Albert Francis Tan
Northern Christian College of Laoag
Abstract
This article will analyze the pivotal role and significance of the human resource or workforce in the corporate environment. It will help trace the contribution of human resources through job satisfaction, offering a comprehensive examination of its role in societal development and its relevance in the contemporary era, where corporations are increasingly sophisticated in their policies and standards, particularly in human resource management. Furthermore, the article will explore the impact of workforce satisfaction on their effectiveness and efficiency in their roles, highlighting their role as a formidable and crucial factor in the company’s growth and success, whether job satisfaction is a boon or a detriment.
Keywords
Job Satisfaction; Job Dissatisfaction; Bankruptcy; Conducive Environment; Strike; Stoppage of Work; Positive Reinforcement; Negative Reinforcement
Introduction
The corporate landscape is in continuous evolution, necessitating a corresponding shift in its responsibilities. Initially characterized by straightforward rules and regulations, corporate policies have evolved into more sophisticated, intricate frameworks to navigate a dynamic environment. Within every corporation, its most valuable assets, second only to capital or financial resources, are its human resources. Without these human resources, a company cannot achieve sustained growth. Consequently, retaining the right individuals and talent is paramount to the company’s development.
For millennia, since the inception of industrialization, the workforce has been overlooked and undervalued by management primarily for for-profit maximization. This is evident in its dark history, where the workforce has been disregarded for the sake of profitability. Corporations undermined the need for a conducive, healthy work environment, often providing minimal or no benefits. The past industrial revolution painted a grim picture of the arduous conditions endured by workers during work hours. Benefits were limited, protections were inadequate, and social benefits were nonexistent.
At the dawn of the 21st century, the emphasis shifted towards the development and sustenance of its workforce. New, more effective policies were implemented to address the evolving needs of its workforce, thereby ensuring continued effectiveness and efficiency. It is paramount to foster a collaborative, harmonious atmosphere in the workplace. In this regard, most companies now strive to create a corporate environment that is welcoming, professional, and conducive to the well-being of every individual in the organization. The retention of a pool of competent and productive employees remains a constant concern for managers. Job satisfaction emerges as a pivotal factor in achieving this objective, as it facilitates a harmonious balance between work and the stress employees experience.
Job Satisfaction, Job Dissatisfaction, and Bankruptcy
In today’s business landscape, companies are increasingly recognizing the critical role of an effective and efficient workforce in achieving their objectives, both in terms of profitability and sustainability. Workforce satisfaction has gained significant attention as it is the backbone of any company and the driving force behind its success.
Job satisfaction is a complex, multifaceted concept that can mean different things to different individuals. It is often associated with motivation, though the two mean different things. “Job satisfaction is more an attitude, an internal state. It could be associated with a personal feeling of achievement, either quantitative or qualitative.” (Buchanan, 2006)
Job satisfaction is a crucial factor for both employee well-being and organizational success. This ultimately leads to enhanced performance, improved retention, and a positive work environment. Satisfied employees tend to be more motivated, productive, and loyal, whereas dissatisfaction can lead to decreased performance and increased turnover. Furthermore, job satisfaction has consistently been a double-edged sword, capable of both positive and negative outcomes. For employees, it is often perceived as a means to achieve their personal goals, whether through promotions or other avenues. Conversely, some employees view it as an ineffective tool, particularly those who are disengaged and only present for financial reasons. In such cases, job satisfaction is irrelevant and does not contribute to the company’s success as long as they fulfill their basic responsibilities. Job satisfaction can be conceptualized as the extent to which an employee derives positive emotional attachments from their employment, thereby leading to greater job satisfaction and, subsequently, enhancing their effectiveness and efficiency. The positive emotional state achieved through the successful completion of assigned tasks serves as a testament to the promotion of job satisfaction (Al-Haidan et al., 2022; Oluwatayo & Adetoro, 2020; Nduati & Wanyoike, 2022; Siahaan, 2022; Hudson et al., 2020).
Although individuals experience satisfaction, some may remain dissatisfied with their current employment. Job dissatisfaction can both cause and result from financial distress, potentially leading to bankruptcy. Furthermore, a company’s bankruptcy can lead to job insecurity and employee dissatisfaction. This phenomenon is evident in the corporate landscape of the Philippines, where companies with dissatisfied employees have contributed to the demise of various businesses, as evidenced by numerous bank and business closures (e.g., in cottage, small, and medium-sized industries) across the country.
Workplace dissatisfaction can also lead to strikes, work stoppages, and other forms of employee unrest. These actions can gradually disrupt the establishment's daily operations, negatively impacting its standing and stability as mass withdrawals and a loss of confidence in the company become increasingly likely. Financial strain is one factor contributing to unpreparedness to cope with dissatisfaction, as employees may feel underpaid or lack opportunities for advancement. This can lead to significant financial distress, resulting in overwhelming debt and the need to file for bankruptcy (Bain and Gray, Feb 2024).
Career change risk can also contribute to employee dissatisfaction, as it motivates them to change careers or pursue higher education. This can increase financial vulnerability for both parties involved. Lastly, poor decision-making also contributes to employee unhappiness (Bain and Gray, Feb. 2024), as individuals may feel pressured to “keep up” with trends or lifestyles, leading to poor budgeting and ultimately insolvency.
It is undeniable that when employees are content, happy, and satisfied in their jobs, they tend to produce better output and become more efficient. Providing a better and conducive workplace is a moral obligation of the company towards its employees. Furthermore, a fair and justifiable compensation package, including remuneration pay, plays a vital role in ensuring employee satisfaction and fostering a culture of fairness and respect.
A well-defined system of wage packages, incentives, performance bonuses, benefits, merits, and awards not only eliminates employee concerns regarding their performance but also builds confidence between the management and the workforce.
For the company or management, the impact of job satisfaction and dissatisfaction is equally significant. A delighted workforce is more likely to achieve the company’s objectives, experience lower turnover, and produce higher output. While this may entail increased incentives and benefits for employees, the associated expenses are relatively minor compared to the substantial contributions and output they generate. Consequently, a more positive and conducive work environment is fostered, benefiting everyone involved. Conversely, dissatisfaction can result in increased disruptions, reduced or no production, abandonment of work, and similar consequences. These actions may ultimately lead to the company’s insolvency due to their negative impact on investors and customers, potentially resulting in bankruptcy.
In the Philippine corporate
environment, the employer-employee relationship has proven pivotal in
determining a company’s success or failure. Companies with unionized labor
forces actively intervene to address the concerns of both parties, reaching a
mutually beneficial solution and preventing undesirable outcomes. This practice
is commonly observed in companies that use an “end-of-contract” system, in
which employees are hired only on a seasonal, trial, or temporary basis. This
system creates a loophole that allows employers to terminate contracts before
they are regularized, thereby avoiding the payment of benefits. While the
Department of Labor and Employment has taken steps to discourage employers from
using this practice, many still do so, particularly in the fast-food industry.
Although it may be necessary for companies to adhere to this mechanism due to
financial constraints and low profitability, this does not justify implementing
such a tool. Consequently, many individuals find themselves unemployed and must
undergo the arduous process of job searching again shortly after, which adds to
employees' financial burden.
Therefore, the morality and ethical values of job satisfaction and dissatisfaction depend on both parties involved. Satisfied employees will always yield better results and create loyalty to the company. On the other hand, employees who are dissatisfied with their current jobs for various reasons, whether or not related to the company’s policies, should also be considered. This is because human cognition is diverse, and preferences vary from one individual to another. Furthermore, the company also has a responsibility to provide a humane working environment for its employees, thereby eliminating job dissatisfaction. While wages and salaries may be the primary concern for employees, well-organized, systematic management also helps alleviate job dissatisfaction in the workplace.
Conclusion
This article provides an overview of the significant transformations and challenges the workforce has faced throughout its history, from its inception to the present day. A well-established set of policies and regulations serves as a guiding framework for both management and employees, fostering a harmonious relationship and dispelling any uncertainties regarding their compensation and benefits. Consequently, this approach contributes to enhanced job satisfaction. While wages alone do not guarantee a seamless relationship between management and employees, they serve as a valuable tool in cultivating a more conducive working environment and ultimately leading to job satisfaction and loyalty.
To
the employees, job satisfaction plays a pivotal role in enhancing motivation
and performance. When employees are satisfied with their jobs, it fosters
motivation, leading them to perform more efficiently and produce higher yields
that exceed expectations. Furthermore, job satisfaction instills a sense of
purpose and fulfillment, which positively impacts an employee’s emotional connection to their work.
Consequently, it reduces absenteeism, as contented employees are less likely to
miss work. Moreover, job satisfaction served as a mechanism that facilitated
common ground between employees and management, ultimately improving the
well-being of both parties.
References
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