Employee Motivation

EMPLOYEE MOTIVATIONIN

STAR UNION DAI-ICHI LIFE INSURANCE

SUBMITTED TO:Dr. Kulwaran Mander

SUBMITTED BY:Goldy1434036

Introduction Star Union Dai-Ichi

• Star Union Dai-ichi Life Insurance is a joint undertaking of Bank of India and Union Bank of India, two major public sector banks in India, and Dai-ichi Mutual Life Insurance Company, foremost Japanese company in the life insurance industry. Star Union deals with the life insurance market in India. Registered on September 25 2007, with the Registrar of Companies in Maharashtra, the company gained its license on December 26, 2008, by the Insurance Regulatory and Development Authority (IRDA).

• Star Union Dai-ichi Life Insurance Company is expected to be a strong contender in the insurance sector owing to its insurance, IT, finance and investment resources. The enterprise offers various products to serve all sections of the society. It is also offers insurance to the rural as well as other weaker social sectors of the society. It operates through the Bank of India's and Union Bank's 5400 offices, spread across the length and breadth of India which enables it to have wider reach to its potential customers. This company banks upon the strong brand equity and high level of trust of the two public sector banks who also sponsor regional rural banks thereby giving more scope to tap the life-insurance business in the rural areas.

AWARDS & ACHIEVEMENTS• Best Life Insurance Company in Private Sector : Awarded by ABP News at BFSI Awards,

February 2015• Award for Excellence in HR through Technology.: Awarded at 9th Employer Branding

Awards, February 2015• Company with Highest Claims Settlement : Awarded by ABP News at BFSI Awards, February

2015• Bancassurance Leader of the Year Award 2014 : Awarded at The Indian Insurance Awa rds.• Excellence in Financial Reporting 2014 : Awarded for for best financial accounting practices

at ICAI. • Technology Maturity Award 2013 : Awarded at The Indian Insurance Awards. • Stars of the Industry 2012 : Awarded for the overall excellence in Insurance Industry at 94.3

My FM.• Excellence in Financial Reporting 2012 : Awarded for best financial accounting practices

at ICAI.• India Insurance Award 2011 : Awarded for Best New Company with All Round Growth since

inception at India Insurance Review & CELENT .• Customer Showcase Award 2010 : Awarded for in-house developed group policy

administration system on open-source platform at CIO100.

Motivation is an effective instrument in the hands of the management in inspiring the work force .It is the major task of every manager to motivate his subordinate or to create the will to work among the subordinates. It should also be remembered that the worker may be immensely capable of doing some work, nothing can be achieved if he is not willing to work .creation of a will to work is motivation in simple but true sense of term.

INTRODUCTION TO EMPLOYEE MOTIVATION

Positive motivation is a process of attempting to influence others to do your will through the possibility of gain or reward. Incentive motivation is the pull mechanism.Negative motivation or fear motivation is based force or fear. Fear causes person to act in a certain way because they are afraid of the consequences if they don’t Fear motivation is the push mechanism.The objective of motivation is to create condition in which people are willingly to work with zeal, initiative, interest and enthusiasm, with a high personal and group.Moral satisfaction with a sense of responsibility, loyalty and discipline and with pride and confidence in a most cohesive manner so that the goal of an organization are achieved effectively.

TYPES OF MOTIVATION

OBJECTIVES OF THE STUDY

To analyze and examine the effectiveness of Motivation Programmes in Star Union Life Insurance

To study the effect of monetary and non-monetary benefits provided by the organization on the employee’s performance.

To study the effect of job promotions on employees.

To study the employee’s opinion on the Motivation in Star Union Life Insurance

RESEARCH METHODOLOGY

Sample Size: A sample of minimum respondents was selected from various insurance companies. An effort has been made to select respondents evenly. The survey was carried out on 100 respondents.Sample Unit: It indicates who is to be surveyed. The researcher must define the target population that will be sampled. In this project sampling unit is the employees working in Star Union Insurance Company.Sampling Technique: For the purpose of research convenient sampling is used. Technical associates working in different divisions of various insurance companies have been approached to get the questionnaire filled.

SAMPLING DESIGN

Research Design is a blueprint or framework for conducting the marketing research project. It specifies the details of the procedures necessary for obtaining the information needed to structure and solve marketing research problem. The research design used in study is descriptive research. Descriptive research is that type of research in which one can explain what had happened and what is happening, but cannot change the variables; like in this study employee motivation in star union life insurance.

RESEARCH DESIGN

LIMITATIONS OF THE STUDY

• Since the time is less the researcher has taken a sample of 50 people and it will not reveal the whole population of a country.

• Inadequate data: the data provided was not up to the mark due to which we faced problems in our research.

• Problem of conceptualization: there was problem of conceptualization and also problem relating to the process of data collection and related things.

• Time and cost factor: there as the difficulty of timely availability of published and relevant data this led to increase in cost.

• Lack of scientific method: the lack of scientific training in methodology of research was great impediment in our research program, which led to the delay of research.

• No response by the respondent: problem arises in sensitive issues like getting information about the financial position of the respondent.

FINDINGS OF THE STUDY

Which type of incentives motivates you more?

Particulars No. of Respondents

Percentage

Monetary incentives 15 30

Non-financial incentives 9 18

Both 26 52

Total 50 100

Monetary incentives Non-financial incentives Both0

10

20

30

40

50

60

30%

18%

52%

What factor De-motives you at work place?

Particulars No. of Respondents Percentage

Job profile 14 28

Company policy 16 32

Work environment 20 40

Total 50 100

Job profile Company policy Work environment0

5

10

15

20

25

30

35

40

45

28%

32%

40%

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


Highly satisfied 18 36

Satisfied 29 58

Neutral 3 6

Dissatisfied 0 0

Highly dissatisfied 0 0

Total 50 100

Highly satisfied Satisfied Neutral Dissatisfied Highly dissatisfied0

10

20

30

40

50

60

70

36%

58%

6%

0% 0%

Does your Job improve your skills and abilities?


Yes 32 64

No 10 20

Never 8 16

Total 50 100

Yes No Never0

10

20

30

40

50

60

7064%

20%16%

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


Influence 32 64

Does not influence 12 24

No opinion 6 12

Total 50 100

Influence Does not influence No opinion0

10

20

30

40

50

60

7064%

24%

12%

Management is really interested in motivating the employees?

Particulars No. of respondents Percentage

Agree 25 50

Disagree 18 36

Neutral 7 14

total 50 100

Agree Disagree Neutral0

10

20

30

40

50

60

50%

36%

14%

Does the management involve you in the decision making which are connected to your department?


Yes 47 94

No 0 0

Occasionally 3 6

TOTAL 50 100

Yes No Occasionally0

10

20

30

40

50

60

70

80

90

10094%

0

6%

Do you enthusiastic about your work?


Always 15 30

Sometimes 30 60

Never 5 10

TOTAL 50 100

Always, 30%

Some-times, 60%

Never, 10%

PERCENTAGE

AlwaysSometimesNever

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


Strongly agree 20 40

agree 10 20

Neutral 12 24

Disagree 8 16

Strongly disagree 0 0

TOTAL 50 100

Strongly agree agree Neutral Disagree Strongly disagree0

5

10

15

20

25

30

35

40

45

40%

20%24%

16%

0%

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


Yes 18 36

No 32 64

Total 50 100

Yes, 36%

No, 64%

YesNo

Are you adequately recognized for your good work?


Agree 28 56

Disagree 10 20

Neutral 12 24

Total 50 100

Agree Disagree Neutral0

10

20

30

40

50

6056%

20% 24%

Rank the following factors which motivates you the most?Particulars No. of Respondents Percentage

Salary increase 21 42

Promotion 15 30

Leave 3 6

Motivational talks 5 10

Recognization 6 12

Total 50 100

Salary increase Promotion Leave Motivational talks

recognization0

5

10

15

20

25

30

35

40

45 42%

30%

6%

10%12%

Have you been nominated for training & development programs for the last 6 months?


Yes 30 60

No 20 40

Total 50 100

60%

40%

YesNo

Does the management provide continuous feedback in solving work related problems?

Particulars Number of Respondents Percentage

Strongly agree 14 28

Agree 16 32

Neutral 9 18

Disagree 5 10

Strongly Disagree 6 12

Total 50 100

Strongly agree

Agree Neutral Disagree Strongly Disagree

0

5

10

15

20

25

30

35

28%

32%

18%

10%12%

Overall are you satisfied with your job?

Particulars Number of Respondents Percentage

Yes 28 56

No 22 44

TOTAL 50 100

Percentage0

10

20

30

40

50

60 56%

44%

YesNo

• The Star Union Dai-Ichi Life Insurance Company has a well defined organization structure.

• There is a harmonious relationship is exist in the organization between employees and management.

• The employees are really motivated by the management. • The employees are satisfied with the present incentive plan of the company• Most of the workers agreed that the company is eager in recognizing and

acknowledging their work. • The study reveals that there is a good relationship exists among employees. • Majority of the employees agreed that there job security to their present job. • The company is providing good safety measures for ensuring the employees safety. • From the study it is clear that most of employees agrees to the fact that performance • Appraisal activities and support from the coworkers in helpful to get motivated. • The study reveals that increase in the salary will motivates the employees more. • The incentives and other benefits will influence the performance of the employees

FINDINGS

The study concludes that, the motivational program procedure in Star Union Dai-Ichi Life Insurance Company is found effective but not highly effective. The study on employee motivation highlighted so many factors which will help to motivate the employees. The study was conducted among 50 employees and collected information through structured questionnaire. The Study helped to findings, which were related with employee motivational, programs which are provided in the organization. The performance appraisal activities really play a major role in motivating the employees of the organization. It is a major factor that makes an employee feels good in his work and results in his satisfaction too. The organization can still concentrate on specific areas which are evolved from this study in order to make the motivational programs more effective. Only if the employees are properly motivated- they work well and only if they work well the organization is going to benefit out it. Steps should be taken to improve the motivational programs procedure in the future. The suggestions of this report may help in this direction.

CONCLUSION

• Most of the employees agree that the performance appraisal activities are helpful to get motivated, so the company should try to improve performance appraisal system, so that they can improve their performance.

• Non-financial plans should also be implemented; it can improve the productivity level of the employees.

• Organization should give importance to communication between employees and

• gain co-ordination through it. • Skills of the employees should be appreciated. • Better carrier development opportunities should be given to the employees for

their improvement• If the centralized system of management is changed to a decentralized one,

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

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