salaries/Wages) have no significant impact on employees’ job satisfaction.
H02: Fringe benefits have no significant impact on employees’ job satisfaction.
H03: Bonuses/Allowances have no significant impact on employees’ job satisfaction.
19
3.3 Research Approach
A research technique is used by researchers to consider how the research design will be
formed and how the investigation will be carried out. The research method might be
inductive, deductive, or a mixture of the two known as abductive. Deductive research method
was adopted for this study.
Deductive Approach
The most basic sort of acceptable reasoning is deductive reasoning. Logical thinking, also
known as deduction, starts with a strong generalization or proposition and explores all
possibilities before obtaining at a definite, logical end (Oussi,2020). The logical technique
involves developing a claim (or hypotheses) based on existing theory and then constructing a
research strategy (Wilson, 2010). Prior to empirical observation, deductive research
methodologies necessitate the construction of a conceptual and theoretical structure (Ali,
1998).
The researcher selected the deductive strategy for this study because it is based on the
concept that if all theories are correct, historical, and empirical data are clear, and deductive
logic rules are followed, the result obtained must be correct. Deductive reasoning can also
explain the causal linkages between financial motivation and work satisfaction, as well as
quantitatively measure the notion of job satisfaction and financial motivation data and
generalize study findings to a fair extent based on empirical assessment.
3.4 Research Methods
The type of research topic and the issue under investigation influence the research strategy or
method (Denzin and Lincoln, 2005). As a result, an investigation's research manner should be
identified as a means for tackling the research problem. Research methodologies are
classified into two types: qualitative and quantitative. For this study, the quantitative method
was chosen.
Quantitative research techniques must be founded on reality that are both transparent and
empirically verifiable. The research style investigates the feasibility of ideas and studies and
begins with a complete hypothesis. This technique seeks facts and causes, and it must be
well-versed in a wide range of factors in order to detect inequalities. In contrast to the
qualitative technique, which utilizes data with words to answer questions or issues and seeks
20
to answer a problem descriptively, the quantitative approach uses a systematic survey or
interview method to collect data. The emphasis on objectivity in measuring and reporting
phenomena is emphasized in quantitative research designs (McMillan and Schumacher,
2010).
The study chose quantitative research methods because the data gathered was compiled using
a well-structured questionnaire, the study's results were based on larger sample sizes that
were representative of the population, the study had explicit research questions to which
answers were sought.
3.5 Population of the Study
The population of this study was made up of the whole workforce of Barclays Bank PLC
(Preston), which numbered 15 people, and the full workforce of Blackburn, which numbered
17 people, according to the Human Resource departments of both banks, for a total of 32
people.
3.6 Sample Size Determination
The convenience sampling methodology was adopted for this study as it is a form of non-
probability sampling technique in which a sample is collected from a group of personnel that
are simple to engage or find. To be fair, this research selected the sample size for this study
using Yamene (1967) formula which is stated as:
N
n=
1+ N ( e ) 2
Where:
N = population size
n = sample size required
e = allowable error (5%)
Based on the formula above,
32
n=
1+¿ ¿
N=29.6
21
According to Yamane's methodology, 30 people were chosen at random and questionnaires
given to them. One (1) copy of questionnaire was administered to each of the selected
employees in Barclays Bank PLC, Preston and Blackburn rounding up to a total of 30 copies
of questionnaires.
3.7 Data Collection
A well-structured questionnaire was used as the instrument for this study, and it was
delivered to the study's sample population.
Questionnaires
The researcher created questionnaires for Barclays Bank workers in Preston and Blackburn
that centred on the demographics, motivation, and performance of responders. The goal of
this strategy is to elicit a wide range of responses from participants. A 5-point Likert scoring
system was also included in the questionnaire to guarantee that the factors of interest were
present in the study population. The questionnaire was pre-tested with specialists and a
limited number of respondents for clarity and completeness, and their comments was
included into the final version.
3.8 Data Analysis
The acquired data was analysed using statistical techniques. Percentage distribution and
descriptive statistics were used to assess and report the results to the structured questionnaire.
The researcher utilized the SPSS 26.0 software application to create frequency distribution
tables as a manner of displaying data. The chi-square (x2) statistic was used to assess the
various hypotheses.
The chi square formula is as follows, with a threshold of significance of 5% (0.05).
Χ2 = Σ (O − E)2/E
Where:
Σ = means to sum up (see Sigma Notation)
O = each Observed (actual) value
E = each Expected value
22
These findings were then related to the research objectives/questions in order to provide
meaning and explanation for the study issue.
3.9 Ethical Considerations
Engaging in the survey has hazards because it includes insights into the financial devotion of
their employers as well as the participant's degree of motivation. Consequently, after
completing the survey, respondents were given the choice to opt out of the window or leave.
In addition, to achieve effective survey participation, the researcher preserved the identity of
the participants and the privacy of their participation.
The written permission was supplied at the introduction of the Google Form for polling the
participants by the researcher. This was followed by a declaration that they are over the age
of 18 and work for a bank. The consent form stated that the researcher would not ask for any
personally identifying information about the respondents and that their replies would be kept
private. Respondents agree to the essay by completing the online survey. They may, however,
leave at any time. In addition, the data collected from respondents was kept in Google Drive
for ease of access and privacy.
In every research project, preventing harm to participant is the most important factor.
Additionally, privacy and secrecy are also important ethical factors to be considered (Emory
and Cooper, 1995). The research meets these standards in the ways below.
i. Prior to the start of the research, the researcher acquired a letter from the
University (University of Central Lancashire) introducing himself to the Bank's
branch management.
ii. The respondents were informed that they would be kept anonymous and their
personal details (if any) confidential.
iii. The researcher ensured that involvement in the study was entirely optional and
that they have the privilege to opt out their involvement at any time.
3.9.1 Reliability and Validity of Research Instrument
23
Reliability
Reliability relates to the degree with which repeated measures provide the same outcome
throughout time and between observers (Patton, 2002). To ensure data reliability, all
questionnaires utilized in the study were universal to all respondents. Additionally, the
coherence of the questionnaire was tested with professionals and randomly chosen
individuals from the intended audience, guaranteeing that all respondents understood the
same questions. Simultaneously, all study data was maintained systematically in order to
ensure that the study results were consistent and stable.
The data was then analysed consistently to ensure that the research's results could be
duplicated if the investigation was repeated using the same technique.
Validity
The applicability of survey research findings to the population is referred to as external

validity (Mackey and Gass 2005). Because this was not an econometric study and the goal
was to sample extensively, external validity was demonstrated by comparing research data to
outcomes in existing literature.
Internal validity refers to the degree to which the variations discovered for the dependent
variable are directly connected to the independent variable (Mackey and Gass 2005). Internal
validity was established in this study by constructing the conceptual framework indicated in
figure 1.1 and pilot testing the construct I.e., professionals to guarantee that the study
instrument tests what it ought to measure.
Model Conceptualisation
Independent Variable - Financial Motivation Dependent Variable – Job Satisfaction
Pay (Salary/Wage)
Reward System
Fringe Benefits
Bonuses/Allowances
24
Fig 3.1 Model Conceptualisation
Source: Researcher’s Model (2021)
3.10 Conclusion
This chapter explained and supported the research strategy utilised in the data collecting and
analysis for this study. The chapter also discussed how data was analysed, as well as how the
study’s design reliability and validity requirements were satisfied. This chapter also
addressed ethical concerns and roadblocks that surfaced throughout the study.
CHAPTER FOUR
Data Presentation, Analysis and Discussion of Findings
This section looked at how the data collected during the study was analysed and interpreted,
close ended questionnaires were used in deducing the information.
Validity and acceptability of the hypotheses were also examined. The questionnaire had two
sections (section A and section B). Section A comprises demographic data such as gender,
age, academic level, and participation, whereas section B contains operational questions.
The demographic characteristics were evaluated using frequencies and simple averages, and
the research questions were assessed using Chi-square to test the validity of the hypotheses.
All hypotheses were evaluated at a 0.05 significance level.
This chapter's critical examination has brought to light the influence of financial motivation
on employee job satisfaction in the UK banking sector (Barclays Bank PLC) (Preston and
Blackburn area).
4.1 Data Presentation
Demographic Information of the Respondents
Table 1: Gender of the respondents
Cumulative
Frequency Percent Valid Percent Percent
Valid Male 17 56.7 56.7 56.7
Female 13 43.3 43.3 100.0
Total 30 100.0 100.0
Source: Field Survey, 2021
25
Table 1 above depicts the gender distribution of the survey participants. It is revealed that
seventeen (17) respondents were male, which constitute 56.7%, while thirteen (13) were
female which constitute 43.3%. This implies that, male bankers participated more than male
bankers in the employees’ job satisfaction survey.
Table 2: Age of the respondents
Valid Cumulative
Frequency Percent Percent Percent
Valid 21-30yrs 24 80.0 80.0 80.0
31-40yrs 3 10.0 10.0 90.0
41-50yrs 3 10.0 10.0 100.0
50 and above 0.0 0.0 0.0 100.0
Total 30 100.0 100.0
Table 2 above depicts the age distribution of the respondents. It is revealed that twenty-four
(24) respondents were of the age range between 21-30 years representing 80.0%, three (3)
were of the age range between 31-40 years representing 10.0%, while three (3) respondents
were of age range between 41-50 representing 10.0%. This implies that, respondents between
the ages of 21-30 participated more in the employees’ job satisfaction survey for the purpose
of this research. This implies that for this study, respondents are matured enough to
understand the importance of this study and gave relevant information to aid the study.
Table 3: Academic Qualification
Valid Cumulative
Valid High School Certificate 0 0.0 0.0 0.0
Bachelor’s Degree 22 73.3 73.3 73.3
MBA/MSC 5 16.7 16.7 90.0
PHD 0 0.0 0.0 90.0
26
Others 3 10.0 10.0 100.0
Total 30 100.0 100.0
Table 3 above depicts the academic qualification of the respondents. It was revealed that
twenty-two (22) respondents’ academic qualification were bachelor’s degree representing
73.3%, five (5) respondents’ academic qualification were MBA/MSC representing 16.7%,
while three (3) respondent academic qualification was categorized Others representing 10.%.
This implies that more than 73.3% of the respondents had academic qualification above
bachelor’s degree and are believed to have the right mindset that aids this study.
Table 4: Computer Literacy
Cumulative
Valid High 21 70.0 70.0 70.0
Average 7 23.3 23.3 93.3
Low 2 6.7 6.7 100.0
Total 30 100.0 100.0
Table 4 above depicts the computer literacy level of the survey participants. It was revealed
that twenty-one (21) respondents were ranked high representing 70.0%, seven (7)
respondents were ranked average representing 23.3%, while two (2) respondents were ranked
low representing 6.7%. This implies that more than 70.0% of the respondents were of high
computer literacy and in turn represent that they are of administrative position in the bank.
Table 5: Years of Banking Experience
Valid Cumulative
Valid 1-5yrs 23 76.7 76.7 76.7
6-10yrs 4 13.3 13.3 90.0
11-15yrs 3 10.0 10.0 100.0
15 and above 0.0 0.0 0.0 100.0
Total 30 100.0 100.0
27
Table 5 above depicts the years of experience distribution of the respondents. It was revealed
that twenty-three (23) respondents were having 1-5 years of banking experience representing
76.7%, four (4) respondents were having 6-10 years of banking experience representing
13.3%, while three (3) respondents were having 11-15 years of banking experience
representing 10.0%, This implies that for this study, respondents are relatively of beginners
and might not have change their job role before.
4.2 Analysis of Research Questions
TABLE 4.2.1 PAY (SALARY/WAGES) AND JOB SATISFACTION (REWARD

SYSTEM)
STATEMENT SD D A SA UN TOTA
L
The increment in salary/pay determines 7.1% 14.3 53.6 21.4 3.6% 100.0%
the efforts committed by employees % % %
The appraisal system is objective and fair 0.0% 14.3 42.9 42.9 0.0% 100.0%
% % %
Increased pay increases job satisfaction 0.0% 50% 39.3 10.7 0.0% 100.0%
level % %
Salary/wage reflects job description and 0.0% 21.4 64.3 14.3 0.0% 100.0%
designation % % %
Pay structure is comparable with the 7.1% 17.9 42.9 32.1 0.0% 100.0%
structure of other institution within the % % %
same industry
Certification and how qualified you are 3.6% 14.3 21.4 57.1 3.6% 100.0%
determining the remuneration for every % % %
position
Timely payment of salary increases 3.6% 3.6% 39.3 3.60 0.0% 100.0%
employee’s loyalty and job satisfaction
28
% %
The table shows that the first statement survey response results indicate that 75% of the
respondents agreed that salary increment determines employee’s commitment, 3.6% was
undecided while 21.4% disagreed. In the following statement, 85.7% of the respondents
agreed that their appraisal system is objective and fair, while 14.3% of the respondents
disagreed. The third statement indicates that 50% of the respondents agreed that pay is
directly proportional to job satisfaction while 50% also disagreed. The fourth statement
showed that 78.6% of the respondents agreed that their salary/wage reflects job description
and designation, 21.4% of the respondents were undecided while 21.4% of the respondents
disagreed.
The fifth statement showed that 75% of the respondents agreed that their Pay structure is
comparable with the structure of other institution within the same industry while 25% of the
respondents disagreed. The sixth statement showed that 78.6% of the respondents agreed that
certification and qualification determine their remuneration, 3.6% of the respondents were
undecided while 17.9% of the respondents disagreed. Finally, it was revealed that 92.9% of
the respondents agreed that timely payment increases employee’s loyalty and job satisfaction,
while 7.1% of the respondents disagreed. It can therefore be concluded that from the
information given in the table above, it is significantly true that a better, timely and
comparable pay (salary/wages) has impact on employee job satisfaction, commitment, and
performance.
TABLE 4.2.2 FRINGE BENEFITS AND JOB SATISFACTION (REWARD SYSTEM)
STATEMENT SD D A SA UN TOTAL
Provision of Medical Insurance 0.0% 10.7% 50.0% 39.3% 0.0% 100.0%

increases job satisfaction level
Life Insurance increases employee’s 0.0% 21.4% 39.3% 39.3% 0.0% 100.0%
loyalty and retainment
Sick Leave eliminates low level of 7.1% 10.7% 46.4% 32.1% 3.6% 100.0%
employee productivity and
absenteeism
Paid vacation for employees reduces 3.6% 10.7% 28.6% 57.1% 0.0% 100.0%
29
labour turnover and in turn increases
job satisfaction
Provision of retirement Saving 7.1% 7.1% 32.1% 46.4% 7.1% 100.0%

packages increases employee’s
Provision of transportation reduces 3.6% 7.1% 35.7% 53.6 0.0% 100.0%

fatigue hence increases productivity
and job satisfaction
Provision of educational assistance 7.1% 0.0% 32.1% 53.6% 7.1% 100.0%

for employees increases job
satisfaction level
The table shows that the first statement survey response results indicate that 89.3% of the
respondents agreed that medical insurance increases job satisfaction, while 10.7% disagreed.
In the following statement, 78.6% of the respondents agreed that life insurance increases
employee’s retainment while 21.4% of the respondents disagreed. The third statement
indicates that 78.6% of the respondents agreed that sick leave eliminates low level of
employee productivity and absenteeism, 3.6% of the respondents were not sure while 17.9%
did disagreed. The fourth statement showed that 85.7% of the respondents agreed that paid
vacation for employees reduces labour turnover and in turn increases job satisfaction while
14.3% of the respondents disagreed.
The fifth statement showed that 78.6% of the respondents agreed that their retirement Saving
packages increases employee’s retainment, 7.1% of the respondents were undecided while
14.3% of the survey participants disagreed. The sixth statement showed that 89.3% of the
respondents agreed that transportation reduces fatigue hence increases productivity while
10.7% of the respondents disagreed. Finally, it was revealed that 85.7% of the respondents
agreed that educational assistance for employees increases job satisfaction level, 7.1% of the
respondents were undecided while 7.1% of the respondents disagreed. It can therefore be
concluded that from the information given in the table above, it is significantly true that
adequate fringe benefit (HMO, life insurance, transport allowance, holiday allowance, sick
30
leaves, and education assistance) has impact on employee job satisfaction, retainment, and
loyalty.
TABLE 4.2.3 BONUS/ALLOWANCES AND JOB SATISFACTION (REWARD

SYSEM)
Rewarding employees for overtime 3.6% 7.1% 39.3% 50% 0.0% 100.0%
increases employee’s engagement and job
satisfaction level
Rewarding employees with hardship 10.7 7.1% 28.6% 50% 3.6% 100.0%
allowance for working under difficult %
conditions reduces employee turnover
Performance bonuses encourages loyalty 3.6% 3.6% 25% 67.9% 0.0% 100.0%
and productivity
Sharing from profit at the end of the 0.0% 7.1% 28.6% 60.7% 3.6% 100.0%
financial year increases productivity and
encourages employee’s retention
Rewarding employees with Sign-on 3.6% 7.1% 32.1% 46.4% 10.7% 100.0%
bonus whenever they add to the company
client base increases employee’s loyalty
Rewarding employees with retention 0.0% 17.9% 17.9% 53.6% 10.7% 100.0%
bonus during crucial business cycle
reduces employee turnover
Timely payment of bonuses increases 0.0% 10.7% 25% 60.7% 3.6% 100.0%
performance levels amongst employees
The table shows that the first statement survey response results indicate that 89.3% of the
respondents agreed that overtime reward increases employee’s satisfaction while 10.7%
disagreed. In the following statement, 78.6% of the respondents agreed that hazard reward
reduces employee turnover, 3.6% of the respondents were undecided while 17.9% of the
respondents disagreed. The third statement indicates that 92.9% of the respondents agreed
that performance bonuses encourage loyalty while 7.1% did disagreed. The fourth statement
showed that 89.3% of the respondents agreed that profit sharing encourages employee’s
retention, 3.6% of the respondents were undecided while 7.1% of the respondents disagreed.
31
The fifth statement showed that 78.6% of the respondents agreed that Sign-on bonus
increases employee’s loyalty, 10.7% of the respondents were undecided while 10.7% of the
respondents disagreed. The sixth statement showed that 71.4% of the respondents agreed that
retention bonus during crucial business cycle reduces employee turnover, 10.7% of the
respondents were undecided while 17.9% of the respondents disagreed. Finally, it was
revealed that 85.7% of the respondents agreed that timely payment of bonuses increases
performance levels amongst employees, 3.6% of the respondents were undecided while
10.7% of the respondents disagreed. It can therefore be concluded that from the information
given in the table above, it is significantly true that timely payment of bonuses in inform of
profit sharing, overtime reward, hazard reward, sign on bonuses and retention reward has
impact on employee job satisfaction, retainment, and loyalty.
4.3 Test of Hypotheses
Ho1: Pay (Salaries/Wages) have no significant impact on employees’ job satisfaction.
Table 4.3.1
Chi-Square Tests
Value df Asymp. Sig.

(2-sided)
Pearson Chi-Square 53.459a 24 .001

Likelihood Ratio 54.678 24 .003
Linear-by-Linear 5.219 1 .000
Association
N of Valid Cases 196
a. 8 cells (40.0%) have expected count less than 5. The minimum expected
count is .29.
In table 4.3.1, chi-square calculated value of 53.459 and p-value of 0.001 was derived with
degree of freedom 24 at 0.05 level of significance. The null hypothesis was rejected since the
p-value of 0.001 is less than 0.05 and the calculated value of 53.459 is higher than the
tabulated value of 36.415 which implies that pay (Salaries/Wages) have significant impact on
32
Ho2: Fringe benefits have no significant impact on employees’ job satisfaction.
Table 4.3.2
Chi-Square Tests

(2-sided)
Linear-by-Linear Association .870 1 .351
a. 27 cells (60.0%) have expected count less than 5. The minimum expected count is .71.
tabulated value of 36.415 which implies that fringe benefits have significant impact on
Ho3: Bonuses/Allowances have no significant impact on employees’ job satisfaction.
Table 4.3.3
Chi-Square Tests

(2-sided)
Linear-by-Linear Association .004 1 .047
a. 8 cells (265.0%) have expected count less than 5. The minimum expected count is .86.
33
tabulated value of 36.415 which implies that bonuses/allowances have significant impact on
4.4 Discussion of Findings
Using Barclays Bank PLC (Preston), this study examined how financial motivation affects
employee job satisfaction in the UK banking sector. It was revealed that pay (salaries/wages)
have significant impact on employees’ job satisfaction. Finding of this research could be
affirmed by the conclusion from empirically assessing the influence of compensation
satisfaction on intention to quit, where job satisfaction serves as the mediating factor by
Mitra, Israel and Sharma (2012), financial motivation, such as pay and its mediating factors,
are important to employees for ensuring job satisfaction. Similarly, with the submission of
Rukh, Choudhary and Abbasi (2015) that various factors found to be affecting employees'
level of satisfaction in Pakistan include age, salary, and designation. The likes of Nabi et al.
(2017); Ali and Ahmad (2017); Ims et al. (2017) and Pang et al. (2018) also investigated the
impact of employee motivation on work satisfaction, the findings of their studies revealed
that pay (salary) had a highly favourable influence on job satisfaction. The results of the
studies further underlined the fact that financial demotivation leads to job dissatisfaction.
The study also brings to the height that fringe benefits have positive influence on employees’
job satisfaction. This finding corroborates with findings from exploring attitude of monetary
incentives and employee satisfaction by Oni-Ojo et al. (2015), that financial motivation
through salary, profit sharing, bonuses, and fringe benefits frequently increases employee
performance. Although, their research highlights the need to further observe qualitative
factors in addition to financial rewards that can influence job satisfaction of employees. In a
similar vein, Adjeikwame (2019) determined that fringe benefits had a substantial impact on
employee engagement and work satisfaction at Sinapi (Aba Savings and Loans Limited) after
examining the impact of fringe benefits on job satisfaction and employee engagement.
It was discovered that bonuses/allowances had a considerable influence on employees' job

happiness. This finding is consistent with the viewpoint of Calvin and Bongani (2017), who
mentioned that banks must enhance their remuneration plan to incorporate incentives and
perks in order to increase employee dedication, which will enable loyalty while effectively
producing great outcomes. Furthermore, Flaherty and Pappas (2002) discovered that
employees who are paid a fixed income with no bonuses are reported to have lower job
satisfaction and higher turnover intentions.
34
Conclusively, as posited by Khan (2015), motivation is an internal or external phenomenon
that increases people's drive and enthusiasm to stay passionate about their job and to preserve
and contribute immensely to achieving a goal. Gîlmeanu (2015) also posits that no
organisation can accomplish development and competitiveness needs if there is no focus or
dedication toward the motivation of managers and, subsequently, employee's satisfaction.
This study has identified that financial incentives has a strong influence on employees'
working behaviour at their job place.
The findings of this study have revealed that pay (salaries and wages), fringe benefits and
bonus/allowances all have significant impacts on the level of satisfaction employees derive
from their jobs. According to numerous studies, employees place a higher value on monetary
benefits. The findings of this study further emphasizes that when workers are pleased with
their jobs, it influences their motivation, performance, and turnover, which subsequently
allows for accomplishing organisational goals.
CHAPTER FIVE
Summary, Conclusion and Recommendations
This chapter highlights the study's findings, draws some conclusions, and makes applicable
and suitable suggestions.
5.1 Summary
The main aim of this research work was to investigate the financial motivation impacts on
employees’ job satisfaction in the UK’s banking sector. This research had three distinct aims
and assumptions to attain the main goal. For the purpose of this study, one model was used to
test the hypothesis. The total population of the study was whole workforce of Barclays Bank
PLC (Preston) and the full workforce of Blackburn with a sample size of 30 bankers as
respondents. The data was extracted using primary source of data with the use of self-
structured questionnaire and was collected by the research via Goggle form to ensure
accuracy of data collected. The study adopted Chi-square regression as an inferential statistic
to analysis the influence of financial motivation impacts on employees’ job satisfaction in the
UK’s banking sector while frequency count and percentile were adopted as descriptive
statistics to project the most occurrence for the demographic data.
35
5.2 Conclusion
Depending on the findings of this study, as well as contributions from other literatures, it can
be concluded that compensation (salaries/wages), fringe benefits, and bonus payments all
have a major influence on employees' job satisfaction. In the financial industries of the United
Kingdom.
5.3 Recommendations
The research made the following recommendations by virtue of the result of this research that
various banking sectors human capital management team should be aware of the prominent
influence of financial motivation impacts on employees’ job satisfaction which in turn
enhance their retainment and loyalty with the firm. Therefore, going forward and a better way
to improve on employees’ job satisfaction, banking sectors should:
a. A well-structured and timely payment which commensurate with the nature of job and
encompass the standard of living in the society.
b. The sectors should design a robust and adequate fringe benefit methodology that
motivate and improve their employee loyalty and retainment.
c. Timely and compensating bonuses should be encouraged as it is affirmed to increase
employee productivity.
5.4 Suggestion for Further Studies
The research looked at how financial motivation affects employee work satisfaction in the
banking industry in the United Kingdom. Other research should aim to include additional
proxies in order to evaluate the presence of a link between financial incentive and employee
job satisfaction in either the banking or consulting industries.
5.5 Limitations of the study
The accuracy of the results in this research was restricted to the reliability of the information
provided by the respondents by virtue of the content of the research instruments where all the
data were extracted. Also, limitation of this study is the inability to generalize the findings
from this study to the whole banking industry in UK because only one bank branch was
sampled for this study.
36
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Yusuf, S. K. (2015). Assessment of motivation strategies and work Performance of
Paraprofessional staff in tertiary institution libraries in Kaduna State, Nigeria.
Unpublished master’s dissertation, Ahmadu Bello University, Zaria, Nigeria.
Zaraket, W. and Saber, F. (2017) ‘The Impact of Financial Reward on Job Satisfaction and
Performance: Implications for Blue Collar Employee’, China-USA Business Review,
16 (8), pp. 369-378.
Appendices
Appendix A - Questionnaire
RESEARCH QUESTIONNIARE
Lancashire School of Business and Enterprise,
University of Central Lancashire,
Preston, Lancashire,
United Kingdom,
PR1 2HE.
46
13th November 2021.
Dear Respondent,
The researcher is a Master student at the above-mentioned institution's - Lancashire School of

Business and Enterprise. The information provided is meant to assist the researcher in
gathering a variety of viewpoints on the topic "Impact of Financial Motivation on Employee
Job Satisfaction in the UK Banking Sector."
Please reply to the questions below as they apply to you. Your assistance in completing this
survey would be much appreciated, and the data collected will be used solely for educational
reasons.
Should you decide not to fill the questionnaire at any point in time, you are allowed to
withdraw from participating in the survey. However, given that data will be gathered using
Google forms, data from respondents will be saved on google drive with the researcher
having the sole access for security purposes.
Yours faithfully,
……………..…………………
47
SECTION A: RESPONDENT’S BIODATA
Instructions: please tick in the box or write in the space provided.
1. Gender: Male [ ] Female [ ]
2. Age: 21-30 years [ ] 31-40 years [ ] 41 -50 years [ ]Above 50 years[ ]
3. Academic Qualification: High School Certificate [ ] OND/NCE [ ] Bachelor’s Degree [ ] MBA/MSC [ ]

PHD [ ] Others [ ]
4. Computer Literacy: High [ ] Average [ ] Low [ ]
5. How long have you operated/worked with your financial institution? 1-5 years [ ] 6-10years [ ]
11-15years [ ] More than 15 years [ ]
SECTION B
Instructions: Please tick “√” as appropriate
PAY (SALARY/WAGES) AND JOB SATISFACTION (REWARD SYSTEM)
SD=Strongly Disagree; D=Disagree; A=Agree; SA=Strongly Agree, UN=Undecided
SD D A SA UN
1 The increment in salary/pay determines the efforts committed by

employees
2 The appraisal system is objective and fair
3 Increased pay increases job satisfaction level
4 Salary/wage reflects job description and designation
5 Pay structure is comparable with the structure of other institution

within the same industry
6 Certification and how qualified you are determining the remuneration

for every position
7 Timely payment of salary increases employee’s loyalty and job

satisfaction
FRINGE BENEFITS AND JOB SATISFACTION (REWARD SYSTEM)
48
SD D A SA UN
1 Provision of Medical Insurance increases job satisfaction level
2 Life Insurance increases employee’s loyalty and retainment
3 Sick Leave eliminates low level of employee productivity and

absenteeism
4 Paid vacation for employees reduces labour turnover and in turn

increases job satisfaction
5 Provision of retirement Saving packages increases employee’s loyalty

and retainment
6 Provision of transportation reduces fatigue hence increases

productivity and job satisfaction
7 Provision of educational assistance for employees increases job

satisfaction level
BONUS/ALLOWANCES AND JOB SATISFACTION (REWARD SYSEM)
SD D A SA UN
1 Rewarding employees for overtime increases employee’s engagement

and job satisfaction level
2 Rewarding employees with hardship allowance for working under

difficult conditions reduces employee turnover
3 Performance bonuses encourages loyalty and productivity
4 Sharing from profit at the end of the financial year increases

productivity and encourages employee’s retention
5 Rewarding employees with Sign-on bonus whenever they add to the

company client base increases employee’s loyalty
6 Rewarding employees with retention bonus during crucial business
49
cycle reduces employee turnover
7 Timely payment of bonuses increases performance levels amongst

employees
50
PILOT STUDY QUESTIONNAIRE
Lancashire School of Business and Enterprise,
University of Central Lancashire,
Preston, Lancashire,
United Kingdom,
PR1 2HE.
5th November 2021.
Dear Respondent,
The researcher is a Master student at the above-mentioned institution's - Lancashire School of

Business and Enterprise. The information provided is meant to assist the researcher in
gathering a variety of viewpoints on the topic "Impact of Financial Motivation on Employee
Job Satisfaction in the UK Banking Sector."
Please reply to the questions below as they apply to you. Your assistance in completing this
survey would be much appreciated, and the data collected will be used solely for educational
reasons.
Yours faithfully,
……………..…………………
51
SECTION A: RESPONDENT’S BIODATA
Instructions: please tick in the box or write in the space provided.
1. Gender: Male [ ] Female [ ]
2. Age: 21-30 years [ ] 31-40 years [ ] 41 -50 years [ ]Above 50 years[ ]
3. Academic Qualification: High School Certificate [ ] OND/NCE [ ] Bachelor’s Degree [ ] MBA/MSC [ ]

PHD [ ] Others [ ]
4. Computer Literacy: High [ ] Average [ ] Low [ ]
5. How long have you operated/worked with your financial institution? 1-5 years [ ] 6-10years [ ]
11-15years [ ] More than 15 years [ ]
SECTION B
Instructions: Please tick “√” as appropriate
PAY (SALARY/WAGES) AND JOB SATISFACTION (REWARD SYSTEM)
SD D A SA UN
1 The increment in salary/pay is commensurate to efforts

committed by employees
2 The appraisal system is objective and fair
3 Increased pay increases job satisfaction level
4 Salary/wage is commensurate to job description and designation
5 Pay structure is comparable with the structure of other institution

within the same industry
6 In determining the remuneration for every position, certifications

and qualification play a vital role
52
7 Timely payment of salary increases employee’s loyalty and job
satisfaction
FRINGE BENEFITS AND JOB SATISFACTION (REWARD SYSTEM)
SD D A SA UN
1 Provision of Medical Insurance increases job satisfaction level
2 Life Insurance increases employee’s loyalty and retainment
3 Sick Leave eliminates low level of employee productivity and

absenteeism
4 Paid vacation for employees reduces labour turnover and in turn

increases job satisfaction
5 Provision of retirement Saving packages increases employee’s

6 Provision of transportation reduces fatigue hence increases

productivity and job satisfaction
7 Provision of educational assistance for employees increases job

satisfaction level
BONUS/ALLOWANCES AND JOB SATISFACTION (REWARD SYSEM)
SD D A SA UN
1 Rewarding employees for overtime increases employee’s

engagement and job satisfaction level
2 Rewarding employees with hardship allowance for working under

difficult conditions reduces employee turnover
3 Performance bonuses encourages loyalty and productivity
53
4 Sharing from profit at the end of the financial year increases
productivity and encourages employee’s retention
5 Rewarding employees with Sign-on bonus whenever they add to

the company client base increases employee’s loyalty
6 Rewarding employees with retention bonus during crucial

business cycle reduces employee turnover
7 Timely payment of bonuses increases performance levels amongst

employees
Appendix B – Form link and Snapshot
Google form link
Impact of Financial Motivation on Employee Job Satisfaction in the UK Banking Sector

(google.com)
https://docs.google.com/forms/d/e/
1FAIpQLSf3kIRCuBwgwSs5wYi7CqU0IHolaWQ0VnsjR2YqowdYHTd_XA/closedform
54
Appendix C
Lancashire School of Business and Enterprise Research Ethics Approval Form
LSBE is concerned to protect the dignity, rights, safety, and well-being of all participants in any
research study that involves people. The avoidance of harm to research subjects should therefore be
a prime consideration for all LSBE researchers and students. This ethics approval form must be
completed by all UG and PG students who are undertaking a research project and be signed by
both the student and the supervisor.
If the research is not NHS-based, please complete the questions below and hand in the form to your
supervisor (type written). Once your supervisor has approved and signed off the form, they will
retain it for the duration of the project. It is wise to complete the form in a timely fashion as your
supervisor might ask you to make amendments prior to approving it.
To be completed by student
Student Name Toluwani Jacobs

Email Address tejacobs@uclan.ac.uk
Student Number G20839566
Programme of Study Master of Business Administration
Name of Student Supervisor Rebekah Powell
Project Title The Impact of Financial Motivation on

Employees Job Satisfaction in the UK’s
Banking Sector, a case study of Barclays Bank
Plc. (Preston and Blackburn area)
Proposed project start date July 2021

Proposed project end date Dec 2021
1. Does the research project involve any of the following risk factors?
Research involving health sector organisations If YES, tick here
Research involving children or vulnerable groups If YES, tick here
Research involving sensitive topics If YES, tick here
Research involving aerospace/defence organisations If YES, tick here
Research involving nuclear production organisations If YES, tick here
Research findings that will be shared by an outside If YES, tick here
organisation
2. Provide a brief outline of the aim and objectives of the proposed research project
Aim
The aim of the research is to investigate the impacts of financial motivation on employees’ job
satisfaction in the UK’s banking sector using Barclays Bank as a case study
Objectives
55
In achieving the stated aim, the following objectives are given
1. Investigate the factors that affect employees’ job satisfaction.
2. Determine the impact of financial motivation on employees’ job satisfaction.
3. Recommend strategies for mitigating the impact of financial motivation on employees’ job
satisfaction.
3. Outline the proposed research design and any details of the type of data to be collected
from human participants (e.g., questionnaire, interview, observation etc.)
The research is Quantitative in nature and questionnaire would be designed and distributed
(online).
4. Does the proposed research contain any potential contentious issues that might affect
the physical, psychological or emotional wellbeing of the research participants?
Yes, there are risks associated with participating in the survey, as it involves information on the
financial commitment of their employers and the participant’s motivation level. As a result, the
researcher intends to provide participants with the option to opt out of the window or withdraw
after participating in the survey. Also, to ensure successful participants for the survey, the
researcher plans to maintain anonymity of the participants and confidentiality of their
contributions.
5. Detail how you will gain the informed consent from the individuals and/or organisations
participating in the research. If possible, attach a copy of your draft consent form.
56
The researcher intends to include informed consent at the beginning of the GOOGLE FORM for
surveying the participants. This is followed by declaring that they are at least 18 years old and
employed by a bank. The informed consent specifies that the researcher will not request any
personally identifiable information about the respondents and that their responses will remain
confidential. By completing the online survey, respondents’ consent to the essay. However, they
are free to withdraw at any time. For further information about informed consent, a draft consent
form has been attached.
6. Which of the following methods of assuring confidentiality of data will be

implemented?
Please tick all that apply
Data to be kept in a locked filing cabinet If YES, tick here
Access to computer files to be available by password only If YES, tick here
Storage on an encrypted device (e.g., laptop, hard drive, USB) If YES, tick here
Storage at another site If YES, tick here
If stored at another site, please give details
Data will be stored on Google form (drive).
Student Signature Date

TJacobs 14/08/2021
Please load this form to Turnitin via Blackboard, pass a copy to your supervisor and include a copy
when you submit your work in the Appendices
To be completed by supervisor
For the attention of UG and PG Research Supervisors

If you are satisfied that this ethics application can be approved – then sign in the box below and
retain the form for the duration of the research. If there are any ethical issues which you are
uncomfortable with, and in your opinion require additional scrutiny then forward this to:
dmharrison@uclan.ac.uk
Supervisor Signature Date

Rebekah Powell 16/08/2021
If you are unable to sign this application form, please briefly state your reasons/concerns which
57
must be addressed by the student before resubmission.
Appendix D – Data from Questionnaire
1. 2. 3. Academic 4. 5. How long [The [The [Increa

Gender: Age: Qualification: Computer have you increment in appraisal pay
Literacy: operated/worked salary/pay is system increas
58
commensurat
with your e to efforts is job
financial committed by objective satisfac
institution? employees] and fair] level]
31-40 Bachelorâ€™s
Male years Degree High 11-15years SD SA A
Female years Degree High 6-10years A D A
21-30
Male years MBA/MSC High 1-5 years SA A SA
Female years Degree Average 1-5 years SD A SD
21-30
Male years MBA/MSC High 1-5 years SA A SA
Female years Degree High 1-5 years SA A SA
21-30
Female years MBA/MSC High 1-5 years A A A
Female years Degree High 1-5 years A D SA
Female years Degree Average 1-5 years A A A
Female years Degree Average 1-5 years SA SA A
Male years Degree High 1-5 years A A A
21-30
Male years MBA/MSC High 1-5 years A A SD
Male years Degree High 1-5 years A A A
Male years Degree High 1-5 years A A SA
Female years Degree High 1-5 years D A A
Male years Degree High 1-5 years D D SA
Male years Degree Average 1-5 years A SA A
Male years Degree High 1-5 years A SA SD
Female 21-30 Bachelorâ€™s Average 1-5 years SA SA SA
59
years Degree
Male years Degree Low 6-10years A SA A
Female years Degree Average 1-5 years D A A
41 -50 Bachelorâ€™s
Female years Degree High 6-10years A SA SA
Male years Degree Average 1-5 years A SA SA
21-30
Male years Others High 6-10years D D SA
Female years Degree Low 11-15years SA SA SA
Female years Degree High 1-5 years SA SA SA
21-30
Male years MBA/MSC High 11-15years A SA SA
Male years Degree High 1-5 years A SA SA
[In FRINGE FRINGE FRI

[Pay determining BENEFITS AND BENEFITS AND BEN
structure is the JOB JOB JOB
comparabl remuneration SATISFACTION SATISFACTIO SAT
[Salary/wage e with the for every [Timely (REWARD N (REWARD (RE
is structure of position, payment of SYSTEM) SYSTEM) [Life SYS
commensurate other certifications salary [Provision of Insurance Lea
to job institution and increases Medical increases low
description within the qualification employeeâ€™s Insurance employeeâ€™s emp
and same play a vital loyalty and job increases job loyalty and prod
designation] industry] role] satisfaction] satisfaction level] retainment] abse
A A D D D A A
D SD SD A D A SD
A A SA SA SA SA SA
A A A A A D A
SA SA A SA A A SA
A SA SA SA SA SA SA
A A A A A A A
D SA SA SA SA SA SD
A A A A A D A
60
A A SA SA A A A
A D D A A D D
D SD SA A A A A
A D D A A A A
D A SA SA SA A SA
D D A SA SA SA SA
D A A A A A A
A A SA A SA A UN
A D D SD D D D
SA SA SA SA SA SA SA
A SA UN SA A SA SA
A SA SA SA SA SA SA
A A SA SA SA SA A
A A SA A A D A
A D SA SA A A D
SA SA SA A SA SA A
A SA SA SA A D A
A A SA SA SA SA SA
SA SA SA SA A SA A
FRINGE FRINGE
BENEFITS AND BENEFITS AND
JOB JOB BONUS/ALLOWANCES
SATISFACTIO SATISFACTIO BONUS/ALLOWANCES AND JOB
N (REWARD N (REWARD AND JOB SATISFACTION
SYSTEM) SYSTEM) SATISFACTION (REWARD SYSEM) BONUS/
[Provision of [Provision of (REWARD SYSEM) [Rewarding employees ALLOWA
transportation educational [Rewarding employees with hardship allowance JOB SATI
reduces fatigue assistance for for overtime increases for working under (REWARD
hence increases employees employeeâ€™s difficult conditions [Performan
productivity and increases job engagement and job reduces employee encourages
job satisfaction] satisfaction level] satisfaction level] turnover] productivit
A A SA A D
SA SD D SD A
SA SA A A SA
D A A A A
SA SA SA SA SA
SA SA SA SA SA
61
D A A A A
SA A A SA SA
A A A D A
SA SA A A SA
A A D D A
A A SA A SA
A A A SD A
A SA A SA SA
SA SA A SA SA
SA SA A A A
A SA SA A SA
SD SD SD SD SD
SA SA SA SA SA
SA SA A SA SA
SA SA SA SA SA
SA SA SA SA SA
A SA SA UN SA
A A SA SA SA
SA UN SA SA SA
A SA SA SA SA
SA SA SA SA SA
SA UN SA SA SA
Appendix E – Analysis of Demographic Data

Table 1: Gender of the respondents
Cumulative
Valid Male 17 56.7 56.7 56.7
Female 13 43.3 43.3 100.0
Total 30 100.0 100.0
Table 2: Age of the respondents
Valid Cumulative
62
Valid 21-30yrs 24 80.0 80.0 80.0
31-40yrs 3 10.0 10.0 90.0
41-50yrs 3 10.0 10.0 100.0
50 and above 0.0 0.0 0.0 100.0
Total 30 100.0 100.0
Table 3: Academic Qualification
Valid Cumulative
Valid High School Certificate 0 0.0 0.0 0.0
OND/NCE 0 0.0 0.0 0.0
Bachelor’s Degree 22 73.3 73.3 73.3
MBA/MSC 5 16.7 16.7 90.0
PHD 0 0.0 0.0 90.0
Others 3 10.0 10.0 100.0
Total 30 100.0 100.0
Table 4: Computer Literacy
Cumulative
Valid High 21 70.0 70.0 70.0
Average 7 23.3 23.3 93.3
Low 2 6.7 6.7 100.0
Total 30 100.0 100.0
Table 5: Years of Banking Experience
Valid Cumulative
Valid 1-5yrs 23 76.7 76.7 76.7
6-10yrs 4 13.3 13.3 90.0
11-15yrs 3 10.0 10.0 100.0
63
15 and above 0.0 0.0 0.0 100.0
Total 30 100.0 100.0
Appendix F – Analysis Result of Variables
TABLE 4.2.1 PAY (SALARY/WAGES) AND JOB SATISFACTION (REWARD

SYSTEM)
The increment in salary/pay determines 7.1% 14.3% 53.6% 21.4% 3.6% 100.0%
the efforts committed by employees
The appraisal system is objective and fair 0.0% 14.3% 42.9% 42.9% 0.0% 100.0%
Increased pay increases job satisfaction 0.0% 50% 39.3% 10.7% 0.0% 100.0%
level
Salary/wage reflects job description and 0.0% 21.4% 64.3% 14.3% 0.0% 100.0%
designation
Pay structure is comparable with the 7.1% 17.9% 42.9% 32.1% 0.0% 100.0%
structure of other institution within the
same industry
Certification and how qualified you are 3.6% 14.3% 21.4% 57.1% 3.6% 100.0%
determining the remuneration for every
position
Timely payment of salary increases 3.6% 3.6% 39.3% 3.60% 0.0% 100.0%
employee’s loyalty and job satisfaction
TABLE 4.2.2 FRINGE BENEFITS AND JOB SATISFACTION (REWARD SYSTEM)
64
Provision of Medical Insurance increases 0.0% 10.7% 50.0% 39.3% 0.0% 100.0%
job satisfaction level
Life Insurance increases employee’s 0.0% 21.4% 39.3% 39.3% 0.0% 100.0%
Sick Leave eliminates low level of 7.1% 10.7% 46.4% 32.1% 3.6% 100.0%
employee productivity and absenteeism
Paid vacation for employees reduces 3.6% 10.7% 28.6% 57.1% 0.0% 100.0%
labour turnover and in turn increases
job satisfaction
Provision of retirement Saving packages 7.1% 7.1% 32.1% 46.4% 7.1% 100.0%
increases employee’s loyalty and
retainment
Provision of transportation reduces 3.6% 7.1% 35.7% 53.6 0.0% 100.0%

fatigue hence increases productivity and
job satisfaction
Provision of educational assistance for 7.1% 0.0% 32.1% 53.6% 7.1% 100.0%
employees increases job satisfaction
level
TABLE 4.2.3 BONUS/ALLOWANCES AND JOB SATISFACTION (REWARD

SYSEM)
Rewarding employees for overtime 3.6% 7.1% 39.3% 50% 0.0% 100.0%
increases employee’s engagement and
job satisfaction level
Rewarding employees with hardship 10.7% 7.1% 28.6% 50% 3.6% 100.0%
allowance for working under difficult
conditions reduces employee turnover
Performance bonuses encourages 3.6% 3.6% 25% 67.9% 0.0% 100.0%

loyalty and productivity
65
Sharing from profit at the end of the 0.0% 7.1% 28.6% 60.7% 3.6% 100.0%
financial year increases productivity and
encourages employee’s retention
Rewarding employees with Sign-on 3.6% 7.1% 32.1% 46.4% 10.7% 100.0%
bonus whenever they add to the
company client base increases
employee’s loyalty
Rewarding employees with retention 0.0% 17.9% 17.9% 53.6% 10.7% 100.0%
bonus during crucial business cycle
reduces employee turnover
Timely payment of bonuses increases 0.0% 10.7% 25% 60.7% 3.6% 100.0%
performance levels amongst employees
Appendix G - chi square output
Table 4.3.1
Crosstabs
Case Processing Summary

Cases
Valid Missing Total
N Percent N Percent N Percent
item *
196 100.0% 0 0.0% 196 100.0%
opinion
item * opinion Crosstabulation

Count
opinion Total
SD D A SA UN
item 1.00 2 4 15 6 1 28
2.00 0 4 12 12 0 28
3.00 0 14 11 3 0 28
66
4.00 0 6 18 4 0 28
5.00 2 5 12 9 0 28
6.00 1 4 6 16 1 28
7.00 1 1 11 15 0 28
Total 6 38 85 65 2 196
Chi-Square Tests
(2-sided)
Linear-by-Linear 5.219 1 .000
Association
a. 8 cells (40.0%) have expected count less than 5. The
minimum expected count is .29.
Table 4.3.2
Crosstabs
Cases
Valid Missing Total
item *
196 100.0% 0 0.0% 196 100.0%
opinion
67
Count
opinion Total
SD D A SA UN
1.00 0 3 14 11 0 28
2.00 0 6 11 11 0 28
3.00 2 3 13 9 1 28
item 4.00 1 3 8 16 0 28
5.00 2 2 9 13 2 28
6.00 1 2 10 15 0 28
7.00 2 0 9 15 2 28
Total 8 19 74 90 5 196
Chi-Square Tests

(2-sided)
Linear-by-Linear .870 1 .351
Association

Table 4.3.3
Crosstabs
68
Cases
Valid Missing Total
item *
196 100.0% 0 0.0% 196 100.0%
opinion

Count
opinion Total
SD D A SA UN
1.00 1 2 11 14 0 28
2.00 3 2 8 14 1 28
3.00 1 1 7 19 0 28
item 4.00 0 2 8 17 1 28
5.00 1 2 9 13 3 28
6.00 0 5 5 15 3 28
7.00 0 3 17 17 1 28
Total 6 17 55 109 9 196
Chi-Square Tests

(2-sided)
Linear-by-Linear .004 1 .047
Association

69
Appendix H
Meeting Log
Date of Meeting: 14/06/2021 Duration:45 minutes
Progress Made:
A review of proposal was done to ascertain that my topic was achievable, and the sample
chosen would be justified and have a think of other sectors
Agreed Actions:
Explore the different financial motivation my case study offers and how they attract their
employees, considering how salaries work and the different types of financial motivation.
70
And exploring other factors that drives motivation on the job.
Student Signature: TJacobs Supervisor’s Signature: Rebekah Powell
Date of Meeting: 26/07/2021 Duration: 30 minutes
Progress Made: A review of chapter 1 was done
Agreed Actions:
I needed to be less descriptive, and a deeper analysis was needed to contextualise my own
research within the wider reading I had done. A strong line of focus was needed from the
beginning, considering how the ideas I had found when reading could apply in a more
critical sense specific to my research and study.
Progress Made: Ethical approval form and consent letter reviewed and approved
Agreed Actions:
My approval form had some missing info that needed to be filled and there were some
areas that I needed to consider in more detail or make clearer.
71
Progress Made: A review of chapter 2 was done
Agreed Actions: I needed to be less descriptive, and I needed to apply the literature more
critically in my own research.
Student Signature: Tjacobs Supervisor’s Signature: Rebekah Powell
Progress Made: A review of chapter 3 along with my questionnaire was done
Agreed Actions:
I needed to be less descriptive and regarding my questionnaire. The consent letter needed work
to really detail the following ethical considerations:
 what will you do with their data? - think this need a little more?
 How you will store it
 That they will be kept confidential and anonymous
 That they can withdraw their contribution at any time and how to contact you as the
researcher to do this.
72
Some rewording of particular questions for the purpose of simplification was also recommended.
73

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The Impact of Financial Motivation on Employees Job Satisfaction in the UK’s Banking

Keywords: Financial Motivation, Job satisfaction, Fringe benefits, pay.

Table of Contents iii-iv

Chapter One – Introduction

1.1 Background to the Study 1-2

1.2 Problem Statement 2-3

1.3 Research Aim 3

1.4 Research Objectives 3

1.5 Significance of the Study 3-4

Chapter Two – Literature Review

2.2 Conceptual Review 5-11

2.3 Theoretical Review 11-14

2.4 Empirical Review 15-18

2.5 Summary and Gaps in Literature 18

Chapter Three – Methodology

3.2 Research Philosophy 19

3.4 Research Methods 20-21

3.5 Population of the Study 21

3.6 Sample Size Determination 21

3.7 Data Collection 22

3.8 Data Analysis 22

3.9 Ethical Considerations 23-24

Chapter Four – Data Presentation, Analysis and Discussion of Findings

4.1 Data Presentation 25-27

4.2 Analysis of Research Questions 28-31

4.3 Test of Hypotheses 32-33

4.4 Discussion of Findings 33-34

Chapter Five – Summary, Conclusion and Recommendations

5.3 Recommendation 35-36

5.4 Suggestion for Further Studies 36

5.5 Limitations of the study 36

Table 1 Gender of the respondents 25

Table 2 Age of the respondents 26

Table 3 Academic Qualification 26

Table 4 Computer Literacy 27

Table 5 Years of Banking Experience 27

Table 4.2.1 Pay (Salary/Wages) and Job Satisfaction (Reward System) 28

Table 4.2.2 Fringe Benefits and Job Satisfaction (Reward System) 29

Table 4.2.3 Bonus/Allowances and Job Satisfaction (Reward System) 30-31

Table 4.3.1 Chi-Square Tests 32

Table 4.3.2 Chi-Square Tests 32

Table 4.3.3 Chi-Square Tests 33

Fig 2.1 Maslow’s hierarchy of needs 12

Fig 3.1 Model Conceptualization 34

1.1 Background to the Study

Implementing an organized motivation plan is commonly thought to be critical for an

To that effect, a plethora of organisations are increasingly acknowledging the importance of

1.2 Problem Statement

1.3 Research Aim

1.4 Research Objectives

1. Investigate the conditions that influence employees’ job satisfaction.

2. Identify the effect of monetary incentives on employee work satisfaction.

1.5 Significance of Study

2.2 Conceptual Review

2.2.1 Definition of Motivation

Motivation, in general, is an intrinsic state of human behaviour, consisting of all of the

Gîlmeanu (2015) posits that no organisation can accomplish development and

2.2.2.1 Intrinsic Motivation

2.2.1.2 Extrinsic Motivation

Extrinsic motivation is generally a “reward-driven behaviour” that stimulates people to act

2.2.3 Financial Motivation

It is a common norm to link the motivation of employees with supervisors, managers, or

2.2.3.3 Bonus or allowances