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Article
Publication date: 4 October 2019

Santosh Kumar, Gargi Pant Shukla and Roopali Sharma

The purpose of this paper is to holistically study barriers in the path of implementation of retirement planning, as the need is increasing with decrease in mortality. The proper…

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Abstract

Purpose

The purpose of this paper is to holistically study barriers in the path of implementation of retirement planning, as the need is increasing with decrease in mortality. The proper retirement planning can be one of the most important tools to control financial expenses on healthcare and welfare on old age population in government budgets.

Design/methodology/approach

The paper is a blend of theoretical framework and practical application and uses interpretive structural modeling (ISM) analysis to draw linkage and impact of identified barriers in the path of achievement of goals of retirement planning. The study has used three different research phases: identification of barriers from the literature, interviews with experts of industry at second stage and designing an ISM impact matrix cross-reference multiplication model. The identification phase led to the selection of 15 factors from past literature and by suggestion from industrial experts.

Findings

This study seeks to identify which barrier is acting as the most dominant one for the mass adoption of retirement planning and this result is helpful for policymakers to remove the dominant barrier. The result of this analysis can make retirement planning easy by elimination of highlighted barriers on the basis of their importance in the path of achievement of retirement goals. In the ISM level diagram, barriers such as marital status, number of financial dependents at the bottom, gender, income level, educational level, financial literacy, financial dependency, policy regulation, terms and conditions, goal clarity and psychological and cultural factors are on the top. Barrier of macroeconomic and bureaucratic impediments are also very important factors for achievement of retirement goal of an individual, but they cannot be controlled directly by the associated members of industry.

Originality/value

The concern for providing sufficient retirement resources is growing with the increase in life expectancy for human beings. Such requirement has attracted views from not only academicians but also policymakers. This paper is one of the preliminary attempts to identify barriers in implementation of retirement planning and rank them according to their importance.

Details

Journal of Modelling in Management, vol. 14 no. 4
Type: Research Article
ISSN: 1746-5664

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Article
Publication date: 1 October 2018

Santosh Kumar and Roopali Sharma

The health care industry has experienced vibrant growth since the last few decades. Total health care business has reached more than US$160bn in the country and is still growing…

429

Abstract

Purpose

The health care industry has experienced vibrant growth since the last few decades. Total health care business has reached more than US$160bn in the country and is still growing, but sustainable growth of industry is a major area of concern. An unsustainable and uneven growth might contribute in growth presently, but will not help in the long run due to extinction in future. The paper aims to discuss this issue.

Design/methodology/approach

The research has been divided into two phases to analyze the barriers to achieve sustainable growth, i.e., identification of barriers and their analysis. The study has used three different research phases: identification of barriers from the literature, interviews with experts of industry and designing an ISM model. The identification phase led to the selection of 19 barriers from literature and by suggestions from industrial experts. The interpretive structural modeling (ISM) analysis was used to understand the impact and linkage of identified barriers. The barriers are further classified into four major categories on the basis of drive power and dependence power using “Matrices d’Impacts Croises Multiplication. Appliqué a un Classement” analysis.

Findings

The present research identifies 19 barriers in the field of growth of health care mainly in rural area with 11 levels in ISM-designed model. Barriers such as lack of awareness, medical mistrust, cost/benefit, transportation, high out of pocket expenditure, lack of health insurance, medical unawareness and the cultural dimension (traditional beliefs) have very high dependency power. These variables are highly influenced by other barriers. Barriers such as low outreach (geographical reach), information and communication, insufficient capacity planning, and highest growth in population have very high driving and dependence power. They have a very high impact on the system as any change in them will have a direct impact on others. Remaining seven selected barriers have a very high driving power and they are generally independent in nature and have less impact on the system as whole.

Social implications

This study seeks to identify which barrier is acting as the most dominant one and this result is helpful for policy-makers to achieve goals of National Health Mission (NHM) by removing the dominant barrier.

Originality/value

Total health care business reaches more than US$160bn in the country and is still growing, but sustainable growth of industry is a major area of concern. This paper is one of the preliminary attempts to identify which barrier is acting as the most dominant one and this result is helpful for policy-makers to achieve the goals of NHM by removing the dominant barrier.

Details

Benchmarking: An International Journal, vol. 25 no. 7
Type: Research Article
ISSN: 1463-5771

Keywords

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