Key Factors Influencing Employee Loyalty at Investment Banks - Research Proposal Example

KEY FACTORS INFLUENCING EMPLOYEE LOYALTY AT INVESTMENT BANKS Aim The basic aim of the paper is determining the key factors influencing employee loyalty at investment banks in today’s world. Objective The objective of this paper is crucial for investors and bank alike. This is because it is important to evaluate and analyse the level of loyalty of an employee on which the financial security of the customers and bankers depend. Rationale for the research The world is in the midst of an all-purpose technological revolution and the human component in this context occupies a huge place from the point of view of security and faith and this is more relevant in the banking sector where the loyalty of an individual is responsible for millions of investors’ financial faith. The macroeconomic benefits of the human loyalty principals are already apparent in some economies, especially the United States and United Kingdom where there are huge amount of transactions taking place each day and human components are equally involved in this parameter along with their mechanical counterparts. (Berkowitz, 189) But, while spending on the human loyalty principal is likely to remain stable in the immediate future, as past overinvestment unwinds, the longer-term benefits for the global economy are likely to continue, or even accelerate, in the years to come. While technological change is an ongoing process, there are periods during which technological progress is especially rapid, resulting in new products and falling prices of existing products that have widespread uses in the rest of the economy and these are the period when the aspect of human indulgence becomes extremely important. Earlier examples include textiles production and steam power in the industrial revolution, railroads in the nineteenth century, and electricity in the early twentieth century (the automobile could also be included, but its development was relatively gradual). The effects of such revolutions have generally occurred in three (often overlapping) main stages and human elements and their loyalty, though hardly mentioned, always remained an integral part of the progress. (Kar, 145) Thus while dealing with the banking investment sector, it is important to understand the nature of loyalty of an employee in order to evaluate and measure the loyalty rate. This is a very important aspect of the research for determining the key factors influencing employee loyalty at investment banks in today’s world. Once the loyalty level is measured it would be easier and logical to determine the causes of the frequency. This way a complete evaluating formulation could be prepared in this context. (Lamb, 243-245) Literature review In this review, analysis would be done on the role that the sales and management strategy, both historically and in the context of contemporary society, in the context of the topic selected. In addition, analysis would also be done on the ethnic and cultural diversity, and legal and ethical considerations that relate because the aspects of security certainly stand on the edge of privacy and confidentiality. Lastly it would be looked upon to identify the common trends in the banking industry and management strategy of behaviours of potential customers from the context of investment banking employees that appear in the literature. The literature would be used to demonstrate the importance of the topic to field as a whole. As a prelude to this research it would relevant to mention that in this context of determining the key factors influencing employee loyalty at investment banks in today’s world and the two most important texts would be Border’s Banking: Fire of the Mind and Dos’ Future of Thought Process in Financial History for their detailed analysis of the subject. Both of the writers takes the loyalty concept of employees as a marketing variable and works on the principals of Management to determine their behaviours. Literature in the realm of research performed on the advances in sales and marking and their use would be quite numerous and diverse in their content and methodology. In the different separate studies located, only few would have spanned a time period beyond a decade. The majority of research pieces which focus on the inclusion of theoretical and technological advances in the sales and marking process would actually focus on the overall market segments through fundamental sales and marking levels. The fact that there are not very many advanced research items specifically directed toward the determining the key factors influencing employee loyalty at investment banks would be the main focus of this dissertation. Berkowitz Banking and Man and Lamb’s Cult to Culture: The Development of Civilization on the Strategic Strata is two texts that deal the subject with much insight. It can well be stated that determining the key factors influencing employee loyalty at investment banks in today’s world are an extremely important factor for any individual or business establishment. This is because personnel working at the investment banking sectors are the people on who the general investors heavy depend upon, at least in the financial parameters. The most effective method of discussion and understanding the multitudes of studies conducted on sales and marking inclusion of theories and technology would be in the fact that we must first divide the process into manageable segments. These segments are self divided within the research itself. King’s Fiscal Fitness Today, Fletcher’s Banking Industry: Beliefs and Knowledge; Believing and Knowing and Deb’s Introduction to South African Finance: Technology for Mankind would be very helpful in this context. However, though Deb mainly focuses on the South African economy a lot of data can be achieved from this text. One recognizable difference would be in the fact that literature which remains in the time span since the turn of the century would in fact be the speed, the accessibility and the overall development of systems and the internet itself. These elements, as they become more and more integrated into daily life outside of the consumers must be both understood by management and integrated into their sales and marking processes and procedures to keep the potential customers as well as the managements current in their information capacities and therefore more important for investment bankers. The most important texts in this context would be Kar’s History of Investment Market Applications, Dollard’s Modern Fiscal Policies: A look into Tomorrow and Dev’s Evaluation of IMF. Proposed research design A Qualitative method of study differs from the usual quantitative methods (used in the study of pure sciences) in the sense that it tends to be far more subjective. This is in sharp contrast to the methods used in pure sciences which are exclusively objective. The research methods for marketing are a combination of both quantitative and qualitative methods. Being open to qualitative methods of study also allows social scientists to incorporate non-quantitative data (i.e. non-numerical data, such as words, images, gestures, impressions etc.) in their study. Since human beings tend to operate in terms of such data and not in terms of the terminology used in ordinary sciences this broader outlook is far more applicable in the study of social sciences. In keeping with the methodology employed in marketing researches the theories too are formulated and used keeping in mind that they aren’t necessarily applicable to all conditions. Be it psychology, history, political science or economics human events are most likely to influence the rules which define the basic theories of a marketing subject. Success in the field of marketing researches can therefore be achieved if and only if it is understood that the subject has no space or opportunity for water-tight methodologies or theories. Thus it can be stated that this method would be followed while determining the key factors influencing employee loyalty at investment banks. (Border, 227-228) The best statistical method would be to interview long well formulated day to day working procedure at a specific and well selected location. Throughout the procedure, it should be noticed whether there are specific variables within the testable population or not. These variables would be extremely important while evaluating the basic data in the final stages where the adjustments would be made to the formulated data in accordance to the observations. However, it is important to completely take into account the aspects of fundamental variables of an individual such as ethnicity, religious belief or positive support from the sales structure of the management and individual. It is necessary to design a new experiment that test the statistical method. For the purpose it is necessary to collect a complete data of the site that would include different religion, ethnicity or gender. An open meeting with employees would be very relevant in this context. Data would be collected in relation to the gender, colour, and religion of the employees in respect to the composition of the management under the same parameters. Furthermore, the favourable conditions in the context of experienced employees’ response would also be accounted. (Dev, 78-81) Bibliography Berkowitz, L; Banking and Man. (New Haven and London: Yale University Press. 2006) pp 189 Border, S; Banking: Fire of the Mind (Wellington: National Book Trust; 2006) pp 227-228 Deb, J; Introduction to South African Finance: Technology for Mankind. (Dunedin: ABP Ltd. 2005) pp 323 Dev, S; Evaluation of IMF (Dunedin: ABP Ltd. 2006) pp 78-81 Dos, M; Future of Thought Process in Financial History (Christchurch: Alliance Publications; 2005) pp 441-442 Dollard, John; Modern Fiscal Policies: A look into Tomorrow. (New Haven and London: Yale University Press. 2006) pp 89-92 Fletcher, R; Banking Industry: Beliefs and Knowledge; Believing and Knowing. (Mangalore: Howard & Price. 2006) pp 188 Kar, P; History of Investment Market Applications (Kolkata: Dasgupta & Chatterjee 2005) pp 145 King, H; Fiscal Fitness Today (Dunedin: HBT & Brooks Ltd. 2005) pp 126 Lamb, Davis; Cult to Culture: The Development of Civilization on the Strategic Strata. (Wellington: National Book Trust. 2004) pp 243-245 Read More