Ratchaphong LIEOPHAIROT, Nuttawut ROJNIRUTTIKUL / Journal of Asian Finance, Economics and Business Vol 9 No 10 (2022) 0115–0127 115

Print ISSN: 2288-4637 / Online ISSN 2288-4645

doi:10.13106/jafeb.2022.vol9.no10.0115

Factors Affecting Employee Loyalty in Railway Rolling

Stock Maintenance Companies in Thailand*

Ratchaphong LIEOPHAIROT1, Nuttawut ROJNIRUTTIKUL2

Received: September 15, 2022 Revised: November 26, 2022 Accepted: December 05, 2022

Abstract
The study’s goal was to investigate the levels of employee loyalty (EL) in two Thai railway rolling stock maintenance (RRSM)
companies. Simple random sampling was used to obtain a final sample of 118 individuals from October 2021 through December
2021. The research instrument was a questionnaire with an expert IOC value between 0.67 to 1.00 and a questionnaire reliability
Alpha (α) average value of 0.82. Descriptive statistics included the mean and standard deviation (SD). SPSS for Windows Version 21
and Multiple Regression Analysis (MRA) was used for the analysis. Results showed that the 118 employee’s overall perceptions of
their RRSM employers’ motivating factors, human resource management, satisfaction, and loyalty were high. HRM’s performance
evaluation had the most significant overall influence on EL. Moreover, from the analysis of the five EL questionnaire items, the most
influential item was the employee’s income as a contributing factor to their EL. This was followed by the suitability of their work. Also,
it seems the employees had a high level of loyalty to their firms even if a better offer of more money was made. They also indicated a
high level of pride in their respective firms.

Keywords: Employee Satisfaction, Motivational Factors, Multiple Regression Analysis, State Railway of Thailand, Thailand

JEL Classification Code: J24, J28, J33, J63, L92

1. Introduction (Polanant & Rojniruttikul, 2022), which can find its roots
in late 19th-century industrialization and the beginnings of
Numerous studies have explored the importance women’s role within the workforce. With the start of the First
of employee loyalty (EL) and which EL factors play a World War, women started to play even more significant
vital role in an organization’s success, competitiveness, roles but, to a large degree, were not welcomed by the labor
and sustainability. One factor that is often studied and unions in which they worked. Later in the 1920s, large
discussed is human resource management (HRM) engineering firms and factories started using titles such as
‘labor manager’ or ‘employment manager’ (Kaufman, 2019).
Later after WWII, many organizations adopted the term
*Acknowledgements: ‘personnel manager,’ which was used for decades worldwide.
The authors would like to offer Ajarn Charlie their sincere thanks However, sometime in the middle 1980s, ‘Human Resource
for his assistance in the English language editing and proofing of
the multiple manuscripts. Management was coined in the USA and spread from there,
1
First Author. Graduate Student, KMITL Business School, King with the term suggesting that employees were an asset or
Mongkut’s Institute of Technology Ladkrabang, Thailand. ORCID: resource-like machine. However, unlike machines, HRM
https://orcid.org/0000-0002-3226-5770. emphasizes employee commitment (loyalty) and motivation
Email: [email protected]
2*
Corresponding Author. Assistant Professor, KMITL Business (Zhu & Warner, 2019).
School, King Mongkut’s Institute of Technology Ladkrabang, This is consistent with research concerning the Thai
Thailand. ORCID: https://orcid.org/0000-0002-3724-2885. [Postal tourism sector, in which Ashton (2018) reported that
Address: 1 Chalong Krung 1 Alley, Lat Krabang, Bangkok, 10520,
Thailand] Email: [email protected] good HRM practices are a significant factor in employee
satisfaction and job retention. Tepayakul and Rinthaisong
© Copyright: The Author(s)
This is an Open Access article distributed under the terms of the Creative Commons Attribution (2018) have added that job satisfaction and employee
Non-Commercial License (https://creativecommons.org/licenses/by-nc/4.0/) which permits
unrestricted non-commercial use, distribution, and reproduction in any medium, provided the
engagement were essential to Thai higher education’s
original work is properly cited. success.
116 Ratchaphong LIEOPHAIROT, Nuttawut ROJNIRUTTIKUL / Journal of Asian Finance, Economics and Business Vol 9 No 10 (2022) 0115–0127

Therefore, the study and understanding of HRM have 2. Literature Review

become increasingly important in organizations because
human resources (HR) are the most essential asset within 2.1. Concepts and Theories Related to
an organization. However, technology has dramatically Motivational Factors (MF)
impacted how people work, and organizations conduct
employee management (Kim et al., 2021). Moreover, today 2.1.1. Frederick W. Taylor’s Principles of Scientific
HRM has been increasingly important in many groups due to Management (PSM)
its integration into their overall corporate strategic plan and
corporate culture objectives (Alshammari, 2020). In 1911 Frederick W. Taylor, an American engineer,
Also, tightly connected to organizational HRM is what proposed the five Principles of Scientific Management
motivational factors (MF) are involved between the firm and (Taylor, 2004). In what has been termed ‘harmony,’ Taylor
the employee (Polanant & Rojniruttikul, 2022), as numerous believed that relationships between firm management
studies have taken on the challenge of finding these out as and their workers should be harmonious and polite, as
employee turnover or employee retention can be a costly differences between the two groups are never beneficial,
problem with sometimes devastating results to a company’s with cooperation substituted for competition. Moreover,
viability and competitiveness. Taylor saw economic incentives as the most critical factor
In Vietnam, Khuong et al. (2020) studied the motivating employees to work. Thus the more work they did,
relationships between HRM on hospitality staff motivation the more money management should pay them.
and staff loyalty and determined that career development,
teamwork, compensation, managerial relationships, and 2.1.2. Douglas McGregor’s Theory of Motivation
the employment environment directly affected employee
motivation. Also, career training needs to be straightforward, Douglas McGregor developed two theory styles of
with a development plan focused on achieving higher levels motivation (Morse & Lorsch, 1970). McGregor’s motivation
of employee loyalty. theories aimed to classify people into two groups (Grigorov,
Thus, employee satisfaction (ES) is yet another essential 2020). The first are individuals with an opposing view
factor on the road to achieving employee loyalty (EL) (Theory X). They are also lazy, dislike work, and avoid
(Frempong et al., 2018). In Thailand, Panich et al. (2020) responsibility, with low motivation levels (The Enterprise
examined employee retention in a large electricity generation Community Partners, 2020).
firm and reported that organizational commitment was The second group is individuals with a positive outlook.
most important, followed closely by job satisfaction and Thus, they like love, work, and responsibility and are
organizational culture. interested in learning and developing thinking skills. They
Similarly, Dhir et al. (2020) connected EL to ES also have a high level of motivation. Therefore, management
in India. They found that when an organization fits a is responsible for providing an environment suitable for
person to a job and the organization’s culture, there each member. By keeping Group Y individuals motivated,
was a significant improvement in ES and EL. Also, the employee work increases, simultaneously increasing the
authors noted the importance of supervisory support in organization’s success.
ES and EL.
Additionally, from the systematic review of the 2.1.3. Maslow’s Hierarchy of Needs (MHN) Theory
literature on employee loyalty (EL), multiple factors have
been reported to play a role. These include the staff’s MHN is a theory put forth by Abraham Maslow that
work success, types of responsibility, the workplace, job identifies five primary categories of motivational needs,
promotion opportunities, and the general nature of their work including physiological, esteem, love, safety, belonging,
(Ashraf, 2019). Therefore, organizations must use different and self-actualization (Hopper, 2020). Maslow begins with
approaches to retaining high-performance employees. These the concept that individuals usually tend to want something
include promotions, compensation, incentive creation, job which depends on what they already have (De Winne et al.,
loyalty, and organizational commitment (Frempong et al., 2019; Haque et al., 2014).
2018). Maslow also pointed out that individuals are motivated
Finally, the authors were fortunate in 2021 as they by a desire to satisfy a specific need, as all humans are
were invited to develop their theoretical investigation social creatures with endless needs. This is consistent
of employee loyalty in two Thai Railway Rolling Stock with Hanif et al. (2013) in Pakistan. They used MHN
Maintenance (RRSM) companies as real-world case to examine Telco worker loyalty and determined that
studies. promotion opportunities, financial rewards, and the firm’s
 Ratchaphong LIEOPHAIROT, Nuttawut ROJNIRUTTIKUL / Journal of Asian Finance, Economics and Business Vol 9 No 10 (2022) 0115–0127 117

work environment were vital dimensions. Similarly, in H1: Motivational Factors (MF) directly and positively
South Korea, Rahimi (2020) found that the EL of public affect Employee Loyalty (EL).
organization employees was influenced by employee H2: Motivational Factors (MF) directly and positively
empowerment, training and development, salary and affects Employee Satisfaction (ES).
rewards, and career advancement.
Therefore, the core of MHN is that as needs are 2.2. Concepts and Theories Concerning Human
fulfilled, they will decrease in strength, and the next level’s
strength grows. Maslow also reported complete fulfillment Resource Management (HRM)
of needs is not required before a person jumps to the next The critical nature of today’s HRM on a firm’s
level, as partial satisfaction at one level is enough before an sustainability and competitiveness cannot be understated.
individual seeks satisfaction at a higher level (Salanova & Numerous contemporary studies have detailed the critical
Kirmanen, 2010). aspects of HRM’s success and other aspects leading to HRM
failure (De Leeuw et al., 2016). However, managers’ opinions
2.1.4. Vroom’s Expectancy Theory of Motivation (ETM)
on what factors are necessary to constitute HRM success
In Victor Vroom’s seminal work ‘Work and Motivation,’ can vary widely, especially in small and medium enterprises
the author determined that a gap existed between industrial (SMEs) (Viitala et al., 2020).
psychologists’ research and workplace motivation However, most would agree that every organization
models that could be used by frontline managers (Lloyd that wishes to develop itself as a successful business leader
& Mertens, 2018). Vroom developed the ‘expectancy must ensure its personnel’s quality. Therefore, good HRM
theory of motivation (ETM),’ which formulated motivation departments should be focused on selecting good people
= instrumentality * expectancy * valence. with knowledge, skills, and capability.
However, Lunenburg (2011) has stated that what There is also a strong belief in using e-HRM or electronic
separated ETM from other motivational works was that HRM as a critical success factor in accomplishing these
ETM focused on the cognitive antecedents that contribute goals. In one study on e-HRM use in Indonesia, Nurlina
to or detract from personal motivation. Moreover, ETM et al. (2020) determined that e-HRM has the most significant
suggests that behavior develops certain attitudes among effect on the department’s service quality. This is consistent
staff that lead to actions. Job performance is based on skills, with Florkowski (2018), who reported that the application
personalities, experiences, abilities, and an employee’s of organizational e-HRM promoted sustainability due to its
knowledge concerning their particular field (Khan et al., ability to reduce adverse social environments and create greater
2020). Finally, Vroom stated that the amount of effort an competitiveness.
employee puts into his work was all connected to that Another area that HRM management must consider is what
employee’s motivation. form of compensation package can be offered to a potential
employee. Other research involving IKEA’s organizational
2.1.5. Herzberg’s Two-Factor Theory (TFT) culture (OC) has indicated that IKEA’s compensation and
reward system as well as the need for work and life balance
According to Herzberg’s TFT, there are two separate make co-workers feel recognized, valued, and cared for, and
and distinct sets of factors that teach job satisfaction and hence stay loyal (Putra et al., 2019).
job dissatisfaction. Also, the TFT is known as Herzberg’s Another contributing factor that plays a role in EL through
motivation-hygiene theory or dual-factor theory. HRM policies is safety and hygiene practices. According to
In Myanmar, Thant and Chang (2021) applied Herzberg’s multiple studies, employees prefer a comfortable and safe
TFT and discovered that hygiene factors and other working environment, including cleanliness, comfort, safety,
motivators influenced public employee job dissatisfaction and good employee interrelationships (Susita et al., 2020).
and satisfaction. Particularity, interpersonal relationships, Therefore, from the theory analysis and discussions
personal life factors, the job itself, and recognition related to human resource management (HRM), three
significantly contributed to job satisfaction. additional observed variables were included in the path
Therefore, from the analysis of theory and discussions analysis. These included compensation (x7), safety and
related to motivational factors (MF), six additional hygiene practices (x8), and performance evaluation (x9).
observed variables were included in the path analysis. This Finally, the following two hypotheses were conceptualized
included achievement (x1), working environment (x2), for the research:
recognition (x3), nature of work (x4), responsibility (x5),
and advancement (x6). Thus, we propose the following two H3: Human Resource Management (HRM) directly and
hypotheses: positively affects employee Loyalty (EL).
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H4: Human Resource Management (HRM) directly and acceptance aspects (y3), nature of work (y4), responsibility
positively affects employee Satisfaction (ES). (y5), and job position progress (y6).

2.3. Concepts and Theories Concerning Employee 2.5. Research Objectives

Satisfaction (ES)
1. To study the level of employee loyalty in Thai RRSM
Employee satisfaction or job satisfaction refers to the companies.
degree of a person’s positive or negative feelings about 2. To find the direct, indirect, and combined influences
their job (Karem et al., 2019). This is important because on Thai RRSM companies’ employee loyalty.
the degree to which staff is satisfied with their job is
inversely correlated with work intent. The greater the level 3. Research Methods
of job satisfaction, the more likely the employee will stay
longer; the lower the employee’s job satisfaction, the lower The study intended to develop a path analysis of factors
the work efficiency, resulting in higher turnover and more affecting Thai RRSM companies’ employee loyalty. In each
resignations. company, a questionnaire was employed as the research
Therefore, from the analysis of theory and discussions instrument, which was analyzed with SPSS for Windows
related to employee satisfaction (ES), an additional observed version 21 and Multiple Regression Analysis (MRA)
variable was included in the path analysis. This was software (Askarov & Doucouliagos, 2020).
compensation (x10). Finally, the following hypotheses was
conceptualized for the research: 3.1. Population and Sample

H5: Employee Satisfaction (ES) directly and positively The study’s population was 168 employees in the Asia
affects Employee Loyalty (EL). Engineering & Service (Thailand) Co. Ltd. and the TMT
Part & Service Company Ltd. in Samut Prakan and Bangkok,
2.4. Concepts and Theories Concerning Employee Thailand. The sample size requirement was calculated
using a formula from Taro Yamane (Yamane, 1973) using a
Loyalty (EL)
confidence level of 95%. From this, a sample size of 118 was
Loyalty can be identified with faithfulness and determined to be sufficient for the research (Singh & Masuku,
trustworthiness (Jha & Mishra, 2019), which can also be 2014). Simple random sampling was then used from October
thought of in terms of organizational commitment and 2021 to the end of December 2021 to select each individual at
psychological attachment, with employees and organizations the two companies until 118 had agreed to participate.
having reciprocal commitments and responsibilities. All
organizations’ main dimensions of loyalty are social, formal, 3.2. Research Instrument
and psychological.
These ideas are consistent with Samat et al. (2020), The tool used for data collection for the study was a
who reported on the importance of career development, questionnaire using closed-ended items. The questionnaire
compensation, job security, and the work environment in structure contained five parts in total. Part 1 contained
EL in Malaysia. Ranked in order were career development, demographic and work-related items and questions about
compensation, and job security significantly influenced EL. each employee.
Interestingly, the work environment was determined not to Part 2 through Part 5 used a five-level Likert agreement
affect EL. However, Siswanto et al. (2021) in Indonesia scale to assess the opinions of each employee on their
reported that although rewards did not have a direct effect motivational factors (MF), the company’s Human Resource
on the sample, there was a significant positive effect on EP Management (HRM), their employee satisfaction (ES), and
through employee engagement. their thoughts concerning employee loyalty (EL). Numerical
Another aspect that plays a role, especially in younger values for the five-level scale were 4.51 to 5.00, indicating
workers such as in Gen Y, is their sense of responsibility (or total agreement, 3.51 to 4.50 as some agreement, 2.51 to
lack thereof) in the frequency in which they ‘job hop’ from 3.50 as moderate agreement, 1.51 to 2.50 as little agreement,
one company to another (Queiri et al., 2014). Therefore, and 1.00 to 1.50 as no agreement.
work values guide individuals toward satisfying their
workplace needs. 3.3. Research Instrument Pilot-Test, Validity, and
Therefore, from the analysis of theory and discussions Reliability Assessment
related to human resource management (HRM), six additional
observed variables were included in the path analysis. After the questionnaire’s development, three academic
These included work success (y1), work environment (y2), experts reviewed each item proposed by the researchers to
 Ratchaphong LIEOPHAIROT, Nuttawut ROJNIRUTTIKUL / Journal of Asian Finance, Economics and Business Vol 9 No 10 (2022) 0115–0127 119

assess the questionnaire’s content validity (Chuenban et al., values were assigned to each group of items using Cronbach’s
2021). Various studies have suggested that the index of α, in which Hair et al. (2021) have also suggested that ≥ .8
item-objective congruency (IOC) is a good analysis tool for is good, and α values ≥ .9 are excellent. The study’s try-out
this purpose (Turner & Carlson, 2003). Usually, items with returned an Alpha α average value of 0.82.
values of ≤ .50 are deleted or revised (Taherdoost, 2016).
After this process, the authors were pleased to determine that 4. Results
the final questionnaire had IOC values of 0.67 – 1.00.
Next, the reliability assessment confirmed the survey 4.1. Employee Response Information
instrument’s usability, accuracy, and reliability. To achieve
this, a pilot test/try-out was undertaken using 30 individuals Table 1 shows results from Part 1 of the questionnaire,
not participating in the final survey. Once again, numerical in which 61.90% of the respondents were men and

Table 1: Employee Demographics and Work-Related Information

Employee Demographics n %
Gender
Men 73 61.9
Women 45 38.1
Age
Under 25 years of age 14 11.9
25 to 35 years of age 60 50.8
36 to 45 years of age 35 29.7
46 to 50 years of age 9 7.6
Level of Education
Elementary school or less 4 3.4
Secondary School Year 3 16 13.6
Secondary School Year 6/Vocational 36 30.5
High School Diploma/High Vocational Certificate 11 9.3
Bachelor’s degree 51 43.2
Position
Maintenance Engineer 19 16.1
Head of Maintenance 48 40.7
Handyman 40 33.9
General Staff 11 9.3
Monthly Income
15,001 to 20,000 Baht ($428 to $571) 10 8.5
20,001 to 30,000 Baht ($571 to $856) 48 40.7
30,001 to 40,000 Baht $856to $1,142) 47 39.8
40,001 to 50,000 Baht ($1,142 to $1.427) 13 11.0
Work Experience
less than one year 12 10.2
1 to 5 years of work experience 37 31.4
6 to 10 years of work experience 44 37.3
11 to 15 years of work experience 21 17.8
16 to 20 years of work experience 4 3.4
Total 118 100.0
120 Ratchaphong LIEOPHAIROT, Nuttawut ROJNIRUTTIKUL / Journal of Asian Finance, Economics and Business Vol 9 No 10 (2022) 0115–0127

relatively young, with 50.80% 25–35 years of age. This 6–10 years of work experience (37.30%), followed by 1–5
was followed by 29.70% being 36–45 years of age. As years (31.40%).
each firm was dealing with train maintenance, educational
levels were somewhat surprising, as 43.20% had 4.2. Employee motivational factors (MF) analysis
obtained a Bachelor’s degree. This might be related results
to the positions of the sample selected, as 40.70% checked
their position as ‘Head of Maintenance,’ which the The mean and standard deviation (SD) analysis of
authors interpret as ‘supervisor.’ Another 33.90% indicated employee MF as separate areas consisted of achievement
they were ‘handymen.’ Salaries were as expected, (x1), work environment (x2), recognition (x3), nature
with 80.50% indicating they had a monthly income of work (x4), responsibility (x5), and advancement (x6)
of 20,000–40,000 Thai baht ($575–$1,150). Most had (Table 2).

Table 2: Mean and SD for Motivational Factors (MF)

Achievement (x1) Mean SD Level

I can complete the assigned tasks within the specified time. 3.82 0.674 High
I can work to achieve our goals. 3.90 0.598 High
I am assigned important tasks by my supervisor. 3.77 0.576 High
Summations 3.83 0.454 High
Work environment (x2) Mean SD Level
The workplace is safe. 3.70 0.731 High
The workplace is clean with no foul odors. 4.01 0.666 High
The workplace is well-ventilated. 3.70 0.719 High
The noise level in the workplace is appropriate. 3.85 0.603 High
Summations 3.81 0.442 High
Recognition (x3) Mean SD Level
I am recognized by my supervisor for my work. 3.79 0.673 High
I am recognized by my colleagues for my work. 3.92 0.601 High
Vendors often request me by name when they require service. 3.96 0.678 High
Summations 3.89 0.507 High
Nature of work (x4) Mean SD Level
My assigned tasks are challenging, and require knowledge and competence. 3.82 0.674 High
The nature of the job is appropriate for my aptitude, knowledge, and abilities. 3.90 0.598 High
I am encouraged to study work-related issues as part of my duties. 3.94 0.664 High
I am allowed to make work decisions in areas I am responsible for. 3.80 0.682 High
My job is essential to the company. 3.89 0.604 High
I always receive feedback and suggestions from people who come to use our service. 3.61 0.625 High
Summations 3.83 0.471 High
Responsibility (x5) Mean SD Level
I make full use of my knowledge and abilities in my work. 3.93 0.675 High
I am allowed to fix and improve work-related items if I find any problems. 3.81 0.678 High
I give my full attention to my work. 3.88 0.624 High
Summations 3.87 0.505 High
 Ratchaphong LIEOPHAIROT, Nuttawut ROJNIRUTTIKUL / Journal of Asian Finance, Economics and Business Vol 9 No 10 (2022) 0115–0127 121

Advancement (x6) Mean SD Level

I am given the opportunity and encouraged to study work-related duties. 3.70 0.731 High
I have the opportunity to grow in my work appropriately and fairly. 4.01 0.666 High
I have the opportunity to attend training seminars to increase my knowledge and develop 3.70 0.719 High
my operational skills.
Summations 3.80 0.472 High

4.3. Human Resource Management (HRM) EL, while 2.1% is due to other influences. The test also
Analysis Results found that the working environment (x2) (p-value ≤ .01)
had the greatest influence on EL, followed by recognition
The analysis of mean and SD for HRM is divided into (x3) (p-value ≤ 0.01). The coefficients of the variables in
sections, including compensation (x7), safety and hygiene the standard score form (Beta) were x2 = 0.744, x3 = 0.637,
practices (x8), and performance evaluation (x9) (Table 3). x6 = 0.588, x4 = 0.311, x1 = 0.037 and x5 = –0.002,
respectively. The results of EL for Thai RRSM companies
4.4. Employee Satisfaction (ES) and Employee from the standard scores are as follows:
Loyalty (EL) Analysis Results
Z = 5.945x1 − 0.448x2 + 0.888x3 – 0.605x4
The analysis of the mean and SD for ES and its related + 13.210x5 + 0.385x6 (1)
items is presented in Table 4.
In Table 5, the decision coefficient (R2) is 0.862, which
4.5. Linearity Testing indicates that 86.2% of MF’s factors are responsible for
ES, while 13.8% are due to other influences. The test
In Table 5, the decision coefficient (R2) is 0.979 which also found that responsibility (x5) (p-value ≤ .01) had the
indicates that 97.9% of MF’s factors are responsible for greatest influence on ES, followed by achievement (x1)

Table 3: Mean and SD for Human Resource Management (HRM)

Human Resource Management (HRM) Mean SD Level

Compensation (x7) Mean SD Level
The salary you receive is suitable for your knowledge and abilities. 3.76 0.700 High
The salary you receive is suitable for the current economic situation. 3.77 0.729 High
The salary you receive is suitable for the work quality you perform. 3.94 0.707 High
The salary you receive is suitable for the amount of work you perform. 3.67 0.714 High
The welfare you receive from the company is appropriate. 3.91 0.768 High
Summations 3.81 0.515 High
Safety and hygiene practices (x8) Mean SD Level
My company attaches great importance to ministerial regulations and sets standards for 3.93 0.663 High
managing occupational safety, health, and the work environment.
My company has set up an appropriate work safety committee. 3.78 0.690 High
My company has stated the responsibility for job safety in everyone’s job description and 3.92 0.615 High
notified each employee to follow it strictly.
Summations 3.88 0.514 High
Performance evaluation (x9) Mean SD Level
My company has set work indicators and target values consistent with the work achievement 3.56 0.659 High
goals.
My company monitors my performance, which is considered in my performance appraisal. 3.66 0.641 High
Assessors have the knowledge, understanding, and ability to assess according to the 3.80 0.573 High
guidelines and goals set.
Summations 3.68 0.470 High
122 Ratchaphong LIEOPHAIROT, Nuttawut ROJNIRUTTIKUL / Journal of Asian Finance, Economics and Business Vol 9 No 10 (2022) 0115–0127

Table 4: Mean and SD of the Items for Employee Satisfaction (ES) and Employee Loyalty (EL)

Employee Satisfaction Mean SD Level

The work that I am responsible for is suitable for my knowledge and abilities. 3.82 0.579 High
I am assigned the right amount of work. 3.73 0.590 High
The evaluation criteria used by HRM for consideration of salary and promotion 3.69 0.577 High
are appropriate and fair.
My current income, compensation, and benefits are appropriate for my workload. 4.01 0.666 High
I always feel safe about my life and property because of my company’s job 3.70 0.719 High
security.
Summations 3.79 0.411 High
Employee Loyalty (EL) Mean SD Level
It makes me proud and happy to tell others where I work. 3.85 0.603 High
I am honest and loyal to the company and consider the interests of the company. 3.79 0.673 High
I am proud to hear others say good things about my company. 3.92 0.601 High
I would not consider moving to another company even if I received a better 3.96 0.678 High
position and salary offer.
I intend to work with my company until retirement. 3.82 0.674 High
Summations 3.87 0.448 High

(p-value ≤ 0.01). The coefficients of the variables in the the variables in the standard score form (Beta) were x9 =
standard score form (Beta) was x5 = 13.210, x1 = 5.945, 5.250, x8 = 4.049, and x7 = 0.141, respectively. The results
x3 = 0.888, x4 = −0.605, x2 = −0.448 and x6 = 0.385, of ES for Thai RRSM companies from the standard scores
respectively. The results of ES for Thai RRSM companies are as follows:
from the standard scores are as follows:
Z = 0.141x7 + 4.049x8 + 5.250x9(4)
Z = 5.945x1 − 0.448x2 + 0.888x3 – 0.605x4
+ 13.210x5 + 0.385x6 (2) In Table 5, the decision coefficient (R2) is 0.353, which
indicates that 35.3% of ES’s factors are responsible for EL,
In Table 5, the decision coefficient (R2) is 0.475, indicating while 64.7% are due to other influences. The test also found
that 47.5% of MF’s factors are responsible for EL, while that employee satisfaction (x10) (p-value ≤ 0.01) had the
52.5% are due to other influences. The test also found that most significant influence on El. The results of ES for Thai
performance evaluation (x9) (p-value ≤ 0.01) had the greatest RRSM companies from the standard scores are as follows:
influence on EL, followed by safety and hygiene practices Z = 0.595x10.
(X8) (p-value ≤ 0.01). The coefficients of the variables in the
standard score form (Beta) was x9 = 0.340, x8 = 0.283, and 5. Discussion
x7 = 0.184, respectively. The results of HRM for Thai RRSM
companies from the standard scores are as follows: Before the study’s commencement, the authors became
aware of employee turnover issues with two Thai railway
Z = 0.184x7 + 0.283x8 + 0.340x9 (3) rolling stock maintenance (RRSM) companies in Bangkok,
Thailand. After the revelations concerning employee
In Table 5, the decision coefficient (R2) is 0.592, which turnover and the seemingly troubling issue of employee
indicates that 59.2% of HRM’s factors are responsible for loyalty within the two firms, onsite meetings with staff
ES, while 40.8% are due to other influences. The test also revealed past efforts to correct these problems with little to
found that performance evaluation (x9) (p-value ≤ 0.01) had no success. Therefore, the authors were asked to investigate
the most significant influence on ES, followed by safety and the matter further and determine which factors contributed
hygiene practices (x8) (p-value ≤ 0.01). The coefficients of to employee loyalty.
 Ratchaphong LIEOPHAIROT, Nuttawut ROJNIRUTTIKUL / Journal of Asian Finance, Economics and Business Vol 9 No 10 (2022) 0115–0127 123

Table 5: Linearity Testing Results

Motivational Factors for EL Beta p-value Result

Achievement (x1) 0.037 0.032* Influential
Working environment (x2) 0.744 0.000** Influential
Recognition (x3) 0.637 0.000** Influential
Nature of work (x4) 0.311 0.000** Influential
Responsibility (x5) −0.002 0.941 No Influence
Advancement (x6) 0.588 0.000** Influential
F = 868.490, Sig. = 0.000
R = 0.990, R2 = 0.979, Adjusted R Square = 0.978
*p < 0.05, **p < 0.01
Motivational Factors for ES Beta p-value Result
Achievement (x1) 5.945 0.000** Influential
Working environment (x2) −0.448 0.655 No Influence
Recognition (x3) 0.888 0.376 No Influence
Nature of work (x4) −0.605 0.546 No Influence
Responsibility (x5) 3.210 0.000** Influential
Advancement (x6) 0.385 0.701 No Influence
F = 115.229, Sig. = 0.000
R = 0.928, R2 = 0.862, Adjusted R Square = 0.548
**p ≤ 0.01
Human Resource Management Factors for ES Beta p-value Result
Compensation (x7) 0.184 0.022* Influential
Safety and Hygiene Practices (x8) 0.283 0.004** Influential
Performance Evaluation (x9) 0.340 0.001** Influential
F = 34.396, sig = 0.000
R = 0.689, R2 = 0.475, Adjusted R Square = 0.461,
*p ≤ 0.05, **p < 0.01
Human Resource Management Factors for EL Beta p-value Result
Compensation (x7) 0.141 0.888 No Influence
Safety and Hygiene Practices (x8) 4.049 0.000** Influential
Performance Evaluation (x9) 5.250 0.000** Influential
F = 55.236, Sig. = 0.000
R = 0.770, R2= 0.592, Adjusted R Square = 0.582
**p ≤ .01
Employee satisfaction for EL Beta p-value Result
Employee satisfaction (x10) for EL 0.595 0.000** Influential
F = 55.236, Sig. = 0.000
R = 0.770, R2= 0.592, Adjusted R Square = 0.582
**p ≤ .01
124 Ratchaphong LIEOPHAIROT, Nuttawut ROJNIRUTTIKUL / Journal of Asian Finance, Economics and Business Vol 9 No 10 (2022) 0115–0127

The qualitative analysis of the literature further led to for Myanmar civil servant satisfaction. In US organizations,
the development of a model including motivational factors, Fernandez (2012) stated that employees seek recognition in
human resource management factors, employee satisfaction forms other than financial, which then leads to a cycle of EL,
factors, and factors related to employee loyalty. The which the employer then reciprocates. Maybe recognition
further review then led to the development of five primary then becomes a form of job security?
hypotheses.
After that, simple random sampling was used to identify 5.2. Human Resource Management (HRM)
the survey participants and then ask for their participation
in their employer’s study on employee loyalty. Due to The results revealed that from the three factors
COVID-19 concerns and for response convenience, the investigated for HRM and its effect on EL and ES, that
questionnaires were made available online using Google performance evaluation had the greatest overall influence
Forms. SPSS for Windows version 21 was used to calculate for both EL (X9 = 0.340, p-value = 0.001**) and ES (X9
the mean and SD, while Multiple Regression Analysis = 5.250, p-value = 0.000**). Moreover, it was determined
(MRA) was used for the hypotheses model. From this that the high assessment ability factor was most important
process, the following discussion is presented. (mean = 3.80, SD = 0.573).
In a study from Thailand, Ketkajorn et al. (2017) evaliaed
5.1. Motivational Factors (MF) 1,128 school administrators’ opinions on the effectiveness
of educational quality assurance, and reported that HRM,
The results revealed that the working environment had teamwork, and leadership played critical roles. In a smiliar
the most significant overall influence on EL of the six factors study Ditsuwan and Sukkamart (2022) found that other
investigated. This is consistent with research in Turkey in factors affected educational instutition HRM. These were
which the authors Turkyilmaz et al. (2011) determined learning resources, media, technology, innovation, and
a strong relationship between public sector employment research.
satisfaction and loyalty to their working conditions and
satisfaction. 5.3. Employee Satisfaction (ES)
Interestingly, this finding from our Thai study is that
it goes against some other studies’ findings in which the It was also determined that ES (x10) had a significant role
working environment was stated to have little to no effect in EL (X10 = 0.595, p-value = 0.000**). Moreover, when
on EL. Therefore, we speculate that possibility of the each of the five ES questionnaire items was reviewed after
importance of the work environment might be a culturally the analysis, the most influential item was the employee’s
related issue or possibly an industry-related issue. Due to income as a contributing factor to their ES (mean = 4.01, SD
the nature of railway rolling stock maintenance, we suspect = 0.666). This was followed by the suitability of their work
it is industry related as the work environment is far more (mean = 3.82, SD = 0.579).
critical in the hospitality or tourism industries compared to
RRSM’s known heavy industrial environment and expected 5.4. Employee Loyalty (EL)
difficulties therein (Samat et al., 2020; Susita et al., 2020).
Additionally, Blumenfeld et al. (2006) has reported that Concerning EL’s five questionnaire items, the employees
motivation development is crucial in learning engagement, strongly showed their EL by agreeing strongly with the
with Subramaniam (2009) adding that situational interest statement, “I would not consider moving to another company
plays an essential part as a motivator. Within the workplace, even if I received a better position and salary offer” (mean
Nicholson (2003) suggested that the 80/20 rule applies when = 3.96, SD = 0.678). This was closely followed by, “I am
it comes to motivation and that managers will have little proud to hear others say good things about my company”
success with workers who aren’t particularly interested in (mean = 3.92, SD = 0.601). Antoncic and Antoncic (2011)
motivation from external incentives, including extra money. commented on the impact of EL on an organization’s growth
Therefore, the author suggests that employee change comes and the essential nature of his work in achieving internal
from within, with outside attempts at change limited in most quality and greater business performance. Thus, employee
cases. Furthermore, motivation is both extrinsic and intrinsic, quality, competencies, loyalty, and commitment are critical
with extrinisic involving the pursuit of rewards and escaping for business performance achievement.
punishment, while intrinsic involves the satisfaction gotten
from performing tasks (Prapatsaranon et al., 2022). 6. Conclusion and Limitations
Finally, the RSSM company employees viewed
recognition as an essential factor in their satisfaction and The study sought to investigate what factors were most
thus loyalty to their employer. This is consistent with Thant important to employee loyalty in Thai railway rolling
and Chang (2021), who established recognition as a factor stock maintenance (RRSM) companies in the Bangkok
 Ratchaphong LIEOPHAIROT, Nuttawut ROJNIRUTTIKUL / Journal of Asian Finance, Economics and Business Vol 9 No 10 (2022) 0115–0127 125

metropolitan area. The path analysis and descriptive Blumenfeld, P. C., Kempler, T. M., & Krajcik, J. S. (2006).
statistics analysis determined that the employee’s overall Motivation and cognitive engagement in learning environments.
perceptions of their RRSM employers’ motivating factors, In The Cambridge Handbook of the Learning Sciences,
human resource management, satisfaction, and loyalty 475–488. https://tinyurl.com/2wrh74z4
were at a high level. HRM’s performance evaluation had Chuenban, P., Sornsaruht, P., & Pimdee, P. (2021). How brand
the most significant overall influence on both EL and ES. attitude, brand quality, and brand value affect Thai canned tuna
Moreover, when each of the five ES questionnaire items was consumer brand loyalty. Heliyon, 7(2), e06301. https://doi.org/
reviewed after the analysis, the most influential items were 10.1016/j.heliyon.2021.e06301
the employee’s income as a contributing factor to their ES. De Leeuw, S., Minguela-Rata, B., Sabet, E., Boter, J., &
The suitability of their work followed this. Also, it seems the Sigurðardóttir, R. (2016). Trade-offs in managing commercial
employees had a high level of loyalty to their firms even if a consumer returns for online apparel retail [International
better offer for more money was offered. They also indicated journal]. International Journal of Operations and Production
a high level of pride in their respective firms. Management, 36(6), 710–731. http://doi.org/10.1108/IJOPM-
One limitation of the study is that the sample survey 01-2015-0010
comes from only two firms within the Bangkok metropolitan De Winne, S., Marescaux, E., Sels, L., Van Beveren, I., &
area. It is also limited by its population being from an Vanormelingen, S. (2019). The impact of employee turnover
industrial sector related to railway rolling stock. It is to be and turnover volatility on labor productivity: A flexible non-
expected that survey items concerning employee loyalty linear approach. International Journal of Human Resource
Management, 30(21), 3049–3079. https://doi.org/10.1080/095
within the hospitality sector or the aviation sector will most
85192.2018.1449129
probably yield different results.
One interesting aspect that was discovered from the Dhir, S., Dutta, T., & Ghosh, P. (2020). Linking employee loyalty
literature review was now age and culture played a role with job satisfaction using PLS-SEM modeling. Personnel
in employee loyalty. For instance, a Gen Y employee in Review, 49(8), 1695–1711. https://doi.org/10.1108/PR-03-
2019-0107
Malaysia might have a different perspective on firm loyalty
as compared to a worker of the same age in Berlin, Germany. Ditsuwan, S., & Sukkamart, A. (2022). School management factors
As such, to what degree is ‘job hopping’ upsetting a firm’s affecting student quality: A case study of the Thai Triam Udom
competitiveness, and as a result, a nation’s international Suksa Pattanakarn School Group. Journal of Higher Education
Theory and Practice, 22(12). https://doi.org/10.33423/jhetp.
competitiveness is another topic for future research.
v22i12.5472

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