EFFECT OF EMPLOYEE JOB STRESS ON ORGANIZATIONAL PERFORMANCE
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EFFECT OF EMPLOYEE JOB STRESS ON ORGANIZATIONAL PERFORMANCE
ABSTRACT
The study investigated the impact of employee job stress on organisational performance at SUNU Assurances Nigeria Plc in Lagos state. The study used a survey approach and a purposive sampling technique to pick 450 employees from management, senior, and junior levels.
Data from respondents was collected using a well-constructed questionnaire that was determined to be valid and trustworthy. The data collected through the delivery of questionnaires was analysed using Pearson correlation analysis.
The study found a positive and substantial association between intense workload and productivity at SUNU Assurances Nigeria Plc in Lagos state (r=0.772; p<0.05). A favourable and substantial link was established between work-life balance and service delivery at SUNU Assurances Nigeria Plc in Lagos state (r=0.896, p<0.05).
Job instability has a significant impact on the success of SUNU Assurances Nigeria Plc in Lagos state (r=0.772; p<0.05). The results were found to be compatible with empirical findings from previous studies in the literature.
It is thus determined that employee job stress has a major impact on organisational performance at SUNU Assurances Nigeria Plc in Lagos state. The study’s findings indicated that: SUNU Assurances Nigeria Plc should employ more employees so that each employee can help and make things easier; SUNU Assurances Nigeria Plc should establish a department for complaints in each branch;
bank employees should be adequately compensated through attractive compensation packages in order to avoid job neglection in the firm; and management should set an example. Management should follow the firm’s established rules and regulations; SUNU Assurances Nigeria Plc should not allow workers to perform tasks beyond the scope of their job descriptions.
Chapter one
INTRODUCTION
1.1 Background of the Study
Stress is a universal experience for employees worldwide (Argyle & Henderson, 2015). Stress has become a big issue for employers, particularly in developing nations where employers are unaware of the influence of stress on employee performance (Ariani, 2013).
Job stress should be recognised and addressed correctly because it has a negative impact on an employee’s mental and physiological health (Aronsson, 2010). Stress at work is regarded as one of the most serious psychosocial dangers at work (Ashfaq, Mahmood & Ahmad, 2013).
Employees face a variety of difficulties, including work-related stress. Employees, employers, and psychologists are concerned about the high risk of illness caused by some employees’ extended working hours (Baizhan & Croome, 2017).
Stress has continued to jeopardise organisational performance, limit employee involvement, and negatively impact individuals at the corporate level (Sayeed, 2015).
Employees continue to face stress as a result of bad environmental circumstances, political uncertainty, terrible working conditions, and extreme poverty (Sayeed, 2015).
Total African insurance premiums in South Africa fell from about US$ 72 billion in 2012 to US$ 61 billion in 2016. In US dollar terms, South Africa’s life and non-life insurance markets were among the hardest hit, with premium volumes falling by 24% and 23%, respectively.
Non-life premium growth outside of South Africa has been stagnant, while life insurance premiums have increased by approximately 26% since 2012. However, given that several major African currencies, like the South African rand, have dropped significantly versus the US dollar over the same time period, it is worthwhile to investigate the impact of currency depreciation on the market.
Between 2012 and 2016, the South African rand lost around 45% of its value against the US dollar. In native currency values, the South African life insurance market expanded by 36% during the same period, while non-life premiums increased by approximately 44%, which contrasts sharply with the findings in US dollar terms.
These translation implications mostly impacted global and regional reinsurers reporting in US dollars, Euros, or Swiss francs. African life premiums were US$ 40.6 billion in 2016, accounting for around 1.6% of the worldwide market and somewhat lower than the 1.7% recorded in 2015.
South Africa remains by far Africa’s largest life insurance market, accounting for 84% of total life premiums in 2016. However, this share has decreased from 90% in 2011, indicating that other African countries are expanding quicker and catching up.
Overall, life insurance premium increase remained unchanged in 2016. While premium growth in South Africa remained stagnant, a select markets, including Kenya, Morocco, Uganda, and Zimbabwe, enjoyed growth rates well above 10%, with Morocco exceeding 30%, with savings-type plans serving as the primary driver of development in Kenya and Morocco.
Funeral wraps, which are popular in many African countries, were a significant growth driver in Zimbabwe. Only a few economies, like Nigeria and Mozambique, saw dropping life insurance premiums in 2016 (International Association of Insurance Supervisors, 2017).
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