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International Journal of Academic Research in Business and Social Sciences

Open Access Journal

ISSN: 2222-6990

Universality of Factors Motivating Employees in the Banking Sector of Northern Cyprus and their Demographic Reflections

Assoc. Prof. Dr. Okan VEL? ?AFAKLI, Mustafa ERTANIN

Open access

In this study, motivation as one of the most important factors potentially contributing to the
performance of employees has been examined in relation to the banking sector of Northern
Cyprus. As a result of the study, the most important factors motivating employees are
respectively “equitable wage and promotion”, “extended health benefit and other social
facilities”, and “working environment”. Another crucial finding of the study is the fact that
“equitable wage and promotion” having the highest potential of motivating employees do not
differentiate according to demographic characteristics. It can be argued that findings of the
study can be explained mainly by Maslow’s Hierarchy of Needs Theory in addition to
expectancy of reward and its equity, equity theory, and Vroom’s expectancy theory.
Furthermore, when compared with a similar study in Finland, it is found out that the most
important factor motivating employees in both countries is wage.

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