Comparing the Various Monetary and Non-Monetary Factors Influencing the Happiness of Bank Employees (In Context to the Private Banking Sector in the State of Rajasthan)

Abstract

The current research paper is aimed to examine the level of employee happiness at different private sector banks in the state of Rajasthan and to compare the various monetary factors such as: Pay-scale, Bonus, Allowances, and Profit-sharing and the various non-monetary factors such as: Work-life balance, Employee engagement, Job security, and Working conditions, with a view to understand the impact of these factors on the level of happiness among the private sector bank employees. Hence, this research paper focuses on comparing the various monetary and non-monetary factors that influence employee happiness and to determine if there exists any empirically provable relationship between these monetary and non-monetary factors. To achieve the researchobjectives, empirical research was conducted with a research sample, collected at 60 different branches of private sector banks in the state of Rajasthan, with 189 employees surveyed. The result of this research study shows the existence of a significant association between the selected monetary and non-monetary factors with employee happiness. The test results also exhibited that the association ofthe monetary factors is stronger than the association of the non-monetary factors on employee happiness in the private banking sector.