Work-Life Balance Is Only Applicable in Good Economic Times - Coursework Example

Running Head: WORK-LIFE BALANCE IS ONLY APPLICABLE IN GOOD ECONOMIC TIMES Work-Life Balance Is Only Applicable In Good Economic Times [Writer’s name] [ Institution’s name]. Work-Life Balance Is Only Applicable In Good Economic Times Introduction Throughout the years, the "role" of work has shown a significant change. It is obvious that we are living in a period that business is becoming more and more global, thus more competitive. Many people dedicate their life in their job, trying to make a successful carrier. Some have referred to work as an addiction (workaholic). The more time people spent on their work, the less amount of time they have for their private lives. That phenomenon had a very strong and effective impact in the United Kingdom. Men in the U.K work longer hours than any other country in Europe. Lately, both, E.U and U.K have been developing a policy to encourage better "work life balance" for the British and European workforce. When we think of balance we often think of it as "work-life balance" but, perhaps it is more suitable to think of "life balance". Although work is a vital part of everybody's life, there are some other parts that should also be considered: family, personal development, entertainment, physical environment, health, finance, etc. Work life balance is aiming in a sense of better quality in people's lives. Work-life balance is basically inconsistency or hindrance between the quality time divided between work and family (Frone, 2002). A harmonic balance in people's lives will significantly affect their effectiveness and efficiency in the work environment in the short-term as well as in the long-term. Work-life balance primarily affects five key areas: employee time saved; employee retention; increased motivation and productivity; absenteeism; and decreased healthcare costs and stress-related illnesses. (Lockwood, 2003) Work life balance is about adjusting properly the time between work and personal life. Work life balance gives the opportunity to people to maintain balance to their lives as well as attain their carrier goals. It is very important to understand that work life balance does not refers only to the company's obligations to the employee, but also redefines the responsibilities of the employees considering the organization's objectives. Most important relates to what individuals do for themselves. However when employees have to face bad economic times it becomes difficult to maintain such a balance , as employees need support their families thus they pay more attention to work and less attention to their personal lives. The fact that the stress in their lives becomes extremely high and thus they cannot maintain a balance between work and personal issues. Even the quality time with their family becomes less and work also starts to feel as if it is a burden. This paper shall give a detailed analysis of how the Work-life balance is cannot be maintained during bad economic times. Analysis Many economic analysts have supported the Work Life Balance campaign, strongly indicating its positive effects in business environment. However, a lot of organizations and companies think twice before adopting new practices yet, for a variety of reasons, waiting for someone else to make the 1st step. The current economy has created near-double-digit unemployment rates, caused organizations to reduce working hours for many individuals who would prefer to be working more, and ensured that the majority of employees have at the very least not seen their pay increase (and in many cases have seen it decrease). In this environment, employees are both less likely to take advantage of some work-life benefits for fear of being "out of sight, out of mind" and risking losing their job, and more likely to place higher value on the comfort and security that cash offers (Ackerman etal 1997). In this light, the fact that work-life offerings did not fall further in importance, when compared to benefits such as direct compensation or health care and retirement offerings, underscores the critical role they play. It is also likely that when the economy rebounds and the "balance of power" within the labour market shifts back at least somewhat toward employees, work-life benefits will grow in importance even more (Robertson 2005). Although the shift may not occur for several more years depending on the timing of a full and sustained recovery, now is the time for companies to consider and invest in work-life offerings because they take considerable time to become ingrained into organizational cultures. It might seem counterintuitive to focus attention on work-life balance when a lot of companies are cutting costs and downsizing their workforce. However, if implemented effectively, work-life balance programs offer substantial return on investment through increased engagement and a strengthened employment value proposition. While cost-control mandates will-and already do--directly target some of these benefits for reduction or elimination, members of the work-life benefits can offer a more cost-effective way for companies to regain some of the value lost in the aftermath of recent cost cutting and staff reductions. And in such circumstances work life balance becomes difficult. Work-life balance is the third essential way to retain employees and attracting job candidates, and figures prominently for most developed as well as developing economies, second only to compensation (Friedman 2000). In Germany, for instance, it is the seventh, and in the United Kingdom it is the most important job element. In India, work-life balance figures prominently as the seventh most essential element of 38 tested (Matuska & Christiansen 2009). And compared to other important elements of the employment value proposition that an organization can offer-such as compensation, "hard-dollar" benefits or organizational stability--it is a component that more organizations in the coming years can take steps to change significantly at relatively lower costs. How should organizations approach work-life balance programs in the next two years? \ a two-fold approach is recommended: (1) Maximize the value of existing offerings through clearer communication and culture change, and (2) selectively enhance current offerings to increase work-life benefit value at minimum cost. Many benefit functions are not in a position to propose programs that generate new costs or require significant organizational change, but most have implemented work-life benefit offerings in some form. In fact, it is more likely that most organizations have instituted work-life programs, only to realize a low uptake across the workforce. Rubenowitz (1968) is like Maslow's and Herzberg's theories, thus if this theory is considered in bad economic times then it is the condition of such employees perfectly. It states that work can satisfy a lot of needs of employees and hence the employees well being is effected. In which condition they cannot in any way balance their work and family life. Thus if the employee's material as well as improved lifestyle, different needs have to be fulfilled. Employees in bad economic times may even accept boring and non-engaging work completely knowing that it will affect their family life. According to Maslow's (1954) hierarchy of human needs, individuals have five needs that they seek to satisfy; physical, safety, belonging, self-esteem and self-actualization. The first three needs are physical and social while the last two focus on individual development and progress. Each need has to be satisfied before the individual will focus on the next need. According to this theory, employees will seek satisfaction and increased wellbeing in the workplace only after the needs for personal and economical safety have been met. The two historical challenges accompanying work-life offerings--and benefits in general--help to show how budget-strapped companies may be able to strengthen work-life programs within the overall employment value proposition: Most employees are cannot avail any work-life balance programs as even organizations in bad economic time do not give value to such programs. Due the recession benefits that for the majority of work-life balance programs, utilization are below 40% (Harvard Business Review 2000). Employability provides workers with choices and alternatives that may make them less vulnerable in times of economic recession. According to Lazarus and Folkman (1984) Employable workers can consider the current labour market and unstable economic times as a challenge rather than as a risk, which means that they may be able to keep the work life balance. however this kind of thinking is quite rare in times when job insecurity is high due to unstable economy. In bad economic times a lot of work life balance is effected , as in such times acceptance of forced mobility is always linked to extensive availability, giving shape to the fact that they cannot in any way balance their work and family. The fact that there is no other time-management option in this configuration reveals a strong career orientation and the acceptance of its costs. Greenhaus (2000) emphasised that the employees realize that their should be an interrelations between support at home, at work, as well as in the community. Family-friendly firms have a significant impact on the lives and careers of business professionals who work in them (Friedman and Greenhaus, 2000). A conflict between work and family has real consequences and negatively affects the quality of family and career attainment of both men and women A disturbance in work life balance can be noted in poor economic times If we switch to men and women with mobility constraints (rooted career), that they can opt either for an extensive availability to compensate their immobility, build on their family constraints to promote work–life reconciliation (a family-oriented model) on the other hand they could make themselves available all 24/7. This all affects their life and disturbs the work life balance. (Clutterbuck 2004) men and women managers who are the breadwinners even in the times of recession also have three options: they can try to lead two symmetrical careers at once, trying to move together and showing their commitment by putting in long hours at work; they can manage their two careers alternatively; or they can again opt for work–life reconciliation knowing that their career will suffer (Allen & Holt 2006). In times when the economy is on verge of downfall and employees have to work overtime to earn a little more money a healthy balance between family and job which leads to higher job satisfaction, thereby reducing the cost to organization and enhancing employee performance becomes difficult , and thus such work results in burnout . Some employee face employee burnout as they cannot maintain the work- life balance due to the pressure of having to support their families in bad economic times (Jones etal 2005). Employee burnout is negatively associated to work- life balance as it adversely affects employee wellbeing, leading to lower job involvement, undesirable behaviour at work and cynical attitude resulting in poor employee performance. Conclusion In the highly competitive global scenario, society and organisations are filled with conflicting commitment and responsibilities. Hence, work-life balance has become an important issue at the workplace. This is further fuelled by the importance of personal life as well as family values, (Lockwood, 2003). Work-life balance may be considered as kind of balance in which the requirements of an individual’s job and personal life are equivalent. It can be said that hard times has a similar effect on an individual like strict training has on the warrior; it gives him that ability to fighter harder. The current recession is an request for organizations to go back to basics, and thus they should pay more attention on what's really important and motivating and provide a brilliant opportunity make the lives of their employees by helping them keep the balance. Some workers are finding their own path to a more balanced life. Many young people choose to earn less and forgo the chance of promotions by taking short-term contracts via an employment agency rather than face the grind of a large company. References Ackerman, F., Kiron, D., Goodwin, N., Harris, J. M., & Gallagher, K. (1997); Human well-being and economic goals. Washington, D.C.: Island Press Allen Isabella and Holt Jackie (2006); Balance: Real Life Strategies for Work/Life Balance Sea Change Publishing Clutterbuck David (2004); Managing the Work-Life Balance; Chartered Institute of Personnel & Development Press, New York. Friedman D. Stewart (2000); Work and Family--Allies or Enemies? : What Happens When Business Professionals Confront Life Choices oxford university press? Friedman, S.D. and Greenhaus, J.H. (2000); Work and Family—Allies or Enemies? What Happens When Business Professionals Confront Life Choices, Oxford University Harvard Business Review (2000); Business Review on Work and Life Balance Harvard Business Press Jones Fiona, Burke Ronald, and Westman Mina (2005); Work-Life Balance: A Psychological Perspective Psychology Press; 1 edition Lazarus, R.S., & Folkman, S. (1984); Stress appraisal and coping. New York: Springer Lockwood, Nancy R. (2003); Work/life Balance: Challenges and Solutions,” SHRM Journal, 48.6, pp. 81-90 Maslow, A. (1954); Motivation and Personality. New York: Harper & Row Matuska Kathleen & Christiansen Charles. (2009); Life Balance: Multidisciplinary Theories and Research. Bethesda, MD: AOTA Press/Slack Publishers. Robertson, T., (2005); Between work and life there’s balance. 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