‘Motivating and engaging key employees enabling career development and business effectiveness’ the case of a large Maltese financial institution

Abstract

The aims of this study were to find out how motivating and engaging key employees while enabling career development will enhance business effectiveness in a large Maltese Financial Institution. This institution is being left anonymous but referred to as Bank X for the purpose of this study. The introduction includes challenges faced by businesses in the global banking sector relating to strict compliance requirements, hunt for talent, employee retention and the importance of building a motivated and engaged workforce. The researcher explained the situation in the local financial environment with a focus on Bank X, the financial advisors and unit managers. The study proceeded with the literature review, where empirical studies covered Motivation Theories, including Need Theories, the Expectancy Theory and Goal Theory. It also covers employee engagement; engaging key employees, factors that influence engagement and the importance of employee retention. The methodology is explained in chapter three. The study has been conducted through semi-structured in-depth interviews with six financial advisors, three investment unit mangers and an HR department representative. From the analysis of the findings, illustrated in chapter four, it was deduced that there is the need for an enhanced communication system and a stronger relationship with the HR department. The study concludes in chapter five where the researcher recommends use of good HR practices, ways how to improve efficient communication and how to sustain employee engagement. Further research is suggested across Bank X, and then, a longitudinal study may be applied to the same work group, after a period of time has elapsed, and when the recommendations have been adopted in order to establish employee motivational and engagement levels and if any changes are evident.