KOTAK MAHINDRA MUTUAL FUND

CHAPTER 1 INTRODUCTION HISTORY AND PROFILE OF MUTUAL FUND INDUSTRY The origin of mutual fund industry in India was with the introduction of the concept of mutual fund by UTI - Unit Trust of India in the year 1963. Though the growth was slow, but it accelerated from the year 1987 when non-UTI players entered the industry. In the past decade, Indian mutual fund industry had seen dramatic improvements, both quality wise as well as quantity wise. Before, the monopoly of the market had seen an ending phase; the Assets Under Management (AUM) was Rs. 67billion. The private sector entry to the fund family rose the AUM to Rs. 470 billion in March 1993 and till April 2004, it reached the height of 1,540 billion. The mutual fund industry can be broadly put into four phases according to the development of the sector. Each phase is briefly described as under: FIRST PHASE - 1964-87 Unit Trust of India (UTI) was established on 1963 by an Act of Parliament. It was set up by the Reserve Bank of India and functioned under the regulatory and administrative control of the Reserve Bank of India. In 1978 UTI was de-linked from the RBI and the Industrial Development Bank of India (IDBI) took over the regulatory and administrative control in place of RBI. The first scheme launched by UTI was Unit Scheme 1964. At the end of 1988 UTI had Rs.6,700 crore of assets under management. SECOND PHASE - 1987-1993 1987 marked the entry of Public Sector mutual funds setup by Public Sector Banks and Life Insurance corporation Of India (LIC) and General Insurance Corporation of India (GIC). SBI Mutual Fund was the first followed by Canbank Mutual Fund (December 1987), Punjab National Bank Mutual Fund (August 1989), Indian Bank Mutual Fund (November 1989), Bank of India (June 1990), Bank of Baroda Mutual Fund (October 1992). LIC in 1989 and GIC in 1990. The end of 1993 marked Rs.47,004 as assets under management.

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THIRD PHASE - 1993-2003 With the entry of private sector funds in 1993, a new era started in the Indian mutual fund industry, giving the Indian investors a wider choice of fund families. Also, 1993 was the year in which the first Mutual Fund Regulations came into being, under which all mutual funds, except UTI were to be registered and governed. The erstwhile Kothari Pioneer (now merged with Franklin Templeton) was the first private sector mutual fund registered in July 1993. The 1993 SEBI (Mutual Fund) Regulations were substituted by a more comprehensive and revised Mutual Fund Regulations in 1996. The industry now functions under the SEBI (Mutual Fund) Regulations 1996. The number of mutual fund houses went on increasing, with many foreign mutual funds setting up funds in India and also the industry has witnessed several mergers and acquisitions. As at the end of January 2003, there were 33 mutual funds with total assets of Rs. 1,21,805 crores. The Unit Trust of India with Rs.44,541 crores of assets under management was way ahead of other mutual funds. FOURTH PHASE - SINCE FEBRUARY 2003 This phase had a bitter experience for UTI. It was bifurcated into two separate entities. One is the Specified Undertaking of the Unit Trust of India with AUM of Rs.29,835 crore (as on January 2003). The Specified Undertaking of Unit Trust of India, functioning under an administrator and under the rules framed by Government of India and does not come under the purview of the Mutual Fund Regulations. The second is the UTI Mutual Fund Ltd, sponsored by SBI, PNB, BOB and LIC. It is registered with SEBI and functions under the Mutual Fund Regulations. With the bifurcation of the erstwhile UTI which had in March 2000 more than Rs.76,000 crores of AUM and with the setting up of a UTI Mutual Fund, conforming to the SEBI Mutual Fund Regulations, and with recent mergers taking place among different private sector funds, the mutual fund industry has entered its current phase of consolidation and growth. As at the end of September, 2004, there were 29 funds, which manage assets of Rs.153108 crores under 421 schemes.

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MUTUAL FUND AND ITS CONCEPT A Mutual Fund is a trust that pools the savings of a number of investors who share a common financial goal. The money thus collected is then invested in capital market instruments such as shares, debentures and other securities. The income earned through these investments and the capital appreciation realised are shared by its unit holders in proportion to the number of units owned by them. Thus, a Mutual Fund is the most suitable investment for the common man as it offers an opportunity to invest in a diversified, professionally managed basket of securities at a relatively low cost. The flow chart below describes broadly the working of a mutual fund:

With the increase in mutual fund players in India, a need for mutual fund association in India was generated to function as a non-profit organization. Association of Mutual Funds in India (AMFI) was incorporated on 22nd August, 1995. AMFI is an apex body of all Asset Management Companies (AMC) which has been registered with SEBI. Till date all the Asset Management Companies that have launched mutual fund schemes are its members. It functions under the supervision and guidelines of its Board of Directors. Association of Mutual Funds India has brought down the Indian Mutual Fund Industry to a professional and healthy market with ethical lines

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enhancing and maintaining standards. It follows the principle of both protecting and promoting the interests of mutual funds as well as their unit holders

CHAPTER 2 COMPANY PROFILE

Kotak Mahindra is one of India's leading financial 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 caters to the financial needs of individuals and corporate. The group has a net worth of around Rs.3,200 crore and employs around 10,800 employees across its various businesses servicing around 2.6 million customer accounts through a distribution network of branches, franchisees, representative offices and satellite offices across 300 cities and towns in India and offices in New York, London, Dubai, Mauritius and Singapore. The erstwhile Sponsor Company, Kotak Mahindra Finance Limited (KMFL) was converted into Kotak Mahindra Bank Limited (Kotak Bank) in March 2003 after being granted a banking license by the Reserve Bank of India. The Kotak Mahindra Group was born in 1985 as Kotak Capital Management Finance Limited. This company was promoted by Uday Kotak, Sidney A. A. Pinto and Kotak & Company. Industrialists Harish Mahindra and Anand Mahindra took a stake in 1986, and that's when the company changed its name to Kotak Mahindra Finance Limited. Mr. Uday Kotak, a scion of the Kotak family, was an outstanding student through school, Sydenham College (Bombay University) and Jamanalal Bajaj Institute of Management Studies (Bombay University). Mr. S. A. A. Pinto, trained as a lawyer, has held senior positions in well-known organisations like ICICI and Grindlays Bank. For instance, he was part of the team in Grindlays Bank, which started the first merchant banking unit in India in 1968. Mr. Harish Mahindra an industrialist of repute played a prominent role in social service and public life, thereby earning him [Type text] Page 4

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high esteem. Mr. Anand Mahindra, an MBA from Harvard University, is the Managing Director of one of Indias most reputed industrial firms, Mahindra & MahindraLimited. Kotak Mahindra Finance Limited started with a capital base of Rs. 30.88 lakh. From being a provider of a single financial product, Kotak Mahindra Finance Limited grew substantially during the seventeen years of its existence into a highly diversified financial services company and has now converted into a Bank. As on March 31, 2008, the net worth (capital plus reserves & surplus) of Kotak Bank is Rs. 3,535.49 crore and combined with its subsidiaries, the Group net worth (before minority interest) is Rs. 5824 crore. There are over 92,200 shareholders of Kotak Bank. The Sponsor and its subsidiaries/associates offer wide ranging financial services such as loans, lease and hire purchase, consumer finance, home loans, commercial vehicles and car finance, investment banking, stock broking, mutual funds, primary market distribution of equity and debt products and life insurance. The group has offices (including representative offices and franchise offices) in 370 Indian cities and also present internationally in Mauritius, San Francisco, London, Dubai, New York and Singapore. Kotak Mahindra (UK) Limited, a subsidiary of Kotak Bank, is the first company owned from India to be registered with the Financial Services Authority in UK. Kotak Mahindra Old Mutual Life Insurance Limited is a joint venture between Kotak Bank and Old Mutual based in the UK and with large presence in the South African insurance market. Some of the other subsidiaries of Kotak Bank are Kotak Investment Advisors Ltd formerly known as (Kotak Mahindra Securities Limited), Kotak Mahindra Prime Limited, Kotak Mahindra (International) Limited, Kotak Mahindra Trusteeship Services Limited (formerly known as Kotak Mahindra PrivateEquity Trustee Limited), Kotak Mahindra Investments Limited, and Kotak Forex Brokerage Limied KOTAK MAHINDRA ASSET MANAGEMENT CO. LTD Kotak Mahindra Asset Management Company Limited (KMAMC), a wholly owned subsidiary of Kotak Mahindra Bank Ltd.(KMBL), is the Asset Manager for Kotak [Type text] Page 5

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Mahindra Mutual Fund (KMMF). Kotak Mahindra Asset Management Company Limited started operations in December 1998 and has over 4 Lac investors in various schemes. The company offers innovative investment solutions and world-class services and conveniences to facilitate wealth creation for their investors. Kotak Mahindra Asset Management company started its unit in cochin in 2001. After that there were a number of branches opened in the main hubs of Kerala. The regional office of Kerala is in Kochi and the main operational and sales activities are handled from this branch. The Kotak Vision A global Indian financial services brand The most trusted financial services company The most preferred employer in financial services industry

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CHAPTER 3 JOB SATISFACTION Job satisfaction has been defined as a pleasurable emotional state resulting from the appraisal of ones job; an affective reaction to ones job and an attitude towards ones job. Job satisfaction describes how content an individual is with his or her job. There are a variety of reasons that can influence a persons level of job satisfaction. Some of these include the level of pay and benefits, the perceived fairness of the promotion system within the company, the quality of the working conditions, leadership and social relationships and even sometimes the job itself. The happier people are within their jobs, the more satisfied they are said to be. The more unsatisfied with their jobs greater the chances of them seeking out jobs that appeal to their desires and thereby creating a cost of recruiting, training and maintaining new employees. REASONS FOR LACK OF JOB SATISFACTION. International Consulting Group, Kepner-Tregoe, found among 1,290 managers surveyed, over two thirds revealed retention had actually worsened despite a concerted effort to retain people. In the US the average turnover rate in companies is now 23% per annum. Worse still, almost a quarter of these companies have a turnover rate between 30% and 50%. Employees cited the following three top reasons they would begin searching for a new job: 53 percent seek better compensation and benefits. 35 percent cited dissatisfaction with potential career development. 12 percent said they were ready for a new experience

The Management Consulting firm, McKinsey & Company, found that mid and senior managers rated the following as "critical" factors: Interesting and challenging work 59 % Can meet personal and family commitments 51% Page 7

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Company is well managed 48 % Passionate about the work 45 % Good relations with the boss 43 % Listened to and can impact decisions 41 % Good culture and values 39 % Recognized and rewarded for individual contribution 39 % Career development opportunities 37 %

Loss of human assets, lower productivity, and lower performance levels are the negative results of high turnover. The management must provide good retention strategy to improve human assets. Creative Human Asset Retention Strategies have to be emphasized. Opportunity to grow and learn at work is emerging as a primary determinant of attracting and retaining employees. Cash is not the main factor that keeps employee in their current job or attracts them a way to a new job. A recent Chandler Hill Partners poll asking job seekers to comment on the level of satisfaction with their current job indicated that only 27 percent of respondents considered their jobs to be satisfying. A 27 percent satisfaction rate is an alarmingly low number considering that job satisfaction impacts productivity levels, quality of interaction in the corporate culture and society in general as workers return to their private lives with the stress and frustrations accumulated during the workday. What does it take to be satisfied in ones job? Money, yes certainly, as a society we are still validated somewhat by the salaries we command individually, but another poll taken by Chandler Hill Partners indicates that money isnt the only ingredient in job satisfaction. Recognition and reward are the goals when human resource departments sit down to design Employee Motivation Programs, but our clients tell us other things play even larger roles; issues such as personal challenge, personal reputation, the companys image in the community and its impact to humanitarian and environmental concerns.

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Certainly organizations have a moral and legal obligation to create working conditions that foster satisfaction by eliminating negative factors such as unfair pay, discrimination, hostility, harassment, and safety and security risks. Those legal issues in and of themselves however will not grant the kind of satisfaction most people seek. For some it will forever remain an elusive pursuit while others will find satisfaction regardless of the conditions, pay, or behavior of the employer. Obviously personal attitude and individual perception play a role. A breakdown or prescription of individual, measurable elements helps in this pursuit of job satisfaction: Self Knowledge Understanding ones personal combination of acquired skills and innate talents is critical. Satisfaction will only happen when an ability to excel is present and when one can feel proud of the days accomplishments. Identifying these skills and talents then is the first step in determining whether or not a particular job has any chance at all of providing satisfaction to an individual. Environment Clearly if a person is to be satisfied he or she must be in an environment that provides a foundation on which they can utilize those skills and talents in ways that give outlet to creative expression, or quiet participation whatever the level of the individual, the environment must be conducive. Growth and Challenge None of us want to be in the same position when we finish our careers as when we started. Even those who are not high achievers or less aggressive in their pursuit of promotion and career advancement still want to know that there is space for them to move forward. Recognition and Reward Just like none of us want to be stuck in the same nogrowth, no-advancement position for all of our lives as workers, most want to be recognized and rewarded for their positive contributions. This prescription works equally well for the employer or human resource department who want to make sure that each employee is properly matched to the demands of the specific job, has an environment resplendent with the appropriate tools, license, and space to function optimally, is provided growth opportunity and opportunity to learn [Type text] Page 9

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and be challenged, and finally, who cares enough about the individual employee to recognize and reward appropriately. With this litmus test, (1) self knowledge, (2) environment (3) growth and challenge (4) recognition and reward, any individual can begin an analytical evaluation of their current situation and look critically at the world of work around them to determine where and what might bring them greater job satisfaction and thus enhance the quality of their lives at work and at home. Employers can apply the same critical evaluation when developing role definitions and structuring their organizational charts. Their motive is, of course, the bottom line. Less waste and absenteeism, and greater productivity are the rewards of a satisfied, empowered workforce. What makes an employee to quit? Lack of training programs: Organizations should plan training programs that helpful to improve the employee competencies with current trends. Lack of Challenging Atmosphere: Employer must provide challenging environment, that help to prove the employees. Challenging atmosphere help the employees prove their worth and bring out their skills. Lack of Autonomy: Employer maintains centralization, employees feel some in convince. Giving employees responsible positions, they work in their own style. Lack of work place relationships: In case employers failed to maintain healthy relationships among the staff members that causes for all disputes. In attractive compensation : Compensation plays an important role in motivating employees. MODELS OF JOB SATISFACTION A) DISPOSITIONAL THEORY Dispositional theory is a very general theory that suggests that people have innate dispositions that cause them to have tendencies toward a certain level of satisfaction regardless of ones job. This approach became a notable explanation of job satisfaction in light of evidence that job satisfaction tends to be stable over time and across careers and jobs. However the scope of the theory was narrowed by the theory put forward by Timothy A. Judge in 1998 (Core Self-evaluations Model), which argued [Type text] Page 10

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that there are four core Self-evaluations that determine ones disposition towards job satisfaction. They were self esteem, general self efficacy, locus of control and neuroticism. The model suggested that at higher levels of self esteem and general self efficacy brought forth higher work satisfaction; having an internal locus of control lead to higher job satisfaction and lower levels of neuroticism also contributed to higher job satisfaction. B) TWO FACTOR THEORY Frederick Hertzbergs Two factor theory (also known as Motivator Hygiene theory) attempts to explain satisfaction and motivation in the work place. The theory states that satisfaction and dissatisfaction are driven by different factors- motivation and hygiene factors respectively. Motivating factors are those aspects of the job that make people want to perform and provide people with satisfaction. For example achievement in work, recognition, promotion opportunities etc. These motivating factors are considered intrinsic to the job or the work carried out. Hygiene factors include aspects of the working environment such as pay, company policies, supervisory practices and other working conditions. The theory could not be empirically proved since it does not consider individual differences, conversely predicting that all employees will react in an identical manner to changes in motivating/ hygiene factors. The model is also criticized in that it does not specify how motivation/hygiene factors are to be measured. C) AFFECT THEORY Edwin A. Lockes Range of Affect theory states that satisfaction is determined by a discrepancy between what one wants in a job and what one has in a job. The theory further states that how much one values a given facet of work moderates how satisfied/dissatisfied one becomes when expectations are/are not met. When a person values a particular facet of a job, his satisfaction is more greatly impacted both positively (when expectations are met) and negatively (when expectations are not met), compared to one who does not value the facet. To illustrate, if employee A values autonomy in the workplace and employee B is indifferent about autonomy, then employee A would be more satisfied in a position that offers a higher degree of

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autonomy and less satisfied in a position with little to no autonomy compared to employee B. The theory also states that too much of a particular facet will produce stronger feelings of dissatisfaction the more a worker values that facet. D) JOB CHARACTERISTICS MODEL Hackman and Oldham proposed the Job Characteristics model, which is widely used as a framework to study how particular job characteristics impact on job outcomes, including job satisfaction. The model states that there are five core job characteristics skill variety, task identity, task significance, autonomy and feedback; which impact three critical psychological states- experienced meaningfulness, experienced responsibility for outcomes and knowledge of the actual results; which in turn influence work outcomes like job satisfaction, absenteeism, work motivation etc. The five core job characteristics can be combined to form a motivating potential score (MPS) for a job, which can be used as an index of how likely a job is to affect an employees attitudes and behaviours. MEASUREMENT OF JOB SATISFACTION There are many methods for measuring job satisfaction. The most common method for collecting data regarding job satisfaction is the Likert scale so named after Rensis Likert. Point systems, yes/no questions, checklists, open ended questions and forced choice answers are some other less common methods used to measure job satisfaction. The Job Descriptive Index (JDI), was created by Smith, Kendall and Hulin as a specific questionnaire of job satisfaction that measures ones satisfaction in five facets:- promotions, pay, promotion opportunities, co-workers, supervision and the work itself. The Job in General Index is an improvement to the JDI as it focuses too much on individual facets and not enough on work satisfaction in general

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Minnesota Satisfaction Questionnaire measures job satisfaction in 20 facets and has a long form with 100 questions (5 for each facet) and a short form of 20 questions (one item from each facet) The Job Satisfaction Survey is a 36 item questionnaire that measures nine facets of job satisfaction. The Faces Scale of Job Satisfaction measures overall job satisfaction with just one item which the participants respond to by choosing a facet

CHAPTER 4 DATA ANALYSIS & INTERPRETATION

This study mainly focuses on the job satisfaction of the employees of Kotak Mahindra Asset Management Company Kochi. For this purpose a sample of 100 employees were drawn at random from the existing pool of 300 employees. These selected employees were provided with a questionnaire (see annexure) designed to assess the employees job satisfaction at their present job. The questionnaire is designed to evaluate job satisfaction on the basis of four variables that would provide an overall score to the total job satisfaction of the employee, as well as provide a glimpse into the employees feelings toward the companys policies of compensation and provision of opportunities to further themselves, the environment in which the employee operates and the effect it has on his work and the recognition that the employee receives for the work he/she has done. The questionnaire provides a series of statements relating to the four independent variables of the study and respondents are requested to indicate their level of response by utilizing the rating scale provided. The values placed in the rating scale are provided as the maximum toward a positive answer and the least to a negative answer. The data so collected has been tabulated and using percentage analysis as well as regression analysis, the data has been interpreted to represent the views and opinions of the employees. The regression analysis undertaken, through the aid of SPSS software, has been to show the relative effect each of the independent variables have on the total job satisfaction of the employees.

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The statements interpreted have been shown graphically in the form of pie diagrams, bar charts and tables. The personal information of the employees has been graphically documented to provide an overview on the employee constitution of Kotak Mahindra Asset Management Co. Ltd. Kochi.

Age

50 and above

below 25

35 to 50

25 to 35

Age classification

AGE CLASSIFICATION Below 25 25 to 35 35 to 50 50 and above

NO. OF RESPONDENTS 14 40 40 6 Table T1

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Tenure

30

20

No. of respondents

10

0 1 to 5 5 to 10 10 to 15 15 to 20 20 to 2525 and abov e

T e n u re
Fig. 2 Tenure in years 1 to 5 5 to 10 10 to 15 15 to 20 20 to 25 25 and above [Type text] NO. OF RESPONDENTS 19 23 24 10 16 8 Page 15

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Educational Qualification

diploma holder

pos t graduate

graduate

E duc ational Qualific ation

Fig. 3 Educational Qualification Graduate Post Graduate Diploma Holders NO. OF RESPONDENTS 56 30 14

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Income

30000 and above

10000 to 20000

20000 to 30000

Income Distribution

Fig. 4 INCOME CLASSIFICATION (RS) 10,000 TO 20,000 pm 20,000 TO 30,000 pm 30,000 and above NO. OF RESPONDENTS 44 32 24

STATEMENT 1: You feel you are well paid for your current job position/ responsibilities

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60

50

40

30

20

10

Count

0 neutral s atis f ied highly s a tis f ied

Y o u fe e l y o u a re we ll p a id fo r y o u r c u rre n t jo b p o sitio n
Fig. 5 INTERPRETATION: A majority of 56 respondents felt that they were well paid in terms of parity between job responsibility and compensation.

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STATEMENT 2: You are satisfied with the benefits that form part of your salary package.

50

40

30

20

10

Count

0 unsatisfied neutral satisfied highly satisfied

you are satisfied with the benefits that form your salary package

Fig. 6 INTERPRETATION: A total of 46 respondents felt satisfied with the benefits that formed their salary package. This was followed closely by 40 neutral responses.

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STATEMENT 3: You are satisfied with the amount of paid vacation/ sick leave offered by your company.

50

40

30

20

Count

10 unsatisfied neutral satisfied highly satisfied

you are satisfied with the amount of paid vacation/leave offered.

Fig. 7 INTERPRETATION: 42 respondents said that neutral feelings toward the amount of paid vacation or leave. There were 22 satisfied responses and 16 respondents that felt unsatisfied.

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STATEMENT 4: You are satisfied with the reasonableness of your work responsibilities.
50

40

30

20

10

Count

0 highly unsatisfied unsatisfied neutral satisfied highly satisfied

you are satisfied with the reasonableness of your work duties

Fig. 8 INTERPRETATION: A total of 46 respondents were satisfied with the reasonableness of their work, 12 were highly satisfied, while 2 respondents were highly unsatisfied.

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STATEMENT 5: Your job provides you opportunities to utilize your skills and talents.
40

30

20

10

Count

0 highly unsatisfied unsatisfied neutral satisfied highly satisfied

your job provides you opportunities to utilize your skills and talent

Fig. 9 INTERPRETATION: 32 respondents said they were unsatisfied that their skills and talents were not fully utilized, while 8 were highly unsatisfied. 28 respondents were satisfied.

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STATEMENT 6: Your work gives you a sense of personal accomplishment

50

40

30

20

10

Count

0 unsatisfied neutral satisfied highly satisfied

your work gives you a sense of personal accomplishment

Fig. 10 INTERPRETATION: 44 respondents claimed a neutral response, while 16 respondents were unsatisfied. 10 respondents were highly satisfied.

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STATEMENT 7: You feel secure in your job.

50

40

30

20

10

Count

0 highly unsatisfied unsatisfied neutral satisfied highly satisfied

you feel secure in your job

Fig. 11 INTERPRETATION: 42 respondents were satisfied with the sense of security in their jobs. A total of 20 respondents were unsatisfied with job security.

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STATEMENT 8: You are confident of a job promotion.

50

40

30

20

10

Count

0 highly unconfident unconfident neutral confident highly confident

you are confident of a job promotion

Fig. 12 INTERPRETATION: 44 respondents were neutral in their feelings toward receiving a promotion. 22 respondents were confident of a job promotion.

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STATEMENT 9: Your Companys promotion policy appeals to you.

40

30

20

10

Count

0 highly unappealing unappealing neutral appealing highly appealing

your company's promotion policy appeals to you

Fig. 13 INTERPRETATION: 38 respondents were neutral to the companys promotion policy. 28 respondents found the policy appealing. However a total of 26 respondents found the policy unappealing.

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STATEMENT 10: You are satisfied with your companys current training programme
60

50

40

30

20

10

Count

0 unsatisfied neutral satisfied highly satisfied

you are satisfied with your company's current training programme

Fig. 14 INTERPRETATION: 50 respondents were satisfied with the companys current training programme. However 4 respondents were unsatisfied.

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STATEMENT 11: Your Company encourages /facilitates further learning.

40

30

20

10

Count

0 highly unsatisfied unsatisfied neutral satisfied highly satisfied

your company encourages further learning

Fig. 15 INTERPRETATION: 34 respondents possessed a neutral position toward the companys policy of further learning. 28 respondents were unsatisfied when asked if their company encourages further learning.

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STATEMENT 12: You feel sufficiently capable at your job with the current training received

60

50

40

30

20

10

Count

0 highly unsatisfied neutral satisfied highly satisfied

you feel sufficiently capable at your job with the current training

Fig. 16 INTERPRETATION: 48 respondents were neutral to the capability of the training programme. 44 respondents were satisfied with the training programme.

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STATEMENT 13: Your company provides adequate opportunities for periodic changes in duties.

30

20

10

Count

0 highly unsatisfied unsatisfied neutral satisfied highly satisfied

your company provides opportunities for changes in duties

Fig. 17 INTERPRETATION: 28 respondents were highly unsatisfied at chances of job rotation. 26 respondents were neutral while 24 were satisfied with the job rotation opportunities.

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STATEMENT 14: You have the materials/equipment required to do your job efficiently.
70

60

50

40

30

20

Count

10 0 highly unsatisfied unsatisfied neutral satisfied highly satisfied

you have the materials required to do your job efficiently

Fig. 18 INTERPRETATION: A total of 58 respondents were satisfied with the availability of required materials to perform their work.

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STATEMENT 15: The mission/vision statement of the company influences the effort you put into your work.
50

40

30

20

10

Count

0 unaffected neutral partially affected highly affected

the mission/vision of the company influences the effort you put in

Fig. 19 INTERPRETATION: 40 respondents were partially affected by the mission/vision of the company. 10 respondents were unaffected by the mission/vision of the company.

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STATEMENT 16: The effectiveness of communication among you and your coworkers
60

50

40

30

20

10

Count

0 highly unsatisfied neutral satisfied highly satisfied

the effectiveness of communication among you and your co workers

Fig. 20 INTERPRETATION: A majority of 48 respondents were satisfied with inter personnel communication flow.

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STATEMENT 17: You are satisfied with your work environment

60

50

40

30

20

10

Count

0 highly unsatisfied unsatisfied neutral satisfied highly satisfied

you are satisfied with your work environment

Fig. 21 INTERPRETATION: A total of 48 respondents were satisfied with their work environment.

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STATEMENT 18: You are satisfied with the counseling/grievance measures offered.
50

40

30

20

10

Count

0 highly unsatisfied unsatisfied neutral satisfied highly satisfied

you are satisfied with the grievance/counselling measures offered

Fig. 22 INTERPRETATION: 40 respondents were neutral to the grievance measures offered while 28 respondents were unsatisfied.

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STATEMENT 19: You are able to maintain a reasonable work/life balance.

60

50

40

30

20

10

Count

0 unsatisfied neutral satisfied highly satisfied

you are able to maintain a reasonable work life balance

Fig. 23 INTERPRETATION: A majority of 50 respondents were neutral about being able to maintain a reasonable work/life balance. 34 respondents satisfactorily maintain a reasonable work/life balance.

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STATEMENT 20: You are satisfied with your companys performance appraisal system

50

40

30

20

10

Count

0 highly unsatisfied unsatisfied neutral satisfied highly satisfied

you are satisfied with your company's performance appraisal system

Fig. 24 INTERPRETATION: 42 respondents were satisfied with the companys performance appraisal system. A total of 8 respondents were unsatisfied.

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STATEMENT 21: You are able to freely approach your supervisors with problems/doubts.

40

30

20

10

Count

0 highly unsatisfied unsatisfied neutral satisfied highly satisfied

you are able to freely approach your supervisors with problems/doubts

Fig. 25 INTERPRETATION: A majority of 38 respondents were satisfied with their freedom to approach their supervisors with doubts or problems.

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STATEMENT 22: You define your relationship with your subordinates.

40

38

36

34

32

30

28

Count

26 neutral satisfactory highly satisfactory

you define your relationship with your subordinates as

Fig. 26 INTERPRETATION: A total of 38 respondents were satisfied with their relationships with their subordinates.

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STATEMENT 23: You feel you are able to contribute to the decision making process.
70

60

50

40

30

20

Count

10 0 highly unsatisfied unsatisfied neutral satisfied highly satisfied

you feel you are able to contribute to the decision making process

Fig. 27 INTERPRETATION: A majority of 60 were neutral on their involvement in the decision making process. A total of 12 respondents were unsatisfied with the involvement in the decision making process.

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STATEMENT 24: You feel that you receive appropriate recognition for your contributions.
50

40

30

20

10

Count

0 highly unsatisfied unsatisfied neutral satisfied highly satisfied

you feel that you recieve appropriate recognition for your contributions

Fig. 28 INTERPRETATION: A majority of 40 respondents were neutral on receiving recognition for their contributions. 36 respondents were satisfied with the recognition received.

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STATEMENT 25: You are provided ample opportunities to exercise independence at work.

40

30

20

10

Count

0 highly unsatisfied unsatisfed neutral satisfied highly satisfied

you are provided ample opportunities to exercise independence at work

Fig. 29 INTERPRETATION: 32 respondents were satisfied with opportunities to exercise independence at work. However 22 respondents were unsatisfied while 12 respondents were highly unsatisfied.

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STATEMENT 26: You are able to function well in a collaborated effort.

60

50

40

30

20

10

Count

0 unsatisfied neutral satisfied highly satisfied

you are ablr to function well in a collaborated effort

Fig. 30 INTERPRETATION: A majority of 48 respondents were neutral to the ability to function in a collaborated effort. 46 respondents were satisfied with their ability to function in a group effort.

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STATEMENT 27: You are satisfied with the sense of empowerment you have to influence the quality of work.
40

30

20

10

Count

0 highly unsatisfied unsatisfied neutral satisfied highly satisfied

you are satisfied with the empowerment to influence thequality of work

Fig. 31 INTERPRETATION: A majority of 30 respondents were neutral to the empowerment they feel to influence their work. 28 respondents were unsatisfied with their sense of empowerment.

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STATEMENT 28: You receive adequate constructive feedback from your supervisors.
60

50

40

30

20

10

Count

0 highly unsatisfied unsatisfied neutral satisfied highly satisfied

you recieve adequate constructive feedback from your supervisors

Fig. 32 INTERPRETATION: A majority of 56 respondents were satisfied with constructive feedback they received from their supervisors.

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HYPOTHESIS TESTING TEST 1: Impact of compensation on job satisfaction. INDEPENDENT VARIABLE: Compensation. DEPENDENT VARIABLE: Job Satisfaction. Hypothesis: Ho: There is no significant impact of compensation on job satisfaction. Ha: There is a significant impact of compensation on job satisfaction. Analysis:

Model Summary Adjusted R Square .745 Std. Error of the Estimate 7.7578

Model 1

R R Square .865 a .748

a. Predictors: (Constant), TOTCOMP

TABLE TH1.1
b ANOVA

Model 1

Sum of Squares Regression 17493.624 Residual 5897.936 Total 23391.560

df

Mean Square 1 17493.624 98 60.183 99

F 290.674

Sig. .000a

a. Predictors: (Constant), TOTCOMP b. Dependent Variable: TOTALJS

TABLE TH1.2

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a Coefficients

Model 1

(Constant) TOTCOMP

Unstandardized Coefficients B Std. Error 25.262 4.358 2.888 .169

Standardi zed Coefficien ts Beta .865

t 5.796 17.049

Sig. .000 .000

a. Dependent Variable: TOTALJS

TABLE TH1.3 INTERPRETATION: 1) If the significance value of t is less than 0.05 we can safely reject the null hypothesis in favor for the alternate hypothesis Here the significance of t is 0.000, which is lower than 0.05. Hence we can reject the null hypothesis in favor of the alternate which is: Ha: There is a significant impact of compensation on job satisfaction. 2) The value of r squared represents the strength of association between the independent and dependent variables. R squared is read in percentage. Here r squared is .748 read as 74.8% which explains that 74.8% variability in job satisfaction can be explained by the compensation variable. TEST 2: Impact of opportunity on job satisfaction. INDEPENDENT VARIABLE: Opportunity DEPENDENT VARIABLE: Job Satisfaction Hypothesis: Ho: There is no significant impact between opportunity and job satisfaction Ha: There is a significant impact between opportunity and job satisfaction

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Analysis:
Model Summary Adjusted R Square .798 Std. Error of the Estimate 6.9131

Model 1

R R Square .894 a .800

a. Predictors: (Constant), TOTOPP

TABLE TH2.1
b ANOVA

Model 1

Sum of Squares Regression 18708.010 Residual 4683.550 Total 23391.560

df

Mean Square 1 18708.010 98 47.791 99

F 391.452

Sig. .000a

a. Predictors: (Constant), TOTOPP b. Dependent Variable: TOTALJS

TABLE TH2.2
a Coefficients

Model 1

(Constant) TOTOPP

Unstandardized Coefficients B Std. Error 35.678 3.244 3.314 .168

Standardi zed Coefficien ts Beta .894

t 10.999 19.785

Sig. .000 .000

a. Dependent Variable: TOTALJS

TABLE TH2.3 INTERPRETATION: 1) If the significance value of t is less than 0.05 we can safely reject the null hypothesis in favor for the alternate hypothesis. Here the significance of t is 0.000, which is lower than 0.05. Hence we can reject the null hypothesis in favor of the alternate which is: Ha: There is a significant impact between opportunity and job satisfaction

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2) The value of r squared represents the strength of association between the independent and dependent variables. R squared is read in percentage. Here r squared is .800 read as 80% which explains that 80% variability in job satisfaction can be explained by the opportunity variable. TEST 3: Impact of environment on job satisfaction. INDEPENDENT VARIABLE: Environment DEPENDENT VARIABLE: Job Satisfaction Hypothesis: Ho: There is no significant impact between environment and job satisfaction. Ha: There is a significant impact between environment and job satisfaction. Analysis:
Model Summary Adjusted R Square .114 Std. Error of the Estimate 6.4540

Model 1

R R Square .346 a .120

a. Predictors: (Constant), TOTENV

TABLE TH3.1
b ANOVA

Model 1

Sum of Squares Regression 19309.396 Residual 4082.164 Total 23391.560

df

Mean Square 1 19309.396 98 41.655 99

F 463.558

Sig. .000a

a. Predictors: (Constant), TOTENV b. Dependent Variable: TOTALJS

TABLE TH3.2

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a Coefficients

Model 1

(Constant) TOTENV

Unstandardized Coefficients B Std. Error 1.921 4.526 2.923 .136

Standardi zed Coefficien ts Beta .909

t .424 21.530

Sig. .672 .000

a. Dependent Variable: TOTALJS

TABLE TH3.3 INTERPRETATION: 1) If the significance value of t is less than 0.05 we can safely reject the null hypothesis in favor for the alternate hypothesis. Here the significance of t is 0.672, which is greater than 0.05. Hence we can reject the alternate hypothesis in favor of the null hypothesis which is: Ho: There is no significant impact between environment and job satisfaction.

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TEST 4: Impact of recognition on job satisfaction. INDEPENDENT VARIABLE: Recognition DEPENDENT VARIABLE: Job Satisfaction Hypothesis: Ho: There is no significant impact between recognition and job satisfaction Ha: There is a significant impact between recognition and job satisfaction Analysis:

Model Summary Adjusted R Square .815 Std. Error of the Estimate 6.6120

Model 1

R R Square .904 a .817

a. Predictors: (Constant), TOTRECOG

TABLE TH4.1

b ANOVA

Model 1

Sum of Squares Regression 19107.154 Residual 4284.406 Total 23391.560

df

Mean Square 1 19107.154 98 43.718 99

F 437.050

Sig. .000a

a. Predictors: (Constant), TOTRECOG b. Dependent Variable: TOTALJS

TABLE TH4.2

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a Coefficients

Model 1

(Constant) TOTRECOG

Unstandardized Coefficients B Std. Error 18.909 3.858 3.759 .180

Standardi zed Coefficien ts Beta .904

t 4.901 20.906

Sig. .000 .000

a. Dependent Variable: TOTALJS

TABLE TH4.3 INTERPRETATION: 1) If the significance value of t is less than 0.05 we can safely reject the null hypothesis in favor for the alternate hypothesis. Here the significance of t is 0.000, which is less than 0.05. Hence we can reject the null hypothesis in favor of the alternate which is: Ha: There is a significant impact between recognition and job satisfaction. 2) The value of r squared represents the strength of association between the independent and dependent variables. R squared is read in percentage. Here r squared is .817 read as 81.7% which explains that 81.7% variability in job satisfaction can be explained by the environment variable.

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FINDINGS: 1. In this study sample, it was discovered that the majority of respondents were in the age group of 25 to 35 years and 35 to 50 years. 2. In the survey, a greater number of employees showed an experience record of 10 years and greater. 3. A greater number of graduates also formed the majority of the survey. 4. On the whole, most employees were satisfied their compensation packages. 56% surveyed were satisfied with the pay they received for their current job position and 46% were satisfied with the benefits that formed part of their salary packages. 5. It was discovered that a majority of 32% surveyed were unsatisfied with their jobs inability to incorporate the skills and talents of the job holder into his work requirements. 6. 50% of respondents were satisfied with the current training programme conducted in the company. It was also discovered that 44% of respondents were satisfied that their current training greatly aided them in their job performance. 7. It was discovered that a majority of 28 respondents were highly unsatisfied with the companys policy of incorporating job rotation in the work place. A majority of 34 % also felt neutral toward the companys policy of encouraging further learning, while another 28% were unsatisfied. 8. A majority of 48% of respondents felt satisfied in their work environments. 9. 48% of respondents were satisfied with the communication flow among them and their co workers. This was further supported by the fact that a majority of 38% of respondents said that they could freely approach their supervisors with doubts and questions and that a majority of 38% of respondents defined their relationships with their subordinates as satisfactory. It was also observed that 46% of respondents were able to function in a group effort satisfactorily. Further proof of a good communication flow was that 56% of respondents were satisfied with the feedback they received from their supervisors. [Type text] Page 53

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10. 40% of respondents held a neutral outlook to the grievance measure provided by the company, while a further 28% were unsatisfied. 11. It was also discovered that 42% of respondents were satisfied with the companys performance appraisal system. 12. Through the use of regression analysis, it was discovered that the employees put recognition (81.7% effect on total job satisfaction) before any other when it came to being satisfied in their jobs. Next came opportunities for growth and betterment (80% effect on total job satisfaction) and finally compensation which showed a 74% effect on total job satisfaction.

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CHAPTER 5
CONCLUSION AND SUGGESTIONS The project was conducted to evaluate the job satisfaction enjoyed by the staff at Kotak Mahindra Mutual fund over a 4 month period. A sample of 100 employees was randomly drawn from the existing staff strength of 500 members. The employees were drawn randomly and provided a questionnaire designed to evaluate the total job satisfaction of the managerial employees of Kotak Mutual Fund. The questionnaire was prepared to measure job satisfaction utilizing four major factors: compensation, opportunity, recognition and environment. These factor responses produce the total job satisfaction mean score. Respondents were required to indicate their responses by utilizing a five point scale to answer to each statement. The data was then collected and tabulated was interpreted to form useful and informative conclusions about the state of affairs regarding the four parameters used for determining job satisfaction. The tests used were probability analysis, regression analysis which was used to evaluate the relationships between the independent variables and the dependent variable job satisfaction. The analysis of data brought out the fact that employees of Kotak Mahindra Asset Management Company Ltd . responded to recognition the most, followed by opportunity and finally compensation. The environment variable was shown to have no significant impact on job satisfaction. Suitable recommendations were provided to the company. This study has been able to fulfill the objectives that were the basis of the study .

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SUGGESTION As a majority of employees surveyed were shown to have an excess of 10 years experience, they represent a substantial source of knowledge and experience to the firm. Greater care must be taken to ensure that they remain satisfied. If due care is not taken, it may result in greater costs to r 1. As 56% of the employees are graduates, the importance of further learning cannot be stressed enough. In the study, it was revealed that 34% of respondents held a neutral view toward the companys policy toward further learning, while a further 28% were unsatisfied. It is important that employees are given chances to improve on their educational roster. This is beneficial to the company because it increases the value of the employee in terms of his/her worth to the company and it would lead to increase in productivity, reduced costs in training and developmental needs as well as providing a sense of self esteem to the employees themselves. 2. It was also discovered that 32% of respondents were unsatisfied that their skills and talents were not fully utilized. It is necessary that a jobs design incorporate the utilization of the individual employees skills and talents, else work becomes monotonous. When employees feel they are able to contribute something of their own to the work they do, they are able to integrate their own ideas and creativity into the work and get more involved in the work they do thereby giving it their best effort. 3. Supplementing the above point, the study revealed that a majority of 30% of respondents held a neutral view to the sense of empowerment they felt in influencing the outcome of their work, while 28% were unsatisfied with the sense of empowerment they felt. When employees feel they can positively affect the outcome of their work they become more responsible and committed to the work they do. This greatly affects productivity. 4. The company should also encourage job rotation wherever possible. In the study it was revealed that 28% of respondents were highly unsatisfied with their chances at job rotation, while 26% possessed a neutral view to the same. [Type text] Page 56

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Job rotation allows employees to experience other jobs and allows them to gain experience in different aspects of the companys workings. It is beneficial to the company as it makes employees proficient in a number of tasks, solves turnover crunches and reduces monotony in their work. 5. Every job brings with it a certain amount of stress and tensions. By offering remedial solutions to cut down such stress it allows the employee to function better and increase productivity. In the study 40% of the respondents possessed a neutral attitude toward the measures offered by MRF, while another 28% were unsatisfied. Measures should be adopted to ensure that grievance and counseling measures should be stepped up and address the root problem of the underlying stress. 6. A further symptom of the above may be the majority response of 50% claiming that employees held a neutral view in being able to maintain a reasonable work/life balance. 7. Another area to be looked into carefully would be employee involvement in decision making. The study reveals that 60% of respondents were neutral toward involvement in decision making while a further 12% were unsatisfied. Employee involvement in decision making can be beneficial to the company as it allows employees to exercise their work experience and knowledge to solve the companys problems. It also fosters greater affinity toward the company as the employee feels cherished that his opinion was taken into account. 8. 40% of respondents held a neutral view toward receiving recognition for their contributions to the company. Unless appropriate recognition is given to work well done it will not provide the required motivation to put in the employees best effort.

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BIBLIOGRAPHY 1) CHHABRA, T.N; HUMAN RESOURCE MANAGEMENT CONCEPTS AND ISSUES; FIFTH REVISED EDITION; DHANPAT RAI & CO.(P) LTD. 2) GUPTA, C.B, HUMAN RESOURCE MANAGEMENT; FOURTH EDITION; SULTAN CHAND & SONS, NEW DELHI 1999 3) KOTHARI, C.R; RESEARCH METHODOLOGY METHODS AND

TECHNIQUES; NEW AGE INTERNATIONAL (P) LTD, PUBLISHERS. 4) ROBBINS .P. STEPHEN, ORGANIZATIONAL BEHAVIOR, PEARSON EDUCATION, 2005; 4: 80-85. 5) WARR P, COOK J, WALL T. SCALES FOR THE MEASUREMENT OF SOME WORK ATTITUDES AND ASPECTS OF PSYCHOLOGICAL WELL BEING, 1979;52: 129-148 WEBSITES: www.fadaweb.com/indiantyreindustry.html www.tonymorganlive.com/2008/10/14/12-questions-on-jobsatisfaction/#ixzz0dgzLUQJC&B

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QUESTIONNAIRE ON JOB SATISFACTION The following is a questionnaire surveying job satisfaction, as part of my project, required for my MBA course. Utilizing the rating scale below, please indicate your level of response to the statements wherever applicable. All information will remain confidential. RATING SCALE 1 Not at all satisfied PERSONAL INFORMATION: AGE: below 25 GENDER: Male 25-35 Female 35-50 50 and above 2 3 somewhat satisfied 4 5 extremely satisfied

TENURE AT MRF: DESIGNATION: INCOME (p.m): less than 10,000 30,000 30,000 and above 10,000-20,000 20,000-

EDUCATIONAL QUALIFICATION

QUESTIONS

1 2 3 4 5

1. Are you familiar with your jobs salary level in the YES / NO industry?

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2. You feel you are well paid for your current job position/ responsibilities. 3. You are satisfied with the benefits that form part of your salary package 4. You are satisfied with the amount of paid vacation/ sick leave offered by your company. 5. You are satisfied with the reasonableness of your work responsibilities. 6. Your job provides you opportunities to utilize your skills and talents. 7. Your work gives you a sense of personal accomplishment 8. You feel secure in your job. 9. You are confident of a job promotion.

10. Your companys promotion policy appeals to you. 11. You are satisfied with your companys current training programme. 12. Your company encourages /facilitates further learning. 13. You feel sufficiently capable at your job with the current training received. 14. Your company provides adequate opportunities for periodic changes in duties.

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15. You have the materials/equipment required to do your job efficiently. 16. The mission/vision statement of the company influences the effort you put into your work. 17. The effectiveness of communication among you and your co-workers. 18. You are satisfied with your work environment. 19. You are satisfied with the counseling/grievance measures offered. 20. You are able to maintain a reasonable work/life balance. 21. You are satisfied with your companys performance appraisal system. 22. You are able to freely approach your supervisors with problems/doubts. 23. You define your relationship with your subordinates. (if applicable) 24. You feel you are able to contribute to the decision making process. 25. Work well done garners appreciation/commendation. 26. You feel that you receive appropriate recognition for your contributions. 27. You are provided ample opportunities to exercise independence at work. YES / NO

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28. You are able to function well in a collaborated effort. 29. You are satisfied with the sense of empowerment you have to influence the quality of work. 30. You receive adequate feedback from your supervisors.

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