Investigating Employee Satisfaction and Corporate Performance: Mining From Employer Branding

This study investigates the relationship between employee satisfaction and corporate performance using data mining techniques on anonymous employee feedback. The study tries to determine how employee satisfaction affects company performance. Textual analysis of employee reviews was carried out using a data mining approach in order to find relationships between satisfaction and performance. The investigation highlighted major employee satisfaction elements such as salary and benefits, work-life balance, workload, career development, and management, all of which have a significant impact on business success. Interestingly, work-life balance and workload were found to be negatively correlated with performance. These findings offer useful insights for employer branding efforts, underlining the need of addressing certain components of employee happiness in order to improve overall corporate performance.


INTRODUCTION
Employee satisfaction is a critical factor in determining the overall performance of a corporation (Huang et al., 2015).
Satisfied employees are more likely to be engaged, committed, and productive, which can lead to better business outcomes (García -Buades et al., 2020).On the other hand, dissatisfied employees can negatively impact the organization's performance through decreased productivity, increased absenteeism, and higher turnover rates (AlBattat & Som, 2013).Research has shown that employee satisfaction positively correlates with corporate performance, indicating that a satisfied workforce can contribute to better business outcomes (García -Buades et al., 2020).One study found that employee satisfaction is a significant predictor of corporate performance, with satisfied employees contributing to higher levels of performance (Berliana, Siregar & Gustian, 2018).Another study revealed that employee satisfaction is positively correlated with customer satisfaction, which in turn is linked to better financial performance (Chi & Gursoy, 2009).
However, it's important to note that the relationship between employee satisfaction and corporate performance is not straightforward.Job design, leadership, and organizational culture can influence the relationship between employee satisfaction and corporate performance (Raharjo & Fernandes, 2018).Employee satisfaction is positively connected with business financial performance, as shown by existing studies (e.g., Edmans, 2011); however, these studies do not delve deeply into data on employee-specific satisfaction; thus, their results are limited.Big data analytics can further study the relationship between employee satisfaction and corporate performance by analyzing large data sets to identify patterns, trends, and correlations (Larasati et al., 2023;Guiso, Sapienza, and Zingales, 2015).This can help organizations better understand the factors influencing employee satisfaction and how they impact corporate performance.
Big data has opened numerous avenues for study across the social sciences, including economics, finance, and politics.
Information gleaned from social media has been utilized to improve box office forecasts (Zhou and Duan 2015) and yield novel insights into customer tastes (Balaji, Annavarapu & Bablani, 2021;Lassen, Madsen, and Vatrapu 2014).Voters' preferences in a political contest appear in (Karami et al., 2020;Buccoliero et al., 2020).Edmans (2011), for instance, discovered that businesses recognized as among the "100 Best Companies to Work for in America" also tend to do better.The Tobin's Q of a company rises when its leaders are seen as honest and trustworthy (Guiso et al., 2015).
In this research, we make a quantitative contribution to a developing area by using Jobstreet's employer branding data to mine employee evaluations in confidentiality.As such, Big Data approaches can help researchers and practitioners better understand the relationship between firm performance and unconventional indicators that can drive company ratings, such as individual employee comments regarding job satisfaction (Larasati et al., 2023;Guiso et al., 2015).Using data mining techniques, this study is the first to dig into the connection between job satisfaction and firm performance .
This study also demonstrates substantial enhancements over earlier research approaches, particularly research that is still heavily based on survey data.Despite the validity of well-designed survey instruments, such approaches may have low response rates and incur high costs when applied to large-scale, cross-industry surveys.Moreover, researcher flexibility is limited by the rigidity and closure of individual surveys, preventing preliminary exploratory studies .In this way, our method suggests several fresh avenues for future study.
There are three merits to our method for gauging employee satisfaction at the company.Firstly, it does not reflect the organization's stated ideals but rather the employees' impressions of the company and its leadership.Secondly, our metric incorporates the opinions of over a hundred workers from various firms, allowing for an in-depth investigation.Thirdly, researchers have access to employee satisfaction ratings on the Jobstreet website.This can ultimately lead to more informed decision-making and improved business outcomes.

LITERATURE REVIEW Organizational Behavior Theory
Organizational Behavior (O.B.) Theory focuses on understanding the behavior of individuals and groups within an organizational context (Presthus, 1958).It comprehensively explains how people interact and work together in organizations (Mowday & Sutton, 1993).The theory is concerned with understanding the factors influencing behavior, such as motivation, leadership, group dynamics, and organizational culture.It also explores the impact of these factors on organizational performance and effectiveness (Erkutlu & Chafra, 2022).O.B. is a field of study that examines individual and group dynamics within an organizational context.It encompasses various theories and concepts relevant to understanding workplace phenomena such as salary & benefits, career development, and working environment.These interconnected factors can significantly impact employee satisfaction, engagement, and performance.
Human resources professionals use O.B. to understand the behavior of employees and design policies and practices that promote positive behavior and productivity.For example, the ability motivation opportunity theory in O.B. suggests that an individual's behavior is influenced by their ability to perform a task, their motivation to perform that task, and the opport unities available to them to do so (Malik et al., 2021).Employees are an important resource for any business.It has been shown in several studies that businesses that invest more in their human resources and prioritize the satisfaction of their employees perform better (Ahmad & Raja, 2021;Siripipatthanakul et al., 2022).Surveys and publicly available data sets like GPTWI and "Best Company" ratings are often used to determine employee satisfaction.This method has its challenges.They draw narrow findings and generalizations due to non-trivial selection bias.Moreover, they need to investigate the finer points of what drives employee happiness.Social media data mining is one method to work around this restriction.

Employer Branding and Jobstreet.com Data
The influence of social media has been felt strongly in many areas.Sales and stock price movements can be forecasted using public opinion data and consumer sentiment from sources, including online reviews and tweets (Balaji et al., 2021;Salloum et al., 2017;Lassen et al. 2014).Companies can keep records of public opinion using social media data, and customers can learn about the pros and cons of a product in the aggregate, which can only help them make a more informed buying decision (Abrahams et al. 2013).Research into employee satisfaction and the value of a company can benefit greatly from the wealth of information available on social media.The website Jobstreet is one example.In 1997, Jobstreet.comwas established in Malaysia.2014, the site was officially registered as SEEK Limited on the Australian Stock Exchange, making it the world's largest job information provider.Jobstreet is a platform where current and former employees can provide feedback on their workplace environment in an anonymous manner.Jobstreet is a platform for promoting the company online.
According to Moniz (2017), Jobstreet attracts a wide range of people due to the site's inclusive nature.
Very little has been done to use social media to study employer brands as a data source.Between 2008 and 2012, Huang et al. (2015) used 102,888 employee ratings from 993 publicly traded U.S. corporations.They discovered a link between employee satisfaction and a company's market value (as assessed by Tobin's Q), and that link was statistically significant.Overall satisfaction, career prospects, salary and advantages, work -life balance, approval from seniors, management on corporate governance, and the CEO all feature prominently in their analysis.

Salaries and Benefits Impact Firm Performance
Salaries and benefits can have a significant impact on firm performance.For instance, the gender pay gap can affect firm profitability, with unions playing a role in this relationship (Dugardin & Ginglinger, 2019).Salaries and wages spending, donations, and employee welfare funds have also been found to have a relationship with firm financial performance (Lakshitha & Perera, 2016).Environmental, Social, and Governance (ESG) practices, which can include salaries and benefits, have been found to enhance firms' financial performance (ROA, ROE, TobinQ) in the context of the U.S. market (Nguyen, Hoang & Tran, 2022).

Work-Life Balance Impact Firm Performance
The relationship between work-life balance (WLB) and firm performance is complex and can be influenced by various factors (Shouman, Vidal-Suñé & Alarcón Alarcón, 2022).Other studies suggest that providing opportunities for improving the work-life balance of employees can lead to higher job engagement, commitment, and better job performance, which in turn can positively impact firm performance (Jaharuddin & Zainol, 2019).Work-life balance policies, such as flexible work arrangements and family-friendly policies, have been found to benefit companies by improving talent retention, increasing employee engagement, and contributing to higher productivity, lower costs, and better business results (Benito-Osorio, Muñoz-Aguado & Villar, 2014).

Workload and Stress Levels Impact Firm Performance
Workload and stress levels have a significant impact on firm performance.Studies have shown that the amount of work and stress experienced on the job can influence employee performance (Siamsa & Aprilius, 2023;Siswadi et al., 2024).High levels of workload and stress can lead to decreased productivity, lower job satisfaction, and increased turnover, which can negatively impact firm performance (Winchester, 2019).On the other hand, effectively managing workload and stress can lead to increased performance and productivity and improved employee well-being (Winchester, 2019).

Career Development Impact Firm Performance
Studies have shown a positive relationship between employee career development and performance (Bhagwat, 2006).
When the career development process becomes the joint responsibility of both the employee and the firm, the impact can become more substantial, leading to desired outcomes (Bhagwat, 2006).Talent management, including career development, has been found to significantly influence employee productivity and retention (Krishna & Kumar, 2022).Proper human resource management practices, such as opportunities for career development, have been linked to increased firm performance (Hosain, 2015).

Work Culture Impacts Firm Performance
Work culture can significantly impact firm performance.Organizational innovativeness and innovation culture have been found to positively impact firm performance, with innovation culture playing a moderating role in the relationship between innovativeness and firm performance (Strychalska -Rudzewicz & Rudzewicz, 2021).A learning organization culture can help businesses deal with challenges in the current business environment and maintain a competitive edge ( Githuku, Kinyua & Muchemi, 2022).Human resource practices and organizational culture can also impact firm performance (Srinivas & Sumaja, 2020).

Working Environment Impacts Firm Performance
Research has shown that the internal working environment, such as the health and safety issues, can directly affect a firm's performance (Tijani, 2013).In addition, the external working environment, such as the regulatory environment and the presence of government officials in corporate positions, can also influence firm performance.The resignation of independent directors holding government positions, as seen in China, has been found to decrease corporate performance due to the loss of political resources that these directors provide (Zhang, Li & Hou, 2022).Moreover, the COVID-19 pandemic has shifted towards remote working, transforming organizational culture and values and affecting overall performance (Raghuram, 2021).An organization's culture is central to its performance, and remote working entails new norms that require employers to engage with employees through frequent communications and reinforce values through reward and recognition mechanisms (Raghuram, 2021).The working environment, both internal and external, can significantly influence firm performance.

Management Impact Firm Performance
Management in this research refers to employees' assessment of corporate governance.Corporate governance, in particular, can moderate the relationship between risk management and firm performance.For example, a study on Southeast Asian companies found that operational and credit risks do not affect firm performance.Still, liquidity risk ha rms firm performance, which can be reduced by good corporate governance (Naibaho & Mayayogini, 2023).In the context of Pakistan, a study found that liquidity risk has a negative significant impact on ROA and ROE.In contrast, operational risk has a significant positive relationship with financial performance, but when corporate governance is added as a moderator, there is a significant negative association with financial performance (Shahid et al., 2004).A study in Kenya found that human resource management practices mediate the relationship between corporate governance and organizational performance ( Azegele, 2021).

RESEARCH METHOD
Various techniques were adopted in this research, including data mining, descriptive statistics, and regression analysis (Figure 1).The first step is data collection & preparation.Corporate selection refers to selecting companies through the Jobstreet.complatform, presumably to gather data related to those companies, such as job listings or company profiles.The next one is the online reviews collection.This involves gathering reviews of the selected corporations from jobstreet.com.
Once the reviews are collected, they must be cleaned and preprocessed to remove irrelevant or redundant information.This is the first review screening or data cleaning.This step ensures that the data is accurate and suitable for analysis.T he data collected from this platform forms an important basis for our analysis as part of "Computational Social Sciences" (DiMaggio, 2015).Companies often belong to specific industries or sectors.Categorizing them based on their industry helps organize the data for further analysis.It is also to ensure the accuracy of the subsequent analysis (Chen et al., 2012).
The second step is data mining.Rating extraction of employee satisfaction involves extracting ratings or scores from the collected reviews, specifically those related to employee satisfaction.These ratings could be numerical scores or sentim entbased indicators.Attribute identification of employee satisfaction and specific attributes or factors mentioned in the reviews contribute to employee satisfaction.This could include work culture, salary, benefits, career growth opportunities, etc.The second review screening was done using natural language processing.After the initial data cleaning, a more advanced technique like natural language processing (NLP) is applied to analyze the text data further.NLP helps understand the sentiment, context, and themes within the reviews.It can transform data into more manageable formats in which useful insights can be processed through statistical analysis (Wang & Xu, 2018).Additional categories refer to identifying and extracting additional categories or themes from the reviews that might not have been initially considered but could provide valuable insights.
The last part is data analysis-multiple regression to assess the relationship between customer satisfaction and company performance.Multiple regression analysis is a statistical technique to understand the relationship between employee satisfaction and company performance.By analyzing various factors simultaneously, such as employee satisfaction ratings, company performance metrics, and potentially other variables, the analysis aims to identify which factors significantly impact overall performance.Data mining with regression analysis involves using regression models to analyze and predict hidden information from pre-existing datasets.This technique is particularly useful in several fields, such as healthcare.In the context of COVID -19, data mining with regression analysis can consider various parameters such as the name of the states, total cases, today cases , active cases, discharged cases, today discharged cases, overall death, and today deaths to analyze and predict the trends of the disease (Govindarasu, 2021).Furthermore, regression can also be integrated with association mining to create more accurate and efficient data mining models (SuryaNarayana et al., 2021).In education, data mining and regression analysis can be used to analyze the impact of online learning behavior on learning effectiveness.By analyzing data from online learning platforms , researchers can identify which aspects of online learning significantly impact students' performance (Zeng, 2023).

Data Collection from Employer Branding
Over 8 million company evaluations, company ratings, CEO recommendations, and compensation data from around the world may be found on Jobstreet, which features 1,000+ organizations.Jobstreet's reviewers came from a wide range of professional backgrounds, reflecting the diversity of the workforce-everyone from programmers in the tech sector to bankers in the Finance sector.Employee satisfaction was measured using seven distinct ordinal measures, and we also analyzed freeform comments.Several indicators of employee satisfaction are provided for each review on Jobstreet.com.The Overall rating, from 1 to 5, stands out among these indicators.Employees can also rate their employer in seven categories: work-life balance, workload/stress, career advancement opportunities, business culture, and management.Finally, the review has a free -form area where the reviewer can elaborate in their own words on anything else relating to the company or the position.
We built a web crawler to collect feedback data from Jobstreet.com.All of the 126 Indonesian businesses that were highlighted had their reviews evaluated, totaling 42,838.The list will be trimmed of businesses with 250 ratings or more.

Regression Analysis
In this section, we estimate a multiple regression model to determine the potential impact of employee satisfaction metrics on firm performance.We estimate the following models:

RESULTS
This analysis examines how factors related to employee satisfaction influence firm performance, as indicated by the regression results in Table 3. Employee satisfaction, a critical aspect of organizational dynamics, comprises several elements: Overall, the regression model incorporating detailed factors of employee satisfaction demonstrates a moderate predictive capability, with the ability to forecast firm performance to the extent of 58.2%.This underscores the significance of considering employee satisfaction as a multifaceted construct and its implications for organizational success.However , while the model provides valuable insights, other external or unaccounted factors may influence firm performance and should be considered in a holistic analysis.

DISCUSSION
The research suggests that high-stress levels and an imbalance between work and personal life among employees can negatively impact firm performance (Filbeck, Zhao, and Warnaka 2022).This finding aligns with prior studies that have linked high-stress levels to decreased firm performance (Siamsa & Aprilius, 2023;Siswadi et al., 2024;Winchester, 2019).However, it's important to note that research findings regarding work -life balance's impact on firm performance may differ depending on various factors, as found by Shouman et al. (2022).This highlights the need for addressing and managing these issues to create a healthier and more productive work atmosphere (Lorentzon, Fotoh, & Mugwira, 2023;Gupta, Vasa, & Sehgal, 2024).
Interestingly, the study finds that work culture and the working environment do not directly impact firm performance according to the regression model used.(Tijani, 2013;Zhang et al., 2022;Raghuram, 2021).While these factors are crucial for employee well-being and employee satisfaction, their direct influence on firm performance might be limited within this specific regression model.Organizations can utilize these insights to devise strategies that improve employee satisfaction, thus potentially enhancing firm performance (Tumasjan et al., 2020).
Organizations can cultivate a more supportive and thriving work environment by prioritizing initiatives to improve work-life balance, manage workload and stress, and bolster positive aspects such as fair compensation, career growth opportunities, and effective management.This approach can lead to better employee satisfaction and improved firm performance (Kuepper, Klein & Voelckner, 2021).

CONCLUSION
It can be condluded that employee satisfaction, as measured by employer branding surveys such as Jobstreet, shows incremental intangible value to firm performance in the same platform.Previous research on employer branding platforms and company stock price performance did not show the expected results (Edmans, 2011;Guiso et al., 2015).The results of this study add to the existing literature for employer branding, which mainly focuses on employee review analysis , looking at the impact of ratings based on employee feedback (Larasati et al., 2023;Guiso et al., 2015).

Contributions to Theory
This research has made three major contributions.First, this technique uses the unique data of Jobstreet.comsocial media to extract anonymous employee feedback for textual analysis, which significantly improves over the standard survey (e.g., Baek & Park, 2019;Sydorenko, Rychok & Oladko, 2022).The data sets allow for multiple in-depth category analyses and cross-industry comparisons.Secondly, we showed that various analyses are feasible when a data mining strategy is employed.
Once the dataset's core categories were extracted, it underwent exploratory and regression analyses to reveal hidden patterns and connections (Govindarasu, 2021;SuryaNarayana et al., 2021;Zeng, 2023).Third, it is confirmed through correlation research that there is a favorable relationship between employee satisfaction and business performance results (Erkutlu & Chafra, 2022).We looked more closely at the factors that contribute to employee satisfaction.We found that salaries and benefits, career opportunities, and upper management support all positively correlated with employee satisfaction levels (Azhar et al., 2024;Aldousari et al., 2017).Work-life balance and the amount of stress experienced by employees are negatively related to the company's performance (Filbeck et al., 2022).

Contributions to Practice and Policy
The first one is to improve the feedback mechanism.Our research introduces a novel technique utilizing data from Jobstreet.comsocial media to extract anonymous employee feedback for textual analysis.This method offers a significant improvement over traditional surveys commonly used in organizational settings (Baek & Park, 2019;Sydorenko, Rychok & Oladko, 2022).This means that organizations can access a wealth of candid employee opinions without the biases often associated with structured surveys.This can inform H .R. policies, performance evaluations, and organizational development strategies.
Secondly, evidence-based decision making for human resources management.Our correlation research confirms a positive relationship between employee satisfaction and business performance outcomes (Erkutlu & Chafra, 2022).
Furthermore, we identify specific factors contributing to employee satisfaction, such as salaries and benefits, career opportunities, and upper management support (Azhar et al., 2024;Aldousari et al., 2017).This empirical evidence provides H.R. practitioners with actionable insights into the key drivers of employee satisfaction, enabling them to develop targeted interventions to enhance employee morale, retention, and , ultimately, organizational performance.Thirdly, policy implications for the work environment.Our findings also highlight the negative impact of work -life balance and employee stress on company performance (Filbeck et al., 2022).This underscores the importance of implementing policies and initiatives to

Figure 1 .
Figure 1.Research Design PERF = β0 + β1 SB + β2 WLB + β3 WSL + β4 CD + β5 WC + β6 WE + β7 M + ε Where PERF = average firm performance appraisal by employees S.B. = average assessment of salaries and benefits received by employees WLB = average assessment of work and life balance felt by employees WSL = average assessment of workload and stress levels felt by employees CD = average assessment of career development by employees W.C. = average assessment of the culture in the company that employees feel WE = average assessment of the workplace environment felt by employees M = average assessment of corporate governance felt by employees salary & benefits, work-life balance, workload/stress level, career development, and management.The results suggest that different aspects of employee satisfaction affect firm performance.Specifically, work-life balance (-0.18*) and workload/stress level (-0.189**) have a negative impact.Conversely, the analysis reveals positive impacts from salary & benefits, career development, and management.Higher levels of satisfaction with salary & benefits (0.300***), opportunities for career growth (0.167*), and effective management practices (0.21**) correlate with improved firm performance.Interestingly, the regression model indicates that certain employee satisfaction factors, such as work culture and work ing environment, do not significantly affect firm performance.
Muhammad Izharuddin*, Faizal Susilo Hadi Investigating Employee Satisfaction and Corporate Performance: Mining From Employer Branding JBMP | jbmp.umsida.ac.id/index.php/jbmpApril, 2024 | Volume 10 | Issue 01 Ou r aggregate data set covers nine different business types.Descriptive statistics are provided in Table 1.Regarding the number of reviews, the top five sectors related to technology: are retail, finance, telecommunications, and healthcare.

TABLE 3 |
Regression Results