Motivation and Retention of Client Service Officer in Bank of America Merrill Lynch (BoFAML)

By

ACKNOWLEDGEMENT

I would like to thank my supervisors, friends and family, without their support this research study would not have been possible.

DECLARATION

I adjudge that the entire content of this dissertation is entirely my own work; the content used in this dissertation has not been submitted before in any educational institution and represents my own opinion.

Signed __________________ Date _________________

ABSTRACT

In this research study the factors motivation and retention of the client service officer in Bank of America Merrill Lynch (BoFAML) Merrill Lynch are going to be discussed and analyzed. The research study was investigated motivation and retention problems in this division since these problems materially affect private bank performance in Bank of America Merrill Lynch (BoFAML) Merrill Lynch and its long term profitability. In this study the hypothesis was tested by using the statistical analysis, survey analysis and interview analysis. The results of those proved that Bank of America Merrill Lynch (BoFAML) is not providing support services for personal issues that are the reason the turnover rate is increasing. Training managers of Bank of America Merrill Lynch (BoFAML) must identify the signs and symptoms of employees with potential problems as well as offering training for how to deal with employees who are going through a difficult time in their personal life. Thus, it can be concluded after all the discussion and analyses in chapter 4 that the employees of this bank is not satisfied with the management policies, job nature, work environment and this cause them to switch to other organization. The results from the statistical analysis, interview techniques, survey and secondary research findings, it can be concluded that there is direct relationship between effective motivational strategies and employees turnover rate at BoFAML. Thus, it can be concluded the turnover rate of Bank of America Merrill Lynch (BoFAML) Merrill Lynch private banking division in Hong Kong is increasing because the bank is not practicing an effective motivational and retention strategies.

TABLE OF CONTENTS

ACKNOWLEDGEMENTII

DECLARATIONIII

ABSTRACTIV

CHAPTER 1: INTRODUCTION1

1.1 Introduction to the study1

1.2 Overview of Bank of America Merrill Lynch (BoFAML)2

1.3 Problem Statement4

1.4 Nature of the Study4

1.5 Research Question and Hypothesis5

1.5.1 Hypothesis5

1.6 Purpose of the Study6

1.7 Research objectives6

1.8 Rationale of the study6

1.9 Operational Definitions7

1.10 Assumptions7

1.11 Scope and Limitations8

1.12 Significance of this Study8

1.13 Summary and Transition8

CHAPTER 2: LITERATURE REVIEW11

2.1 Introduction11

2.2 Theoretical framework11

2.2.1 Theory X and Theory Y11

2.2.2 Maslow's Hierarchy of Needs,14

2.2.3 Herzberg's Two Factor Theory,15

2.3 organizational culture and its performance16

2.3.1 Organizational change16

2.3.2 Resistance to Change18

2.4 Employees job satisfaction19

2.5 Retention, and Working Environment20

2.6 Employee retention21

2.7 Compensation as a Retention Strategy22

2.8 Summary23

CHAPTER 3: METHODOLOGY24

3.1 Introduction24

3.2 Research Question and Hypothesis25

3.3 Research variables25

Independent variable25

Dependent variable26

3.4 Research Design and Approach26

3.5 Statistical analysis30

3.6 Setting and Sample30

3.7 Data collection30

3.7.1 Secondary Research Methods31

3.7.2 Primary Research Methods31

3.7.3 Interviews32

3.7.4 Questionnaires33

3.7.5 Observation34

3.8 justification of using Mixed Methodology35

3.9 Geographic Location35

3.10 Sources for searching literature35

3.11 Using keywords36

3.12 Time table36

3.12.1 Gantt chart36

3.13 Summary and Transition36

CHAPTER 4: ANALYSIS AND DISCUSSION38

4.1 Data analysis38

4.1.1 Descriptive Analysis of questionnaire responses38

4.1.2 Hypothesis Testing60

4.1.3 Correlation analysis61

4.1.4 Analysis of interview responses61

4.1.4.1 Interview Responses from ...