Work life balance
Work life balance is a word used to explain the equality that the workers need between the times assigned for work and that of doing others activities such as taking care of family (Dominika, 2016). It is important for employees who work in the investment banking sector to have a work life balance because it improves personal health, strengthens family relationships and also good for career growth. In some cases, creating work life balance can be a challenge to most workers especially for those who do not plan well.
For example, workers may spend a lot of time working overtime hence limiting that of other activities and of their families. People may engage in working overtime due to staff shortage, desire to earn more money, attempts to impress employer to get promotion, and so forth (Gargi, 2016). This is a sign of poor work life balance because it makes workers to spend a lot of time in the company hence forgetting other important aspects of life.
According to Tara & Jyotsana (2010), overworking can lead to work related issues such as underperformance due to lack of energy and concentration. For an investment bank to enable its employees have a good work life balance, it should have proper working hours and also use other mechanisms that can make the staff members to create a balance between time of work and that of engaging in other activities.
Gargi (2016) affirms that sickness is among the key aspects result from improper work life balance. The nature of work in banking sector the organizations to have enough workforce to meet the growing demand for the services. When employees overwork, they can develop health issues which may make them to spend a lot of time in hospitals or at home, hence having short time at places of work. Some of the health issues which result from overwork include fatigue, health aches, and backaches, among others. When employees report high rates of absenteeism due to sick offs or bed rests, an organization suffers a lot because of insufficient workforce, and this may lead to unattained goals. Moreover workers who fall under this may not only have little time at work but also have enough limited time for their families because they spend most of their times visiting hospitals.
According to Sarla (2013) lack of proper work life balance also leads to high absenteeism or day offs in order to spend time with their family or attend other emergencies that may occur. High rates of absenteeism affect performance in investment banking institutions because of not having enough people who can complete tasks. In order to have a balance of time and reduce days absents, workers should have a proper schedule of events and inform their bosses in advance. The absence of one employees may also affect the work balance of other staff members because of being forced to extend their time to complete the pending tasks which the missing worker would have completed. Additionally, it can also affect their health because of pressure by to management and a lot of stress thinking about their families. For a company to have a good work life balance employees should try to reduce absenteeism and number of days off. Giving the most important events like work the highest priority is advisable to avoid various consequences such as a losing jobs, disciplinary actions, and poor productivity, among others.
According to Kyoung (2014), lack of proper work life balance in banking institutions can also lead to high turnover rates. This may be caused by high number of employees resigning due to work pressure and little to attend other important things in their lives. It can also be caused by the institutions firing their employees because of spending a lot of their time attending other things that are not connected to their jobs. High rate of staff turnover can affect the performance of investment banking institutions because with less workers, attaining some of the targets may be challenging. Sana & Mohd (2016) affirms that high turnover rates also makes organizations to incur a lot of costs and time wastage in recruiting and training new employees. It also makes them to lack talent management and experienced staff members.
In conclusion, work life balance is fundamental in investment banking institutions because it enables employees to attend their duties at workplace and other important things such as taking care of their families. Some of the negative impacts of improper work life balance comprise high turnover rates, high absenteeism, under performance, and health issues.
Dominika, P. (2016). Work at Home, Home at Work: Difficulties in Achieving Work-Life Balance in Selected European Countries. Polish Sociological Review, 194, 2016.
Gargi, R. (2016). Impact of Mobile Communication Technology on the Work Life Balance of Working Women - a Review of Discourses. Journal of Contemporary Management Research, 10(1), 56-78.
Kyoung, K. H. (2014). Work-Life Balance and Employees' Performance: The Mediating Role of Affective Commitment. Global Business and Management Research: An International Journal, 6(1), 124-136.
Sana, S & Mohd, Z. (2016). Understanding Work-Life Balance with Respect to Medical Practitioners: A Conceptual Framework. IUP Journal of Organizational Behavior, 15(4), 65-89.
Sarla, R. (2013). Work-Family Balance: A Review. International Journal of Education and Management Studies, 3 (3), 68-97.
Tara, S & Jyotsana, B. (2010). Work Life Balance, Employee Engagement, and Emotional Consonance/dissonance & Turnover Intention. Indian Journal of Industrial Relations, 46(1), 145-168.