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Motivation level Sales personnel of Public sector and private sector life insurance companies: A comparative study
INDEX Introduction Objectives of the study Research Methodology Motivation level Sales personnel of Public sector and private sector life insurance companies: A comparative study Findings
Chapter No.1
Introduction
MOTIVATIONAL SALESFORCE
Motivational is generally regarded as the process of getting people to work to words the achievement of an objective. Ideally it should go beyond the achievement of company objective, plans forecast of targets and help the company win commitment of sales force to the company. Sales force is primarily responsible for achieving the sales targets and already mentioned the sales force can not be controlled, administered in the way factory workers or office staff can be monitored. The sales force is required to be self starters highly ambitions, result oriented and go-getter. All the sales situations can not be predicted and and pre planned in view of the dynamic of the market place. Effective selling therefore, required creative skills. Thus the sales force has to be kept highly motivated and committed both externally as well as internally. Attracting and maintaining a well motivated sales force is a challenging task. The confidence and motivation of sales person get worn out by the inevitable rejection he suffers from customer as part of his every day activities. In same situations such as selling office automation products (electronic typewriters, computers, Xerox machine),consumer durable (television, refrigerator, scooters etc.) rejection may greatly outnumber success. Thus motivation of sales person poses a major challenge to the management. The challenge of motivation is magnified by the fact that the sales person and supervision are normally geographical supported as a result the sales person may feel isolated and even neglected. He is prone to frustration of sweets and failure coupled with extra working hours. He requires extensive travelling, many days of separation from family and with sense of risk involved in travelling. Above all he has to live in the environment of competitiveness with his own colleagues to meet his targets. In market situation characterized by keen competition he is constantly exposed to the offering of the competing manufacturers in terms. At their sales compensation packages working condition etc.
All these peculiar condition therefore require an understanding of motivational needs of sales person by the management.
MOTIVATIONAL NEEDS
While studying motivational theory, behavior research studies have revealed that motivation can be created if needs can be studied, evaluated and predicted and fulfilled. We know that various types of needs arise out of ambition/dreams and all needs create tension leading to that extra bit of effort and activity which help fulfill these needs and achieve the goals. Motivated person generally, put higher performance as compared other person in organization Hence to study the motivational pattern of sales person/sales executive we need to study the process of creating ambition, leading to arousal of needs and hence to that extra activity.
Ambition dream
Activity
Tension
Achievements of goals
Every sales person has different types of needs, goals and problems of his life and the leader i.e. sales executive has to understand these needs of each individuals sales person of his team before applying the principles of motivations. According to A.H Maslow needs can be classified into five categories.
1. PHPHYSIOLOGICAL NEEDS :- Food, clothing, shelter are primary needs which are ordinarily satisfied.
3. SOCIAL NEEDS: - needs to feel that everyone belongs to a relationship, to feel as being accepted as part of the society.
4. EGO NEEDS: - needs which satisfy the enhancing of self image, self esteem, self respect and achievement salesperson in general has high level of ego needs.
5. SELF ACTUALISATION NEEDS:- these are the desires of self development, self fulfillment and self growth.
As you all know that level of the needs and understanding of the sales personnel do not remain stationary, as the sales personnel grows in life, in age and carrier, his needs shift and to keep the motivational level high, the supervisors and sales manager must be able to foresee such changing needs and desires and must manage for these needs.
Q N O13 4 4 5 4 4 4 5 4 4 4 4 4 5 55 4. 23
Q N O14 Q NO- 15 3 3 4 5 4 4 5 4 3 2 3 4 5 5 4 5 5 4 4 5 4 5 5 5 4 3
49 58 3. 76 4.46
AVER AGE 4.1666 67 3.8333 33 3.8333 33 4.0833 33 3.6666 67 4 4.0833 33 4 3.1666 67 3.8333 33 3.8333 33 3.9166 67 3.9166 67 50.333 33 3.8717 95
Mean value
Mean value
9Satisfaction level) LIC SALES FORCE 1. Satisfaction level as a career agent 2. Salary 4.07 4.230
4.08
4..5
3. Bonus, reward & compensati on 4. Social recognition 5. Career prospects 6. Future monetary security
3.3.8
4.33
4.23
2.83
3.84
3.66
3.76
7. Job satisfaction 8. Decision making power 9. Fringe benefits 10. Work culture
4.0
4.41
3.38
3.72
3.84
3.91
3.46
4.41
11. Relationship 4.23 with seniors 12. Job recognition 13. Nature of job 4.46 3.76
4.25
3.83
4.16
LIC SALES FORCE 1. Satisfaction level as a career agent 2. Salary 4.07 4.230
OTHERS 4.08
4..5
3. Bonus, reward & compensation 4. Social recognition 5. Career prospects 6. Future monetary security 7. Job satisfaction 8. Decision making power 9. Fringe benefits 10. Work culture 11. Relationship with seniors 12. Job recognition 13. Nature of job
3.3.8
4.33
4.23 3.84 3.76 4.0 3.38 3.84 3.46 4.23 3.76 4.46
Chapter No.2
Chapter No.3
Research Methodology -In order to achieve the objectives of the study require data has been collected through the various sources they are; Sources of Secondary Data a)Official websites of the leading life insurance companies like LIC of India Bajaj Alliance, Reliance Life, ICICI Prudential, etc. Articles, news, research findings
b)
In order to study the Motivation Level Of Sales Force of LIC and other Private Life Insurance Companies require data has been collected through employee survey method with the help of formally designed questionnaire. Sample Size: 26 LIC: 13 Other Life Insurance Companies: 13 Sampling Population: All the Sales Agent of LIC and other private sector life insurance companies having work experience more than 1 years. Sampling Frame: All the Sales Agents of LIC and other Life Insurance Companies live in Jamshedpur. Sampling Tool: Random Sampling Place: Jamshedpur Time: March 2012.
All the respondents will be consulted personally by me. In case of non-cooperation from any of the respondents next easily available sample will be picked up randomly. Data Analysis: Tabulation, cross tabulation followed by graphical presentations.
Chapter No.4
Motivation level Sales personnel of Public sector and private sector life insurance companies: A comparative study
N a t u re o f J o b
J o b R e c o g n it io n R e la t io n s h ip w it h t h e S e n io rs W o rk C u lt u re
O t h e r B e n e fit s D e c is io n M a k in g A u t h o rit y J o b S a t is fa c t io n
V e r y D is s a tis fie d D is s a tis fie d N e ith e r S a tis fie d n o r D is s a tis fie d S a tis fie d
M o n e t a ry S e c u rit y
V e r y s a tis fie d
C a re e r P ro s p e c t s
S o c ia l R e c o g n it io n
M o n e t a ry R e w a rd
S a la ry
0% 10% 20% 30% 40% 50% 60% 70% 80% 90%
Level
Very satisfied 5
Satisfied
Diss atisfi ed 2
1.4
Very Dissatisfi ed 1
0.1 5.15
4
1.25 1.2
Salary Monetary Reward Social Recognition Career Prospects Monetary Security Job Satisfaction Decision Making Authority Other Benefits Work Culture Relationship with the Seniors Job Recognition Nature of Job
1.2
0.75
0.8
0.45
0.06
2.06
0.5
0.8
0.9
0.8
0.1
3.1
0.5
1.6
0.9
0.4
0.1
3.5
0.5
0.4
0.6
0.1
1.6
0.5
1.6
0.9
1.12
0.1
4.22
0.1 0 0.05
0.4
0.08
0.15
0.6
0.3
1.53
0.5 0
0.4 0
1.2 0
1.6 0.6
0.8 0.1
Factors
Others
LIC of India
2.95
5.15
3.48 3.92
2.06 3.1
Recognition Career Prospects Monetary Security Job Satisfaction Decision Making Authority Other Benefits Work Culture Relationship with the Seniors Job Recognition Nature of Job
1.9 1.53 1.95 2.3 2.2 0.9 2.2 2.8 2.7 3.5
2.15
1.6
1.7
4.22
5%
00%
15%
70%
10%
Authority Other Benefits 00% Work Culture 5% Relationship 5% with the Seniors Job Recognition Nature of Job 5% 5%
00% 5% 5%
15% 5% 10%
00% 5% 30%
5% 5%
5% 40%
5% 30%
80% 10%
Nature of Job
Very Dissatisfied Dissatisfied Neither Satisfied nor Dissatisfied Satisfied Very satisfied
Monetary Security
Career Prospects
Social Recognition
Monetary Reward
Salary
0% 10% 20% 30% 40% 50% 60% 70% 80% 90%
Level
Very satisfied
Satisfied
Diss atisfi
Very Dissatisfi
Salary Monetary Reward Social Recognition Career Prospects Monetary Security Job Satisfaction Decision Making Authority Other Benefits Work Culture Relationship with the Seniors Job Recognition Nature of Job
00% 5% 5%
00% 5% 5%
15% 5% 10%
00% 5% 30%
5% 5%
5% 5%
5% 40%
5% 30%
80% 10%
N=100
Level
Very satisfied
0
Satisfied
Diss atisfi ed
4 0.6
Very Dissatisfi ed
1 0.1
Averag e Total/N
6.9 2.95
0.4 1.2
1.5 1.05
0.6
1.28
0.9
0.7
3.48
Social Recognition Career Prospects Monetary Security Job Satisfaction Decision Making Authority Other Benefits Work Culture Relationship with the Seniors Job Recognition Nature of Job
0.25 0.2 0.15 1 0.3 1.9 0 0.25 0.25 0 0.2 0.2 0.45 0.15 0.3 1.4 1.7 1.4 0.1 0 0.05 1.95 2.3 2.2 1 1.6 0.9 0.32 0.1 3.92
1.2
1.2
0.2
0.1
2.7
0.25
0.4
0.9
0.6
2.15
0.25
0.45
0.9
0.1
1.7
0.25 0
0.2 0
1.2 0
0.1 0.6
0.8 0.1
N a ture o f J o b J o b R e c o g nitio n R e la tio ns hip w ith the S e nio rs W o rk C ulture O the r B e ne fits D e c is io n M a k ing A utho rity J o b S a tis fa c tio n M o ne ta ry S e c urity C a re e r P ro s p e c ts S o c ia l R e c o g nitio n M o ne ta ry R e w a rd S a la ry 0
0 .7 0 .7 2 .5 5 1 .5 3 1 .9 2 .2 2 .2 2 .3 0 .9 1 .9 5 1 .7 1 .6 2 .1 5 2 .7 3 .1 2 .0 6 3 .5 4 .2 2 2 .8 4 .5
3 .9 2 3 .4 8
2 .9 5 1 2 3 4 5
5 .1 5 6
Chapter 6
Sample size taken for the survey was very small. It is unlikely that such a small sample size reflect the mind set of all the life insurance sales agents working all over the country. It was an academic research work, carried out under academic course curriculum using personnel resources. Therefore this project has serious time and cost constraints that might negatively affect the quality of the research work. Findings of the study is more applicable for the sales persons of jamshedpur only and may not be applicable in other areas because the entire sales/force survey was conducted in jamshedpur only.