Does Money Matter, and for Whom: the Importance of Financial Motivational Factors Among Employees of Banks in Poland

• Autorzy: Magdalena Markiewicz , Renata Leśniak , Katarzyna Sokołowska
• Języki publikacji: EN

Abstrakty

EN

Motivation: The organisation's approach to building human capital is an essential factor in the success of market entities, and it determines a competitive advantage in the market. Due to the challenges and various market changes that banks face, building an effectively motivated multigenerational employee team and understanding employee intrinsic and extrinsic motivation is very important.

Aim: The paper aims to contribute to the literature and fill the research gap on the financial motivators available in banking and non-banking entities. The paper examines the role and importance of financial incentives, regularly used in the banking sector, in conjunction with a comprehensive analysis of their significance for representatives of different generations (X, Y, Z), gender, and career level in the sample of various institutions in the banking sector in Poland.

Results: The paper outlines the opportunity to revise incentive systems in banking operations. The analysis was made twofold: firstly, within extensive desk research, and secondly, based on the empirical survey in the form of an individual research questionnaire carried out among 418 employees of various banks and companies from their capital groups just before the pandemic in 2020. The results were examined using statistical analysis, including non-parametric tests. We identified multiple respondents' attitudes to motivational financial factors and classified their importance concerning generation, age, and organisational position. The study's results indicate that generational and gender differences affect the perception of bank financial incentive tools. Some financial motivational factors regularly used in banks do not equally motivate employees, which leads to the conclusion that banking institutions should inevitably include generational and gender factors in their motivational approach to employees.(original abstract)

Słowa kluczowe

EN

Work motivation; Motivating by pay; Motivating employees; Banking sector; Gender

PL

Motywacja do pracy; Motywacje płacowe; Motywowanie pracowników; Sektor bankowy; Płeć

• Czasopismo: Ekonomia i Prawo
• Rocznik: 2024
• Tom: 23
• Numer: nr 1
• Strony: 109--135

Twórcy

autor

Magdalena Markiewicz

• University of Gdansk, Poland

autor

Renata Leśniak

• WSB Merito University in Gdansk

autor

Katarzyna Sokołowska

• WSB Merito University in Gdansk

Bibliografia

• Aamir, A., Jehanzeb, K., Rasheed, A., & Malik, O.M. (2012). Compensation methods and employees' motivation: with reference to employees of National Commercial Bank Riyadh. International Journal of Human Resource Studies, 2(3), 221-230. https://doi.org/10.5296/ijhrs.v2i3.2474.
• Adekanmbi, F.P., & Ukpere, W. (2021). Self-efficacy and social adjustment as predictors of achievement motivation among bank employees. Banks and Bank Systems, 16(2), 190-199. https://doi.org/10.21511/bbs.16(2).2021.18.
• Adeola, M.M., & Adebiyi, S.O. (2017). Employee motivation, recruitment practices and banks performance in Nigeria. International Journal of Entrepreneurial Knowledge, 4(2), 70-94. https://doi.org/10.1515/ijek-2016-0015.
• Alkalha, Z.S., Al-Zu'bi, Z.M.F., Al-Dmour, H., Alshurideh, M., & Masa'deh, R. (2012). Investigating the effects of human resource policies on organizational performance: an empirical study on commercial banks operating in Jordan. European Journal of Economics, Finance and Administrative Sciences, 51, 44-64.
• Anderson, E.W., Fornell, C., & Rust, R.T. (1997). Customer satisfaction, productivity, and profitability: differences between goods and services. Marketing Science, 16(2), 97-181. https://doi.org/10.1287/mksc.16.2.129.
• Andrea, B., Gabriella, H.C., & Tímea, J. (2016). Y and Z generations at workplaces. Journal of Competitiveness, 8(3), 90-106. https://doi.org/10.7441/joc.2016.03.06.
• Andreassen, C.S., Ursin, H., & Eriksen, H.R. (2007). The relationship between strong motivation to work, "workaholism", and health. Psychology and Health, 22(5), 615-629. https://doi.org/10.1080/14768320600941814.
• Breaugh, J., Ritz, A., & Alfes, K. (2018). Work motivation and public service motivation: disentangling motivation and job satisfaction varieties. Public Management Review, 20(10). 1423-1443. https://doi.org/10.1080/14719037.2017.1400580.
• Broadhurst, P.L. (1957). Emotionality and the Yerkes-Dodson law. Journal of Experimental Psychology, 54(5), 345-352. https://doi.org/10.1037/h0049114.
• Cerasoli, C.P., Nicklin, J.M., & Ford, M.T. (2014). Intrinsic motivation and extrinsic incentives jointly predict performance: a 40-year meta-analysis. Psychological Bulletin, 140(4), 980-1008. https://doi.org/10.1037/a0035661.
• Close, D., & Martins, N. (2015). Generational motivation and preference for reward and recognition. Journal of Governance and Regulation, 4(3), 259-270. https://doi.org/10.22495/jgr_v4_i3_c2_p8.
• Davydenko, V.A., Kaźmierczyk, J., Romashkina, G.F., & Żelichowska, E. (2017). Diversity of employee incentives from the perspective of bank employees in Poland: empirical approach. Entrepreneurship and Sustainability Issues, 5(1), 116-126. https://doi.org/10.9770/jesi.2017.5.1(9).
• Eisenberger, R., & Rhoades, L. (2001). Incremental effects of reward on creativity. Journal of Personality and Social Psychology, 81(4). 728-741. https://doi.org/10.1037/0022-3514.81.4.728.
• Elbæk, C.T., Lystbæk, M.N., & Mitkidis, P. (2022). On the psychology of bonuses: the effects of loss aversion and Yerkes-Dodson law on performance in cognitively and mechanically demanding tasks. Journal of Behavioral and Experimental Economics, 98, 101870. https://doi.org/10.1016/j.socec.2022.101870.
• Faisal Ahammad, M., Mook Lee, S., Malul, M., & Shoham, A. (2015). Behavioral ambidexterity: the impact of incentive schemes on productivity, motivation, and performance of employees in commercial banks. Human Resource Management, 54(S1), s45-s62. https://doi.org/10.1002/hrm.21668.
• Güngör, P. (2011). The relationship between reward management system and employee performance with the mediating role of motivation: a quantitative study on global banks. Procedia: Social and Behavioral Sciences, 24, 1510-1520. https://doi.org/10.1016/j.sbspro.2011.09.029.
• Hitka, M., Rózsa, Z., Potkány, M., & Ližbetinová, L. (2019). Factors forming employee motivation influenced by regional and age-related differences. Journal of Business Economics and Management, 20(4), 674-693. https://doi.org/10.3846/jbem.2019.6586.
• Houkes, I., Janssen, P.P.M., De Jonge, J., & Bakker, A.B. (2003). Specific determinants of intrinsic work motivation, emotional exhaustion and turnover intention: a multisample longitudinal study. Journal of Occupational and Organizational Psychology, 76(4), 427-450. https://doi.org/10.1348/096317903322591578.
• Jon, G. (2011). A study of job motivation, satisfaction , and performance among bank employees. Journal of Global Business Issue, 5(1), 29-42.
• Kanfer, R., Frese, M., & Johnson, R.E. (2017). Motivation related to work: a century of progress. Journal of Applied Psychology, 102(3), 338-355. https://doi.org/10.1037/apl0000133.
• Karatepe, O.M., & Tekinkus, M. (2006). The effects of work-family conflict, emotional exhaustion, and intrinsic motivation on job outcomes of front-line employees. International Journal of Bank Marketing, 24(3), 173-193. https://doi.org/10.1108/02652320610659021.
• Lewis, R. (2016). It's all about me: an exploration of generation Y's perceptions of job choice, traits, values, and work: relationships in the service sector. International Journal of Business & Management, 4(2), 42-55. https://doi.org/10.20472/bm.2016.4.2.004.
• Mahmoud, A.B., Fuxman, L., Mohr, I., Reisel, W.D., & Grigoriou, N. (2021). "We aren't your reincarnation!" workplace motivation across X, Y and Z generations. International Journal of Manpower, 42(1), 193-209. https://doi.org/10.1108/IJM-09-2019-0448.
• Maslow, A.H. (1943). A theory of human motivation. Psychological Review, 50(4), 370-396. https://doi.org/10.1037/h0054346.
• Meuter, M.L., Bitner, M.J., Ostrom, A.L., & Brown, S.W. (2005). Choosing among alternative service delivery modes: an investigation of customer trial of self-service technologies. Journal of Marketing, 69(2), 61-83. https://doi.org/10.1509/jmkg.69.2.61.60759.
• Miao, S., Rhee, J., & Jun, I. (2020). How much does extrinsic motivation or intrinsic motivation affect job engagement or turnover intention: a comparison study in China. Sustainability, 12(9), 3630. https://doi.org/10.3390/su12093630.
• Mirvis, P.H., & Lawler, E.E. (1976). Measuring the financial impact of employee attitudes. Journal of Applied Psychology, 62(1), 1-8. https://doi.org/10.1037/0021-9010.62.1.1.
• Naile, I., & Selesho, J.M. (2014). The role of leadership in employee motivation. Mediterranean Journal of Social Sciences, 5(3), 175-182. https://doi.org/10.5901/mjss.2014.v5n3p175.
• Ndung'u, A.W., & Kwasira, J. (2016). Role of reward systems in enhancing employee motivation in commercial banks in Nakuru Town, Kenya. International Journal of Economics, Commerce and Management, United Kingdom, 4(10), 797-820.
• Olafsen, A.H., Halvari, H., Forest, J., & Deci, E.L. (2015). Show them the money: the role of pay, managerial need support, and justice in a self-determination theory model of intrinsic work motivation. Scandinavian Journal of Psychology, 56(4), 447-457. https://doi.org/10.1111/sjop.12211.
• Pikkarainen, T., Pikkarainen, K., Karjaluoto, H., & Pahnila, S. (2004). Consumer acceptance of online banking: an extension of the technology acceptance model. Internet Research, 14(3), 224-235. https://doi.org/10.1108/10662240410542652.
• Pînzaru, F., Vătămănescu, E.-M., Mitan, A., Săvulescu, R., Vitelar, A., & Noaghea, C. (2016). Millennials at work: investigating the specificity of generation Y versus other generations. Management Dynamics in the Knowledge Economy, 4(2), 173-192.
• Poonam, M., & Kaur, B.J. (2015). Impact of compensation management on employee motivation: a case study of Malviya Urban Cooperative Bank. International Journal of Scientific Research and Reviews, 4(3), 59-71.
• Qaiser Danish, R., Khalid Khan, M., Usman Shahid, A., Raza, I., & Afzal Humayon, A. (2015). Effect of intrinsic rewards on task performance of employees: mediating role of motivation. International Journal of Organizational Leadership, 4(1), 33-46. https://doi.org/10.33844/ijol.2015.60415.
• Ratnasari, S.L., Sutjahjo, G., & Yana, D. (2019). The performance of Sharia Banks employees X branch Batam through work motivation. Etikonomi, 18(1), 63-72. https://doi.org/10.15408/etk.v18i1.6752.
• Reisenwitz, T., & Iyer, R. (2009). Differences in generation X and generation Y: implications for the organisation and marketers. Marketing Management Journal, 19(2), 91-103.
• Reiss, S. (2012). Intrinsic and extrinsic motivation. Teaching of Psychology, 39(2), 152-156. https://doi.org/10.1177/0098628312437704.
• Rheinberg, F. (2020). Intrinsic motivation and flow. Motivation Science, 6(3), 199-200. https://doi.org/10.1037/mot0000165.
• Springer, G.J. (2011). A Study of job motivation, satisfaction, and performance among bank employees. Journal of Global Business Issue, 5(1), 29-42.
• Stańczyk, I., & Pieczka, A. (2016). Generation Y on the job market: young Poles' expectations of job and employer: results of research. International Journal of Business & Management, 4(2), 56-70. https://doi.org/10.20472/bm.2016.4.2.005.
• Sydow, J., Schreyögg, G., & Koch, J. (2009). Organizational path dependence: opening the black box. Academy of Management Review, 34(4), 689-709. https://doi.org/10.5465/AMR.2009.44885978.
• van den Broeck, A., Howard, J.L., van Vaerenbergh, Y., Leroy, H., & Gagné, M. (2021). Beyond intrinsic and extrinsic motivation: a meta-analysis on self-determination theory's multidimensional conceptualization of work motivation. Organizational Psychology Review, 11(3), 240-273. https://doi.org/10.1177/20413866211006173.
• Vlacseková, D., & Mura, L. (2017). Effect of motivational tools on employee satisfaction in small and medium enterprises. Oeconomia Copernicana, 8(1), 111-130. https://doi.org/10.24136/oc.v8i1.8.
• Yamawati, N.K.S., & Dewi, I.G.A.R.P. (2022). The performance of employees of banks with work motivation as moderator. International Journal of Environmental, Sustainability, and Social Science, 2(3). 165-173. https://doi.org/10.38142/ijesss.v2i3.118.
• Yamini, R., Soloveva, D., & Peng, X. (2022). What inspires social entrepreneurship: the role of prosocial motivation, intrinsic motivation, and gender in forming social entrepreneurial intention. Entrepreneurship Research Journal, 12(2), 71-105. https://doi.org/10.1515/erj-2019-0129.

Identyfikatory

DOI

https://doi.org/10.12775/EiP.2024.006