Motivation's Role in Singapore Banking: Talent, Retention & Engagement

This literature review examines the impact of employee motivation on talent retention and engagement within Singapore's banking sector. It begins by establishing the background and research problem, noting the importance of employee engagement for organizational development and the challenges Singaporean banks face in retaining talent. The research objectives focus on understanding the value of motivation, examining its impact on retention and engagement in the Singaporean banking industry, evaluating the correlation between motivation and these factors, and suggesting activities to enhance motivation. Key themes explored in the literature review include the role of motivation in enhancing employee commitment and productivity, the importance of communication and transparency in fostering employee trust, and the impact of reward and recognition programs on employee empowerment. The review also addresses the potential challenges posed by Singapore's authoritative culture and power distance gaps between leaders and employees, which can affect motivation and engagement. The research aims to provide insights into how motivation can be leveraged to improve talent retention and engagement in the competitive Singaporean banking landscape. Desklib offers numerous resources for students, including similar assignments and past papers.

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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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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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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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 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

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 To suggest recommended activities for enhancing the rate of motivation to maximize the
rate of retention and engagement in the banking sectors of Singapore
1.5 Research questions
The research questions will be:
 What is the value of motivation and how does it support engagement and retention of the
workforce?
 How does motivation affect retention and engagement of employees in the Singaporean
banking industry?
 What is the relation between motivation and staff retention or engagement of the talents
in an organization?
 What are the recommended activities that might be considered by the banking sectors of
Singapore for enhancing the rate of motivation with the purpose of maximizing the rate
of retention and engagement?
1.6 Research hypothesis
H0 – Motivation is not related to employee engagement and retention
H1 - Motivation is related to employee engagement and retention

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2. Literature review
2.1 Motivation of employees and its relation with engagement and retention
Raziq and Maulabakhsh (2015) stated that motivation plays a major role in enhancing the
operations that are undertake by the workforce. The leadership role and the approaches that are
initiated by the leaders support an organization in developing the productivity of the venture
through enhanced employee commitment towards work processes. Saleem and Khurshid (2014)
opined that the different innovative mechanisms that are implemented by the organization are
reliant on the steady support of the workforce. The motivation of the employees supports an
organization in maximizing the rate of satisfaction and commitment of the venture towards the
profitability of the venture. In this relation, the organization has taken significant steps of
communicating with the employees to identify and mitigate the issues that are encountered by
the venture .
Faisal Ahammad et al. (2015) stated that communication with the workforce does not
only supports an organizational management in keeping the venture motivated but also support
the venture in continuing with the transparency of the business operations. Transparency in the
business operations supports an organization in encouraging maximum involvement of the
employees. Involvement of the employees in the organizational processes supports an
organization in enhancing the rate of productivity. The transparency of the operations of a
business venture supports the venture in developing the processes while gaining over the trust
and confidence of the employees. In has been noted that more than 72% of the employees are
dissatisfied with the opaqueness of the operations that are initiated by the venture and the lack
of clarity in the decision making process of the ventures (Falola, Osibanjo and Ojo 2014). The
lack of logical reasoning in the organizational processes has affected the potentials of the

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employees in continuing with the efficacy of the operations in adherence to the demand of
sustenance. Therefore, most of the corporations has adopted interpersonal communication which
supported the venture in developing the trust and confidence among the employees while
operating on the different objectives.
On the other hand, Belias and Koustelios (2014) stated that the reward and recognition
programs that are designed by organizations support the venture in encouraging the employees
and motivating the venture to encounter new challenges. Empowerment of the employees
through the rewards and recognitions support an organization in valuing the individual
contribution of the employees. The different changes that are initiated by the organizations are
reliant on the uninterrupted operations of the systems in adherence to the expectation of the
employees. Kianto, Sáenz and Aramburu (2017) opined that motivated employees are more
likely to get involved in the modified processes for ensuring the enhancement in the productivity
of the venture. In this relation, the diverse changes that are initiated by the organizations are
reliant on the HRM based policies of the venture for continuing with the efficacy of the talents
and retaining the venture. The advisory of the HRM best practices supported the organizations in
identifying the concerns that are encountered by the venture for continuing with the efficacy of
the operations in adherence to the needs of the venture.
George (2015) opined that improvements in the rate of employees satisfaction supports
an organization in retaining skilled workforce. In this relation, the policies and procedures that
are designed by the organization support in enhancing the relation of the management bodies
with the employees. On the other hand, Shah, Irani and Sharif (2017) argued that the mentality
and outlook of the workforce also affects the potentials of an organization in retaining the skilled
workforce through motivation. The collaborative operations of the workforce with the

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management supports an organization in developing the efficacy of the operations. However, a
resilient workforce might affect the potentials of the organization in developing a positive
workplace culture through motivating and supporting the employees. In this relation, Sung and
Choi (2014) opined that the increasing rateof the power distance gap between the leaders and the
employees might affect the potentials of the workforce in continuing with the efficacy of the
operations. In this relation, the increasing rateof the power distance gaps affects the motivational
approach of the leaders through lack of suitable communication and guidance. The increasing
rateof the power distance gaps affects the inclusiveness of the workforce in the different
operations that are designed by the organizations.
On the other hand, Kour and Gakhar (2015) opined that the increasing rateof the power
distance gaps between the employees and the managers has affected the potentials of the
organizations in developing a synergy. The motivational approach that is being initiated by the
leaders in the organizations supports in developing the operations through empowerment of the
employees. Maheshwari et al. (2017) noted that the empowerment of the employees are mostly
based on the training and development programs that are provided by most of the organizations.
The training and development programs support the organizational leaders indentifying the work
related issues at are encountered by the employees and thereby support the venture through
suitable guidance and training with the purpose of enhance the skills of the venture .
The different developments that are initiated by the organizations are pendent on the
efficient skills of the workforce. The skilled and talented workforce supports an organization in
continuing with the standards of operations while emphasizing on the innovativeness of the
venture . On the other hand, Chahal and Kaur (2014) argued the training and development of
the employees also support an organization in retaining the workforce while mitigating the issues

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relating to job roles or contingencies. Therefore, the training and development related activities
of an organization support the venture in developing the potentials of the workforce and
motivate the venture to maximize the rate of staff retention in the organizational context.
Novokmet and Rogošić (2016) noted that the operations that are initiated by the
organizations are reliant on the uninterrupted operations of the workforce in adherence to the
sustenance based needs of the organization. Suitable communication with the employees
supports the organizational leaders in influencing the efficacy of the operations in adherence to
the demand. The reward and recognition programs along with the compensation that is provide
to the employees support the organizations in continuing with the effectiveness of the operations
in adherence to the sustenance related needs of the venture. Budhwar, Varma and Patel 92016)
opined in a research that more than 78% of the employees resign from their posts due to lack of
suitable recognition from the side of the organization or their contributions to the organizational
profitability and sustenance. Dissatisfaction among the employees might affect the potentials of
the organizations in continuing with the efficacy of the operation in adherence to the demand of
the venture.
Salampasis, Mention and Torkkeli (2015) opined that employee satisfaction supports an
organization in retaining the venture while continuing with the processes in adherence to the
innovations in the respective industries. The different aspects of change in the organizations are
reliant on the development of the workforce and retention of the venture . In this elation, the
organizations have taken steps to develop suitable operations of the venture with the aim of
encouraging the involvement of the employees in the operations. Sung and Choi (2014) opined
that the reward and recognition programs support an organization in developing healthy
competition in the workforce. It helps the management of the organizations in encouraging the

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involvement of the employees in the existing processes while developing suitable reward
programs for the achievements. Belias and Koustelios (2014) stated that the reward and
recognition programs of the organization support the venture in developing a positive workplace
culture. The development of appropriate organizational culture will support the venture in
continuing with the efficacy of the operations in adherence to the sustenance related demand of
the organizations.
Raziq and Maulabakhsh (2015) opined that the positive organizational culture supports a
organization in encouraging the workforce to engage in the processes that are designed by the
venture with the purpose of achieving a competitive benefit in the markets. Alternatively, He,
Zhu and Zheng (2014) opined that the resilience of the employees towards the process designs
affect the potentials of the organization in upholding the efficacy of the operation in adherence to
the demand of the businesses. The changes and modifications that are planned by the
organizations are reliant on the support and engagement of the employees. Imran, Maqbool
and Shafique (2014) stated in this relation that the lack of change readiness and resilience among
the employees might affect the potentials of the organizations in developing its processes as per
the modifications.
Lack of change readiness among the employees is irrespective of the motivation that is
provided by the employers through remuneration, compensation, rewards or recognitions. Falola,
Osibanjo and Ojo (2014) also opined that the lack of change readiness among the employees
might affect the potentials of the concerned organization in developing the systems in adherence
to the urgency for modification encountered the venture . However, Shah, Irani and Sharif
(2017) noted that the induction of suitable motivational approaches support an organization in
minimizing the rate of staff attrition in the organizational context. Therefore, the suitable