Assessment 3: ANZ Bank Wellbeing Programs and Employee Wellness

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RESEARCH IN BUSINESS
Assessment 3
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Table of Contents
Introduction......................................................................................................................................3
Problem statement...........................................................................................................................4
Aims and objectives.........................................................................................................................5
Justification and potential output of research..................................................................................6
Literature review..............................................................................................................................7
Methodology..................................................................................................................................11
References......................................................................................................................................16
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Introduction
Wellbeing Programs for Positive Work Environment in ANZ Banking group.
ANZ banking group; commonly known as Australia and New Zealand banking group limited is
Australian multinational banking service. This bank headquarters in Melbourne, Australia. It is
the second largest bank which provides financial services to the public. It was established in
1951 when the merger of Bank of Australasia and union bank of Australia limited. Key people of
this bank are Shayne Elliott and David Gonski. It is the third leading bank towards market
capitalization in Australia (Chou, et. al., 2012). Employee’s wellness programs are those
whereas companies and industries try to upgrade and improve the health of their workers. These
programs help to reduce the risk of absenteeism and maximize the employee’s productivity.
Companies used police to prevent the employees which developing by old illness. In that case,
these programs help to manage the employee’s health. In this report, it defines problems faced by
ANZ banking group employees. It will give aims and objectives of the wellness being programs
in the working atmosphere of the bank.
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Problem statement
Physical wellbeing and social wellbeing are important for the banking group. It not only attracts
to the employees but also provides chances to retain them. In the current time period, ANZ
banking group employees face some issues regarding these two well-being programs.
Mental health-related issues increase the risk of failure and decrease the performance of
employees. In the current time period, banks are busy with their high schedule; in that case, it
cannot take time to meet each and every employees and worker of their working environment
(Smedt, 2013).
Air quality issues create problems for them. They want to work in a polluted free environment.
Breathing in the air polluted atmosphere directly affects the employee’s health. Due to heavy
workload and employees, personal problems create mental issues. Relations with employees
decrease in the current time period; in that case, it is essential for the bank to take care of their
employees. It is important for the bank to give its employees a healthy and safe environment.
Failure to engage high-risk employees also creates issues in the work environment; insufficient
staff resources are also created problems for ANZ bank employees.
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Aims and objectives
Aim: The aim of this report is to find out the solutions for well-being programs issues which are
suffered by the ANZ bank group. The focus of this report is to minimize the risk and gives
facilities for employees of the bank so they will do their work in a safe and secure atmosphere. In
these situations, it is essential for the bank to make the environment where its employees do their
full potential and give opportunities for bank growth.
Objectives: objectives of the aims are it will improve productivity, increase employee
engagement and satisfaction and attract the best talent.
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Justification and potential output of research
By reviewing various articles, websites and journals, it can be seen that the authors mainly focus
on how effectively well-being programs affect the employee's success and solve the issues which
are faced by the ANZ bank group. There was a limited study on well-being programs of the
workforce in the banking sector. A study by reference focus on the banking sector but the
research is related to the outcomes of well-being programs and its issues. It also collects
proposes data and analysis of techniques for research. Therefore, there is a gap within the
literature towards the health and safety of the ANZ bank employees. These programs are
important to attract the employees and retain the talented workers within a company (Umantsiv
& Ishchenko, 2017).
All the objectives of the aims of research will be is identified which is based on data collection,
findings, facts as well as analysis that helps to understand the research topic. This research
outcome has been found for the research proposal. This research provides various types of
benefits for the end users and policymakers. Well-being programs not affect bank internally but
also give impacts towards externally. It is essential for the research to take appropriate data so it
will give sufficient information’s and ideas for users. This research helps to identify the
problems related to employee’s health and safety. It also defines ANZ banking well-being
programs and its importance for the workers. All the data collection gives ideas to identify the
problems faced by employees (Thompson, et. al., 2018).
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Literature review
Wellbeing programs definition and its uses
Well-being programs create a positive atmosphere in the workplace. Well- being is calculating
the person’s happiness, emotional, mental state as well as psychological factor. Wellness is more
essential as compared to being free from the illness. It is a dynamic and charismatic process
towards growth and change (Oludayo, et. al., 2018).
Importance of well-being programs reduces the risk of stress level of employees and over the
pressure. These programs it not good for the corporate sector, banks but also beneficial for
everyone. It is good for business to improve the performance of employees and increase
productivity.
It also gives ideas to link with positive customer results. It helps to the employees so they feel
that company thinks towards them. It builds a strong relationship with the company workers and
maintains health and secure medium wellbeing. It also reduces healthcare costs when banks
struggling to cope (Interest accumulates in bank's health and well-being program,2013).
In wellness program within the workplace not helps to create a positive environment but also
create workplace strategy being adopted to improve the employee’s health and safety. These
programs encouraging the bank employees to focus on key health nature which includes
minimizing the stress, improve the eating habits, and maximize the physical activities.
According to Sredojević, (2017) these well-being programs create a beneficial environment with
its four dimensions which include mental, physical, social, and financial. Its uses are these
programs increase productivity. It minimizes the work-related ill health issues as well as injuries.
It also helps in minimizing the absenteeism and staff turnover of the bank group. It creates health
work atmosphere so employees work in a safe and secure medium.
In these types of the environment; employees perform well and do their full potential. Due to
these programs, it enhances the corporate image and builds relations with its employees.
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Impact of wellbeing programs
Many authors have identified the benefits of well-being programs. These programs help to the
corporate sectors as well as banking sectors. Wellness programs increase the high engagement of
employees. Chances to increase the business are high. It also affects the customers, shareholders,
people, community and environment (Booth, et. al., 2014).
According to Branson & Christopher C. (2012) wellbeing programs is a backbone for corporate
sectors, whereas it gives the directions for business to attract the employees, customers and retain
the talented workers within the organization. It increases the growth of the business; resolve the
issues which create problems for the company it helps to increase the productivity and
profitability towards company business. a study conducted by references towards the impacts of
well-being programs towards ANZ bank group that after implementing these programs bank
business increase growth. Employee’s health, working environment, organizational process and
work patterns are not essential for company growth and success (Joshi, et. al., 2013).
In fact, initiatives, behaviours and practices are essential for health and wellbeing towards the
workforce. It also helps to reduce the financial stress of the employees as well as also increase
the chances to build chances to gain success in future (Lees, et. al., 2016).
Wellbeing programs focus on helps to humanity, the temperature of the working area, the fitness
of the employees and creates plans to maintain the employee’s health. Wellness programs have
strong impacts to minimize health care costs and increase productivity as well as profitability.
It also helps to raise employee morale, motivation and reduce the risk of employee’s stress. More
exercises and better nutrition give the potential for employees to do their full potential and
contribution. It creates a systematic environment for corporate sector industries as well as
banking sectors. Those sectors who adopt these programs into their business plans gain chances
of success (Leslie, et. al., 2014).
Wellbeing programs in banking sector
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Many banking sectors trying to practices for adopt the well-being programs for growth and
success now a day. They use well-being programs as a talent to attract and retain strategy.
American and New Zealand bank also adopts this strategy for growth. In this situation, it is
investigated that there are 87% of professionals said that well-being programs are essential for
employees (Sun, 2018).
They think that new opportunities give chances to gain better opportunities and it is useful for
bank policies. Flexible working hours gives chances for employees to do work according to their
capabilities and their comfort zone. It not only provides productive work but also gives
directions for the company to retain the employees within the organization. ANZ believes that an
employee’s well-being programs are essential for company success. The organization gives
commitment within its health and security policy towards its employees which is operations
protects employees and feels safe and prevent at risk (Brown, et. al., 2015).
According to the author Kalliath, et. al., (2012) health and safety management system of the
ANZ bank implement these factors which include identify, evaluate and control factors. These
factors affect the employee’s health, safety, security and wellbeing. It also affects customers,
visitors, contractors, public members. In health and safety training programs; it is essential for all
the employees to complete mandatory online H&S training on an annual basis. It is part of ANZ
essentials.
These types of training support to the bank managers to find out the necessary training
requirements and essential needs towards each employee of the organization. Training courses
give the directions for general health and safety awareness, urgency prepared, managing the
hurdles, safe and secure use of computer uses, and handle incident management. Banking sector
put cultural changes.
According to Gilchrist, et. al., (2015) the organizational conflicts resulting from recession means
day by day working environment towards workers has changed in a team. Following the crisis,
banks need to identify the risk which is arising due to lack of well-being programs in the banking
sector. The negative impact of uncertainty towards wellbeing is broadly recognized and banks
are active to face these types of situations In ANZ bank group it is noticed that organization is
failed to connected high-risk employees, and insufficient staff resources create problems. In this
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situation; the bank tries to overcome the problems and find out the best solutions to reduce the
risk of issues. On the other hand; other banks adopt the well-being programs to develop the
growth of business and attract the workforce. Well-being programs not only provide support but
also give directions to retain the talent of employees. It is identified that many banks give
priorities to handle the issues related to mental health and managed it into its workplace. It is
important for the banks to take wellbeing seriously. Well-being programs develop organization
strategies.
Hypothesis development
A hypothesis is related to theory and connects to operationally defined variables form as well as
testable form. It allows determining via research. In the literature review, this study will test
some proposed hypotheses.
Hypothesis 1. H0: Wellbeing program does not have any impact towards banks
H1: Wellbeing programs have positive impacts on banks
Hypothesis 2. H0: Wellbeing program does not have impacts towards ANZ bank
H1: Well-being programs have positive impacts on ANZ bank.
Hypothesis 3. H0: There is no significant difference between the banks who practising
towards well-being programs.
H1: There is significant between banks who practising to adopting well-
being programs.
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Methodology
Research Approach and sources of data
This study has chosen a qualitative research methodology. In a research project, data collection is
an essential and necessary part of the research. It is important to choose the correct method for
data collection. To start the research, it is important for priority to find which banks adopt well-
being programs to make a positive environment into their workplace. It is also identifying which
problems are faced by the ANZ bank.
This data has been collected from banks sites which are mentioned in sampling sections. It is
needed to know which banks started well-being programs for development and growth. This
information and ideas have been conducted by various types of banks articles, journals, websites
related to well-being programs and its issues faced by the banking sector (Wright, & Huang.,
2012).
Articles, journals and books of well beings not only provide ideas and information regarding
well-being but also provide facts which help to understand the importance of well-being
programs. In the research, it also provides some banks reviews and ANZ bank details regarding
these programs. This information is also collected with newspapers, online portal, published
magazines etc which is determined in the secondary data resources. These secondary data are
helpful for the research project and provide all the sufficient and relevant information regarding
well-being programs within the workplace (Page, & Vella-Broadrick., 2013).
Proposed data collection and analysis techniques
Population: The targeted population regarding for this research study are banks and its several
sectors in Australia. According to APRA (Australian prudential regulation authority), it is
identified that there are 84 banks in this country.
Sampling: The mode of sampling of research is a well-structured and systematic sample which is
banks, other sectors who presently adopt these types of programs for company success and
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development of the business. It is also identified that one bank is trying to adopt these programs
which is ANZ bank.
Variables and analysis: The aim of this research is to explain the well-being programs within the
bank and reduce the upcoming risks due to these programs. A positive environment is hopeful
and expected. So, the dependent variable is a return on investment whereas the independent
variable is well-being programs.
This research is based on qualitative research analysis. To begin the qualitative analysis, the
return on investment is chosen by various banks annual reports as well as ANZ bank report. In
the research; there are various tests is helpful in return on investment which include t-test of
three years for some bank who adopting the well-being programs. Another analysis is conducted
which is a correlation and ANOVA test for 3 banks who tries to adopt well-being programs in 2
years and in last regression analysis is followed by ANZ bank group for 2 years past and present
adopting well-being programs.
Organisation of the study
Organization of study is as follows which include all the detail information of research as well as
information regarding project report:
Chapter 1 will describe a research proposal which outlines the assignment
Chapter 2 explain Australian major banks as well as well-being programs structure.
Chapter 3 describe the detailed and clear information of methodology which includes- literature
review, data collection methods, determined key components of recession and data analysis
ways.
Chapter 4 will discuss the findings problems and analysis of the proposed research project.
Chapter 5 gives a brief knowledge of essential findings and discuss the well-being programs
importance, uses and strategies to maintain and manage the present situation.
Budget, Project Activities and Gantt chart (budget below $5000,)
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