Influence of Worklife Balance Practices on Performance of the Banking Industry in Kenya

Abstract

The demand for work life balance solutions by employees and managers is expanding at unprecedented rate and work life balance is one of the challenges that organizations and the banking industry are expected to manage to be competitive due to globalization and fast pace of economic development in the 21st century such as customer satisfaction being the prime work in the banking industry. This study therefore sought to investigate the influence of work life balance on performance of the banking industry in Kenya. Specifically the study sought to determine the influence of flexible work-arrangement, wellness programs, family responsibilities and lastly influence of work life conflict on performance of the banking industry in Kenya. This study was guided by three theories which are; component theory, spillover theory and work-family border. Empirical literature on worklife balance practices is also discussed. The study adopted survey research design using both quantitative and qualitative approaches. The target population was 36,212 employees from all 43 commercial banks in Kenya with a sample size of 380 respondents. Sample was selected using stratified simple random sampling. Structured questionnaire was used for data collection in accordance with the objectives of the study. The data obtained was analyzed using SPSS and Microsoft Excel. Descriptive, Pearson correlation, and regression analysis were also adopted for analysis. Regression models were fitted and hypothesis testing carried using multiple regression analysis and standard F and t tests. The study found that flexible work arrangements, wellness programs, family responsibility concerns were more strongly related to performance of the banking industry in Kenya. It also found that institutions that support employees in work life balance practices had higher performance. Work life conflict negatively influenced performance which implies there was negative relationship between work life conflict and performance in the banking industry.The study recommends that organizations could try and support family responsibilities, offer flexible work arrangements and wellness programs to its employees for increased performance. The study also recommends that organizations should diagnose employees work life balance practice needs and develop practical solutions by implementing them xxi so as to be able to achieve business goals. In regard to this, the role the managers play in organizations in supporting work life balance practices is important. The findings of this research indicate a lack of implementation of policies on worklife balance practices, which are rarely utilized as well as lack of involvement of employees in adoption of worklife balance practices which means they are not made in an open manner; hence need for investigation unto the reasons for non implementation and non-involvement.