Modeling the influence of EFQM criteria on employees satisfaction and loyalty in transition economy: the study of banking sector in Serbia

The paper presents the results of empirical research on the effects of some criteria of the EFQM excellence model on satisfaction and loyalty of the employees in the banking sector in Serbia. All but one of the hypotheses in the defined model were proven by statistical evaluation of empirical results. The one which could not be proven is the hypothesis of a positive impact of the organization's relationship toward security and society on the business result, which makes specificity of transitional economic conditions in which the studied banking sector operates. Statistical analysis was performed using V.16 LISREL software package where statistical significances of the studied set were defined together with b and t values of the defined paths in the defined model. Researches have shown that criteria of EFQM excellence model can be used to develop and improve the functioning of the banking system in Serbia and develop the TQM practice.