PROJECT REPORT

ON
JOB SATISFACTION OF EMPLOYEES
(A CASE STUDY OF HDFC STANDARD LIFE
INSURANCE)
Submitted to the university of Rajasthan (Jaipur) In
Partial Fulfillment of requirement of paper VI for the
degree of
BACHELOR OF BUSINESS ADMINISTRATION

Supervised by :

Submitted by:

Dr.Neelima Pareek

DAKSH SHARMA

Mahaveer College of
Commerce, Jaipur

BBA PART - IV

Mahaveer College of Commerce, Jaipur

~1~

2012-2013

ACKNOWLEDGEMENT

Preservation, inspiration and motivation have always played a key role in

the success of any venture. In the present world of cutthroat competition
project is likely a bridge between theoretical and practical working,
willingly I have prepared this particular project.
First of all, I would like to thank the supreme power, the almighty god who
is obviously the one who has always directed me to work on the right path
of my life. With this grace this project could become a reality I feel highly
delighted with the way my project report on topic JOB SATISFACTION
OF EMPLOYEES has been completed.
I feel elated in expressing my deepest sense of gratitude & appreciation to
my esteemed guide Mr. sailesh jain, (HDFC Life insurance), Dr.Neelima
Pareek Co-ordinator, Department of business administration, Mahaveer
College of Commerce, Jaipur (University of Rajasthan) & Dr.Ravi
Sharma, Principal, Mahaveer College of Commerce, Jaipur for their
valuable guidance, incessant encouragement and inspiring supervision
during the completion of this project. For all this kind consideration Im
beholden her in my feelings of respects of regards for him.
I express my deep sense of gratitude & reverence for my family for their
endless love, guidance, moral support, encouragement & untiring cooperation throughout my study & work, without which this work would
never have been completed.

DAKSH
SHARMA

~2~

PREFACE

Experience is the best teacher. The saying plays a very pivotal role in
our curriculum where in we try and understand the nuances of the
theoretical world with a blend of practical experience. Its very important to
understand how and where to implement what we have studied. Knowledge
in itself is a continuous process. Getting practiced knowledge is an
important thing for existence for any business concern in the competition
prevailing in an industry a total 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

JOB

SATISFACTION

OF

EMPLOYEES in part fulfillment of our BBA curriculum. The knowledge

we gathered through this exposure with the outside world will help us in
taking a giant leap towards understanding employees behavior and
preferences.

~3~

DAKSH SHARMA

DECLARATION

I, DAKSH SHARMA Declares that the project JOB SATISFACTION

OF EMPLOYEES Of HDFC STANDARD LIFE INSURANCE
has been done as a part of Curriculum project as per the rules of University
of Rajasthan. This project has been solely done by me and not copied from
any other project and I, DAKSH SHARMA declare that the project on
JOB SATISFACTION OF EMPLOYEES is my genuine work.

I further declare that this project has not been submitted earlier at any
University of Institute for the award of any degree or diploma

~4~

DAKSH SHARMA
(BBA-PART IV)

~5~

CONTENTS

~6~

CHAPTER 1: Concept of Job Satisfaction of Employees

18

CHAPTER 2: Introduction of Hdfc Standard Life Insurance

19-35

CHAPTER 3: Review of Literature

36-39

CHAPTER 4: Research Methodology

40-47

CHAPTER 5: Analysis and Interpretation

48-64

CHAPTER 6: Limitations
65-66

CHAPTER 7: Conclusion and Suggestion

67-69
~7~

7-

CHAPTER 8: Annexures
70-73

CHAPTER 9 : Bibliography
74-76

CHAPTER 1
CONCEPT OF JOB
SATISFACTION OF
EMPLOYEES

~8~

1.1 CONCEPT
1.2 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.

~9~

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:-

Include 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?

In 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 wok 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.
~ 10 ~

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. In fact, the true potential of an
organization can only be realized when the productivity level of all
individuals and teams are fully aligned, committed and energized to
successfully accomplish the goals of the organization.
As a result, the goal of every company should be to improve the desire of
employees to stay in the relationship they have with the company. When
companies understand and manage employee loyalty - rather than retention
specifically - they can reap benefits on both sides of the balance sheet i.e.,
revenues and costs.
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.

~ 11 ~

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 behaviors 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.
In 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 behavior 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 diverse population 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
~ 12 ~

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 achieving personal 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.
In particular, consider the following elements of effective strategies
designed to build loyalty and retain key employees:

Include opportunities for personal growth and invest heavily in the

professional development of the best people in the organization.
~ 13 ~

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.
~ 14 ~

5. To find out how much employees are participation in dicision-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 five "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:
Information 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. It 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. Involving
employees in decision-making, especially when the decisions affect them
~ 15 ~

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:
Few 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 he wants. The more he wants something or the more important it
is to him, the more satisfied he is when he received it. In other words, 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
~ 16 ~

to a person. Thus, job satisfaction is positively related to the degree to

which ones needs are fulfilled. The fulfillment 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 persons 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 a 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. For 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:

Frederick 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
dissatisfiers. Their absence cause dissatisfaction but their present does not
result in positive satisfaction. The other set of factors known as satisfiers
~ 17 ~

(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
dissatisfier for another. It 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. In the words of Locke, Job Satisfaction and dissatisfaction
are function of perceived relationship between what one wants from ones
job and what one perceive it is actually offering. In other words,
satisfaction is the difference between what one actually received and what
he feels he should receive. This theory fails to reveal whether oversatisfaction 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 hs
adopted the difference approach of discrepancy theory rather than the ratio
~ 18 ~

approach of equity theory. From equity theory the concept of comparision

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 comparision with others. when the individual feels that what he
actually received is equal what he perceives he should receive there is
satisfaction. Thus an individuals 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 aften 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 persons reference group. In other
words, job satisfaction is a function of the degree to which the job meets
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 fulfillment 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.
~ 19 ~

CHAPTER : 2
INTRODUCTION
OF
HDFC STANDARD
~ 20 ~

LIFE INSURANCE

Indian Insurance Industry

HISTORY
Life insurance came to India from England in 1818 when oriental life
insurance company started in Calcutta by Europeans. After this many
insurance companies had been stared in India. But these companies were
looking after only the needs of European community established in India.
India people were not being insurance by these companies. First India Life
Insurance Company came as Bombay mutual life insurance assurance.
Second company was Bharat insurance company came in 1896. After this
the united India in madras, national Indian and national insurance in
Calcutta and the co-operative assurance in Lahore were established in 1906.

~ 21 ~

To regulate India insurance business first insurance act came in 1912 as life
insurance company act and provident fund act. These act consist of
premium rated abeles and periodical valuation of companies. In the first
two decade of 20th century many life insurance companies were started. So
the insurance acts came in 1938 to governing life and non life insurance
companies and provide strict state control. In 1956 the life insurance
corporation of India (LIC) was creating to spreading life insurance much
more widely particularly in rural areas. In that year LIC had 5 zonal offices,
33 divisional offices and 212 branch offices. 1957 the business of LIC of
sum assured of 200 crores, 1000 cores in 1970, and 7000 crores in 1986.

Some of the important milestones in the insurance business in

India are:
1850 - Non Life insurance deducts with Triton Insurance Company.
1870 - Bombay mutual life assurance society is the first India owned life
insurer.
1912 - The Indian Life Assurance Companies act enacted as the first statute
to regulate the life insurance business.
1928 -The Indian Insurance company act enacted to enable the government
to collect statistical information about both life and non-life insurance
business.
1938 - Earlier legislation consolidated and amended to by the insurance act
with the objective of protecting the interests of the insuring public.
1956 - 245 Indian and foreign insurers and provident societies taken over
by the central government and nationalized. LIC formed by an act of
parliament, viz. LIC act, 1956, with a capital contribution of Rs.5 crore
from the government of India.
~ 22 ~

The general in insurance business in India, on the other hand, can trace its
roots to the Triton insurance company Ltd, the first general insurance
company established in the year 1850 in Calcutta by the British .Some of
the important milestones in the general insurance business in India are:-1907 - The Indian mercantile insurance Ltd. Set up, the first company to
transact all classes of general insurance business.
1957 - General insurance council, a wing of the Insurance Association of
India, frames a code of conduct for ensuring fair conduct and sound
business practices.
1968 - The insurance act amended to regulate investment and set minimum
solvency margins and the tariff advisory committed set up.
1972 - The General Insurance Business (Nationalization)act, 1972
nationalized the general insurance business in India with effect
from 1st
January 1973, 107 insure amalgamated and grouped into four companies
viz. the National insurance company Ltd, the new India Assurance
Company Ltd, the oriental insurance company Ltd, and the united India
Insurance Company Ltd. GIC incorporated as a company.

Insurance Sector Reforms:

In 1993, Malhotra Committed, headed by former Finance Secretary and
RBI Governor R.N. Malhotra, was formed to evaluate the India insurance
industry and recommend its future direction.
The Malhotra committee was set up with the objective of complementing
the reforms initiated in the financial sector. The reforms were aimed at
creating a more efficient and competitive financial system suitable for the
requirements of the economy keeping in mind the structural changes
currently underway and recognizing that insurance is an important part of
the overall financial system where it was necessary to address the need for
~ 23 ~

similar reforms in 1994, the committee submitted the report and some of
the key recommendation included.
Insurance regulator IRDA set up.
2000-IRDA starts giving licenses to private insurers: HDFC
standard Life Insurance, ICICI prudential and Kotak Life
Insurance first private insurers to sell a policy.
2001-Royal Sundaram Alliance first non-life insurer to sell policy
2002 Banks allowed selling insurance plans.

Possibilities for insurance companies in India.

Further deregulation of the market. Greater concern for the
customers.
Newer products and services.
Competition and quality consciousness.

The Insurance Regulatory & Development Authority

Insurance Act:-The passage of the Insurance sAct, 1938 and its subsequent amendments in
1950 and 1999 are serious attempts to bring order in the business of

~ 24 ~

insurance in India. The Act attempted to address various issues relating to

the business. Some of them are:- Protection of policy holder interest.
Limiting the expenses of insurance organizations.
Establishment of tariff advisory committee.
Solvency levels to be maintained.
Creation of Insurance organization.
Defining the roles and responsibilities of various functionaries
associated with the business.

Insurance Regulatory and Development Authority Act

The passage of Insurance Regulatory and Development Authority Act in
1999 can be seen a dividing line for insurance business in India.
It was an outcome of the implementation of the recommendations of a high
powered committee, which suggested the setting up of a statutory body
called the Insurance Regulatory and Development Authority in 1996.
This body was later renamed as IRDA with the passage of IRDA Act by
the parliament.

Objective of IRDA Act:

To protect the investors interest.

~ 25 ~

 To promote orderly growth of insurance industry in the country,

including registration of insurance companies
To administer the provisions of Insurance Acts.
To devise control activities needed for smooth functioning of the
insurance companies including investment of funds and solvency
requirements to be maintained by insurance companies.
To lay down the accounting methodology to be adopted .
To adjudicate on disputes.

Indian Insurance Companies:

With the rapid growth of the Indian Insurance industry, in particularly
serving a Middle Class that is growing on both size and wealth every year,
it is hardly surprising that Indian insurance companies are growing, and
playing an increasingly important role in the nations financial services
industry.
This increasing market is creating considerable competition among Indian
Insurance Companies in an industry that 20 years ago was relatively small.
To date, Indias Insurance Regulatory and Development Authority (IRDA),
has granted registration to 12 private life insurance companies, there are
~ 26 ~

currently 13 Indian insurance companies in the life side and 13 Indian

insurance companies operating in general insurance .
General Insurance Corporation has been approved as the Indian reinsurer
for underwriting only reinsurance business. Particulars of the Indian
insurance companies including both life insurance companies and general
insurance companies are given below:

Indian insurance companies

1.

Life insurance corporation of India

2.

Allianz Bajaj life insurance company limited

3.

Birla sun-life insurance company limited

4.

HDFC standard life insurance co. limited

5.

ICICI prudential life insurance co. limited

6.

ING Vysya Life Insurance company limited

7.

Max New york life insurance co. limited

8.

MetLife insurance company limited

9.

Om kotek Mahindra lie insurance co. ltd.

10.

SBIlife insurance company limited

11.

TATA AIG life insurance company limited

~ 27 ~

12.

ANP Sanmar assurance company limited

13.

Dabur CGU life insurance co. pvt. Limited

14.

National insurance company limited

15.

New India assurance company limited

16.

Oriental insurance company limited

17.

United India insurance company limited

18.

Bajaj Allianz general insurance co. limited

19.

ICICI Lombard general insurance co . Ltd.

20.

IFFCO-tokio general insurance co. Ltd.

21.

Reliance general insurance co. limited

22.

Royal sundaram alliance insurance co. Ltd.

23.

TATA AIG general insurance co. limited

In India, insurance is a national matter, in which life and general insurance

is yet a booming sector with huge possibilities for different global
companies, as life insurance premiums account to 2.5% and general
insurance premiums account to 0.65% of indias GDP.
The Indian insurance sector has gone through several phases and changes,
especially after 1999, when the Govt. of India is considered as a flourish
market amongst global insurance companies. However , the largest life
insurance company in India is still owned by the government.
In 1912, the Govt. of India passed two acts - the life insurance companies
act, and the provident fund act to regulate the insurance business.
~ 28 ~

National insurance company Ltd, founded in 1906, is the oldest existing

insurance company in India.
Earlier, the insurance sector had only two state insurers life insurers i.e.
life insurance corporation of India (LIC), and general insurers i.e. general
insurance corporation of India (GIC).
In December 2000, these subsidiaries were de-linked from parent company
and were declared independent insurance companies: oriental insurance
company limited, New India Assurance company limited, national
insurance company limited and United India insurance company limited.

Due to the increase in the Indian economy, more and more people are
taking active participation in this industry as investors, or may be on- roll
employees in this industry.

Challenges facing insurance industry:

Threat of New Entrants :The insurance industry has been budding with new entrants every other
day. Therefore the companies should carve out niche areas such that the
threat of new entrants might not be a hindrance.
There is also a chance that the big players might squeeze the small new
entrants.
~ 29 ~

Power of suppliers :Those who are supplying the capital are not that big a threat.
For instance, if someone as a very talented insurance underwriter is
presently working for a small insurance company, there exists a chance that
any big player willing to enter the insurance industry might entice that
person off.

Power of Buyers: -No individual is a big threat to the insurance industry and big corporate
houses have a lot more negotiating capability with the insurance
companies. Big corporate clients like airlines and pharmaceutical
companies pay million of dollars every year in premiums.

VISION STATEMENT
The Global Indian Financial services brand: Their customers will
enjoy the benefits of dealing with a global Indian brand that
understands their needs and delivers customized pragmatic solutions
across multiple platforms. They will be a world class Indian financial
service group. Their technology and best practices will be
benchmarked along international lines while their understanding of
customers will be uniquely Indian. They will be more than a
~ 30 ~

repository of their customers savings. They, the group, will be a

single window to every financial service in a customers 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.

MISSION AND VALUES

Their Mission (as stated in the Company's website ):
To be the top new life insurance company in the market.
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

~ 31 ~

Professionalism in carrying out business

Innovative products to cater to different needs of different

customers

Use of technology to improve service standards

Increasing 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
a range of innovative products to meet these needs.
~ 32 ~

BRAND PERSONALITY
HDFC 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 Indian traditional and rituals.
HDFC is the quintessential Indian entrepreneur in touch with the
global world.
Constantly looking for new opportunities to grow business and make
money.
Believes in no guts, no glory.
HDFC 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
~ 33 ~

 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- 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, HDFC Life Insurance need to
increase Distribution width and depth trough the country. Insurance is sold
primarily through three sales channels:
Tied agency network:
sales manager recruit and develop life advisers who in turn prospects for
~ 34 ~

customers and sell insurance. It 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 to 10 contributing Las) OF LIFE ADVISERS 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 , EDLI
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.
~ 35 ~

SWOT ANALYSIS

STRENGTH
Country Wide
Recognition
Need Base Analysis
Same Standard Services
in all Branches
Fair Deal in all
Transactions
~ 36 ~
Customers Centric
Approach
Infrastructure

WEEKNESS
Frequent Job Rotation
Less number of
advertisements
Hidden Charges

OPPORTUNITY

THREAT

Scope in Jaipur as it is in
the developing phase
Only 25% of insurable
people have any
insurance
Higher possibility of
growth in Indian share
Market

LICs Brand Name

People of Jaipur prefer
short-term investment
rather than in insurance
Upcoming private
insurance companies.

CHAPTER 3
~ 37 ~

REVIEW OF LITERATURE

GENERAL MOTORS STRATEGY

OBJECTIVES
A company can invest millions in technology and facilities, but it is of little
value if employees are unsatisfied. Engaged, enthusiastic, motivated
employees are essential for business success.
~ 38 ~

GM's Employee Enthusiasm Strategy focuses on engaging employees with

positive leadership behavior and effective management. GM wants to be a
desirable place to work, an employer of choice worldwide and a place
people enjoy coming to every day. GM's policy is to emphasize personal
safety, economic stability and employee development.
GM is committed to developing and deploying employee skills, talent and
potential effectively to achieve its business goals. See employee training.
GM's approach is to instill a performance culture across the business that
inspires employees to do their best, empowers them to make decisions,
rewards accomplishment, embraces challenges and embodies high
expectations.

By

providing

employee

professional

development

opportunities in the context of this performance culture, GM's aim is to

increase levels of job satisfaction as measured in staff surveys while
delivering improved business results.

Sectorial Comparison of Factors Influencing Job

Satisfaction in Indian Banking Sector

It has been observed that degree of job satisfaction of private sector banks
was found to be significantly lower than in public sector banks. At least two
reasons were found to be responsible for the low job satisfaction level of
employees of private sector banks. When data were analysed, surprising
results were found. In the study, job satisfaction was measured by a tool
developed by Sinha (1990). Job satisfaction was measured on the basis of
~ 39 ~

five variables. These are (i) pay, (ii) work condition (for example, safety,
heat, noise, and dust), (iii) service conditions (for example, security,
promotion, and welfare), (iv) relation with superiors, peers, and workers,
and (v) company as a whole. Among four variables, the degree of
difference is not noticeable. But low scores of the third variable, service
conditions, were found to be responsible for overall low degree job
satisfaction in private sector banks.
Employees of private sector banks perceive that their jobs are not secure. In
fact, the effect of an open economy, globalisation, and privatisation can be
seen more easily in private sector banks than in public sector banks. In
private sector banks, the environment in highly competitive and job
security is based on performance and various other factors. Though it is
true that this environment provides a challenging job profile, it also creates
a less secure environment. Industriousness, dedication, devotion, and
commitment are not enough to secure a job. The high level of performance
of an individual is also based on various factors. These may be market
situation, existence of competitor, and government policies. Where these
factors are adverse in nature, performance automatically suffers. During
this period, employees feel insecure, which reduces overall job satisfaction.
In public sector banks, welfare policies are clearly defined and legally
enforced. Retirement, pensions, gratuity, and other related welfare policies
are effectively executed. So there is no problem with social security. In
private sector banks, welfare activities are neither well planned nor well
executed. Employee turnover is very high and job security is very low.
Most employees are from middle class Indian families. These employees
~ 40 ~

have seen the golden period of public sectors and government jobs during
their growing stages. So the effect of welfare schemes of government jobs
and public sectors cannot be easily eradicated from their psyche. Private
sector employees are ready to work hard but they demand pensions,
security, and sometimes an easy lifestyle.
These findings in the banking sectors could be extended to explain the job
situation in other service sectors. In terms of security, promotion, and
welfare policy, there is a clear difference between public and private sector
employees. It was stated earlier that when we compare the job satisfaction
of employees in public and private sector banks or in other service sectors,
the public and private sectors become the main factor of comparison. In
India, the public or private sector factors neutralise all other factors of
comparison. For example, in India, a public sector insurance company like
LIC will always be preferred by a new entrant, if he has a choice.

CHAPTER 4
RESEARCH

METHODOLOGY

~ 41 ~

4.1 MEANING OF RESEARCH

4.2 DEFINITION OF RESEARCH

METHODOLOGY

4.3 RESEARCH DESIGN

4.4 DATA COLLECTION

4.5 SAMLE 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 .
~ 42 ~

Marketing Research is the function that links the customer, concumer, 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
The managers increased need for more and better information.
The availability of increased techniques and tools to meet this need.
The result information overload if discipline is not employed in the
process.

RESEARCH METHODOLOGY

Research methodology is a way to systematically solve the problem. It may

be understood has a science of studying how research is done scientifically.
In it we study the various steps that all generally adopted by a researcher in
studying his research problem along with the logic behind them.
The scope of research methodology is wider than that of research method.
Thus when we talk of research methodology we not only talk of research
~ 43 ~

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:
Problem statement
Objective of study
Research design
Data collection
Sample design
Statistical tool
Limitation of study

RESEARCH DESIGN
A framework or blueprint for conducting the research project. It
specifies the details of the procedures necessary for obtaining the
information needed to structure and/or solve
good research design lays the foundation

research problems. A

for conducting the project.

A good research design will ensure that the research project is

~ 44 ~

conducted effectively and efficiently. Typically, a research design

involves the following components, or tasks:

Define the information needed.

Design the research.
Specify the measurement and scaling procedures.
Construct and present a questionnaire or an appropriate form for
data collection.
Specify the sampling process and sampling size.
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:

~ 45 ~

 Primary Data
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.
Observation.
Personal Interviews.
Telephonic interviews.
Questionnaires.
Schedules.

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
Newspapers.
Magazines
Journals
Internet
Libraries
Old records.
In this project I am using both the method of data collection

~ 46 ~

SAMPLE DESIGN
A sample design is a definite plan for obtaining a sample from a given
population. It 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.
In this project all the employees of HDFC Standard Life Insurance of
JAIPUR branch, is the population

Sample:
A subgroup of the elements of the population selected for participation in
the study.
In this project sample size is 40 employees

Sampling Unit:
The basic unit containing the elements of the population to be sampled.
In this project sampling unit is employees.

Sampling Technique used in survey--~ 47 ~

 Nonprobability Sampling Techniques.

Convenience Sampling.
Nonprobability 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.

In our survey, we have used nonprobabilty sampling technique because

there is no way of determining the probability of selecting any particular
element for inclusion for the sample, the estimates obtained are not
statistically projectable to the population. We have selected the sample with
help of Sales Manager and their Life Advisors.
Among nonprabability sampling techniques, the sampling technique
applied here is convenience sampling. Convenience Sampling attempts to
obtain a sample of convenient elements. The selection units is left primarily
to the inerviewer. Convenience Sampling is the least expensive and least
time consuming of all sampling techniques. The sampling units are
accessible, easy to measure, and cooperative. In 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 aer not representative of any definable population.

~ 48 ~

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
It must translates the information needed into a set of specific
questions that the respondents can and will answer.
A questionnaire must uplift, motivate, and encourage the respondent
to become involved in the interview, to cooperate, and to complete
the interview.
A questionnaire should minimize response time

CHAPTER 5
~ 49 ~

ANALYSIS AND
INTERPRETATION

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

~ 50 ~

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.
In 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 also means one is increasing
and the other is decreasing. Analysis has been done by applying various
statistical tools to study the basic factors that lead to Job satisfaction among
Job Work Assignees. Various important factors identified during the study
are: Job security
Motivation " Attitude
Stress

Respondent by Gender
Male
Female
Total

29
11
40

TABLE 1- SHOWS RESPONDENTS BY GENDER

~ 51 ~

FIG-1 SHOWS RESPONDENTS BY GENDER

Here we can see maximum number of respondent is male that is 72% and
female are only 28%.
This helps us to know that mostly male employees are working in HDFC
Standard life.

Departments of Respondent
Departments
Marketing
Human
resource

No. of
employees
22

~ 52 ~

Finance
operation

5
5

TABLE 2-SHOWS DEPARTEMENTS OF

RESPONDENTS

FIG-2 SHOWS DEPARTEMENTS OF RESPONDENTS

Here we can see maximum number of respondent are for
marketing department that are 22 out of 40 respondent

Work Experience of Respondent

Experience in years

No. of
Respondents

1 less then 1 year

15

2 more then 1 year

10

~ 53 ~

3 less then 2 year

4 more then 2 year

TABLE 3-SHOWS WORK EXPERINCE OF RESPONDENT

FIG-3 SHOWS WORK EXPERINCE OF RESPONDENT

~ 54 ~

Here we can see that employees are not experienced.15 employees are
having the experience of less than 1 year and 13 of less then 2 year.

Satisfaction level with the job

S. NO.

Satisfaction Level

Like very much

No. of
Respondents
25

Like some what

10

Neutral

Dislike some what

Dislike very much

Nil

Employee satisfaction

~ 55 ~

FIG-4 SHOWS SATISFACTION LEVEL WITH THE JOB

The data in the above table reveals that majority of respondents (25) were
highly satisfied with their job and 10 of respondents are satisfied with their
job.
This show that employees are satisfied with their job.

Satisfy with the behavior of management and other

employees
Satisfaction No. of
S.no Level
Respondents
~ 56 ~

1
2
3
4
5

Highly
Satisfied
Satisfied
Moderate
Unsatisfied
Highly
Unsatisfied

22
10
5
2
1

TABLE 5 Shows Satisfaction level with the behavior of

management and other employees

Fig 5 -Shows Satisfaction level with the behavior of

management and other employees

~ 57 ~

The data in the above table reveals that majority of respondents (22)
were highly satisfied with the behavior of other employees and 10 of
respondents are satisfied and 5 are moderate.

Career and growth opportunities

S.no

Preferences No. of Respondents

Yes

36

No

Table6 Shows Career and growth opportunities for

employees.

Fig-6 Shows Career and growth opportunities for employees.

Here we can see maximum number of respondent are think that there
career and growth opportunities offered by the job is that is 90% .
~ 58 ~

This shows that in HDFC Standard life career and growth opportunities
offered by the job.

Participation in Decision making

S.no
1
2
3
4
5

Participation
20%-30%
30%-40%
40%-50%
50%-60%
Above 60%

No. of
Respondents
12
10
8
4
6

Table 7-Shows Participation of employees in Decision making

Fig-7 Shows Participation of employees in Decision making

Here

we can see less number of respondent are participating in the

Decision making

~ 59 ~

That is only 6 respondent are participating in the above60% decisions and

12 are participating in 20%-30%.

Satisfaction Level of Employees

S.NO.

Satisfaction Level

1.
2.
3.
4.
5.

Highly Satisfied
Satisfied
Moderate
Unsatisfied
Highly Unsatisfied

No. of
Respondents
9
15
5
10
1

Table8-Shows Satisfaction Level of Employees with the salary

FIG8- Shows Satisfaction Level of Employees with the

salary
~ 60 ~

The data in the above table tells us that majority of respondents (15) are
satisfied with the level of salary which they are getting and only (9) of
respondents are highly satisfied with this statement and (10) respondent are
not satisfied with the salary which they are getting.

Management is flexible and understands the

importance of balancing my work and personal life.
S. NO.
1
2
3
4
5

Satisfaction Level
Strongly agree
Agree
Undecided
Disagree
Strongly disagree

No. of
Respondents
18
10
8
2
2

TABLE 9-Shows Management is flexible and understands the

importance of balancing my work and personal life.

~ 61 ~

FIG-9 Shows Management is flexible and understands the

importance of balancing my work and personal life.
The data in the above table tells us that majority of respondents (18) are
satisfied with the management flexible and understands the importance of
balancing my work and personal life.

Agree with the company bonus plans

S.NO.

Satisfaction

No. of
~ 62 ~

1
2
3
4
5

Level
Respondents
Strongly agree
8
Agree
12
Undecided
11
Disagree
6
Strongly
disagree
3

TABLE-10 Shows how many employees agree with the company bonus
plans

Fig-10 Shows how many employees agree with the

company bonus plans

The data in the above table tells us that majority of respondents (12) are
agree with the bones plan which they are getting and (8) of respondents are
~ 63 ~

strongly agree with this statement and (11) respondent are undecided and
(6) are disagree.

Is any change is require to improve the working condition

S.no

Preferences No. of Respondents

Yes

32

No

TABLE-11 Shows how many employees feel to have

improvement in working conditions

Fig-11 Shows how many employees agree with the company

pay scale and bonus plans

~ 64 ~

Here we can see maximum number of respondent are think that change is
require to improve the working condition of the company opportunities is
that is 80% .

~ 65 ~

CHAPTER 6

LIMITATIONS

~ 66 ~

Limitation
There are various limitation faced during the study as the study basic
related to the human psychology and behavior basically. Some of the
problems face during the study are: while collecting the data it was noticed that most of the
respondent were getting struck at statement, they were actually
related to make out whether the statement is related to their job or
routine life .
Another major obstruction found the study was respondents were
quite reluctant in giving their original details.
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.

~ 67 ~

CHAPTER 7

CONCLUSIONS
AND
SUGGESTION
~ 68 ~

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.

It 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
~ 69 ~

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: Low payment
Job tenure (3 months) leading to job insecurity among the Job
Work Assignees mind the various factors leading to the job
satisfaction and by enhancing the profile of job.

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.

Suggestions
To increase satisfaction and retention of employees by providing them better
rewards and bonuses.

~ 70 ~

 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.

~ 71 ~

CHAPTER 8

ANNEXURES

QUESTIONNAIRE
~ 72 ~

SURVEY ON EMPLOYEES SATISFACTION OF HDFC

STANDARD LIFE INSURANCE COMPANY
Questions:
Q.1 What is your gender.
l Male

Female

Q.2 What department do you work in?

..
Q.3 How long have you worked for this company?
..
Q.4 How do you like this job?

Like very
Much

Like some

Neutral

what

~ 73 ~

Dislike very

dislike some

much

what

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.7 How much do you participate in decision making ?

o 20%-30%
o 50%-60%

o 30%-40%

o 40%-50%

o above 60%

Q.8 Are you satisfied with you salary level?

Highly

Unsatisfied

Moderate

Unsatisfied

Highly

Satisfied

Satisfied

Q.9 Management is flexible and understands the importance of

balancing my work and personal life.
Strongly Disagree
~ 74 ~

 Disagree
Undecided
Agree
Strongly Agree

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

Strongly
Agree

Strongly
Disagree

Agree

Undecided

Disagree

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

Achievemant

Higher authority and responsibility

PERSONAL DETAIL :

~ 75 ~

NAME :-

MOBILE NO:- .
ADDRESS OF COMMUNICATION:-
.

CHAPTER 9

BIBLIOGRAPHY
~ 76 ~

REFERENCES
BOOKS

C. R. Kothari: Research
Publication), edition 2009

Methodology(New

Age

Philip Kotler: Marketing Management, edition 2005

M.J.Mathew: Risk Management and insurance(R B S A),
edition 2010
G.S.Sudha: Organizational Behaviours (Malik & Company,
jaipur) edition 2010
R.C.Bhatia: Business Organisation and Management, third
edition 2009
VSP.Rao: Human Resource Management: second edition
new Delhi,2005

~ 77 ~

 C.A.Code:
Organisational
practice),2005

Behaviour

(theory

H.Narayanan: Indian Insurance( A Profile) edition 2008

Websites
www.google.com (search engine)
www.yahoo.com (search engine)
www.wikipedia.com
www.hdfcinsurance.com
www.hdfc.com
www.irda.com

Newspapers
Economics Times
Times of India

Magazines
~ 78 ~

and

 Business Today
Business World

~ 79 ~