A Study on Quality of Work Life (QWL)

of IFIC Bank Ltd

1. INTRODUCTION

Quality of Work Life (QWL) is a philosophy, a set of principles, which holds

that people are the most important resource in the organization as they
are trustworthy, responsible and capable of making valuable contribution
and they should be treated with dignity and respect. The elements that
are relevant to an individual’s quality of work life include the task, the
physical work environment, social environment within the organization,
administrative system and relationship between life on and off the job.
QWL consists of opportunities for active involvement in group working
arrangements or problem solving that are of mutual benefit to employees
or employers, based on labor management cooperation. People also
conceive of QWL as a set of methods, such as autonomous work groups,
job enrichment, high-involvement aimed at boosting the satisfaction and
productivity of workers. It requires employee commitment to the
organization and an environment in which this commitment can flourish.
Thus, QWL is a comprehensive construct that includes an individual’s job
related well-being and the extent to which work experiences are
rewarding, fulfilling and devoid of stress and other negative personal
consequences.

2. OBJECTIVES

2.1 Broad Objective:

To know about the quality of work life, problems and limitations for employees’ working
life, job satisfaction level and stress at IFIC Bank Limited.

2.2 Specific Objectives:

1. To know the QWL philosophy of IFIC Bank Limited.
 2. To know about the task, the physical work environment and
social environment.
3. To know about the satisfaction level and stress of the employees
with the work life.
4. To find out the differences between existing QWL and the
employee expectations.
3. LITERATURE REVIEW
It has been long recognized that the environment provided by the organization has an
important influence on the psychological health of its employees, and, therefore, the health of
the organization itself (Argyris 1957, McGregor 1960). The resourcefulness of the employees
in an organization depends largely on the environment at the workplace, and it has been
suggested that due attention be paid in providing a satisfying and a high quality work
environment for the employees commensurate with other associated work factors (Mumford
2006). Also, the importance of the workplace as providing a sense of community for workers
has been highlighted in a number of studies (Deyo 1980, Fine 1986, Hochschild 1997).
Furthermore, the community is now centered around the workplace rather than the home
(Pocock 2003). The importance of ‘work’ and the life associated to the ‘work
place’ for an employee is gaining significance. Hence, organizations and
employees have to find ways to respond to the new realities in the
workplace. This notion signals a need for further research in the area of
QWL.

Researchers have found that an individual’s QWL is influenced by his or her work experience
and future career expectations (Hodson 1985, Chatman 1989). Expectation is a belief about
the probabilities associated with a future state of affairs (Geers, Weiland, Kosbab, Landry &
Helfer 2005), and the anticipation of what will happen (Webster’s 1995). Often employees
start jobs with expectations based on their life experiences, career aspirations, and personal
characteristics (Woods 1993).

Diversity across the workforce influences workplace relationships (Ho 2007). And while it is
recognized different people have different perspectives the various frameworks and theories
that provide a point of departure the paradigms do not convincingly express what makes for a
high quality of working life (Davis & Cherns 1975). As QWL is a construct that is
multifaceted and context based (Guest 1979), the various definitions of, and approaches to
QWL indicate that there are differences in the meanings given to its concepts and practices
(Kotzé 2005). Inferences from these positions are suggestive of a need to develop a technique
to define the ‘QWL construct’ in the present context and also to formulate a measuring tool.
Further, a review of the literature on QWL and service industry divulges that there is hardly
any recorded study about the employees’ expectations of the QWL and its measurement,
inciting a need to fill this gap.
4. METHODOLOGY OF THE REPORT

Every work has a methodology. On the way of formation my Report, it also will have some
methodology which are described below:

4.1 Information to be obtained

A lot of information will be needed relating investment behavior, such as

 Age, sex, educational background and occupation of the employee

 The task, the physical work environment, social environment within
the organization
 Administrative system of IFIC Bank Limited
 Group working or problem solving arrangements
 Application of methods like autonomous work groups, job
enrichment, high-involvement aimed at boosting the satisfaction
and productivity of workers.
These basic factors might have been important effect on investors’ behavior.

4.2 Source of Information:

4.2.1 Primary: The primary information will be collected through face to face interview,
observation, and by participation in the recruitment and selection process.

4.2.2 Secondary: The secondary information will be collected from website, Magazine,
Memorandum, Journals, books and some other relevant sources.

Both primary and secondary data sources will be used to generate this report. Primary data
sources will be scheduled survey among the existing employees of IFIC Bank Limited,
Khulna Branch, informal discussion with professionals and observation while working in
different desks. The secondary data sources will be different published reports, manuals,
price updates and different publications of “IFIC Bank Limited”.

4.3 Questionnaire design, measurement and scaling procedures

Needed information will be specify at first. Questionnaire design will be formulated through
a series of steps. Lengthy, complex, and varied questions can be asked because in personal
interviews, respondents see the questionnaire and interact face to face with the interviewer.
4.4 Data processing and statistical tools

The entire data process will be guided by the preliminary analysis. Statistical
adjustment of the data may be necessary to make them representative of the population of the
interest. Data preparation will be begin as soon as the first batch of questionnaires is received
from the field, while the fieldwork will be going on.

5. TIME ESTIMATION

5.1. Time: Twelve Weeks

Week
Task
1 2 to 4 5 to 7 8 to 9 10 11 12
Submission of the proposal

Literature Review

Data collection by observation

Employee Survey

Data analysis

Report writing

Revising and Finalizing the Report

Report submission and oral

presentation
6. SCOPE AND LIMITATIONS

6.1 Scope of The Study

The topic deals with the quality of work life of the employees in terms of theoretical point of
view and the practical use. I think the study will allow learning about the quality of work life
issues, importance, modern techniques and models used to improve job satisfaction. The
study will help to learn the practical procedures followed by the leading organizations.
Moreover the study will help to differentiate between the practice and the theories that direct
to realize how the organization can improve their employees’ work life quality.

6.2 Limitations of The Study

The main limitation of the study is the collection of information. Because most of the
information are confidential. So they may not be want to disclose them. And I may not be
able to show any forms which they use in the time of joining or we use to upgrade the files.

7. EXPECTED OUTPUT

Through the research study the quality of work life of the employees’ at IFIC Bank
Limited can be known. QWL philosophy of IFIC Bank Limited may help to realize the
differences among the theory and practical scenario.
References
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Geers, A. L., Weiland, P., Kosbab, K.,Landry, S. J., & Helfer, S. G.(2005). Goal activation, expectations,
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