The Impact of Motivation on Retention and Engagement in the Banking Sector in Singapore

Running head: MOTIVATION AND EMPLOYEE ENGAGEMENT
MOTIVATION AND EMPLOYEE ENGAGEMENT
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MOTIVATION AND EMPLOYEE ENGAGEMENT
Table of Contents
1. Introduction..................................................................................................................................2
1.1 Background............................................................................................................................2
1.2 Research problem..................................................................................................................3
1.3 Research aim..........................................................................................................................5
1.4 Research objectives...............................................................................................................5
1.5 Research questions.................................................................................................................6
1.6 Research hypothesis...............................................................................................................6
2. Literature review..........................................................................................................................6
2.1 Motivation of employees and its relation with engagement and retention............................6
2.2 Impact of motivation on bank employees............................................................................12
2.3 Motivation and staff retention in the Singaporean banking sector......................................17
References......................................................................................................................................22

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MOTIVATION AND EMPLOYEE ENGAGEMENT
Topic: The impact of motivation on retention and engagement of talents in the Banking Sector
in Singapore
1. Introduction
1.1 Background
The development of the organizations is reliant on the uninterrupted operations of the
employees on the needs of the ventures. In this elation, the collaborative operations of the
management bodies with the workforce support an organization in developing the operations and
the processes for achieving the common goals of the venture . Dar et al. (2014) stated that the
motivation from the managers support in encouraging the involvement of the employees in the
different processes that are developed by the organizations. The different modifications that are
initiated by the organization are reliant on the active involvement of the employees in the
different change processes. Therefore, the employers must design a combination of different
retention strategies for minimizing the rate of employee attrition.
The maximized involvement of the employees in the different operations of the venture I
facilitated through motivation while developing the range and quality of operations. On the other
hand, Paillé et al. (2014) opined that the maximized involvement of the employees in the
organizational decision making systems support an organization in continuing with the rate of
change readiness among the workforce. Therefore, the maximized motivation supports in
enhancing the involvement of the employees in the processes supported the venture in
developing the operations of the venture in adherence to the sustenance related needs of the
venture .

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MOTIVATION AND EMPLOYEE ENGAGEMENT
The research will be based on identifying the impact of engagement, motivation and
retention of Talents in the Banking Sector in Singapore. The different technological innovations
that are being encountered by the global and Singaporean banking sector is specifically based on
the support of the employees through their active participation. Breevaart et al. (2014) opined
that the different changes in the banking sector are reliant on the financial service related needs
of the clients. In this relation, the collaborative operations of the organization with the
workforce supported the banking based industry in developing the capacities of the venture
while adhering to the expectations of the clients.
The amount of motivation that is provided by the employers to the employees in the
processes that are designed by the banking industry has helped the venture in enhancing the
process designs. On the other hand, Guest (2017) opined that the leadership structure of an
organization and the motivation support a venture in maximizing the rate of employee
satisfaction while operating on the modifications. Longoni, Golini and Cagliano (2014) stated
that reward and recognition programs that are initiated by the organizations support the venture
in continuing with uninterrupted operations of the workforce. On the other hand, Hassan (2016)
opined that the motivation from management supports an organizational workforce to operate
with the objective of gaining competitive benefit. In this relation, the concerned research will
identify the different factor relating to the effect of engagement and motivation of the employees
in the organizational processes on the banking sector in Singapore. Therefore, the research will
examine the effect of employee engagement and motivation on the banking processes in
Singapore.

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MOTIVATION AND EMPLOYEE ENGAGEMENT
1.2 Research problem
The different subtle modifications that are initiated by the organizations are reliant on
needs of continuous engagement and support of the employees, which is manifested through the
motivation. Guest (2014) noted in a research survey that around 97% of the employers in the
banking sectors of Singapore have already implemented staff retention strategies for continuing
with the efficacy of the workforce.
However, He, Zhu and Zheng (2014) opined that 56% of the employers are not
optimistic of retaining talents within the next two years based on a forecast that is being
published through a survey of 150 chief financial officers (CFOs) in Singapore. On the other
hand, the relentless attitude of the employees towards the introduction of the new advisory HR
good practices for the banks resulted to the increasing rateof the staff turnover rates. The
advisory made provisions for the banks to provide consolidated training to the employees (Imran,
Maqbool and Shafique 2014). However, the relentless attitude of the employees towards the
training that is being provided by the employers has affected the potentials of the organization in
retaining the skilled talents.
Lack of satisfaction among the employees in the banking sector has affected the business
potentials in continuing with the efficacy of the operations in adherence to the demand of the
customers (Yang, Lee and Cheng 2016). The HR practices that are initiated by the
organizations are reliant on the smooth operations of the systems in adherence to the demand
of the organization. The research will identify the issues that are being faced by the Singaporean
banking sectors in engaging the employees in the different processes for sustenance. The specific
gaps in the HR process relating to training and employee empowerment through rewards and
recognitions has incapacitated the banking businesses in Singapore to retain the employees.

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MOTIVATION AND EMPLOYEE ENGAGEMENT
Motivation to the employees supports an organization in developing the operations of the
venture in enhancing the operations in adherence to the demand of the customers. The
authoritative Singaporean culture might affect the attitude and behaviors of the employees while
restricting the businesses in deploying subtle motivation related factors, which affected the
satisfaction rate of the employees. Therefore, lack of suitable motivation has affected the rate of
engagement of the employees in the processes and retention of talents in the banking sector of
Singapore. The research will aim at developing an insight on the different factors relating to
motivation in the Singaporean banking workforce and the manner in which it affected the
engagement and retention of the employees in their respective job positions.
1.3 Research aim
The aim of undertaking the research is to identify the impact of motivation on retention
and engagement of talents in the Banking Sector in Singapore
1.4 Research objectives
The research objectives will be:
 To understand the value of motivation and the manner in which it supports engagement
and retention of the workforce
 To examine the impact of motivation on retention and engagement of employees in the
Singaporean banking industry
 To evaluate the correlation between motivation and retention or engagement of the talents
in an organization