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PROJECT REPORT
ON
JOB SATISFACTION OF EMPLOYEES
(A CASE STUDY OF HDFC STANDARD LIFE
INSURANCE)
Submitted t t!e u"i#e$%it& ' R%t!" (Ji*u$) I"
P$ti+ Fu+'i++me"t ' $e,ui$eme"t ' **e$ -I '$ t!e
de.$ee 'BACHELOR OF BUSINESS ADMINISTRATION
Su*e$#i%ed b& / Submitted b&/
D$0Nee+im P$ee1 DA2SH SHARMA
M!#ee$ C++e.e ' BBA PART 3 I- Cmme$4e5 Ji*u$
M!#ee$ C++e.e ' Cmme$4e5 Ji*u$
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678636789
AC2NO:LED;EMENT
Preservation, inspiration and motivation have always played a key role in
the success of any venture. In the present world of cutthroat competition
project is likely a bridge between theoretical and practical working,
willingly I have prepared this particular project.
First of all, I would like to thank the supreme power, the almighty god who
is obviously the one who has always directed me to work on the right pathof my life. With this grace this project could become a reality I feel highly
delighted with the way my project report on topic JOB SATISFACTION
OF EMPLOYEES has been completed.
I feel elated in e!pressing my deepest sense of gratitude " appreciation to
my esteemed guide #r. sailesh jain, $%&F' (ife insurance), D$0Nee+im
P$ee1'o*ordinator, &epartment of business administration, M!#ee$
C++e.e ' Cmme$4e5 Ji*u$ $+niversity of ajasthan) " D$0R#iS!$m, Principal, M!#ee$ C++e.e ' Cmme$4e5 Ji*u$ for theirvaluable guidance, incessant encouragement and inspiring supervision
during the completion of this project. For all this kind consideration I-m
beholden her in my feelings of respects of regards for him.
I e!press my deep sense of gratitude " reverence for my family for their
endless love, guidance, moral support, encouragement " untiring co*
operation throughout my study " work, without which this work would
never have been completed.
DA2SH
SHARMA
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PREFACE
/0!perience is the best teacher. he saying plays a very pivotal role in
our curriculum where in we try and understand the nuances of the
theoretical world with a blend of practical e!perience. It-s very important to
understand how and where to implement what we have studied. 2nowledge
in itself is a continuous process. 3etting practiced knowledge is an
important thing for e!istence for any business concern in the competition
prevailing in an industry a total awareness is the first and foremost thing
necessary from all aspects, working smarter seems to be as important asworking harder and longer.
We completed this project on /JOB SATISFACTION OF
EMPLOYEES in part fulfillment of our BBAcurriculum. he knowledge
we gathered through this e!posure with the outside world will help us in
taking a giant leap towards understanding employee-s behavior and
preferences.
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DA2SH SHARMA
DECLARATION
I, &526% 6%5#5 &eclares that the project JOB SATISFACTION
OF EMPLOYEES 7f / HDFC STANDARD LIFE INSURANCE/
has been done as a part of 'urriculum project as per the rules of +niversity
of ajasthan. his project has been solely done by me and not copied from
any other project and I, &526% 6%5#5 declare that the project on
JOB SATISFACTION OF EMPLOYEES is my genuine work0
I further declare that this project has not been submitted earlier at any
+niversity of Institute for the award of any degree or diploma
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DA2SH SHARMA
(BBA3PART I-)
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CONTENTS
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CHAPTER 8/ C"4e*t ' Jb Sti%'4ti" ' Em*+&ee%
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CHAPTER =/ A""eu$e%
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808 CONCEPT
806 OBJECTI-ES
INTRODUCTION OF THE STUDY
6atisfaction is an important goal for organi=ations to reach as it has been
shown that profitability, productivity, employee retention, and customer
satisfaction are linked to employee satisfaction.
JOB SATISFACTION
he term >ob satisfaction refers to an individual?s general attitude towards
his or her job. 5 person with a high level of job satisfaction holds positive
attitude towards the job, while a person who is dissatisfied with his or her
job holds negative attitude about the job.
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I" %im*+e @$d% b %ti%'4ti" i%/3
>ob 6atisfaction describes how content an individual is with his or her job.
here are a variety of factors that can influence a person?s level of >ob
satisfactionA some of these factors areB*
C Include the level of pay and benefits,
C he perceived fairness of the promotion system within a company,
C he level of pay and benefits,
C (eadership and social relationships,
C he job itself.
:!& t %tud& but em*+&ee %ti%'4ti"
In my point of view, study of D0mployee satisfactionD helps the company
to maintain a standards " increase productivity by motivating the
employees. this study tells us how much the employees are capable " their
interest at wok placeE what are the things still to be satisfy to the
employees. although Dhuman resourceD are the most important resources for
any organi=ation, so to study on employees satisfaction helps to know the
working conditions " what are the things that affects them not to work
properly. always majority of done by the machineseGuipments but without
any manual moments nothing can be done. so to study on employee
satisfaction is necessary.
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THE STATE OF EMPLOYEE SATISFACTION
5lthough committed and loyal employees are the most influential factor to
becoming an employer of choice, it?s no surprise that companies and
organi=ations face significant challenges in developing energi=ed and
engaged workforces. %owever, there is plenty of research to show that
increased employee commitment and trust in leadership can positively
impact the company?s bottom line. In fact, the true potential of an
organi=ation can only be reali=ed when the productivity level of all
individuals and teams are fully aligned, committed and energi=ed to
successfully accomplish the goals of the organi=ation.
5s a result, the goal of every company should be to improve the desire of
employees to stay in the relationship they have with the company. When
companies understand and manage employee loyalty * rather than retention
specifically * they can reap benefits on both sides of the balance sheet i.e.,
revenues and costs.
7n the revenue side of the balance sheet, loyal and committed employees
are more likely to go Dabove and beyondD to meet customer needs and are
highly motivated to work to the best of their ability. oth of these traits are
crucial for continued customer commitment and ongoing revenue and
growth for the company.
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7n the cost side, loyal employees stay longer, resist competitive job offers,
do not actively look for other employment and recommend the company to
others as a good place to work. hese four behaviors positively influence
the cost side of the balance sheet because they are leading indicators of
employee retention. he longer companies keep their employees, the longer
they can avoid having to pay to replace them.
In other words, rather than focusing only on retention $that is, trying to
retain employees who have already decided to leave), organi=ations should
proactively recogni=e the benefits of understanding, managing and
improving employee loyalty. he most successful organi=ations are those
that can adapt their organi=ational behavior to the realities of the current
work environment where success is dependent upon innovation, creativity
and fle!ibility. 5dditionally, the dynamics of the work environment have to
reflect a very diverse population comprised of individuals whose
motivations, beliefs and Jalue structures differ vastly from the past and
from each another. 5rguably, the most valuable, but also volatile, corporate
asset is a stable workforce of competent, dedicated employees, since such
an employee base gives companies a powerful advantageA depth of
knowledge and organi=ational strength.
7ne of the key steps to understanding and improving employee loyalty is
by acknowledging the importance of the following factors in building
loyalty and satisfactionB
roadly*defined responsibilities rather than narrowly*defined job
functions
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Provide employees with well*defined career paths $including a
succession plan), mentors and tuition reimbursement for job*related
education.
rain employees, even if it makes them more attractive to the
competition. Without seeing an opportunity on the hori=on, few high
potential employees will stay with a company and allow themselves
to grow stagnant.
5cknowledge non*work priorities by recogni=ing and responding to
employees? needs for greater balance in their lives, since employees
will develop loyalty for organi=ations that respect them as
individuals, not just as workers.
OBJECTI-ES OF THE STUDY
1. o check the level of employee satisfaction among job work assignees.
. o analy=e the work related stress.
4. o study the attitude of employees toward their work and job security.
8. o find motivational factors of employees.
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9. o find out how much employees are participation in dicision*making.
:. o find out how much employees are satisfied with their salary level.
A"t!e$ **$4! t t!e i%%ue ' +&+t& i% t 4"%ide$ t!e
#+ue ' t!e 'i#e IG%/
I"te$e%ti". @$1/
Ko one wants to do the same boring job over and over, day after day.
5lthough any job will reGuire some repetitive tasks, all jobs should include
at least some parts that are of high interest to employees.
I"'$mti"/
Information is power and employees want to have the information they
need to know to do their jobs better and more effectively. 5nd, more than
ever, employees want to know how they are doing in their jobs and how thecompany is performing overall. It is vitally important to open the channels
of communication in an organi=ation to allow employees to be informed,
ask Guestions, and share information and to inspire them to share the vision
of the company.
I"#+#eme"t/
#anagers today are faced with an incredible number of opportunities and
problems and, as the speed of business continues to increase, the amount of
time that they have to make decisions continues to decrease. Involving
employees in decision*making, especially when the decisions affect them
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directly, is both respectful and practical. Kot only do those closest to the
problem typically have the best insight as to what to do, involving them in
decision*making will increase their commitment and improve the success of
implementing new ideas or change. 6imilarly, management needs to follow
through on promises and live the values they preach.
I"de*e"de"4e/
Few employees want their every action to be closely monitored. #ost
employees appreciate having the fle!ibility to do their jobs as they see fit.
3iving employees latitude increases the chance that they will perform as
desired, as well as bringing additional initiative, ideas, and energy to their
jobs. 0mployees also need to be encouraged to achieve their best potential.
THEORIES OF EMPLOYEE SATISFACTION ARE/
8) NEED FULFILLMENT THEORY
5ccording to this theory a person is satisfied when he gets training from his
>ob what he wants. he more he wants something or the more important it
is to him, the more satisfied he is when he received it. In other words, />ob
6atisfaction will vary directly with the e!tend to which those needs of an
individual which can be satisfied are actually satisfied. Jroom views
satisfaction in terms of the positively valued outcomes that a job provides
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to a person. hus, job satisfaction is positively related to the degree to
which one-s needs are fulfilled. he fulfillment theory suffers from a major
drawback. 6atisfaction is a function of not only what a person receives but
what he feels he should receive.
6) EUITY THEORY/
+nder this theory, it is believed that a person-s job satisfaction depends
upon his perceived eGuity as determined by his input* output balance in
comparison with the input*output balance of others. 0very individual
compares his rewards with those of a Lreference group-. If he feels his
rewards are eGuitable in comparison with others doing similar work, he
feels satisfied. >ob 6atisfaction is thus a function of the degree to which job
characteristics meet the desires of the reference group. For e!ample, one
study of the effects of community features on job satisfaction revealed that
workers living in a well to a neighbourhood felt less satisfied than thoseliving in poor neighbourhood.
9) T:O FACTOR THEORY/
Frederick %er=berg and his colleagues developed the wo factor theory
satisfaction. 5ccording to this theory satisfaction and dissatisfaction are
interdependent of each other and e!ist on a separate continuum. 7ne set of
factors known as hygiene factors $'ompany policy, administration,
supervision, pay, working conditions and interpersonal relations) act as
dissatisfiers. heir absence cause dissatisfaction but their present does not
result in positive satisfaction. he other set of factors known as satisfiers
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$achievements, advancement, recognition, work itself and responsibility)
lead to satisfaction.
6everal studies designed to test the two factor theory provide little support
to this theory. he same factor may serve as a satisfier for one but a
dissatisfier for another. It appears from this theory that a person can be
satisfied and dissatisfied at the same time.
) DISCREPANCY THEORY/
5ccording to this theory job satisfaction depends upon what a person
actually receives from his job and what he e!pects to receive. When the
reward actually received are less than the e!pected rewards it causes
dissatisfaction. In the words of (ocke, />ob 6atisfaction and dissatisfaction
are function of perceived relationship between what one wants from one-s
job and what one perceive it is actually offering. In other words,
satisfaction is the difference between what one actually received and what
he feels he should receive. his theory fails to reveal whether over*
satisfaction is or is not a dimension of dissatisfaction and if so , how does it
dissatisfaction arising out of the situation when received outcomes are less
than the outcomes one feels he should receive.
?) EUITY DISCREPANCY THEORY/
his is a combination of eGuity and discrepancy theories. (awlers hs
adopted the difference approach of discrepancy theory rather than the ratio
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approach of eGuity theory. From eGuity theory the concept of comparision
has been selected to serve as an intervening variable. +nder this theory
satisfaction is defined as the difference between the outcomes that one
perceives he actually received and outcomes that one feels he should
receives in comparision with others. when the individual feels that what he
actually received is eGual what he perceives he should receive there is
satisfaction. hus an individual-s reception of his reward is influenced by
more than just the objective amount of that factor. ecause of this
psychological influence the same amount of reward aften can be seen Guite
differently by two people, to one it can be a large amount , while to another
person it can be a small amount.
) SOCIAL REFERENCE ;ROUP THEORY/
eference group defines the way an individual looks at the world.
5ccording to this theory job satisfaction occurs when the job meet the
interest , desires and reGuirements of a person-s reference group. In other
words, job satisfaction is a function of the degree to which the job meets
the approval of the group to which the individual looks for guidance in
evaluating the world and defining social reality.
he social reference group theory is similar to the need fulfillment theory
e!cept than it takes into account not the desires, needs and interests of the
given individual but rather the point of view and the opinion of the groups
to whom the individual looks for guidance.
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CHAPTER / 6
INTRODUCTION
OF
HDFC STANDARD
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LIFE INSURANCE
I"di" I"%u$"4e I"du%t$&
HISTORY
(ife insurance came to India from 0ngland in 1
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o regulate India insurance business first insurance act came in 1@1 as life
insurance company act and provident fund act. hese act consist of
premium rated abeles and periodical valuation of companies. In the first
two decade of Hthcentury many life insurance companies were started. 6o
the insurance acts came in 1@4< to governing life and non life insurance
companies and provide strict state control. In 1@9: the life insurance
corporation of India $(I') was creating to spreading life insurance much
more widely particularly in rural areas. In that year (I' had 9 =onal offices,
44 divisional offices and 1 branch offices. 1@9; the business of (I' of
sum assured of HH crores, 1HHH cores in 1@;H, and ;HHH crores in 1@
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he general in insurance business in India, on the other hand, can trace its
roots to the riton insurance company (td, the first general insurance
company established in the year 1
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similar reforms in 1@@8, the committee submitted the report and some of
the key recommendation included.
Insurance regulator I&5 set up.
HHH*I&5 starts giving licenses to private insurersB %&F'
standard (ife Insurance, I'I'I prudential and 2otak (ife
Insurance first private insurers to sell a policy.
HH1*oyal 6undaram 5lliance first non*life insurer to sell policy
HH anks allowed selling insurance plans.
P%%ibi+itie% '$ i"%u$"4e 4m*"ie% i" I"di0
Further deregulation of the market. 3reater concern for the
customers.
Kewer products and services.
'ompetition and Guality consciousness.
T!e I"%u$"4e Re.u+t$& De#e+*me"t Aut!$it&
I"%u$"4e A4t/33
he passage of the Insurance s5ct, 1@4< and its subseGuent amendments in
1@9H and 1@@@ are serious attempts to bring order in the business of
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insurance in India. he 5ct attempted to address various issues relating to
the business. 6ome of them areB**
Protection of policy holder interest.
(imiting the e!penses of insurance organi=ations.
0stablishment of tariff advisory committee.
6olvency levels to be maintained.
'reation of Insurance organi=ation.
&efining the roles and responsibilities of various functionaries
associated with the business.
I"%u$"4e Re.u+t$& "d De#e+*me"t Aut!$it& A4t
he passage of Insurance egulatory and &evelopment 5uthority 5ct in
1@@@ can be seen a dividing line for insurance business in India.
It was an outcome of the implementation of the recommendations of a high
powered committee, which suggested the setting up of a statutory body
called the Insurance egulatory and &evelopment 5uthority in 1@@:.
his body was later renamed as I&5 with the passage of I&5 5ct by
the parliament.
Obe4ti#e ' IRDA A4t/
o protect the investor-s interest.
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o promote orderly growth of insurance industry in the country,
including registration of insurance companies
o administer the provisions of Insurance 5cts.
o devise control activities needed for smooth functioning of the
insurance companies including investment of funds and solvency
reGuirements to be maintained by insurance companies.
o lay down the accounting methodology to be adopted .
o adjudicate on disputes.
I"di" I"%u$"4e Cm*"ie%/
With the rapid growth of the Indian Insurance industry, in particularly
serving a #iddle 'lass that is growing on both si=e and wealth every year,
it is hardly surprising that Indian insurance companies are growing, and
playing an increasingly important role in the nation-s financial services
industry.
his increasing market is creating considerable competition among Indian
Insurance 'ompanies in an industry that H years ago was relatively small.
o date, India-s Insurance egulatory and &evelopment 5uthority $I&5),
has granted registration to 1 private life insurance companies, there are
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currently 14 Indian insurance companies in the life side and 14 Indian
insurance companies operating in general insurance .
3eneral Insurance 'orporation has been approved as the Indian reinsurer
for underwriting only reinsurance business. Particulars of the Indian
insurance companies including both life insurance companies and general
insurance companies are given belowB
I"di" i"%u$"4e 4m*"ie%
1. (ife insurance corporation of India
. 5llian= ajaj life insurance company limited
4. irla sun*life insurance company limited
8. %&F' standard life insurance co. limited
9. I'I'I prudential life insurance co. limited
:. IK3 Jysya (ife Insurance company limited
;. #a! Kew york life insurance co. limited
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1. 5KP 6anmar assurance company limited
14. &abur '3+ life insurance co. pvt. (imited
18. Kational insurance company limited
19. Kew India assurance company limited
1:. 7riental insurance company limited
1;. +nited India insurance company limited
1
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Kational insurance company (td, founded in 1@H:, is the oldest e!isting
insurance company in India.
0arlier, the insurance sector had only two state insurers N life insurers i.e.
life insurance corporation of India $(I'), and general insurers i.e. general
insurance corporation of India $3I').
In &ecember HHH, these subsidiaries were de*linked from parent company
and were declared independent insurance companiesB oriental insurance
company limited, Kew India 5ssurance company limited, national
insurance company limited and +nited India insurance company limited.
&ue to the increase in the Indian economy, more and more people are
taking active participation in this industry as investors, or may be on* roll
employees in this industry.
C!++e".e% '4i". i"%u$"4e i"du%t$&/
T!$et ' Ne@ E"t$"t% /3
he insurance industry has been budding with new entrants every other
day. herefore the companies should carve out niche areas such that the
threat of new entrants might not be a hindrance.
here is also a chance that the big players might sGuee=e the small new
entrants.
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P@e$ ' %u**+ie$% /3
hose who are supplying the capital are not that big a threat.
For instance, if someone as a very talented insurance underwriter is
presently working for a small insurance company, there e!ists a chance that
any big player willing to enter the insurance industry might entice that
person off.
P@e$ ' Bu&e$%/ 33
Ko individual is a big threat to the insurance industry and big corporate
houses have a lot more negotiating capability with the insurance
companies. ig corporate clients like airlines and pharmaceutical
companies pay million of dollars every year in premiums.
-ISION STATEMENT
he 3lobal Indian Financial services brandB heir customers will
enjoy the benefits of dealing with a global Indian brand that
understands their needs and delivers customi=ed pragmatic solutions
across multiple platforms. hey will be a world class Indian financial
service group. heir technology and best practices will be
benchmarked along international lines while their understanding of
customers will be uniGuely Indian. hey will be more than a
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repository of their customer-s savings. hey, the group, will be a
single window to every financial service in a customer-s universe.
he most preferred employer in financial servicesB 5 culture of
empowerment and a spirit of enterprise attract bright minds with an
entrepreneurial streak to join us and stay with us. Working with a
home grown professionally managed company, which has
partnerships with international leaders, gives their people a
perspective that is universal as well as uniGue.
he most trusted financial services companyB hey will create an
ethos of trust across all their constituents. 5dhering to high standards
of compliance and corporate governance will be an integral part of
building trust.
Jalue creationB Jalue creation rather than si=e alone will be business
driver.
MISSION AND -ALUES
heir #ission $as stated in the 'ompany?s website )B
o be the top new life insurance company in the market.
his does not just mean being the largest or the most productive company
in the market, rather it is a combination of several things like*
'ustomer service of the highest order
Jalue for money for customers
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Professionalism in carrying out business
Innovative products to cater to different needs of different
customers
+se of technology to improve service standards
Increasing market share
T!ei$ -+ue%/
SECURITY/
Providing long term financial security to our policy holders will be
our constant endeavour. We will be do this by offering life insurance
and pension products.
TRUST/
We appreciate the trust placed by our policy holders in us.
%ence, we will aim to manage their investments very
carefully and live up to this trust.
INNO-ATION/
ecognising the different needs of our customers, we will be offering
a range of innovative products to meet these needs.
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BRAND PERSONALITY
%&F' rand identity based on consumer perception and group
aspiration.
2nowledgeable of the latest business practicesA has incorporated the
best but believes that ultimately successful business decisions are
based on instincts rather than logical processes.
Jalues Indian traditional and rituals.
%&F' is the Guintessential Indian entrepreneur in touch with the
global world.
'onstantly looking for new opportunities to grow business and make
money.
elieves in Lno guts, no glory-.
%&F' is seen as a leader in their field, not only in thoughts but also
in their ability to spot opportunities and build on them.
MA2IN; OF A BRAND
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6tarted operation in 7ctober HHH.
Keed for private players to establish brands.
Keed to create a brand platform that would be uniGue, relevant and
emotionally compelling.
ased their brand positioning on providing financial freedom* /6ar
utha kar jeo.
0!pressed through all customer touch points N
5ds#erchandising'orporate 6tationery etc.
2EY IMPERATI-ES OF COMPANY
o be a top five player in this industry in this, %&F' (ife Insurance need to
increase &istribution width and depth trough the country. Insurance is sold
primarily through three sales channelsB
Tied .e"4& "et@$1/
sales manager recruit and develop life advisers who in turn prospects for
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customers and sell insurance. It is a tide agency, as these agents $life
advisers) are their e!clusive sales agents .key to success of a tide agency
is that each sales manager has a large number $successful 6#s) have a
team of < to 1H contributing (as) 7F (IF0 5&JI606 who deliver 4*8
policies month on month consistently.
A+te$"te 4!""e+/
sales mangers works with channel partners who can use their channels
sales force to sell insurance of their brand. 'hannel partners in alternate
channel can be either a corporate agency or a broker. 5 corporate agency
will always be e!clusive for their brand and sell for their company. 5
broker will be a multiband player and works for the benefit of the
customer. 5lternate channels sales manager, apart from managing
e!isting partners, identify new partners, built relationships and use the
channel sales force to increase sales from that channel.
;$u* %+e%/
sales mangers sell to corporate institutions where a group of
homogeneous character can be covered under a single insurance policy.
ypically they work in the area of employee benefit programme .heysell products like 6uperannuation, 3ratuity, 3roup (ife 'overs , 0&(I
and group credit term covers .2ey difference from the first two channels
is that this channel does not insure individual lives but insures groups of
people.
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SWOT ANALYSIS
~ 4:~
STRENGTH
Country Wide
Recognition Need Base Analysis
Same Standard Services
in all Branches Fair Deal in all
Transactions Customers Centric
Approach Infrastructure
WEEKNESS
Freuent !o" Rotation
#ess num"er of
advertisements $idden Charges
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CHAPTER 9
~ 4;~
OPPORTUNITY
Scope in !aipur as it is in
the developing phase %nly &'( of insura"le
people have anyinsurance
$igher possi"ility of
gro)th in Indian share*ar+et
THREAT
#IC,s Brand Name
-eople of !aipur prefershort.term investmentrather than in insurance
/pcoming private
insurance companies0
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RE-IE: OF LITERATURE
;ENERAL MOTORS STRATE;Y
OBJECTI-ES
5 company can invest millions in technology and facilities, but it is of little
value if employees are unsatisfied. 0ngaged, enthusiastic, motivated
employees are essential for business success.
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3#?s 0mployee 0nthusiasm 6trategy focuses on engaging employees with
positive leadership behavior and effective management. 3# wants to be a
desirable place to work, an employer of choice worldwide and a place
people enjoy coming to every day. 3#?s policy is to emphasi=epersonal
safety, economic stabilityand employee development.
3# is committed to developing and deploying employee skills, talent and
potential effectively to achieve its business goals. 6ee employee training.
3#?s approach is to instill a performance culture across the business that
inspires employees to do their best, empowers them to make decisions,rewards accomplishment, embraces challenges and embodies high
e!pectations. y providing employee professional development
opportunities in the conte!t of this performance culture, 3#?s aim is to
increase levels of job satisfaction N as measured in staff surveys N while
delivering improved business results.
Se4t$i+ Cm*$i%" ' F4t$% I"'+ue"4i". Jb
Sti%'4ti" i" I"di" B"1i". Se4t$
It has been observed that degree of job satisfaction of private sector banks
was found to be significantly lower than in public sector banks. 5t least two
reasons were found to be responsible for the low job satisfaction level of
employees of private sector banks. When data were analysed, surprising
results were found. In the study, job satisfaction was measured by a tool
developed by 6inha $1@@H). >ob satisfaction was measured on the basis of
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http://www.gm.com/corporate/responsibility/reports/05/700_social/2_twenty/720.htmlhttp://www.gm.com/corporate/responsibility/reports/05/700_social/2_twenty/720.htmlhttp://www.gm.com/corporate/responsibility/reports/05/500_economic/index.htmlhttp://www.gm.com/corporate/responsibility/reports/05/700_social/5_fifty/750.htmlhttp://www.gm.com/corporate/responsibility/reports/05/700_social/2_twenty/720.htmlhttp://www.gm.com/corporate/responsibility/reports/05/700_social/2_twenty/720.htmlhttp://www.gm.com/corporate/responsibility/reports/05/500_economic/index.htmlhttp://www.gm.com/corporate/responsibility/reports/05/700_social/5_fifty/750.html7/26/2019 job satisfaction of employees of Hdfc
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five variables. hese are $i) pay, $ii) work condition $for e!ample, safety,
heat, noise, and dust), $iii) service conditions $for e!ample, security,
promotion, and welfare), $iv) relation with superiors, peers, and workers,
and $v) company as a whole. 5mong four variables, the degree of
difference is not noticeable. ut low scores of the third variable, service
conditions, were found to be responsible for overall low degree job
satisfaction in private sector banks.
0mployees of private sector banks perceive that their jobs are not secure. In
fact, the effect of an open economy, globalisation, and privatisation can be
seen more easily in private sector banks than in public sector banks. In
private sector banks, the environment in highly competitive and job
security is based on performance and various other factors. hough it is
true that this environment provides a challenging job profile, it also creates
a less secure environment. Industriousness, dedication, devotion, and
commitment are not enough to secure a job. he high level of performance
of an individual is also based on various factors. hese may be market
situation, e!istence of competitor, and government policies. Where these
factors are adverse in nature, performance automatically suffers. &uring
this period, employees feel insecure, which reduces overall job satisfaction.
In public sector banks, welfare policies are clearly defined and legally
enforced. etirement, pensions, gratuity, and other related welfare policies
are effectively e!ecuted. 6o there is no problem with social security. In
private sector banks, welfare activities are neither well planned nor well
e!ecuted. 0mployee turnover is very high and job security is very low.
#ost employees are from middle class Indian families. hese employees
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have seen the golden period of public sectors and government jobs during
their growing stages. 6o the effect of welfare schemes of government jobs
and public sectors cannot be easily eradicated from their psyche. Private
sector employees are ready to work hard but they demand pensions,
security, and sometimes an easy lifestyle.
hese findings in the banking sectors could be e!tended to e!plain the job
situation in other service sectors. In terms of security, promotion, and
welfare policy, there is a clear difference between public and private sector
employees. It was stated earlier that when we compare the job satisfaction
of employees in public and private sector banks or in other service sectors,
the public and private sectors become the main factor of comparison. In
India, the public or private sector factors neutralise all other factors of
comparison. For e!ample, in India, a public sector insurance company like
(I' will always be preferred by a new entrant, if he has a choice.
CHAPTER
RESEARCH METHODOLO;Y
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08 MEANIN; OF RESEARCH
06 DEFINITION OF RESEARCHMETHODOLO;Y
09 RESEARCH DESI;N
0 DATA COLLECTION
0? SAMLE DESI;N
:HAT IS RESEARCH
esearch is a systematic and continues method of defining a problem,
collecting the facts and analy=ing them, reaching conclusion forming
generali=ations.
he systematic and objective identification, collection, analysis,
dissemination, and use of information for the purpose of assisting
management in decision making related to the identification related to
solution to problems and opportunities .
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#arketing esearch is the function that links the customer, concumer, and
public to the marketer through information* information used to identify
and define marketing opportunities and problemsA generate, refine, and
evaluate marketing actionsA monitor marketing performanceA and improve
understanding of marketing as a process.
he study of research methods provides manager knowledge and skill
needed to solve the problems and meet the challenges of a fast*paced
decision*making environment. hree factors that stimulate an interest of
managers in research study are
he manager-s increased need for more and better information.
he availability of increased techniGues and tools to meet this need.
he result information overload if discipline is not employed in the
process.
RESEARCH METHODOLO;Y
esearch methodology is a way to systematically solve the problem. It may
be understood has a science of studying how research is done scientifically.
In it we study the various steps that all generally adopted by a researcher in
studying his research problem along with the logic behind them.
he scope of research methodology is wider than that of research method.
hus when we talk of research methodology we not only talk of research
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methods but also consider the logic behind the method we use in the
conte!t of our research study and e!plain why we are using a particular
method.
S @e %!u+d 4"%ide$ t!e '++@i". %te*% i" $e%e$4!
met!d+.&/
Problem statement
7bjective of study
esearch design
&ata collection
6ample design
6tatistical tool
(imitation of study
RESEARCH DESI;N
5 framework or blueprint for conducting the research project. It
specifies the details of the procedures necessary for obtaining the
information needed to structure andor solve research problems. 5
good research design lays the foundation for conducting the project.
5 good research design will ensure that the research project is
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conducted effectively and efficiently. ypically, a research design
involves the following components, or tasksB
&efine the information needed.
&esign the research.
6pecify the measurement and scaling procedures.
'onstruct and present a Guestionnaire or an appropriate form for
data collection.
6pecify the sampling process and sampling si=e.
&evelop a plan of data analysis.
DATA COLLECTION
he task of data collection is begins after a research problem has been
defined and research designed plan chalked out. &ata collection is to
gather the data from the population. he data can be collected of two typesB
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Primary &ata
6econdary &ata
P$im$& Dt
he Primary &ata are those, which are collected afresh and for the first
time, and thus happened to be original in character.
7bservation.
Personal Interviews.
elephonic interviews.
Ouestionnaires.
6chedules.
Se4"d$& Dt
he 6econdary &ata are those which have already been collected by
someone else and which have already been passed through the statistical
tool. #ethods of collection of 6econdary data
Kewspapers.
#aga=ines
>ournals
Internet
(ibraries
7ld records.
In this project I am using both the method of data collection
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SAMPLE DESI;N
5 sample design is a definite plan for obtaining a sample from a given
population. It refers to the techniGue or the procedure and the researcher
would adopt in selecting items of sample. 6ample design may as well lay
down the number of items to be included in the sample i.e. the si=e of the
sample. 6ample design is determined before data are collected. efore
going trough sampling design, let us learn some terms.
P*u+ti"/he aggregate of all the elements, sharing some common set of
characteristics, that comprises the universe for the purpose of the research
problem.
In this project all the employees of %&F' 6tandard (ife Insurance of
>5IP+ branch, is the population
Sm*+e/
5 subgroup of the elements of the population selected for participation in
the study.
In this project sample si=e is 8H employees
Sm*+i". U"it/
he basic unit containing the elements of the population to be sampled.
In this project sampling unit is employees.
Sm*+i". Te4!"i,ue u%ed i" %u$#e&333
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Konprobability 6ampling echniGues.
'onvenience 6ampling.
Konprobability sampling techniGues do not use chance selection
procedures. ather, they rely on the personal judgment of the researcher
where as probability sampling procedure each element of the population
has fi!ed probabilistic chance of being selected for the sample.
In our survey, we have used nonprobabilty sampling techniGue because
there is no way of determining the probability of selecting any particular
element for inclusion for the sample, the estimates obtained are not
statistically projectable to the population. We have selected the sample with
help of 6ales #anager and their (ife 5dvisors.
5mong nonprabability sampling techniGues, the sampling techniGue
applied here is convenience sampling. 'onvenience 6ampling attempts to
obtain a sample of convenient elements. he selection units is left primarily
to the inerviewer. 'onvenience 6ampling is the least e!pensive and least
time consuming of all sampling techniGues. he sampling units are
accessible, easy to measure, and cooperative. In spite of these advantages,
his form of sampling has serious limitations. #any potential sources of
selection bias are present, including respondent self*selection. 'onvenience
6amples aer not representative of any definable population.
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UESTIONNAIRE DESI;N
5 Ouestionnaire, whether it is called a schedule, interview form, or
measuring instrument, is a structured techniGue for data collection that
consists of series of Guestion, written or verbal, that a respondent answers.
Obe4ti#e O' A ue%ti""i$e
It must translates the information needed into a set of specific
Guestions that the respondents can and will answer.
5 Guestionnaire must uplift, motivate, and encourage the respondent
to become involved in the interview, to cooperate, and to complete
the interview.
5 Guestionnaire should minimi=e response time
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ANALYSIS AND
INTERPRETATION
ANALYSIShe analysis of this project begins with analysis of each Guestion.
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ANALYSIS AND INTERPRETATION
#anagers need information, not raw data. esearch helps in generating
information by analy=ing data after its collection .data analysis usually
involves reducing accumulated data to a manageable si=e, developing
summaries, looking for patterns and applying statistical techniGues. 6caled
responses on Guestionnaires and e!perimental instruments often reGuire the
analyst to derive various functions, as well as to e!plore relationships
among variables.
In various cases when we deal with statistics we find that the variables are
related to each other or we can also say two variables seem to move in the
same direction such as both are increasing or decreasing or even some
factors tend to move in the opposite direction also means one is increasing
and the other is decreasing. 5nalysis has been done by applying various
statistical tools to study the basic factors that lead to >ob satisfaction among
>ob Work 5ssignees. Jarious important factors identified during the study
areB*
C >ob security
C #otivation D 5ttitude
C 6tress
Re%*"de"t b& ;e"de$
M+e 6>
Fem+e 88
Tt+ 7
TABLE 83 SHO:S RESPONDENTS BY ;ENDER
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FI;38 SHO:S RESPONDENTS BY ;ENDER
%ere we can see ma!imum number of respondent is male that is ;M and
female are only
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Fi""4e ?
*e$ti" ?
TABLE 63SHO:S DEPARTEMENTS OF
RESPONDENTS
FI;36 SHO:S DEPARTEMENTS OF RESPONDENTS
%ere we can see ma!imum number of respondent are for
marketing department that are out of 8H respondent
:$1 E*e$ie"4e ' Re%*"de"t
E*e$ie"4e i" &e$%
N0 '
Re%*"de"t%
8 +e%% t!e" 8 &e$ 8?
6 m$e t!e" 8 &e$ 87
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9 +e%% t!e" 6 &e$ =
m$e t!e" 6 &e$ ;
TABLE 93SHO:S :OR2 EKPERINCE OF RESPONDENT
FI;39 SHO:S :OR2 EKPERINCE OF RESPONDENT
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%ere we can see that employees are not e!perienced.19 employees are
having the e!perience of less than 1 year and 14 of less then year.
Sti%'4ti" +e#e+ @it! t!e b
S0 NO0 Sti%'4ti" Le#e+ N0 '
Re%*"de"t%
8 Li1e #e$& mu4! 6?
6 Li1e %me @!t 87
9 Neut$+
Di%+i1e %me @!t 8
? Di%+i1e #e$& mu4! Ni+
Em*+&ee %ti%'4ti"
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FI;3 SHO:S SATISFACTION LE-EL :ITH THE JOB
he data in the above table reveals that majority of respondents $9) were
highly satisfied with their job and 1H of respondents are satisfied with their
job.
his show that employees are satisfied with their job.
Sti%'& @it! t!e be!#i$ ' m".eme"t "d t!e$
em*+&ee%
S0"
Sti%'4ti"
Le#e+
N0 '
Re%*"de"t%
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8
Hi.!+&
Sti%'ied 66
6 Sti%'ied 87
9 Mde$te ?
U"%ti%'ied 6
?
Hi.!+&
U"%ti%'ied 8
TABLE ? S!@% Sti%'4ti" +e#e+ @it! t!e be!#i$ '
m".eme"t "d t!e$ em*+&ee%
Fi. ? 3S!@% Sti%'4ti" +e#e+ @it! t!e be!#i$ 'm".eme"t "d t!e$ em*+&ee%
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he data in the above table reveals that majority of respondents $)
were highly satisfied with the behavior of other employees and 1H of
respondents are satisfied and 9 are moderate.
C$ee$ "d .$@t! **$tu"itie%
S0" P$e'e$e"4e% N0 ' Re%*"de"t%
8 Ye% 9
6 N
Tb+e S!@% C$ee$ "d .$@t! **$tu"itie% '$em*+&ee%0
Fi.3 S!@% C$ee$ "d .$@t! **$tu"itie% '$ em*+&ee%0
%ere we can see ma!imum number of respondent are think that there
career and growth opportunities offered by the job is that is @HM .
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his shows that in %&F' 6tandard life career and growth opportunities
offered by the job.
P$ti4i*ti" i" De4i%i" m1i".
S0" P$ti4i*ti"
N0 '
Re%*"de"t%
8 67397 86
6 9737 87
9 73?7 =
?737
? Ab#e 7
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hat is only : respondent are participating in the above:HM decisions and
1 are participating in HM*4HM.
Sti%'4ti" Le#e+ ' Em*+&ee%
S0NO0 Sti%'4ti" Le#e+ N0 '
Re%*"de"t%
80 Hi.!+& Sti%'ied >
60 Sti%'ied 8?
90 Mde$te ?
0 U"%ti%'ied 87
?0 Hi.!+& U"%ti%'ied 8
Tb+e=3S!@% Sti%'4ti" Le#e+ ' Em*+&ee% @it! t!e %+$&
FI;=3 S!@% Sti%'4ti" Le#e+ ' Em*+&ee% @it! t!e
%+$&
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he data in the above table tells us that majority of respondents $19) are
satisfied with the level of salary which they are getting and only $@) of
respondents are highly satisfied with this statement and $1H) respondent are
not satisfied with the salary which they are getting.
M".eme"t i% '+eib+e "d u"de$%t"d% t!e
im*$t"4e ' b+"4i". m& @$1 "d *e$%"+ +i'e0
S0 NO0 Sti%'4ti" Le#e+ N0 '
Re%*"de"t%
8 St$".+& .$ee 8=
6 A.$ee 87
9 U"de4ided =
Di%.$ee 6
? St$".+& di%.$ee 6
TABLE >3S!@% M".eme"t i% '+eib+e "d u"de$%t"d% t!eim*$t"4e ' b+"4i". m& @$1 "d *e$%"+ +i'e0
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FI;3> S!@% M".eme"t i% '+eib+e "d u"de$%t"d% t!e
im*$t"4e ' b+"4i". m& @$1 "d *e$%"+ +i'e0
he data in the above table tells us that majority of respondents $1
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Le#e+ Re%*"de"t%
8 St$".+& .$ee =
6 A.$ee 86
9 U"de4ided 88
Di%.$ee
?
St$".+&
di%.$ee 9
TABLE387 S!@% !@ m"& em*+&ee% .$ee @it! t!e 4m*"& b"u%
*+"%
Fi.387 S!@% !@ m"& em*+&ee% .$ee @it! t!e
4m*"& b"u% *+"%
he data in the above table tells us that majority of respondents $1) are
agree with the bones plan which they are getting and $
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strongly agree with this statement and $11) respondent are undecided and
$:) are disagree.
I% "& 4!".e i% $e,ui$e t im*$#e t!e @$1i". 4"diti"
S0" P$e'e$e"4e% N0 ' Re%*"de"t%
8 Ye% 96
6 N =
TABLE388 S!@% !@ m"& em*+&ee% 'ee+ t !#eim*$#eme"t i" @$1i". 4"diti"%
Fi.388 S!@% !@ m"& em*+&ee% .$ee @it! t!e 4m*"&
*& %4+e "d b"u% *+"%
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%ere we can see ma!imum number of respondent are think that change is
reGuire to improve the working condition of the company opportunities is
that is
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CHAPTER
LIMITATIONS
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Limitti"
here are various limitation faced during the study as the study basic
related to the human psychology and behavior basically. 6ome of the
problems face during the study areB*
C while collecting the data it was noticed that most of the
respondent were getting struck at statement, they were actually
related to make out whether the statement is related to their job or
routine life .
C 5nother major obstruction found the study was respondents were
Guite reluctant in giving their original details.
C 0ven it is not noticed that some of the data entry operations
were not even ready to fill in the Guestionnaires, so their responses
were most of the time neutral.
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CHAPTER M".eme"t i% '+eib+e "d u"de$%t"d% t!e im*$t"4e '
b+"4i". m& @$1 "d *e$%"+ +i'e0
6trongly &isagree
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&isagree
+ndecided
5gree
6trongly 5gree
087 A$e &u .$ee @it! t!e 4m*"& *& %4+e "d b"u% *+"%
6trongly 6trongly 5gree +ndecided &isagree
5gree &isagree
088 D &u 'ee+ t!e$e i% 4!".e $e,ui$e i" &u$ de*$tme"t
t im*$#e @$1i". 4"diti"%
R06 K7
086 R"1 t!e '++@i". mti#ti"+ '4t$ 44$di". t &u /3
FACTOR RAN2(8 t )8 i% !i.!e%t
Promotion QQ
eward and ecognition QQ
5chievemant QQ
%igher authority and responsibility QQ
PERSONAL DETAIL /
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NAME /3 0
MOBILE NO/3 0
ADDRESS OF COMMUNICATION/3
0
CHAPTER >
BIBLIO;RAPHY
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REFERENCES
BOO2S
C. R. Kothari: Research Methodology(New Age
!"licatio#$% editio# &''
hili) Kotler: Mar*eti#g Ma#age+e#t% editio# &'',
M.-.Mathew: Ris* Ma#age+e#t a#d i#s!ra#ce(R S A$%
editio# &'/'
0.S.S!dha: Orga#i1atio#al eha2io!rs (Mali* 3 Co+)a#y%
4ai)!r$ editio# &'/'
R.C.hatia: !si#ess Orga#isatio# a#d Ma#age+e#t% third
editio# &''
5S.Rao: 6!+a# Reso!rce Ma#age+e#t: seco#d editio#
#ew 7elhi%&'',
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C.A.Code: Orga#isatio#al eha2io!r (theory a#d
)ractice$%&'',
6.Naraya#a#: I#dia# I#s!ra#ce( A ro8ile$ editio# &''9
We"sites
www.google.co+(search e#gi#e$
www.yahoo.co+(search e#gi#e$
www.wi*i)edia.co+
www.hd8ci#s!ra#ce.co+
www.hd8c.co+
www.irda.co+
News)a)ers
co#o+ics Ti+es
Ti+es o8 I#dia
Maga1i#es
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!si#ess Today
!si#ess World