Job satisfaction is a positive and a delighted feeling of the employees’ job or work roles that they are currently dealing with. This emotion has an inspiring nature which is closely related with individual’s behavior in the workplace. Banking sector is one of the sectors in Sri Lanka which makes a significant impact and contribution on community, society and the development of the economy of the country. It comprises of state and private banks, currently facing an intense competition. Every bank tries to ensure their quality service to customers. Job satisfaction of bankers is directly linked with service quality. This study aimed to identify the factors affecting employees’ job satisfaction level in private banking sector with special reference to Union Bank. Also the research was designed to identify the most significant factor which affects job satisfaction and to identify differences of job satisfaction level in different demographic groups. The independent variables of the study were pay, promotion and working conditions. The demographic groups considered based on gender, employment type and experience. A deductive approach was followed with quantitative data. Data was collected by using a questionnaire and it was done within a particular time period, the study was cross sectional in nature. Stratified sampling method was used, selected 200 employees. Data was analyzed with SPSS version 22. Descriptive statistics, correlation, regression and t-test and ANOVA were used.
The results of the study showed that job satisfaction is strongly and positively correlated with working conditions and moderately positively correlated with pay, promotion. The most significant factor which affects job satisfaction was working conditions. A significant difference of job satisfaction level was observed only among groups with different experience levels. No significant differences of job satisfaction level were observed in different demographic groups based on gender and employment type. The findings contribute to the human resource practitioners at Union bank to develop human resource strategies in such a way it increases job satisfaction of bankers.
Keywords: Banking sector, Job satisfaction, Pay, Promotion, Working conditions