Factor Variation on Job Satisfaction of Banking Employees: A Comparative Study on Public and Private Banks

In the competitive banking industry, the success of the organization totally depends on the workforce. The level of job satisfaction of the employee implies the image of the organization and it leads to the accomplishment of the goals of the organization and may vary with the banking sector; public versus private. The main purpose of this study is to compare the job satisfaction level of bankers and analyze significant influencing factors on job satisfaction in accordance with the sector. The data were collected through a questionnaire, from 150 employees in Badulla district, Sri Lanka. The chi-squared test and ordinal logistic regression model was used to identify the significant determinants. According to the regression analysis, there were positive significant effects from empowerment, job security, recognition and appreciation, relationship with the staff and work-life balance on public bank employee’s job satisfaction. The most significant causative factor was the empowerment of employee and when there was an advance in empowerment; a person is 4.116 times more likely to be satisfied. However, in the private sector other than the work-life balance, all other significant causes were varied. The ability to utilize skills, the possibility of growth, salary, work-life balance and working environment were positively affected on job satisfaction. In the private sector, dominant significant impact factor was work-life balance and employee was 6.619 times more likely to be in satisfying level when there is an increase in the work-life balance. It implies that the impact factors on job satisfaction in the banking industry vary with the sector.