PROJECT REPORT ON

JOB SATISFACTION
Undertaken at

SMC Insurance Brokers Pvt. Ltd.

Submitted in partial fulfilment of the requirements for the award of the degree of

MASTERS OF BUSINESS ADMINISTRATION

to Guru Gobind Singh Indraprastha University, Delhi

Under the Guidance of Dr. SANDEEP KUMAR PROFESSOR

Submitted By CHARU GUPTA MBA-III Sem 1ST Shift 07417003912

Session 2013 - 14

To Whom It May Concern

I CHARU GUPTA Enrolment No. 07417003912 from MBA-III Sem, 1ST shift of the Tecnia Institute of Advanced Studies, Delhi hereby declare that the Summer Training Report (MS-201) entitled JOB SATISFACTION IN SMC INSURANCE BROKERS PVT. LTD. is an original work and the same has not been submitted to any other Institute for the award of any other degree. A presentation of the Summer Training Report was made on 18thJul,13 and the suggestions as approved by the faculty were duly incorporated. Date: Signature of the Student

Certified that the Summer Training Report submitted in partial fulfillment of Master of Business Administration (MBA) to be awarded by G.G.S.I.P. University, Delhi by CHARU GUPTA Enrolment No. 07417003912 has been completed under my guidance and is Satisfactory. Date: Signature of the Guide Name of the Guide: Designation:

ACKNOWLEDGMENT

This project work, which is my major step in the field of professionalism, has been successfully accomplished only because of timely support of my well wisher. I would like to pay my sincere regards and thanks to those, who directed me at every step in my project work. First of all, I would like to express my thanks to my college for giving me such a wonderful opportunity to widen the horizon of my knowledge. I pay my gratitude towards SMC Insurance Brokers Pvt. Ltd. Under the guidance of MRS. SONIA DALAL (HR Manager) from whom I got the real experience I extend my thanks to my supervisor for his scholarly guidance, constant supervision and encouragement. It is due to his personal interest and initiative that the project work is published in the present form.

CHARU GUPTA 07417003912

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CONTENTS

S No. 1 2 3 4 5 6 7 8 9 10 11 12

Topic Certificate Summer Training Appraisal Acknowledgement Executive Summary Chapter 1: Introduction Chapter 2: Review of Literature Chapter 3: Research Methodology Chapter 4: Data Reduction, Presentation and Analysis Chapter 5: Data Interpretation Chapter 6: Summary and Conclusions References/ Bibliography Appendices - Questionnaire - List of Tables - List of Figures

Page No. i ii iii iv-v 1-9 10-14 15-19 20-39 40-42 43-47 48-49 50 51-56 57 58

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EXECUTIVE SUMMARY

Job Satisfaction in regards to ones feeling or state of mind regarding nature of their work. Job can be influenced by variety of factors like quality of ones relationship with their supervisor, quality of physical environment in which they work, degree of fulfillment in their work, etc. Positive attitude towards job are equivalent to job satisfaction where as negative attitude towards job has been defined variously from time to time. In short, Job Satisfaction is a persons attitude towards job. Job Satisfaction is an attitude which results from balancing and summation of many specific likes and dislikes experienced in connection with the job- their evaluation may rest largely upon ones success or failure in the achievement of personal objective and upon perceived combination of the job and combination towards these ends. According to pestonjee, Job Satisfaction can be taken as a summation of employees feelings in four important areas. These are: 1. Job - Nature of work(dull, dangerous, interesting), hours of work, fellow workers, opportunities on the job for promotion and advancement (prospects), overtime regulations, interest in work, physical environment, and machine and tools. 2. Management Supervisory treatment, participation, rewards and punishments, praises and blames, leaves policy and favoritism. 3. Social Relations Friends and associates, neighbors, attitudes towards people in community, participation in social activity socialibility and caste barrier. 4. Personal Adjustment Health and emotionally.

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Job Satisfaction is an important indicator of how employees feel about their job and a predictor of work behavior such as organizational citizenship, Absenteeism, Turnover Job Satisfaction benefits the organization includes reduction in complaints and grievances, absenteeism, turnover, and termination as well as improved punctuality and worker morale. Job satisfaction is also linked with a healthier work force and has been found to be a good indicator of longevity. Job Satisfaction is not synonyms with organizational morale, which the possessions of feeling have being adopted by and belonging to a group of employees through adherence to common goals and confidence in desirability of these goals Morale is the by-product of the group, while job satisfaction is more an individual state of mind.

CHAPTER-1 INTRODUCTION

1. INTRODUCTION
Job Satisfaction research is an important communication tool because it stresses that: Employees are valued, As frontline deliverers of the brand, employees views are vital and integral to the development of the organization. The company is listening and employee suggestions for improvement will be considered. The company recognizes the need for improvement. Job Satisfaction survey is designed to measure organizational present satisfaction level for various parameters. It also helps to analyze success of various HR activities as satisfaction is direct result of these activities. The result of Job Satisfaction survey shows the strong and weak areas in overall atmosphere in organization. This gives the inputs for action plan needed for improving the satisfaction in organization. The more satisfied employees improve the productivity resulting in higher revenues. It also helps to check attrition and cost associated with new recruitment. The Job Satisfaction survey is not an isolated event, but rather the beginning of a continual improvement cycle. Job Satisfaction survey process provides one of the quickest and actionable feedbacks. Job Satisfaction or job satisfaction is, quite simply, how content or satisfied employees are with their jobs. Job Satisfaction is typically measured using an Job Satisfaction survey. These surveys address topics such as compensation, workload, perceptions of management, flexibility, teamwork, resources, etc. These things are all important to companies who want to keep their employees happy and reduce turnover, but Job Satisfaction is only a part of the overall solution. In fact, for some organizations, satisfied employees are people the organization might be better off without. Job Satisfaction and employee engagement are similar concepts on the surface, and many people use these terms interchangeably. Job Satisfaction covers the basic concerns and

needs of employees. It is a good starting point, but it usually stops short of what really matters.

2. OBJECTIVES OF STUDY Measure job satisfaction of the employees of SMC Insurance. To assess the general attitude of the employees towards the organization. To assess the level of commitment across process and facilities. To analyze the strengths and weakness as an organization. To study the employees perception towards the organization. To identify the factors that motivates the employees. To give suggestion for the growth and perspective of the company.

3. SCOPE OF STUDY The study of "Job Satisfaction" helps the company to maintain standards and increase productivity by motivating the employees. This study tells us how much the employees are capable and their interest at work place? What are the things still to be satisfy to the employees. Although "human resources" are the most important resources for any organization, so to study on employees satisfaction helps to know the working conditions and what are the things that affect 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 Job Satisfaction is necessary The How and Why of Job Satisfaction Mapping: An organization is all about customer satisfaction. Companies understand this and focus all their energy on their service or customer experience

However, many companies do this at the cost of employee experience. What does this mean? Is customer satisfaction not the priority? It is! But it is important not to lose sight of people who deliver the end product or service to the customers the employees. These are the people that need a proper support system. Job Satisfaction is paramount as this is what will determine the success or failure of a company. When employees are satisfied and happy about working in an organization, the customer is the first person to notice that. With employees getting thin-skinned every day, it depends completely on the employer to ensure they do not have their top talent drained away by the new competitor on the block. In the current scenario, the decision of hopping by the employee is triggered by the minutes of issues, such as being ticked off in a not too friendly tone or even an uneasy office environment. It becomes important to be aware and understand the signals that are given out by the employees. The management will do well to catch them before it is too late and the employee makes the decision to quit. This understanding gives the employers an edge and gives them the time to take corrective measures if necessary, in order to prevent talent loss. It could be that the employee is not happy with the environment or is suffering from a relationship issue with a colleague or a superior. These issues need to be handled before they get out of hand. How do employers understand their employees? How do they know what employees want? How do they map their satisfaction levels? There are several ways of mapping Job Satisfaction. Surveys: This is a traditional method that involves employees participation. Employers create surveys that have questions on the different parameters related to the organization. They put forth questions in such a way that every aspect of an organization is touched and the feedback is returned in the form of an opinion given by each employee. This helps employers understand how employees think and their satisfaction levels, and paves the path for problem solving. These surveys can actually identify problem areas and help

come up with solutions to solve the problems. They reveal the employee attitude on the whole. One-on-One Interviews: A non-conventional tool, this involves discussions with every employee on a one-to-one basis every few months. Their thoughts are recorded and trouble parameters identified and taken care of. Exit Interviews: This comes into action after an employee submits his resignation papers. The problem with exit interviews is that most employees, once they decide to leave, are not forthright. In an attempt to keep good relations with the employer, they usually do not tell-all as they ought to. Many of them in fact give personal reasons for leaving and make the employer feel that all is well on the work front. Employers who fail at HR and see high attrition rate are those that consider monetary compensation as highly important. In spite of the fact that employees work for money, emotional rewards go a long way at keeping the employer-employee relation strong and have a larger impact on Job Satisfaction. Tracing and improving this satisfaction level has to be top priority for the HR department of an organization Job Satisfaction mapping can be the key to a better motivated and loyal workforce that leads to better organizational output in the form of better products and services and results in overall improvement of an organization. If a person is not satisfied by the job he is doing, he may switch over to some other more suitable job. In todays environment it becomes very important for organizations to retain their employees. The reason may be personal or professional. These reasons should be understood by the employer and should be taken care of. The organizations are becoming aware of these reasons and adopting many strategies for employee retention. The basic needs other than routine tasks are to be taken care of on priority before it becomes late by HR department.

4. COMPANY PROFILE: SMC Group, a leading financial services provider in India is a vertically integrated investment solutions company, with a pan-India presence. Over the Years, SMC has expanded its domestic as well as international operations. Existing network includes regional offices at Mumbai, Kolkata, Chennai, Bangalore, Cochin, Ahmedabad, Jaipur and Hyderabad plus a growing network of more than 2000 offices across over 425 cities/towns in India. The company has expanded internationally, and has established office in Dubai. SMC has entered into a 50:50 joint venture with Sanlam Group, one of the largest listed financial services group in South Africa for setting up wealth Management and Asset Management business in India, Sanlam is operating in over 30 countries globally including UK, USA, Switzerland, Luxembourg, Dublin, Australia and others. SMC Capitals is the SEBI registered Merchant Banking division of SMC group. SMC Insurance is one of the leading Insurance brokers for both Life and General insurance needs of both individuals as well as corporate clients. 4.1 Companys Vision To be a global major in providing complete investment solutions, with relentless focus on investor care, through superior efficiency and complete transparency. 4.2 Core Values Ethical deals: Honesty is the only policy. Experience and trust: Over 20 years of experience has made SMC earn the trust of more than 5, 75,000 Investors. Expertise: Know-how and skills to provide investors an edge. Personalized Solutions: Every investor is unique. Every solution is unique.

4.3 Products and Services 4.3.1. Broking Equities, Derivatives, Currency, Commodities, Online Trading, Commodities trading in international market through DGCX 4.3.2. Investment Banking IPOs, Follow on offers, M and A, Private equity, Debt syndication, ESOP, valuation, etc. 4.3.3. Distribution of Financial Products Insurance broking for life and Non-Life products, Distribution of IPOs and Mutual Funds (with web based capabilities) Mobilization of company fixed deposits and non convertible debentures, Distribution of bond products- Capital gain/tax saving bonds, Govt. of India 8% taxable bonds, etc. 4.3.4. Depository and Clearing Services Depository Services for shares and commodities, Clearing Services in NSE (F and O, Currency), BSE (FandO, Currency) MCX (Commodities, Currency) and DGCX.

4.3.5. Wealth Management Wealth Advisory and Arbitrage Management for HNIs and Corporate 4.3.6. NRI and Institutional Desk Dedicated team for NRI and Institutional Desk 4.3.7. Research

Research support to clients through intraday SMS and E-mails, Weekly research magazine Wise Money covering wide range of asset classes and Wise Fund Focus a monthly magazine on mutual funds, Regular investor education program 4.3.8. Margin Funding Expertise in Financial short term loan facility to buy securities from Capital market 4.3.9. Insurance Brokerage For both life and general insurance, SMC offers risk management services and a complete range of insurance solutions through its subsidiary company SMC Insurance Brokers Pvt. Ltd. The company holds a Direct Insurance Broker's license from Insurance Regulatory and Development Authority (IRDA) and provides a wide array of Life Insurance and General Insurance products under professional guidance of experts in the field. SMC provides customized solutions to individual clients, small and medium enterprises as well as to the leading corporate houses and institutions across the country. Our philosophy We believe that "a transaction is for a moment but a relationship is forever". Hence we give all transactions equal importance and strive to offer our esteemed clientele an unmatched service. Our edge

Pan India presence with own branches in over 48 locations and 2000+ offices of group companies

3000+ strong team of employees 1,00,000+ customers 1500+ man years of General Insurance experience Robust IT Infrastructure with over 1 lakh Sq. ft. office space Widest possible product range A team of passionate professionals with strong Domain knowledge and expertise Flexibility to choose product of any insurance company Quality of services Customized solutions

4.4 Value addition for customers

Comprehensive Risk Portfolio Management including identification, measurement, assessment and handling of the risk, of which insurance is an integral part.

Designing of customized and qualitative insurance programme Offer of choices while recommending suitable insurance policies Assistance in deciding sum insured to avoid under-insurance Due to our volume of business, knowledge of market and expertise, we are able to obtain the best possible premium rates.

Selection of Policy wording and clauses where choice is available Assistance in processing of claims to obtain fair and prompt settlement from Insurance Companies

Extensive rapport and liaison with insurance companies Outsourcing of major part of insurance function

CHAPTER-2 REVIEW OF LITERATURE

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Review of Literature
Different Researchers have different approaches towards defining job satisfaction Among doctors. Some of the most commonly cited definitions on job satisfaction are analysed in the text that follows. (Brikend Aziri, 2011) Job satisfaction represents one of the most complex areas facing todays managers when it comes to managing their employees. Many studies have demonstrated an unusually large impact on the job satisfaction on the motivation of workers, while the level of motivation has an impact on productivity, and hence also on performance of business organizations.Unfortunately, in our region, job satisfaction has not still received the proper attention from neither scholars nor managers of various business organizations. Job satisfaction is a workers sense of achievement and sucess on the job. It is generally perceived to be directly linked to productitivty as well as to personal well-being. Job satisfaction implies doing a job one enjoys, doing it well and being rewarded for ones efforts. Job satisfaction further implies enthusiasm and happiness with ones work. Job satisfaction is the key ingridient that leads to recognition, income, promotion, and the achevement of other goals that lead to a feeling of fullfillment (Kaliski,2007). Job satisfaction can be defined also as the extent to wich a worker is content with the rewards he or she gets out of his ore her job,particulary in terms of intrinsic motivacion (Statt, 2004). The term job satisfactions refers to the attituted and feelings people have about their work. Positive and favorable attitudes towards the job indicate job satisfaction. Negative and unfavorable attitudes towards the job indicate job dissatisfaction (Armstrong, 2006). Job satisfaction is the collection of feeling and beliefs that people have about their current job. Peoples levels of degrees of job satisfaction can range from extreme satisfaction to extreme dissatisfaction. In addition to having attitudes about their jobs as a whole. People

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also can have attitudes about various aspects of their jobs such as the kind of work they do, their coworkers, supervisors or suborinates and their pay (George et al., 2008). Job satisfaction is a complex and multifaceted concept wich can mean different things to different people. Job satisfaction is usually linked with motivation, but the nature of this relationship is not clear. Satisfaction is not the same as motivaton. Job satisfaction is more of an attitude, an internal state. It could,for example,be associated with a personal feeling of achievement, either quantitative or kualitative (Mullins, 2005). We consider that job satisfaction represents a feeling that appears as a result of the perception that the job enables the material and psychological needs (Aziri, 2008). Job satisfaction can be considered as one of the main factors when it comes to efficiancy and effectiveness of business organizations. In fact the new managerial paradigm wich insists that employees should be treated and considered primarily as human beans that have their own wants,needs,personal desires is a very good indicator for the importance of job satisfaction in comtemporary companies. When analysing job satisfaction the logic that a satisfied employee is a happy employee and a happy employee is a sucesful employee. The article identifies three major gaps between HR practice and the scientific research in the area of employee attitudes in general and the most focal employee attitude in particularjob satisfaction: (1) the causes of employee attitudes, (2) the results of positive or negative job satis- faction, and (3) how to measure and influence employee attitudes. Suggestions for practition- ers are provided on how to close the gaps in knowledge and for evaluating implemented prac- tices. Future research will likely focus on greater understanding of personal characteristics, such as emotion, in defining job satisfaction and how employee attitudes influence organizational performance. 2007 Wiley Periodicals, Inc.(Lise M. Saari and Timothy A.Judge, 2007) The importance of job satisfaction specially emerges to surface if had in mind the many negative consequences of job disstisfaction such a lack of loyalty,increased abstenteism, increase number of accidents etc. Spector (2007) lists three important features of job

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satisfaction. Firts, organizations should be guided by human values. Such organizations will be oriented towards treating workers fairly and with respect. In such cases the assesment of job satisfaction may serve as a good indicator ofemployee effectiveness. High levels of job satisfaction may be sign of a good emotional and mental state of employees. Second, the behaviour of workers depending on their level of job satisfaction will affect the functioning and activities of the organization's business. From this it can be concluded that job satisfaction will result in positive behaviour and vice versa, dissatisfaction from the work will result in negative behaviour of employees. Third, job satisfaction may serve as indicators of organizational activities. Through job satisfaction evaluation different levels of satisfaction in different organizational units can be defined, but in turn can serve as a good indication regarding in which organizational unit changes that would boost performance should be made. Job satisfaction reflects the characteristics of jobs, and therefore, can be used as an indicator of job quality. Two different approaches are followed. First, using the International Social Survey Program of 1997 we explored whether differences between countries in job satisfaction can be explained by variables usually considered to be related to job quality, such as working hours, wages, etc. Second, we studied the relationship between certain objective measures of job quality and job satisfaction in a given country, using Spain as a case study. In both cases the results do not support the use of job satisfaction as a measure of job quality. Finally, we discuss the different processes that could explain the coexistence of wide variations in job quality with high overall levels of job satisfaction. (Rafael Llorente) 2005 Elsevier Inc. The Medical sector plays a vital role in underpinning the economic development of a country. This study attempts to evaluate job satisfaction of employees in different Hospitals. It focuses on the relative importance of job satisfaction factors and their impacts on the overall job satisfaction of employees. It also investigates the impacts of pharmaceutical type, work experience, age, and sex differences on the attitudes toward job Satisfaction. The result shows that salary, efficiency in work, fringe supervision, and co-worker relation are the most important factors contributing to job satisfaction. The

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overall job satisfaction of the employees in Medical sector is at the positive level. The nature of business operation, the work culture and the level of job satisfaction have undergone sea change for the Doctors. As a business proposition initiated huge investment whereas majority of their stocks is going down bringing a high level of apprehension related to job security among its employees. This research paper highlights some of these problems and presents a picture of level of job satisfaction among employees of Medical companies. It also identifies unique issues of job satisfaction Among doctors. Hospitals are selected for the research because they are currently undergoing continued expansion. In order to gain competitive advantage and adapt to the dramatic changing environment, it is important for them to achieve management efficiency by increasing Job Satisfaction in the organisation. Hence this research was mainly undertaken to investigate on the significance of factors such as working conditions, pay and promotion, job security, fairness, relationship with co-workers and supervisors in affecting the job satisfaction. This paper presents a comprehensive diagnosis of job satisfaction indices of Medical business.

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CHAPTER-3 RESEARCH METHODOLOGY

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1. Research Methodology 1.1 Research can be defined to be search for knowledge or any systematic investigation to establish facts. The primary purpose for applied research is discovering interpreting and the development of methods and systems for the advancement of human knowledge on a wide variety of scientific matters of our world and the universe. 1.2 Research Methodology is initiated before undertaking the research and a foundation was laid in form of a research design, sampling, method of data collection and different analysis technique. Research Methodology can be defined as: 1) The analysis of the principles of methods, rules, and postulates employed by a discipline; 2) The systematic study of methods that are, can be, or have been applied within a discipline or a particular procedure or set of procedures. 2. POPULATION The main emphasis of the study was on employees working in SMC Insurance. 3. RESEARCH DESIGN A research design is considered as the framework or plan for a study that guides as well as helps in the data collection and analysis of data. Research can classify in one of three categories:

Exploratory research Descriptive research Causal research

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These classifications are made according to the objective of the research. In some cases the research will fall into one of these categories, but in other cases different phases of the same research project will fall into different categories. The research associated to my project is DESCRIPITIVE RESEARCH. 4. SAMPLE SIZE An Employee-based survey was conducted in which 40 people were asked to fill the questionnaire. I will be using statistical method for sample size determination. 5. RESEARCH INSTRUMENTS The researcher has used a structured questionnaire as a research instrument tool which consists of open ended questions, multiple choice questions and dichotomous questions in order to get data. Thus, the questionnaire is the data collection instrument used in the study. All the questions in the questionnaire are organized in such a way that elicit all the relevant information that is needed for the study. 6. SOURCES OF INFORMATION This project depends upon the primary as well as secondary sources which are as follows: Primary Sources: Primary data are data gathered for a specific purpose or for a specific research project. Primary source, (also called original source), is a term used in a number of disciplines to describe source material that is closest to the person, information, period, or idea being studied. Secondary Sources: Secondary data are data that were collected for another purpose and already exist somewhere. In library and information science, historiography and other areas of scholarship, a secondary source is a document or recording that relates or discusses information originally presented elsewhere. A secondary source contrasts with a primary source, which is an original source of the information being discussed. Secondary sources

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involve generalization, analysis, synthesis, interpretation, or evaluation of the original information Most of the data collected by the researcher is PRIMARY DATA through personal interviews, where the researcher and the respondents operate face-to-face. 7. DATA COLLECTION TOOLS Questionnaire: A questionnaire consists of a set of questions presented to respondents for their answers. Because of its flexibility, the questionnaire is by far the most common instrument used to collect primary data. Questionnaires need to be carefully developed, tested, and debugged before they are administered on a large scale. 8. STASTICAL TOOL The statistical tools used for analyzing the data collected are percentage method, bar diagrams and pie chart.

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CHAPTER-4 DATA REDUCTION, PRESENTATION AND ANALYSIS

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1. How long has you worked for SMC Insurance?

Sr.no 1 2 3 4 5

Work with SMC Insurance Less than one year One year to less than two year Two year to less than five year Five year to less than ten year Ten year or more Total

Value 27 10 23 10 30 100

Percentage 27% 10% 23% 10% 30% 100%

Less than one year Two year to less than five year Ten year or more

One year to less than two year Five year to less than ten year

30% 10% 23%

27% 10%

Figure 1

COMMENTS:- 30% employees are working more than ten year with SMC Insurance 27% working from less than one year , 23% working from more than two year, 10% are working from one year and 10% employees are working from more than five year with this company.

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2. S.no 1 2 3 4 5

Overall, how satisfied are you with SMC Insurance as an Employee? Satisfaction Level Very Satisfied Satisfied Neither Satisfied nor dissatisfied Dissatisfied Very dissatisfied TOTAL Value 24 36 20 17 3 100 Percentage 24% 36% 20% 17% 3% 100%

Very Satisfied Neither Satisfied nor dissatisfied Very dissatisfied 3% 17% 20%

Satisfied Dissatisfied

24%

36%

Figure 2

COMMENTS:- 36% employees of the company are satisfied with this company as an employee 24% employees are very satisfied. 20% of employees are neither satisfied nor dissatisfied, 17% of employees are dissatisfied and remaining 3% of employees are very dissatisfied.

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3.

How satisfied are you that you understand the long-term strategy of SMC Insurance?

S.No 1 2 3 4 5

Satisfaction Level Very Satisfied Satisfied Neither Satisfied nor dissatisfied Dissatisfied Very dissatisfied TOTAL

Value 34 40 16 8 2 100

Percentage 34% 40% 16% 8% 2% 100%

Very Satisfied Neither Satisfied nor dissatisfied Very dissatisfied 2% 8% 16%

Satisfied Dissatisfied

34%

40%

Figure 3

COMMENTS: - Most of the employees (40%) are satisfied that they understand the long term strategy of SMC Insurance, some of them (34%) very satisfied, (16%) of employees are neither satisfied nor dissatisfied, (8%) of employees are dissatisfied and very less no (2%) of employees are very dissatisfied.

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4.

Do you understand what Company SMC Insurance as a Company, is trying to achieve?

S.no 1 2

Understanding Level Yes No TOTAL

Value 96 4 100

Percentage 96% 4% 100%

Yes 4%

No

96%

Figure 4

COMMENTS:- Majority of the employees (96%) of the company understand what is companys objective and goal, less no of employee (4%) dont understand what

company SMC Insurance as a company is trying to achieve

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5. Do your work give you a feeling of personal accomplishment? (a) Yes S.no 1 2 (b) No Value 80 20 TOTAL 30 Percentage 80% 20% 100%

Personal Accomplishment Yes No

Yes

No

20%

80%

Figure 5

COMMENTS:- Most of the employees (80%) work give them the feeling of personal accomplishment , some of them (20%) dont feel personal accomplishment from their work.

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5. Do you receive any appropriate recognition for your contributions?

S.no 1 2

Recognition Yes No TOTAL

Value 84 16 100

Percentage 84% 16% 100%

Yes

No

16%

84%

Figure 6

COMMENTS:- Majority of the employees (84%) receive appropriate recognition for their contribution, some of them (16%) did not receive any appropriate recognition.

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6. How much confidence you have in the leadership of SMC Insurance?

S.no 1 2 3

Confidence in Leadership More than enough Enough Less than enough TOTAL

Value 63 30 7 100

Percentage 63% 30% 7% 100%

More than enough

Enough

Less than enough

7% 30% 63%

Figure 7

COMMENTS:- Majority of the Employees (63%) of the company have more than enough and some of them (30%) enough confidence in the leadership of this company, very less no of employee (7%) has less than enough confidence in the leadership of SMC Insurance.

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8.

Your role at SMC Insurance? (a) Do you have enough authority to make decisions you need to make?

S.no 1 2

Authority to make decisions Yes No TOTAL

Value 84 16 30

Percentage 84% 16% 100%

Yes

No

16%

84%

Figure 8

COMMENTS: - In SMC Insurance majority of the employees (84%) have enough authority to make decisions what they need to make, some of them (16%) dont have enough authority.

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(b)

How satisfied are you with the type of work that you do?

S.no 1 2 3 4 5

Satisfaction Level Very Satisfied Satisfied Neither Satisfied nor dissatisfied Dissatisfied Very dissatisfied TOTAL

Value 26 40 18 13 3 100

Percentage 26% 40% 18% 13% 3% 100%

Very Satisfied Neither Satisfied nor dissatisfied Very dissatisfied 3% 13% 18%

Satisfied Dissatisfied

26%

40%

Figure 9

COMMENTS:- Majority of the employees (40%) are satisfied with their work what they do, some of them (26%) are very satisfied, (18%) of employees are neither satisfied nor dissatisfied, (13%) of employees are dissatisfied and (3%) very less no of employees are very dissatisfied.

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9.

Did SMC Insurance provide as much initial training as you needed?

S.no 1 2

Initial Training Yes No TOTAL

Value 64 36 100

Percentage 64% 36% 100%

Yes

No

36% 64%

Figure 10

COMMENTS: - Majority of the employees (64%) said that SMC Insurance provided initial training to as they needed

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10. Pay and Benefits- Is your salary fair for your responsibilities?

S.no 1 2

Salary Yes No TOTAL

Value 74 26 100

Percentage 74% 26% 100%

Yes

No

26%

74%

Figure 11

COMMENTS:- Majority of the employees (74%) salary is fair for their responsibilities but some of the employees (26%) salary is not fair for their responsibilities.

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11.

What types of incentives motivates you more?

S.No. 1 2 3 4 Total

Answer Financial Non-financial Both Neutral

No. of Respondents 6 10 80 4 100

Percentage 6% 10% 80% 4% 100%

Financial

Non-financial

Both

Neutral

4% 6%

10%

80%

Figure 12

COMMENTS:- Reference with above table, out of 100 respondents 80% agree that the rewards or incentive should be financial as well as non-financial, both. and 10% are neutral to this question.

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12.

I am satisfied with the salary I draw.

S.No. 1 2 3 4 5 Total

Answer Strongly agree Agree Neutral Disagree Strongly disagree

No. of Respondents 5 20 45 25 5 100

Percentage 5% 20% 45% 25% 5% 100%

Strongly agree

Agree

Neutral

Disagree

Strongly disagree

5% 5% 25%

20%

45%

Figure 13

COMMENTS:- References with above table, out of 100 respondents 45% are neutral, 20% are happy with their salary and 25% are unsatisfied.

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13.

I am satisfied with the lunch breaks, rest breaks.

S.No. A B C D E Total

Answer Strongly agree Agree Neutral Disagree Strongly disagree

No. of Respondents 8 70 5 15 2 100

Percentage 8% 70% 5% 15% 2% 100%

Strongly agree

Agree

Neutral 2%

Disagree

Strongly disagree

5%

15%

8%

70%

Figure 14

COMMENTS:- References with above table, out of 100 respondents 70% agree that they are satisfied with the lunch breaks and rest breaks. 15% of employees disagree with the breaks.

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14.

I am satisfied with the administration in my office.

S.No. 1 2 3 4 5 Total

Answer Strongly agree Agree Neutral Disagree Strongly disagree

No. of Respondents 10 60 20 5 5 100

Percentage 10% 60% 20% 5% 5% 100%

Strongly agree

Agree 5%

Neutral

Disagree

Strongly disagree

5% 10% 20%

60%

Figure 15

COMMENTS:- References with above table, out of 100 respondents 60% feel that the administration is good in office and 20% are neutral to this question. and 10% people are not satisfied with the administration.

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15.

The rest rooms / washrooms are clean, hygienic and well ventilated.

S.No. 1 2 3 4 5 Total

Answer Strongly agree Agree Neutral Disagree Strongly disagree

No. of Respondents 18 60 12 7 3 100

Percentage 18% 60% 12% 7% 3% 100%

Strongly agree

Agree

Neutral 3%

Disagree

Strongly disagree

12%

7%

18%

60%

Figure 16

COMMENTS:- Reference with above table, out of 100 respondents 60% are satisfied with hygienic and cleanness of washrooms/rest rooms and 18% employee showing no response, neither they are satisfied nor they are unsatisfied. and 7% is disagreeing to the washroom hygienic condition.

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16.

I am satisfied with my work.

Variables 1 2 3 4 5 Total

Answer Strongly agree Agree Neutral Disagree Strongly disagree

No. of Respondents 30 40 20 7 3 100

Percentage 30% 40% 20% 7% 3% 100%

Strongly agree

Agree

Neutral 3% 7%

Disagree

Strongly disagree

20%

30%

40%

Figure 17

COMMENTS:- References with above table, out of 100 respondents 40% are satisfied with their work, 30% are very satisfied, 20% are neutral, 7% are not satisfied with their work.

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SUGGETIONS

Facilities :- Emergency panel - Medical facility

o o o o o

Technical training Salary should be increased Company should provide some money and time to spend socially Company should have some tie-up with some good school of NCR for education of children Company should arrange one trip in a year for enjoyment of employees

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AREAS TO IMPROVE

o o o o

Medical Facility should be available in the company area. Schooling facility for the employees children. Time to time Training should be provided by the company. Compensation o Salary o Benefits

o o

Opportunities for professional development Recognition

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CHAPTER-5
DATA INTERPRETATION

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5. Data Interpretation
30% employees are working more than ten year with SMC insurance 27% working from less than one year , 23% working from more than two year, 10% are working from one year and 10% employees are working from more than five year with this company. 36% employees of the company are satisfied with this company as an employee 24% employees are very satisfied. 20% of employees are neither satisfied nor dissatisfied, 17% of employees are dissatisfied and remaining 3% of employees are very dissatisfied. Most of the employees (40%) are satisfied that they understand the long term strategy of SMC Insurance, some of them (34%) very satisfied, (16%) of employees are neither satisfied nor dissatisfied, (8%) of employees are dissatisfied and very less no (2%) of employees are very dissatisfied. Majority of the employees (96%) of the company understand what is companys objective and goal, less no of employee (4%) dont understand what company SMC Insurance as a company is trying to achieve Most of the employees (80%) work give them the feeling of personal accomplishment, some of them (20%) dont feel personal accomplishment from their work. Majority of the employees (84%) receive appropriate recognition for their contribution, some of them (16%) did not receive any appropriate recognition. Majority of the Employees (63%) of the company have more than enough and some of them (30%) enough confidence in the leadership of this company, very less no of employee (7%) has less than enough confidence in the leadership of SMC Insurance. In SMC Insurance majority of the employees (84%) have enough authority to make decisions what they need to make, some of them (16%) dont have enough authority. Majority of the employees (40%) are satisfied with their work what they do, some of them (26%) are very satisfied, (18%) of employees are neither satisfied nor dissatisfied,

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(13%) of employees are dissatisfied and (3%) very less no of employees are very dissatisfied. Majority of the employees (84%) said that SMC Insurance provided initial training to as they needed Majority of the employees (74%) salary is fair for their responsibilities but some of the employees (26%) salary is not fair for their responsibilities. Reference with above table, out of 100 respondents 80% agree that the rewards or incentive should be financial as well as non-financial, both. and 10% are neutral to this question. References with above table, out of 100 respondents 45% are neutral, 20% are happy with their salary and 25% are unsatisfied. References with above table, out of 100 respondents 70% agree that they are satisfied with the lunch breaks and rest breaks. 15% of employees disagree with the breaks. References with above table, out of 100 respondents 60% feel that the administration is good in office and 20% are neutral to this question. and 10% people are not satisfied with the administration. Reference with above table, out of 100 respondents 60% are satisfied with hygienic and cleanness of washrooms/rest rooms and 18% employee showing no response, neither they are satisfied nor they are unsatisfied. and 7% is disagreeing to the washroom hygienic condition. References with above table, out of 100 respondents 40% are satisfied with their work, 30% are very satisfied, 20% are neutral, 7% are not satisfied with their work.

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CHAPTER-6 SUMMARY & CONCLUSIONS

42

6. Summary And Conclusions

6.1 Results of the Study:

An employee's job satisfaction depends as much on the positive mental, spiritual, physical, and emotional resources the employee brings to the workplace, according to data gathered from 30 working employees on a three-year study of personal energy management and work-life balance. Human Performance Institute describes following ways employers can create a satisfying work environment: 1. There is a need of attention to find out that why employees are satisfied with their jobs. 2. About 81% employees believe that nature of their present job gives satisfaction to them. 3. Most of the employees believe that one-day is sufficient to do the work allotted to them. 4. 74% employees believe that job satisfaction provides the career opportunities. 5. As far as job security is concerned. 83 % employees feel secured. 6. There is a positive response from the employees regarding leave policies. 7. Most of the employees believe that their opinions are not taken while important decisions are made.

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8. It has been viewed that most employees agreed that job satisfaction influence the work behavior.

6.2

Limitations:

The following are the limitations that are observed in the study.

The survey is subjected to the bias and prejudius of the respondents. Hence, 100% accuracy cannot be assured. The researcher was carried out in a short span of time, where in the researcher could not widen the study. The study could not be generalized due to the fact that researcher adapted personal interview method.

6.3

Suggestions, Scope for further Study and Conclusion:

6.3.1 Suggestions Given below are the various suggestions from the researchers point of view which he feels must be implemented in the company on order to enable it to work more effectively and overcome the various obstacles .which the employees are facing regarding job satisfaction. 1. 2. 3. Surprise inspections should be done in order to avoid ghost punching. Use of workers participation in management. Company in the minds of the employees so as to improve the interpersonal relations in the organization 4. Employees should be induced top improve their productivity by the introduction of various incentive schemes. 5. Incentives should be directly linked with profits so as to improve the productivity of the employees.

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6.

Employees should be given job security to create the satisfaction in their minds towards their respective jobs.

7.

Job satisfaction is the end feeling of a person after performing a task so as to persons job must fulfilled his dominant needs and is consistent with his expectation and values, the job will be satisfying .

8.

It is suggested the rewards and punishments should be equitable with other employees doing similar work.

9.

The supervisor must be able to find out that the employees have received amounts to what he perceived.

10.

It is recommended to put suggestion boxes in every department in which the staff concerned can draw in there suggestion and possible solution to overcome the problems faced by them.

6.3.2 Conclusion 1. Every project at the end of it has some conclusion derived from the study of the project. 2. Job Satisfaction has some shortcomings, which can be overcome by taking into account the suggestions that are given in the project. 3. Job Satisfaction plays a very vital role in the success of the organization. So, every possible step should be taken for the satisfaction of the employees regarding their jobs. 4. If the employees would be more satisfied with their jobs, the productivity would be increased satisfied employees are more committed, more hard working and more productive In SMC Insurance, most employees are found to be satisfied with their jobs. 5. The most common way of measurement is the use of rating scales where employees report their reactions to their jobs. 6. In view of the fact that the organization i.e. Indian is using Job Satisfaction process for its different categories of workforce, reliance is to be laid mostly on the secondary data available with the organization. Since the project is an

45

attempt to study about the impact of job satisfaction and suggest changes in the system, the employees are exposed to a questionnaire to elicit their view. 7. A consistently high level of employee motivation and commitment are the key factors in developing a positive working environment for any business. 8. By quantifying and analyzing employee attitudes and opinions, enterprises can identify problem areas and develop solutions that create a supportive work environment and foster a motivated, loyal workforce. 9. Job Satisfaction Surveys help to develop individual goals and career potential. With more insight into employee opinions and attitudes, management can establish effective professional development initiatives. 10. Research on the relationship between job satisfaction and accidents generally shows that the satisfied employees cause fewer accidents. It is also reveal that low absentee employees are more satisfied with their jobs. 11. The higher the level of the job in organizational hierarchy , the greater the satisfaction of the individual. This is because positions at higher levels are generally batter paid, more challenging and provide greater freedom of operation.

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REFERENCES/ BIBLIOGRAPHY

47

BIBLIOGRAPHY

The information in this project is based on primary as well as secondary data which was collected from the following sources: Books:1. Human Resource Management- CHABBRA T.N,3rd edition, 2006 Prentice Hall of India 2. 3. Personnel Management .Flippo Edwin B, 3rd edition, 2007 Human Resource Management- GUPTA C.B 1st edition,2006 Vikas publishing house ,Pvt ltd. Delhi Magazines: The week India today Business today Services editorials

48

APPENDICES

49

QUESTIONNAIRE

SMC Insurance Job Satisfaction Survey Name Age 21 to 34 55 or older Sex 1. Male Female 35 to 44 45 to 54

How long has you worked for SMC Insurance? (a) (b) (d) (e) (f) Less than one year One year to less than two years Two years to less than five years Five years to less than ten years Ten years or more

2.

Overall, how satisfied are you with SMC Insurance as an Employee? (a) (b) (c) (d) (e) Very Satisfied Satisfied Neither Satisfied nor dissatisfied Dissatisfied Very Dissatisfied

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3.

How satisfied are you that you understand the long-term strategy of SMC Insurance? (a) (b) (c) (d) (e) Very Satisfied Satisfied Neither Satisfied nor dissatisfied Dissatisfied Very Dissatisfied

4.

Do you understand what Company SMC Insurance as a Company, is trying to achieve? (a) (b) Yes No

5.

Do your work gives you a feeling of personal Accomplishment? (a) (b) Yes No

6.

Do you receive any appropriate recognition for your contributions? (a) (b) Yes No

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7.

How much confidence you have in the leadership of SMC Insurance? (a) (b) (c) More than Enough Enough Less than Enough

8. (a)

Your role at SMC Insurance. Do you have enough authority to make decisions you need to Make? (a) Yes (b) No

(b)

How satisfied are you with the type of work that you do? (a) (b) (c) (d) (e) Very Satisfied Satisfied Neither Satisfied nor dissatisfied Dissatisfied Very Dissatisfied

9.

Did SMC Insurance provide as much initial training as you needed? (a) (b) Yes No

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10.

Pay and Benefits (a) Is your salary fair for your responsibilities? (a) (b) Yes No

(b) Are there any benefits you would like added to SMC Insurance benefits package? (a) (b) 11. Yes, What would you like added? No

What types of incentives motivates you more? (a) (b) (c) Financial Objectives Non Financial Objectives Both

12.

I am satisfied with the salary I draw. (a) (b) (c) (d) (e) Strongly Agree Agree Neutral Disagree Strongly Disagree

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13.

I am satisfied with the lunch breaks, rest breaks. (a) (b) (c) (d) (e) Strongly Agree Agree Neutral Disagree Strongly Disagree

14.

I am satisfied with the administration in my office. (a) (b) (c) (d) (e) Strongly Agree Agree Neutral Disagree Strongly Disagree

15.

The rest rooms / washrooms are clean, hygienic and well ventilated. (a) (b) (c) (d) (e) Strongly Agree Agree Neutral Disagree Strongly Disagree

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16.

I am satisfied with my work. (a) (b) (c) (d) (e) Strongly Agree Agree Neutral Disagree Strongly Disagree

17.

What can SMC Insurance Education do to increase your satisfaction as an employee?

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LIST OF TABLES

Table No 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17

Title Work with SMC Insurance Satisfaction level of SMC employees Satisfaction level of long term strategy Understanding level Personal accomplishment Recognition Confidence in leadership Authority to make decisions Satisfied with work Initial training Salary Incentives Satisfied with salary Lunch breaks Administration Rest rooms Satisfied with work

Page No 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37

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LIST OF FIGURES

Figure No 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17

Title Figure 1 Figure 2 Figure 3 Figure 4 Figure 5 Figure 6 Figure 7 Figure 8 Figure 9 Figure 10 Figure 11 Figure 12 Figure 13 Figure 14 Figure 15 Figure 16 Figure 17

Page No 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37

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END OF REPORT

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