Academic journal article Global Business and Management Research: An International Journal

Developing an Integrated Information System to Enhance Employee Performance

Academic journal article Global Business and Management Research: An International Journal

Developing an Integrated Information System to Enhance Employee Performance

Article excerpt

Introduction

Global financial crisis followed by increase in interest rates during 2008 resulted in widespread trash of investors' confidence. Chain of events after the collapse of Lehman Brothers is still fresh in the minds of investors. Non Banking Finance Companies (NBFCs) in India were severely impacted due to economic slowdown coupled with fall in demand for financing as several businesses deferred their expansion plan. The aftermath of this crisis forced companies to realign their internal practices. Industry experts opine that they are much more mature today than they where during the last decade. In fact, aggressive strategies helped Financing Companies to grab new customers (including customers of other banks) and increase their market share. However, few NBFCs that were stable during this period of credit crunch are Infrastructure Development Finance Company (IDFC), Mahindra And Mahindra Fianancial Services, Power Finance Corporation (PFC), Tata Finance and Rural Electrification Corporation (REC). The segment which was hit hardest was Vehicle Financing. Companies financing new vehicle purchases experienced a drastic reduction in new customer numbers.

Fortunately, since vehicle finance is asset-based business, their asset quality did not suffer as against other consumer financing businesses. Contrary to this vehicle financing was able to maintain its growth primarily due to its business model which does not entirely depends on health of the auto industry. Major players in finacing sector are: Trident Finance Ltd., Tata Finance Limited, Sundaram Finance Ltd, Sahara India Financial Corporation Ltd, PNB Capital Services Ltd, Nahar Finance Ltd, Muthoot Leasing & Finance Ltd., Mahindra & Mahindra Financial Services Ltd.

Following study has been conducted at Mahindra & Mahindra Financial Services Ltd. Mahindra Finance is a company with a strong foundation and a shining legacy, growing every day to create a legacy of its own.

Job satisfaction is the individual employee's general attitude towards the job. It is also an employee's cognitive and affective evaluation of his or her job. The term job satisfaction describes a positive feeling about a job, resulting from evaluation of its characteristics. When people speak of employee satisfaction they usually means job satisfaction. Job satisfaction refers to a person's feeling of satisfaction on the job, which acts as a motivation to work. Research workers differently described the factors contributing to job satisfaction and job dissatisfaction.

Review of Literature

The study of job satisfaction and improving employee performance is not a recent phenomenon. Scientific management (Taylorism) also had a significant impact on the study of job satisfaction. Frederick Winslow Taylor's 1911 book, 'Principles of Scientific Management' argued that there was a single best way to perform any given work task. This book contributed to a change in industrial production philosophies, causing a shift from skilled labor and piecework towards the more modern approach of assembly lines and hourly wages. The evidence of employees' attitude and impact on performance can be traced back since the contribution of Elton Mayo at the western Electronic Company during 1930s. Study by Iaffaldano & Muchinsky (1985) concluded this relation a management fad with statistical correlation between job satisfaction and performance was found to be 0.17, whereas research by Organ (1988) contradicted this conclusion and proposed that organizational citizenship behavior is strongly correlated with job satisfaction.

Job satisfaction is generally considered as the extent to which employee like his work. The total body of feelings involves weighting up the sum total of influences of the job, the nature of job itself, the salary, the promotion and the nature of supervision. Study by Locke (1976) explained job satisfaction as a pleasurable or positive emotional state resulting from the appraisal of one's job or job experiences. …

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