COMPENSATION MANAGEMENT PRACTICE: A COMPARATIVE STUDY OF PUBLIC AND PRIVATE SECTOR BANKS

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1 COMPENSATION MANAGEMENT PRACTICE: A COMPARATIVE STUDY OF PUBLIC AND PRIVATE SECTOR BANKS Dr.SUMANGALA C 1 GEETHA D V 2 1 Assistant professor, Department of Business Management, Yuvaraja College, University of Mysore, Mysore. 2 Assistant professor, Department of Commerce, Bharathi College, Mandya. ABSTRACT This paper attempts to propose a conceptual framework consisting of eight variables of compensation management practice and human resources management (HRM) practice. The success of an organization depends upon several factors but the most crucial factor that affects the organization performance is its employee. Human resources play an integral role in achieving an innovative and high-quality product/ service. Job satisfaction played an important role to employees turnover because it would lead employee resigned when their job satisfaction is low. The results indicate HRM practice a positively and significantly correlated with job satisfaction. Keywords: compensation management, human resources management and Job satisfaction INTRODUCTION Employee compensation is one of the major functions of HRM. Dessler (2007) defined employee compensation as all forms of pay or rewards going to employees and arising from their employment. Compensation is important for both employers and employees. It is important to the employees because it is one of the main reasons for which people work. Employees living status in the society, motivation, loyalty, and productivity are also influenced by the compensation (Aswathappa, 2008). Again, it is very important for the employers because it creates substantial cash out flow of an enterprise (Weeratunga, 2003). Compensation includes both financial and non-financial benefits (Aswathappa, 2008). Financial elements comprise two elements, namely: direct and indirect forms of payments to the employee. Direct compensation includes hourly and monthly rated wages or salaries, and incentives such as bonuses, commissions, and profit sharing plans. Indirect compensation includes benefits such as provident fund, gratuity, and health insurance, paid leaves, vacations, company car, furnished house, retirement benefits, stock option, and the like. Non-financial benefits comprise challenging job, responsibilities, appreciation, working environment, empowerment, and others. The compensation that an organization provides may be based on either membership (job) or performance (skill). In the traditional system, employees are paid according to the job or membership that has no connection with the employee s or organization s performance. On the contrary, in the case of performance or skill based pay, employees are compensated with respect to their performance, abilities, and knowledge. In practice, performance may be a minor determinant of compensation though academic theories extend the view that performance-based compensation leads to high motivation of employees (Decenzo and Robbins, 1999). Compensation, once determined, should not remain the same for years. It should be reviewed and changed after a certain period through a proper pay survey. Compensation serves many functions. Sound compensation can attract, motivate, and retain the competent employees of an organization (Werther and Davis, 1996) icmrrjournal@gmail.com

2 HUMAN RESOURCES MANAGEMENT PRACTICES Human resources management practices play a very crucial role in achieving the organization s goals and maintain the competitive advantage. HRM practices refer to organizational activities directed at managing the pool of human resource and ensuring that the resources are employed towards the fulfillment of organizational goals (Schuler & Jackson 1987). Human resource management practices is the management of people within the internal environment of organizations, comprises the activities, policies, and practices involved in planning, obtaining, developing, utilizing, evaluating, maintaining, and retaining the appropriate numbers and skill mix of employees to achieve the organization s objectives (Appelbaum 2001). Presently organizations are competing through implementing the unique HRM practices and due to the globalization organizations adopt the most upto-date HRM practices in order to accomplish the organizational goals. Best HRM practices are advantageous for both employee and employer; it plays an important role in constructive growth of the organization. REVIEW OF LITERATURE KC Chakraborty, 2012 HR Management in Banks- Need for a new perspective concluded that Human Resource Management is important for banks because banking is a service industry. Management of risks and Management of people are two key challenges facing banks. He has focused more on the emerging needs of HRM in banking sector in today s world. Deepti Bhargava, 2010 concluded in her research that Human resources play an integral role in achieving an innovative and high-quality product/ service. Zulfqar Bowra and Kabir Niazi in their research paper Impact of human resource practices on employee perceived performance in banking sector of Pakistan (2011) found that The HR practices and employee perceived performance has positive and significant relationship and it is very crucial for banks to understand that their HR practices affect the performance of employees and in turn affect the overall performance of a bank be it private sector or public sector. Many researchers have recognized numerous HR organizing practices that significantly influence performance. Tessema and Soeters (2006) have conducted study on eight HR practices including compensation, training and other aspects. Literature indicates that the performance of the private and foreign banks have been stronger than that of public sector banks (IBA, 2008). A recent study (Selvaraj, 2009) reveals that private banks are more successful vis-à-vis public sector banks in terms of implementing human resource management practices, customer focus, and top management commitment. Furthermore, public and private sector banks differ with respect to their compensation structures, working environments, technology, growth opportunities, and job security provided to the employees. Public sector banks structure compensation in a way such that there are lower pay differentials between the employees, long-term tenure is rewarded and there is a high base pay, whereas in the private sector banks, there are larger pay differentials, fewer rewards for tenure, and pay for performance (D Souza, 2002). In addition, the working environment in private sector banks has been found as growth driven, technologically advanced, and devoid of bureaucracy, where employees promotions are highly contingent on their performance and merit. However, private sector banks do not provide job security and would lay off their employees in cases of poor performance or adverse market conditions (Jha, Gupta & Yadav, 2008; Singh & Kohli, 2006; Thakur, 2007). Bajpai and Srivastava (2004) studied the satisfaction levels of employees of two public sector and two private sector banks in India. The results indicated that layoff threats, quick turnover, less welfare schemes, and less scope for vertical growth increased job dissatisfaction. In contrast, secure job environment, welfare policies, and job stability increased the degree of job satisfaction. In their study, Kumudha and Abraham (2008) compared 100 managers from 13 public and private sector banks and found that the programs related to self-development, information about job openings, opportunities to learn new 44 icmrrjournal@gmail.com

3 skills and retirement preparation programs greatly influence the feelings of career satisfaction. Public and private sector banks also differ with respect to their background and work culture. It has been observed that the work culture of public sector banks was based on the concept of socioeconomic responsibility, in which profitability is secondary. On the other hand, private sector banks work towards profitability. Because these differences between the sectors hold an important factor in shaping the work culture of an organization, it needs to be explored how they would likely influenced by their HRM Practices. For the success and sustained growth of Indian banks, it is imperative to create a pool of committed employees by determining whether they are job satisfied. Their satisfaction would affect their performance and commitment, which would eventually influence the banks growth and profitability. OBJECTIVES OF THE STUDY 1. To examine and compare compensation management practice between public sector and private sector 2. To compare the HR Practices and job satisfaction in public and private sector banks. Hypothesis INTERCONTINENTAL JOURNAL OF HUMAN RESOURCE RESEARCH REVIEW H 0 There is no difference in the compare compensation management practice of public and private Banks. H1 There is a difference in the compare compensation management practice of public and private Banks. H 0 There is no difference in the HR Practices and job satisfaction in public and private Bank H1 There is a difference in the HR Practices and job satisfaction in public and private Bank RESEARCH METHODOLOGY The present study is an descriptive and exploratory research. The study makes use of both primary and secondary extensive. To compare compensation management practice of public and private banks and also to examine and compare HR Practices and job satisfaction in public and private Bank. The study has been carried out through a well-structured questionnaire that is personnel administered of 360 members from both private and public sector. The data collected is codified tabulated and processed for the purpose and analysis of the study, various statistical tools were made use.the test was conducted using specialized Statistical package viz., SPSS, Descriptive statistics, Independent-samples t-test, Levene's Test for Equality of Variances and Correlations. Table 1: Descriptive statistics of the items assessing the status of compensation practices T-Test Group Statistics sector N Mean Std. Deviation Std. Error Mean Compensation in this organization is pvt sector linked to performance pub sector Compensation in this organization is pvt sector based on skills pub sector Compensation policy is linked to the business goals pvt sector pub sector icmrrjournal@gmail.com

4 Compensation Policy is linked to the Human Resource Strategy Compensation decision is made in consultation with the managers The intrinsic and extrinsic rewards offered are quite fair There is a link between performance appraisal and annual increment provided Compensation is sufficient to motivate employee Source: Survey data pvt sector pub sector pvt sector pub sector pvt sector pub sector pvt sector pub sector pvt sector pub sector From the above table 1 shows the sample size (N), mean (M), standard deviation (SD), and standard error mean of all the eight variable used to assess the status of compensation practices in the public and the private sector. From the means of items, differences were observed between the public and the private. To make sure whether these differences were statistically significant, independent-samples t- test was carried out for every item. Table 2: Independent-samples t-test for the items assessing the status of compensation practices Independent Samples Test t-test for Equality of Means t df Sig. (2- Mean Difference Compensation in this organization is linked to performance Compensation in this organization is based on skills Compensation policy is linked to the business goals Compensation Policy is linked to the Human Resource Strategy Compensation decision is made in consultation with the managers The intrinsic and extrinsic rewards offered are quite fair There is a link between performance appraisal and annual increment provided Compensation is sufficient to motivate employee Source: Survey data From the above table 2 shows Equal variances were assumed for this item accordingly from the t-test, the difference between the public and the private with respect to Compensation in this organization is linked to performance was found to be significant (t = 2.94, p <.01). Hence, it can be inferred that the private sector (M = 20.93) are in significantly better position than the public sector (M = 19.78) with respect to Compensation in this organization is linked to performance icmrrjournal@gmail.com

5 Compensation in this organization is based on skills is linked to performance was found to be significant (t = 7.397, p <.01). Hence, it can be inferred that the private sector (M = 17.66) are in significantly better position than the public sector (M = 14.76). Compensation policy is linked to the business goals was found to be significant (t = 7.397, p <.01). Hence, it can be inferred that the private sector (M = 15.35) are in significantly better position than the public sector (M = 13.81). Compensation Policy is linked to the Human Resource Strategy was found to be significant (t = 6.24, p <.01). Hence, it can be inferred that the private sector (M = 10.45) are in significantly better position than the public sector (M = 8.71). Compensation decision is made in consultation with the managers was found to be significant (t = 7.69, p <.01). Hence, it can be inferred that the private sector (M = 17.97) are in significantly better position than the public sector (M = 15.12). The intrinsic and extrinsic rewards offered are quite fair was found to be significant (t = 5.76, p <.01). Hence, it can be inferred that the private sector (M = 7.04) are in significantly better position than the public sector (M = 5.96). There is a link between performance appraisal and annual increment provided was found to be significant (t = 3.75, p <.01). Hence, it can be inferred that the private sector (M = 13.67) are in significantly better position than the public sector (M = 12.43). Compensation is sufficient to motivate employee was found to be significant (t = 7.04, p <.01). Hence, it can be inferred that the private sector (M = 7.09) are in significantly better position than the public sector (M = 5.88). Table 3: Descriptive statistics of the status of compensation practices Compensation Source: survey data Type of the Organization N Mean Std. Deviation Std. Error Mean Private Public icmrrjournal@gmail.com

6 Table 4:Independent-samples t-test for status of compensation practices Compen Equal sation variances assumed Equal variances not assumed Source: survey data To test the above 3 and 4, independent-samples t-test and Levene s test was conducted. Before t-test, Levene s test for equality of variances was carried out to be certain about the homogeneity of variances of the comparing groups. From the Levene s test for equality of variances, it was found that variances were equal. Accordingly, independent-samples t-test showed that the difference between the public and the private sector with respect to overall status of compensation practices was statistically significant (t = -.082, p <.01). It can be concluded that overall status of compensation practices of the private sector (M = 4.25) is significantly better than that of the public sector industrial enterprises (M = 3.15). Table 5: HR Practices and job satisfaction in public and private sector banks. Means Std. Deviation N Job satisfaction Recruitment Performance appraisal Organization policy and culture Career planning Training and development Source: Survey data Levene's Test for Equality of t-test Variances F Sig. t df Sig. (1-95% Confidence Interval of the Difference Mean Differ ence Std. Error Diffe rence Lower Upper From the above table 5 Descriptive statistics are given in table above shows the Mean vale and Std. Deviation of the dependent variable and independent variables. Job satisfaction is the dependent variable mean. This shows HR Practices will impact on job satisfaction 48 icmrrjournal@gmail.com

7 Table6: HR Practices and job satisfaction in public and private sector banks. Correlations Organization Job Performance Career Recruitment policy and satisfaction appraisal planning culture Professional Pearson 1.685**.758**.628**.642**.618** Job Sig. (2- satisfaction Pearson.685** 1.668**.640**.676**.624** Recruitment Sig. ( Pearson.758**.668** 1.622**.788**.658** Performance Sig. (2- appraisal Organization Pearson.628**.640**.622** 1.654**.670** policy and culture Sig. ( Career planning Pearson.642**.676**.788**.654** 1.648** Sig. ( Professional Pearson.618**.624**.658**.670**.648** 1 Sig. ( Source: Survey data The above table 6 shows that the Pearson Correlations and significant values between dependent and independent variables. It shows the recruitment having the highest positive relationship (+685) with the HR practice and also having the significant value.000. There is a positive relationship between job satisfaction and HR practice It shows that Performance appraisal having the highest positive relationship (+.758) with the HR practice and also having the significant value.000. There is a positive relationship between job satisfaction and HR practice. It shows that Organization policy and culture having the highest positive relationship (+.628) with the HR practice and also having the significant value.000. There is a positive relationship between job satisfaction and HR practice icmrrjournal@gmail.com

8 It shows that Career planning having the highest positive relationship (+642) with the HR practice and also having the significant value.000. There is a positive relationship between job satisfaction and HR practice. It shows that Professional having the highest positive relationship (+618) with the HR practice and also having the significant value.000. There is a positive relationship between job satisfaction and HR practice. The table shows the overall scenario of our model. It shows the overall significant value of our model.000 which indicates that the combination of these independent variables is significantly predicting the dependent variable. FINDINGS INTERCONTINENTAL JOURNAL OF HUMAN RESOURCE RESEARCH REVIEW To assess the status of compensation practices in the public and the private sector. Equal variances were used to calculate the difference between the public and the private. compensation practices like Compensation in this organization is linked to performance, Compensation in this organization is based on skills, Compensation policy is linked to the business goals, Compensation Policy is linked to the Human Resource Strategy, Compensation decision is made in consultation with the managers, The intrinsic and extrinsic rewards offered are quite fair and link between performance appraisal and annual increment provided. These eight variables were found to be significant. Hence, it can be inferred that the private sector in significantly better position than the public sector with respect to Compensation practices To examine and to compare the HR Practices and job satisfaction in public and private sector banks Correlations was used to calculate. recruitment, performance appraisal, organization policy and culture, career planning and professional with job satisfaction. It showed all having the positive relationship between HR Practices and job satisfaction in public and private sector banks. It shows the overall significant value of our model.000 which indicates that the combination of these independent variables is significantly predicting the dependent variable. Conclusion Our analysis concluded that compensation management practice and HR Practices plays a vital role in job satisfaction. Hence, we have found that the more HR practices are in place, the more the bank employee are competent, satisfied with the existing HR practices, have sufficient role clarity in their job and have no intention to leave the organization. This paper concludes both public and private sector are able to successfully implement HR practices, they could achieve the maximum contribution of their employees. REFERENCES Ahuja, K. K., Personnel Management, (New Delhi: Kalyani Pub., 1998). Bass, Bernard M. Bhargava Deepti, HR Practices in Public and Private Sector Bank, (Rajsamand: IJBEMR, 2010) Chakrabarty KC, RBI Monthly Bulletien Human Resourse Management in Banks-Need for a New Perspective (2012). Dwivedi, R.S., Dynamics of Human Behaviour at Work, Oxford & IBH Publishing. Jyoti Sadhum Human Resource Development in Banking Sector/. New Delhi, Serials Pub.,2008, x, 198 p., tables, ISBN Pareek, V. and Rao, T.V. (1981). Designing and Managing Human Resource Systems, Oxford & IBH Publishing Co., New Delhi. Professional Banker-the icfai university press 50 icmrrjournal@gmail.com

9 Rao, T.V. and Pereira, D.F. (1986). Recent Experiences in Human Resource Development, Oxford & IBH Publishing Co., New Delhi. Tripathi, P.C. (2003). Human Resource Development, Sultan Chand & Sons, New Delhi. Tessema and Soeters (2006) Eight HR practices. Vaughan, James A. Training in Industry: The Management of Learning, (Belmont, California:Wadsworth, 1966). Zulfqar Bowra and Kabir Niazi (2011). Impact of human resource practices on employee perceived performance in banking sector of Pakistan, Pakistan

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