INTRODUCTION
"Job satisfaction is defined as "the extent to which people like (satisfaction) or dislike (dissatisfaction) their jobs"
This definition suggests job satisfaction is a general or global affective reaction that individuals hold about their job. While researchers and practitioners most often measure global job satisfaction, there is also interest in measuring different "facets" or "dimensions" of satisfaction. Examination of these facet conditions is often useful for a more careful examination of employee satisfaction with critical job factors. Traditional job satisfaction facets include: co-workers, pay, job conditions, supervision, nature of the work and benefits."
Job satisfaction, a worker's sense of achievement and success, is generally perceived to be directly linked to productivity as well as to personal wellbeing. Job satisfaction implies doing a job one enjoys, doing it well, and being suitably rewarded for one's efforts. Job satisfaction further implies enthusiasm and happiness with one's work. The Harvard Professional Group (1998) sees job satisfaction as the keying radiant that leads to recognition, income, promotion, and the achievement of other goals that lead to a general feeling of fulfillment.
Importance to Worker and Organization
Frequently, work underlies self-esteem and identity while unemployment lowers self-worth and produces anxiety. At the same time, monotonous jobs can erode a worker's initiative and enthusiasm and can lead to absenteeism and unnecessary turnover. Job satisfaction and occupational success are major factors in personal satisfaction, self-respect, self-esteem, and self-development. To the worker, job satisfaction brings a pleasurable emotional state that often leads to a positive work attitude. A satisfied worker is more likely to be creative, flexible, innovative, and loyal.
For the organization, job satisfaction of its workers means a work force that is motivated and committed to high quality performance. Increased productivity—the quantity and quality of output per hour worked seems to be a byproduct of improved quality of working life. It is important to note that the literature on the relationship between job satisfaction and productivity is neither conclusive nor consistent. However, studies dating back to Herzberg's (1957) have shown at least low correlation between high morale and high productivity, and it does seem logical that more satisfied workers will tend to add more value to an organization. Unhappy employees, who are motivated by fear of job loss, will not give 100 percent of their effort for very long. Though fear is a powerful motivator, it is also a temporary one, and as soon as the threat is lifted performance will decline.
Tangible ways in which job satisfaction benefits the organization include reduction in complaints and grievances, absenteeism, turnover, and termination; as well as improved punctuality and worker morale. Job satisfaction is also linked to a more healthy work force and has been found to be a good indicator of longevity. And although only little correlation has been found between job satisfaction and productivity, Brown (1996) notes that some employers have found that satisfying or delighting employees is a prerequisite to satisfying or delighting customers, thus protecting the "bottom line." No wonder Andrew Carnegie is quoted as saying: "Take away my people, but leave my factories, and soon grass will grow on the factory floors. Take away my factories, but leave my people, and soon we will have a new and better factory"
Creating Job Satisfaction
So, how is job satisfaction created? What are the elements of a job that create job satisfaction? Organizations can help to create job satisfaction by putting systems in place that will ensure that workers are challenged and then rewarded for being successful. Organizations that aspire to creating a work environment that enhances job satisfaction need to incorporate the following:
- Flexible work arrangements, possibly including telecommuting
- Training and other professional growth opportunities
- Interesting work that offers variety and challenge and allows the worker opportunities to "put his or her signature" on the finished product
- Opportunities to use one's talents and to be creative
- Opportunities to take responsibility and direct one's own work
- A stable, secure work environment that includes job security/continuity
- An environment in which workers are supported by an accessible supervisor who provides timely feedback as well as congenial team members
- Flexible benefits, such as child-care and exercise facilities
- Up-to-date technology
- Competitive salary and opportunities for promotion
Probably the most important point to bear in mind when considering job satisfaction is that there are many factors that affect job satisfaction and that what makes workers happy with their jobs varies from one worker to another and from day to day. Apart from the factors mentioned above, job satisfaction is also influenced by the employee's personal characteristics, the manager's personal characteristics and management style, and the nature of the work itself. Managers who want to maintain a high level of job satisfaction in the work force must try to understand the needs of each member of the work force. For example, when creating work teams, managers can enhance worker satisfaction by placing people with similar backgrounds, experiences, or needs in the same workgroup. Also, managers can enhance job satisfaction by carefully matching workers with the type of work. For example, a person who does not pay attention to detail would hardly make a good inspector, and a shy worker is unlikely to be a good salesperson. As much as possible, managers should match job tasks to employees' personalities.
Managers who are serious about the job satisfaction of workers can also take other deliberate steps to create a stimulating work environment. One such step is job enrichment. Job enrichment is a deliberate upgrading of responsibility, scope, and challenge in the work itself. Job enrichment usually includes increased responsibility, recognition, and opportunities for growth, learning, and achievement. Large companies that have used job-enrichment programs to increase employee motivation and job satisfaction include AT&T, IBM, and General Motors (Daft, 1997).
Good management has the potential for creating high morale, high productivity, and a sense of purpose and meaning for the organization and its employees. Empirical findings show that job characteristics such as pay, promotional opportunity, task clarity and significance, and skills utilization, as well as organizational characteristics such as commitment and relationship with supervisors and co-workers, have significant effects on job satisfaction. These job characteristics can be carefully managed to enhance job satisfaction.
Of course, a worker who takes some responsibility for his or her job satisfaction will probably find many more satisfying elements in the work environment. Everett (1995) suggests that employees ask themselves the following questions:
- When have I come closest to expressing my full potential in a work situation?
- What did it look like?
- What aspects of the workplace were most supportive?
- What aspects of the work itself were most satisfying?
- What did I learn from that experience that could be applied to the present situation?
Workers' Roles in Job Satisfaction
If job satisfaction is a worker benefit, surely the worker must be able to contribute to his or her own satisfaction and well-being on the job. The following suggestions can help a worker find personal job satisfaction:
- Seek opportunities to demonstrate skills and talents. This often leads to more challenging work and greater responsibilities, with attendant increases in pay and other recognition.
- Develop excellent communication skills. Employers value and reward excellent reading, listening, writing, and speaking skills.
- Know more. Acquire new job-related knowledge that helps you to perform tasks more efficiently and effectively. This will relieve boredom and often gets one noticed.
- Demonstrate creativity and initiative. Qualities like these are valued by most organizations and often result in recognition as well as in increased responsibilities and rewards.
- Develop teamwork and people skills. A large part of job success is the ability to work well with others to get the job done.
- Accept the diversity in people. Accept people with their differences and their imperfections and learn how to give and receive criticism constructively.
- See the value in your work. Appreciating the significance of what one does can lead to satisfaction with the work itself. This helps to give meaning to one's existence, thus playing a vital role in job satisfaction.
- Learn to de-stress. Plan to avoid burnout by developing healthy stress-management techniques.
Assuring Job Satisfaction
Assuring job satisfaction, over the longterm, requires careful planning and effort both by management and by workers. Managers are encouraged to consider such theories as Herzberg's(1957) and Maslow's (1943) Creating a good blend of factors that contribute to a stimulating, challenging, supportive, and rewarding work environment is vital. Because of the relative prominence of pay in the reward system, it is very important that salaries be tied to job responsibilities and that pay increases be tied to performance rather than seniority.
So, in essence, job satisfaction is a product of the events and conditions that people experience on their jobs. Brief (1998) wrote: "If a person's work is interesting, her pay is fair, her promotional opportunities are good, her supervisor is supportive, and her coworkers are friendly, then a situational approach leads one to predict she is satisfied with her job" (p. 91). Very simply put, if the pleasures associated with one's job outweigh the pains, there is some level of job satisfaction
JOB SATISFACTION AND EMOTIONS
Mood and emotions while working are the raw materials which cumulate to form the affective element of job satisfaction. (Weiss and Cropanzano, 1996).[8] Moods tend to be longer lasting but often weaker states of uncertain origin, while emotions are often more intense, short-lived and have a clear object or cause.
There is some evidence in the literature that state moods are related to overall job satisfaction. Positive and negative emotions were also found to be significantly related to overall job satisfaction
Frequency of experiencing net positive emotion will be a better predictor of overall job satisfaction than will intensity of positive emotion when it is experienced.
Emotion regulation and emotion labor are also related to job satisfaction. Emotion work (or emotion management) refers to various efforts to manage emotional states and displays. Emotion regulation includes all of the conscious and unconscious efforts to increase, maintain, or decrease one or more components of an emotion. Although early studies of the consequences of emotional labor emphasized its harmful effects on workers, studies of workers in a variety of occupations suggest that the consequences of emotional labor are not uniformly negative.
Emotion regulation and emotion labor are also related to job satisfaction. Emotion work (or emotion management) refers to various efforts to manage emotional states and displays. Emotion regulation includes all of the conscious and unconscious efforts to increase, maintain, or decrease one or more components of an emotion. Although early studies of the consequences of emotional labor emphasized its harmful effects on workers, studies of workers in a variety of occupations suggest that the consequences of emotional labor are not uniformly negative.
It was found that suppression of unpleasant emotions decreases job satisfaction and the amplification of pleasant emotions increases job satisfaction.The understanding of how emotion regulation relates to job satisfaction concerns two models:
- emotional dissonance. Emotional dissonance is a state of discrepancy between public displays of emotions and internal experiences of emotions, that often follows the process of emotion regulation.Emotional dissonance is associated with high emotional exhaustion, low organizational commitment, and low job satisfaction.
- Social interaction model. Taking the social interaction perspective, workers’ emotion regulation might beget responses from others during interpersonal encounters that subsequently impact their own job satisfaction. For example: The accumulation of favorable responses to displays of pleasant emotions might positively affect job satisfaction.
performance of emotional labor that produces desired outcomes could increase job satisfaction.
RELATIONSHIPS AND PRACTICAL IMPLICATIONS
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,and turnover. Further, job satisfaction can partially mediate the relationship of personality variables and deviant work behaviors.
One common research finding is that job satisfaction is correlated with life satisfaction. This correlation is reciprocal, meaning people who are satisfied with life tend to be satisfied with their job and people who are satisfied with their job tend to be satisfied with life. However, some research has found that job satisfaction is not significantly related to life satisfaction when other variables such as nonwork satisfaction and core self-evaluations are taken into account.
An important finding for organizations to note is that job satisfaction has a rather tenuous correlation to productivity on the job. This is a vital piece of information to researchers and businesses, as the idea that satisfaction and job performance are directly related to one another is often cited in the media and in some non-academic management literature. A recent meta-analysis found an average uncorrected correlation between job satisfaction and productivity to be r=.18; the average true correlation, corrected for research artifacts and unreliability, was r=.30. Further, the meta-analysis found that the relationship between satisfaction and performance can be moderated by job complexity, such that for high-complexity jobs the correlation between satisfaction and performance is higher (ρ=.52) than for jobs of low to moderate complexity (ρ=.29). In short, the relationship of satisfaction to productivity is not necessarily straightforward and can be influenced by a number of other work-related constructs, and the notion that "a happy worker is a productive worker" should not be the foundation of organizational decision-making.
With regard to job performance, employee personality may be more important than job satisfaction. The link between job satisfaction and performance is thought to be a spurious relationship; instead, both satisfaction and performance are the result of personality.
Job Satisfaction:
Job Satisfaction is the favorableness or un-favorableness with which the employee views his work. It expresses the amount of agreement between one’s expectation of the job and the rewards that the job provides. Job Satisfaction is a part of life satisfaction. The nature of one’s environment of job is an important part of life as Job Satisfaction influences one’s general life satisfaction.
Job Satisfaction, thus, is the result of various attitudes possessed by an employee. In a narrow sense, these attitudes are related to the job under condition with such specific factors such as wages. Supervisors of employment, conditions of work, social relation on the job, prompt settlement of grievances and fair treatment by employer.
However, more comprehensive approach requires that many factors are to be included before a complete understanding of job satisfaction can be obtained. Such factors as employee’s age, health temperature, desire and level of aspiration should be considered. Further his family relationship, Social status, recreational outlets, activity in the organizations etc. Contribute ultimately to job satisfaction.
FACTORS INFLUENCING JOB SATISFACTION
The major factors influencing job satisfaction are presented below:
SUPERVISION
To a worker, Supervision is equally a strong contributor to the job satisfaction as well as to the job dissatisfaction. The feelings of workers towards his supervisors are usually similar to his feeling towards the company. The role of supervisor is a focal point for attitude formation. Bad supervision results in absenteeism and labor turnover. Good
supervision results in higher production and good industrial relations.
CO-WORKERS
Various studies had traced this factor as a factor of intermediate importance. One’s associates with others had frequently been motivated as a factor in job satisfaction. Certainly, this seems reasonable because people like to be near their friends. The workers derive satisfaction when the co-workers are helpful, friendly and co-operative.
PAY
Studies also show that most of the workers felt satisfied when they are paid more adequately to the work performed by them. The relative important of pay would probably changing factor in job satisfaction or dissatisfaction.
AGE
Age has also been found to have a direct relationship to level job of satisfaction of employees. In some groups job satisfaction is higher with increasing age, in other groups job satisfaction is lower and in other there is no difference at all.
MARITAL STATUS
Marital status has an important role in deciding the job satisfaction. Most of the studies have revealed that the married person finds dissatisfaction in his job than his unmarried counterpart. The reasons stated to be are that wages were insufficient due to increased cost of living, educations to children etc.
EDUCATION
Studies conducted among various workers revealed that most of workers who had not completed their school education showed higher satisfaction level. However, educated workers felt less satisfied in their job.
WORKING CONDITION
The result of various studies shows that working condition is an important factor. Good working atmosphere and pleasant surroundings help increasing the production of industry. Working conditions are more important to women workers than men workers.
DETERMINANTS OF JOB SATISFACTION:
While analyzing the various determinants of job satisfaction, we have to keep in mind that: all individuals do no derive the same degree of satisfaction though they perform the same job in the same job environment and at the same time. Therefore, it appears that besides the nature of job and job environment, there are individual variables which affect job satisfaction. Thus, all those factors which provide a fit among individual variables, nature of job, and situational variables determine the degree of job satisfaction. Let us see what these factors are.
Individual factors:
Individuals have certain expectations from their jobs. If their expectations are met from the jobs, they feel satisfied. These expectations are based on an individual’s level of education, age and other factors.
Level of education: Level of education of an individual is a factor which determines the degree of job satisfaction. For example, several studies have found negative correlation between the level of education, particularly higher level of education, and job satisfaction. The possible reason for this phenomenon may be that highly educated persons have very high expectations from their jobs which remain unsatisfied. In their case, Peter’s principle which suggests that every individual tries to reach his level of incompetence, applies more quickly.
Age: Individuals experience different degree of job satisfaction at different stages of their life. Job satisfaction is high at the initial stage, gets gradually reduced, starts rising upto certain stage, and finally dips to a low degree. The possible reasons for this phenomenon are like this. When individuals join an organization, they may have some unrealistic assumptions about what they are going to drive from their work. These assumptions make them more satisfied. However, when these assumptions fall short of reality, job satisfaction goes down. It starts rising again as the people start to assess the jobs in right perspective and correct their assumptions. At the last, particularly at the fag end of the career, job satisfaction goes down because of fear of retirement and future outcome.
Other factors: Besides the above two factors, there are other individual factors which affect job satisfaction. If an individual does not have favourable social and family life, he may not feel happy at the workplace. Similarly, other personal problems associated with him may affect his level of job satisfaction. Personal problems associated with him may affect his level of job satisfaction.
Nature of job:
Nature of job determines job satisfaction which is in the form of occupation level and job content. Occupation level: Higher level jobs provide more satisfaction as compared to lower levels. This happens because high level jobs carry prestige and status in the society which itself becomes source of satisfaction for the job holders. For example, professionals derive more satisfaction as compared to salaried people: factory workers are least satisfied.
Job content: Job content refers to the intrinsic value of the job which depends on the requirement of skills for performing it, and the degree of responsibility and growth it offers. A higher content of these factors provides higher satisfaction. For example, a routine and repetitive lesser satisfaction; the degree of satisfaction progressively increases in job rotation, job enlargement, and job enrichment.
In the literature export barriers have been operationalzed as export obstacles/ inhibitors, problems or impediments. They all refer to, attitudinal, structural, operational and other international operations (Leondidou, 1995). This definition of export barriers includes several factors, which go beyond the marketing domain. Lall (1991, p.139) restricted his definition only to marketing barriers. He defined marketing barriers as “those gaps, which need to be filled before the competitive producer becomes a successful exporter.” Since the focus of this research is on export marketing problems the latter definition is suitable to this study.
PROBLEMS AND KEY CHALLENGES ON
THE BASIS OF REVIEW
Sales & Marketing: Heavy dependence on a few customers; Lack of in-house design capability; Complete dependence on customer for design; Multiple iterations during sampling increases overhead costs; Lack of standardisation of specifications.
Production: Production planning and order fulfilment of large number ofarticles/styles with reducing lead times; High wastage of leather during production; Low productivity of manual intensive processes.
Material Management: Availability of leather and accessories as per planned date; Supply order visibility; Inefficient material management.
Finance, HR & Other Processes: Accounting not integrated to key business processes; Availability and affordability of skilled IT manpower.
OBJECTIVE OF THE STUDY
Objective of the study are as follows:-
1. To Study the job satisfaction of employees in HDFC Standard Life Insurance, Vanarasi
2. To Measure the satisfaction levels of employees on various factors and give suggestions for improving the same.
3. To find out whether experience have an effect on Job Factors.
4. To find the significance difference among age groups with respect to job Factors.
5. To find the significance difference among male and female employees with respect to job Factors.
SCOPE & IMPORTANCE
The scope of the study is very vital. Not only the Human Resource department can use the facts and figures of the study but also the marketing and sales department can take benefits from the findings of the study.
Scope for the sales department
The sales department can have fairly good idea about their employees that they are satisfied or not.
Scope for the marketing department
The marketing department can use the figures indicating that they are putting their efforts to plan their marketing strategies to achieve their targets or not.
Scope for personnel department
Some customers have the complaints or facing problems regarding the job. So the personnel department can use the information to make efforts to avoid such complaints.
COMPANY PROFILE
ABOUT HDFC SLIC
HDFC Standard Life Insurance Company Ltd. is one of India's leading private insurance companies, which offers a range of individual and group insurance solutions. It is a joint venture between Housing Development Finance Corporation Limited (HDFC Ltd.), India's leading housing finance institution and a Group Company of the Standard Life, UK. HDFC as on December 31, 2007 holds 72.38 per cent of equity in the joint venture.
Our key 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 customized to specific needs. Our group solutions have been designed to offer you complete flexibility combined with a low charging structure.
Track Record so far
Our gross premium income, for the year ending March 31, 2008 stood at Rs. 4,859 crores and new business premium income stood at Rs. 2,685 crores.
The company has covered over 9, 59,000 lives year ending March 31, 2008.
v FACT SHEET
HDFC Standard Life Insurance Co. Ltd. is a joint venture between HDFC Ltd., India's largest housing finance institution and Standard Life Assurance Company, Europe's largest mutual life company. It was the first life insurance company to be granted a certificate of registration by the IRDA on the 23rd of October 2000.
Standard Life, UK was founded in 1825 and has experience of over 180 years. Companies. The company is rated as "very strong" by Standard & Poor's (AA) and "excellent" by Moody's (Aa2).
HDFC Standard Life's cumulative premium income, including the first year premiums and renewal premiums is Rs. 672.3 Crores for the financial year, Apr-Nov 2005. So far the company has covered over 11,00,000 individuals and has declared 5th consecutive bonus in as many years for its 'with profit' policyholders.
BOARD MEMBERS
Brief profile of the Board of Directors
 | Mr. Deepak S Parekh is the Chairman of the Company. He is also the Executive Chairman of Housing Development Finance Corporation Limited (HDFC Limited). He joined HDFC Limited in a senior management position in 1978. He was inducted as a whole-time director of HDFC Limited in 1985 and was appointed as its Executive Chairman in 1993. He is the Chief Executive Officer of HDFC Limited. Mr. Parekh is a Fellow of the Institute of Chartered Accountants (England & Wales). |
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| | Mr. Keki M Mistry joined the Board of Directors of the Company in December, 2000. He is currently the Managing Director of HDFC Limited. He joined HDFC Limited in 1981 and became an Executive Director in 1993. He was appointed as its Managing Director in November, 2000. Mr. Mistry is a Fellow of the Institute of Chartered Accountants of India and a member of the Michigan Association of Certified Public Accountants. |
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| | Mr. Alexander M Crombie joined the Board of Directors of the Company in April, 2002. He has been with the Standard Life Group for 34 years holding various senior management positions. He was appointed as the Group Chief Executive of the Standard Life Group in March 2004. Mr. Crombie is a fellow of the Faculty of Actuaries in Scotland. |
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| | Ms. Marcia D Campbell is currently the Group Operations Director in the Standard Life group and is responsible for Group Operations, Asia Pacific Development, Strategy & Planning, Corporate Responsibility and Shared Services Centre. Ms. Campbell joined the Board of Directors in November 2005. |
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| | Mr. Keith N Skeoch is currently the Chief Executive in Standard Life Investments Limited and is responsible for overseeing Investment Process & Chief Executive Officer Function. Prior to this, Mr. Skeoch was working with M/s. James Capel & Co. holding the positions of UK Economist, Chief Economist, Executive Director, Director of Controls and Strategy HSBS Securities and Managing Director International Equities. He was also responsible for Economic and Investment Strategy research produced on a worldwide basis. Mr. Skeoch joined the Board of Directors in November 2005. |
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| | Mr. Gautam R Divan is a practising Chartered Accountant and is a Fellow of the Institute of Chartered Accountants of India. Mr. Divan was the Former Chairman and Managing Committee Member of Midsnell Group International, an International Association of Independent Accounting Firms and has authored several papers of professional interest. Mr. Divan has wide experience in auditing accounts of large public limited companies and nationalised banks, financial and taxation planning of individuals and limited companies and also has substantial experience in structuring overseas investments to and from India. |
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| | Mr. Ranjan Pant is a global Management Consultant advising CEO/Boards on Strategy and Change Management. Mr. Pant, until 2002 was a Partner & Vice-President at Bain & Company, Inc., Boston, where he led the worldwide Utility Practice. He was also Director, Corporate Business Development at General Electric headquarters in Fairfield, USA. Mr. Pant has an MBA from The Wharton School and BE (Honours) from Birla Institute of Technology and Sciences. |
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| | Mr. Ravi Narain is the Managing Director & CEO of National Stock Exchange of India Limited. Mr. Ravi Narain was a member of the core team to set-up the Securities & Exchange Board of India (SEBI) and is also associated with various committees of SEBI and the Reserve Bank of India (RBI). |
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| | Mr. Deepak M Satwalekar is the Managing Director and CEO of the Company since November, 2000. Prior to this, he was the Managing Director of HDFC Limited since 1993. Mr. Satwalekar obtained a Bachelors Degree in Technology from the Indian Institute of Technology, Bombay and a Masters Degree in Business Administration from The American University, Washington DC. |
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| | Ms. Renu S. Karnad is the Executive director of HDFC Limited, is a graduate in law and holds a Master's degree in economics from Delhi University. She has been employed with HDFC Limited since 1978 and was appointed as the Executive Director in 2000. She is responsible for overseeing all aspects of lending operations of HDFC Limited. |
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PRODUCT PROFILE
Individual Products
We at HDFC Standard Life realize that not everyone has the same kind of needs. Keeping this in mind, we have a varied range of Products that you can choose from to suit all your needs. These will help secure your future as well as the future of your family.
| | You can protect your family against the loss of your income or the burden of a loan in the event of your unfortunate demise, disability or sickness. These plans offer valuable peace of mind at a small price Our Protection range includes | ||||||||||||||||||||||||||||||||
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| | HDFC Standard Life provide you with attractive long term returns through regular bonuses. Our Investment range includes | ||||||||||||||||||||||||||||||||
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| | Our Pension Plans help you secure your financial independence even after retirement. Our Pension range includes | ||||||||||||||||||||||||||||||||
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| | Our Immediate Annuity plan will aid you in receiving income post retirement and securing you financial independence. | ||||||||||||||||||||||||||||||||
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| | Our Savings Plans offer you flexible options to build savings for your future needs such as buying a dream home or fulfilling your children’s immediate and future needs. Our Savings range includes | ||||||||||||||||||||||||||||||||
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Group Products
One-stop shop for employee-benefit solutions HDFC Standard Life has the most comprehensive list of products for progressive employers who wish to provide the best and most innovative employee benefit solutions to their employees. We offer different products for different needs of employers ranging from term insurance plans for pure protection to voluntary plans such as superannuation and leave encashment. We now offer the following group products to our esteemed corporate clients:
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Development Insurance Plan Development Insurance plan is an insurance plan which provides life cover to members of a Development Agency for a term of one year. On the death of any member of the group insured during the year of cover, a lump sum is paid to that member beneficiary to help meet some of the immediate financial needs following their loss.
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| | The premium to be paid will be quoted per member in the group and will be the same for all members of the group The premium can only be paid by the Development Agency as a single lump sum that includes all premiums for the group to be covered. Cover will not start until the premium and all the member information in our specified format has been received. | ||||||||||||||||
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| | The premium rate is Rs. 25 per Rs. 10,000 of lump sum, per member. | ||||||||||||||||
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| | On the death of each member covered by the policy during the year of cover a lump sum equal to the sum assured will be paid to their beneficiaries or legal heirs. Where the death is as a result of an accident, an additional lump sum will be paid equal to half the sum assured. There are no benefits paid at the end of the year of cover and there is no surrender value available at any time. | ||||||||||||||||
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| | The role of the Development Agency | ||||||||||||||||
| | Due to the nature of the groups covered, HDFC Standard Life will be passing certain administrative tasks onto the Development Agency. By passing on these tasks the premium charged can be lower. These tasks would include: | ||||||||||||||||
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| | Training and support will be available to give guidance on how to complete the tasks appropriately. Since these additional tasks will impose a burden on the Development Agency, the Development Agency may charge a Rs. 10 administration fee to their members. | ||||||||||||||||
| | Prohibition of rebates | ||||||||||||||||
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RESEARCH METHODOLOGY
Research methodology is a way to systematically solve the problem. It may be understood has a science of studying how research is done scientifically. In it we study the various steps that all generally adopted by a researcher in studying his research problem along with the logic behind them.
The scope of research methodology is wider than that of research method.
Meaning of Research
Research is defined as “a scientific & systematic search for pertinent information on a specific topic”. Research is an art of scientific investigation. Research is a systemized effort to gain new knowledge. It is a careful inquiry especially through search for new facts in any branch of knowledge. The search for knowledge through objective and systematic method of finding solution to a problem is a research.
RESEARCH DESIGN
A research is the arrangement of the conditions for the collections and analysis of the data in a manner that aims to combine relevance to the research purpose with economy in procedure. In fact, the research is design is the conceptual structure within which research is conducted; it constitutes the blue print of the collection, measurement and analysis of the data. As search the design includes an outline of what the researcher will do from writing the hypothesis and its operational implication to the final analysis of data.
The design is such studies must be rigid and not flexible and most focus attention on the following 2;
Research Design can be categorized as:
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The present study is exploratory in nature, as it seeks to discover ideas and insight to brig out new relationship. Research design is flexible enough to provide opportunity for considering different aspects of problem under study. It helps in bringing into focus some inherent weakness in enterprise regarding which in depth study can be conducted by management.
DATA COLLECTION
For any study there must be data for analysis purpose. Without data there is no means of study. Data collection plays an important role in any study. It can be collected from various sources. I have collected the data from two sources which are given below:
- Primary Data
- Personal Investigation
- Observation Method
- Information from correspondents
- Information from superiors of the organization
- Secondary Data
- Published Sources such as Journals, Government Reports, Newspapers and Magazines etc.
- Unpublished Sources such as Company Internal reports prepare by them given to their analyst & trainees for investigation.
- Websites like HDFC Standard Life Insurance, Vanarasi official, some other sites are also searched to find data.
Sample Size :-
Questionnaire is filled by 20 employees of HDFC Standard Life Insurance, Vanarasi The questionnaire was filled in the office and vital information was collected which was then subjects to:-
Ø A pilot survey was conducted before finalizing the questionnaire.
Ø Data collection was also done with the help of personal observation.
Ø After completion of survey the data was analysed and conclusion was drawn.
Ø At the end all information was compiled to complete the project report.
FINDINGS & ANALYSIS
Q.2. Gender of Respondent?
Table No. 1
| | Frequency | Percent |
| Male | 80 | 80 |
| Female | 20 | 20 |
| Total | 100 | 100 |
Chart no: 1
Interpretation:
Out of 100 respondents 80% Male and 20% Female
Q.3. Monthly Income of Respondent?
Table no: 2 MONTHLY INCOME
| | Frequency | Percent |
| Below rs.10000 | 65 | 65 |
| 10000-20000 | 15 | 15 |
| 20000-30000 | 10 | 10 |
| ABOVE 30000 | 10 | 10 |
| TOTAL | 100 | 100 |
Chart no: 2
Interpretation:
Out of 100 respondents 65% income below 10000, 15% income is 10000 – 20000 , 10% income 20000 – 30000 and 10% income is above 30000.
Q.4. Qualification of Respondent?
Table No: 3
Education qualification
| | Frequency | Percent |
| P.G | 10 | 10 |
| U.G | 90 | 90 |
| TOTAL | 100 | 100 |
Chart No: 3
Interpretation:
Out of 100 respondents 10% qualification is PG and 90% is UG.
Q.5. Marital Status of Respondent?
Table No: 4
| | Frequency | Percent |
| married | 80 | 80 |
| Unmarried | 20 | 20 |
| Total | 100 | 100 |
Chart no: 4
Interpretation:
Out of 100 respondents 80% Married and 20% unmarried.
Q.6. Experience of Respondent?
Table No: 5
Years of Experience
| | Frequency | Percent |
| Less than 1yr | 8 | 8.0 |
| 1-2 yrs | 26 | 26 |
| 2-3yrs | 20 | 20 |
| 3-4yrs | 26 | 26 |
| Above 4yrs | 20 | 20 |
| Total | 100 | 100 |
Chart No.5
Interpretation:
Out of 100 respondents 8% experience is less than 1 yr, 26% 1-2 yrs, 20% 2-3 yrs, 26% 3-4 yrs, and 20% above 4 yrs.
Q.7. Work Environment and nature of work?
Table No: 6
1. Working hours are convenient for me
| | Frequency | Percent |
| strongly agree | 34 | 34 |
| agree | 32 | 32 |
| neither agree nor disagree | 18 | 18 |
| disagree | 13 | 13 |
| strongly disagree | 3 | 3 |
| Total | 100 | 100 |
Chart no. 6
Interpretation:
From the above chart and table it is clearly evident that 34% of the respondents strongly agree that working hours are convenient from them and 32% agree with that and 18% neither agree nor disagree and 13% disagree with the working hours and 3% are strongly against working
hours.
Table No: 7
2. I'm happy with my work place
| | Frequency | Percent |
| Strongly agree | 30 | 30 |
| Agree | 39 | 39 |
| neither agree nor disagree | 18 | 18 |
| Disagree | 8 | 8 |
| strongly disagree | 5 | 5 |
| Total | 100 | 100 |
Chart No: 7
Interpretation:
From the above table it is clear that 30% respondents strongly agree and 39% respondents agree that they are happy with their work place only 13% disagreed and 18% have no idea towards their work place.
Table No: 8
3. I feel i have too much work to do
| | Frequency | Percent |
| strongly agree | 7 | 7 |
| Agree | 9 | 9 |
| neither agree nor disagree | 25 | 25 |
| Disagree | 37 | 37 |
| strongly disagree | 22 | 22 |
| Total | 100 | 100 |
Chart No: 8
Interpretation:
From the above table it is quite clear that the work load is not high, 37% of the respondents disagreed with the question” I feel I have too much work” and another 22% strongly disagreed, 18% admits they have too much work and 23% have no idea towards this question.
Table No: 9
4. Safety measures provided by the company
| | Frequency | Percent |
| strongly agree | 28 | 28 |
| Agree | 31 | 31 |
| neither agree nor disagree | 24 | 24 |
| Disagree | 11 | 11 |
| strongly disagree | 6 | 6 |
| Total | 100 | 100 |
Chart No: 9
Interpretation:
From the above table it is evident that the safety measures provided by the organizations are good as 28 and 31% of the respondents agree with that and only 11& 6% disagreed and 24% neither agreed nor disagreed.
Q.8. Relationship with supervisors and colleagues
Table No: 10
1. My relationship with my supervisor is cordial
| | Frequency | Percent |
| strongly agree | 30 | 30 |
| Agree | 41 | 41 |
| neither agree nor disagree | 16 | 16 |
| Disagree | 6 | 6 |
| strongly disagree | 7 | 7 |
| Total | 100 | 100 |
Chart No: 10
Interpretation:
From the above table it is clear that relationship between employees and their supervisors are cordial because 30% of respondents strongly agreed to it and 41% agreed to it and only 13% disagreed and 16% of respondents have neither agreed nor disagreed.
Table No: 11
2. My supervisor is not partial
| | Frequency | Percent |
| | 18 | 18 |
| Agree | 30 | 30 |
| neither agree nor disagree | 15 | 15 |
| Disagree | 19 | 19 |
| strongly disagree | 18 | 18 |
| Total | 100 | 100 |
Chart No: 11
My supervisor is not partial
Interpretation:
From the above table it is evident that the supervisors are not partial to the employees as 18% strongly agreed and 30% agreed to the question but 19% disagreed and 18% strongly disagreed this level is quite high compared to other questions.
Table No: 12
3. My supervisor considers my idea too while taking decision
| | Frequency | Percent |
| strongly agree | 26 | 26 |
| Agree | 43 | 43 |
| neither agree nor disagree | 26 | 26 |
| Disagree | 2 | 2 |
| strongly disagree | 3 | 3 |
| Total | 100 | 100 |
Chart No: 12
Interpretation:
From the above table it is clear that 26 and 42% of the respondents agree that supervisors consider their employees ideas also and only 5% disagreed and 26% neither agreed nor disagreed.
Table No: 13
4. I'm satisfied with the support from my co-workers
| | Frequency | Percent |
| strongly agree | 21 | 21 |
| Agree | 47 | 47 |
| neither agree nor disagree | 16 | 16 |
| Disagree | 9 | 9 |
| strongly disagree | 7 | 7 |
| Total | 100 | 100 |
Chart No: 13
I'm satisfied with the support from my co-workers
Interpretation:
From the above table it is clear that relation with co-workers is quite good as nearly 68% of the respondents agree that they are satisfied with support from co-workers and only 15% disagreed and 16% have no answer to this
Table No: 14
5. People here have concern from one another and tend to help one another
| | Frequency | Percent |
| strongly agree | 26 | 26 |
| Agree | 41 | 41 |
| neither agree nor disagree | 19 | 19 |
| Disagree | 9 | 9 |
| strongly disagree | 5 | 5 |
| Total | 100 | 100 |
Chart No: 14
People here have concern from one another and tend to help one another
Interpretation:
From the above table it is clear that in this organization people have concern over each other as 26% strongly agreed and 41% agreed and only 14% disagreed and 19% neither agreed nor disagreed.
Q. 9. Welfare Facilities
Table No: 15
1. I'm satisfied with the refreshment facilities
| | Frequency | Percent |
| strongly agree | 9 | 9 |
| Agree | 20 | 20 |
| neither agree nor disagree | 30 | 30 |
| Disagree | 26 | 26 |
| strongly disagree | 15 | 15 |
| Total | 100 | 100 |
Chart No: 15
I'm satisfied with the refreshment facilities
Interpretation:
From the above table it is clear that the employees are not satisfied with the refreshment facilities offered by the company as 26% of respondents disagreed and 15% strongly disagreed and 30% neither agreed nor disagreed and only 29% agreed.
Table No: 16
2. We are provided with the rest and lunch room and they are good
| | Frequency | Percent |
| strongly agree | 8 | 8 |
| Agree | 16 | 16 |
| neither agree nor disagree | 22 | 22 |
| Disagree | 34 | 34 |
| strongly disagree | 20 | 20 |
| Total | 100 | 100 |
Chart No: 16
We are provided with the rest and lunch room and they are We are provided with the good
Interpretation:
From the above table it is quite evident that 24% strongly disagreed and 30% of the respondents disagreed and 22% neither agreed nor disagreed and only 24% of the respondents are satisfied with the rest and lunch room provided.
Table No: 17
3. The parking space for our vehicles are satisfactory
| | Frequency | Percent |
| strongly agree | 4 | 4 |
| Agree | 9 | 9 |
| neither agree nor disagree | 24 | 24 |
| Disagree | 32 | 32 |
| strongly disagree | 31 | 31 |
| Total | 100 | 100 |
Chart No: 17
The parking space for our vehicles are satisfactory
Interpretation:
From the above table it is clear that respondents are not satisfied with the parking facilities provided by the company as 31% of respondents strongly disagreed and 32% of respondents disagreed and only 13% of respondents are satisfied with the parking facilities and 24% have neither agreed nor disagreed.
Q. 10. Pay and promotion
Table No: 18
1. I fell I'm paid a fair amount for the work i do
| | Frequency | Percent |
| strongly agree | 15 | 15 |
| Agree | 39 | 39 |
| neither agree nor disagree | 25 | 25 |
| Disagree | 13 | 13 |
| strongly disagree | 8 | 8 |
| Total | 100 | 100 |
Chart No: 18
I fell I'm paid a fair amount for the work i do
Interpretation:
From the above table it is evident that the respondents are satisfied with their salary as 39% agree and 15% strongly agree. Only `3% disagree and 8% strongly disagree, 25% neither agree nor disagree.
Table No: 19
2. I'm satisfied with the chances for my promotion
| | Frequency | Percent |
| strongly agree | 27 | 27 |
| Agree | 43 | 43 |
| neither agree nor disagree | 13 | 13 |
| Disagree | 9 | 9 |
| strongly disagree | 8 | 8 |
| Total | 100 | 100 |
Chart No: 19
I'm satisfied with the chances for my promotion
Interpretation:
From the above table it is quite clear that employees are satisfied with their chances for promotion as 43% agree and 27% strongly agree. Only 9% disagree and 8% strongly disagree, 13% neither agree nor disagree.
Table No: 20
3. The salary we receive are good as other organizations offer pay to their employees
| | Frequency | Percent |
| strongly agree | 27 | 27 |
| Agree | 37 | 37 |
| neither agree nor disagree | 26 | 26 |
| Disagree | 6 | 6 |
| strongly disagree | 4 | 4 |
| Total | 100 | 100 |
Chart No: 20
The salary we receive are good as other organizations offer The salary we receive are good as
Interpretation:
From the above table it is quite clear that the salary in this organization is at par to the industry as 37% agree and 27% strongly agree. Only 6% disagree and 4% strongly disagree, 26% neither agree nor disagree.
Table No: 21
4. I'm satisfied with the allowances provided by the organization
| | Frequency | Percent |
| strongly agree | 19 | 19 |
| Agree | 42 | 42 |
| neither agree nor disagree | 21 | 21 |
| Disagree | 11 | 11 |
| strongly disagree | 7 | 7 |
| Total | 100 | 100 |
Chart No: 21
I'm satisfied with the allowances provided by the organization
Interpretation:
From the above table it is clear that the employees are satisfied with the allowances and other benefits provided by the organization as 42% agree and 19% strongly agree. Only 11% disagree and 7% strongly disagree, 21% neither agree nor disagree.
Q. 11. Communication and motivation
Table No: 22
1. I feel my boss motivate me to achieve the organizational goals
| | Frequency | Percent |
| strongly agree | 11 | 11 |
| Agree | 33 | 33 |
| neither agree nor disagree | 25 | 25 |
| Disagree | 22 | 22 |
| strongly disagree | 9 | 9 |
| Total | 100 | 100 |
Chart No: 22
I feel my boss motivate me to achieve the organizational goals
Interpretation:
From the above table it is evident that employees boss are motivating to achieve organizational goals as 33% agree and 11% strongly agree. 22% disagree this is quite high compared to other factors and 9% strongly disagree and 25% neither agree nor disagree.
Table No: 23
2. My supervisor motivates me to increase my efficiency at times when i'm not
| | Frequency | Percent |
| strongly agree | 18 | 18 |
| Agree | 44 | 44 |
| neither agree nor disagree | 18 | 18 |
| Disagree | 13 | 13 |
| strongly disagree | 7 | 7 |
| Total | 100 | 100 |
Chart No: 23
My supervisor motivates me to increase my efficiency at My supervisor motivates me to increase
Interpretation:
From the above table it is evident that employees boss motivates the employee when he is unproductive and help him to be productive as 44% agree and 18% strongly agree. Only 7% strongly disagree and 7% disagree, 18% neither agree nor disagree.
Q. 12. Job factors
Table No: 24
1. Overall I'm satisfied with my job
| | Frequency | Percent |
| strongly agree | 21 | 21 |
| Agree | 33 | 33 |
| neither agree nor disagree | 25 | 25 |
| Disagree | 15 | 15 |
| strongly disagree | 6 | 6 |
| Total | 100 | 100 |
Chart No: 24
Overall I'm satisfied with my job
Interpretation:
From the above table it is evident that Overall satisfactions of the respondents are good as 33% agree and 21% strongly agree. Only 6% strongly disagree and 15% disagree and 25% neither agree nor disagree.
FINDINGS
The descriptive statistics table helps us to derive satisfaction level of employees on various factors:
The respondents are satisfied with the environment and nature of work factors as their mean value is near to 2.50
The respondent’s relationship with the superiors and colleagues are quite good as their mean value is 2.36 is an agreeable level.
The Respondents are not provided with proper welfare facilities that’s the reason the mean value is quite high at 3.46 levels which is disagree level.
The communication and motivation of employees by their superiors in this organization is reasonable as the mean value is 2.57.
The Pay and promotion activities in this organization is also good as their mean value is 2.4
The Respondents are overall satisfied with their job as their mean value is 2.54 which is an agreeable level.
The Parking facilities provided by the organization are not good that’s why most respondents disagree with this question.
The refreshment facilities are also need to be improved because most of the employees are dissatisfied on this factor.
The Rest room facilities in the company are not good and they are not satisfied with the lunch facilities.
CONCLUSION
Reports the findings of recent empirical research into the job satisfaction of an original sample of 100 marketing managers. Provides data on the nature and sources of job satisfaction/dissatisfaction and on the assessment of the relative importance of various intrinsic (content) and extrinsic (context) occupational characteristics. Analyses the satisfaction criteria against a variety of variables such as age, gender, tenure and career development. Discusses the implications for the marketing practitioner at the workbench level within organizations.
- Employees are not completely satisfied with their job although their salary is good enough.
- Employees are not getting value to their work.
- Most of employees think that they are nt on their actual path.
- Most of the employees think that the organization haven’t fulfill their promises, what they do in beginning especially regarding Promotion.
- There is negatively comparison between peers especially regarding targets.
- They often feel overworked.
SUGGESTIONS
To increase the job satisfaction level of the employees the company should concentrate
Mainly on the incentive and reward structure rather than the motivational session.
- Ideal employees should concentrate on their job.
- Educational qualification can be the factor of not an effective job.
- Company should give promotion to those employees who deserve it.
- To offer valuable suggestions to improve the satisfaction level of employees.
LIMITATIONS OF THE STUDY
- Sample size of the study is only 100.
- Some of the respondents were not responding to some of the questions.
- Due to time constraint the researcher was not able to complete the project to desired level.
- The researcher was carried out in a short span of time, where in the researcher could not widen the study.
- The study could not be generalized due to the fact that researcher adapted personal interview method.
- Unwillingness of respondents: While collection of the data many consumers were unwilling to fill the questionnaire. Respondents were having a feeling of wastage of time for them.
- Small area for research: The area for study was HDFC Standard Life Insurance, Vanarasi which is quite a small area to judge job satisfaction level.
BIBLIOGRAPHY
BOOKS
- Kothari C.R., Research Methodology, New Delhi; New Age International Publication, second edition.
- Ashwathapa K., Human Resource Management (third edition), Tata Mc Graw Hill Publication Company Ltd. Page no. 81-136,171,179,267,284.
- Chhabra. , T. N. Human Resource Management ,Dhanpat Rai $Co(P)Ltd. India,ninth
- edition.
- Monnapa Arun., Human Resource Management ,Tata Mc Graw Hill Publication
- Company Ltd.
WEBSITES
· www.hdfclife.com
· www.google.co.in
· www.wikipedia.com
 |
QUESTIONNAIRE
“A study on Job Satisfaction of Employees in HDFC Standard Life Insurance, Vanarasi”
1. Name: …………………………………………………………………………………
2. Gender: Male Female
3. Monthly Income:
A) Below Rest. 10,000 B) 10,000- 20000 C) 20,000-30000 D) Above
30,000
4. Education Qualification:
A) Under graduation B) Post – graduation
5. Marital Status
A) Married B) Unmarried
6. Years of experience:
A) Less than 1yr B) 1-2 yrs C) 2-3 yrs D) 3-4 yrs E) Above 4yrs
Please indicate your level of agreement in connection with various
factors:
1. Strongly agree 2. Agree 3. Neither agree nor disagree 4. Disagree
5. Strongly Disagree
7. Work Environment and nature of work
| S.NO. | Particulars | 1 | 2 | 3 | 4 | 5 |
| 1 | Working hours are convenient for me | | | | | |
| 2 | I’m happy with my work place | | | | | |
| 3 | The lighting and other arrangements in the office are satisfactory | | | | | |
| 4 | I feel I have too much work to do | | | | | |
 |
8. Relationship with supervisors and colleagues
| S.NO. | Particulars | 1 | 2 | 3 | 4 | 5 |
| 1 | My relationship with my supervisor isCordial | | | | | |
| 2 | My supervisor is not partial | | | | | |
| 3 | My supervisor considers my ideas too while making decision | | | | | |
| 4 | I’m satisfied with the support from my coworkers | | | | | |
| 5 | People here have concern for one another and tend to help one another | | | | | |
9. Welfare Facilities
| S.NO | Particulars | 1 | 2 | 3 | 4 | 5 |
| 1 | I’m satisfied with the refreshment facilities | | | | | |
| 2 | We are provided with the rest and lunch room and they are good | | | | | |
| 3 | The parking facilities provided for our vehicles are satisfactory | | | | | |
10. Pay and promotion
| S.No | Particulars | 1 | 2 | 3 | 4 | 5 |
| 1 | I feel I’m being paid a fair amount for the work I do | | | | | |
| 2 | I’m satisfied with my chances for promotion | | | | | |
| 3 | The salaries we receive are good as other organizations pay to their employees | | | | | |
| 4 | I’m satisfied with the allowances provided by my organization | | | | | |
11. Communication and motivation
| S. No | Particulars | 1 | 2 | 3 | 4 | 5 |
| 1 | I feel that my Boss motivate me to achieve the organization goal | | | | | |
| 2 | My supervisor motivates me to increase my efficiency at times when I’m not productive | | | | | |
12. Job factors
| S.NO. | Particulars | 1 | 2 | 3 | 4 | 5 |
| 1 | Overall, I’m satisfied with my job | | | | | |
 |
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