Need and importance of the study
Business ethics and job satisfaction are interconnected. Business ethics issues such as training and mentoring, job responsibility, and team making are planned to improve employee job satisfaction (1). The following factors mostly impact job satisfaction and business ethics:-
Training and mentoring: provide employees with training and mentoring on how to solve the issues in job satisfaction. When employees feel that their organization takes efforts for the development of is employees, then it is a positive impact on job satisfaction (2).
Job Responsibility: gives a clear idea about the job profile by making jobs more interesting and meaningful. Employees feel that their jobs are interesting when given equal opportunities to learn and develop (3).
Team Making: also impacts on job satisfaction. When employees work in a happy collaborative environment, they confidently handle business issues and get job satisfaction (4).
Employee engagement: employees take active participation in decision-planning and problem-solving, which can also improve job satisfaction (5). When employees feel that their views are respected, then they are more likely to be satisfied with their work conditions.
Scope of the study
The future scope of this study is promising, as organizations consider the importance of employee satisfaction in improving organizational effectiveness and achieving strategic goals.
For the study purpose, Jalgaon city in the state of Maharashtra of India was selected because Jalgaon importance in Maharashtra from a manufacturing point of view is attributed to its strong agricultural base, thriving food processing, textile, and engineering industries, strategic location, job opportunities, government support, and export potential. These factors collectively make it a significant hub for manufacturing activities in the region, contributing to the economic development of both the city and the state.
Sampling size and design
Primary data were collected through the survey method. The survey was conducted using a well-formulated Questionnaire. Questionnaires were prepared as per consideration of large-scale and medium-scale organizations only because generally small-scale organizations do not work on such business ethics issues. Totally 600 Questionnaires were distributed and 542 collected, out of which 520 completed questionnaires were found usable as shown in Table 1 The following table indicates the distribution samples in large-scale and medium-scale manufacturing companies in Jalgaon city where Human Resource Development practices are appropriately implemented.
Table 1. Industry’s selection for data collection.
Data analysis
The study focused on ascertaining the factors responsible for job satisfaction, employees’ perception on job satisfaction, and classification of respondents based on their perception. In order to verify this objective, the researcher used factor analysis, cluster analysis, and t-test. These details are discussed below.
Perception of employees on job satisfaction
The job satisfactions variables are responded by the employees in Likert’s 5-point scale, which ranges from “strongly agree” to “strongly disagree.” The overall opinion of employees paves the way for the researcher to rank the variables. The application of parametric t-test over these variables based on objective three brought the following results.
Table 2 indicates that the mean values of ten variables of job satisfaction range from 3.6570 to 4.1195. Similarly, the t-values, standard deviation, and standard error mean range from 14.018 to 33.933, 0.75157 to 1.12731, and 0.03299 to 0.04948, respectively. This implies the existence of ranks among the mean values. This indicates that the employees from manufacturing companies in Jalgaon city are strongly satisfied with the team work and cooperation in their organization. Reward and recognition and self-actualization are also strongly agreed by the employees (6). They are moderately satisfied for promotional opportunities, welfare measures, and organizational ethics in the organization (7). Fair and equitable compensation, job training and development, nature of work, and the working conditions provided in the organization moderately satisfy the employees (8).
Table 2. t- test showing employees’ perception and job satisfaction (JS).
Factors affecting job satisfaction
The factor analysis by the principal component method was applied on all the elements of job satisfaction to derive the predominant factors. The factor segmentation was done on the basis of likelihood variables with appropriate variable loadings. Taking this as the third objective in the study, the researcher used factor analysis and the following results were obtained.
From Table 3 it is found that the KMO measure of sampling adequacy is 0.749 and Bartlett test of Sphericity with appropriate chi-square is 553.886, statistically significant at 5%. This indicates that all the ten variables are normally distributed and suitable for data reduction process. This leads to the computation of individual variables as shown in the following communalities table.
Table 3. Kaiser-Meyer-Olkin (KMO) and Bartlett’s test on job satisfaction.
Extraction Method: Principal Component Analysis.
From Table 4 it is found that the ten variables exhibit the variance ranging from 0.179 to 0.572. This implies that the range of variance is 17.9 to 57.2%. This leads to the derivation of factors as shown in the total variance method.
Table 4. Communalities on job satisfaction.
Extraction Method: Principal Component Analysis.
From Table 5 it is found that ten variables are reduced into two predominant factors with a cumulative variance of 39.746%. Individually the two factors have variances of 23.228 and 16.517%. This leads to individual variable loading as shown in the rotated component matrix.
Table 5. Total variance explained in job satisfaction.
Extraction Method: Principal Component Analysis.
Rotation Method: Varimax with Kaiser Normalization. a Rotation converged in 3 iterations.
Source: Primary Data.
From Table 6 the factor Job Satisfaction is divided into two predominant factors. The first factor consists of five variables. Working conditions and the facilities provided create job satisfaction (0.722). Nature of work has an impact on job satisfaction (0.616). Team work and cooperation leads to high levels of job satisfaction (0.609). Organizational ethics provide overall job satisfaction (0.585). Employee welfare measures facilitate job satisfaction (0.518). Therefore, this factor can be suitably named “Conducive Environment.”
Table 6. Rotated component matrix(a) of job satisfaction.
The second factor consists of five variables. Fair and equitable compensation enhances job satisfaction (0.754). Job training and development improves satisfaction (0.692). Opportunities for promotion have an impact on job satisfaction (0.656). Self-actualization is a predictor of job satisfaction (0.590). Reward and recognition enhances job satisfaction (0.403). Hence this factor is named “Career Elevation.”
The application of factor analysis by the principal component method on the variables of job satisfaction clearly revealed the total variance and individual variances of the factors significantly differ. Therefore, hypothesis two is rejected at 5% level and concluded that there is a significant difference among job satisfaction.
Findings of the study
• Employees from manufacturing companies in Jalgaon city are strongly satisfied with team work and cooperation in their organizations. Rewards and recognition and self-actualization are also strongly agreed by the employees.
• This study indicates that favorable working conditions, team work, and cooperation boost employee performance. Training and development programs update the knowledge and skill of the employees and ensure job satisfaction (9). It is ascertained that career elevation assist the growth and career achievement of the employees.
• The study also found that 42.00% of respondents are highly satisfied with working conditions, fair compensation, training and development, rewards and recognition, welfare measures, team work, and promotional opportunities. A total of 21.39% of the respondents are dissatisfied with regard to working conditions, fair compensation, training and development, and welfare measures. A total of 36.61% of employees are moderately satisfied with fair compensation, working conditions, training and development, reward, welfare measures, and promotional opportunities in their organization.
Conclusion
Business ethics is a wide practice that helps organizations achieve greater effectiveness. The field of organizational development continues to grow in recent years. It analyzes work processes for efficiency and accuracy with effective utilization of the resources for the company’s growth. It is an emerging profession that provides opportunities for attaining competence and developing a career.
It is found from the study that favorable working conditions, teamwork, and cooperation boost employee performance and their satisfaction. The supportive environment to share and get knowledge at the correct time gives the employees greater job satisfaction. Job satisfaction is highly related to business ethics. It provides opportunities for each employee as well as for the company to utilize their full potential. An organization consists of employees with distinctive qualities, personalities, aspirations, and motivations. When these qualities are effectively used in an organization, it is sure that the goals of the organization are achieved and the employees of the organization are satisfied. Job satisfaction of employees is therefore an important element playing a pivotal role for the success of the organization.
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