Factors that attract and motivate South African employees to work within non-metro business banking sectors

Abstract

Financial institutions throughout South Africa have faced several challenges over the past decade. One bank, in particular has been highly competitive due largely to the effect of increased quasi-financial organisations in the market. This banking division has been a dominant player in the KwaZulu-Natal region and its presence is especially evident in non-metro areas. Therefore, it is imperative that management and the human resources department identify the pertinent motivating factors which could be incorporated in the formulation of their succession plans. These initiatives could result in existing employees either remaining in or accepting key positions in the KwaZulu-Natal non-metro areas. To identify the factors, a cross-sectional quantitative study was conducted among 125 employees using an online survey. It was found that there was a significant association (p<0.05) between the employment status and certain motivational factors i.e. opportunities to gain experience and job development, career growth prospects and potential promotion and work-life balance. The results suggested that the factors investigated are unlikely to motivate employees from metro areas to take up positions in non-metro areas, whereas in the case of employees in non-metro areas, significant associations can be utilised as motivational factors to take up opportunities in non-metro area.

Keywords

• employee benefits
• family-friendly work styles
• incentive schemes