"A STUDY OF EMPLOYEE SATISFACTION”

OF

HDFC STANDARD LIFE INSURANCE

A STUDY CONDUCTED IN HDFC STANDARD LIFE INSURANCE

SUBMITTED BY:

VARUN BAWA

ROLL NO-81407317174

TO PUNJAB TECHNICAL UNIVERSITY,

FOR THE AWARD OF

MASTERS OF BUSINESS ADMISTRATION

THROUGH CT INSTITUTE OF MANAGEMENT AND INFORMATION TECHONOLOGY, JALANDHAR

2008-2010

PREFACE

“Experience is the best teacher”. The saying plays a very pivotal role in our curriculum where in we try and understand the nuances of the theoretical world with a blend of practical experience. It’s very important to understand how and where to implement what we have studied. Knowledge in itself is a continuous process. Getting practiced knowledge is an important thing for existence for any business concern in the competition prevailing in an industry a total awareness is the first and foremost thing necessary from all aspects, working smarter seems to be as important as working harder and longer.

We completed this project on “EMPLOYEE SATISFACTION” in part fulfillment of our MBA curriculum. The knowledge we garnered through this exposure with the outside world will help us in taking a giant leap towards understanding employee’s behavior and preferences.

ACKNOWLEDGEMENT

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

any venture. In the present world of cutthroat competition project is likely a bridge

between theoretical and practical working, willingly I have prepared this particular

project.

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 path of my life. With this grace

this project could become a reality.

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

SATISFACTION ” has been completed.

Any accomplishment requires the effort of many people and this work is not different.

Firstly, I would like to extend my sincere thanks to Ms.Gurjit Walia, Manager- Channel

Marketing, HDFC STANDARD LIFE INSURANCE COMPANY for his kind co-

operation and providing me good environment to work on.

Finally, I would like to thanks all the faculty members, respondent and other

people whom directly or indirectly help me completing the project.

TABLE OF CONTENTS

Chapter no. Particulars Page no.

1 Introduction

2 Objective Of The Project

3 Review Of Literature

4 Research Methodology

5 Analysis and Interpretation

6 Conclusion

7 Limitations

8 Suggestions

9 Bibliography

10 Annexures

CHAPTER 1 INTRODUCTION

1.1 COMPANY PROFILE

1.2 HISTORY

1.3 JOURNEY

1.4 VISION STATEMENT

1.5 MISSIONS AND VALUES

1.6 KEY IMPERATIVES OF COMPANY

COMPANY PROFILE

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

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

HDFC Bank Ltd. and Standard Life. HDFC STANDARD Life Insurance is one of the

fastest growing insurance companies in India and has shown remarkable growth since its

inception in 2000.

HDFC

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

encompass every sphere of life. From commercial banking to stock broking, to mutual

funds, to life insurance, to investment banking, the group to the financial needs of

individuals and corporate.

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

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

and Mauritius, it services a customer base over 1400000.

HDFC enjoys leadership position in most of the businesses including stock broking,

investment banking and retail lending. With a brand slogan of “CUSTOMER

SATISFACTION “, HDFC enjoys a particularly strong franchise in the arena of

investment and capital markets. HDFC is also known for the values of trust, integrity and

financial prudence with which entire business and franchise is developed .Not only they

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

most preferred employers in the financial services industry.

STANDARD LIFE

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

business and is building businesses in the US and Europe that focus on sectors of the

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

2005, 72% of funds under management are in the United States; 24% in South Africa and

4% in United Kingdom .On the embedded value bases the geographic split is 66% Africa,

25% the US and 9% rest of world.

HISTORY

HDFC Standard Life Insurance Company Limited

The Partnership : 

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

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

shared similar values and beliefs and a strong relationship quickly formed. In October

1995 the companies signed a 3 year joint venture agreement.

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

relationship.

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

ongoing delays in getting the IRDA (Insurance Regulatory and Development authority)

Act passed in parliament. Despite this both companies remained firmly committed to the

venture.

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

available. Around this time Standard Life purchased 2% of Infrastructure Development

Finance Company Ltd. (IDFC). Standard Life also started to use the services of the

HDFC Treasury department to advise them upon their investments in India.

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

companies agreed the time was right to move the operation to the next level. Therefore,

in January 2000 an expert team from the UK joined a hand picked team from HDFC to

form the core project team, based in Mumbai. 

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

HDFC Bank.

In a further development Standard Life agreed to participate in the Asset Management

Company promoted by HDFC to enter the mutual fund market. The Mutual Fund was

launched on 20th July 2000.

Incorporation of HDFC Standard Life Insurance Company Limited:

The company was incorporated on 14th August 2000 under the name of HDFC Standard

Life Insurance Company Limited.

Their ambition from the beginning was to be the first private company to re-enter the life

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

HDFC Standard Life was the first life company to be granted a certificate of registration.

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

Life owns 18.6%. Given Standard Life's existing investment in the HDFC Group, this is

the maximum investment allowed under current regulations.

HDFC and Standard Life have a long and close relationship built upon shared values and

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

companies and be the yardstick by which all other insurance companies in India are

measured.

COMPANY JOURNEY

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

VISION STATEMENT

The Global Indian Financial services brand: Their customers will enjoy the

benefits of dealing with a global Indian brand that understands their needs and

delivers customized pragmatic solutions across multiple platforms. They will be a

world class Indian financial service group. Their technology and best practices

will be benchmarked along international lines while their understanding of

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

customer’s savings. They, the group, will be a single window to every financial

service in a customer’s universe.

The most preferred employer in financial services: A culture of empowerment

and a spirit of enterprise attract bright minds with an entrepreneurial streak to join

us and stay with us. Working with a home grown professionally managed

company, which has partnerships with international leaders, gives their people a

perspective that is universal as well as unique.

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

across all their constituents. Adhering to high standards of compliance and

corporate governance will be an integral part of building trust.

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

LIFE INSURANCE AND HDFC LIFE

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

there are 15 Life Insurance companies in India. HDFC Life Insurance in its fifth year of

operations has shown commendable results. In FY 2005-06, HDFC Life Insurance laid

special emphasis on strengthening the Quality of Business and succeeded remarkably in

the achieving its goals. Instead of just top line growth it has concentrated on better quality

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

For the second year in succession, it has met the internal value creation target which

gives the confidence that going forward it will be able to maintain both aggressive top

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

be to deliver superior value to the key stakeholders and the employees. They have 650

branch offices in 31 cities in India and they are growing aggressively to increase their

footprints and bring Life Insurance products to their citizens.

From a macro perspective, investment in Life Insurance in developed countries is as

much as 4.85% of GDP whereas in India it only accounts for 275%. Hence for the next

few years due to under insurance and inherent scope present, private life insurance

companies will grow as close to 100% year on year for the next few years until the gap is

bridged. One of The key reason for the under insurance has been a monopolistic industry

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

part of any Financial Planning activity. Typically one could look at least 5-10% of the

total Income to be invested towards Life Insurance.

MISSION AND VALUES

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

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

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

rather it is a combination of several things like-

 Customer service of the highest order 

 Value for money for customers 

 Professionalism in carrying out business 

 Innovative products to cater to different needs of different customers 

 Use of technology to improve service standards 

 Increasing market share 

Their Values:

 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. Hence, we

will aim to manage their investments very carefully and live up to this trust. 

 INNOVATION: Recognising the different needs of our customers, we will be

offering a range of innovative products to meet these needs. 

BRAND PERSONALITY

HDFC Brand identity based on consumer perception and group aspiration.

Knowledgeable of the latest business practices; has incorporated the best but

believes that ultimately successful business decisions are based on instincts rather

than logical processes.

Values Indian traditional and rituals.

HDFC is the quintessential Indian entrepreneur in touch with the global world.

Constantly looking for new opportunities to grow business and make money.

Believes in ‘no guts, no glory’.

HDFC is seen as a leader in their field, not only in thoughts but also in their

ability to spot opportunities and build on them.

MAKING OF A BRAND

Started operation in October 2000.

Need for private players to establish brands.

Need to create a brand platform that would be unique, relevant and emotionally

compelling.

Based their brand positioning on providing financial freedom- “Sar utha kar jeo.”

Expressed through all customer touch points – Ads/Merchandising/Corporate

Stationery etc.

KEY IMPERATIVES OF COMPANY

To be a top five player in this industry in this, HDFC Life Insurance need to increase

Distribution width and depth trough the country. Insurance is sold primarily through three

sales channels:

Tied agency network: sales manager recruit and develop life advisers who in

turn prospects for customers and sell insurance. It is a tide agency, as these agents

(life advisers) are their exclusive sales agents .key to success of a tide agency is

that each sales manager has a large number (successful SMs) have a team of 8 to

10 contributing Las) OF LIFE ADVISERS who deliver 3-4 policies month on

month consistently.

Alternate channel: sales mangers works with channel partners who can use their

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

channel can be either a corporate agency or a broker. A corporate agency will

always be exclusive for their brand and sell for their company. A broker will be a

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

sales manager, apart from managing existing partners, identify new partners, built

relationships and use the channel sales force to increase sales from that channel.

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

homogeneous character can be covered under a single insurance policy. Typically

they work in the area of employee benefit programme .They sell products like

Superannuation, Gratuity, Group Life Covers , EDLI and group credit term covers

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

individual lives but insures groups of people.

STRENGTHS

Our key strengths

Financial Expertise

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

financial expertise required to manage your long-term investments safely and efficiently.

Range of Solutions

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

specific needs. Our group solutions have been designed to offer you complete flexibility

combined with a low charging structure

CHAPTER 2 OBJECTIVES OF STUDY

2.1INTRODUCTION

2.2OBJECTIVES

INTRODUCTION OF THE STUDY

Satisfaction is an important goal for organizations to reach as it has been shown that

profitability, productivity, employee retention, and customer satisfaction are linked to

employee satisfaction.

JOB SATISFACTION

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

A 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.

In simple words job satisfaction is:-

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

variety of factors that can influence a person's level of Job satisfaction; some of these

factors are:-

• Include the level of pay and benefits,

• The perceived fairness of the promotion system within a company,

• The level of pay and benefits,

• Leadership and social relationships,

• The job itself.

Why to study about employee satisfaction?

In my point of view, study of "Employee satisfaction" 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 place? what are the things still to

be satisfy to the employees. although "human resource" are the most important resources

for any organization, 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 machines/equipments but without any manual moments nothing can be

done. so to study on employee satisfaction is necessary.

THE STATE OF EMPLOYEE SATISFACTION

Although committed and loyal employees are the most influential factor to becoming an

employer of choice, it's no surprise that companies and organizations face significant

challenges in developing energized and engaged workforces. However, 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 organization

can only be realized when the productivity level of all individuals and teams are fully

aligned, committed and energized to successfully accomplish the goals of the

organization.

As 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.

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

to go "above and beyond" to meet customer needs and are highly motivated to work to

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

commitment and ongoing revenue and growth for the company.

On the cost side, loyal employees stay longer, resist competitive job offers, do not

actively look for other employment and recommend the company to others as a good

place to work. These four behaviors positively influence the cost side of the balance sheet

because they are leading indicators of employee retention. The longer companies keep

their employees, the longer they can avoid having to pay to replace them.

In other words, rather than focusing only on retention (that is, trying to retain employees

who have already decided to leave), organizations should proactively recognize the

benefits of understanding, managing and improving employee loyalty. The most

successful organizations are those that can adapt their organizational behavior to the

realities of the current work environment where success is dependent upon innovation,

creativity and flexibility. Additionally, the dynamics of the work environment have to

reflect a very diverse population comprised of individuals whose motivations, beliefs and

value structures differ vastly from the past and from each another. Arguably, the most

valuable, but also volatile, corporate asset is a stable workforce of competent, dedicated

employees, since such an employee base gives companies a powerful advantage; depth of

knowledge and organizational strength.

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

acknowledging the importance of the following factors in building loyalty and

satisfaction:

Broadly-defined responsibilities rather than narrowly-defined job functions

Effective and regular performance evaluations, both formally and informally

A corporate emphasis on employee learning, development and growth

Wide-ranging employee participation in the organization as a whole

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

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

opportunities for advancement, a compelling corporate mission combined with the ability

to contribute to the organization's success, and a feeling that their skills are being

effectively used and challenged. Specifically, employees who enjoy their work, identify

themselves with their employer and perceive that the company is flexible regarding work

and family issues also intend to stay with the organization.

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

rather than general - employees are looking at their employment as a means of achieving

personal goals rather than simply being the "good corporate soldier" of the past. This

means that companies need to express and act on a commitment to develop employees'

career objectives by introducing initiatives that make employees believe that their current

job is the best path to achieving their career goals.

In particular, consider the following elements of effective strategies designed to build

loyalty and retain key employees:

Include opportunities for personal growth and invest heavily in the professional

development of the best people in the organization.

Provide employees with well-defined career paths (including a succession plan),

mentors and tuition reimbursement for job-related education.

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

Without seeing an opportunity on the horizon, few high potential employees will

stay with a company and allow themselves to grow stagnant.

Acknowledge non-work priorities by recognizing and responding to employees'

needs for greater balance in their lives, since employees will develop loyalty for

organizations that respect them as individuals, not just as workers.

OBJECTIVES OF THE STUDY

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

2. To analyze the work related stress.

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

4. To find motivational factors of employees.

5. To find out how much employees are participation in dicision-making.

6. To find out how much employees are satisfied with their salary level.

Another approach to the issue of loyalty is to consider the value of the five "I's":

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

Although any job will require some repetitive tasks, all jobs should include at least some

parts that are of high interest to employees.

Information. Information is power and employees want to have the information they

need to know to do their jobs better and more effectively. And, more than ever,

employees want to know how they are doing in their jobs and how the company is

performing overall. It is vitally important to open the channels of communication in an

organization to allow employees to be informed, ask questions, and share information and

to inspire them to share the vision of the company.

Involvement. Managers today are faced with an incredible number of opportunities and

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

have to make decisions continues to decrease. Involving employees in decision-making,

especially when the decisions affect them directly, is both respectful and practical. Not

only do those closest to the problem typically have the best insight as to what to do,

involving them in decision-making will increase their commitment and improve the

success of implementing new ideas or change. Similarly, management needs to follow

through on promises and live the values they preach.

Independence. Few employees want their every action to be closely monitored. Most

employees appreciate having the flexibility to do their jobs as they see fit. Giving

employees latitude increases the chance that they will perform as desired, as well as

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

encouraged to achieve their best potential.

THEORIES OF EMPLOYEE SATISFACTION ARE:

 

1) NEED FULFILLMENT THEORY:

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

he wants. The more he wants something or the more important it is to him, the more

satisfied he is when he received it. In other words, “Job Satisfaction will vary directly

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

satisfied. Vroom views satisfaction in terms of the positively valued outcomes that a job

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

one’s needs are fulfilled. The fulfillment theory suffers from a major drawback.

Satisfaction is a function of not only what a person receives but what he feels he should

receive. 

2)   EQUITY THEORY:

     Under this theory, it is believed that a person’s job satisfaction depends upon his

perceived equity as determined by his input- output balance in comparison with the input-

output balance of others. Every individual compares his rewards with those of a

‘reference group’. If he feels his rewards are equitable in comparison with others doing

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

job characteristics meet the desires of the reference group. For example, one study of the

effects of community features on job satisfaction revealed that workers living in a well to

a neighbourhood felt less satisfied than those living in poor neighbourhood.    

3)   TWO FACTOR THEORY:

        Frederick Herzberg and his colleagues developed the Two factor theory satisfaction.

According to this theory satisfaction and dissatisfaction are interdependent of each other

and exist on a separate continuum.  One set of factors known as hygiene factors

(Company policy, administration, supervision, pay, working conditions and interpersonal

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

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

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

satisfaction.

        Several studies designed to test the two factor theory provide little support to this

theory. The same factor may serve as a satisfier for one but a dissatisfier for another. It

appears from this theory that a person can be satisfied and dissatisfied at the same time.

4) DISCREPANCY THEORY:

    According to this theory job satisfaction depends upon what a person actually receives

from his job and what he expects to receive. When the reward actually received are less

than the expected rewards it causes dissatisfaction. In the words of Locke, “Job

Satisfaction and dissatisfaction are function of perceived relationship between what one

wants from 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. This theory fails to reveal whether over-satisfaction is or is not a

dimension of dissatisfaction and if so , how does it dissatisfaction arising out of the

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

receive.                    

5) EQUITY DISCREPANCY THEORY:

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

difference approach of discrepancy theory rather than the ratio approach of equity theory.

From equity theory the concept of comparision has been selected to serve as an

intervening variable. Under this theory satisfaction is defined as the difference between

the outcomes that one perceives he actually received and outcomes that one feels he

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

actually received is equal  what he perceives he should receive there is satisfaction. Thus

an individual’s reception of his reward is influenced by more than just the objective

amount of that factor. Because of this psychological influence the same amount of reward

aften can be seen quite differently by two people, to one it can be a  large amount , while

to another person it can be a small amount. 

6) SOCIAL REFERENCE GROUP THEORY:

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

theory job satisfaction occurs when the job meet the interest , desires and requirements of

a 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.

 The social reference group theory is similar to the need fulfillment theory except than it

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

the point of view and the opinion of the groups to whom the individual looks for

guidance.

CHAPTER 3

REVIEW OF LITERATURE

GENERAL MOTORS

OBJECTIVES

A company can invest millions in technology and facilities, but it is of little value if

employees are unsatisfied. Engaged, enthusiastic, motivated employees are essential for

business success.

GM's Employee Enthusiasm Strategy focuses on engaging employees with positive

leadership behavior and effective management. GM wants to be a desirable place to

work, an employer of choice worldwide and a place people enjoy coming to every day.

GM's policy is to emphasize personal safety, economic stability and employee

development.

GM is committed to developing and deploying employee skills, talent and potential

effectively to achieve its business goals. See employee training.

GM'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 expectations. By providing employee

professional development opportunities in the context of this performance culture, GM's

aim is to increase levels of job satisfaction – as measured in staff surveys – while

delivering improved business results.

Sectorial Comparison of Factors Influencing Job Satisfaction

in Indian Banking Sector

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

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

responsible for the low job satisfaction level of employees of private sector banks. When

data were analysed, surprising results were found. In the study, job satisfaction was

measured by a tool developed by Sinha (1990). Job satisfaction was measured on the

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

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

(iv) relation with superiors, peers, and workers, and (v) company as a whole. Among four

variables, the degree of difference is not noticeable. But low scores of the third variable,

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

private sector banks.

Employees of private sector banks perceive that their jobs are not secure. In fact, the

effect of an open economy, globalisation, and privatisation can be seen more easily in

private sector banks than in public sector banks. In private sector banks, the environment

in highly competitive and job security is based on performance and various other factors.

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

less secure environment. Industriousness, dedication, devotion, and commitment are not

enough to secure a job. The high level of performance of an individual is also based on

various factors. These may be market situation, existence of competitor, and government

policies. Where these factors are adverse in nature, performance automatically suffers.

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

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

Retirement, pensions, gratuity, and other related welfare policies are effectively executed.

So there is no problem with social security. In private sector banks, welfare activities are

neither well planned nor well executed. Employee turnover is very high and job security

is very low. Most employees are from middle class Indian families. These employees

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

stages. So the effect of welfare schemes of government jobs and public sectors cannot be

easily eradicated from their psyche. Private sector employees are ready to work hard but

they demand pensions, security, and sometimes an easy lifestyle.

These findings in the banking sectors could be extended to explain the job situation in

other service sectors. In terms of security, promotion, and welfare policy, there is a clear

difference between public and private sector employees. It was stated earlier that when

we compare the job satisfaction of employees in public and private sector banks or in

other service sectors, the public and private sectors become the main factor of

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

comparison. For example, in India, a public sector insurance company like LIC will

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

INCREASE EMPLOYEE SATISFACTION AND

PRODUCTIVITY

By providing amenities that make your building a healthier and more comfortable place

to work, you can reduce employee absenteeism and turnover while increasing

productivity. Even small workplace improvements, such as installing individual

temperature and ventilation controls, improving the flow of natural light and providing

access to a roof garden, can have a big impact on your company's bottom line.

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

productivity lost nationwide. And according to a University of Wisconsin study, tangible

costs of hiring and retaining a new employee typically range between $10,000 and

$50,000 -- plus less quantifiable, but no less real, productivity costs as employees adapt

to the new work environment and cultivate relationships with clients, coworkers,

contractors, etc. With less absenteeism and greater employee retention, your investments

in green building features will quickly pay for themselves.

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

consultants, Turner Construction found that 91 percent of executives involved

with green buildings believed that the health and well-being of their building

occupants was greater.

By installing skylights, fluorescent light fixtures and additional insulation to

improve lighting and temperature control, Verifone's credit card verification

facility in Costa Mesa, California, decreased its energy consumption 59 percent,

reduced employee absenteeism by 47 percent and boosted productivity by 5

percent to 7 percent.

At the headquarters of the West Bend Mutual Insurance Company in West Bend,

Wisconsin, green features including individual workstation controls for

temperature, airflow, lighting and noise contributed to a 15 percent increase in

claims processing per employee.

CHAPTER 4 RESEARCH METHODOLOGY

4.1 MEANING OF RESEARCH 4.2 DEFINITION OF RESEARCH METHODOLOGY

4.3 RESEARCH DESIGN

4.4 DATA COLLECTION

4.5 SAMLE DESIGN

WHAT IS RESEARCH ?

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

facts and analyzing them, reaching conclusion forming generalizations.

The systematic and objective identification, collection, analysis, dissemination, and use

of information for the purpose of assisting management in decision making related to the

identification related to solution to problems and opportunities .

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

marketer through information- information used to identify and define marketing

opportunities and problems; generate, refine, and evaluate marketing actions; monitor

marketing performance; and improve understanding of marketing as a process.

The study of research methods provides manager knowledge and skill needed to solve the

problems and meet the challenges of a fast-paced decision-making environment. Three

factors that stimulate an interest of managers in research study are

The manager’s increased need for more and better information.

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

The result information overload if discipline is not employed in the process.

RESEARCH METHODOLOGY

Research 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.

The scope of research methodology is wider than that of research method. Thus when we

talk of research methodology we not only talk of research methods but also consider the

logic behind the method we use in the context of our research study and explain why we

are using a particular method.

So we should consider the following steps in research methodology:

Problem statement

Objective of study

Research design

Data collection

Sample design

Statistical tool

Limitation of study

RESEARCH DESIGN

A framework or blueprint for conducting the research project. It specifies the details of the procedures necessary for obtaining the information needed to structure and/or solve research problems. A good research design lays the foundation for conducting the project. A good research design will ensure that the research project is conducted effectively and efficiently. Typically, a research design involves the following components, or tasks:

Define the information needed.

Design the research.

Specify the measurement and scaling procedures.

Construct and present a questionnaire or an appropriate form for data collection.

Specify the sampling process and sampling size.

Develop a plan of data analysis.

DATA COLLECTION

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

research designed/ plan chalked out. Data collection is to gather the data from the

population. The data can be collected of two types:

Primary Data

Secondary Data

Primary Data

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

happened to be original in character.

Observation.

Personal Interviews.

Telephonic interviews.

Questionnaires.

Schedules.

Secondary Data

The Secondary Data are those which have already been collected by someone else and which have already been passed through the statistical tool. Methods of collection of Secondary data

Newspapers.

Magazines

Journals

Internet

Libraries

Old records.

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

SAMPLE DESIGN

A sample design is a definite plan for obtaining a sample from a given population. It

refers to the technique or the procedure and the researcher would adopt in selecting items

of sample. Sample design may as well lay down the number of items to be included in the

sample i.e. the size of the sample. Sample design is determined before data are collected.

Before going trough sampling design, let us learn some terms.

Population : The 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 HDFC Standard Life Insurance of Chandigarh

branch , sector 9 is the population

Sample : A subgroup of the elements of the population selected for participation in the

study.

In this project sample size is 40 employees

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

In this project sampling unit is employees

Sampling Technique used in survey ---

Nonprobability Sampling Techniques.

• Convenience Sampling.

Nonprobability sampling techniques do not use chance selection procedures. Rather, they

rely on the personal judgment of the researcher where as probability sampling procedure

each element of the population has fixed probabilistic chance of being selected for the

sample.

In our survey, we have used nonprobabilty sampling technique 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 Sales Manager and their Life Advisors.

Among nonprabability sampling techniques, the sampling technique applied here is

convenience sampling. Convenience Sampling attempts to obtain a sample of convenient

elements. The selection units is left primarily to the inerviewer. Convenience Sampling is

the least expensive and least time consuming of all sampling techniques. The sampling

units are accessible, easy to maesure, and cooperative. In spite of these advantages, his

form of sampling has seroius limitations. Many potential sources of selection bias are

present, including respondent self-selection. Convenience Samples aer not representative

of any definable population.

QUESTIONNAIRE DESIGN

A Questionnaire, whether it is called a schedule, interview form, or measuring

instrument, is a structured technique for data collection that consists of series of question,

written or verbal, that a respondent answers.

Objective Of A Questionnaire

It must translates the information needed into a set of specific questions that the

respondents can and will answer.

A questionnaire must uplift, motivate, and encourage the respondent to become

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

A questionnaire should minimize response error.

CHAPTER 5

ANALYSIS AND INTERPRETATION

ANALYSIS

The analysis of this project begins with analysis of each question.

ANALYSIS AND INTERPRETATION

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

analyzing data after its collection .data analysis usually involves reducing accumulated

data to a manageable size, developing summaries, looking for patterns and applying

statististical techniques. Scaled responses on questionnaires and experimental instruments

often require the analyst to derive various functions, as well as to explore relationships

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. Analysis has been done by

applying various statistical tools to study the basic factors that lead to Job satisfaction

among Job Work Assignees. Various important factors identified during the study are:-

• Job security

• Motivation " Attitude

• Stress

One of the tools used for the analysis is correlation among various factors using Karl

Pearson's method through Bivariate table in the software SPSS.

Respondent by Gender

Male 29

Female 11

Total 40

TABLE 1- SHOWS RESPONDENTS BY GENDER

Male72%

Female28%

FIG-1 SHOWS RESPONDENTS BY GENDER

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

only 28%.

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

Departments of Respondent

Departments No. of employees

Marketing 22

Human resource 8

Finance 5

operation 5

TABLE 2-SHOWS DEPARTEMENTS OF RESPONDENTS

No. of employees

0

5

10

15

20

25

Marketing Humanresource

Finance operation

No. of employees

FIG-2 SHOWS DEPARTEMENTS OF RESPONDENTS

Here we can see maximum number of respondent are for marketing department that are 22 out of 40 respondent

Work Experience of Respondent

S.no Experience in years No. of Respondents

1 less then 1 year 15

2 more then 1 year 10

3 less then 2 year 8

4 more then 2 year 7

TABLE 3-SHOWS WORK EXPERINCE OF RESPONDENT

0

2

4

6

8

10

12

14

16

less then 1year

more then 1year

less then 2year

more then 2year

1 2 3 4

No. of Respondents

FIG-3 SHOWS WORK EXPERINCE OF RESPONDENT

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

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

Satisfaction level with the job

S. NO. Satisfaction Level No. of Respondents

1 Like very much 25

2 Like some what 10

3 Neutral 4

4 Dislike some what 1

5 Dislike very much Nil

TABLE 4 SHOWS SATISFACTION LEVEL WITH THE JOB

Employee satisfaction

0

5

10

15

20

25

30

1 2 3 4 5

Series2

FIG-4 SHOWS SATISFACTION LEVEL WITH THE JOB

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

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

This show that employees are satisfied with their job.

Satisfy with the behavior of management and other employees

S.noSatisfaction Level

No. of Respondents

1Highly Satisfied 22

2 Satisfied 10

3 Moderate 5

4 Unsatisfied 2

5Highly Unsatisfied 1

TABLE 5 Shows Satisfaction level with the behavior of management and other employees

No. of Respondents

0

5

10

15

20

25

Highly Satisfied Satisfied Moderate Unsatisfied HighlyUnsatisfied

No. of Respondents

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

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

satisfied wih the behaviour of other employees and 10 of respondents are satisfied

and 5 are moderate.

Career and growth opportunities

S.no Preferences No. of Respondents

1 Yes 36

2 No 4

Table6 –Shows Career and growth opportunities for emloyees.

No. of Respondents

Yes90%

No10%

Fig-6 Shows Career and growth opportunities for emloyees.

Here we can see maximum number of respondent are think that there career and growth

opportunities offered by the job is that is 90% .

This shows that in HDFC Standard life career and growth opportunities offered by the

job.

Participation in Decision making

S.no Participation No. of Respondents

1 20%-30% 12

2 30%-40% 10

3 40%-50% 8

4 50%-60% 4

5 Above 60% 6

Table 7-Shows Participation of emloyees in Decision making

No. of Respondents

12

10

8

4

6

20%-30%

30%-40%

40%-50%

50%-60%

Above 60%

12

34

5

No. of Respondents

Fig-7 Shows Participation of emloyees in Decision making

Here we can see less number of respondent are participating in the Decision making

That is only 6 respondent are participating in the above60% decisions and 12 are

participating in 20%-30%.

Satisfaction Level of Employees

S.NO. Satisfaction Level No. of Respondents

1. Highly Satisfied 9

2. Satisfied 15

3. Moderate 5

4. Unsatisfied 10

5. Highly Unsatisfied 1

Table8-Shows Satisfaction Level of Employees with the salary

No. of Respondents

0

2

4

6

8

10

12

14

16

HighlySatisfied

Satisfied Moderate Unsatisfied HighlyUnsatisfied

No. of Respondents

FIG8- Shows Satisfaction Level of Employees with the salary

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

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

this statement and (10) respondent are not satisfied with the salary which they are getting.

Management is flexible and understands the importance of balancing my work and personal life.

S. NO. Satisfaction Level No. of Respondents

1 Strongly agree 18

2 Agree 10

3 Undecided 8

4 Disagree 2

5 Strongly disagree 2

TABLE 9-Shows Management is flexible and understands the importance of balancing my work and personal life.

No. of Respondents

0

2

4

6

8

10

12

14

16

18

20

Stronglyagree

Agree Undecided Disagree Stronglydisagree

No. of Respondents

FIG-9 Shows Management is flexible and understands the importance of balancing my work and personal life.

The data in the above table tells us that majority of respondents (18) are satified with the

management flexible and understands the importance of balancing my work and personal

life.

Agree with the company bonus plans

S.no Satisfaction Level No. of Respondents

1 Strongly agree 8

2 Agree 12

3 Undecided 11

4 Disagree 6

5 Strongly disagree 3

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

No. of Respondents

0

2

4

6

8

10

12

14

Stronglyagree

Agree Undecided Disagree Stronglydisagree

No. of Respondents

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

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

bones plan which they are getting and (8) of respondents are strongly agree with this

statement and (11) respondent are undicided and (6) are disagree.

Is any change is require to improve the working condition

S.no Preferences No. of Respondents

1 Yes 32

2 No 8

TABLE-11 Shows how many employees feel to have improvement in working conditions

No. of Respondents

32

8

0 5 10 15 20 25 30 35

Yes

No

No. of Respondents

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

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

improve the working condition of the compony opportunities is that is 80% .

CHAPTER 6

CONCLUSIONS

CONCLUSION

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

assignees" it was found that the most important factors conducive to job satisfaction are

the motivational factors: -

" Rewards or Payment,

• Supportive working environment and

• The work itself.

• Working hours.

• Clean and hygienic working place.

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

was the sense of achievement experienced by them while on the job.

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

the work itself. The same and the work that was repetitive in nature and not apt according

to the qualification of some of the employees were seen also some of the major factors

leading to dissatisfaction were:-

" Low payment

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

Assignees

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

job.

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

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

that they perceive as being just and ambiguous and in line with their expectations. When

pay is seen as fair that is based on job and individual skills, satisfaction is likely to result.

Employees are also concerned with their work environment for both personal

as well as professional life.

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

and maintained.

CHAPTER 7

LIMITATIONS

Limitation

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

and behaviour basically. Some of the problems faceddurig the study are:-

• while collecting the data it was noticed that most of the respondent were getting struck at

statement, they were actually related to make out whether the statement is related to their job or

routine life .

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

original details.

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

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

CHAPTER 8

SUGGESTIONS

Suggestions

• To increase satisfaction and retention of employees.

• It will help in reducing the factors leading to absenteeism and staff turnover.

• It will help in generating factors which can defuse tension and improve working condition

Which will ultimately lead to job satisfaction.

• The method of recruitment should be improved.

• Select the right person for the right job.

• Promotion policy should be improved

• Management should check the performance of their employees time to time.

• Overall work environment should also be improved.

CHAPTER 9

BIBLIOGRAPHY

                   REFERENCES 

BOOK S

Rbbins Stephen P , Organizational behaviour .

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

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

Kothari C R, Research Methodology

INTERNET LINKS

http://findarticles.com/p/articles/mi_qa5321/is_200407/ai_n21351846/pg_5

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

http://job satisfaction\job satisfaction3.htm

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

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

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

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

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

CHAPTER 10

ANNEXURES

QUESTIONNAIRE

SURVEY ON EMPLOYEE’S SATISFACTION OF HDFC STANDARD LIFE

INSURANCE COMPANY

Questions:

Q.1 What is your gender.

l Male ● Female

Q.2 What department do you work in?

● ……………………..

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

●……………………..

Q.4 How do you like this job?

Like very Like some Neutral Dislike some Dislike very

Much what what Much

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

● Strongly Disagree

● Disagree

● Undecided

● Agree

● Strongly Agree

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

● Yes ● No

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

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

o 50%-60% o above 60%

Q.8 Are you satisfied with you salary level?

Highly Unsatisfied Moderate Satisfied Highly

Unsatisfied Satisfied

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

personal life.

● Strongly Disagree

● Disagree

● Undecided

● Agree

● Strongly Agree

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

Strongly Agree Undecided Disagree Strongly

Agree Disagree

Q.11 Do you feel there is change require in your department

to improve working conditions?

● YES ● NO

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

FACTOR RANK(1 to 4 )1 is highest

● Promotion …… ● Reward and

Recognition ……

● Achievemant …… ● Higher

authority and responsibility ……

PERSONAL DETAIL :

NAME :- ………………………….

MOBILE NO:- ………………………….

ADDRESS OF COMMUNICATION:- ……………………………

………………………….