1. INTRODUCTION:

In the VUCA (Volatile, Uncertain, Complex and Ambiguous) environment, Business Sustainability across companies and industries is driven by Business Value Creation. Conventionally Business Value creation is linked to quantifiable and tangible periodic achievement of top line and bottom-line targets. According to Great Place to Work Institute, UK, there is no correlation between an organization’s publicized values and financial performance but there is a link between a culture of strong values as perceived by employees and organizational performance. Therefore, values need to be ‘lived’ throughout the organization. (2014). Glynis A. Fitzgerald and Nancy M. Desjardins (2004): Organizational Values and Their Relation to Organizational Performance Outcomes, Atlantic Journal of Communication, 12:3, 121-145 discusses how values are defined and different ways that values can be communicated to acquire improved organizational outcomes.

1.a Aims and Objectives:

1.a.1 Primary Objectives:

The following point is the primary objective of the study

i. To study the Impact of Organizational Values and Employee Engagement on Business Performance

1.a.2 Secondary Objectives:

The secondary objectives of this study are as follows:

I. To examine the impact of organizational values and employee engagement on business performance indicators

II. To study the linkage and correlation of Organizational Values deployment and survey findings with Employee Engagement of the company and its further linkage with Key Business Performance indicators

III. To identify the main drivers, key success factors and bottlenecks in the above construct

IV. To analyze the impact of Organizational Values and Employee Engagement on Organizational performance indicators and establish the qualitative and quantitative linkages between Employee engagement, Organization Values and Its business performance

2. Research Questions:

In line with the Research scope and objectives, following are the research questions

· What are the current Practices regarding Organisational Values deployment and review?

· Is targeted company having formal practices of correlating Organisational Values deployment with Employee engagement improvement?

· Is there a definite pattern of correlation between organisational values deployment, employee engagement and business performance indicators?

· What are the factors that facilitate/obstruct the linkage between Organisational Values, Employee engagement and Business performance indicators?

3.ORGANISATIONAL VALUES:

3.1 Definition of Organizational Values:

Schwartz and Bilsky (1987) identified the following common threads in defining values: (a) concepts or beliefs, (b) desirable end states or behaviors that transcend specific situations, (c) guide selection or evaluation of behavior and events, and (d) ordered by relative importance. A common way by which organizational culture can be operationalized is through values (O’Reilly, Chatman, and Caldwell, 1991). An organizational value refers to implicit and broad goals that can guide the behavior of individuals at work (Chatman, 1989). According to Argandona, Values are central desires or beliefs regarding final states or desirable conducts that transcend specific situations, guide the choice and evaluation of our decisions and, therefore, of our conducts, becoming an integral part of our way of being and acting to the point of shaping our character. (p. 16) (2003)

4.EMPLOYEE ENGAGEMENT:

4.1 Definition of Employee Engagement:

The construct, employee engagement emanates from two concepts that have won academic recognition and have been the subjects of empirical research-Commitment and Organizational Citizen Behavior (OCB) (Robinson, Perryman and Hayday, 2004; Rafferty et al., 2005). Gallup organization defines employee engagement as the involvement with and enthusiasm for work. Gallup as cited by Dernovsek (2008) likens employee engagement to a positive employees’ emotional attachment and employees’ commitment. As per Hewitt, Employee Engagement describes the state of Emotional and Intellectual Involvement or Commitment an Employee has to an organisation. Hewitt research and experience show strong evidence that higher levels of Engagement combined with appropriate capability produce stronger business results and sustainable competitive advantage. Therefore, by identifying those factors which have the most impact on an employee’s level of Engagement, organizations can develop strategies and take actions to increase Engagement and therefore business results. Perrin’s Global Workforce Study (2003) uses the definition “employees’ willingness and ability to help their company succeed, largely by providing discretionary effort on a sustainable basis.” According to the study, engagement is affected by many factors which involve both emotional and rational factors relating to work and the overall work experience.

5. Impact of Organizational Values Elements and Employee Engagement Outcomes on the Organizational Performance:

Values play a role in how and what type of value is created whilst they are distinct from value creation, there is a relationship between value creation and values such as the beliefs, behaviors, cultural choices and philosophies embraced by an organization. Values or the absence of values, sometimes expressed in codes of business conduct, can play a role in determining the way and extent to which an organization creates and protects value. (Source: EY Integrated report on Value Creation).Value creation is the primary objective of any business entity. It is obvious that most successful organizations understand that the purpose of any business is to create value for its customers, employees, investors as well as its shareholders. Studies have found positive relationship between employee engagement and organizational performance outcomes: employee retention, productivity, profitability, customer loyalty and safety. Researches also indicate that the more engaged employees are, the more likely their employer is to exceed the industry average in its revenue growth. Employee engagement is found to be higher in double-digit growth companies. Research also indicates that engagement is positively related to customer satisfaction (Coffman, 2000; Ellis and Sorensen, 2007; Towers Perrin Talent Report, 2003; Hewitt Associates, 2004; Heintzman and Marson, 2005; Coffman and Gonzalez-Molina, 2002). Engaged employee consistently demonstrates three general behaviors which improve organizational performance: Say-the employee advocates for the organization to co-workers, and refers potential employees and customers Stay-the employee has an intense desire to be a member of the organization despite opportunities to work elsewhere Strive-the employee exerts extra time, effort and initiative to contribute to the success of the business ( Baumruk and Gorman, 2006) What will happen to an organization if its employees are disengaged? Employees who are not engaged are likely to be unproductive.

5.a Say, Stay and Strive Engagement Model:

Hewitt (2015) discussed about engagement outcome and “say, stay and strive” engagement system. This research has provided various outcomes of engagement include reputation, EVP (Employee Value Proposition), job satisfaction, career opportunities and performance management. The findings of this report have shown that top drivers for overall engagement and drivers for outcomes in say, stay and strive engagement system. The researchers have determined that engaged workers ‘say’ positive things regarding the industry, ‘stay’ with organization and ‘strive’ to go beyond and above. The EVP, job satisfaction and reputation were the critical factors across all the engagement results. Managers must obtain opportunities to make clear a convincing promise to workers and to elucidate the positive factors to organization and employees.

Hewitt (2017) described the global trends in employee engagement measures using say, stay, strive engagement model. This research has been carried out by using facts from above five million worker responses in the year between 2015 and 2016. Besides estimating employee engagement, this research has estimated fifteen work experience dimensions include: reputation, collaboration, career opportunities, EVP, autonomy or empowerment, learning and development, rewards and recognition, enabling infrastructure, talent and staffing, work life balance, manager, performance management, senior leadership and job satisfaction. The employee engagement model has provided a complete representation of business impact of employee engagement; as well as the work experience factors that cause greater engagement. There was a big deal of inconsistency in both engagement trend and engagement level throughout the world. Some level of engagement inconsistency was happened because of cultural variations, in which it has been frowned upon to negative or enthusiastic. Other factors such as economic or political stability was also influenced the level of engagement.

6. Research Gaps:

· Formal approach to establish systematic Linkage of Organizational Values and Employee Engagement on Organizational Performance Indicators is not available.

· Evidence of Organizational Values and Employee Engagement on Business performance is strategically not being assess

· It is business imperative to leverage the Organizational values for enhancing employee engagement, commitment and trust for impacting Individual and team’s performance further impacting Business Value variables like Revenue, Profitability and market share growth.

7. Research Objectives:

1. To analyse the impact of Organisational Values and Employee Engagement on Organizational performance indicators

2. To study the linkage and correlation of Organisational Values deployment and survey findings with Employee Engagement of the company and its further linkage with Key Business Performance indicators;

3. To identify the main drivers, key success factors and bottlenecks in the above construct.

8. Conceptual Model:

Relationship between Organizational Value and Business Performance:

Spinello (1992) explored business relationship along with mutual benefit is accomplished by delivering created values. The provision of medicines in a fair and reasonable pricing of Pharma industry value creation plays an essential part. Accepting the concerns of customers and other constituencies and a long-term success are the important aspects of value creation. The pricing is not an ethical problem and can be limited is realized by Pharma executives.

Add the following paragraphs under the Conceptual Model diagram:

Relationship between Organizational Value and Business Performance:

Creating values for the customers and their relationships are part of market orientation which leads to increased performance. Customers support loyalty, enhanced reputation and financial resources which help in the creation of positive firm image resulting in ethic and responsibility. The stakeholder's relationships are stressed by the ethical cultures emerged from the values of leadership and commitment created by the organization. Implementation of organizational ethic is achieved by monitoring, establishing, and communicating legal requirements and ethical values which hold firm’s culture and history suggested by Ferrell (2004).

Lewis, et al (2016) has examined the impact of employee engagement on organizational value in the background of a Pharma industry. The main findings of this study have been linked with grounded theory to have a valuable conclusion. Primary data has been collected through questionnaires and as well direct interactions with respondents. As well, the research has used Skype for collecting questionnaire because of the distance between respondents and researchers. The sample size of this research includes 35 respondents in which 32 non-managers and three managers. The major findings concluded that employee engagement absolutely influenced the performance of the organization. A number of key factors of employee engagement in this study have been cautiously examined in order to observe their practicability and as well sustainability.

Relationship between Employee Engagement and Business Performance:

Kumar et al. (2014) consolidated the difficulties of Pharma companies to recognize right stakeholders and their engagement in the process of drug approval. Market access is involved in engaging stakeholders who are responsible for the overall commercialization process of the products. Effective engagement of these stakeholders is approached through customized processes. Identification of the right stakeholders and engaging them is a unique challenge faced by emerging market access team. Pharma companies required to proactively engage stakeholders group to meet their potential needs of the future.

Gorenak (2014) researched the leading international Pharma company The KrKa Group from Slovenia. The hypotheses applied within the research are the innovative and holistic Total Responsibility Management (TRM) and strategic stakeholder management for the sustainable development and successful CSR (Corporate Social Responsibility) based on ISO 26000 guidance standards. The KrKa implemented well-established stakeholder management at the corporate level of strategies which lead to long-term competitiveness and long-term partnership with the stakeholders of KrKa group. From the methodology of Interview with manager of the company exploring news, awards, annual reports and campaigns, they achieved by strengthening the long-terms business partnership and connections in the area of product supply and marketing. The main values defined by Krka are flexibility, speed, creativity, trust, and efficiency. Own-brand marketing of Pharma is attained through investments and Krka’s own centers of production and distribution. Moreover, Gorenak defined stakeholder engagement as interactive activities started by an organization with all the stakeholders involved. The Krka Group is strong at identifying and proactively interact with stakeholders. As per ISO 26000 specified reason to engage stakeholders are the decision and the process of performance evaluation, prevention of conflicts and reconciling, integration of perspectives and increased partnership. The stakeholder engagement is a continuous process and their interest and skills influence others to actively engage. Successful trade and sustained value are met when a business engages its stakeholders.

A descriptive research design applied by Kenyoru et al. (2015) concerned Stakeholder Engagement Strategy which plans and controls the whole organizational environment. A good stakeholder engagement strategy must foresee upcoming inefficiencies and undertake preventive steps from the happening and ensuring reasonable profit and high-quality achievement. The stakeholder theory implies the stakeholders who could be regulators, customers, governments, interest groups and industry associations. Employee investment providing stock ownership motivates to work harder and employee involvement in the case of decision making is referred as PDM (Participative Decision Making) which integrates shared decision making as well. The organizational benefit is accomplished by the perceived influences and motivation of employees in PDM. Stakeholder engagement strategy encourages employees to invest so that contribution and expressing views of employees will enhance the performance. Driving focus and transparency is increased with this engagement strategy.

Devi and Kolla (2014) stated that employee engagement has become a hot topic in HR field. Employee engagement in an organization denotes that “one step ahead from commitment in order to accomplish organizational goals and objectives”. The main aim of this research is to find out the factors of employee engagement particularly in Pharma industry. The research has collected data from 316 sample respondents. Findings of this study specified that work culture, style of participative management and compensations are the three factors that influence employee towards their engagement in Pharma industry. Research as well determined that nature of a leadership style and administration might have an indirect influence on engagement activities.

Jadwiga, (2016) intended to examine the relationship between employee engagement and organization performance with special reference to Pharma companies. The relationship between work incivility and employee engagement is also examined in detail in this research. The researcher stated that Pharma based research is a science-focused, compound, extremely regulated, time-consuming, and as well perilous process. Employees who perform under nerve-racking working situations are more expose to uncivil behavior and that leads to poor engagement in work place. In a spiral, some negative things that take place in organization might create negative emotions as well behavior of an employee which possibly will affect worker assertiveness, including employee engagement.

The findings of this study concluded that education and gender did not facilitate the link between workplace discourtesy and employee engagement.

The research done by Ahmed (2017) emphasizes the importance of employee engagement and intends to examine ‘exactly how Pharma employees are engaged towards their work’ that is how actually they think about their work and working place. In total 300 employees of local and also multinational Pharma has been approached for this study. Gallup Q12 questionnaire has been used in this research in order to measure the level of engagement of employees. The findings of this study exposed that only 20% of Pharma & Consumer employees are engaged, 22 % of employees are not engaged whereas 5 % that is more than half of the employees seem to be disengaged in their work. Pandey and David (2013) expressed that employee engagement is a state where the personnel are completely immersed in their job and are ardently committed to their organization. A completely "engaged employee" is someone who is effusively concerned in, and excited about their job, and therefore will perform in a way that advances his company’s benefits, this research examined what job features results in high employee engagement. Data has been gathered full purposeful sampling for qualitative data collection from 107 respondents on five-point Likert scale formula through questionnaire. Results of the research proposed that pleasing work atmosphere, prospects to develop and job improvement results ineffective engagement in employees particularly in fast developing sectors like IT and Pharma industry.

Suresh and Krishnaraj (2015) specified that in India, over the past few decades, the Pharma industry has been developing like any other industry. At the same time this has equally caused a few challenges that are related to the HR practices. It seems to be the greatest challenge for Pharma industry to engage their employees positively in their work. Employee engagement is a process which retains and motivates the talented pool in an organization. Employee engagement obviously has a predominant role in employee retention. Employee retention is a practice wherein the employees are engaged to stay within the organization. Thus, the research has been carried out in order to find out the main aspects that have an effect on the employee retention and its relationship towards the employee engagement particularly in Pharma sector.

Organizational Value, Employee Engagement and Business Performance Indicators:

Relationship between organizational value and sales revenue of an organization:

Sharda (2016) investigated the talent management practices of Pharma firms and their relationship to find out organizational performance. The collected data from the interview’s top management, marketing and sales and senior manager of HR explored the value-driven management style. When the organization is more focused on increased productivity even with limited boundaries the organizational culture is nearly close to the market culture. It was clear that culture building and articulating organizational values served as a driving force of talent management.

Sakthivel (2011) attempted to analyze Indian Pharma Industry using regression analysis and studied the relationship existed between the concepts of EVA (Economic Value Added) and MVA (Market Value Added along with shareholders value creation in order to bring more accurate corporate performance. From the impact of economic and financial variables of value creation on Indian Pharma company, there is a significant association between EVA and MVA. MVA of Pharma companies are influenced by the only variable EVA. For instance, Ranbaxy Laboratories an Indian Pharma company recognized the importance of EVA on this current market pressure.

Sarmah, Islam and Rahman (2015) ensured stakeholder participation in the process of value creation by engaging sustainability initiative and social responsibility. The value created through interactions with the stakeholders resulting in sharing of knowledge, resources, technologies will lead to ultimate consumption. The delivery of superior value in business needs participation and involvement of a large number of parties which makes coordination. Hence it is important to select interested stakeholder group in order to create a mutually profitable bonding. Therefore, farmers may become partners in co-creation of values thereby giving an effective source of innovation.

Relationship between organizational value and profitability of an organization:

Sharda (2012) studied the phenomenal Pharma industry in India Lupin Limited and vision and values are exhibited are integrity, working together, respect people, superior performer, entrepreneurship and customer orientation delivered by Dr. Gupta. These values are translated into reality by the senior executives of the company. Hence a new employee would step into add value which leads to increased confidence and the rate of self-esteem.

Koll (2003) dealt with the relationship between vertical partners and manufactures of value creation system which considered being the major source of organizational success. In accordance with the organizational culture exchanging information with external parties, getting opinions and preferences help in the competitive advantage. Competing alternatives among investors, customers, and employees with reputation schemata facilitate sense-making. Institutionalized discussions such as stock reports, rankings of consumer magazines (e.g business performance in Fortune or Business week) will hold micro-culture and will give what kind of performance the industry really means.

Relationship between organizational value and annual growth of an organization:

The critical success factors (CSR) are obtained when companies apply Total Quality Management simply TQM (Mehralian et.al 2016; Joseph, Rajendran and Kamalanabhan, 2010; Kumar, Garg, and Garg, 2011) in order to increase productivity, customer satisfaction, teamwork, market share and competitiveness. TQM evolved to maintain the standards of high quality products and services and supporting them to excel in performance. Many developed countries and World Trade Organization (WTO) studied TQM by open their markets to foreign investors and international competitors so that they could compete and survive in a serious competitive environment. It was observed that the value of Pharma sector was increased annually by 25% to 30% over the past decade. The TQM provided an open culture through which employees are able to share and distribute their knowledge in the case of quality of products. The successful implementation of TQM provides KMS (Knowledge Management Systems) which empowers employees to stay on top with their ongoing assignments.

The benchmarking of TQM allows companies in improving their gradual performance from learning competitors active in the market. The benchmarking criteria of Pharma companies encourage the employees to get new ideas, procedures and methods and acting as a catalyst of business procedures.

Pilon and Hadjielias (2017) intended in the dynamics of value co-creation of Pharma industry’s selling model by exploring Strategic Account Management (SAM). With this model complex stakeholder networks and increased sophistication of the buyer and their decision are simplified. From the data received from hospitals which hold strategic accounts of Pharma companies, a value co-creation model indicated how a client-supplier could be in a fruitful relationship and the phenomenon of open manner. And also revealed the knowledge in the area where currently lacks the Pharma marketing endeavors. This becomes a key functional factor in the area of marketing and selling focusing on product driven perspective. The value co-creation through SAM model gives a picture of more client-centric selling and financially challenging sales and improved Pharma marketing. The findings gave a dimension of initiatives which generates value linked to Annual Quality Improvement Plans.

Gassmann, Reepmeyer, and Zedtwitz (2004) depicted the trends and the drivers of growth in which they stated the financial stability of InnoGel and NovoGel is collaborated by exploiting the potential value creation. In addition to this Inter Pharma & Consumer Link optimized its clients and key resources through value chain and created value with supply chain optimization and product portfolio optimization. The commercialization of NovoGel is preceded with respect to the potential value creation lead to licensing within twelve months. This early decision aspires as one of the functioning value created a business plan.

Relationship between Employee engagement and sales revenue of an organization:

Shrivastava (2012) analyzed the individual performance and organizational outcome of Indian Pharma companies, with that it is evidenced that organizational commitment is highly valuable bringing productivity and higher performance of an organization.

A self-reinforcing cycle of attitude evolved over time strengthening employee commitment and involving in the company’s business, applying their abilities and their knowledge from available information and making an adequate decision and being responsible will uplift the growth of financial performance. Successfully running companies effectively engage their resources in creating and marketing or new products or services which fuel creativity and innovation of the organization.

Relationship between Employee engagement and profitability of an organization:

Boesso and Kumar (2016) indicated the nature of stakeholder activities like egoist cultures with dominant norms of self-interest and profit maximization within short-term and narrow with shareholder-centric orientation. The Stakeholder Engagement Activities (SEA) significantly emphasis on the transformation of value chain activities to philanthropy. Engaging in a good citizenship activity and broad stakeholder-centric quality is the ethical standards of financial goals. Instrumentalist stakeholder cultures simply enlightened self-interest and adaptive morality will contribute to firm’s financial success. The short-term profitability of stakeholder engagement activities will be attributed with the qualities of reliability, loyalty, adherence to social norms and dependability.

Relationship between Employee engagement and annual growth of an organization:

Katamba, Nkiko and Ademson (2016) embraced the business code of conduct and ethics in which a local Pharma company situated in Uganda KPI (Kampala Pharma Industries) is used for a stakeholder engagement workshop. The consultative approach cited notable benefits such as reputational enhancement, increased possibilities of cross-border winning with the co-operation of Pharma players, strategic competitiveness and involving everyone in identification and solving problems affecting the business at large. The sustained performance is achieved by managers or agents who are abiding the business code of conduct & ethics and to be loyal to the company and interested in all activities. On this continuous process attributed KPI to perform fairly well.

9. Research design:

· Data sources

· Research approach (Mixed Method)

· Data collection method

· Sampling plan

10. Research methodology:

This is abstract of my completed research paper and as a part of the research methodology and data collection consist of primary data which is quantitative and qualitative withcombination of questionnaire and interviews.

As a sample selection, target employees’ sample of two companies of Indian originMedium enterprises with the number of employees between 50 and 250. In terms of target population for sampling all employees in the organisation across levels to be considered and this regard in-depth case studies of at least 02 companies would be undertaken with respect to data of business performance indicators, values survey, employee engagement surveys of the targeted organization and analyze the consistency in line with the construct.

11. Managerial Implications:

· The present study will contribute on present practices of correlating Organisational Values elements with Employee engagement outcomes

· The study will further encourage Management faculty to study the significant linkages between Organisational Values elements and Employee engagement outcomes and its further impact on organizational performance

· To develop an appropriate recommendation and framework including Mathematic model of linkages in all three variables and develop best practices that can be used as a reference for future research and study on the similar subject/area.

· To also study on the negative business impact and cost of business opportunity loss and non-quality on account of disengaged employees and erosion of Organizational Values on account of disconnect of demonstration of Organizational Values oriented behaviors by the senior leadership of the Organization.

12. FINDINGS FROM THE RESEARCH DATA ANALYSIS:

Interpretation of Summary of Company 1 And Company 2 Employee Engagement Outcome Score and Organizational Values Elements Score Along With Business Performance Indicators

	Business Performance Indicators (Y)	Mean of Employee Engagement outcome score (X1)	Mean of Organizational Values Elements score (X2)
Company No.1 Year: 2012	Gross Sales Revenue - 25403 million INR	67.0%	75.37%
	Sales Volume: 20.1 million cases
Company No.1 Year: 2014	Gross Sales Revenue - 47121 million INR	68.60%	78.10%
	Sales Volume = 32 million cases
Company No.2 Year: 2015	Sales Revenue - 53.2 USD million	47.30%	53.30%
	Profit After Tax - 0.6 USD million
Company No.2 Year: 2017	Sales Revenue - 68.7 USD million	61.50%	62.50%
	Profit After Tax - 7.13 USD million

The above table shows that over time mean of employee engagement outcome score has increased to 68.6% in 2014 from 67% in 2012 in company No.1. Likewise, in Company No. 2, the mean of employee engagement outcome score has increased from 47.3% in 2015 to 61.5% in 2017.

A similar rise is also visible in the corresponding organizational values element score values of both the companies. As per the table, mean of organizational values element score has risen from 75.37% in 2012 to 78.12% in 2014 in company no. 1 while the same has risen from 53.3% in 2015 to 62.5% in 2017 in company number 2.

Co-relation of Employee Attrition % with Employee Engagement outcome scores for the targeted organization:

The Employee Attrition analysis of both the researched organization Company 1 and 2 establishes the linkage between Employee Engagement outcome scores and Employee Attrition %ages of corresponding years. Which suggest that with improvement of Employee Engagement outcome scores for the researched years for the researched companies, there is corresponding drop in Employee Attrition %ages

Employee engagement outcome score has increased to 68.6% in 2014 from 67% in 2012 in company No.1, accordingly Employee Attrition % ages for 2014 was 6% and 7.89% in 2012. Likewise, in Company No. 2, the mean of employee engagement outcome score has increased from 47.3% in 2015 to 61.5% in 2017 and correspondingly the Employee Attrition% ages for 2015 dropped from 15% and 8% for 2017

Chi-Square Tests for Employee Engagement and Sales Revenue (Company 1)

	Value	df	Asymp. Sig. (2-sided)	Exact Sig. (2-sided)	Exact Sig. (1-sided)
Pearson Chi-Square	2.000^a	1	.157
Continuity Correction^b	.000	1	1.000
Likelihood Ratio	2.773	1	.096
Fisher's Exact Test				1.000	.500
Linear-by-Linear Association	1.000	1	.317
N of Valid Cases	2

Symmetric Measures
		Value	Approx. Sig.
Nominal by Nominal	Phi	1.000	.157
Nominal by Nominal	Cramer's V	1.000	.157
N of Valid Cases		2

Chi-Square Tests for Organizational Values and Sales Revenue (Company 1)

	Value	df	Asymp. Sig. (2-sided)	Exact Sig. (2-sided)	Exact Sig. (1-sided)
Pearson Chi-Square	2.000^a	1	.157
Continuity Correction^b	.000	1	1.000
Likelihood Ratio	2.773	1	.096
Fisher's Exact Test				1.000	.500
Linear-by-Linear Association	1.000	1	.317
N of Valid Cases	2

a. 4 cells (100.0%) have expected count less than 5. The minimum expected count is .50.

b. Computed only for a 2x2 table

Symmetric Measures:

		Value	Approx. Sig.
Nominal by Nominal	Phi	1.000	.157
Nominal by Nominal	Cramer's V	1.000	.157
N of Valid Cases		2

Chi-Square Tests for Employee Engagement and Sales Revenue (Company 2)

	Value	Df	Asymp. Sig. (2-sided)	Exact Sig. (2-sided)	Exact Sig. (1-sided)
Pearson Chi-Square	2.000^a	1	.157
Continuity Correction^b	.000	1	1.000
Likelihood Ratio	2.773	1	.096
Fisher's Exact Test				1.000	.500
Linear-by-Linear Association	1.000	1	.317
N of Valid Cases	2

Symmetric Measures

		Value	Approx. Sig.
Nominal by Nominal	Phi	1.000	.157
Nominal by Nominal	Cramer's V	1.000	.157
N of Valid Cases		2

Chi-Square Tests for Employee Engagement and Sales Revenue (Company 1)

	Value	Df	Asymp. Sig. (2-sided)	Exact Sig. (2-sided)	Exact Sig. (1-sided)
Pearson Chi-Square	2.000^a	1	.157
Continuity Correction^b	.000	1	1.000
Likelihood Ratio	2.773	1	.096
Fisher's Exact Test				1.000	.500
Linear-by-Linear Association	1.000	1	.317
N of Valid Cases	2

Symmetric Measures

		Value	Approx. Sig.
Nominal by Nominal	Phi	1.000	.157
Nominal by Nominal	Cramer's V	1.000	.157
N of Valid Cases		2

Regression with given X1, X2 and Y for Company 1 and Company 2 (where X1 is Employee Engagement outcome and X2 is Organizational Values Element and Y is Business Performance Indicators)

Model Summary^b

Model	R	R Square	Adjusted R Square	Std. Error of the Estimate
1	.947^a	.898	.693	178.89773

a. Predictors: (Constant), X2B, X1B

b. Dependent Variable: Y

ANOVA^a

Model		Sum of Squares	df	Mean Square	F	Sig.
1	Regression	280457.905	2	140228.952	4.382	.320^b
	Residual	32004.397	1	32004.397
	Total	312462.302	3

a. Dependent Variable: Y

b. Predictors: (Constant), X2B, X1B

Coefficients^a
Model		Unstandardized Coefficients		Standardized Coefficients	t	Sig.
Model		B	Std. Error	Beta	t	Sig.
1	(Constant)	-1161.942	647.781		-1.794	.324
	X1B	-32.097	33.848	-.978	-.948	.517
	X2B	51.013	28.792	1.827	1.772	.327

a. Dependent Variable: Y

Regression Equation

Y = -1162 - 32.1 X1 + 51.0 X2

13: Discussion and Conclusion:

13.1 DISCUSSION:

Introduction:

Today we are living in an era of globalization where change is certain and the management of human capital is important for the success of the organization. As the organizations are facing huge competitions have realized the importance of making their employees fully linked with the organizations and their job. ‘Employee Engagement' is quite a new construct in HR literature. Engaging employees is a key to satisfy organization’s customers. HR consultants consider that the engagement is how employee feels about the work and how he or she is treated in the organization. Employee engagement is rightly viewed as the main aspect of productivity. A fully engaged employee brings enthusiasm and zeal to their work which is directly related to cohesive workplace culture and the extra efforts, better ideas and innovations that make organizations succeed. In recent years due to a slow economic recovery and uncertain economic conditions many organizations have limit their hiring processes, making employee engagement even more significant. Taking these things into consideration it is important to understand the culture, management and other factors that influence employee engagement. The importance of employee engagement is clear when looking at the differences in performance between work teams with high and low levels of employee engagement. Gallup (2013) [6] finds that employee engagement program is powerful evidence of the impact of employee engagement on the bottom line. The State of the American Workplace: Employee Engagement Insights for U.S. Business Leaders report finds that “engaged workers are the lifeblood of their organizations.”

Great Place to Work research shows that strong values driven culture is critical to the success of high-performance organizations. Organizations with a culture of strong values are more likely to have better financial results than their peers. At Great Place to Work, we believe that organizations need to put values back at the core of their business. This is not only as a reaction to the various scandals and crises that have affected business in the last few years, but also as a tool to help minimize the risk of falling victim to future scandals and crises. Strong values help build organizational resilience (source: Published document by Great Place to Work Institute, UK, 2014)

Organization values and employee engagement developed as an important and widespread topic over the past two decades. Business units made an attempt to find out whether their employees are fully engaged and finding the way to make them involved in the work by carrying out different surveys and strategies to retain their competitiveness and enhance overall performance. The main motive of carrying out the research is to analyze the factors that actually motivate workforces to perform their best in the organization. It is essential to analyze the relationship between what higher level management provides and what actually employees’ expectation is. The purpose being, these days, business enterprises and organizations are stronger in understanding what truly could engage or disengage workforces. It is essential for organization to take survey on employee engagement and that will probably enhance the growth and profitability of any business. It is also beneficial for organization if it designs or restructure the current procedures and execute key changes so as to raise the throughput and effectiveness of personnel. In addition to that, it will help them in keeping hold of the skilled employees within the organization. Organizations are giving equal importance to the concept employee engagement thus it is an important tool to enhance the betterment of the organization. There is a strong belief among organizations that employee engagement will certainly bring beneficial or adverse outcome to the success of an organization, and also to the organization’s reputation and financial performance.

The Indian Pharma industry, which is expected to grow over 15 per cent per annum between 2015 and 2020, will outperform the global Pharma industry, which is set to grow at an annual rate of 5 per cent between the same periods. The market is expected to grow to US $55 billion by 2020.Manufacturing has emerged as one of the high growth sectors in India. Prime Minister of India had launched the ‘Make in India’ program to place India on the world map as a manufacturing hub and give global recognition to the Indian economy.

India’s ranking among the world’s 10 largest manufacturing countries has improved by three places to India’s ranking among the world’s 10 largest manufacturing countries has improved by three places to sixth position in 2015. The Government of India has set an ambitious target of increasing the contribution of manufacturing output to 25 per cent of Gross Domestic Product (GDP) by 2025, from 16 per cent currently. Market Size India’s manufacturing sector has the potential to touch US$ 1 trillion by 2025. There is potential for the sector to account for 25-30 per cent of the country’s GDP and create up to 90 million domestic jobs by 2025. Business conditions in the Indian manufacturing sector continue to remain positive. There is no research work available in the area of study of impact of Organizational Values and Employee engagement on Business Performance and such study is being suggested by experts.

Purpose of the study:

· The present study would contribute on present practices of correlating Organizational Values elements pertaining to Senior Management/Leaders/Managers taking organization decisions in line with Company’s Values with Employee engagement outcome.

· The study would reveal whether there are significant linkages between Organizational Values elements and Employee engagement outcome and its further impact on organizational business performance parameters.

· Study would help to develop an appropriate recommendation and framework of best practices that can be used as a reference for future research and study on the similar.

Need for the study:

· Business Value Creation and Improving Business Performance is inherent imperative of companies’ survival.

· There is not much research which has been done in the Impact of Organizational Values and employee engagement on business performance

· It is imperative to conduct the above study for deriving the inferences of the linkages

· Organizational Values congruence has the theoretical and qualitative linkage with Organizational performance (Mitja Gorenak and Suzana Košir International School for Social and Business Studies, Slovenia 2012)

Sample Details:

· Sample was collected from one Pharma and Consumer Company and one Consumer Company of Indian origin.

· Both these companies are medium sized enterprise with employee strength between 50 to 400.

· The target population for the research was all the employees of both the companies.

RESULTS:

Company No.1

· As per the consumer data collected from company no 1 in 2012

· 52 per cent felt it would take a lot for them to leave the company. However approximately 27 per cent were not able to decide on their opinion regarding the same.

· Majority felt that they would not hesitate to recommend a friend to work in the company they were working currently

· Approximately 81 per cent felt that company was able to inspire them to give their best work.

· 44 per cent hardly ever think about leaving this company

· Approximately 80 per cent employees felt that if given a chance they would tell great things about working in the company

· Business performance indicators for company 1 for year 2012-13 is as follows

· Gross Sales Revenue is 25403 million INR

· Sales Volume is 20.1 million cases

· Reliability Statistics for the above data is as follows

· Cronbach’s Alpha for the above is 0.829

· Cronbach’s alpha based on standardized item is 0.844

· No of items is 6

· Hence, we can conclude that the Cronbach's alpha is 0.829, which indicates a Good level of internal consistency for our scale with this specific sample.

· As per the consumer data collected from company no 1 in 2014

· 50 per cent felt it would take a lot for them to leave the company. However approximately 27 per cent were not able to decide on their opinion regarding the same.

· Majority felt that they would not hesitate to recommend a friend to work in the company they were working currently

· Approximately 81 per cent felt that company was able to inspire them to give their best work.

· 49 per cent hardly ever think about leaving this company

· Approximately 79 per cent employees felt that if given a chance they would tell great things about working in the company

· Business performance indicators for company 1 for year 2014 is as follows

· Gross Sales Revenue is 47121 million INR

· Sales Volume is 32 million cases

· Reliability Statistics for the above data is as follows

· Cronbach’s Alpha for the above is 0.800

· Cronbach’s alpha based on standardized item is 0.800

· No of items is 6

· Hence, we can conclude that the Cronbach's alpha is 0.829, which indicates a Good level of internal consistency for our scale with this specific sample.

· From the above data we can clearly see that mean of employee engagement outcome score for year 2012 is 67 per cent.

· Also for the year 2012 mean of organizational value elements score 75.3 per cent.

· From the above data we can also see that mean of employee engagement outcome score for year 2014 is 68.6 per cent.

· Also, for the year 2012 mean of employee engagement outcome score 78.1 per cent.

The above analysis clearly indicates that with the increase in Employee engagement score and Organizational Values score for different researched years in company no 1, Business Performance Indicators also moves up correspondingly.

Company No.2

· Business performance indicators for company 2 for year 2015 is as follows

· Gross Sales Revenue is 53.2 million USD

· Sales revenue is 0.6 million USD

· As per the consumer data collected from company no 2 in 2017

· 59 per cent felt it would take a lot for them to leave the company. However approximately 19 per cent were not able to decide on their opinion regarding the same.

· Majority felt that they would not hesitate to recommend a friend to work in the company they were working currently

· Approximately 65 per cent felt that company was able to inspire them to give their best work.

· 48 per cent hardly ever think about leaving this company

· Approximately 71 per cent employees felt that if given a chance they would tell great things about working in the company

· Business performance indicators for company 2 for year 2017 is as follows

· Gross Sales Revenue is 68.7 million USD

· Sales revenue is 7.13 million USD

· Reliability Statistics for the above data is as follows

· Cronbach’s Alpha for the above is 0.967

· Cronbach’s alpha based on standardized item is 0.969

· No of items is 6

· Hence, we can conclude that the Cronbach's alpha is 0.967, which indicates a Good level of internal consistency for our scale with this specific sample.

· From the above data we can clearly see that mean of employee engagement outcome score for year 2015 is 47.3 per cent.

· Also for the year 2015 mean of organizational value elements score 53.3 per cent.

· From the above data we can also see that mean of employee engagement outcome score for year 2017 is 61.5 per cent. Also, for the year 2017 mean of organizational value element score 62.5 per cent.

The above analysis clearly indicates that with the increase in Employee engagement score and Organizational Values score for different researched years in Company no 2, Business Performance Indicators also moves up correspondingly.

14. a Future Research:

· The construct developed as a core part of this research linking the independent/moderating variables of Employee engagement outcomes and Organisational Values elements with dependent variable of Business Performance indicators is a cornerstone of the subject research and can be further leveraged by future researcher to build it further and bring many different dimensions and co-relation.

· There is also a need for academia/new researchers to investigate this new construct and come up with a clear definition and dimensions that will be used for measuring employee engagement outcomes linkages with Organizational Values elements and further with Business performance indicators justifying the importance of the concept of the construct.

· It is therefore a good and logical conclusion in line with the conventional wisdom that more we focus in the improvement of Employee Engagement outcomes and Organisational Values elements by role modelling of Values oriented behaviour by the senior management and leadership team, there is going to be certain positive impact on the Business performance Indicators and same has been further reiterated by Gallup surveys, Great Place to work surveys reports, AON Hewitt Global Employee Engagement survey reports

14.b Limitations:

There are some limitations to this research thesis which might have restricted the scope and affected the outcome of the research. The current study undertaken had to deal with several limitations. These limitations have been outlined subsequently:

1. No model in terms of engagement: The study has provided detailed structure of employee engagement but does not provide or suggest any model in terms of engagement. The study only deals with the organization value elements and employee engagement outcomes and not about the causes that take place in an organization because of disengaged employees. Employee engagement differs from one organization to another and from one employee to another employee.

2. General structure of the industry: Formal approach to establish systematic Linkage of Organizational Values elements and Employee Engagement outcomes on Organizational Performance is not available. It is not the key priority during the Business or Management review in targeted industries within India. Organizational Values and Employee Engagement on Business performance is strategically not being assessed. It is business imperative to leverage the Organizational values for enhancing employee engagement, commitment and trust for impacting Individual and team’s performance further impacting Business Value variables like Revenue, Profitability, market share growth, quality.

3. Tiresome procedure: Since the authors decided to use both primary and secondary data for the research, they had to make comprehensive preparations in advance so as to deal with the varied requirements of the procedures while simultaneously handling their time efficiently. Further, the authors had huge amounts of data as they used both secondary and primary data. As a result, the authors had to be very careful while assessing and investigating the data and making the inferences for the results.

4. Limited financial resources: Several financial resources were requires conducting the current research. However, since the available resources were limited, the current study was impacted adversely.

5. Time constraints: The limited time available to conduct the current study resulted in limiting the activities which were supposed to be undertaken extensively. Limited time for the research did not permit the researchers to conduct the research activities in a comprehensive and longitudinal manner which would have had limited impact on the outcome of study undertaken. Further this limited the sample size to merely 400+ respondents which may have also limited the impact of the study.

6. Legal and ethical limitations: It was essential to ensure that the researchers assured that the data they gathered was kept secure and employed solely for lawful purposes. They also had to guarantee that the data would be kept for as long as it was necessary. The consent of the respondents was also taken to ensure there were no legal issues which remain unresolved. Furthermore, the researchers had to stick to the directives laid down by other regulatory authorities to ensure that they behaved ethically when handling the sample populace.

7. The data has been collected mainly from 02 Organisation across two countries primarily where research scholar has worked due to time and budget constraints involved in it, thus, these findings should be generalized with caution.

8. As Organisational Values are different in different Organisation and therefore with due consideration statement to assess the leadership/senior management/Managers decision making is in line with Company’s values has been included in the Employees’ engagement survey to see the role modelling behaviour of leadership creating antecedents for Values oriented culture in the Organisation. So, this needs to be borne in mind while generalising the findings with caution.

9. For assessing Employee engagement outcomes, AON Hewitt engagement framework was considered and therefore other Employee Engagement outcomes framework can also be used and interpreted accordingly and should not be again generalised

10. Future research could focus on the comparison of similar results amongst the different sector/industry organizations besides Pharma and Consumer and consumer.

11. Besides Business performance indicators which were chosen in this research other key Business performance indicators could also be considered for future research

However, it was possible to nullify the above limitations to a great extent if they were considered carefully and the data would have been evaluated very carefully.

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Received on 19.06.2019 Modified on 10.07.2019

Asian Journal of Management. 2019; 10(3):190-202.

DOI: 10.5958/2321-5763.2019.00030.1