(Luận văn thạc sĩ) empirical study of job satisfaction and employee loyalty, case of commercial banks in ho chi minh city

INTRODUCTION

Background of the study

Human resources are crucial for the establishment and growth of organizations Research by Fletcher and Williams (1996), Al-Aameri (2000), and Fang (2001) shows that employees who are satisfied with their jobs exhibit greater loyalty and contribute more than their dissatisfied counterparts This satisfaction not only enhances employee retention and reduces turnover rates but also minimizes recruitment and training expenses Recognizing human resources as a vital asset, numerous global studies have focused on job satisfaction, notably the foundational studies by Locke in 1976 and Herzberg, Mausner, and Snyderman in 1959.

Job satisfaction, as defined by Locke (1976), is a positive emotional state derived from evaluating one's job experiences He identifies nine key dimensions influencing job satisfaction: the nature of work, pay, promotion opportunities, recognition, benefits, working conditions, relationships with co-workers, and the overall company and management Locke's research highlights strong positive correlations between these dimensions and overall job satisfaction.

Herzberg's motivator-hygiene theory, introduced in 1959, identifies key factors influencing job satisfaction Motivators, such as achievements, recognition, and responsibility, contribute positively to employee satisfaction, while hygiene factors, including supervision, working conditions, and salary, are linked to job dissatisfaction This two-factor theory aligns with Maslow's hierarchy of needs, where hygiene factors address physical needs and motivators fulfill psychological needs, highlighting the importance of both elements in enhancing workplace satisfaction.

Research across various countries consistently demonstrates the relationship between job satisfaction and several key factors Lim (2008) found that in the United States, job satisfaction among library information technology workers is influenced by salary, a sense of belonging, job autonomy, and opportunities for promotion Similarly, Sesil (1999) concluded that in the UK's high technology sector, employee involvement and group incentives significantly enhance job satisfaction Furthermore, a comparative study between Canada and India revealed that employees displaying job satisfaction and work experience behaviors are more inclined to seek empowerment, regardless of their cultural backgrounds (Gill et al., 2012).

Research on job satisfaction extends beyond America and Europe, with significant studies conducted in Asia, Africa, and the Middle East A study by Koh, Ma, and Kuek (2012) examined the interplay between job satisfaction, job performance, and job stress within Malaysian higher learning institutions Their findings indicate that job stress negatively impacts job satisfaction, which in turn positively influences job performance.

Job satisfaction among managers in the pharmaceutical industry in Himachal Pradesh, India, is influenced by factors such as pay, promotion opportunities, the nature of work, supervision, and relationships with co-workers Similarly, an empirical study conducted by Sadegh and Azadeh (2012) in the airline industry in Iran highlights that supervision, coworker relationships, work nature, promotional opportunities, and current pay significantly affect job satisfaction.

A study by Oyebamiji, Kareem, and Ayeni (2013) in Nigeria reveals that dimensions of job satisfaction—such as pay, supervision, promotion, work itself, and working conditions—significantly influence job performance, accounting for 33% of its variance The researchers recommend that managers of small and medium enterprises leverage these job satisfaction dimensions as strategic tools to improve employee retention, reduce turnover, and enhance overall job performance.

Job satisfaction research is prevalent across various countries and industries, encompassing diverse fields and objectives Key sectors studied include technology (Sesil, 1999; Lim, 2008), banking (Islam, Mohajan & Datta, 2012; Mansor, Noor & Hassan, 2012; Muhammad and Kamal, 2009), government (Krzysztof & Bartomicj, 2013; Turkyilmaz et al., 2011), hospitality (Hussain, 2012; Abdullah et al., 2011), textiles (Ami et al., 2012), healthcare (Harmon et al., 2003), and pharmaceuticals (Ashok & Lekh, 2013), highlighting the widespread interest in understanding job satisfaction across multiple sectors.

Research on job satisfaction varies in objectives, with studies focusing on its determinants and indicators For instance, Kumar and Singh (2011) explore the correlates of job satisfaction, while Seashore and Tabler (1975) examine job satisfaction indicators Additionally, comparative studies highlight gender differences in job satisfaction across sectors, such as Sadegh and Azadeh (2012), who evaluate gender roles in the airline industry in Iran, and Devi and Suneja (2013), who compare job satisfaction between public and private sector banks.

Research has shown a significant connection between demographic attributes and job satisfaction, as highlighted by Santosh and Santoshi (2014) Additionally, other studies, such as those by Komal and Tahir, explore how various job dimensions, including employee participation, influence job satisfaction, employee commitment, and overall productivity.

2007), impact of salary differential on managerial job satisfaction (Okpara, 2004), relationship between job satisfaction and job commitment (Luqman, Bolaji, & Abubakar,

2012), job satisfaction and job performance relationship (Timothy, Carl, Joyce, & Gregory,

2001), work values and job satisfaction (Ju, Mohd, Datin, & Kong, 2006), etc

In the banking industry, low job satisfaction significantly hinders the enhancement of service quality, stemming from factors such as extended working hours, high workload pressure, perceived unfairness in promotions and salaries, and an uncomfortable work environment This dissatisfaction directly impacts employee performance, absenteeism, commitment, turnover rates, and overall citizenship behaviors.

Job satisfaction significantly impacts bank performance and customer satisfaction, as highlighted by Koh and Boo (2001) and supported by Yee, Yeung, and Cheng (2008) In Vietnam, various studies have explored this relationship within the banking sector, including Nguyen's (2012) examination of Eximbank in Da Nang, Phan's (2011) analysis of factors affecting job satisfaction in Thua-Thien Hue's commercial banks, and Mai and Bui's (2013) identification of factors influencing employee loyalty through job satisfaction in Ho Chi Minh City Understanding these dynamics is essential for enhancing employee performance and overall bank success.

This study explores the factors influencing job satisfaction among employees in commercial banks in Ho Chi Minh City, Vietnam, aiming to understand how these determinants affect overall job satisfaction Additionally, it examines the relationship between job satisfaction and employee loyalty, as well as potential differences in job satisfaction and loyalty based on gender and banking sectors.

Problem statement

During the economic crisis from 2008 to 2014, Vietnam's banking industry faced significant internal management challenges, particularly regarding human resources Many commercial banks, such as Maritime Bank and Asia Commercial Bank, drastically reduced their workforce, with Maritime Bank laying off over 1,300 employees and Asia Commercial Bank cutting 1,100 jobs in 2013 alone This downsizing resulted in increased workloads and stress for remaining employees Despite these challenges, skilled employees and managers remain crucial for banks' development during such crises Additionally, the similarity in job responsibilities across banks allows employees to easily transition to institutions offering better benefits.

That is the reason why banks need to have strategies to remain their brilliant employees by increasing their job satisfaction and their loyalty towards organizations

Research on job satisfaction within Vietnam's banking industry is limited, with notable studies by Nguyen (2012), Phan (2011), and Mai and Bui (2013) Specifically, Mai and Bui's (2013) study in Ho Chi Minh City identified key determinants of job satisfaction, such as supervisor support, fringe benefits, teamwork, working environment, and training This study seeks to explore additional factors influencing job satisfaction in commercial banks in Ho Chi Minh City, aiming to enhance understanding of employee needs and improve management efficiency, employee loyalty, and customer satisfaction.

Research objectives

This study investigates the factors affecting job satisfaction among employees in commercial banks in Ho Chi Minh City and assesses the extent of their impact on overall job satisfaction Furthermore, it explores the relationship between job satisfaction and employee loyalty, while also examining potential differences in job satisfaction and loyalty based on gender and banking sectors.

Research questions

To achieve the research objectives, the study will find the answers for these following questions:

- What are factors that influence job satisfaction in commercial banks in Ho Chi Minh City?

- What are the impact level of these factors on job satisfaction of employees in commercial banks in Ho Chi Minh City?

- What is the influence of job satisfaction on employee loyalty in commercial banks in

- Is there any difference in job satisfaction and employee loyalty between genders and bank sectors? h

Research scope

This study is focused on Ho Chi Minh City, Vietnam's most populous and second-largest city, which serves as the country's economic, cultural, and educational hub In the first half of 2014, Ho Chi Minh City contributed 22.71% to Vietnam's GDP, with the services sector accounting for 59.38% of the city's GDP (Statistical Office in Ho Chi Minh City, 2014).

As of the end of 2013, Ho Chi Minh City hosts 378 branches from 61 banks, categorized into four sectors based on ownership structures The first sector comprises three government-owned banks: Vietnam Bank for Social Policies, Vietnam Development Bank, and the State Bank of Vietnam The second sector includes 13 foreign commercial banks, fully funded by foreign capital, such as HSBC, Citibank, and Deutsche Bank The third sector consists of five joint-venture commercial banks, including Indovina Bank and Vietnam-Russia Bank The remaining 40 banks are domestic commercial banks like Sacombank and Techcombank Notably, government banks represent nearly 5% of the banking industry in Ho Chi Minh City, while commercial banks dominate with over 95%, making them the primary focus for data collection in this study.

This study focuses on employees from various commercial banks located in Ho Chi Minh City, including prominent institutions such as Vietcombank, Vietinbank, Eximbank, Agribank, Military Bank, Asia Commercial Bank (ACB), Western Bank, Sacombank, HSBC, ANZ, and Standard Chartered.

The data will be collected through questionnaires in September 2014 with the respondents are banking employees and the research objects are job satisfaction and employee loyalty h

Research structure

This study is structured into five chapters: Chapter 1 introduces the necessity of the research, outlining the background, problem statement, objectives, scope, and overall structure Chapter 2 reviews existing literature on job satisfaction and employee loyalty, focusing on various industries with an emphasis on the banking sector, and proposes hypotheses and a research model Chapter 3 details the research methodology, including the study process, data collection and analysis methods, and measurement constructs Chapter 4 presents and discusses the research results, featuring descriptive statistics, reliability tests, exploratory factor analysis, regression analysis, and variance analysis related to job satisfaction and employee loyalty across gender and bank sectors Finally, Chapter 5 summarizes the findings, offers managerial implications, addresses the study's limitations, and suggests directions for future research.

LITERATURE REVIEW

Job satisfaction definition

There are plenty of researches investigating on job satisfaction, such as Kuo and Chen

Job satisfaction is often defined through various psychological theories, including Maslow's hierarchy of needs, Herzberg's motivator-hygiene theory, Vroom’s expectancy theory, and Adam's equity theory, as highlighted in studies by Ellickson (2002), Groot and Brink (1999), and Rogers, Clow, and Kash (1994).

Job satisfaction, as defined by Locke (1976), is a positive emotional state that arises when individuals perceive their jobs as fulfilling significant values that align with their personal needs.

Job satisfaction is defined as an individual's overall attitude towards their job, reflecting how much they enjoy their work According to Robbins (2003), it encompasses a person's general feelings about their employment, while Price (1997) highlights it as the extent of positive emotional responses employees have towards their organization Ultimately, job satisfaction signifies the level of enjoyment individuals derive from their professional roles.

Factors impact on job satisfaction

Job satisfaction among employees is influenced by various factors, which can be categorized into two main groups The first group includes determinants such as employee participation, hygiene factors, fair and empathetic management, a positive working environment, job characteristics, and opportunities for job promotion The second group encompasses demographic variables that relate to job satisfaction, including gender, marital status, education, income, and age.

Employee participation significantly enhances performance, as noted by Wagner (1994) and Linda (1998), with greater involvement in decision-making leading to increased organizational commitment Additionally, Vander, Blonk, Schene, & Van (2001) highlight that interdependence in group tasks fosters job satisfaction by promoting a sense of belonging and improving coordination among employees.

Hygiene factors, including non-financial benefits like canteen and transport facilities, significantly enhance employees' quality of life, leading to increased satisfaction and performance (Zohir, 2007) Additionally, technological innovations in the workplace can elevate service quality and boost production volumes (Rahman, 2005; Yussuf, 2008).

Fair and empathetic management significantly enhances job satisfaction, as highlighted by Locke (1976), who emphasizes the importance of equal rewards and recognition Furthermore, research by Foel et al (2000) demonstrates that employees under democratic leadership report higher satisfaction levels compared to those under autocratic leadership, indicating that leadership style plays a crucial role in influencing job satisfaction.

A positive working environment, characterized by supportive and cooperative colleagues, significantly enhances job satisfaction, as noted by Locke (1976) and Bajpai and Srivastava (2004) Additionally, Dunham-Taylor (2000) emphasizes that organizations that invest in their employees through motivation and regular training contribute to increased employee satisfaction.

Job characteristics play a crucial role in employee satisfaction, as highlighted by Locke (1976) Intrinsic interest, variety, opportunities for learning, and control over work methods significantly impact how employees feel about their roles Jobs that offer a mix of challenges and the chance to master skills lead to greater satisfaction, while monotonous tasks can lead to boredom, and overly challenging roles may result in feelings of failure Balancing these elements is essential for fostering a fulfilling work environment.

Fair promotion policies are essential for organizational growth, as they enhance employees' perceptions of job quality Research by Kalleberg and Mastekaasa (2001) indicates that promotions significantly boost employee satisfaction and commitment, highlighting the importance of equitable advancement opportunities in the workplace.

(1992) also indicate the similar study result

2.2.2 Demographic variables impact on job satisfaction

Research on the relationship between gender and job satisfaction presents conflicting views While studies by Clark (1997), Sloane and Williams (1996), and Ward and Sloane (1998) suggest that women generally experience higher job satisfaction than men, other researchers, including Forgionne and Peeters (1982) and Shapiro and Stem (1975), argue that men report greater satisfaction in their work.

Research on the connection between marital status and job satisfaction presents mixed findings Fetsch and Kennington (1997) indicate that both divorced and married employees report higher job satisfaction compared to their single counterparts Conversely, Scott, Swortzel, and Taylor (2005) found no significant correlation between marital status and job satisfaction.

Research indicates that a higher level of education positively influences job satisfaction, as individuals' expectations tend to rise with their educational attainment (Churchill, Ford, and Walker, 1979) Bilgic (1998) also notes that more educated employees are generally more focused on productivity and experience fewer negative feelings about their jobs Furthermore, Bajpai and Srivastava (2004) emphasize that job dissatisfaction can arise when employees feel their qualifications do not align with their roles This positive correlation between education level and job satisfaction is further supported by findings from Al-Ajmi (2001), Falcone (1991), and Okpara (1996).

Income: According to Bilgic (1998), Sokoya (2000), Sweeney, McFrarin, and Inderrieden

Research indicates a notable disparity in job satisfaction among employees, largely influenced by income levels Employees earning lower wages typically express lower job satisfaction compared to their higher-paid counterparts However, even well-compensated employees can experience dissatisfaction if they are not content with the nature of their work.

Research indicates a complex relationship between age and job satisfaction While studies by Rhodes (1983), Lee and Wilbur (1985), and Weaver (1978) suggest a positive correlation, other research, including findings by Herzberg et al (1957) and Singh and Singh (1980), report a negative or insignificant link between these two variables.

Studies about job satisfaction in general and in banking industry

Numerous studies conducted globally highlight the significance of employee job satisfaction across various industries, including engineering, public services, and hospitality Additionally, research focusing on the banking sector has also been extensive, as summarized in Table 2.1 For a comprehensive overview of these findings, refer to Appendix 1.

Table 2.1: Studies of factors influence job satisfaction in banking industry

Title of study Determinants of job satisfaction in banking industry Authors (Year)

Factors influencing job satisfaction of banking sector employees in Chennai, India

Pay and promotion, organization aspects, supervisor behavior, job and working condition, and coworker behaviors

Job satisfaction among bank employees in Punjab,

Pay and job security Khalid and Irshad (2010)

Job satisfaction in commercial banks of

Bangladesh with different ownership structures: A comparative study

- Job relating factors: job security, fair job design, challenging work, status, authority and responsibility, autonomy, personal growth, balance between life and work, opportunities to use skills, quality of supervision

- Benefits: Salary, medical facilities, training and development, housing and others

- Relationship: Relationship with supervisor, teamwork, relationship with coworkers

- Working environment: Working conditions, safety and security, culture of the bank, rules and regulations, availability

12 of resources, working hours, and working conditions

Effective management behaviors are crucial for fostering a positive workplace culture Key elements include ensuring fairness in promotions and performance evaluations, providing timely feedback, and recognizing employee achievements Additionally, a commitment to professional development, attention to employee well-being, and encouraging open communication and the freedom to express opinions contribute significantly to a motivated and engaged workforce.

Demographic attributes and job satisfaction in banks in

Participate environment, hygiene factors, fair and empathic management, service quality, accessibility, age, and education

A study on job satisfaction and morale of commercial banks in Bangladesh

- Personal factors: gender, age, time on job, religion

- Factors inherent in the job: type of work, skill required, occupation status, commitment to organization, size of organization, place of work

- Factors controllable by management: security, pay, opportunity for advancement/promotional opportunity, working conditions, supervision

Analysis of the factors influencing job satisfaction of the commercial banks’ staff in ThuaThien-Hue province

Salary, bonus policies, incentive mechanisms, work pressure, leadership, training, promotion, work behavior, and relationship

Study of job satisfaction of staff in Eximbank – Da Nang branch

Compensation, leadership, training, promotion, work itself, co-workers, and working conditions

Employee loyalty definition

Loyalty is a psychological state that defines the relationship between employees and their organizations, influencing their decision to stay, as noted by Allen and Grisaffe (2001) Becker and Billings (1993) further describe loyalty as a strong desire to be part of an organization, a commitment to exert significant effort for its benefit, and a firm belief in its values and goals.

Relationship between job satisfaction and employee loyalty

Numerous studies have explored the connection between job satisfaction and employee loyalty across various industries and countries Research by Turkyilmaz et al (2011) demonstrates a strong positive correlation in Turkey's public sector, where job satisfaction accounts for nearly 50% of employee loyalty variance Similarly, Abdullah et al (2009) found that in Malaysia's hotel industry, factors such as recognition, working conditions, teamwork, and supervisor relationships significantly influence job satisfaction, which in turn fosters employee loyalty through employment tenure, career planning, and recommendations Hussain (2012) further supports this link in Pakistan's hotel sector, identifying key job satisfaction elements like boss relations and performance appraisals that correlate with employee loyalty In Vietnam's banking industry, Mai and Bui (2013) highlight that higher job satisfaction levels, along with supervisor support, benefits, teamwork, and training, are positively linked to increased employee loyalty.

Hypotheses and research model

This study identifies key factors influencing job satisfaction in commercial banks in Ho Chi Minh City, drawing from a comprehensive literature review The primary determinants include employee participation and empowerment, favorable working conditions, effective reward and recognition systems, teamwork dynamics, competitive payment and benefits, the nature of the work itself, and opportunities for training and personal development.

Participation consists of involvement of employees in management and decision making related to strategies, goals, and policies of the companies Chao et al (1994) indicate that h

14 employees' understanding of goals, values, and politics of their companies are positively and significantly related to job satisfaction

Empowerment is about fostering an environment where employees can perform their tasks autonomously, enhancing both individual and organizational performance while enabling them to reach their goals Research by Snipes, Oswald, Tourc, and Armenakis (2005) indicates that when employees feel empowered, their job satisfaction significantly improves.

Based on the influence of participation and empowerment on job satisfaction, Hypothesis 1 (H1) is proposed as following

H1: There is a positive relationship between participation and empowerment and job satisfaction

According to Locke (1976), optimal physical working conditions encompass a comfortable workplace, appropriate temperature, humidity, ventilation, lighting, and noise levels Maintaining moderate levels of these factors is crucial, as extremes—such as insufficient lighting or excessive heat—can lead to physical discomfort and diminish employee productivity.

Research indicates that employees prioritize proximity to home, modern facilities, cleanliness, and access to proper tools and equipment Enhanced job satisfaction is linked to improved physical working conditions De Troyer (2000) suggests that low levels of job satisfaction are primarily attributed to inadequate physical environments Therefore, it is hypothesized that there is a significant relationship between working conditions and job satisfaction.

H2: There is a positive relationship between working conditions and job satisfaction

Maurer (2001) suggests that rewards and recognition should be linked to organizational success as a result of employee job satisfaction and they are frequently considered as one of h

15 the key factors influencing job satisfaction The lack of proper reward and recognition decreases job satisfaction of employees

Recognition is a key factor influencing job satisfaction and dissatisfaction, particularly among blue-collar workers, as highlighted by Locke (1976) It serves as essential feedback on employee performance, enabling individuals to rectify past mistakes and establish future performance goals Additionally, promotions, viewed as a form of reward and recognition, significantly enhance job satisfaction by fulfilling desires for psychological growth, fairness, higher income, and social status Consequently, this leads to the proposal of Hypothesis 3 (H3) regarding the relationship between rewards, recognition, and job satisfaction.

H3: There is a positive relationship between rewards and recognition and job satisfaction 2.6.4 Teamwork

Effective teamwork significantly enhances employee motivation, performance, and self-efficacy, fostering a sense of autonomy, significance, and satisfaction among team members (Griffin, Patterson, and West, 2011) Research by Volkwein, Malik, and Napierski (1998) indicates that teamwork positively correlates with job satisfaction, while stress from interpersonal relationships negatively impacts it Furthermore, Volkwein and Zhou (2003) highlight that teamwork and interpersonal dynamics are more critical to job satisfaction than organizational or personal factors Based on these findings, Hypothesis 4 (H4) is proposed regarding the relationship between teamwork and job satisfaction.

H4: There is a positive relationship between teamwork and job satisfaction

Employee training enhances knowledge and skills, fostering effective teamwork and personal growth (Jun, Cai, & Shin, 2006) Additionally, self-development training significantly boosts job satisfaction among employees.

Research indicates that employees who participate in training programs experience higher job satisfaction compared to those who do not (Saks, 1996) Martensen and Gronholdt (2001) highlight that enhancing individual competencies through training positively affects job satisfaction Training not only boosts employees' self-confidence in their roles but also fosters a perception of career development opportunities and signals that companies are investing in their growth (Jun et al., 2006) Consequently, these factors contribute to increased job satisfaction, leading to the proposal of Hypothesis 5 (H5).

H5: There is a positive relationship between training and personal development and job satisfaction

According to Locke (1976), compensation encompasses payment elements such as amount, fairness, and method, while benefits include pensions, medical care, annual leave, and paid vacations Lai (2011) suggests that an effective compensation system fosters organizational growth and positively correlates job satisfaction with job-based wages, skill-based pay, and performance-based pay The study highlights that intrinsic motivational factors—such as recognition, career opportunities, professional growth, and a positive organizational sentiment—significantly influence job satisfaction Consequently, Hypothesis 6 (H6) is proposed regarding the impact of payment and benefits on job satisfaction.

H6: There is a positive relationship between payment and benefits and job satisfaction

According to Locke (1976), the nature of work encompasses elements such as new learning, creativity, autonomy, and decision-making responsibilities, all of which engage an employee's mental faculties Without sufficient mental challenges, employees may face boredom due to underutilized mental capacity Conversely, when the work presents a significant challenge that employees are willing to embrace, they are likely to become more interested and engaged in their tasks (Ford, 1969; Patchen).

1970) Herzberge et al (1959) and Strong (1943) also indicate that an important h

17 precondition of work satisfaction is that the individual finds the work itself personally interesting and meaningful

According to Hansia (2009), most employees feel that their personality types align well with their roles, enabling them to excel in their work and maintain a positive outlook on both personal and professional aspects of life The study highlights that effective recruitment and selection processes are crucial predictors of employee job satisfaction, with fair policies in these areas significantly contributing to overall workplace satisfaction.

Based on the relationship between nature of work and job satisfaction, Hypothesis 7 (H7) is proposed as following

H7: There is a positive relationship between nature of work and job satisfaction

2.6.8 Impact of job satisfaction on employee loyalty

Empirical evidences suggest that employee job satisfaction has a positive impact on employee loyalty, such as Fletcher and Williams (1996), Al-Aameri (2000), and Fang

Low job satisfaction can lead to employees leaving their jobs or switching careers, as highlighted by Soler (1998), who notes that it results in decreased organizational loyalty, lower morale, and higher turnover rates This relationship between job satisfaction and employee loyalty leads to the formulation of Hypothesis 8 (H8).

H8: There is a positive relationship between job satisfaction and employee loyalty

2.6.9 Impact of gender on job satisfaction and employee loyalty

The relationship between gender and job satisfaction is a crucial demographic factor explored in numerous studies, yielding inconsistent results Research by Sloan and Williams (1996), Clark (1997), and Kim (2005) suggests that women generally report higher job satisfaction than men In contrast, findings from Shapiro and Stern (1975) and Weaver (1974) indicate that men tend to be more satisfied with their jobs than women Additionally, other studies present varying conclusions, highlighting the complexity of this relationship.

18 there is no significant relationship between genders of employees and their job satisfaction, such as Hossain (2014), Kuo and Chen (2004), and Oshagbemi (2000)

Due to the contradictory in research results of relationships between genders and job satisfaction, Hypothesis 9a (H9a) is proposed as following

H9a: There is difference in job satisfaction between genders

This study explores the influence of gender on employee loyalty, building on the established positive correlation between job satisfaction and loyalty, as outlined in Hypothesis 8 and further investigated in Hypothesis 9b.

H9b: There is difference in employee loyalty between genders

2.6.10 Impact of bank sector on job satisfaction and employee loyalty

Research on the relationship between bank sectors and job satisfaction presents contradictory findings Sahgal (2012) suggests that job satisfaction levels are similar between public and private banks, but factors like job security, salary, and employee benefits show significant differences In contrast, Islam and Saha (2001) report that private bank officers experience higher job satisfaction due to better facilities and a more supportive work environment Devi and Sunja (2013) also highlight notable differences in job satisfaction among employees of public and private banks Furthermore, Mohammed (2006) indicates that public banks excel in job security, autonomy, and work-life balance, while foreign banks outperform in salary, status, and timely feedback.

Due to the contradictory in research results of relationships between bank sectors and job satisfaction, Hypothesis 10a (H10a) is proposed as following

H10a: There is difference in job satisfaction between bank sectors

RESEARCH METHODOLOLY

Research process

This study's research process involved three key stages: item generation, a pilot survey, and the final survey followed by data analysis, as illustrated in Figure 3.1.

Figure 3.1: Research process of the study

The study begins by highlighting the significance of job satisfaction within organizations and reviewing various international research on the topic across different fields It identifies a research problem rooted in the current economic landscape of Vietnam and the gaps in prior studies on job satisfaction Consequently, the research objectives and questions were formulated to explore the factors influencing job satisfaction, the relationship between job satisfaction and employee loyalty, and potential gender and sector-based differences in these areas The focus of this research is specifically on commercial banks in Ho Chi Minh City.

In September 2014, data was collected from banking employees in Chi Minh City to investigate job satisfaction The study included a comprehensive literature review, which informed the development of 12 hypotheses and a proposed research model Subsequently, a draft questionnaire was created based on the measurement scales derived from the literature review.

In the second stage of the study, two pilot surveys were conducted to evaluate the draft questionnaire's effectiveness prior to the official survey The first pilot survey involved 10 respondents to identify any issues related to meaning, spelling, and grammar Subsequently, a second pilot survey with 54 respondents assessed the reliability and validity of the constructs measured The positive outcomes from this reliability and validity testing led to the development of an official questionnaire, which was distributed to employees of commercial banks in Ho Chi Minh City for data collection.

In the third stage of the study, a survey was conducted with 143 respondents from 29 commercial banks in Ho Chi Minh City using a simple random sampling method The reliability of the measurement scale for nine constructs was assessed through Cronbach’s Alpha Subsequently, exploratory factor analysis (EFA) validated the data, followed by multiple linear regression analysis to explore the relationship between job satisfaction and its determinants, as well as simple linear regression analysis to examine the link between job satisfaction and employee loyalty Additionally, an analysis of variance was performed to investigate differences in job satisfaction and employee loyalty across genders and bank sectors The findings culminated in conclusions and recommendations presented at the end of this stage.

Data collection methods

The data collection instrument utilized was a questionnaire featuring a 5-point Likert Scale, ranging from "strongly disagree" to "strongly agree." Specifically, point 1 represented "strongly disagree," point 2 indicated "disagree," point 3 was "neutral," point 4 signified "agree," and point 5 denoted "strongly agree." The questionnaire comprised a total of 35 questions, with 28 designed to gather specific insights.

23 questions were used to measure 28 observable variables, and 7 questions were used to collect demographic information

According to Hair et al (2006), a robust sample for exploratory factor analysis (EFA) requires a minimum ratio of 5:1 between observations and measured items, meaning each measured item necessitates at least five observations In this study, with 28 items assessing 9 constructs, the minimum required observations totaled 140 The official survey successfully collected 143 responses, which is deemed adequate for conducting exploratory factor analysis.

A preliminary pilot survey with 10 respondents was conducted to identify any issues with meaning, spelling, and grammar in the questionnaire Following this, a second pilot survey involving 54 respondents assessed the reliability and validity of the measurement scales prior to the official survey With favorable results from the second pilot, official questionnaires were distributed to employees of 29 out of 58 commercial banks in Ho Chi Minh City, which included 7 foreign banks such as ANZ, Citibank, and HSBC, as well as 22 domestic banks like ACB, Agribank, and Vietcombank Ultimately, the official survey yielded 143 completed questionnaires, all of which were deemed suitable for data analysis.

Data analysis methods

SPSS software was used for analyzing data with many techniques, including descriptive statistics, reliability test, exploratory factor analysis, linear regression, and analysis of variance (ANOVA)

This study employed a mixed-methods approach, utilizing both qualitative and quantitative techniques to analyze the data The qualitative phase involved creating and refining measurement scales and variables for official use Subsequently, the quantitative analysis included reliability testing using Cronbach’s Alpha, exploratory factor analysis (EFA), and linear regression to identify the key determinants of job satisfaction.

24 analysis of variance (ANOVA) to test the difference in job satisfaction and employee loyalty between genders and bank sectors

The study employed Cronbach’s Alpha coefficient to assess the reliability of the measurement scale for nine constructs within the theoretical framework, which includes participation and empowerment, working conditions, rewards and recognition, teamwork, training and personal development, payment and benefits, nature of work, job satisfaction, and employee loyalty Additionally, exploratory factor analysis (EFA) was conducted to determine the number of factors among 28 observable variables.

Based on the results of Exploratory Factor Analysis (EFA), the study employed two regression models to examine the relationships between dependent and independent variables The first model utilized multiple linear regression, with independent variables including participation and empowerment, working conditions, rewards and recognition, teamwork, training and personal development, payment and benefits, and nature of work, while job satisfaction served as the dependent variable The second model applied simple linear regression, where job satisfaction acted as the independent variable and employee loyalty was the dependent variable.

The theoretical framework for this study draws on the research by Turkyilmaz et al (2011), which examines job satisfaction and employee loyalty among public sector employees in Turkey The measurement scale utilized in this research demonstrates clarity, with Cronbach’s Alpha and EFA loading coefficients exceeding 0.7 Additionally, several other authors, including Devi & Suneja (2013) and Phan, have employed similar measurement scales in their studies.

This study builds on the measurement scale developed by Turkyilmaz et al (2011) by modifying the working conditions component and incorporating two additional constructs: payment and benefits, and nature of work Key references include works by Nguyen (2012), Mohammed (2006), Islam and Saha (2001), Sowmya & Panchanatham (2011), and Hossain (2014).

Turkyilmaz et al (2011) use 3 observable variables to measure participation and empowerment, including (1) participation in decisions, (2) participation in meetings, and (3) employee empowerment – initiative

Turkyilmaz et al (2011) define working conditions through the lens of physical working conditions and work measurement, which assesses the time required for an average employee to complete specific tasks While this method effectively evaluates positions in banks like tellers and verification officers, it is unsuitable for sales representatives, whose performance hinges on sales targets rather than time constraints This study redefined "physical working conditions" by focusing on the total time for a typical workday, measuring working conditions through infrastructure, working environment, and working hours Nguyen (2012) also adopted this measurement scale, demonstrating its high reliability and validity.

The measurement of rewards and recognition involved four key observable variables: recognition, rewards, just and fair corporate policy, and fair promotion Teamwork was assessed through efficient teamwork, conflict resolution, and the sharing of problems Additionally, training and personal development were evaluated based on the significance of training and the importance of personal development.

Job satisfaction is influenced by various determinants, including work, pay, promotion, recognition, working conditions, and interpersonal relationships, as identified by Locke (1976) However, Turkyilmaz et al (2011) overlooked two critical factors: payment and the nature of work To address this gap, the current study incorporates these elements into its theoretical framework, providing a comprehensive view of job satisfaction factors Additionally, the research employs the measurement scale from Nguyen (2012), which utilizes the Job Descriptive Index created by Smith et al (1969), known for its high reliability and validity in both theoretical and practical applications.

According to Nguyen (2012), payment encompasses five observable variables: (i) salary alignment with job characteristics, (ii) security in current salary, (iii) salary reflective of contribution level, (iv) appropriate subsidies, and (v) a fair bonus policy Among these, the three most significant dimensions identified by Sowmya & Panchanatham (2011) and Devi & Suneja (2013) are: (16) salary matching the nature of work, (17) equitable salary policies, and (18) affordability of salary for daily living Consequently, this study focuses on these three dimensions to simplify the measurement of payment.

Nguyen (2012) identifies three key dimensions for assessing employee benefits: clarity and completeness of the benefits policy, the provision of care to employees, and the attractiveness of the benefits offered In contrast, Hossain (2014) streamlines this assessment into a single dimension focused on employee satisfaction with the benefits policy This simplified approach aligns more closely with the objectives of the current study.

Nguyen (2012) identifies five dimensions to assess the nature of work: social status expression, effective use of personal abilities, alignment with education and specialty, opportunities for knowledge and skill enhancement, and work-related stress However, since social status expression and opportunities for improvement were already accounted for in job satisfaction, they were excluded from the measurement scale Consequently, the nature of work is evaluated based on its alignment with educational background and specialty, as well as its capacity to allow individuals to utilize their personal abilities effectively.

Job satisfaction encompasses four key observable variables: contentment with the type of work, enjoyment of the job, opportunities for learning and potential growth, and a sense of importance Additionally, employee loyalty is characterized by a desire to continue employment at the current bank and a willingness to recommend the bank to others.

Table 3.1 presents the measurement scales for nine constructs, which include seven independent constructs and two dependent constructs For further details on the studies utilizing these measurement scales, please refer to Appendix 4.

In summary, Chapter 3 provides 3 stages of the research process, including generation of items, pilot survey, and survey and data analysis Data collection methods are mentioned in h

This chapter presents findings from two pilot surveys and one official survey conducted via questionnaires using a 5-point Likert scale, targeting employees from 29 commercial banks in Ho Chi Minh City The data analysis methods employed include Cronbach’s Alpha reliability test, exploratory factor analysis (EFA), linear regression, and analysis of variance Additionally, the measurement scale for nine constructs is detailed within this chapter.

Table 3.1: Measurement scale of constructs in the study

(9) just and fair corporate policy

5 Training and personal development (14) importance of training

(17) just and fair salary policy

(23) to be content with the type of work

9 Employee loyalty (27) desire to continue working for the current bank

(28) recommending the current bank to others h

DATA ANLYSIS

Sample description

A study conducted in Ho Chi Minh City gathered 143 questionnaires from 29 out of 58 banks, which included 7 foreign banks—ANZ, Citibank, HSBC, Indovina Bank, Shinhan Bank, Standard Chartered Bank, and VRB—and 22 domestic banks such as ACB, Agribank, BIDV, Eximbank, HD Bank, Maritime Bank, MB, MHB, OCB, Ocean Bank, Sacombank, SCB, Techcombank, Tien Phong, VIB, Viet Capital Bank, VietBank, Vietcombank, Vietinbank, and VPBank.

In a survey of 143 banking employees, 41.3% were male and 58.7% were female Notably, 82.5% of the respondents held university degrees, while 21% possessed master's degrees, and only 4% graduated from technical schools or colleges This indicates that the banking sector demands a highly educated workforce to meet its rigorous recruitment standards.

The workforce in the commercial banks surveyed is predominantly young, with 86.7% of respondents aged between 21 and 30 years Additionally, 17% fall within the 31 to 40 age range, while only 2% are aged 41 to 50 In terms of tenure, nearly 38% of respondents have been with their current banks for 1 to less than 3 years, 32.9% have worked there for 3 to less than 5 years, 17.5% have been employed for less than 1 year, and 18% have more than 5 years of experience.

In this study, nearly 50% of banking employees earned between 6 million VND and less than 9 million VND, while 25.2% received salaries ranging from 9 million VND to less than 12 million VND Additionally, almost 20% of the employees earned over 12 million VND per month.

29 month In the survey, 84.6% of respondents were employees whereas only 15.4% of them were supervisors or managers Descriptive statistics of the sample was shown in Table 4.1

Table 4.1: Descriptive statistics of the study sample

Time of working Below 1 year 25 17.5

From 1 year to less than 3 years 53 37.1

Salary per month From 3 mil VND to less than 6 mil VND 14 9.8

From 6 mil VND to less than 9 mil VND 65 45.5

From 9 mil VND to less than 12 mil VND 36 25.2

From 12 mil VND to above 28 19.6

Reliability test for 9 constructs

The reliability analysis conducted with SPSS software assessed the instrument's reliability for data collection A Cronbach’s Alpha value between 0.7 and 0.8 indicates a good fit, while a value equal to or greater than 0.6 is considered acceptable.

Participation and empowerment were assessed through three observable variables: involvement in decision-making, attendance in meetings, and employee initiative The measurement scale demonstrated an acceptable reliability with a Cronbach’s Alpha of 0.686.

The reliability test results for the participation and empowerment determinant, as shown in Table 4.2, indicate that the three items on this scale are reliable measures, with Cronbach’s Alpha remaining above 0.686 even when any single item is removed.

Table 4.2: Cronbach’s Alpha reliability test results

Scale Mean if Item Deleted

Scale Variance if Item Deleted

Cronbach’s Alpha if Item Deleted

Participation and empowerment (3 items) Cronbach’s Alpha = 0.686

Working conditions (2 items) Cronbach’s Alpha = 0.835

Rewards and recognition (4 items) Cronbach’s Alpha = 0.851

Just and fair corporate policy

Training and personal development (2 items) Cronbach’s Alpha = 0.630

Payment and benefits (4 items) Cronbach’s Alpha = 0.855

Just and fair salary policy 9.84 6.389 0.709 0.810

Nature of work (2 items) Cronbach’s Alpha = 0.805

Job satisfaction (4 items) Cronbach’s Alpha = 0.886

To be content with the type of work

Employee loyalty (2 items) Cronbach’s Alpha = 0.790

Desire to continue working for the current bank

Recommend the current bank to others

Working conditions determinant was measured by 3 observable variables They were infrastructure, working environment, and working hour The Cronbach’s Alpha of this scale was 0.710

Removing the item "working hour" from the scale resulted in an increased Cronbach’s Alpha value of 0.835, surpassing the acceptable threshold of 0.710 This indicates that "working hour" was not a suitable measure for assessing determinants of working conditions and should be excluded from the scale to enhance its reliability The details of the eliminated item are presented in Table 4.3.

The working conditions determinant was assessed using two observable variables: infrastructure and working environment, yielding a Cronbach’s Alpha of 0.835 The reliability test results for the working conditions determinant are presented in Table 4.2.

Table 4.3: Cronbach’s Alpha reliability test results of deleted items

Scale Mean if Item Deleted

Scale Variance if Item Deleted

Cronbach’s Alpha if Item Deleted

Nature of work Cronbach’s Alpha = 0.666

The study utilized four key factors to assess the determinants of rewards and recognition: recognition, rewards, equitable corporate policies, and fair promotion practices With a Cronbach’s Alpha value of 0.851, the scale demonstrated strong reliability in measuring these concepts effectively.

The reliability of the rewards and recognition determinant was confirmed by the fact that removing any of the four items resulted in a decrease in Cronbach’s Alpha, as detailed in Table 4.2.

Efficient teamwork, conflict resolution, and problem sharing are key factors in assessing teamwork effectiveness The scale used to measure these determinants demonstrated a reliable Cronbach's Alpha value of 0.748, confirming its validity in evaluating the concept of teamwork.

Due to Cronbach’s Alpha value would decrease if any items in the scale was deleted; these

3 observable variables were appropriate for the measurement scale The scale used for measuring teamwork was shown in Table 4.2

Training and personal development were assessed using two key items: the significance of training and the value of personal development The reliability analysis indicated that these items are suitable for evaluating the determinants of training and personal development, with a Cronbach’s Alpha of 0.630 The results of the reliability test for this measurement scale can be found in Table 4.2.

The study assessed four key determinants of payment and benefits: suitable salary, just and fair salary policy, affordable salary, and satisfaction with benefit policy The measurement scale demonstrated strong reliability with a Cronbach’s Alpha of 0.855, indicating a good fit for evaluating the concept Results from the reliability test for the payment and benefits factor are presented in Table 4.2.

The determinant was assessed using three key items: suitable work, personal ability, and work stress The Cronbach’s Alpha value was found to be 0.666, indicating an acceptable measurement scale for the nature of work.

Removing work stress from the analysis resulted in an increase in Cronbach’s Alpha to 0.805 Consequently, the study utilized appropriate work and personal abilities to assess the determinants of the nature of work The measurement scale for the nature of work is detailed in Table 4.2, while the item pertaining to deleted work stress is illustrated in Table 4.3.

Job satisfaction is assessed through factors such as enjoyment of work, opportunities for learning and growth, and a sense of importance in one's role The reliability of this measurement is supported by a Cronbach’s Alpha value of 0.886, indicating a strong measurement scale.

Removing learning and potential growth from the scale resulted in an increase in Cronbach’s Alpha to 0.892, surpassing the previous value of 0.886 Despite this statistical improvement, learning and potential growth are crucial factors in assessing job satisfaction Consequently, the measurement scale retained all four items, as detailed in Table 4.2.

The study measured employee loyalty through two key indicators: the desire to remain with the current bank and the likelihood of recommending it to others With a Cronbach’s Alpha of 0.790, the reliability of the measurement scale was confirmed, as detailed in Table 4.2.

Exploratory factor analysis

The use of a quasi-quantitative ordinal scale enables the application of quantitative methods for strong scales Factor analysis facilitates the transformation of a set of mutually correlated variables into a new system of uncorrelated common factors that remain comparable to the original set Before extracting constructs through exploratory factor analysis, the validity of this approach is assessed using Bartlett’s test of sphericity and the Kaiser-Meyer-Olkin (KMO) statistic Bartlett’s test checks for significant correlations between variables, and rejecting the null hypothesis confirms the analysis's validity Additionally, a KMO value greater than 0.5 indicates that exploratory factor analysis is suitable for the constructs under investigation.

The extraction method determines the number of factors based on initial eigenvalues of at least 1, ensuring that all factors collectively explain over 50% of the total variance Additionally, variables are considered valid if their loading factor coefficients exceed 0.5.

According to the results of reliability test, all the observable variables were qualified for exploratory factor analysis for validity test to identify factors among 20 observable h

34 variables, except 2 observable variables “working hour” and “work stress” that decreased Cronbach’s Alpha of the measurement scale

In order to evaluate correlation of variables and significance of these realtions, KMO (Kaiser – Meyer – Olkin) statistics was applied

The KMO index value was 0.796, with a p-value of 0.000, indicating a high KMO statistic that supports the inclusion of all observable variables in the factor model, as illustrated in Table 4.4.

Table 4.4: KMO and Bartlett's Test for independent constructs

Kaiser-Meyer-Olkin Measure of Sampling Adequacy 0.796

Bartlett's Test of Sphericity Approx Chi-Square 1,367E3 df 190

The factor analysis revealed six distinct factors derived from seven initial constructs, with a new factor labeled "motivation" emerging from the combination of participation and empowerment with rewards and recognition due to their interrelatedness This motivation factor encompasses elements that enhance employee job satisfaction, including participation, empowerment, recognition, rewards, and promotion, as identified by Herzberg (1959) The final six factors identified through exploratory factor analysis are motivation, payments and benefits, nature of work, teamwork, working conditions, and training and personal development, each comprising specific associated variables.

Factor 1, motivation, explained 31.88% of variance, including participation in decisions, participation in meetings, employee empowerment – initiative, recognition, rewards, just and fair corporate policy, and fair promotion

Factor 2, payments and benefits, explained 10.58% of variance, including suitable salary, just and fair salary policy, affordable salary, and satisfy with benefit policy

Factor 3, nature of work, explained 8.32% of variance, including suitable work, and personal ability h

Factor 4, teamwork, explained 7.49% of variance, including efficient teamwork, conflict resolution, and sharing problems

Factor 5, working conditions, explained 7.11% of variance, including infrastructure and working environment

Factor 6, training and personal development, explained 5.19% of variance, including importance of training and importance of personal development

The analysis identified six key factors with eigenvalues greater than 1 and loading factor coefficients exceeding 0.5, collectively accounting for 70.55% of the variance in job satisfaction The findings are detailed in Table 4.5, which presents the results of the factor analysis, while Table 4.6 illustrates the total variance explained by these determinants.

Table 4.5: Factor analysis result of determinants of job satisfaction

Just and fair corporate policy 0.592

Just and fair salary policy 0.801

Extraction method: Principal component analysis

Rotation method: Varimax with Kaiser Normalization

Factor loadings less than 0.5 have been omitted. h

Table 4.6: Total variance explained by 6 determinants of job satisfaction

Initial Eigenvalues Extraction Sums of Squared

Factor loadings less than 0.5 have been omitted.

4.3.2.1 EFA for dependent construct of job satisfaction

The KMO index for four observable variables—job contentment, enjoyment of the job, opportunities for learning and growth, and a sense of importance—was measured at 0.794 with a significance level of α = 0.000, indicating that exploratory factor analysis for these items was valid The results of the KMO and Bartlett’s test for job satisfaction are detailed in Table 4.7.

Table 4.7: KMO and Bartlett's test for dependent construct of job satisfaction

Bartlett's Test of Sphericity Approx Chi-Square 340.646 df 6

The exploratory factor analysis (EFA) revealed a single factor termed "job satisfaction," which accounted for 74.53% of the variance Additionally, all loading factor coefficients exceeded 0.7, indicating a strong EFA outcome.

Table 4.8 showed the factor analysis result of dependent construct of job satisfaction and Table 4.9 showed the total variance explained by this factor

Table 4.8: Factor analysis result of dependent construct of job satisfaction

To be content with the type of work 0.886

Table 4.9: Total variance explained by dependent construct of job satisfaction

Initial Eigenvalues Extraction Sums of Squared Loadings

4.3.2.2 EFA for dependent construct of employee loyalty

The KMO index for 2 observable variables, including desire to continue working for the current bank and recommending the current bank to others, was 0.5 at the significance 0.000 h

In this study, the KMO value was found to be 0.5, which is considered acceptable despite being on the lower end of the standard threshold of 0.6 This analysis was conducted with a sample of 143 respondents, and the detailed results are presented in Table 4.10.

Table 4.10: KMO and Bartlett's test for dependent construct of employee loyalty

Bartlett's Test of Sphericity Approx Chi-Square 78.113 df 1

The EFA results indicated that all items loaded onto a single factor, termed "employee loyalty," which accounted for 82.65% of the variance Additionally, all loading factor coefficients exceeded 0.7, demonstrating a strong EFA outcome.

Table 4.11 showed the factor analysis result of dependent construct of employee loyalty and Table 4.12 showed the total variance explained by this factor

Table 4.11: Factor analysis result of dependent construct of employee loyalty

Desire to continue working for the current bank 0.909

Recommending the current bank to others 0.909

Table 4.12: Total variance explained by dependent construct of employee loyalty

Initial Eigenvalues Extraction Sums of Squared Loadings

Rotation method: Varimax with Kaiser Normalization h

According to EFA result, the revised research model of the study was presented in Figure 4.1

The revised hypotheses are presented as followed

H1: There is a positive relationship between motivation and job satisfaction

H9b: There is difference in employee loyalty between bank sectors.

Linear regression

Regression analysis is a statistical method used to model and analyze numerical data by examining the relationship between a dependent variable and one or more independent variables The R Square value, which ranges from 0 to 1, indicates the proportion of variance explained by the independent variables, with 0 signifying no explanation and 1 indicating complete explanation Additionally, standardized coefficient values highlight the significance of each variable in the model, while a t-value greater than 2 for preparedness suggests it is a strong predictor.

Regression model 1 utilized multiple linear regression to examine the relationship between six independent variables—motivation, payment and benefits, nature of work, teamwork, working conditions, and training and personal development—and the dependent variable of job satisfaction The findings revealed that these six factors accounted for 93.5% of the variance in overall job satisfaction, indicating that other unmeasured variables contributed to the remaining variance The details of the regression analysis are presented in Table 4.13.

According to the regression analysis result in Table 4.13, all the standardized beta coefficients had the p-values of 0.000 that meant there were significant relationships among

6 independent variables with job satisfaction It is important to notice that all the relationships between the independent variables and dependent variable in the model were h

41 positive Therefore, an increase in the value of an independent variable would also increase the value of related dependent variable

The regression analysis indicated that motivation is the most significant factor influencing job satisfaction among employees in commercial banks, with a standardized coefficient β of 0.923 and a significance level of 0.000 Key elements of motivation encompass employee participation, empowerment, rewards, recognition, corporate policies, and promotion opportunities.

Table 4.13: Regression analysis result of model 1

Model R R Square Adjusted R Square Std Error of the Estimate

1 0.968 a 0.938 0.935 0.25466477 a Predictors: (Constant), Training and Personal development, Working Conditions, Teamwork, Nature of Work, Payment and Benefits, Reward and Recognition b Dependent variable: Job satisfaction

Payment and benefits emerged as the second most important factor affecting job satisfaction, with a standardized coefficient of β = 0.172 and a significance level of 0.000 Employees reported higher satisfaction when their salaries aligned with their job roles and abilities, adequately supported their daily needs, and were complemented by favorable benefit policies.

The third important factor was teamwork with the standardized coefficient β = 0.153 at the significant level 0.000 Teamwork included cooperating well with other colleagues, resolving conflicts completely, and sharing problems with others

The nature of work is a crucial factor, exhibiting a standardized coefficient of β = 0.135 and a significant level of 0.000, highlighting the importance of aligning job positions with individual abilities Additionally, working conditions rank as the fifth important factor, with a standardized coefficient of β = 0.116, underscoring their role in overall job satisfaction.

A well-developed infrastructure and a safe, clean working environment are crucial factors influencing job satisfaction, with a significant level of 0.000 In contrast, training and personal development show a standardized coefficient of β 0.042 and a significance level of 0.051, indicating they have the least impact on overall job satisfaction.

Regression model 2 utilized a simple linear regression to examine the correlation between job satisfaction and employee loyalty, with job satisfaction as the independent variable and employee loyalty as the dependent variable.

A regression analysis revealed that employee job satisfaction accounts for 38.7% of the variance in employee loyalty, indicating a strong positive relationship with a standardized coefficient of β = 0.625, significant at the 0.000 level, as detailed in Table 4.14.

Table 4.14: Regression analysis result of model 2

Model R R Square Adjusted R Square Std Error of the Estimate

2 0.625 a 0.391 0.387 0.78312214 a Predictors: (Constant), Job satisfaction b Dependent variable: Employee loyalty

Job satisfaction 0.625 0.066 0.625 9.515 0.000 Dependent variable: Employee loyalty

Analysis of variance (ANOVA test)

One-way analysis of variance (ANOVA) is a statistical method employed to assess differences among two or more groups by comparing their means and analyzing variations within and between these groups A p-value greater than 0.05 indicates acceptance of the null hypothesis, which asserts that the average means of the groups are equal, suggesting no significant differences among them This study specifically investigates how job satisfaction and employee loyalty vary based on gender and the banking sector.

4.5.1 Impact of gender on job satisfaction

Table 4.15 showed the descriptive statistics of gender and Table 4.16 presented the analysis of variance of job satisfaction based on the difference in genders

The analysis presented in Table 4.16 shows that the Levene Statistics p-value was 0.11 and the ANOVA p-value was 0.307, both exceeding the 0.05 threshold Therefore, these results indicate that there is no significant difference in job satisfaction between male and female employees.

Table 4.15: Descriptive statistics of gender

Table 4.16: ANOVA analysis – Impact of gender on job satisfaction

Levene Statistic df1 df2 Sig

ANOVA Sum of Squares df Mean Square F Sig

4.5.2 Impact of gender on employee loyalty

The study found no significant difference in employee loyalty between genders, with a Levene Statistics p-value of 0.381 and an ANOVA p-value of 0.470, as illustrated in Table 4.17.

Table 4.17: ANOVA analysis – Impact of gender on employee loyalty

4.5.3 Impact of bank sector on job satisfaction

Table 4.18 provides descriptive statistics for the banking sector, highlighting 22 domestic banks fully funded by Vietnamese capital, such as ACB, Agribank, BIDV, and Vietcombank, alongside 7 foreign banks with at least 50% capital from abroad, including ANZ, Citibank, and HSBC For further details on the banking sector, please refer to Appendix 5.

P-value of Levene Statistics was 0.118 and p-value of ANOVA was 0.486 showed that there was no difference in job satisfaction between domestic bank sector and foreign bank sector Table 4.19 showed the ANOVA analysis result of testing difference in job satisfaction between bank sectors

Table 4.18: Descriptive statistics of bank sector

Table 4.19: ANOVA analysis – Impact of bank sector on job satisfaction

4.5.4 Impact of bank sector on employee loyalty

The study had the same result when testing the difference in employee loyalty between domestic and foreign banks P-value of Levene Statistics was 0.019 and p-value of ANOVA h

45 was 0.22 show that there was no difference in employee loyalty between domestic bank sector and foreign bank sector The research result was presented in Table 4.20

Table 4.20: ANOVA analysis – Impact of bank sector on employee loyalty

Discussion for data analysis results

Through data analysis process above, 11 hypotheses in the theoretical framework were tested and the research results were presented in this section

H1: There is a positive relationship between motivation and job satisfaction

The regression analysis from Model 1, detailed in Table 4.13, indicates that motivation is the primary factor influencing job satisfaction, with a standardized coefficient β of 0.923 and a t-value of 43.180, both significant at p < 0.000 This factor accounts for 31.88% of the variance in job satisfaction, providing strong statistical evidence at a 95% confidence level for the positive impact of motivation Consequently, the hypothesis H1 is strongly supported, affirming that motivation has a significant positive effect on job satisfaction.

The regression analysis results from model 1, presented in Table 4.13, indicate that working conditions significantly influence job satisfaction, ranking as the fifth most important factor With a standardized coefficient β of 0.116 and a t-value of 5.449, the findings are statistically significant at a p-value of 0.000 This suggests that working conditions account for 7.11% of the variance in job satisfaction Consequently, there is strong statistical evidence at a 95% confidence level to affirm that working conditions have a positive impact on job satisfaction, thereby strongly supporting hypothesis H2 of the research model.

The regression analysis results from Model 1 indicate that teamwork is the third most significant factor affecting job satisfaction, with a standardized coefficient β of 0.153 and a t-value of 7.146, both demonstrating statistical significance (p < 0.0005) This factor accounts for 7.49% of the variance in job satisfaction, providing strong evidence at a 95% confidence level for a positive relationship between teamwork and job satisfaction Consequently, the hypothesis (H3) is strongly supported, affirming that teamwork positively influences job satisfaction.

The regression analysis results from model 1, as presented in Table 4.13, indicate that training and personal development are the least significant factors affecting job satisfaction, with a standardized coefficient β of 0.042 and a t-value of 1.968, which is below the threshold of 2, at a significance level of 0.051 This factor accounts for only 5.19% of the variance, suggesting that, with 95% confidence, there is statistical evidence of a minimal positive impact of training and personal development on job satisfaction Consequently, hypothesis H4 is only weakly supported in the research model regarding the positive influence of training and personal development on job satisfaction.

The regression analysis results from Model 1, as presented in Table 4.13, indicate that payment and benefits are the second most significant factors influencing job satisfaction, with a standardized coefficient β of 0.172 and a t-value of 8.029 (greater than 2) at a significance level of 0.000 (less than 0.05) This factor accounts for 10.58% of the variance, providing strong statistical evidence at a 95% confidence level for the positive impact of payment and benefits on job satisfaction Consequently, the hypothesis H5 is strongly supported, confirming that payment and benefits positively affect job satisfaction.

The regression analysis results from model 1, as presented in Table 4.13, indicate that the nature of work is the fourth most significant factor affecting job satisfaction, with a standardized coefficient β of 0.135 and a t-value of 6.316, which is greater than 2, at a significance level of 0.000 This factor accounts for 8.32% of the variance in job satisfaction, providing strong statistical evidence at a 95% confidence level for a positive relationship between the nature of work and job satisfaction Consequently, the hypothesis H6 is strongly supported, confirming that the nature of work positively influences job satisfaction.

The regression analysis from model 2, as detailed in Table 4.14, indicates that job satisfaction significantly influences employee loyalty, evidenced by a standardized coefficient β of 0.625 and a t-value of 9.515, both surpassing the critical thresholds at a significance level of 0.000 This relationship accounts for 38.7% of the variance, providing strong statistical support for the conclusion that job satisfaction has a substantial positive effect on employee loyalty, thereby strongly validating hypothesis H7 in the research model.

The ANOVA analysis presented in Table 4.16 revealed an F-value of 1.052, which is less than 2, and a significance level of 0.307, exceeding the 0.05 threshold This indicates no significant difference in job satisfaction between male and female participants, leading to a strong rejection of hypothesis H8a in the research model.

The ANOVA analysis presented in Table 4.17 revealed an F-value of 0.524, which is less than 2, with a significance level of 0.470, exceeding the 0.05 threshold This indicates that there is no significant difference in employee loyalty between male and female employees Consequently, the hypothesis H8b, suggesting a difference in employee loyalty based on gender, is strongly rejected in this research model.

The ANOVA analysis presented in Table 4.19 revealed an F-value of 0.489, which is less than 2, and a significance level of 0.486, exceeding the 0.05 threshold This indicates that there is no significant difference in job satisfaction between the domestic and foreign bank sectors, leading to a strong rejection of hypothesis H9a in the research model.

H9b: There is difference in employee loyalty between bank sectors

The ANOVA analysis presented in Table 4.20 indicates an F-value of 1.520, which is less than 2, and a significance level of 0.220, exceeding the 0.05 threshold This suggests that there is no significant difference in employee loyalty between the domestic and foreign bank sectors, leading to a strong rejection of hypothesis H9b in the research model.

The testing results of 11 hypotheses in the research model were shown in Table 4.21

Chapter 4 provides a comprehensive overview of the sample's descriptive statistics, including gender, education, age, work experience, and job position The reliability test for nine constructs yielded favorable results, with only two items—work hours and work stress—being excluded Exploratory factor analysis identified eight distinct factors: motivation, working conditions, teamwork, training and personal development, payment and benefits, nature of work, job satisfaction, and employee loyalty Regression analysis revealed positive correlations between job satisfaction and factors such as motivation, working conditions, teamwork, training and personal development, payment and benefits, and nature of work Furthermore, a strong positive relationship was established between job satisfaction and employee loyalty Notably, the study found no significant differences in job satisfaction and employee loyalty across genders or bank sectors, indicating that demographic variables do not significantly influence these outcomes in commercial banks.

Table 4.21: Testing results of 11 hypotheses in the research model

H1: There is a positive relationship between motivation and job satisfaction 0.923 0.000 Supported

H2: There is a positive relationship between working conditions and job satisfaction 0.116 0.000 Supported

H3: There is a positive relationship between teamwork and job satisfaction 0.153 0.000 Supported

H4: There is a positive relationship between training and personal development and job satisfaction 0.042 0.051 Supported

H5: There is a positive relationship between payment and benefits and job satisfaction 0.172 0.000 Supported

H6: There is a positive relationship between nature of work and job satisfaction 0.135 0.000 Supported

H7: There is a positive relationship between job satisfaction and employee loyalty 0.625 0.000 Supported

H8a: There is difference in job satisfaction between genders 1.052 0.307 Rejected

H8b: There is difference in employee loyalty between genders 0.524 0.470 Rejected

H9a: There is difference in job satisfaction between bank sectors 0.489 0.486 Rejected

H9b: There is difference in employee loyalty between bank sectors 1.520 0.220 Rejected h

CONCLUSIONS

Research findings

A recent study identified six key determinants of job satisfaction within commercial banks in Ho Chi Minh City, which collectively explain 93.5% of the variance in job satisfaction These factors include motivation, payment and benefits, teamwork, nature of work, working conditions, and training and personal development While all factors positively influence job satisfaction, training and personal development exhibit a weaker positive impact at the 0.05 significance level Notably, motivation, payment and benefits, teamwork, and the nature of work are the four most significant factors, contributing to over 50% of the variance in job satisfaction.

The research reveals a significant positive correlation between job satisfaction and employee loyalty, with job satisfaction accounting for 38.7% of the variance in employee loyalty Additionally, the study investigates the effects of gender and the banking sector on job satisfaction and employee loyalty, finding no substantial relationship between these variables.

Managerial implications

This study highlights key managerial implications derived from research findings, focusing on six crucial determinants of job satisfaction These insights aim to assist human resource departments in commercial banks in Ho Chi Minh City in enhancing job satisfaction and fostering employee loyalty.

The study highlights that motivation is the key driver of job satisfaction, encompassing elements such as recognition, rewards, promotion, participation, and empowerment Notably, recognition stands out as a highly effective motivator due to its simplicity and significant impact on employee morale.

Recognition and rewards play a crucial role in employee motivation and can take various forms, including formal or informal, low-cost or costly, and public or private Timely recognition based on work quality, problem-solving, or special projects helps employees understand what behaviors are valued Promotions can also serve as a reward for long-term loyalty and contributions to organizational development Encouraging employee meetings to discuss reports and policies fosters clear communication and support Ultimately, employee participation in decision-making and empowerment are vital for successful management implementation and the overall development of the organization.

Payment and benefits are crucial factors influencing job satisfaction, as highlighted by Locke (1976), who notes that compensation is shaped by individual traits such as age, education, and experience, as well as job characteristics like responsibility and challenge Beyond fulfilling basic needs, pay symbolizes achievement and provides security, enabling greater freedom in life Employees who perceive their pay as inequitable often experience dissatisfaction, emphasizing the importance of fair compensation that reflects their contributions This sense of fairness is rooted in both internal equity—comparing compensation within the organization—and external equity—comparing it with similar roles in other organizations When compensation fails to meet expectations, employees may feel disheartened and seek alternative job opportunities Therefore, organizations should maintain effective communication regarding employee benefits to foster a positive work environment.

52 can take such as employer-paid health insurance premiums and tax, holidays, vacations, personal days, and tuition reimbursement, etc to increase job satisfaction of employees

Teamwork is a crucial element of job satisfaction, as strong relationships among team members foster a well-organized environment aimed at achieving common goals and enhancing employee motivation The human resources department plays a vital role in facilitating collaboration across various bank departments To improve teamwork skills, HR should implement training programs focused on appreciation, effective communication, conflict resolution, and program management, which can significantly enhance team performance Additionally, HR should organize group events and activities, such as women's networks and cooking weekends, to encourage employees to engage outside of work, thereby fostering deeper understanding and cooperation among colleagues.

The nature of work is a crucial determinant of job satisfaction, as highlighted by Locke (1976) Key attributes that enhance employee interest and satisfaction include the opportunity to utilize personal skills, engage in new learning, express creativity, and experience variety and responsibility Conversely, monotonous or overly stressful work can lead to dissatisfaction However, when employees face challenges that are manageable and accepted, they are more likely to become engaged and interested in their roles Successfully navigating these challenges fosters a sense of competence and pride, thereby boosting job satisfaction A well-designed job can fulfill employees' needs for motivation, morale, and retention while reducing absenteeism and increasing productivity Effective job design strategies include work simplification, which streamlines management layers for better efficiency, job enrichment that adds complexity and responsibility, and job enlargement that expands task variety.

53 skills and see tasks through to completion, and job rotation gives them expertise in different tasks

Working conditions play a crucial role in job satisfaction, ranking as the fifth most important factor They encompass both physical and social elements, including a satisfactory workspace, appropriate lighting, noise levels, thermal comfort, usability, and office equipment An ideal workspace should promote employee health and well-being while being adaptable to evolving work processes through flexible and adjustable designs Additionally, a well-designed working environment fosters improved communication and collaboration among employees and departments.

Training and personal development play a crucial role in enhancing job satisfaction, as effective training programs can minimize operational errors, boost productivity, reduce turnover, and improve safety By fostering a learning environment, organizations can promote innovation and cultivate a positive organizational culture Identifying skill gaps and implementing targeted training initiatives are essential for employee growth Additionally, offering career planning opportunities alongside development experiences can significantly enhance job satisfaction and employee loyalty.

This study is limited by a short timeframe and a sample size of only 143 respondents Future research should aim to gather a larger number of questionnaires from various banking sectors, including state-owned, joint stock, private, and foreign banks, to identify differences and provide valuable recommendations for enhancing job satisfaction Additionally, expanding the research to multiple locations across Vietnam or comparing job satisfaction determinants across different industries could yield new insights and findings.

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Title of study Determinants of job satisfaction in banking industry Authors (Year)

Organizational behaviors Salary, job characteristics, working conditions, management politics, and coworkers

Working conditions, pay, relationships with coworkers and supervisors, organizational policies, and the nature of job

Determinants of critical factors on job satisfaction -

Management and personnel relationship, relationship among employees, motivation, education, wage and salary, welfare facilities, employees' commitment, job promotion, performance, and organization systems and processes

Job satisfaction of Health care staff employed at Health

Work content, age, gender, educational level, working conditions, location (rural or urban), coworkers, salary, and working hours

The Motivation - Hygiene concept and Problems of manpower (1964)

One more time: How do you motivate employees? (1966)

- Hygiene factors: supervision, working conditions, coworkers, pay, policies/procedures, and job security

- Motivation factors: achievement, recognition, work itself, responsibility, advancement, and growth

Job satisfaction and its correlates

- Work motivation: Personal growth, achievement, self-control, monetary gains, non- financial rewards, autonomy, social relations

- Job expectation: Hygiene factors, motivation factors

- Job characteristics: Skill variety, task variety, task significance, autonomy, feedback from job, feedback from self

Job satisfaction indicators and their correlates

- Political and economic environment: unemployment rate

- Organization environment: climate, promotional opportunities

- Job environment: pay, noise, variety

- Stable personality: values, needs, interaction style

- Transient personality traits: anger, boredom

- Individual responses: withdrawal, aggression, work performance, perceptual distortion, illness, etc

- Organizational responses: quality, productivity, turnover, absence, sabotage

- Societal responses: GNP, illness rate, adaptivity, political stability, quality of life, etc h

Appendix 2: English questionnaire used in the study

My name is Phan Thi Tram Thy, and I am a graduate student at the International School of Business, University of Economics Ho Chi Minh City I am currently working on my Master's thesis, titled "Empirical Study of Job Satisfaction and Employee Loyalty: A Case Study of Commercial Banks in Ho Chi Minh City."

This survey seeks to gather and analyze data on job satisfaction and potential improvements for the working environment in commercial banks located in Ho Chi Minh City We kindly ask you to share your insights by completing this form Rest assured that all information provided will remain strictly confidential, and only the aggregated results will be published.

The measurement scale used in this study is 5-point Likert scale as followed:

1 Strongly disagree 2 Disagree 3 Neutral 4 Agree 5 Strongly agree

1 You can participate in making decisions at your department

2 You can participate in meetings at your department

3 Your supervisors/ managers empower you to finish your work

4 The workplace infrastructure is well equipped

5 The working environment is safe and clean

6 The working hour is appropriate

7 You receive recognition from your supervisors/ managers when you get the job done well

8 You receive rewards from your supervisors/ managers when you get the job done well

9 Your corporate policies are just and fair

10 Promotion at the bank where you are working is fair

11 You can work efficiently with your colleagues

12 You have good conflict resolutions with your colleagues

13 You share your problems with your colleagues

MINISTRY OF EDUCATION AND TRAINING UNIVERSITY OF ECONOMICS HO CHI MINH CITY INTERNATIONALSCHOOL OF BUSINESS h

14 Training programs of professional knowledge and skills are important to you

15 Personal development of professional knowledge and skills is important to you

16 Your salary is suitable to the nature of work

17 Salary policy is just and fair

18 Your salary is affordable for your daily life

19 You satisfy with the bank’s benefit policy

20 The work is suitable to your level of education and specialty

21 The work allows you to use your personal abilities well

22 Your work is under high pressure

23 You are content with the type of work

25 You can learn and have potential growth

26 You feel this job is important to you

27 You desire to continue working for your current bank

28 You recommend the bank that you are working to others

32 Your time of working at the current bank:

 From 1 year to less than 3 years

 From 3 year to less than 5 years

 From 5 years to less than 7 years

 From 3.000.000 VND to less than 6.000.000 VND

35 Name of the bank you are currently working for:

 Agribank  Maritime Bank  Ocean Bank  Shinhan Bank Vietnam

 MHB  Viet Capital Bank  Sai Gon Bank  Stardard Chatered Bank

 Vietcombank  VPbank  PG Bank  Indovina Bank

 Vietinbank  VIB  Kienlong Bank  VRB

 Techcombank  Tien Phong  SCB  HSBC

 Eximbank  Dong A Bank  LienvietPost Bank  ANZ

 MB  OCB  BaoViet Bank  Citibank

 ACB  OCB Bank  Western Bank  Hong Leong Bank

 Sacombank  AnBinh Bank  Southern Bank  Others:………

Thank you for your information h

Appendix 3: Vietnamese questionnaire used in the study

Xin chào, tôi là Phan Thị Trâm Thy, học viên tại Viện Đào tạo Quốc tế thuộc Trường ĐH Kinh tế TP.HCM Hiện tại, tôi đang thực hiện luận văn thạc sĩ với chủ đề "Nghiên cứu thực tiễn về mức độ hài lòng với công việc và lòng trung thành của nhân viên ngân hàng thương mại tại TP Hồ Chí Minh".

Chúng tôi mong muốn thu thập ý kiến và phản hồi của các anh chị về mức độ hài lòng với công việc, nhằm nâng cao chất lượng môi trường làm việc tại các ngân hàng khu vực TP.HCM Xin vui lòng cung cấp một số thông tin và ý kiến của mình (các câu trả lời sẽ được giữ kín và chỉ công bố kết quả tổng hợp).

Anh/chị vui lòng đánh giá các nội dung sau đây theo các các mức độ như sau:

1.Hoàn toàn không đồng ý 2 Không đồng ý 3.Không ý kiến 4 Đồng ý 5 Hoàn toàn đồng ý

I SỰ THAM GIA VÀ TRAO QUYỀN 1 2 3 4 5

1 Anh/chị được tham gia vào việc đưa ra các quyết định tại bộ phận/phòng ban của mình

2 Anh/chị được tham gia các cuộc họp tại bộ phận/phòng ban của mình

3 Anh/chị được cấp trên trao quyền để tự mình hoàn thành công việc được giao

II ĐIỀU KIỆN LÀM VIỆC 1 2 3 4 5

4 Cơ sở vật chất nơi anh/chị làm việc được trang bị đầy đủ

5 Môi trường làm việc an toàn và sạch sẽ

6 Giờ giấc làm việc phù hợp

III PHẦN THƯỞNG VÀ SỰ CÔNG NHẬN 1 2 3 4 5

7 Anh/chị được cấp trên ghi nhận thành tích khi hoàn thành tốt công việc được giao

8 Anh/chị được cấp trên khen thưởng khi hoàn thành tốt công việc được giao

9 Chính sách của ngân hàng anh/chị đang làm việc công bằng và hợp lý

10 Sự thăng tiến tại ngân hàng anh/chị đang làm việc là công bằng

11 Anh/chị hợp tác tốt với các đồng nghiệp

12 Anh/chị giải quyết tốt các mâu thuẫn với đồng nghiệp

13 Anh/chị chia sẻ các vấn đề của mình với đồng nghiệp

V ĐÀO TẠO VÀ PHÁT TRIỂN BẢN THÂN 1 2 3 4 5

BỘ GIÁO DỤC VÀ ĐÀO TẠO TRƯỜNG ĐẠI HỌC KINH TẾ TP HỒ CHÍ MINH

VIỆN ĐÀO TẠO QUỐC TẾ h

14 Chương trình đào tạo kiến thức chuyên môn và kỹ năng nghiệp vụ có vai trò quan trọng đối với anh/chị

15 Sự phát triển kiến thức chuyên môn và kỹ năng nghiệp vụ của bản thân có vai trò quan trọng đối với anh/chị

VI TIỀN LƯƠNG VÀ PHÚC LỢI 1 2 3 4 5

16 Tiền lương phù hợp với tính chất công việc

17 Chính sách tiền lương công bằng, hợp lý

18 Tiền lương đủ để anh/chị chi trả cuộc sống hàng ngày

19 Anh/chị hài lòng với chính sách phúc lợi của ngân hàng

VII TÍNH CHẤT CÔNG VIỆC 1 2 3 4 5

20 Công việc phù hợp với trình độ học vấn và chuyên môn của anh/chị

21 Công việc cho phép sử dụng tốt các năng lực cá nhân

22 Công việc của anh/chị chịu áp lực cao

VIII SỰ HÀI LÒNG VỚI CÔNG VIỆC 1 2 3 4 5

23 Anh/chị hài lòng với loại hình công việc này

24 Anh/chị yêu thích công việc của mình

25 Anh/chị có thể học hỏi và phát triển tiềm năng của bản thân

26 Anh/chị cảm thấy công việc này quan trọng đối với mình

IX SỰ TRUNG THÀNH VỚI CÔNG VIỆC 1 2 3 4 5

27 Anh/chị mong muốn tiếp tục làm việc tại ngân hàng này

28 Anh/chị giới thiệu ngân hàng mình đang làm việc cho những người khác

29 Giới tính của anh/chị:

30 Trình độ học vấn của anh/chị:

31 Độ tuổi của anh/chị: h

32 Thời gian anh/chị làm việc ở ngân hàng hiện tại:

 Từ 1năm đến ít hơn 3 năm

 Từ 3 năm đến ít hơn5 năm

 Từ 5 năm đến ít hơn7 năm

33 Mức lương hiện nay của anh/chị (tính trên 1 tháng)

 Từ 3.000.000 đồng đến ít hơn 6.000.000 đồng

34 Vị trí công tác hiện tại của anh/chị:

 Quản lý (Kiểm soát viên, Giám đốc/ Phó giám đốc chi nhánh/phòng giao dịch, trưởng/ phó phòng)

 Điều hành (Tổng giám đốc, Giám đốc điều hành)

35 Ngân hàng anh/chị đang làm việc:

 Agribank  Maritime Bank  Ocean Bank  Shinhan Bank Vietnam

 MHB  Viet Capital Bank  Sai Gon Bank  Stardard Chatered Bank

 Vietcombank  VPbank  PG Bank  Indovina Bank

 Vietinbank  VIB  Kienlong Bank  VRB

 Techcombank  Tien Phong  SCB  HSBC

 Eximbank  Dong A Bank  LienvietPost Bank  ANZ

 MB  OCB  BaoViet Bank  Citibank

 ACB  HD Bank  Western Bank  Hong Leong Bank

 Sacombank  AnBinh Bank  Southern Bank  Others:………

Chân thành cám ơn sự đóng góp ý kiến nhiệt tình của các anh chị h

Appendix 4: Detail of studies using the measurement scale for 9 constructs

1 Participation in decisions Turkyilmaz et al (2011)

2 Participation in meetings Turkyilmaz et al (2011)

Nguyen (2012) Phan (2011) Sowmya & Panchanatham (2011) Mohammed (2006)

Nguyen (2012) Devi & Suneja (2013) Mohammed (2006) Hossain (2014)

Nguyen (2012) Phan (2011) Devi & Suneja (2013) Mohammed (2006) Hossain (2014)

Devi & Suneja (2013) Mohammed (2006) Islam & Saha (2001)

9 Just and fair corporate policy

10 Fair promotion Turkyilmaz et al (2011)

Phan (2011) Devi & Nagini (2013) Sowmya & Panchanatham (2011) Devi & Suneja (2013)

12 Conflict resolution Turkyilmaz et al (2011)

13 Sharing problems Turkyilmaz et al (2011)

Turkyilmaz et al (2011) Devi & Suneja (2013) Mohammed (2006) Islam & Saha (2001)

Nguyen (2012) Sowmya & Panchanatham (2011) Devi & Suneja (2013)

17 Just and fair salary policy

Nguyen (2012) Phan (2011) Devi & Suneja (2013) Hossain (2014)

19 Satisfy with benefit policy Hossain (2014) h

Nguyen (2012) Phan (2011) Devi & Nagini (2013) Islam & Saha (2001)

23 To be content with the type of work Turkyilmaz et al (2011)

24 Enjoying the job Turkyilmaz et al (2011)

Devi & Nagini (2013) Sowmya & Panchanatham (2011) Devi & Suneja (2013)

27 Desire to continue working for current bank Turkyilmaz et al (2011)

28 Recommending the bank to others Turkyilmaz et al (2011) h

Tiêu đề	Empirical Study Of Job Satisfaction And Employee Loyalty: Case Of Commercial Banks In Ho Chi Minh City
Tác giả	Phan Thi Tram Thy
Người hướng dẫn	Dr. Cao Hao Thi
Trường học	University of Economics Ho Chi Minh City
Chuyên ngành	Master of Business (Honours)
Thể loại	thesis
Năm xuất bản	2015
Thành phố	Ho Chi Minh City

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