Evaluate the Practices of Motivation at Hatton National Bank
Mariam Peyton is a professional Financial Analyst. She holds a Masters degree in Economics. She specialises in financial analysis and forecasting. Her expertise includes studying the financial performance of companies, markets and entire industries looking for trends, insights and information that can help you glean rich insights for use in academic and market research.
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In an organization, human resources is regarded to as its most important asset, a business cannot flourish without effectively managing its human resources. According to Michael Armstrong in his book “A Handbook of Human Resource Management”, another important aspect to note is that a business’s success is usually achieved when its policies and procedures align with its contribution to the achievement of its goals and objectives and its strategic plans. Also, success may hugely depend on the responsibility of the human resource manager to find, secure, guide, and develop employees whose goals and objectives align with those of the organization and its future needs.
Michael Armstrong in his book “A Handbook of Human Resource Management”, contends that Human Resource Management is a strategic tactic used to acquire, motivate, develop, and manage an organization’s human resources. Its primary purpose is to shape and come up with an appropriate and suitable corporate culture, and also present programs and activities which replicate and support the fundamental principles of the organization so as to ensure its success as well as its growth and development.
Therefore any successful organization must have motivated and enthusiastic employees. This is so because motivated employees are deemed to be more productive, efficient, and happier, and they are most likely to stay with the organization for longer periods of time. There are so many ways of motivating employees among which include; offering interesting work and company policies, employee wages, job enlargement, job improvement, promotions, and monetary and non-monetary compensation among so many others.
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Evaluate the Practices of Motivation at Hatton National Bank Case Study
Key Learning Outcomes
By the end of the case, students should be able to:
- Identify and explain the main motivational factors that influence the bank's employees.
- Analyze and evaluate the effectiveness of the bank's reward system and recognition programs.
- Compare and contrast the bank's motivational practices with other organizations in the same industry or sector.
1.0 INTRODUCTION
Founded in 1970, Hatton National Bank Plc. is a Sri Lankan-based commercial bank. The company engages in retail banking, corporate banking, treasury, and project financing. The company’s segments include corporate, retail, SME, micro treasury, real estate, insurance, and NBFI. Currently, Hatton National Bank Plc. has operations in 31 countries and it has over 255 branches worldwide.
This paper will evaluate the practices of motivation in Hatton National Bank Plc. In this paper, I will evaluate the practices of motivation based on the types of motivation theories applied, the benefits and challenges of motivation, and the impact of motivation on employee performance and satisfaction.
Motivation is a complex and multifaceted concept that can influence the behavior and outcomes of individuals and organizations. It is the process of stimulating and directing the behavior of employees toward the achievement of organizational goals.
According to Hatton National Bank Plc.’s annual report (2020), the bank follows a human resource strategy that focuses on attracting, developing, and retaining talent, as well as creating a culture of excellence and innovation. The bank applies various motivation theories to enhance employee engagement and commitment, such namely:
The theory of Maslow's hierarchy of needs; this theory suggests that people have five levels of needs that must be fulfilled in a certain order namely; physiological, safety, social, esteem, and self-actualization. Hatton National Bank provides its employees with competitive salaries and benefits, safe and comfortable working conditions, opportunities for social interaction and recognition, career development and training programs, and challenging and meaningful work assignments.
The theory of Herzberg's two-factor, which proposes that there are two sets of factors that influence employee motivation: hygiene factors and motivators. Hygiene factors are the extrinsic aspects of work that prevent dissatisfaction, such as pay, security, supervision, policies, and working conditions. Motivators are the intrinsic aspects of work that increase satisfaction, such as achievement, responsibility, growth, and advancement. Hatton National Bank strives to maintain high standards of hygiene factors, as well as to offer various motivators to its employees, such as performance-based rewards and incentives, empowerment and autonomy, feedback and coaching, and recognition and appreciation.
Expectancy theory, states that employee motivation is determined by three factors: expectancy, instrumentality, and valence. Expectancy is the belief that one's effort will lead to a desired level of performance. Instrumentality is the belief that one's performance will result in a desired outcome or reward. Valence is the value or attractiveness of the outcome or reward to the individual. Hatton National Bank aligns its goals and objectives with those of its employees, communicates clear expectations and standards, provides adequate resources and support, links rewards to performance outcomes, and tailors rewards to individual preferences and needs.
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