Role of Non Monetary Factors in Achieving Job Satisfaction in a Remote Working Environment Comparative Analysis of Foreign Bank Employees in India and the Gulf

Abstract

Foreign banks have been at the forefront of implementing remote working and even post the compelled remote newlineworking (during COVID-19 pandemic), they are looking to make it the future model of work (Deloitte Insights newline2023). However, this is not an easy process and the senior management of the foreign banks have a lot of issues to newlinebe addressed before they can consider implementing remote working partly or fully in a permanent way. This newlineresearch employs both qualitative and quantitative methods to come up with findings and recommendations which newlinecould serve as a ready reckoner to foreign banks for practical implementation of remote working as a future model newlineof work. With a sample size of 812 across 7 countries - India and the very limited researched region of the Gulf newline(UAE, Saudi, Qatar, Kuwait, Oman and Bahrain), using a structured questionnaire method and purposive sampling, newlinedata was collected and analysed with several Statistical techniques like t-test, ANOVA, correlation, regression, newlinefactor analysis, cluster analysis and IPA matrix. This study brings out the level of importance and satisfaction of newlinethe employees on the identified sixteen non-monetary factors, the relationship of these factors (and the extent of newlineit) to overall job satisfaction etc. It delves deep into the preferences/choices/differences between male and female newlineemployees, supervisors and non-supervisors and between the 4 generations (Gen Z, Gen Y, Gen X and the baby newlineboomers). The differences within the Gulf region and between India and Gulf have also been studied in detail. newlineMajor findings include that foreign banks are still not in the fourth quartile of performance, they have done well newlineon giving flexi hours and work-life balance while losing focus on compensatory-offs, and Gen Z and Y are satisfied newlinelesser than their previous generations on several factors. There is a consensus that remote working should continue newlineas an option to employees (younger the generation, higher the preference) in future.