Evaluating Levels of Job Satisfaction among Employees in the Banking Sector – Evidence from Lusaka District

Abstract

This study evaluated the levels and predictors of job satisfaction among employees in the banking sector in Lusaka, Zambia. A descriptive research design was employed, and respondents were selected through simple random sampling from the population of all commercial bank employees in the city. The study was anchored on Herzberg’s Two-Factor Theory, which guided the identification of both intrinsic and extrinsic factors influencing job satisfaction. Data were collected using a structured, closed-ended questionnaire measured on a five-point Likert scale and analyzed using multiple linear regression. The regression model was a significant predictor of job satisfaction, indicating that the combined effects of the selected independent variables reliably explain variations in employee satisfaction. Analysis revealed that all five variables were statistically significant positive predictors. Recognition emerged as the strongest predictor (β = 0.164, p < 0.001), followed by relationship with supervisors (β = 0.122, p < 0.001) and remuneration (β = 0.118, p < 0.001). Job security was also significant (β = 0.085, p = 0.001), while promotion and career growth, although statistically significant, had a comparatively lower impact (β = 0.059, p = 0.044). Despite these significant predictors, the overall level of job satisfaction among bank employees was found to be low, suggesting that existing organizational practices are inadequate to meet employees’ expectations. The study recommends that banks adopt a comprehensive approach to improving job satisfaction, which includes enhancing remuneration and benefits, offering non-monetary motivational packages, fostering supportive leadership and supervisor relationships, and providing clear career progression pathways.