MFE 11: Financial Statistics

Impact of Covid-19 and Flexible Work

2020/MFE/12 – L.A.N.S.Weerasinghe
2020/MFE/29 – G.B.P. Gunerathne
2020/MFE/33 – S.A.P.C. Suriyapperuma
2020/MFE/49 – M.L. Fernando
2020/MFE/64 – S.N.P. Wijesinghe
2020/MFE/97 – P.R.I.C Paranagama

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 Content
Page Number
1.1. Abstract 03

1.2. Research Objective 04

1.3. Research Questions/Hypothesis. 04

1.4. Literature Review 04

1.5. Methodology and data 07

1.6. Data analysis and discussion 07

1.7. Conclusion 15

1.8. References 16

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1.1 Abstract
The COVID-19 outbreak that originated in the city of Wuhan in China and it caused a
significant damage to the world population and the global economy. After the discover the
patients in Sri Lanka, the Ministry of health department of Sri Lanka introduced various
sequential measures to improve social distancing such as closure of schools and education
institutes, introducing work from home model to reduce the public gathering. Beside that
imposed travel bans to international arrivals, and more drastically, imposed island wide
curfew expecting to minimize the burden of the disease to the Sri Lankan health system and
the entire community following the health guidelines issued by the World Health
Organization.
COVID-19 pandemic sweeping across the globe, has challenged society in different ways
unimaginable. It forced people to reconsider a wide variety of practices, to leisure, to basic
travel and daily tasks. Due to this many kind of restrictions, both employers and employees
had to seek alternative work arrangements for their business operations. On the other hand
mental health and psychosocial support should be made available to all workers to prevent
the pandemic. So Government has to issue several health guidelines to workforce who
involved in public and private sector to mitigate the corona spread and buildup the mental
health of the workers. Hence work from home has become a policy, based on these health
guidelines, all organizations implemented several flexible working environments to their
employees such as shift basis working, work from home etc.
Banking sector is the backbone of any economy. There is any significant economic downturn
will directly affect to the banking sector. Due to difficult operating conditions, the
performance of the banking sector will be more challenging while affecting asset quality and
profitability recovery. After announced the “New Normal” situation, banks are aimed to find
the path to reconnect with their customers for recoveries. Banks had to undergo various
changes as response to the demands of the macro economy. Considering the current situation
of the country and flexible working environments, bank introduced several alternatives
working models and serving customers in many ways with the use of modern technology. For
the financial services industry, the transformation will be challenge but there is a necessary to
change. In last financial year, banks performance was very low and gross loans and advances
increased by just 1%. Due to downturn trend Fitch ratings announced the negative outlook for
the Sri Lanka’s banking sector.
The Covid-19 has placed flexible work arrangements, especially remote working, shift basis
working, work from home etc. Most of the neither employees nor employer don’t have any
experience to how successful the remote workings. So this study is focused to identify the
impact of Covid-19 on the flexibility of working arrangements of private and government
banking sector in Sri Lanka.

1.2 Research Objective.

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The objective of this research would be to survey and gauge the impact of Covid-19 on the
flexibility of working arrangements of banking sector (Government and Private) in Sri Lanka.

1.3 Research Questions/Hypothesis.

Research Questions Null Hypothesis Alternative Hypothesis

Does Covid-19 have an Covid-19 has not impacted Covid-19 has impacted
impact on organizational organizational work from home/ organizational work from
work from home/ flexible working home/ flexible working
flexible working?

Has Flexible Working/ Flexible Working/ Work from Flexible Working/ Work
Work from Home Home policies have not impacted from Home policies have
policies impacted the the management and governance impacted the management
management and structure of the organizations and governance structure of
governance structure of the organizations
the organizations?

Does flexible work have Flexible working/work from home Flexible working/work
an impact on worker policies has no impact on worker from home policies has an
productivity? productivity. impact on worker
productivity.
Can flexible work Flexible working/work from home There is a relationship
arrangements improve policies has no impact on job between Flexible
job satisfaction? satisfaction. working/work from home
arrangements and job
satisfaction.

1.4 Literature Review

Overview
A cluster of pneumonia cases was identified in Wuhan in December 2019. The reason was
later recognized as a novel coronavirus, with the subsequent ailment named "Coronavirus
ailment 2019" by the World Wellbeing Association (WHO, 2020). The virus was very
quickly spared around the Hubei due to Chinese New Year travel surge. The aiming of
control the spread of it Chinese government forced a lockdown in Wuhan. After few days, the
entire Hubei territory went into lockdown. Thereafter in quick succession, different regions
and districts in China they had to take actions accordingly. As a result of globalization
economy, the COVID-19 spread to a lot more nations outside of China in very quickly
showing it’s dangerous and harmfulness. Coronavirus destroyed not only the developing
countries’ but also developed countries’ economy and lives.
With the Covid-19 pandemic, many things from the way of doing business to daily life issues
have changed radically in the world and continue to change at an increasing speed. These
changes have many different effects on people's lives, both positive and negative. Increased
comfort due to transactions made easier through digitalization comes out as a positive effect,
while job losses due to changing customer preferences and social isolation applied because of
pandemic also appear as negative outcomes.

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Amid the COVID-19 pandemic, Sri Lanka’s economy contracted by 3.6 percent in 2020
(PwC, 2020), the worst growth performance on record, as is the case in many countries
fighting the pandemic. Swift measures enacted by the government in the second quarter
helped contain the first wave of COVID-19 successfully, but these measures hit sectors like
tourism, construction, and transport especially hard, while collapsing global demand
impacted the textile industry. Job and earning losses disrupted private consumption and
uncertainty impeded investment. As a result, the economy contracted by 16.4 percent (y-o-y)
in the second quarter.

The lockdown to prevent the spread of the Covid-19 has stopped economic activity across
many sectors (Economic Observatory, 2020), with important repercussions for firms and
households. Firms relying on direct customer contact – such as hospitality and transport – are
losing revenue sources; and households working in these sectors are losing employment
income.
The banking sector is also affected, although mostly indirectly. While banking services can
be provided remotely and do not rely on direct customer contact, the linkage of the sector
with the real sector as provider of payment, savings, credit and risk management services
extends the negative effect of the Covid-19 crisis to banks and other financial institutions.
At the same time, the banking sector has the role of supporting firms and households during
this period of lower revenues and incomes, which has triggered important policy actions by
financial supervisors and governments.
The impact of Covid-19 on the banking sector customer segments i.e. corporates and
individuals are faced with severe pressures (KPMG, 2020). Household income will be
negatively impacted as economic activities slow down, while activities of SMEs will likely
slowdown. However, for corporates operating in the health and pharmaceuticals sectors, it
could present an opportunity for banks to support the refurbishment and renovation of
hospitals and increase productive capacity of pharmaceuticals.
Concerns around continuity of processes which have direct touch points with the customer
but are still manually operated in bank branches that have been shut down. Straight-through
processing will become an imperative given the remote working conditions. Disruption in the
activity of key job functions which require technology and systems that are only available on-
premise. Therefore, employee productivity is expected to be impacted.
The pandemic has increased the adoption of digital which has put tremendous pressure on
banks to upgrade its technology infrastructure and resources and ensure its employees are
able to manage same. It has constituted a true test of capacity planning and resilience.
As banks adapt to the Covid-19 pandemic, social distancing and the “new normal”, they have
made major changes on how the workforce would operate. On average approximately 80% of
the staff a commercial is deployed in the front offices and since customers are not necessarily
coming to branches, the policy of having so many employees in such roles will change.
Many sectors were forced to adopt remote working models during Covid-19, but not many in
the banking sector were able to exercise the option, mostly due to security risks around
financial data. As a solution banks now look to divide its employees into three categories of

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people who need to work on-site, people who are in back-office remotely and those who can
work in a hybrid manner.

Flexible work arrangements

Flexible work arrangements (FWAs) have been characterized by Hill et al., (2008) as the
capacity of laborers to settle on decisions impacting when, where, and for how long they
participate in business-related assignments. Masuda, et al., (2012) they identified four kinds
of flexible work arrangements: flextime, compressed workweek, telecommuting (also known
as flexplace), and part-time work. Flextime refers to an approach where the conventional
fixed occasions that employees start and finish the working day are supplanted by a system or
set of rules inside. Employees are allowed some opportunity to select their working times as
flexible way.
Work from home
Work from home is a phrase commonly used since the onset of COVID-19. It can be defined
as employees working outside company premises. It includes four basic characteristics: (1)
employee of a company or a staff member of an organization; (2) work engagement with a
company or an organization for specific tasks; (3) work performed outside the company’s
physical premises (4) telecommunication with the employer.
Compressed workweek
Compressed workweek is a reduce work arrangements that allows employees to work few
days per week or few hours per day.
Telecommuting
Telecommuting is a work arrangement in which the employee works outside the office. This
often means working from home or from locations close to home. Commuting is done with
co-workers and employers by using IT tools and keeping in touch via mobile devices,
telephones, online chats, video conferences and email. Allen, Golden, and Shockley
conducted a comprehensive review in 2015 and they found that most definitions of
telecommuting. And also they found common two things relevant to the telecommuting. They
also recognized three areas in which the definitions differ: 1. the extent of telecommuting; 2.
the type of employment relationship; 3. the location of remote work.
There are so many benefits of telecommuting for both employees and employers. These are
money saving, greater flexibility, increased job satisfaction and productivity, increased staff
retention, reduced office costs and requirements, improved employee work-life balance,
keeping older generations in the workforce, and environmental benefits. However there are
some disadvantages on this method. Long work hours, difficult to separation between work
place and home and depend on personal IT tools, communication and other resources are
main disadvantages.
This research therefore will critically examine the impact of Covid-19 pandemic and flexible
work.

1.5 Methodology and data

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The primary data used in this study were collected through a direct survey method using a
structured questionnaire. The survey was carried out in the employees who work in private
and public banks in Sri Lanka. The structured questionnaire was designed to identify the
impact of Covid-19 and flexible working environment. We focused our questionnaire to
identify the impact on organizational work, the management and government structure of the
organizations, workers’ productivity and job satisfaction. Primary data collected to maintain
more reliability and high confidence level of hypothesis testing with the trusted analysis.
Questionnaire was easy to understand the responses. Used secondary data gathered from the
existing working documents, manual, reports, regulations and standers to strength the
analysis.

Data Collection

We collected information from 100 Sri Lankan private and public sector bankers using the
Google spreadsheet. Selected samples are covered all level of executive and non-executive
employees of banks and also different aged level employees.

Data Analysis
Data Analysis charts and data analysis diagrams are used to analyze responded
characteristics.

1.6 Data Analysis and Discussion

1. Impact on Covid-19 and organizational work from home/ flexi working

As Sri Lanka struggles with the COVID-19 pandemic, organizations are being forced to
rapidly adapt to novel methods of working. They are grappling with the challenges of
working from home, business continuity sites and connecting with 3rd parties, under highly
restricted conditions. In response to the disruption, many companies across the region have
enabled remote access solutions, remote collaboration tools, and cloud services. Several are
allowing employees to use personal devices and have enabled the use of home networks for
an extended period of time.
Many banks have had to transform and this transformation will be focused on driving
operational efficiencies, addressing changing profiles and behavior of customers and
targeting new opportunities.
For bank, they have had to develop the WFH policies, including standard operating
procedures (SOPs), selection process of WFH staff and technological feasibility in order to
ensure compliance and security considering the nature of the business.
WFH, is currently known as an alternative working to minimize the risk of COVID-19
infection. However, WFH is not new and has been brought to the attention of several schools
of thought for many years. The WFH concept was initially mentioned by Nilles (1988) dating
back to 1973, known as “telecommuting” or “telework” (Messenger and Gschwind 2016).
WFH has been defined in various terms over the four decades, namely remote work, flexible
workplace, telework, telecommuting, e–working. These terms refer to the ability of
employees to work in flexible workplaces, especially at home, by using technology execute
work duties (Gajendran and Harrison 2007; Grant et al. 2019). Gajendran and Harrison

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(2007) described telecommuting as “an alternative work arrangement in which employees
perform tasks elsewhere that are normally done in primary or central workplaces, for at least
some portion of their work schedule, using electronic media to interact with others inside and
outside the organization,” notably, they indicated that “elsewhere” refers to “home” (1525).
A recent study by Dingel and Neiman (2020) uncovered that 37% of the job could be
completed at home during the COVID-19 pandemic in the U.S., such as financial work,
business management, professional and scientific services. Some jobs, especially those
related to healthcare, farming and hospitality cannot be performed at home. Although the
acceptance of WFH has increased worldwide, academics argue regarding its pros and cons.
With regard to the survey conducted, we can clearly observe that Pre-Covid, a majority of
Bank employees were operating in the conventional on site work model. Below chart is
evidence of this:

Thereafter, if we are to review and analyze the survey responses for Post-Covid work
arrangements, it can be clearly and decisively noticed that there is a major shift in the
working arrangement occurred, with approximately 83% drop in the number of bank staff
working in the traditional scheme.
Following chart clearly indicates that many bankers have moved to flexible working
arrangements in the ‘new normal’, such as working from home and other remote working
arrangements, duty shifts, flexible hours, etc.

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Hence, as per the survey results, alternative hypothesis has to be accepted as the majority of
bankers have moved from on-site working to flexible working/work from home working
arrangements due to Covid-19 pandemic.
However, work from home arrangements may also have an adverse impact on operational
activities of banks in terms of IT and security, internal and external fraud, cyber-attacks,
internal network capacity, and control mechanisms such as anti-money laundering (AML)
and know-your-customer (KYC) requirements.

2. The impact of Flexible Working/ Work from Home policies on the management and
governance structure of the banking sector
Covid-19 pandemic is having an unprecedented impact on almost all the industries around the
world. Due to the pandemic, most of the industries in Sri Lanka have compelled to introduce
working from home and flexible working hours on a larger scale. In banking sector too, these
measures have been adopted to ensure the smooth functioning of the day to day activities. As
per the survey results, 87% of respondents have begun to adopt flexible working (shift basis)
and work from home measures due to Covid-19 pandemic.
Sri Lanka Labour Force Survey (2018), states that Work from home offers range of benefits
and opportunities to both employees and employers. It further describes that the management
of a company can take advantage of reduced overhead costs, increased margins, lower
turnover, and greater pool of talent. According to Forbes, with remote workers, companies
can incur less overhead and operating costs to keep their business running smoothly, and they
also may see a reduction in severe workers’ compensation claims.
This chapter intends to discuss the impact of flexible working/ work from home measures on
the management and governance structure of the banks in Sri Lanka. The answers given by
the sample respondents were analyzed in order to identify the perception of them with regard
to the effects of WFH/FW on the management and governance structure of the banking sector
in Sri Lanka.

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The following diagram shows the employees’ perception of the impact of WFH/FW on the
management and governance structure of the banks in Sri Lanka.

The impact of Flexible Working/ Work from Home policies on the management and governance structure of
the banking sector

Possitive Negative

18%

82%

According to the survey results, 82% of sample respondents state that there is a positive
impact of flexible working/ work from home measures on the management and governance
structure of the banks in Sri Lanka. The results show that the majority of employees in the
banking sector in Sri Lanka believe that WFH/FW has beneficial effects on the management
and governance structure of the banks. In view of above, it is evident that WFH/FW
arrangements have strong impact on avoiding office politics, reducing overhead costs,
increasing margins, lower turnover, and greater pool of talent in order to ensure the smooth
functioning of the management and governance structure of the banks in Sri Lanka
Conversely, 18% of sample respondents do not believe that there is a positive impact of
flexible working/ work from home measures on the management and governance structure of
the banking sector in Sri Lanka. Collins and Moschler,(2009), found that the management
and the governance structure of an organization may be collapsed due to the drawbacks of
WFH/FW arrangements such as isolation of workers from their coworkers, managers
concerned about reduction in productivity, communication impairments etc.
In conclusion, as per the survey results, alternative hypothesis has to be accepted as the
majority of sample respondents perceive that there is a positive impact of flexible working/
work from home measures on the management and governance structure of the banking
sector in Sri Lanka.

3. Impact of covid-19 on worker productivity

Krugman (1994), defines productivity as ‘s a ratio between the output volume and the volume
of inputs. In other words, it measures how efficiently production inputs, such as labour and
capital, are being used in an economy to produce a given level of output’. Fuller (2016), in
the Harvard Business Review defines productivity as ‘the amount of value produced divided
by the amount of cost (or time) required to do so’. Productivity can be defined in multiple

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ways, however at the most elemental level, all definition alludes to a ratio of input to output.
That is, a worker completing x amount of work in less time than another worker given all
other factors are constant can be termed as more productive.
The past couple of years have seen an increase in research into the effects on productivity due
to work from home (WFH) or due to FW policies as organizations have been forced to move
away from traditional practices by the sweeping global pandemic. Gibbs et al. (2021), in their
research on the effects of WFH on the productivity of IT employees conclude that there is a
large drop in productivity, however at the same time, output was unaffected as the drop in
productivity was compensated for by working longer hours. Etheridge et al. (2020), identifies
that WFH has largely been beneficial, however at the same time, WFH is also less effective
in professions that are less suitable for WFH and conclude there is reduced productivity for
female and lower income earners. This is supported by the findings of Morikawa (2020),
where WFH productivity was seen to be 60-70% of the productivity displayed at the
workplace.
This section attempts to discuss in detail the impact of covid-19 on the productivity of
banking employees in Sri Lanka through primary research. The question is addressed from
two approaches; the direct perception of the employees on the effects of WFH/ FW on
productivity and indirectly through a combination of the hours worked and the ability to
complete their work effectively.
The following diagram summarizes the employee’s perception of the impact of FW/ WFH on
worker productivity;

A total of 70% of respondents have not seen a perceived increase in their productivity. This
shows that an overwhelming proportion of banking employees do not believe that their
productivity has increase with WFH/ FW. An interesting feature for those who confirmed
there was an increase in productivity, was that 4 out of 30 did not recommend WFH/ FW.
This could be put down to a number of factors as 2 respondents saw an increase in job stress
and a third respondent saw a decline in the time available to spend with family.

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However, an indirect analysis paints a different picture. 67 of the respondents were able to
complete their job duties and responsibilities effectively and on time due to WFH/FW. At the
same time, there was a reduction in the average hours worked from 8.86 to 6.25. The finding
of reduced working hours is true for the complete sample, with only 6 out of the 100
respondents seeing an increase in working hours post-Covid.

Combining the two results, it is seen that they are at conflict, with many employees believing
that there is no direct increase in their productivity, however the number of hours worked
post-Covid with WFH/FW has seen a considerable decrease while at the same time ensuring
that all their job duties and responsibilities are carried out successfully. Therefore, it is not
possible to conclusively accept or reject the null hypothesis that WFH/FW will lead to an
increase in worker productivity without conducting additional research. One possible
explanation for these conflicting results can be put down to reduced duties and
responsibilities as customers opt for in-person visits only when essential while choosing
internet/ mobile or ATM banking at other times. This therefore reduces the burden on the
employees working at traditional brick-and-mortar offices leading to lower hours worked to
complete their duties, but not necessarily an increase in productivity.

4. Flexible work arrangements and job satisfaction

Empirical studies found several outcomes of working from home such as increased job
performance, improved job satisfaction, lesser turnover intentions, and reduced rates of stress
(Coenen and Kok 2014; Anderson et al. 2015).
A recent study of knowledge workers forced to work from home during COVID finds
evidence of some productivity benefits of WFH, but also some concerns around longerterm
effectiveness, creativity, and personal resilience (Birkinshaw, Cohen, & Stach,2020).
Additional research also shows stark increases in virtual meetings and emails after
government-enacted lockdowns during Covid (which effectively forced WFH on large
samples of workers), presumably as a way to compensate for the loss of physical interactions
(DeFilippis, Impink, Singell, Polzer, & Sadun, 2020).

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Work-life balance is described as achieving a balance between employees’ family or personal
life and work lives (Jyothi and Jyothi 2012). The concept of work–life balance is built on the
idea that work life and personal life complement each other in presenting perfection in one’s
life.
Although the absence of an effect on well-being was not surprising for non-managers--who
have substituted commuting time for more personal time--this result was surprising for
executive--who did not see any increase in personal time after the transition to WFH.
One potential explanation for the lack of an effect on wellbeing is that executives may have
started to see other new benefits in WFH that more than compensate for the longer work-day
span and time spent in interactions.
As per the survey data, below is the perception of the bank work force on WFH and Flexi-
working:

It is noted that 71% of the respondents recommend WFH and Flexi-working and this can be
directly linked to their perceived improvement in job satisfaction due to greater work life
balance.
The importance of employee satisfaction during the crisis, referring to the Covid crisis, was
analyzed by Shan and Thang, 2020. The results indicated that companies with higher
employee satisfaction are more resistant to negative shocks across the market during the
Covid-19 outbreak. Therefore the move of banks in Sri Lanka to adopt WFH/Flexi working
may have allowed them to ensure that staff was able to handle the negative shocks of the
Covid pandemic.
This is further verified by the 66% of respondents claiming that that there is no job stress
induced due to switching to WFH/Flex-work, and they are able to complete their
responsibilities in a timely and product manner.

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The possibility to work from home on a telework basis enables individuals to combine work
with the ability to deal with family-related issues (Ammons and Markham, 2004, Johnson et
al., 2007) and helps balance work–family time. Employees with families benefit most from
the flexible scheduling of working time, which improves the work-family balance (Bailey
and Kurland 2002). In this survey, it is recorded that 92% of employees benefitted from
WFH/Flexi Work as it allowed them more time with the family. This additional family time
directly contributes to less stress, increased job satisfaction and productivity.

The money saved due to WFH/Flexi working also contributes to increased job satisfaction.
As per our survey, 77% of the respondents claim to have a saving due to switching to WFH
or Flexi working.

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Transportation, parking fees, a professional wardrobe, meals bought out, and more can all be
reduced or eliminated from an employees spending entirely. These savings add up and
increase the disposable income available to an employee working from home or flexi
working. Therefore more disposable income during a pandemic due to change in work
method is a cause for an employee to have increased job statisfaction.
Accordingly, this survey reveals that there is a positive relationship between flexible
working/ work from home measures and the job satisfaction of the banking sector in Sri
Lanka. Therefore, the alternative hypothesis with regard to the improvement of job
satisfaction due to the flexible working/ work from home measures has to be accepted.

1.7 Conclusion
The study reveals that working from home and flexi working as the new climate of working
for Banks employees, can maintain their job satisfaction, and it is expected that they commit
to their work and fulfill their task accomplishment.
The findings of this research suggest that banks if contemplating working technologically
intermediated WFH should ensure that their management has a strong plan in place to
effectively manage employees during this period as well as strong SOP to ensure compliance
with all financial requirements.
The findings also illustrate several practical implications for the use of the working from
home and flex-working policy in Sri Lankan context, especially in terms of the COVID-19
pandemic.
Given the speed and scope of the changes required post Covid it could reflect that the Banks
were not fully prepared to deal with the consequences of the pandemic in the time allowed.
However by Banks swiftly developing the WFH policy, including standard operating
procedures (SOPs), selection process of WFH staff, technological feasibility, they were able
to significantly reduce the impact of Covid-19 on its operations and to maintain the
productivity of its employees.

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The study was limited in terms of its application to banks in Sri Lanka at one point in time.
Further research could bring in multiple organizations from a range of industries, and
examine the results through time, especially after organizations have had more experience in
operating with WFH and Flexi-working arrangements.
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