36195452 a Project Report on HDFC Insurance Employees Satisfaction

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PROJECT REPORT

ON

Job Satisfaction Of Employees In Insurance Industry

Submitted in partial fulfillment of requirement of Bachelor of

BusinessAdministration (B.B.A) General

BBA VI Semester (Evening)

Batch 2010-2013

Submitted to:

Submitted by:

Er. Barkha Narang Anshul

Arora

Asst professor Roll No.11724501710

JAGANNATH INTERNATIONAL MANAGEMENT SCHOOL.

KALKAJI

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STUDENTS UNDERTAKING

I hereby certify that this is my original work and it has never beensubmitted elsewhere

Anshul Arora

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Certification By Supervisor

I hereby certify that the student has completed the project under

my guidance on the title JOB SATISFACTION OF EMPLOYEES

IN INSURANCE INDUSTRY.

Er. Barkha Narang Anshul Arora

Asst professor Roll No.11724501710

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PREFACE

. Its very important to understand how and where to implement what we have

studied. Knowledge in itself is a continuous process. Getting practiced

knowledge is an important thing for existence for any business concern in the

competition prevExperience is the best teacher. The 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 experience ailing in an industry

a total awareness is the first and foremost thing necessary from all aspects,

working smarter seems to be as important as working harder and longer.

We completed this project on JOB SATISFACTION OF EMPLOYEE in part

fulfillment of our BBA curriculum. The knowledge we garnered through this

exposure with the outside world will help us in taking a giant leap towards

understanding employees behavior and preferences.

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ACKNOWLEDGEMENT

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.

I feel highly delighted with the way my project report on topic JOB

SATISFACTION OF EMPLOYEE IN INSURANCE INDUSTRY has been

completed.

With due respect and regards I wish to express my deep sense of gratitude,

indebtedness and sincere phrases of thanks to Er.Barkha Narang, for her

invaluable mentoring and exuberant guidance. We are highly obliged by the

constant support that I have got from my faculty in the project. Starting

from the initial stages to the end stages I have received continuous feedback

with regard to the progress of the project.

TABLE OF CONTENTS

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Chapter no. Particulars Page no.

1 Introduction

2 Objective Of The Project

3 Review Of Literature

4 Research Methodology

5 Analysis and Interpretation

6 Limitations

7 Conclusion

8 Annexures

9 List Of T ables

10 Bibliography

EXECUTIVE SUMMARY

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CHAPTER 1

INTRODUCTION

INTRODUCTION

Insurance sector in India is one of the booming sectors. About 20% of the

total insurable population of India is covered under various life insurance

schemes, the penetration rates of health and other non-life insurances in

India is also well below the international level. This indicates that there is

immense growth potential of the insurance sector. According to a recent

study of McKinsey Global Institute( MGI)-The Bird of Gold:The rise of Indias

Consumer Market,aggregate real household disposible income is expected

to rise at 5.3 percent annually which is significantly more than 3.6 percent

annual growth over the past two decades. Research suggests that the Indian

life insurance industry could witness a rise in the insurance sector premium to

between 5.1 and 6.2 percent in 2012. With privatization of this sector, fierce

competition has forced organizations to focus on their business generation.

This in-turn has increased work pressure on employees and reduced their

satisfaction level. Human Resource managers are trying to identify the grey

areas which are resulting in job dissatisfaction so as to enhance the

productivity and effectiveness of the employees. Measurement of Job

satisfaction is also being used as a tool for applying employee retention

techniques. Enhanced Job satisfaction leads to higher level of employee

retention. A stable and committed workforce ensures successful knowledge

transfer, sharing, and creation - a key to continuous improvement, innovation,

and knowledge-based total customer satisfaction. The success of a

corporation depends very much on customer satisfaction. A high level of

customer service leads to customer retention, thus offering growth and profit

opportunities to the organization. There is a strong relationship between

customer satisfaction and job satisfaction. Satisfied employees are more

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likely to stay with company and become committed and have more likely to

be motivated to provide high level of customer service, by doing so will also

further enhance the employees satisfaction through feeling of achievement.

Enhanced job satisfaction leads to improved employee retention; andemployee stability ensures the successful implementation of continuous

improvement and customer satisfaction. Customer satisfaction will no doubt

lead to corporate success and greater job security. These will further

enhance job satisfaction. This study aimed at analyzing the factors that are

responsible for increasing or decreasing the job satisfaction of an employee

in the insurance sector so that organizations can benefit from the various

conclusions drawn on the basis of past studies.This study puts emphasis on

the fact that Job Satisfaction can be an important indicator of how employees

feel about their jobs and a predictor of work behaviours such as

organizational citizenship, absenteeism, productivity, their motivation level,

their stress levels and turnover.

The project consists of the topic called A study on Job Satisfaction of

Employees in insurance industry at HDFC STANDARDLIFE INSURANCE

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COMPANY PROFILE

HDFC Standard life insurance ltd is a joint venture company of HDFC bank

and Standard Life.HDFC STANDARD Life Insurance is a 74:26 joint venture

between HDFC Bank Ltd. and Standard Life. HDFC STANDARD Life

Insurance is one of the fastest growing insurance companies in India and has

shown remarkable growth since its inception in 2000.

HDFC

HDFC is one of the India s leading institutions, offering complete financial

solutions that encompass every sphere of life. From commercial banking to

stock broking, to mutual funds, to life insurance, to investment banking, the

group to the financial needs of individuals and corporate.

The group has a personal worth of Rs.100000 crore and employees in its

various businesses with presence in 216 cities in India and offices in New

York, London, Dubai and Mauritius, it services a customer base over

1400000.

HDFC enjoys leadership position in most of the businesses including stock

broking, investment banking and retail lending. With a brand slogan of

CUSTOMER SATISFACTION , HDFC enjoys a particularly strong franchise

in the arena of investment and capital markets. HDFC is also known for the

values of trust, integrity and financial prudence with which entire business

and franchise is developed .Not only they are the one of the most preferred

company to do business with, they are also one of the most preferred

employers in the financial services industry.

STANDARD LIFE

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

multinational business and is building businesses in the US and Europe that

focus on sectors of the market with good fundamentals and where its skills

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can add value. As at 31 December 2005, 72% of funds under management

are in the United States; 24% in South Africa and 4% in United Kingdom .On

the embedded value bases the geographic split is 66% Africa, 25% the US

and 9% rest of world.

HISTORY

HDFC Standard Life Insurance Company Limited

The Partnership :

HDFC Standard Life first came together for a possible joint venture, to enter

the Life Insurance market, in January 1995. It was clear from the outset that

both companies shared similar values and beliefs and a strong relationship

quickly formed. In October 1995 the companies signed a 3 year joint venture

agreement.

Around this time Standard Life purchased a 5% stake in HDFC, further

strengthening the relationship.

The next three years were filled with uncertainty, due to changes in

government and ongoing delays in getting the IRDA (Insurance Regulatory

and Development authority) Act passed in parliament. Despite this both

companies remained firmly committed to the venture.

In October 1998, the joint venture agreement was renewed and additional

resource made available. Around this time Standard Life purchased 2% of

Infrastructure Development Finance Company Ltd. (IDFC). Standard Life alsostarted to use the services of the HDFC Treasury department to advise them

upon their investments in India.

Towards the end of 1999, the opening of the market looked very promising

and both companies agreed the time was right to move the operation to the

next level. Therefore, in January 2000 an expert team from the UK joined a

hand picked team from HDFC to form the core project team, based in

Mumbai.

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The Global Indian Financial services brand: Their customers will

enjoy the benefits of dealing with a global Indian brand that

understands their needs and delivers customized pragmatic solutions

across multiple platforms. They will be a world class Indian financialservice group. Their technology and best practices will be

benchmarked along international lines while their understanding of

customers will be uniquely Indian. They will be more than a repository

of their customers savings. They, the group, will be a single window to

every financial service in a customers universe.

The most preferred employer in financial services : A 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 unique.

The most trusted financial services company : They will create an

ethos of trust across all their constituents. Adhering to high standards

of compliance and corporate governance will be an integral part of

building trust.

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

driver.

LIFE INSURANCE AND HDFC LIFE

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The Insurance market was opened up for private companies in year 2000

and currently there are 15 Life Insurance companies in India. HDFC Life

Insurance in its fifth year of operations has shown commendable results. In

FY 2005-06, HDFC Life Insurance laid special emphasis on strengthening the

Quality of Business and succeeded remarkably in the achieving its goals.

Instead of just top line growth it has concentrated on better quality business

through focusing on long term regular premium business and 90% +

persistency. For the second year in succession, it has met the internal value

creation target which gives the confidence that going forward it will be able to

maintain both aggressive top line growth and reduce losses to achieve break

even by 2008-09. The main focus would be to deliver superior value to the

key stakeholders and the employees. They have 650 branch offices in 31

cities in India and they are growing aggressively to increase their footprints

and bring Life Insurance products to their citizens.

From a macro perspective, investment in Life Insurance in developed

countries is as much as 4.85% of GDP whereas in India it only accounts for

275%. Hence for the next few years due to under insurance and inherent

scope present, private life insurance companies will grow as close to 100%

year on year for the next few years until the gap is bridged. One of The key

reason for the under insurance has been a monopolistic industry prior to

2000 which led to under development of the market. Life Insurance is an

integral part of any Financial Planning activity. Typically one could look at

least 5-10% of the total Income to be invested towards Life Insurance.

MISSION AND VALUES

Their Mission ( as stated in the Company's website ):

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

This does not just mean being the largest or the most productive company in

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

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Alternate channel: sales mangers works with channel partners who

can use their channels sales force to sell insurance of their brand.

Channel partners in alternate channel can be either a corporate

agency or a broker. A corporate agency will always be exclusive fortheir brand and sell for their company. A broker will be a multiband

player and works for the benefit of the customer. Alternate channels

sales manager, apart from managing existing partners, identify new

partners, built relationships and use the channel sales force to

increase sales from that channel.

Group sales: sales mangers sell to corporate /institutions where a

group of homogeneous character can be covered under a single

insurance policy. Typically they work in the area of employee benefit

programme .They sell products like Superannuation, Gratuity, Group

Life Covers , EDLI and group credit term covers .Key difference from

the first two channels is that this channel does not insure individual

lives but insures groups of people.

STRENGTHS

Financial Expertise

As a joint venture of leading financial services groups, HDFC Standard Life

has the financial expertise required to manage your long-term investments

safely and efficiently.

Range of Solutions

We have a range of individual and group solutions, which can be easily

customised to specific needs. Our group solutions have been designed to

offer you complete flexibility combined with a low charging structure

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On the revenue side of the balance sheet, loyal and committed employees

are more likely to go "above and beyond" to meet customer needs and are

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

crucial for continued customer commitment and ongoing revenue and growthfor the company.

On 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. These four behaviors positively influence the

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

employee retention. The 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), organizations should

proactively recognize the benefits of understanding, managing and improving

employee loyalty. The most successful organizations are those that can

adapt their organizational behavior to the realities of the current work

environment where success is dependent upon innovation, creativity andflexibility. Additionally, the dynamics of the work environment have to reflect a

very diverse population comprised of individuals whose motivations, beliefs

and value structures differ vastly from the past and from each another.

Arguably, 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 advantage; depth of knowledge and

organizational strength.

One of the key steps to understanding and improving employee loyalty is by

acknowledging the importance of the following factors in building loyalty and

satisfaction:

Broadly-defined responsibilities rather than narrowly-defined job

functions

Effective and regular performance evaluations, both formally andinformally

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A corporate emphasis on employee learning, development and growth

Wide-ranging employee participation in the organization as a whole

Typically, a combination of factors influences employees' decisions to stay at

their current job. Contributing factors include satisfying work, a sense of job

security, clear opportunities for advancement, a compelling corporate mission

combined with the ability to contribute to the organization's success, and a

feeling that their skills are being effectively used and challenged. Specifically,

employees who enjoy their work, identify themselves with their employer and

perceive that the company is flexible regarding work and family issues also

intend to stay with the organization.

Today, employee loyalty needs to be earned, rather than assumed, and must

be specific, rather than general - employees are looking at their employment

as a means of achieving personal goals rather than simply being the "good

corporate soldier" of the past. This means that companies need to express

and act on a commitment to develop employees' career objectives byintroducing initiatives that make employees believe that their current job is

the best path to achieving their career goals.

In particular, consider the following elements of effective strategies designed

to build loyalty and retain key employees:

Include opportunities for personal growth and invest heavily in the

professional development of the best people in the organization.

Provide employees with well-defined career paths (including a

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

education.

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

competition. Without seeing an opportunity on the horizon, few high

potential employees will stay with a company and allow themselves to

grow stagnant.

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Acknowledge non-work priorities by recognizing and responding to

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

will develop loyalty for organizations that respect them as individuals,

not just as workers.

OBJECTIVES OF THE STUDY

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

2. To analyze the work related stress.

3. To study the attitude of employees toward their work and job security.

4. To find motivational factors of employees.

5. To find out how much employees are participation in dicision-making.6. To find out how much employees are satisfied with their salary level.

Another approach to the issue of loyalty is to consider the value of the

five "I's":

Interesting work. No one wants to do the same boring job over and

over, day after day. Although any job will require some repetitive tasks,

all jobs should include at least some parts that are of high interest to

employees.

Information. Information is power and employees want to have the

information they need to know to do their jobs better and more

effectively. And, more than ever, employees want to know how they

are doing in their jobs and how the company is performing overall. It is

vitally important to open the channels of communication in an

organization to allow employees to be informed, ask questions, andshare information and to inspire them to share the vision of the

company.

Involvement. Managers 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 directly, is both respectful

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and practical. Not 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. Similarly, management needs to follow throughon promises and live the values they preach.

Independence. Few employees want their every action to be closely

monitored. Most employees appreciate having the flexibility to do their

jobs as they see fit. Giving employees latitude increases the chance

that they will perform as desired, as well as bringing additional

initiative, ideas, and energy to their jobs. Employees also need to be

encouraged to achieve their best potential.

THEORIES OF EMPLOYEE SATISFACTION ARE:

1) NEED FULFILLMENT THEORY:

According to this theory a person is satisfied when he gets training from

his Job what he wants. The more he wants something or the more important

it is to him, the more satisfied he is when he received it. In other words, Job

Satisfaction will vary directly with the extend to which those needs of an

individual which can be satisfied are actually satisfied. Vroom views

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

person. Thus, job satisfaction is positively related to the degree to which

ones needs are fulfilled. The fulfillment theory suffers from a major

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

what he feels he should receive.

2) EQUITY THEORY: Under this theory, it is believed that a persons job

satisfaction depends upon his perceived equity as determined by his input-

output balance in comparison with the input-output balance of others. Every

individual compares his rewards with those of a reference group. If he feels

his rewards are equitable in comparison with others doing similar work, he

feels satisfied. Job Satisfaction is thus a function of the degree to which job

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characteristics meet the desires of the reference group. For example, 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 those living

in poor neighbourhood.

3) TWO FACTOR THEORY:

Frederick Herzberg and his colleagues developed the Two factor theory

satisfaction. According to this theory satisfaction and dissatisfaction are

interdependent of each other and exist on a separate continuum. One set of

factors known as hygiene factors (Company policy, administration,

supervision, pay, working conditions and interpersonal relations) act asdissatisfiers. Their absence cause dissatisfaction but their present does not

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

(achievements, advancement, recognition, work itself and responsibility) lead

to satisfaction.

Several studies designed to test the two factor theory provide little

support to this theory. The 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.

4) DISCREPANCY THEORY:

According to this theory job satisfaction depends upon what a person

actually receives from his job and what he expects to receive. When the

reward actually received are less than the expected rewards it causes

dissatisfaction. In the words of Locke, Job Satisfaction and dissatisfaction

are function of perceived relationship between what one wants from ones 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. This 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.

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5) EQUITY DISCREPANCY THEORY:

This is a combination of equity and discrepancy theories. Lawlers hs

adopted the difference approach of discrepancy theory rather than the ratio

approach of equity theory. From equity theory the concept of comparision has

been selected to serve as an intervening variable. Under 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 equal what he perceives he should receive there is

satisfaction. Thus an individuals reception of his reward is influenced by

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

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

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

person it can be a small amount.

6) SOCIAL REFERENCE GROUP THEORY:

Reference group defines the way an individual looks at the world. According

to this theory job satisfaction occurs when the job meet the interest , desires

and requirements of a persons 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.

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

except than it takes into account not the desires, needs and interests of thegiven individual but rather the point of view and the opinion of the groups to

whom the individual looks for guidance.

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

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

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

employees of private sector banks. When data were analysed, surprisingresults were found. In the study, job satisfaction was measured by a tool

developed by Sinha (1990). Job satisfaction was measured on the basis of

five variables. These are (i) pay, (ii) work condition (for example, safety, heat,

noise, and dust), (iii) service conditions (for example, security, promotion, and

welfare), (iv) relation with superiors, peers, and workers, and (v) company as

a whole. Among four variables, the degree of difference is not noticeable. But

low scores of the third variable, service conditions, were found to be

responsible for overall low degree job satisfaction in private sector banks.

Employees 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. Though 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. The high level of performance of an individual is also

based on various factors. These may be market situation, existence of

competitor, and government policies. Where these factors are adverse in

nature, performance automatically suffers. During this period, employees feel

insecure, which reduces overall job satisfaction.

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

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

are effectively executed. So there is no problem with social security. In

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

executed. Employee turnover is very high and job security is very low. Most

employees are from middle class Indian families. These employees have

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

growing stages. So the effect of welfare schemes of government jobs and

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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.

These findings in the banking sectors could be extended to explain 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 example, in India, a public sector insurance company like LIC will always

be preferred by a new entrant, if he has a choice.

INCREASE EMPLOYEE SATISFACTION AND PRODUCTIVITY

By providing amenities that make your building a healthier and more

comfortable place to work, you can reduce employee absenteeism and

turnover while increasing productivity. Even small workplace improvements,

such as installing individual temperature and ventilation controls, improving

the flow of natural light and providing access to a roof garden, can have a big

impact on your company's bottom line.

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

annual productivity lost nationwide. And according to a University of

Wisconsin study, tangible costs of hiring and retaining a new employee

typically range between $10,000 and $50,000 -- plus less quantifiable, but noless real, productivity costs as employees adapt to the new work environment

and cultivate relationships with clients, coworkers, contractors, etc. With less

absenteeism and greater employee retention, your investments in green

building features will quickly pay for themselves.

In a 2004 survey of 719 building owners, developers, architects,

engineers and consultants, Turner Construction found that 91 percent

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of executives involved with green buildings believed that the health

and well-being of their building occupants was greater.

By installing skylights, fluorescent light fixtures and additional

insulation to improve lighting and temperature control, Verifone's credit

card verification facility in Costa Mesa, California, decreased its

energy consumption 59 percent, reduced employee absenteeism by

47 percent and boosted productivity by 5 percent to 7 percent.

At the headquarters of the West Bend Mutual Insurance Company in

West Bend, Wisconsin, green features including individual workstation

controls for temperature, airflow, lighting and noise contributed to a 15

percent increase in claims processing per employee.

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CHAPTER 4

RESEARCH METHODOLOGY

WHAT IS RESEARCH ?

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

collecting the facts and analyzing them, reaching conclusion forming

generalizations.

The 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 .

Marketing Research is the function that links the customer, concumer, and

public to the marketer through information- information used to identify and

define marketing opportunities and problems; generate, refine, and evaluate

marketing actions; monitor marketing performance; and improve

understanding of marketing as a process.

The 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. Three factors that stimulate an interest of

managers in research study are

The managers increased need for more and better information.

The availability of increased techniques and tools to meet this need.

The result information overload if discipline is not employed in the

process.

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RESEARCH DESIGN

A framework or blueprint for conducting the research project. It specifies the

details of the procedures necessary for obtaining the information needed to

structure and/or solve research problems. A good research design lays the

foundation for conducting the project. A good research design will ensure that

the research project is conducted effectively and efficiently. Typically, a

research design involves the following components, or tasks:

Define the information needed.

Design the research.

Specify the measurement and scaling procedures.

Construct and present a questionnaire or an appropriate form for

data collection.

Specify the sampling process and sampling size.

Develop a plan of data analysis.

DATA COLLECTION

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

defined and research designed/ plan chalked out. Data collection is to gather

the data from the population. The data can be collected of two types:

Primary Data

The Primary Data are those, which are collected afresh and for the first time,

and thus happened to be original in character.

Observation.

Personal Interviews.

Telephonic interviews.

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Sampling Unit: The basic unit containing the elements of the population to

be sampled.

In this project sampling unit is employees

Sampling Technique used in survey: Nonprobability Sampling Techniques

QUESTIONNAIRE DESIGN

A Questionnaire, whether it is called a schedule, interview form, ormeasuring instrument, is a structured technique for data collection that

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

Objective Of A Questionnaire

It must translates the information needed into a set of specific

questions that the respondents can and will answer.

A questionnaire must uplift, motivate, and encourage the respondent

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

interview.

A questionnaire should minimize response error.

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CHAPTER 5

ANALYSIS AND INTERPRETATION

Managers need information, not raw data. Research helps in generating

information by analyzing data after its collection .data analysis usually

involves reducing accumulated data to a manageable size, developing

summaries, looking for patterns and applying statististical techniques. Scaled

responses on questionnaires and experimental instruments often require the

analyst to derive various functions, as well as to explore relationships amongvariables.

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. Analysis has been done by applying various

statistical tools to study the basic factors that lead to Job satisfaction amongJob Work Assignees. Various important factors identified during the study

are:-

Job security

Motivation " Attitude

Stress

One of the tools used for the analysis is correlation among various factorsusing Karl Pearson's method through Bivariate table in the software SPSS.

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1. Respondent by Gender

Male 29

Female 11

Total 40

Male

72%

Female

28%

FIG-1 SHOWS RESPONDENTS BY GENDER

Here we can see maximum number of respondent is male that is 72% and

female are only 28%.

This helps us to know that mostly male employees are working in HDFC

Standard life

2. Departments of Respondent

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Departments No. of employees

Marketing 22

Human resource 8

Finance 5

operation 5

No. of employees

0

5

10

15

20

25

Marketing Human

resource

Finance operation

No. of employees

FIG-2 SHOWS DEPARTEMENTS OF RESPONDENTS

Here we can see maximum number of respondent are for marketing

department that are 22 out of 40 respondent

3. Work Experience of Respondent

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S.no Experience in years No. of Respondents

1 less then 1 year 15

2 more then 1 year 10

3 less then 2 year 8

4 more then 2 year 7

0

2

4

6

8

10

12

14

16

less then 1

year

more then 1

year

less then 2

year

more then 2

year

1 2 3 4

No. of Respondents

FIG-3 SHOWS WORK EXPERINCE OF RESPONDENT

Here we can see that employees are not experienced.15 employees are

having the experience of less than 1 year and 13 of less then 2 year.

4. Satisfaction level with the job

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Employee satisfaction

0

5

10

15

20

25

30

1 2 3 4 5

Series2

FIG-4 SHOWS SATISFACTION LEVEL WITH THE JOB

The data in the above table reveals that majority of respondents (25) were

highly satisfied wih their job and 10 of respondents are satisfied with their

job.

This show that employees are satisfied with their job.

5. Satisfy with the behavior of management and other

employees

39

S. NO. Satisfaction

Level

No. of

Respondents

1 Like very much 25

2 Like some what 10

3 Neutral 4

4 Dislike some

what

1

5 Dislike very much

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S.no Satisfaction

Level

No. of

Respondents

1 Highly

Satisfied

22

2 Satisfied 10

3 Moderate 5

4 Unsatisfied 2

5 Highly

Unsatisfied

1

No. of Respondents

0

5

10

15

20

25

Highly Satisfied Satisfied Moderate Unsatisfied Highly

Unsatisfied

No. of Respondents

Fig 5 -Shows Satisfaction level with the behavior of management and other

employees

The data in the above table reveals that majority of respondents (22) were

highly satisfied wih the behaviour of other employees and 10 of

respondents are satisfied and 5 are moderate.

6. Career and growth opportunities

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3. Moderate 5

4. Unsatisfied 10

5. Highly Unsatisfied 1

No. of Respondents

0

2

4

6

8

10

12

14

16

Highly

Satisfied

Satisfied Moderate Unsatisfied Highly

Unsatisfied

No. of Respondents

FIG8- Shows Satisfaction Level of Employees with the salary

The data in the above table tells us that majority of respondents (15) are

satisfied with the level of salary which they are getting and only (9) of

respondents are highly satisfied with this statement and (10) respondent are

not satisfied with the salary which they are getting.

9. Management is flexible and understands the importance of

balancing my work and personal life.

S. NO. Satisfaction Level No. of

Respondents

1 Strongly agree 18

2 Agree 10

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5 Strongly

disagree

3

No. of Respondents

0

2

4

6

8

10

12

14

Strongly

agree

Agree Undecided Disagree Strongly

disagree

No. of Respondents

Fig-10 Shows how many employees agree with the company bonus plans

The data in the above table tells us that majority of respondents (12) are

argee with the bones plan which they are getting and (8) of respondents are

strongly agree with this statement and (11) respondent are undicided and (6)

are disagree.

11.Is any change is require to improve the working condition

S.no Preferences No. of Respondents

1 Yes 32

2 No 8

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No. of Respondents

32

8

0 5 10 15 20 25 30 35

Yes

No

No. of Respondents

Fig-11 Shows how many employees agree with the company pay scale and

bonus plans

Here we can see maximum number of respondent are think that change is

require to improve the working condition of the compony opportunities is

that is 80% .

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CHAPTER 6

LIMITATIONS

There are various limitation faced during the study as the study bis related to the

human psychology and behaviour basically. Some of the problems faced durig the

study are:-

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 .

Another major obstruction found the study was respondents were quite reluctant in

giving their original details.

Even it is not noticed thatsome of the data entry operations wrer not even ready to

fill in the questionnaires, so their responses were most of the time neutral.

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CHAPTER 7

CONCLUSIONS

An extensive review of the topic "Study of the level of job satisfaction among

employees" it was found that the most important factors conducive to job

satisfaction are the motivational factors: -

" Rewards or Payment,

Supportive working environment and

The work itself.

Working hours.

Clean and hygienic working place.

It was also found that the primary source of job satisfaction among Job Work

employees was the sense of achievement experienced by them while on the

job.

However, in the same study feelings of dissatisfaction were found to be

stemming from the work itself. The same and the work that was repetitive in

nature and not apt according to the qualification of some of the employees

were seen also some of the major factors leading to dissatisfaction were:-

" Low payment

Job tenure (3 months) leading to job insecurity among the Job Work

Assignees

mind the various factors leading to the job satisfaction and by enhancing the

profile of job.

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Employees tend to prefer jobs that give them opportunities to use their skills

and abilities and offers freedom and feedback. They want pay system and

promotion policies that they perceive as being just and ambiguous and in line

with their expectations. When pay is seen as fair that is based on job andindividual skills, satisfaction is likely to result.

Employees are also concerned with their work environment for both personal

as well as professional life.

So finally it is concluded that the level of job satisfaction is there but need to

be increased and maintained.

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CHAPTER 8

ANNEXURES

SURVEY ON EMPLOYEES SATISFACTION OF HDFC STANDARD LIFE

INSURANCE COMPANY

Dear Sir/Madam

Employee Name:

Designation:

Questions:

Q.1 What is your gender.

l Male Female

Q.2 What department do you work in?

..

Q.3How long have you worked for this company?

..

Q.4 How do you like this job?

Like very Like some Neutral Dislike some Dislike

veryMuch what what Much

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Q.5 I am treated with respect by management and the people I work with.

Strongly Disagree

Disagree

Undecided

Agree

Strongly Agree

Q.6 Is there any career enhancement opportunities and growth in this job ?

Yes No

Q.7 How much do you participate in decision making ?

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

o 50%-60% o above 60%

Q.8 Are you satisfied with you salary level?

Highly Unsatisfied Moderate Satisfied Highly

Unsatisfied Satisfied

Q.9 Management is flexible and understands the importance of balancing my

work and personal life.

Strongly Disagree

Disagree

Undecided

Agree

Strongly Agree

Q.10 Are you agree with the company pay scale and bonus plans ?

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Strongly Agree Undecided Disagree Strongly

Agree Disagree

Q.11 Do you feel there is change require in your departmentto improve working conditions?

YES NO

Q.12 Rank the following motivational factor according to you :-

FACTOR RANK(1 to 4 )1 is highest

Promotion

Reward and Recognition

Achievemant

Higher authority and responsibility

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BIBLIOGRAPHY

REFERENCES

BOOKS

Rbbins Stephen P , Organizational behaviour .

Beri. G C, Statistics for management, Tata McGraw Hill

Cooper donal R, Schindler Pamela S, Business Research Method.

Kothari C R, Research Methodology

INTERNET LINKS

http://findarticles.com/p/articles/mi_qa5321/is_200407/ai_n21351846/p

g_5

http://humanresources.about.com/od/glossarye/a/employee_inv.htm

http://job satisfaction\job satisfaction3.htm

http:// satisfaction\job satisfaction\herzberg motivation-hygiene theory.htm

http://www.nrdc.org/buildinggreen/bizcase/own_productivity.asp

http://www.nhpcindia.com/English/Scripts/Aboutus_Objectives.aspx

http://wiki.answers.com/Q/Why_to_study_about_employee_satisfactio

n

http://wiki.answers.com/Q/What_is_the_importance_of_employee_sati

sfaction_in_an_organisation

54
http://findarticles.com/p/articles/mi_qa5321/is_200407/ai_n21351846/pg_5http://findarticles.com/p/articles/mi_qa5321/is_200407/ai_n21351846/pg_5http://humanresources.about.com/od/glossarye/a/employee_inv.htmhttp://job/http://www.nrdc.org/buildinggreen/bizcase/own_productivity.asphttp://www.nhpcindia.com/English/Scripts/Aboutus_Objectives.aspxhttp://wiki.answers.com/Q/Why_to_study_about_employee_satisfactionhttp://wiki.answers.com/Q/Why_to_study_about_employee_satisfactionhttp://wiki.answers.com/Q/What_is_the_importance_of_employee_satisfaction_in_an_organisationhttp://wiki.answers.com/Q/What_is_the_importance_of_employee_satisfaction_in_an_organisationhttp://findarticles.com/p/articles/mi_qa5321/is_200407/ai_n21351846/pg_5http://findarticles.com/p/articles/mi_qa5321/is_200407/ai_n21351846/pg_5http://humanresources.about.com/od/glossarye/a/employee_inv.htmhttp://job/http://www.nrdc.org/buildinggreen/bizcase/own_productivity.asphttp://www.nhpcindia.com/English/Scripts/Aboutus_Objectives.aspxhttp://wiki.answers.com/Q/Why_to_study_about_employee_satisfactionhttp://wiki.answers.com/Q/Why_to_study_about_employee_satisfactionhttp://wiki.answers.com/Q/What_is_the_importance_of_employee_satisfaction_in_an_organisationhttp://wiki.answers.com/Q/What_is_the_importance_of_employee_satisfaction_in_an_organisation


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