The purpose of this research is to understand the key factors that influence employee satisfaction after the bank's downsizing so that the bank can take the right steps to keep valuable employees working longer. The results revealed the correlation between factors from literature review and information from the interview that the bank should prioritize and take action on 3 factors that drive employee satisfaction and decision to work longer after downsizing, which are compensation, work relationship and work itself. Finally, there was the announcement from management to all employees in December 2016 that the bank had signed an agreement to transfer retail business to DEF Bank in September 2017.
Although the bank had to pay a large number of severance payments for unemployment, we expect to become more profitable and survive in the industry in the long term. This leads to the research question, "What are the factors that influence employee satisfaction and how do you retain existing employees after the bank's downsizing?". Although the study originally originated from the actual case of the bank that the writer works for, the writer believes that this case could happen in some other companies and really hopes that this article can be used for the benefit of personnel management after downsizing in many industries.
LITERATURE REVIEW
- Definition of Downsizing
- Compensation
- Job security
- Work relationship
- Recognition
- Career development
- Organization
- Work itself
They may feel worried about the future of their job when the company is facing difficulties. When employees feel physically safe in the work environment and also have job security, they are satisfied at work. When the company makes employees feel confident in their job security, they tend to be more committed and satisfied working with the company.
After working for a while, they look for work that will be more challenging for them and they learn to develop themselves. In addition, they make the company attractive for talented people to join. 2009) in their study of hotel and accommodation companies in the USA revealed that promotion has a positive effect on employee retention for both managerial and non-managerial workers. In addition, Gandolfi and Hansson (2015) stated that a company could provide survivorship training to mitigate the negative effects of downsizing.
This will make existing employees realize that the company values and invests in them by getting them trained. Bowen (2000) highlighted about organizational pride that when employees feel good about what they achieve as individuals and as a group for the company, they are motivated to do more. If they are not clear about what is expected, they may feel dissatisfied and dissatisfied.
Kini and Donahue (2005) explained that when employees understand how what they do drives the company's goals and contributes to business success, they will find their jobs meaningful and be motivated to work. Moreover, Bowen (2000) revealed that configuring good job design and job responsibilities is an effective method of communicating how employee contributions ensure the company's success.
RESEARCH METHODOLOGY
Research design
Interviewee Selection Criteria
The interviewees, as the writer, experienced the change of downsizing in the company since 2016. Therefore, the writer decided to select 4 employees from the central finance department as a sample size to conduct a one-on-one interview of approximately 30 minutes. Before joining the bank, she worked for 3 years in auditing firms and half a year in a consulting company specializing in banking.
She is one of the longest serving employees, having worked here for almost 30 years. In 2014 she rejoined ABC banks as a senior manager working in the Performance Management team for another 5 years.
Interview Questions
Job Security (continued) Have you ever tried to find another opportunity after hearing the news of downsizing. Do you have any concern about your job position when you see that some colleagues have been fired after joining the bank. Never allow your leaders to take full responsibility for the project without management intervention.
Work Itself Are the roles and responsibilities of your leaders clearly communicated to you.
FINDINGS ANALYSIS
- Compensation
- Job security
- Work relationship
- Recognition
- Career development
- Organization
- Work itself
Mrs. Mars said she was getting less than 5% incremental pay a year, which is pretty low, but she's still doing well. Mrs. Moon said she does not feel insecure about her job because she has just been employed for almost a year. Although Ms. Mercury thought another downsizing could happen in the future, she had no idea she would be a layoff victim.
She admitted she was frustrated, working with her old boss and didn't want to go to work. Regarding the company's activity, she said that there were excursions and team building, which she really loves to participate in. Ms. Jupiter said she had a good relationship with her internal team except for some other teams.
Ms Mercury said she was assigned project work to coordinate with the data center team to implement the financial system. She added that she doesn't really want compliments from her boss or co-workers. Besides, she thought that she is still young and it is not difficult for her to find another job if she is not satisfied with this company.
When she found out that she was the only one left in the team, she admitted that she was very stressed with workload. Mrs. Moon admitted that one of the main reasons she moved here was that her old job was stressful and not her career goal. When asked about more challenging work, she confessed that she didn't want more challenge.
Also, she said she has done statutory reporting work all her life.
CONCLUSIONS & RECOMMENDATIONS
Conclusions
Some of them are really satisfied with the company's group insurance, which not only covers the employees, but also the spouse and children. But some of them feel that the salary provided by the bank is not competitive compared to other companies in the industry. One of them was offered a job with a higher salary, but the bank did not offer a competitive one to keep her, but convinced her to reconsider the job itself.
But some of them think that they are not that close since they can only talk about work. Some of them think that they lacked positive support from their superiors when they moved from one team to another team after restructuring their organization. Some of them said that CFO focused more on financial performance but did not take seriously their ideas asked about employee activities.
Some feel that their teams have adapted and divided the work within the team well after the downsizing. But the reduction in both voluntary resignations and dismissals left some of them in trouble because of the size and unclear scope of responsibility. Since they are all the new employees, they have no one besides them to ask for background and knowledge.
Some of them said they could go to the school event or go to the hospital with her father before going to work and finish a little later without any punishment. One of them thinks that it is no problem to get more work and come to work late the next morning, while she had to work until late in the evening the previous day.
Recommendations
- Compensation
- Work relationship
- Work itself
Interviewees' answers agreed on what employees value most in their career decision: work-life balance. This method could ease their disappointment when it isn't what they expected and at the same time increase their motivation to work harder to achieve their goal. To make ABC Bank a great place to work, the company must win the hearts of its employees by taking employee satisfaction seriously.
When employees are struggling, a good leader can be their refuge both at work and in their private lives. Since work itself is the main thing that brings every employee to the workplace, employee satisfaction at work plays an important role in the decision whether to stay with the company or not. But for those who are satisfied with the work itself, but struggling with workload problems and unclear scope of responsibilities, the company should solve this problem as soon as possible, because it affects the entire organization.
The managers should arrange a monthly team meeting to discuss the job content and process with the subordinates. Because when managers often talk and review the work of subordinates, they know exactly what their subordinates are doing. Although most interviewees enjoy work flexibility that ABC offers, it is not appropriate to allow employees to come to work late at night and leave the office late at night.
In addition to flexible working hours, the company should encourage work-life balance among existing employees. This can make them feel valued because the company is paying attention not only to their work, but also to their personal lives.
Limitation in the scope of study
For those employees who do not like the job content and have their own personal dream to achieve, it is difficult for ABC to retain these people because they will finally leave when they get the desired job. And when additional work is needed, they know who still has room to add more. For example, let employees finish work 1 hour early on Fridays and let them choose to either return home early to do their personal business or participate in relaxing activities provided by the bank, such as board games, aerobic exercise, yoga, table tennis.
The writer believes that we can draw findings and conclusions from many different perspectives to understand their factors in making decisions to work in ABC bank in order to develop effective and practical recommendations for management to retain their existing employees. to work with ABC bank. longer after reduction.
