Work-life balance in the Australian financial sector : a mixed methods study

Abstract

One in two Australians is not satisfied with their current work""life balance (WLB). A recent study (Johnson, 2016) reported that 42 per cent of employees thought their WLB had worsened during the previous five years, with the most common reason being longer working hours. Almost 14 per cent of Australian workers work very long hours, defined as more than 50 hours a week, which is slightly higher than the OECD average of 13 per cent of workers. The financial sector is especially noted as being notorious for its poor WLB in recent times, due to long hours, weekend work and an intensely stressful working environment. The financial service is Australia's largest industry, contributing to 9.3 per cent of the national economy during 2015. Despite this significant contribution, there is a dearth of academic research on WLB in the financial sector in Australia. The aim of this research was to explore the conceptualisation and lived experience of WLB, and to investigate empirically the antecedents and outcomes of WLB. More specifically, the study explored the research questions: 1. How is WLB defined? How is WLB experienced by employees? How is WLB experienced by supervisors? 2. How is supervisor support related to employees' demands, conflicts and work-life balance? 3. How is perceived work and family demand related to work-family conflict and family- work conflict? 4. Does work-family conflict and family- work conflict influence each other? 5. Does work-family conflict and family-work conflict affect work-life balance? 6. How does work-life balance influence employees' attitudes? 7. Does employees' attitude influence job performance? 8. Does work-life balance relate to employees' job performance? This research approach harnessed mixed methods in phases where the findings and conclusions derived from the first phase led to the formulation of questions, data collection and data analysis in second phase. For instance, first research question considered the definition and lived experiences of work-life balance and explored through interviews. The remaining research questions were concerned to the antecedents and outcomes of work-life balance and investigated through structural equation modelling. The first stage was exploratory, involving in-depth interviews with 14 participants from four different banks in Sydney, Australia. The data were transcribed and analysed using thematic analysis. The findings were used in concert with extant work-life literature to create a survey questionnaire. In the second stage a pilot study was undertaken with 106 respondents. Following the pilot study, the main study was adopted with a sample size of 305 through an online panel in Australia. Using AMOS the data were analysed, and the hypotheses were tested and validated. While addressing the first research question, the findings reported that the definition and experience of WLB differs from employee to supervisor, thus supporting an ongoing debate over the conceptualisation of WLB. Regarding second research question, results showed that supervisor support was positively associated with WLB, while inversely related to perceived family demand, work-family conflict, and family""work conflict and no significant link to perceived work demand. The findings further reported that WLB was positively associated with employee attitudes, e.g. job satisfaction (JS), life satisfaction (LS) and organisational commitment (OC), and thus gained support for the third research question. Addressing the fourth research question, the results showed positive relations between job satisfaction, life satisfaction and organisational commitment and job performance. The results further reported a significant positive relation between work-life balance and job performance, thus addressing last research question. The study was made in response to the limited existing research on work""life balance in the Australian financial sector, despite its substantial contribution to the economy. The study visited the conceptualisation and lived experience and investigated the relationship between antecedents and outcomes of WLB. The research contributed to the existing literature by identifying a notable mechanism by which supervisor support promoted WLB through demands and conflicts stemming from work and family domains. It also showed how WLB influenced JS, LS and OC and the JP. Findings from the study could guide employers, employees, and managers involved in the financial sector to implement policies which aim to augment job performance and promote balance between work, home and life. The research-related, practical implications and limitations are also discussed.

Date of Award	2016
Original language	English