The ground for nationalisation is political every bit good as economic. It is an indispensable thought of certain trade names of ‘state socialist ‘ policy that the agencies of production, distribution and exchange should be owned by the province. Socialists believe that public ownership allows people to utilize full democratic power over the agencies whereby they earn their life and provides an effectual agencies of redistributing wealth and income more reasonably.

As the nationalized industries are province owned, the authorities is accountable for get the better ofing any debts incurred by these industries. Besides, the nationalized industries do non normally borrow from the domestic market other than for short-run adoption.

Nationalization takes topographic point with or without compensation to the former proprietors. If occurs without compensation that means it is a instance of expropriation. Some nationalisation takes topographic point when a authorities seizes belongings acquired illicitly.

The laterality of public sector Bankss at the beginning of the 1890ss was evident with a portion of 92.2 per centum in entire assets ( Table 18 ) of the banking sector. The balance belonged to foreign Bankss, as domestic private Bankss did non be at that clip. Similarly, high portions existed for sedimentations and equity of the populace sector Bankss. With these features, the banking sector at the terminal of FY90 did non supply a flat playing field for competition and growing.

Table 18: Re-privatization construction of the Banking Sector ( 1990 )

Banks

No.

Assetss

Deposits

Equity

Sum

( Rs. Billions )

Share

( % )

Sum

( Rs. Billions )

Share

( % )

Sum

( Rs. Billions )

Share

( % )

State-owned

7

392.3

92.2

329.7

93

14.9

85.6

Private

–

–

–

–

–

–

Foreign

17

33.4

7.8

24.9

7

2.5

14.4

Entire

24

425.6

100

354.6

100

17.4

100

Beginning: Financial Sector Assessment 1990-2000, State Bank of Pakistan

The nationalized commercial Bankss, which dominated the banking sector at the start of the 1890ss, were characterized by:

High Intermediation Costss

Over-staffing and over-branching

Huge portfolio of Non Performing Loans

Poor Customer Services

Under-capitalization

Poor Management / Narrow Product Range

Averse to Lending to SMEs/housing and other sections

Undue Interference in Lending, Loan Recovery and Personnel issues

2.2 Denationalization

The word Privatization is a really wide term but merely specifying, it is the transferal of assets/services bringing from authorities to private sector. By and large used to intend the formation of a company under Companies Act and the subsequent sale of at least 50 per centum of the portions to the private stockholders ( Beesley & A ; Littlechild, 1994 ) .

The most of import statement for denationalization of the publically owned operation is the predictable addition in efficiency that can upshot from private ownership. The private proprietors give more importance to gain maximization through which efficiency additions as compared to authorities, which tends to be less concerned about net incomes.

Most companies get financess from little group of investors and get down as private companies. As their concern grows, they entree the ownership transportation or equity market for funding through the sale of portions. This procedure is later reversed in some instances, when a group of stockholders or a private organisation purchases all the portions from a public organisation which makes the organisation private and hence eliminate it from the stock market.

The consequences of denationalization have been chiefly reported from the economic, fiscal and strategic positions. These include the decrease of the populace sector shortage and of restraints on corporate funding ( Bishop Kay & A ; Mayer, 1994 ) , betterment of efficiency of other province activities ( Goodman & A ; Loveman, 1991 ) , efficiency and productiveness betterments deducing from market inducements to directors and workers ( Bishop et al. ; Parker, 1992 ) , transference of direction control to the private sector ( Bishop et al. ) , lessening in degrees of employment and comparative rewards ( Haskel & A ; Szymanski, 1994 ) and development of consistent corporate schemes and a displacement towards the foal of value maximization ( Megginson, Nash & A ; Randenborgh, 1992 ) .

Europe has provided several illustrations of large-scale denationalization plans, viz. UK and Portugal. In 1995, the Organizations for Economic Co-operation and Development cited these two states as the first and 3rd largest privatising states severally in the Western universe. While the alterations in the external environment, that originate by and large from debut of competition & A ; from deregulating, have been copiously analyzed, the same can non be said about the alterations in the internal environment and peculiarly, their less touchable effects for the employees, human resource policies and organisational civilization ( Nelson, Jackson & A ; Cooper, 1995 ) .

2.2.1 TYPES AND TECHNIQUES OF PRIVATIZATION

There is a scope of alternate service bringing techniques that can be used to maximise efficiency and increase service quality. Depending on the service, some methods will be more suited than others. Few techniques are as follows seeking for techniques of cutting costs and increasing/growing bringing:

Contracting Out ( besides called “ outsourcing ” ) : The authorities trades with a private company, to present services for net income or non-profit organisations.

Management Contracts: In this technique, the portion of the occupation is contracted out to a private company. The type of services includes effluent workss, convention centres, spheres and airdromes.

Public-Private Competition: ( managed competition / market proving ) . This technique explains that when public services are unfastened to competition, the in-house public companies are permitted to take portion in command procedure.

Franchise: A private house is given the sole right to supply a service within a certain geographical country.

Internal Markets. In house suppliers and outside providers serve sections to buy support services such as printing, care, computing machine fix and preparation. For sections concern In-house contactors of support operations are required to run as independent concern units disputing against outside contractors. In this manner market forces are brought to stand with an organisation. On the other manus internal clients can reject the offerings of internal service suppliers if they do n’t wish their quality or their rate is really high.

Vouchers. Here the authorities pays for the installations. Persons are given tradable certifications to purchase the service from the unfastened market. The private sector provides the services that promote the service. To supply greater independency of pick, verifiers gives consumer force per unit area to digest, bring forthing inducements for clients to shop for services and besides for service providers to supply low-priced, high-quality services.

Commercialization ( service casting ) . The authorities stops offering a installation and allow the private division accept the map.

Self-Help ( transportation to nonprofit organisation ) . Neighborhood organisations and community groups ‘ takes over a installation or authorities plus for illustration a local park. New providers of the service straight benefits from the service. Governments bit by bit detecting that by turning non-core services for illustration menagerie, carnivals, remote Parkss, museums and recreational plans to nonprofit companies, they are able to attest that such establishments do non run out the budget.

Volunteers. They deliver all or portion of a authorities installation. Their activities are conducted from authorities ‘s voluntary plan or through a non-profit-making organisation.

Corporatization. In this technique, authorities organisation is restructured along concern lines. Normally it is compulsory to pay revenue enhancements, operate in conformity to commercial rules and raise capital on market. The authorities corporation focuses on increasing net incomes and achieving a favourable ROI ( return on investing ) .

Long-run Lease / Asset Sale. The authorities trades or gets into long-run rental for assets for illustration airdromes, existent estate to private houses or gas public-service corporations, turning physical capital in fiscal capital. In an agreement of sale-leaseback, authorities trades the plus to private sector unit and leases it back. Employee buyout is another plus sale technique. The bing directors and employees take public unit private, buying the organisation through ESOP ( Employee Stock Ownership Plan ) .

Private Infrastructure Development and Operations. The private sector signifiers capital and pull off public substructure for illustration airdromes and roads, retrieving cost from user charges. Numerous techniques are used for in private runing and edifice substructure.

In Build-Operate-Transfer ( BOT ) agreements, private sector physiques, designs, fundss and operates installation over the contract.

A difference of this is the BTO ( Build-Transfer-Operate ) theoretical account, under which rubric allocates to the authorities at the completion of building.

Last, with BOO ( Build-Own-Operate ) agreements, private sector maintains lasting ownership and manages the installation on contract.

2.2.2 HISTORY OF PRIVATIZATION IN PAKISTAN

In Pakistan, for the policy shapers, the impression of Privatization is non new. PIDC ( Pakistan Industrial Development Corporation ) established in 1952. Over 50 industrial projects were established by this corporation and such units were shifted from public to private sector after successful direction and operation.

In early 70 ‘s, the nationalisation policy amplified the size of the populace sector to an unmanageable extent and therefore failed to present what was expected from it. The new policies were introduced by the new authorities in July 1977 of denationalisation, disinvestment and decentalisation to convey back the assurance of private investors. The authorities declared denationalisation of around 2000 Agro-based industries and offered a figure of State Owned Enterprises ( SOE ) on Management contract and introduced public presentation signaling system in order to better their public presentation and convey efficiency in operation and direction ( Bokhari, 1998 ) . In late 80 ‘s the denationalization of State Owned Enterprises became a important instrument of authorities ‘s economic policy.

The British house M/s N.M. Rothschild was appointed as the advisers in 1989 by the new authorities to transport out a research on denationalization schemes and possible campaigners ‘ choice. The study “ Privatization and Public Perception in Pakistan ” was submitted by the advisers that recommended denationalization on widespread ownership beginning as a suited scheme for Pakistan. Following are the seven companies got short listed after analysis of 50 companies, as possible first campaigners for prevailing offers:

Habib Bank

Pakistan National Shipping Corporation ( PNSC )

Muslim Commercial Bank ( MCB )

Pakistan State Oil ( PSO )

Pakistan International Airlines Corporation ( PIAC )

Sui Northern Gas Pipeline Ltd ( SNGPL )

Sui Southern Gas Company ( SSGC )

SSGC was recommended as the first campaigner for offer and for farther companies the study recommended a minority interest could be divested during the five twelvemonth plan to the pool of workers and private sector parties.

In 1991, the denationalization procedure became effectual and the authorities announced the docket of denationalization that covered a broad scope of Fieldss like Bankss, industries, substructure installations, development finance establishments and telecommunications.

2.2.3 PRIVATIZATION PROCESS IN PAKISTAN

The denationalization procedure is an unfastened and crystalline manner that is aimed at selling authorities belongings with a vision of obtaining the best possible monetary value depends on the nature/type of the plus which is being privatized, on the sum of portions that is offered for denationalization and whether a transportation of management/employees are involved. The Board of PC ( Privatization Commission ) chooses as to what type of procedure to be followed. The procedure of Privatization in Pakistan is:

Designation

The first measure towards designation of an person to acquire himself privatized. The contract requires the Privatization Commission to subject a papers of the proposed dealing to the Board and the papers has to warrant the importance of denationalization of the belongings, outlines the possible manner of denationalization, and sometimes look for counsel on jobs related to such affairs as restructuring, legal, pricing, the regulative model and considerations. Once validated by the Board, it is submitted for blessing to the Cabinet or subcommittee “ The Cabinet Committee on Privatization ” ( CCOP ) .

Hiring of Financial Advisor ( FA )

In chief traffics, the Board approves the FA and the hiring procedure is done by dealing director. Then the footings of mention for FA is settled, looks of involvement from possible FAs are asked, an rating squad is constituted and the house that are short listed are asked to subject the proficient and fiscal programs in a corporate layout/format. The rating squad so sums the proposals and so maximal graded companies are invited for understanding ( contract ) sign language and dialogues. In 2001, the regulations and ordinances of engaging a fiscal adviser got approved by the Board to make crystalline processs that were largely followed over the last decennary.

Due Diligence

The following measure, after engaging of FA is to transport out fiscal, legal and proficient due diligence. This helps in acknowledging any legal hinderances, measuring the status of assets and look intoing the histories of the house so as to put a monetary value on the company. For chief denationalizations in substructure, public-service corporations or banking, the FA is responsible for this map. After due diligence, the FA confirms the denationalization program. The program includes recommendations on any needed restructuring, to stipulating the sum of assets or portions to be privatized. For major denationalizations or when the proposed denationalization method is different from initial program and the program is submitted to the Board, CCOP or full Cabinet for credence / blessing.

Ordaining needed Regulatory and Sectorial Reform

For several chief minutess, the capacity to privatise and the measure of returns realizable depends on the degree of regulated monetary value for public endeavor inputs or end products and sectorial / regulative policies.

Property Evaluation

To obtain independent appraisal of the monetary value of belongings being privatized, Privatization Commission depends chiefly on external companies. To obtain a mention monetary value for belongings, the FA carries out the appraisal. In most instances, the committee contracts with an outside rating organisation or accounting house. The techniques used for the rating depends on the type of concern and normally more than one technique is used in finding the value. These techniques are: the discounted hard currency flow method, stock market rating and plus rating at book / market value. The right value is reliant on several hard to quantify variables for illustration state hazard, perceptual experiences of future macroeconomic public presentation, and corporate psychological science and scheme. The true value can be determined merely from the market. Thus it is indispensable to concentrate on planing proper dealing constructions, advertisement in relevant media, in taking and using suited pre-qualification criterions for bidders and following a suited command process to obtain a just monetary value for the denationalization.

Bid Process and Pre-bid

EOI ( Expressions of Interest ) is invited by promotion in the related media. The Personal computer Regulation 2000 implies few advertisement procedures. Depending on the types of minutess, Expressions of Interest describes wide makings that prospective bidders must hold. Bidders who submit an EOI and run into the demands of wide makings are provided with the Request for Proposals ( RFP ) bundle incorporating the elaborate pre-qualification standards, waies to bidders, bill of exchange gross revenues contract and other related paperss. Interested parties so submit a Statement of Qualifications ( SOQ ) , which is assessed to make up one’s mind whether interested party fulfills the necessary makings demands. Then Pre-qualified bidders are given a definite clip period to transport out their private due diligence, after which they are invited in a pre-bid conference where their questions and concerns are addressed. This meeting is good for the possible bidders to find the command process to be followed ( for illustration, unfastened auction, sealed commands, or some combination ) . Command is conducted openly, where all bidders and media are invited for transparence.

Post-bid Issues

After the command and designation of topmost bidder, the Privatization Commission Board makes a citation to the CCOP sing accepting or rejecting the command. Mention sum is a cardinal determiner in the citation, although the PC Board recommends the sale no affair if the proposed monetary value is below the mention sum. Once the monetary value of command and bidder are accepted, the Personal computer issues a missive of credence or a missive of purpose to the winning bidder, stipulating footings and conditions of sale. The Personal computer so completes the sale purchase understanding, collects the sale returns and transportations the belongings. The Personal computer issues the drumhead facts of the dealing in the official newssheet, within 30 yearss of the sale.

The denationalization procedure is long for major minutess, chiefly to guarantee transparence. After acquiring CCOP blessing for denationalization, it normally takes about 18 months for shuting a chief dealing, although when no chief restructuring of the organisation is required. This return in approximately six or seven months to name a FA and another three or four months for the Financial Advisor to finish its proficient, fiscal and legal due diligence and to suggest a denationalization scheme. Following understanding of the program, the command and selling procedure takes another five or six months, while it takes another 2 months following command to acquire blessings, settle sale paperss and close minutess. Additional holds in denationalization are frequently caused by waiting for the necessary regulative model and sectoral policies to be put in topographic point and for any needful restructuring to happen.

2.2.4 PRE-PRIVATIZATION ACTIVITIES

To fix the populace sector Bankss for denationalization, the undermentioned stairss were taken in the Pakistani banking sector ( Hussain, 2004 ) :

Amendment in Banks ( Nationalization ) Act 1974.

This Act, under which the banking sector in the state was nationalized during the 1970ss, was amended in 1990, to pave the manner for denationalization of the nationalized commercial Bankss.

Abolition of the Pakistan Banking Council

The Pakistan Banking Council, established subsequent to nationalisation of the banking sector in the 1970ss, was abolished in 1997.

Downsizing in NCBs

In order to cut down the excess staff in the nationalized commercial Bankss, voluntary separation bundles were offered to employees. This resulted in retrenchment of the work force of the three large NCBs ( HBL, NBP and UBL ) by 11,101 staff members out of a sum of 39,277.

Shutting of unprofitable subdivisions

As portion of the retrenchment exercising, 1,646 subdivisions of NCBs were closed down.

Recapitalization of NCBs

The balance sheets of public sector Bankss were cleaned up and their accrued losingss wiped off by the injection of new equity in Habib Bank and United Bank. A sum of Rs. 46.6 billion was injected as equity in these two Bankss prior to their denationalization.

Constitution of CIRC

The Corporate and Industrial Restructuring Corporation ( CIRC ) was established in 2000 for geting Non-Performing Loans of NCBs. Non-Performing Loans ( NPL ) worth Rs. 47.4 billion have been transferred to CIRC at a price reduction so far for disposal.

Resolution of non-performing loan job

An incentive strategy for settling long outstanding non-performing loans was designed under the guidelines of SBP to clean up the balance sheets of NCBs.

Issue of revenue enhancement refund bonds to NCBs

Tax refund bonds amounting to Rs. 6.5 billion have been issued to NCBs.

Installation of professional direction in NCBs

In order to streamline the working of NCBs, the State Bank put in topographic point professional direction in HBL, NBP and UBL. The Boards of Directors were reconstituted with private sector persons of unity and distinction.

Announcement of Privatization Ordinance

To further beef up the denationalization procedure, the authorities promulgated the Privatization Ordinance in 2000. The Regulation strives to guarantee that denationalization is carried out in a just and crystalline mode.

Revival Committee for Sick Unit of measurements

CRSIU ( Committee for the Revival of Sick Industrial Units ) was formed by Government of Pakistan. Purpose of this commission was to reconstitute loans of ill industrial units, in order to do them feasible.

The other of import point is that fortuitously, Pakistan had a really able cell of bankers working in international Bankss. Citibank, ABN-Amro, Bank of America, to call a few, have many Pakistani bankers at senior and in-between direction places. These individuals were brought in and inducted to take over the direction of the three large Bankss. Whether, in absence of such a readily available pool of banking professionals it would hold been possible to reconstitute these state-owned Bankss can merely be conjectured.

2.2.5 POST PRIVATIZATION SCENARIO

Banks privatized so far: So far, 6 Bankss have been privatized while portions of the National Bank of Pakistan have been floated through an Initial Public Offering ( Table 19 ) . Detailss of the privatized units are given below:

1. Muslim Commercial Bank Ltd – Fully divested and now owned and controlled by a domestic private group.

2. Allied Bank of Pakistan Ltd – 51 per centum portions sold to the Allied Management Group ( AMG ) stand foring employees of the ABL.

3. Bankers Equity Ltd – 51 per centum portions were sold to a domestic private Consortium but finally the entity was forced into settlement. An unsuccessful denationalization episode.

4. Bank Al Falah Ltd – Fully divested, controlled and owned by a foreign group

5. United Bank Ltd – 51 per centum portions sold and direction transferred to a group of private foreign investor and exile Pakistani.

6. Habib Bank Ltd – 51 per centum portions sold and direction transferred to a private foreign group.

7. National Bank of Pakistan – 23.2 per centum portions divested through Stock Exchange.

Sri lanka rupees in Billion

Table 19: Unit of measurements privatized to day of the month

1991 – June 2002

July 2002 – June 2003

July 2003 – Jan 2004

To Date

Sector

No.

Amount Realized

No.

Amount Realized

No.

Amount Realized

No.

Amount Realized

Banking

4

5.6

2

12.9

1

22.4

7

41.0

US $ 710 million

Beginning: Denationalization Commission

By March 2004, the portion of the assets of province owned Bankss in the banking system of Pakistan had declined to merely 18.6 per centum ( Table 20 ) . On the other manus, private sector Bankss, whose portion was nil back in 1990, now ain 76 per centum of assets of the full banking sector. This includes the portion of foreign Bankss, which increased, from 7.8 per centum in 1990, to 10 per centum in 2004. Similarly, the portion of populace sector Bankss in entire sedimentations and equity besides declined while that of private and foreign Bankss rose over this period of 14 old ages.

Table 20: Post-privatization construction of the Banking Sector ( March 2004 )

Banks

No.

Assetss

Deposits

Equity

Sum

( Rs. Billions )

Share

( % )

Sum

( Rs. Billions )

Share

( % )

Sum

( Rs. Billions )

Share

( % )

State-owned1

4

518.8

18.6

379.3

20.1

22.5

17.2

Domestic private

20

1840.3

66.0

1292.3

68.5

92.8

70.9

Foreign

13

278.4

10.0

198.0

10.5

26.7

20.4

Specialized2

3

149.8

5.4

16.1

0.9

-11.1

-8.5

Entire

40

2787.2

100

1885.6

100

130.9

100

Beginning: Banking Supervision section, State Bank of Pakistan

1 three little new Bankss were set up in the public sector during the 1990s. These include the First Women Bank, set up to supply recognition to adult females enterprisers ; and two provincial Bankss ; the Bank of Punjab and the Bank of Khyber.

2 These include: Zari Tarqiati Bank Ltd. , Industrial Development Bank of Pakistan and Punjab Provincial Co-operative Bank Limited.

2.3 JOB SATISFACTION

Job satisfaction has been defined by Locke ( 1976 ) as how employees feel about their work, and low occupation satisfaction has been linked to unwanted results in the workplace. The unwanted results come in many signifiers. For illustration, higher degrees of turnover are related to dis-satisfied workers. Low occupation satisfaction has been linked to lower worker productiveness and public presentation. Higher degrees of occupation satisfaction have shown to be related to positive results. Spector ( 1997 ) commented that among directors, occupation satisfaction is considered as of import influence on employee behaviour and organisational effectivity. Spector believes that occupation satisfaction “ can be considered as a planetary feeling about the occupation or as a related configuration of attitudes about assorted facets or aspects of the occupation ” . Increase in occupation committedness besides leads to increase in employee satisfaction. By selectively planing occupations to include significant degrees of liberty, truth and feedback, employee ‘s degree of committedness and satisfaction to the organisation should increase.

2.3.1 IS JOB SATISFACTION IMPORTANT?

Initially, this inquiry may look to hold an obvious reply. After all, it seems eminently logical that a happy employee is a “ better ” employee, which is frequently defined as a “ more productive ” employee. However, 1000s of surveies have been carried out seeking to set up a positive and unmistakable correlativity between high occupation satisfaction and high productiveness with nil conclusive being proven. Research workers have attempted to correlate occupation satisfaction with efficiency, absenteeism, turnover, and assorted other facets of public presentation with unquestionably assorted consequences. Blackburn & A ; Bruce ( 1992 ) explain, “ Directors and workers likewise pursue occupation satisfaction in the frequently naif belief that it leads straight and certainly to that other workplace ideal – high public presentation. The fact is, nevertheless, that sometimes satisfied employees perform better, and sometimes they do non ” .

Recent tendencies towards more holistic positions of psychological science make clear the importance of work in the person ‘s overall enjoyment of life. A suffering employee can non go forth the dissatisfactions of an unhappy occupation at the office at the terminal of the twenty-four hours. While earlier coevalss may hold viewed their occupations preponderantly as a beginning of income, today ‘s employees see their callings as more. Blackburn & A ; Bruce ( 1992 ) write, “ Most of today ‘s workers expect to deduce much more satisfaction from their work so their grandparents of all time dreamed was possible ” .

Blackburn & A ; Bruce explain, “ Whether or non satisfaction and public presentation are straight and strongly correlated is non the issue. The issue is that in order to pull and retain qualified employees in the approaching tight labour market, employers will hold to handle people as their most of import plus ” .

Chapter 3: Research METHODS

3.1 DATA COLLECTION

There are two types of beginnings available for informations aggregation sing research intent i.e. primary and secondary informations. In this research survey, both primary and secondary beginnings are used. Secondary information is obtained from the books, journal/articles and cyberspace while primary beginning is dependent on the questionnaire study. The research worker depends on both the beginnings for theoretical and empirical informations. As there is really scarce published stuff available about the impact of denationalization on occupation satisfaction, so researcher had to trust on questionnaire study consequences for empirical informations.

3.2 RESEARCH & A ; TESTING Instruments

The instruments used for roll uping informations for this research consisted of questionnaire for studies and SPSS as proving tool.

3.3 Questionnaire

For this research, a questionnaire based on the design of Wood, Chonko & A ; Hunt ( 1986 ) study was used as the mensurating instrument to find employees ‘ occupation satisfaction before and after denationalization. The occupation satisfaction measures consists of 14 points scored on a Likert-type format ( with 1 = Strongly Disagree and 5 = Strongly Agree ) . Seven of the occupation satisfaction points were developed by Wood et al. , from pre-tested responses and they focused on assorted elements of the respondents occupations. Additionally, seven points were selected from the Job Characteristic Inventory ( Sims, Szilagyi & A ; Keller, 1976 ) . These 14 points were so grouped into four basic factors viz. , Information, Skill Variety, Closure and Pay, retroflexing the attack taken by Wood et Al. Researcher has added two enlightening inquiries about answering i.e. Age and Tenure.

3.3.1 PILOT TEST QUESTIONNAIRE

A pilot trial was conducted to observe failing in design and instruments. Pre-testing refers to the testing of the questionnaire on a little sample of respondents in order to place and extinguish possible job. Here, the research worker intended to carry on a pretest to measure the questionnaire for lucidity, prejudice, equivocal inquiries, and relevancy to organisational scene of HBL and UBL. For this ground, the research worker distributed 6 questionnaires among 6 professionals. Pre-test of 5-10 representative respondents is normally sufficient to place jobs with a questionnaire.

3.4 Sampling

A self-administered questionnaire was filled out by 50 respondents ( 25 in each bank ) . A sum of 48 useable questionnaires were returned. Not every respondent got equal opportunity to go the portion of this research and the research is conducted on the footing of convenience i.e. Convenience Sampling Technique. Convenience trying technique is a method of non-probability sampling in which a peculiar group of people are selected but it does non come near to trying all of the population. The research worker used this technique because it is fast, cheap, easy and the topics are readily available. .

3.5 SAMPLE SIZE

The sample size for my research is 48 respondents, which includes:

Male / Female

Employed

Age group: 25 or above

Karachi based

Chapter 4: DATA ANALYSIS & A ; RESULTS

4.1 FREQUENCY TABLES

1. I have been working for this Bank since

Nitrogen

Valid

48

Missing

0

Frequency

Percentage

Valid Percentage

Accumulative Percentage

Valid

5 old ages to & lt ; 7 old ages

5

10.4

10.4

10.4

7 old ages to & lt ; 9 old ages

3

6.3

6.3

16.7

9 old ages to & lt ; 10 old ages

40

83.3

83.3

100.0

Entire

48

100.0

100.0

2. My age is

Nitrogen

Valid

48

Missing

0

Frequency

Percentage

Valid Percentage

Accumulative Percentage

Valid

25 to & lt ; 30

1

2.1

2.1

2.1

30 to & lt ; 35

5

10.4

10.4

12.5

35 to & lt ; 40

5

10.4

10.4

22.9

40 to & lt ; 45

17

35.4

35.4

58.3

45 to & lt ; 50 or older

20

41.7

41.7

100.0

Entire

48

100.0

100.0

3. I was/am satisfied with the information I received/receive from my supervisor about my occupation public presentation

Before * After

After Denationalization

Entire

Strongly Disagree

Disagree

Partially Agree

Agree

Strongly Agree

Before Denationalization

Strongly Disagree

0

2

0

0

0

2

Disagree

2

1

2

4

1

10

Partially Agree

0

2

5

8

4

19

Agree

0

0

1

4

5

10

Strongly Agree

0

0

0

2

5

7

Entire

2

5

8

18

15

48

4. I received/receive adequate information from my supervisor about my occupation public presentation

Before * After

After Denationalization

Entire

Disagree

Partially Agree

Agree

Strongly Agree

Before Denationalization

Disagree

3

1

6

2

12

Partially Agree

1

4

12

3

20

Agree

0

1

5

3

9

Strongly Agree

0

0

1

6

7

Entire

4

6

24

14

48

5. I received/receive adequate feedback from my supervisor on how good I was/am making

Before * After

After Denationalization

Entire

Disagree

Partially Agree

Agree

Strongly Agree

Before Denationalization

Disagree

3

3

6

4

16

Partially Agree

2

2

11

3

18

Agree

0

1

1

4

6

Strongly Agree

0

0

4

4

8

Entire

5

6

22

15

48

6. There was/is adequate chance in my occupation to happen out how I was/am making

Before * After

After Denationalization

Entire

Disagree

Partially Agree

Agree

Strongly Agree

Before Denationalization

Strongly Disagree

0

0

0

1

1

Disagree

2

2

5

4

13

Partially Agree

2

7

9

0

18

Agree

0

0

6

1

7

Strongly Agree

0

0

3

6

9

Entire

4

9

23

12

48

7. I was/am satisfied with the assortment of activities my occupation offered/offers

Before * After

After Denationalization

Entire

Disagree

Partially Agree

Agree

Strongly Agree

Before Denationalization

Strongly Disagree

0

0

0

1

1

Disagree

0

2

3

3

8

Partially Agree

0

5

8

3

16

Agree

1

1

13

3

18

Strongly Agree

0

1

0

4

5

Entire

1

9

24

14

48

8. I was/am satisfied with the freedom I had/have to make what I wanted/want on my occupation

Before * After

After Denationalization

Entire

Disagree

Partially Agree

Agree

Strongly Agree

Before Denationalization

Strongly Disagree

0

0

0

1

1

Disagree

1

2

5

2

10

Partially Agree

3

2

8

4

17

Agree

2

3

5

3

13

Strongly Agree

0

0

1

6

7

Entire

6

7

19

16

48

9. I was/am satisfied with the chances my occupation provided/provides me to interact with others

Before * After

After Denationalization

Entire

Disagree

Partially Agree

Agree

Strongly Agree

Before Denationalization

Disagree

0

4

8

3

15

Partially Agree

1

4

6

4

15

Agree

1

3

6

1

11

Strongly Agree

1

0

1

5

7

Entire

3

11

21

13

48

10. There was/is plenty assortment in my occupation

Before * After

After Denationalization

Entire

Strongly Disagree

Disagree

Partially Agree

Agree

Strongly Agree

Before Denationalization

Strongly Disagree

0

0

0

0

2

2

Disagree

1

1

2

5

1

10

Partially Agree

0

0

6

6

4

16

Agree

0

1

0

12

2

15

Strongly Agree

0

0

0

2

3

5

Entire

1

2

8

25

12

48

11. I had/have adequate freedom to make what I wanted/want in my occupation

Before * After

After Denationalization

Entire

Disagree

Partially Agree

Agree

Strongly Agree

Before Denationalization

Strongly Disagree

0

0

0

1

1

Disagree

2

5

7

4

18

Partially Agree

2

8

5

1

16

Agree

0

1

5

1

7

Strongly Agree

1

0

1

4

6

Entire

5

14

18

11

48

My occupation had/has plenty chance for independent idea and action

Before * After

After Denationalization

Entire

Strongly Disagree

Disagree

Partially Agree

Agree

Strongly Agree

Before Denationalization

Strongly Disagree

2

0

0

1

1

4

Disagree

0

0

5

8

3

16

Partially Agree

0

2

4

6

3

15

Agree

0

0

0

2

4

6

Strongly Agree

0

0

0

0

7

7

Entire

2

2

9

17

18

48

I was/am satisfied with the chances my occupation has given/gives me to finish undertakings from get downing to stop

Before * After

After Denationalization

Entire

Strongly Disagree

Disagree

Partially Agree

Agree

Strongly Agree

Before Denationalization

Strongly Disagree

1

0

1

0

0

2

Disagree

0

0

3

8

4

15

Partially Agree

0

1

4

7

3

15

Agree

0

1

0

7

2

10

Strongly Agree

0

0

0

0

6

6

Entire

1

2

8

22

15

48

14. My occupation had/has plenty chance to finish the work I started/start

Before * After

After Denationalization

Entire

Partially Agree

Agree

Strongly Agree

Before Denationalization

Strongly Disagree

0

0

1

1

Disagree

4

5

3

12

Partially Agree

6

9

2

17

Agree

0

9

3

12

Strongly Agree

0

1

5

6

Entire

10

24

14

48

15. I was/am satisfied with the wage I received/receive for my occupation

Before * After

After Denationalization

Entire

Strongly Disagree

Disagree

Partially Agree

Agree

Strongly Agree

Before Denationalization

Strongly Disagree

0

1

0

1

0

2

Disagree

1

3

5

3

5

17

Partially Agree

3

5

1

7

1

17

Agree

0

0

2

4

2

8

Strongly Agree

1

0

0

2

1

4

Entire

5

9

8

17

9

48

16. I was/am satisfied with the security my occupation provided/provides me

Before * After

After Denationalization

Entire

Strongly Disagree

Disagree

Partially Agree

Agree

Strongly Agree

Before Denationalization

Disagree

0

0

2

3

3

8

Partially Agree

0

1

3

7

1

12

Agree

0

2

3

3

1

9

Strongly Agree

5

3

6

3

2

19

Entire

5

6

14

16

7

48

4.2 Testing HYPOTHESES

H1: There is no difference in the degree of satisfaction with regard to information amongst employees working in Bankss before and after denationalization.

Paired Samples Statisticss

Mean

Nitrogen

Std. Deviation

Std. Error Mean

Pair 1

Before

12.7708

48

3.72593

.53779

After

15.6875

48

3.18344

.45949

Paired Samples Correlations

Nitrogen

Correlation

Sig.

Pair 1

Before & A ; After

48

.473

.001

Paired Samples Test

Paired Differences

95 % Confidence Interval of the Difference

Mean

Std. Deviation

Std. Error Mean

Lower

Upper

T

df

Sig. ( 2-tailed )

Pair 1

Before – After

-2.91667

3.57791

.51643

-3.95558

-1.87775

-5.648

47

.000

4.2.1 RESULT FOR H1:

Based on the statistical trials carried out P is less than I± therefore the hypothesis is rejected ; which means that there is a important difference in the degree of occupation satisfaction with regard to information in employees before and after denationalization.

H2: There is no difference in the degree of satisfaction with regard to skill assortment amongst employees working in Bankss before and after denationalization.

Paired Samples Statisticss

Mean

Nitrogen

Std. Deviation

Std. Error Mean

Pair 1

Before

19.0208

48

5.25312

.75822

After

23.5625

48

4.38035

.63225

Paired Samples Correlations

Nitrogen

Correlation

Sig.

Pair 1

Before & A ; After

48

.174

.236

Paired Samples Test

Paired Differences

95 % Confidence Interval of the Difference

Mean

Std. Deviation

Std. Error Mean

Lower

Upper

T

df

Sig. ( 2-tailed )

Pair 1

Before – After

-4.54167

6.22609

.89866

-6.34953

-2.73380

-5.054

47

.000

4.2.1 RESULT FOR H2:

Based on the statistical trials carried out P is less than I± therefore the hypothesis is rejected ; which means that there is a important difference in the degree of occupation satisfaction with regard to skill assortment in employees before and after denationalization.

H3: There is no difference in the degree of satisfaction with regard to cloture amongst employees working in Bankss before and after denationalization.

Paired Samples Statisticss

Mean

Nitrogen

Std. Deviation

Std. Error Mean

Pair 1

Before

6.2708

48

2.03939

.29436

After

8.0833

48

1.45622

.21019

Paired Samples Correlations

Nitrogen

Correlation

Sig.

Pair 1

Before & A ; After

48

.379

.008

Paired Samples Test

Paired Differences

95 % Confidence Interval of the Difference

Mean

Std. Deviation

Std. Error Mean

Lower

Upper

T

df

Sig. ( 2-tailed )

Pair 1

Before – After

-1.81250

2.00697

.28968

-2.39526

-1.22974

-6.257

47

.000

4.2.1 RESULT FOR H3:

Based on the statistical trials carried out P is less than I± therefore the hypothesis is rejected ; which means that there is a important difference in the degree of occupation satisfaction with regard to cloture in employees before and after denationalization.

H4: There is no difference in the degree of satisfaction with regard to pay amongst employees working in Bankss before and after denationalization.

Paired Samples Statisticss

Mean

Nitrogen

Std. Deviation

Std. Error Mean

Pair 1

Before

6.7083

48

1.82137

.26289

After

6.6250

48

2.11001

.30455

Paired Samples Correlations

Nitrogen

Correlation

Sig.

Pair 1

Before & A ; After

48

-.311

.031

Paired Samples Test

Paired Differences

95 % Confidence Interval of the Difference

Mean

Std. Deviation

Std. Error Mean

Lower

Upper

T

df

Sig. ( 2-tailed )

Pair 1

Before – After

.08333

3.18796

.46014

-.84236

1.00902

.181

47

.857

4.2.1 RESULT FOR H4:

Based on the statistical trials carried out P is higher than I± therefore the hypothesis can non be rejected ; which means that there is no important difference in the degree of occupation satisfaction with regard to pay in employees before and after denationalization.

4.3 HYPOTHESES ASSESMENT SUMMARY

Hypothesis

T-VALUE

Significance

( p-value )

Empirical Decision

H1: There is no difference in the degree of satisfaction with regard to information amongst employees working in Bankss before and after denationalization.

-5.648

.000

Rejected

H2: There is no difference in the degree of satisfaction with regard to skill assortment amongst employees working in Bankss before and after denationalization.

-5.054

.000

Rejected

H3: There is no difference in the degree of satisfaction with regard to cloture amongst employees working in Bankss before and after denationalization.

-6.257

.000

Rejected

H4: There is no difference in the degree of satisfaction with regard to pay amongst employees working in Bankss before and after denationalization.

.181

.857

Accepted

Chapter 5: Discussion, IMPLICATIONS AND CONCLUSION

5.1 Discussion

After questioning 48 bank employees through a questionnaire based on factors of occupation design and their impact on the degree employee satisfaction a comparative theoretical account was developed to find whether there was a difference in the degree of occupation satisfaction before and after denationalization. The consequences rejected the hypothesis that there is no difference in the degree of satisfaction of employees before and after denationalization. It was found that the degree of occupation satisfaction was significantly higher in employees after denationalization.

In all, 14 variables connected to occupation satisfaction were selected divided into four bunchs viz. information, assortment and freedom, closing, and wage and security, based on the survey by Wood, Chonko & A ; Hunt ( 1986 ) . The occupation satisfaction measures consists of 14 points scored on a Likert-type format ( with 1 = Strongly Disagree and 5 = Strongly Agree ) . Seven of the occupation satisfaction points were developed by Wood et al. , and other seven points were selected from the Job Characteristic Inventory ( Sims, Szilagyi & A ; Keller, 1976 ) . These 14 points were so grouped into four basic factors viz. , Information, Skill Variety, Closure and Pay, retroflexing the attack taken by Wood et Al.

Data was collected from two privatized Bankss, Habib Bank Ltd and United Bank Ltd. Sample was drawn from a cross subdivision of managerial degree employees from both organisations and consisted of respondents who had considerable occupation term of offices to enable them to compare the variables impacting occupation satisfaction before and after denationalization.

Statistical trials to cipher the P value for each set of points in the four factors were carried out. It was found in the instance of the first three hypotheses that P was less than I± ( alpha ) and therefore, the hypotheses that there was no difference in the degree of occupation satisfaction in employees with regard to information, accomplishment assortment and closing, before and after denationalization, were rejected. In the last hypothesis test it was found that the P value exceeded I± , bespeaking that there was no difference in the degree of occupation satisfaction with regard to pay amongst employees before and after denationalization.

5.2 Deductions

While it was found that the degree of occupation satisfaction is being significantly affected by the first three variables selected i.e. information, accomplishment assortment and closing, the informations indicated that this was non the instance in footings of wage. It is true that wage might be a strong index for measuring occupation satisfaction, it is, nevertheless, non the lone variable impacting employee satisfaction by any agencies and even some classical theories, most noteworthy amongst them being Herzberg ‘s Two Factor Theory, have listed wage as merely one variable amongst many, responsible for making satisfaction ( or dissatisfaction ) in employees. Hence, the research worker is strongly compelled to get at the decision that there is a noticeable and verifiable ( based on the informations collected in this survey ) difference between the degree of occupation satisfaction of employees working in privatized Bankss, before and after denationalization. For all other three factors information, accomplishment assortment and closing, the observations clearly hint at an addition in satisfaction degree after denationalization.

Privatized companies seem to develop “ stronger ” civilizations and concentrate on making non merely improved distinguishable answerability and co-ordination and inter-organizational communicating, but besides an increased concern for squad spirit, for human resources and for their development ( Cunha & A ; Cooper, 2002 ) . The consequences from their cross sectional analysis confirm significantly higher perceptual experience of occupational emphasis in the public company than the privatized 1s.

5.3 Decision

Change over of direction from public sector “ authorities ” to the private, is a important incident in an organisation ‘s life. It affects the nucleus values of a company, its civilization, construction, policy models, and last but non the least, the forces working for the company. It has by and large been assumed that the private sector offers its employees more in footings of professional growing and development, salary, perks etc. However, this proposition is questionable and remains to be tested every bit far as the banking sector of Pakistan is concerned. This research survey has shed some much-needed visible radiation on the job and has discovered that there are sufficiently strong indicants to propose that differences do be in employee perceptual experiences with respect to at least three variables impacting occupation satisfaction: information, accomplishment assortment and closing. The same could non be found for the 4th variable selected, i.e. salary. These findings substantiate the classical thoughts about the sensed deficiency of relationship between wage and occupation satisfaction, which relegate wage to the degree of a hygiene factor.