36195452-A-Project-Report-on-HDFC-Insurance-Employees-Satisfaction 07

8/7/2019 36195452-A-Project-Report-on-HDFC-Insurance-Employees-Satisfaction 07

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"A STUDY OF EMPLOYEE SATISFACTION

OF

HDFC STANDARD LIFE INSURANCE

A STUDY CONDUCTED IN HDFC STANDARD LIFE INSURANCE

SUBMITTED BY:

VARUN BAWA

ROLL NO-81407317174


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PREFACE

Ex erience is the best teacher. The sa in la s a ver ivotal role in our curriculum

where in we tr and understand the nuances of the theoretical world with a blend of

ractical ex erience. Its ver im ortant to understand how and where to im lement what

we have studied. Knowled e in itself is a continuous rocess. Gettin racticed

knowled e is an im ortant thin for existence for an business concern in the

com etition revailin in an industr a total awareness is the first and foremost thin

necessar from all as ects workin smarter seems to be as im ortant as workin harder

and lon er.

We com leted this ro ect on EMPLOYEE SATISFACTION in art fulfillment of

our MBA curriculum. The knowled e we arnered throu h this ex osure with the outside


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world will hel us in takin a iant lea towards understandin em lo ees behavior and

references.


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ACKNOWLEDGEMENT

Preservation ins iration and motivation have alwa s la ed a ke role in the success of

an venture. In the resent world of cutthroat com etition ro ect is likel a brid e

between theoretical and ractical workin willin l I have re ared this articular

ro ect.

First of all I would like to thank the su reme ower the almi ht od who is obviousl

the one who has alwa s directed me to work on the ri ht ath of m life. With this race

this ro ect could become a realit .

I feel hi hl deli hted with the wa m ro ect re ort on to ic EMPLOYEE

SATISFACTION has been com leted.

An accom lishment re uires the effort of man eo le and this work is not different.


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Firstl I would like to extend m sincere thanks to Ms.Gur it Walia Mana er- Channel

Marketin HDFC STANDARD LIFE INSURANCE COMPANY for his kind co-

o eration and rovidin me ood environment to work on.

Finall I would like to thanks all the facult members res ondent and other

eo le whom directl or indirectl hel me com letin the ro ect.


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TABLE OF CONTENTS

Cha ter no. Particulars

Pa e no.

1 Introduction

2 Ob ective Of The Pro ect

3 Review Of Literature

4 Research Methodolo

5 Anal sis and Inter retation

6 Conclusion

7 Limitations

8 Su estions


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9 Biblio ra h

10 Annexures


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CHAPTER 1 INTRODUCTION

1.1 COMPANY PROFILE

1.2 HISTORY

1.3 JOURNEY

1.4 VISION STATEMENT

1.5 MISSIONS AND VALUES

1.6 KEY IMPERATIVES OF COMPANY


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The rou has a ersonal worth of Rs.100000 crore and em lo ees in its various

businesses with resence in 216 cities in India and offices in New York London Dubai

and Mauritius it services a customer base over 1400000.

HDFC en o s leadershi osition in most of the businesses includin stock brokin

investment bankin and retail lendin . With a brand slo an of CUSTOMER

SATISF ACTION HDFC en o s a articularl stron ranchise in the arena o

investment and ca ital markets. HDFC is also known for the values of trust inte rit and

financial rudence with which entire business and franchise is develo ed .Not onl the

are the one of the most referred com an to do business with the are also one of the

most referred em lo ers in the financial services industr .


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STANDARD LIFE

Standard Life has used its broad and well-established U.K. base to create a multinational

business and is buildin businesses in the US and Euro e that focus on sectors of the

market with ood fundamentals and where its skills can add value. As at 31 December

2005 72% of funds under mana ement are in the United States 24% in South Africa and

4% in United Kin dom .On the embedded value bases the eo ra hic s lit is 66% Africa

25% the US and 9% rest of world.

HISTORY

HDFC Standard Life Insurance Com an Limited

The Partnershi :

HDFC Standard Life first came to ether for a ossible oint venture to enter the Life

Insurance market in Januar 1995. It was clear from the outset that both com anies


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shared similar values and beliefs and a stron relationshi uickl formed. In October

1995 the com anies si ned a 3 ear oint venture a reement.

Around this time Standard Life urchased a 5% stake in HDFC further stren thenin the

relationshi .

The next three ears were filled with uncertaint due to chan es in overnment and

on oin dela s in ettin the IRDA Insurance Re ulator and Develo ment authorit

Act assed in arliament. Des ite this both com anies remained firml committed to the

venture.

In October 1998 the oint venture a reement was renewed and additional resource made

available. Around this time Standard Life urchased 2% of Infrastructure Develo ment


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Finance Com an Ltd. IDFC . Standard Life also started to use the services of the

HDFC Treasur de artment to advise them u on their investments in India.

Towards the end of 1999 the o enin of the market looked ver romisin and both

com anies a reed the time was ri ht to move the o eration to the next level. Therefore

in Januar 2000 an ex ert team from the UK oined a hand icked team from HDFC to

form the core ro ect team based in Mumbai.

Around this time Standard Life urchased a further 5% stake in HDFC and a 5% stake in

HDFC Bank.

In a further develo ment Standard Life a reed to artici ate in the Asset Mana ement

Com an romoted b HDFC to enter the mutual fund market. The Mutual Fund was

launched on 20th Jul 2000.

Incor oration of HDFC Standard Life Insurance Com an Limited:


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The com an was incor orated on 14th Au ust 2000 under the name of HDFC Standard

Life Insurance Com an Limited.

Their ambition from the be innin was to be the first rivate com an to re-enter the life

insurance market in India. On the 23rd of October 2000 this ambition was realised when

HDFC Standard Life was the first life com an to be ranted a certificate of re istration.

HDFC are the main shareholders in HDFC Standard Life with 81.4% while Standard

Life owns 18.6%. Given Standard Life's existin investment in the HDFC Grou this is

the maximum investment allowed under current re ulations.

HDFC and Standard Life have a lon and close relationshi built u on shared values and

trust. The ambition of HDFC Standard Life is to mirror the success of the arent

com anies and be the ardstick b which all other insurance com anies in India are

measured.


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COMPANY JOURNEY

FIG.-1: SHOWS THE COMPANY JOURNEY FROM 1985-2007


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VISION STATEMENT

The Global Indian Financial services brand: Their customers will en o the

benefits of dealin with a lobal Indian brand that understands their needs and

delivers customized ra matic solutions across multi le latforms. The will be a

world class Indian financial service rou . Their technolo and best ractices

will be benchmarked alon international lines while their understandin of

customers will be uni uel Indian. The will be more than a re ositor of their

customers savin s. The the rou will be a sin le window to ever financial

service in a customers universe.

The most referred em lo er in financial services: A culture of em owerment

and a s irit of enter rise attract bri ht minds with an entre reneurial streak to oin


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us and sta with us. Workin with a home rown rofessionall mana ed

com an which has artnershi s with international leaders ives their eo le a

ers ective that is universal as well as uni ue.

The most trusted financial services com an : The will create an ethos of trust

across all their constituents. Adherin to hi h standards of com liance and

cor orate overnance will be an inte ral art of buildin trust.

Value creation: Value creation rather than size alone will be business driver.


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LIFE INSURANCE AND HDFC LIFE

The Insurance market was o ened u for rivate com anies in ear 2000 and currentl

there are 15 Life Insurance com anies in India. HDFC Life Insurance in its fifth ear of

o erations has shown commendable results. In FY 2005-06 HDFC Life Insurance laid

s ecial em hasis on stren thenin the ualit of Business and succeeded remarkabl in

the achievin its oals. Instead of ust to line rowth it has concentrated on better ualit

business throu h focusin on lon term re ular remium business and 90% + ersistenc .

For the second ear in succession it has met the internal value creation tar et which

ives the confidence that oin forward it will be able to maintain both a ressive to

line rowth and reduce losses to achieve break even b 2008-09. The main focus would

be to deliver su erior value to the ke stakeholders and the em lo ees. The have 650


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MISSION AND VALUES

Their Mission as stated in the Com an 's website :

To be the to new life insurance com an in the market.

This does not ust mean bein the lar est or the most roductive com an in the market

rather it is a combination of several thin s like-

Customer service of the hi hest order

Value for mone for customers

Professionalism in carr in out business

Innovative roducts to cater to different needs of different customers

Use of technolo to im rove service standards

Increasin market share

Their Values:


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MAKING OF A BRAND

Started o eration in October 2000.

Need for rivate la ers to establish brands.

Need to create a brand latform that would be uni ue relevant and emotionall

com ellin .

Based their brand ositionin on rovidin financial freedom- Sar utha kar eo.

Ex ressed throu h all customer touch oints Ads/Merchandisin /Cor orate

Stationer etc.


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channels sales force to sell insurance of their brand. Channel artners in alternate

channel can be either a cor orate a enc or a broker. A cor orate a enc will

alwa s be exclusive for their brand and sell for their com an . A broker will be a

multiband la er and works for the benefit of the customer. Alternate channels

sales mana er a art from mana in existin artners identif new artners built

relationshi s and use the channel sales force to increase sales from that channel.

Grou sales: sales man ers sell to cor orate /institutions where a rou of

homo eneous character can be covered under a sin le insurance olic . T icall

the work in the area of em lo ee benefit ro ramme .The sell roducts like

Su erannuation Gratuit Grou Life Covers EDLI and rou credit term covers

.Ke difference from the first two channels is that this channel does not insure

individual lives but insures rou s of eo le.


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STRENGTHS

Our ke stren ths

Financial Ex ertise

As a oint venture of leadin financial services rou s HDFC Standard Life has the

financial ex ertise re uired to mana e our lon -term investments safel and efficientl .

Ran e of Solutions

We have a ran e of individual and rou solutions which can be easil customised to

s ecific needs. Our rou solutions have been desi ned to offer ou com lete flexibilit

combined with a low char in structure


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CHAPTER 2 OBJECTIVES OF STUDY

2.1INTRODUCTION

2.2OBJECTIVES


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INTRODUCTION OF THE STUDY

Satisfaction is an im ortant oal for or anizations to reach as it has been shown that

rofitabilit roductivit em lo ee retention and customer satisfaction are linked to

em lo ee satisfaction.

JOB SATISFACTION

The term Job satisfaction refers to an individual's eneral attitude towards his or her ob.

A erson with a hi h level of ob satisfaction holds ositive attitude towards the ob

while a erson who is dissatisfied with his or her ob holds ne ative attitude about the

ob.

In sim le words ob satisfaction is:-

Job Satisfaction describes how content an individual is with his or her ob. There are a


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variet of factors that can influence a erson's level of Job satisfaction some of these

factors are:-

Include the level of a and benefits


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The erceived fairness of the romotion s stem within a com an

The level of a and benefits

Leadershi and social relationshi s

The ob itself.

Wh to stud about em lo ee satisfaction?

In m oint of view stud of "Em lo ee satisfaction" hel s the com an to maintain a

standards & increase roductivit b motivatin the em lo ees. this stud tells us how

much the em lo ees are ca able & their interest at wok lace? what are the thin s still to

be satisf to the em lo ees. althou h "human resource" are the most im ortant resources

for an or anization so to stud on em lo ees satisfaction hel s to know the workin

conditions & what are the thin s that affects them not to work ro erl . alwa s ma orit

of done b the machines/e ui ments but without an manual moments nothin can be


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done. so to stud on em lo ee satisfaction is necessar .

THE STATE OF EMPLOYEE SATISFACTION

Althou h committed and lo al em lo ees are the most influential factor to becomin an

em lo er of choice it's no sur rise that com anies and or anizations face si nificant

challen es in develo in ener ized and en a ed workforces. However there is lent of

research to show that increased em lo ee commitment and trust in leadershi can

ositivel im act the com an 's bottom line. In fact the true otential of an or anization


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can onl be realized when the roductivit level of all individuals and teams are full

ali ned committed and ener ized to successfull accom lish the oals of the

or anization.

As a result the oal of ever com an should be to im rove the desire of em lo ees to

sta in the relationshi the have with the com an . When com anies understand and

mana e em lo ee lo alt - rather than retention s ecificall - the can rea benefits on

both sides of the balance sheet i.e. revenues and costs.

On the revenue side of the balance sheet lo al and committed em lo ees are more likel

to o "above and be ond" to meet customer needs and are hi hl motivated to work to

the best of their abilit . Both of these traits are crucial for continued customer

commitment and on oin revenue and rowth for the com an .

On the cost side lo al em lo ees sta lon er resist com etitive ob offers do not


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activel look for other em lo ment and recommend the com an to others as a ood

lace to work. These four behaviors ositivel influence the cost side of the balance sheet

because the are leadin indicators of em lo ee retention. The lon er com anies kee

their em lo ees the lon er the can avoid havin to a to re lace them.

In other words rather than focusin onl on retention that is tr in to retain em lo ees

who have alread decided to leave or anizations should roactivel reco nize the

benefits of understandin mana in and im rovin em lo ee lo alt . The most

successful or anizations are those that can ada t their or anizational behavior to the

realities of the current work environment where success is de endent u on innovation

creativit and flexibilit . Additionall the d namics of the work environment have to

reflect a ver diverse o ulation com rised of individuals whose motivations beliefs and

value structures differ vastl from the ast and from each another. Ar uabl the most


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valuable but also volatile cor orate asset is a stable workforce of com etent dedicated

em lo ees since such an em lo ee base ives com anies a owerful advanta e de th of

knowled e and or anizational stren th.


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One of the ke ste s to understandin and im rovin em lo ee lo alt is b

acknowled in the im ortance of the followin factors in buildin lo alt and

satisfaction:

Broadl -defined res onsibilities rather than narrowl -defined ob functions

Effective and re ular erformance evaluations, both formall and informall

A cor orate em hasis on em lo ee learnin develo ment and rowth

Wide-ran in em lo ee artici ation in the or anization as a whole

T icall a combination of factors influences em lo ees' decisions to sta at their

current ob. Contributin factors include satisf in work a sense of ob securit clear

o ortunities for advancement a com ellin cor orate mission combined with the abilit

to contribute to the or anization's success and a feelin that their skills are bein

effectivel used and challen ed. S ecificall em lo ees who en o their work identif


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themselves with their em lo er and erceive that the com an is flexible re ardin work

and famil issues also intend to sta with the or anization.

Toda em lo ee lo alt needs to be earned rather than assumed and must be s ecific

rather than eneral - em lo ees are lookin at their em lo ment as a means of achievin

ersonal oals rather than sim l bein the " ood cor orate soldier" of the ast. This

means that com anies need to ex ress and act on a commitment to develo em lo ees'

career ob ectives b introducin initiatives that make em lo ees believe that their current

ob is the best ath to achievin their career oals.

In articular consider the followin elements of effective strate ies desi ned to build

lo alt and retain ke em lo ees:

Include o ortunities for ersonal rowth and invest heavil in the rofessional

develo ment of the best eo le in the or anization.


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Provide em lo ees with well-defined career aths includin a succession lan ,

mentors and tuition reimbursement for ob-related education.


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Train em lo ees even if it makes them more attractive to the com etition.

Without seein an o ortunit on the horizon few hi h otential em lo ees will

sta with a com an and allow themselves to row sta nant.

Acknowled e non-work riorities b reco nizin and res ondin to em lo ees'

needs for reater balance in their lives since em lo ees will develo lo alt for

or anizations that res ect them as individuals not ust as workers.

OBJECTIVES OF THE STUDY

1. To check the level of em lo ee satisfaction amon ob work assi nees.

2. To anal ze the work related stress.

3. To stud the attitude of em lo ees toward their work and ob securit .

4. To find motivational factors of em lo ees.


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Another a roach to the issue of lo alt is to consider the value of the five "I's":

Interestin work. No one wants to do the same borin ob over and over da after da .

Althou h an ob will re uire some re etitive tasks all obs should include at least some

arts that are of hi h interest to em lo ees.

Information. Information is ower and em lo ees want to have the information the

need to know to do their obs better and more effectivel . And more than ever

em lo ees want to know how the are doin in their obs and how the com an is

erformin overall. It is vitall im ortant to o en the channels of communication in an

or anization to allow em lo ees to be informed ask uestions and share information and

to ins ire them to share the vision of the com an .

Involvement. Mana ers toda are faced with an incredible number of o ortunities and

roblems and as the s eed of business continues to increase the amount of time that the


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have to make decisions continues to decrease. Involvin em lo ees in decision-makin

es eciall when the decisions affect them directl is both res ectful and ractical. Not

onl do those closest to the roblem t icall have the best insi ht as to what to do

involvin them in decision-makin will increase their commitment and im rove the

success of im lementin new ideas or chan e. Similarl mana ement needs to follow

throu h on romises and live the values the reach.

Inde endence. Few em lo ees want their ever action to be closel monitored. Most

em lo ees a reciate havin the flexibilit to do their obs as the see fit. Givin

em lo ees latitude increases the chance that the will erform as desired as well as


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brin in additional initiative ideas and ener to their obs. Em lo ees also need to be

encoura ed to achieve their best otential.

THEORIES OF EMPLOYEE SATISFACTION ARE:

1 NEED FULFILLMENT THEORY:

Accordin to this theor a erson is satisfied when he ets trainin from his Job what

he wants. The more he wants somethin or the more im ortant it is to him the more

satisfied he is when he received it. In other words Job Satisfaction will var directl

with the extend to which those needs of an individual which can be satisfied are actuall

satisfied. Vroom views satisfaction in terms of the ositivel valued outcomes that a ob

rovides to a erson. Thus ob satisfaction is ositivel related to the de ree to which

ones needs are fulfilled. The fulfillment theor suffers from a ma or drawback.


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Satisfaction is a function of not onl what a erson receives but what he feels he should

receive.

2 E UITY THEORY:

Under this theor it is believed that a ersons ob satisfaction de ends u on his

erceived e uit as determined b his in ut- out ut balance in com arison with the in ut-

out ut balance of others. Ever individual com ares his rewards with those of a

reference rou . If he feels his rewards are e uitable in com arison with others doin

similar work he feels satisfied. Job Satisfaction is thus a function of the de ree to which

ob characteristics meet the desires of the reference rou . For exam le one stud of the


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effects of communit features on ob satisfaction revealed that workers livin in a well to

a nei hbourhood felt less satisfied than those livin in oor nei hbourhood.

3 TWO FACTOR THEORY:

Frederick Herzber and his collea ues develo ed the Two factor theor satisfaction.

Accordin to this theor satisfaction and dissatisfaction are interde endent of each other

and exist on a se arate continuum. One set of factors known as h iene factors

Com an olic administration su ervision a workin conditions and inter ersonal

relations act as dissatisfiers. Their absence cause dissatisfaction but their resent does

not result in ositive satisfaction. The other set of factors known as satisfiers

achievements advancement reco nition work itself and res onsibilit lead to

satisfaction.

Several studies desi ned to test the two factor theor rovide little su ort to this


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theor . The same factor ma serve as a satisfier for one but a dissatisfier for another. It

a ears from this theor that a erson can be satisfied and dissatisfied at the same time.

4 DISCREPANCY THEORY:

Accordin to this theor ob satisfaction de ends u on what a erson actuall receives

from his ob and what he ex ects to receive. When the reward actuall received are less

than the ex ected rewards it causes dissatisfaction. In the words of Locke Job

Satisfaction and dissatisfaction are function of erceived relationshi between what one

wants from ones ob and what one erceive it is actuall offerin . In other words

satisfaction is the difference between what one actuall received and what he feels he


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should receive. This theor fails to reveal whether over-satisfaction is or is not a

dimension of dissatisfaction and if so how does it dissatisfaction arisin out of the

situation when received outcomes are less than the outcomes one feels he should

receive.

5 E UITY DISCREPANCY THEORY:

This is a combination of e uit and discre anc theories. Lawlers hs ado ted the

difference a roach of discre anc theor rather than the ratio a roach of e uit theor .

From e uit theor the conce t of com arision has been selected to serve as an

intervenin variable. Under this theor satisfaction is defined as the difference between

the outcomes that one erceives he actuall received and outcomes that one feels he

should receives in com arision with others. when the individual feels that what he

actuall received is e ual what he erceives he should receive there is satisfaction. Thus


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an individuals rece tion of his reward is influenced b more than ust the ob ective

amount of that factor. Because of this s cholo ical influence the same amount of reward

aften can be seen uite differentl b two eo le to one it can be a lar e amount while

to another erson it can be a small amount.

6 SOCIAL REFERENCE GROUP THEORY:

Reference rou defines the wa an individual looks at the world. Accordin to this

theor ob satisfaction occurs when the ob meet the interest desires and re uirements of

a ersons reference rou . In other words ob satisfaction is a function of the de ree to

which the ob meets the a roval of the rou to which the individual looks for uidance

in evaluatin the world and definin social realit .


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The social reference rou theor is similar to the need fulfillment theor exce t than it

takes into account not the desires needs and interests of the iven individual but rather

the oint of view and the o inion of the rou s to whom the individual looks for

uidance.

CHAPTER 3

REVIEW OF LITERATURE


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GENERAL MOTORS

OBJECTIVES

A com an can invest millions in technolo and facilities but it is of little value if

em lo ees are unsatisfied. En a ed enthusiastic motivated em lo ees are essential for

business success.

GM's Em lo ee Enthusiasm Strate focuses on en a in em lo ees with ositive

leadershi behavior and effective mana ement. GM wants to be a desirable lace to

work an em lo er of choice worldwide and a lace eo le en o comin to ever da .

GM's olic is to em hasize ersonal safet economic stabilit and em lo ee

develo ment.

GM is committed to develo in and de lo in em lo ee skills talent and otential


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rofessional develo ment o ortunities in the context of this erformance culture GM's

aim is to increase levels of ob satisfaction as measured in staff surve s while

deliverin im roved business results.

Sectorial Com arison of Factors Influencin Job Satisfaction

in Indian Bankin Sector

It has been observed that de ree of ob satisfaction of rivate sector banks was found to

be si nificantl lower than in ublic sector banks. At least two reasons were found to be

res onsible for the low ob satisfaction level of em lo ees of rivate sector banks. When

data were anal sed sur risin results were found. In the stud ob satisfaction was

measured b a tool develo ed b Sinha 1990 . Job satisfaction was measured on the

basis of five variables. These are i a ii work condition for exam le safet heat


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noise and dust iii service conditions for exam le securit romotion and welfare

iv relation with su eriors eers and workers and v com an as a whole. Amon four

variables the de ree of difference is not noticeable. But low scores of the third variable

service conditions were found to be res onsible for overall low de ree ob satisfaction in

rivate sector banks.

Em lo ees of rivate sector banks erceive that their obs are not secure. In fact the

effect of an o en econom lobalisation and rivatisation can be seen more easil in

rivate sector banks than in ublic sector banks. In rivate sector banks the environment


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in hi hl com etitive and ob securit is based on erformance and various other factors.

Thou h it is true that this environment rovides a challen in ob rofile it also creates a

less secure environment. Industriousness dedication devotion and commitment are not

enou h to secure a ob. The hi h level of erformance of an individual is also based on

various factors. These ma be market situation existence of com etitor and overnment

olicies. Where these factors are adverse in nature erformance automaticall suffers.

Durin this eriod em lo ees feel insecure which reduces overall ob satisfaction.

In ublic sector banks welfare olicies are clearl defined and le all enforced.

Retirement ensions ratuit and other related welfare olicies are effectivel executed.

So there is no roblem with social securit . In rivate sector banks welfare activities are

neither well lanned nor well executed. Em lo ee turnover is ver hi h and ob securit

is ver low. Most em lo ees are from middle class Indian families. These em lo ees


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have seen the olden eriod of ublic sectors and overnment obs durin their rowin

sta es. So the effect of welfare schemes of overnment obs and ublic sectors cannot be

easil eradicated from their s che. Private sector em lo ees are read to work hard but

the demand ensions securit and sometimes an eas lifest le.

These findin s in the bankin sectors could be extended to ex lain the ob situation in

other service sectors. In terms of securit romotion and welfare olic there is a clear

difference between ublic and rivate sector em lo ees. It was stated earlier that when

we com are the ob satisfaction of em lo ees in ublic and rivate sector banks or in

other service sectors the ublic and rivate sectors become the main factor of

com arison. In India the ublic or rivate sector factors neutralise all other factors of

com arison. For exam le in India a ublic sector insurance com an like LIC will

alwa s be referred b a new entrant if he has a choice.


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INCREASE EMPLOYEE SATISFACTION AND

PRODUCTIVITY

B rovidin amenities that make our buildin a healthier and more comfortable lace

to work ou can reduce em lo ee absenteeism and turnover while increasin

roductivit . Even small work lace im rovements such as installin individual

tem erature and ventilation controls im rovin the flow of natural li ht and rovidin

access to a roof arden can have a bi im act on our com an 's bottom line.

The EPA estimates that buildin -related illnesses account for $60 billion in annual

roductivit lost nationwide. And accordin to a Universit of Wisconsin stud tan ible

costs of hirin and retainin a new em lo ee t icall ran e between $10 000 and

$50 000 -- lus less uantifiable but no less real roductivit costs as em lo ees ada t


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to the new work environment and cultivate relationshi s with clients coworkers

contractors etc. With less absenteeism and reater em lo ee retention our investments

in reen buildin features will uickl a for themselves.

In a 2004 surve of 719 buildin owners develo ers architects en ineers and

consultants Turner Construction found that 91 ercent of executives involved

with reen buildin s believed that the health and well-bein of their buildin

occu ants was reater.


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B installin sk li hts fluorescent li ht fixtures and additional insulation to

im rove li htin and tem erature control Verifone's credit card verification

facilit in Costa Mesa California decreased its ener consum tion 59 ercent

reduced em lo ee absenteeism b 47 ercent and boosted roductivit b 5

ercent to 7 ercent.

At the head uarters of the West Bend Mutual Insurance Com an in West Bend,

Wisconsin reen features includin individual workstation controls for

tem erature airflow li htin and noise contributed to a 15 ercent increase in

claims rocessin er em lo ee.

CHAPTER 4 RESEARCH METHODOLOGY

4.1 MEANING OF RESEARCH


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4.2 DEFINITION OF RESEARCH METHODOLOGY

4.3 RESEARCH DESIGN

4.4 DATA COLLECTION

4.5 SAMLE DESIGN


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WHAT IS RESEARCH ?

Research is a s stematic and continues method of definin a roblem collectin the

facts and anal zin them reachin conclusion formin eneralizations.

The s stematic and ob ective identification collection anal sis dissemination and use

of information for the ur ose of assistin mana ement in decision makin related to the

identification related to solution to roblems and o ortunities .

Marketin Research is the function that links the customer concumer and ublic to the

marketer throu h information- information used to identif and define marketin

o ortunities and roblems enerate refine and evaluate marketin actions monitor

marketin erformance and im rove understandin of marketin as a rocess.

The stud of research methods rovides mana er knowled e and skill needed to solve the


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roblems and meet the challen es of a fast- aced decision-makin environment. Three

factors that stimulate an interest of mana ers in research stud are


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The mana ers increased need for more and better information.

The availabilit of increased techni ues and tools to meet this need.

The result information overload if disci line is not em lo ed in the rocess.

RESEARCH METHODOLOGY

Research methodolo is a wa to s stematicall solve the roblem. It ma be

understood has a science of stud in how research is done scientificall . In it we stud

the various ste s that all enerall ado ted b a researcher in stud in his research

roblem alon with the lo ic behind them.

The sco e of research methodolo is wider than that of research method. Thus when we

talk of research methodolo we not onl talk of research methods but also consider the

lo ic behind the method we use in the context of our research stud and ex lain wh we

are usin a articular method.


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Data collection

Sam le desi n

Statistical tool

Limitation of stud

RESEARCH DESIGN

A framework or blue rint for conductin the research ro ect. It s ecifies the details of

the rocedures necessar for obtainin the information needed to structure and/or solve

research roblems. A ood research desi n la s the foundation for conductin the ro ect.

A ood research desi n will ensure that the research ro ect is conducted effectivel and

efficientl . T icall a research desi n involves the followin com onents or tasks:

Define the information needed.


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Desi n the research.

S ecif the measurement and scalin rocedures.

Construct and resent a uestionnaire or an a ro riate form for data collection.

S ecif the sam lin rocess and sam lin size.

Develo a lan of data anal sis.

DATA COLLECTION


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The task of data collection is be ins after a research roblem has been defined and

research desi ned/ lan chalked out. Data collection is to ather the data from the

o ulation. The data can be collected of two t es:

Primar Data

Secondar Data

Primar Data

The Primar Data are those which are collected afresh and for the first time and thus

ha ened to be ori inal in character.

Observation.

Personal Interviews.

Tele honic interviews.


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uestionnaires.

Schedules.

Secondar Data


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The Secondar Data are those which have alread been collected b someone else and

which have alread been assed throu h the statistical tool. Methods of collection of

Secondar data

News a ers.

Ma azines

Journals

Internet

Libraries

Old records.

In this ro ect I am usin both the method of data collection

SAMPLE DESIGN

A sam le desi n is a definite lan for obtainin a sam le from a iven o ulation. It


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In this ro ect all the em lo ees of HDFC Standard Life Insurance of Chandi arh

branch sector 9 is the o ulation

Sam le

:

A sub rou of the elements of the o ulation selected for artici ation in the

stud .

In this ro ect sam le size is 40 em lo ees

Sam lin Unit : The basic unit containin the elements of the o ulation to be sam led.

In this ro ect sam lin unit is em lo ees

Sam lin Techni ue used in surve


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UESTIONNAIRE DESIGN

A uestionnaire whether it is called a schedule interview form or measurin

instrument is a structured techni ue for data collection that consists of series of uestion

written or verbal that a res ondent answers.

Ob ective Of A uestionnaire

It must translates the information needed into a set of s ecific uestions that the

res ondents can and will answer.

A uestionnaire must u lift motivate and encoura e the res ondent to become

involved in the interview to coo erate and to com lete the interview.


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A uestionnaire should minimize res onse error.

CHAPTER 5

ANALYSIS AND INTERPRETATION


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ANALYSIS

The anal sis of this ro ect be ins with anal sis of each uestion.

ANALYSIS AND INTERPRETATION

Mana ers need information not raw data. Research hel s in eneratin information b

anal zin data after its collection .data anal sis usuall involves reducin accumulated

data to a mana eable size develo in summaries lookin for atterns and a l in

statististical techni ues. Scaled res onses on uestionnaires and ex erimental instruments

often re uire the anal st to derive various functions as well as to ex lore relationshi s

amon variables.

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

other or we can also sa two variables seem to move in the same direction such as both


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are increasin or decreasin or even some factors tend to move in the o osite direction


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Female

11

Total

40

TABLE 1- SHOWS RESPONDENTS BY GENDER


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F e m a l e

2 8 %

M a l e

7 2%

FIG-1 SHOWS RESPONDENTS BY GENDER

Here we can see maximum number of res ondent is male that is 72% and female are


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onl 28%.

This hel s us to know that mostl male em lo ees are workin in HDFC Standard life

De artments of Res ondent

De artments No. of em lo ees

Marketin

22

Human resource

8

Finance

5

o eration

5


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TABLE 2-SHOWS DEPARTEMENTS OF RESPONDENTS


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No. of em lo ees

25

20

15

No. of em lo ees

10

5

0

Marketin Human

Finance o eration

resource

FIG-2 SHOWS DEPARTEMENTS OF RESPONDENTS


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Here we can see maximum number of res ondent are for marketin de artment that are

22 out of 40 res ondent

Work Ex erience of Res ondent

S.no Ex erience in ears No. of Res ondents

1 less then 1 ear

15

2 more then 1 ear

10

3 less then 2 ear

8

4 more then 2 ear

7


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TABLE 3-SHOWS WORK EXPERINCE OF RESPONDENT


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10

8

6

4

2

0

less t hen 1

more then 1

less then 2

more then 2

ear

ear

ear


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ear

1 2 3 4

FIG-3 SHOWS WORK EXPERINCE OF RESPONDENT

Here we can see that em lo ees are not ex erienced.15 em lo ees are havin the

ex erience of less than 1 ear and 13 of less then 2 ear.

Satisfaction level with the ob

S. NO. Satisfaction Level No. of

Res ondents

1 Like ver much 25

2 Like some what 10

3 Neutral

4


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4 Dislike some what 1

N

5 Dislike ver much

il

TABLE 4 SHOWS SATISFACTION LEVEL WITH THE JOB

Em lo ee satisfaction


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This show that em lo ees are satisfied with their ob.

Satisf with the behavior of mana ement and other em lo ees

Satisfaction

No. of

S.no

Level

Res ondents

Hi hl

1

Satisfied

22

2 Satisfied


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Fi 5 -Shows Satisfaction level with the behavior of mana ement and other em lo ees

The data in the above table reveals that ma orit of res ondents 22 were hi hl

satisfied wih the behaviour of other em lo ees and 10 of res ondents are satisfied


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and 5 are moderate.

Career and rowth o ortunities

S.no Preferences No. of Res ondents

1 Yes

36

2 No

4

Table6 Shows Career and rowth o ortunities for emlo ees.


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1 20%-30%

12

2 30%-40%

10

3 40%-50%

8

4 50%-60%

4


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5 Above 60%

6


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Table 7-Shows Partici ation of emlo ees in Decision makin

6

4

8

No. of Res ondents

10

-

12

-


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Fi -7 Shows Partici ation of emlo ees in Decision makin

Here we can see less number of res ondent are artici atin in the Decision makin

That is onl 6 res ondent are artici atin in the above60% decisions and 12 are

artici atin in 20%-30%.

Satisfaction Level of Em lo ees

S.NO. Satisfaction Level No. of Res ondents

1. Hi hl Satisfied 9

2. Satisfied

15

3. Moderate

5

4. Unsatisfied 10


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5. Hi hl Unsatisfied 1

Table8-Shows Satisfaction Level of Em lo ees with the salar


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No. of Res ondents

14

10

8

6

2

Hi hl


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Satis fied Moderate Unsatisfied Hi hl

Satisfied

FIG8- Shows Satisfaction Level of Em lo ees with the salar

The data in the above table tells us that ma orit of res ondents 15 are satisfied with the

level of salar which the are ettin and onl 9 of res ondents are hi hl satisfied with

this statement and 10 res ondent are not satisfied with the salar which the are ettin .

Mana ement is flexible and understands the im ortance of balancin

m work and ersonal life.

S. NO. Satisfaction Level No. of Res ondents

1 Stron l a ree

18


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2 A ree

10

3 Undecided

8

4 Disa ree

2

5 Stron l disa ree


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2

TABLE 9-Shows Mana ement is flexible and understands the im ortance of balancin

m work and ersonal life.


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FIG-9 Shows Mana ement is flexible and understands the im ortance of balancin m

work and ersonal life.

The data in the above table tells us that ma orit of res ondents 18 are satified with the

mana ement flexible and understands the im ortance of balancin m work and ersonal

life.

A ree with the com an bonus lans


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S.no Satisfaction Level No. of Res ondents

1 Stron l a ree

8

2 A ree

12

3 Undecided

11

4 Disa ree

6

5 Stron l disa ree

3


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Fi -10 Shows how man em lo ees a ree with the com an bonus lans

The data in the above table tells us that ma orit of res ondents 12 are ar ee with the

bones lan which the are ettin and 8 of res ondents are stron l a ree with this

statement and 11 res ondent are undicided and 6 are disa ree.

Is an chan e is re uire to im rove the workin condition

S.no Preferences No. of Res ondents

1 Yes

32

2 No

8


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Fi -11 Shows how man em lo ees a ree with the com an a scale and bonus lans

Here we can see maximum number of res ondent are think that chan e is re uire to

im rove the workin condition of the com on o ortunities is that is 80% .

CHAPTER 6


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It was also found that the rimar source of ob satisfaction amon Job Work assi nees

was the sense of achievement ex erienced b them while on the ob.

However in the same stud feelin s of dissatisfaction were found to be stemmin from

the work itself. The same and the work that was re etitive in nature and not a t accordin

to the ualification of some of the em lo ees were seen also some of the ma or factors

leadin to dissatisfaction were:-

" Low a ment

Job tenure 3 months leadin to ob insecurit amon the Job Work

Assi nees

mind the various factors leadin to the ob satisfaction and b enhancin the rofile of

ob.

Em lo ees tend to refer obs that ive them o ortunities to use their skills and


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CHAPTER 7


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LIMITATIONS

Limitation

There are various limitation faced durin the stud as the stud bis related to the human s cholo

and behaviour basicall . Some of the roblems facedduri the stud are:-


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while collectin the data it was noticed that most of the res ondent were ettin struck at

statement the were actuall related to make out whether the statement is related to their ob or

routine life .

Another ma or obstruction found the stud was res ondents were uite reluctant in ivin their

ori inal details.

Even it is not noticed thatsome of the data entr o erations wrer not even read to fill in the

uestionnaires so their res onses were most of the time neutral.

CHAPTER 8


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SUGGESTIONS

Su estions

To increase satisfaction and retention of em lo ees.

It will hel in reducin the factors leadin to absenteeism and staff turnover.

It will hel in eneratin factors which can defuse tension and im rove workin condition

Which will ultimatel lead to ob satisfaction.


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The method of recruitment should be im roved.

Select the ri ht erson for the ri ht ob.

Promotion olic should be im roved

Mana ement should check the erformance of their em lo ees time to time.

Overall work environment should also be im roved.

CHAPTER 9


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BIBLIOGRAPHY

REFERENCES

BOOK S


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htt ://wiki.answers.com/ /What is the im ortance of em lo ee satisfaction in

an or anisation

CHAPTER 10


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ANNEXURES

UESTIONNAIRE

SURVEY ON EMPLOYEES SATISFACTION OF HDFC STANDARD LIFE

INSURANCE COMPANY

uestions:


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.1 What is our ender.

l Male Female

.2 What de artment do ou work in?

..

.3 How lon have ou worked for this com an ?

..

.4 How do ou like this ob?

Like ver Like some Neutral Dislike some Dislike ver

Much what what Much

.5 I am treated with res ect b mana ement and the eo le I work with.

Stron l Disa ree

Disa ree


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Undecided

A ree

Stron l A ree

.6 Is there an career enhancement o ortunities and rowth in this ob ?

Yes No

.7 How much do ou artici ate in decision makin ?

o20%-30% o 30%-40% o 40%-50%

o 50%-60% o above 60%


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.8 Are ou satisfied with ou salar level?

Hi hl Unsatisfied Moderate Satisfied Hi hl

Unsatisfied Satisfied

.9 Mana ement is flexible and understands the im ortance of balancin m work and

ersonal life.

Stron l Disa ree

Disa ree

Undecided

A ree

Stron l A ree

.10 Are ou a ree with the com an a scale and bonus lans ?

Stron l A ree Undecided Disa ree Stron l


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A ree Disa ree

.11 Do ou feel there is chan e re uire in our de artment

to im rove workin conditions?

YES NO

.12 Rank the followin motivational factor accordin to ou :-

FACTOR RANK 1 to 4 1 is hi hest

Promotion Reward and

Reco nition


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Achievemant Hi her

authorit and res onsibilit

PERSONAL DETAIL :

NAME :- .

MOBILE NO:- .

ADDRESS OF COMMUNICATION:-

.

Documents

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