COMPARATIVE ANALYSIS OF WORK-LIFE BALANCE AND EMPLOYEE PERFORMANCE INITIATIVES OF THE MONETARY AUTHORITY OF SINGAPORE (MAS) AND THE FINANCIAL SERVICES AUTHORITY OF INDONESIA (OJK)

Maria Jacinta Arquisola, Elisabeth Widyanty Irsan

Abstract


This research examines the effectiveness of work-life balance (WLB) programs on employee performance at the Monetary Authority of Singapore (MAS) and the Financial Services Authority of Indonesia (OJK). The research investigates the approach of these two Southeast Asian financial regulators towards work-life balance (WLB) rules through the use of literature review, case analysis, and comparative framework evaluation. The data is obtained primarily from publicly accessible sources including organizational websites, publications, and prior research. The research focuses on the implementation of work-life balance (WLB) programs and the difficulties in sustaining work-life balance in the financial regulatory industry. This research offers insights into work-life balance (WLB) initiatives in the area by comparing the practices of MAS and Financial Services Authority Indonesia (OJK). It takes into organizational, and regulatory issues. This study provides insights into the most effective methods for achieving work-life balance (WLB) in financial regulatory organizations. This information has the potential to influence policy decisions related to effective human resource management practices through alternative working arrangements, not just in Southeast Asia but also in other regions.

Full Text:

PDF

References


Adisa, T. A., Ogbonnaya, C., & Adekoya, O. D. (2021). Remote working and employee engagement: A qualitative study of British workers during the pandemic. Information Technology & People, 34(7), 1-17. https://doi.org/10.1108/ITP-12-2020-0850

Ahmad, M. S., & Kaleem, M. (2022). Impact of work-life balance on employee well- being and job satisfaction in the financial sector of Pakistan. International Journal of Human Resource Studies, 12(2), 117-135.

Ang, S. H., Cavanagh, J., Southcombe, A., Bartram, T., Marjoribanks, T., & McNeil, N. (2018). Human resource management, social connectedness and health and well-being of older and retired men: The role of Men's Sheds. The International Journal of Human Resource Management, 29(5), 837-856. https://doi.org/10.1080/09585192.2017.1423365

Arquisola, M. J., Liswandi, Hutabarat, E., & Fauzi, F. C. (2022). Indonesian professionals' perspectives on flexible working arrangements as an alternative employment option post-Covid 19 recovery. International Journal of Research in Business and Social Science, 11(1), 257-268. https://doi.org/10.20525/ijrbs.v10i8.1495

Beauregard, T. A., Adamovic, M., & Chuang, A. (2021). Work-life balance as a source of job insecurity and burnout: A threat appraisal perspective. International Journal of Environmental Research and Public Health, 18(4), Article 1758. https://doi.org/10.3390/ijerph18041758

Bloom, N., Liang, J., Roberts, J., & Ying, Z. J. (2015). Does working from home work? Evidence from a Chinese experiment. The Quarterly Journal of Economics, 130(1), 165-

https://doi.org/10.1093/qje/qju032

Boakye, D., Laing, E., Mojee, F., & Asiedu, J. (2021). The impact of work-life balance on employee performance: A case study of selected public sector organizations in Ghana. International Journal of Management, Accounting and Economics, 8(12), 954-968.

Cahill, K. E., McNamara, T. K., Pitt-Catsouphes, M., & Valcour, M. (2021). Linking shifts in the national economy with changes in job satisfaction, employee engagement and work–life balance. Journal of Behavioral and Experimental Economics, 92, Article 101657.

Caligiuri, P., De Cieri, H., Minbaeva, D., Verbeke, A., & Zimmermann, A. (2020). International HRM insights for navigating the COVID-19 pandemic: Implications for future research and practice. Journal of International Business Studies, 51(5), 697-713. https://doi.org/10.1057/s41267-020-00335-9

Carretta, A., Fiordelisi, F., Schwizer, P., & Stentella Lopes, F. S. (2021). Regulatory pressure and bank directors' incentives to attend board meetings. The European Journal of Finance, 27(13), 1297-1320. https://doi.org/10.1080/1351847X.2019.1589550

Chua, J., Chrisman, J. J., & De Massis, A. (2020). Family involvement and new venture debt financing. Journal of Business Venturing, 35(4), Article 106043. https://doi.org/10.1016/j.jbusvent.2020.106043

Chung, H., & Van der Lippe, T. (2020). Flexible working, work–life balance, and gender equality: Introduction. Social Indicators Research, 151(2), 365-381. https://doi.org/10.1007/s11205-018-2025-x

Deloitte. (2022). The future of work in financial services: Opportunities and challenges in the digital age. https://www2.deloitte.com/content/dam/Deloitte/us/Documents/finance/us-future-of- work-in-financial-services.pdf

Duckles, B. M. (2021). Effective leadership and employee performance: A case study.

Journal of Business and Behavior Sciences, 33(2), 1-16.

Gadeyne, N., Verbruggen, M., Delanoeije, J., & De Cooman, R. (2018). All wired, all tired? Work-related ICT-use outside work hours and work-to-home conflict: The role of integration preference, integration norms and work demands. Journal of Vocational Behavior, 107, 86-99. https://doi.org/10.1016/j.jvb.2018.03.008

Haar, J., Sune, A., Russo, M., & Ollier-Malaterre, A. (2021). A cross-national study on the antecedents of work–life balance from the fit and balance perspective. Social Indicators Research, 153(1), 317-337. https://doi.org/10.1007/s11205-020-02489-3

Jena, L. K., & Sahoo, R. (2022). Work-life balance challenges and strategies in the post- pandemic world: Perspectives from organizations and HR managers. Journal of Human Resource Management, 25(1), 58-77.

Johari, J., Tan, F. Y., & Zulkarnain, Z. I. T. (2018). Autonomy, workload, work-life balance and job performance among teachers. International Journal of Educational Management, 32(1), 107-120. https://doi.org/10.1108/IJEM-10-2016-0226

Kaur, S. (2020). Antecedents and consequences of work-life balance: A study of banking professionals. Journal of Management Research and Analysis, 7(3), 101-107. https://doi.org/10.18231/j.jmra.2020.021

Lestari, P., Ario, J. P., & Rita, N. R. (2021). Work-life balance policy and employee performance: Implementation in the public sector. International Journal of Economics and Business Administration, 9(3), 185-194. https://doi.org/10.35808/ijeba/634

Lim, J., & Koh, M. (2020). Work-life balance policies in Singapore: A case study of the Monetary Authority of Singapore. Journal of Human Resource Management, 28(2), 67- 89.

Lim, V. K., & Teo, T. S. (2021). Working from home due to COVID-19: Insights from Singapore. Journal of Global Operations and Strategic Sourcing, 14(3), 402-420.

Lu, L., Kao, S. F., Chang, T. T., Wu, H. P., & Cooper, C. L. (2019). Work engagement and work-life balance: Are they compatible or competing for Chinese employees? Human Resource Management, 58(5), 531-543. https://doi.org/10.1002/hrm.21986

Ministry of Manpower, Singapore. (2021). Tripartite Standard on Work-Life Harmony. https://www.mom.gov.sg/employment-practices/good-work-practices/work-life- harmony

Monetary Authority of Singapore. (2022). Sustainability Report 2021/2022. https://www.mas.gov.sg/publications/sustainability-report/2022/sustainability-report

Ollier-Malaterre, A., & Foucreault, A. (2017). Cross-national work-life research: Cultural and structural impacts for individuals and organizations. Journal of Management, 43(1), 111-136. https://doi.org/10.1177/0149206316655873

Orhangazi, Ö. (2021). Work-life balance in central banks. Central Banking, 31(4), 32-37.

Pandiangan, H., Tanti, T., Pramono, R., Sembiring, M., & Pardede, S. (2021). The effect of work discipline, work motivation and work life balance on employee performance. Turkish Journal of Computer and Mathematics Education, 12(3), 3635-3641. https://doi.org/10.17762/turcomat.v12i3.1707

Putri, A., & Amran, A. (2021). Employees' work-life balance reviewed from work from home aspect during COVID-19 pandemic. International Journal of Management Science and Information Technology, 1(1), 30-34. https://doi.org/10.35870/ijmsit.v1i1.231

Prasetyaningtyas, S.W. (2020). The Impact of Flexible Working Hours, Remote Working, and Work Life Balance to Employee Satisfaction in Banking Industry during Covid-19 Pandemic Period. Journal of Management Science and Research, 1(1), 1-15.

Putra, K.C., Pratama, T.A., Linggautama, R.A., & Prasetyaningtyas, S.W. (2020). The Impact of Flexible Working Hours, Remote Working, and Work Life Balance to Employee Satisfaction in Banking Industry during Covid-19 Pandemic Period. Journal of Bone and Mineral Research, 1, 341-353.

Sari, N. R. (2021). The effect of goal setting training on employee motivation. Jurnal Manajemen dan Pemasaran Jasa, 14(2), 263-276.

Setiyani, A., Djumarno, D., Riyanto, S., & Nawangsari, L. (2022). The effect of work environment and work life balance on employee performance. International Journal of Economics, Business and Management Research, 6(1), 360-373.

Sirgy, M. J., & Lee, D. J. (2018). Work-life balance: An integrative review. Applied Research in Quality of Life, 13(1), 229-254. https://doi.org/10.1007/s11482-017-9509-8

Suprapto, S., Wirotomo, H. J., & Burhanudin, B. (2021). The influence of leadership and work discipline on employee performance through employee work motivation. Profetik: Jurnal Komunikasi, 14(1), 64-76.

Szabó, A. (2017). The role of work environment and job satisfaction in the establishment of work-life balance among employees of a logistic service provider company. Market- Tržište, 29(1), 83-103.

Tan, W. K., Ng, R. T. Y., & Cha, J. S. M. (2022). Work-life balance in Southeast Asian financial institutions during COVID-19: A comparative analysis. Asian Business & Management, 21(5), 561-585. https://doi.org/10.1057/s41291-021-00165-z

Tasdelen-Karckay, A., & Bakalim, O. (2017). The mediating effect of work–life balance on the relationship between work–family conflict and life satisfaction. Australian Journal of Career Development, 26(1), 3-13. https://doi.org/10.1177/1038416216682954

Teng, J. Z., & Koh, W. C. (2022). The impact of work-life balance policies on employee performance: Evidence from Singapore's financial sector. Applied Economics, 54(12), 1398-1415.

Wickramasinghe, V. (2020). Work-life balance, work-life conflict and their predictors: A review of the literature. International Journal of Management Practice, 13(3), 242-268.

Wood, J., Oh, J., Park, J., & Kim, W. (2020). The relationship between work engagement and work–life balance in organizations: A review of the empirical research. Human Resource Development Review, 19(3), 240-262.

https://doi.org/10.1177/1534484320917560

World Bank. (2021). GDP per capita (current US$) - Singapore, Indonesia. https://data.worldbank.org/indicator/NY.GDP.PCAP.CD?locations=SG-ID

Yin, R. K. (2018). Case study research and applications: Design and methods (6th ed.). SAGE Publications.

Zheng, C., Molineux, J., Mirshekary, S., & Scarparo, S. (2020). Developing individual and organizational work-life balance through idiosyncratic deals. Human Resource Management, 59(1), 99-117. https://doi.org/10.1002/hrm.21984




DOI: http://dx.doi.org/10.33021/icfbe.v0i0.5671

Refbacks

  • There are currently no refbacks.


Editorial Office:

Faculty of Business President University 
Jalan Ki Hajar Dewantara Mekarmukti
Cikarang Utara, Bekasi, Jawa Barat

Creative Commons License
This work is licensed under a Creative Commons Attribution-NonCommercial 4.0 International License.