A Study on Identifying the Factors of Employee Motivation in the Insurance Sector of Sri Lanka

One of the major challenges that organizations today confront is employee motivation. The commitment and dedication of the company’s personnel are key factors in its success. Therefore, employee motivation needs to come from both internal and external factors in order for the organization to achieve its goals. While the idea of motivation for employees has been widely studied in the literature, relatively little attention has been paid to the motivational components influencing employee motivation in the Sri Lankan insurance industry. The current study was thus launched in order to cover this knowledge gap in the literature. The primary objective of this study was to identify the factors that affect employee motivation in the insurance industry in Sri Lanka. Furthermore, this study will provide top management with a comprehensive grasp of the importance of motivating factors for raising productivity at work. Data was obtained from 260 employees who were selected using the simple random sample method utilizing quantitative methodology. Both primary and secondary data have been used for this research. A factor analysis was done to determine the main factors influencing employees’ motivation. The analysis revealed that three prominent factors were identified for employee motivation in the organization: employee engagement, employee performance, and employee personal growth. Therefore, managerial personnel should strive to identify the driving motivational factors of their employees, since this directly affects the performance of the organization.