Project Viva- Voce Presentation for A Study on Impact of Employee Engagement Practices on Employee Satisfaction at

Broad ridge Financial Solutions India Limited

Under the Esteemed Guidance of

Dr. A PRABHU KUMAR Professor and Placement Officer, JNTU Hyderabad

Submitted by Mr.V.Ramakrishna, Roll No. 08 032E 0030

Agenda
Introduction Company Profile Research Methodology Findings
Data interpretation Statistical analysis

Suggestions and Conclusion Bibliography Annexure - Questionnaire

Introduction
Employee engagement is defined as Heightened emotional connection that an employee feels for his or her organization, that influences him or her to exert greater discretionary effort to their work. Employee engagement impacts an organization in different ways. The level of engagement may affect key factors such as sales, customer satisfaction and employee turnover. An organization must identify and then develop the strength and talent of their employees to be competitive. Engaged employees create satisfied customer base and higher profits for the organization. This engagement become best competitive advantage that companys exerts to defend their businesses. Engaged employees are attracted to and inspired by their work (I want to do this), committed (I am dedicated to the success of what I am doing), and fascinated (I love what I am doing).

Employee Engagement Today

Roles and Responsibilities
Individuals: Ownership, clarity and action. Individuals need to know what they want and what the organization needs and then take action to achieve both. Managers: Coaching, relationships and dialogue. Managers must understand each individuals talent, interests and needs and then match those with the organizations objectives while at the same time creating personal, trusting relationships. Furthermore, they need to discuss engagement often. Executives: Trust, communication and culture. Executives have to demonstrate consistency in words and actions, communicate a lot (and with a lot of depth), and align all business practices and behaviors throughout the organization to drive results and engagement. * Based on the recommendations provided by Employee Engagement Report 2011.

Company Profile Broadridge Financial Solutions India Limited

Broadridge Financial Solutions, Inc., formerly ADP Brokerage Services Group, with over $2.0 billion in revenues and more than 45 years of experience, is a leading global provider of technology-based outsourcing solutions to the financial services industry. Broadridge integrated systems and services include investor communication, securities processing, and clearing and outsourcing solutions. Broadridge offers advanced, integrated systems and services that are dependable, scalable and cost-efficient. Broadridge systems help reduce the need for clients to make significant capital investments in operations infrastructure, thereby allowing them to increase their focus on core business activities. Broadridge serve a large and diverse client base in the financial solutions industry including retail and institutional brokerage firms, global banks, mutual funds, annuity companies, institutional investors, specialty trading firms and clearing firms. Broadridge also provide services to corporate issuers.

Company Profile Broadridge Financial Solutions India Limited

Global presence, local expertise Broadridge is strategically aligned to the way its clients conduct their business. Broadridge service its clients by providing solutions and services that meet global, regional and local requirements, backed by comprehensive and in-depth market expertise. Headquartered in New York, Broadridge international market presence spans regional and local centers across America, Europe, Asia and Australia. World leading services, world leading people With over 4,000 dedicated professionals, including its established and highly experienced management team. Broadridge associates are committed to consistently attaining the highest standards of service excellence at every level across Broadridge global organization.

Need for the Study

As engagement remains the ultimate prize for employers, companies may use different names or define it slightly differently, but the end game is the same for everyone: discretionary effort. At a time when virtually every organization is struggling with cutbacks and financial pressure trying to improve performance with fewer people and dollars having a critical mass of employees who freely give that effort is of tremendous value. Engaged employees are more productive, more profitable and more customer focused and less likely to leave the organization. It works as a motivation factor to the employee to work beyond personal factors. This indicates the engagement is linked to the organizational performance. Hence this study evolves with a need to understand the impact of such employee engagement towards employee satisfaction in practical with special reference to Financial services industry where employee and client relationship has major role to play.

Scope of the Study

This project involves an evaluation of factors affecting the employee engagement. The important variables which affect the engagement will be studied. The study will be done at Broadridge Financial Solutions India Limited, Hyderabad. The study can be further developed with the consideration of some more factors like compensation, etc and can be extended to various organizations to bring out the employee engagement in entire Financial Services industry. Conceptual scope: The following Employee engagement factors are considered for the study to assess their impact towards Employee satisfaction. Performance Appraisal, Compensation and Benefits, Work culture, Ambience, Shifts, Monitoring System, Training and Development, Job Rotation, Support for innovation, Job Profile, Code of Conduct, Information Sharing.

Objectives of the Study

To study the work environment, and implementation of cultural factors and their impact on employees performance. To examine the adequate motivation factors and learning opportunities provided by the organization as employee engagement activities. To examine whether all the cadres of employees have equal participation opportunities. To analyze the satisfaction levels of employees depending on the employee engagement practices.

Hypotheses
Hypothesis - 1: Null hypothesis H10: There is no significant relationship of the work environment and cultural factors as a part of engagement to the satisfaction of an employee. Alternative HypothesisH1a: There is a significant relationship of the work environment and cultural factors as a part of engagement to the satisfaction of an employee. Hypothesis - 2: Null hypothesisH20: There is no significant relationship of the motivational factors and the learning opportunities as a part of engagement to the satisfaction of an employee. Alternative hypothesisH2a: There is a significant relationship of the motivational factors and the learning opportunities as a part of engagement to the satisfaction of an employee.

Data Collection
Primary Data The primary data of the present study on Employee engagement practices is the first hand information collected basing on a logically arranged questionnaire. The data is obtained from employees by surveying questionnaire and face to face interaction in the form of schedules. Critical observation method is also followed in order to observe day to day work environment. Secondary Data This study really gave an enlightening view of the concept Employee Engagement giving insights starting from the history of employee engagement. Engagement being prominent today for employee satisfaction, the relationship between these two factors with respect to the financial services industry is also critically studied through secondary data. Apart from this company profile has been taken out through various statistical reports and companies websites.

Sampling
Sampling Technique: Sampling technique adopted is Multistage Sampling. Stage 1: Company is selected purposively as per convenience of researcher. Stage 2: Random sampling technique is used in selecting the respondents. The study was focused on the employees of Broadridge Financial Services, Hyderabad office, which had strength of 1000 employees (appx). 10% of the available population is selected for the study. As there wasnt a chance to interact with all the employees and a logical method couldnt be implemented to pick up the samples, we need to confine to random sampling through which we could get a response from 100 employees which had a right mix of different segments of employees in the organization.

Data Analysis
Correlation Analysis: To understand the relationship/association among the variable chosen for the study. Chi Square Test: Test for Hypothesis Factor Analysis to determine the prominent variable impacting to the Employee satisfaction.

Limitations of the Study

Time Constraint: The time proposed for the study wasnt comfortable enough to focus on all the finanical services organizations as well as all employees of Broadridge. Employee availability: It was a Herculean task to get the appointments of the employees in their comfortable time to collect their opinions about employee engagement at their organization. More over they couldnt identify the engagement practices specifically, hence educating them what needs to be considered as engagement practices also consumed lot of time for which their availability was really low.

Future Scope of the Study

With an improved time frame this study can be further extended to all the financial services organizations with apt sample resembling the entire population including all possible practices taking part in engagement of employees to make really applicable for the industry as well as the corporate world.

Findings of the Study

Most of the employees (57%) are comfortable in doing the work. That means they are getting adequate amenities to accomplish the job as early as possible. Very few people are uncomfortable with their working which can be ignored. It is found that every employee has participated in CSR activities regularly though the frequency of participation is not same for all. Few employees are engaged in such activities every month, few quarterly, considerable number of employees half yearly and the remaining yearly once. It was found that most of the employees (71%) are satisfied with the performance appraisal method of their organizations. None of them are dissatisfied which shows that the organization is conducting good performance appraisal. It was found that only few employees (35%) are satisfied with their compensation and the benefits they are receiving. This shows that the organization needs to revise their policies regarding the compensation.

Findings of the Study

More than half of the respondents (52%) are satisfied with the work culture in their organization. However, it was found that a considerable number of respondents (25%) are not satisfied with their work culture which emphasized the need to improve the work culture by taking appropriate measures. A very interesting fact found in the study was only few employees accounting to just 13% are satisfied with the ambience in their organization. It is highly recommended to modify the ambience of the organization as per the interest of the employees. Another interesting fact found in the study is almost all the employees are not happy with their work hours and the shifts. Only 3% of the employees are satisfied in this case. Hence it can be considered as the situation of high emergency for the appropriate measures. 60% of the employees are satisfied with monitoring system that the organization is using to measure the performance of the individual. The others are not that satisfied and hence the monitoring system needs to be improved.

Findings of the Study

More than 70% of the employees are satisfied with the Training & Development in their organization. Up to 10% of the employees are however in disappointment in this case. It was found in the study that more than half of the respondents do not feel satisfied with the job rotation implemented in their organizations. Only 47 respondents are satisfied with their organizations measures for the job rotation. It was found in the study that more than 50% of the employees feel that they are not properly encouraged for innovations. 21% of them are highly dissatisfied with the support offered in their organization. Organizations need to offer high support to the employees and encourage innovation. Most of the employees are highly satisfied with the job what they are doing. However, it was found that there are 30% of the employees who feel that their job profile is not that satisfactory. It was found that nearly half of the respondents are highly satisfied with their code of conduct. Few respondents (12%) show dissatisfaction in this case. Organizations need to consider this issue.

Findings of the Study

Only 44% of the employees are satisfied with the information sharing in their organization. This shows that the communication process in the organizations is not that effective and requires immediate attention. Almost all the employees are satisfied with the HR policies of the organization. Though a quarter of them showed a neutral response, there are no employees who are not satisfied with the policies. In the study it was found that most of the employees (76%) are not satisfied with their teams. Only 24% of them were able to cope up with their teams. The organizations need to find out the reason for such dissatisfaction. 40% of the employees feel that salary is the main thing to retain an employee. 25% of them feel that the organizational environment plays an important role in the employee retention. 20% feel it is the team spirit that is important and the others feel organizational benefits effects the retention.

Statistical Findings
Correlation Analysis
Positively Correlated Factors: Performance Appraisal (0.991), Monitoring System(0.576), Training and Development(0.759), Job Rotation(0.450), Support for innovation(0.607), Job Profile(0.982), Code of Conduct(0.076), Information Sharing(0.116). Negatively Correlated Factors: Compensation and Benefits(-0.499), Shifts(-0.661)

Statistical Findings cont

Test of Hypothesis Chi-Square Hypothesis 1: Null hypothesis: There is no significant relationship of the work environment and cultural factors as a part of engagement to the satisfaction of an employee. Alternative Hypothesis: There is a significant relationship of the work environment and cultural factors as a part of engagement to the satisfaction of an employee. Observation: According to the inference from Chi-Square the parameters like Work Environment does not have significant impact and Cultural factors has impact on employee satisfaction but on considering the entire hypothesis to be unified, this indicates that Null Hypothesis is proved to be true.

Statistical Findings cont

Hypothesis 2: Null hypothesis: There is no significant relationship of the motivational factors and the learning opportunities as a part of engagement to the satisfaction of an employee. Alternative hypothesis: There is a significant relationship of the motivational factors and the learning opportunities as a part of engagement to the satisfaction of an employee. Observation: According to the inference from Chi-Square the parameters as Training and Development, Performance appraisal, Job rotation and other motivation factors and learning opportunities have significant impact on employee satisfaction. Hence the Alternative hypothesis is proved to be true.

Conclusion
The Study on Employee Engagement practices at Broad ridge Financial Solutions Ltd gave out the factors affecting the employee engagement, their impact on the productivity and the perceptions of the various employees regarding the employee engagement practices in Broad ridge Financial Solutions Ltd. An organization needs to frame its policies in a way that they are accepted by its internal customers and there by achieve higher engagement in the work and in turn productivity. The measures adopted by an organization should also bring job satisfaction to an employee.

Conclusion
The analysis of the data shows that 56% of the respondents felt the employee engagement practices to contribute to satisfaction and in their present organization these practices satisfy them, where as 13% of the respondents gave a neutral response and 31% of respondents were dissatisfied. This indicates that as the employee engagement practices contribute to Employee satisfaction and lead to retention, Broadridge and even all the organizations should focus to improve their employee engagement practices to attain maximum of levels of employee satisfaction. (The percentages mentioned above are the averages of the respondents response towards various factors of Employee engagement that represent the overall response in turn).

Conclusion
Employee engagement activities as motivation factors are Performance appraisal (0.013), work culture (0.025) , Job rotation (0.049), Monitoring System (0.040) and learning opportunities are Training and Development (0.032), Support towards innovation (0.011), Job profile (.001) have significant impact with significance value less than 0.05 (5%) on employee satisfaction. Work Environment like Ambience (0.0611) which has significance value more than 0.05 (5%) does not have significant impact on employee satisfaction. Cultural factors as Work culture (0.025) and organizational culture as a part of employee engagement have an impact on Employee Satisfaction. Therefore, employee engagement is of much essence in an organization and it has considerable impact on the performance. Top management should also take care of various measures and strategies to enhance the employee engagement.