Job Satisfaction

"Job satisfaction is defined as "the extent to which people like (satisfaction) or dislike (dissatisfaction) their jobs"
This definition suggests job satisfaction is a general or global affective reaction that individuals hold about their job. While researchers and practitioners most often measure global job satisfaction, there is also interest in measuring different "facets" or "dimensions" of satisfaction. Examination of these facet conditions is often useful for a more careful examination of employee satisfaction with critical job factors. Traditional job satisfaction facets include: co-workers, pay, job conditions, supervision, nature of the work and benefits."

Job satisfaction, a worker's sense of achievement and success, is generally perceived to be directly linked to productivity as well as to personal wellbeing. Job satisfaction implies doing a job one enjoys, doing it well, and being suitably rewarded for one's efforts. Job satisfaction further implies enthusiasm and happiness with one's work. The Harvard Professional Group (1998) sees job satisfaction as the keying redient that leads to recognition, income, promotion, and the achievement of other goals that lead to a general feeling of fulfillment.

Importance to Worker and Organization

Frequently, work underlies self-esteem and identity while unemployment lowers selfworth and produces anxiety. At the same time, monotonous jobs can erode a worker's initiative and enthusiasm and can lead to absenteeism and unnecessary turnover. Job satisfaction and occupational success are major factors in personal satisfaction, selfrespect, self-esteem, and self-development. To the worker, job satisfaction brings a pleasurable emotional state that often leads to a positive work attitude. A satisfied worker is more likely to be creative, flexible, innovative, and loyal.

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For the organization, job satisfaction of its workers means a work force that is motivated and committed to high quality performance. Increased productivitythe quantity and quality of output per hour workedseems to be a byproduct of improved quality of working life. It is important to note that the literature on the relationship between job satisfaction and productivity is neither conclusive nor consistent. However, studies dating back to Herzberg's (1957) have shown at least low correlation between high morale and high productivity, and it does seem logical that more satisfied workers will tend to add more value to an organization. Unhappy employees, who are motivated by fear of job loss, will not give 100 percent of their effort for very long. Though fear is a powerful motivator, it is also a temporary one, and as soon as the threat is lifted performance will decline. Tangible ways in which job satisfaction benefits the organization include reduction in complaints and grievances, absenteeism, turnover, and termination; as well as improved punctuality and worker morale. Job satisfaction is also linked to a more healthy work force and has been found to be a good indicator of longevity. And although only little correlation has been found between job satisfaction and productivity, Brown (1996) notes that some employers have found that satisfying or delighting employees is a prerequisite to satisfying or delighting customers, thus protecting the "bottom line." No wonder Andrew Carnegie is quoted as saying: "Take away my people, but leave my factories, and soon grass will grow on the factory floors. Take away my factories, but leave my people, and soon we will have a new and better factory"

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Creating Job Satisfaction

So, how is job satisfaction created? What are the elements of a job that create job satisfaction? Organizations can help to create job satisfaction by putting systems in place that will ensure that workers are challenged and then rewarded for being successful. Organizations that aspire to creating a work environment that enhances job satisfaction need to incorporate the following:

Flexible work arrangements, possibly including telecommuting Training and other professional growth opportunities Interesting work that offers variety and challenge and allows the worker opportunities to "put his or her signature" on the finished product Opportunities to use one's talents and to be creative Opportunities to take responsibility and direct one's own work A stable, secure work environment that includes job security/continuity An environment in which workers are supported by an accessible supervisor who provides timely feedback as well as congenial team members Flexible benefits, such as child-care and exercise facilities Up-to-date technology Competitive salary and opportunities for promotion

Probably the most important point to bear in mind when considering job satisfaction is that there are many factors that affect job satisfaction and that what makes workers happy with their jobs varies from one worker to another and from day to day. Apart from the factors mentioned above, job satisfaction is also influenced by the employee's personal characteristics, the manager's personal characteristics and management style, and the nature of the work itself. Managers who want to maintain a high level of job satisfaction in the work force must try to understand the needs of each member of the work force. For example, when creating work teams, managers can enhance worker satisfaction by placing people with similar backgrounds, experiences, or needs in the same workgroup. Also, managers can enhance job satisfaction by carefully matching workers with the type of work. For example, a person who does not pay attention to detail would hardly make a -3-

good inspector, and a shy worker is unlikely to be a good salesperson. As much as possible, managers should match job tasks to employees' personalities. Managers who are serious about the job satisfaction of workers can also take other deliberate steps to create a stimulating work environment. One such step is job enrichment. Job enrichment is a deliberate upgrading of responsibility, scope, and challenge in the work itself. Job enrichment usually includes increased responsibility, recognition, and opportunities for growth, learning, and achievement. Large companies that have used job-enrichment programs to increase employee motivation and job satisfaction include AT&T, IBM, and General Motors (Daft, 1997). Good management has the potential for creating high morale, high productivity, and a sense of purpose and meaning for the organization and its employees. Empirical findings show that job characteristics such as pay, promotional opportunity, task clarity and significance, and skills utilization, as well as organizational characteristics such as commitment and relationship with supervisors and co-workers, have significant effects on job satisfaction. These job characteristics can be carefully managed to enhance job satisfaction. Of course, a worker who takes some responsibility for his or her job satisfaction will probably find many more satisfying elements in the work environment. Everett (1995) suggests that employees ask themselves the following questions:

When have I come closest to expressing my full potential in a work situation? What did it look like? What aspects of the workplace were most supportive? What aspects of the work itself were most satisfying? What did I learn from that experience that could be applied to the present situation?

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Workers' Roles in Job Satisfaction

If job satisfaction is a worker benefit, surely the worker must be able to contribute to his or her own satisfaction and well-being on the job. The following suggestions can help a worker find personal job satisfaction:

Seek opportunities to demonstrate skills and talents. This often leads to more challenging work and greater responsibilities, with attendant increases in pay and other recognition.

Develop excellent communication skills. Employers value and reward excellent reading, listening, writing, and speaking skills. Know more. Acquire new job-related knowledge that helps you to perform tasks more efficiently and effectively. This will relieve boredom and often gets one noticed.

Demonstrate creativity and initiative. Qualities like these are valued by most organizations and often result in recognition as well as in increased responsibilities and rewards.

Develop teamwork and people skills. A large part of job success is the ability to work well with others to get the job done. Accept the diversity in people. Accept people with their differences and their imperfections and learn how to give and receive criticism constructively. See the value in your work. Appreciating the significance of what one does can lead to satisfaction with the work itself. This helps to give meaning to one's existence, thus playing a vital role in job satisfaction.

Learn to de-stress. Plan to avoid burnout by developing healthy stressmanagement techniques.

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Assuring Job Satisfaction

Assuring job satisfaction, over the longterm, requires careful planning and effort both by management and by workers. Managers are encouraged to consider such theories as Herzberg's(1957) and Maslow's (1943) Creating a good blend of factors that contribute to a stimulating, challenging, supportive, and rewarding work environment is vital. Because of the relative prominence of pay in the reward system, it is very important that salaries be tied to job responsibilities and that pay increases be tied to performance rather than seniority. So, in essence, job satisfaction is a product of the events and conditions that people experience on their jobs. Brief (1998) wrote: "If a person's work is interesting, her pay is fair, her promotional opportunities are good, her supervisor is supportive, and her coworkers are friendly, then a situational approach leads one to predict she is satisfied with her job" (p. 91). Very simply put, if the pleasures associated with one's job outweigh the pains, there is some level of job satisfaction

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COMPANY PROFILE
Kotak Mahindra old mutual life insurance ltd. Is a joint venture between kotak Mahindra banks Ltd.? And old mutual plc. At kotak life insurance, we aim to help customers to take financial Decisions at every stage in life by offering them a wide range of innovative life insurance Products, to make them financial independent11. Mr. Gorang shah is the managing director of kotak Mahindra old mutual life insurance limited.

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KOTAK MAHINDRA GROUP

Established in 1984, the Kotak Mahindra Group has long been one of Indias most reputed organizations in the financial services domain. Kotak Mahindra Group is committed for providing high quality financial products, services and support to its customers; and is structured in different businesses like Banking, Life Insurance, Mutual Funds, Car Finance, Securities and Institutional equities. As on 31 st December 2006, the group stands at a net worth of around Rs. 3100 crore, employees around 9600 people in its various branches providing services at across 300 cities. The Group services around 2.2 million customer accounts11.

OLD MUTUAL Plc.

Old Mutual, a company with 160 years experience in life insurance, is an international financial services group listed on the London Stock Exchange and included in the FTSE 100 list of companies, with assets under management worth $ 400 Billion as on 30th June, 2006. For customers, this joint venture translates into a company that combines international expertise with the understanding of the local market. The group has a substantial presence in the UK, US and South African markets. The company is also working in the field of asset management, banking and general insurance services in over 40countries. As on 31 December 2005, Old Mutual had more than 7 million life insurance policies, 3.6 million banking customers and over 5, 50,000 general insurance policies11.

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OTHER GROUP COMPANIES OF KOTAK LIFE INSURANCE

KOTAK MAHINDRA BANK LTD KOTAK MAHINDRA CAPITAL COMPANY LTD INTERNATIONAL SUBSIDIARIES KOTAK MAHINDRA PRIME LTD KOTAK SECURITIES LTD KOTAK MAHINDRA ASSET MANAGEMENT COMPANY

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HISTORY OF KOTAK LIFE

KOTAK MAHINDRA Old Mutual Life Insurance is a joint venture between KOTAK MAHINDRA Bank Ltd., along with its affiliates; and Old Mutual plc. Established in 1984, the KOTAK MAHINDRA Group has long been one of Indias most reputed organizations in the financial services domain. KOTAK MAHINDRA Group is committed for providing high quality financial products, services & support to its customers; and is structured in different business like Banking, Life Insurance, Mutual Funds, Car Finance, Securities, Institutional Equities and Investment banking. KOTAK MAHINDRA Finance Ltd. the flagship company of KOTAK MAHINDRA Group was converted into KOTAK MAHINDRA Bank Ltd. in March 2003, making it the first NBFC to be offered a banking license. As on 31st December 2006, the group stands at a net worth of around Rs. 3100 crore, employing around 9600 people in its various business and has distribution network of branches, franchisees, representative offices in New York, London, Dubai and Mauritius. The group service around 2.2 million-customer accounts .

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HISTORY OF INSURANCE

Almost 4,500 years ago, in the ancient land of Babylonia, traders used to bear risk of the caravan trade by giving loans that had to be later repaid with interest when the goods arrived safely. In 2100 BC, the Code of Hammurabi granted legal status to the practice. That, perhaps, was how insurance made its beginning. Life insurance had its origins in ancient Rome, where citizens formed burial clubs that would meet the funeral expenses of its members as well as help survivors by making some payments. As European civilization progressed, its social institutions and welfare practices also got more and more refined. With the discovery of new lands, sea routes and the consequent growth in trade, Medieval guilds took it upon themselves to protect their member traders from loss on account of fire, shipwrecks and the like. Since most of the trade took place by sea, there was also the fear of pirates. So these guilds even offered ransom for members held captive by pirates. Burial expenses and support in times of sickness and poverty were other services offered. Essentially, all these revolved around the concept of insurance or risk coverage. That's how old these concepts are, really. In 1347, in Genoa, European maritime nations entered into the earliest known insurance contract and decided to accept marine insurance as a practice. The first step... Insurance as we know it today owes its existence to 17th century England. In fact, it began taking shape in 1688 at a rather interesting place called Lloyd's Coffee House in London, where merchants, ship-owners and underwriters met to discuss and transact business. By the end of the 18th century, Lloyd's had brewed enough business to become one of the first modern insurance companies. -14-

Insurance and Myth... Back to the 17th century. In 1693, astronomer Edmond Halley constructed the first mortality table to provide a link between the life insurance premium and the average life spans based on statistical laws of mortality and compound interest. In 1756, Joseph Dodson reworked the table, linking premium rate to age. Enter companies... The first stock companies to get into the business of insurance were chartered in England in 1720. The year 1735 saw the birth of the first insurance company in the American colonies in Charleston, SC. In 1759, the Presbyterian Synod of Philadelphia sponsored the first life insurance corporation in America for the benefit of ministers and their dependents. However, it was after 1840 that life insurance really took off in a big way. The trigger: reducing opposition from religious groups. The growing years... The 19th century saw huge developments in the field of insurance, with newer products being devised to meet the growing needs of urbanization and industrialization. In 1835, the infamous New York fire drew people's attention to the need to provide for sudden and large losses. Two years later, Massachusetts became the first state to require companies by law to maintain such reserves. The great Chicago fire of 1871 further emphasized how fires can cause huge losses in densely populated modern cities. The practice of reinsurance, wherein the risks are spread among several companies, was devised specifically for such situations. In the 19th century, many societies were founded to insure the life and health of their members, while fraternal orders provided low-cost, members-only insurance.

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Even today, such fraternal orders continue to provide insurance coverage to members as do most labor organizations. Many employers sponsor group insurance policies for their employees, providing not just life insurance, but sickness and accident benefits and oldage pensions. Employees contribute a certain percentage of the premium for these policies. In India... Insurance in India can be traced back to the Vedas. For instance, yogakshema, the name of Life Insurance Corporation of India's corporate headquarters, is derived from the Rig Veda. The term suggests that a form of "community insurance" was prevalent around 1000 BC and practiced by the Aryans. Burial societies of the kind found in ancient Rome were formed in the Buddhist period to help families build houses, protect widows and children. Bombay Mutual Assurance Society, the first Indian life assurance society, was formed in 1870. Other companies like Oriental, Bharat and Empire of India were also set up in the 1870-90s. It was during the swadeshi movement in the early 20th century that insurance witnessed a big boom in India with several more companies being set up. As these companies grew, the government began to exercise control on them. The Insurance Act was passed in 1912, followed by a detailed and amended Insurance Act of 1938 that looked into investments, expenditure and management of these companies' funds. By the mid-1950s, there were around 170 insurance companies and 80 provident fund societies in the country's life insurance scene. However, in the absence of regulatory systems, scams and irregularities were almost a way of life at most of these companies.

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As a result, the government decided nationalizes the life assurance business in India. The Life Insurance Corporation of India was set up in 1956 to take over around 250 life companies. For years thereafter, insurance remained a monopoly of the public sector. It was only after seven years of deliberation and debate - after the RN Malhotra Committee report of 1994 became the first serious document calling for the re-opening up of the insurance sector to private players -- that the sector was finally opened up to private players in 2001. The Insurance Regulatory & Development Authority, an autonomous insurance regulator set up in 2000, has extensive powers to oversee the insurance business and regulate in a manner that will safeguard the interests of the insured17.

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FUTURE OF INSURANCE IN INDIA

As per a recent report Indian Insurance Industry Forecast (2007-2009) published by RNCOS, it has been found that Life insurance market in India will likely reach around Rs 1683 Billion by the year 2009. Changing consumer behavior, GDP growth rate, changing socio economic demography, and natural calamities occurring from time to time will remain the key contributors in this growth. April 2007, current FYs first month, saw new businesses expand by 49%, whereas general insurance players witnessed 16% increase during the same month. Outstanding performance of SBI Life, ICICI Prudential, and LIC helped the Indian life insurance industry in mopping up almost Rs 2,892 crore in April this year, whereas it was Rs 1,996 crore in the same month last year. On the other hand, Reliance Life, ING Vysya, and Bajaj Allianz were amongst those insurers that came across a decline in their premium collection over the review period, as per the data compiled by Insurance Regulatory & Development Authority16. Selling almost 15, 89,684 policies during this April, LIC - the largest life insurer in India -witnessed 57% growth in its new premiums that reached to Rs 2,134 crore. LIC grabbed a market share of almost 71.56% during this April. Non-life or general insurance industry saw a growth of 16% during this month, and ICICI Lombard was the second largest player in this segment. Business Standard published this in news on 14 June 2007. Looking at the current scenario, it can be made out that the four established public-sector players namely, National Insurance, United India, Oriental Insurance, and New India Assurance, may have to face stiff competition from private players like Bajaj Allianz, Reliance General, and ICICI Lombard, as per Business Standard.

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According to RNCOS report Indian Insurance Industry Forecast (2007-2009), Performance of life insurance industry remained better in comparison to non life segment over the five year period spanning 2001-2005. Some qualitative factors, like the deregulation rate of insurance market, and implementation rate of technologies prevailing in the market, need to perform up to the industry expectations in order to improve the growth rate of Indian life insurance market. This report provides an objective analysis of all aspects of Indian insurance industry. The issues addressed in this report include: prospective investment areas in Indian life insurance industry, market strategies adopted by key players in this segment, opportunities and challenges present in this industry, and so on.

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LIFE INSURANCE ADVANTAGES

Some of the life insurance advantages offered by different types of Life Insurance Policies are: Life Insurance policies can help secure the future of children for college/educational purposes as the amount of life Insurance Policy increases on a minors or parents life. Life Insurance provides the option to pass equal assets to the children who are not active in the Family business at the time the family business is passed on. The growth of a cash-value policy is tax-deferred - you do not pay taxes on the cash value accumulation until you withdraw funds from the policy. Life Insurance helps retain your Business from the loss of a key employee. Untimely death of a key employee can pose severe financial loss to the business. A lot of Insurance products presently provide good returns, which could be a beneficial way for saving necessary funds for retirement years. Benefits are available immediately and may be used to help pay expenses such as final illness and funeral costs, eliminating the need to sell estate assets to cover these costs. A carefully signed Life Insurance Policy with desired ownership and beneficiary arrangements helps secure you and your family in the long term.

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CORPORATE STRUCTURE

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FINANCIAL STRUCTURE

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LITERATURE REVIEW
The literature survey conducted here include the academic books and website. the study being conducted was to evaluate the effectiveness of recruitment and selection policy in relation with increasing attrition problem. Gui L, Barriball KL, While AE. 2nd Military Medical University, School of Nursing, Shanghai, PR China. Job satisfaction among nurses is of concern throughout the world but the satisfaction of nurse teachers has received less attention and no review of global research on the topic has been published. A comprehensive literature review (1976-2007) was undertaken from an international perspective (n=26 papers and 4 doctoral abstracts) to examine the state of knowledge about nurse teachers' job satisfaction over time. Coverage over the last 30 years was selected to examine if the level and contributing factors to nurse teachers' job satisfaction have changed during a time which has seen considerable developments and reorganization of nurse education as well as the role of nurse teachers. The purpose of this Part I paper is to: (i) review the different measurements of job satisfaction, (ii) report the job satisfaction levels of nurse teachers and, (iii) identify the components of job satisfaction of nurse teachers. This paper provides the foundation for the Part II paper which reviews the literature regarding the effects and related factors of nurse teachers' job satisfaction. 1. 2. Prasad L.M. Human resource management pp219-purpose and importance of Recruitment & selection can not be ignored as by this org. Bhattacharyya Kumar Dipak, Human resource management Excel books pp166.-what is basically recruitment, its introduction, how to carry out recruitment. 3. Dwivedi R.S. Managing Human Resource, Personnel Management (Indian enterprises, Galgotia publishing company, New delhi,1st edition, pp96-97 -what is a recruitment policy .what factors should be include while formulating. -23-

4.

Rao V.S.P, Human Resource Management, Excel books,1st edition,pp151. Importance of tests while selecting the candidates for the job, as these tests help the interviewer to better judge the candidate his competency for the particular jobs.

5.

Bernardin John H, Human Resource Management, Tata Mc Graw Hill publishing company ltd., New Delhi, pp 160-163.the effectiveness of selection method depends upon the reliability of the data ,validity of the purpose & utility of the methods.

6. 7. 8. 9. 10.

Gulati Ambika, Training and Management, vol3, aug07, pp18-19, Importance of recruitment function in an organisation. Gulati Ambika, Training and Management, vol3, june 07,pp46-4 -changing role of Human Resource Gulati Ambika, Training and Management,vol3 a single click for all recruitment solutions. Rao Janardhan N, MBA Reviewmar07,pp33-37.-Paradigam shifts in human resources. Kothari C.B. Research Methodology-Methods & Techniques, new age international research methodology

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OBJECTIVES OF THE STUDY

To find that whether the employees are satisfied or not. To analyse the companys working environment. To check the Degree of satisfaction of employees. To find that they are satisfied with their job profile or not. To find that employees are working with their full capabilities or not.

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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. Meaning of Research Research is defined as a scientific & systematic search for pertinent information on a specific topic. Research is an art of scientific investigation. Research is a systemized effort to gain new knowledge. It is a careful inquiry especially through search for new facts in any branch of knowledge. The search for knowledge through objective and systematic method of finding solution to a problem is a research. RESEARCH DESIGN A research is the arrangement of the conditions for the collections and analysis of the data in a manner that aims to combine relevance to the research purpose with economy in procedure. In fact, the research is design is the conceptual structure within which research is conducted; it constitutes the blue print of the collection, measurement and analysis of the data. As search the design includes an outline of what the researcher will do from writing the hypothesis and its operational implication to the final analysis of data. The design is such studies must be rigid and not flexible and most focus attention on the following;

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Research Design can be categorized as:

TYPES OF RESEARCH DESIGN

EXPLORATORY RESEARCH DESIGN

DESCRIPTIVE & DIAGNOSTIC RESEARCH DESIGN

EXPERIMENTAL RESEARCH DESIGN

The present study is exploratory in nature, as it seeks to discover ideas and insight to brig out new relationship. Research design is flexible enough to provide opportunity for considering different aspects of problem under study. It helps in bringing into focus some inherent weakness in enterprise regarding which in depth study can be conducted by management.

DATA COLLECTION
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For any study there must be data for analysis purpose. Without data there is no means of study. Data collection plays an important role in any study. It can be collected from various sources. I have collected the data from two sources which are given below:

1. Primary Data
Personal Investigation Observation Method Information from correspondents Information from superiors of the organization

2. Secondary Data
Published Sources such as Journals, Government Reports, Newspapers and Magazines etc. Unpublished Sources such as Company Internal reports prepare by them given to their analyst & trainees for investigation. Websites like KOTAKS official site, some other sites are also searched to find data.

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Scope Of The Study

The scope of the study is very vital. Not only the Human Resource department can use the facts and figures of the study but also the marketing and sales department can take benefits from the findings of the study.

Scope for the sales department

The sales department can have fairly good idea about their employees that they are satisfied or not.

Scope for the marketing department

The marketing department can use the figures indicating that they are putting their efforts to plan their marketing strategies to achieve their targets or not.

Scope for personnel department

Some customers have the complaints or facing problems regarding the job. So the personnel department can use the information to make efforts to avoid such complaints.

Sample Size :Questionnaire is filled by 20 employees of Kotak life Insurance, Ludhiana. The questionnaire was filled in the office and vital information was collected which was then subjects to: A pilot survey was conducted before finalizing the questionnaire. Data collection was also done with the help of personal observation. After completion of survey the data was analysed and conclusion was drawn. At the end all information was compiled to complete the project report.

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Analysis & Interpretation

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I have been passed up at least once for a promotion in the past few years.
0%

20%

50% 30%

Strongly Agree Neither Agree nor Disagree Strongly Disagree

Agree Disagree

This graph shows that 0% of employees are strongly agree about the point , 20% of employees are agree on the point, 30% are neither agree nor disagree,50% are disagree and rest 0% of employees are strongly disagree.

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I spend parts of my day daydreaming about a better job.

10% 15% 0%

15%

60%

Strongly Agree Neither Agree nor Disagree Strongly Disagree

Agree Disagree

This graph shows that 60% of employees are strongly agree about the point , 15% of employees are agree on the point, 15% are neither agree nor disagree,10% are disagree and rest 0% of employees are strongly disagree.

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I find much of my job repetitive and boring.

10% 10% 5% 0%

75%

Strongly Agree Strongly Disagree

Agree

Neither Agree nor Disagree Disagree

This graph shows that 75% of employees are strongly agree about the point , 10% of employees are agree on the point, 10% are neither agree nor disagree,5% are disagree and rest 0% of employees are strongly disagree.

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I am mentally and/or physically exhausted at the end of a day at work.

5% 0%

10%

85%

Strongly Agree Strongly Disagree

Agree

Neither Agree nor Disagree Disagree

This graph shows that 85% of employees are strongly agree about the point , 10% of employees are agree on the point, 5% are neither agree nor disagree,0% are disagree and rest 0% of employees are strongly disagree.

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I feel th at m y jo b has little im p act o n th e success o f th e com p an y.

0%

20%

50% 30%

S trongly A gree S trongly Dis agree

A gree

Neither A gree nor Dis agree agree Dis

This graph shows that 50% of employees are strongly agree about the point , 30% of employees are agree on the point, 20% are neither agree nor disagree,0% are disagree and rest 0% of employees are strongly disagree.

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I have an increasingly bad attitude toward my job, boss, and employer

0%

20%

20%

60% Strongly Agree Neither Agree nor Disagree Strongly Disagree Agree Disagree

This graph shows that 0% of employees are strongly agree about the point , 0% of employees are agree on the point, 20% are neither agree nor disagree,60% are disagree and rest 20% of employees are strongly disagree.

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I am no longer given the resources I need to successfully do my job.

0% 10%

60%

30%

Strongly Agree Neither Agree nor Disagree Strongly Disagree

Agree Disagree

This graph shows that 10% of employees are strongly agree about the point , 30% of employees are agree on the point, 60% are neither agree nor disagree,0% are disagree and rest 0% of employees are strongly disagree.

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I am not being used to my full capabilities.

0% 40% 40%

20% Strongly Agree Neither Agree nor Disagree Strongly Disagree Agree Disagree

This graph shows that 0% of employees are strongly agree about the point , 40% of employees are agree on the point, 20% are neither agree nor disagree,40% are disagree and rest 0% of employees are strongly disagree.

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I have received no better than "fair" evaluations recently.

0% 40%

25%

35%

Strongly Agree Neither Agree nor Disagree Strongly Disagree

Agree Disagree

This graph shows that 40% of employees are strongly agree about the point , 35% of employees are agree on the point, 25% are neither agree nor disagree,0% are disagree and rest 0% of employees are strongly disagree.

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I feel as though my boss and employer have let me down.

0% 35% 10%

55%

Strongly Agree Neither Agree nor Disagree Strongly Disagree

Agree Disagree

This graph shows that 0% of employees are strongly agree about the point , 0% of employees are agree on the point, 10% are neither agree nor disagree,55% are disagree and rest 35% of employees are strongly disagree.

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I often feel overworked and overwhelmed.

0% 35% 45%

20% Strongly Agree Neither Agree nor Disagree Strongly Disagree Agree Disagree

This graph shows that 45% of employees are strongly agree about the point, 20% of employees are agree on the point, 35% are neither agree nor disagree,0% are disagree and rest 0% of employees are strongly disagree.

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I am frequently stressed out at work.

0%

20%

50% 15%

15%

Strongly Agree Neither Agree nor Disagree Strongly Disagree

Agree Disagree

This graph shows that 0% of employees are strongly agree about the point, 20% of employees are agree on the point, 15% are neither agree nor disagree,15% are disagree and rest 50% of employees are strongly disagree.

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I live for weekends and days away from the job.

0% 10%

60%

30%

Strongly Agree Neither Agree nor Disagree Strongly Disagree

Agree Disagree

This graph shows that 0% of employees are strongly agree about the point, 0% of employees are agree on the point, 10% are neither agree nor disagree,30% are disagree and rest 60% of employees are strongly disagree.

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I find myself negatively comparing my situation to my peers.

0% 15%

20%

25% 40%

Strongly Agree Strongly Disagree

Agree

Neither Agree nor DisagreeDisagree

This graph shows that 0% of employees are strongly agree about the point, 15% of employees are agree on the point, 25% are neither agree nor disagree,40% are disagree and rest 20% of employees are strongly disagree.

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I fe e l m y b a d d a y s a t w o rk o u tw e ig h th e g o o d ones.
0% 45%

25%

30%

S tro n g ly A g re e S tro n g ly D is a g re e

A g re e

N e it h e r A g re e n o r D is a Dre e g re e g is a

This graph shows that 25% of employees are strongly agree about the point, 30% of employees are agree on the point, 45% are neither agree nor disagree,0% are disagree and rest 0% of employees are strongly disagree.

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I o fte n e x p e rie n c e a s e n s a tio n o f tim e s ta n d in g s till w h e n I a m a t w o rk .

0% 15%

20%

30%

35%

S tro n g ly A g re e S tro n g ly D is a g re e

A g re e

N e it h e r A g re e n o r D is a Dre e g re e g is a

This graph shows that 15% of employees are strongly agree about the point, 35% of employees are agree on the point, 30% are neither agree nor disagree,20% are disagree and rest 0% of employees are strongly disagree.

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I h a v e b e e n to ld th a t I a m b e c o m in g a m o re c y n ic a l p e rs o n .
S tro n g ly A g re e 0% 35% 10% 25% A g re e N e ith e r A g re e n o r D is a g re e D is a g re e 30% S tro n g ly D is a g re e

This graph shows that 10% of employees are strongly agree about the point, 25% of employees are agree on the point, 30% are neither agree nor disagree,35% are disagree and rest 0% of employees are strongly disagree.

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I fe e l a s th o u g h m y e m p lo y e r h a s b ro k e n p ro m is e s a b o u t m y fu tu re w ith th e o rg a n iz a tio n .
0% 40% 10% 25%

25% S t ro n g ly A g re e S t ro n g ly D is a g re e A g re e

N e it h e r A g re e n o r D is aD is a g re e g re e

This graph shows that 0% of employees are strongly agree about the point, 10% of employees are agree on the point, 25% are neither agree nor disagree,25% are disagree and rest 40% of employees are strongly disagree.

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I h ave lo st sig h t o f m y career g o als an d asp iratio n s.

15% 0% 15%

25% 45%

S trongly A gree S trongly Dis agree

A gree

Neither A gree nor Dis agree agree Dis

This graph shows that 15% of employees are strongly agree about the point, 25% of employees are agree on the point, 45% are neither agree nor disagree,15% are disagree and rest 0% of employees are strongly disagree.

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I n o lo n g e r fe e l v a lu e d fo r m y w o rk .

10% 20%

25%

20%

25%

S t ro n g ly A g re e S t ro n g ly D is a g re e

A g re e

N e it h e r A g re e n o r D is a gis aeg re e D re

This graph shows that 25% of employees are strongly agree about the point, 25% of employees are agree on the point, 20% are neither agree nor disagree,20% are disagree and rest 10% of employees are strongly disagree.

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Findings
o Employees are not completely satisfied with their job although their salary is good enough. o Employees are not getting value to their work. o Most of employees think that they are not on their actual path. o Most of the employees think that the organization havent fulfill their promises, what they do in beginning especially regarding Promotion. o There is negatively comparison between peers especially regarding targets. o They often feel overworked.

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SUGGESTIONS AND RECOMMENDATIONS

To increase the job satisfaction level of the employees the company should concentrate mainly on the incentive and reward structure rather than the motivational session. Ideal employees should concentrate on their job. Educational qualification can be the factor of not an effective job. Company should give promotion to those employees who deserves it.

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LIMITATIONS OF STUDY
However I shall try my best in collecting the relevant information for my research report, yet there are always some problems faced by the researcher. The prime difficulties which I face in collection of information are discussed below:1. Short time period: The time period for carrying out the research was short as a result of which many facts have been left unexplored.

2. Lack of resources: Lack of time and other resources as it was not possible to conduct survey at large level. 3. Small no. of respondents: Only 20 employees have been chosen which is a small number, to represent whole of the population. 4. Unwillingness of respondents: While collection of the data many consumers were unwilling to fill the questionnaire. Respondents were having a feeling of wastage of time for them. 5. Small area for research: The area for study was Ludhiana, which is quite a small area to judge job satisfaction level.

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BIBLIOGRAPHY
BOOKS
1. Kothari C.R., Research Methodology, New Delhi; New Age International Publication, second edition. 2. Ashwathapa K., Human Resource Management (third edition), Tata Mc Graw Hill Publication Company Ltd. Page no. 81-136,171,179,267,284. 3. Chhabra. , T. N. Human Resource Management ,Dhanpat Rai $Co(P)Ltd. India,ninth edition. 4. Monnapa Arun., Human Resource Management ,Tata Mc Graw Hill Publication Company Ltd.

WEBSITES:a. www.kotaklifeinsurance.com/home/products b. www.kotak.com/coms2/product-compint-0000950756-page.html c. www.irda.org/insurance/benefits-kotak,-ind

d. www.ask.com-/meaning-insurance/history//e. www.ibef.org/industry/insurance-trend/in

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ANNEXURE QUESTIONNAIRE
NAME: . DESIGNATION: . COMPANY: . 1. I have been passed up at least once for a promotion in the past few years. Strongly Agree Agree Neither Agree nor Disagree Disagree Strongly Disagree

2. I spend parts of my day daydreaming about a better job. Strongly Agree Agree Neither Agree nor Disagree Disagree Strongly Disagree

3. I find much of my job repetitive and boring. Strongly Agree Agree Neither Agree nor Disagree Disagree Strongly Disagree

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4. I am mentally and/or physically exhausted at the end of a day at work. Strongly Agree Agree Neither Agree nor Disagree Disagree Strongly Disagree

5. I feel that my job has little impact on the success of the company. Strongly Agree Agree Neither Agree nor Disagree Disagree Strongly Disagree

6. I have an increasingly bad attitude toward my job, boss, and employer . Strongly Agree Agree Neither Agree nor Disagree Disagree Strongly Disagree

7. I am no longer given the resources I need to successfully do my job. Strongly Agree Agree Neither Agree nor Disagree Disagree Strongly Disagree

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8. I am not being used to my full capabilities. Strongly Agree Agree Neither Agree nor Disagree Disagree Strongly Disagree

9. I have received no better than "fair" evaluations recently. Strongly Agree Agree Neither Agree nor Disagree Disagree Strongly Disagree

10. I feel as though my boss and employer have let me down. Strongly Agree Agree Neither Agree nor Disagree Disagree Strongly Disagree

11. I often feel overworked and overwhelmed. Strongly Agree Agree Neither Agree nor Disagree Disagree -57-

Strongly Disagree

12. I am frequently stressed out at work. Strongly Agree Agree Neither Agree nor Disagree Disagree Strongly Disagree

13. I live for weekends and days away from the job. Strongly Agree Agree Neither Agree nor Disagree Disagree Strongly Disagree

14. I find myself negatively comparing my situation to my peers. Strongly Agree Agree Neither Agree nor Disagree Disagree Strongly Disagree

15. I feel my bad days at work outweigh the good ones. Strongly Agree Agree Neither Agree nor Disagree -58-

Disagree Strongly Disagree

16. I often experience a sensation of time standing still when I am at work. Strongly Agree Agree Neither Agree nor Disagree Disagree Strongly Disagree

17. I have been told that I am becoming a more cynical person. Strongly Agree Agree Neither Agree nor Disagree Disagree Strongly Disagree

18. I feel as though my employer has broken promises about my future with the organization. Strongly Agree Agree Neither Agree nor Disagree Disagree Strongly Disagree

19. I have lost sight of my career goals and aspirations. Strongly Agree -59-

Agree Neither Agree nor Disagree Disagree Strongly Disagree

20. I no longer feel valued for my work. Strongly Agree Agree Neither Agree nor Disagree Disagree Strongly Disagree

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SUBMITTED TO THE PANJAB UNIVERSITY, CHANDIGARH In partial fulfillment for the requirement of the Degree of

MASTER OF COMMERCE

Submitted to: Commerce Department of Correspondence Studies PU, Chandigarh

Submitted by: Kamalpreet Kaur M.Com (2nd Sem) Roll No.7575 Enrol No.20852

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CERTIFICATE

This Project Report Of Kamalpreet Kaur University Roll No.7575 Titled Job Satisfaction of Employees In Kotak Mahindra Life Insurance Ferozepur Road, Ludhiana

Is approved and is accepted in quality & form

Mr. Gursharanjit Singh (Head PG Department of Commerce and Business Administration)

External Examiner

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PREFACE
Practical training constitute an integral part of the management studies. Training gives an opportunity to the students to expose themselves to the Industrial environment which is quite different from the classroom Techniques. The practical knowledge is an important suffix to the Theoretical knowledge. One cannot rely merely upon theoretical knowledge. It has to be coupled with practical for it to be fruitful. Classroom lectures make the fundamental concepts of management clear but not their application in actual practice. A positive and correct result of the classroom learning needs realities of practical situation. The Training also enables the management students to them see the working conditions under which they have to work in Future. It thus enables the students to undergo those Experiences which will help them later when they join any Organization.

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ACKNOWLEDGEMENT
A project usually falls short of its expectations unless guided by the right person at the right time. This project would not have completed without the direct or indirect help and guidance of such luminaries in Kotak Mahindra Life Insurance. The provided us with the necessary resources and an environment conducive for healthy learning and training. They provided us with the required amount of freedom to exercise our skill under their able guidance. At the outset, I would like to take this opportunity to gratefully acknowledge the very kind and patient guidance and encouragement I have received from our Project Guide Mr. Harsh Marwaha (Location Chief Manager) throughout their critical evaluation and suggestion at every stage of the Project, this report could never have reached its present form. I would be failing in my duties if I forget to mention the name of Prof. GURSHARANJIT SINGH (Head of P.G. Department of Commerce and Business Administration) for her unconditional support during the course of the project. I would like to extend my thanks to Panjab University, Chandigarh for the facilities availed to me in terms of library work. Last but not least I would like to thank all the respondents for giving their precious time and relevant information and experience, I required, without which the project would have been incomplete.

Kamalpreet Kaur

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CONTENT Sr. No. 1. 2. 3. 4. 5. 6. 7. 8. 9. 10. 11. 12. 13. Title Introduction to Job Satisfaction Company Profile History Future of Insurance in India Review of Literature Objectives of the study Research methodology Analysis and Interpretation Findings Suggestions and Recommendation Limitation of the study Bibliography Annexure Page No. 1-6 7-10 11-17 18-22 23-24 25 26-29 30-50 51 52 53 54 55-60

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