Study on corporate welfare, job satisfaction and intent to leave --- A case study of a news agency --- Abstract An corporate that provides excellent salary and welfare should be able to pool talents and gain advantage in the labor market. As salary and welfare are part of the operating costs of the corporate, how to satisfy employees¡¦ demands and needs at the lowest costs would an important task for the management. In addition, how does the welfare provided by the management retain talents, boost working morale, and create harmonious labor relationships? By surveying employees¡¦ individual traits, their actual demand and satisfaction with the current welfare incentives, the management can efficiently satisfy their needs. Additionally, the theory of characteristics in labor economics is adopted to interpret the difference in welfare requirements demanded by homogenous and heterogeneous employees. This study has been conducted with the objectives as follows: (1) Study and analysis of the difference between the welfare demand and employee¡¦s individual traits (monetary and non-monetary demands). (2) Study and analysis of the relationship and effects among the welfare provided by the corporate, employees¡¦ job satisfaction and the intent to leave. This study has adopted SPSS FOR WINDOWS as the tool for statistical analysis. For sampling data in descriptive statistics, use frequency distribution, and examine the levels of confidence of all frequency tables and their consistency and correlated coefficient Cronbach¡¥s £\ of all variables. Factor analysis of main ingredients, single factor variant analysis, one way ANOVA and subsequent inspection are conducted to review the difference of different variables. PEARSON analysis and REGRESSION analysis are used to examine variables of individual background, and the predictability of corporate welfare in relation to job satisfaction and intent to leave. Major findings include the following: 1. Influences of individual traits on welfare satisfaction, corporate welfare demand, job satisfaction and intent to leave: 1) Based on the analysis on satisfaction, only educational background, division of department, and current salary have significant impact on the satisfaction of corporate welfare. 2) Based on the analysis on different types of welfare demand: Gender, educational background and division of department have significant influence on the demand for monetary welfare; and educational background, division of department and current salary have significant influence on the demand for non-monetary welfare. 3) Based on the analysis of job satisfaction. In the area of group interaction satisfaction; gender, age, marital status, educational background and division of department have significant influence; however, in the area of actual income satisfaction, only educational background and division of department have significant influence. 4) Based on the analysis of relationship between individual traits and intent to leave. There is no significant influence in gender, age, educational level, current salary, nor division of department. Significant influence of marital status is found higher in females than that of males on average. In significant influence of division of department, the average of executive employees is higher than other departments. 2. Influence of corporate welfare measures to job satisfaction In the analysis of influence of job satisfaction to ¡§welfare satisfaction¡¨ and ¡§welfare demand¡¨; the higher the ¡§welfare satisfaction¡¨, the higher the ¡§group interaction satisfaction, and the higher the ¡§satisfaction with actual income¡¨. However, ¡§demand on monetary welfare¡¨ is inversely correlated to ¡§group interaction satisfaction¡¨, that is the higher the ¡§demand on monetary welfare¡¨, the lower the ¡§group interaction satisfaction¡¨. Additionally, ¡§demand on monetary welfare¡¨ is positively correlated to the ¡§satisfaction with actual income¡¨ which indicates that those with higher ¡§demand on monetary welfare¡¨ also has higher ¡§satisfaction with actual income¡¨. The results found in ¡§demand on non-monetary welfare¡¨ analysis is the same as that of the ¡§demand for monetary welfare¡¨. 3. Influence of job satisfaction on intent to leave: ¡§Group interaction satisfaction¡¨ and ¡§satisfaction with actual income¡¨ are inversely correlated to the intent to leave. In other words, those who are more satisfied with the group interaction and actual income are less likely to quit. 4. Corporate welfare measures have influence on job satisfaction and results in intent to leave: The influence of ¡§welfare satisfaction¡¨ on group interaction satisfaction, satisfaction of actual working income, overall job satisfaction and intent to leave is highly predicted. Positive influence is predicted when the supply meets the demand of ¡§monetary welfare¡¨ and ¡§non-monetary welfare¡¨ on high group interaction satisfaction, satisfaction with actual working income, and overall job satisfaction. Which indicates that when the corporate welfare is promoted, employees¡¦ satisfaction and job satisfaction will also improve and employees would be less likely to quit. Key words: corporate welfare, job satisfaction, intent to leave.

The purpose of our study was to explore multi-faceted connections between corporate welfare strategies (CWs) and local development. Although there are a large number of studies on the topic of CSR and CW, to this day, the plausible connection between CWs and local development has been largely overlooked from an academic viewpoint. Our original hypotheses assumed that there is a plausible relationship between CWs implementation and socio-economic development. In particular, CWs are likely to foster local economic diversification in related and unrelated sectors through knowledge and entrepreneurship spill-overs, as well as to strengthen local communitarian ties. Before investigating those plausible relations, we tried to put forth an acceptable, although non- conclusive, definition of corporate welfare, mainly relying on the CSR academic literature and the local development corpus of studies. Moreover, we referred to a multifaceted group of academic contributions and relied on social capital literature, Evolutionary Economic Geography’s concept of “related” and “unrelated” variety, as well as on local development studies. The mix of these three academic literatures allowed us to develop an interpretative schema that frames CWs within local development processes. In chapter 2, our analysis focused on Olivetti’s history and Adriano Olivetti’s political thought. We were inspired to dwell on this specific case for many reasons: 1) the Olivetti company is widely considered, by Italian academic literature, the ante litteram socially responsible enterprise. Therefore, for the sake of our study on CW and CSR, we could not avoid analyzing this paradigmatic case; 2) a more obvious hint came from Becattini’s comment on Porter and Kramer’s shared value (2011). Becattini’s reference to Olivetti led us to detect, what were so far, unexplored connections between Olivettian thought and Italian local development literature. Becattini’s reference to Olivetti’s case suggested an intellectual line of thought that, sometimes outwardly and often implicitly, connects AO’s social and political ideas to the local development literature. Hence, we went down this path of an ideal intellectual line of thought and reviewed Giorgio Fuà’s work (one of the few masters that Giacomo Becattini acknowledged), the theoretical cornerstones of Giacomo Becattini up to Porter and Kramer's shared value. We then proposed, relying on Olivetti’s, Becattini’s, Porter’s and Kramer’s works, a reassessment of the original concept of shared value, and called it "communitarian" shared value. We then analysed the implementation of CWs in a specific territorial context. We focused on the effects of CWs implemented by Ferrero and Miroglio, two Albese multinationals in the province of Cuneo. As aforementioned, by investigating the possible “external” effects that stem from larger enterprises’ CW policies - such as rising levels of local entrepreneurship, a growth in the number of firms operating in related and unrelated sectors, an increase in the levels of local trust relationships - our goal was to better understand this connection (that had never been fully explored academically) and add an original contribution to the subject of “internal” CSR with external effects. Lacking general research and quantitative data on the subject, we relied mostly on a qualitative/ethnographic approach based on a deep analysis of literary and historical works, on the results of a web-survey that we administered to 28,759 enterprises in the province of Cuneo and on approximately 80 in-depth interviews. The original hypotheses of research have not been confirmed directly. It is instead the “entrepreneurial style” of local multinationals to condition, in a sort of spurious relation, both the independent CW variable and the dependent variable “local socio-economic development”. Additionally, empirical research led us to better describe the “Cuneo system”, a macro productive system that encompasses a variety of LPSs and that present hybrid socio-economic features which we have defined as a “polycentric system of local productive systems”.