IMPACT OF INTRINSIC AND EXTRINSIC REWARDS ON EMPLOYEE JOB SATISFACTION IN BANKING SECTOR OF KARACHI

Abstract

Banking sector in Pakistan has shown a marvelous growth even in bad economic conditions. As employees are considered the most important strength of each and every organization, therefore employees working in this sector too are the main driving force that are responsible for the rapid growth and extra ordinary performance of this sector. The satisfaction level of these employees should be given an extreme importance. The satisfied employees contribute more effectively towards the success of organization. Effective reward package is important to increase the level of satisfaction of employees. The important objective of my research is to find out the influence of intrinsic and extrinsic rewards on satisfaction level of employees while working in banking sector of Karachi. Information is collected with the help of a questionnaire from a sample of 250 employees who work in different banks of Karachi. Version 19 of SPSS is used for an appropriate examination of data. The findings of Pearson Correlation tells us the relationship between different variables while the calculation of the strength between satisfaction level of employees at job (dependant variable) and intrinsic, extrinsic (independent variables) occurs with the help of application of multiple regression as in the model there is an existence of more than one variable which is independent. The findings of the study disclosed that rewards of intrinsic and extrinsic nature both have a positive as well as significant association with job satisfaction of employees, but the value of relationship between extrinsic rewards and job satisfaction is high as compared to value of relationship between intrinsic rewards and job satisfaction. As a result job satisfaction of employees who work in banking sector of Karachi seem to be more associated with rewards of extrinsic nature as compared to rewards of intrinsic nature.