Teamwork and Collaborative Decision Making at ARKA Fincap, Chennai

Abstract

The need for collaboration and joint decision-making has become more crucial in the modern financial world than ever before, with regard to the efficiency of organisations, employee engagement, and overall performance. This study explores the nature and effectiveness of team working and collaborative decision making practices at ARKA Fincap Limited, a Mumbai based Non-Banking Financial Company (NBFC) with branch in Chennai. The primary data were gathered on 120 employees from all hierarchical levels by using structured questionnaire on 5-point likert scale. The population of the Chennai unit was covered in a census method. The percentage analysis, Chi-Square analysis and Correlation analysis were used as statistical tools. This indicates that most respondents have positive views on the importance of teamworking in the reduction of stress, increase in goal attainment and improvement of organisational performance. But findings of mixed views were noted with regards to open communication in decision making, employee participation in idea sharing and clarity of role. The results of the Chi-Square analysis showed no significant relationship between educational qualification and opinions on structural changes for a team’s performance (p = 0.126). The years of work experience were found to be slightly negatively correlated with the perception of effectiveness of teamwork (r = -0.003). The study concludes that though the collaborative practices are generally valued at ARKA Fincap, there is a need to introduce structured changes in its communication, role definition and decision making process in order to maintain the high performance team culture in the NBFC sector.