Evaluating Impact of Quality of Work Life Factors on Job Satisfaction: Structural Equation Modelling based Data Analysis in Banking

Abstract

The service sector, particularly banks, has undergone a significant shift in recent years. This has resulted in increased pressure and stress for bank employees who strive to provide timely and efficient services while meeting management objectives and ensuring customer satisfaction. This research employs a comprehensive methodological approach to examine the Quality of Work Life (QWL) and Job Satisfaction (JS) within the banking sector in Andhra Pradesh. The research focuses on confirming the construct validity of QWL and JS through Confirmatory Factor Analysis (CFA) and assessing the reliability of the measurement model using Cronbach's Alpha. Discriminant validity is examined to ensure that these constructs represent distinct concepts. The research employs Structural Equation Modeling (SEM) to explore the correlation between QWL and JS, as well as their interactions with factors such as Motivation and Compensation, Work Factors, Safety and Welfare, Relationship and Support, Nature of Job, and Career Growth and Development. The outcomes of this research offer valuable insights into the banking industry in Andhra Pradesh. By validating the QWL and JS constructs and understanding their relationships, the research serves as a foundation for organizations to enhance employee well-being and job satisfaction. The study provides practical recommendations, tailored to the specific needs of bank employees in Andhra Pradesh, to improve work-life balance, career development, compensation, safety, relationships at work, and overall employee well-being.