Exploring the Black Box of Managing Total Rewards for Older Professionals in the Canadian Financial Services Sector

2021 ◽  
pp. 1-14
Author(s):  
Sylvie St-Onge ◽  
Marie-Ève Beauchamp Legault ◽  
Félix Ballesteros-Leiva ◽  
Victor Haines ◽  
Tania Saba
Keyword(s):  
Financial Services ◽  
Older Workers ◽  
Performance Standards ◽  
Black Box ◽  
Box Model ◽  
Future Research ◽  
Services Sector ◽  
Older Employees ◽  
Total Rewards ◽  
And Performance

Abstract This study extends our knowledge about the management of older employees in the sector of financial services, which faces enormous transformational pressures (e.g., emergence of artificial intelligence, digital services). Based on the black box model of human resource management, we investigate how executives at 16 major financial institutions manage their total rewards to motivate their older professionals to stay at work longer. Top management’s views towards older professionals underlie a firm’s culture or climate, and more precisely, the extent of the perception that they are a strategic resource that needs focused management. Across firms, such adaptation (or lack thereof) is made through the following total rewards components: (1) flexibility in working time and place of work, (2) hiring of retirees, (3) hiring or promotion of older professionals, (4) role adjustment, (5) responsibilities and performance standards, (6) monetary rewards, benefits, and (7) recognition, succession planning, and support for retirement planning or preparation. The black box model should be used in future research to understand which reward components work best in which contextsto motivate older workers to stay at work longer.

Performance management perception in Kenya

2020 ◽  
Vol ahead-of-print (ahead-of-print) ◽  
Author(s):  
Nickson Hebert Odongo
Keyword(s):  
Performance Management ◽  
Management Practices ◽  
Positive Impact ◽  
Performance Standards ◽  
Future Research ◽  
Social Scientists ◽  
Content Type ◽  
Performance Review ◽  
And Performance ◽  
Government Workers

Purpose This paper aims to present an analysis of the perception of performance management practices and transformations by investigating what devolved governments of Kenya are doing and ought to do after which the approaches of performance and performance management are evaluated. Design/methodology/approach A descriptive assessment of five devolved governments of Kenya is carried out. This study covered 518 respondents across the above-sampled governments. Findings The outcomes demonstrated that there are guidelines established by the counties to measure the performance of workers where tested variables about setting performance standards and performance review information against their effect on performance improvement and performance measurement, respectively, are statistically significant, and therefore have a positive impact on the eventual performance of devolved governments. Practical implications The results support scholars, practitioners and social scientists in development studies for the planning and management of public organizations. The thought of factors that enhance or impede devolved government workers’ performance can be explored in future research. Originality/value The thought of performance management perception, especially in a developing country, is a theoretical milestone.

Is More Feedback Seeking Always Better? Leader-Member Exchange Moderates the Relationship Between Feedback-Seeking Behavior and Performance

2015 ◽  
Vol 43 (7) ◽  
pp. 2195-2217 ◽  
Author(s):  
Long Wai Lam ◽  
Kelly Z. Peng ◽  
Chi-Sum Wong ◽  
Dora C. Lau
Keyword(s):  
Performance Standards ◽  
Future Research ◽  
Leader Member Exchange ◽  
Proactive Behavior ◽  
Feedback Seeking ◽  
Multilevel Research ◽  
Member Exchange ◽  
Seeking Behavior ◽  
And Performance ◽  
The Relationship

Feedback is information made available to employees in their work environment, whereas feedback-seeking behaviors (FSBs) help employees to evaluate proactively whether their work has met performance standards and their behavior is considered appropriate. Prior studies have provided a perspective on how the feedback-seeking contexts affect the emergence and development of FSBs. In this study, we extend that perspective by investigating when FSBs affect job performance so that we can understand whether more feedback seeking is always better. Adopting the relational view of leadership, we hypothesize that the FSB-performance relationship should be stronger for employees with low leader-member exchange (LMX) and in groups with low aggregate LMX and low LMX differentiation. Using a multilevel research design and a sample of 379 teachers in 25 groups, we find support for most of our hypotheses. We discuss the implications of the study for the FSB and the proactive behavior literature and suggest avenues for future research.

scholarly journals What Can Motivate Me to Keep Working? Analysis of Older Finance Professionals’ Discourse Using Self-Determination Theory

2022 ◽  
Vol 14 (1) ◽  
pp. 484
Author(s):  
Sylvie St-Onge ◽  
Marie-Ève Beauchamp Legault
Keyword(s):  
Financial Services ◽  
Older Workers ◽  
Management Practices ◽  
Population Aging ◽  
Self Determination Theory ◽  
Psychological Needs ◽  
Self Determination ◽  
Professional Lives ◽  
Services Sector ◽  
Financial Services Sector

The twin issues of population aging and critical talent shortages induce employers to encourage older workers to prolong their professional lives. Over the past two decades, studies have mainly examined which human resources practices influence older workers’ ability, motivation, and opportunity to continue working. Our conceptual lens rest on self-determination theory (SDT). This study explores how older professionals in the financial services sector may see how three psychological needs (i.e., autonomy, competence, and relatedness) are satisfied or frustrated through various management practices such as monetary rewards, benefits, career development, and work content and context. Our interviews with older finance professionals also show the relevance of a fourth need, beneficence, to understand their decision to continue to work. Results of this study are likely to be significant at both managerial and societal levels in the perspective of sustainable development or employability.

scholarly journals Cyber Governance and the Financial Services Sector: The Role of Public-Private Partnerships

2018 ◽  
Author(s):  
Valeria San Juan Menacho ◽  
Aaron Martin
Keyword(s):  
Information Sharing ◽  
Financial Services ◽  
Critical Infrastructure ◽  
Policy Coordination ◽  
Lessons Learned ◽  
Public Private Partnerships ◽  
Future Research ◽  
Services Sector ◽  
Financial Services Sector

This contribution is the first to explore in depth the various financial services sector organizations focused on cybersecurity and critical infrastructure protection. We first discuss how governance over security and the protection of critical infrastructure has increased the focus on the role of public-private partnerships (PPPs) in addressing issues of cybersecurity. We continue by highlighting three sector-led bodies—the Financial Services Information Sharing and Analysis Center, the Financial Services Sector Coordinating Council, and the Financial Systemic Analysis and Resilience Center—and how each facilitates PPPs to address cyber challenges primarily in the areas of information sharing, policy coordination, and threat analytics, respectively. The chapter concludes with a discussion of lessons learned and remarks on future research avenues in the area of cybersecurity governance. These lessons include: 1) validation of the PPP model, with some important caveats, 2) the need to extend PPPs beyond information sharing to address systemic risks, and 3) the limitations of PPPs in regulated industries like finance.

Artificial intelligence in customer-facing financial services: a systematic literature review and agenda for future research

2021 ◽  
Vol ahead-of-print (ahead-of-print) ◽  
Author(s):  
Janin Karoli Hentzen ◽  
Arvid Hoffmann ◽  
Rebecca Dolan ◽  
Erol Pala
Keyword(s):  
Artificial Intelligence ◽  
Financial Services ◽  
Credit Scoring ◽  
Future Research ◽  
Content Type ◽  
Financial Behaviors ◽  
Theoretical Perspectives ◽  
Actor Networks ◽  
And Performance ◽  
Future Work

PurposeThe objective of this study is to provide a systematic review of the literature on artificial intelligence (AI) in customer-facing financial services, providing an overview of explored contexts and research foci, identifying gaps in the literature and setting a comprehensive agenda for future research.Design/methodology/approachCombining database (i.e. Scopus, Web of Science, EBSCO, ScienceDirect) and manual journal search, the authors identify 90 articles published in Australian Business Deans Council (ABDC) journals for investigation, using the TCCM (Theory, Context, Characteristics and Methodology) framework.FindingsThe results indicate a split between data-driven and theory-driven research, with most studies either adopting an experimental research design focused on testing the accuracy and performance of AI algorithms to assist with credit scoring or investigating AI consumer adoption behaviors in a banking context. The authors call for more research building overarching theories or extending existing theoretical perspectives, such as actor networks. More empirical research is required, especially focusing on consumers' financial behaviors as well as the role of regulation, ethics and policy concerned with AI in financial service contexts, such as insurance or pensions.Research limitations/implicationsThe review focuses on AI in customer-facing financial services. Future work may want to investigate back-office and operations contexts.Originality/valueThe authors are the first to systematically synthesize the literature on the use of AI in customer-facing financial services, offering a valuable agenda for future research.

Effects of regulations and competition on the innovativeness-performance relationship

2017 ◽  
Vol 35 (6) ◽  
pp. 925-943 ◽  
Author(s):  
Thomas Anning-Dorson ◽  
Michael Boadi Nyamekye ◽  
Raphael Odoom
Keyword(s):  
Environmental Factors ◽  
Financial Services ◽  
Regulatory Regime ◽  
Product Innovativeness ◽  
Content Type ◽  
Services Sector ◽  
Financial Services Sector ◽  
Regulatory Systems ◽  
And Performance ◽  
The Relationship

Purpose The purpose of this paper is to investigate the nature and the extent of moderation effect of the regulatory regime and competition, on the innovativeness-performance relationship among financial services firms. Based on the absorptive capacity theory, this study argues that firms must gather adequate knowledge from the external environment (specifically on regulatory systems and competitive landscape) to assist in developing competitive innovation strategies, and to realize the needed performance benefits from such strategies. Design/methodology/approach Data were collected from the Ghana’s financial services sector with a focus on banking and insurance institutions. Structural equation modeling and regression models were specified to test both the direct effects of variables of interest, and the moderation effects of environmental factors on the independent and dependent variables. Findings The results of the study show that both process and product innovativeness enhance financial services firms’ performance. While competition was found to stifle innovativeness, regulatory regime was found to promote innovativeness in financial services. Regulatory regime was also found to positively moderate the relationship between process innovativeness and performance, while competition was found to positively moderate the relationship between product innovativeness and performance. Research limitations/implications The firms sampled are from an emerging economy with a growing financial services sector, and as a result, the findings may not apply to contexts with different economic characteristics. Originality/value This study asserts that in enhancing innovativeness in the financial services markets, firms must recognize the value of new external information on regulatory regime and competition as key environmental factors. Financial service firms must assimilate, transform, and apply such new knowledge in their innovation efforts in order to improve performance. For firms to fully benefit from their innovation, process innovativeness must be aligned with regulatory systems while product innovation yields best returns in competitive periods.

Factors Affecting Goal Difficulty and Performance When Employees Select Their Own Performance Goals: Evidence from the Field

2010 ◽  
Vol 22 (1) ◽  
pp. 209-232 ◽  
Author(s):  
Alan Webb ◽  
Scott A. Jeffrey ◽  
Axel Schulz
Keyword(s):  
Impression Management ◽  
Financial Services ◽  
Behavioral Model ◽  
Future Research ◽  
Performance Goal ◽  
Past Performance ◽  
Actual Performance ◽  
Goal Difficulty ◽  
And Performance ◽  
The Impact

ABSTRACT: This study examines factors influencing the difficulty of self-set goals and performance in a setting where employees were able to choose their performance goal from a menu of three choices established by management. Rewards for goal attainment were increasing in the difficulty of the goal. We develop a behavioral model of the factors expected to affect employees’ goal choices and performance. Anticipated influences on goal difficulty include employees’ impression management intentions, past performance, experience, and prior eligibility for rewards. We also expect performance to be related to goal difficulty. We use a unique combination of archival and questionnaire data from 476 employees at several call centers of a financial services company to test our hypotheses. All predictions are supported: the difficulty of self-set goals is negatively associated with employees’ impression management intentions; employees with better past performance set more difficult goals; and both prior performance and goal difficulty are positively associated with current period performance. We conduct supplementary analysis examining the extent to which employees selected attainable goals and the impact this had on performance. We also analyze the extent to which ratcheting concerns may have influenced actual performance for those employees who attained their goal. Implications for future research and practice are discussed.

Mobile Banking and Payment System

2018 ◽  
pp. 66-82
Author(s):  
Aijaz A. Shaikh ◽  
Payam Hanafizadeh ◽  
Heikki Karjaluoto
Keyword(s):  
Financial Services ◽  
Banking System ◽  
Value Added ◽  
Payment System ◽  
Future Research ◽  
Mobile Banking ◽  
Microfinance Institutions ◽  
Payment Systems ◽  
Services Sector ◽  
Future Research Directions

This study conceptualizes and proposes a well-regulated and designated mobile banking and payment system (MBPS) with the potential to strengthen the banking system, foster the regulatory framework, and to be integrated across various platforms and mobile devices. Unlike other mobile payment systems that lack convenience, scalability, and usability, the proposed MBPS contains several important functionalities and it has the potential to bring together hitherto unconnected industries—banking, Fintech and telecoms—to offer value-added services to their existing and potential customers. The ownership of the MBPS shall remain with the financial services sector including the banking and microfinance institutions. The paper concludes with a discussion on the implications and limitations of the study and proposes future research directions.

Insights from narrative disclosures regarding integrated thinking in integrated reports in South Africa and Japan

2020 ◽  
Vol ahead-of-print (ahead-of-print) ◽  
Author(s):  
Rayhan Arul ◽  
Charl de Villiers ◽  
Ruth Dimes
Keyword(s):  
South Africa ◽  
Corporate Governance ◽  
Financial Services ◽  
Strong Association ◽  
Future Research ◽  
Content Type ◽  
Services Sector ◽  
Financial Services Sector ◽  
Institutional Settings ◽  
Leading Role

Purpose This study aims to provide insights into the poorly understood concept of integrated thinking by comparing and contrasting disclosures related to integrated thinking provided in integrated reports in two different institutional settings. Design/methodology/approach The study uses content analysis of the narrative sections of integrated reports to explore similarities and differences in the way the concept of integrated thinking is portrayed. It uses a matched sample of financial services companies in two different institutional settings, South Africa (where integrated reporting (IR) is mandatory and IR practices are world-leading) and Japan (where IR is voluntary and interest in IR is still developing). IR adoption is viewed through the lens of institutional theory, focussing on isomorphic forces which affect companies’ structure, policies and practices. Findings Even though the conceptualisation of integrated thinking differs between South Africa and Japan, in both settings there is a strong association between integrated thinking disclosures and corporate governance practices, materiality assessments and the pursuit of an industry leadership position, suggesting a link between these concepts and the underlying level of integrated thinking. Japanese disclosures appear to mimic South African disclosures, highlighting South Africa’s leading role in IR, although Japan shows more varied interpretations of integrated thinking. Originality/value This study contributes to the growing body of literature on the poorly understood concept of integrated thinking, responding to calls from both academics and practitioners for more research in this area. It shows the potential for integrated thinking to develop through a process of mimicry and highlights South Africa’s leading role in the dissemination of best practice in the field. Its findings relating to the fluid conceptualisation of integrated thinking in different institutional settings will be of interest to regulators and practitioners. To the knowledge this is one of the first studies to consider disclosures relating to integrated thinking in the financial services sector. Focussing on the financial services sector, with its unique features and regulatory frameworks, allows for deeper analysis, free from the potential distortions inherent in studying a broader cross-section of industries. The study also highlights the importance of corporate governance to integrated thinking, suggesting future research avenues.

Relationship Between Job Orientation and Performance of Sales People: A Financial Services Industry Perspective

2017 ◽  
Vol 7 (1) ◽  
pp. 88-96 ◽  
Author(s):  
Jose Varghese ◽  
Manoj Edward
Keyword(s):  
Organizational Identification ◽  
Financial Services ◽  
Customer Orientation ◽  
Vital Role ◽  
Organizational Goals ◽  
Services Sector ◽  
Relationship Orientation ◽  
And Performance ◽  
Job Orientation ◽  
The Relationship

The modern financial services sector, which is highly competitive and offers mostly homogenous solutions, banks on the salesperson’s ability to develop profitable and long-lasting relationships with their customers. The relationship orientation of salespeople, especially customer orientation, is found to have a significant impact on their ability to achieve this challenge. Studies indicate that many factors associated with the work environment influence sales performance. Customer orientation of the salesperson apparently plays a vital role in this context. Motivation to expend efforts is created through rewards and the salesperson’s evaluation of the job and its outcomes are the key to engage in customer-oriented selling. The present study attempts to develop a model incorporating three critical job-related constructs (experienced meaningfulness, organizational identification, and pay satisfaction) and understand its influence on salespeople’s performance, mapping their customer orientation. The study is carried out among financial services salespeople in India to authenticate the prescribed model. It has to be noted that when an organization acquires the ability to make the job meaningful and motivates its salespeople to identify with the organization by aligning organizational goals with individual goals, it is possible that the employees tend to overlook the influence of monetary rewards.

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