Psychological well-being and job satisfaction of employees in a financial institution

Abstract

Companies, also financial institutions, realign, redesign, restructure and downsize on an ongoing basis, increasing tension in employees to survive in the work environment. Besides coping with the impact of recessions and layoffs, employees also have to cope with increased workloads and the pressures of modem life. Employment is not only a means of financial viability, but also defines individuals' identities. Job loss - or even the threat of it - can be psychologically devastating and may influence the psychological well-being of employees. This may impact their perceived job satisfaction as well. The current trend within organisations is to move towards a model that focuses on strengths, where individuals take charge of their own lives and have effective working conditions where they successfully cope and perform optimally. The objective of this research was to determine the relationship between psychological wellbeing (i.e. self-efficacy, positive and negative affect, and sense of coherence) and job satisfaction of employees in a financial institution. The research method for this article consisted of a brief literature review and an empirical study using a cross-sectional survey design to collect data. An availability sample (N = 117) was taken from employees from different levels in a financial institution. The Minnesota Satisfaction Questionnaire (MSQ), Generalised Self-Efficacy Scale (GSES), Affectometer 2 (AFM), Orientation to Life Questionnaire (OLQ) and a Biographical questionnaire were administered. The statistical analysis was carried out with the help of the SPSS-programme. The statistical methods utilised in the article consisted of descriptive statistics, Cronbach alpha coefficients, Pearson product-moment correlation coefficients, Regression analysis and Manovas. The results showed acceptable internal consistencies for all the constructs. Product-moment correlation coefficients showed significant positive correlations between self-efficacy, positive affect, sense of coherence and job satisfaction and significantly negative correlations between negative affect, self-efficacy, positive affect and sense of coherence. Self-efficacy, positive and negative affect, and sense of coherence predicted 19% of the variance in job satisfaction with sense of coherence the only significant predictor of Job Satisfaction. No differences in terms of biographical characteristics in the experience of self-efficacy, positive affect, negative affect, sense of coherence and job satisfaction could be found. Recommendations for future research were made.