Satisfaction on Non-Monetary Attributes During Remote Working: Generational Analysis Amongst Foreign Bank Employees in India

Abstract

India houses 45 foreign banks with a manpower of about 24,000. Foreign banks in India are considered equipped and advanced to implement and handle remote working. However, implementation of remote working by the branches in India has been different when compared to the home base of these foreign banks eg: bigger families in India make remote working difficult, trust of managers over employees was an often debated question vs. western counterparts who have been used to remote working for a longer period etc. Given remote working brings in benefits to both banks and employees, the foreign banks want to consider if remote working can be continued in future in a modified form but prior to that, ascertaining the satisfaction of the employees holds the key lest should the initiative fail. It is in this context that this research aims to measure the satisfaction level of employees during remote working (vs. non-remote working) with a specific emphasis on sixteen identified non-monetary factors. For this purpose, a field survey of 405 foreign bank employees in India was carried out and the research focusses specifically on the satisfaction level of different generations / age groups. Data analysis also deals with correlation between the different non-monetary attributes of satisfaction and also aims to find out the relationship between overall job satisfaction and the attributes.  Analysis revealed that there is a significant difference between the generations in how they perceive their bank’s performance especially in the areas of flexible working hours, social interaction, training opportunities and speak-up culture. With Gen Z getting into the workforce, banks may want to refine their concept of flexible working hours (needs further investigation by the banks) and work on the speak-up culture as this generation seems to significantly differ from other generations in the way they view it. This paper recommends introducing ‘role appraisals’ and not just focus on performance appraisals, ways to bring about speak-up culture and day-today appreciation in job. This research does not delve deep into the causes of performance/non-performance and its convenient sampling can give rise to undefined bias. Aim of this paper is to contribute to management research by identifying focus areas for foreign banks for a sustained remote working environment.