“an empirical study to determine factors at …

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“AN EMPIRICAL STUDY TO DETERMINE FACTORS AT WORKPLACESTRESS IN FINANCIAL SECTOR (WITH SPECIAL REFERENCE TO

AHMEDABAD DISTRICT)"

PhD Synopsis

Submitted to

Gujarat Technological University, Ahmedabad

For the Degree of

Doctor of Philosophy

In

Management

By

Hiral Borikar

Enrollment No: 159997292006

Supervisor:

Dr. Viral Bhatt, Principal, SAL Institute of Management, Ahmedabad

Doctoral Progress Committee Members:

Dr. S.O.Junare Dr. Dipti Sethi

Director Professor

Gujarat Forensic Science University Indus University

Gandhinagar Rancharda

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Index

Sr.No.

Title Page No.

1 Abstract 032 Brief Description 043 Definition of Problem 074 Objective and scope of work 075 Research Hypothesis 086 Methodology of Research and Result 107 Recommendations with respect to objectives 218 Conclusion 229 References 2310 Annexure -1 Copy of Published Research Papers 27

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“AN EMPIRICAL STUDY TO DETERMINE FACTORS AT WORKPLACESTRESS IN FINANCIAL SECTOR (WITH SPECIAL REFERENCE TO

AHMEDABAD DISTRICT)"

1. Abstract

Stress has nowadays become a worldwide crisis, which is affecting the people working in

almost every sector of the economy. It not only affects physical and mental health of

employees, but also reduces the competitiveness and productivity of the organization.

Financial Industry is one of the most stressful sectors.

Pressure at the workplace is unavoidable due to the demands of the contemporary work

environment. Pressure perceived as acceptable by an individual, may even keep employees

alert, motivated, able to work and learn, depending on the available resources and personal

characteristics. But when that pressure becomes excessive or otherwise unmanageable it

leads to stress. Stress can damage an employees' health and the business performance.

Major causes of workplace stress includes job content (monotony, under-stimulation,

meaningless of tasks, lack of variety, etc) - work load and work pace (too much or too

little to do, work under time pressure, etc.) - working hours (strict or inflexible, long and

unsocial, unpredictable, badly designed shift systems) - Participation and control (lack of

participation in decision-making, lack of control over work processes, pace, hours,

methods, and the work environment)

The major factor affecting workplace stress includes career development, status and pay

(job insecurity, lack of promotion opportunities, under- or over-promotion, work of 'low

social value', piece rate payment schemes, unclear or unfair performance evaluation

systems, being over- or under-skilled for a job) - role in the organization (unclear role,

conflicting roles) - interpersonal relationships (inadequate, inconsiderate or unsupportive

supervision, poor relationships with colleagues, bullying/harassment and violence,

isolated or solitary work, etc) -organizational culture (poor communication, poor

leadership, lack of behavioral rule, lack of clarity about organizational objectives,

structures and strategies) - work-life balance (conflicting demands of work and home,

lack of support for domestic problems at work, lack of support for work problems at

home, lack of organizational rules and policies to support work-life balance)

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Present study focuses on quantitative approach and descriptive research design. Initially, a

sample of 1100 responded was shortlisted but after the data cleaning process, 1057 valid

Reponses were used for analysis and testing model. Exploratory factor analysis of responses

extracted eight factors /working Hours, Workload / Role conflict /Role Ambiguity, Work

Environment / Work Culture, Policies, Appraisal and Pay System, Work life balance.

Confirmatory factor analysis provides strong support for the structure of various factors of

workplace stress.

A Confirmatory factor analysis helps to validity assessment of various measures used in the

study. SmartPLS is a software with graphical user interface for variance-based structural

equation modeling (SEM) using the partial least squares (PLS) path modeling method.

Partial Least Squares (PLS) is an approach to Structural Equation Models (SEM) that allows

researchers to analyze the relationships simultaneously. It is interesting to compare and

contrast this approach in analyzing mediation relationships with the regression analysis.

2. Brief Descriptions:

The father of stress theory Dr. Hans Selye (1956) defined stress as a general reaction of

body to any demand mode upon it. These demands are known as ‘stressors’ and can be

either pleasant or

unpleasant situations or factors.

Normally, when we have a lot of work to do and we are not able to complete the work, we

experience a sense of anxiety, unfulfillment, dissatisfaction and worry. This affects our

psychological and mental state and ultimately the capacity to perform. When the demands

on a person from the environment are more and his output is less, because of failure he

suffers from anxiety and stress. But a person, who on the contrary fails to do so, is said to

have an unsound personality and is affected frequently by stress etc.; sometimes job

conditions, socioenvironmental factors may also contribute significantly to organizational

stress. The employees of various organizations have to spend their time under heavy

pressure of c o n f l i c t i n g demands a n d work situations. They p e r f o r m c r i t i c a l

managerial functions under very compelling situations.

Azad, Tilottama(2014), conducted a casual research in the banks of Bhopal in which he

defined various variables such as long working hours, improper reward system, lack of job

autonomy, organizational culture, role conflict , lack of management support that lead to

stress in the banking sector. In his study, he analyzed the effect of one variable over another.

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The aim of his study was to study the cause effect relationship between all these factors on

the health and life of an individual. He concluded that management should take initiatives

and stress management programmes should be started to minimize stress in the banks.

(Dhankar, June 2015) The author had investigated the occupational stress level among

employees of banking sector. There is not a single factor which determines the stress in

banking employees’. Factors like work overload, ambiguity, pressure, confliction etc. are

responsible for stress. Occupational stress has become leading feature of modern life. It has

wide-ranging effects on employees’ behavior and adjustments as well as off the job. A

substantial portion of organization research involves the study of stress among employees.

A large number of problem related to employee health, declining levels of productivity and

competence is related to occupational stress. Minimizing occupational stress in the coming

time would be part of company policy of the organizations and be seen as an imperative

strategy to target better employee satisfaction.

Sankpal, Negi, Vashishtha (2010) The study was conducted in Gwalior city and a sample of

100 bank employees is used for data collection 50 each from public and sector. The

objectives of the study were to compare organizational role stress of managers in public and

private banks and to open new vistas for further research. The study was exploratory in

nature. Survey method was used to complete the study. It was found that the private bank

employees experienced higher organizational role stress than their public bank counterparts.

Looking at the various aspects of components of organizational role stress, it was found that

there was no difference between the Public and Private Sector bank employees in certain

aspects like role expectation conflict, role isolation, and personal inadequacy and role

ambiguity.

Kumar, Sundararan and Mahendran in their study “Complication Faced by Women

Executives in New Generation Private Sector Banks in Pondicherry State”, found that there

are certain problems faced by women executives for their professional duties like heavy

workload, physical strain, the pain of dealing with illiterate customers, difficulties

experienced in getting work done from the male subordinates and lack of time to attend to

the needs of family members, etc. If these problems are overcome than there is a smooth

professional journey of women executives.

The significance differences in the factors causing stress like workload, time pressure, work

culture and threat of unemployment were reported using a comparative study between

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HDFC and SBI bank employees (Poonam Negi 2013). A comparative study on

organizational role stress among public and private sector employees revealed no significant

difference in overall between public and private sector employees in terms of total stress

levels, certain individual stressor. This study further reported that the impact of various

socio-demographic factors on stress level reveals that educational qualifications and work

experience have a significant impact on employees’ stress levels (Bushara Bano and Rajiv

Kumar Jha 2012).

Rajeshwari (1992) identified the potent stress situations (stimulus) of bank employees and

then classified them into factors relating to organizational policy, structure, process,

physical working conditions, group behavior and others. T concluded that structural rigidity,

poor physical working conditions and extra organizational factors to be potent stressors.

Dobbins, G.H. , Cardy, R.L.& Truxillo, D.M. (1989). ‘The effects of purpose of appraisal

and individual differences in stereotypes of women on sex differences in performance

ratings: A laboratory and field study’. Journal of Applied Psychology Vol 73 pp 551-558. -

several extensive reviews have supported the notion that males receive better reviews than

females do. Specifically, it was found that raters with traditional sterotypes of women

evaluate the performance of female rates less favourably and that these behaviours occurred

when the purpose of the appraisal was administrative, that is, when dealing with pay,

promotions, transfers and retrenchments. Thus it could be argued that, for females, the

performance appraisal is a more stressful event that for males. For the purposes of this

study, though, it should be noted that the literature does not give unequivocal support for

such gender differences under stressful circumstances.

Hayers, N. (2000) Leadership: Foundation of psychology. New Jersey: Thomson Press,

509-512. - found that The effectiveness of group leaders is dependent on the criterion

which was being used to assess leadership. Thus, if leadership is assessed in terms of

productivity, then autocratic style is most efficient but if the role is seen as maintaining

good morale and a steady level of work, democratic style is effective. Absence of leadership

style brings about lack of direction from the leader resulting in low morale and lack of

interest in the work. Employees who fell under pressure reported autocratic supervision on

the part of their leaders. The leaders rarely allowed them to participate in the decision

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making. It was also reported that workers who were under stress also reported harsh

supervision and control on the part of their leaders

Dr. P.Kannan &Suma.U (2015)5 in order to manage stress the organization has to

encourage employee development and embark on training interventions for employees.

Training specifically related to policies and policy implementation is a key priority. Stress

in banking sector is mostly due to excess of work pressure and work life imbalance the

organization should support and encourage taking up roles that help them to balance work

and family

3. Definition of the Problem:

Stress is broadly defined as a reaction to too much pressure or too many demands. It can

arise both at home and at work. However, there is no question that stress in the workplace is

a major issue both for individuals and for organisations. Actually, it can lead to both

physical and mental health problems for individuals, and significant losses for organisations

through sickness absence. In this research, researcher has identified different factors

affecting workplace stress like Work Load, Workload / Role conflict / role ambiguity ,

Work Environment / work culture , Policies , Appraisal and pay system and work life

balance in senior personnel like Manager and above level of personnel in financial services

like Bank, NBFC, Mutual fund, Stock Broking agency and Insurance. Where researcher has

identified to estimate the level of stress.

4. Objectives and Scope of work

Primary Objective

To determine factors at workplace stress in financial sector with special reference to

Ahmedabad District

Secondary Objectives

To understand and analyzed the basic mechanism of Financial Services

To evaluate Factors influencing of stress at higher level and to understand its intra-

relationships in financial services

To measure the impact of stress in personal and professional life of higher level

manager in financial services

To Explore the remedies to reduce the stress in financial Services

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To estimate stress level of employees of Manager and above in financial services

5. Research Hypothesis

Hypothesis of Independent Sample T Test:

H6a: There is significant difference between male and female regarding workload

H6b: There is significant difference between male and female regarding Role Ambiguity

H6c: There is significant difference between male and female regarding overall

Management structure

H6d: There is significant difference between male and female regarding work life balance

H6e: There is significant difference between male and female regarding Review (Appraisal

and pay system)

H6f: There is significant difference between male and female regarding Organization

structure

H6g: There is significant difference between male and female regarding Role Ambiguity

H6h: There is significant difference between male and female regarding Leadership

Hypothesis of One Way ANOVA Analysis:

H7a: There is significant difference among age and workplace stress in senior personnel of

financial services

H7a: There is significant difference among total experience and workplace stress in senior

personnel of financial services

H7a: There is significant difference among designation and workplace stress in senior

personnel of financial services

H7a: There is significant difference among income and workplace stress in senior personnel

of financial services

Smart PLS - Bootstrapping - Specific Indirect Effect

H1: There is significant impact of Leadership on organization Policies and work Culture for

workplace stress in Manager and above in financial services

H1: There is significant impact of Leadership on work Culture and work Environment for


H1: There is significant impact of organization Policies on work Culture and work

Environment for workplace stress in Manager and above in financial services

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H1: There is significant impact of leadership on organization Policies, work Culture and

work Environment for workplace stress in Manager and above in financial services

H1: There is significant impact of Leadership On work Culture, work Enviornment, Work-

Load, overall stress for workplace stress in Manager and above in financial services

H1: There is significant impact of work Enviornment on Work-Load and overall stress for


H1: There is significant impact of work Culture on work Enviornment, Work-Load and

overall stress for workplace stress in Manager and above in financial services

H1: There is significant impact of Leadership on organisation Policies, work Culture, work

Enviornment and Work-Load, overall stress for workplace stress in Manager and above in

financial services

H1: There is significant impact of Role-Amibiguty on Work-Load and overall stress for


H1: There is significant impact of Leadership on Role-Amibiguty, Work-Load, and overall

stress for workplace stress in Manager and above in financial services

H1: There is significant impact of Leadership on work Culture, work Enviornment and

Work-Load for workplace stress in Manager and above in financial services

H1: There is significant impact of work Culture on work Enviornment and Work-Load for


H1: There is significant impact of Policies on work Culture, work Enviornment and Work-

Load for workplace stress in Manager and above in financial services

H1: There is significant impact of Leadership on organization Policies, work Culture, work

Enviornment and Work-Load for workplace stress in Manager and above in financial

services

H1: There is significant impact of Leadership on Role-Amibiguty and Work-Load for


Boot Strapping – Total effect :

H1: There is significant impact of work culture on work environment for workplace stress

in Manager and above in financial services

H1: There is significant impact of work culture on overall stress for workplace stress in

Manager and above in financial services

H1: There is significant impact of work culture on Workload for workplace stress in


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H1: There is significant impact of Environment on Overall for workplace stress in Manager

and above in financial services

H1: There is significant impact of work Environment on Workload for workplace stress in


H1: There is significant impact of Leadership on work Culture for workplace stress in


H1: There is significant impact of Leadership on work Environment for workplace stress in


H1: There is significant impact of Leadership on Overall stress for workplace stress in


H1: There is significant impact of Leadership on organization Policies for workplace stress

in Manager and above in financial services

H1: There is significant impact of Leadership on Role Ambiguity for workplace stress in


H1: There is significant impact of Leadership on Workload for workplace stress in Manager


H1: There is significant impact of Policy and work Culture for workplace stress in Manager


H1: There is significant impact of organization Policy and work Environment for workplace

stress in Manager and above in financial services

6. Methodology and Research Result:

Research approach and Design:

A good research should have a perfect blend of the theory and the practical learning.

Research design is a blue print of any research project. The research design is a detailed

outline to direct the study towards achievement of the research objectives and involves

decisions on research process and data collection methods used (Aaker et al, 2001). It

basically is the conceptual structure of the research within which the entire research work is

to be carried out.

Here, the research about to identify the factors influencing workplace stress in financial

sector and estimate stress level. Answer to this question has been detailed in the Objectives

section of this chapter.

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There are many studies has been done in past by different researcher to determine

workplace stress in different financial service but in this study it is precise to determine

workplace stress for Manager and above level of employees of financial services of Bank,

NBFC, Insurance, Mutual fund and stock market.

Employees’ suffers from Workplace stress in regular professional life; hence it is not

possible to identify correct timings for studies on these aspects.

Under the current study Ahmedabad District is selected to carry out the research activity.

Ahmedabad District has been covered by different banks, NBFCs, Mutual funds, Stock

markets and insurance companies. It gives major shares in terms of business for Gujarat and

also for west zone of India.

Hence in this research senior level of employees i.e. Manager and above level of employees

are selected because many studies have been done on workers and on junior level of

employees even also occupational stress and act is available to protect such level of

manpower but for senior employees who are having majorly intellectual work need to

required to quantify their stress have been selected as the target respondents.

Here, the study have covered Financial Services i.e 1) Banks, 2) NBFCs, 3) Insurance, 4)

Stock Market, 5) Mutual funds.

For collection of primary data questionnaire has been very carefully structured after a

thorough review of available literature. Pilot study has been conducted to understand

respondents’ understanding of the questions and the questions have been modified wherever

required.

Secondary data is collected from relevant literature i.e. research papers, articles, reports,

web-sites etc. Details of the same are presented in the Chapter – II: Literature review.

Target Population:

The target population for the present study includes Manager and above level of

employees from Banks, NBFCs, Insurance, Stock Market, Mutual funds with minimum

Qualifications with Graduate, minimum 7 years of experience in the field of Sales, Credit,

Risk, Recovery, multiple area and must be in this services for minimum 5 years.[

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Sampling Techniques: Probability or Non-probability Sampling

There are major two categories of sampling techniques namely Probability sampling and

Nonprobability sampling. These two categories differentiate themselves on the grounds of

the selection process. Selection of the category depends upon the nature of population i.e.

finite or infinite and types of research.

Sample Size:

Initially sample of 1100 respondents were shortlisted but after data cleaning process 1057

valid responses gathered from respondents where used for analysis for this study. In this

study researcher used seven point likert scale [1 - Strongly disagree (SD), 2 - Disagree (D),

3 - Somewhat Disagree (SWD) , 4 - Neutral (N), 5 - Somewhat agree (SWA), 6 - Agree (A),

7 - Strongly Agree (SA)]

Data Analysis:

The data collected through questionnaire was analyzed using the SPSS 25 and Smart PLS

software. The data will be analyzed using Frequency distribution and Graphical Analysis;

Multivariate Cross tabulation; Descriptive statistics; Inferential Statistics – T-test, ANOVA,

MANOVA; Relationship Analysis – Pearson’s Coefficients Correlations, Stepwise

Regression and Discriminant Analysis.

Sampling Adequacy:

The KMO measure of sampling adequacy is a statistic that indicates the proportion of

variance in the variables that might be caused by the reduced factors. The high value of

KMO (0.930) indicates that a factor analysis is quite useful for the data being used in this

study.

Table: 5.15 KMO and Bartlett's Test

Kaiser-Meyer-Olkin Measure of Sampling Adequacy. .930

Bartlett's Test of Sphericity Approx. Chi-Square 51879.617

df 820

Sig. .000

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The determinant of the Correlation Matrix is 0.001 that is higher than the 0.00001 and hence

no multicollinearity is observed in the data.

One Way ANOVA Analysis:

The objective was to understand whether the demographic variables such as Gender, age,

qualifications, experience in field, in area, designation, tenure, income, marital status, type

of family and number of persons in family influences on workplace stress in financial

services.

Certain demographic factors like age, annual income, designation, designation etc; having

more than two categories have been identified with help of literature review for this study.

Hence, independent two sample tests cannot be utilized. In this scenario one way ANOVA

analysis helps to derive the inferential statistical values among these categories.

(A)ANOVA: Age * workplace stress

Combined impact of all the factors on the age group of less than 40 years significantly

differs

from the same on the age groups of 41 to 50 years and more than 50 years. Same way

combined impact of all the factors on age group of 41 to 50 years significantly differs from

the same on the age group of more than 50 years. When we check the combined impact of

all the factors on age group 41 to 50 years, it significantly differ from the same on the age

groups less than 40 years.

(B)ANOVA: Total experience * workplace stress

Impact of workplace stress on the total experience of less than 7 years significantly differs

from the same on the experience groups of 7 to 12 years and more than 12 years. Same way

impact of workplace stress on total experience group of 7 to 12 years significantly differs

from the same on the age groups of less than 7 years and more than 12 years. When we

check the impact of workplace stress on total experience group of more than 12 years, it

significantly differ from the same on all the other age groups i.e. less than 7 years and 7 to

12 years.

(C)ANOVA: Designation * workplace stress

Impact of workplace stress on the designation of manager significantly differs from the

same on the designation groups of manager to vp and more than vp and above. Same way

impact of workplace stress on designation of manager to vp group, significantly differs from

the same on the designation groups of manager and vp. When we check the impact of

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workplace stress on designation group of vp and above, it significantly differ from the same

on all the other designation groups i.e. manager and manager to vp.less than 7 years and 7 to

12 years.

(D)ANOVA: Income * workplace stress

Impact of workplace stress on the income of Rs. Less than Rs. 50000 significantly differs

from the same on the income groups of Rs. 1 lac to 50 lac and more than 2 lacs. Same way

impact of workplace stress on income Rs. 1 lac to 1.50 lacs group, significantly differs from

the same on the income groups of less than 50 k and more than 2 lacs. When we check the

impact of workplace stress on income 2 lacs and above, it significantly differ from the same

on all the other income groups i.e. less than Rs. 50,000 and Rs. 1.50 lacs to 2 lacs.

Construct Reliability and Validity

Cronbach’s Alpha:Researcher applies the tools Cronbach’s alpha to evaluate internal consistency of opinion

given by the respondents. The general rule of thumb is that a Cronbach's alpha of 0.70 and

above is good, 0.80 and above is better, and 0.90 and above is best.

Rho A:

The rho_A function calculates the rho_A reliability indices for each construct. For

formative constructs, the index is set to 1.

Composite Reliability (sometimes called construct reliability) :

Composite Reliability is a measure of internal consistency in scale items, much like

Cronbach's alpha (Netemeyer, 2003). It can be thought of as being equal to the total amount

of true score variance relative to the total scale score variance (Brunner &Süß, 2005).

Composite reliability above the 0.70 threshold and an extracted variance above the 0.50

threshold are recommended by Hair et al. (2006). Last component of convergent validity is

Average Variance Extracted (AVE). Average Variance Extracted (AVE) is higher than 0.5

but we can accept 0.4 because Fornell and Larcker (1981) said that if AVE is less than 0.5,

but composite reliability is higher than 0.70, the convergent validity of the construct is still

adequate.

Average Variance Extracted (AVE)

AVE (Average Variance Extracted):

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Average variance extracted (AVE) is a measure of the amount of variance that is captured

by a construct in relation to the amount of variance due to measurement error. AVE is well

below the conventional threshold of 0.5. Work out the Mean (the simple average of the

numbers) then for each number: subtract the Mean and square the result (the squared

difference).

Cronbach's

Alpharho_A

Composite

Reliability

Average

Variance

Extracted

(AVE)

CULTURE 0.974 0.975 0.974 0.881

ENVIORNMENT 0.948 0.950 0.948 0.786

LEADERSHIP 0.917 0.917 0.917 0.688

OS 0.844 0.897 0.859 0.484

POLICIES 0.951 0.954 0.953 0.743

ROLE-AMIBIGUTY 0.959 0.961 0.958 0.821

WORK-LOAD 0.977 0.977 0.977 0.893

Culture:

Reliability and validity of this study reported according to the Smart-Pls algorithm.

Reliability table indicates the value of Cronbach’s alpha for Culture is 0.974 considered

desirable. It means researcher does not violate the assumption of reliability. Rho A of

culture is 0.975 which is less than 1. Composite Reliability of culture is 0.974 which is

more than 0.70 and AVE is 0.881 these data shows validity is adequate.

Environment:






Leadership:



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OS:






Policies:






Role Ambiguity:






Work Load:






Discriminant Validity

Fornell-Larcker Criterion

CULTURE

ENVIORN

MENT

LEADERSHIP OS

POLICIES

ROLE-AMIBIGUTY

WORK-LOAD

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CULTURE

0.938

ENVIORNMENT

0.224 0.887

LEADERSHIP

0.562 0.29 0.829

OS 0.327 0.173 0.457 0.696POLICIES

0.496 0.16 0.651 0.567 0.862

ROLE-AMIBIGUTY

0.331 0.296 0.38 0.167 0.302 0.906

WORK-LOAD

0.425 0.301 0.512 0.795 0.522 0.26 0.945

Environment : Square root of environment is 0.887 which has greater value than the

correlations with other latent constructs and Correlation between Environment and Culture

is 0.224.

Leadership: Square root of leadership is 0.829 which has greater value than the

correlations with other latent constructs and Correlation between leadership and Culture is

0.562 where as correlation between leadership and environment is 0.290.

OS: Square root of OS is 0.696 which has greater value than the correlations with other

latent constructs and Correlation between OS and Culture is 0.327, OS and environment

0.173 where as correlation between OS and leadership is 0.457.

Policies: Square root of policies is 0.862 which has greater value than the correlations with

other latent constructs and Correlation between policies and Culture is 0.496, policies and

environment 0.160, policies and leadership 0.651 and policies and OS 0.567

Role Ambiguity: Square root of role ambiguity is 0.906 which has greater value than the

correlations with other latent constructs and Correlation between role ambiguity ad culture

is 0.331, Correlation between role ambiguity and environment 0.296, role ambiguity an

leadership 0.380, role ambiguity and OS 0.167, role ambiguity and policies 0.302.

Workload: Square root of workload is 0.945 which has greater value than the correlations

with other latent constructs and Correlation between workload and culture is 0.425,

Correlation between workload and environment 0.301, workload and leadership 0.512,

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workload and OS 0.795, workload and policies 0.522 and workload and role ambiguity is

0.260.

HeteroTrait-MonoTrait (HTMT)

Nunnally (1978) and Netemeyer et al. (2003) HTMT establishes discriminant validity in

two ways. Firstly as a criterion and second, as a statistical test. As a criterion the values of

HTMT is compared with the threshold value which is predefined. If the value of the HTMT

is below the threshold value then discriminant validity is established. The threshold value of

HTMT is debatable.

Heterotrait-Monotrait Ratio (HTMT)

CULT

URE

ENVIO

RNME

NT

LEAD

ERSHI

P

OSPOLIC

IES

ROLE-

AMIBIG

UTY

WOR

K-

LOA

D

CULTURE

ENVIORNMEN

T0.224

LEADERSHIP 0.562 0.291

OS 0.331 0.174 0.453

POLICIES 0.500 0.161 0.652 0.565

ROLE-

AMIBIGUTY0.332 0.295 0.380 0.173 0.302

WORK-LOAD 0.425 0.301 0.511 0.800 0.524 0.260

In above table all the value derived from Heterotrait-Monotrait Ratio (HTMT) for culture,

environment, leadership, OS, policies, role ambiguity and workload are less than 0.85 that

shows that researcher has not violated assumption of multicollinearity.

Smart PLS – Bootstrapping - - Hypothesis testing Path Coefficients and Confidence

Intervals

Path Coefficient: A path coefficient indicates the direct effect of a variable assumed to

be a cause on another variable assumed to be an effect. Path coefficients are standardized

because they are estimated from correlations (a path regression coefficient

is Unstandardized).

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P value test: To conduct a test of the hypothesis that > 0, at the 0.05 significance level

All Result of hypothesis testing in Path coefficient and confidence interval are below its

standard value.

Specific Indirect Effect

T

Statistics

(|O/STD

EV|)

P

Values2.5% 97.5%

LEADERSHIP -> POLICIES -> CULTURE 4.802 0.000 0.087 0.208

LEADERSHIP -> CULTURE ->

ENVIORNMENT4.536 0.000 0.056 0.131

POLICIES -> CULTURE -> ENVIORNMENT 4.444 0.000 0.028 0.073

LEADERSHIP -> POLICIES -> CULTURE ->

ENVIORNMENT4.524 0.000 0.019 0.047


ENVIORNMENT -> WORK-LOAD -> OS3.411 0.001 0.009 0.029

ENVIORNMENT -> WORK-LOAD -> OS 7.029 0.000 0.140 0.251

CULTURE -> ENVIORNMENT -> WORK-

LOAD -> OS4.201 0.000 0.024 0.066

POLICIES -> CULTURE -> ENVIORNMENT

-> WORK-LOAD -> OS3.523 0.000 0.005 0.016


ENVIORNMENT -> WORK-LOAD -> OS3.624 0.000 0.003 0.010

ROLE-AMIBIGUTY -> WORK-LOAD -> OS 5.418 0.000 0.097 0.206

LEADERSHIP -> ROLE-AMIBIGUTY ->

WORK-LOAD -> OS4.224 0.000 0.033 0.086


ENVIORNMENT -> WORK-LOAD3.356 0.001 0.011 0.037

CULTURE -> ENVIORNMENT -> WORK-

LOAD4.125 0.000 0.030 0.083

POLICIES -> CULTURE -> ENVIORNMENT 3.496 0.001 0.006 0.020

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-> WORK-LOAD


ENVIORNMENT -> WORK-LOAD3.609 0.000 0.004 0.013

LEADERSHIP -> ROLE-AMIBIGUTY ->

WORK-LOAD4.254 0.000 0.041 0.108

Result of all above hypothesis: the P-value (0.00) is less than the significance level (0.05),

so here researcher has reject the null hypothesis.

Stress Model

Boot Strapping – Total effect :

Interpret Results

If the sample findings are unlikely, given the null hypothesis, the researcher rejects the null

hypothesis. Typically, this involves comparing the P-value to the significance level, and

rejecting the null hypothesis when the P-value is less than the significance level. All the

result of this analysis are as per the standard value so here researcher has rejecting the null

hypothesis for all values.

Boot strapping – Path Coefficient

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In this analysis, researcher has rejected null hypothesis, where T value for all hypothesis are

more than standard value 1.96 and P value is less than significant value 0.05.

Boot Strapping – Total Indirect effect & Specific Indirect effect:

Here researcher wants to understand and derive the total indirect effect with the perspective

of impact of to direct relationship of the coefficient. Usually indirect effect is calculated

with simple multiplications of direct effect of coefficient. T value are higher than the

threshold value of 1.96 .

Smart PLS Multi group Analysis

Multi-group invariance (MGI) testing is a technique to determine whether parameters of a

measurement model and/or the structural model are equivalent (i.e. invariant) across two or

more groups (B. M. Byrne, Structural Equation Modeling with AMOS: Basic Concepts,

Applications, and Programming, Lawrence Erlbaum Associates, Mahwah, NJ, 2010.).

Parametric Test & Confidence Intervals: Outer Loading, Path Coefficient, Total

Indirect effect, Specific Indirect effect, Total Effect

Here in t Value, if it is < 1.96 then there is no difference between High qualifications and

low qualification and the value of p is significant. That indicate the both group of

respondents are having similar thought of Workplace stress in respective statement.

Whereas, t Value, is > 1.96 then there is difference between High qualifications and low

qualification and the value of p is Insignificant. That indicate the both group of respondents

are having different thought of Workplace stress in respective statement.

Boot Strapping: Outer Loading, Path Coefficient, Total Indirect effect, Specific

Indirect effect, Total Effect

In Smart PLS, Multigroup analysis, Bootstrapping of Outer loading shows difference

between coefficient of two groups of High qualification and low qualifications.

Where, p value is required to be significant i.e. 0.0000 and t values also to be significant if it

is greater than 1.96. Here, all result value as as per standard values. So here researcher are

not violating the assumption.

7. Recommendations:

High workloads, excessive working hours, lack of support from the management, lack of

authority, shortage of staff, shortage of resources, aggressive management style, insufficient

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motivation , organizational culture and policy are some of the major reasons of

the stress found in the employees in the banking sector.

In senior personnel, management should do Proper work allocation, Targets should be

realistic. Employees should be provided adequate authority and sufficient time to achieve

the targets. Sufficient hiring and allocation of staff is needed. To uplift the morale and

efficiency of employees, effective communication, proper training and motivation are

required. Appreciate the employees on accomplishing and over-exceeding their targets.

Employees friendly transfer policy should be framed, Counseling of employees should be

done on a regular basis. Employee counseling is a very good strategy to overcome employee

stress. Through counseling, employees can become aware of their strengths and how to

develop those strengths; their weaknesses and how to eliminate them; and they can develop

strategies for changing their behavior.

Workshops on stress management should be organized by the organization. Employees

should indulge in physical exercise, sports, yoga and meditation and spend time with

family. The employees should build social support. They should have close connections

with trustworthy peer who can listen to their problems and boost their confidence level. This

social network will help the employees overcome stress.

8. Conclusion:

The primary objective of this study is to find out the determine factors at workplace stress in

financial sector (with special reference to Ahmedabad district). The data analysis has been

done for the research work to achieve this objective on basis of the collected primary data.

The responses of 1057 employees of Bank, NBFC, Mutual fund, stock broking agencies and

insurance have been collected in this research.

One of the objective of this study to identify the factors affecting workplace stress in senior

personnel i.e. Manager and above level in financial organization. Factor 1: Working Hours:

Extended working hours do not give enough time to employees for leisure time, family

time, new learning or relaxation period. Factor 2: Workload / Role conflict / role ambiguity:

This factor is a creates psychological stress in employees and leads to extended working

hours, duplication of work, confusion, irritation, break in team work, trust. Factor 3: Work

Environment / work culture: These items directly give negative impact on comfort zone,

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employees are not able to complete allotted work due to unavailability of item, affected on

confidential information.

Factor 4: Policy: frequent changes in policies affects on team management, leadership

impact, pay structure, etc. Factor 5: Appraisal and pay system: These items affects on

employee motivation, incentives, designations, promotion, transfers, increment. Factor 6:

Work life balance: These factors affect to individual to manage their personal life,

emotional balance, motivation etc.

Therefore Human resource managers have to make appropriate changes in different policies

like in working hours, salary structure/perks and job Analysis, Transfer policies, business

travel and timings, transparency in leadership to create highly motivating environment for

long association, productive with innovation and healthy environment in the organization.

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ISSN: 0193-4120 Page No. 22852 – 22875

22852 Published by: The Mattingley Publishing Co., Inc.

A Classification of Senior Personnel with Respect to

Psychographic and Demographic Aspect of

Workplace Stress in Financial Services

Ms. HiralBorikar, Ph.D. Research Scholar

Dr.Viral Bhatt, Ph.D. Supervisor

Gujarat Technological University

Article Info

Volume 83

Page Number: 22852 – 22875

Publication Issue:

May - June 2020

Article History

Article Received: 11 May 2020

Revised: 19 May 2020

Accepted: 29 May 2020

Publication: 12 June 2020

Abstract:

Purpose: The purpose of this research is an attempt toa classification of senior

personnel with respect to psychographic and demographic aspect of workplace stress

in financial services.

Process: This paper presented after an extensive literature study, structured

Questionnaire, data collection of 528 managers of different financial service institutes

like Bank, NBFC, Insurance, Mutual fund and stock market. Analysis was conducted

through SPSS, and cluster analysis has been performed to classify senior personnel.

Practical implications: Identified psychographic and demographic classifications of

senior officials in terms of their psychographic characteristics and relate to those

factors in terms of demographic factors like qualification and designation. These will

support HR department to make appropriate changes in organisation frame the policies

and provide appropriate treatment that will help them to retain for longer tenure.

Tools: Entire study has been evaluated with help of primary data and Cluster Analysis

like hierarchal cluster, K-means cluster perform with SPSS 25 software.

Keywords:Financial services, HR Practices, Workplace stress, HRImpact, Employee

Classification, psychometric analysis

1. INTRODUCTION

1.1 Human Resource Management

In K. Aswathappa‟s words “HRM refers to the

management of people in organizations. It

comprises of the activities, policies, and practices

involved in obtaining, developing, utilizing,

evaluating, maintaining, and retaining the

appropriate number and skill mix of employees to

accomplish the organization‟s objectives. The goal

of HRM is to maximize employees‟ contributions

in order to achieve optimal productivity and

effectiveness, while simultaneously attaining

individual objectives (such as having a challenging

job and obtaining recognition), and societal

objectives (such as legal compliance and

demonstrating social responsibility)”.

Likewise, Minbaeva (2005) viewed HRM practices

as a set of practices used by organization to manage

human resource through facilitating the

development of competencies that are firm specific,

produce complex social relation and generate

organization knowledge to sustain competitive

advantage. Against this backdrop, we concluded

that HRM practices relate to specific practices,

formal policies, and philosophies that are designed

to attract, develop, motivate, and retain employees

who ensure the effective functioning and survival

of the organization.

1.1.1 HR Practices include:

HR Planning, Recruitment and Selection,

Induction, Training and Development, Performance

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Appraisal, Career Planning, Fringe Benefits,

Reward and Recognition, Welfare Activities as per

Statutory Requirement, Safety, Health and

Environment Policy, Suggestions Scheme,

Promotion and Transfers, Exit Policy.

1.2 Stress:

Stress is a natural, physical and mental reaction to

both good and bad experiences that can be beneficial

to health and safety. (Akinboye, J.O 2002) stress in

small doses, can help to meet daily challenges and

motivate to individuals to reach to the goals and

accomplish task more efficiently and work like a

memory booster.

A research conducted by SHRM (Society of Human

Resource Management) India in 2016 highlighted

that disrespect at the workplace, lack of work-life

balance, over time, inability to process constructive

feedback from the manager, support from manager

and participation avoidance are the major causes of

stress at workplace.

In such a scenario, stress management as a discipline

has become an integral part of Human Resource

Management.

Stress has been defined in many ways related to the

different situation in one's life under different

circumstances, but the most relatable definition of

stress is a feeling when work demands, work-life

balance, and tension in relationships, exceed the

resource potential.

The tension that arises in any of the three domains -

personal, social, and financial leads to stress. If

stress is not managed in time, it may cause

depression and notably bring health ailments.

Over the period of time, stress has become a major

part of human life because the sources of stress

aren't obvious and also the daily work-life situation

demands resolution only by the affected one.

At the workplace, anyone can experience stress

under different circumstances as everyone has

different mental ability and stress handling capacity.

The SHRM study also revealed that 80 per cent of

employees in India are suffering from stress at the

workplace, every 1 out of 2 employees suffer from

anxiety and depression on a varied basis. This is true

that everyone cannot fit in a single parameter when it

comes to stress management. That's a reason, it is

the responsibility of the HR to handle the situation

skillfully and help employees to manage stress.

(Article, Indiatoday, Jan, 2019)

When work demands exceed the capacity and

capability of an individual, it leads to stress in the

workplace. In cases, where companies load

employees with an excess of work without weighing

them on the scales of efficiency and capacity, lack of

work-life balance, and disrespect at the workplace

are the most common causes of stress in the

corporate

Right from undefined duties, key result area (KRA),

and unrealistic goals to harassment, ill-treatment, or

bullying at the workplace, are some of the major

causes that result in stress

The most common reaction to stress is flight or fight.

But any individual can neither avoid stress for long

nor can fight against the odds alone. Despite being

the common reactions, these options aren't the right

choice in the day to day work life situations

Even the ROI of organizations are adversely affected

because of employees' stress. As per the SHRM

India study, the productivity losses across IT,

Finance/Banking, and Travel and Hospitality

because of stress reach to Rs. 49.67 crore, 105.48

crore, and 10.5 crore respectively

Health deterioration, physical ailments,

underperformance, absenteeism, reduced

productivity, job quitting, et cetera are the major

results of stress. The need of the hour is to have a

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planned approach to manage stress at the workplace

in a practically effective manner. This is what makes

the role of an HR even more crucial.

2. LITERATURE REVIEW

Financial sector has been a key factor of India‟s

growth and contributed immensely in Indian

economy. Stress has nowadays become a

worldwide crisis, which is affecting the people

working in almost every sector of the economy. It

not only affects physical and mental health of

employees, but also reduces the competitiveness

and productivity of the organization. Banking

Industry is one of the most stressful sectors.

Researcher has derived result with multiple

regression analysis in the financial sector, population

of Manager and above level of employees facing

highest level of workplace stress due to the value

derived from this study is clearly indicated that,

policies and system is most influential factor

responsible for creating additional workplace stress.

Work Environment and culture is second level of

responsible factor for workplace stress. While

Appraisal system and working hours and load are on

third and fourth important factors creating workplace

stress respectively. (Dr. Viral Bhatt, Hiral Borikar,

2020)

Due to various factors such as increasing workload,

change in technology, Government policies,

competitive challenges etc,the level of stress among

the employees has increased very rapidly. Stress

costs the organization with low morale, poor

motivation, high absenteeism, conflicts, low

productivity and low efficiency. Stress can affect

all aspects of an individual‟s life, including his

emotions, behaviour, thinking ability, and physical

health.

The major HRM activities include HR planning,

job analysis, job design, employee hiring, employee

and executive remuneration, employee motivation,

employee maintenance, industrial relations and

prospects of HRM. In this study individual HR

practices have been studied, this study combines

some of the HR practices and impact of workplace

stress on employees of Manager and above level in

financial services. The following HR practices that

are influencing on workplace stress of Manager and

above designated employees of different financial

industries this research:

Compensation and Benefits

Leadership

Employee Engagement

Work-life balance

2.1 COMPENSATION:

Khalid and Irshad, (2010) examined the constituents

of jobsatisfaction which are performance, pay,

promotion,remuneration, and appreciation besides

overall jobsatisfaction, their results concluded that

employees working private sector banks were more

gratified with their salary, acknowledgement, and

working hours as compared to employees of public

sector banks, whereas the employees of public sector

banks were happy with the security of their jobs.

Ram, Khoso, Shah, Chandio and Shaikih, (2011)

found that majority of the managers who were

employed at different organizations were under

stress, their results showed that 80%of the workers

are not able to entirely employ their abilities because

of the stress.

Abdullah, Uli, and Parasuraman, (2009) proposed

that there are some other factor which are relevant to

compensation and pay like working environment,

fellow worker, promotion system, work with worker

and relation with other

departmentemployees.Bytyagi, Reshani and Hasani,

(2010) in their research observed the extent of work

stress, satisfaction withtheir jobs, commitment

towards their work in an organization and the effect

these work environment measurements have upon

each other and by this we concluded that there exist

high level of job satisfaction, organization

commitment and work stress among employees

working in a specific environment.

2.2 LEADERSHIP:

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Relationship building and dealing with conflict, as

well as decision making and job responsibilities, are

the most frequent demands contributing to increased

levels of stress for leaders. Also adding to the

sources of stress are leadership demands such as

developing people and managing limited resources.

Many leaders are also finding physical demands

such as travel, work hours and the work environment

compounding their levels of stress

Stress is caused by trying to do more with less, and

to do it faster. Workloads, budget cuts and travel are

demands that create stress. Leadership demands that

take time away from the leader‟s primary job

responsibilities are another source of stress. These

demands include long or frequent meetings and

navigating organizational bureaucracies

Motivating employees, resolving conflicts and

providing feedback were examples of stressful

leadership demands. These demands included

dealing with difficult personalities and relationship

building with peers and bosses.

Overcoming job-related constraints to maintaining

interpersonal relationships is a source of stress.

Leaders find it stressful allocating time to connect

with others interpersonally because of meetings,

travel and workloads. Additionally, personal

insecurity dealt mainly with stress over how best to

communicate and present to others. Examples

include giving developmental feedback and being

more patient with employees.

2.2.1 Boss as a Source of Stress:

Stress from one‟s boss tends to derive from feelings

that he or she does not support the leader enough or

show enough respect for the leader‟s authority.

Bosses with leadership and management styles that

differ from the individual leader are also sources of

significant stress.

2.2.2 Peers as a Source of Stress:

Stress from peers, on the other hand, looks very

different from stress caused by a boss. Competition

and lack of teamwork are the primary sources of

stress from a leader‟s peers. Peer behaviours that

discourage teamwork and collaboration are causes of

individual leader stress.

2.3 EMPLOYEE ENGAGEMENT:

The literature concerning employee engagement

poses a challenge due to the fact that there is no one

universally applied definition to cover the topic of

employee engagement. According to Baumruk (2004)

employee engagement has been defined within the

confines of emotional and intellectual commitment

to the organisation or the quantity of discretionary

effort, defined by Yankelovich and Immerwahr

(1984), as the voluntary effort employees provide

above and beyond what is required by employees in

their job (Frank et al 2004). From Kahn‟s definition

it is clear that employee engagement is a multi-

faceted paradigm. The multi-dimensional approach

to looking at engagement comes from the

perspective that Kahn took on the individual‟s

working experience. Kahn (1990) argued that the

work of Goffman (1961) only concentrated on

momentary face-to-face meetings, whereas an

altered concept needed to be developed which would

transcend appropriately into organisational life,

which is, according to Diamond &Allcorn (1985),

“on-going, emotionally charged and psychologically

complex”. Truss et al (2006), define employee

engagement as a „passion for work‟, which

encompasses the three elements of engagement,

previously discussed by Kahn (1990) in one

psychological state.

The employee engagement is defined as both

attitudinal and behavioural components because of it

has contains an organizational purpose, involvement,

commitment, passion, enthusiasm, focused effort

2.4 WORK LIFE BALANCE:

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Kumar and Sunder “Problem Faced by Women

Executives Working in Public Sector Banks in

Puducherry”, studied the factors such as taking care

of the family combining domestic work and office

work leaves no time for making women fit for higher

posts and the stress resulting from this Physical

strain has been identified as a prime factor. The Fear

of transfer which disturbs family life and domestic

peace and the exploitation due to submissive nature

of women executives has been discriminated as

second important factor in giving better

performance. It is also interpreted that women

executives attach more significance to family life

while they are not neglecting the professional life.

Therefore women executives prefer to accomplish

any challenge without affecting their role in the

family. There is a another study of “Problems faced

by working women in Banking sector of

Bhawalpur”byAbid”, studied the various problems

faced by working women in banking sector and its

impact on the balancing between their professional

& personal life of married women in comparison to

unmarried women. They further found that their

parents have supportive attitude towards their

daughter which gives strength to them in comparison

of married women. Whereas sometimes relatives

created the problems, so parents of working women

should communicate other relative and society in

order to build the trust regarding the transparency of

this sector.

Dr. P.Kannan&Suma.U (2015)5 in order to manage

stress the organization has to encourage employee

development and embark on training interventions

for employees. Training specifically related to

policies and policy implementation is a key priority.

Stress in banking sector is mostly due to excess of

work pressure and work life imbalance the

organization should support and encourage taking up

roles that help them to balance work and family

Md. Hasebur Rahman, Asian Business Review,

Volume 3, Number 3/2013 (Issue 5) ISSN 2304-

2613 (Print); ISSN 2305-8730 (Online) - the

commercial bank as one the occupational group

functions under of high stress. The variables such as

long working hour, workload, family sympathy,

management pressure, mental depression, and job

insecurity perceived stress stressors of commercial

bank. Employees wellbeing psychologically and

mentally depress if stress prolong over the period of

time. Effective job design, healthy working

environment, remuneration should be offered to

employees to motivate in competitive jobs of

commercial bank.

3. RESEARCH GAP

The researcher has identifies that during literature

review it has been observed that majority of the

study have shown stress due to presence of different

HR practices and relationship between Human

Resource department‟s different practices and work

stress in general and not specified with any

particular designation.

There are many studies on junior level of employees

and it is related to physical stress or related to

equipment, overtime, pay packages, basic facilities

or related to PF or compensation. But in higher level

of stress are different than junior level of employees,

they are on top position and having managerial or

decision making task. Due to this their stress are also

different like Autonomy, psychology, role

ambiguity, leadership, work life balance or

unwanted decisions.

(Dr. Viral Bhatt and Ms. Hiral Borikar, 2020) in

their study, they have use methodology related to

simple, correlation with multiple regression model to

identify individual impact leads to stress.

Psychological status and how this psychological

reasoning related to designation, qualification,

experience such questions involved for

reasoning.Stress in India has mostly taken for

research but it has not taken seriously in

implementation level.

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In geographical region, European, American, south

east countries where HR practices are very strongly

implemented. Where in India, IT and / or in pharma

sectors but in finance or banking sectors, HR

practices are not much prominent or dominating to

manage organization. Major role of HR in financial

services are majorly in recruitment and selection and

other practices. Higher level personnel are performer

more influential compare to Human resource

department. Such manpower required understanding

psychological aspect and this psychological aspect

must be classified.

In demographic region population supposed to be on

the designation of Manager for minimum 7 years

and more with Qualification of minimum Graduate

or Post graduate or any suitable professional

degree.Researcher has quantify the study that

employee‟s education and years of experience

support them to deal with different situation, time,

team and life management and finally manage

workplace stress.

4. RESEARCH OBJECTIVES

To identify the factors that are influencing

on workplace stress of Manager and above

designated employees of different financial

industries.

To classify according to psychographic

characteristics of workplacestress for manager and

above designated of different financial industries.

To analyzed the variation between the

clusters with respect to factors that are influencing

on workplace stress of Manager and above

designated employees.

To understand the association between

psychographic factors of workplace stress with

demographic factors like education, qualification

and designation.

5. RESEARCH PROCESS:

5.1 Research Design:

This is a cross sectional attempt of researcher to

understand a classification of senior personnel with

respect to psychographic and demographic aspect

of workplace stress in financial services. This is

unique attempt made by researcher trying to derive

new conclusions with fresh collection of data in

different geographical region, demographic profile

and with different techniques. Therefore the

descriptive cross sectional, research design is

adopted to derive the conclusion classification of

psychological factors of workplace stress for

manager and above designated of different financial

industries.

5.2 Sample Design:

Questionnaire:

To understand work stress with respect to Manager

and above designated employees from the different

financial industries. The core variables are studied

through exhaustive literature review and 35

statements related to workplace stress regarding

different variables are design respect to workplace

stress with the help of 5 point Likert scale. The

variable structure questionnaire includes some of the

sections included with important categorical

variable. The questions are structured by using

Likert Scale for the dependent and independent

and Category Scale for personal detail section. The

descriptions for seven Likert Scale which are, 1-

StronglyDisagree, 2-Disagree,3-Somewhat Disagree,

4-Neutral, 5- Somewhat Agree, 6-Agree and 7-

Strongly Agree.

Sample Design:

Here, researcher has select the financial service and

banking sector as a area of research and entire

research is focus on workplace stress of Manager

and above designated employees from the different

financial industries. In this research, the sample

characteristic indicate that the respondents are top

most designated, schedules are very hectic, the time

is always a constraint and their meetings or

schedules are priorly design and decided. These

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categories of respondents are not easily

approachable. Therefore, researcher applies non-

probability purposive sampling to get the responses

from the respondents.

Total 554 managers and above designated

respondent were approached. Where 26 incomplete

responses not considered in the study. 109 responses

were collected through personal interview in office,

54 response collected at their home while remaining

365 responses collected through online mode.

Researcher has collected samples from major cities

of Gujarat like Ahmedabad (198), Surat (92), Baroda

(95), Rajkot (45), Anand (28), Jamnagar (20),

Mehsana (15), and Bhavnagar (35). For the purpose

of getting the representative data, the researcher has

selected the different financial institutes like Banks,

NBFC, Mutual fund, Insurance firm and stock

broking agencies in various parts of the Ahmedabad

City, Gujarat, India. .

5.3 Analytical tools and techniques:

Researcher applied the tools like factor analyses,

reliability, validity, hierarchical cluster and K-means

cluster and crosstab to understand classification of

psychological segmentation in terms of workplace

stress in Manager and above designated employees

from the different financial industries. to evaluate

the internal consistency the cronbach‟s alpha tools

represent the reliability has been perform, to

understand the number of segmentation of

classifications of personnel managers is identified

with hierarchical cluster proximity matrix and

Dendrogram and agglomeration schedule help us to

understand the exact number of classification with

respect to psychological factors in terms of numbers.

K-means cluster is applying to understand the

various kind of psychological behavior of manager

and above employees from the different financial

industries. The multi variate cross tab is used to

establish the association between the psychological

factors and the demographic category like education

qualification, designation and psychological factors

of workplace stress.

6. TESTING INSTRUMENT:

With an objective to determine the suitability of data

for the factor analysis, the Kaiser Meyer-Olkin

(KMO) measure of sampling adequacy and the

Bartlett„s Test of Sphericity are applied. The KMO

measure of sampling adequacy is a statistic that

indicates the proportion of variance in the variables

that might be caused by the reduced factors. Kaiser

(1974) recommends that a bare minimum of 0.5 is

unacceptable and that values between 0.5 and 0.7 are

adequate to proceeds further with the analysis

(Hutcheson&Sofroniou, 1999). The high value of

KMO (0.930) indicates that a factor analysis is quite

useful for the data being used in

this study. The KMO figures provide strong

evidence for sampling adequacy for these data.

Similarly, the significance value for Bartlett„s test of

Sphericity is 0.000 which indicates that there exist

significant relationships among variables. The output

of KMO and Bartlett„s tests supports the view that

factor analysis is very much useful for the present

data.

Table 1

KMO and Bartlett's Test

Kaiser-Meyer-Olkin Measure of Sampling

Adequacy.

0.930

Bartlett's Test of

Sphericity

Approx. Chi-Square 26249.079

df 595

Sig. 0.000

The questionnaire was administered in physical

paper format and over online form survey. A total

of 528 survey were made from 5 different financial

organisation.

Correlation Matrix

a. Determinant = .001

The determinant of the Correlation Matrix is 0.001

that is higher than the 0.00001 and hence no

multicollinearity is observed in the data.

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Table 2: Total Variance Explained

Statement

No.

Factor

loading

Eigen

value

Explained

Variance

Anti

Image AVE

Cronbach's

Alpha

Composite

liability

S5 0.887

3.365 9.615

0.933

0.664 0.802 0.930

S4 0.835 0.930

S2 0.801 0.899

S1 0.792 0.882

S3 0.753 0.879

S6 0.904

2.386 6.817

0.871

0.694 0.853 0.971

S8 0.853 0.799

S9 0.821 0.700

S7 0.802 0.689

S10 0.781 0.670

S11 0.853

1.886 3.212

0.879

0.620 0.780 0.948

S15 0.810 0.854

S13 0.797 0.837

S14 0.752 0.810

S12 0.720 0.760

S20 0.890

2.768 7.909

0.900

0.691 0.812 0.971

S16 0.877 0.882

S19 0.845 0.853

S17 0.832 0.831

S18 0.701 0.754

S21 0.831

1.432 2.108

0.830

0.584 0.759 0.935

S23 0.816 0.820

S24 0.737 0.799

S22 0.721 0.787

S25 0.708 0.750

S30 0.881

14.300 40.872

0.850

0.584 0.745 0.934

S28 0.835 0.849

S29 0.735 0.838

S27 0.699 0.831

S26 0.650 0.828

S33 0.875

4.836 13.817

0.889

0.638 0.782 0.953

S34 0.859 0.850

S35 0.840 0.838

S31 0.723 0.823

S32 0.677 0.802

Factor Naming and related statements:

Once the factors extracted than the next step is to

interpret andname the factors. Factor naming is done

based on the membership of variousitems in various

factors as follows:

Factor 1 – WL – Work Load – Related Statements

are: S-5,4,2,1,3

Factor 2 – ENV – Work Environment – Related

Statements are: S- 6,8,9,7,10

Factor 3 –POLICIES –Related Statements are: S -

11,15,13,14,12

Factor 4 – LEADERSHIP – Related Statements

are: S – 20,16,19,17,18

Factor 5 – ROAM – Role Ambiguity –Related

Statements are: S – 21,23,24, 22,25

Factor 1 – COMP – Compensation – Related

Statements are: S- 30, 28, 29, 27,26

Factor 1 – WLB – Work Life Balance – Related

Statements are: S- 33,34,35,31,32

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All the factors in Table 2 accounted for 84.390

percent of the variance. Total variance explained

(84.390 percent) by these components which is

higher than 50% as recommended by Nunnally&

Bernstein (1994) and almost greater than or equal to

the 60 percent threshold commonly used in social

sciences. (Hair et al., 2006). The 7 factor solutions

were derived using Principal Component Analysis

and Varimax rotations wherever possible. Ideally the

researcher should retain items that load clearly and

strongly onto one component/factor (Matsunaga,

Masaki, 2010). Explained variance for

Compensation (40.872), work life balance (13.817),

WL (9.615), LEADERSHIP (7.909), ENV (6.817),

POLICIES (3.212), Role Ambiguity (2.108). Thus, a

variable that loads on more than one factor, should

be removed if the cross-loading is greater than .40

(Schonrock-Adema et al., 2009).

Factor Loading& Eigen Value:

For interpreting the factor interpretation, Hair

(2006), suggests to refer to the factor loadings.

Factor Loadings are the correlation of each variable

and the factor. Loadings indicate the degree of

correspondence between the variable and the factor,

with higher loadings making the variable

representative of the factor. Factor loading of ± 0.30

to ± 0.40 are minimally acceptable, values greater

than ± 0.50 are generally considered necessary for

practical significance. Following table represents

guidelines for identifying significant factor loadings

based on sample size.

Sometimes, one variable is having significant

loading in several factors. Such variable is found to

have more than one significant loading is termed as

Cross-Loading. Such type of the variables should be

eliminated from the analysis so as to simplify the

factor structure (Hair et al., 2006). According to the

Hair (2006), there is no specific rule in selecting the

rotation method, therefore, the VARIMAX rotation

method selected while performing the exploratory

factor analysis. Principal Component Factor

Analysis method is adopted for while performing the

factor analysis. The objective for the selection of this

method is to summarize most of the original

information (variance) in a minimum number of

factors for prediction purposes. With component

analysis each variable contributes a value of 1 to the

total Eigen value. Thus, the factors having Eigen

values greater than 1 are considered significant.

Anti-Image:

Table 2 represents correlation values of factors of

employee readiness for change. As all the variables

are having partial correlation values higher than the

0.5 and hence it can be interpreting that all the

factors of employee readiness for change have

practical and statistical significance and data is

suitable for performing factor analysis.

Reliability:

It is vital for any research to evaluate the internal

consistencies of various statements frame for the

research work. To measure the intensity of internal

consistencies here researcher applied the tools

called Cronbach‟s Alpha. If the value of

Cronbach‟s Alpha > 0.70 then it indicates sufficient

internal consistencies regarding various statements

are frame for the research work. Reliability table

indicates for the factors like work load, work

environment, compensation, role ambiguity,

policies, leadership, work life balance the value of

Cronbach‟s Alpha is 0.808, 0.853, 0.780, 0.812,

0.759, 0.745, 0.782 respectively which is

mentioned in table no. 04. Here value of

Cronbach‟s alpha is greater than 0.7 in each case, it

shows that researcher did not violet assumption of

internal consistency called reliability.

Model Validity Measure: 1. Convergent 2.

Discriminant validity

Table 3

MS

V

WL ENV POLIC

IES

LEAD

ERSHI

P

RPAM

B

COMP WLB

WL 0.23

0

0.815

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ENV 0.21

7

0.466*

**

0.833

POLICIES 0.14

7

0.384*

**

0.373*

**

0.787

LEADERS

HIP

0.23

0

0.480*

**

0.371*

**

0.352*

**

0.831

ROAMB 0.13

4

0.366*

**

0.274*

**

0.283*

**

0.239*

**

0.764

COMP 0.12

8

0.309*

**

0.358*

**

0.126*

**

0.357*

**

0.288*

**

0.764

WLB 0.17

1

0.404*

**

0.295*

**

0.256*

**

0.413*

**

0.170*

**

0.317*

**

0.798

Significance of correlations:

***P<0.001

Thresholds from:

Hu,L., Bentler, P.M. (1999), “Cutoff criteria for fit indexes in covariance structure analysis:

Conventional criteria versus New Alternatives” SEM vol. 6(1) , pp. 1-55

AVE (Average Variance Extracted):

Average variance extracted (AVE) is a measure of

the amount of variance that is captured by a

construct in relation to the amount of variance due

to measurement error. AVE is well below the

conventional threshold of 0.5. Work out

the Mean (the simple average of the numbers) then

for each number: subtract the Mean and square the

result (the squared difference). Then work out

the average of those squared differences.

(Fornell&Larcker 1981). In Table no. 04, AVE for

WL (0.664), ENV (0.694), Policies (0.620),

Leadership (0.691), and Role Ambiguity (0.584),

and Compensation (0.584), work life balance

(0.638).

Composite reliability (sometimes called

construct reliability) is a measure of internal

consistency in scale items, much like Cronbach's

alpha (Netemeyer, 2003). It can be thought of as

being equal to the total amount of true score variance

relative to the total scale score variance (Brunner

&Süß, 2005). Composite reliability above the 0.70

threshold and an extracted variance above the 0.50

threshold are recommended by Hair et al. (2006).

Last component of convergent validity is Average

Variance Extracted (AVE). Average Variance

Extracted (AVE) is higher than 0.5 but we can

accept 0.4 because Fornell and Larcker (1981) said

that if AVE is less than 0.5, but composite reliability

is higher than 0.70, the convergent validity of the

construct is still adequate.

Threshold criteria:

In Convergent validity, AVE value for all cases are

more than 0.5, Composite reliability value is greater

than 0.70 and composite reliability should be greater

than AVE for each variable. While in the

Discriminant validity,AVE should greater than MSV

and square root of AVE should be greater than value

of correlation, coefficients among all factors.

Here we did not violet the assumption of

convergent validity as well as discriminant

validity.

CLUSTER ANALYSIS:

Table 4

Distances between Final Cluster

Centres

Cluster A B

1 7.783

2 7.783

The above table shows that there is a considerable

distance between the cluster centers of the two

clusters which is 7.783 number indicate that there is

a significant difference in the value of segment A

and segment B with respect to psychological

aspects of affecting workplace stress.

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Table 5

Number of Cases in each

Cluster

Cluster A 216

B 312

Valid 528

Missing 0

The above table shows that of the total respondent

base of 528, 528 entries are valid. It also tells us

that the two clusters have almost similar cases

favoring their membership of the cluster with 216

responses being a part of the Cluster „A‟ where

respondents have rated their company‟s HR

practices as Low variations in terms of their

psychographic attitude, while 312 responses are

grouped into cluster „B‟ signifying that 312

respondents have rated their company‟s HR

practices as high variations in terms of their

psychographic attitude.

Table 6

Final Cluster Centres

Cluster Mean F Sig.

A B

S1 4 6 818.031 0

S2 3 5 154.507 0

S3 3 5 378.012 0

S4 3 6 349.524 0

S5 4 5 40.717 0

S6 6 5 38.006 0

S7 4 6 144.105 0

S8 3 6 446.615 0

S9 4 5 265.549 0

S10 4 5 105.035 0

S11 4 5 46.807 0

S12 4 5 123.77 0

S13 4 6 258.735 0

S14 4 5 49.277 0

S15 5 5 12.975 0

S16 4 5 42.561 0

S17 5 5 31.839 0

S18 5 6 157.675 0

S19 5 6 106.29 0

S20 5 5 24.846 0

S21 5 6 38.859 0

S22 4 4 1.59 0.208

S23 4 5 40.939 0

S24 5 5 2.461 0.117

S25 4 4 3.057 0.081

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S26 6 6 26.334 0

S27 5 6 24.939 0

S28 4 5 101.619 0

S29 3 4 15.772 0

S30 4 5 109.604 0

S31 5 6 91.285 0

S32 6 4 210.12 0

S33 5 4 51.819 0

S34 5 5 4.146 0.042

S35 6 5 79.853 0

In above table, there are 6 statements (S-

1,3,4,8,9,13) where F values are higher side it

indicate that there is larger variations between

cluster A and cluster B with respect to these

statements.

Cluster B with 5 statements (S-15,20,26, 27,

29) where F values are lower side it indicate that

there is lower variations between cluster A and

cluster B with respect to these statements.

Whereas 4 statements (S-22,24,25,34)

respondents marginal no variations

Following are the statements to elaborate above

values:

Large variations between Cluster – A and B:

Statement

Number

Statement

S1 Working hours are normally

stretched / extended regularly

S3 Unrealistic targets force me to

remain mentally involved after

working hours

S4 I hardly to get time to learn new

things due to long working hours

S8 Unclear Job role leads to less

productivity

S9 Continuous monitoring spoils

creativity related to execution of

task

S13 Repetitive Business related

travel/trips adversely impact on my

Health and personal life

It‟s clearly indicated that the F ratio of above

mentioned statements are significantly in higher

sides that shows that these are the statements

classify the two different segment clearly. The

statement number 1 related to extended normal

working hours create larger difference between the

two clusters with the F values of S1 (818.031), it

means segment No. B is more affected in terms of

additional working hours then segment A. while

similar kind of the deviations researcher found

from statement No. 8,3,4,9,13 respectively with

their F values are S8 (446.0615), S3 (378.012), S4

(349.524), S9 (265.549), S13 (258.735)

respectively.

In appropriate job design means clarity regarding

the role to perform in the any organizations‟ and

unrealistic sales target design by the supreme

authority leads to higher level stress. These two

factors classify the two group of the segments A

and B clearly. The top level management

consciously and constantly involve in their routine

hectic schedules, sometimes this monotonous

activities restrict them to perform the task

innovatively and the work pressures stop them to

upgrade themselves in terms of newly invented

technology or skills. These aspects also clearly

distinguish two groups segment A and Segment

B.Frequenttravelling of senior personnel also

affected on physical and mental stress. This is also

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one of the important aspect to differentiate two

groups separately.

Lower variations between Cluster – A and B:

Statement

Number

Statement

S15 Same designation for long duration

creates career frustration

S20 Our Organization Reward policy is

not attractive compared to other

companies

S26 I preferred to leave on time

S27 In normal situation I am able to

balance professional and personal

life

S29 I rarely participate in leisure

activities due overload

It‟s clearly indicated that the F ratio of above

mentioned statements are significantly in lower

sides. The F value of statement number 26

(26.334), 27 (24.939), 20 (24.846), 29 (15.772), 15

(12.975) respectively. Statement No. 26 has highest

value which shows increase of stress. Whereas

statement no. 27 compare to segment group B has

more stress in compare to A and rest statement No.

15, 20 and 29 has not big difference, which indicate

marginal amount of stress level.

Higher level employees balance their work and

family and that‟s why they prefer to leave on time.

On other side they are able to manage to stay for

longer duration on same designation.

Marginal No Variations:

Statement

Number

Statement

S22 Goals are unclear within team

S24 Autocratic leadership reduces group

members‟ commitment/cooperative

spirit

S25 Gender discrimination in allocation

of task

S34 Excessive targets reduces my

incentives

In above statement no: S22, 24, 25, 34 has marginal

variations that indicate that stress level marginally

increased. F values of these statements are S34

(4.146), S25 (3.057), S24 (2.461) and S22 (1.59)

respectively. In this segment statement number 34

shows more impact compare to other statements

whereas statement number 22 has create lowest

stress.

Which indicate that higher level employee‟s

conscious about their incentives and when

excessive target effects on their annual incentive it

creates direct stress but they are able to manage

with unclear goals as per statement no. 22.

Psychological aspects leads to higher level

workplace stress of Manager and above level

with respect to Cluster A to Cluster B:

Statement

Number

Statement

S6 Continuously similar kind of job

affects on work creativity

S32 Non availability of pension system

forces me to plan for retirement

financial planning

S33 Gap in company goals creates mis-

communication among employees

S35 Unstructured remuneration system

creates dissatisfaction within

organization

Cluster mean value of statement number S6 (6-5),

S35 (6-5), S32 (6-4), S33 (5-4) respectively. Which

shows that in statement no. S6 and S35, Personnel

of Cluster A feel higher stress compared to

personnel of cluster B. whereas S32 and S33 cluster

A feel higher stress but cluster group B feel neutral.

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These cluster mean value indicate that higher level

of employees are more creative, aware and

conscious about their remunerations for their

designation and related salary package in their

organization as well as in other organization in

same designation. Whereas with the experience

these level of respondents manage the organization

communication system and their financial planning.

Psychological aspects leads to lower level

workplace stress of Manager and above level

with respect to Cluster A to Cluster B:

Statement

Number

Statement


stretched / extended regularly

S7 My potential and ability should be

use for important task

S13 Repetitive Business related

travel/trips adversely impact on my

health and personal life

S2 It is difficult to complete the work

in regular office time

S3 Unrealistic targets force me to


working hours




productivity

In above statement cluster mean value of statement

number S8 (3-6), S4 (3-6), S3 (3-5), S2 (3-5), S1(4-

6), S7 (4-6), S13 (4-6). Which indicate that in

statement No. 2,3,4,8 respondent group B has

higher stress compared to group A and in statement

No. 1,7,13 respondent group B has higher stress but

group A has neutral.

These indicate that higher level employees feel

stress in the situation when they are mentally

involve after working hours due to this they do not

give valuable time to learn new things and upgrade

themselves and creating confusions and reduce

productivity. Whereas

Personality of respondent of Cluster A and

Cluster B

Cluster A with Highest Value shows

higher stress in respondent:

Following are the statements for which Cluster A

respondent have shown highest stress:

Statement No.: 6, 15,17,18,19,20,21,24,26,27,31,

32,33,34,35

Cluster A respondents feel work place stress due to

Autocratic leadership with unclear job role and

long distance with transfers affects on work life

balance, need to do retirement planning because of

irregular incentives and unstructured remuneration

system and unattractive reward policy, with similar

designation and no creativity on work.

Cluster A with Lowest Value shows

Lower stress in respondent:

Similarly, Following are the statements for which

Cluster A respondent have shown lowest

stress:Statement No.:2,3,4,8,29

This shows that Cluster A respondents are able to

manage stress at job created due to mental

involvement after working hours, less time for

learning new things with unclear job role.

Cluster B with Highest Value shows

higher stress in respondent:

Following are the statements for which Cluster B

respondent have shown highest stress:

Statement No.:

1,4,7,8,9,10,11,12,14,15,16,17,18,19,20,21,23,24,2

6,27,28,30,31,34,35

Cluster B group respondents‟ stress level increase

due to unclear job role, slowness of office

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equipments, self travel plan, poor performance of

group members, autocratic leadership, extended

working hours not able to give time for new

learning or attending special event or manage work

life balance but cannot leave job for personal

commitments. Simultaneously, stressed because of

continuous monitoring, not maintaining

confidentiality due to close cubical, on same

designation with frequent management

restructuring affected on incentives, reward,

policies, systems and unequal authority creating

inferiority complex.

Cluster B with Lowest Value shows

Lower stress in respondent:

Following are the statements for which Cluster B

respondent have shown Lowest stress:

Statement No.: 22,25,29,32,33

Cluster B group of respondents able to manage

their stress created due to poor performance to

group member, they manage their timing and get

time for leisure activities and do retirement

planning even though gender bias and unclear job

role

INDEPENDENT SAMPLE t TEST:

Independent two sample test is first steps in the area

of the testing ofHypothesis. This test is applied to

check whether there is any significantdifference

between the two categorical variables for any

specific continuousvariables. The research has

identified Cluster A and Cluster B as

categoricalvariables having two categories. The

purpose is to understand if there is anysignificant

difference between Cluster A and Cluster B with

respect to overall influenceof different factors

influencing workplace stress in Manager and above

level in financial services. The researcher wants to

understand whether there is a differencebetween

Cluster A and Cluster B regarding overall impact of

identified factors. To createoverall influence, the

researcher has applied summated scales and

derivedcombined positive or negative value of these

factors. To evaluate whether thevariance in these

two groups is homogeneous or not, Levene„s Test to

evaluate thesimilarity of variance between the two

groups has been applied.

Table: 7

Independent Samples tTest

Levene's Test

for Equality of

Variances

t-test for

Equality of

Means

N F t df

Sig. (2-

tailed)

WL 216 293.646 -23.069 526 0.000

312 -16.600 163.371 0.000

ENV 216 146.080 -7.625 526 0.000

312 -6.012 179.900 0.000

POLICIES 216 166.788 -8.202 526 0.000

312 -6.481 180.338 0.000

LEADERSHIP 216 10.280 -18.931 526 0.000

312 -17.225 219.189 0.000

ROAM 216 166.788 -8.202 526 0.000

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312 -6.481 180.338 0.000

COMP 216 79.182 -24.248 526 0.000

312 -18.778 176.235 0.000

WLB 216 91.789 -25.809 526 0.000

312 -19.772 174.141 0.000

Objective: To evaluate important factors influencing workplace stress in Manager and above level in

financial services

H6: There is significant difference between Cluster

A and Cluster B Workload/ Work Environment /

Policies / Leadership / Role Ambiguity /

Compensation / Work life balance

H0: There is no significant difference between

Cluster A and Cluster Bon workload

H6a: There is significant difference between Cluster

A and Cluster B regardingworkload

Considering the independent sample test table, the

value F suggest 293.646. Considering the T value is

-23.069, and significant twotailed value is 0.000,

which is less than 0.05, so we reject null

Hypothesis. Itindicates that there is significant

difference between average value of Cluster A and

Cluster B regarding workload which leads to

workplace stress


Cluster A and Cluster B regarding Work

Environment

H6b: There is significant difference between Cluster

A and Cluster B regarding Work Environment






difference between average valueCluster A and

Cluster B regarding work environment which leads

to workplace stress.


Cluster A and Cluster B regarding Policies

H6c: There is significant difference between Cluster

A and Cluster B regarding Policies






difference between average value Cluster A and

Cluster B regarding Policies which leads to

workplace stress.


Cluster A and Cluster B regarding Leadership

H6d: There is significant difference between Cluster

A and Cluster B regarding Leadership


value F suggest 10.280. Considering the T value is -

18.931, and significant twotailed value is

0.000,which is more than 0.05, so we accept null

Hypothesis. Itindicates that there is no significant


Cluster B regarding Leadership which leads to

workplace stress


Cluster A and Cluster B regarding Role Ambiguity

H6e: There is significant difference between Cluster

A and Cluster B regarding Role Ambiguity







Cluster B regarding Role Ambiguity which leads to

workplace stress


Cluster A and Cluster B regarding Compensation

H6f: There is significant difference between Cluster

A and Cluster B regarding Compensation

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24.248, andsignificant two tailed value is 0.000,

which is less than 0.05, so we reject nullHypothesis.

It indicates that there is significant difference

between average value of Cluster A and Cluster B

regarding Compensation which leads to workplace

stress


Cluster A and Cluster B regarding Work life balance

H6f: There is significant difference between Cluster

A and Cluster B regarding Work life balance



25.809, and significant two tailed value is 0.000,


Hypothesis. It indicates that there is significant


Cluster B regarding Work life balance which leads

to workplace stress

DEMOGRAPHIC CLUSTER:

Table 8

Cases

Valid Missing Total

N Percent N Percent N Percent

Cluster Number of Case *

Qualification *

Designation

528 100.0% 0 0.0% 528 100.0%

Table 9

Cluster Number of Case * Qualification * Designation Crosstabulation

Count

Designation Qualification

Total 1 2 3

1 Cluster Number of Case

A 4 55 0 59

B 0 47 209 256

Total 4 102 209 315


A 96 4 100

B 8 8 16

Total 104 12 116


1 57 57

2 40 40

Total 97 97

Total Cluster Number of Case

1 4 151 61 216

2 0 55 257 312

Total 4 206 318 528

Above analysis reveals that: Qualification 1: Graduate, 2: Post Graduate and 3: Professional. Designation:

1: Manager, 2: Manager – VP, 3: VP - Above.

Table No. 9

1. Indicate that Respondent group of Cluster A

with designation of :

Manager with Post graduate education

qualification feeling higher stress (55) Manager

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with Professional qualifications feeling no stress

(0)

Whereas Cluster B with designation:

Manager with Professional degree have higher

stress (209)

Manager with Graduate are able to manage the

stress(0).

2. shows that Respondent group of Cluster A

with designation:

Manager – VP and with Post graduate

qualifications they feel more stress (96) Manager

– VP with Professional degree have less (4)

Whereas, Cluster B with:

Manager – VP with Post graduate and

Professional qualifications feeling equal stress

3. In last case Cluster A with:

VP and above level with Post graduate

qualification have higher level of stress (151) and

with graduate degree less (4)

Whereas, Cluster B with:

VP and above level respondents Professional

qualifications have more stress (257) but with

graduate degree respondents are manage to

situation and feeling stress (0)

PSYCHOMETRIC & DEMOGRAPHIC

ANALYSIS:

CLUSTER – A – (HIGHER STRESS LEVEL)

Designation – Manager, Manager – VP,VP and

above

Qualifications - Post graduate

Reason of Workplace stress: Autocratic

leadership with unclear job role and long distance

with transfers affects on work life balance, need to

do retirement planning because of irregular

incentives and unstructured remuneration system

and unattractive reward policy, with similar

designation and no creativity on work.

CLUSTER – A – (LOWER STRESS LEVEL)


above

Qualifications – Graduate & Professional degree

Reason of Workplace stress: Mental involvement

after working hours, less time for learning new

things with unclear job role.

CLUSTER – B – (HIGHER STRESS LEVEL)


above

Qualifications – Graduate & Professional degree

Reason of Workplace stress: Unclear job role,

slowness of office equipments, self travel plan,

poor performance of group members, autocratic

leadership, extended working hours not able to give

time for new learning or attending special event or

manage work life balance but cannot leave job for

personal commitments. Simultaneously, stressed

because of continuous monitoring, not maintaining

confidentiality due to close cubical, on same

designation with frequent management

restructuring affected on incentives, reward,

policies, systems and unequal authority creating

inferiority complex.

CLUSTER – B – (LOWER STRESS LEVEL)


above

Qualifications – Graduate, Post Graduate &

Professional degree

Reason of Workplace stress: Poor performance to

group member, they manage their timing and get

time for leisure activities and do retirement

planning even though gender bias and unclear job

role

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7. FINDINGS

The analysis is in two clusters i.e. Cluster – 1 & 2.

In total 6 statements F value is having highest

variations. Where cluster – 1 shows „High‟ stress

and cluster -2 shows „Neutral‟.

Cluster - 1 (Cluster centered with Maximum Value)

Point - Lowest - 6 – Agree Intervening variables

Statement

No. Statements

Designation

of

Populations

Level of

Education Attitude

S6 Continuously similar kind of job

affects on work creativity Manager

Post

Graduate

Creative,

Professional,

Future planner

S26 I preferred to leave on time Manager –

VP

Post

Graduate

S32

Non availability of pension system

forces me to plan for retirement

financial planning

VP and

above

Professional

degree

S35

Unstructured remuneration system

creates dissatisfaction within

organization

Respondent of Cluster 1 have shown maximum value i.e. higher stress level. This shows that

Manager and above designated employees with Post Graduate or professional education

background are Creative that‟s why they prefer to leave on time and professional to get

similar salary across the related industry and good financial planner.

Cluster - 2 (Cluster centered with Maximum Value)

Point - Lowest - 6 – Agree Intervening variables

Statement

No. Statements

Designation

of

Populations

Level of

Education Attitude


stretched / extended regularly Manager Professional

Highly loaded with

work &

responsibility, feel

under

employed,inequality,

less clarity of job

role which affects on

work efficiency.

Health and personal

life affected due to

frequent transfers,

business travel and

work place distance



Manager –

VP

Post

Graduate and

Professional

S7 My potential and ability should

be use for important task VP and

above

Professional


productivity

S13

Repetitive Business related

travel/trips adversely impact on

my health and personal life

S18 Life disturbed due to transfers

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S19

Change in roles and

responsibilityaffect on work

efficiency

S21 Unequal authority at same grade

creating inferiority complex

S26 I preferred to leave on time

S27

In normal situation I am able to

balance professional and personal

life

S31

Long distance between home and

office effects on productivity and

wastage of time

Respondent of Cluster 1 have shown maximum

value for higher stress level. This shows that

Manager and above designated employees with Post

Graduate or professional education background are

Highly loaded with work & responsibility, feel under

employed,inequality, less clarity of job role which

affects on work efficiency. Health and personal life

affected due to frequent transfers, business travel

and work place distance.

Cluster - 1 (Cluster centered with Minimum Value)

Point - Lowest - 3 - Somewhat Disagree Intervening variables

Statement

No. Statements

Designation

of

Populations

Level of

Education Attitude

S2 It is difficult to complete the

work in regular office time Manager Graduate

Matured

Professional,

believe in Time

management and

know work life

balance

S3

Unrealistic targets force me to


working hours

Manager –

VP

Professional

degree



VP and

above

Professional

degree


productivity



Respondent of Cluster 1 have shown minimum value

with somewhat disagree with for stress level. This

shows that Manager and above designated

employees with Graduate or professional education

background areMatured Professional, believe in

Time management and know work life balance

Cluster - 2 (Cluster centered with Minimum Value)

Point - Lowest - 4 – Neutral Intervening variables

Statement

No. Statements

Designation

of

Level of

Education Attitude

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Populations

S22 Goals are unclear within team Manager Post

Graduate

Effectively

manage team,

not believe in

gender bias,

good time

management

S25 Gender discrimination in

allocation of task

Manager –

VP

Post

Graduate

and

Professional

Degree



VP and

above

Professional

Degree

S32

Non availability of pension

system forces me to plan for

retirement financial planning

S33

Gap in company goals creates

mis-communication among

employees

Respondent of Cluster 2 have shown minimum value

with Neutral for stress level. This shows that

Manager and above designated employees with Post

Graduate or professional education background

areEffectively manage team, not believe in gender

bias, good time management.

In T Test, major difference between cluster A and

Cluster B is highest in role ambiguity, policies,

work environment, leadership, workload,

compensation and last work life balance

respectively.

8. MANAGERIAL APPLICATIONS

– CONCLUSION

All the research objectives were achieved through

this study. Here researcher has identified factors

between to clusters, classify segments with

psychographic segmentation, identified highest

difference between two clusters with the help of t

Test. In the last phase of research the managers

psychographic behavior linked with their

demographic status like designation and

qualifications.

This study contributes quantification of workplace

stress in the financial services sector for the higher

level managers. Therefore Human resource

managers have to make appropriate changes in

different policies like in working hours, salary

structure/perks and job Analysis, Transfer policies,

business travel and timings, transparency in

leadership to create highly motivating environment

for long association, productive with innovation and

healthy environment in the organization.

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https://www.researchgate.net/profile/Thomas_Cox7?_sg%5B0%5D=5GbsUdrvFxOpIgkkdRUXITWrqdQD0IqHd_OgpecW6R3hGZUDkbtBKVLYkRoVgKszyF9rj7Y.bkIcpCddPwHhb3QAo0-BwrD8g5YFozk7Vx2C6RicyrgCBu8lKwU5Tg4KeUsd9j6SH_3J-k_f0857tqtZD2rM_w&_sg%5B1%5D=BAIfJSW69Y2aDRpCnEP8vaHiNSdlL9_cSCu2SrzHgbhdy_w8wAygViXU6K2TZaAwk_vzjdY.W1IJuwOEYvY-0OHD_YvQgSa2eLxMQub3LK5TB_2vwTPUNw8bqqmrEUAdK4f-Efo4yeJsBW22J5_3nzyFU67yaA

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Measuring impact of factors influencing workplace stress with

respect to financial services

Ms. Hiral Borikar - Research Scholar, Gujarat Technological University

(GTU), Ahmedabad

Dr. Viral Bhatt - Research Guide, GTU and Director, SAL Institute of

Management, Ahmedabad

ABSTRACT:

Purpose: This is a cross sectional attempt of researcher to understand the level of stress

perception regarding the various aspects like Working hours and work load, environment and

culture, policies and system, Appraisal System.

Process: This paper presented after an extensive literature study, structured Questionnaire is

designed and opinion of 528 managers of different financial services institutes like Bank,

NBFC, Insurance, Mutual fund and stock market collected. Here researcher tried to derive the

impact of each factors on workplace stress in the area of financial services.

Practical implications: Unique attempt to quantify the stress which is most influencing to

create or increase level of stress in employees, that will help to human resource department to

frame the policies and design the work culture in such a manner that workplace stress can

manage optimum way and potential manager will associate with organization for the longer

tenure.

Tools: The data are analyzed by using Statistical Package Social Science (SPSS)

computer programmed version 25. The data analysis and interpretation is arranged according

to each variable.

Research limitations: We restrict our study that is in bank and NBFC.

Keywords: Financial services, Workplace stress, influencing factors of stress Paper Type: Research Paper

1.INTRODUCTION:

Stress is a normal reaction the body has when changes occur. It can respond to these changes

physically, mentally, or emotionally. A stressor is any event, experience, or environmental

stimulus that causes stress in an individual. These events or experiences are perceived as

threats or challenges to the individual and can be either physical or psychological.

(Aboa-Eboulé et al. 2007) The term ―stress‖ was first used by Hans Selye in 1936 to define

stress in biological terms as ―a non-specific response of the body to any demand of change‖.

(Aboa-Eboule, C. et al. 2011) His research led to the study of stress in brain functions. He

also defined ―stressors‖ as events that trigger a physiological and psychological response

from the organism, in order to distinguish stimulus from response.

(AbuAlRub, R. F.; Al-Zaru, I. M. 2008) In this context a stressor can be a biological agent,

an environmental condition, an external stimulus, or an event. Stress can define a negative

condition or a positive condition that responds to a stressor and that can have an impact on a

Alochana Chakra Journal

Volume IX, Issue VI, June/2020

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person‘s mental or physical health and wellbeing. I Today health is acknowledged as a

combination of biological, psychological (thoughts, emotions, and behavior), and social

(socio-economical, socio-environmental, and cultural) factors.

(Ahlborg, G. A. et al. 2012) For the ILO stress is the harmful physical and emotional

response caused by an imbalance between the perceived demands and the perceived resources

and abilities of individuals to cope with those demands. Work-related stress is determined by

work organization, work design and labour relations and occurs when the demands of the job

do not match or exceed the capabilities, resources, or needs of the employee, or when the

knowledge or abilities of an individual employee or group to cope are not matched with the

expectations of the organizational culture of an enterprise.

(Al Khalidi, D.; Wazaify, M. 2013) Psychosocial hazards such as increased competition,

higher expectations as regards performance and longer working hours are all contributing to

an ever more stressful working environment. In addition, owing to the current economic

recession that is augmenting the pace of organizational change and restructuring, employees

are increasingly experiencing precarious work, reduced work opportunities, fear of losing

their jobs, massive layoffs, unemployment, and decreased financial stability, with serious

consequences for their mental health and wellbeing. Work-related stress is now generally

acknowledged as a global issue affecting all professions and all employees in both developed

and developing countries. In this complex context, the workplace is at the same time an

important source of psychosocial risks and the ideal venue for addressing them with a view to

protecting the health and wellbeing of employees through collective measures.

Eustress:

(Dr. Michael Genovese, 2020) person rarely think of stress as a positive thing, but eustress is

just that — positive stress. Exciting or stressful events cause a chemical response in the body.

Eustress is usually a product of nerves, which can be brought on when faced with a fun

challenge.

Starting at a very early age, we are taught that adult life is ‗stressful.‘ In this

mindset, adulthood requires responsibility and achievement, which we accomplish

by challenging ourselves and feeling stressed. This traditional view of stress

implies that if we are not stressed, we are not striving to become our best selves.

(Kupriyanov, R., and Zhdanov, R. 2014) ―Eustress helps us stay motivated, work toward

goals, and feel good about life. Working and living outside of our comfort zone is a good

thing. Eustress produces positive feelings of excitement, fulfillment, meaning, satisfaction,

and well-being. Eustress is good because you feel confident, adequate, and stimulated by the

challenge you experience from the stressor.

Eustress occurs when the gap between what one has and what one wants is slightly pushed,

but not overwhelmed. The goal is not too far out of reach but is still slightly more than one

can handle. This fosters challenge and motivation since the goal is in sight. The function of

challenge is to motivate a person toward improvement and a goal

(Sullivan, Geraldine, July 2010) Eustress is primarily based on perceptions. It is how you

perceive your given situation and how you perceive your given task. It is not what is actually



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happening, but a person‘s perception of what is happening Eustress is thus related to self-

efficacy. Self-efficacy is one‘s judgment of how they can carry out a required task, action or

role some contributing factors are a person‘s beliefs about the effectiveness about their

options for courses of action and their ability to perform those actions. If a person has low

self-efficacy, they will see the demand as more distressful than eustressful because the

perceived level of what the person has is lower. When a person has high self-efficacy, they

can skill in order to set goals higher and be motivated to achieve them. The goal then is to

increase self-efficacy and enable people to increase eustress.

Distress:

Distress is typically accompanied by feelings of overwhelm and anxiety, which are perceived

as negative and unwanted.

(Selye, H. Md 1974) Selye introduced the concept of positive stress, namely eustress in

1974. He extended his work in stress to distinguish eustress and distress in terms of

adaptiveness toward stress response, where eustress is ―healthy, positive, constructive results

of stressful events and stress response‖. Lazarus considers eustress as a positive cognitive

response to a stressor, which associated with positive feelings and a healthy physical state

Distress is the most commonly referred to type of stress, having negative implications. It

general term used to describe unpleasant feelings or emotions that impact your level of

functioning in other words; it is psychological discomfort that interferes with your activities

of daily living. Psychological Distress can result in negative views of the environment, others

and the self.

(Dr. Nanika Coor, 2020) Individual is out of his/her comfort zone – and it feels worrisome,

dangerous or even life threatening. This is a kind of stress that exceeds a person‘s physical,

emotional or psychological ability to cope with a situation. Distress hinders a person‘s ability

to function normally, communicate and think clearly. If it continues on a long-term basis, it

can become detrimental to a person‘s mental and physical health.

(Fevre, Mark Le; Kolt, Gregory S.; Matheny, Jonathan January 2006) Eustress and

distress may be measured on subjective levels such as of quality of life or work life, job

pressure, psychological coping resources, complaints, over all stress level and mental health.

The level of measurements mainly focuses on work, self efficacy, flow. The person will fall

on eustress or distress depends upon their mental perception of stressor like Work, Self

Efficacy, and Flow

On the other hand, positive stress, gives an extra burst of energy which helps people to

accomplish their dreams, achieve their goals and meet deadlines. It helps in developing

higher self- esteem, motivation and mental alertness. It is believed that Eustress promotes

employee well-being and leads to a motivated and satisfied work force. Eustress brings joy

and excitement to life which normally comes from completion of a difficult task at work

place or getting a note of appreciation from superiors at work place.

(Simmons 2000, Selye1983, Beard and Edwards 1995) Stress can be helpful and act as a

positive force that motivates people to accomplish more. Absence of stress can in fact lead to

a state of inertia. The authors believe that positive stressful conditions only create chances for

growth. Absence of which does not help in career advancement at all. Stress is an important



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factor that contributes and helps in boosting career growth. Several studies support the

authors‘ views that Eustress is necessary for improved productivity in an organization.

Presence of an acceptable level of positive stress helps in motivating employees and enhances

their energy and performance. Positive stress is important for an employee for performing

effectively

Work Stress:

(Mary Gormandy White) Work stress is defined as stress that is generated due to

conflicting demands in one's job. The amount of control employees have over their workflow

can impact how significant work stress will be. While all work has an element of stress, true

work stress is harmful in that an employee has emotional and physical reactions to job

demands that are difficult to control.

According to World Health organization, Pressure at the workplace is unavoidable due

to the demands of the contemporary work environment. Pressure perceived as acceptable

by an individual, may even keep employees alert, motivated, able to work and learn,

depending on the available resources and personal characteristics. However, when that

pressure becomes excessive or otherwise unmanageable it leads to stress. Stress can

damage an employees' health and the business performance.

Work-related stress can be caused by poor work organization (the way we design jobs and

work systems, and the way we manage them), by poor work design (for example, lack of

control over work processes), poor management, unsatisfactory working conditions, and

lack of support from colleagues and supervisors.

Job stress is the harmful physical and emotional responses that occur when the requirements

of the job do not match the capabilities, resources, or needs of the employee.

If you work, it is likely that job stress will affect you at some point during your career.

Whether you are an employee or an employer, it is important to recognize that stress in the

workplace can contribute to poor health, which can lead to lower productivity, absenteeism,

and higher healthcare costs like:

● Up to 44% of women and 36% of men want to quit their jobs because of workplace

stress. This contributes to unhappiness as well as many negative health effects.

(Forbes, Aug, 2019)

● Healthcare expenditures are nearly 50% greater for employees who report high levels

of stress.( Journal of Occupational and Environmental Medicine)

● Sixty percent of lost workdays each year can be attributed to stress. (John Daly,

October, 2015)

● Job stress is more strongly associated with health complaints than financial or family

problems.

2.LITERATURE REVIEW:



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There are different Factors Influencing workplace stress, in this study researcher has analyze

most relevant to financial services like workload, Role conflict, Role Ambiguity, Work

Environment, Work Culture, Policies and system, Appraisal and Job Control.

Work Overload:

Meaning: Measuring workload is to estimate the level of workload imposed by a task

by measuring how well the employee is able to perform a second task at the same time they

are performing the primary task. In this way, workload is estimated by measuring how much

―spare capacity‖ the employee has.

According to (Ahlam B. El Shikieri, 2012) in his study to determine the factors associated

with work stress and their relationship with organizational performance, the employees

suffered high levels of job stress. The job stressors affecting the employees included role

conflict and ambiguity, lack of promotion opportunities and feedback, lack of participation in

decision making, excessive workload, unsatisfactory working conditions and interpersonal

relations. The reported stressors were found to have positive and/or negative association with

the physical health of the employees, their performance and overall satisfaction about their

jobs as well as their commitment.

According to (Lailun Nahar, Afroza Hossain, Abdur Rahman, Arunavo Bairagi, 2013) in

the study of The Relationship of Job Satisfaction, Job Stress, Mental Health of Government

and Non-Government Employees of Bangladesh found that There is a significant positive

correlation between job stress and types of job. Significant job stress was found in case of

non-government employees, because, they feel less job security and high work load.

Significant negative correlation was found between job satisfaction and sex. Female

employees were less satisfied than male employees with their lower level jobs having with a

lower payment and as well as due to less social security.

(Poonam Negi 2013) The significance differences in the factors causing stress like workload,

time pressure, work culture and threat of unemployment were reported using a comparative

study between HDFC and SBI bank employees.

(Dr. Manisha, Reena Kumari Singh, Murthal) in the study of Problems Faced by

Working Women in Banking Sector found that The married female staff faced more

problems than unmarried like:- time management, work overload, work schedule control,

work hours etc. It is also observed that there is a cooperative attitude of bosses towards their

female staff that will decrease the mental pressure and depression. As well as family of

working women should also show cooperative attitude so that she can also find time for

herself and can enjoy both his family life and work life. The second problem that we found is

that number of working women was more in private sector banks as compared to government

sector bank so Government should encourage the women by giving them more opportunity to

work in government banks.

(Ganster & Loghan, 2005) Stress is an unwanted reaction of people has to severe pressures

or other types of demands placed upon them. A huge and multi fields literature points a lot of

key factors such as work environment, management support, work load etc. in determining

the stressful the work can be and its effect on employee physical and mental health.



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Cooper et al., (2001), Workload, i.e., ―the amount of work that has to be performed‖, is one

of the most significant stressors, investigated in many studies. This source of physical and

psychological strain affects the individuals‟ health and their well-being at both high and low

levels of load. Workload can be quantitative (i.e., sheer amount of required work and a time

frame for the work to be completed) or qualitative (i.e., individuals‟ affective reactions to

their jobs).

Role Conflict / Role Ambiguity:

Meaning – Role Conflict:Role conflict occurs when there are incompatible demands placed

upon a person relating to their job or position. (Katz, D., & Kahn, R. L. 1978). Persons

experience role conflict when they find themselves pulled in various directions as they try to

respond to the many statuses they hold. (Gerber, Linda M.; Macionis, John J. 2010). Role

conflict can be something that can be for either a short period of time, or a long period

of time, and it can also be connected to situational experiences

Meaning – Role Ambiguity:A lack of understanding about job responsibilities and knowing

what is expected in terms of one‘s job performance is identified as role ambiguity or a lack of

role clarity. Employees who experience role ambiguity tend to perform at lower levels than

employees who have a clear understanding of job requirements and what is expected of them.

Experiencing role ambiguity can constrain customer-orientated behavior and, ultimately,

profitability.( Flaherty, T.B., Dahlstrom, R. and Skinner, S.J. 1999)

(Emin Kahya, 2007) in study of The effects of job characteristics and working conditions on

job performance, found The results showed that there were substantial relationships between

employee performance both job grade and environmental conditions. Poor workplace

conditions (physical efforts, environmental conditions, and hazards) result in decreasing

employee performance consisted of following organization rules, quality, cooperating with

coemployeess to solve task problems, concentrating the tasks, creativity, and absenteeism

(Pool SW, 1999) showed that the role conflict is related to job tension negatively related with

the job performance. The relationship was found significant of increase in role conflict will

make job tension higher and affect or harmed the work outcome or job performance of the

employees in organization.

(Health &Safety Executive UK) Stress condition which happens when one realizes the

pressures on them, or the requirements of a situation, are wider than their recognition that

they can handle, if these requirements are huge and continue for a longer period of time

without any interval, mental, physical or behavior problems may occur.

Work Environment / Culture:

Meaning:The term work environment is used to describe the surrounding conditions in

which an employee operates. The work environment can be composed of physical conditions,

such as office temperature, or equipment, such as personal computers. It can also be related to

factors such as work processes or procedures.(money zine.com).



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Performance of an employee at his/her workplace is a point of concern for all the

organizations irrespective of all the factors and conditions. Consequently the employees are

considered to be very important asset for their organizations. (Qureshi & Ramay, 2006) A

good performance of the employees of an organization leads towards a good organizational

performance thus ultimately making an organization more successful and effective and the

vice versa (Armstrong, 2009). The problems arise for the organizations when they start

perceiving that their organizations are already performing at their level best and with great

efficiency furthermore, there is no need for further improvement in their organizations

(Summers & Hyman, 2005).

Lack of job security and job changes are source of pressures due to fear of skill redundancy

and future job change. Undoubtedly uncertain job security and the fear of layoff is also an

important source of psychological stress for some, especially during times of economic

contraction (William, 1995).

Intention to turnover is the desire a person has to leave a company. This desire increases

when the emotional commitment level of an employee decreases. Lee (2008) finds intent to

turnover to be the strongest indicator of actual turnover for an organization. Identifying

factors that increase turnover rate is important due to the impact turnover has on entire

organizations. This importance is stressed by Barry et al. (2007) who conclude that high a

turnover rate in any position will negatively affect all jobs of an organization. Bita et al.

(2010) further emphasize this importance by showing increased employee retention will

increase job performance. Bita, Naufal, Cortés, and Johnson (2010) reveal that lower job

satisfaction and changing duties lead to higher turnover rates. Barry, Brannon, Kemper,

Schreiner, and Vasey (2007) support this assertion by finding an association between work

overload and turnover.

Policies and System:

Meaning:A policy is a deliberate system of principles to guide decisions and achieve rational

outcomes. A policy is a statement of intent, and is implemented as a procedure or protocol.

Policies are generally adopted by a governance body within an organization. Policies can

assist in both subjective and objective decision making. Policies to assist in subjective

decision making usually assist senior management with decisions that must be based on the

relative merits of a number of factors, and as a result are often hard to test objectively,

e.g. work-life balance policy. In contrast policies to assist in objective decision making are

usually operational in nature and can be objectively tested, e.g. password policy.(

sydney.edu.au. Retrieved 15 April 2018).

(Dr Geeta Nema, Dhanashree Nagar ,Yogita Mandhanya ) in the study of A Study on the

Causes of Work Related Stress Among the College Teachers found that The respondents are,

though not frequently, into stressful situation. These factors not only lead to reduction in the

productivity of the employees but also affect their physical and mental health. To overcome

this problem, proper administrative policies can be framed. Similarly, working environment

can be made more flexible but not on the grounds of output and productivity.

(Sai Mei Ling and Muhammad Awais Bhatti, 2014) in study of Work Stress and Job

Performance in Malaysia Academic Sector: Role of Social Support as Moderator found that

social support as moderator able to improve the job performance in workplace. Better stress

management have high tendency to solve employees problems in organization, top



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management should concern about this issues and take appropriate effort to improve

employees‘ stress at workplace and increase the job performance.

Appraisal System:

Meaning:An appraisal is a formal opportunity to analyze your performance at work, which

also offers you a chance to talk to your employer about your career plans. Appraisals are not

required by law, but they can be useful for both you and your employer to review progress

and discuss wider work issues.(Unison.org)

(A.R. Elangovan & Jia Lin Xie, 2000) in the study of Effects of perceived power of

supervisor on subordinate work attitudes found that That perceived legitimate power and

coercive power of the supervisor were major predictors of subordinate stress, while perceived

legitimate power and reward power were important predictors of employee motivation.

Further, perceived coercive, reward and legitimate powers were all significant predictors of

subordinate commitment. Also, perceived coercive power was negatively associated with

subordinate satisfaction, while expert and referent powers were positively related to

satisfaction.

(Jacqueline Granleese) in study of Work pressures in banking: gender difference found that

Women are still experiencing unfairness in their daily working lives with some being

resigned to inequality, perceiving it as something they can do little about or fearing being

marked as a troublemaker. Until our paternalistic society learns to value women from birth to

death, we cannot rely only on government legislation to monitor the compliance and deviance

of employers who deny them equality of opportunity.

Lisa Michelle Russell (2014) have made an empirical Investigation to analyze the

relationship

between stress and burnout in high-risk occupations and how leadership moderates this

relationship and the Results indicate police stress exacerbates perceived burnout.

Transformational leadership influences this relationship such that high levels of perceived

transformational leadership attenuates the negative relationship between stress and burnout,

but less so under highly stressful conditions. Findings have strong implications for leaders in

high-risk occupations where bureaucracy, departmental policy, and life and death decision-

making intersect.

Job Control:

(Spector PE, Jex SM, 1998) According to the stated that there are three suggestions about

the relationships between job control and job stress. Firstly, perception of an individual

towards workplace stress will reduce if they face high job control over specific work

condition. Second, the job control in workplace will moderate the relationship between work

related stressors and stress, the relationship is weak between the working environmental

stressors and stress when consider job control is high but when job control low the

relationship between working environmental stressors and stress are high. Third, job control

consider have good sense to make decision. An employee will behave to solve problems in

workplace if level of job control high which create productive situation for the organization,

besides if a person do not have high level of job control he or she will has less confident to

handle a problem or situation in workplace.



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(Greenberger DB, Strasser S, Cummings L, Dunham RB , 1989) stated that job control

has significantly and positively relationship with job performance. The result of the research

shows that employee have better mental health and job performance when there are high level

of acceptance compare with high job control.

3.RESEARCH GAP:

In other studies majority of researcher contributes the research in terms of establishing the

relationships among the various factors in manufacturing sectors or other. For the population

like workers or junior to middle level employees. The workplace stress and its influencing

factors are totally different for such population. It can be physical, related to pay, working

conditions, working environment, facilities, equipment‘s or related one.

While, in this study researcher emphasis on Banking, Non- Banking, Mutual fund, Insurance

and stock market. Population of research were Manager and above level i.e. higher

management. They have psychological or mental stress as they are in strategic planning and

execution in leading position dealt with rest of manpower in the organization. They are in

such level where they have to manage, control and achieve the target and take the

organization to the next level. Their workplace stress is related to high level of involvement

which can be extended even after working hours which reduce their relaxation period,

affected to family life and on health. Due to controlling position they are affected by role

conflict and ambiguity. Therefore researcher considered this unique variable in this study.

Appraisal system of this level of employees are different from rest of other employees in the

organisation and this leads to make employee feel stressed.

In demographic region population supposed to be on the designation of Manager for

minimum 7 years and more with educational qualification of Master degree or professional

degree in relevant area.

In geographical region, researcher has considered Gujarat, which is contributing 1/3 of

investment in financial services.

I. 4.RESEARCH OBJECTIVES:

1. To study the various factors related to stress in different financial institutes like

Banks, NBFC, Mutual fund, Insurance firm and equity dealers in various parts of the

Ahmedabad City, Gujarat, India.

2. To measure the impact of various factors with reference workplace stress

5. MEASUREMENT AND STRUCTURAL MODEL:



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Researcher collected the data of 528 respondents with structured questionnaires, mainly

entire questionnaire design based on 35 different statements related to four independent

variables like Working hours and work load , environment and culture, policies and system,

Appraisal System. The purpose of research is to understand the impact of four independent

variables on dependent variable workplace Stress. The researcher first wants to analyze the

internal consistency of structured questionnaire, whether respondents understand the meaning

of the statements and they are consistent while giving the response of the various statements.

The questions are structured by using Likert Scale for the dependent and independent

variables sections and Category Scale for personal detail section. The descriptions for seven

Likert Scale which are, 1-Strongly Disagree, 2-Disagree, 3-Somewhat Disagree, 4-Neutral, 5-

Somewhat Agree, 6-Agree and 7-Strongly Agree.

6.RESEARCH PROCESS:

Research Design:

This is a cross sectional attempt of researcher to understand the level of stress perception

regarding the various aspects like Working hours and work load, environment and culture,

policies and system, Appraisal System. Here researcher evaluates the impact of all

independent variables on dependent variable i.e. overall workplace stress. This is unique

attempt made by researcher trying to derive new conclusions with fresh collection of data in

different geographical region, demographic profile and with different techniques. Therefore

the descriptive cross sectional research is obvious choice of researcher.

Sampling Design:

While collection of data with structured questionnaire, researcher applied purposive non-

probability sampling. Researcher is looking for the opinion from the respondents who are

Manager and above level with minimum 7 years of experience and having degree of Master

or professional in respective areas. Therefore, there is a specific purpose to select the

respondent to understand the opinion. Total 554 managers and above designated respondent

were approached. Where 26 incomplete responses not considered in the study. 109 responses

were collected through personal interview in office, 54 response collected at their home while

remaining 365 responses collected through online mode. Researcher has collected samples

from major cities of Gujarat like Ahmedabad (198), Surat (92), Baroda (95), Rajkot (45),

Anand (28), Jamnagar (20), Mehsana (15), and Bhavnagar (35). For the purpose of getting

the representative data, the researcher has selected the different financial institutes like

Banks, NBFC, Mutual fund, Insurance firm and stock broking agencies in various parts of the

Ahmedabad City, Gujarat, India.



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Analytical tools and techniques:

Researcher applied the tools like reliability, descriptive and hierarchical regression to

understand the most influential factors amongst the all independent factors. Here researcher

applied summated scale to derive the value of independent and dependent variables. SPSS 25

is used for the statistical analysis purpose.

Data analysis and interpretation:

Table: 1

Case Processing Summary

N %

Cases

Valid 528 100.0

Excluded 0 .0

Total 528 100.0

a. List wise deletion based on all variables in the procedure.

Table: 2

Reliability Statistics

Cronbach's Alpha Cronbach's Alpha Based

on Standardized Items N of Items

.848 .846 35

Researcher applies the tools Cronbach‘s alpha to evaluate internal consistency of opinion

given by the respondents. Reliability table indicates the value of Cronbach‘s alpha is .848

considered desirable. It means researcher does not violate the assumption of reliability.

To achieve the basic purpose of this research, here researcher want to measure the impact of

various independent factors like Working hours and work load , environment and culture,

policies and system, Appraisal System on stress with respect to different financial sector.

Therefore researcher applies multiple regressions to evaluate the impact. The initial steps for

multiple regressions are to understand whether multiple regression models of independent

variables and dependent variable is valid or not.

Table: 3

Model Summary

Mode R R Adjuste Std. Change Statistics Change Statistics



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l Squar

e

d R

Square

Error of

the

Estimat

e

R

Square

Chang

e

F

Chang

e

df

1 df2

Sig. F

Chang

e

1 .844

a

0.713 0.71 0.7752 0.7 324.4 4 52

3 0

Y = a + β01 (CF1) + β02 (CF2) + β03 (CF3) + β04 (CF4) + €

Where Y denotes overall Stress outcomes, a denotes constant, β01, β02, β03, β04 are the

respective regression coefficient on overall purchase outcomes and CF1, CF2, CF3, CF4

denote independent factors like Working hours and work load , environment and culture,

policies and system, Appraisal System respectively and € denotes error term.

H1: All the independent variables like Working hours and work load, environment and

culture, policies and system, Appraisal System having significant impact on workplace stress.

In the model summary it‘s clearly indicated that sig values .000 which is less than 0.05 it

indicates that all the independent variables sufficiently explain the variance on dependent

variables. Considering model summary value of R is .844 and value of coefficient of

determination R2

is .0.713. it means 71.3% changes in Stress because of all four independent

Working hours and work load , environment and culture, policies and system, Appraisal

System while remaining 28.70% changes occurs in the value of stress because of all

remaining factors. In the second column value of adjusted R2

is very close to coefficient of

the determination because all the four independent variables significantly contribute in the

changes of dependent variable. The value of coefficient of determination indicate that

variance explained by four independent factors contribute more than unexplained variance.

Table: 4: ANOVA Analysis and hypothesis

ANOVAa

Model Sum of Squares df Mean Square F Sig.

1 Regression 779.708 4 194.927 324.410 .000b

Residual 314.253 523 .601

Total 1093.961 527

a. Dependent Variable: OI

b. Predictors: (Constant), CF4, CF2, CF1, CF3

Table: 5

Coefficientsa



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Model

Unstandardiz

ed

Coefficients

Standardize

d

Coefficients

t Sig

.

Correlation

s

Collinearity

Statistics

B Std.

Error Beta

Zero

-

orde

r

Par

t

Toleranc

e VIF

(Constant) -3.46 0.253

-

13.65

0

CF1 0.15 0.032 0.12 4.62 0 0.228 0.11 0.87 1.14

9

CF2 0.344 0.038 0.27 9.009 0 0.546 0.21 0.6 1.66

5

CF3 0.726 0.041 0.55 17.88

6

0 0.791 0.42 0.572 1.74

9

CF4 0.315 0.035 0.25 9.073 0 0.396 0.21 0.724 1.38 a. Dependent Variable: OI

Here researcher want to understand the individual impact of each factors on dependent

variable, since this is cross sectional research therefore researcher emphasize on

unstandardised coefficient. The coefficient table first column indicate the value of constant

and respective regression coefficients of independent variables shows their relative impact on

dependent variable overall stress outcomes.

H1: workload is having significant impact of workplace stress

H2: Work environment is having significant impact of workplace stress

H3: Policies is having significant impact of workplace stress

H4: Appraisal is having significant impact of workplace stress on stress

Here the fifth column in the coefficient table indicates the significant value for each

independent factor is .000, .000, .002 and .001 respectively all of which are less than 0.05

hence it shows that all the independent variables have a significant impact on the dependent

factor, which is stress.

β01=when Working hours and work load changes 1 unit it creates 0.15 changes in additional

value of workplace Stress outcomes

β02= when environment and culture on stress changes 1 unit it creates .344 changes in

additional value of workplace Stress outcomes

β03= when level of policies and system changes 1 unit it creates .726 changes in additional


β04= when Appraisal System benefits changes 1 unit it creates .315 changes in additional


From above value it is clearly indicated that, policies and system is most influential factor

responsible for creating additional workplace stress. Work Environment and culture is second

level of responsible factor for workplace stress. While Appraisal system and working hours

and load are on third and fourth important factors creating workplace stress respectively.

Y = a + β01 (CF1) + β02 (CF2) + β03 (CF3) + β04 (CF4) + €



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Y=-3.46+0.15(Working hours and work load) + 0.344 (environment and culture) + 0.726

(policies and system) + 0.315 (Appraisal System) + €

Here its equally importance to evaluate whether the data is not affected by the issue of multi

colinearity, therefore here researcher applied the tools called tolerance and variance influence

factor (VIF) to understand multi colinearity in data. If we consider the last two columns of

tolerance and VIF, all the values of independent variables of tolerance is more than .10 and

all the values of VIF is less than 10. It indicates that researcher does not violate the

assumption of multi colinearity. Here researcher frames the Normality chart with Histograms,

shape of the chart is almost bell shape indicate researcher does not violate the assumption of

normality.

7.MANAGERIAL APPLICATIONS – CONCLUSION:

Both the research objectives were achieved through this study. The Multiple regression

analysis showed the impact of individual factors on workplace stress in Manager and above

level in different financial institutes like Banks, NBFC, Mutual Fund, Insurance and equity

dealers. Based on this findings, a model was developed that mentioned the independent

factors that influence the workplace stress namely working hours and work load, environment

and culture, policy and appraisal system.

The value derived from this study is clearly indicated that, policies and system is most

influential factor responsible for creating additional workplace stress. Work Environment and

culture is second level of responsible factor for workplace stress. While Appraisal system and

working hours and load are on third and fourth important factors creating workplace stress

respectively.

Here Manager and above level of employees facing highest level of workplace stress due to

Policies and system because it directly affected on their autonomy and decision making, job



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role, leadership style, targets, performance, change of entire action plans and procedures and

finally on their performance pay.

Second factor of workplace stress is work environment and culture because disturbed and

unsuitable environment affects on transparency, concentration, confidentiality, liberty,

leadership, team management.

Third factor is Appraisal system because when higher level of employees are facing such

problems related to policies and work culture, are directly associated with their performance,

targets and on appraisal system which reduces their Increment, perks and promotions.

Last factor is work load and working hours where higher level of employees after many years

of experience are able to manage the timing and load.

To further validate the model and to compare in different financial institutes, multiple

regression analysis was applied. Through the findings, the model was validated and the

comparison showed that the impact of individual factor will vary in different variables.

This study contributes quantification of workplace stress in the financial services sector for

the higher level managers. Therefore policy makers can design their policies, strategies in

such a manner that these potential managers will associates with their organization for longer

tenures and it will help any financial services organizations in healthy way.

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