MOTIVATION THEORY AND PRACTICE IN HDFC

STANDARD LIFEPRESENTED BY:

DEBABRATA PRADHAN -10 DEBJYOTI BANDYOPADHYAY-11

SOUMYA CHINA-27 SUDIPTO CHAKRABORTY-32

TANMOY DAS-34

DefinitionsMotivation

Motivation is a process that starts with a physiological or psychological deficiency or need that activates behaviour or a drive that is aimed at a goal or incentive.

Work motivation Work motivation is defined as the

willingness to exert high levels of efforts toward organizational goals, conditioned by the effort’s ability to satisfy some individual need.

Motivational factors

Many different factors can motivate

Financial

• Pay, bonus

• Benefits for e.g: holidays, pension

Non financial

Sense of achievement

Responsibility and empowerment

Opportunities for advancement

Challenge and enjoyment

Motivational Theories

Maslow’s hierarchy of needsHerzberg’s two factor theoryAlderfer’s ERG theoryMcClelland’s theory

Introduction to HDFC SLSecond largest private life insurance

company in IndiaLeading retail service across Indiao Over 567 branches across Indiao Over 15000 employees all over the country

Continued growth relies on satisfied customers

o Depends on motivated, flexible and well trained staff

Listed amongst the 100 top companies to work for according to Economic Times

o Ranked 37 in India

HDFC SL’s motivation activitiesHDFC SL’s financial reward of package Relevant and targeted financial and non financial benefitsEffective communication Intranet, newsletter, daily team meetings, 1 to 1 discussion. Regular staff satisfaction survey highlights view. Value awards Recognition of staff effort by themselves.Strategic career planning Personal development plans Training and learning opportunities

HDFC induction program : SPARSH

Employee and administration engagement program

This program covers all the aspects of strengths and weaknesses within the organisation.

Employee feedbacks are taken into account for the betterment of the organisation.

Through this program employees get more motivated to increase the productivity of the organisation

THE CASECase: Work motivation for HDFC SL employees

Abhishek Bhattacharya completed his MBA with specialization in HR from ICFAI, Hyderabad in 2009.He got employed in Coca Cola in Mumbai as an executive HR trainee. But his Father died on Nov.2009 and as a result he left Coca Cola and came back to Kolkata. He decided to stay back in Kolkata to support his family and joined HDFC Standard Life as a Sales Manager. After joining he realized he is nothing but a salesman, selling insurance policies to people. Having a specialization in HR he disliked this job of a salesperson. For every failure in achieving the targets set down he got rebuked by his boss, Mr. Ashutosh Tripathy. His boss did not listen to his problems and stressed on achieving his target by hook or crook. Abhishek started looking down upon himself and was very low in confidence. He was totally demoralized by his boss’s behavior and also dissatisfied with his job profile, the signs of which showed prominently in his performance. He surfed the internet visiting various websites in search of a new job. During this troubled times all his colleagues constantly helped him in his job and the office environment was the only thing on his side. This included personal workstation, air-conditioned rooms, pure drinking water, clean toilets, large canteen where he could relax with his colleagues and discuss his problems. Beside this the security of the job interested him which included pension of Rs.3000 p.m. Death Claim of Rs.19 lakhs, Family Insurance of 16 lakhs, family medical check-up at AMRI, Appolo Glenneagles, Columbia Asia.The company comes to know about his dissatisfaction in March 2010 when was asked by his boss to organize a drama for the program Umang. In spite of being an expert in this field as he had been involved in dramas from his school days his venture turned out to be a big flop. It was later noticed that he copied the concept of the drama from a movie. His boss realized something was terribly wrong with Abhishek as he could not relate his performance to his qualifications. His boss realized that Abhishek was somehow dissatisfied with his job and hence could not perform. Mr. Tripathy observed Abhishek from March to June and concluded that he could not perform no matter how much he tried to help him. By June he could not fulfill any target set down for him. Mr. Tripathy sent Abhishek to regional HR-head Probal Moitra for personal counseling but Abhishek was not satisfied with the meeting.

WHAT ARE THE REASONS BEHIND ABHISHEK’S DEMOTIVATION ?

According to Herzberg’s theory the following criterias were not satisfied:

HYGIENE FACTORS MOTIVATORS

•Level and quality of supervision•Inter-personal relationships

•Sense of achievement•Recognition•Responsibility•Nature of the work itself•Advancement

WHY ABHISHEK DID NOT LEAVE HIS JOB?According to Herzberg’s Theory the following

criterias were satisfied:

HYGENE FACTORS:

• Work environment• Job security• Company policies & administrative procedures• Inter personal relationships at work

HOW DOES THE RM DECIDES TO MOTIVATE ABHISHEK ?Steps taken by HDFC SL to solve the problem

Mr. Tripathy then informed Aparajit Bhattacharya, the regional manager, HDFC SL, Kolkata-I. Mr. Bhattacharya started monitoring Abhishek and also helped him in every task. Mr. Bhattacharya appreciated Abhishek when he did well and even when he did not, to his surprise. During this period he got training for any difficulties through the learning and development programs organized by HDFC SL such as Utkarsh(different levels). This lead to enhancement and sharpening of his skill set which gradually increased his work performance. Personalized counseling by Mr. Tirthankar Bhattacharya appointed RM was also of great help to Abhishek. On 5th of August, 2010 another program Tarang was organized where the regional manager asked Abhishek to direct a drama and even permitted him to take a leave for a week so that he could solely concentrate on his new project. The drama was accepted as the best all over the country in HDFC SL circle. Abhishek was flooded with congratulatory remarks from HDFC SL employees from different parts of the country. In fact Amitav Choudhary, CEO of HDFC SL, India personally appreciated his work and congratulated him.

Highlights of RM’s Action

Counseling Programs

Responsibility

Sense of achievement

A New Dawn…Abhishek became a famous employee in HDFC SL circle overnight and his skills got highlighted much to his liking. This slowly changed his outlook towards the company as he realized that his company has a lot of expectations from him. This motivated him a lot and he created a bond between him and the company. He started working industriously for the company as a sense of responsibility, belongingness and pride grew in him. He started liking his job and the main features that interested him were :Customer interaction- Interacting with the customers ,sharing their emotions and problems in money matters and a sense of satisfaction in solving their monetary matters by suggesting various insurance policies.Challenging nature of the job- Once he started performing he faced the challenges in his stride, developed innovative strategies and solutions to attack the problems and liked the fact that he had to perform there every day and would be appreciated for his efforts.

He soon got a promotion in the month of September to the position of Sales Development Manager which was a result of his high performance. He then got to supervise new employees under him who were his financial advisors. These consultants were paid commission on the basis of insurance policies they sold. Abhishek started motivating them to nurture their dedication towards the job to get better performance. He provided non monetary benefits like:•Foreign trips•Continuous recognition of their efforts through appreciation

WHAT ARE THE REASONS THAT BROUGHT CHANGE IN ABHISHEK’s BEHAVIOUR AND HIS ENTIRE OUTLOOK ON THE JOB ?

According to McClelland’s theory the three factors that were responsible are:

AchievementAffiliationPower

Maslow’s theory

Alderfer’s ERG needs

What were the positive effects of motivation on Abhishek ?

The positive effects of motivation on Abhishek were:

• Award for the Best Drama in Tarang in August.

• Promotion to Sales Development Manager in September.

• Collects premium worth Rs.15 lakhs for which that branch of HDFC

shot to the numero uno position among the other branches in Kolkata.

• Got awarded the Medal of Honour in October and Parambir Chakra in

November

• After that he got promoted to the post of Assistant Branch Manager.

ConclusionWhy work motivation is so important?

Motivated employees achieve more because they

Are less likely to be absent

Have greater loyalty

Take more pride in work

Motivated employees result in:

Greater productivity

Better quality products or services

Lower staff turnover

Reduced absenteeism

Abhishek Bhattacharya