Staff Welfare As Strategic Performance In HSBC
The research project investigates the staff welfare as strategic performance in HSBC. The most part of this research address question about alignment of staff welfare as strategic propose to achieve the strategic aim of HSBC. This project is going to present impact of staff welfare in absenteeism and strategic implication by aligning the company’s core strategic ambitions with social values.
Staff welfare talks about strategic organisations benefit by treating the well-being of their workface as basic concern which can reflect in work place unnecessarily. According to BBC news channel of Wednesday, 24 March, 2004 in the heading of The Continuing Cost of Absenteeism by Will Smale rote that” IHC estimates that 13.4 million working days a year are lost to stress, anxiety and depression, and 12.3 million to back and upper limb problems. And the overall cost to UK industry? A whopping £11.5bn in 2002 was paid out in wages to absent employees and on additional overtime and temporary staff cover, according to the CBI.”
Looking at this article absenteeism great problem in business sector so, to minimise this problem staff welfare is the one of the most important way. The study is keeping eye on various way of providing staff welfare to minimise the absenteeism.
http://news.bbc.co.uk/1/hi/business/3563609.stm
Creating an environment to promote a state of contentment which allows an employee to flourish and achieve their full potential for the benefit of themselves and their organisation. (CIPD)
A decisive link between promoting employee well-being and boosting shareholder return has been made in a new research project to be revealed today.
An analysis of FTSE 100 employers by Business in the Community (BITC) found that companies which took active steps to improve health and well-being at work enhanced financial performance by 10% on average in 2009.
‘Boosting staff well-being can improve financial performance, research reveals’, www.personneltoday.com, 11 May 2010
The staff welfare talks more about as the continuing commitment by business to behave ethically and contribute to economic development while improving the quality of workface and their families as well.
Business house are emerge to made profit in the society. So, there are some strong voice that is business organisation should not to be profit oriented only there some responsibility towards employee that called staff welfare or well-being. This paper is presenting strategic implication of staff welfare relating absenteeism in HSBC Company to get competitive advantage and promote the trade. The view of HSBC is that a coherent staff welfare strategy can offer business benefits by enabling a company to monitor changing employee’s expectations, manage operational risks, identify new market opportunities, and minimise the employee’s absenteeism. This study covers wide area of well-being, why this subject I have chosen this is an important question of this study because it has strategically implacable in HSBC and scope full.
To win over employee’s loyalty and increase their morale.
To combat trade unionism and socialist ideas.
To build up stable labour force, to reduce labour turnover and absenteeism.
To develop efficiency and productivity among workers.
To save oneself from heavy taxes on surplus profits.
To earn goodwill and enhance public image.
To reduce the threat of further government intervention.
To make recruitment more effective
Project research methodology
http://www.article13.com/A13_ContentList.asp?strAction=GetPublication&PNID=1339 CASE STUDY
http://www.hsbc.co.uk/1/2/hsbc-in-wales/corporate-social-responsibility
PHOTO 309
http://www.saycocorporativo.com/saycoUK/BIJ/journal/Vol2No1/article9.pdf
http://www.google.co.uk/#hl=en&xhr=t&q=+Workplace+(Health,+Safety+and+Welfare)++INDG293(rev1),+revised++Regulations&cp=80&pf=p&sclient=psy&site=&source=hp&aq=f&aqi=&aql=&oq=+Workplace+(Health,+Safety+and+Welfare)++INDG293(rev1),+revised++Regulations+199&pbx=1&fp=22595cbf071f0823
Background and problem of the statement
Staff welfare is strategic implication in an organisation it can align the factor of production it can mobilise to employee with motivation. As strategic leader you should combined the staff welfare with organisational mission. One of greatest challenges for organisation is in what extend staff welfare should provide to employees. It means how the organisation responds to employee’s welfare. One of the key fact successes of the organisation is proper implementation of staff welfare align with organisational goal.
In the service based organisation HSBC staff welfare aligns well with organisational mission and goals. According to market environment goal not remain to same, it pose to changeable so according to goal and internal as well as external environment staff welfare needs also change this study investigate the impact of staff welfare in absenteeism.
Research Question
How can staff welfare reduce the absenteeism?
How absenteeism affect the organisational performance?
Aims of the study
The aim of this research is to find out impact of staff welfare in reducing of the employee absenteeism in HSBC to achieve the strategic goal by providing the staff welfare.
Develop the some general guidelines for effective implementation of staff welfare in HSBC.
The role plays of staff welfare to achieve the goals of HSBC.
Objectives
To establish staff welfare as a culture within the organisation.
To explorer the factors that helps to employee absenteeism in an organisation.
To recommend what factor helps to led employee absenteeism.
LITERATURE REVIEW
In this area acknowledge the previous study on the staff well fare in HSBC and give the comparatives analysis and provide the evidence of literature and that have some awareness of the current state of knowledge on the subject.
There are two primary areas of benefit to the individual from the provision of welfare facilities physical benefits and emotional/psychological benefits. Physical benefit stem primarily from measures to improve health and safety as well as from the form the provision of paid for holiday, reduce working hours and suchlike. Emotional welfare stems chief from any provisions made to improve mental health. These benefits are, however, highly interrelated, and must welfare activities would potentially have both physical and emotional benefits. It can also argued that employees provide for the material and intellectual welfare of organisational employees, in the material provisions of sick pay and pensions and intellectual benefits that comes from provision of satisfying work and appropriate training and development.
Mainly staff welfare based on three propositions in HSBC.
Illness and injury and work related leads to preventable absence.
Serious injury and illness can lead to proceedings and enough compensation being paid out by employing organisation.
A poor presentation for safety and welfare makes it harder for an organisation to recruit, retain and motivate its staff.
The number of serious injuries sustained at work by UK employees fluctuates substantially each year. The level has dropped since the 1970s with the fall in manufacturing employment, but the total number remains much higher than it should be. In the year to April 2003, for example, 226 people lost their lives in the UK as a result of accidents sustained at work, mostly as result of falls and motor vehicles accidents. It is further estimated that 6,000 people did each year from cancers caused by working conditions (HSE2003). In edition, over a million people are reported by the Health and Safety Executive to suffer from some form of work-related illness each year. In 2001/02 40.1 million working days were lost in the UK due to injured and illness sustained at work, a third of these being due to stress, depression or anxiety (IRS 2003). The total annual cost to employers runs to several billion pounds a year, including the costs associated with the early retirement of around 30,000 employees forced to give up work on grounds of ill health. If the number of incidents were reduced by only a small percentage, employers would thus save a considerable amount of money and trouble.
The reason that the numbers remain so high is the continual conflict between health, safety and welfare considerations and other business priorities. Leach (1995) reports a line manager who had previously been a safety officer as saying: ‘I think in general managers don’t see [health and safety issues] as important as other issues that they would deal with disciplinary on. I mean you do take short cuts, I do myself. I mean I am not practising a lot of what I used to preach, there’s no doubt about it. Managers know it is a part of their job, but I don’t think they personally see [health and safety offences] as an offences as such.’
Staff welfare
Staff welfare involves three aspects which contribute towards staff welfare. These are work/life balance, flexible working and reduction of work-related stress
Creating an environment to promote a state of contentment which allows an employee to flourish and achieve their full potential for the benefit of themselves and their organisation. (CIPD)
According to CIPD definition of staff welfare it involves in three aspects which contribute towards staff welfare. These are work/life balance, flexible working and reduction of work-related stress
Organisations benefit from treating the well-being of their workforce as a primary concern. People give of their best when they are able to work happily together, free from unnecessary concerns and operate in an open, “no-blame” culture which supports individuals. The welfare of an individual is a combination of physical, mental and social wellbeing. In this “triangle of health”, all three elements need to be present. The absence of one or more element, whether at home or at work, can have a substantial impact on a person’s overall welfare
Some responsibility like staff welfare which may not enclosed by employer legislation i.e. implicit responsibility can make better relation between employee and employer. It supports to motivate, support employee/employer relationship and ensure the welfare and make better environment in workplace. The staff welfare covers many things which support make workplace environment and safety. Such as health and safety, counselling service, welfare funds, social security etc.
http://www.articlesbase.com/human-resources-articles/employee-welfare-999627.html
3. Research Methodology
The study conducted to analyse the effect of staff welfare in absenteeism as result impact of organisation performance. This investigative research based on primary data. The primary data is collected from internal worker/staff. The sampling population is taken from employees who are working in HSBC. A sample of 500(it is taken as under assumption condition due to lack of time and finance) employees and research questions are distributed personally. A total of 371 useable survey questionnaires were return leaving a response rate of 63%. Expediency sampling technique was used to choose respondent. According to correlation analysis shown in table 2 is positive correlation between staff welfare, absenteeism and organisational performance. Similarly table 3 shows hopeful results. In order to accept in hypothesis the value of p should be less than 0.05. According to table 3 the value of pr is below than 0.05. Therefore these results accept are hypothesis H1, H2 and H3. H1 refers to positive relation between staff welfare action and absenteeism which presents the result by this survey. Similarly H2 shows that staff welfare action are having positive impact on organisational performance which is cleared by table 3. At last, H3 states positive relationship among absenteeism and organisational performance. The model fit of this study also acceptable with probability level= 0.182.
3.1 Research strategy
This research project is applying quantitative data analysis with help of primary data collection method. And the way of conducting staff welfare strategy within the HSBC.
Data refers to stands for quantitative and qualitative characteristics of variable or variables investigation of a phenomenon always start with data. Data provide raw material to drive conclusion of business issue. The analysis of data provides information to take right business research. Research helps to take lively decision in an organisation because most business decisions are taken on the basis research information which organisation has got. In other words data are used as raw input from which research placed livelihood. Gray (2004) says that quantitative data is a deductive approach for research as it involves numerical data finding, testing that data and examining its effect. There are various methods to obtain quantitative data. So, this research is based on quantitative method.
Data
The information collected by a researcher either from internal sources or form external sources, in order to verify for hypothesis are called data. The data should represent the real world of the subject matter as far as possible.
3.2 Data Collection Methods
In business research there is various way of data collection so selection of data collection methods are depends upon the available resources like finance, human resource, available time etc. in research most popular methods of data collection are deductive, inductive and mixed. This research is based on deductive approach which is very appropriate. This research is done many surveys by questionnaires interviews form HSBE employees in the field of staff welfare and its impact on absenteeism.
Primary Data: – on the basis of questionnaire primary survey done within the employees of HSBE. It presents the actual staff welfare environment of the bank.
Secondary Data: – the research has been presents various previous research and study in this subject.
Besides of these there are many sources of data such as internal and external data, time series data, cross-sectional data, pooled data, engineering data.
And other hand there are various barriers in data collection because of this the result can deviate to represent the real world of subject matter. In this research may face the following problem in data collection process. In this research is collected data from internal employee so it is possible they can hide some information it makes deviate the result.
Sampling
The well-specified and identifiable group is known as population or universe and the selected number of persons or object of is known as a sample.
3.3 Sample Selection
This research presents the fact as possible as on the basis sample from the population. This research done 500 employees interviews on the basis of questionnaires by assuming the sample size of n=500 employees in analysis.
3.4 Sampling Technique
According to Fink (2008) convenience sampling technique was used to collect the data. The sampling this research used randomly from the population. There are two types of sampling non-probability and probability sampling. This research is based on probability sampling this identifying questioning people because they are members of HSBC. This investigates the same question to sample member and they response in a particular way.
3.5 Question Design or Hypothesis
This is the crucial stage of this research which provides the detail information to do research. So this research question provides the level of rectification of staff well fare and impact of it in staff absenteeism. Staff welfare provides facilities to an employee which helps to increase productivity of employees in their workplace. According HSBC the bank is very serious towards employee well-being/staff welfare that are in term of health body and mind. It reflects the positive on their profession and personal lives. More then that to bring the effectiveness in workplace the bank also offers a numbers of recreational and educational activities to helps employee pursue their interests and find ways to unwind.
Absenteeism
Staff welfare
Organisational
Performance
Figure 1, impact of staff welfare in organisational performance.
Table: 1
Hypothesis
Statements
H1
Employee organisational commitment is positively influenced by high level staff welfare action.
H2
Organisational performance is positively influence by high level of staff welfare action.
H3
Organisational performance is positively influenced by staff welfare.
4. Analysis and Findings
There are various factors which affects the organisational performance one of them is commitment of staff/employee to gain the employees commitment the issue of staff welfare is very crucial. This study includes a model which combined the staff welfare, absenteeism and organisational performance. This model clearly shown in above figure 1, this figure combines these variables in one model. The staff welfare provides staff commitment to the HSBC. In the previous days the bank was not given much emphasis in staff welfare comparison to these days. Now days the bank is keeping eyes towards the staff welfare, according to this research the absenteeism rate of staff is decreasing by 15% and impact of this the bank performing very well. The more employees are motivated by comfortable workplace, various allowances; they feel secured by health and safety prospective, social security phenomenon. So this study finds that higher the staff welfare to motivate the employee the higher will be staff commitment to wards responsibility and accordingly higher will be the organisational performance. Staff welfare helps to minimise the absences of employee which enhance their productivity. More over this research shows staff welfare itself having positive effect on performance of HSBC. The survey was conducted within the employees.
Dependent variable
There are two dependent variables in this research firstly, absenteeism because this study analyses the dynamic effect of staff welfare on performance of HSBC. Secondly, organisational performance is also dependent variable in this study as this study is also examine influences of staff welfare in commitment of staff and performance of HSBC. The instrument to measure employee’s absenteeism has been adopted from Mowday et al. (1979, 1982) this scale was also used by Hselid and Day (1991) and Turker (2008) this instrument addressing various aspect of staff welfare is measure on 5 points Lkert scale ( 1 for strongly disagree and 5 for strongly agree ).
Independent variable
This study is investigating the dynamic influence of staff welfare on staff absenteeism and organisation performance so the independent variable in this study is staff welfare. To measure staff welfare this research was taken from Mignan and Farrell (2000); and Turker (2006) the scale from every aspect of staff welfare. The instrument is measured on 5 points likert scale (1 strongly disagree and 5 for strongly agree).
Data Analysis
In this research used structural equation modelling technique to analyse the data and test hypothesises. This model has main tools for recognition of variable and theory development. Hypothesis is based on theory, primary data is collected thorough survey questionnaires and hypothesis is tested on the bases of collected data.
Results and Discussions
Table 2 Correlations
Staff Welfare
Absenteeism
Organisational performance
Staff Welfare
Pearson correlation Sig.(2-tailed) N
1
–
–
Absenteeism
Pearson correlation Sig.(2-tailed) N
0.677(**)
.000
371
1
–
Organisational performance
Pearson correlation Sig.(2-tailed) N
0.683(**)
.000
371
0.883(**)
.000
371
1
371
**Correlation is significant at the 0.01 level (2-tailed)
Table 3 Regression weights
Hypotheses
Estimates
S.E.
C.R.
P
Decision
H1
Absenteeism-staff welfare
0.903
0.108
8.374
0.001
Accept
H2
Organisational performance-staff welfare
0.181
0.078
2.321
0.020
Accept
H3
Organisational performance-Absenteeism
0.670
0.058
11.471
0.021
Accept
http://www.users.drew.edu/sjamieso/synthesis.html#key%20features synthesis dada