CHAPTER I

THE PROBLEM AND ITS BACKGROUND

Introduction

In recent history, three economic crises have occurred in the United

States of America. The first two were, however, restricted due to limited

communication and globalization Soludo states that the most recent one, which

has spread to other parts of the world, started in 2007 in United States of

America due to unrestricted lending to sub prime mortgages. The easy spread of

this crisis was due largely to improvements in technology, globalization and the

removal of various trading baniers According to Allen and Thomas". Globalization

is defined as the integration of independent countries, with respect to economy,

culture and knowledge through modem technology. This accounted for the quick

and deep impact that the crisis had on other economies around the world.

Nursing is a universal profession that is practiced in its present form all

over the world. It touches human life from conception to death. It is a health care

profession focused on the care of individuals, families and communities so they

may attain, maintain or recover optimal health and quality of life from birth to the

end of life. Nurse's responsibility in saving and protecting life are unique roles of

www.cenbank.org. Accessed on September 20, 2010 nurses and also the reason

why nurses are still in demand despite of the threats of global financial crisis
nurses and also the reason why nurses are still in demand despite of the threats

of global financial crisis Nurses handle lives of billions of people who are under

for their care Government also knows their unique roles however they are not yet

that fully prioritized.

Nursing has been affected through the retrogression being implemented

by other countries who are hiring foreign nurses like United States. They prefer

first their people to be hired compared to other. The problems that had been

identified on the impact of global financial crisis are the low salary of employees

in hospitals particularly in some government hospitals in the Philippines, the high

ratio of nurse to patient in the delivery of health services despite the increasing

number of nurses and the scarcity of medical supplies. Added to the scenario is

the unavailability of competent and fully experienced nurses who are now

working in other countries before the introduction of global financial crisis in 2007

In the Philippines due to the oversupply of nurses and limited slots for nursing

jobs in other countries, the adjustment made by nurses is to have an experience.

They tend to work without pay in hospitals they are currently working with. Some

of the measures and strategic plans laid down by different agencies especially on

health departments is minimizing of cost, removing unnecessary expenses,

increased workloads and hours of shifts for nurses. The declining of profits in

hospitals is the major concern. They want to have a favorable net income despite

of the crisis which had been threatening the entire industry particularly the major

financial, credit institutions, financing firms, real states and banks.

 Understanding the impact of global financial crisis on nursing profession

will help the researchers assess the impact of crisis in relation to their profession

and serve as an input to policy makers in prioritizing mitigating measures that

would address the impact of the global financial crisis. It will help also the

concerned agencies like the Health Department on how to cope up and provide

measures to alleviate the crisis.

Conceptual Framework

In the scope of broadening the insights of the Impact of Global Financial

Crisis in Nursing Profession, the researchers came up with a study design. The

study utilized the basic system approach namely; Input, Process and Output.

INPUT PROCESS OUTPUT

1.Respondents profile

2. Impact and factors

Assessment of the
affecting nursing
impact of Global Strategies to address
profession in terms of
Financial Crisis to the the problem crisis
global financial crisis
Professional Nurses
3.Strategies and
solution

FEEDBACK
 The paradigm illustrates the interplay of the three components which are

the input the process and the output

The inputs are the agents of results such as the profile of the respondents

as to their age, gender, civil status, educational attainment, employment status,

monthly salary income, impact of the global financial crisis, contributing factors

that has been identified and perceived by the respondents and to come-up some

strategies or solutions to address the occurring problems

To achieve the intended outcome of the study assessment of the impact

of global financial crisis to the professional nurses were done using the tools in

gathering the data, questionnaires, observation and interview

As a result of the process avalled by the researchers, possible strategies

and solutions can be instituted to lessen the impact of global financial crisis in

nursing profession

Immediately below is the feedback interlinking all the components

Statement of the Problem

This study aims to determine "Impact of Global Financial Crisis to the

Professional Nurses."

Specifically, it attempted to answer the following questions:

1. What are the respondents profile in terms of

1.1 Age
 1.2 Gender

1.3 Civil Status

14 Educational Attainment

1.5 Employment Status

16 Monthly Salary Income

2.What is the impact of global financial crisis to the nursing profession on the

following areas:

2.1 profession

2.2 workforce; and

2.3 quality of service

3. What are the possible factors that affect global financial crisis?

4. What are the strategies and solutions that can alleviate the global financial

crisis?

Assumptions of the Study

This study was guided by the following assumption:

1. That the researchers determine the profile of age, gender, civil status,

educational attainment, employment status and monthly salary income

2. That there is a relationship between the impact of global financial crisis to the

following areas:

2.1 Profession

2.2 Workforce

2.3 Quality of Service

3. That there are factors that affect the global financial crisis

4.That there are strategies and solutions that can alleviate the global financial

crisis.

Scope and Delimitations of the Study

The study entitled "Impact of Global Financial Crisis on Nursing

Profession" limited itself in the analysis of the perception regarding the impact of

global financial crisis to the profession, workforce and quality of service of the

professional nurses, the factors that can affect the global financial crisis as

perceived by the respondents as well as strategies and solutions identified to

alleviate the said crisis

This study covered the affiliating hospital of the researchers namely.

Callang General Hospital (CGH), Cagayan Valley Adventist Hospital (CVAH),

Southtern Isabela General Hospital (SIGH) at Santiago City and Quirino

Provincial Hospital (QPH) at Quirino Province.

 The respondents of this study are the employed nurses of the said

hospital. Researchers believed that they are qualified, considering the

experiences and problems they encountered in the workplace in terms of the

issues regarding employment status, low salaries, job insecurity, unjust working

denied benefits and curtailment of basic rights.

The researchers' utilized questionnaires as their main tool in gathering the

data, but to overcome threats of validity they used also gathering tools like

observation and interview

The researchers are only limited to 6 months in the conduct of this study /

study is estimated to be finished at the end of the first semester 2010

Significance of the study

This study would benefit the following:

Respondents. This study is of great value to the Professional Nurses for them to

have a better understanding on the impact of global financial crisis and able to

formulate a plan of action to lessen the impact of GFC to their profession.

Nursing Students. The result of the study will also help the students to identify

whether nursing is still suited for them to land a good job abroad. It will give them

insights about the direct impact of Global Financial Crisis on Nursing Profession

in the Philippines but also around the world.

 Health Agencies. This will serve as their sources of information in able to

alarm the Health Sector the proper way of treating their health workers during

economic turn down. Moreover, give them a good insight about what lacks when

it comes to their services so that proper actions and help can be rendered.

Future Researchers. The result of this study will be reference of the future

researchers for they will use as basis for a higher level of research similar to the

focus of this research.

Definitions of Terms

The Following terms were defined operationally and authoritatively to

facilitate better understanding or clarity to the readers.

Clinical Instructors. A registered nurse being given an authority to educate, train

and assist student nurses in rendering health interventions to their clients.

Contractual Nurse Includes one employed under a certain contract which

includes a salary of 5,000 pesos per month and renewable every 5 months

depending on hospital policy.

Crisis Is any unstable and dangerous social situation regarding economic,

political or social affairs especially one involving an impending abrupt change.

 Economy Refers to the sum of all or individual production and

consumption activities. It includes the practical adjustment, organization, or

administration of affairs or resources, especially of industrial resources of a state.

Finance. Is the science of fund management, it includes saving money

and often includes lending money.

Financial Crisis. As defined as a wider range of disturbances such as

sharp declines in asset price, failures of large finacial intermediaries or disruption

on foreign exchange markets.

Global Financial Crisis Refers to the global credit banking, currency and

trade crisis which emerge in the year 2007. It also refers to an economic scenario

where the economics of countries all over the world have taken a beating

Health Being a state of complete physical, mental, and social well-being

and not merely the absence of disease or infirmity.

Health Care Delivery The prevention, treatment, and management of

mental and physical well being through the services offered by the medical and

allied health professions Health Care Practitioner. The one who practice his

profession in the prevention, treatment and management of illiness and the

preservation of mental and physical well being

 Impact. Measures of the tangible or intangible effects (consequences) of

one things or entities action or influence upon another; or influence or effect of

something

Job Insecurity Is a condition where in employees lack the assurance that

their jobs will remain stable from day to day, week to week or year to year."

Low Income. Means having an income that is equal to or less than the

levels establish by the Office of Budget and Management as poverty level.

Nursing Is the diagnosis and treatment of human responses to actual or potential

health problems. "

Nursing Profession. Is a calling that requires a special knowledge, skills 10 and

preparation in the field of nursing."

Occupation. A person who is employ in a company as a means or earning a living.

Opportunities. A situation or condition favorable for attainment of goal.

Profession. As an occupation that requires extensive education or a calling that

requires special knowledge, skills and preparation.

Quality. Is the customer perception of the value of the supplier work output and

to build and sustain relationship.

Service. A condition or employment of a public servant.

Strategies Refers to a plan of action designed to achieve a particular

 Theory. A set of statements or principles devised to explain a group of goal. facts

or phenomena, especially one that has been repeatedly tested or is widely accepted and

can be used to make predictions about natural phenomena."

Unemployment. An economic condition marked by the fact that individual

actively seeking jobs remain un-hired.

Volunteer Nurse. Perform the task of a regular nurse but without pay in order to

gain clinical experiences.

Workforce. Refers to the whole body of employees, either in an organization or

across an industry.
CHAPTER II