Evaluating the effects of job satisfaction in ANZ bank vietnam

RESEARCH PROJECT (BMBR5103) EVALUATING THE EFFECTS OF JOB SATISFACTION IN ANZ BANK VIETNAM STUDENT’S FULL NAME : HOANG MINH THANG STUDENT ID : CGS00018518 INTAKE : SEPTEMBER, 2014 ADVISOR’S NAME & TITLE : NGUYEN THE KHAI, DBA December, 2015 Page | i ADVISOR’S ASSESSMENT Advisor’s print name and signature Page | ii TABLE OF CONTENTS ACKNOWLEDGEMENTS LIST OF FIGURES LIST OF TABLES ABBREVIATIONS ABSTRACT CHAPTER I - INTRODUCTION 10 1.1 Company Introduction 10 1.2 Research Introduction 14 1.2.1 Problem statement 14 1.2.2 Purpose of the study 15 1.2.3 The scope of the research 15 1.2.4 Research questions 16 CHAPTER II – LITERATURE REVIEW 17 2.1 Job Satisfaction 17 2.2 Organizational Commitment 20 2.3 Organizational Citizenship Behaviors 25 2.4 Voice Behaviors 27 2.5 Job Stress 28 CHAPTER III: RESEACH MODEL AND HYPOTHESES 31 3.1 Research Model 31 3.1.1 Dependent Variables: 31 3.1.2 Independent Variables: 31 3.1.3 Constructs 31 3.2 Research Hypotheses 32 3.3 Instruments 36 3.4 Research Participants 37 3.5 Procedure for Data Collection and Analyze 37 CHAPTER IV: ANALYSIS AND RESULTS 39 Page | iii 4.1 Demographic Characteristics of the respondents 39 4.2 Reliability Analysis 41 4.3 Descriptive Analysis 42 4.4 Correlation of all variables statistics 42 4.5 Hypotheses Testing 43 CHAPTER V: CONCLUSION 47 5.1 Summary and Discussion: 47 5.2 Management Implications: 48 5.3 Limitations and Further Research Recommendation: 49 REFERENCES 51 APPENDIX A 51 APPENDIX B 59 Page | iv ACKNOWLEGEMENTS First of all, I would like to express my deep gratitude to Dr Nguyen The Khai, my research advisor, for his patient guidance, enthusiastic encouragement and useful critiques of this business research work I would also like to extend my thanks to assistant lecturers of the MBAOUM-K15C class for their help in running and analyzing data Then, I am thankful to all my colleagues at ANZ Bank and classmates for their support and assistance in completing the survey questionnaire on schedule as well as consultation, orientation and comment during my research process Last but not least, I wish to thank my beloved family for their encouragement and continuous support throughout my study in the MBA program Page | LIST OF FIGURES Figure 1: Proposed Research Model of Job Satisfaction in ANZ Bank 31 Figure 2: A summary of demographic characteristics of the respondents 40 Page | LIST OF TABLES Table 1: Summary of Cronbach’s Alpha of the variables 41 Table 2: Descriptive Statistics 42 Table 3: Summary of Correlations of all variables 43 Table 4: Multiple Regression of Hypothesis 45 Table 5: Multiple Regression of Hypothesis 46 Table 6: Multiple Regression of Hypothesis 47 Table 7: Multiple Regression of Hypothesis 47 Page | ABBREVIATIONS ANZ ANZ Bank HRM Human Resource Management SPSS Statistical Packages for the Social Science JS Job Satisfaction OC Organizational Commitment OCB Organizational Citizenship Behaviors VB Voice Behaviors JSS Job Stress Page | ABSTRACT The aim of the study is to investigate the relationship and effects of job satisfaction among the employees working in ANZ Bank Self-administrated questionnaire was distributed by selecting a convenient sampling the data collected was 225 employees (nearly 30% of total employees) in the bank The data were analyzed with the help of Statistical Package of Social Sciences (SPSS) The findings of the study revealed that a positive relationship was found between job satisfaction and organizational commitment, organizational citizenship behaviors and voice behaviors among the employees, whereas negative relationship between job satisfaction and job stress was not found due to unsupported data The study results are useful for the bankers The study also provided the limitations and recommendations for future research Keywords: Job satisfaction, organizational commitment, organizational citizenship behaviors, voice behaviors, job stress, ANZ Bank, banking industry Page | CHAPTER I - INTRODUCTION 1.1 Company Introduction Australia and New Zealand Banking Group (ANZ) are fully committed to Vietnam ANZ was one of the first foreign banks to open, and has been in Vietnam since 1993 ANZ Vietnam now has eight Branches and Transaction offices, one Saving Kiosk in two major cities, Hanoi and HCMC and two Representative Offices, servicing Retail & Wealth, Consumer Finance, Institutional and Commercial customers ANZ Vietnam has more than 750 employees, and named the Best Retail Bank in Vietnam in The Asian Banker’s International Excellence in Retail Financial Services Awards 2013 In 2008, ANZ became one of the first three 100% foreign owned banks to be granted a banking license by the State Bank of Vietnam to locally incorporate in Vietnam The new license allowed ANZ to step up its expansion strategy in Vietnam and led to the opening of more branches and representative points in Hanoi and Ho Chi Minh City in 2009 As the key hub for the Greater Mekong Region, which includes Vietnam, Cambodia, Laos, Thailand and Myanmar, ANZ Vietnam plays a pivotal role in the Bank’s wider super regional strategy, connecting customers with each other and with markets across the region ANZ has an exciting ambition to become a super regional bank – providing the scale and quality of a global business to customers in our core markets of Australia, New Zealand, Asia and the Pacific In order to achieve our goals, we know we need to nurture great people That’s why we’ve made it our business to be an organization where people want to work and can deliver their best Page | 10 recommended that ANZ first should build better working environment with fairly and transparently in performance assessment as well as encourage ANZ employees to raise their voice anytime, anywhere he/she deal with On another hand, the voice behaviors should be included in the performance plan to record excellent initiatives, contribution for the work-related stuff In conclusion, to step by step improve the commitment from employees to ANZ, the necessary thing is that top management should be aware of the importance of developing and retaining its workforce And then, ANZ should make some adjustment of HRM policies so that the bank can retain the talented employees and create a better working place 5.3 Limitations and Further Research Recommendation: Firstly, the time is limited Most of target employees of ANZ Bank have a very limited time to support me on the survey completion To fulfill the survey, they have to spend their break or free time The survey respondent had to spend a lot of time for explaining and convincing them joining in the unrelated work’s survey Secondly, it is sample size There is 225 ANZ employees in Ho Chi Minh City participated in the survey, it only accounted by 30% of ANZ workforce This may made up little on the meaning of the output of the research Last but not least, this research was conducted within ANZ employees Therefore, the findings of the research will only take the most value for ANZ organization, not for banking industry or other businesses as well It will not be recommended as a good reference for other business For further research, it is recommended that a wide study on foreign bank in as well as the banking industry level in Vietnam based on the same topic should be involved The results of the future study would contribute and be feasible for practical implementation Page | 49 REFERENCES - Dail L Fields (2002) Taking the Measure of Work – A Guide to Validated Scales for Organizational research and Diagnosis Sage Publications, Inc - Agho, A O., Price, J L., & Mueller, C W (1992) Discriminant validity of measures of job satisfaction, positive affectivity and negative affectivity Journal of Occupational and Organizational Psychology, 65, 185-196 - Parker, D F., & DeCotiis, T A (1983) Organizational determinants of job stress Organizational Behavior and Human Performance, 32, 160 –177 - Kacmar, K M., Carlson, D S., & Brymer, R A (1999) Antecedents and consequences of organizational commitment: A comparison of two scales Educational and Psychological Measurement, 59(6), 976-994 - Brooke, P P, Russell, D., & Price, J L (1988) Discriminant validation of measures of job satisfaction, job involvement, and organizational commitment Journal of Applied Psychology, 73, 139-145 - Caldwell, D F., & O’Reilly, C A., III (1990) Measuring person-job fit with a profile-comparison process Journal of Applied Psychology, 75(6), 648-657 - Callen, V J (1993) Subordinate-manager communication in different sex dyads: Consequences for job satisfaction Journal of Occupational and Organizational Psychology, 66, 13-27 - Martin, C L., & Bennett, N (1996) The role of justice judgments in explaining the relationship between job satisfaction and organizational commitment Group & Organization Management, 2/(1), 84-104 - Duffy, M K., Ganster, D C., & Shaw, J D (1998) Positive affectivity and negative outcomes: The role of tenure and job satisfaction Journal of Applied Psychology, 83(6), 950-959 - Dunham, R B., Grube, J A., & Castaneda, M (1994) Organizational commitment: The utility of an integrative definition Journal of Applied Psychology, 79, 370-380 Page | 50 - Mathieu, J E (1991) A cross-level nonrecursive model of the antecedents of organizational commitment and satisfaction, Journal of Applied Psychology, 76(3), 607-618 - Sagie, A (1998) Employee absenteeism, organizational commitment and job satisfaction: Another look Journal of Vocational Behavior, 52(2), 156-171 - Organ, D W„ & Ryan, K (1995) A meta- analytic review of attitudinal and dispositional predictors of organizational citizenship behavior Personnel Psychology, 48(A), 775-795 - Williams, L J., & Anderson, S E (1991) Job satisfaction and organizational commitment as predictors of organizational citizenship and in-role behaviors Journal of Management, 17(3), 601-617 - Moorman, R H (1993) The influence of cognitive and affective based job satisfaction measures on the relationship between satisfaction and organizational citizenship behavior Human Relations 46(6), 759-778 - Van Dyne, L., & LePine, J A (1998) Helping and voice extra-role behaviors: Evidence of construct and predictive validity Academy of Management Journal, 4/ (1), 108-119 - Jamal, M (1990) Relationship of job stress and Type-A behavior to employees’ job satisfaction, organizational commitment, psychosomatic health problems, and turnover motivation Human Relations, 43(8), 727-738 - Parker, D F., & Decotiis, T A (1983) Organizational determinants of job stress Organizational Behavior and Human Performance, 32, 160-177 - ANZ Bank Annual My Voice Report – Fiscal Year 2013 (September 2012 – August 2013 ) - ANZ Bank Annual My Voice Report – Fiscal Year 2014 (September 2013 – August 2014 ) - ANZ Bank Annual My Voice Report – Fiscal Year 2013 (September 2014 – August 2015 ) - http://www http://www.anz.com/vietnam/en Page | 51 APPENDIX A QUESTIONNAIRE Dear Colleagues, My name is Hoang Minh Thang, studying in the MBA program of Malaysia Open University I am writing my research project on job satisfaction and it is effects to Organizational Commitment, Organizational Citizenship Behaviors, Voice Behaviors and Job Stress among ANZ employees Appreciate if you can spare approximately 30 minutes to complete the survey questionnaire as accurately as possible Your answers will be kept confidential and used for the research purpose only If you have any questions, please not hesitate to contact me at email thangydc@gmail.com or mobile 0933635650 Thank you very much! Page | 52 QUESTIONAIRE PART I: JOB SATISFACTION Please indicate how much you agree or disagree with each of following statements using the numbers through where = Strongly Disagree, = Disagree, = Neutral, = Agree and = Strongly Agree Please circle only one number that is most suitable with your response Strongly disagree Strongly agree Statement How satisfied are you with the nature of the work you perform? How satisfied are you with the person who supervises you superior? How satisfied are you with your relations with others in the organization with whom you work? How satisfied are you with the pay you receive for your job? How satisfied are you with the opportunities which exist in this organization for advancement or promotion? Considering everything, how satisfied are you with your current job situation? 5 5 5 Page | 53 PART II: ORGANIZATIONAL COMMITMENT Please indicate the degree of your agreement or disagreement with each statement by circling one of the five alternatives below each statement Strongly disagree Strongly agree Statement I am quite proud to be able to tell people who it is that I work for I sometimes feel like leaving this employment for good I’m not willing to put myself out just to help the organization 10 Even if the firm were not doing too well financially, I would be reluctant to change to another employer 11 I feel myself to be part of the organization 12 In my work I like to feel I am making some effort, not just for myself, but for the organization as well 13 The offer of a bit more money with another employer would not seriously make me think of changing my job 14 I would not recommend a close friend to join our staff 15 To know what my own work had made a contribution to the good of the organization would please me 5 5 5 5 Page | 54 PART III: ORGANIZATIONAL CITIZENSHIP BEHAVIORS Please give your most suitable response to each of the following statements by circling the numbers through where 1= never, 2= rarely, 3=sometimes, = usually, 5= always Never Always Statement - Altruism items: 16 How often you help others who have been absent? 17 How often you volunteer for things that are not required? 18 How often you orient new people even though it is not required? 5 19 How often you help others who have heavy workloads? 20 How often you assist supervisor with his or her work? 21 How often you make innovative suggestions to improve department? 22 How often you attend functions not required but that help the company image? - Generalized compliance items: 5 23 How often are you punctual? 24 How often don't you take undeserved breaks? 25 How often you attend at work is above the norm? 26 How often don't you coast toward the end of the day? 27 How often you give advance notice if unable to come to work? 28 How often don't you have great deal of time spent with personal phone conversations? 5 29 How often don't you take unnecessary time off work? 30 How often don't you take extra breaks? 31 How often don't you spend time in idle conversation? Page | 55 PART IV: VOICE BEHAVIORS Please indicate the degree of your agreement or disagreement with each statement by circling one of the five alternatives below each statement Strongly disagree Strongly agree Statement 32 I develop and make recommendations concerning issues that affect this work group 33 I speak up and encourages others in this group to get involved in issues that affect this group 34 I communicate my opinions about work issues to others in this group even if his/her opinion is different and others in this group disagree with him/her 35 I keep well informed about issues where his/her opinion might be useful to this work group 36 I get involved with issues that affect the quality of life here in this group 37 I speak up in this group with ideas for new projects or changes in procedures 32 I develop and make recommendations concerning issues that affect this work group 33 I speak up and encourages others in this group to get involved in issues that affect this group 34 I communicate my opinions about work issues to others in this group even if his/her opinion is different and others in this group disagree with him/her 35 I keep well informed about issues where his/her opinion might be useful to this work group 36 I get involved with issues that affect the quality of life here in this group 37 I speak up in this group with ideas for new projects or changes in procedures 5 5 5 5 5 5 Page | 56 PART V: JOB STRESS Please indicate the degree of your agreement or disagreement with each statement by circling one of the five alternatives below each statement Strongly disagree Strongly agree Statement 38 Working here makes it hard to spend enough time with my family 39 I spend so much time at work, I can't see the forest for the trees 40 Working here leaves little time for other activities 5 41 I frequently get the feeling I am married to the company 42 I have too much work and too little time to it in 43 I sometimes dread the telephone ringing at home because the call might be job-related 44 I feel like I never have a day off 45 Too many people at my level in the company get burned out by job demands 5 46 I have felt fidgety or nervous as a result of my job 47 My job gets to me more than it should 48 There are lots of times when my job drives me right up the wall 49 Sometimes when I think about my job I get a tight feeling in my chest 5 50 I feel guilty when I take time off from job Page | 57 Personal Information Your Gender  Male  Female Your Age  Under 25 years old  25 - 35 years old  36 - 45 years old  Above 45 years old Your Education  Associate degree  Bachelor’s degree  Master’s degree  Doctorate degree Your Position  Officer  Senior Officer  Manager  Business Unit Head Your Working Experience  Under year  - years  - years  Above years Thank you for your participation! Page | 58 APPENDIX B PRESENTATION OF BUSINESS RESEARCH METHODS RESEARCH TITLE Evaluating the Effects of Job Satisfaction in ANZ Bank Instructor: Nguyen The Khai, DBA Presenter: Hoang Minh Thang ID: CGS00018518 Class: MBAOUM0914 - K15C Course: Business Research Methods Australia and New Zealand Banking Group (ANZ) was the first foreign bank to operate in Vietnam since 1993 Today, ANZ has more than 750 employees, 10 Branches and Transaction offices in two major cities, Hanoi and HCMC ANZ offers international banking services across commercial, corporate & institutional businesses, retail & wealth banking Awards "Best Foreign Retail Bank in Vietnam” by the International Finance Magazine in 2014 "Best Retail Bank in Vietnam" in The Asian Banker’s International Excellence in Retail Financial Services Awards 2013 Page | 59 As the result of annual My Voice Survey 2015 of ANZ Bank which has been published recently, the number of employees have the job tension gets increasing year over year ANZ employees are not strongly motivated to contribute to the bank’s success due to low organizational commitment, high job stress, not good use of their talents and abilities and raising issues with a fear of negative consequences One of the important aspects in influencing OC, OCB, VB behaviors and JSS attitude that needs to be examined is about the satisfaction of employees Organizational Commitment H1 + H2 + Job Satisfaction Organizational Citizenship Behaviors H3 + H4 - Voice Behaviors Job Stress Page | 60 Variable Author Year Number of Items Job Satisfaction Schriesheim and Tsui 1980 Organizational Commitment Cook and Wall 1980 Organizational Citizenship Behaviors Smith, Organ, and Near 1983 16 Voice Behaviors Van Dyne and LePine 1998 Job Stress Parker and Decotiis 1983 13 There were 300 questionnaires on-site delivered to my ANZ colleagues in departments The response rate is 82% or 245 respondents which were considered fairly encouraging as they were not familiar with such kind of surveys After filtering, a number of questionnaires were eliminated due to many missing values The data were based on 225 questionnaires, it’s the sample Page | 61 N Minimum Maximum Mean Std Deviation JS 225 1.167 5.000 3.6281 0.6176 OC 225 1.444 5.000 3.5753 0.5448 OCB 225 3.000 5.000 4.0781 0.3981 VB 225 1.333 5.000 3.6770 0.6477 JSS 225 1.200 4.000 3.3533 0.5976 Valid N (listwise) 225 Variable Cronbach’s Alpha Number of Items Result JS 0.895 Good OC 0.865 Good OCB 0.838 16 Good VB 0.859 Good JSS 0.825 13 Good Page | 62 Variable R square Beta Sig Hypothesis JS - OC 032 0.158 007 H1(+) Supported JS - OCB 107 0.211 000 H2(+) Supported JS - VB 074 0.286 000 H3(+) Supported JS - JSS 041 0.195 002 H3(-) Not-Supported a Predictors: (Constant), JS b Dependent Variable: OC, OCB, VB, JSS Hypothesis 1: • Adjust the strategies and policies to enhance high commitment in employee Hypothesis 2: • Set an excellent reward system to recognize outperformance Hypothesis 3: • Openly and transparently in working place • Recognizes and encourages staff to raise their voice, initiatives Hypothesis 4: • The relationship of the two variables is not good as expected due to different perception and understanding of employees Page | 63 [...]... completes the integration of the Royal Bank of Scotland’s corporate and institutional banking businesses in Vietnam 2003 ANZ opens a Representative Office in Can Tho under ANZ Banking Group Limited 1996 ANZ opens a sub-branch in Ho Chi Minh City 1993 ANZ opens its first Branch in Hanoi Page | 13 1.2 Research Introduction 1.2.1 Problem statement The Board Management of ANZ Bank are aware of the critical... be involved in every positive behavior The job satisfaction in organization and individual, the low level of work satisfaction in an organization is a sequence of reduction in doing work, the increase of attendance and the decrease of moral Whereas in the individual level, the dissatisfaction of job which related to a great desirability to quit job, the increase of work stress, and many physiological... Office in Binh Duong Province under ANZ Bank (Vietnam) Limited 2012 ANZ opens Representative Office in Can Tho City under ANZ Bank (Vietnam) Limited 2011 ANZ opens the Operations Centre at The Crescent Plaza in the Phu My Hung New City Centre, District 7, Ho Chi Minh City 2009 ANZ establishes ANZ Bank (Vietnam) Limited ANZ expands its network in Vietnam by opening more outlets in Hanoi and HCMC ANZ acquires... stated, the more people's work environment meet their needs including intrinsic and extrinsic needs (Abraham Maslow,1954), values, or personal characteristics, the greater the degree of job satisfaction (Ellickson, 2002) will be Recent studies have identified that job satisfaction of employees is defined and measured in two aspects: overall satisfaction of job and satisfaction of job components Job satisfaction. .. and help enhance the competitiveness of the bank One of the important aspects in influencing OC, OCB, VB behaviors and JSS attitude that needs to be examined is about the job satisfaction of employees The satisfaction of work becomes interesting and important issue Job satisfactory is the difference between what we expect and what we get related to the alternative which is available in the situation that... his job It is psychological phenomenon of an employee Page | 18 which describes the feeling and thought of an employee towards his job Job satisfaction is actually the satisfaction of an employee from the characteristics of the job Low satisfaction can be the result of working with unskilled or inappropriately trained staff, laborious tasks such as documentation, repetition of duties, tensions within... defined job satisfaction as a positive emotional feeling, a result of one’s evaluation towards one`s job experience by comparing between what one`s expects from the job and what one actually gets from it Again in 1976 Locke define job satisfaction is a pleasurable or positive emotional state resulting from the appraisal of one’s job or job experience Spector (1997) says that job satisfaction is the. .. published recently, the numbers of employees have the job tension gets increasing year over year That may lead the bank to critical impact of leaking its skilled and well trained workforce Not only that, it will take huge invisible cost for the bank if these well trained and qualified employees run out of the company and come to work for the competitors It is important for ANZ to retain the employees who... the critical role of talent workforce and striving to attract and retain their bankers by various measures such as increasing salary and allowance fairly compared with the market, conducting intensive training courses, offering more opportunities for career promotion and incentive abroad trips for outperformance bankers However, as the result of annual My Voice Survey 2015 of ANZ Bank which has been... needs of each worker to attain the high level of employees’ job satisfaction (Locke, 1976) Researchers have worked on this issue and they developed six assessment models (Descriptive index, Minnesota Satisfaction Questionnaire, Job Diagnostic Survey, Job Satisfaction Survey, Job in General Scale and Michigan Organization Assessment) to assess the employees’ job satisfaction by considering job satisfaction ... Behaviors JSS Job Stress Page | ABSTRACT The aim of the study is to investigate the relationship and effects of job satisfaction among the employees working in ANZ Bank Self-administrated questionnaire... 2013 In 2008, ANZ became one of the first three 100% foreign owned banks to be granted a banking license by the State Bank of Vietnam to locally incorporate in Vietnam The new license allowed ANZ. .. Minh City 2009 ANZ establishes ANZ Bank (Vietnam) Limited ANZ expands its network in Vietnam by opening more outlets in Hanoi and HCMC ANZ acquires and completes the integration of the Royal Bank