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A

Summer Training Report on

A case study of ³Employee Satisfaction´ of HDFC Standard Life Insurance

Submitted in partial fulfilment of the degree of

³Bachelor of Business Administration´

By

Kushan Sudan

BBA (2008-2011)

UNIVERSITY ROLL NO.___________________

Under the supervision of

Prof. SURESH SADOTRA

DEPARTMENT OF MANAGEMENT STUDIES

GOVT. S.P.M.R. COLLEGE OF COMMERCE, JAMMU



DECLARATION

I hereby declare, that the project report on the topic of ³Employee Satisfaction´ of

HDFC Standard Life Insurance completed and submitted under the guidance and

supervision of Mr. Suresh Sadotra , is my original work.

The preparation of project report is based on my personal findings, several visits to

the organisation, interaction with the officials, employees, customers and consultation with

the eminent scholars and secondary sources.

KUSHAN SUDAN



Govt. S.P.M.R. College of Commerce, Jammu

CERT IFI CATE

I t is to certify that Mr. Kushan Sudan S/o Sh Subash Chander , student of

B.B.A-III, Roll No. ___________, is a bonafide student of Govt . S.P.M.R. College

of Commerce, Jammu. He has completed the project report on the topic ´ under the

supervision of Mr. Suresh Sadotra for the partial fulfilment of requirement of awarding

the degree of Bachelors of Business Administration by University of Jammu.

SUPERVISION

H.O.D. B.B.A

PRINCIPAL



PREFACE ³ Experience is the best teacher ´ . The saying plays a very pivotal role in our curriculumwhere in we try and understand the nuances of the theoretical world with a blend of Practical

experience. I t¶s very important to understand how and where to implement what we havestudied. Knowledge in itself is a continuous process. Getting practiced knowledge is an importantthing for existence for any business concern in the competition prevailing in an industry atotal awareness is the first and foremost thing necessary from all aspects, working smarter seems to be as important as working harder and longer. We completed this project on ³ EMPLOYEE SATISFACTION ´ in part fulfillment of our BBA curriculum. The knowledge we gained through this exposure with the outside worldwill help us in taking a giant leap towards understanding employee¶s behavior andpreferences.



ACKNOWLEDGEMENT Preservation, inspiration and motivation have always played a key role in the success of anyventure. I n the present world of cutthroat competition project is likely a bridge betweentheoretical and practical working, willingly I have prepared this particular project. F irst of all, I would like to thank the supreme power, the almighty god who is obviously theone who has always directed me to work on the right path of my life. With this grace thisproject could become a reality. I feel highly delighted with the way my project report on topic ³ EMPLOYEE SATISFACTION´ has been completed. Any accomplishment requires the effort of many people and this work is not different.I would like to thanks all the faculty members, respondent and other people whom directly or indirectly help me completing the project



CHAPTER 1 INTRODUCTION

1.1 COMPANY PROFILE

1.2 HISTORY

1.3 JOURNEY

1.4 VISION STATEMENT

1.5 MISSIONS AND VALUES

1.6 KEY IMPERATIVES OF COMPANY



COMPANY PROFILE

HDFC Standard life insurance ltd is a joint venture company of HD F C bank and Standard

Life. HD F C STANDARD Life I nsurance is a74:26 joint venture between HD F C Bank Ltd

and Standard Life. HD F C STANDARD Life I nsurance is one of the fastest growing

insurance companies in I ndia and has shown remarkable growth since its inception in 2000.

HDFC

HD F C is one of the I ndia s leading institutions, offering complete financial solutions that

encompass every sphere of life. F rom commercial banking to stock broking, to mutual funds,

to life insurance, to investment banking, the group to the financial needs of individuals and

corporate.

The group has a personal worth of Rs.100000 core and employees in its various businesses

with presence in 216 cities in I ndia and offices in New York, London, Dubai and Mauritius, it

services a customer base over 1400000.

HD F C enjoys leadership position in most of the businesses including stock broking

investment banking and retail lending. With a brand slogan of ³ CUSTOMER

SAT I SF ACT I ON ³ , HD F C enjoys a particularly strong franchise in the arena of investment

and capital markets. HD F C is also known for the values of trust, integrity and financial

prudence with which entire business and franchise is developed .Not only they are the one of

the most preferred company to do business with, they are also one of the most preferred

employers in the financial services industry.



STANDARD LIFE

Standard Life has used its broad and well-established U.K. base to create a multinational

business and is building businesses in the US and Europe that focus on sectors of the market

with good fundamentals and where its skills can add value. As at 31 December2005, 72% of funds under management are in the United States; 24% in South Africa and4% in United

Kingdom .On the embedded value bases the geographic split is 66% Africa,25% the US and

9% rest of world.

HISTORY

HDFC Standard Life Insurance Company Limited

The Partnership: HDF C Standard Life first came together for a possible joint venture, to

enter the Life I nsurance market, in January 1995. I t was clear from the outset that both

companies shared similar values and beliefs and a strong relationship quickly formed. I n

October1995 the companies signed a 3 year joint venture agreement.

Around this time Standard Life purchased a 5% stake in HD F C, further strengthening the

relationship.

The next three years were filled with uncertainty, due to changes in government and ongoing

delays in getting the I RDA ( I nsurance Regulatory and Development authority) Act passed in

parliament. Despite this both companies remained firmly committed to the venture.

I n October 1998, the joint venture agreement was renewed and additional resource made

available. Around this time Standard Life purchased 2% of I nfrastructure Development

F inance Company Ltd. ( I DF C). Standard Life also started to use the services of the HD F C

Treasury department to advise them upon their investments in I ndia.

Towards the end of 1999, the opening of the market looked very promising and both

companies agreed the time was right to move the operation to the next level. Therefore in

January 2000 an expert team from the UK joined a hand-picked team from HD F C to form the

core project team, based in Mumbai.

Around this time Standard Life purchased a further 5% stake in HD F C and a 5% stake in

HD F C Bank.



I n a further development Standard Life agreed to participate in the Asset Management

Company promoted by HD F C to enter the mutual fund market. The Mutual F und was

launched on 20th July 2000.

Incorporation of HDFC Standard Life Insurance Company Limited:

The company was incorporated on 14th August 2000 under the name of HD F C Standard

Life I nsurance Company Limited.

Their ambition from the beginning was to be the first private company to re-enter the life

insurance market in I ndia. On the 23rd of October 2000, this ambition was realised when

HD F C Standard Life was the first life company to be granted a certificate of registration.

HD F C are the main shareholders in HD F C Standard Life, with 81.4%, while Standard Life

owns 18.6%. Given Standard Life's existing investment in the HD F C Group, this is the

maximum investment allowed under current regulations.

HD F C and Standard Life have a long and close relationship built upon shared values and

trust. The ambition of HD F C Standard Life is to mirror the success of the parent companies

and be the yardstick by which all other insurance companies in I ndia are measured.



COMPANY JOURNEY

FIG.-1: SHOWS THE COMPANY JOURNEY FROM 1985-2007



VISION STATEMENT

The Global Indian Financial services brand : Their customers will enjoy the

benefits of dealing with a global I ndian brand that understands their needs and delivers

customized pragmatic solutions across multiple platforms. They will be a world class I ndian

financial service group. Their technology and best practices will be benchmarked along

international lines while their understanding of customers will be uniquely I ndian. They will

be more than a repository of their customer¶s savings. They, the group, will be a single

window to every financial service in a customer¶s universe.

The most preferred employer in financial services : A culture of empowerment and

a spirit of enterprise attract bright minds with an entrepreneurial streak to join us and stay

with us. Working with a home grown professionally managed company, which has

partnerships with international leaders, gives their people a perspective that is universal as

well as unique.

The most trusted financial services company : They will create an ethos of trust

across all their constituents. Adhering to high standards of compliance and corporate

governance will be an integral part of building trust.

Value creation : Value creation rather than size alone will be business driver.

LIFE INSURANCE AND HDFC LIFE

The I nsurance market was opened up for private companies in year 2000 and currently there

are 15 Life I nsurance companies in I ndia. HD F C Life I nsurance in its fifth year of operations

has shown commendable results. I n F Y 2005-06, HD F C Life I nsurance laid special emphasis

on strengthening the Quality of Business and succeeded remarkably in the achieving its goals.

I nstead of just top line growth it has concentrated on better quality business through focusing

on long term regular premium business and 90% + persistency. F or the second year in

succession, it has met the internal value creation target which gives the confidence that going



forward it will be able to maintain both aggressive top line growth and reduce losses to

achieve break even by 2008-09. The main focus would be to deliver superior value to the key

stakeholders and the employees. They have 650branch offices in 31 cities in I ndia and they

are growing aggressively to increase their footprints and bring Life I nsurance products to

their citizens.

F rom a macro perspective, investment in Life I nsurance in developed countries is as

much as 4.85% of GDP whereas in I ndia it only accounts for 275%. Hence for the next

few years due to under insurance and inherent scope present, private life insurance

companies will grow as close to 100% year on year for the next few years until the gap is

bridged. One of The key reason for the under insurance has been a monopolistic industry

prior to 2000 which led to under development of the market. Life I nsurance is an integral

part of any F inancial Planning activity. Typically one could look at least 5-10% of the

total I ncome to be invested towards Life I nsurance.

MISSION AND VALUES

Their Mission ( as stated in the Company's website ):

This does not just mean being the largest or the most productive company in the market,rather it is a combination of several things like-

Customer service of the highest order

Value for money for customers

Professionalism in carrying out business

I nnovative products to cater to different needs of different customers

Use of technology to improve service standards

I ncreasing market share

Their Values:

SECURITY: Providing long term financial security to our policy holders will be our

constant endeavour. We will be do this by offering life insurance and pension products.



TRUST: We appreciate the trust placed by our policy holders in us. Hence, we will aim to

manage their investments very carefully and live up to this trust.

INNOVATION: Recognising the different needs of our customers, we will be offering arange of innovative products to meet these needs.

BRAND PERSONALITY

HDF C Brand identity based on consumer perception and group aspiration.

Knowledgeable of the latest business practices; has incorporated the best but believes

that ultimately successful business decisions are based on instincts rather than logical

processes.

Values I ndian traditional and rituals.

HDF C is the quintessential I ndian entrepreneur in touch with the global world.

Constantly looking for new opportunities to grow business and make money.

Believes in µno guts, no glory¶

HDF C is seen as a leader in their field, not only in thoughts but also in their

ability to spot opportunities and build on them.

MAKING OF A BRAND

Started operation in October 2000.

Need for private players to establish brands.



Need to create a brand platform that would be unique, relevant and emotionally

compelling.

Based their brand positioning on providing financial freedom-³

Sar utha kar jeo.´

Expressed through all customer touch points ± Ads/Merchandising/Corporate

Stationery etc.

KEY IMPERATIVES OF COMPANY

To be a top five player in this industry in this, HD F C Life I nsurance need to increase

Distribution width and depth trough the country. I nsurance is sold primarily through three

sales channels:

Tied agency network : sales manager recruit and develop life advisers who in turn

prospects for customers and sell insurance. I t is a tide agency, as these agents (life advisers)

are their exclusive sales agents .key to success of a tide agency is that each sales manager has

a large number (successful SMs) have a team of 8 to10 contributing Las) O F LIF E

ADV I SERS who deliver 3-4 policies month on month consistently.

Alternate channel : sales mangers works with channel partners who can use their

channels sales force to sell insurance of their brand. Channel partners in alternate channel can

be either a corporate agency or a broker. A corporate agency will always be exclusive for

their brand and sell for their company. A broker will be a multiband player and works for the

benefit of the customer. Alternate channels sales manager, apart from managing existing

partners, identify new partners, built relationships and use the channel sales force to increase

sales from that channel.

Group sales : sales mangers sell to corporate /institutions where a group of

homogeneous character can be covered under a single insurance policy. Typically they work



in the area of employee benefit programme .They sell products like Superannuation, Gratuity,

Group Life Covers, EDL I and group credit term covers. Key difference from the first two

channels is that this channel does not insure individual lives but insures groups of people.

STRENGTHS

Our key strengths

Financial Expertise

As a joint venture of leading financial services groups, HD F C 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 customised to

specific needs. Our group solutions have been designed to offer you complete flexibility

combined with a low charging structure.



CHAPTER 2 OBJECTIVES OF STUDY INTRODUCTION

OBJECTIVES



INTRODUCTION OF THE STUDY Satisfaction is an important goal for organizations to reach as it has been shown that

profitability, productivity, employee retention, and customer satisfaction are linked to

employee satisfaction.

JOB SATISFACTION

The term Job satisfaction refers to an individual's general attitude towards his or her job. A

person with a high level of job satisfaction holds positive attitude towards the job, while a

person who is dissatisfied with his or her job holds negative attitude about the job.

In simple words job satisfaction is:-

Job Satisfaction describes how content an individual is with his or her job. There are a variety

of factors that can influence a person's level of Job satisfaction; some of these factors are:-

I nclude the level of pay and benefits,

The perceived fairness of the promotion system within a company,

The level of pay and benefits,

Leadership and social relationships,

The job itself.

Why to study about employee satisfaction?

I n my point of view, study of "Employee satisfaction" helps the company to maintain a

standards & increase productivity by motivating the employees. this study tells us how much

the employees are capable & their interest at work place? what are the things still to be satisfy

to the employees although "human resource" are the most important resources for any

organization, so to study on employees satisfaction helps to know the working conditions &

what are the things that affects them not to work properly. always majority of done by the



machines/equipments but without any manual moments nothing can be done. so to study on

employee satisfaction is necessary.

THE STATE OF EMPLOYEE SATISFACTION

Although committed and loyal employees are the most influential factor to becoming an

employer of choice, it's no surprise that companies and organizations face significant

challenges in developing energized and engaged workforces. However, there is plenty of

research to show that increased employee commitment and trust in leadership can positively

impact the company's bottom line. I n fact, the true potential of an organization

On the revenue side of the balance sheet, loyal and committed employees are more likely to

go "above and beyond" to meet customer needs and are highly motivated to work to the best

of their ability. Both of these traits are crucial for continued customer commitment and

ongoing revenue and growth for the company.

On the cost side, loyal employees stay longer, resist competitive job offers, do not actively

look for other employment and recommend the company to others as a good place to work.

These four behaviours positively influence the cost side of the balance sheet because they are

leading indicators of employee retention. The longer companies keep their employees, the

longer they can avoid having to pay to replace them.

I n other words, rather than focusing only on retention (that is, trying to retain employees who

have already decided to leave), organizations should proactively recognize the benefits of

understanding, managing and improving employee loyalty. The most successful

organizations are those that can adapt their organizational behaviour to the realities of the

current work environment where success is dependent upon innovation, creativity and

flexibility. Additionally, the dynamics of the work environment have to reflect a very diversepopulation comprised of individuals whose motivations, beliefs and value structures differ

vastly from the past and from each another. Arguably, the most valuable, but also volatile,

corporate asset is a stable workforce of competent, dedicated employees, since such an

employee base gives companies a powerful advantage; depth of knowledge and

organizational strength.



One of the key steps to understanding and improving employee loyalty is by acknowledging

the importance of the following factors in building loyalty and satisfaction:

Broadly-defined responsibilities rather than narrowly-defined job functions.

Effective and regular performance evaluations, both formally and informally.

A corporate emphasis on employee learning, development and growth.

Wide-ranging employee participation in the organization as a whole.

Typically, a combination of factors influences employees' decisions to stay at their current

job. Contributing factors include satisfying work, a sense of job security, clear opportunities

for advancement, a compelling corporate mission combined with the ability to contribute to

the organization's success, and a feeling that their skills are being effectively used and

challenged. Specifically, employees who enjoy their work, identify themselves with their

employer and perceive that the company is flexible regarding work and family issues also

intend to stay with the organization.

Today, employee loyalty needs to be earned, rather than assumed, and must be specific,

rather than general - employees are looking at their employment as a means of achievingpersonal goals rather than simply being the "good corporate soldier" of the past. This means

that companies need to express and act on a commitment to develop employees' career

objectives by introducing initiatives that make employees believe that their current job is the

best path to achieving their career goals.



I n particular, consider the following elements of effective strategies designed to build loyalty

and retain key employees:

I nclude opportunities for personal growth and invest heavily in the professional

development of the best people in the organization.

Provide employees with well-defined career paths (including a succession plan), mentors

and tuition reimbursement for job-related education.

Train employees, even if it makes them more attractive to the competition. Without seeing

an opportunity on the horizon, few high potential employees will stay with a company and

allow themselves to grow stagnant.

Acknowledge non-work priorities by recognizing and responding to employees' needs for

greater balance in their lives, since employees will develop loyalty for organizations that

respect them as individuals, not just as workers.



OBJECTIVES OF THE STUDY

1.

To check the level of employee satisfaction among job work assignees.

2.

To analyze the work related stress.

3.

To study the attitude of employees toward their work and job security.

4.

To find motivational factors of employees.

5.

To find out how much employees are participation in decision- making.

6.

To find out how much employees are satisfied with their salary level.



Another approach to the issue of loyalty is to consider the value of the four "I's":

Interesting work. No one wants to do the same boring job over and over, day after day.

Although any job will require some repetitive tasks, all jobs should include at least some

parts that are of high interest to employees.

Information . I nformation is power and employees want to have the information they need to

know to do their jobs better and more effectively. And, more than ever, employees want to

know how they are doing in their jobs and how the company is performing overall. I t is

vitally important to open the channels of communication in an organization to allow

employees to be informed, ask questions, and share information and to inspire them to share

the vision of the company.

Involvement. Managers today are faced with an incredible number of opportunities and

problems and, as the speed of business continues to increase, the amount of time that they

have to make decisions continues to decrease. I nvolving employees in decision-making,

especially when the decisions affect them directly, is both respectful and practical. Not only

do those closest to the problem typically have the best insight as to what to do, involving

them in decision-making will increase their commitment and improve the success of

implementing new ideas or change. Similarly, management needs to follow through on

promises and live the values they preach.

Independence. F ew employees want their every action to be closely monitored. Most

employees appreciate having the flexibility to do their jobs as they see fit. Giving employees

latitude increases the chance that they will perform as desired, as well as bringing additional

initiative, ideas, and energy to their jobs. Employees also need to be encouraged to achieve

their best potential.



THEORIES OF EMPLOYEE SATISFACTION ARE:

1)

NEED FULFILLMENT THEORY:

According to this theory a person is satisfied when he gets training from his Job what hewants. The more he wants something or the more important it is to him, the more satisfied he

is when he received it. I n other words, ³ Job Satisfaction will vary directly with the extend to

which those needs of an individual which can be satisfied are actually satisfied. Vroom views

satisfaction in terms of the positively valued outcomes that a job provides to a person. Thus,

job satisfaction is positively related to the degree to which one¶s needs are fulfilled. The

fulfilment theory suffers from a major drawback. Satisfaction is a function of not only what a

person receives but what he feels he should receive.

2)

EQUITY THEORY:

Under this theory, it is believed that a person¶s job satisfaction depends upon his

perceived equity as determined by his input- output balance in comparison with the input-

output balance of others. Every individual compares his rewards with those of aµ reference

group¶. If he feels his rewards are equitable in comparison with others doing similar work, he

feels satisfied. Job Satisfaction is thus a function of the degree to which job characteristics

meet the desires of the reference group.

F or example, one study of the effects of community features on job satisfaction revealed

that workers living in a well to a neighbourhood felt less satisfied than those living in poor

neighbourhood.

3)

TWO FACTOR THEORY:

F rederick Herzberg and his colleagues developed the Two factor theory satisfaction.

According to this theory satisfaction and dissatisfaction are interdependent of each other and

exist on a separate continuum. One set of factors known as hygiene factors (Company policy,

administration, supervision, pay, working conditions and interpersonal relations) act as dis-

satisfiers. Their absence cause dissatisfaction but their present does not result in positive



satisfaction. The other set of factors known as satisfiers (achievements, advancement,

recognition, work itself and responsibility) lead to satisfaction.

Several studies designed to test the two factor theory provide little support to this

theory. The same factor may serve as a satisfier for one but a dis-satisfier for another. I t

appears from this theory that a person can be satisfied and dissatisfied at the same time.

4)

DISCREPANCY THEORY:

According to this theory job satisfaction depends upon what a person actually receives

from his job and what he expects to receive. When the reward actually received are less than

the expected rewards it causes dissatisfaction. I n the words of Locke, ³ Job Satisfaction and

dissatisfaction are function of perceived relationship between what one wants from one¶s job

and what one perceive it is actually offering. I n other words, satisfaction is the difference

between what one actually received and what he feels he should receive. This theory fails to

reveal whether over-satisfaction is or is not a dimension of dissatisfaction and if so , how

does it dissatisfaction arising out of the situation when received outcomes are less than the

outcomes one feels he should receive.

5)

EQUITY DISCREPANCY THEORY:

This is a combination of equity and discrepancy theories. Lawlers has adopted the

difference approach of discrepancy theory rather than the ratio approach of equity theory.

F rom equity theory the concept of comparison has been selected to serve as an intervening

variable. Under this theory satisfaction is defined as the difference between the outcomes that

one perceives he actually received and outcomes that one feels he should receives in

comparison with others. when the individual feels that what he actually received is equal

what he perceives he should receive there is satisfaction. Thus an individual¶s reception of his

reward is influenced by more than just the objective amount of that factor. Because of this

psychological influence the same amount of reward often can be seen quite differently by two

people, to one it can be a large amount , while to another person it can be a small amount.



6)

SOCIAL REFERENCE GROUP THEORY:

Reference group defines the way an individual looks at the world. According to this theory

job satisfaction occurs when the job meet the interest, desires and requirements of a person¶s

reference group. I n other words, job satisfaction is a function of the degree to which the jobmeets the approval of the group to which the individual looks for guidance in evaluating the

world and defining social reality.

The social reference group theory is similar to the need fulfilment theory except than it takes

into account not the desires, needs and interests of the given individual but rather the point of

view and the opinion of the groups to whom the individual looks for guidance.



CHAPTER 3 - RESEARCH METHODOLOGY

MEANING OF RESEARCH

DEFINITION OF RESEARCH METHODOLOGY

RESEARCH DESIGN

DATA COLLECTION

SAMPLE DESIGN



WHAT IS RESEARCH?

Research is a systematic and continues method of defining a problem, collecting the facts

and analyzing them, reaching conclusion forming generalizations.

The systematic and objective identification, collection, analysis, dissemination, and use of

information for the purpose of assisting management in decision making related to the

identification related to solution to problems and opportunities.

Marketing Research is the function that links the customer, consumer, and public to the

marketer through information- information used to identify and define marketing

opportunities and problems; generate, refine, and evaluate marketing actions; monitor

marketing performance; and improve understanding of marketing as a process.

The study of research methods provides manager knowledge and skill needed to solve the

problems and meet the challenges of a fast-paced decision-making environment. Three

factors that stimulate an interest of managers in research study are:

y

The manager¶s increased need for more and better information.

y

The availability of increased techniques and tools to meet this need.

y

The result information overload if discipline is not employed in the process.

RESEARCH METHODOLOGY

Research methodology is a way to systematically solve the problem. I t may be

understood has a science of studying how research is done scientifically. I n 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. Thus when we talk

of research methodology we not only talk of research methods but also consider the logic

behind the method we use in the context of our research study and explain why we are using

a particular method.



So we should consider the following steps in research methodology:

y

Problem statement

y

Objective of studyy

Research design

y

Data collection

y

Sample design

y

Statistical tool

y

Limitation of study

RESEARCH DESIGN

A framework or blueprint for conducting the research project. I t specifies the details of

the procedures necessary for obtaining the information needed to structure and/or solve

research problems. A good research design lays the foundation for conducting the project.

A good research design will ensure that the research project is conducted effectively and

efficiently. Typically, a research design involves the following components, or tasks:

y

Define the information needed.

y

Design the research.

y

Specify the measurement and scaling procedures.

y

Construct and present a questionnaire or an appropriate form for data

collection.

y

Specify the sampling process and sampling size.

y

Develop a plan of data analysis.

DATA COLLECTION The task of data collection is begins after a research problem has been defined and research

designed/ plan chalked out. Data collection is to gather the data from the population. The data

can be collected of two types:

y

Primary Data

y

Secondary Data



Primary Data

The Primary Data are those, which are collected afresh and for the first time, and thus

happened to be original in character.y

Observation.

y

Personal I nterviews.

y

Questionnaires.

Secondary Data

The Secondary Data are those which have already been collected by someone else and

which have already been passed through the statistical tool. Methods of collection of

Secondary data

y

Newspapers.

y

Magazines

y

I nternet

y

Libraries.

In this project I am using both the method of data collection.

SAMPLE DESIGN

A sample design is a definite plan for obtaining a sample from a given population. I t refers to

the technique or the procedure and the researcher would adopt in selecting items of sample.

Sample design may as well lay down the number of items to be included in the sample i.e. the

size of the sample. Sample design is determined before data are collected. Before going

trough sampling design, let us learn some terms.

Population : The aggregate of all the elements, sharing some common set of Characteristics

that comprises the universe for the purpose of the research problem.

I n this project population size is 100 .

Sample : A subgroup of the elements of the population selected for participation in the study.



I n this project sample size is 40 employees.

Sampling Unit : The basic unit containing the elements of the population to be sampled.

I n this project sampling unit is employees

Sampling Technique used in survey -No probability Sampling Techniques.

Convenience Sampling .

No probability sampling techniques do not use chance selection procedures. Rather, they rely

on the personal judgment of the researcher where as probability sampling procedure each

element of the population has fixed probabilistic chance of being selected for the sample.

I n our survey, i have used non probability sampling technique because there is no way of

determining the probability of selecting any particular element for inclusion for the sample,

the estimates obtained is not statistically projectable to the population. We have selected the

sample with help of Sales Manager and their Life Advisors.

Among non probability sampling techniques, the sampling technique applied here is

convenience sampling. Convenience Sampling attempts to obtain a sample of convenient

elements. The selection unit is left primarily to the interviewer. Convenience Sampling is the

least expensive and least time consuming of all sampling techniques. The sampling units are

accessible, easy to measure, and cooperative. I n spite of these advantages, his form of

sampling has serious limitations. Many potential sources of selection bias are present,

including respondent self-selection. Convenience Samples are not representative of any

definable population.



QUESTIONNAIRE DESIGN

A Questionnaire, whether it is called a schedule, interview form, or measuring

instrument, is a structured technique for data collection that consists of series of question,

written or verbal, that a respondent answers.

Objective Of A Questionnaire

y

I t must translates the information needed into a set of specific questions that the

respondents can and will answer.

y

A questionnaire must uplift, motivate, and encourage the respondent to becomeinvolved in the interview, to cooperate, and to complete the interview

y

A questionnaire should minimize response error.



CHAPTER 4

ANALYSIS AND INTERPRETATION



ANALYSIS

The analysis of this project begins with analysis of each question.

ANALYSIS AND INTERPRETATION

Managers need information, not raw data. Research helps in generating information by

analyzing data after its collection .data analysis usually involves reducing accumulated data

to a manageable size, developing summaries, looking for patterns and applying statistical

techniques. Scaled responses on questionnaires and experimental instruments often require

the analyst to derive various functions, as well as to explore relationships among variables.

I n various cases when we deal with statistics we find that the variables are related to each

other or we can also say two variables seem to move in the same direction such as both are

increasing or decreasing or even some factors tend to move in the opposite direction.

Various important factors identified during the study are:-

Job security

Motivation Stres s



Respondent by Gender

T BLE SHOWS R ESPOND E NTS B G E ND E R

Ma le 30

Fema le 10

Tota l 40

FIG-1 SHOWS R ESPOND E NTS B G E ND E R

Here we can see max imum number of responden t is ma le t at is 75% and fema le are on l 25%.

This he lps us to know that mos tl male emp loyees are work ing in HDF C Standard life

75%

25%

male

female



Departments of Respondent

T BLE -2 SHOWS D E PAR TE M E NTS OF R E SPOND E NTS

Departments No. of emp loyees

Market ing 22

Human resource 8

Finance 5

Operat ion 5

FIG-2 SHOWS D E PAR TE M E NTS OF R ESPOND E NTS

Here we can see max imum number of responden t are for marke ting depar tmen t that are 22

out of 40 responden ts.

M arketingHuman

resourceFinance Operation

No. of Employees

8 ¡ ¡

0

¡

10

1 ¢

£ 0

£ ¢

No. of Employees



Work E per ience of Respondent

TABLE -3 SHOWS WORK EX PE RINC E OF R ESPOND E NT

S. no E per ience in years No. of Respondents

1 less than 1 year 15

2 more than 1 year 10

3 less than 2 year 8

4 more than 2 year 7

FIG-3 SHOWS WORK EX PE RINC E OF R ESPOND E NT

Here we can see that emp loyees are no t exper ienced.15 emp loyees are hav ing the exper ience

of less than 1 year and 13 of less than 2 year.

l ¤ ¥ ¥ than ¦ § ¤ ar m ¨ r ¤ than ¦ § ¤ ar l ¤ ¥ ¥ than © § ¤ ar m ¨ r ¤ than © § ¤ ar

N . f R p nd nt

0 8

0

©

4

6

8

0

¦ ©

¦ 4

¦ 6No. of Respondents



Sat isfact ion leve l with the job

TABLE -4 SHOWS SA TISFAC T ION LE EL WI T H TH E JO B

S. NO. Sat isfact ion L eve l No. of Respondents

1 H igh ly Sat isf ied 25

2 Sat isf ied 10

3 Moderate 4

4 Unsat isf ied 1

5 H igh ly Unsat isf ied n il

FIG-4 SHOWS SA T ISFAC T ION LE EL WI T H T HE JO B

The da ta in the above tab le revea ls that major ity of responden ts (25) were h ighly sa tisf ied

with their job and 10 of responden ts are sa tisf ied w ith their job.

This shows that emp loyees are sa tisf ied w ith their job.

Highl Sati fi d

Sati fi d M od rat Un ati fi dHighl

un ati fi d

No. of Emplo 22 1 ! 4 1 !

!

5

1 "

15

2 !

25



Sat isfy w ith the behav iour of management and other emp loyees

Tab le 5 -Shows Sat isfact ion leve l with the behav iour of management and other

emp loyees

S. no Sat isfact ion L eve l No. of Respondents

1 H igh ly Sat isf ied 22

2 Sat isf ied 10

3 Moderate 5

4 Unsat isf ied 2

5 H igh ly Unsat isf ied 1

Fig 5 -Shows Sat isfact ion leve l with the behav iour of management and other

emp loyees

The da ta in the above tab le revea ls that major ity of responden ts (22) were h ighly sa tisf ied

with the behav iour of o ther emp loyees and 10 of responden ts are sa tisf ied and 5 are

modera te.

Highl # $ ati $ fi % d

& ati $ fi % d M od % rat % U $ ati $ fi % dHighl #

un $ ati $ fi % d

No. of Emplo # ' ' ( 22 1 ) 5 2 1

)

5

1 0

15

2 )

25



Career and growth opportun ities

T ABLE -6 Shows Career and growth opportun it ies for emp loyees.

S. no Preferences No. of Respondents

1 Yes 36

2 No 4

Fig-6 Shows Career and growth opportun it ies for emp loyees.

Here we can see max imum number of responden t are think that there career and grow th

oppor tunities offered by the job is 92%.

This shows that in HDF C Standard life career and grow th oppor tunities offered by the

job.

9 2%

1 %

No. of respondents

yes

no



Part icipat ion in Dec ision mak ing

T ab le-7Shows Part icipat ion of emp loyees in Dec ision mak ing

S. no Par ticipation No. of Respondents

1 20%-30% 12

2 30%-40% 10

3 40%-50% 8

4 50%-60% 4

5 Above 60% 6

Fig-7Shows Part icipat ion of emp loyees in Dec ision mak ing

Here we can see less number of responden t are par ticipating in the Dec ision mak ingTha t is

only 6 responden t are par ticipating in the above 60% dec isions and 12 are par ticipating in

20%-30%.

2 2 %-3 2 % 3 2 %-4 2 % 4 2 %-5 2 % 5 2 %-6 2 % above 6 2 %

No. of respondents3 2 3 4 8 4 6

4

2

4

6

8

5 2

5 2

5 4

No. of respondents



Sat isfact ion L eve l of E mp loyees

T ab le 8- Shows Sat isfact ion L eve l of E mp loyees w ith the sa lary

S.NO. Sat isfact ion L eve l No. of Respondents

1. H ighly Sa tisf ied 9

2. Sa tisf ied 15

3. Modera te 5

4. Unsa tisf ied 10

5. H ighly Unsa tisf ied 1

FIG8- Shows Sat isfact ion Leve l of E mp loyees w ith the sa lary

The da ta in the above tab le tells us that major ity of responden ts (15) are sa tisf ied w ith the

leve l of sa lary wh ich they are ge tting and on ly (9) of responden ts are h ighly sa tisf ied w ith

this statemen t and (10) responden t are no t satisf ied w ith the sa lary wh ich they are ge tting.

Highlysatisfied

satisfied M oderate UnsatisfiedHighly

satisfied

No. of Employees 9 15 5 1 6 1

6

7

4

6

8

1 6

1 9

14

16



Management is f lex ib le and understands the importance of ba lanc ing my

work and persona l life.

Tab le-9 shows wha t emp loyees think if Managemen t is f lexible and unders tands the

impor tance of ba lanc ing my work and persona l life or not.

S. NO. Sat isfact ion L eve l No. of Respondents

1 S trong ly agree 18

2 Agree 10

3 Undec ided 8

4 D isagree 2

5 S trong ly disagree 2

FIG-9 shows Management is f lexib le and understands the importance of ba lanc ing my

work and persona l life.

The da ta in the above tab le tells us that major ity of responden ts (18) are sa tisf ied w ith the

managemen t f lexible and unders tands the impor tance of ba lanc ing my work and persona l life.

Strongleyagree

Agree Undecided DisagreeS trongleydisagree

No. of respondents 1 @ 1 A @ 2 2

B

2

C

6

@

1 A

12

1 D

16

1 E

2 A



Agree w ith the company bonus p lans

T ab le-10 shows how many emp loyees agree w ith the company bonus p lans.

S. no Sat isfact ion L eve l No. of Respondents

1 S trong ly agree 8

2 Agree 12

3 Undec ided 11

4 D isagree 6

5 S trong ly d isagree 3

Fig-10 shows how many emp loyees agree w ith the company bonus p lans.

The da ta in the above tab le tells us that major ity of responden ts (12) are agree w ith the bones

plan wh ich they are ge tting and (8) of responden ts are s trong ly agree w iththis s tatemen t and

(11) responden t are undec ided and (6) are d isagree.

0

2

4

6

F

10

12

14

S trongleyagree

Agree Undecided Disagree S trongleydisagree

No. of r espondents



Is any change is requ ire to improve the work ing cond it ion.

T ab le-11 shows how many emp loyees agree w ith the company pay sca le

and bonus p lans.

S. no Preferences No. of Respondents

1 Yes 32

2 No 8

TA B -11 Shows how many emp loyees fee l to have improvemen t in work ing cond ition

Fig-11 shows how many emp loyees agree w ith the company pay sca le and

bonus p lans.

Here we can see max imum number of responden t are think that change is requ ire toimprove

the work ing cond ition of the company oppor tunities is that is 80% .

Sa le

YES

NO



CHAPTER 5

CONCLUSIONS, LIMITATIONS And SUGGESTIONS



CONCLUSION

An extensive review of the topic "Study of the level of job satisfaction among job work

assignees" it was found that the most important factors conducive to job satisfaction are the

motivational factors: -Rewards or Payment

Supportive working environment and

The work itself.

Working hours.

Clean and hygienic working place

I t was also found that the primary source of job satisfaction among Job Work assignees was

the sense of achievement experienced by them while on the job.

However, in the same study feelings of dissatisfaction were found to be stemming from the

work itself. The same and the work that was repetitive in nature and not apt according to the

qualification of some of the employees were seen also some of the major factors leading to

dissatisfaction were:-

y

Low payment

y

Job tenure (3 months) leading to job insecurity among the Job Work Assignees

Employees tend to prefer jobs that give them opportunities to use their skills and

abilities and offers freedom and feedback. They want pay system and promotion policies

that they perceive as being just and ambiguous and in line with their expectations. When

pay is seen as fair that is based on job and individual skills, satisfaction is likely to result.

Employees are also concerned with their work environment for both personal as well as

professional life.

So finally it is concluded that the level of job satisfaction is there but need to be increased

and maintained.



LIMITATIONS



Limitation

There are various limitation faced during the study as the study is related to the human psychology

and behaviour basically. Some of the problems faced during the study are:

y

While collecting the data it was noticed that most of the respondents were getting struck at

statement, they were actually related to make out whether the statement is related to their job or

routine life.

y

Another major obstruction found the study was respondents were quite reluctant in giving their

original details.y

Even it is not noticed that some of the data entry operations were not even ready to fill in the

questionnaires, so their responses were most of the time neutral.



SUGGESTIONS



Suggestions

To increase satisfaction and retention of employees.

It will help in reducing the factors leading to absenteeism and staff turnover.

It will help in generating factors which can defuse tension and improve working condition which will

ultimately lead to job satisfaction.

The method of recruitment should be improved.

Select the right person for the right job.

Promotion policy should be improved.

Management should check the performance of their employees time to time.

Overall work environment should also be improved .



ANNE URES



QUESTIONNAIRE

SURVEY ON EMPLOYEE¶S SATISFACTION OF HDFC STANDARD LIFE

INSURANCE COMPANY

Question

Q.1 what is your gender.

Male........................

Female....................

Q.2 what department do you work in?

««««««««..

Q.3 How long has you worked for this company?

««««««««..

Q.4 How does you like this job?

y

Like very much.......................

y

Like somewhat........................

y

Neutral.....................................

y

Dislike somewhat....................

y

Dislike very much...................



Q.5 I am treated with respect by management and the people I work with.

Strongly Disagree.................

Disagree................................

Undecided.............................

Agree..................................... Strongly Agree.....................

Q.6 Is there any career enhancement opportunities and growth in this job?

Yes...................

No................

Q.7How much do you participate in decision making?

y

20%-30%..................

y

30%-40%..................

y

40%-50%..................

y

50%-60%..................

y

Above 60....................

Q.8 Are you satisfied with you salary level?

y

Highly satisfied.............

y

Satisfied........................

y

Moderate......................

y

Unsatisfied...................

y

Highly unsatisfied.......

Q.9 Management is flexible and understands the importance of balancing my work and

personal life. Strongly Disagree ...................

Disagree....................................

Undecided................................

Agree........................................

Strongly Agree........................



Q.10Are you agree with the company pay scale and bonus plans?

y

Strongly Disagree.............

y

Disagree............................

y

Undecided........................

y

Agree............................... .

y

Strongly agree................ .

Q.11 Do you feel there is change require in your department to improve working

conditions?

YES....................

NO................... ...

Q.12 Rank the following motivational factor according to you:-

FACTOR RANK (1 to 4)1 is highest

Promotion «...«

Reward and Recognition ...........

Achievement .««.

Higher authority and responsibility ...........



BIBLIOGRAPHY



REFERENCES

BOOK

y

Kothari C R, Research Methodology

INTERNET LINKS

www.wikipedia.com

www.google.com

www.wapedia.com

project kushan farlo

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