Non-Monetary Factors to Focus Upon During Remote Working: Importance-Performance Matrix based on Empirical Data of Foreign Banks in India

Abstract

India houses more foreign banks than private and public sector banks put together. Foreign banks and their employee policies came to the forefront during the COVID-19 pandemic wherein they were considered to be progressive in adapting to remote working in India compared to the local banks.  With pandemic fading off, the foreign banks are looking to make remote working a part of their future work model, either fully or partially. However, areas that they need to work upon to have the employee buy-in need to be identified to achieve this goal. To ascertain the performance of the banks on non-monetary aspects, an empirical survey of 405 foreign bank employees was conducted and an IPA (Importance-Performance Analysis) matrix was plotted, which brings about several areas to work and re-work for the banks if they want to continue with remote working and at the same time, have their employees satisfied. Data analysis also dealt with the correlation between the non-monetary factors. Analysis revealed that foreign banks have done well in terms of flexible work hours and bringing in a work-life balance while not perceived to have recognized the late hours put in by the employees. Areas of focus that have emerged for the banks are extending some sort of compensatory offs and to ensure day-today recognition of the employees notwithstanding the physical separation of the managers and the employees from the work place. Banks can reduce their efforts in organizing get-togethers and organising sessions to ensure employee mental well-being as they seem to have done well on these areas and employees consider that they do not need to over-focus on these anymore with remote working and its concept having been adapted. This paper recommends ‘special leave’ or compensatory offs for those who put in extra hours and also simple measures for recognizing the employees on a day-today basis. Only the level of performance is measured in this paper without getting into the causes of non-performance which can be a future area of research in terms of a qualitative study. Focus areas for the banks have been identified which can be researched further or even a longitudinal study can be carried out on the same subject.