PROJECT REPORT ON Job Satisfaction Of Employees In Insurance Industry Submitted in partial fulfillment of requirement of Bachelor of Business Administration (B.B.

A) General

BBA VI Semester (Evening) Batch 2010-2013

Submitted to: Submitted by: Er. Barkha Narang Arora Anshul

Asst professor

Roll No.11724501710

JAGANNATH INTERNATIONAL MANAGEMENT SCHOOL. KALKAJI

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STUDENTS UNDERTAKING

I hereby certify that this is my original work and it has never been submitted elsewhere

Anshul Arora

Certification By Supervisor

I hereby certify that the student has completed the project under my guidance on the title JOB SATISFACTION OF EMPLOYEES IN INSURANCE INDUSTRY.

Er. Barkha Narang Asst professor

Anshul Arora Roll No.11724501710

PREFACE

. Its 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 prevExperience 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 ailing 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 JOB SATISFACTION OF EMPLOYEE in part fulfillment of our BBA curriculum. The knowledge we garnered through this exposure with the outside world will help us in taking a giant leap towards understanding employees 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. I feel highly delighted with the way my project report on topic JOB SATISFACTION OF EMPLOYEE IN INSURANCE INDUSTRY has been completed. With due respect and regards I wish to express my deep sense of gratitude, indebtedness and sincere phrases of thanks to Er.Barkha Narang, for her invaluable mentoring and exuberant guidance. We are highly obliged by the constant support that I have got from my faculty in the project. Starting from the initial stages to the end stages I have received continuous feedback with regard to the progress of the project.

TABLE OF CONTENTS
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Chapter no. 1 2 3 4 5 6 7 8 9 10

Particulars Introduction Objective Of The Project Review Of Literature Research Methodology Analysis and Interpretation Limitations Conclusion Annexures List Of T ables Bibliography

Page no.

EXECUTIVE SUMMARY

Job satisfaction is how content an individual is with his or her job. Scholars and human resource professionals generally make a distinction between affective job satisfaction and cognitive job satisfaction. Affective job satisfaction is the extent of pleasurable emotional feelings individuals have about their jobs overall, and is different to cognitive job satisfaction which is the extent of individuals satisfaction with particular facets of their jobs, such as pay, pension arrangements, working hours, and numerous other aspects of their jobs. At its most general level of conceptualization, job satisfaction is simply how content an individual is with his or her job. At the more specific levels of conceptualization used by academic researchers and human resources professionals, job satisfaction has varying definitions. Affective job satisfaction is usually defined as an unidimensional subjective construct representing an overall emotional feeling individuals have about their job as a whole. Hence, affective job satisfaction for individuals reflects the degree of pleasure or happiness their job in general induces. Cognitive job satisfaction is usually defined as being a more objective and logical evaluation of various facets of a job. As such, cognitive job satisfaction can be unidimensional if it comprises evaluation of just one aspect of a job, such as pay or maternity leave, or multidimensional if two or more facets of a job are simultaneously evaluated. Cognitive job satisfaction does not assess the degree of pleasure or happiness that arises from specific job facets, but rather gauges the extent to which those job facets are judged by the job holder to be satisfactory in comparison with objectives they themselves set or with other jobs. While cognitive job satisfaction might help to bring about affective job satisfaction, the two constructs are distinct, not necessarily directly related, and have different antecedents and consequences.

CHAPTER 1 INTRODUCTION

INTRODUCTION Insurance sector in India is one of the booming sectors. About 20% of the total insurable population of India is covered under various life insurance schemes, the penetration rates of health and other non-life insurances in India is also well below the international level. This indicates that there is immense growth potential of the insurance sector. According to a recent study of McKinsey Global Institute( MGI)-The Bird of Gold:The rise of Indias Consumer Market,aggregate real household disposible income is expected to rise at 5.3 percent annually which is significantly more than 3.6 percent annual growth over the past two decades. Research suggests that the Indian life insurance industry could witness a rise in the insurance sector premium to between 5.1 and 6.2 percent in 2012. With privatization of this sector, fierce competition has forced organizations to focus on their business generation. This in-turn has increased work pressure on employees and reduced their satisfaction level. Human Resource managers are trying to identify the grey areas which are resulting in job dissatisfaction so as to enhance the productivity and effectiveness of the employees. Measurement of Job satisfaction is also being used as a tool for applying employee retention techniques. Enhanced Job satisfaction leads to higher level of employee retention. A stable and committed workforce ensures successful knowledge transfer, sharing, and creation - a key to continuous improvement, innovation, and knowledge-based total customer satisfaction. The success of a corporation depends very much on customer satisfaction. A high level of customer service leads to customer retention, thus offering growth and profit opportunities to the organization. There is a strong relationship between customer satisfaction and job satisfaction. Satisfied employees are more
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likely to stay with company and become committed and have more likely to be motivated to provide high level of customer service, by doing so will also further enhance the employees satisfaction through feeling of achievement. Enhanced job satisfaction leads to improved employee retention; and employee stability ensures the successful implementation of continuous improvement and customer satisfaction. Customer satisfaction will no doubt lead to corporate success and greater job security. These will further enhance job satisfaction. This study aimed at analyzing the factors that are responsible for increasing or decreasing the job satisfaction of an employee in the insurance sector so that organizations can benefit from the various conclusions drawn on the basis of past studies.This study puts emphasis on the fact that Job Satisfaction can be an important indicator of how employees feel about their jobs and a predictor of work behaviours such as organizational citizenship, absenteeism, productivity, their motivation level, their stress levels and turnover.
The project consists of the topic called A study on Job Satisfaction of Employees in insurance industry at HDFC STANDARD LIFE INSURANCE

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
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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.
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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 reenter 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

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

VISION STATEMENT

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 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 customers savings. They, the group, will be a single window to every financial service in a customers 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 with international managed leaders, company, gives their which has a partnerships people

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

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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 like15

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 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.
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on consumer perception and group

 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.

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 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 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

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CHAPTER 2 OBJECTIVES OF STUDY

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.
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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.
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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
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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.
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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
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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 ones 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 persons job satisfaction depends upon his perceived equity as determined by his inputoutput 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
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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 ones 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.
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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 individuals 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 persons 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.

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CHAPTER 3 LITERATURE REVIEW

GENERAL MOTORS STRATEGY 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
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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
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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
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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.

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CHAPTER 4 RESEARCH METHODOLOGY

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 managers 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.

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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 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.

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 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.

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. Sample: A subgroup of the elements of the population selected for participation in the study. In this project sample size is 40 employees

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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

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.

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CHAPTER 5 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.

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1. Respondent by Gender Male Female Total 29 11 40

Female 28%

Male 72%

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

2. Departments of Respondent
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Departments Marketing Human resource Finance operation

No. of employees 22 8 5 5

No. of employees 25

20

15 No. of employees 10

0 Marketing Human resource Finance operation

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

3. Work Experience of Respondent

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S.no 1 2 3 4

Experience in years less then 1 year more then 1 year less then 2 year more then 2 year

No. of Respondents 15 10 8 7

No. of Respondents

16 14 12 10 8 6 4 2 0 less then 1 year 1 more then 1 year 2 less then 2 year 3 more then 2 year 4

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.

4. Satisfaction level with the job

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S. NO.

Satisfaction Level

No. of Respondents 25 10 4 1

1 2 3 4

Like very much Like some what Neutral Dislike some what

Dislike very much Nil

Employee satisfaction
30

25

20

15

Series2

10

0 1 2 3 4 5

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.

5. Satisfy with the behavior of management and other employees

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S.no

Satisfaction Level

No. of Respondents 22

Highly Satisfied

2 3 4 5

Satisfied Moderate Unsatisfied Highly Unsatisfied

10 5 2 1

No. of Respondents 25

20

15

10

0 Highly Satisfied Satisfied Moderate Unsatisfied Highly Unsatisfied

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.

6. Career and growth opportunities

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S.no 1 2

Preferences Yes No

No. of Respondents 36 4

No. of Respondents

No 10%

Yes 90%

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. 7. Participation in Decision making

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S.no 1 2 3 4 5

Participation 20%-30% 30%-40% 40%-50% 50%-60% Above 60%

No. of Respondents 12 10 8 4 6

No. of Respondents

Above 60%

50%-60%

40%-50%

No. of Respondents

30%-40%

10

20%-30%

12

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%. 8. Satisfaction Level of Employees
S.NO. Satisfaction Level No. of Respondents 1. 2. Highly Satisfied Satisfied 9 15 42

3. 4. 5.

Moderate Unsatisfied Highly Unsatisfied

5 10 1

No. of Respondents 16 14 12 10 8 6 4 2 0 Highly Satisfied Satisfied Moderate Unsatisfied Highly Unsatisfied 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. 9. Management is flexible and understands the importance of balancing my work and personal life.

S. NO.

Satisfaction Level

No. of Respondents

1 2

Strongly agree Agree

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18 10

3 4 5

Undecided Disagree Strongly disagree

No. of Respondents 20 18 16 14 12 10 8 6 4 2 0 Strongly agree Agree Undecided Disagree Strongly disagree

8 2 2

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.

10.Agree with the company bonus plans

S.no

Satisfaction Level

No. of Respondents 8 12 11 6
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1 2 3 4

Strongly agree Agree Undecided Disagree

Strongly disagree

No. of Respondents 14 12 10 8 No. of Respondents 6 4 2 0 Strongly agree Agree Undecided Disagree Strongly disagree

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. 11.Is any change is require to improve the working condition

S.no 1 2

Preferences Yes No

No. of Respondents 32 8

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No. of Respondents

No

Yes

32

10

15

20

25

30

35

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% .

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CHAPTER 6 LIMITATIONS

There are various limitation faced during the study as the study bis related to the human psychology and behaviour basically. Some of the problems faced durig 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.

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CHAPTER 7 CONCLUSIONS

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

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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.

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CHAPTER 8 ANNEXURES

SURVEY ON EMPLOYEES SATISFACTION OF HDFC STANDARD LIFE INSURANCE COMPANY Dear Sir/Madam Employee Name: Designation:

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 veryMuch

Like some what

Neutral

Dislike some what

Dislike Much

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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 50%-60% o 30%-40% o above 60% o 40%-50%

Q.8 Are you satisfied with you salary level?

Highly Unsatisfied

Unsatisfied

Moderate

Satisfied

Highly 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 ?

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Strongly Agree

Agree

Undecided

Disagree

Strongly 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 Promotion Reward and Recognition Achievemant Higher authority and responsibility RANK(1 to 4 )1 is highest

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CHAPTER9 LIST OF TABLES

Table no. 1 2 3
4

Title
RESPONDENT BY GENDER DEPARTEMENTS OF RESPONDENTS WORK EXPERINCE OF RESPONDENT SATISFACTION LEVEL WITH THE JOB

Page.no 36 37 38
39 40

5 6 7 8 9

SATISFY WITH THE BEHAVIOUR OF MANAGEMENT AND OTHER EMPLOYEES CARRER AND GROWTH OPPORTUNITIES PARTICIPATION OF EMPLOYEES IN DECISION MAKING SATISFACTION LEVEL OF EMPLOYEES WITH THE SALARY MANAGEMENT UNDERSTANDS IS FLEXIBLE IMPORTANCE AND OF

41 42

43

44

BALANCING WORK AND PERSONAL LIFE

10

HOW MANY EMPLOYEES AGREE WITH THE COMPANY BONUS PLAN

11

HOW MANY EMPLOYEES AGREE WITH THE COMPANY PAY SCALE

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CHAPTER 10
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BIBLIOGRAPHY

REFERENCES BOOKS 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/p g_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_satisfactio n

http://wiki.answers.com/Q/What_is_the_importance_of_employee_sati sfaction_in_an_organisation

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