Effect of Employee Benefits on Job Satisfaction of the Employees Working in Cooperative Societies: A Case Study

Abstract

The cooperative movement is the greatest model for member well-being in world. Sri Lanka has a rich past as well as a present for the cooperative movement. Thus, employee benefits affect to the employee job satisfaction generally in business sector. Thereby, the current study aims to examine how employee benefits affect to the employee job satisfaction in special reference to the center managers of multi-purpose co-operative societies in Polonnaruwa district. it is seen that most of the regional divisions in Polonnaruwa district are not functioning well. In addition, 90% of the active regional stores are maintained at a loss. With that intention researchers developed a quantitative study following a hypothetico-deductive approach together with a cross-sectional survey design. The population was 65 managers and according to the Krejcie and Morgan table sample was selected as 57 center managers of multi-purpose co-operative societies in Polonnaruwa district which selected through the convenience sampling method. The collected data were analyzed with the aid of SPSS statistical software. Findings exposed that there was a strong positive correlation between employee benefits and the employee job satisfaction. Financial benefits (r = 0.609) had the highest positive correlation to employee job satisfaction. Moreover, according to the regression analysis financial benefits has 50.2% impact on the employee job satisfaction and non-financial benefits impact to the employee job satisfaction in 40.8%. Based on the findings researchers suggest offering sales-based incentives, offer appropriate responsibilities and assigned unique role to managers and enhance Communication and technical facilities in outlets. The study was conducted during an epidemic, which created practical difficulties in collecting data. Also, the fact that the sample obtained is limited to one district may be another limitation of the study. Furthermore, researchers suggested to conduct study at the national level, enhancing the sample, and using mix methodology for future research.