01) Introduction

Banking sector in Sri Lanka

 

 

The banking sector in Sri Lanka, which comprises Licensed Commercial Banks (LCBs) and Licensed Specialised banks (LSBs), dominates the financial system and accounts for the highest share of the total assets in the financial system. Banks play a critical role within the Sri Lankan financial system, as they are engaged in provision of liquidity to the entire economy, while transforming the risk characteristics of assets.

Banks also engaged in providing payment services, thereby facilitating all entities to carry out their financial transactions. On the other hand, banks can create vulnerabilities of systemic nature, partly due to a mismatch in maturity of assets and liabilities and their interconnectedness. Therefore, the soundness of banks is important, as it contributes towards maintaining confidence in the financial system, and any failure may have the potential to impact on activities of all other financial and non-financial entities, and finally the economy.

In terms of the asset base and the magnitude of services provided, the LCBs are the single most important category of financial institutions within the banking sector. LCBs dominate the financial system with the highest market share of the entire financial system's assets. Therefore, the health of Sri Lankan financial system depends to a large extent on the soundness of the LCBs, primarily on the performance and financial strength of the six largest LCBs, generally referred to as the Systemically Important Banks (SIBs).

The systemic importance of the LSB sector is relatively low in comparison to the LCBs, both in terms of size and their impact on the financial system, as it does not play a major intermediary role in the payment cycle.

 

Reasons to Choose Banking Sector as a Career

👉 Decent Salary

The best reason to work in any sector is the pay. It is true that the banking sector pays its employees well. Additionally, banks provide their staff with advantages like a minimum rate of interest on loans, medical coverage, pension benefits, and more.

 

👉Job Security

Job Security is one of the major reasons to opt for the Banking Industry. In the case of the public sector, the matter of job security has been always higher. This is also the case for individuals with poor performance. Your future and job are secure with decent pay.

👉It's For Every one

There is a career in banking for everyone. The interested candidates must be a graduate. Be it any stream, anyone can apply for banking jobs. The banking sector offers a career for graduates from all fields such as Arts, Science, Finance, Marketing, Communications, Economics, Mathematics, Law, Engineering, IT, Psychology, and others. In this way, you will get a chance to meet people from different specializations.

👉No Recession Effect

Banks are the backbone of a country's economy. Especially, when it comes to developing a country like Sri lanka, the financial condition relies on Banks completely. Some years back, during the global recession, our country was affected the least because of the soundness of the Indian Banking system.

 

👉Overall Skill Development

You will get lots of opportunities to enhance your knowledge as well as skills at a bank. Most of the banks in India offer on-the-job training and encourage you to further your education through a variety of courses, seminars, and training programs. Banks have training departments to train students and to help them maximize and utilize their skills through educational programs, and technical training. Team building activities and social events are also organized, While working in a bank, you develop a set of skills that are standard across all careers. E.g., interpersonal skills, customer relations, financial management, strategic thinking, and planning, etc. Apart from it, the challenging nature of work, which is not just lending and depositing, bank jobs will develop your leadership and decision-making skills. There are not many career options that will provide you with all these skills. So overall development through various programs, challenges, and work nature are one of the major reasons to go for the Banking sector.

👉Job Satisfaction

Job satisfaction is a very subjective issue and it differs from person to person. But being an interaction-based job, Banking Sector offers the chance to help people with their financial matters. The banking sector gives you social exposure, which you do not get in IT Sector jobs. Apart from it, the work culture of a Bank is quite good.

👉Leaves/Holidays

Banks offer a fair number of holidays in comparison to Private Organizations. Banks have a fair number of holidays than you can get while working in a Private Organization. Banks do care about the festivals and appropriate leaves are given for any festival. In this way, you will get the chance to celebrate every festival with your family and will be able to maintain a good professional and personal work-life balance.

Lots of other benefits and Incentives - Apart from offering a good pay grade, jobs in the banking sector include many incentives, benefits, allowances, and concessions. Bank's employees are eligible for excellent benefits, incentives, and special allowances, including medical insurance and disability insurance, sick leave and vacation, concessions, paid vacations, paid leave, retirement benefits along basic salary.

Reimbursement for newspapers and transportation is given to the bank employees. Maternity leave and Paternity leaves are also provided. In this way, salary and other benefits in a bank are better than in Private organizations.

👉A Lot Of People Want It

There is a long queue of people who want to get your seat if you are working in a bank. It is one of the most desired jobs which makes it. Banks will always need to hire and train people. After getting an entry into a bank, further success will rely on aptitude skills, the ability to cope with challenges, and teamwork skills.

 

What Is Job Dissatisfaction?

Job dissatisfaction is when an employee does not feel content in their job. This can be due to various professional and personal reasons such as lack of advancement, poor management, limited work-life balance, and more.

 

How job dissatisfaction affects for Banking sector

When workers are unsatisfied with their jobs, it impacts your organization. The more widespread employee job dissatisfaction is, the more it will hit your bottom line. Some discontented employees will resign, but others will stay and just be unhappy.