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EMPLOYEE MOTIVATION

AT

KOTAK MAHINDRA BANK

Project Submitted in partial fulfillment for the award of the Degree of

POST GRATUATE DIPLOMA IN MANAGEMENT

BY

YASMIN BHANWADIA

Role No : HPGD/JL15/0259

SPECIALISATION : HUMAN RESOURCE DEVELOPMENT.

Welingkar Institute of Management

DECLARATION

I hereby declare that this Project Report titled EMPLOYEE

MOTIVATION Submitted by me to the Department of Business

Management, O.U., Hyderabad, is a bonafide work undertaken by me

and it is not submitted to any other University or Institution for the

award of any degree diploma/certificate or published any time before.

Signature of the Student

CERTIFICATION

This is to certify that the Project Report title EMPLOYEE

MOTIVATION Submitted in partial fulfillment for the award of

PGDM, was carried out by YASMIN BHANWADIA under my

guidance. This has not been submitted to any other University or

Institution for the award of any degree/diploma/certificate.

Name and address of the Guide : Mr. Saket Sawant

Signature of the Guide:

ABSTRACT

The study is about Employee Motivation, which refers to motivate the

employees at work place. The study is to find out whether the employees are

satisfied with the motivational methods of KOTAK MAHINDRA BANK and what

are the strategies adopted by the organization to retain employees.

The research methodology used in this study is both descriptive and

exploratory. Exploratory research was conducted by colleting secondary data such

as previous records, websites, books, magazines, journals, articles. The descriptive

research was conducted through direct interviews questionnaire with respondents.

Research design was undertaken to access the employees of KOTAK

MAHINDRA BANK. The respondents are employees of KOTAK MAHINDRA

BANK in Mumbai branch. The sample size was 50. The data was analyzed by

cross tabulation, pie charts, and bar charts, Chi-square test.

Ultimately most of the employees are satisfied with the Employee Motivation

system. And the strategies and practices adopted by the organization are good.

ACKNOWLEDGEMENTS

I avail the opportunity to thank the people with whom I have been associated in successful completion of the Project. I had a great experience, pleasure and immense satisfaction while performing this Project.

I express my sincere thanks to Mr. Nikesh Gupta Trade Operation Head, for giving me an opportunity to pursue my PGDM final semester project work in KOTAK MAHINDRA BANK.

I would also like to extend my note of thanks to my project external guide Mr. Omkar Ranade Senior Manager, he provided the necessary guidance, facilities and helpful suggestions in completing my project in all aspects. I would like to acknowledge the importance of the staff and other members of KOTAK MAHINDRA BANK.

I would also like to express my gratitude to my internal guide Mr. Saket Sawant, under whose guidance and encouragement this project has been pursued successfully.

YASMIN

Table of Contents

CONTENTS PAGE NUMBERS

List of Tables

List of Figures

1. INTRODUCTION

2. REVIEW OF LITERATURE

3. COMPANY PROFILE

4. DATA ANALYSIS & PRESENTATION

4.1 Presentation and Analysis

4.2 Interpretations

5. SUMMARY & CONCLUSIONS

6. BIBLIOGRAPHY

7. APPENDICES

Appendix – Questionnaire

iii

8

14

31

45

50

53

54

LIST OF TABLES

S.NO

T. No. TABLE Page No.

12345

6

789101112

13141516

17

18

3.13.2

4.1.14.1.24.1.3

4.1.4

4.1.54.1.64.1.74.1.84.1.94.1.10

4.1.114.1.124.1.134.1.14

4.1.15

4.1.16

The type of incentives motivate the employee moreChi-square test-IThe factors which De-motivates the employee at work placeSatisfaction of employees with the incentives provided by org.Effect of employee job on employee skills and abilitiesIncentives and other benefits influence performanceInterest of management on motivation of employeeManagement decisions in Employee departmentEnthusiasm of employees at workEncouragement of employees for doing work in better wayPromotion of employees at work in the last six monthsReorganization of employees workRank the factors which motivates employee mostEmployees nomination for training and development programManagement feedback to employees to solving work related problemsSatisfaction of employees with their job

4647474849

50

5152535455

56

57585960

61

62

i

CHAPTER: 1

INTRODUCTION

INTRODUCTION

Human beings are a resource to an organization. Like another resource they represent an

investment whose development and utilization require proper managing. There is a fundamental

trust the people are organization’s most important assets.

Performance results from the interaction of physical, financial and human resource.

The first two are inanimate; they are translated into “productivity” only when human element is

introduced. In dealing with employees, however an intangible factor of will, violence or freedom

of choice is introduced, and workers can increase or decrease their productivity as they choose.

This human quality gives rise to need for motivation.

Motivation is one of the most important factors affecting human behavior. Motivation

not only affects other factors like perception and Learning but also affect the total performance

of an individual in organizational setting. This is the reason why managers attach great

importance to motivation in an organization.

At one time, employees were considered just another input into the production of goods

and services. What perhaps changed this way of thinking about employees was reached, referred

to as the Hawthorne studies, conducted by Elton Mayo from 1924 to 1932(Dickson, 1973). This

study found employees are not motivated solely by money and employee behavior is linked to

their attitudes (Dickson, 1973).

The Hawthorne studies began the human relations approach to management, where by

the needs and motivations of employees become the primary focus of managers (Bedeian, 1993).

RESEARCH PROBLEM

The research problem in this study is associated with the motivation of employees of

KOTAK MAHINDRA BANK. There are a variety of factors that influence a person’s level of

motivation. Some of these factors include

1. The pay and benefits

2. The perceived fairness of promotion system within a company

3. Quality of the working conditions

4. Leadership and social relationships

5. Employee recognition

6. Job security

7. Career development opportunities etc.

Motivated employees are a great asset to any organization. It is because the

motivation and Job Satisfaction is clearly linked with each other. Hence this study is focusing on

the employee motivation in the organization.

SIGNIFICANCE OF THE STUDY:

The study is intended to evaluate motivation of employees in the organization. A good

motivational program is essential to achieve goal of the organization. If efficient motivational

programmes of employees are made not only in this particular organization but also any other

organization the organizations can achieve the efficiency also to develop a good organizational

culture.

Motivation has variety of effects. These effects may be seen in the context of an

individual’s physical and mental health, productivity, absenteeism and turnover. Employee

delight has to be managed in more than one way. This helps in retaining and nurturing the true

believers.

This study helps the researcher to realize the importance of effective employee

motivation. This research study examines types and levels of employee motivational programs

and also discusses management ideas that can be utilized to innovate employee motivation. It

helps to provide insights to support future research regarding strategic guidance for organizations

that are both providing and using reward/recognition programs.

OBJECTIVES OF THE STUDY:

1. To analyze and examine the effectiveness of Motivation Programmes in

KOTAK MAHINDRA BANK

2. To study the effect of monetary and non-monetary benefits provided by the organization

on the employee’s performance.

3. To study the effect of job promotions on employees.

4. To study the employee’s opinion on the Motivation in KOTAK MAHINDRA

LIMITATIONS OF THE STUDY:

The project is done for the period of 45 days the information gathered may not be cent

percent accurate and thus have the following limitations.

1. This study covers those employees who are working at KOTAK MAHINDRA BANK.

2. The understanding and knowledge may vary from person to person. The replied gives by

the respondents are taken for granted, though they are not uniform.

3. Since names are mentioned in most of questionnaires, most of the employees answered

favorable to the company. This might have led to wrong finding in the study.

4. The interpretation being based on percentage method is not definite.

5. The report is subjects to changes with fast changing scenario.

METHODOLOGY:

SCOPE:

1. The study is aimed at finding out the employees opinions of KOTAK MAHINDRA

BANK.

2. The research as taken up 50 samples for study.

3. The information obtained from the primary and secondary data was limited to KOTAK

MAHINDRA BANK.

4. The study is restricted to a particular area (Mumbai).

Sample Design

A sample design is a finite plan for obtaining a sample from a given population. Simple

Random sampling is used for this study.

Sample Size

Number of the sampling units selected from the population is called the size of the

sample. Sample of 50 respondents were obtained from the population.

Sources of Information:

The data were collected through Primary and secondary sources.

Primary Source:

The primary sources are discussion with employees, data’s collected through

questionnaire.

Secondary Source:

The secondary data mainly consists of data and information collected from records, company

websites and also discussion with the management of the organization. Secondary data was also

collected from journals, magazines and books.

Questionnaire:

A well defined questionnaire that is used effectively can gather information on both

overall performance of the test system as well as information on specific components of the

system. A defeated questionnaire was carefully prepared and specially numbered. The questions

were arranged in proper order, in accordance with the relevance.

Tools and Techniques:

Chi-square test is used to test the hypothesis and draw inferences.

CHAPTER: 2

LITERATURE REVIEW

INTRODUCTION

Rensis Likert has called motivation as the core of management. Motivation is an effective

instrument in the hands of the management in inspiring the work force. It is the major task of

every manager to motivate his subordinate or to create the will to work among the subordinates.

It should also be remembered that the worker may be immensely capable of doing some work,

nothing can be achieved if he is not willing to work. Creation of a will to work is motivation in

simple but true sense of term.

Motivation is an important function which very manager performs for actuating the

people to work for accomplishment of objectives of the organization. Issuance of well conceived

instructions and orders does not mean that they will be followed. A manager has to make

appropriate use of motivation to enthuse the employees to follow them. Effective motivation

succeeds not only in having an order accepted but also in gaining a determination to see that it is

executed efficiently and effectively.

In order to motivate workers to work for the organizational goals, the managers must

determine the motives or needs of the workers and provide an environment in which appropriate

incentives are available for their satisfaction. If the management is successful in doing so, it will

also be successful in increasing the willingness of the workers to work. This will increase

efficiency and effectiveness of the organization. There will be better utilization of resources and

workers abilities and capacities.

The concept of motivation:

The word motivation has been derived from motive which means any idea, need or

emotion that promotes a man into action. Whatever may be the behavior of man, there is some

stimulus behind it. Stimulus is dependent upon the motive of the person concerned. Motive can

be known by studying his needs and desires.

There is no universal theory that can explain the factors influencing motives which

control mans behavior at any particular point of time. In general, the different motives operate at

different times among different people and influence their behaviors. The process of motivation

studies the motives of individuals which cause different type of behavior.

Meaning of motivation:

Motivation has been variously defined by scholars. Usually one or more of these words

are included in the definition: desires, wants, aims, goals, drives, movies and incentives.

Motivation is derived from the Latin word ‘Move on’ which means “to move”.

Human motives are internalized goals within individuals. A motive is an inner state that

energies activates, or moves and directs or channels behavior towards goals.

Definition:

1. Motivation is the complex forces starting and keeping a person at work in the

organization.

2. Motivation is the various drives within or environmental forces surrounding individual

that stimulate or attract them in a specific manner.

3. Motivation is the art of understanding motives satisfying them to direct and sustain

behavior towards the accomplishment of organization goals.

4. Motivation is the process of operating organizational conditions which will impel employees

of any emotion or desire operation one’s will and prompting or driving at it to action.

5. Motivation consists of the three interaction and interdependent elements of needs, drives and

goals.

Needs:

These are the deficient, and create whenever there is a physiological or psychological

imbalance.

Drive or motives:

These are set to alleviate needs. These are action oriented and provide an energizing

thrust toward goal accomplishment. They are the very heart of the motivation process.

Goal:

Goals are anything which will alleviate a need and reduce a drive.

Nature of motivation:

Following are some of the characteristics of motivation derive from the definitions

given by various authors.

1. Based on motives: Motivation is base on individuals motive which are internal to individual.

These motives are in the form of feeling that the individual lacks something.

2. Goal directed behavior: Motivation Leads to goal directed behavior. A goal directed

behavior is one which satisfied the causes for which behavior takes place. Motivation has

profound influence on human behavior.

3. Related to satisfaction: Motivation is related to satisfaction. Satisfaction is refers to the

contentment experiences of an individual which we derives out of needs fulfillment.

4. Complex process: Motivation is a complex process; complexity emerges because of the

nature if needs a types of behavior that need attempted to satisfied those needs.

Significance of Motivation:

Motivation involves getting the members of the group to pull weight effectively, to give

their loyalty to the group, to carry out properly the purpose of the organization. The following

results may be expected if the employees are properly motivated.

1. The workforce will be better satisfied if the management provides them with

opportunities to fulfill their physiological and psychological needs. The workers will

cooperate voluntarily with the management and will contribute their maximum towards

the goals of the enterprise.

2. Workers will tend to be as efficient as possible by improving upon their skills and

knowledge so that they are able to contribute to the progress of the organization. This will

also result in increased productivity.

3. The rates of labor’s turnover and absenteeism among the workers will be low.

4. There will be good human relations in the organization as friction among the workers

themselves and between the workers and the management will decrease.

5. The number of complaints and grievances will come down. Accident will also be low.

6. There will be increase in the quantity and quality of products. Wastage and scrap will be

less. Better quality of products will also increase the public image of the business.

Types of needs:

There are many needs which an individual may have and there are various ways in which

may be classified? Needs may be natural, biological phenomenon in an individual or these may

develop over the period of time through learning. Thus, need may be grouped into 3 categories:

1. Primary need

2. Secondary need

3. General needs

1) Primary needs: These are also known as physiological, biological, basic, or unclear needs.

These needs are common in human beings through their intensity differs.

2) Secondary needs: As contrast to primary needs, these are not natural but are learned by the

individual through experience and interaction. Emergency of these needs depends in learning.

3) General needs: Through a separate classification for general needs is not always given, such

a category seems necessary because there are a number of needs which lie in the grey area

between the primary and secondary needs. In fact, there are certain needs such as need for

competence, curiosity, manipulation, affection, etc.

Theories of Motivation:

Understanding what motivated employees and how they were motivated was the focus of

many researchers following the publication of the Hawthorne study results (Terpstra, 1979). Six

major approaches that have led to our understanding of motivation are McClelland’s

Achievement Need Theory, Behavior Modification theory; Abraham H Mallows need hierarchy

or Deficient theory of motivation. J.S. Adam’s Equity Theory, Vroom’s Expectation Theory,

Two factor Theory.

McClelland’s Achievement Need Theory:

According to McClelland there are three types of needs

Need for Achievement (n Ach):

This need is the strongest and lasting motivating factor. Particularly in case of persons

who satisfy the other needs. They are constantly pre occupied with a desire for improvement and

lack for situation in which successful outcomes are directly correlated with their efforts. They set

more difficult but achievable goals for themselves because success with easily achievable goals

hardly provides a sense of achievement.

Need for Power (n Pow):

It is the desire to control the behavior of the other people and to manipulate the

surroundings. Power motivations positive applications results in domestic leadership style, while

it negative application tends autocratic style.

Need for affiliation (n Aff):

It is the related to social needs and creates friendship. This results in formation of

informal groups or social circle.

Behavioral Modification Theory:

According to this theory people behavior is the outcome of favorable and unfavorable

past circumstances. This theory is based on learning theory. Skinner conducted his researches

among rats and school children. He found that stimulus for desirable behavior could be

strengthened by rewarding it at the earliest. In the industrial situation, this relevance of this

theory may be found in the installation of financial and non financial incentives.

More immediate is the reward and stimulation or it motivates it. Withdrawal of reward

incase of low standard work may also produce the desired result. However, researches show that it

is generally more effective to reward desired behavior than to punish undesired behavior. The

water but you cannot force it to drink; it will drink only if it's thirsty - so with people. They will

do what they want to do or otherwise.

Abraham Maslow 's hierarchy of human needs :

This theory is the most widely discussed theory of motivation.

The theory can be summarized as thus:

Human beings have wants and desires which influence their behavior; only

unsatisfied needs can influence behavior, satisfied needs cannot.

Since needs are many, they are arranged in order of importance, from the basic to

the complex.

The person advances to the next level of needs only after the lower Level need is

at least minimally satisfied.

The further the progress up the hierarchy, the more individuality, humanness and

psychological health a person will show.

The needs, listed from basic (lowest, earliest) to most complex (highest, Latest) are as

follows:

Self actualization

Self esteem

Social

Safety & security

Physiological

J.S Adams Equity Theory :

http://en.wikipedia.org/wiki/Maslow's_hierarchy_of_needs

http://en.wikipedia.org/wiki/Abraham_Maslow

Employee compares her/his job inputs outcome ratio with that of reference. If the

employee perceives inequity, she/he will act to correct the inequity: lower productivity, reduced

quality, increased absenteeism, voluntary resignation.

Vroom’s Expectation Theory:

Vroom’s theory is based on the belief that employee effort will lead to performance and

performance will lead to rewards (Vroom, 1964). Reward may be either positive or negative. The

more positive the reward the more likely the employee will be highly motivated. Conversely, the

more negative the reward the less likely the employee will be motivated.

Two Factor Theory:

Douglas McGregor introduced the theory with the help of two views; X assumptions are

Conservative in style Y Assumptions is modern in style.

X Theory

Individuals inherently dislike work.

People must be coerced or controlled to do work to achieve the objectives.

People prefer to be directed

Y Theory

People view work as being as natural as play and rest.

People will exercise self direction and control towards achieving objectives.

They are committed to People, learn to accept and seek responsibility.

Types of motivation:

There are 2 types of motivation. They are

1. Positive motivation.

2. Negative motivation.

Positive motivation is a process of attempting to influence others to do your will through the

possibility of gain or reward. Incentive motivation is the pull mechanism.

Negative motivation or fear motivation is based force or fear. Fear causes person to act in a

certain way because they are afraid of the consequences if they don’t Fear motivation is the push

mechanism.

The objective of motivation is to create condition in which people are willingly to work with

zeal, initiative, interest and enthusiasm, with a high personal and group.

Moral satisfaction with a sense of responsibility, loyalty and discipline and with pride and

confidence in a most cohesive manner so that the goal of an organization are achieved

effectively.

EMPLOYEE MOTIVATION IN THE WORK PLACE:

The job of a manager in the workplace is to get things done through employees. To do

this the manager should be able to motive employees. To understand motivation one must

understand human nature itself. Human nature can be very simple, yet very complex too. An

understanding and appreciation of this is a prerequisite of effective employee motivation in the

workplace and therefore effective management and leadership.

Motivation is the key to performance improvement:

Performance is considered to be a functional improvement:

Job performance = f (ability) (motivation)

Ability in turn depends on education, experience and training and its improvement is a

slow and long process. On the other hand it can be improved quickly. As a guideline, there are

broadly 7 strategies for motivation.

Positive reinforcement

Effective discipline and punishment

Treating people fairly

Satisfying employee needs

Setting work related goals

Restructuring job

Based rewards on job performance

Basic principles to remember by manager for motivating employees:

1. Motivating employees starts with motivating yourself.

2. Always work to align goals of the organization with goals of employees.

3. Key to support the motivation of your employees understands what motivates each of

them.

4. Recognize that supporting employee’s motivation is a process, not a task.

5. Support employee’s policies by using motivation by organization systems.

Worker motivation must also be viewed from 2 perspectives:

1. Inner drive

2. Outer (external) motivators.

A person’s inner drives push and propel him/her towards an employer, a particular job,

career, line of study, or other activity. The outer (external) motivators are the mirror image the

employer or outside world offers in response to the inner drives. In order to attract the “cream of

the crop” of available workers, same as in his/her dealings with customers, the employer tries to

satisfy these basic needs individual workers have.

Most workers need to:

1. Earn wages that will enable them to pay for basic necessities and additional luxuries such

as the purchase of a home, or travel.

2. Save for and enjoy old age security benefits.

3. Have medical and other insurance coverage.

4. Acquire friends at work.

5. Be acknowledged and rewarded for special efforts and contributions.

6. Be able to advance in life and career-wise.

7. Win recognition.

8. Have opportunities for self-development.

9. Improve their skills, knowledge, and know-how.

10. Realize their ideal(s).

The employer responds to those needs by offering and providing:

1. Employment

2. Adequate pay

3. Assistance to workers for their special needs (such as child care arrangements,

transportation, flexible work schedule).

4. Job security

5. Clear company policies

6. Clear and organized work procedures

7. A safe work environment

8. Medical coverage and other benefits

9. An atmosphere of team work and cooperation

10. Social activities

11. Reward and recognition programs

12. Open lines of communication programs

13. Systematic feedback

14. Motivation programs

15. Opportunities for promotion

16. Company/business information

17. Information on customer feedback

18. Sharing of company goals and objectives

19. Information on the market situation and industry

20. Future expectations

It is important that the employer discover other extraordinary needs applicants have before

hiring them and know beforehand whether she/he can satisfy those needs or not. An employee

may have:

Family responsibilities and be unable to work shifts, over time, or weekends.

Heavy financial responsibilities which he/she can meet only by working at 2 jobs, leading

to exhaustion, “sick leave”, a deficient work performance.

A desperate financial need for additional overtime and weekend remuneration.

Premature expectations of swift promotions.

In addition to needs and drives, workers have expectations from their employer-they

expect :

A knowledgeable, experienced, expert employer

Clear and fair policies, procedures, and employment practices

Business integrity

Clear job description

Two-way communication

Effective management and supervision

Positive discipline

Good company repute

Good customer relations

Company survival

Opportunity for personal growth

Company growth

A share in the company’s success.

Most of these needs, expectations and aspirations are unexpressed-it is up to the employer to

develop a good system of company communications, employee relations, Motivation that will

lead to an environment of openness, cooperation, team work, and motivation that will benefit all

the parties involved.

Motivational methods:

1. Building confidence:

Facing a challenge, meeting it and mastering it help build confidence.

2. Team building:

Team unite and work together when they identify a common purpose whether the aim is

the tallest tower made out of newspaper, or a game of rounder’s on the park. Competition in

teams or groups creates teams and ignites team effort

3. Coaching and Training:

Games and activities provide a perfect vehicle for explaining the Motivation process

(‘train the trainer’ for example) to managers, team leaders and trainers.

4. Personal motivation style and learning:

Everyone is different. Taking part in new games and activities outside of the work

situation illustrates people’s different strengths and working style preferences. Mutual respect

develops when people see skills and attributes in others that they didn’t know existed.

5. Continual development:

Introducing people, staff or employees to new experiences opens their minds to new

avenues of personal development, and emphasizes the opportunity for continuous learning that is

available to us all.

6. Improving empathy and communications for motivation

To communicate we must understanding the other person. Empathy and intuitive skills

are right-side brain of the brain, which we use when we communicate and understand others.

Team activities and games promote communications and better mutual understanding-essential

for good organizational performance.

CHAPTER: 3

COMPANY PROFILE

INTRODUCTION

Kotak Mahindra Bank is an Indian private sector bank headquartered in Mumbai, Maharashtra,

India. In February 2003, Reserve Bank of India (RBI) gave the licence to Kotak Mahindra

Finance Ltd., the group's flagship company, to carry on banking business.

It offers a wide range of banking products and financial services for corporate and retail

customers through a variety of delivery channels and specialized subsidiaries in the areas of

personal finance, investment banking, life insurance, and wealth management.

Kotak Mahindra Bank has a network of 1,348 branches across 675 locations and 2,051 ATMs in

the country. In 2016, it was the third largest private bank in India by market capitalization.

History

In 1985 by Uday Kotak established what became an Indian financial services conglomerate. In

February 2003, Kotak Mahindra Finance Ltd. (KMFL), the Group's flagship company, received

a banking licence from the Reserve Bank of India (RBI). With this, KMFL became the first non-

banking finance company in India to be converted into a bank – Kotak Mahindra Bank Limited

(Kmb) ltd.

In a study by Brand Finance Banking 500, published in February 2014 by the Banker magazine

(from The Financial Times Stable), KMBL was ranked 245th among the world's top 500 banks

with brand valuation of around half a billion dollars ($481 million) and brand rating of AA+.[6]

[7] and merge with ING Vysya bank in 2015.

Kotak Wealth Management

The Kotak Mahindra Group (‘Kotak’) has one of the oldest and the most respected Wealth

Management teams in India. Kotak offers the widest range of wealth management solutions to

High Net-Worth Individuals for over fifteen years, emerging as the largest Wealth Manager by a

wide margin.

The Kotak client base ranges from entrepreneurs to business families, and also includes

employed professionals. Kotak provides financial advice and manages wealth for 44% of India’s

top 100 families with Wealth Management offices spread across 10 cities in India.

The Kotak Mahindra Group

The entire spectrum of financial needs of individuals and corporate is addressed at the Kotak

Mahindra Group. Completing a successful 29 year run, Kotak firmly invests in serving the

financial services needs of customers. The Group today offers complete financial solutions

including areas like Retail Finance, Equities, Mutual Funds, Life Insurance, Wealth Management

(Private Banking), Tax Planning and Investment Banking etc. The Kotak Mahindra Group offers

the understanding, the experience, the infrastructure and most importantly the commitment to

deliver pragmatic end-to-end solutions that truly work.

Kotak Mahindra bank offers its financial services majorly in four parts:

A. PersonalB. CorporateC. NRID. Priority banking

A. Personal

Kotak Mahindra bank offers various services for individual domestic customers, which includes services like

1. Accounts2. Deposits3. Loans4. Cards5. Forex6. Investments7. Insurance8. Payments9. Other services

1. The accounts offered by Kotak Mahindra bank for its customers are :

EasyAccess Savings Account Future Stars Savings Account Krishi Savings Account Prime Savings Account Prime Plus Savings Account Basic Savings Account

Women’s Savings Account (smart privilege account) Priority banking Account Demat Account Senior citizen’s Account Defence Salary Account Trust/NGO Savings Acoount Insurance Agent Account Resident Foreign Currency (Domestic) RFC(D) Account Pension Savings Bank Account YOUth Account 3-in-1 Online Investment Account

2. Deposits offered by Kotak Mahindra Bank:

a) Fixed Deposits

Kotak Mahindra Bank offers simple reinvestment Fixed Deposits (at very competitive interest rates), which can be opened with a minimum investment of Rs 10,000. Customers can make additions to your deposit in multiples of Rs 1,000 each. The tenure of their deposit must be a minimum of 6 months.

b) Recurring Deposits

Kotak Mahindra Bank's Recurring Deposit scheme will allow you with an opportunity to build up your savings through regular monthly deposits of fixed sum over a fixed period of time.

Features

Recurring deposits are accepted in equal monthly installments of minimum Rs 1,000 and above in multiples of Rs 500 thereafter.

The fixed numbers of installments for which a depositor can opt are 12, 24, 36, 39, 48, 60, 63, 72, 84, 96, 108 and 120 months.

Transfer of Accounts - a recurring deposit account can be transferred from one office of the Bank to another branch.

The amount of installment once fixed, cannot be changed. Installment for any calendar month is to be paid on or before the last working day of the

month. Where there is delay in payment of installment, one can regularise the account by paying the defaulted installment together with a penalty (at present it is @ PLR plus 4 % for the period of delay). Fraction of a month will be treated as full month for the purpose of calculating the penalty.

The total amount repayable to a depositor, inclusive of interest, depends on the amount of monthly installments and the period of deposit

c) Encash 24

The Encash 24 (Flexi Deposit) gives the liquidity of a Savings Account coupled with high earnings of a Fixed Deposit. This is achieved by creating a Fixed Deposit linked to your Savings Account providing you the following unique facilities:

Maximum Returns:

Customer’s money is no longer idle. As soon as the balance in your Savings Account crosses over Rs 25,000, the excess, in multiples of Rs 10,000 will be transferred automatically to a higher interest earning Fixed Deposit Account. The maturity of fixed or term deposits formed as a result of transfer of money from the Savings Bank account will be for a maximum period of 181 days and the interest will be calculated on simple interest rate basis.

Maximum Liquidity:

The money parked in Fixed Deposits as a result of the above mentioned sweep out from your Savings account can be easily accessed by issuing a cheque, withdrawing through ATM etc. The amount broken form your Fixed Deposit will earn interest rates at the applicable rate for the period that the deposit was held with the Bank. The remaining amount of Fixed Deposit will continue to earn the contracted rate of interest.

d) Tax Saver Fixed Deposit

In the Finance Bill of 2006, the government had announced Tax benefits to Bank Term Deposits which are of over 5 year tenure u/s 80C of IT Act, 1961 vide Notification Number 203/2006 and SO1220 (E) dated 28/07/2006.

The salient points of the scheme notification are; (a) Fixed tenure without premature withdrawal. (b) Year is defined as a financial year. (c) Amount limited to Rs. 100 minimum and Rs. 100,000 maximum. (d) Bank will issue a Fixed Deposit Receipt that shall be the basis of claiming tax benefit. (e) Term deposit under this scheme cannot be pledged to secure a loan.

3. Loans Offered by Kotak Mahindra :

Home Loan Car loan Personal Loan

Loan against Shares Loan Against Property Loan Against Securities Loan against Gold Education Loan

4. Cards Offered By Kotak Mahindra bank

Credit Cards

Platinum Advantage Credit Card Platinum Credit Card Gold credit card Silver credit card Corporate Credit Card Trust chemists credit card Shriram credit card eShop card Easy credit card

Debit Cards

Priority Platinum Chip Debit Card Priority Debit Card Classic Debit Card Gold Debit Card Gold Plus Debit Card Business Gold Debit Card

Prepaid Cards

Travel Currency Card Payroll Card Corporate Gift Card Gift Card Rewards Card Remittance Card Meal Card Annuity Card

5. Forex offered by Kotak Mahindra bank

Travel Currency Cards

The Travel Currency Card gives its customers a 24-hour access to money. Withdraw funds in the local currency from any Visa or Visa Plus ATM's (Automated Teller Machine) as well as pay for all your purchases in any country you visit, anywhere in the world.

Outward Remittances

Kotak Mahindra Bank offers Outward Remittance facilities enabling its customers to remit money abroad through reliable and quick transactions. They can send money abroad for reasons more than one: education, medical purpose, gifting, maintenance for loved ones or donation for a cause.

Foreign Currency Travellers Cheques

American Express Traveler's cheques are widely accepted globally as a mode of payment in many parts of the world. It is always worthwhile taking some of your foreign exchange in travelers' cheques as it is a great backup to cash and cards.

Foreign Currency Cash

Carrying small amount of local currency or internationally acceptable currency variants in wallet while travelling overseas is reassuring and convenient - especially to make payments for the services you may require on your arrival at the destination

India Travel Card

Send Money to India

6. Investment Services offered by Kotak Mahindra bank

Gold Mohurs Silver Mohurs Mutual Funds Online trading IPO Smart Demat Account 8% Saving Bonds

7. Insurance Services offered: Life Insurance Home Insurance Motor Insurance Health Insurance Travel Insurance Business Guard

8. Payments services offered by Kotak Mahindra:

Bill Pay

Kotak Mahindra Bank's Bill Pay service enables you to make secure payments from the comfort of your home or office. So its time to say goodbye to late payment fines, long queues, lost bills, and commissions paid to local errand boys.

ECS

It is an electronic clearing system that facilitates paperless credit / debit transaction directly linked to your account and also provides for a faster method of effecting periodic and repetitive payments. Through ECS (Debit), you can pay all your Utility bills (electricity/telephone/Mobile bills, credit cards, etc), Mutual Fund (SIP), Insurance Premium, Loan Installments, credit card payments, payments of donations and other bill payments.

Tax ePayments

In this service, Income / Other Direct Taxes, as well as Central Excise & Service Tax* through iConnect can be paid from account online and can get on-line acknowledgement of the payment by way of a Cyber Receipt, including Challan Identification Number (CIN) immediately after making the payment.

Direct tax Payment

The Bank is authorized for Collection of Income or Other Direct Taxes on behalf of Central Board of Direct Taxes (CBDT) w.e.f 1 October, 2003.

Pension Disbursement

The Bank is authorized by RBI and Ministry of Defense for disbursement of Pension to Armed Force (Army, Navy and Air Force) personnel through its 151 authorized branches across the country.

Other services offered by Kotak Mahindra Bank to its individual customers are:

MOBILE REFILL : RECHARGE AT THE ATM

An individual can recharge his mobile talk time at any of our ATMs. He doesn’t even have to be a Kotak Mahindra Bank customer. All his need is a VISA debit or credit card. If he is a Kotak Mahindra Bank customer, then he can also use his Kotak Mahindra Bank debit card (both VISA as well as Master card).

LOCKER (Unmatched protection for your valuables)

A Safe Deposit Liker with Kotak Mahindra Bank is the solution to an individual’s

concern. Located at select branches in cities all over the country, our lockers ensure the

safe keeping of an individual’s valuables.

Advantages

Wide Availability: As on March 31, 2010 lockers are available at 944 branches and

extension counters.

Lockers available in various sizes.

Direct debits for locker rentals from your account rid you of the hassle in writing out

cheques.

Extended banking hours to operate lockers.

Competitive rentals.

Awards and Recognition

The Kotak Mahindra Group has offered a diverse set of financial services to its customers over

the past 29 years earning recognition from peers and experts in the industry.

Kotak Wealth Management

Best Private Bank, India

Finance Asia Country Awards, 2015

Best Private Banking Services Overall, Global Top 30

Euro money Private Banking Survey 2015

Best Private Banking Services Overall, Asia Top 10


Best Private Banking Services Overall, India


Best in Succession Planning Advice and Trust





The Asset Triple A, Private Banking Awards 2014

Family Office Services Provider, Asia - Top 5


Winner in 9 categories

Euro money Private Banking Survey 2014 including:

Best Family Office Service

Best Range of Advisory Services

Best Corporate Advisory for Private Banking Clients

Best Bespoke Wealth Planning

Private Equity Investment

Equity portfolio management

Specialized Services for Inherited Wealth and Businesses

Net worth specific Service I (US$ 1 million to US$ 10 million)

Net worth specific Service II (US$ 10 million to US$ 30 million)



Best Private Banking Services Overall, Globally - Top 25


Best Private Banking Services Overall, Asia - Top 10


Best Private Banking Services Overall, India


Family Office Services Provider, Asia - 2nd Position



Euro money Private Banking Survey 2013 including:

Family Office Services

Range of Advisory Services

Range of Investment Products

Private Equity Investment

Corporate Advisory for Private Banking Clients

Fixed Income Portfolio Management

Inheritance and Succession Planning

Bespoke Wealth Planning


World Finance Banking Awards,2012



Winner in multiple categories

Euro money Private Banking India Poll 2012 including :






Best Private Banking Services Overall in India – Euro money 2011

Winner in 17 categories including :








Best Private Banking Services Overall in Survey Poll for India

Euro money, 2009


Euro money Private Banking India Poll 2010 including :




Winner in 16 categories in Annual Private Banking Survey Poll India

Euro money, 2007

Winner in 33 categories in the Private Banking Poll

Asia money, 2006

Asset Advisory Awards won by the Group

Kotak AMC Best Wealth Creator ( Best Debt Fund House) category

Outlook Money NDTV Profit Awards 2009

Best Domestic Investment Bank and the Best Equity House

Asset Triple A

Kotak Securities topped the Brokers Poll as the Best Local Broker: 2006

Asia Money

Best Bond Fund House 2006

Lipper

Kotak Bond Regular Plan ranked the Best Debt Fund over 3 years: 2006

Lipper

Kotak Bond Regular Plan ranked MFR1 and the recipient of the Silver Award

ICRA

Best Mutual Fund House in the Business Leadership Award 2006

NDTV

Chapter – 4

DATA ANALYSIS AND INTERPRETATIONS

1. Which type of incentives motivates you more?

a) Monetary incentives

b) Non-financial incentives

c) Both

(Table 4.1.1)Particulars No. of

RespondentsPercentage

Monetary incentives 15 30Non-financial incentives 9 18Both 26 52Total 50 100

Monetary incentives Non-financial incentives Both0

10

20

30

40

50

60

30%

18%

52%

(Chart 4.1.a)

4.2.1 INTERPRETATION:

The table shows that 52% of the respondents are expressing that both financial and non-

financial incentives will equally motivate them, 18% are expressing non-financial incentives

motivates and 30% respondents says we only motivated through monetary incentives only.

Computation of Chi-square on the types of incentives motivates employees:

Null hypothesis (Ho): there is no significance difference between two departments i.e.

Human Resource and Finance department

OBSERVED

VALUES:

EXPECTED VALUES: Row total* column total

Grand total

S.NOORIGINAL

VALUE EXPECTED VALUE (Oi-Ei) (Oi-Ei)2 (Oi-Ei)2/Ei1 6 5.7 0.3 0.09 0.022 3 3.42 -0.42 0.18 0.063 10 9.88 0.12 0.01 04 9 9.3 -0.3 0.09 0.015 6 5.58 0.42 0.18 0.98

Departments

Monetarey

Incentives

Non-Financial

Incentives Both Total

HR 6 3 10 19

Finance 9 6 16 31

Total 15 9 26 50

6 16 16.12 -0.12 0.01 0.23TOTAL 1.43

(Table 4.1.2)

χ2 calculated = 1.43

Tabulated value of χ2 for 2 degree of freedom at 5% level of significance is 5.488 (χ2 tabulated

= 5.488).

Conclusion :

Since, χ2 calculated value is less than χ2 tabulated value (χ2 cal< χ2 tab),

therefore null hypothesis (Ho) is accepted at 5% level of significance and we may conclude that

two departments i.e. (Human Resource and Finance) do not differ significantly.

2. What factor De-motives you at work place?

a) Job profile

b) Company policy

c) Work environment

(Table 4.1.3)Particulars No. of Respondents Percentage

Job profile 14 28Company policy 16 32Work environment 20 40Total 50 100

Job profile Company policy Work environment0

5

10

15

20

25

30

35

40

45

28%

32%

40%

(Chart 4.1.b)


The table shows that 40% of the respondents are de-motives with work environment and

32% with company policy and 28% of the respondents are de-motives with job profile. From this

it can be concluded that work environment and company policy are de-motives at work place.

3. How far you are satisfied with the incentives provided by the organizations?

a) Highly satisfiedb) Satisfiedc) Neutrald) Dissatisfiede) Highly dissatisfied

(Table 4.1.4)

Particulars No. of Respondents PercentageHighly satisfied 18 36Satisfied 29 58Neutral 3 6Dissatisfied 0 0Highly dissatisfied 0 0Total 50 100

Highly satisfied Satisfied Neutral Dissatisfied Highly dissatisfied0

10

20

30

40

50

60

70

36%

58%

6%0% 0%

(Chart 4.1.c)


The table shows that 36% of the respondents are highly satisfied and 58% of the

respondents are satisfied with incentives provided by the organization so we can conclude most

of the employees are satisfied with the incentives provided by the organization.

4. Does your Job improve your skills and abilities?

a) Yes

b) No

c) Never


Yes 32 64No 10 20Never 8 16Total 50 100

Yes No Never0

10

20

30

40

50

60

7064%

20%16%

(Chart 4.1.d)


64% of the respondents are agreed that their job improves their skills and abilities and

20% of the respondents agreed that their skills and abilities are not improves. It can be conclude

that their job improves their skills and abilities.

5. Do you think that the incentives and other benefits will influence your performance?

a) Influence

b) Does not influence

c) No opinion


Influence 32 64Does not influence 12 24No opinion 6 12Total 50 100

Influence Does not influence No opinion0

10

20

30

40

50

60

7064%

24%

12%

(Chart 4.1.e)


The table shows that 64% of the respondents those incentives and other benefits will

influence their performance, 24% respondents says they are not influence their performance and

12% respondents did not say any opinion.

6. Management is really interested in motivating the employees?

a) Agree

b) Disagree

c) Neutral

Particulars No. of respondents PercentageAgree 25 50Disagree 18 36Neutral 7 14total 50 100

(Table 4.1.7)

Agree Disagree Neutral0

10

20

30

40

50

60

50%

36%

14%

(Chart 4.1.f)


From the above table 50% of the employees are agreed that the management is really interested

in motivating the employees and 36% of the employees are disagreed and 14% are neutral.So it

can be concluded that management is really interested in motivate the employees in organization.

7. Does the management involve you in the decision making which are connected to your

department?

a) YES

b) No

c) Occasionally

Particulars No. of Respondents PercentageYes 47 94No 0 0Occasionally 3 6TOTAL 50 100

(Table 4.1.8)

Yes No Occasionally0

10

20

30

40

50

60

70

80

90

10094%

0

6%

(Chart 4.1.g)


The table shows 94% of the respondents agree that they the management involves

them in decision making which are connected their department.

8. Do you enthusiastic about your work?

a) Always

b) Sometimes

c) Never

Particulars No. of Respondents PercentageAlways 15 30Sometimes 30 60Never 5 10TOTAL 50 100

(Table 4.1.9)

Always, 30%

Sometimes, 60%

Never, 10%

PERCENTAGE

AlwaysSometimesNever

(Chart4.1.h)


From the above table, we can conclude that 60% of the respondents agreed that they feel

enthusiastic some times in their work.

9. Are you encouraged to come up with new and better ways of doing things?

a) Strongly agree b) agree c) Neutral d) Disagree e) Strongly disagree

Particulars No. of Respondents Percentage

Strongly agree 20 40agree 10 20Neutral 12 24Disagree 8 16Strongly disagree 0 0TOTAL 50 100

(Table4.1.10)

Strongly agree agree Neutral Disagree Strongly disagree0

5

10

15

20

25

30

35

40

45

40%

20%24%

16%

0%

(Chart4.1.i)


From the above table we can conclude that 40% of the employees agreed that they are

encouraging to come up with new and better ways of doing things.

10. Have you been promoted at work in the last six months?

a ) Yes

b) No

Particulars No. of Respondents PercentageYes 18 36No 32 64Total 50 100

(Table 4.1.11)

Yes, 36%

No, 64%

YesNo

(Chart 4.1.j)


The table shows that 64% of the employees are not promoted from the last six months

and 36% of the employees are promoted. From this we can conclude that most of the employees

are not promoted.

11. Are you adequately recognized for your good work?

a) Agree

b) Disagree

c) neutral

Particulars No. of Respondents PercentageAgree 28 56 Disagree 10 20Neutral 12 24Total 50 100

(Table 4.1.12)

Agree Disagree Neutral0

10

20

30

40

50

6056%

20% 24%

(Chart 4.1.k)


The figure shows that 56% of the employees agreed that they are recognized for good work

and 20% are disagreed and 24% respondents are neutral. So it can conclude that most of the

employees recognized by their good work.

12. Rank the following factors which motivates you the most?

(Rank 1, 2, 3, 4… respectively)

No. Factors Rank1 Salary increase 2 Promotion3 Leave4 Motivational talks5 Reorganization

Particulars No. of Respondents PercentageSalary Increase 21 42Promotion 15 30Leave 3 6

Motivational Talks 5 10Reorganization 6 12Total 50 100

(Table 4.1.13)

Salary increase Promotion Leave Motivational

talksrecognization

0

5

10

15

20

25

30

35

40

45 42%

30%

6%

10%12%

(Chart 4.1.l)


The table shows that 42% of the respondents are responding that the increase in salary will

motivate them the most.

13. Have you been nominated for training & development programmes for the last 6 months?

a) Yes

b) No

Particulars No. of Respondents PercentageYes 30 60No 20 40Total 50 100

(Table 4.1.14)

60%

40%

YesNo

(Chart 4.1.m)


The table shows that 60% of the respondents are expressing that they are nominated for

training and development programme in the organization for the last 6 months.

14. Does the management provide continuous feed back in solving work related problems?

a) Strongly Agree b) Agree c) Neutral d) Disagree e) Strongly Disagree

Particulars Number of Respondents PercentageStrongly agree 14 28 Agree 16 32Neutral 9 18Disagree 5 10Strongly Disagree 6 12TOTAL 50 100

(Table 4.1.15)

Strongly agree

Agree Neutral Disagree Strongly Disagree

0

5

10

15

20

25

30

35

28%

32%

18%

10%12%

(Chart 4.1.n)


The table shows that 28% of respondents strongly agreed and 32% agree that they are

getting feedback from management and 20% are neutral and 10% are disagree that they are not

getting feedback from the management.

15. Overall are you satisfied with your job?

a) Yes

b) No

Particulars Number of Respondents PercentageYes 28 56No 22 44TOTAL 50 100

(Table 4.1.16)

Percentage0

10

20

30

40

50

60 56%

44%

YesNo

(Chart 4.1.o)


The figure shows that 56% of the respondents are satisfied with their job and only 44% of

the respondents agreed that they are not satisfied with their job. It can be concluded that most of

the respondents are satisfied with their job.

CHAPTER: 5

SUMMARY

&

CONCLUSIONS

FINDINGS

The findings of the study are follows :

The KOTAK MAHINDRA BANK has a well defined organization structure.

There is a harmonious relationship is exist in the organization between employees

and management.

The employees are really motivated by the management.

The employees are satisfied with the present incentive plan of the company.

Most of the workers agreed that the company is eager in recognizing and acknowledging

their work.

The study reveals that there is a good relationship exists among employees.

Majority of the employees agreed that there job security to their present job.

The company is providing good safety measures for ensuring the employees safety.

From the study it is clear that most of employees agrees to the fact that performance.

Appraisal activities and support from the coworkers in helpful to get motivated.

The study reveals that increase in the salary will motivates the employees more.

The incentives and other benefits will influence the performance of the employees.

CONCLUSION

The study concludes that, the motivational program procedure in KOTAK MAHINDRA BANK

is found effective but not highly effective. The study on employee motivation highlighted so

many factors which will help to motivate the employees. The study was conducted among 50

employees and collected information through structured questionnaire. The Study helped to

findings, which were related with employee motivational, programs which are provided in the

organization.

The performance appraisal activities really play a major role in motivating the employees

of the organization. It is a major factor that makes an employee feels good in his work and

results in his satisfaction too. The organization can still concentrate on specific areas which are

evolved from this study in order to make the motivational programs more effective. Only if the

employees are properly motivated- they work well and only if they work well the organization is

going to benefit out it. Steps should be taken to improve the motivational programs procedure in

the future. The suggestions of this report may help in this direction.

SUGGESTIONS

The suggestions for the findings from the study are follows :

Most of the employees agree that the performance appraisal activities are helpful to

get motivated, so the company should try to improve performance appraisal system,

so that they can improve their performance.

Non financial plans should also be implemented; it can improve the productivity level of

the employees.

Organization should give importance to communication between employees and

Gain co-ordination through it.

Skills of the employees should be appreciated.

Better carrier development opportunities should be given to the employees for their

improvement

If the centralized system of management is changed to a decentralized one, then there

would be active and committed participation of staff for the success of the organization.

BIBLIOGRAPHY

BOOKS REFFERED

Wayne F. Cascio Managing Human Resources, TMH.

Aswathappa, Human Resource Management, 4th edition, TMH

K. Aswathappa Organizational Behaviour- Text, Cases and games, Himalaya Publishing

House

Curtis w. cook and Phillip L.Hunsaker, Management and Organizational Behaviour,

Macgraw-Hill Irwin

Jyothi P. and DN Venkatesh Human Resource Management, Oxford University press.

HRM Review by Dr.G C NAG Adjunct Professor, IBS – Mumbai

WEB REFERENCES:

www.google.com

www.kotak.com

www.motivationnaukrihub.com

www.humanresources.about.com

http://www.kotak.com/

http://www.google.com/

ANNEXURE

QUESTIONNAIREEmployee Name:

Age:

Sex:

Designation:

Department/Branch:

Marital status:

Salary:

1. Which Type Of Incentives Motivate You More?

a) Monetary Incentives

b) Non- Financial Incentives

c) Both

2. What factor de-motivates you at work place?

a) Job profile

b) Company policy

c) Work environment

3.How far you are satisfied with the incentives provided by the organisation.?

a) Highly satisfied

b) satisfied

c) neutral

4. Does your job improve your skills and abilities?

a) Yes

b) No

c) Never

5. Do you think that the incentives and other benefits will influence your performance?

a) Influence

b) Does not influence

c) No opinion

6. Management is really interested in motivating the employees?

a) Agree

b) Disagree

c) Neutral

7. Does the management involve you in the decision making which are connected to your

department?

a) Yes

b) No

c) Occasionally

8. Do you enthusiastic about your work?

a) Always

b) Sometimes

c) Never

9. Are you encouraged to come up with new and better ways of doing things?

a) Strongly agree

b) Agree

c) Neutral

d) Disagree

e) Strongly disagree

10. Have you been promoted at work in the last six months?

a) Yes

b) No

11. Are you adequately recognized for your good work?

a) Agree

b) Disagree

c) Neutral

12. Rank the following factors which motivates you the most?

(Rank 1, 2, 3, 4… respectively)

No. Factors Rank1 Salary increase 2 Promotion3 Leave4 Motivational Talks5 Reorganization

13. Have you been nominated for training & development programmes for the last 6 months?

a) Yes

b) No

14. Does the management provide continuous feed back in solving work related problems?

a) Strongly Agree

b) Agree

c) Neutral

d) Disagree

e) Strongly Disagree

15. Overall are you satisfied with your job?

a) Yes

b) No

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