IDENTIFYING CRITICAL FACTORS OF WORK-LIFE BALANCE AND ITS IMPACT ON INSURANCE EMPLOYEES IN INDIA – AN EXPLORATORY FACTOR ANALYSIS
The present paper aims at identifying the factors influencing work-life balance practices of insurance companies and assessing the impact of work-life balance practices on the employee’s work domain. The study focuses on responses on sixteen WLB statements of 300 respondents of managerial and supervisory cadres randomly selected from various insurance companies in Kolkata, India. Data have been collected by survey method using structured questionnaire of four point scale. The principal components method of Factor Analysis with varimax rotation and Ordinal Regression Analysis - PLUM (Polytomous Universal Model) have been performed in order to identify influential factors of WLB and the impact of work-life balance practices on family work conflict (FWC). The study identified four factors comprising sixteen items having Eigen values of more than 1 which accounted for about 52.9% of variation in data. Finally, thirteen statements were found to be statistically valid valid on the basis of Cronbach’s alpha of internal consistency. The pseudo R2 values (Nagelkerke = 37.6%) indicate that sixteen variables of WLB practices explain a relatively moderate proportion of the variation on family work conflict. Further, the Wald statistics identified only four influential variables out of sixteen variables which explain on family work conflict. The study would be beneficial for the service sector organizations in order to design a effective workplace that facilitates work-life balance and results in minimum family-work conflict.