Havayolu Sektöründe Çalışan Odaklı Sosyal ve Finansal Performans Analizi: Bütünleşik LOPCOW-COCOSO Yaklaşımı

Abstract

Bu çalışma, havayolu işletmelerinin performansını yalnızca finansal oranlarla değerlendirmek yerine, insan kaynağı dinamikleri ve yönetişim/çeşitlilik göstergeleriyle birlikte ele alan bütüncül bir çerçeve sunmaktadır. Araştırmanın amacı, 2024 yılına ait verilerle 28 uluslararası havayolunu çok ölçütlü bir yaklaşımla karşılaştırmak; sosyal boyuttaki işgücü dönüşüm oranı, kadın çalışan oranı ve kadın yönetici oranı ile finansal piyasa boyutundaki Özkaynak Getirisi (ROE), Piyasa Değeri/Defter Değeri (PD/DD), Brüt Kâr Marjı (BKM) ve Operasyonel Kâr Marjı (OKM) göstergelerini tek bir karar çerçevesinde bütünleştirmektir. Bu kapsamda kriter ağırlıkları LOPCOW yöntemi ile hesaplanmış; havayollarının birleşik performans sıralaması COCOSO ile elde edilmiştir. Bulgular, üst dilimde yer alan havayollarının ortak profilinde düşük işgücü dönüşüm, yüksek kadın temsili ve güçlü kârlılık-piyasa göstergelerinin birlikte yer aldığını göstermektedir. Özellikle özkaynak getirisi ile BKM/OKM’nin birlikte iyileştiği durumlarda PD/DD oranınında görece yüksek seyrettiği; buna karşılık yüksek işgücü dönüşüm, kadın çalışan ve yönetici göstergelerinin genel performansı düşürdüğü gözlemlenmiştir. Yönetim ve politika açısından, devir oranını düşürmeyi hedefleyen insan kaynakları uygulamalarının (adil ücret-yan haklar, kariyer basamakları, esnek vardiya ve psikososyal destek) önceliklendirilmesi; kadın çalışan ve kadın yönetici oranları için ölçülebilir hedefler belirlenerek terfi/mentorluk süreçlerinin tarafsızlık ilkeleriyle yeniden tasarlanması önerilmektedir. Kârlılık tarafında, yakıt verimliliği, filo standardizasyonu ve ağ optimizasyonu gibi süreç yatırımları marjları desteklerken; piyasa temelli göstergelerin duyarlılığı sebebiyle şeffaf ve tutarlı raporlama pratikleri güçlendirilmelidir. Çalışmanın, sosyal ile finansal göstergelerin aynı ölçek kapsamında birleştirilerek, dengeli ve karşılaştırılabilir bir performans değerlendirmesi özgün değerini yansıtmaktadır.

Keywords

• Finansal performans
• Havacılık yönetimi
• Havayolu performansı
• Sosyal performans

Employee-Centered Social and Financial Performance Analysis in the Airline Industry: Integrated LOPCOW-COCOSO Approach

Abstract

This study offers a holistic framework that evaluates the performance of airline companies not solely through financial ratios, but also by considering human resource dynamics and governance/diversity indicators. The aim of the research is to compare 28 international airlines using a multi-criteria approach with data from 2024; integrating the indicators of workforce turnover rate, female employee rate, and female manager rate in the social dimension, and Return on Equity (ROE), Market Value/Book Value (MV/BV), Gross Profit Margin (GPM), and Operating Profit Margin (OPM) in the financial market dimension, into a single decision framework. In this context, criterion weights were calculated using the LOPCOW method; and the combined performance ranking of the airlines was obtained using COCOSO. The findings show that the common profile of the top-tier airlines includes low workforce turnover, high female representation, and strong profitability-market indicators. It has been observed that the Price-to-Book (PD/DD) ratio remains relatively high, particularly when both return on equity and the return on investment (ROI) and the return on capital (ROC) ratio improve; conversely, high employee turnover, female employees, and female managers lower overall performance. From a management and policy perspective, it is recommended to prioritize human resources practices aimed at reducing turnover rates (fair wages and benefits, career progression, flexible shifts, and psychosocial support); and to redesign promotion/mentoring processes with impartiality principles by setting measurable targets for the proportion of female employees and female managers. On the profitability side, while process investments such as fuel efficiency, fleet standardization, and network optimization support margins, transparent and consistent reporting practices should be strengthened due to the sensitivity of market-based indicators. The study reflects the unique value of combining social and financial indicators within the same scale to provide a balanced and comparable performance evaluation.

Keywords

• Financial performance
• Aviation management
• Airline performance
• Social performance

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