A Qualitative Case Study Of The Relationship Between Work Motivation And Employees Of Different Generations In The Banking Workplace

ACKNOWLEDGEMENTS of of the relationship between work motivation and employees of different generations in the banking workplace

This thesis has been an educational and interesting journey; we have a lot of knowledge to take with us from this experience. We would first like to thank our supervisor Krishna Venkitachalam for his guidance and support throughout our writing process.

We would also like to thank the sixteen employees’ entire participant in this study for their generous time and help in order for us to conduct our research. We hope that not only we but all of them also got a thoughtful and knowledge based on the participant.

Finally, we would like to thank each other, for a good cooperation and great unity, without it this would be impossible to complete.

Stockholm, January 2020

Enjoy reading,

Helen Shwani & Ronya Korkut Alcón & Tasalla Nabizada

ABSTRACT of the relationship between work motivation and employees of different generations in the banking workplace

In this thesis the reader will be informed about studies of generations and motivation related to the workplace. This study aims to discover the experience of work motivation of employees of four generations in the same workplace. Sixteen interviews were held with a semi-structured method. Employees will be presented of different generations and its relationship to motivation. Moreover, this thesis will conduct a qualitative study on employees of four generations that exist in the workplace today. All executed to discover whether or not members of different generations has an influence on what motivates them and excessive them to reach higher goals.

Keywords: Generations, Baby Boomers, Generation X, Generation Y, Generation Z, Work Motivation, Intrinsic Motivation, Extrinsic Motivation

Table of Contents

ACKNOWLEDGEMENTS 2

ABSTRACT 3

1. INTRODUCTION 6

1.1 Background 6

1.2 Problematization 8

1.3 Research Question 8

1.4 Purpose of Study and Contribution 9

2. LITERATURE REVIEW 10

2.1 Motivation 10

2.2 Motivation on different generations of employees 10

2.3 Intrinsic and Extrinsic Motivation 11

2.4 Maslow's Hierarchy of Needs 12

2.5 Herzberg’s Two Factor Theory 13

2.6 Work Values Impact on Employee Motivation 13

2.7 Work Values across Generations 14

2.8 The Banking industry 15

2.8.1 SEB 15

2.8.2 Motivations System in SEB 15

2.9 Generation 16

2.9.1 Baby Boomers 16

2.9.2 Generation X 17

3. METHODOLOGY 19

3.1 Research Question and Purpose 19

3.2 Research Approach 19

3.3 Research Strategy 20

3.4 Case Study 21

4. Analysis and Findings 24

4.1 Theme 1 - Competence 24

4.4 Development 27

4.5 Relationship with Colleagues from the Same Generation 28

4.6 Relationship with Colleagues from Different Generations 29

4.7 Feedback 30

4.8 Goals 32

4.9 Salary 33

5. Discussion and Critical Reflection 35

6. Conclusion 41

7. Limitations of Research 44

References 45

APPENDICES 48

1. INTRODUCTION of the relationship between work motivation and employees of different generations in the banking workplace

In this chapter, the reader will gain information about the background of the four generations called “Baby Boomers”, “Generation X”, “Generation Y”, and “Generation Z” and the importance of employees feeling motivated for personal and business success. Research about how motivation is provided and the factors behind it. A problematization is presented based on previous research; further this chapter will present our research question and final, the purpose of this thesis.

1.1 Background of the relationship between work motivation and employees of different generations in the banking workplace

“Motivating employees in the present day business activities are different from years ago because each generation has their own preferences in working environment and expectations from their contributions.”

-Yusoff & Kian (2013, p 97)

Work is a great and important area that most people have a relationship with and remains a substantial part in their lives, where there are some that spend more time at work than at home. Moreover, for some individuals, work is a great source of joy, whereas for others it gives a sense of anxiety and hopelessness (Herzberg & Mausner & Snyderman, 1993). Currently, there are four generations working side by side in the workplace. Among these generations, the oldest are called the Baby Boomers, followed by Generation X, Generation Y mainly known as the Millennials, and Generation Z. Generation Z is the youngest generation and are making their way into various workplaces (Srinivasan, 2012). Although having a variety of ages in the workplace can be advantageous, organizations as well as employees have recognized differences in the way of how the four different generations perform in the workplace (Hansen & Leuty, 2012). Organizations need to deal with the challenges of coordinating these four distinct generations in the workplace (Hansen & Leuty, 2012) including the complexity of building and transforming working environments to motivate their employees to engage in

behavior that is consistent with their goal (Amar, 2004). Organizations, not only need to understand the importance of employees’ motivations, they should also comprehend the variances in preferences of motivation factors between various groups of employees’ generations (Agarwal et al., 2001). Failure in satisfying these aspects could result in decline of organizations’ total effectiveness, subsequently result unwanted working environments which hinders employees’ contributions towards casting into knowledge-based economy (Agarwal et al., 2001). Hence, motivating employees in the present day business activities are different from years ago because each generation has their own preference in working environment and expectations from their contributions (Agarwal et al., 2001). For instance, Giancola (2006) found many organizations that still continue with their old methods and procedures in guiding and monitoring their generational diversified employees, including employment activities, operation process, organizational procedures, evaluation criteria, appraisal methods, and remuneration packages.

Research explained by Bencsik (2016) state that employers today are aiming for their own personal goals and less are they ready to sacrifice it for someone else's interest. It can be hard to adapt when the studies represent that the older generation are more loyal workers than the younger ones.

Differences in how young and older people experience motivation occur constantly and what motivates the different generations differ. The differences are related to age and what motivates a person is possible to change over the individual's lifetime. (Dessler & Varkkey) illustrate the results that older employees are not motivated by external rewards. Their motivation is not driven by factors such as salary or other hygiene factors. Nevertheless, older employees have intrinsic motivation and are motivated by motivators such as challenges, learning, and developing (Dessler & Varkkey).

Maslow’s Hierarchy of Needs is another theory of motivation. The Hierarchy of Needs constitutes the basic needs of an individual to be motivated in five steps designed in the shape of a pyramid, where the first step, the bottom of the pyramid, has to be satisfied in order to continue to the next step of the pyramid (Maslow, 1987).

Therefore, the purpose of the study is to investigate the experience of work motivation among the different generations of Baby Boomers, Generation X, Generation Y and Generation Z who work in the same workplace.

1.2 Problematization of the relationship between work motivation and employees of different generations in the banking workplace

Multiple studies about the characteristics, approaches and their work values are found about each generation (ex Bencsik et al,. 2016; Srinivasan, 2012; Hansen & Leuty, 2012). Less information is encountered about how the generations collaborate in the same workplace and in general there is a smaller context how the inner motivation of each generation is.

Currently, there are four generations working side by side at their workplace. These generations consist of Baby Boomers, Generation X, Generation Y and Generation Z (Hansen & Leuty et al,. 2012). Generation Z, that is the newest members in the workplace, has shown that their values and priorities are different from the past generations (Bencsik et al,. 2016). Organizations faces daily challenges to adapt to new behaviors and expectations. They may need to develop and change employee motivation system for each generation to increase their performance (Hansen & Leuty et al,. 2012).

This research aims to look and identify what motivates each generation and how they differ from one another. What factors push each generation forward to feel motivated and fulfilled in a workplace.

Previous studies regarding generations and different factors of motivation has been presented to a greater extent in a quantitative text (ex Yusoff & Kian et al,. 2013; Ganta, 2014; …). However, Lyons & Kuron (2014) demands that research to a greater extent should be based on a qualitative study, such as in-depth interviews, in order to produce more pervasive and versatile answers. In this way, we intend to contribute further to current research on the generations and inner motivation.

1.3 Research Question of the relationship between work motivation and employees of different generations in the banking workplace

The research question for this thesis is as follows:

“How do employees of different generations experience motivation in the same workplace?”

The research question arises from the problematization, specifically the obvious lack of a common understanding when it comes to how motivation differs between various generations in the workplace.

1.4 Purpose of Study and Contribution of the relationship between work motivation and employees of different generations in the banking workplace

The purpose of this study is to examine the experience of motivation of different generations in the banking sector. This study aims to broaden the current empirical research on motivation of employees from the same work environment. Through a qualitative study we will be able to understand the difference of views in the workplace by examining and receiving profound answers on the relationship between motivation and generations.

2. LITERATURE REVIEW of the relationship between work motivation and employees of different generations in the banking workplace

This chapter is presented with existing literature about what defines the concepts generation and motivation. For better understanding, this chapter will start with information of what defines motivation but also a deeper understanding on what can create motivation as looking into different motivation theories. Later on, the introduction of what defines motivation are currently presented and how it can be seen in a chosen firm. Final, this chapter will present the characterise on the different generations. This will clarion on how these generations differ from one another, also a better understanding of how the employees of different generations have a relation to the motivation within the organisation. This will result in a more explicit view how the different generations act as employees. This chapter will end with a conclusion to sum up the chapter.

2.1 Motivation of the relationship between work motivation and employees of different generations in the banking workplace

The term motivation is one of many factors that can affect an individual's behavior and action (Yusoff & Kian et al,. 2013). Yusoff & Kian et al, (2013), explains that human motivation starts with a desire that is not fulfilled at the moment, this leads to a mental desire to achieve something which then ends in physical actions to achieve this desire. In more recent research employee motivation is described as having a central role for an organization to be successful (Ganta et al,. 2014). Ganta et al, (2014) describes unmotivated employees as putting less effort on their job, avoids to be present at the workplace and producing low quality work. In opposition, a motivated employee is defined as productive, creative, high willingness to achieve personal and organizational goals and produce high quality work (Ganta et al, 2014).

2.2 Motivation on different generations of employees

While managing a team, it is difficult for managers to understand the correct approaches that results in motivating their employees. For some employees it is the financial incentives that motivates them, not only work hard but also motivates them to take their careers to the next level while some employees focus on the flexibility of working that includes working from home from time to time. To be more focused, these different motivators can be classified by the generations the employees belong to (plato.stanford.edu, 2015).

According to the article by James Brockbank, for the Baby Boomers; Financial incentives are important but they’re also motivated by other things such as, opportunities for professional development, positions of authority, recognition for achievements and workplace benefits.

The Generation X employees are commonly motivated by things that gives them financial backup such as things that offer them a good home and work-life balance which includes lifestyle benefits, corporate will being, family-based benefits, recognition of achievement and professional development opportunities.

Generation Y employees are motivated by creative and Technological side as compared to the other generations. For example; they are motivated more by getting money, opportunities to learn new technologies, and enjoyable workplace environment, opportunities to express creativity and opinions and short yet changeable and fast tasks (DrewGerkey, 2015).

As the world is going more towards sustainability and technology advancements have taken place and work ethics are considered, the generation Z employees are motivated by the incentives that reflects these. Therefore, they are most commonly motivated by having their voice heard, equality, respect, out-of-work socialization, and money saving schemes and mentoring platforms (Brockbank, 2016)

2.3 Intrinsic and Extrinsic Motivation

Motivation can be divided into two categories, intrinsic and extrinsic motivation. Ryan and Deci (2000) introduced intrinsic and extrinsic motivation and the difference between them in terms of the basic needs of people to know competence, autonomy, and relatedness. Every individual has different levels of motivation and is motivated by different factors. It has an effect on an individual’s intentions since people are act with greater motivation to what interests them. It is the fundamental attitudes and goals an individual has that base these actions.

Intrinsic motivation is based on people's need to feel self-determined. Intrinsic motivation can be explained as what one does for the satisfaction of the performance itself instead of thinking about the consequences it leads to. A definition of intrinsic motivation is “the doing of an activity for its inherent satisfactions rather than for some separable consequence” (Ryan & Deci, 2000). To achieve intrinsic motivation, there must be a genuine interest in the action which is achieved through a feeling of competence. However, that feeling will only occur if it is followed by a feeling of autonomy (Ryan & Deci, 2000).

Nevertheless, extrinsic motivation does not include a genuine interest but must be encouraged externally. A definition of extrinsic motivation is “a construct that pertains whenever an activity is done in order to attain some separable outcome” (Ryan & Deci, 2000). Although external motivational factors have a direct and effective effect, intrinsic motivation factors are considered to be better since they go deeper and are long lasting.

2.4 Maslow's Hierarchy of Needs

In 1943, Abraham Maslow published "A Theory of Human Motivation" which contained one of the most prominent theories about motivation, The Hierarchy of Needs. This theory concludes that all people drive by five needs in a hierarchical order: physiological needs, safety and security needs, love needs, esteem needs, and the self-actualization need (Maslow, 1987). The bottom of the pyramid, seen in Appendix A, is formed by man's most basic needs such as food, water and sleep. According to Maslow (1987), the need for security is the next step which includes securities such as health, employment, property and stability. The middle layer is the love and belonging that consists of the social needs of friends and family. The next layer consists of the level of need for self-actualization, which then means that the level of full potential is reached. External self-esteem and attention are considered the highest goals when one considers itself valuable. The basic idea of the theory is that when you have met your basic needs, then another set of needs arise and you take the next step up the needs pyramid, which are the social needs. Moreover, if these essential needs are not fulfilled, then all energy is focused on satisfying those specific needs first. After all four levels are completely content; you can place yourself at the top of the pyramid, namely self-actualization (Maslow, 1987). The higher up the hierarchy one may find itself, the more human they become and the fundamental needs become minimal. If one reaches this final step, that person has the opportunity to live as desired and drive towards their ambition making them content. Nonetheless, the hierarchy of needs has received a lot of criticism for being too broad, which is why other selected motivational theories that are more current and relevant to this thesis will be presented in this section. Furthermore, since Maslow’s theory does not have a direct relationship with the working environment, Herzberg's Theory will be presented.

2.5 Herzberg’s Two Factor Theory

Frederick Herzberg is one of the most important people that has studied work motivation. In contrast to Maslow, who was interested in motivation in general, Herzberg focused on finding the sources of motivation in order to accomplish efficient work. Herzberg's Two Factor theory is intensely about motivational factors and job satisfaction. Results from Herzberg's study are based on employees’ behavior in relation to their work. The answers that appeared from the results were that the employees who were most content at their work are often related to the work tasks that they performed. In addition, the employees experienced personal development through these work tasks (Herzberg & Mausner & Snyderman, 1993).

For an employee to feel motivation, the employee's energy and willingness has to come within to come from Herzberg’s theory about the two types of factors, hygiene factors and motivational factors. Herzberg shows the differences between motivational factors and hygiene factors in a workplace. Hygiene factors are linked to extrinsic motivation and may rather have a negative impact on motivation. Hygiene factors are the matters an employee expects at a workplace such as working conditions, salary, and co-workers. Motivational factors are linked to intrinsic motivation and intrinsic motivational factors can increase motivation, such as when an individual reaches a wanted goal at work and there is a chance of development. These may not in themselves create satisfaction, but they are nonetheless necessary because missing aspect of these can create dissatisfaction (Herzberg & Mausner & Snyderman, 1993).

2.6 Work Values Impact on Employee Motivation

Work values are the ideas that are related to an occupation. According to the international journal of business and management. Work values are beliefs, attitudes, preferences and interests about work and are different from other job related constructs such as job satisfaction and motivation. While in a job setting, work values serve as a basis for judgements about work conditions which affect job performance and motivation in the workplace which further affects the job satisfaction (Dhanasarnsilp & Johnson & Chaipoopirutana, 2006). The article further explains that the work values are connected with job motivation. Employers are looking to motivate the employees that have work values that includes a strong work ethic (employees willingness to work hard), dependability and responsibility (employees being on time and being responsible shows their loyalty with their job), having a positive attitude (motivation to get a project done in a limited time which would motivate other employees to do the same), Adaptability ( adaptable employees who can maintain flexibility in completing tasks in changing workplaces are preferred for the work and are motivated in the workplace due to their flexibility), honesty and integrity (sense of honesty and integrity should be maintained by the employees) self-motivated (employers value the ones that need little supervision and direction by getting work done in a professional manner). , motivated to grow and learn (importance of keeping up with new developments and knowledge of the field an employee is working), strong self-confidence (self-confident employees inspires others and is not afraid to ask questions), professionalism (professional behaviour is important which includes learning every aspect of a job and professional appearance), loyalty (exhibiting loyalty to the workplace is really important) and many more. All these qualities are appreciated and has a huge effect on ones motivation in the workplace as they receive positive feedback by having such work values and further get more motivated in their workplaces (Dessler & Varkkey).

Moreover, it is the responsibility of the managers to influence employees to be more productive by understanding their sources of motivation, since motivation is not something that would be constant, it keeps on changing and fluctuating , a very good example is that if something is motivating an employee right now, it may not be as motivating next year. Therefore, It is also the responsibility of managers to create sources of motivation for their employees.

2.7 Work Values across Generations

To understand the work values across generations, it is important to understand each generation and the critical events that occurred in the society which in return specifies the differences each generation has, in terms of unique work values and ethics. In the book Generations at work, the authors identify the players, management problems and potential solutions that every manager of cross-generational workforce will need to be familiar as the new generations are replacing the old ones (Generations at work, Ron Zemke, Claire Rains and Bob Filipczak, 1999).

The present oldest generation are Baby Boomers (born between 1943-1960). The employees belonging to this generation value personal growth and are highly-educated and ambitious and are known to be multi-taskers. Studying more about this generation shows that they are loyal to their careers first and then to their employers. While working with this (Baby Boomers) generation,

2.8 The Banking industry of the relationship between work motivation and employees of different generations in the banking workplace

Skandinaviska Enskilda Banken, SEB, is one of the leading Nordic corporate bank. SEB was founded in 1856 and has today more than 4,4 millions of customers around the world and over 15.000 of employees (SEB, 2019). Numerous of small and large companies choose SEB as a bank today. More or less than 400.000 businesses companies has SEB as a bank. By virtue of more and more companies choose SEB, they continue to develop and expand their offerings by building their reputation as the leading corporate bank in Sweden (SEB, 2019). In addition, SEB has approximately 4 million private individual customers. Strategy focus in the private market is to offer financial products and services but mostly offer solutions for all financial needs (SEB, 2019).

A huge part of their success is the large amount of their talented network that works and helped building up the company. As mentioned before, with over 15.000 employees from different parts of the world and with different talents, SEB as an employer explain that they empower and wants to help the employer's to achieve their goals as they are being part of a positive force in society (SEB, 2019). The focus on what they offer is different in different parts of the world. For instance, In Sweden and in the Baltic countries, SEB focus on offering an overall economy to customers that include financial advice and financial services. In Denmark, Norway, Finland and Germany the focus is offering financial services to corporate and institutional clients. Nethertheless, prioritizes the customers’ needs and the vision of the large bank is "To deliver world-class service to our customers" (SEB, 2019).

2.8.2 Motivations System in SEB

Swedish Enterprise is constantly changing and in today's society everything moves further towards a system where knowledge is valued more. This results in employees becoming one of the most important resources for company success, human capital as described. The focus of the company change over time and today they are forced to spend more energy and money to retain, motivate and recruit competent people. As competition increases over time it makes it more difficult to retain loyal employees. This contributes to an increased importance of incentive programs and reward systems. The development has led to employees being offered different types of "bonuses" that will increase their willingness and power at work (Dessler & Varkkey).

2.9 Generation of the relationship between work motivation and employees of different generations in the banking workplace

Generation is defined as an age group that experienced similar events and changes in the environment that shaped their lives. Common characteristics that differs from other people that lived in another era (Sezin Baysal Berkup, 2014). Generation is defined as a group of people that has been shaped by the environment of the historical and financial influence of that time. Literatures use different names for each generation that characterize them and perceive the time-line differently because it’s difficult to know precisely when a generation is classified. Earlier generations like “Baby boom generation” (1946 - 1960), Generation X (1960 - 1980), “Generation Y” (1980 - 1995) and Generation Z” (1995 - 2010) is interpreted by Bencsik (2016).

2.9.1 Baby Boomers of the relationship between work motivation and employees of different generations in the banking workplace

Baby boomers, also called “The forgotten generation”, “The Woodstock generation”, “Sandwich generation” and “Vietnam generation” is a group born in 1946-1964 (Srinivasan, 2012). They experienced The Vietnam war, The Civil Rights Movement, and the Women’s Liberation movement (Tanner, 2019). This generation is by far one of the most largest generations, with over more than 1 billion babies born after World War ll (Berkup, 2014). 1 billion of new members makes the environment crowded and through that they actively changed the society (Srinivasan, 2012). Growing up with two parents was extra normal in this generation and the children of the traditionalist achieved much attention from their families. Furthermore this leads to a much centralized character which developed the nickname “Me Generation”. Baby Boomers are described being selfish and competitive due to the large crowd that were born in this generation (Berkup, 2014). When it comes to their work values, they are always dedicating to be more successful than expected as they “live to work” (Berkup, 2014). Members of this generation are described as loyal workers, they interpret the road of reaching success is faster by staying in one single corporation (Berkup, 2014). According to Tolbize (2008) this generation is the workaholic ones.

A qualitative case study of the relationship between work motivation and employees of different generations in the banking workplace“Baby busters”, “Post boomers”, “Slackers”, and “MTV generation” are many nicknames to Generation X (Srinivasan, 2012). A study by Berkup (2014) says they were born between 1965-1979, an era where they are between of still having loyalty to the old traditions but also to the new technological modern world. Events that affected their characteristics are some like the Vietnam War, Personal computers, Death of Elvis Presley, Fall of the Berlin wall and many more (Ibid). Compared to the previous generation they are not as big of a group of members, “Baby busters” is a nickname for this generation as not being as crowded as “Baby Boomers” (Tolbize, 2008). Therefore they are not as competitive as their parents was as this generation is less of members. Research showing that this generation are not workaholics as the older generations, rather do they value to balance between work and life (Tolbize, 2008). The motto of Baby Boomers “live to work” has changed for “work to live” for Generation X (Berkup, 2014).

2.9.3 Generation Y of the relationship between work motivation and employees of different generations in the banking workplace

Generation Y, also called the “Millennials”, “Generation Next”, “Net Generation” etc are known as the first generation that entered the technological world. Generation classification used in this study from Berkup (2014, p.219) say that Generation Y were born between 1980-1994. Unlike the past generations, Generation Y has experienced a daily growing development in the digital world. This high-educated generation experienced a new era where traditions started to fade away. They are used to adapt new changes and are dominated that everything needs to go in speed, it says that this generation has a bad patience and are used to everything developing very fast. Under other conditions can Generation Y think more globally and easily accept other cultures than other generations as they were born in a globalized world (Berkup, 2014). In a workplace it’s really important for the Generation Y to really enjoy what they are doing but also at the same time that they are reaching for their goals. As multitasking employees, they prior is to achieve success, goals and a career. Therefore work is more highlighted than family (Bencsik et al, 2016).

2.9.4 Generation Z of the relationship between work motivation and employees of different generations in the banking workplace

The most quality characteristics that Generation Z has, it is the high advancement of technology. Berkup (2014, p.219) classifies this generation to be born between 1995-... and forward in time. They differ from the past generation by being addicted to technology and speed. Aside from not being afraid to adapt to new changes they contribute by being high-tech, result-oriented and creative. Compared to the past generations, Generations Z tend to educate in earlier age. They will value their profession, but are not afraid to change working environment to achieve growing experience in workplaces (Berkup, 2014). As they were born in to a highly developed technological world, the knowledge they have and can reach are beyond the other generations. They have a different style, language and expressions than the past generations. Generation Z are described as being impatient and are constantly searching for new challenges. Compared to Generation Y, they are more intelligent than wise and likes to be brave when they are taking the lead. In a workplace they differ from the past generation, by being used to the high technological world they can easily adapt to several tasks at the same time. Not only are they gonna choose a career of their own interest but they also want to influence the world (Bencsik et al, 2016).

3. METHODOLOGY of the relationship between work motivation and employees of different generations in the banking workplace

In this chapter, the reader will be presented the methodology to the research question and research approach. In addition, the data collection methods and approach will be discussed. Further, the procedures for interview will be introduced. The reader will also gain information reasons for the chosen methodology and the implication on this in relation to the research question. This chapter ends with a critical shared with an ethical reflection.

3.1 Research Question and Purpose of the relationship between work motivation and employees of different generations in the banking workplace

The research question that will be examined is:

“How do employees of different generations experience motivation in the same workplace?”

The purpose of this study is to deepen the existing knowledge and understanding about the motivation of the employees of different generations in the workplace. We aim to analyze the research question through the gathered knowledge of motivation of banking employees of different generations, and how these elements of different generations are connected.

Our research should be of interest and support of organizations in the banking sector, as well as many other organizations, due to the important knowledge of what motivates employees of different generations at work. Our research question should be significant for organizations to review their employees in relation to what generation they are from. Also, it should further increase the knowledge of the relationship between intrinsic motivation and extrinsic motivation.

3.2 Research Approach of the relationship between work motivation and employees of different generations in the banking workplace

For this research, out of two main approaches, either a qualitative or a quantitative approach, we have chosen to perform a qualitative approach. The only difference between both the approaches are the assumptions they are built on (Yin, 2003), for example, the qualitative approach includes the data collection based on “soft data”, such as interviews while the quantitative research approach refers to the measurements by collecting data and statistical facts (Davidson & Patel, 2006).

The data collection used in this study is qualitative therefore a case study is performed on the employees of the banking industry. Since this method of data collection provides an understanding of the word contest perceived by the employees (Farquhar, 2012). The collection of qualitative data is flexible and not strictly structured compared to the quantitative methods (Bryman & Bell, 2011). According to Bryman & Bell (2015) a specific minimized structure increases the possibility to gather the data according to the respondents’ true perception, while some qualitative studies are criticized by researchers for being subjective (Bryman & Bell, 2015), therefore, it is the duty of the researchers to allow the respondents to speak for themselves to avoid replication of previous theories.

This thesis will be based on a qualitative research approach by collecting data from written sources and by creating and performing qualitative interviews of the employees of all the four generations; Baby Boomers, Generation X, Y and Z respectively at Skandinaviska Enskilda Banken (SEB). This will be the most productive method to collect data regarding the views and motivation of each generation and to understand how these generations work together effectively, interviewing the employees of all the generations would help us compare the responses of the respective generations to be able to differentiate between the recent changes and developments. Through this data, the results expected are to discover if there are big differences between the motivation, thoughts and views of the generations.

A qualitative case study of the relationship between work motivation and employees of different generations in the banking workplaceThere are five major research strategies to choose for answering the research questions. These five major research strategies include surveys, experiments, archival, histories and case studies.

Concerning survey strategy, this is strategy answers the form of research questions that are mainly who, what, where, how many and how much type of questions and it does not require control over behavioral events but focuses on contemporary events.

The experimental strategy answers the how and why questions, it requires control over behavioral events and also focuses on contemporary events, it requires control over behavioral events and also focuses on contemporary events. The archival analysis strategy answers the who, what, where ,how many and how much questions just like the survey strategy and it also does not require control over behavioral changes but what separates it from survey strategy is that it may or may not focus on contemporary events (it depends). The history strategy answers how and why questions, it neither requires control over behavioral events, nor focuses on contemporary events. The case study strategy answers how and why form of research questions it does not require control over behavioral events but focuses on contemporary events

3.4 Case Study of the relationship between work motivation and employees of different generations in the banking workplace

We have decided to do a case study because it answers how and why questions, therefore, it allows us to do several data collection methods and simplify it since we will be using the interviews as well as the written sources. Furthermore, this thesis aims to describe the motivation of the four generations that includes Baby Boomers, Generation X, Generation Y and Generation Z respectively.

In this case study, we have chosen to investigate the bank SEB, since the company’s aim is to offer their employees equal opportunities to evolve independently, regardless of age. The investigation will be done through a qualitative study with semi-structured interviews of employees of different generations from different roles at SEB looking especially into the service department. Conducting semi-structured interviews are more flexible because this is a method of research which does not exactly follow a formulas list of questions. The questions are more open-ended allowing for a healthy discussion with the interviewee instead of a straightforward and specific questions that has a specific and simple answers. Boomers. We will be reaching to the employees of Skandinaviska Enskilda Banken (SEB) with the help of our thesis colleague that works at SEB who will be arranging interviews for the respected thesis. Later we will check the number of employees of the respective generations and interview four employees of each generation and ask our questions accordingly. The goal is to see if the interviews go against the theory presented or if it reflects our previous studies.

3.4.1 Selection of an Organization of the relationship between work motivation and employees of different generations in the banking workplace

SEB is the selected bank for investigating further in this thesis. As explained in the sector before it was easy access to get interviews as one of our thesis partners work at SEB. Through an acquaintance already with the employees, we think that their response will be more "honest" as we believe that they have confidence in us interviewing when there is a relationship since before. Established that her workplace fit into our survey question as her work colleagues are of different ages and have different positions. All employees also have an active role, which usually requires a high motivation in the workplace. Other criteria was how long the employees should have worked, we chose it to be at least one year. This felt reasonable when we through our own experience, feel that one can interpret the motivational factors in a workplace after that amount of time. Also the fact that the youngest generation, “Generation Z”, just entered the working world and it hasn’t got as much experience. Qualitative method in this thesis is chosen where we interviewed in total sixteen employees (four from every generation) that works at SEB where they shared their thoughts about work motivation. In order for the results to be as clear as possible, we have chosen to interview 4 employees in each generation. The process started with sending out a mass of mail containing an information letter to participate in our study (Appendix C). Primary data in this study have been collected from semi-structured interviews with SEB anonymous employees.

3.4.2 Semi-structured Interviews of the relationship between work motivation and employees of different generations in the banking workplace

Before conducting semi structured interviews, an information letter was sent to each interviewee, see in Appendix C, explaining the aim of the interview, the topic of discussion, the choice of language to answer the interview questions (between English and Swedish) and an option to choose between recording their interviews or not.

Our thesis colleague was used as an external source who worked in SEB bank for 3 years, the purpose of interviewing her was to get familiar with the banking industry and get relevant information about the working environment of the bank and its organizational culture, since according to Bryman and Bell (2011), collecting data from external sources contribute to facilitating the interview process of gaining a better understanding of the employees’ environment.

The aim was to make respondents feel as comfortable as possible during the interviews, therefore, the day, time and location for the interviews were chosen according to their convenience. Interviewers are asked to record their interviews upon request, but only if they agreed. The semi- structured interviews were approximately between 30 minutes to 60 minutes, depending on the answer of question and ability and willingness of the participants. The interviewers were also given the right to question our knowledge about the topic of discussion and were allowed to ask questions or add more knowledge to our understanding. According to McCracken (1998) recommendation, long interviews results in rich and unlimited answer.

For the semi-structured interviews, an interview guide was created for the purpose to avoid any further confusions or complications and help the interviewer to have a guideline. The guide that was divided into the thesis main topic that is different Generations working together at a banking industry. The structure of the interview questions were inspired by McCracken’s (The long story, 1998) systematic guide to the methods of the long qualitative interview, beginning with a general overview of the character and purpose of qualitative enquiry and a review of key questions. It further explained about the design open-ended questionnaire to write up detailed results. Therefore the questions were inspired by McCracken (1998) structure of first introducing biographical questions to gather necessary descriptive information about the interviewees. Open ended questions were designed to allow the interviewees to speak their mind. These open ended questions also resulted in creating follow-up questions that could develop don’t fix topics seemed interesting and relevant (Bryman and Bell, 2011; McCracken, 1998).

McCracken, G.D. (1988). The long interview. Newbury Park, California: SAGE.

4. Analysis and Findings of the relationship between work motivation and employees of different generations in the banking workplace

In this chapter, the reader will be presented with the empirical findings from our interviews with sixteen employees of four different generations from Skandinaviska Enskilda Banken.

4.1 Theme 1 - Competence of the relationship between work motivation and employees of different generations in the banking workplace

Competence is the basic skill of the person that handles all the issues in the most effective manner and also using its knowledge and skills to get results. It is simply the combination of personal attributes, abilities and skills and measurable knowledge that increase the level of performance and also move towards the success of the organization. Competence includes different features that explore its basic meaning and also enhance its level of performance who implement competency in its work. For the performance engagement, rewarding and recognizing the expertise source offer a strong base and it causes manageable utilization of resources. A unique personal makeup is explained through the properties, qualities, and characteristics of a person. These attributes also developed through the personal experience of life. Specific personality traits help to make a successful performance at both individual and organizational levels and also present s growing and research links for the person. To perform physical and mental activities, the ability has power or aptitude that affiliated from the profession or trade of a person according to its skills.

 So to identify the abilities of a person, it is very important to explore its skills effectively and also enhance its knowledge and performance in the betterment of the organization. In the physical processes or mental operations, the skill is dexterity or proficiency that developed through the proper training session and these skills help to make the performance better and give success in its job. The most important part of the competency is knowledge because it obtains from experience and training that handle principles, truths, and facts according to the working environment. The sharing of knowledge and its application is very helpful to explore the success of the organization and also support in a better way to enhance the level of performance. The competence person is very helpful for the organization and competence to give many benefits to the organization like it close skill gaps in the organization; it gives more focus on how they are achieved and also acts as an internal part of the personal development plan. It presents the organization’s strategies and also gives more focus on the values and cultures of the organization (hr.unl.edu, 2020)

4.2 Theme 2 - Autonomy of the relationship between work motivation and employees of different generations in the banking workplace

The autonomy of a person explains in terms of its ability to speak or act or make a decision without the involvement of any other person or party. Better and effective decision making supports the autonomy for making the skills of a person more strong and compatible. In the justification of social policies and its different aspects of political theory, autonomy plays a major role according to person, its responsibilities and its conceptions of moral obligation. It also connects with the moral responsibilities of a person. Autonomy is different from the concept of freedom because it handles proper responsibility and has some authority to make better decisions for the organization. With sufficient resources and power to make the desire of a person effective, autonomy refers to the ability to perform without the involvement of external and internal constraints. It also involves authenticity if desires like value or emotions and also focuses on independence. The main idea of autonomy related to the status of responsibility, it independent and able to speak to obtain the goals. Autonomy enjoyed by a person that obtains its goals as its functions. Autonomy related to legal and moral responsibility and for equal political standing, autonomy is required as an essential factor.

Autonomy explain in different terms as a set of rights expressive of one’s sovereignty, a personal ideal, the actual condition of self-government and the capacity to govern oneself. So in the organization, a person's ability to make a decision in an effective manner and with influential factors comes in the category of autonomy. The commitments, characters, and values of a person also explain by the autonomy term and also reflect its capacity in an independent way. Autonomy also considers in the ground of treated people at the same level. A problem arises is to develop a commitment to moral equality. So autonomy helps to explore new skills and capabilities by utilizing its effective skills and also enhances the level of knowledge in the most effective way and makes a better decision for the organization to obtain a successful future and results. Autonomy is the most effective factor of a person because it helps to use effective strategies and also explore new ways of performing different tasks and also manage all the organizational plans ineffective way and provide a supportive argument in making the decision in a better way (plato.stanford.edu, 2015)

4.3 Theme 3 - Relatedness of the relationship between work motivation and employees of different generations in the banking workplace

Relatedness explains in terms of two different persons or concepts that link with each other. Just because the process of transmission and genetic replication through generations is a basic component of evolution, it also explains in terms of genetic currencies. Relatedness explains for the employees or generations that how they are developing their connectivity with their skills and knowledge. There are many relatedness skills and capabilities that person has to present with its objectives and its organization’s objectives according to organizations’ requirements. The person has to develop relatedness according to its performance and its efficiency. When the person shows its connectivity with its working strategies and willing to explore its knowledge and skills and then a strong relatedness develop for the employees with the organization that promote the working abilities and also enhances the level of performance to generate long term relationship with the organization. It also enhances the motivational level in the persons and also focuses on its personal skills that generate better results for the organization and also provide success to the organization. So there are many terms and directions the person establishes their relatedness with the organization and its functions. There are lots of dimensions that explain the relatedness of the person with the organization. It also done on the targets of the organization because when person show their major relatedness with the organization and also establish strong strategies that promote the operations and targets of the organization then its strong relatedness and connectivity develop between the employee and organization and they work for long terms according to their managing skills and exploring new knowledge and abilities. Relatedness helps to promote the efficiency of the employees and give them more attention to achieving their targets in a better way.

Relatedness also develops by the employee if he has the ability to work with the organization with great loyalty and hardworking. With its functions, operations, and the decision that employees have to present true relatedness because when the employees show strong link and connectivity, then the establishment must be strong and more effective to generate long term success for the organization. It also enhances the level of knowledge and skills that develop a strong link with employee and organization and also focus on obtaining the targets of the organization by exploring the new strategies of relatedness and promote it in the employee of the organization in a better way (DrewGerkey, 2015)

4.4 Development of the relationship between work motivation and employees of different generations in the banking workplace

To develop means to become better at work through various ways such as gaining more knowledge. There was not a specific question about development that was asked during the interviews, however the theme development appeared as an answer to many of the questions that were asked. It was significant for the younger generations Z and Y to have development opportunities, whether it is to gain more knowledge within their work or even change their work environment for the better.

“You become motivated when you want something more that is when motivation is created, if there is no development, motivation can disappear. If no one cares about development and if they can't emphasize that development, that's when you can lose interest in your job. that you do not feel worthy.” (E1 - Z)

 “I would say that my motivation is greater if I got a new job at my job, partly because I have been at my job for a while and you stop developing. But if I change jobs to something new, I would probably be more motivated to do my work better because the whole environment becomes new.” (Employee 2, Generation Z)

“I couldn't have been in a place that is dead and where there is no future. It is important to see in front of me that you can develop.” (E4 - Z)

“Motivation for me is knowing that I can develop. That it is something that is changing. A lot of development.” (E2 - Y)

“Further development, I need to know that I can move on. I have so much time left to work, I will not sit down yet, I want to learn as much as possible.” (Employee 3, Generation Y)

“You always want to develop, you want to change position someday.” (E4 - Y)

However, the generation X felt that development opportunities are not significant:

“...develop but that you do not need to go further, that you can develop in their field even more.” (E2 - X)

Generation Baby Boomers felt that development opportunities were not as significant since they feel satisfied in their current state:

“I think I have development opportunities, but I am happy in the role I have. Pleased very well in my position today. I feel I have achieved my goals.” (E4 - BB)

One interviewee chose their current position for the sole purpose of developing:

“Yes, I want to develop, that is why I searched here from the beginning for the opportunity available here. I have had jobs before where there were no development opportunities. It is important to feel that you can develop to stay.” (E3 - Z)

4.5 Relationship with Colleagues from the Same Generation

People of the same generations have the same qualities and they are working with the same knowledge. Their level of understanding is also the same and they are having the same personal attributes. Relationship with the colleagues if the same generations are very effective for the organization. So the organization has to develop a strong cultural environment and they support each other through their activities. When the employees are related to the same generation then it is very easy to understand the colleagues and also understand their mentality and their working methodologies. The organization also takes these advantages because when all the employees are related to the same generations then their capabilities, skills and knowledge are managed at the same level and the company didn’t need any additional efforts to give them understanding related to the functions and operations of the organization. Same generations’ people understand each other, they can handle their habits and natures without any issue and also settle all the disputes because a smooth communication establishes between them and they can easily understand each other without any problem. The organization also utilizes its skills and efforts in a maximum way because all the employees having the same working scale, and they also understand at the same level. Now all the colleagues are developing a friendly environment in the organization and they have to manage all the problems in a better way.

Organization want to explore new functions and new operations that maximum utilize the skills of the employees and when they belong to the same generation then their abilities and working formats are same and they have to develop effective way of understanding between each other and they better understand how to work effectively in the organization and generate better results for the organization. Same generation people have same qualities and they have almost same skills and abilities to handle the matters and create more effective methodologies because their thinking way is almost the same. Organizations have to handle such issues in the most effective way and they generate the outcomes according to strategies and objectives and generate the best outcomes. Same generations give more benefits as compare top different generations and they manage the functions more effectively when the organization has to manage the operations and also develop the objectives of the organization according to maximum standards. Same generations develop a more friendly culture and environment and also promote the functions of the organization in a better way and support their working methodology.

4.6 Relationship with Colleagues from Different Generations

Every company has a unique culture and this culture diverse the employees and also helps in better decision making according to the purpose and requirements of the company and also under the strategic objective of the company. If the organization effectively communicates with all employees and if all employees communicate with each other, then a strong and friendly environment developed in the organization that supports the objectives of the organization. So the relationship with its colleagues must be strong in the different generations because it promotes the objective of the organization and also explores its strategies in an effective way. When the relationship is strong between different generations then they have to develop a strong cultural environment and on behalf of the goals of the company. Different generations have different specialties and all type of generations has their own specifications that give benefits to the organization in many ways between different generations, organization has to develop open up communication way to develop a professional relationship among the employees and they also align with the culture by listening to the employees and take care of their decision and opinions. Different generations have different priorities and their preferences are different from each other. But when different generations work collectively in the same organization then they have to develop a culture that supports their work and also gives them the opportunity to explore their working skills and their capabilities in a positive way.

Different employees related to different generations have different skills and their understanding level is also different so the organization has to give more focus on different generations and try to develop such an environment and culture that explore their working skills and also helpful in promoting their abilities related to objectives of the organization. This is a tough target for the organization to develop such a culture that supports different generations’ people and also supports them to perform their functions and tasks according to their compatibility mode and they also explore their skills in a most effective way. The relationship with the colleagues of the different generations has taken some time and they have to build their strong relationship for obtaining the same objective of the company. But in this scenario, organizations also take very important steps and consider their all employees and determine their generations according to their skills, knowledge and their ability to perform the functions and achieve the targets of the organization.

4.7 Feedback of the relationship between work motivation and employees of different generations in the banking workplace

The theme feedback connects with the feedback an employee receives from their boss, co-workers, or anyone else at their workplace. There was a specific question in the interview guide that was asked, which was “Do you think that receiving feedback makes you feel more motivated at your workplace? Why?” To receive feedback means that the employee receives it in either a positive or negative way. To receive feedback was important to many of the interviewees. Feedback was needed in order for interviewees to feel motivated and to feel seen, noticed and needed in their workplace.

“Everyone needs feedback. so you know that you have done a good job and then you get motivation and feel that I have done better. Even when you have done something worse then you understand what you are missing in. But it does matter how the manager conveys feedback. Saying it in a nice way so it improves one's compassion.” (Employee 4, Generation Z)

“All feedback is good feedback.” (Employee 2, Generation Z)

“Receiving feedback gives more motivation. If you do good and nobody tells you did good then it makes you feel bad that you’re working hard and no one is even noticing and vice versa makes you feel better.” (Employee 1, Generation Y)

“I appreciate when my colleagues give me feedback. It means a lot to one. Negative and positive feedback reinforces one.” (Employee 3, Generation Y)

“Yes, feedback is wise. People need both bad and good to develop. If you get bad feedback, you get motivation to fix your mistakes, but if you get good and bad then you try to fix your mistakes and get better.” (Employee 4, Generation Y)

“Yes, positive and negative feedback you want, sometimes perhaps among colleagues many customers give me feedback. Motivates me a lot when I get feedback. negative feedback with negative tone, I would take it kick it out and take defense. The tone you use plays a big role in providing feedback.” (Employee 2, Generation X)

“Yes, of course it motivates both good and bad, it depends on how the feedback comes, some give better feedback than others, it depends on the person. Feedback that is good is usually taken better, but I am usually never satisfied, always want to be better. You can be negatively affected by poor feedback, depending on how you get the feedback yet, sometimes you can get feedback that is not relevant.” (Employee 3, Generation X)

“I appreciate feedback, fun to feel appreciated at work. In different ways to get feedback from the manager and colleagues. Better nice to give feedback to each other, here we help each other through different generations very witty.” (Employee 2, Generation Baby Boomer)

“No, I have a hard time believing it. It has little to do with poor self-esteem, I feel good to be praised, extremely difficult to receive negative feedback.” (Employee 3, Generation Baby Boomer)

“Positive feedback motivates me; negative feedback can make you less discouraged. You become extremely happy if a colleague says something positive. It is about how it is said so age does not matter.” (Employee 4, Generation Baby Boomer)

4.8 Goals of the relationship between work motivation and employees of different generations in the banking workplace

There was a specific question asked in relation to this theme which was “Do you have goals in your workplace? If yes: How does motivation help you to achieve the goals?”.

“Yes, you want to know how things are going for yourself. I am absolutely motivated by it, otherwise it would have been difficult to know where you stand and develop further.” (E3 - Z)

“Yes, several goals. I work based on intermediate goals, but I also have a final goal I want to achieve.” (E4 - Z)

“Yes, I have goals. I always have personal goals, but not high goals. I like when the job gives you goals, especially when you have competitions and shows you’re good worker and that you are competent. To know and have confirmation that you’re doing well and you’re best if you win, that is a good motivation for me. I have personal goals to be a good service manager with proof and be good to my colleagues. but I have higher goals when I am done with my studies.” (E1 - Y)

“Yes, you wouldn't be motivated if you hadn't strived to do better or learn more. Motivation is important for achieving one's goals.” (E2 - Y)

“Yes. I am goal oriented, but for me numbers are not everything. At the present moment I do not see my job as, sure my numbers are important for me as well but that is not the reason of why I do what I do. It is because I help the customers for something good. That is more important for me than to fulfill my goals.” (E3 - Y)

“I have goals that the company has set, then I also have goals for myself. A kind of goal picture of what you want to do, those goals are for you to find a motivation and an inspiration to learn more, and not just drive on without guidelines.” (E3 - X)

“The company has goals, but I have no personal goals. I no longer have those ambitions.” (E2 - BB)

“Pleased very well in my position today. I feel I have achieved my goals.” (E4 - BB)

4.9 Salary in the banking workplace

Some of the interviewees clearly answered that a part of what motivates them is salary. It was not a specific question about the salary that was asked in the interview but rather the subject of salary was an answer to some of the respondents to a number of the questions in the interview guide. An example of one question in which salary appeared as the response was “How do you feel motivated at your workplace?” Salary in the form of money is motivating to be able to provide for oneself, however, it can also be about the size of the salary. The reasons why salary is seen as motivating may be about the salary itself in order to survive or it may be about the size of the salary that is important when it comes to motivation.

“Salary affects. It’s the one thing you get at the end of the month that shows how you work. If you don't feel good about salary, you’ll be less motivated. Salary shows how much you are worth at work.” (E1 - Z)

“Everyone must have a salary, otherwise you will not survive. Of course it is important, and it motivates me to get a high salary because you want to feel free in your private life. The salary motivates one. A high salary feels that you are being valued for your work, time and commitment.” (E3 - Y)

“Appreciation such as a week-long vacation rather than a higher salary. Money is not always the most important thing, and the situation I am in right now I would say paid leave motivates me more. Money is not always more important than time.” (E1 - X)

“We have lost the good people because they can be bought by another company. It is a part of motivation. I have managed to increase my salary but I have not had the one that I would like.” (E3 - X)

“Salary does not affect as much, it is not important. Flexibility is important to me, because I can have balance in my life and I have to influence my working hours and that is probably the most important thing.” (E3 - BB)

“If you get a small increase in salary, you can get a little angry. Then if you hear that there is no money all the time to distribute even if you do a good job, it may be that you perform less for a while. You might struggle just as much to do a good job.” (E4 - BB)

5. Discussion and Critical Reflection of the relationship between work motivation and employees of different generations in the banking workplace

In this chapter, the reader will be presented with a discussion of past research as well theories with our respondents' statements. This understanding should give us a hint of our

research question:

“How do employees of different generations experience motivation in the same workplace?”

We have interviewed sixteen interviewees who are active employees in the banking industry to gain an understanding of their motivation to continue working at the same employer. With the help of past research and the theories that support us, we have been able to create an understanding of what motivates employees and if there are any signs that this could relate to coming from different generations.

The research topic addressed by this research project is “The Experience of Work Motivation among Employees of Different Generations”. The identified and analyzed results of this research project are similar to the research findings of other previously done research work on similar topics. Thus, based on this similarity research results are considered reliable and valid for generalization. In accordance with research findings, employees' motivational factors vary among generations but key factors of influence remain almost the same. For instance, factors of motivation discussed in this research work that relates to all generations are salary, bonuses, and self-recognition. From beginning to now, a human being takes interest and motivation in the task that provides them with a sense of achievement or success. Although, other factors of interest for this research work have a different kind of relationship and level of impact on employee’s motivation at the workplace. For instance, generation X, Y, and Z had different perspectives and opinions about feedback, salaries, and goals. Generation Z which is the latest and most advanced generations have a key focus on feedback and colleagues relationship at workplaces.

Many recent research studies have also studied these factors to collect real responses of employees about the role of workplace culture and employee’s relationship with motivation at the workplace. Elaborating on research findings, the majority of respondents agreed with the statement that employees get motivation from feedback as it helps them to identify mistakes and weaknesses for future improvement. Even generation X, Y, and Z are agree to positive feedback importance but generation X has a relatively different opinion. According to employees representing generation X, negative feedback is a reason to change my tone. The employee takes negative feedback as insult thus their tone becomes defensive. However, at the same time generation, Y had quite different responses to negative feedback. According to them, negative feedback motivates to bring improvement by fixing mistakes.

Apparently, generation X, Y, and Z all are goals-oriented generations who give importance to setting goals and getting motivation for it. Somehow, findings presented that generation Z have a positive opinion about goals that provide the motivation to achieve something. While for generation Y goals are sources of motivation to accomplish something in the desired manner as to earn good grades. Although, opposite to these generations, generation X follows up organizational goals rather than personal goals regarding work. Another variable of interest for research work was a salary that was appreciated by all of three selected generations. For generation Y, salary is a reason to work and without this one cannot survive. While respondents of generation Z accepted in their interview that salary is an effective factor of motivation as without this one will be less motivated to work.

Motivation at the workplace is highly essential because the motivation level has a significant relationship with the performance of the organization. The employees are the ones who perform all the activities in the organizations. In other words, the organization runs through employees and their efforts. If the employees are not going to be motivated than the performance of the corporations will decline and the corporation's aim of achieving success in the market will not be fulfilled. Therefore, it can be said that the employees should be motivated through various ways which include incentives, work recognition and empowerment. If corporations want to achieve success than it is highly essential that employees should be motivated.

It is evident from the research data that employees who work in the organization belong to various ethnicities and cultures. The employees who work in corporations have their own values and beliefs. Due to different attitudes and beliefs, it is not necessary that if one employee gets motivated through incentives another employee will also get motivated through incentives. It is important that the management of the organization should analyze the behavior of the employees and make sure that the motivational needs of different employees can be fulfilled effectively. As discussed earlier the generation X and generation Y get motivated in different ways.

For generation X and generation, Y does not get motivated in the same way. It is important to analyze which things motivate generation X employees and which things motivate generation Y. The possibility exists that the thing which motivates generation X might demotivate generation Y. So the organization will have to rely on how it can motivate both generation employees.

In the banking sector employees have to perform various activities. The hectic routine of the banks can demotivate the employees and their performance might decrease over time if the organization has not done anything to enhance the motivation of the employees. The major drawback of demotivation is that the employee turnover in the organization increase which has a direct impact on the profit, efficiency and overall productivity of the corporation. In the worst case, the corporation might experience a huge financial loss. So, it is highly important that its employees stay motivated so that they won’t leave the organization.

The banking sector or any other corporation can achieve success if they retain their talented employees in the organization. It can be done by keeping them motivated. The talented employees are the asset of the corporation because on the basis of their skills and abilities the organization is generating profit. However, sometimes the corporation does not realize that its talented employees are getting demotivated. It is important that the HR department should keep an eye on the behavior and performance of the employees so that it can identify whether the employees are motivated or demotivated. Taking feedback from the employees is a good way to know their motivation level.

The employees’ performance gets increased when they are motivated as discussed before. The employee’s performance and motivation are related to each other. The motivated employees are ready to accept change in the organization and always remain prepared for learning new things. On the other hand, demotivated employees might not learn new things in the organization. The demotivated employee’s performance remains low and after some time they might leave the organization because they think that the corporation is not recognizing its efforts.

Various aspects of the organization have an impact on the motivation of the employees. For instance, the organization which has a strong corporate culture will have more motivated employees than such a corporation where the organizational culture is weak. The values of the organizations have an impact on the motivation level of the employees. The corporate culture helps the employees to work in a certain way which improves their motivation level. In a weak organization culture, the organization has not identified its values. In addition, the working environment of such a corporation is not as enjoyable as the working environment of such an organization which has a strong organizational culture.

The findings of the study have shown competence, autonomy, relatedness, and feedback. The autonomy at the workplace is very important for motivating the employees. The interview has shown that many employees consider autonomy highly essential in the workplace. Today many employees in the workplace want autonomy so that they can take decisions and can be done various activities according to their own way. The employees want the top management should give them the authority so that they can take decisions. Many research studies have shown that the corporations who empower their employees experience growth in performance and efficiency.

The findings of the research have also identified the significance of the feedback process. The findings of the study have indicated that the management feedback motivates the employees in doing work. Good feedback has a positive impact on employees. It is important for the employees to know how they are doing in the organization and whether their performance over the specific period of time has increased or not. Through the feedback of the management not only the employees can enhance their performance but also from the appraisal of the management their motivation level will enhance. The overall feedback is a good way to increase the performance and motivation of employees.

The findings of the study have shed light on the development and growth of the employees. According to the response to the interview questions, many employees have considered development important for motivation. According to many employees, the employees feel motivated when the corporation focuses on the development of the employees. The development includes enhancing the skills and capabilities of the employees through training, arranging seminars & workshops or simply mentoring the employees. Many employees said that there is a direct relationship between the motivation and development of the employees. It means that through the development activities the banking sector can enhance the motivation of its employees.

The goal-setting has also considered important by many employees. The findings of the research have shown the importance of goal setting and how goal setting is linked with motivation. The employees set that they set goals in the corporation and through motivation they able to achieve their goals efficiently. many employees set goals for instance like becoming the manager of the organization, to increase performance or to achieve specific designation in the organization. Without motivation achieving the desired goal is not possible. It is evident that the management encourages their employees to work hard so that in near future they can get promotions from the management of the corporation.

Not only goal-setting autonomy and feedback are important for employees to get motivated but also the salary as well. Many employees consider salary as one of the most important factors for motivation. Many employees who work in corporations demand a high salary for their work. When employees get a reasonable salary for their work, they get motivated. On the other hand, if the employees are doing many tasks in the organization but do not get a good salary than the employees will automatically get demotivated. Such employees will search for a new job so that they can get the salary of their choice.

The research findings have discussed the relationship between the X generation employees with other X generation employees. The relationship between the same generations is strong because they can able to understand each other more accurately. Not only the way of thinking of both the generations will be the same but also the skills and abilities they possess. So, it won’t be difficult for same generation individuals to build the relationship. However, individuals of different generations will be difficult because both have different mindsets and abilities. Different generations have their own attitudes and beliefs which creates difficulty for them for building a relationship.

There are many ways through which generation X can be motivated. Some of the ways include mentoring, providing those opportunities and providing them space to grow. It has been seen that generation X gets motivated through mentoring. The top management of the corporation can play the role of mentor. The leaders of the corporation can influence the employees who belong to generation X. through this they can retain their employees for a longer time period. The findings of the study have shown that generation X needs space for development and growth. So, the corporation should focus on the development and growth of generation X employees.

Their approach for motivating the generation Y employees is different from generation X employees as discussed earlier. The generation y employees can be motivated through communication, challenges, collaboration, and multitasking. Through providing information to the employees through effective communication the motivation level of the employees can be enhanced. The generation Y employees like a challenging task and the organization must give challenging tasks to the employees for increasing their motivation level.

6. Conclusion of the relationship between work motivation and employees of different generations in the banking workplace

In this chapter, the reader will be presented with relevant conclusions for the entire thesis. The data will be discussed and how the thesis contributed to the knowledge that already exists. Moreover, there will be suggestions for future research within this area.

The whole discussion concludes that employees’ motivation is vital for businesses, particularly in banks. Work and employee motivation has a significant relationship. A positive relationship between these factors encourages employees to spend more time on work and present outstanding performance outcomes. A qualitative research study was organized in this research project to elaborate on work motivation experiences among employees belonging to various generations. Key generations considered in this research work are baby boomers, generation X, generation Y, and generation Z. The study is aimed to examine these generations by using qualitative research data collected from the literature review. Summarizing research findings and information extracted in the literature review, motivation can influence the behavior and actions of employees. Human being has a natural desire to achieve something in return on efforts and struggle. Thus employees with motivation regarding rewards or other personal benefits work hard in the organization and present high-quality work, more willing behavior and creativity as compared to other employees. In various generations, the reason for motivation and levels of motivation was different.

The study investigated the behavior of various generations while considering factors influencing intrinsic and extrinsic motivation regarding work. Swedish Bank (SEB) is further taken as a sample of this research work. Semi-structured interviews taken from the employees and selected samples of SEB bank projected that personal experiences of a person in daily life directly relates to personality development. Organizations that give more value to culture and ethical values specifically encourage skills development and enhance the competency of employees. The research identified that in some generations colleagues working at the same organizations had more understanding with each other as compared to the other generation. Key reasons behind this were unity in employees and excessive use of skills. Moreover, generation Z employees supported the idea of feedback to motivate employees at the workplace. Conclusively, Generation Z considers feedback as a positive factor for enhancing an employee’s motivation level at the workplace. While generation Y considered it a wise option as for them negative feedback also encourages a person to make improvements by eliminating mistakes. However, generation X support positive feedback and consider negative feedback a reason to take a defensive position. Thus, overall employees’ behavior and perceptions regarding motivation and sources of motivation various as different generations had different experiences at workplaces that shaped their opinion and personalities.

Although, some limitations are identified in this research work that should be considered while generalizing an argument or hypothesis based on presented research findings. Additionally, at workplaces managers should give positive and encouraging feedback to employees on projecting better performance outcomes to encourage them to become more motivated towards accuracy and performance improvement in the future as well. Managers should also consider differences of various generations while making a plan for motivation as some strategies and motivation policies can be beneficial for one but not for other generations. Thus, managers should mainly consider the requirements, behavior, and individual needs of the relevant generation while developing a plan to bring betterment and improvement in the workforce performance and overall organizational performance outcomes.

Apparently, generation X, Y, and Z all are goals-oriented generations who give importance to setting goals and getting motivation for it. Somehow, findings presented that generation Z have a positive opinion about goals that provide the motivation to achieve something. While for generation Y goals are sources of motivation to accomplish something in the desired manner as to earn good grades. Although, opposite to these generations, generation X follows up organizational goals rather than personal goals regarding work. Another variable of interest for research work was a salary that was appreciated by all of three selected generations. For generation Y, salary is a reason to work and without this one cannot survive. While respondents of generation Z accepted in their interview that salary is an effective factor of motivation as without this one will be less motivated to work.

The research findings have discussed the relationship between the X generation employees with other X generation employees. The relationship between the same generations is strong because they can able to understand each other more accurately. Not only the way of thinking of both the generations will be the same but also the skills and abilities they possess. So, it won’t be difficult for same generation individuals to build a relationship. However, individuals of different generations will be difficult because both have different mindsets and abilities. Different generations have their own attitudes and beliefs which creates difficulty for them for building a relationship.

Every company has a unique culture and this culture diverse the employees and also helps in better decision making according to the purpose and requirements of the company and also under the strategic objective of the company. If the organization effectively communicates with all employees and if all employees communicate with each other than a strong and friendly environment develops in the organization that supports the objectives of the organization. So, the relationship with its colleagues must be strong in the different generations because it promotes the objective of the organization and also explores its strategies in an effective way. When the relationship is strong between different generations then they have to develop a strong cultural environment and on behalf of the goals of the company.

People of the same generations have the same qualities and they are working with the same knowledge. Their level of understanding is also the same and they are having the same personal attributes. Relationship with the colleagues if the same generations are very effective for the organization. So, the organization has to develop a strong cultural environment and they support each other through their activities. When the employees are related to the same generation then it is very easy to understand the colleagues and also understand their mentality and their working methodologies. The organization also takes these advantages because when all the employees are related to the same generations then their capabilities, skills and knowledge are managed at the same level and the company didn’t need any additional efforts to give them understanding related to the functions and operations of the organization.

7. Limitations of Research of the relationship between work motivation and employees of different generations in the banking workplace

For this case study, a qualitative method has been used in the form of interviews. The interviews were conducted as semi-structured interviews which we consider useful since the interviewees were able to develop their answers and the questions were asked according to what they choose to answer and talk about. Including defined questions was extremely important to keep the interview within the limits of the purpose of the study and the set questions were helpful for the writers to follow the interview.

Interviews with sixteen banking employees were conducted, and this may be a limitation to the study’s results. A larger number of interviewees may contribute to additional themes other than the existing ones from the results.

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APPENDICES of the relationship between work motivation and employees of different generations in the banking workplace

Appendix A: A Theory of Human Motivation. A. H. Maslow (1943). Originally Published in Psychological Review, 50, 370-396.

Appendix B:

Appendix C of the relationship between work motivation and employees of different generations in the banking workplace:

Information letter of the relationship between work motivation and employees of different generations in the banking workplace

Hello,

We are students from Stockholm University and we are writing this information letter respectfully to inform that we are writing a Bachelor's thesis on motivation in relation to banking employees of different generations. Since the written language of the thesis is English, it is preferred and easier if the interviewee is comfortable to respond to our questions in English, however the interviewee is free to answer in Swedish if desired.

As informed by our thesis partner and your colleague, the identity of the interviewees will be confidential and only the information provided by the interviewees will be mentioned in the document.

We would like to thank you for your precious time to help us. We are looking forward to this meeting and the opportunity to gather more knowledge to our thesis.

The purpose of this study is to gain knowledge about how different generations feel in regards to motivation in the workplace.

The duration of this interview will be between 30 minutes to 1 hour. We will try to be as specific as possible to save your time but feel free to add more to our knowledge and our questions if we are missing anything important.

We are looking forward to record the interviews, if approved by the interviewee, in order to save our time and use it in the document while valuing your privacy and mentioning the answers anonymously in the thesis and using the recordings solely for the thesis purpose.

The location, time and the day of the interview will be decided according to your convenience. We would request you to feel comfortable to ask anything that comes to your mind about our thesis or our interview questions.

Thank you in advance!

Best Regards,

Ronya Korkut Alcón

Tasalla Nabizada

Helen Shwani