ANALYSIS OF FACTORS AFFECTING CAREER SUCCESS OF EXECUTIVE AND NON-EXECUTIVE EMPLOYEES IN THE INSURANCE INDUSTRY IN SRI LANKA
Ekanayake, R.G.I.D.1, Dissanayake, D.M.N.B.2
1,2Department of Insurance and Valuation, Wayamba University of Sri Lanka
sachiniekanayake44@gmail.com1 , nadeekab@wyb.ac.lk2
ABSTRACT
DOI : 10.57075/jaf1112404
In the competitive and evolving insurance industry of Sri Lanka, the understanding of the determinants of career success is essential for employee retention and overall industry growth. But there are limited studies conducted to explore the factors affecting the career success of employees in the insurance industry in Sri Lanka. To address this gap, the current researcher conducted a study with the primary goal of identifying the factors that influence the career success of both executive and non-executive employees in the Sri Lankan insurance industry. A survey was conducted among 102 respondents selected among the both executives and non-executive employees currently working in the insurance industry of Sri Lanka using a structured questionnaire to gather primary data. The relationship between work-life balance, job stress, job satisfaction, job retention, and career success was analyzed using the regression analysis. As per the results of the regression analysis, work-life balance, job satisfaction, and job retention are positively associated with career success, while job stress has a negative impact. The findings highlight the importance of supportive organizational policies and practices in enhancing career success. Job satisfaction emerged as a key motivator for employees to remain with their organizations, thereby providing the stability required for career advancement. Work-life balance was found to be crucial for maintaining employee well-being and productivity, while job retention was essential for fostering long-term career growth. Conversely, high levels of job stress were detrimental to career success, indicating the need for effective stress management strategies within organizations. Based on these insights, the study recommends that insurance companies in Sri Lanka prioritize initiatives aimed at improving work-life balance, reducing job stress, increasing job satisfaction, and fostering job retention. By addressing these factors, companies can create a supportive and productive work environment that promotes the growth and success of both executive and non-executive employees, ultimately contributing to the overall success of the industry.
Keywords: Career success, Job stress, Job satisfaction, Job retention, Work life balance
