INTRODUCTION

EMPLOYEE SATISFACTION:
Employee satisfaction is a measure of how happy workers are with their job and working environment. Keeping morale high among workers can be of tremendous benefit to any company, as happy workers will be more likely to produce more, take fewer days off, and stay loyal to the company. There are many factors in improving or maintaining high employee satisfaction, which wise employers would do well to implement. To measure employee satisfaction, many companies will have mandatory surveys or face-to-face meetings with employees to gain information. Both of these tactics have pros and cons, and should be chosen carefully. Surveys are often anonymous, allowing workers more freedom to be honest without fear of repercussion. Interviews with company management can feel intimidating, but if done correctly can let the worker know that their voice has been heard and their concerns addressed by those in charge. Surveys and meetings can truly get to the center of the data surrounding employee satisfaction, and can be great tools to identify specific problems leading to lowered morale. Many experts believe that one of the best ways to maintain employee satisfaction is to make workers feel like part of a family or team. Holding office events, such as parties or group outings, can help build close bonds among workers. Many companies also participate in team-building retreats that are designed to strengthen the working relationship of the employees in a non-work related setting. Camping trips, paintball wars and guided backpacking trips are versions of this type of team-building strategy, with which many employers have found success.

EMPLOYEES SATISFACTION SURVEY IN ORGANIZATIONS

Employee Satisfaction Survey (ESS) is a tool which a reasonable estimation of the employees attitude towards their job is elicited. Organizations drive towards its final destination of creating highest customer satisfaction is dependent on the extent of employee satisfaction. Satisfied employees perform and the only way to find out that is through a survey. Organizations in fitness of things should conduct the employee satisfaction surveys once a year. This regularity and frequency is important since such an exercise enjoys credibility only if the areas of weakness thrown upon by the previous surveys have been acted upon. If you are not willing to act, it is better not to conduct an ESS. It is imperative that the top management involvement is a must. ESSs are normally custom-designed, using about 10 dimensions along which employee satisfaction is measured. Every employee gets a standard questionnaire of around 97 questions relating to the management, quality of supervision, communication, relationships, work environment, performance, job, recognition, quality, pay and benefits. The ESS is based on the philosophy of confidentiality and anonymity. The employee is advised not to mention the name or employment number but mention the department to which he belongs. Usually, it takes a week to 10 days to complete a company-wide survey, which has a five-point rating scale: strongly agree, agree, disagree, and strongly disagree and neutral. Ultimately the top three areas of weaknesses thrown up by the ESS become the basis of a yearlong HR Action Plan. ESS is like taking preventive action and is also a proactive tool, which gives to the top management a view of the organization state of health.

NEED FOR EMPLOYEE SATISFACTION IN INSURANCE SECTOR:

Hiring from each other is a common practice amongst insurance companies. Employees, especially in middle and junior levels of the sales function, tend to move amongst insurance companies. Availability of quality talent is still scarce. Given the huge demand for talent, and since not all of this requirement can be met by fresher, companies tend to poach from competitors. The private Insurance Companies aim to syndicate norms for employee movements for the industry, the way BPO sector has done. The sales staff usually just walks out of the company without following the basic decorum. They want to create a basic norm which will ensure that when an employee quits, he follows all the formalities and then only he can join the next company. This way they may be able to effectively manage attrition and regulate indiscriminate employee movement. The forum will also seek ways to eliminate fake CVs.

REASONS:

Rapidly growing organization. When an organization is growing quickly, it is critical to find out how employees feel about their jobs, the organization, and their fit and future within it. High or growing turnover rate. While some industries have a naturally high turnover, growing turnover is a problem for any organization. If your absolute level of turnover exceeds the industry average, you have a problem that an employee satisfaction survey is the first step to solving. Excessive rumors. A strong rumor mill is symptomatic of other problems in the organization. These can include communications, trust, and fear. Only a survey can uncover the extent to which any of these issues exists.

Importance Of Employee Satisfaction

The employee starts feeling a sense of responsibility towards the organisation. He deals with customers in a better way and builds strong relations with them. They would try to produce better results in order to get appreciation from the company. It helps the company in getting better services and products from its employees. Money spent on training new candidates and recruitment of new candidates can be saved extensively.

REVIEW OF LITERATURE
To fully understand the concept of pay satisfaction, it is necessary to review research on the construct. From the inception of organizational science, pay has been considered an important reward to motivate the behavior of employees (Taylor, 1911). Yet it was not until theorists began exploring fairness in social exchanges (e. g., Adams, 1963; Homans, 1961) that the specific cognitive mechanisms through which pay motivates workers began to become clear. Soon after, organizational researchers hypothesized that feelings of fairness lead to organizationrelevant attitudes such as job satisfaction (Locke, 1969) and, more specifically, pay satisfaction (Locke, 1976), and that these attitudes impact employee behavior within organizations (Farell & Stamm, 1988; Judge & Bono, 2001; Scott & Taylor, 1985; Tett & Meyer, 1993). Pay satisfaction has received considerable research attention since the constructs introduction into the literature, although conceptualization of the construct has changed over time. Table 1 traces the development of the pay satisfaction construct from pay level research to current multi-dimensional approaches. I identify six general approaches, or models, that characterize the types of past pay satisfaction research. The first model I identify simply includes pay and recognizes that pay has implications for employee behavior in organizations but does not explain why this is so. Initial research on pay satisfaction relied upon equity (Adams, 1963) and discrepancy theories (Lawler, 1971) to explain how individuals determine satisfaction with pay. Treated as a global construct in these models, pay satisfaction motivates individuals to engage in certain behaviors, but these approaches do not specify which behaviors will be chosen.