May 21

Work-Life Balance Programs – Cost or Investment?

Work-life balance programs are fast gaining popularity in developed countries. Work-life balance programs can be defined as any benefits, policies or programs that help employees find ways to manage the demands of the workplace and life outside work. In other words, work-life balance programs are designed as a two pronged approach to achieve meaningful achievement and enjoyment in everyday life. There are many forms of work-life balance programs such as flex-time, child-care facilities at work, gyms and concierge services and paid vacations.

Many reasons are cited for the introduction of work-life balance programs at the workplace, the most common being that it increases productivity as well as employee loyalty. While these are all valid justifications, the costs of having work-life balance programs should not be ignored. Therefore, do the benefits of work-life balance programs outweigh the costs? Going further, should these programs be considered a cost or an investment to the firm?

While it may be easier to estimate the returns on investment of a project, it is difficult to financially quantify the impact of work-life balance programs. Thus, companies have to resort to a series of performance measurement tools that are indirectly related to financial return. The best performance indicators are in terms of human resource management. One of the benefits of work-life balance programs can be seen through recruitment. Successful work-life balance programs are powerful marketing tools for attracting new employees who are drawn to the company not just for good remuneration, but other perks too.

Work-life balance programs also help to create a better relationship between employer and employee that can be mutually beneficial.… Read the rest

May 21

Benefits of Work-Life Balance

Work-Life Balance doesn’t necessarily mean fewer hours at work. It is about people feeling satisfied by having an extent of control over how, when and where they work, how they can manage their time and stuffs they want and need to do. This balance is achieved when an individual’s right to a fulfilled life inside and outside paid work is accepted and respected as a norm, to the mutual benefit of the individual, business and society. The key aspect of work-life balance only from an employer’s viewpoint is numerous. They are of importance because providing an employee with a balanced work-life existence is for the employer and employee. For an example, if the employee is satisfied and happy, the whole exercise must make business sense to the enterprise.

In 21st century, life is increasingly difficult with people managing multiple roles. Therefore, they will only stay with a job that offers flexibility. Different people have a different satisfactory balance, but most of the people results from combination of different aspects. The first aspect is the time balance which concerns the amount of time they have to work or the time they do not have to work. The second aspect is involvement balance which means the level of psychological participation or obligation to work and also the level of control on the work whether when and how they will do it. The third aspect is the satisfaction balance which is the level of satisfaction and value on the works given to them.

It is important for a company to provide work-life balance because it ensures employees are highly effective and motivated while they are on the job.… Read the rest

May 21

Work-Life Balance – Definition, Significance and Importance

Work-life balance is a very broader term in Human Resource Management and often referred to finding the right equilibrium between the different aspects and roles in a life of a person. Although there are different views and concepts about work-life balance but it is generally coupled with maintaining an overall balance in different aspects of life.

During the last decade technological revolution has stormed all aspects of life and there were different debates about the future of work. Different scenarios predicted a rising trend in un-employment and economic insecurity. Industrial restructuring and emergence of latest technology no only affected the importance of workforce but it was also felt that employees will be treated as superfluous overheads.

History of Work-Life Balance

In 1986, the term “Work-Life Balance” was first identified, but it’s usage in everyday language was still sporadic for a certain number of years. Although, interestingly work-life programs existed in early years such as 1930, but people did not recognize them. Before the Second World War, the W.K. Kellogg Company created some flexible work hour shifts for their employees who replaced the traditional daily working hours, and the new shift resulted in increased employee efficiency and morale. In 1977, Rosabeth Moss Kanter, for the first time in his influential book, Work and Family in the United States: A Critical Review and Agenda for Research and Policy, raised the issue of Work-Life Balance and brought it to the forefront of organizations and research. This concept forces organizations to follow work-family friendly environment.… Read the rest

May 17

Nurturing Innovation in Teams

Innovation in teams can be defined as the act of starting something new for the first time, something that has not yet been done by the team. The creation may rise from a study or experiment. Innovation could be termed as the brain child of creativity of the team members. Proper motivation is needed so as to be able to foster proper innovation in the team. The team must have a clear guideline and understanding of what innovation is and what it entails.

Benefits of Innovation in Teams

Nurturing innovation in a team also has great benefits on not only the team members but also to the organization as a whole. This includes:

  • The organization benefits greatly by being the first organization to take a product or service to the market before any of their competitors.
  • Innovation gives the organization an edge over its competition. By being the first organization to take a new product or service to the market the organization gains a large market share.
  • Due to having a large market share and increased team productivity the organization benefits by the increase of profit margins. This in turn increases the share price of the organization.
  • Innovation also leads to increase in shareholder dividends due to the increased profit margins of the company.
  • Innovation will increase the overall production of the organization by having a highly motivated team.

Nurturing innovation in teams has great benefits. They are:

  1. Nurturing innovation increases curiosity in the team. Curiosity leads to the team trying out new ideas and concepts.
… Read the rest
May 17

Nepotism in the Workplace

Nepotism can be defined as the practice of making employment decisions on the basis of relationship. It can also be defined as hiring or promoting a relative or friend, even if there are other qualified candidates for the position. Nepotism at work refers to favoring relatives in employment or economic terms as opposed to them being judged on ability and/or merit in a specific organisation. This could include a position over somebody else who may be more suitable for the position, whereby the organization would be paying a relative more money than somebody doing the same job or granting them special favors. However, nepotism can be viewed in terms of people giving somebody a boost up to allow them to get into an organisation but will be treated in the same manner as everybody else. Although nepotism is in the sense of the word, refers to relatives, it can also mean to allow friends to be incorporated into an organisation or to be granted simply favor in general. Nepotism in the workplace is not uncommon, since this is a practice that does not have any universal law attached to it. However, in recent times, states have passed laws to reduce this practice, since it has many ethical issues involved in it.

For obvious reasons nepotism is common in family owned businesses and this can be viewed in the more positive terms. Nepotism in family owned businesses can result in continuity in that the business will be passed on from generation to generation and this means that the profit will stay within the family and will be inherited by family members.… Read the rest

May 16

Supplier Relationship Management (SRM) – Meaning and Importance

Supplier Relationship Management (SRM) is a concept in the Supply Chain Management, which considered in the aspect of establishing and sustaining the business relationship along the supply chain. Supplier Relationship Management (SRM) concerns the practical processes to integrate the communication and coordination between organizations and their suppliers.

Supplier chain relationship was considered to be one of the important factors in most business, since it can influence the potential of supply chain concept. Now, the modern business seems to be more complex with high competition. Due to the information has more valuable in the supply chain management, firms then need to re-design the ways of managing and sharing information among each others. Organizations cannot independently run the business by themselves. Not only good relationship can help companies to have more competitive advantage to survive in the market, but it can also help companies expands the market too.

Supplier Relationship Management (SRM) is not the new concept used in today supply chain management, but was recently exploited in order to increase benefits across the supply chain. SRM has now become one of the key factors that influence the supply chain. In the future, SRM will not just only an option for firms, but it will be one of business fundamentals, which firms need.

The Growing Importance of Supplier Relationship Management (SRM)

Business has changed many times in the last decade. Only making and selling are not enough for firms to survive in current business. Since we now live in the age of information, information then becomes the important factor in supply chain management.… Read the rest