Proceedings of Annual Paris Business and Social Science Research Conference
7 - 8 August 2014, Hotel Crowne Plaza Republique, Paris, France, ISBN: 978-1-922069-57-3
The Monetary and Non-Monetary Incentives Impact on Job
Satisfaction: Evidence from Bosnia and Herzegovina
Banking Sector
Adisa Delic, Emira Kozarevic, Amela Peric and Beriz Civic
Introductory considerations
People are different not only because they have different capabilities, skills and motivations, but
also because they exhibit different work ethics and workplace behaviour. Employee workplace
behaviour is directly related to their values and beliefs as well as character and upbringing. The
overall workplace behaviour has been recognised as an important element in organisational
performance. Positive attitude towards work will result in better work performance, lower level of
absenteeism, higher motivation, and overall commitment to the organisation. On the other hand,
negative attitude has the opposite effect, resulting in lower motivation, lower performance, and
increased staff attrition (Rutherford et al., 2009; Tsai & Huang, 2008; Yousef, 2002; Bowling, 2010;
Tharenou, 1993; Deconinck & Stilwell, 2004; Rutherford et al., 2009; Judge et al., 2001, Ng et al.,
2009; Schleicher et al., 2004; Spector, 1997). Studies have also shown that job satisfaction creates
positive influence beyond the workplace, increasing the overall satisfaction with life in general (Ilies
et al., 2009; Tait et al., 1989; Qu & Zhao, 2012).
While job satisfaction is a widely used term, there is no agreed definition of what it really covers
when it comes to work and life in general. Hoppock (1935) defined job satisfaction as a
combination of various psychological, physiological, and environmental conditions that would
prompt a person to honestly believe they are satisfied with their job. These factors were considered
as personal, subjective reactions toward working environment and directly dependent on the inner
feeling of each person (Hoppock, 1935, in Tsai, Yen, Huang & Huang, 2007, p.160). Seal and
Knight observed job satisfaction from a psychological viewpoint: they related it to the overall
emotional or evaluation responses from the employees to the job itself (Seal &Knight, 1998, in
Tsai, Yen, Huang & Huang, 2007, p.160). Cranny, Smith, and Stone defined job satisfaction as an
emotional reaction of an individual to their job, based on their comparison of the outcomes at the
workplace and their desires (Cranny, Smith & Stone, 1992, p. 1). This goes in line with Locke’s
definition from 1976 that defines job satisfaction as “… a pleasurable or positive emotional state
resulting from an appraisal of one’s job or job experiences” (Locke, 1976, p. 1300).
Based on these definitions it can be concluded that job satisfaction is in fact an individual
attitude towards work that involves cognitive (certain assumptions and beliefs about the job),
emotional (feelings towards the job), and evaluative (job assessment) reactions to their job. The
review of the recent literature identified some new elements of the job satisfaction phenomenon.
For example, in the paper called “Deconstructing Job Satisfaction Separating Evaluations, Beliefs,
and Affective Experiences”, the author argues that standard treatments of job satisfaction have
inappropriately defined satisfaction as an affect and in so doing have obscured the differences
among three separate constructs that contribute to the overall job satisfaction. These key
constructs are: overall evaluative judgments about the job, affective experience at work, and
fundamental beliefs associated with the job. The paper showed that clearly separating these
constructs is more consistent with the current, basic research and theory on attitudes as well as the
theory of “subjective well-being (SWB)”. The author also asserts that separation of the constructs
can produce better job satisfaction predictions than a single criterion, suggesting the new areas of
research and development of new measurement systems that do not treat satisfaction and affect
as equivalent constructs (Weiss, 2002, p. 173).
______________________________________________________
Adisa Delic, Ph.D., University of Tuzla, Faculty of Economics, Department of Management,
Email: adisa.delic@untz.ba
Emira Kozarevic, Ph.D., University of Tuzla, Faculty of Economics, Department of Finance and
Financial Policy, Email: emira.kozarevic@untz.ba
Amela Peric, Ph.D., ASX/UTS/University of Sydney/APIC, General Manager, Business & Corporate
Data Technology/Lecturer, Email: Amela.Peric@asx.com.au
Beriz Civic, Ph.D., University of Tuzla, Faculty of Economics, Department of Marketing,
Email: beriz.civic@untz.ba
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Proceedings of Annual Paris Business and Social Science Research Conference
7 - 8 August 2014, Hotel Crowne Plaza Republique, Paris, France, ISBN: 978-1-922069-57-3
With the increase in recognition of the direct relationship between employee satisfaction and the
business success, so did increase the overall interest in the job satisfaction phenomenon, in both
academic research and practice. This growing interest in the employee attitude towards work can be
linked with the modern business practices that created a new trend where people and their knowledge
are treated as organisational assets and a critical factor in achieving and maintaining competitive
advantage. The human resources are being more and more recognised as the valuable source of
knowledge, new ideas, and productivity that are hard to acquire, copy or imitate across different
organisations.
The relevance of job satisfaction among bank employees to the overall bank performance becomes
even more important under the challenging conditions associated with the global recession, especially
due to the accompanying increase in non-performing loans (NPLs) and the cost of provisions for
potential losses associated with credit as well as the consequential fall in profitability. The developing
countries face even more challenges in their banking sector, where banks and other financial
organisations are fighting for survival on local, regional, and global markets. Therefore, the
identification and analysis of elements that can help developing banking sector in countries such as
Bosnia and Herzegovina (BiH) build their business and stay afloat becomes even more critical,
highlighting the importance of the quality human resources and the factors that may influence
employee job satisfaction, ultimately influencing the degree of business success.
1. The Theoretical Framework and Hypotheses
Various factors have been identified as being influential on job satisfaction, but mostly they are
categorised in two groups: those concerning the organisation and job performance and those
associated with the personal preferences and experiences of employees (Eskildsen & Kristensen,
2006; Sousa-Poza & Sousa-Poza, 2000). Some of the factors associated with job satisfaction are
presented in Figure 1.
Fig. 1: The determining factors of job satisfaction
Source: own
There are number of organisational determinants that are often associated with job satisfaction, for
example job design (the work environment and work content), ethical principles in the treatment of
employees, system of material and non-material rewards, perceived quality control (confidence in
personal and professional competence of managers/ supervisors), and the quality of interpersonal
relationships (i.e. social atmosphere at work) (Greenberg & Baron, 1998, p. 163).
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Proceedings of Annual Paris Business and Social Science Research Conference
7 - 8 August 2014, Hotel Crowne Plaza Republique, Paris, France, ISBN: 978-1-922069-57-3
Job design is the process of defining a job or a role, its functions as well as relationships. The
research shows that the level of representation of these dimensions associated with a specific
position has a significant impact on employee attitude towards their work (Humphrey, Nahrgang &
Morgeson, 2007; Morgeson & Humphrey, 2006).
Numerous studies confirmed the positive correlation between job satisfaction and the degree of
employee beliefs in the competence and professional and personal integrity of their leadership
(managers/supervisors) in prioritising the organisational interests above personal. This association
is especially strong in situations such as: (a) when an employee shares the same values with their
manager/supervisor, (b) when the manager/supervisor provides strong support, (c) when
managers/supervisors can assist the employee in achieving high performance and significant
outcomes (Noe, Hollenbeck & Gerhart, 2000, p. 369-370).
The degree of delegation of authority within the organisation will affect the overall employee
satisfaction in line with their preference in being involved in making important decisions and
expectations regarding shared responsibility and decision making within the organisation. The
degree of impact that centralisation/decentralisation will have on the employee job satisfaction is
directly related to the nature of work, employee expectations and the culture associated with the
region/country in which the organisation operates.
In addition to the organisational job satisfaction determinants identified so far, there are also
some personal determinants, which are generally divided into demographic determinants such as
the alignment between their personal interests and work, years of service and age, sex, marital
status, level of education, position and status in the organization, and general satisfaction with life.
Job satisfaction and professional success contribute to the creation of a pleasant emotional state,
which in turn increased the level of individual satisfaction with themselves.
Studies have shown that the increase in the overall alignment between individual personal
interests and work also increases the degree of job satisfaction. In fact, many studies have
confirmed that the nature of work is one of the most important factors that influence positive
attitude towards work (Judge & Church, 2000, p. 166-198). This does not mean that a welldesigned program of compensation or effective supervision is any less important, but it highlights
the fact that job satisfaction can be influenced by an effective job design that makes each position
more interesting and challenging.
Most employees develop their skills through hands-on work experience, which includes not only
technical training, but also social relationships, problem solving, overcoming challenges, analysing
requirements, executing tasks, and all other aspects of work that each employee faces at the
workplace. Job satisfaction also changes throughout the career, with age, experience and
changing environment conditions. Research shows that direct relationship between age and job
satisfaction increases after the age of 36, with the level of job satisfaction being greater in older
age group (Bubas & Milosevic, 2009, p. 108).
The employee will be satisfied if their position in the organisation provides greater decision
making powers, greater social influence, etc. Kirkman and Rosens believe that with the
improvement of the employee status, their autonomy also increases, affecting positively on their
work performance and job satisfaction. In other words, higher position of an employee in the
organisational hierarchy creates a greater job satisfaction (Kirkman & Rosens, 1999). Hu, Kaplan
and Dalal stated in their work entitled “An Examination of Blue versus White-collar Workers’Conceptualisations of Job Satisfaction Facets” that status of an employee creates a different
perception of the job satisfaction factors such as work relationships and earnings level (Hu, Kaplan
& Dalal, 2010, p. 317-325).
Fabra and Camisón proved in their research that employees with higher level of formal
education are more satisfied with their jobs because they are more likely to access and obtain jobs
characteristics that provide greater satisfaction (Fabra & Camisón, 2009, p. 600-610).
Studies have also shown that men and women value different aspects of the job. Generally,
men give extreme importance to monetary aspects of their job (bonuses, benefits, and rewards),
far more than women do. Men tend to be more willing than women to put in extra effort and
sacrifice free time in order to stand out with their performance and increase their income. They also
highly value status symbols such as company car, the size and quality of their office, etc. Women
give more importance to the quality of work environment. If they are already reasonably paid,
women tend to put more importance on the interpersonal relationships with the
supervisor/management than the possibility to earn more money. When they are not happy with
their jobs, most women continue with high performance while thinking about changing jobs, while
most men tend to drop their performance while thinking about the new job. Generally speaking,
women are considered to be more loyal employees than men. In addition to a fewer occurrences of
reduced performance, women will also more rarely resort to reduce their working hours, refuse
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Proceedings of Annual Paris Business and Social Science Research Conference
7 - 8 August 2014, Hotel Crowne Plaza Republique, Paris, France, ISBN: 978-1-922069-57-3
assignments or withhold the information from their employees. Also, statistically women are less prone
to conflicts with colleagues and superiors than men (Clark, 1997, p. 341-372; Usui, 2008, p. 23-26).
According to the methodology of the European Foundation for the Improvement of Living and
Working Conditions, the life satisfaction is an important part of the overall quality of life (Fahey, Nolan
& Whelan, 2003). Life satisfaction is a subjective feeling of an individual, dependent on the access to
material resources, social support, a sense of belonging to a society and time for family and leisure
activities. The connection between the job satisfaction and life satisfaction has recently become the
subject of numerous studies. The researchers assume that there are three possible forms of the
relationship between job and life satisfaction: (1) spill-over, where job experiences spill over into nonwork life and vice versa; (2) segmentation, where job and life experiences are separated and have
little to do with one another; and (3) compensation, where an individual seeks to compensate for a
dissatisfying job by seeking fulfilment and happiness in their non-work life and vice versa (Saari &
Judge, 2004, p. 398).
In his work entitled “The Role of Income Aspirations in Individual Happiness”, Stutzer states that
higher income aspirations reduce people’s satisfaction with life in general. Thereby, the negative effect
of an increase in the aspiration level on the well-being is of a similar absolute magnitude to the
positive effect on the well-being of an equal increase in income. This suggests that subjective wellbeing depends only on the income gap between aspirations and actual income and not on the income
level as such. Thus, other things being the same, the higher the difference between aspired income
and actual income, the less satisfied people are with their life (Stutzer, 2004, p. 105).
A few different factors that influence the level of job satisfaction were listed and briefly explained in
the earlier part of the paper. However, there are number of studies that suggest that monetary and
non-monetary compensation, as well as the social atmosphere at work (as another non-monetary
factor), are the most important determinants of the employee job satisfaction. The next part of the
paper will concentrate on those factors.
The role of monetary and non-monetary reward system in an organisation is to motivate the
employees to invest their effort and skills to the maximum of their potential towards achieving the
organisational goals. The reward system encourages employees to explore and apply their creativity
and innovation ability, to take on greater responsibility and demonstrate commitment with their tasks
execution, resulting in higher achievement and improved working performance. The combination of
monetary and non-monetary forms of stimulation is achieved through full engagement of employees,
who in turn produce a higher degree of output and quality through increased efficiency, productivity,
and effectiveness.
The monetary incentives can include direct and indirect financial forms of compensation, such as
salary increases, bonuses, paid training, education and development, overtime pay, gifts, personal
cost coverage, etc. Proceeding from the above, the following question arises: How much do monetary
compensation factors determine job satisfaction of employees in the banking sector in BiH?
In accordance with this research question, it is possible to develop the following research
hypothesis:
Hypothesis 1: There is a pronounced significant effect of monetary compensation to the job
satisfaction of employees in the banking sector in BiH.
The non-monetary rewards are those that are not received in the form of money, e.g. respect,
intellectual and professional challenge, professional status, development and advancement
opportunities, training and education, flexible working hours, adequate access to information, etc.
Considering the importance of the non-monetary reward in the overall job satisfaction, the following
question arises: Are the non-monetary compensation elements a significant factor in job satisfaction of
employees in the banking sector in BiH?
Hence, it is possible to set the following research hypothesis:
Hypothesis 2: Non-monetary compensation significantly contributes to the overall job
satisfaction of the banking sector employees in BiH.
Pleasant working conditions create greater opportunity for the achievement of expected high
performance. Employees are more satisfied when they work with colleagues with whom they have
good personal relationships as well as working in the environment that maintains positive social
atmosphere. Relations between employees are often under the influence of the organisational climate
and culture as well as the organisational structure, nature and types of work tasks that the
organisation and the employees are dealing with. In the context of the above, it is possible to define
the following research question: To what extent does social atmosphere at work affect the job
satisfaction of employees in the banking sector in BiH?
Based on that, it is possible to establish the following research hypothesis:
Hypothesis 3: The social atmosphere at work is a significant element that determines the
overall level of job satisfaction of the banking sector employees in BiH.
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Proceedings of Annual Paris Business and Social Science Research Conference
7 - 8 August 2014, Hotel Crowne Plaza Republique, Paris, France, ISBN: 978-1-922069-57-3
The above theoretical considerations also lead to the following hypothesis:
Hypothesis 4: By applying systematic efforts focused on improving monetary and nonmonetary compensation, as well as the provision of a positive social workplace atmosphere, it
is possible for the bank management to influence and significantly improve the job satisfaction
of their employees, ultimately creating the conditions for overall business performance
improvement.
2. A Review of Previous Surveys
It was already pointed out in the first part of this paper that, due to its multiple implications in the
organisation and the employee life outside of work (and the fact that it affects the overall life
satisfaction), the job satisfaction is a challenging construct for theorists and an important phenomenon
for managers.
It was also indicated that in the recent years the banking sector has demonstrated a noticeable
increase of interest in the subject of job satisfaction, as confirmed by numerous studies in this field.
Given that the rewards are the key component of the employee-employer relationship (Armstrong,
2010; Cropanzano & Mitchell, 2005; White & Drucker, 2000) and that they are used as a tool to set the
standards and guide the employee behaviour and performance, most of these studies included the
effect of tangible and intangible factors of job satisfaction. The rewards are also an important
recruitment and retention tool, used to attract and retain the best and most capable employees by
keeping them satisfied and motivated (Bellenger, Wilcox & Ingram, 1984; Bratton & Gold, 2003;
Rynes, Gerhart & Minette, 2004). A significant volume of research has also covered some aspects of
the social atmosphere at work. The following will give a brief overview of recent studies around the job
satisfaction in the banking sector.
Mansor et al. (2012) conducted a study that included 236 employees of the Bank Islam Malaysia
Berhad in order to establish the level of employee satisfaction. Using Pearson Correlation Analysis it
was revealed that competition is the most influential factor influencing job satisfaction amongst the
employees, followed by working environment, reward system, motivational factors, and
supervision/leadership. However, further analysis using Multiple Regression showed that only four
factors were significant: competition, working environment, reward system, and motivation. The impact
of supervision/leadership on occupational satisfaction level were only relevant if measured in isolation,
but not as much relevant if other elements mentioned in the study were to be considered altogether.
Sowmya and Panchanatham (2011) researched job satisfaction of 120 employees of several public
as well as private sector banks in India. The researchers concluded that, while the pay and promotion
were the primary and indispensable requirements for the satisfied employee, the managerial and
organisational aspects were also highly valued. Besides that, the authors noted that, due to
importance given to the banks in their country’s financial system, even small job dissatisfaction among
the banking sector employees can cause visible negative impact in the area of negligence and high
staff turnover.
Islam and Saha (2001) published the results of their study, also focusing on job satisfaction of bank
officers in Bangladesh. They concluded that salary, work efficiency, fringe benefits, quality of
management, and the organisational relationships were the most important factors that contribute to
job satisfaction of bank employees. The study showed that the order of preference of those factors
slightly varied across different employee roles and organisation type (private or public) and that the
overall job satisfaction of the bank officers was at the positive level.
In addition to abovementioned studies that included research of various factors, some researchers
preferred to investigate the effects of one or two factors related to job satisfaction in banking sector.
For example, the research into rewards and motivation (Jehanzeb et al., 2012) found the evidence of
positive relationship between these factors and employee job satisfaction.
Numerous studies that used the interdependence between job satisfaction and financial rewards as
their subject, have shown that people are more satisfied with their job when they experience higher
pay satisfaction (Williams et al., 2006, in Hofmans, De Gieter & Pepermans, 2013, p. 3). On the other
hand, some studies have shown that satisfaction with psychological rewards also plays a key role in
satisfying people, and sometimes it can be even more important than the monetary pay (De Gieter, De
Cooman, Pepermans & Jegers, 2010, in Hofmans, De Gieter & Pepermans, 2013, p. 3).
Authors such as Hofmans, De Gieter and Pepermans, who have conducted individual research
around the relationship between job satisfaction and monetary and non-monetary reward, have
directed their studies in the following areas: (1) the presence of individual differences in the
relationship between satisfaction with financial as well as psychological rewards and job satisfaction,
(2) the role of the work values determines the individual differences in the reward satisfaction – job
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Proceedings of Annual Paris Business and Social Science Research Conference
7 - 8 August 2014, Hotel Crowne Plaza Republique, Paris, France, ISBN: 978-1-922069-57-3
satisfaction relationship, and (3) turnover intention and affective commitment as consequences of
individual differences in the reward satisfaction – job satisfaction relationship. The results of their
research were presented in the joint effort called “Individual Differences in the Relationship Between
Satisfaction with Job Rewards and Job satisfaction”, stating that the effects of the individual
differences generalise beyond job satisfaction. In particular, employees for whom financial reward
satisfaction relates to job satisfaction have a stronger affective commitment and a lower turnover
intention. This suggests, according to the researchers, that the observed individual differences may be
due to differences in the mechanisms that drive job satisfaction and related concepts such as affective
commitment and turnover intention (Hofmans, De Gieter & Pepermans, 2013, p. 7).
If we start with the assumption that people work to earn money to meet their needs, then we must
conclude that the amount of earnings (basic material compensation) is the only deciding factor that
affects job satisfaction. However, the monetary compensation are important but not the only, and for
some not even the primary factor of job satisfaction, as indicated by the results of the before
mentioned studies. As stated by Judge et al. (Judge et al., 2010, p. 157-167), there is a substantial
literature on the relationship between income and subjective well-being. Although GNP in the USA has
increased significantly over the past 50 years, the general level of life satisfaction has remained
constant since the 1940s (Diener & Oishi, 2000). The same finding was established in Japan (Diener
& Biswas-Diener, 2002).
The research indicates that after a relatively short period of time (one year, for example), the lottery
winners are not happier than before they won the lottery (Brickman, Coates & Janoff-Bulman, 1978).
These findings suggest that income is not the main factor that determines happiness. At the same
time, some of the richest Americans are happier than the average American (Diener, Horwitz &
Emmons, 1985), while the average individual is happier than the very poor (Cummins, 2000). The
results of the research conducted by Judge and his co-authors suggest that the pay level is only
marginally related to satisfaction, which is opposite to popular theories that explore the relationships
between monetary compensation and job satisfaction.
Numerous studies have shown that a positive social atmosphere at work, which includes quality
communication and cooperation as well as respectful and friendly (not only formal but also informal)
relationships between colleagues and managers, is an important determinant of job satisfaction. This
is particularly true in collectivist cultures. Also, some of the more personal factors of job satisfaction
(such as compatibility between employees' own interests and the nature of their job) are perceived as
very important in individualistic cultures (Eskildsen et al., 2002; Eskildsen et al., 2003; Kristensen et
al., 2002; Sousa-Poza &Sousa-Poza, 2000; Sekaran & Mowday, 1981).
Some researchers have explored the influence of the workplace stress on bank officers’ job
satisfaction (Ayupp & Ngouk, 2011), finding that the majority of the respondents have moderate to
high stress levels, often related to the fundamental elements of their banking job.
Others (Bushra et al., 2011) found that transformational leadership provides significantly positive
influence on the job satisfaction among bank employees. The transformational leadership was
exhibited though boosted up morale, motivation, common and clear beliefs, accurate perceptions, and
alignment with organisational goals.
The research shows that the use of information technology in communications has had a significant
impact on the level of job satisfaction. Tennakoon and Syed (2011) investigated the influence of the
use of information technology (IT) on the job satisfaction of banking and financial sector employees.
The results of this research indicated both positive and negative impact of IT, with some evidence of
other variables being relevant to the IT angle of the study, such as adequacy of technology and
associated stress. Given that today’s workers constantly use e-mail as an essential part of their
workday, at the same time the e-mail can be seen as a source of great stress (Hair, Renaud &
Ramsay, 2006).
Merten and Gloor investigated positive and negative e-mail usage patterns and its influence on job
satisfaction by modelling e-mail interaction as a communication tool in social networks. Their results
indicated that the central network position reduces e-mail responsiveness, while this position in the
organisation’s social network also seems to be correlated with lower job satisfaction. In particular, the
team which sent and received the most e-mail reported the lowest job satisfaction (Meren & Gloor,
2010, p. 6457-6465). The negative impact of communication based on IT on job satisfaction indicated
that a formal (usually written) communication can be one of the limiting factors in establishing and
maintaining informal/friendly relationships within organisation, which degrades the overall quality of the
social atmosphere at work.
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Proceedings of Annual Paris Business and Social Science Research Conference
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3. Methodology and results
3.1 Sample Selection
The survey was conducted during April/May 2013. It covered a random sample of 529 banking
sector employees in BiH. But, because of the three different laws governing banking sector in BiH,
where each bank has to have their central office officially situated in one of the entity/districts
(Federation of BiH, Republika Srpska or Brčko District) while running their business across the entire
BiH territory, the focus of this study was on the banks that operate on the territory of the Federation
BiH.
The data was collected by using a questionnaire (the technique of written structured investigation),
consisting of 82 questions.The questions were divided into seven sections, covering different factors
that help determine the level of the overall job satisfaction, such as: demographic characteristics,
management/supervision, monetary compensation, non-monetary compensation, work environment
and job content, social (work) atmosphere and teamwork, and general life satisfaction.
The questionnaire used a 5-point Likert scale to measure respondents’ attitude about various
aspects of job within each of the seven categories. The scale ranged from 1 (strongly disagree) to 5
(strongly agree). The data was collected through direct contact with each respondent.
At the time of the survey, a total of 18 banks were operating on the territory of the Federation BiH,
employing around 7,130 people. Most of the banks were private, while one was with the government
as the majority owner (note: one of the private banks has lost their operating licence since the survey
was completed).
The survey achieved the valid response return rate of almost 100%, representing 7.42% of the total
1
number of banking sector employees within the Federation BiH.
Data collected via survey was analysed using several techniques provided within the functionality
of the SPSS 15.0 software as well as an Analysis of Variance (ANOVA).
3.2 Empirical Results and Discussion
Considering the large number of questions across various factors included in the survey and the
fact that the basic findings from the study have already been published, this paper will focus on the job
satisfaction dependence on the following three factors:
 monetary compensation,
 non-monetary compensation, and
 social atmosphere at work.
3.2.1 Demographic Characteristics
Demographic characteristics such as gender, marital status, education level, age, working
experience, employment category, average salary, and position (see Table 1) were used to determine
the basic background information of the respondents.
1
It is important to emphasize that even at the level of BiH it has reached a large sample (5.12%). This is for the
following reason: according to the Banking Agency of Republika Srpska on the same day (31/12/2013), banks in
Republika Srpska, a total of 10, employed 3,206 employees. Furthermore, since the founding of banks in the
Brčko District shall submit an application for the establishment, and consequently subsequent supervision, either
the Banking Agency of the Federation of BiH or the Banking Agency of Republika Srpska, data on the total
number of employees (10,336) are covered by the banks in the District.
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Proceedings of Annual Paris Business and Social Science Research Conference
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Tab. 1: The demographic characteristics of the respondents (the relative frequencies in %)
Gender
Marital status
Level of education
Female Male Married Single
65.0
35.0
66.7
33.3
Working experience
‹5 y
6-15 16-25
26+
26.5
42.7
15.1
15.7
Age
4-y high
school
diploma
6-y high
school
diploma
University
degree
MSc
PhD
Other
‹30
56.7
9.5
31.8
1.7
0.2
0.2
30.1
Employment category
31-40 41-50
37.2
20.4
51+
12.3
(Average monthly) salary
Permanent Fixed-Term No Answer ‹1,000 BAM 1,001-2,000 2,001-3,000 ›3,000 No answer
79
19.7
1.3
45.6
44.2
3.0
0.4
6.8
Position
Front
office
Back
office
80.5
5.5
Back office in terms of
Team/group
giving suppose/advice
manager/supervisor
to managers
0.9
3.0
Ward
manager/supervisor
Manager/supervisor – top
management bank
member
Other
4.7
1.3
4.1
Source: own
In terms of gender, marital status and age, the structure of the respondents group was as follows:
female respondents comprised 65% of the group, around 66.7% or respondents were married and
only 12.3% were over the age of 50.
In terms of education, almost everyone within the sample completed a minimal of 4-year secondary
education. 50 respondents reported having an undergraduate diploma, 300 were university graduates,
9 completed a postgraduate education (masters), and one respondent obtained a doctoral degree.
About 73.5% of respondents have had more than 5 years of experience at the time of the survey.
Most respondents reported being employed permanently, working in front office and earning an
2
average monthly salary of less than BAM 2,000 (just over €1,000). Most respondents were happy to
disclose their salary range, with only 6.8% refusing to do so, regardless of survey being conducted in
line with ESOMAR Codex for Opinion Polls, guaranteeing full anonymity.
3.2.2 Results Interpretation
The application of ANOVA test assisted in determining the impact of certain aspects of
compensation on the overall job satisfaction, including elements such as social atmosphere at work
(as an intangible compensation). In other words, the test assisted in determining the level of influence
of the following three factors on the overall job satisfaction:
 monetary compensation, where 13 indicators (questions/statements) were observed;
 non-monetary compensation, with 9 indicators, and
 social atmosphere at work, with 9 indicators.
Monetary and non-monetary compensation, including social atmosphere, are treated as
independent variables, with the job satisfaction being a dependant variable. All these variables were
evaluated on a scale of 1 to 5, as stated earlier.
Table 2 gives an overview of the existence of a significant impact of the observed indicators of the
group material compensation on job satisfaction, with the significance level of 95%.
2
Due to the Currency Board Arrangement (part of the Dayton Peace Agreement for BiH in 1995), BAM rate was
pegged at par to DEM. Since 1/1/2002, this fixed rate was changed to € (1 BAM = 0.51129€).
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Tab. 2: The influence of certain monetary aspects of compensation on job satisfaction
M1
M2
M3
M4
M5
M6
M7
M8
M9 M10 M11 M12 M13
M_Sum
Yes
No
Yes
Yes
No
Yes
Yes
No
No
No
Yes
Yes
Yes
Yes
JS
Legend:
M1
Salary is in accordance with the requirements of the job.
M2
Salary ensures satisfactory standard of living.
M3
Differences in salaries among employees is in line with the job differences.
M4
Salary is satisfactory in relation to salaries for similar jobs in other banks.
M5
I can count on the stability of my regular monthly pay.
M6
Overtime and additional efforts at work are paid appropriately.
M7
Bank provides additional benefits to me.
M8
Bonuses are paid for extra work and achievements.
M9
Bank covers reasonable work/entertainment expenses.
M10
Bank covers additional costs related to work performance.
M11
Bank funds education of the employees.
M12
Bank funds masters or doctoral program for employees.
M13
Working for this bank I can count on sufficient retirement pension in the future.
M_Sum Overall satisfaction with monetary compensation
JS
Job satisfaction
Source: own
As Table 2 shows, the main indicators of the level of job satisfaction with the monetary factors in
the Federation of BiH are the salary differences across different jobs, salary levels in comparison with
other employers (banks), compensation for overtime and additional income, training and seminar,
financial assistance for the preparation of postgraduate studies and the level of comfort regarding
future retirement. There is an observed confidence level of 95% for these indicators, showing
significant impact on job satisfaction. Also, the results show that the monetary compensation has a
significant impact on the overall job satisfaction, which is understandable and expected. This result is
consistent with Hypothesis 1 that monetary compensation has a significant effect on the overall job
satisfaction of employees in the banking sector in BiH.
2
Observing the value of the ETA coefficient it can be concluded that the greatest variance of job
satisfaction among the respondents is due to differences in satisfaction by the bank-funded
professional employee development (61.6% variance) and satisfaction with salary levels in relation to
the demands of the workplace (48.3% variance). More detailed information about the variance of job
satisfaction regarding monetary compensation aspects is presented in Table 3.
Tab. 3: The influence of certain monetary aspects of compensation on job satisfaction
% of total variance of job satisfaction as
Observed satisfaction
2
ETA coefficient values
a result of differences in satisfaction
aspects
with the monetary compensation
M1
.483
48.3%
M2
.000
0.0%
M3
.340
34.0%
M4
.345
34.5%
M5
.235
23.5%
M6
.254
25.4%
M7
.437
43.7%
M8
.000
0.0%
M9
.000
0.0%
M10
.000
0.0%
M11
.616
61.6%
M12
.360
36.0%
M13
.344
34.4%
M_Sum
.839
83.9%
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Note: In the process of data collection, respondents expressed their satisfaction on the basis of
each of the observed indicators, so that the percentage impact of each of the observed indicators
of the variance of job satisfaction can span across the 0-100% range.
Source: own
Furthermore, Table 4 provides an overview of the existence of a significant impact (at a high
confidence level of 95%) on job satisfaction, which is associated with the observed indicators in the
non-monetary group, which was somewhat expected. Out of nine observed indicators, it was found
that five (N4, N5, N6, N7,N8) have a significant effect on the observed dependent variable.
Tab. 4: The influence of certain non-monetary aspects of compensation on job satisfaction
N1
N2
N3
N4
N5
N6
N7
N8
N9
N_Sum
No
No
No
Yes Yes Yes Yes Yes
No
Yes
JS
Legend:
N1
There is a possibility for advancement to senior positions.
N2
Potential exists for additional training in accordance with the requirements of the job.
N3
Bank supports and evaluates the proper acquisition of professional knowledge of their
employees.
N4
There is flexibility in the use of breaks.
N5
There is flexibility in terms of timing of annual leave.
N6
Management is organizing an informal gathering of employees.
N7
Employees receive regular feedback about their work performance.
N8
Employees with high performance are publicly rewarded and praised.
N9
Employees are adequately familiar with the business policy of the Bank.
N_Sum Overall satisfaction with non-monetary compensation
JS
Job satisfaction
Source: own
Similarly to Table 3, the following table contains data on the variance of job satisfaction among
respondents as a result of differences in satisfaction with the observed aspects of non-monetary
compensation. It was found that the variance of job satisfaction, where impact of non-monetary
compensation is considered, is to the greatest extent (57.8%) due to variability in satisfaction of the
flexibility with the work breaks. Another important criterion (also from the non-monetary compensation
category) that affects job satisfaction is associated with the level of regular feedback on work
performance: 44.0% of the job satisfaction variance is a direct result of this particular indicator.
Tab. 5: Variance of the overall job satisfaction as a result of the difference between variability
indicators associated with non-monetary compensation
% of total variance of job satisfaction as
Observed satisfaction
2
ETA coefficient values
a result of differences in satisfaction
aspects
with the non-monetary compensation
N1
.233
23.3%
N2
.000
0.0%
N3
.000
0.0%
N4
.578
57.8%
N5
.240
24.0%
N6
.432
43.2%
N7
.440
44.0%
N8
.413
41.3%
.000
.791
0.0%
79.1%
N9
N_S
Source: own
Table 6 presents an overview of the existence of a significant impact of the observed aspects of the
social atmosphere at work on the overall job satisfaction among the respondents. Out of the 12
indicators, a significant influence at the 95% confidence level was found with 7 of them. The following
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Proceedings of Annual Paris Business and Social Science Research Conference
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aspects were significant in this area of results: relationships between managers/supervisors and their
subordinates, the quality of interpersonal relationships, professional help among colleagues, the level
of trust among employees, etc. The results are consistent with the prediction stated in Hypothesis 2
that the non-monetary compensation plays an important role in the overall job satisfaction of the BiH
banking sector employees.
Also, the results show that the overall satisfaction with social atmosphere at work has a significant
impact on the overall job satisfaction among the respondents, which justifies the reasons why this
factor was included in consideration in addition to monetary and non-monetary compensation.
Tab. 6: The influence of the social atmosphere at work on job satisfaction
S1
S2
S3
S4
S5
S6
S7
S8
S9
No
Yes
Yes
Yes
Yes
No
Yes
No
No
S_Sum
Yes
JS
Legend:
S1
Relationships between colleagues are positive and full of understanding and support.
S2
Relations between managers /supervisors and their subordinates are good.
S3
Positive atmosphere at work (good human relationships) stimulate greater commitment to
work.
S4
I feel comfortable asking a colleague for professional help.
S5
There is a high degree of trust among employees.
S6
Frequent internal conflicts and quarrels are not typical for this bank.
S7
Interpersonal relationships at work are not only formal but also informal.
S8
I can expect support from colleagues at work in resolving my personal problems.
S9
Employees are willing to work together in order to achieve the bank objectives.
S_Sum Overall satisfaction with the social atmosphere at work
JS
Job satisfaction
Source: own
Out of all observed social atmosphere aspects, the most significant impact on the overall job
satisfaction is associated with the relationships between employees and their superiors (satisfaction
variance is at 40.4% of the consequence of this indicator), and the high degree of trust between coworkers (this indicator explains 39.6% variance of job satisfaction). This supports the statement in
Hypothesis 3 that social atmosphere is a significant element that determines the level of job
satisfaction of the employees in the BiH banking sector. More details are presented in Table 7.
Tab. 7: Variance of the overall job satisfaction as a result of the difference between variability
indicators associated with social atmosphere at work
% of total variance of job satisfaction as
Observed satisfaction
2
ETA coefficient values
a result of differences in satisfaction
aspects
with the social atmosphere at work
S1
.000
0.0%
S2
.404
40.4%
S3
.293
29.3%
S4
.247
24.7%
S5
.396
39.6%
S6
.017
1.7%
S7
.193
19.3%
S8
.000
0.0%
S9
.033
3.3%
.794
79.4%
S_Sum
Source: own
The highlighted job satisfaction factors, together with the related literature and practical evidence
linking job satisfaction and productivity, provide strong evidence that supports Hypothesis 4, which
states that by improving work conditions associated with social atmosphere at work and monetary and
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Proceedings of Annual Paris Business and Social Science Research Conference
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non-monetary compensation, it would be possible to influence the overall level of job satisfaction
among the banking sector employees in BiH and, ultimately, increase the productivity.
Concluding Remarks and Recommendations
st
As we push through the second decade of the 21 century, we acknowledge the vast amount of
accumulated theoretical knowledge and practical experience related to human resources as well as
the ever growing need to seek new ways to survive and compete in the global economy. The new
complex industry and global competitive conditions also create an increased interest in understanding
the multidimensional nature of job satisfaction and the impact it has on the overall business
performance and effectiveness.
After examining the literature that concentrates on job satisfaction in the banking sector, it is
evident that the same trends and correlations exist in banking industry, mostly due to the global
financial crisis, recession effects, and the complexity of the ever evolving banking environment.
The common view of many theorists and practitioners is that the companies who reach their peak
performance in the new century will be the organisations that successfully open and pave the way to
the new, innovative ideas and skills at all organisational levels. While human resources are recognised
as a critical factor in this success, it is important to note that the likelihood of success is directly linked
with high degree of job satisfaction. Therefore, it is necessary to investigate the multi-dimensional
elements that influence employee attitude towards their job, which covers both the organisational and
personal circumstances in which each employee operates, while taking into consideration specific
market conditions and general trends in the broader social and economic environment.
The classical theory of organisation and management was based on the premise that only
monetary compensation can motivate employees to invest greater time, effort, energy, and knowledge
in their work. This would indicate that positive attitude and job satisfaction solely depend on monetary
rewards. Without neglecting the critical importance of the monetary element of job satisfaction, it also
very important to recognise that employees have many other needs and expectations with regards to
their job and the workplace. People have a natural desire to satisfy not only the basic needs to acquire
an income, but also to be recognised, connected, self-satisfied, and successful. Modern management
practices strongly support the idea that non-monetary factors have a very strong influence on the level
of job satisfaction. The results of empirical research conducted in the banking sector in BiH presented
in this paper strongly support this view.
The results of this study support all four hypotheses outlined at the beginning of this paper.
As expected, that monetary factors still have a very strong influence on the overall job satisfaction.
Elements such as salary level compared to job complexity, salary comparison across different
positions and employers, overtime compensation, financial support for professional development and
pension expectations were the most significant material compensation factors that influence the
overall level of employee job satisfaction in the banking sector in BiH.
When it comes to non-monetary compensation impact on job satisfaction, the following factors
have been established as having the predominant influence: flexibility with breaks and holidays timing,
employee gatherings initiated by the organisation, frequent feedback, and the readiness to publicly
acknowledge individual high performance and contributions. By comparing the results between
monetary and non-monetary compensation, the results show that the employees in banks in BiH give
more value to the financial assistance with technical and scientific skills development than the positive
management attitude towards this form of employee engagement.
The study also established the strong influence that the social atmosphere at work has on job
satisfaction. Out of the 12 indicators that were included in the primary study, the following factors were
observed as having the highest value among respondents: the relationship between
managers/supervisors and their subordinates, the quality of interpersonal relationships, assistance
between colleagues, the degree of trust among employees, etc. Generally speaking, the results of
empirical research show that the satisfaction with the social work atmosphere is a strong determining
factor that influences the overall job satisfaction, which justifies its inclusion in the study, in addition to
monetary and non-monetary factors.
Results of the research in this field can also be explained by the fact that with cultures with
dominant collectivist national characteristics the organizational factors often take precedence over
personal factors, especially when you take into consideration the intensity of their impact on the level
of job satisfaction. This is especially true in the social atmosphere at work (particularly the relationship
between managers/supervisors and their subordinates and the quality of interpersonal relationships).
On the other hand, some of the personal determinants of job satisfaction (such as the alignment
between their personal interests and work, or position and status)are more influential in the cultures
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with more individualistic characteristics. Bosnia and Herzegovina's national culture, by some of its
elements is much closer to the collectivist than individualist culture. According to Hofstede’s research,
the territory of ex-Yugoslavia exhibits characteristics of collectivist cultures (Hofstede, 1980, 1991,
2001). Taking into account the cultural characteristics, it is easier to understand why the study results
show that non-monetary elements have such a strong influence on the overall job satisfaction and
positive attitude towards work in the banking sector of BiH.
The bank managers in BiH should take into consideration the presented research results and
adjust their operational and organisational policies to address some of the recommended actions in
order to improve the overall job satisfaction, all with the goal of improving individual and organisational
performance.
The recommendations for further research would be to ask the respondents to rank the various job
satisfaction factors, in line with their own perception of the significance of each factor on their overall
attitude and performance at the workplace. Applying factor analysis and analytical hierarchy process
method on data resulting from this ranking process would help create a management tool, a portfoliolike structure that covers monetary and non-monetary compensation, as well as social atmosphere
factors, that can be managed in order to increase the overall job satisfaction and, ultimately, the
organisational performance. This analysis would be based on the established structure of the
influence of all individual satisfaction factors, but also on the structure of the three groups of factors
that have an impact on the overall job satisfaction.
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