The paper examined the impact of contemporary challenges on the sustainability of microfinance institutions in Ghana. Employing a cross-sectional survey design, data were collected using self-administered questionnaires. Thirty (36) microfinance institutions across Ghana and sample size of three hundred and thirty-one staff (331) of these institutions were interviewed. Exploratory factor analysis and t-test comparisons were used to analyze the data. Using exploratory factor analysis, the findings revealed that institutional framework, capacity building and funding, regulation and supervision, and coordination challenges were contemporary challenges faced by MFIs in Ghana. With t-test comparison analysis, the findings revealed that four extracted factor dimensions (institutional framework, capacity building and funding, regulation and supervision, and coordination challenges) have a statistically significant negative influence on the sustainability of microfinance. Of the four, supervision and regulations recorded the highest challenge whilst institutional framework recorded the least challenge. It was concluded that the four main contemporary challenges mentioned were the major threats and contributed adversely to the sustainability of microfinance operations in Ghana.The recommendation centered on policy makers' strengthening corporate governance to enhance the sustainability and long-term survival of MFIs in Ghana.
Assessment of Employees Job Satisfaction on the Performances in the Public Sector of Ghana 1. Introduction The word 'satisfaction', derived from the Latin satis (enough) and facere (do or make) (Oliver, 2010), denotes a feeling of happiness or pleasure because a person has achieved something or obtained what he/she wanted (Longman Modern English Dictionary). There have been many attempts to define the specific term 'job satisfaction' over the last few decades (Giese & Cote, 2000; Okaro, Eze, & Ohagwu, 2010). One of the more commonly used definitions was proposed by Locke (1976) a pleasurable or positive emotional state resulting from the appraisal of one's job or job experience (Steers & Porter, 2011) According to Hansen Smith, and Hansen, (2012) there is no universal definition of the concept of job satisfaction. Giancola, (2011) suggests that the endeavour is conceptually problematic, while Evans (1997) views the concept as inherently ambiguous as to whether it refers to circumstances deemed satisfactory or satisfying. Guest, (2012) states that there are various interpretations of job satisfaction due to the complexity of the concept, while Okaro et al. (2010) also emphasize that job satisfaction is a complex concept comprising numerous related elements. Moreover, Mafini and Pooe, (2013) argues that differences in culture, beliefs, values and environment among writers can significantly affect their understanding of the concept. From this perspective, Bader (1997) defines job satisfaction as "the degree of satisfaction of the needs of the individual as a result of engaging in that work or occupation. Others similarly state that job satisfaction represents the working environment that meets individuals' needs (Gomez-Mejia et al.2015). However, since such definitions focus on individual needs, it can be argued that they ignore other related factors which may affect satisfaction, such as feelings, attitudes and the job itself. The second perspective is exemplified by Brayfield and Rothe (1951), who see job satisfaction as an individual's attitude toward his work.
The intrinsic motivation comes out from an individual pleasure or interest in the task and it does not involve working on activities for the sake of external rewards, it instead necessitates the feeling of inner pleasure in the activity itself. It can be seen as a force that involves doing activities without external incentive. Armstrong (2006) presented that intrinsic motivation inner or internal motivation that generally do not need or require external rewards including pay to influence one do well in a job. According to Riggio, (2014) individuals are intrinsically motivated when they seek enjoyment, interest, satisfaction of curiosity, self-expression, or personal challenge in the work. A person can be intrinsically motivated to do a task if there is no clear reward for the task done except the task itself or the feelings which upshot from the task. Intrinsic motivation may be associated with self-motivation and job-based motivation because theemployee enjoys performing the actual or specific tasks and relish the challenge of successfully completing the tasks. This component of motivation is believed to have a longer-term and significant effect on employees' performance as it is inherent in the employee and not imposed by the company or its management, and it is the best form of motivation (Armstrong, 2006; Ekerman, 2006). A critical evaluation of intrinsic motivation show that intrinsic motivation emerges when individual (employee) has the desire or urge to do a specific task or duty because the results of performing the job fulfill the individual's own desire or belief system and therefore attaches importance to it. As noted by Deci, Koestner, and Ryan (2001) when rewards are independent of task or engagement (employee's salary), and the employees have no expectation of these rewards (such as bonuses), the rewards would have a positive association with the employee level of intrinsic motivation. Intrinsic motivational factors include job characteristics, immediate work environment, recognition, achievement, challenge, interest and self-actualisation (Aworemi, Abdul-Azeez, & Durowoju, 2011; Wlodarczyk, 2011). The search to increase productivity has been a major concern to all organizations both in the public and private sectors. Despite technological advancements, most organizations face challenges with regards to retention of employees and high employee turnover, employee counter-productive behaviors such as absenteeism, theft, waste of resources, verbal abuse and procrastination. These negative behaviors of employees affect their performances and the performance of organizations as a whole.
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