This thematic paper focuses mainly on the tendency to work towards generation Y in the banking industry today. The factors included the motivational factors and characteristics of the generation Y and the perception of work in the banking industry.
Generation Theory
During this generation's time, there was a high rate of divorce and violence, so you can say that they are the generation of survivors (Fishman, 2016). But the money in the form of high salary, several months bonuses and stock options is the big motivator for this generation, as they have to take care of both their child and parents, where the health and education support from the government was very weak, so they have to earn a lot of money to meet these costs (Bova and Kroth, 2001). "It could be said for this generation that "work to live" (McClindle, 2006). This generation also seeks work-life balance as they value time as the most important and continuous learning (McClindle, 2006). They prefer to work in a team, while being collaborative, results-oriented and eager for pressure (Barford and Hester, 2011).
They are interested in the company that has a strong value, social ethics, distinctive brand and non-hierarchical environment (Weyland, 2013). The new experiences will continue to attract this generation because they are dynamic and eager to learn the new thing. From the research of PWC, it found that 95% of the respondents say that work-life balance is important to them and expect the company to implement this policy, and they all agree that the rewards should be paid by the result rather than number of working hours (PWC, n.d.).
If a manager can give them clear direction through mentoring, Yers will appreciate it more as they seek knowledge from their supervisor.
Motivation Theory
This means that the task assigned is too difficult or too easy for the employee (Tietjen and Myers, 1998). It is a kind of empowerment of the employee and the freedom to create ways of working and make decisions while the supervisor is the coach (Ruthankoon and Ogunlana, 2003). It is about the promotion that moves the employee to the higher level with the suitable time with expected or unexpected (Ruthankoon and Ogunlana, 2003).
What matters is whether the employee sees the opportunity for career growth or advancement opportunities in the organization to motivate him to perform well (Zakkariya, 2015). Company policy should not be too strict, but it should be a clear and fair practice to provide direction to the employee (Tietjen and Myers, 1998). This will reflect the quality of work as the employee has to deal with other people in the organization, resulting in good or bad collaboration within the team or between different functions (Tietjen and Myers, 1998).
This statement is related to the physical thing around the employee such as the facility, building and the location that is safe and appropriate for the employee (Ruthankoon and Ogunlana, 2003).
METHODOLOGY
- Interview Method
- Sample Selection
- The Research Framework
- Open-End Question List
The first group is Generation Y who have left the bank and moved on to the non-banking sector. Another target group are respondents who graduated in Generation Y in the financial sector and banking, but do not work in the banking sector. The reason for choosing is to get in-depth information about the perception of working in the banking sector, and the reason for not working in the banking sector.
This group can illustrate the banking industry's brand image, which leads to future development if the bank wants to be the employer of choice. Can you describe the culture of the bank you work for and the culture of your team?. Job satisfaction 4) When working with bank, please explain what you are satisfied with/dissatisfied about working in bank?
Can you describe the culture of the bank where you work and the culture of your team.
DATA ANALYSIS
Finance and Banking graduate student
A manager from a start-up company who graduated with a degree in finance and accounting said that "A new level in the banking industry is like 'I'm nobody' to the organization, no matter how good you are or how hard you work. This is because it seems to be less chance to have a quick career opportunity for the talent because of the hierarchy structure.It is agreed by most of the respondents because they think that in the banking industry, it is shaped by a very strict policy, which can limit innovation and creativity to make the bank more modern and attractive.
Bank agents must get an approval from the highest level, which takes so long until the deal is completed. Regarding the salary and benefit, most of the interviewees understand that the salary from the bank is less than the other industry, but the benefit is more attractive as it will be related to the financial issue like the lowest interest rate for home loan for employees. These are the possible reasons of the selected respondents who graduated in finance and banking, but do not work in the banking industry.
Both internal and external factors are forced the banking industry has not been interested anymore for the majority, but some of them are still believed in this industry, if the bank can design the job description so that it is more challenged and less on goals in terms of money.
Former Banker
The bank's salary and compensation package are relatively attractive from the majority of the respondents mentioned and this is another factor that they like when working with banks. Some said that "if there is a chance in the future, I would like to rejoin the bank because it is more secure and stable for them and their family". Even in some local bank want to flatter the organization, but it is still be the hierarchy inside.
According to the majority of respondents, career progression in this sector can be slow, and each team has a very limited quota of staff each year, so that is quite limiting. There is also no guarantee that the vacancy will be filled by promotion from within; usually the bank recruits the manager from outside. By following good and continuous training, the employee gets the feeling that the bank is indeed investing heavily in him or her.
This condition can be a factor that forces an employee to leave the bank and look for a demanding job elsewhere.
Current Banker
From above mentioned, it demonstrates both positive and negative aspects of the former bank workers who can really know about the current situation and work culture in the banking industry. They said it's because sometimes they want to give feedback to the managers and tell them exactly what they want from the manager. A product support manager said that "When I work at the bank, what I have to worry about is the very strict policy of the bank itself and of the bank of Thailand, so it is not a challenging job compared to other industries that they have less limitations." .
A market official said it will be difficult for banks to become more modern than other industries because the way they do business is constrained by politics, but it depends on how each bank dares to step out of the bounds to change. and soon shape a new image of the banking industry". Talking about the compensation and benefits, the current employees are very satisfied with the salary and benefits of the bank and all of them found that it is in line with the market rate of pay. My teammate received a very positive comment from a customer after she posted to celebrate her hard work.
The bank has not been a favorite employer for years due to the intense talent war.
DISCUSSION
Conclusion
For Responsibility, this factor is linked to the banks' organizational structure, for the junior level the responsibility will not be significant because it will belong to the manager. For the advancement, there is a clear structure like the career path that should be the guideline for the employee to go through, but it will take time and hard work to reach the star. For the possibility of growth, there is a career path in the banks, but it will be in a silo structure rather than across functions.
There is certainly growth potential for a banker, but it will take a long time to climb the ladder, which may not be a good choice for Yers as they would like to advance their careers quickly. For hygiene factors, which are external factors, the factors will be those that can define the employer of choice for the employee. For control, this will be related to a hierarchical structure because it can create a power distance.
Banks can provide job security for the employee as they think that it is the main institution of the country so they feel safe to be there.
Recommendation
It would be great if the employee is given the opportunity to manage his working hours so that he can achieve a work-life balance. It would be great if the company can tailor the benefits to the employee's needs. These types of benefits will make the employee realize that the company cares for his well-being.
This is a way to make the employee feel the freedom and really touch the word work-life balance. The reviewer should add the reward system to make it more attractive and motivate the employee to perform above the expectation. Especially if the organization can tailor PM according to the employee preference, it can increase the motivation.
The PM can also continue to challenge the employee through SMART goals to make career development more visible and realistic.
Limitations
