English Abstract
Abstract
The unprecedented events of the COVID pandemic have accelerated the adoption of digital
technologies globally, across industries and businesses. Digitalization has undeniable
revolutionized the Financial industry, however, has also transformed the nature of work and
relationships in the workplace. This study examines the experiences, challenges, and opportunities
that arise from the acceleration of digitalization in the financial sector in Bahrain using the
COVID pandemic as a case study to guide firms on how to overcome hurdles and capitalize on
digitalization. The study focuses on digitalization in the context of remote work arrangements,
digital communication tools, and virtual collaboration.
Through a review of relevant literature, three key dependent variables (psychological
contracts, trust, and organizational culture) that are directly impacted by the independent variable
(digitalization) are identified, namely psychological contracts, trust, and organizational culture.
Through an examination of the relationship between the dependent and independent variables, the
study seeks to uncover the impact of digitalization on employee experiences and provide insights
for organizations to improve employee satisfaction and engagement in a time of continued digital
transformation.
The relationship between the variables is examined in the financial sector through a
qualitative research design, comprising a review of relevant literature and complemented by
empirical evidence collected through virtual focus group talks to assess the various experiences
of individuals in the industry who have been impacted by digitalization. A purposeful sampling
technique was used to form four virtual focus groups, typically comprising 5 to 8 participants, and
a total of 24. The data collected was analyzed using thematic analysis and quotes from virtual
group transcripts were used to support themes that emerged.
The study confirms that the dependent variables (psychological contracts, trust, and
organizational culture) are positively correlated with the independent variable (digitalization),
therefore, in a world of continued acceleration in digitalization exacerbated by COVID,
organizations must be quick to adapt and adjust their approach to digitalization to retain and
attract talent. Moreover, analysis of demographic variables alongside focus group discussions
confirms tthat demographic variables influence the degree of impact of such dependent variables,
which it term impacts employee satisfaction and engagement. Hence, raising the vital need for
organizations to consider their demographic compositions when implementating digital
transformation to ensure a smooth transition and reap the benefits of digitalization.
