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Introduction of the topic
Job Satisfaction
"Job satisfaction is defined as "the extent to which people like (satisfaction) or dislike (dissatisfaction) their jobs”.
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This definition suggests job satisfaction is a general or global affective reaction that individuals hold about their job. While researchers and practitioners most often measure global job satisfaction, there is also interest in measuring different "facets" or "dimensions" of satisfaction. Examination of these facet conditions is often useful for a more careful examination of employee satisfaction with critical job factors. Traditional job satisfaction facets include: co-workers, pay, job conditions, supervision, nature of the work and benefits."
Job satisfaction a worker's sense of achievement and success, is generally perceived to be directly linked to productivity as well as to personal wellbeing. Job satisfaction implies doing a job one enjoys, doing it well, and being suitably rewarded for one's efforts. Job satisfaction further implies enthusiasm and happiness with one's work. The Harvard Professional Group (1998) sees job satisfaction as the keying redient that leads to recognition, income, promotion, and the achievement of other goals that lead to a general feeling of fulfillment.
Importance to Worker and organization
Frequently, work underlies self-esteem and identity while unemployment lowers self-worth and produces anxiety. At the same time,monotonous jobs can erode a worker's initiative and enthusiasm and can lead to absenteeism and unnecessary turnover. Job satisfaction and occupational success are major factors in personal satisfaction, self-respect, self-esteem, and self-development. To the worker, job satisfaction brings a pleasurable emotional state that often leads to a positive work attitude. A satisfied worker is more likely to be creative, flexible, innovative, and loyal.
For the organization, job satisfaction of its workers means a work force that is motivated and committed to high quality performance. Increased productivity the quantity and quality of output per hour worked seems to be a by product of improved quality of working life. It is important to note that the literature on the relationship between job satisfaction and productivity is neither conclusive nor consistent. However, studies dating back to Herzberg's (1957) have shown at least low correlation between high morale and high productivity, and it does seem logical that more satisfied workers will tend to add more value to an organization. Unhappy employees, who are motivated by fear of job loss, will not give 100 percent of their effort for very long. Though fear is a powerful motivator, it is also a temporary one, and as soon as the threat is lifted performance will decline.
Tangible ways in which job satisfaction benefits the organization include reduction in complaints and grievances, absenteeism, turnover, and termination; as well as improved punctuality and worker morale. Job satisfaction is also linked to a more healthy work force and has been found to be a good indicator of longevity. And although only little correlation has been found between job satisfaction and productivity, Brown (1996) notes that some employers have found that satisfying or delighting employees is a prerequisite to satisfying or delighting customers, thus protecting the "bottom line." No wonder Andrew Carnegie is quoted as saying: "Take away my people, but leave my factories, andsoon grass will grow on the factory floors. Take away my factories, but leave my people, and soon we will have a new and better factory"
Creating Job Satisfaction
So, how is job satisfaction created? What are the elements of a job that create job satisfaction ? Organizations can help to create job satisfaction by putting systems in place that will ensure that workers are challenged and then rewarded for being successful. Organizations that aspire to creating a work environment that enhances job satisfaction need to incorporate the following:
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• Flexible work arrangements, possibly including telecommuting
• Training and other professional growth opportunities
• Interesting work that offers variety and challenge and allows the worker opportunities to "put his or her signature" on the finished product
• Opportunities to use one's talents and to be creative
• Opportunities to take responsibility and direct one's own work
• A stable, secure work environment that includes job security/continuity
• An environment in which workers are supported by an accessible supervisor who provides timely feedback as well as congenial team members
• Flexible benefits, such as child-care and exercise facilities
• Up-to-date technology
• Competitive salary and opportunities for promotion
Probably the most important point to bear in mind when considering job satisfaction is that there are many factors that affect job satisfaction and that what makes workers happy with their jobs varies from one worker to another and from day to day. Apart from the factors mentioned above, job satisfaction is also influenced by the employee's personal characteristics, the manager's personal characteristics and management style, and the nature of the work itself. Managers who want to maintain a high level of job satisfaction in the work force must try to understand the needs of each member of the work force. For example, when creating work teams, managers can enhance worker satisfaction by placing people with similar backgrounds, experiences, or needs in the same work group. Also, managers can enhance job satisfaction by carefully matching workers with the type of work. For example, a person who does not pay attention to detail would hardly make a good inspector, and a shy worker is unlikely to be a good sales person. As much as possible, managers should match job tasks to employees' personalities.
Managers who are serious about the job satisfaction of workers can also take other deliberate steps to create a stimulating work environment. One such step is
Job enrichment . Job enrichment is a deliberate upgrading of responsibility, scope, and challenge in the work itself. Job enrichment usually includes increased responsibility, recognition, and opportunities for growth, learning, and achievement. Large companies that have used job-enrichment programs to increase employee motivation and job satisfaction include AT&T, IBM, and General Motors (Daft, 1997)
.Good management has the potential for creating high morale, high productivity, and a sense of purpose and meaning for the organization and its employees. Empirical findings show that job characteristics such as pay, promotional opportunity, task clarity and significance, and skills utilization, as well as organizational characteristics such as commitment and relationship with supervisors and co-workers, have significant effects on job satisfaction. These job characteristics can be carefully managed to enhance job satisfaction.
Of course, a worker who takes some responsibility for his or her job satisfaction will probably find many more satisfying elements in the work environment. Everett (1995) suggests that employees ask themselves the following questions:
• When have I come closest to expressing my full potential in a work situation?
• What did it look like?
• What aspects of the work place were most supportive?
• What aspects of the work itself were most satisfying?
• What did I learn from that experience that could be applied to the present situation?
Workers' Roles in Job Satisfaction
If job satisfaction is a worker benefit, surely the worker must be able to contribute to his or her own satisfaction and well-being on the job. The following suggestions can help a worker find personal job satisfaction:
• Seek opportunities to demonstrate skills and talents. This often leads to more challenging work and greater responsibilities, with attendant increases in pay and other recognition.
• Develop excellent communication skills. Employers value and reward excellent reading, listening, writing, and speaking skills.
• Know more. Acquire new job-related knowledge that helps you to perform tasks more efficiently and effectively. This will relieve boredom and often gets one noticed.
• Demonstrate creativity and initiative. Qualities like these are valued by most organizations and often result in recognition as well as in increased responsibilities and rewards.
• Develop team work and people skills. A large part of job success is the ability to work well with others to get the job done.
• Accept the diversity in people. Accept people with their differences and their imperfections and learn how to give and receive criticism constructively.
• See the value in your work. Appreciating the significance of what one does can lead to satisfaction with the work itself. This helps to give meaning to one's existence, thus playing a vital role in job satisfaction.
• Learn to de-stress. Plan to avoid burnout by developing healthy stress-management techniques.
Assuring Job Satisfaction
Assuring job satisfaction, over the long term, requires careful planning and effort both by management and by workers. Managers are encouraged to consider such theories as Herzberg's (1957) and Maslow's (1943) Creating a good blend of factors that contribute to a stimulating, challenging, supportive, and rewarding work environment is vital. Because of the relative prominence of pay in the reward system, it is very important that salaries be tied to job responsibilities and that pay increases be tied to performance rather than seniority.
So, in essence, job satisfaction is a product of the events and conditions that people experience on their jobs. Brief (1998) wrote: "If a person's work is interesting, her pay is fair, her promotional opportunities are good, her supervisor is supportive, and her co-workers are friendly, then a situational approach leads one to predict she is satisfied with her job". Very simply put, if the pleasures associated with one's job outweigh the pains, there is some level of job satisfaction
INTRODUCTION OF BANK OF INDIA
Bank of India (BoI) (BSE:BOI) is an Indian state-owned commercial bank with headquarters in Mumbai, Maharashtra. Government-owned since nationalization in 1969, It is India's 9th largest PSU bank, after State Bank of India, Punjab National Bank and Bank of Baroda. It has 4187 branches as on 21 April 2012, including 52 branches outside India, and about 1679 ATMs. BoI is a founder member of SWIFT (Society for Worldwide Inter Bank Financial Telecommunications), which facilitates provision of cost-effective financial processing and communication services. The Bank completed its first one hundred years of operations on 7 September 2006
Bank of India was founded on September 7, 1906 by a group of eminent businessmen from Mumbai. In July 1969 Bank of India was nationalized along with 13 other banks.
Beginning with a paid-up capital of Rs.50 lakh and 50 employees, the Bank has made a rapid growth over the years. It has evolved into a mighty institution with a strong national presence and sizable international operations. In business volume, Bank of India occupies a premier position among the nationalized banks.
Presently, Bank of India has 2609 branches in India spread over all states/ union territories including 93 specialized branches. These branches are controlled through 48 Zonal Offices.
Bank of India has several firsts to its credit. The Bank has been the first among the nationalized banks to establish a fully computerized branch and ATM facility at the Mahalaxmi Branch at Mumbai way back in 1989. It pioneered the introduction of the Health Code System in 1982, for evaluating/ rating its credit portfolio. Bank of India was the first Indian Bank to open a branch outside the country, at London, in 1946, and also the first to open a branch in Europe, Paris in 1974. The Bank has sizable presence abroad, with a network of 23 branches (including three representative office) at key banking and financial centers viz. London, New York, Paris, Tokyo, Hong-Kong, and Singapore.
History of Bank of India
Previous banks that used the name Bank of India
At least three banks having the name Bank of India had preceded the setting up of the present Bank of India.
1. A person named Ramakishen Dutt set up the first Bank of India in Calcutta (now Kolkata) in 1828, but nothing more is known about this bank.
2. The second Bank of India was incorporated in London in the year 1836 as an Anglo-Indian bank.
3. The third bank named Bank of India was registered in Bombay (now Mumbai) in the year 1864.
The earlier holders of the Bank of India name had failed and were no longer in existence by the time a diverse group of Hindus, Muslims, Parsees, and Jews helped establish the present Bank of India in 1906. It was the first in India promoted by Indian interests to serve all the communities of India. At the time, banks in India were either owned by Europeans and served mainly the interests of the European merchant houses, or by different communities and served the banking needs of their own community.
The promoters incorporated the Bank of India on 7 September 1906 under Act VI of 1882, with an authorized capital of Rs. 10 million divided into 100,000 shares each of Rs. 100. The promoters placed 55,000 shares privately, and issued 45,000 to the public by way of IPO on 3 October 1906; the bank commenced operations on 1 November 1906.
The lead promoter of the Bank of India was Sir Sassoon J. David (1849–1926). He was a member of the Sassoons, who in turn were part of a Bombay community of Baghdadi Jews, which was notable for its history of social service. Sir David was a prudent banker and remained the chief executive of the bank from its founding in 1906 until his death in 1926.
The first board of directors of the bank consisted of Sir Sassoon David, Sir Cowasjee Jehangir, J. Cowasjee Jehangir, Sir Frederick Leigh Croft, Ratanjee Dadabhoy Tata, Gordhandas Khattau, Lalubhai Samaldas, Khetsety Khiasey, Ramnarain Hurnundrai, Jenarrayen Hindoomull Dani, Noordin Ebrahim Noordin.
• 1906: BoI founded with Head Office in Bombay.
• 1921: BoI entered into an agreement with the Bombay Stock Exchange to manage its clearing house.
• 1946: BoI opened a branch in London, the first Indian bank to do so. This was also the first post- overseas branch of any Indian bank.
• 1970: National Bank of Southern Yemen incorporated BoI's branch in Yemen, together with those of all the other banks in the country; this is now National Bank of Yemen. BoI was the only Indian bank in the country.
• 1974: BoI opened a branch in Paris. This was the first branch of an Indian bank in Europe.
• 1980: Bank of India (Nigeria) Ltd, changed its name to Allied Bank of Nigeria..
• 1987: BoI took over the three UK branches of Central Bank of India (CBI). CBI had been caught up in the Sethia fraud and default and the Reserve Bank of India required it to transfer its branches.
• 2003: BoI opened a representative office in Shenzhen.
• 2005: BoI opened a representative office in Vietnam.
• 2006: BoI plans to upgrade the Shenzen and Vietnam representative offices to branches, and to open representative offices in Beijing, Doha, and Johannesburg. In addition, BoI plans to establish a branch in Antwerp and a subsidiary in Dar-es-Salaam, marking its return to Tanzania after 37 years.
• 2007: BoI acquired 76 percent of Indonesia-based PT Bank Swadesi.
• 2011: BoI opened a fully owned Subsidiary in Auckland, New Zealand on 6 October 2011 (Bank of India (New Zealand) Ltd.)
• 2012: BoI opened a fully owned subsidiary in Uganda on 18 June 2012 (Bank of India (Uganda) Ltd.).
MISSON AND VISSION OF THE BANK OF INDIA
• Our Mission
"to provide superior, proactive banking services to niche markets globally, while providing cost-effective, responsive services to others in our role as a development bank, and in so doing, meet the requirements of our stakeholders".
• Our Vision
"to become the bank of choice for corporate, medium businesses and up market retail customers and to provide cost effective developmental banking for small business, mass market and rural markets"
INNOVATIVE SERVICES OF BANK OF INDIA
1. Mobile Banking Service
Bank of India’s Star
Connect Mobile Banking Service, is a state of the art facility, which allows us to do virtually all our banking activities from our mobile device. With Star Connect Mobile Banking we can access all our banking accounts with the Bank, 24hours a day, and 365 days a year, from anywhere.Some features of mobile banking are:
Banking transaction details,
Viewing of Account Balance,
Mini Statement, Statement,
Self Transfers,
Third Party Transfer of funds,
Utility Bill payments,
Ticket booking features.This services makes our banking activities most convenient. Bank of India intie up with M/s mChek India Payment Systems Private Ltd and M/s Playmate to extend Mobile Payments to all Retail Banking customers.
2. Internet Banking Services
Bank of India’s Star Connect Internet Banking Service, is a state of the art facility, which allows us to do virtually all our banking activities from comforts of our home/office over a mouse click. With Star Connect Internet Banking Services we can access allour banking accounts with the bank, 24 hours a day, 365 days a year, from anywhere in the world.Some features of internet banking are:
• viewing/ printing of account statement,
• transferring funds,
• tax payments,
• utility bill payments,
• Ticket booking, etc.
3. Star Share Trade (Online Share Trading)
Bank of India brings to us an easy, transparent, hassle free and speedy way to trade in a large number of listed securities. No hassle of visiting the Brokers or Bank Branch. Just by click of a mouse or contacting the brokers over phone can execute Trade. Bank facilitates Trading in securities through Tie up arrangement with the following Brokers. In terms of this arrangement, SB/CD account, DEMAT Account is maintained with Bank of India. Trading Account would be with the Tie up Brokers and the funds/Shares are transferred to the Bank of India account of the customers on the pay out day. Some of account holders are eligible to enroll for the online share Trading (OLST) facility are Individuals - single or joint account.
4. BOI STAR E-Pay
Is a useful service that provides us a single point of contact for all our payment needs .At BOI STAR E-Pay we can pay our bills and make other payments online .Instead of writing a cheque each time, now we can use any device connected to the Internet (computer, kiosk, etc) and make payments with the click of a mouse. In effect, through BOI STAR e Pay we can now make all our Payments at a Single Location, anytime we wish to. Currently BOI STAR e Pay is available in the cities of Ahmadabad, Bangalore, Bhopal, Chennai, Delhi, Hyderabad, Indore, Kolkata, Mumbai, Pune, Surat, Trivandrum, Chandigarh and Lucknow.
• No more late payments.
• No more queues.
• No more hassles of depositing cheques
5. Ticket bookings
Bank has taken another step of bringing convenience of booking Indian Airlines ticket. We can book our tickets online over Internet, by paying through Bank account. Bank will take us to airlines website then we have to follow some steps to avail our ticket.
ANCILLARY SERVICES BY BANK
.1 SAFE DEPOSIT VAULT
Bank of India also offers safe deposit Lockers and safe custody services to its customers for keeping their documents, gold ornaments and other valuable things through its large number of branches, at a very reasonable charge.
2. GOLD COINS.
Features:
24 carat, 999.9 Pure Gold
Bank of India offers Pure Gold Coins in the denominations of 4 g, 5 g, 8 g, 10 g ,20 g & 50 g.
Available in shapes of Round, Oval & Rectangular Bar.
Packed in Temper-proof packing & visible through packing Purpose:
A trusted avenue for Investment and Savings
Gift for special occasions and festivals
Corporate Gift for employees/ achievers/ high value clients Price
Gold Coins are competitively priced based on the daily prices in the international bullion market. The price is inclusive of customs duty and other charges but excluding Vat/ST. Availability Bank of India sells Pure Gold which is 24 carat and 999.9 pure Certicards with an Assay Certification. Bank of India offers sale of Gold Coins in the denominations of 4 g, 5g, 8 g, 10 g, 20 g & 50 g in round, oval & rectangular bar shapes well packed in transparent, tamper-proof packing. Bank of India Gold Coins is imported from PAMP refinery (Switzerland) which is one of the most trusted and reputed Gold refinery in the world.
Gold Coins are available at over 3800 branches across the country and gold coins are available in denominations of 4 g, 5 g, 8 g, 10 g, 20 g & 50 g and round, oval& rectangular bar shapes.
3. INSURANCE SERVICE
I. Star Flier Scheme:
The Bank has built in a free personal air accident insurance cover up to Rs. 5.00lakh to all individual Diamond SB customers who maintain an average quarterly balance of Rs.1.00 lack and more in their savings bank account.
II. Other insurance products
(A) Domestic Travel Insurance:
A comprehensive insurance scheme covering loss of life, hospitalization and personal baggage while travelling on any public mode of transport.
Rail/Road is available for the Bank of India account holders. The premium payable by the customer is Rs.56/- p.a. (Excl. Service Tax). The maximum cover available is Rs.1 lakh. Individual policy will be issued to customers by National Insurance Company Limited. Policy is renewable every year.
(B) Health Insurance Scheme
BOI National Swasthya Bima* is Family Floater Medi claim Insurance Cover exclusively devised for all customers of Bank of India. The coverage is for the Account Holder, Spouse and Maximum of 2 Dependent Children. Entire family(Account holder, his/her spouse and their two dependent children) is covered to the extent of sum insured in as much as part of the sum insured can be availed at different times by family members. Premium is lower than those available in the market since policy is issued on group basis - Group of Bank of India customers.