5. What are Motivation Theories that apply to the banking sector?

    The banking industry in Sri Lanka is currently facing stiff competition. The result was that development slowed and expanded rapidly after the end of the Civil War. Competitiveness is a new and derivative opportunity for employees. Conducted by the Executive Level Employees of the Banking Sector in Sri Lanka.   

    Fred Luthan2004) defines motivation as a process that begins with or with psychology. According to Lutheran, the key to understanding the motivation process remains Relationship between needs, drivers, and incentives. The figure below shows the Motivation process. Drivers aimed at incentives are required.

Needs: Needs are created when there is a physical or mental imbalance.

Drive: Drives or motives (terms can be used differently according to Luthans - 2004), arranged to mitigate needs. The drive is functionally centered and provides the energy to reach it and encourage it.

Incentives: Incentives are anything that satisfies the need and reduces the driver. Thus, receiving incentives tends to restore physical or mental balance and will reduce or cut off the drive.

THE HAWTHRONE STUDIES

    The Hawthorne studies experimented with by Elton Mayo of the School of Human Relations are one of the earliest and pioneering theories in the field of motivation. He conducted behavioral experiments at Hawthorne Works at American Western Electric Company in Chicago. He did a few lighting experiments, introduced a break between performances, and introduced a refresh during the break. On the basis of this, he concluded that motivation is a very complex subject.

    It was not only about salary, service status, and morale but also psychological and social factors. Although this research was criticized from many angles, the central conclusion was:

• People are motivated more than wages and conditions.
• The need for recognition and a sense of entitlement is very important.
• Attitudes towards work strongly affect the group.

    This study derives the term "hawthorn effect" from which some people tend to work harder and act better when they participate in a test. Individuals may change their behavior, not because of the handling of independent variables but because of the attention, they receive from researchers.

THE CONTENT THEORIES OF MOTIVATION 

    Content theories of motion These theoretical theories focus on identifying human needs and drivers and prioritizing how these needs become drivers (Lautens, 2004). They care about the incentives or goals that people try to satisfy and function well. The basis of these theories is the belief that an unsatisfied need causes stress and illness.

    Content theories are called "static" because they include only one or more points over time, and they tend to be passed or present. So they do not necessarily predict motivation or behavior, but it is still important to understand what motivates people in the workplace. Content theories date back to the 20th century when pioneering scientific managers such as Frederick W. Taylor, Frank Gilbraith, and Henry L. Gant proposed modern wage, incentive models.

    Next came the human relations movement pioneered by Elton Mayo, focusing on economic conditions and working conditions. Later, content theories intended to focus on high-level needs pioneered by the contributions of Abraham Maslow, Friedrich Herzberg, Clayton Alderfer, David McClelland, and Douglas McGregor. The primary objective of this study is to identify what motivates bank executives, so the content theory is the most relevant theory.

Maslow’s Hierarchy of needs.

    Abraham Maslow outlined elements of the hierarchy of a classic paper in 1943 Needs, as a theory of motivation. Drawing mainly from humanistic psychology and his clinical experience has shown that a person's needs can be organized in a hierarchical way. he identified five needs that people are trying to meet:

Physiological Needs - 

    The basic level of the hierarchy, physical needs in general, corresponds to the basic needs of the ignorant of the people.

Safety needs - 

    These second-level requirements are roughly the same as security requirements. These requirements concerned with emotional and physical safety.

Belonging needs- 

    This third or intermediate level of need, affiliate requirements.

Esteem needs -

    Estimated Requirements Represent high-level requirements proof and status.

Self-actualization needs -

    This level is all down, intermediate and the higher needs of man. People who are self-verified are self-satisfied and have realized all their potential.

    Maslow's theory has an intelligent appeal and is very influential. However, the theory has not been validated by empirical research and its rigidity has been criticized as the fact that requirements arise only in a hierarchy. Human and organizational behavioral experts state that different people have different priorities, and it is difficult to accept that the hierarchy of human needs is gradually increasing.

References -

https://www.assignmentpoint.com/business/human-resource-management/human-resource-management-practices-banking-sector.html

Role of HR in Banking - David Ingram

http://etheses.dur.ac.uk/80/

https://theinvestorsbook.com/human-resource-management-hrm.html

https://www.bankingexchange.com/c-suite/item/6715-employee-turnover-dealing-with-costs-seen-and-hidden