job satisfaction of employees of Hdfc

7/26/2019 job satisfaction of employees of Hdfc

1/79

PROJECT REPORT

ON

JOB SATISFACTION OF EMPLOYEES

(A CASE STUDY OF HDFC STANDARD LIFE

INSURANCE)

Submitted t t!e u"i#e$%it& ' R%t!" (Ji*u$) I"

P$ti+ Fu+'i++me"t ' $e,ui$eme"t ' **e$ -I '$ t!e

de.$ee 'BACHELOR OF BUSINESS ADMINISTRATION

Su*e$#i%ed b& / Submitted b&/

D$0Nee+im P$ee1 DA2SH SHARMA

M!#ee$ C++e.e ' BBA PART 3 I- Cmme$4e5 Ji*u$

M!#ee$ C++e.e ' Cmme$4e5 Ji*u$

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678636789

AC2NO:LED;EMENT

Preservation, inspiration and motivation have always played a key role in

the success of any venture. In the present world of cutthroat competition

project is likely a bridge between theoretical and practical working,

willingly I have prepared this particular project.

First of all, I would like to thank the supreme power, the almighty god who

is obviously the one who has always directed me to work on the right pathof my life. With this grace this project could become a reality I feel highly

delighted with the way my project report on topic JOB SATISFACTION

OF EMPLOYEES has been completed.

I feel elated in e!pressing my deepest sense of gratitude " appreciation to

my esteemed guide #r. sailesh jain, $%&F' (ife insurance), D$0Nee+im

P$ee1'o*ordinator, &epartment of business administration, M!#ee$

C++e.e ' Cmme$4e5 Ji*u$ $+niversity of ajasthan) " D$0R#iS!$m, Principal, M!#ee$ C++e.e ' Cmme$4e5 Ji*u$ for theirvaluable guidance, incessant encouragement and inspiring supervision

during the completion of this project. For all this kind consideration I-m

beholden her in my feelings of respects of regards for him.

I e!press my deep sense of gratitude " reverence for my family for their

endless love, guidance, moral support, encouragement " untiring co*

operation throughout my study " work, without which this work would

never have been completed.

DA2SH

SHARMA

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PREFACE

/0!perience is the best teacher. he saying plays a very pivotal role in

our curriculum where in we try and understand the nuances of the

theoretical world with a blend of practical e!perience. It-s very important to

understand how and where to implement what we have studied. 2nowledge

in itself is a continuous process. 3etting practiced knowledge is an

important thing for e!istence for any business concern in the competition

prevailing in an industry a total awareness is the first and foremost thing

necessary from all aspects, working smarter seems to be as important asworking harder and longer.

We completed this project on /JOB SATISFACTION OF

EMPLOYEES in part fulfillment of our BBAcurriculum. he knowledge

we gathered through this e!posure with the outside world will help us in

taking a giant leap towards understanding employee-s behavior and

preferences.

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DA2SH SHARMA

DECLARATION

I, &526% 6%5#5 &eclares that the project JOB SATISFACTION

OF EMPLOYEES 7f / HDFC STANDARD LIFE INSURANCE/

has been done as a part of 'urriculum project as per the rules of +niversity

of ajasthan. his project has been solely done by me and not copied from

any other project and I, &526% 6%5#5 declare that the project on

JOB SATISFACTION OF EMPLOYEES is my genuine work0

I further declare that this project has not been submitted earlier at any

+niversity of Institute for the award of any degree or diploma

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DA2SH SHARMA

(BBA3PART I-)

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CONTENTS

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CHAPTER 8/ C"4e*t ' Jb Sti%'4ti" ' Em*+&ee%


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CHAPTER =/ A""eu$e%


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808 CONCEPT

806 OBJECTI-ES

INTRODUCTION OF THE STUDY

6atisfaction is an important goal for organi=ations to reach as it has been

shown that profitability, productivity, employee retention, and customer

satisfaction are linked to employee satisfaction.

JOB SATISFACTION

he term >ob satisfaction refers to an individual?s general attitude towards

his or her job. 5 person with a high level of job satisfaction holds positive

attitude towards the job, while a person who is dissatisfied with his or her

job holds negative attitude about the job.

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I" %im*+e @$d% b %ti%'4ti" i%/3

>ob 6atisfaction describes how content an individual is with his or her job.

here are a variety of factors that can influence a person?s level of >ob

satisfactionA some of these factors areB*

C Include the level of pay and benefits,

C he perceived fairness of the promotion system within a company,

C he level of pay and benefits,

C (eadership and social relationships,

C he job itself.

:!& t %tud& but em*+&ee %ti%'4ti"

In my point of view, study of D0mployee satisfactionD helps the company

to maintain a standards " increase productivity by motivating the

employees. this study tells us how much the employees are capable " their

interest at wok placeE what are the things still to be satisfy to the

employees. although Dhuman resourceD are the most important resources for

any organi=ation, so to study on employees satisfaction helps to know the

working conditions " what are the things that affects them not to work

properly. always majority of done by the machineseGuipments but without

any manual moments nothing can be done. so to study on employee

satisfaction is necessary.

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THE STATE OF EMPLOYEE SATISFACTION

5lthough committed and loyal employees are the most influential factor to

becoming an employer of choice, it?s no surprise that companies and

organi=ations face significant challenges in developing energi=ed and

engaged workforces. %owever, there is plenty of research to show that

increased employee commitment and trust in leadership can positively

impact the company?s bottom line. In fact, the true potential of an

organi=ation can only be reali=ed when the productivity level of all

individuals and teams are fully aligned, committed and energi=ed to

successfully accomplish the goals of the organi=ation.

5s a result, the goal of every company should be to improve the desire of

employees to stay in the relationship they have with the company. When

companies understand and manage employee loyalty * rather than retention

specifically * they can reap benefits on both sides of the balance sheet i.e.,

revenues and costs.

7n the revenue side of the balance sheet, loyal and committed employees

are more likely to go Dabove and beyondD to meet customer needs and are

highly motivated to work to the best of their ability. oth of these traits are

crucial for continued customer commitment and ongoing revenue and

growth for the company.

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7n the cost side, loyal employees stay longer, resist competitive job offers,

do not actively look for other employment and recommend the company to

others as a good place to work. hese four behaviors positively influence

the cost side of the balance sheet because they are leading indicators of

employee retention. he longer companies keep their employees, the longer

they can avoid having to pay to replace them.

In other words, rather than focusing only on retention $that is, trying to

retain employees who have already decided to leave), organi=ations should

proactively recogni=e the benefits of understanding, managing and

improving employee loyalty. he most successful organi=ations are those

that can adapt their organi=ational behavior to the realities of the current

work environment where success is dependent upon innovation, creativity

and fle!ibility. 5dditionally, the dynamics of the work environment have to

reflect a very diverse population comprised of individuals whose

motivations, beliefs and Jalue structures differ vastly from the past and

from each another. 5rguably, the most valuable, but also volatile, corporate

asset is a stable workforce of competent, dedicated employees, since such

an employee base gives companies a powerful advantageA depth of

knowledge and organi=ational strength.

7ne of the key steps to understanding and improving employee loyalty is

by acknowledging the importance of the following factors in building

loyalty and satisfactionB

roadly*defined responsibilities rather than narrowly*defined job

functions

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Provide employees with well*defined career paths $including a

succession plan), mentors and tuition reimbursement for job*related

education.

rain employees, even if it makes them more attractive to the

competition. Without seeing an opportunity on the hori=on, few high

potential employees will stay with a company and allow themselves

to grow stagnant.

5cknowledge non*work priorities by recogni=ing and responding to

employees? needs for greater balance in their lives, since employees

will develop loyalty for organi=ations that respect them as

individuals, not just as workers.

OBJECTI-ES OF THE STUDY

1. o check the level of employee satisfaction among job work assignees.

. o analy=e the work related stress.

4. o study the attitude of employees toward their work and job security.

8. o find motivational factors of employees.

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9. o find out how much employees are participation in dicision*making.

:. o find out how much employees are satisfied with their salary level.

A"t!e$ **$4! t t!e i%%ue ' +&+t& i% t 4"%ide$ t!e

#+ue ' t!e 'i#e IG%/

I"te$e%ti". @$1/

Ko one wants to do the same boring job over and over, day after day.

5lthough any job will reGuire some repetitive tasks, all jobs should include

at least some parts that are of high interest to employees.

I"'$mti"/

Information is power and employees want to have the information they

need to know to do their jobs better and more effectively. 5nd, more than

ever, employees want to know how they are doing in their jobs and how thecompany is performing overall. It is vitally important to open the channels

of communication in an organi=ation to allow employees to be informed,

ask Guestions, and share information and to inspire them to share the vision

of the company.

I"#+#eme"t/

#anagers today are faced with an incredible number of opportunities and

problems and, as the speed of business continues to increase, the amount of

time that they have to make decisions continues to decrease. Involving

employees in decision*making, especially when the decisions affect them

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directly, is both respectful and practical. Kot only do those closest to the

problem typically have the best insight as to what to do, involving them in

decision*making will increase their commitment and improve the success of

implementing new ideas or change. 6imilarly, management needs to follow

through on promises and live the values they preach.

I"de*e"de"4e/

Few employees want their every action to be closely monitored. #ost

employees appreciate having the fle!ibility to do their jobs as they see fit.

3iving employees latitude increases the chance that they will perform as

desired, as well as bringing additional initiative, ideas, and energy to their

jobs. 0mployees also need to be encouraged to achieve their best potential.

THEORIES OF EMPLOYEE SATISFACTION ARE/

8) NEED FULFILLMENT THEORY

5ccording to this theory a person is satisfied when he gets training from his

>ob what he wants. he more he wants something or the more important it

is to him, the more satisfied he is when he received it. In other words, />ob

6atisfaction will vary directly with the e!tend to which those needs of an

individual which can be satisfied are actually satisfied. Jroom views

satisfaction in terms of the positively valued outcomes that a job provides

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to a person. hus, job satisfaction is positively related to the degree to

which one-s needs are fulfilled. he fulfillment theory suffers from a major

drawback. 6atisfaction is a function of not only what a person receives but

what he feels he should receive.

6) EUITY THEORY/

+nder this theory, it is believed that a person-s job satisfaction depends

upon his perceived eGuity as determined by his input* output balance in

comparison with the input*output balance of others. 0very individual

compares his rewards with those of a Lreference group-. If he feels his

rewards are eGuitable in comparison with others doing similar work, he

feels satisfied. >ob 6atisfaction is thus a function of the degree to which job

characteristics meet the desires of the reference group. For e!ample, one

study of the effects of community features on job satisfaction revealed that

workers living in a well to a neighbourhood felt less satisfied than thoseliving in poor neighbourhood.

9) T:O FACTOR THEORY/

Frederick %er=berg and his colleagues developed the wo factor theory

satisfaction. 5ccording to this theory satisfaction and dissatisfaction are

interdependent of each other and e!ist on a separate continuum. 7ne set of

factors known as hygiene factors $'ompany policy, administration,

supervision, pay, working conditions and interpersonal relations) act as

dissatisfiers. heir absence cause dissatisfaction but their present does not

result in positive satisfaction. he other set of factors known as satisfiers

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$achievements, advancement, recognition, work itself and responsibility)

lead to satisfaction.

6everal studies designed to test the two factor theory provide little support

to this theory. he same factor may serve as a satisfier for one but a

dissatisfier for another. It appears from this theory that a person can be

satisfied and dissatisfied at the same time.

) DISCREPANCY THEORY/

5ccording to this theory job satisfaction depends upon what a person

actually receives from his job and what he e!pects to receive. When the

reward actually received are less than the e!pected rewards it causes

dissatisfaction. In the words of (ocke, />ob 6atisfaction and dissatisfaction

are function of perceived relationship between what one wants from one-s

job and what one perceive it is actually offering. In other words,

satisfaction is the difference between what one actually received and what

he feels he should receive. his theory fails to reveal whether over*

satisfaction is or is not a dimension of dissatisfaction and if so , how does it

dissatisfaction arising out of the situation when received outcomes are less

than the outcomes one feels he should receive.

?) EUITY DISCREPANCY THEORY/

his is a combination of eGuity and discrepancy theories. (awlers hs

adopted the difference approach of discrepancy theory rather than the ratio

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approach of eGuity theory. From eGuity theory the concept of comparision

has been selected to serve as an intervening variable. +nder this theory

satisfaction is defined as the difference between the outcomes that one

perceives he actually received and outcomes that one feels he should

receives in comparision with others. when the individual feels that what he

actually received is eGual what he perceives he should receive there is

satisfaction. hus an individual-s reception of his reward is influenced by

more than just the objective amount of that factor. ecause of this

psychological influence the same amount of reward aften can be seen Guite

differently by two people, to one it can be a large amount , while to another

person it can be a small amount.

) SOCIAL REFERENCE ;ROUP THEORY/

eference group defines the way an individual looks at the world.

5ccording to this theory job satisfaction occurs when the job meet the

interest , desires and reGuirements of a person-s reference group. In other

words, job satisfaction is a function of the degree to which the job meets

the approval of the group to which the individual looks for guidance in

evaluating the world and defining social reality.

he social reference group theory is similar to the need fulfillment theory

e!cept than it takes into account not the desires, needs and interests of the

given individual but rather the point of view and the opinion of the groups

to whom the individual looks for guidance.

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CHAPTER / 6

INTRODUCTION

OF

HDFC STANDARD

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LIFE INSURANCE

I"di" I"%u$"4e I"du%t$&

HISTORY

(ife insurance came to India from 0ngland in 1


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o regulate India insurance business first insurance act came in 1@1 as life

insurance company act and provident fund act. hese act consist of

premium rated abeles and periodical valuation of companies. In the first

two decade of Hthcentury many life insurance companies were started. 6o

the insurance acts came in 1@4< to governing life and non life insurance

companies and provide strict state control. In 1@9: the life insurance

corporation of India $(I') was creating to spreading life insurance much

more widely particularly in rural areas. In that year (I' had 9 =onal offices,

44 divisional offices and 1 branch offices. 1@9; the business of (I' of

sum assured of HH crores, 1HHH cores in 1@;H, and ;HHH crores in 1@


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he general in insurance business in India, on the other hand, can trace its

roots to the riton insurance company (td, the first general insurance

company established in the year 1


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similar reforms in 1@@8, the committee submitted the report and some of

the key recommendation included.

Insurance regulator I&5 set up.

HHH*I&5 starts giving licenses to private insurersB %&F'

standard (ife Insurance, I'I'I prudential and 2otak (ife

Insurance first private insurers to sell a policy.

HH1*oyal 6undaram 5lliance first non*life insurer to sell policy

HH anks allowed selling insurance plans.

P%%ibi+itie% '$ i"%u$"4e 4m*"ie% i" I"di0

Further deregulation of the market. 3reater concern for the

customers.

Kewer products and services.

'ompetition and Guality consciousness.

T!e I"%u$"4e Re.u+t$& De#e+*me"t Aut!$it&

I"%u$"4e A4t/33

he passage of the Insurance s5ct, 1@4< and its subseGuent amendments in

1@9H and 1@@@ are serious attempts to bring order in the business of

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insurance in India. he 5ct attempted to address various issues relating to

the business. 6ome of them areB**

Protection of policy holder interest.

(imiting the e!penses of insurance organi=ations.

0stablishment of tariff advisory committee.

6olvency levels to be maintained.

'reation of Insurance organi=ation.

&efining the roles and responsibilities of various functionaries

associated with the business.

I"%u$"4e Re.u+t$& "d De#e+*me"t Aut!$it& A4t

he passage of Insurance egulatory and &evelopment 5uthority 5ct in

1@@@ can be seen a dividing line for insurance business in India.

It was an outcome of the implementation of the recommendations of a high

powered committee, which suggested the setting up of a statutory body

called the Insurance egulatory and &evelopment 5uthority in 1@@:.

his body was later renamed as I&5 with the passage of I&5 5ct by

the parliament.

Obe4ti#e ' IRDA A4t/

o protect the investor-s interest.

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o promote orderly growth of insurance industry in the country,

including registration of insurance companies

o administer the provisions of Insurance 5cts.

o devise control activities needed for smooth functioning of the

insurance companies including investment of funds and solvency

reGuirements to be maintained by insurance companies.

o lay down the accounting methodology to be adopted .

o adjudicate on disputes.

I"di" I"%u$"4e Cm*"ie%/

With the rapid growth of the Indian Insurance industry, in particularly

serving a #iddle 'lass that is growing on both si=e and wealth every year,

it is hardly surprising that Indian insurance companies are growing, and

playing an increasingly important role in the nation-s financial services

industry.

his increasing market is creating considerable competition among Indian

Insurance 'ompanies in an industry that H years ago was relatively small.

o date, India-s Insurance egulatory and &evelopment 5uthority $I&5),

has granted registration to 1 private life insurance companies, there are

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currently 14 Indian insurance companies in the life side and 14 Indian

insurance companies operating in general insurance .

3eneral Insurance 'orporation has been approved as the Indian reinsurer

for underwriting only reinsurance business. Particulars of the Indian

insurance companies including both life insurance companies and general

insurance companies are given belowB

I"di" i"%u$"4e 4m*"ie%

1. (ife insurance corporation of India

. 5llian= ajaj life insurance company limited

4. irla sun*life insurance company limited

8. %&F' standard life insurance co. limited

9. I'I'I prudential life insurance co. limited

:. IK3 Jysya (ife Insurance company limited

;. #a! Kew york life insurance co. limited


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1. 5KP 6anmar assurance company limited

14. &abur '3+ life insurance co. pvt. (imited

18. Kational insurance company limited

19. Kew India assurance company limited

1:. 7riental insurance company limited

1;. +nited India insurance company limited

1


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Kational insurance company (td, founded in 1@H:, is the oldest e!isting

insurance company in India.

0arlier, the insurance sector had only two state insurers N life insurers i.e.

life insurance corporation of India $(I'), and general insurers i.e. general

insurance corporation of India $3I').

In &ecember HHH, these subsidiaries were de*linked from parent company

and were declared independent insurance companiesB oriental insurance

company limited, Kew India 5ssurance company limited, national

insurance company limited and +nited India insurance company limited.

&ue to the increase in the Indian economy, more and more people are

taking active participation in this industry as investors, or may be on* roll

employees in this industry.

C!++e".e% '4i". i"%u$"4e i"du%t$&/

T!$et ' Ne@ E"t$"t% /3

he insurance industry has been budding with new entrants every other

day. herefore the companies should carve out niche areas such that the

threat of new entrants might not be a hindrance.

here is also a chance that the big players might sGuee=e the small new

entrants.

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P@e$ ' %u**+ie$% /3

hose who are supplying the capital are not that big a threat.

For instance, if someone as a very talented insurance underwriter is

presently working for a small insurance company, there e!ists a chance that

any big player willing to enter the insurance industry might entice that

person off.

P@e$ ' Bu&e$%/ 33

Ko individual is a big threat to the insurance industry and big corporate

houses have a lot more negotiating capability with the insurance

companies. ig corporate clients like airlines and pharmaceutical

companies pay million of dollars every year in premiums.

-ISION STATEMENT

he 3lobal Indian Financial services brandB heir customers will

enjoy the benefits of dealing with a global Indian brand that

understands their needs and delivers customi=ed pragmatic solutions

across multiple platforms. hey will be a world class Indian financial

service group. heir technology and best practices will be

benchmarked along international lines while their understanding of

customers will be uniGuely Indian. hey will be more than a

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repository of their customer-s savings. hey, the group, will be a

single window to every financial service in a customer-s universe.

he most preferred employer in financial servicesB 5 culture of

empowerment and a spirit of enterprise attract bright minds with an

entrepreneurial streak to join us and stay with us. Working with a

home grown professionally managed company, which has

partnerships with international leaders, gives their people a

perspective that is universal as well as uniGue.

he most trusted financial services companyB hey will create an

ethos of trust across all their constituents. 5dhering to high standards

of compliance and corporate governance will be an integral part of

building trust.

Jalue creationB Jalue creation rather than si=e alone will be business

driver.

MISSION AND -ALUES

heir #ission $as stated in the 'ompany?s website )B

o be the top new life insurance company in the market.

his does not just mean being the largest or the most productive company

in the market, rather it is a combination of several things like*

'ustomer service of the highest order

Jalue for money for customers

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Professionalism in carrying out business

Innovative products to cater to different needs of different

customers

+se of technology to improve service standards

Increasing market share

T!ei$ -+ue%/

SECURITY/

Providing long term financial security to our policy holders will be

our constant endeavour. We will be do this by offering life insurance

and pension products.

TRUST/

We appreciate the trust placed by our policy holders in us.

%ence, we will aim to manage their investments very

carefully and live up to this trust.

INNO-ATION/

ecognising the different needs of our customers, we will be offering

a range of innovative products to meet these needs.

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BRAND PERSONALITY

%&F' rand identity based on consumer perception and group

aspiration.

2nowledgeable of the latest business practicesA has incorporated the

best but believes that ultimately successful business decisions are

based on instincts rather than logical processes.

Jalues Indian traditional and rituals.

%&F' is the Guintessential Indian entrepreneur in touch with the

global world.

'onstantly looking for new opportunities to grow business and make

money.

elieves in Lno guts, no glory-.

%&F' is seen as a leader in their field, not only in thoughts but also

in their ability to spot opportunities and build on them.

MA2IN; OF A BRAND

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6tarted operation in 7ctober HHH.

Keed for private players to establish brands.

Keed to create a brand platform that would be uniGue, relevant and

emotionally compelling.

ased their brand positioning on providing financial freedom* /6ar

utha kar jeo.

0!pressed through all customer touch points N

5ds#erchandising'orporate 6tationery etc.

2EY IMPERATI-ES OF COMPANY

o be a top five player in this industry in this, %&F' (ife Insurance need to

increase &istribution width and depth trough the country. Insurance is sold

primarily through three sales channelsB

Tied .e"4& "et@$1/

sales manager recruit and develop life advisers who in turn prospects for

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customers and sell insurance. It is a tide agency, as these agents $life

advisers) are their e!clusive sales agents .key to success of a tide agency

is that each sales manager has a large number $successful 6#s) have a

team of < to 1H contributing (as) 7F (IF0 5&JI606 who deliver 4*8

policies month on month consistently.

A+te$"te 4!""e+/

sales mangers works with channel partners who can use their channels

sales force to sell insurance of their brand. 'hannel partners in alternate

channel can be either a corporate agency or a broker. 5 corporate agency

will always be e!clusive for their brand and sell for their company. 5

broker will be a multiband player and works for the benefit of the

customer. 5lternate channels sales manager, apart from managing

e!isting partners, identify new partners, built relationships and use the

channel sales force to increase sales from that channel.

;$u* %+e%/

sales mangers sell to corporate institutions where a group of

homogeneous character can be covered under a single insurance policy.

ypically they work in the area of employee benefit programme .heysell products like 6uperannuation, 3ratuity, 3roup (ife 'overs , 0&(I

and group credit term covers .2ey difference from the first two channels

is that this channel does not insure individual lives but insures groups of

people.

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SWOT ANALYSIS

~ 4:~

STRENGTH

Country Wide

Recognition Need Base Analysis

Same Standard Services

in all Branches Fair Deal in all

Transactions Customers Centric

Approach Infrastructure

WEEKNESS

Freuent !o" Rotation

#ess num"er of

advertisements $idden Charges


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CHAPTER 9

~ 4;~

OPPORTUNITY

Scope in !aipur as it is in

the developing phase %nly &'( of insura"le

people have anyinsurance

$igher possi"ility of

gro)th in Indian share*ar+et

THREAT

#IC,s Brand Name

-eople of !aipur prefershort.term investmentrather than in insurance

/pcoming private

insurance companies0


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RE-IE: OF LITERATURE

;ENERAL MOTORS STRATE;Y

OBJECTI-ES

5 company can invest millions in technology and facilities, but it is of little

value if employees are unsatisfied. 0ngaged, enthusiastic, motivated

employees are essential for business success.

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3#?s 0mployee 0nthusiasm 6trategy focuses on engaging employees with

positive leadership behavior and effective management. 3# wants to be a

desirable place to work, an employer of choice worldwide and a place

people enjoy coming to every day. 3#?s policy is to emphasi=epersonal

safety, economic stabilityand employee development.

3# is committed to developing and deploying employee skills, talent and

potential effectively to achieve its business goals. 6ee employee training.

3#?s approach is to instill a performance culture across the business that

inspires employees to do their best, empowers them to make decisions,rewards accomplishment, embraces challenges and embodies high

e!pectations. y providing employee professional development

opportunities in the conte!t of this performance culture, 3#?s aim is to

increase levels of job satisfaction N as measured in staff surveys N while

delivering improved business results.

Se4t$i+ Cm*$i%" ' F4t$% I"'+ue"4i". Jb

Sti%'4ti" i" I"di" B"1i". Se4t$

It has been observed that degree of job satisfaction of private sector banks

was found to be significantly lower than in public sector banks. 5t least two

reasons were found to be responsible for the low job satisfaction level of

employees of private sector banks. When data were analysed, surprising

results were found. In the study, job satisfaction was measured by a tool

developed by 6inha $1@@H). >ob satisfaction was measured on the basis of

~ 4@~
http://www.gm.com/corporate/responsibility/reports/05/700_social/2_twenty/720.htmlhttp://www.gm.com/corporate/responsibility/reports/05/700_social/2_twenty/720.htmlhttp://www.gm.com/corporate/responsibility/reports/05/500_economic/index.htmlhttp://www.gm.com/corporate/responsibility/reports/05/700_social/5_fifty/750.htmlhttp://www.gm.com/corporate/responsibility/reports/05/700_social/2_twenty/720.htmlhttp://www.gm.com/corporate/responsibility/reports/05/700_social/2_twenty/720.htmlhttp://www.gm.com/corporate/responsibility/reports/05/500_economic/index.htmlhttp://www.gm.com/corporate/responsibility/reports/05/700_social/5_fifty/750.html


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five variables. hese are $i) pay, $ii) work condition $for e!ample, safety,

heat, noise, and dust), $iii) service conditions $for e!ample, security,

promotion, and welfare), $iv) relation with superiors, peers, and workers,

and $v) company as a whole. 5mong four variables, the degree of

difference is not noticeable. ut low scores of the third variable, service

conditions, were found to be responsible for overall low degree job

satisfaction in private sector banks.

0mployees of private sector banks perceive that their jobs are not secure. In

fact, the effect of an open economy, globalisation, and privatisation can be

seen more easily in private sector banks than in public sector banks. In

private sector banks, the environment in highly competitive and job

security is based on performance and various other factors. hough it is

true that this environment provides a challenging job profile, it also creates

a less secure environment. Industriousness, dedication, devotion, and

commitment are not enough to secure a job. he high level of performance

of an individual is also based on various factors. hese may be market

situation, e!istence of competitor, and government policies. Where these

factors are adverse in nature, performance automatically suffers. &uring

this period, employees feel insecure, which reduces overall job satisfaction.

In public sector banks, welfare policies are clearly defined and legally

enforced. etirement, pensions, gratuity, and other related welfare policies

are effectively e!ecuted. 6o there is no problem with social security. In

private sector banks, welfare activities are neither well planned nor well

e!ecuted. 0mployee turnover is very high and job security is very low.

#ost employees are from middle class Indian families. hese employees

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have seen the golden period of public sectors and government jobs during

their growing stages. 6o the effect of welfare schemes of government jobs

and public sectors cannot be easily eradicated from their psyche. Private

sector employees are ready to work hard but they demand pensions,

security, and sometimes an easy lifestyle.

hese findings in the banking sectors could be e!tended to e!plain the job

situation in other service sectors. In terms of security, promotion, and

welfare policy, there is a clear difference between public and private sector

employees. It was stated earlier that when we compare the job satisfaction

of employees in public and private sector banks or in other service sectors,

the public and private sectors become the main factor of comparison. In

India, the public or private sector factors neutralise all other factors of

comparison. For e!ample, in India, a public sector insurance company like

(I' will always be preferred by a new entrant, if he has a choice.

CHAPTER

RESEARCH METHODOLO;Y

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08 MEANIN; OF RESEARCH

06 DEFINITION OF RESEARCHMETHODOLO;Y

09 RESEARCH DESI;N

0 DATA COLLECTION

0? SAMLE DESI;N

:HAT IS RESEARCH

esearch is a systematic and continues method of defining a problem,

collecting the facts and analy=ing them, reaching conclusion forming

generali=ations.

he systematic and objective identification, collection, analysis,

dissemination, and use of information for the purpose of assisting

management in decision making related to the identification related to

solution to problems and opportunities .

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#arketing esearch is the function that links the customer, concumer, and

public to the marketer through information* information used to identify

and define marketing opportunities and problemsA generate, refine, and

evaluate marketing actionsA monitor marketing performanceA and improve

understanding of marketing as a process.

he study of research methods provides manager knowledge and skill

needed to solve the problems and meet the challenges of a fast*paced

decision*making environment. hree factors that stimulate an interest of

managers in research study are

he manager-s increased need for more and better information.

he availability of increased techniGues and tools to meet this need.

he result information overload if discipline is not employed in the

process.

RESEARCH METHODOLO;Y

esearch methodology is a way to systematically solve the problem. It may

be understood has a science of studying how research is done scientifically.

In it we study the various steps that all generally adopted by a researcher in

studying his research problem along with the logic behind them.

he scope of research methodology is wider than that of research method.

hus when we talk of research methodology we not only talk of research

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methods but also consider the logic behind the method we use in the

conte!t of our research study and e!plain why we are using a particular

method.

S @e %!u+d 4"%ide$ t!e '++@i". %te*% i" $e%e$4!

met!d+.&/

Problem statement

7bjective of study

esearch design

&ata collection

6ample design

6tatistical tool

(imitation of study

RESEARCH DESI;N

5 framework or blueprint for conducting the research project. It

specifies the details of the procedures necessary for obtaining the

information needed to structure andor solve research problems. 5

good research design lays the foundation for conducting the project.

5 good research design will ensure that the research project is

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conducted effectively and efficiently. ypically, a research design

involves the following components, or tasksB

&efine the information needed.

&esign the research.

6pecify the measurement and scaling procedures.

'onstruct and present a Guestionnaire or an appropriate form for

data collection.

6pecify the sampling process and sampling si=e.

&evelop a plan of data analysis.

DATA COLLECTION

he task of data collection is begins after a research problem has been

defined and research designed plan chalked out. &ata collection is to

gather the data from the population. he data can be collected of two typesB

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Primary &ata

6econdary &ata

P$im$& Dt

he Primary &ata are those, which are collected afresh and for the first

time, and thus happened to be original in character.

7bservation.

Personal Interviews.

elephonic interviews.

Ouestionnaires.

6chedules.

Se4"d$& Dt

he 6econdary &ata are those which have already been collected by

someone else and which have already been passed through the statistical

tool. #ethods of collection of 6econdary data

Kewspapers.

#aga=ines

>ournals

Internet

(ibraries

7ld records.

In this project I am using both the method of data collection

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SAMPLE DESI;N

5 sample design is a definite plan for obtaining a sample from a given

population. It refers to the techniGue or the procedure and the researcher

would adopt in selecting items of sample. 6ample design may as well lay

down the number of items to be included in the sample i.e. the si=e of the

sample. 6ample design is determined before data are collected. efore

going trough sampling design, let us learn some terms.

P*u+ti"/he aggregate of all the elements, sharing some common set of

characteristics, that comprises the universe for the purpose of the research

problem.

In this project all the employees of %&F' 6tandard (ife Insurance of

>5IP+ branch, is the population

Sm*+e/

5 subgroup of the elements of the population selected for participation in

the study.

In this project sample si=e is 8H employees

Sm*+i". U"it/

he basic unit containing the elements of the population to be sampled.

In this project sampling unit is employees.

Sm*+i". Te4!"i,ue u%ed i" %u$#e&333

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Konprobability 6ampling echniGues.

'onvenience 6ampling.

Konprobability sampling techniGues do not use chance selection

procedures. ather, they rely on the personal judgment of the researcher

where as probability sampling procedure each element of the population

has fi!ed probabilistic chance of being selected for the sample.

In our survey, we have used nonprobabilty sampling techniGue because

there is no way of determining the probability of selecting any particular

element for inclusion for the sample, the estimates obtained are not

statistically projectable to the population. We have selected the sample with

help of 6ales #anager and their (ife 5dvisors.

5mong nonprabability sampling techniGues, the sampling techniGue

applied here is convenience sampling. 'onvenience 6ampling attempts to

obtain a sample of convenient elements. he selection units is left primarily

to the inerviewer. 'onvenience 6ampling is the least e!pensive and least

time consuming of all sampling techniGues. he sampling units are

accessible, easy to measure, and cooperative. In spite of these advantages,

his form of sampling has serious limitations. #any potential sources of

selection bias are present, including respondent self*selection. 'onvenience

6amples aer not representative of any definable population.

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UESTIONNAIRE DESI;N

5 Ouestionnaire, whether it is called a schedule, interview form, or

measuring instrument, is a structured techniGue for data collection that

consists of series of Guestion, written or verbal, that a respondent answers.

Obe4ti#e O' A ue%ti""i$e

It must translates the information needed into a set of specific

Guestions that the respondents can and will answer.

5 Guestionnaire must uplift, motivate, and encourage the respondent

to become involved in the interview, to cooperate, and to complete

the interview.

5 Guestionnaire should minimi=e response time

CHAPTER ?~ 8@~


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ANALYSIS AND

INTERPRETATION

ANALYSIShe analysis of this project begins with analysis of each Guestion.

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ANALYSIS AND INTERPRETATION

#anagers need information, not raw data. esearch helps in generating

information by analy=ing data after its collection .data analysis usually

involves reducing accumulated data to a manageable si=e, developing

summaries, looking for patterns and applying statistical techniGues. 6caled

responses on Guestionnaires and e!perimental instruments often reGuire the

analyst to derive various functions, as well as to e!plore relationships

among variables.

In various cases when we deal with statistics we find that the variables are

related to each other or we can also say two variables seem to move in the

same direction such as both are increasing or decreasing or even some

factors tend to move in the opposite direction also means one is increasing

and the other is decreasing. 5nalysis has been done by applying various

statistical tools to study the basic factors that lead to >ob satisfaction among

>ob Work 5ssignees. Jarious important factors identified during the study

areB*

C >ob security

C #otivation D 5ttitude

C 6tress

Re%*"de"t b& ;e"de$

M+e 6>

Fem+e 88

Tt+ 7

TABLE 83 SHO:S RESPONDENTS BY ;ENDER

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FI;38 SHO:S RESPONDENTS BY ;ENDER

%ere we can see ma!imum number of respondent is male that is ;M and

female are only


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Fi""4e ?

*e$ti" ?

TABLE 63SHO:S DEPARTEMENTS OF

RESPONDENTS

FI;36 SHO:S DEPARTEMENTS OF RESPONDENTS

%ere we can see ma!imum number of respondent are for

marketing department that are out of 8H respondent

:$1 E*e$ie"4e ' Re%*"de"t

E*e$ie"4e i" &e$%

N0 '

Re%*"de"t%

8 +e%% t!e" 8 &e$ 8?

6 m$e t!e" 8 &e$ 87

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9 +e%% t!e" 6 &e$ =

m$e t!e" 6 &e$ ;

TABLE 93SHO:S :OR2 EKPERINCE OF RESPONDENT

FI;39 SHO:S :OR2 EKPERINCE OF RESPONDENT

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%ere we can see that employees are not e!perienced.19 employees are

having the e!perience of less than 1 year and 14 of less then year.

Sti%'4ti" +e#e+ @it! t!e b

S0 NO0 Sti%'4ti" Le#e+ N0 '

Re%*"de"t%

8 Li1e #e$& mu4! 6?

6 Li1e %me @!t 87

9 Neut$+

Di%+i1e %me @!t 8

? Di%+i1e #e$& mu4! Ni+

Em*+&ee %ti%'4ti"

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FI;3 SHO:S SATISFACTION LE-EL :ITH THE JOB

he data in the above table reveals that majority of respondents $9) were

highly satisfied with their job and 1H of respondents are satisfied with their

job.

his show that employees are satisfied with their job.

Sti%'& @it! t!e be!#i$ ' m".eme"t "d t!e$

em*+&ee%

S0"

Sti%'4ti"

Le#e+

N0 '

Re%*"de"t%

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8

Hi.!+&

Sti%'ied 66

6 Sti%'ied 87

9 Mde$te ?

U"%ti%'ied 6

?

Hi.!+&

U"%ti%'ied 8

TABLE ? S!@% Sti%'4ti" +e#e+ @it! t!e be!#i$ '

m".eme"t "d t!e$ em*+&ee%

Fi. ? 3S!@% Sti%'4ti" +e#e+ @it! t!e be!#i$ 'm".eme"t "d t!e$ em*+&ee%

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he data in the above table reveals that majority of respondents $)

were highly satisfied with the behavior of other employees and 1H of

respondents are satisfied and 9 are moderate.

C$ee$ "d .$@t! **$tu"itie%

S0" P$e'e$e"4e% N0 ' Re%*"de"t%

8 Ye% 9

6 N

Tb+e S!@% C$ee$ "d .$@t! **$tu"itie% '$em*+&ee%0

Fi.3 S!@% C$ee$ "d .$@t! **$tu"itie% '$ em*+&ee%0

%ere we can see ma!imum number of respondent are think that there

career and growth opportunities offered by the job is that is @HM .

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his shows that in %&F' 6tandard life career and growth opportunities

offered by the job.

P$ti4i*ti" i" De4i%i" m1i".

S0" P$ti4i*ti"

N0 '

Re%*"de"t%

8 67397 86

6 9737 87

9 73?7 =

?737

? Ab#e 7

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hat is only : respondent are participating in the above:HM decisions and

1 are participating in HM*4HM.

Sti%'4ti" Le#e+ ' Em*+&ee%

S0NO0 Sti%'4ti" Le#e+ N0 '

Re%*"de"t%

80 Hi.!+& Sti%'ied >

60 Sti%'ied 8?

90 Mde$te ?

0 U"%ti%'ied 87

?0 Hi.!+& U"%ti%'ied 8

Tb+e=3S!@% Sti%'4ti" Le#e+ ' Em*+&ee% @it! t!e %+$&

FI;=3 S!@% Sti%'4ti" Le#e+ ' Em*+&ee% @it! t!e

%+$&

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he data in the above table tells us that majority of respondents $19) are

satisfied with the level of salary which they are getting and only $@) of

respondents are highly satisfied with this statement and $1H) respondent are

not satisfied with the salary which they are getting.

M".eme"t i% '+eib+e "d u"de$%t"d% t!e

im*$t"4e ' b+"4i". m& @$1 "d *e$%"+ +i'e0

S0 NO0 Sti%'4ti" Le#e+ N0 '

Re%*"de"t%

8 St$".+& .$ee 8=

6 A.$ee 87

9 U"de4ided =

Di%.$ee 6

? St$".+& di%.$ee 6

TABLE >3S!@% M".eme"t i% '+eib+e "d u"de$%t"d% t!eim*$t"4e ' b+"4i". m& @$1 "d *e$%"+ +i'e0

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FI;3> S!@% M".eme"t i% '+eib+e "d u"de$%t"d% t!e

im*$t"4e ' b+"4i". m& @$1 "d *e$%"+ +i'e0

he data in the above table tells us that majority of respondents $1


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Le#e+ Re%*"de"t%

8 St$".+& .$ee =

6 A.$ee 86

9 U"de4ided 88

Di%.$ee

?

St$".+&

di%.$ee 9

TABLE387 S!@% !@ m"& em*+&ee% .$ee @it! t!e 4m*"& b"u%

*+"%

Fi.387 S!@% !@ m"& em*+&ee% .$ee @it! t!e

4m*"& b"u% *+"%

he data in the above table tells us that majority of respondents $1) are

agree with the bones plan which they are getting and $


64/79

strongly agree with this statement and $11) respondent are undecided and

$:) are disagree.

I% "& 4!".e i% $e,ui$e t im*$#e t!e @$1i". 4"diti"

S0" P$e'e$e"4e% N0 ' Re%*"de"t%

8 Ye% 96

6 N =

TABLE388 S!@% !@ m"& em*+&ee% 'ee+ t !#eim*$#eme"t i" @$1i". 4"diti"%

Fi.388 S!@% !@ m"& em*+&ee% .$ee @it! t!e 4m*"&

*& %4+e "d b"u% *+"%

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%ere we can see ma!imum number of respondent are think that change is

reGuire to improve the working condition of the company opportunities is

that is


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CHAPTER

LIMITATIONS

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Limitti"

here are various limitation faced during the study as the study basic

related to the human psychology and behavior basically. 6ome of the

problems face during the study areB*

C while collecting the data it was noticed that most of the

respondent were getting struck at statement, they were actually

related to make out whether the statement is related to their job or

routine life .

C 5nother major obstruction found the study was respondents were

Guite reluctant in giving their original details.

C 0ven it is not noticed that some of the data entry operations

were not even ready to fill in the Guestionnaires, so their responses

were most of the time neutral.

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CHAPTER M".eme"t i% '+eib+e "d u"de$%t"d% t!e im*$t"4e '

b+"4i". m& @$1 "d *e$%"+ +i'e0

6trongly &isagree

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&isagree

+ndecided

5gree

6trongly 5gree

087 A$e &u .$ee @it! t!e 4m*"& *& %4+e "d b"u% *+"%

6trongly 6trongly 5gree +ndecided &isagree

5gree &isagree

088 D &u 'ee+ t!e$e i% 4!".e $e,ui$e i" &u$ de*$tme"t

t im*$#e @$1i". 4"diti"%

R06 K7

086 R"1 t!e '++@i". mti#ti"+ '4t$ 44$di". t &u /3

FACTOR RAN2(8 t )8 i% !i.!e%t

Promotion QQ

eward and ecognition QQ

5chievemant QQ

%igher authority and responsibility QQ

PERSONAL DETAIL /

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NAME /3 0

MOBILE NO/3 0

ADDRESS OF COMMUNICATION/3

0

CHAPTER >

BIBLIO;RAPHY

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REFERENCES

BOO2S

C. R. Kothari: Research Methodology(New Age

!"licatio#$% editio# &''

hili) Kotler: Mar*eti#g Ma#age+e#t% editio# &'',

M.-.Mathew: Ris* Ma#age+e#t a#d i#s!ra#ce(R S A$%

editio# &'/'

0.S.S!dha: Orga#i1atio#al eha2io!rs (Mali* 3 Co+)a#y%

4ai)!r$ editio# &'/'

R.C.hatia: !si#ess Orga#isatio# a#d Ma#age+e#t% third

editio# &''

5S.Rao: 6!+a# Reso!rce Ma#age+e#t: seco#d editio#

#ew 7elhi%&'',

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C.A.Code: Orga#isatio#al eha2io!r (theory a#d

)ractice$%&'',

6.Naraya#a#: I#dia# I#s!ra#ce( A ro8ile$ editio# &''9

We"sites

www.google.co+(search e#gi#e$

www.yahoo.co+(search e#gi#e$

www.wi*i)edia.co+

www.hd8ci#s!ra#ce.co+

www.hd8c.co+

www.irda.co+

News)a)ers

co#o+ics Ti+es

Ti+es o8 I#dia

Maga1i#es

~ ;


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