Chapter 5: Conclusion and Recommendations
One of the objectives of the research was to analyze the literature on motivation and motivational factors and its effects on banks. To achieve this objective, variety of sources like books and latest articles were studied. The majority of research on employee motivation was theoretical. Although many scholars have studied and carried out research on motivation of employees but little has been done on motivation specific to bank employees. Literature on bank motivation was limited and no study, research or report could be found on employee motivation in banks in context of Kashmir. Previous research by different scholars on ‘how bank employees are motivated and the impact of different type of motivation on bank's performance' has limited scope. This research is meaningful and important as the issue of employee motivation is the important subject in business management studies. It is particularly valuable for those banks who seek better performance.
The second objective of this research was to examine why banks motivate employees. The significance of motivating employees can't be underestimated. It is an essential aspect in employee development. Employee motivation is one of the important jobs in which bank management can engage. The banks can increase their performance and productivity by motivating their staff and training them with appropriate skills. If appropriately motivated staff can prove effective and beneficial by working more efficiently. Same can be said for banks in Kashmir.
The third objective was to determine what employees want from work and how banks could motivate them. Taking account of this research, the bank employee requirements in Kashmir can be categorised according to their preference: Job security, pay/wages, good working conditions, promotion and career development opportunities, good team working and benefits/incentives and rewards along with pay. To accomplish their demands, the banks apply motivational methods. Kashmiri banks used to apply obsolete and inadequate techniques/methods of motivation which although were effective, those could not work on their situations and operations. The banks in Kashmir often ignore their business environmental and cultural requirements while motivating employees. There is not much different between Kashmiris banks and general banking sector in factors that affect the motivational level of employees. Banks are changing their ways in terms of motivating staff and adapting new techniques and methods that rely on current and future demands of banking sector of Kashmir region. The need for motivation is more prominent in current banking environment as rapid changes in working conditions affected employee requirements from work. Kashmiri bank management realize that employees that are not motivated to deal with the latest issues cannot work towards the better business performance, therefore, banks are adapting new ways that can impact motivation of employees efficiently and successfully. They are introducing good working atmosphere, promoting culture of team working and coordination/cooperation. Pay and benefits are accommodated according to the genuine employee demands.
Other objectives of this research to achieve were conducting research and undertaking comparative analysis between banks. Apart from few differences, the study confirmed that both banks in Kashmir region have almost identical employee requirements and both banks apply same kind of techniques to motivate them. Changing nature of economic environment, social attitude of employees and Government regulations have changed the scenario and today development of employees is the core issue for the banks in Kashmir. The questions of how to motivate, when to motivate and its impact on bank staff and bank performance, can be resolved by adapting appropriate procedures and proper employee evaluation. However, it takes time, finance, organised and a combined effort on the part of bank management and employees within the bank. What is clear from this research is that any kind of rewards, incentives or any other motivational factors are important for employee motivation and therefore for employee performance. It also has an impact on overall bank's performance. The results show that both intrinsic and extrinsic employee motivation significantly influence employee performance. The bank employees see a direct relationship between performance rewards/incentives.
Employee motivation is one aspect of achieving high staff performance or effectiveness in bank operations. Along with motivation, banks need to consider other characteristics as well in order to attain its aim such as specific training and development or initiating a cultural change in the Kashmir context or dealing with working environment of the bank. This research is meaningful as the issue of employee motivation is important subject in business management studies. This research that is conducted by the researcher is useful because there was no such data available on motivation in Kashmiri banks. Future is unpredictable due to changing economic and political conditions of Kashmir region, therefore, it is a challenge for bank management of Kashmiri banks as how to motivate employees whose motivational level fluctuates with the changing nature of work environment, individual behaviour and banks motivational methods and techniques.
The last objective of this research was the conclusion of this dissertation and to evaluate the findings and provide recommendations. Although both banks have been quite successful in motivating their employees and enhanced their performance as well as improved the effectiveness of bank operations, they need to take some other factors into consideration. Below are few of the important recommendations that banks can consider:
There should be a clear bank strategy, policies and procedures on how to motivate and what methods techniques to adapt. Overall strategy should cover the current needs of the bank and as well as future requirements. The bank should give close attention to its mission and strategic vision in designing staff motivation requirements. The employees must understand what bank is doing for the and to convey its message, bank should incorporate motivation policy into the strategic plan via the mission statement. This would also help the employees to know what to achieve and what is expected from them. This will also satisfy staff that the bank is making efforts and taking steps for their development.
Employees should be empowered and should be involved in decision making process of bank operations. Their views and suggestions should be taken into careful consideration. Empowering help staff control the situation that can solve any issue. Involving employees in decision making process would help the employees realize that the bank respects their views and trust them for their abilities.
It is very important for the banks to carry out a research on individual behaviour of employees to know what motivates them. The banks can then develop strategies that can solve their issues and assist in developing a motivational plan.
Although it is not easy to quantify the employee motivation but it can be measured to some extent by taking into account the bank performance. The management must have an appropriate evaluation and appraisal procedure for its employees. Appraising not only helps in deducting any issue faced by employees but let the management know how to overcome any problem and how to motivate better in future.
The working environment of the bank also affects the motivation of employees. Bank management's responsibility includes keeping employees' morale intact, solving problems, resolving issues concerning working environment, conflicts, etc. Reward and recognition for employees who contribute towards the bank performance should also be there as its Advantages include high morale and high motivation.
Apart from improving working conditions the banks can adapt other options such as monetary and non-monetary compensation, job enrichment or enlargement, or promotions. This can help make work more excitable for employees and working environment more interesting. These are just two examples of an infinite number of methods to improve employee motivational level at the banks. The key to motivating bank staff is to understand what motivates them and planning a motivation package based on those needs. Knowing employee motivation and incorporating it into the reward system is essential for banks to identify, recruit, employ, train, and retain an effective workforce.
The banks should introduce effective communication system using latest technologies such as high speed wireless connections for its employees so that their coordination, cooperation and team working can be more effective. This will make the working environment friendly and the work interesting.
The bank may also build a data storage centre with information on all areas including employees' wages, complaints, etc. The system should be accessible to all staff so that they could see some of the ideas, which were supposedly being ignored, were not.
Other measures that both banks can take are to provide feedback on staff performance that can help to figure out where the employees lack in performance so that they can perform better in future. Building a navigable website and having a separate FAQ's section also help banks to provide better services to employees. The banks should also give employees more than they expect by acknowledging their efforts, sending thank you gifts, greetings, or by giving bonuses, etc. This increases coordination and improves relations. Leadership is also an important feature for motivation of employees. A leader is deemed to have an additional set of skills that a manager has yet to develop by leading, influencing and motivating employees with his skills and. A leader can covert weaknesses into strengths, obstacles into stepping-stones, and disasters into triumphs.
This research clearly implies that there can be many recommendations that Kashmiri banks can adapt to provide the training successfully and generate benefits from it to its maximum. To achieve the aim, the banks must understand what employees want from work and which technique or method relevant and best suitable that can be applied within its resources that can motivate employees to do their job better and efficiently which in the end influence the overall bank performance by helping employees achieve bank objectives.