Major Project ReportOn

Job Satisfaction of Employees at Reliance Life Insurance Company limited

Submitted in partial fulfillment for the award of the degree of Bachelor of Business Administration (2008-11)

Submitted by: Kunal BatraEnrollment no: - 0632121708

Maharaja Surajmal InstituteC-4, Janakpuri, New Delhi -110058

Affiliated To Guru Gobind Singh Indraprastha University, Delhi.

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CERTIFICATE

This is to certify that the project titled “Job Satisfaction of Employees at Reliance Life Insurance Company limited” is an academic work done by “Kunal Batra” submitted in the partial fulfillment for the award of degree of Bachelor of Business Administration from Maharaja Surajmal Institute, under my guidance and direction. To the best of my knowledge and belief the data and information presented by him in the project has not been submitted earlier.

Project GuideMs. Shailza DuttAssistant ProfessorDepartment of Business Administration

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ACKNOWLEDGEMENT

A comprehensive listing of everyone entitled to my gratitude would necessitate the supplement to my project work.

It is none other than “Almighty” that I would like to thank first for granting me the perseverance and patience, which was quite essential in my endeavor.

I would like to thank Ms. Shailza Dutt for providing me continuous support, guidance, encouragement and enlightening me with valuable suggestions at every step of the project. It was a truly wonderful learning experience.

Kunal Batra

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Table of Contents

S.No Particulars Page No.

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Introduction

Objectives Of The Study

Research Methodology

Limitations Of The Study

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Profile Of The Organization

Analysis And Interpretation Of Data

Conclusions And Recommendations

Bibliography

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Chapter-1Introduction

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Introduction

Job Satisfaction has been defined as a pleasurable emotional state resulting from the appraisal of one’s job; an affective reaction to one’s job; and an attitude towards one’s job. Weiss (2002) has argued that job satisfaction is an attitude but points out that researchers should clearly distinguish the objects of cognitive evaluation which are affect (emotion), beliefs and behaviors. This definition suggests that we form attitudes towards our jobs by taking into account our feelings, our beliefs, and our behaviors.

Job Satisfaction describes how content an individual is with his or her job. The happier people are within their job, the more satisfied they are said to be. Job satisfaction is not the same as motivation, although it is clearly linked. Job design aims to enhance job satisfaction and performance; methods include job rotation, job enlargement and job enrichment. Other influences on satisfaction include the management style and culture, employee involvement, empowerment and autonomous work groups. Job satisfaction is a very important attribute which is frequently measured by organizations. The most common way of measurement is the use of rating scales where employees report their reactions to their jobs. Questions relate to rate of pay, work responsibilities, variety of tasks, promotional opportunities the work itself and co-workers. Some questioners ask yes or no questions while others ask to rate satisfaction on 1-5 scale (where 1 represents "not at all satisfied" and 5 represents "extremely satisfied").

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OBJECTIVES OF THE STUDY

The study would focus on the collection of data from the desired sample size with a view to attain the following stated objectives:

1. To study and analyze the present level of job satisfaction of the employees in Reliance life insurance company ltd.

2. To study about factors relating to job satisfaction of employees.

3. To study about the Causes of job satisfaction/dissatisfaction

4. To study about the consequences of job satisfaction / dissatisfaction

5. To study about the strategies to improve your job satisfaction.

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RESEARCH METHODOLOGY

A research methodology defines what the activity of research is, how to proceed, how to measure progress, and what constitutes success.

Research Design: A research design is the arrangement of conditions for

collection and analysis of data in a manner that aims to combine relevance to the research purpose with economy in procedure. Research design is the conceptual structure within which research is conducted, constitutes blue print for collection, measurement and analysis of data.The research design used here is descriptive research design.

Descriptive Research design - Descriptive research is also called

Statistical Research. The main goal of this type of research is to describe the data and characteristics about what is being studied. The idea behind this type of research is to study frequencies, averages, and other statistical calculations.

Sources Of Information:

a) Primary Data:

For collecting primary data an approved structure-questionnaire was used which was a framework of various questions covering various aspects of job satisfaction.

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b) Secondary Data:

Available published books, magazines, journals etc. has been used to better understand the concept, nature and even application of the problem so as to derive fruitful result. Even the literature, Pamphlets, past reports and the website of the company provided valuable inputs.

Methods of Data Collection:

The following methods have been adopted for the purpose of research.

1. DiscussionIn order to have a grasp over the subject, the investigator has had a discussion with the management personnel.

2. InterviewAfter discussion, the investigator has interviewed the employees of Reliance life insurance ltd for the collection of data.

3. QuestionnaireMost of the information was collected by the way of filling the questionnaire by the employees of Reliance life insurance company ltd.

Sampling:

a.) Area Sampling Method: Convenience Sampling methodAreas covered: Rohini, Pitampura, Punjabi Bagh.

b.) Method of Customers Sample: Random Sampling method.

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Sample Size: A total of 40 employees comprising of both executives and non-

executives were selected on random basis and responses were collected from them.

Tools used for Interpretation:

Bar diagrams: A method of presenting data in which frequencies are displayed along

one axis and categories of the variable along the other, the frequencies being represented by the bar lengths.

LIMITATIONS OF THE PROJECT

Certain hindrances faced during the project work were:

1. Many employees were extremely occupied in their assignments/responsibilities and therefore could not spare time for the interview/personal interaction.

2. The time allotted for the study was limited.

3. Some employees expressed their inability to come forward for interviews.

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Chapter-2Profile of the

Company

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Founder-

Few men in history have made as dramatic a contribution to their country’s economic fortunes as did the founder of Reliance, Shri. Dhirubhai H Ambani. Fewer still have left behind a legacy that is more enduring and timeless.

As with all great pioneers, there is more than one unique way of describing the true genius of Dhirubhai: The corporate visionary, the unmatched strategist, the proud patriot, the leader of men, the architect of India’s capital markets, the champion of shareholder interest.

But the role Dhirubhai cherished most was perhaps that of India’s greatest wealth creator. In one lifetime, he built, starting from the proverbial scratch, India’s largest private sector enterprise.

When Dhirubhai embarked on his first business venture, he had a seed capital of barely US$ 300 (around Rs 14,000). Over the next three and a half decades, he converted this fledgling enterprise into a Rs 60,000 crore colossus—an achievement which earned Reliance a place on the global Fortune 500 list, the first ever Indian private company to do so.

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Dhirubhai is widely regarded as the father of India’s capital markets. In 1977, when Reliance Textile Industries Limited first went public, the Indian stock market was a place patronised by a small club of elite investors which dabbled in a handful of stocks.

Undaunted, Dhirubhai managed to convince a large number of first-time retail investors to participate in the unfolding Reliance story and put their hard-earned money in the Reliance Textile IPO, promising them, in exchange for their trust, substantial return on their investments. It was to be the start of one of great stories of mutual respect and reciprocal gain in the Indian markets.

Under Dhirubhai’s extraordinary vision and leadership, Reliance scripted one of the greatest growth stories in corporate history anywhere in the world, and went on to become India’s largest private sector enterprise.

RELIANCE LIFE INSURANCE COMPANY LIMITED

Reliance Life Insurance Company Limited is a part of Reliance Capital Ltd. of the Reliance - Anil Dhirubhai Ambani Group. Reliance Capital is one of India’s leading private sector financial services companies, and ranks among the top 3 private sector financial services and banking companies, in terms of net worth.

Reliance Capital Ltd. has interests in asset management, life and general insurance, private equity and proprietary investments, stock broking and other financial services.

Reliance Life Insurance is another step forward for Reliance Capital Limited to offer need based life insurance solutions to individuals and corporate in India.

Reliance Group HoldingsCompany History:

Reliance Group Holdings has grown from a small office data-processing equipment firm in 1961 into a major insurance and financial-services group in one generation under one chief. The holding company is best known for its insurance group, which includes separate subsidiaries for property and casualty insurance, life insurance, and title and mortgage insurance. Reliance's insurance operations constitute the nation's 27th-largest property and casualty operation. The parent company also includes a development

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subsidiary in commercial real estate. Reliance's international consulting group contains several subsidiaries in energy, environment, and natural resources consulting. A financial arm invests in other businesses, primarily television stations.

By the time he received a bachelor of science degree in economics from the University of Pennsylvania's Wharton School of Finance in 1959, Saul Steinberg was already in the business of leasing computers, then a new concept. In 1961, at age 22, Steinberg founded the Leasco Data Processing Equipment Corporation. The company grew rapidly, expanded its capabilities, and in 1965 went public.

By 1968, Leasco sought to diversify its fields of business. Among its major purchases in the last two years of the 1960s was Reliance Insurance Companies of Philadelphia, which included Reliance Insurance Company and its subsidiaries. Leasco bought 91% of Reliance in September 1968, and the balance in winter 1981. Reliance insurance had been writing insurance since 1817, officially incorporating in 1820, and became the company's largest subsidiary.

Reliance Insurance started as the Fire Association of Philadelphia in 1817, organized by 5 hose and 11 engine fire companies. It became the nation's first association of volunteer fire departments. Its office was the front room of Caleb Carmalt, one of the founders. The association first met in his house on September 17, 1817. Michael Fox, president of Diligent Engine Company, was elected chairman. The new group took the place of several previous associations that had never succeeded because of internal squabbles among members.

The association started with no money, and trustees pledged their property as security. The founders agreed not to pay dividends until the company accumulated $15,000 in capital. The original 13 trustees agreed that dividends should go to the unpaid firemen. As a benefit, members received a 5% discount on their own property fire insurance. In addition to underwriting fire insurance, the association served as mediator between its member engine and hose companies; as rivals to get to a fire first to collect the commission, fire companies often damaged each other's equipment and assaulted each other.

The association adopted a fire mark with a fireplug attached to a hose and the initials F.A. on both sides for homeowners to place on their facades to let firefighters--and potential arsonists--know the houses were insured. Samuel Bleight, a storeowner with a weaving business in his basement, bought the first policy for his three-story building. The company took ten risks its first year.

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The first time the association applied to the state legislature for a charter, it failed after the representative from Philadelphia stated that "the petitioners were men unworthy of public confidence and destitute alike of public spirit and mental worth." Association members immediately launched a successful campaign to defeat the representative in his next bid for reelection. Existing insurance companies also fought the charter. They "may have feared the Fire Association's influence on their own business, though they gave as their real cause of opposition . . . the fact that the new organization was without cash capital," according to The Fire Association of Philadelphia, a corporate history published in 1917 to celebrate its first century. On March 27, 1820, the governor of Pennsylvania signed a charter for The Trustees of the Fire Association of Philadelphia.

The company wrote 29 risks the first year of its charter. Business grew steadily, and by 1832, it wrote 583 policies. Although the first companies joined the association without charge, it subsequently imposed an entrance fee. By November 1829, 44 companies were members. By 1850, the association amassed a surplus of $100,000.

That year, the Great Fire of Philadelphia started at a store and spread to a warehouse where it caused an explosion and created panic. The fire spread so fast that it could be seen across the Delaware River in Trenton, New Jersey, and tremors were felt in Wilmington, Delaware. The largest fire in Philadelphia history up to that time, it destroyed 367 buildings, killed between 17 and 33 people, some drowning after jumping into the river. More than 100 people were reported injured, and losses were valued at $1.5 million, of which the association owed about $100,000, enough to wipe out the surplus it had accumulated.

The trustees, however, promptly secured a loan based on their own personal liability, and paid all claims. This step created so much goodwill that its business expanded rapidly in the next few years.

During the Civil War, association members operated ambulances to transport the wounded to hospitals when they arrived in Philadelphia. In 1871, the city of Philadelphia organized its own fire department. The trustees voted to continue the association as a stock company under an amended charter. The state legislature approved the new charter on May 5, 1871. Four of the previous trustees and nine other stockholders were elected to the board of directors. At that time, the association became solely an insurance company and started writing policies outside Philadelphia. Its assets at the time totaled $1.71 million.

Business got a boost as a result of the Great Chicago Fire of 1871. The association soon developed a field of agents to write policies across the country. For the first two years,

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shareholders received dividends twice a year of $5 a share, which increased gradually to $10 in 1876.

As the company history reported, the association was able to pay large claims promptly when they came due. These included $309,000 after the great Baltimore Fire in 1904 and $1.84 million following the 1906 San Francisco Earthquake and Fire. By 1917, the association reported business of $4 million a year. It had expanded its coverage to include marine, tourist baggage, registered mail, explosion, sprinkler leakage, tornado, earthquake, and automobile insurance.

In 1919, the association started a subsidiary, Victory Fire Insurance Company, which had the same officers as the parent company. In the 1920s, it founded another subsidiary, Reliance Insurance Company and added riot and civil commotion insurance to its offerings. The year of the 1929 stock market crash, the association made $93,605 in underwriting profit, but this sum was more than offset by its $410,000 losses in investments.

World War II took its toll on the insurance business, including the association, which lost money between 1942 and 1946. By 1947, it broke even, and 1949 "was by far the banner year in the company's long history," Best's Insurance Reports, 1950-1951 edition, stated. In 1950, the association merged its subsidiaries into the parent company. The Fire Association of Philadelphia changed its name to Reliance Insurance Company in 1958.

From then on, the insurance company grew both through acquisition and establishment of subsidiaries. In the property and casualty field, it bought General Casualty Company of Wisconsin in 1956--sold in 1990 to Winterthur Swiss Insurance Company for $630 million--and United Pacific Insurance Company in 1967.

Reliance also started Eureka Insurance Company in Wisconsin in 1959, which changed its name to Planet Insurance Company in 1963. Since 1973, Planet has written Reliance's commercial mass-marketing business. In 1976, Planet took over Reliance's standard business in Texas. Another subsidiary, Regent Insurance Company, also started in 1963 in Wisconsin, writes auto, fire, inland marine, workers' compensation, and other insurance. Reliance started General Casualty Company of Illinois, sold in 1990, and Reliance Insurance Company of Illinois. The property and casualty operations evolved so that Reliance Insurance Company handled most eastern operations; General Casualty was responsible for most midwestern business until its sale; and United Pacific took care of the West.

The company's strategy was expansion in selected specialty lines. In 1971, the parent company formed Reliance Financial Services Corporation, an intermediate holding

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company for its insurance branches. The insurance operations are governed by a complicated structure, in which Reliance Group Holdings owns Reliance Group, Inc., which in turn owns Reliance Financial Services Corporation, which in turn owns Reliance Insurance Company and its subsidiaries.

In 1972, the Reliance insurance group divided its pool so that Reliance Insurance Company and its subsidiaries handled most standard lines, while United Pacific Insurance Company handled the nonstandard and other operations. Other property and casualty subsidiaries included Reliance Insurance Company of New York, founded in 1978, and Reliance Lloyds, founded in 1980.

In December 1973 Leasco Corporation changed its name to Reliance Group, Inc. The move represented corporate strategy to move away from computer-related services and into financial ones in the early 1970s, and recognition that insurance constituted the biggest part of the group. Three years later, Reliance Group founded Commonwealth Land Title Insurance Company, which would become the lead company in the group for mortgage and title insurance.

In 1981, Steinberg, still chairman of the board and chief executive officer decided to make the company private. He founded Reliance Group Holdings, Inc., a holding company for his and his family's stock that acquired all outstanding shares of Reliance Group, Inc., through cash purchase, debentures, or preferred shares of Reliance Group Holdings.

In 1982, Reliance insurance group expanded its life insurance business, as United Pacific Life Insurance Company marketed annuities for savings and retirements. The same year, the company incorporated Reliance Life Insurance Company of Rhode Island. The next year, it founded United Pacific Reliance Life Insurance Company of New York.

In 1986 the company went public again. Reliance Group Holdings, Inc. sold slightly more than 20% of its stock with a 15 million-share offering. Steinberg, his family and their trust retained the rest.

Principal Subsidiaries:

Reliance Insurance Company Reliance National Insurance Company

General Casualty Companies; Reliance Surety Company

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Reliance Reinsurance Corporation

United Pacific Life Insurance Company

United Pacific Reliance Life Insurance Company of New York

United Pacific Financial Services

Commonwealth Land Title Insurance Company

Transamerica Title Insurance Company

Commonwealth Mortgage Assurance Company

Commonwealth Relocation Services, Inc.

Reliance Development Group, Inc.

RCG International, Inc.

RCG/Hagler Bailly

RCG/Moody-Tottrup

RCG/Personnel Sciences

RCG/Vectron; Herbert W. Davis & Company

Werner International, Inc.

Telemundo Group, Inc.

Achievements

RLIC has been one of the fast gainers in market share in new business premium amongst the private players with an incremental market share of 4.1% in the Financial Year 2007-08 – from 3.9% in April 07 to 8% in Feb 08. ( Source: IRDA)

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Also continues to be amongst the fast growing Private Life Insurance Companies with a YOY growth of 195% in new business premium as of Mar’08.

A Company that has crossed 1.7 Million policies in just 2 years of operation, post takes over of AMP Sanmar business.

Initiated Express Life – and Unique ’Over the Counter’ sales process for Unit Linked Insurance Policies in the Industry.

Accomplished a large distribution ramp-up in the Industry in a short span of time by opening 600 branches in 10 months taking the overall branch network above 740.

RLIC continues to be one of the two Life Insurance companies in India to be certified ISO 9001:2000 for all the processes.

Awarded the Jamnalal Bajaj Uchit Vyavahar Puraskar 2007- Ceritificate of Merit in the Financial Services category by Council for Fair Business Practices (CFBP). It’s largest private sector enterprise

Vision & Mission

Vision

Empowering everyone live their dreams.

Mission

Create unmatched value for everyone through dependable, effective, transparent and profitable life insurance and pension plans.

Our Goal

Reliance Life Insurance would strive hard to achieve the 3 goals mentioned below:

Emerge as transnational Life Insurer of global scale and standard

Create best value for Customers, Shareholders and all Stake holders

Achieve impeccable reputation and credentials through best business practices

About the products

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Solutions for Individuals

Reliance Life Insurance is here with Solutions for Individuals, a series of plans that will help customers make wise investments, protect their family, secure child’s future and even chalk out a plan for customer’s retirement.

PLANS

Protection Plans

Protect the family even when the customer is not around by investing in Reliance Protection Plans. Choose a limited period plan or a lifetime protection plan depending on customers’ needs.

In today’s uncertain world, there could be calamity at every step of the life. It is up to the customer to ensure that his family stays protected always.

Reliance Protection Plans helps customers do exactly the same. They have a wide range of options to choose a plan from. Right from limited period plans to lifetime protection plans, customers can opt for the one that suits their lifestyle.

While co. understands that nothing can compensate for the loss of a life, we intend to provide customers the peace of mind. Investing in Reliance Protection Plans would mean family’s future is in safe hands.

Protection Plans

Reliance Term Plan

Reliance Simple Term Plan

Reliance Special Term Plan

Reliance Credit Guardian Plan

Reliance Special Credit Guardian Plan

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Reliance Endowment Plan

Reliance Special Endowment Plan

Savings & Investment Plans

Reliance Savings & Investment Plans help customer to set aside some money to achieve specific goals in life, which means that customer can enjoy life and provide for his family’s daily needs.

In life, customer has always given his family whatever they have wanted. Yet, there are some promises he has to fulfill, such as taking his family for a vacation, or buying that dream house.

Set aside some money to achieve these specific goals with the help of Reliance Savings & Investment Plans. The plan allows customer to experience the joys of life and provide for their family’s needs.

Enjoy life without worrying about the promises cus has made—the co. is here to fulfill them.

Savings & Investment Plans

Reliance Super Invest Assure Plan

Total Investment Plan I - Insurance

Reliance Wealth + Health Plan

Reliance Automatic Investment Plan

Reliance Money Guarantee Plan

Reliance Cash Flow Plan

Reliance Market Return Plan

Reliance Endowment Plan

Reliance Golden Years Plan Value

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Retirement Plans

Invest today in Reliance Retirement Plans and save money to enjoy life even after retirement. Customer will never have to depend on another person or make any compromises to maintain his current lifestyle.

The customer is a young and earning individual. The income he earns allows him to enjoy life, his only worry being whether he will be able to continue the same lifestyle after retirement.

A Reliance Retirement Plan will help customer save money for his retirement. It ensures that he continues to get some income after retirement thereby ensuring that he does not have to depend on any other person or make any compromises to maintain the same lifestyle.

Retirement Plans

Total Investment Plan II - Pension

Reliance Golden Years Plan

Reliance Golden Years Plan Value

Reliance Golden Years Plan Plus

Reliance Wealth + Health Plan

Reliance Automatic Investment Plan

Reliance Money Guarantee Plan

Child Plans

Save systematically and secure child’s future needs by investing in Reliance Child Plans. Customer can always be there for his child when he or she needs him.

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Being a parent is one of the joys of life. The child looks up to the parent and depends on him for love, protection and support. Parents want to provide the child with the best in life.

The Reliance Child Plan helps customer save systematically so that they can secure their child’s future needs. Be it higher education, his or her first home or any other requirement, customer will always be there for his child when he or she needs him.

Child Plans

Reliance Super Invest Assure Plan

Reliance Child Plan

Reliance Secure Child Plan

Reliance Wealth + Health Plan

Benefits to employees

Opportunities for lateral growth within the company

Performance management system based on the balanced scorecard model

Exposure to extensive learning and developmental initiatives (that includes a state of the art e-learning platform and strategic partnerships with international leaders for special developmental programs)

Annual awards in recognition of exemplary performance

A stimulating and high energy environment with regular interactive, fun events and challenging contests

What is job satisfaction?

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Job satisfaction is one’s attitude towards his job (positive or negative). Satisfaction in work and the work environment is the basic constituent of employee job satisfaction. Employee attitudes and values influence their behaviour. Positive outlook and backup from HR helps modify behaviour resulting in higher performance levels.

CrucialHR must ensure pursuance of right assignment by the employee at the recruitment and selection stage itself. HR should consider value systems as key credentials along with abilities and experience to be compatible with that of the organization.

Organizations, which give due recognition to the perceptions, attitudes, motivation and learning abilities of employees, successfully create an efficient workforce. Efficient workforces identify themselves with the organization’s mission and aid in its success.

How to achieve?

Attitudes influence behaviour and are the indicators of potential problems an organisation might encounter. HR must help employees to cope with frustrations and sustain job satisfaction.

Motivated employees stay on for long to achieve their goals. Job responsibilities, achievements, growth, self-fulfillment and recognition enhance job satisfaction levels. A candid interaction of managers with employees helps develop good relationships. Continuous coaching and genuine appreciation by the managers also enhances job satisfaction.

To cultivate an attitude of excellence in their employees, managers must provide a certain degree of autonomy. Organisations and managers desirous of excelling must therefore, work toward ensuring employee job satisfaction.

‘A happy worker is a productive worker’. The Hawthorne studies conducted at an electrical plant in Chicago from 1924-1932 revealed that employee morale and satisfaction increase productivity. Since then, management has pursued the topic of job satisfaction, as it is believed to enhance performance, reduce absenteeism, retain qualified workers and establish smooth employment relations.

Job satisfaction is a ‘pleasurable or emotional state resulting from the appraisal of one’s job and experience. It is important to realize that these attitudes vary according to

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individual experiences and expectations and hence there is no single unitary concept of job satisfaction.

TWO-FACTOR THEORY (MOTIVATOR-HYGIENE THEORY)

Frederick Herzberg’s two factor theory (also known as Motivator Hygiene Theory) attempts to explain satisfaction and motivation in the workplace. This 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. These motivating factors are considered to be 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.

While Hertzberg's model has stimulated much research, researchers have been unable to reliably empirically prove the model, with Hackman & Oldham suggesting that Hertzberg's original formulation of the model may have been a methodological artifact .

Furthermore, the theory does not consider individual differences, conversely predicting all employees will react in an identical manner to changes in motivating/hygiene factors. . Finally, the model has been criticized in that it does not specify how motivating/hygiene factors are to be measured.

MEASURING JOB SATISFACTION

There are many methods for measuring job satisfaction. By far, the most common method for collecting data regarding job satisfaction is the Likert scale (named after Rensis Likert). Other less common methods of for gauging job satisfaction include: Yes/No questions, True/False questions, point systems, checklists, and forced choice answers. This data is typically collected using an Enterprise Feedback Management (EFM) system.

The Job Descriptive Index (JDI), created by Smith, Kendall, & Hulin (1969), is a specific questionnaire of job satisfaction that has been widely used. It measures one’s satisfaction in five facets: pay, promotions and promotion opportunities, coworkers, supervision, and the work itself. The scale is simple, participants answer either yes, no, or

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can’t decide (indicated by ‘?’) in response to whether given statements accurately describe one’s job.

The Job in General Index is an overall measurement of job satisfaction. It is an improvement to the Job Descriptive Index because the JDI focuses too much on individual facets and not enough on work satisfaction in general.

Other job satisfaction questionnaires include: the Minnesota Satisfaction Questionnaire (MSQ), the Job Satisfaction Survey (JSS), and the Faces Scale. The MSQ measures job satisfaction in 20 facets and has a long form with 100 questions (five items from each facet) and a short form with 20 questions (one item from each facet). The JSS is a 36 item questionnaire that measures nine facets of job satisfaction. Finally, the Faces Scale of job satisfaction, one of the first scales used widely, measured overall job satisfaction with just one item which participants respond to by choosing a face.

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 network satisfaction and core self-evaluations are taken into account. 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.

Factors affecting job satisfaction

Job satisfaction can be influenced by a variety of factors, e.g. the quality of one's relationship with their supervisor, the quality of the physical environment in which they work, degree of fulfillment in their work, etc.. Numerous research results show that there

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are many factors affecting the job satisfaction. There are particular demographic traits (age, education level, tenure, position, marital status, years in service, and hours worked per week) of employees that significantly affect their job satisfaction.

Satisfying factors motivate workers while dissatisfying ones prevent. Motivating factors are achievement, recognition, the job conducted, responsibility, promotion and the factors related to the job itself for personal development. Motivating factors in the working environment result in the job satisfaction of the person while protective ones dissatisfy him/her.

Maslow connects the creation of the existence of people's sense of satisfaction with the maintenance of the classified needs. These are: physiological needs (eating, drinking, resting, etc.), security needs (pension, health insurance, etc.), the need to love (good relations with the environment, friendship, fellowship, to love and to be loved), need to self-esteem (self-confidence, recognition, adoration, to be given importance, status, etc.) need of self-actualization (maximization of the latent [potential] power and capacity, development of abilities, etc.). Insufficient education, inability to select qualified workers for the job, lack of communications, lack of job definitions, all affect job satisfaction negatively. It has been asserted that participating in the management, having the decision making power, independence on the job and the unit where the individual works, have positive impact upon the job satisfaction. The job itself (the work conducted), and achievement and recognition at work result in satisfaction while the management policy, relations with the managers and colleagues result in dissatisfaction. Factors related to the job itself such as using talents, creativity, responsibility, recognition have influence on the job satisfaction. Age is one of the factors affecting job satisfaction. Studies conducted in five different countries prove that the elder workers are more satisfied. Kose has also found a meaningful relation between the age and job satisfaction. There is a strong connection between feeling secure and saying one is satisfied with a job. People who state their job is secure have a much larger probability of reporting themselves happy with their work.Similarly, by some researchers, gender is also found to have an influence on job satisfaction. Besides, Wahba has found out that male librarians give more importance to personal development and free decision making in their jobs than the female librarians, and the female librarians are more dissatisfied than the male librarians.Job satisfaction and devotion to the job, affected each other reciprocally, and they have great impact upon performance. The most significant of the factors affecting performance are economical, technical, socio-political, cultural and demographical ones. However, most efforts to improve performance seem to center on improving the conditions surrounding the work. These are worthwhile efforts, but they usually result only in short-term improvements in attitudes and productivity, and the situation often

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returns quickly to normal.There is no strong acceptance among researchers, consultants, etc., that increased job satisfaction produces improve job performance -- in fact, improved job satisfaction can sometimes decrease job performance. For example, you could let workers sometime sit around all day and do nothing. That may make them more satisfied with their "work" in the short run, but their performance certainly doesn't improve. The individual's willingness to get a result, his/her endeavour and expectation of maintaining the result will push him/her to show the highest performance. Job satisfaction varies a lot. (Researches suggests, the higher the prestige of the job, the greater the job satisfaction). But, many workers are satisfied in even the least prestigious jobs. They simply like what they do. Most workers like their work if they have little supervision. The least satisfied workers are those in service occupations and managers that work for others. Ethnic and religious orientation is associated to work attitudes, and job satisfaction is related to education. The difference between the results that the individual desire and those s/he maintained will affect his/her satisfaction. There is a consistent relationship between the professional status and the job satisfaction. High levels of job satisfaction are observed in those professions which are deemed of good standing in the society. The workers usually compare their working conditions with the conditions of the society, under the variable of social conditions. If the social conditions are worse than the individual's working conditions, then this will result in satisfaction of the individual, as the workers deem themselves relatively in good position. No meaningful relationship between the job satisfaction and age, professional experience, education level, level of wage, gender and professional group was found. On the contrary, professional experience has been claimed to increase job satisfaction.

In today’s competitive environment organizations thrive and survive on their human resources. Values, attitudes, perceptions and behavior, which form these resources, influence employee performance. It is a key factor in realizing organizational and individual goals that in turn greatly depends on individual’s self-motivation and job satisfaction.

Measures of job satisfaction

Unlike other psychometric tools, used to test a sample of behavior, measures of job satisfaction are prone to subjectivity. However a battery of tests can be conducted to make accurate predictions. One approach is the Global Measure, which measures the overall satisfaction of the job. The second approach is the Facet Measure where

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satisfaction is measured on each aspect of the job.

Causes of job satisfaction/dissatisfaction

Since job satisfaction is subjective to individual experience and expectation, personality often plays an influential role. Stable personality traits could influence satisfaction or dissatisfaction at work. Type A’ personalities tend to be more aggressive, set high standards for themselves and therefore are more susceptible to job dissatisfaction. In contrast, Type B’s seem to be more relaxed and, this may reflect on their attitudes towards work. Today, there is an increasing interest in the concept of the ‘person –job- fit’ theory. The managerial implications are that people who get themselves into the right job that fit their attitudes and personalities seem to be more satisfied.

The characteristics of the job may also influence one’ is attitude towards it. This could include the physical environment like lighting, temperature and space. Work, when too difficult or easy can lead to dissatisfaction. Reward is viewed as satisfactory only when it is equitable and is in line with expectations. A friendly and supportive group at work is conducive to job satisfaction.

Consequences of job satisfaction / dissatisfaction

Work Performance: Though job satisfaction leads to efficiency, recent findings indicate that other factors are responsible for work performance. Today, technological and market forces play a major role in organizational efficiency. Stockbrokers, for example, would depend on the results of the stock market where a rise in share prices would probably lead to satisfaction.

Absenteeism and Turnover:

This causes tremendous cost and loss of investment. An interesting finding is that absenteeism followed by negative feedback like, loss of pay might lead to dissatisfaction and in turn a high rate of absenteeism.

Commitment: Organizations today have expressed a lack of loyalty and commitment from employees

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and hence are unable to retain qualified professionals.

Recent Concepts Of Job Satisfaction

There is a growing recognition that external environmental factors play an influential role in job satisfaction. Another concept is that performance depends on the overall effectiveness of the organization.

In today’s competitive world, management needs to continuously emulate practices that will attract and retain a highly qualified and skilled workforce. Dissatisfied employees may be forced to work due to unemployment or insecurity, but this is not in the interests of the long-term success of the organization. Dissatisfaction may be expressed in other forms like internal conflicts, poor interpersonal relations, low trust, and stress leading to workplace conflict, violence and low productivity.

Though job satisfaction is difficult to measure and is dependent on a number of factors, management may reduce levels of dissatisfaction and control workplace conflicts through common objectives like career development, training, appropriate rewards and improvements in the quality of working life.

Job Satisfaction: Strategies To Make Work More Gratifying

Stress mounts when work is no longer satisfying. Here's a look at the underlying causes and ways you can boost your job satisfaction.

You dreamed about an ideal job in which you'd be motivated, inspired, respected and well paid. And for a while, your job may have been all that.

But now it seems the honeymoon is over. You've lost your job satisfaction, and you find it harder and harder to get through the workday. And that means your stress is mounting. Learn what you can do to reignite your job satisfaction and reduce your stress.

The link between work approach and job satisfaction

Work is often approached from three perspectives. Usually all three perspectives are important for job satisfaction, but one is often the priority:

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It's a job. If you approach work as a job, you focus primarily on the financial rewards. In fact, the nature of the work may hold little interest for you. What's important is the money. If a job with more pay comes your way, you'll likely move on.

It's a career. If you approach work as a career, you're interested in advancement. You want to climb the career ladder as far as possible or be among the most highly regarded professionals in your field. You're motivated by the status, prestige and power that come with the job.

It's a calling. If you approach your job as a calling, you focus on the work itself. You work less for the financial gain or career advancement than for the fulfillment the work brings.

One approach isn't necessarily better than the others. But it's helpful to reflect on why you work if you're unsatisfied with your job and are ready to move on. Think about what originally drew you to your current job, and whether it may be a factor in your lack of job satisfaction.

Strategies to improve your job satisfaction

Depending on the underlying cause of your lack of job satisfaction, there may be several ways to increase your job satisfaction.

Set new challengesIf you're stuck in a job because of lack of education or a downturn in the economy, it doesn't mean your work has to become drudgery. With a little imagination, you can create new challenges and make the best of the job you have. Here are some ideas that may help.

Improve your job skills. Imagining yourself in your dream job, you might envision yourself as an excellent project manager — a confident communicator and a highly organized person. Why not work on these skills in your present job?

Develop your own project. Take on a project that can motivate you and give you a sense of control. Start small, such as organizing a work-related celebration, before moving on to larger goals. Working on something you care about can boost your confidence.

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Mentor a co-worker. Once you've mastered a job, you may find it becoming routine. Helping a new co-worker or an intern advance his or her skills can restore the challenge and the satisfaction you desire.

Beat the boredom

Does your job seem boring sometimes? Do you run out of things to do? If so, your abilities may not match your responsibilities. Here are some suggestions:

Break up the monotony. Take advantage of your work breaks. Read. Listen to music. Go for a walk. Write a letter.

Cross-training. Does your work consist of repetitive tasks, such as entering data or working on an assembly line? Talk with your boss about training for a different task to combat boredom. Once you've completed the training, you can switch back and forth.

Volunteer for something different. If you hear that your company is launching a new project, volunteer for the work team.

Keep in mind that boredom can literally be deadly if your job involves working with machinery or caring for people. If your mind wanders to the point that you put your life or the lives of others in jeopardy, take action now. Talk to your supervisor about new challenges you can take on or seek a new position.

Stay positive

Use positive thinking to reframe your thoughts about your job. Changing your attitude about work won't necessarily happen overnight or increase your job satisfaction overnight. But if you're alert to ways your view of work brings you down, you can improve your job satisfaction. Try these techniques:

Stop negative thoughts. Pay attention to the messages you give yourself. When you catch yourself thinking your job is terrible, stop the thought in its tracks.

Put things in perspective. Remember, everyone encounters good days and bad days on the job.

Look for the silver lining. "Reframing" can help you find the good in a bad situation. For example, you receive a less than perfect performance appraisal and your boss warns you to improve or move to another job. Instead of taking it personally or looking for another job right away, look for the silver lining.

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Depending on where you work, the silver lining may be attending continuing education classes or working closely with a performance coach and having the satisfaction of showing your boss that you're capable of change.

Learn from your mistakes. Failure is one of the greatest learning tools, but many people let failure defeat them. When you make a mistake at work, learn from it and try again. It doesn't mean that you're a failure.

Be grateful. Gratitude can help you focus on what's positive about your job. Ask yourself, "What am I grateful for at work today?" If it's only that you're having lunch with a friendly co-worker, that's OK. But find at least one thing you're grateful for and savor it.

More job satisfaction can mean less stress

Whether your work is a job, a career or a calling, you can take steps to restore meaning to your job. Make the best of difficult work situations by being positive. Doing so will help you manage your stress and experience the rewards of your profession.

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Chapter-3Analysis and

Interpretation of Data

1. Are you satisfied with your salary?Response: Yes 36 No 4

34

0

10

20

30

40

50

60

70

80

90

100

yes no

Series1

Analysis–Almost all employees agree that they are satisfied with their salary. The employees disagreeing with the statement are negligible.

2. Is your salary adequate for fulfillment of basic needs of your family?

Response: Yes 38 No 2

0

10

20

30

40

50

60

70

80

90

100

yes no

Series1

Analysis-Almost all the employees responded that their salary is adequate for fulfillment of basic need of their family.

3. Do you feel that your salary is according to your merit?

Response: Yes 28 No 12

35

0

10

20

30

40

50

60

70

80

yes no

Series1

Analysis-It can be observed from the above data the percentage of employees who feel that their salary is according to their merit works out to 70% and who says no, works out to 30%.

4. Do you save from your present salary for future needs?

Response: Yes 35 No 05

0

10

20

30

40

50

60

70

80

90

yes no

Series1

Analysis-Majority of them responded that they save from their present salary for future needs.

5. Is there adequate opportunity for promotion?

Responses: Yes-30 no-10

36

0

10

20

30

40

50

60

70

80

yes no

Series1

Analysis- The data shows that 75% employees feel that there is adequate opportunity for promotion.

6. Are you sure that you will get promotion in time?

Responses: Yes-26 No-14

0

10

20

30

40

50

60

70

yes no

Series1

Analysis- 65% employees said that they were sure in getting promotion on time, whereas 35% said that they were not sure.

7. Whether seniority is the only basis for promotion in your organization?

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Responses: Yes-20 N0-20

0

10

20

30

40

50

60

yes no

Series1

Analysis- The response received was equal in number.50% of the employees agreed seniority to be the only criteria and 50% of them disagreed.

8. Do you have some right in respect of the security of your service?

Responses: Yes-40 no-0

0

20

40

60

80

100

120

yes no

Series1

Analysis- All the employees responded that they have got some right in respect of security of their service.

9. Do you feel that you may be retrenched any time?

Responses: Yes-7 no-33

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0

10

20

30

40

50

60

70

80

90

yes no

Series1

Analysis- Most of the employees of RELIANCE LIFE INSURANCE responded that they have no such feeling that they may be retrenched because this is a government undertaking.

10. Is this job according to your choice?

Responses: Yes-28 No-12

0

10

20

30

40

50

60

70

80

yes no

Series1

Analysis- 70% employees say that this job is according to their choice whereas 30% said No, it is not.

11. Do you want to join another job?

Responses- Yes-11 No-29

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0

10

20

30

40

50

60

70

80

yes no

Series1

Analysis - The data shows that 27.5% employees want to join another job whereas 72.5% employees do not want to leave their present job, as they are satisfied with present job.

12. Does your work give prestige in society?

Responses: Yes-40 No-0

0

20

40

60

80

100

120

yes no

Series1

Analysis- All the employees responded that their work gives them prestige in the society.

13. Do you feel that besides salary, rewards/incentives are necessary for job satisfaction?

40

Responses- Yes-37 no-3

0

10

20

30

40

50

60

70

80

90

yes no

Series1

Analysis - Most of the employees agree that rewards/incentives are necessary for job satisfaction apart from the salary they get.

14. Is there adequate medical facility available to you and your family member?

Responses: Yes-40 No-0

0

20

40

60

80

100

120

yes no

Series1

Analysis- All the employees responded that there is adequate medical facility available to them and their family members as and when required.

15. Does policy of pension exist in your organization?

Responses: Yes-40 no-0

41

0

20

40

60

80

100

120

yes no

Series1

Analysis - All respondents responded that pension facility is prevailing in the organization.

16. Do your seniors provide with regular feedback?

Responses- Yes-26 No-14

0

10

20

30

40

50

60

70

yes no

Series1

Analysis - 65% employees responded positively whereas 35% employees responded negatively regarding the feedback system prevailing in their organization.

17. Are officers of your organization pleased with buttering rather than your ability?

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Responses: Yes-16 no-24

0

10

20

30

40

50

60

70

yes no

Series1

Analysis- It can be observed from the above data that the percentage of employees who feel that the officers are pleased with buttering rather than ability works out to 40% and those who disagree works out to 60%.

18. Does your company have a culture that develops team spirit?

Responses: Yes-26 no-14

0

10

20

30

40

50

60

70

yes no

Series1

Analysis - 65% employees responded that the company has a culture that develops team spirit whereas 35% responded that the company does not inculcate such culture.

INTERPRETATION

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As evident from the graphs depicted, the systematic interpretation can be formulated in the following way with respect to each of the variables taken into consideration for the survey.

1. Task Significance Most of the employees feel that their performance determines the performance of their colleagues as well.

2. Task IdentityThe employees feel that the task performed by them needs dependent charge for the successful completion of the task.

3. Skill VarietyThe employees agree that the organization believes in developing a multi-skill personality in then on continuous

4. AutonomyWith reference to the decision making the survey reveals that they enjoy sufficient independence and freedom in their job.

5. Interest In WorkThe employees are enthusiastic about the work they perform.

6. Growth Purpose/ PromotionThe employees feel that the organization has satisfactory promotion policy as the promotion decisions are taken objectively and on good performance.

7. Recognition and AppreciationThe employees feel that their efforts are valued and appreciated in the organization.

8. FeedbackThe survey reveals that supervisors in the organization constantly provide the feedback to improve the performance of down lines.

9. Monetary BenefitsThis is one of the variables where the organization needs to focus on, as the survey reveals that the employees feel that they do not get fair pay compared to others in similar job in different companies.

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They also feel that monetary rewards are not the only way to keep them motivated for better productivity.

10. SecurityThe employees felt that there is no threat to their job.

11. Participation ManagementEmployees are satisfied by the way they are involved in the decision making process and they can frankly express their views with their senior managers.

12. TrainingThe employees are satisfied with the way the company imparts the training process on a continuous basis to sustain growth.

13. Communication SystemThe employees are satisfied with the flow of information in the organization.

14. RewardThe reward based on the excellence in performance in the organization is appreciated here along with knowledge and expertise.

15. SupervisionThe employees are satisfied with the guidance and freedom provided by the supervision for the execution of respective duties.

16. Working GroupsThe employees feel that they work as team as the company provides conducive environment (primarily and informally) and the people are also friendly and supportive.

17. Working Environment-The employees are satisfied with the working hours, lunch, transportation and other facilities provided by the organization.

18. Social RelationsThe employees believe that healthy social relation beyond office hours should exist that the company should facilitate through several activities.

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19. Organizational CommitmentThe employees feel pride to be associated with the organization like RELIANCE LIFE INSURANCE but express the willingness to leave the organization in case of financial crisis.

20. Grievance HandlingThe organization also has to check on the efficiency of the effective grievance handling process as the majority of employees are not satisfied with its present state.

Chapter-4Conclusion and

Recommendations

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CONCLUSION

In a nutshell, the general perceptions of the employees have been put in the balance sheet form. Here the liabilities are the areas of concern and assets are the areas of which the company should be proud.

Liabilities Assets

1. The salary provided to the employees is not according to their merit.

1. Employees are satisfied with their salary.

2. Promotion is not given at certain 2. There is adequate opportunity available

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duration. for promotion in RELIANCE LIFE INSURANCE.

3. The employees are not satisfied with their work.

3. They feel that their work gives prestige in society.

RECOMMENDATIONS

1. Each and every employee should be provided proper training. The person who needs training should be properly interviewed about the kind of training he requires for his job. This would enable the employees to perform better which will further lead to satisfaction.

2. A good promotion policy provides satisfaction because with every promotion the social status and recognition of persons improves.

Therefore adequate opportunities should be given to each and every employee for promotion and promotion should also be given after certain duration.

3. While giving promotion a proper balance should be made between seniority and merit that means while giving promotion seniority and merit both should be taken into consideration.

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4. Proper feedback should be given to the employees for their overall development and better future prospects.

5. The activity and potential of the employees should be given more consideration rather than other factors.

6. Team spirit should be encouraged among the employees for better coordination, to achieve individual as well as organizational goals.

QUESTIONNAIRE

Yes No

Economic Factors

1. Are you satisfied with your salary?

2. Is your salary adequate for fulfillment of basic needs of your family?

3. Do you feel that your salary is according to your merit?

4. Do you save from your present salary for future needs?

Promotional Factors

5. Is there adequate opportunity for promotion?

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6. Are you sure that you will get promotion in time?

7. Whether seniority is the only basis for promotion in your organization?

Job Security

8. Do you have some right in respect of the security of your service?

9. Do you feel that you may be retrenched any time?

Attitude towards Work

10. Is this job according to your choice?

11. Do you want to join another job?

12. Does your work give prestige in society?

Incentives and Other Facilities

13. Do you feel that besides salary, rewards/incentives are necessary for job satisfaction?

14. Is there adequate medical facility available to you and your family members?

15. Does policy of pension exist in your organization?

Others

16. Do your seniors provide with regular feedback?

17. Are officers of your organization pleased with buttering rather than your ability?

18. Does your company have a culture that develops team spirit?

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Please state here your name and designation:-

Name:

Designation:

BIBLIOGRAPHY

Books- Luthans, Fred, 1995; Organizational behavior, McGraw Hill Book Company,

Singapore.

Memoria C.B., 1995, Personal Management, Himalaya Publishing House, Bombay.

Robbins Stephen, P. 1993 Organizational Behavior, Prentice-Hall of India Private Limited, New Delhi.

Davis, k., Organizational Behavior

Annual Report, Reliance Life Insurance (2009-10)

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Websites-

www.google.com

www.Reliancelife.com

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