"A STUDY OF CONSUMER WELFARE

ON HEALTH PLAN”
OF

HDFC STANDARD LIFE INSURANCE

Submitted in partial fulfillment of requirement

of Bachelor of Business Administration (B.B.A.)

Submitted By: Submitted

By:
Amit Kumar Verma
BBA Part IIIrd year
 2010-2011

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. It’s 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 “THE STUDY OF CONSUMER WELFARE ON

HELTH PLAN” in part fulfillment of our BBA curriculum. The knowledge we
garnered through this exposure with the outside world will help us in taking a
giant leap towards understanding employee’s behavior and preferences.
ACKNOWLEDGEMENT

I express my sincere thanks to my project guide, Mr.……………………..

Designation ……. Deptt …………………..for guiding me right form the inception till the
successful completion of the project. I sincerely acknowledge him for extending their
valuable guidance, support for literature, critical reviews of project and the report and
above all the moral support for literature, critical reviews of project and the report and
above all the moral support he had provided to me with all stages of this project.

I would also like to thank the supporting staff Department, for their help and
cooperation throughout our project.

(Signature of Student)

Name of the Students

TABLE OF CONTENTS

Chapter no. Particulars Page no.

1 Introduction

2 Objective Of The Project

3 Review Of Literature

4 Research Methodology

5 Analysis and Interpretation

6 Conclusion

7 Limitations

8 Suggestions

9 Bibliography

10 Annexures
CHAPTER 1 INTRODUCTION

1.1 COMPANY PROFILE

1.2 HISTORY

1.3 JOURNEY

1.4 VISION STATEMENT

1.5 MISSIONS AND VALUES

1.6 KEY IMPERATIVES OF COMPANY

COMPANY PROFILE

HDFC Standard life insurance ltd is a joint venture company of HDFC bank
and Standard Life.HDFC STANDARD Life Insurance is a 74:26 joint venture
between HDFC Bank Ltd. and Standard Life. HDFC STANDARD Life Insurance
is one of the fastest growing insurance companies in India and has shown
remarkable growth since its inception in 2000.

HDFC

HDFC is one of the India s leading institutions, offering complete financial

solutions that encompass every sphere of life. From commercial banking to stock
broking, to mutual funds, to life insurance, to investment banking, the group to
the financial needs of individuals and corporate.

The group has a personal worth of Rs.100000 crore and employees in its various
businesses with presence in 216 cities in India and offices in New York, London,
Dubai and Mauritius, it services a customer base over 1400000.

HDFC enjoys leadership position in most of the businesses including stock

broking, investment banking and retail lending. With a brand slogan of
“CUSTOMER SATISFACTION “, HDFC enjoys a particularly strong franchise in
the arena of investment and capital markets. HDFC is also known for the values
of trust, integrity and financial prudence with which entire business and franchise
is developed .Not only they are the one of the most preferred company to do
business with, they are also one of the most preferred employers in the financial
services industry.

STANDARD LIFE

Standard Life has used its broad and well-established U.K. base to create a
multinational business and is building businesses in the US and Europe that
focus on sectors of the market with good fundamentals and where its skills can
add value. As at 31 December 2005, 72% of funds under management are in the
United States; 24% in South Africa and 4% in United Kingdom .On the
embedded value bases the geographic split is 66% Africa, 25% the US and 9%
rest of world.

HISTORY

HDFC Standard Life Insurance Company Limited

The Partnership :

HDFC Standard Life first came together for a possible joint venture, to enter the
Life Insurance market, in January 1995. It was clear from the outset that both
companies shared similar values and beliefs and a strong relationship quickly
formed. In October 1995 the companies signed a 3 year joint venture agreement.
Around this time Standard Life purchased a 5% stake in HDFC, further
strengthening the relationship.

The next three years were filled with uncertainty, due to changes in government
and ongoing delays in getting the IRDA (Insurance Regulatory and Development
authority) Act passed in parliament. Despite this both companies remained firmly
committed to the venture.

In October 1998, the joint venture agreement was renewed and additional
resource made available. Around this time Standard Life purchased 2% of
Infrastructure Development Finance Company Ltd. (IDFC). Standard Life also
started to use the services of the HDFC Treasury department to advise them
upon their investments in India.

Towards the end of 1999, the opening of the market looked very promising and
both companies agreed the time was right to move the operation to the next
level. Therefore, in January 2000 an expert team from the UK joined a hand
picked team from HDFC to form the core project team, based in Mumbai.

Around this time Standard Life purchased a further 5% stake in HDFC and a 5%
stake in HDFC Bank.

In a further development Standard Life agreed to participate in the Asset

Management Company promoted by HDFC to enter the mutual fund market. The
Mutual Fund was launched on 20th July 2000.

Incorporation of HDFC Standard Life Insurance Company Limited:

The company was incorporated on 14th August 2000 under the name of HDFC
Standard Life Insurance Company Limited.

Their ambition from the beginning was to be the first private company to re-enter
the life insurance market in India. On the 23rd of October 2000, this ambition was
realised when HDFC Standard Life was the first life company to be granted a
certificate of registration.

HDFC are the main shareholders in HDFC Standard Life, with 81.4%, while
Standard Life owns 18.6%. Given Standard Life's existing investment in the
HDFC Group, this is the maximum investment allowed under current regulations.

HDFC and Standard Life have a long and close relationship built upon shared
values and trust. The ambition of HDFC Standard Life is to mirror the success of
the parent companies and be the yardstick by which all other insurance
companies in India are measured.

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

VISION STATEMENT
 The Global Indian Financial services brand: Their customers will enjoy
the benefits of dealing with a global 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 repository of their customer’s savings. They, the
group, will be a single window to every financial service in a customer’s
universe.

 The most preferred employer in financial services: A culture of

empowerment and a spirit of enterprise attract bright minds with an
entrepreneurial streak to join us and stay with us. Working with a home
grown professionally managed company, which has partnerships with
international leaders, gives their people a perspective that is universal as
well as unique.

 The most trusted financial services company: They will create an

ethos of trust across all their constituents. Adhering to high standards of
compliance and corporate governance will be an integral part of building
trust.

 Value creation: Value creation rather than size alone will be business
driver.
LIFE INSURANCE AND HDFC LIFE

The Insurance market was opened up for private companies in year 2000 and
currently there are 15 Life Insurance companies in India. HDFC Life Insurance in
its fifth year of operations has shown commendable results. In FY 2005-06,
HDFC Life Insurance laid special emphasis on strengthening the Quality of
Business and succeeded remarkably in the achieving its goals. Instead of just top
line growth it has concentrated on better quality business through focusing on
long term regular premium business and 90% + persistency. For the second year
in succession, it has met the internal value creation target which gives the
confidence that going forward it will be able to maintain both aggressive top line
growth and reduce losses to achieve break even by 2008-09. The main focus
would be to deliver superior value to the key stakeholders and the employees.
They have 650 branch offices in 31 cities in India and they are growing
aggressively to increase their footprints and bring Life Insurance products to their
citizens.

From a macro perspective, investment in Life Insurance in developed countries is

as much as 4.85% of GDP whereas in India it only accounts for 275%. Hence for
the next few years due to under insurance and inherent scope present, private
life insurance companies will grow as close to 100% year on year for the next few
years until the gap is bridged. One of The key reason for the under insurance has
been a monopolistic industry prior to 2000 which led to under development of the
market. Life Insurance is an integral part of any Financial Planning activity.
Typically one could look at least 5-10% of the total Income to be invested
towards Life Insurance.
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
• 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.
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

 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 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.

STRENGTHS

Our key strengths

Financial Expertise
As a joint venture of leading financial services groups, HDFC Standard Life has
the financial expertise required to manage your long-term investments safely and
efficiently.

Range of Solutions
We have a range of individual and group solutions, which can be easily
customised to specific needs. Our group solutions have been designed to offer
you complete flexibility combined with a low charging structure

CHAPTER 2 OBJECTIVES OF STUDY

2.1INTRODUCTION

2.2OBJECTIVES
INTRODUCTION OF THE STUDY
Satisfaction is an important goal for organizations to reach as it has been
shown that profitability, productivity, employee retention, and customer
satisfaction are linked to employee satisfaction.

JOB SATISFACTION

The term Job satisfaction refers to an individual's general attitude towards his or
her job. A person with a high level of job satisfaction holds positive attitude
towards the job, while a person who is dissatisfied with his or her job holds
negative attitude about the job.

In simple words job satisfaction is:-

Job Satisfaction describes how content an individual is with his or her job.
There are a variety of factors that can influence a person's level of Job
satisfaction; some of these factors are:-

• 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.

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.

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

 • 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.
• Provide employees with well-defined career paths (including a succession
plan), mentors and tuition reimbursement for job-related education.
• Train employees, even if it makes them more attractive to the competition.
Without seeing an opportunity on the horizon, few high potential
 employees will stay with a company and allow themselves to grow
stagnant.
• Acknowledge non-work priorities by recognizing and responding to
employees' needs for greater balance in their lives, since employees will
develop loyalty for organizations that respect them as individuals, not just
as workers.

OBJECTIVES OF THE STUDY

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

2. To analyze the work related stress.

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

4. To find motivational factors of employees.

5. To find out how much employees are participation in 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 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 to a person. Thus,
job satisfaction is positively related to the degree to which one’s 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 person’s job satisfaction depends upon
his perceived equity as determined by his input- output balance in comparison
with the input-output balance of others. Every individual compares his rewards
with those of 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 (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 one’s 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 over-satisfaction is or is not a dimension of dissatisfaction and if so ,
how does it dissatisfaction arising out of the situation when received outcomes
are less than the outcomes one feels he should receive.

5) EQUITY DISCREPANCY THEORY:

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

the difference approach of discrepancy theory rather than the ratio 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 individual’s reception of his reward
is influenced by more than just the objective amount of that factor. Because of
this psychological influence the same amount of reward 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 person’s 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.

CHAPTER 3

REVIEW OF LITERATURE
GENERAL MOTORS
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.

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 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 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.

INCREASE EMPLOYEE SATISFACTION AND

PRODUCTIVITY

By providing amenities that make your building a healthier and more comfortable
place to work, you can reduce employee absenteeism and turnover while
increasing productivity. Even small workplace improvements, such as installing
individual temperature and ventilation controls, improving the flow of natural light
and providing access to a roof garden, can have a big impact on your company's
bottom line.
The EPA estimates that building-related illnesses account for $60 billion in
annual productivity lost nationwide. And according to a University of Wisconsin
study, tangible costs of hiring and retaining a new employee typically range
between $10,000 and $50,000 -- plus less quantifiable, but no less real,
productivity costs as employees adapt to the new work environment and cultivate
relationships with clients, coworkers, contractors, etc. With less absenteeism and
greater employee retention, your investments in green building features will
quickly pay for themselves.

• In a 2004 survey of 719 building owners, developers, architects, engineers

and consultants, Turner Construction found that 91 percent of executives
involved with green buildings believed that the health and well-being of
their building occupants was greater.

• By installing skylights, fluorescent light fixtures and additional insulation to

improve lighting and temperature control, Verifone's credit card verification
facility in Costa Mesa, California, decreased its energy consumption 59
percent, reduced employee absenteeism by 47 percent and boosted
productivity by 5 percent to 7 percent.

• At the headquarters of the West Bend Mutual Insurance Company in West

Bend, Wisconsin, green features including individual workstation controls
for temperature, airflow, lighting and noise contributed to a 15 percent
increase in claims processing per employee.
CHAPTER 4 RESEARCH METHODOLOGY

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 .

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 manager’s 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 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 research problems. A good research design lays the
foundation for conducting the project. A good research design will ensure that the
research project is conducted effectively and efficiently. Typically, a research
design involves the following components, or tasks:

 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:

 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

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 Chandigarh
branch , sector 9 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---

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 maesure, and
cooperative. In spite of these advantages, his form of sampling has seroius
limitations. Many potential sources of selection bias are present, including
respondent self-selection. Convenience Samples aer not representative of any
definable population.

QUESTIONNAIRE DESIGN
A Questionnaire, whether it is called a schedule, interview form, or measuring
instrument, is a structured technique for data collection that consists of series of
question, written or verbal, that a respondent answers.

Objective Of A Questionnaire

 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 error.

CHAPTER 5
 ANALYSIS AND INTERPRETATION

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

ANALYSIS AND INTERPRETATION

Managers need information, not raw data. Research helps in generating information by
analyzing data after its collection .data analysis usually involves reducing accumulated
data to a manageable size, developing summaries, looking for patterns and applying
statististical 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

One of the tools used for the analysis is correlation among various factors using
Karl Pearson's method through Bivariate table in the software SPSS.

Respondent by Gender
Male 29
Female 11
Total 40
TABLE 1- SHOWS RESPONDENTS BY GENDER

F e m a le
28%

M a le
72%

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 No. of employees
Marketing 22
Human resource 8
Finance 5
operation 5

TABLE 2-SHOWS DEPARTEMENTS OF RESPONDENTS

No. of employees

25

20

15

No. of employees

10

0
Marketing Human Finance operation
resource

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

 S.no Experience in years No. of Respondents
1 less then 1 year 15
2 more then 1 year 10
3 less then 2 year 8
4 more then 2 year 7

TABLE 3-SHOWS WORK EXPERINCE OF RESPONDENT

No. of Respondents

16

14

12

10

0
less then 1 more then 1 less then 2 more then 2
year year year year

1 2 3 4

FIG-3 SHOWS WORK EXPERINCE OF RESPONDENT

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 No. of
Respondents

1 Like very much 25

2 Like some what 10
3 Neutral 4
4 Dislike some what 1
N
5 Dislike very much il

TABLE 4 SHOWS SATISFACTION LEVEL WITH THE JOB

Employee satisfaction

30

25

20

15 Series2

10

0
1 2 3 4 5

FIG-4 SHOWS SATISFACTION LEVEL WITH THE JOB

The data in the above table reveals that majority of respondents (25) were highly
satisfied wih 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
Highly
1 Satisfied 22
2 Satisfied 10
3 Moderate 5
4 Unsatisfied 2
Highly
5 Unsatisfied 1

TABLE 5 Shows Satisfaction level with the behavior of management and other
employees

No. of Respondents

25

20

15

10

0
Highly Satisfied Satisfied Moderate Unsatisfied Highly
Unsatisfied

No. of Respondents

Fig 5 -Shows Satisfaction level with the behavior of management and other
employees

The data in the above table reveals that majority of respondents (22) were
highly satisfied wih the behaviour of other employees and 10 of respondents
are satisfied and 5 are moderate.
Career and growth opportunities

S.no Preferences No. of Respondents

1 Yes 36

2 No 4

Table6 –Shows Career and growth opportunities for emloyees.

No. of Res pondents

No
10%

Y es
90%

Fig-6 Shows Career and growth opportunities for emloyees.

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

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

S.no Participation No. of Respondents

1 20%-30% 12
2 30%-40% 10
3 40%-50% 8
4 50%-60% 4
5 Above 60% 6
Table 7-Shows Participation of emloyees in Decision making

No. of Respondents

Above 60% 6
5

50%-60% 4
4

40%-50% 8 No. of Respondents

3

30%-40% 10
2

20%-30% 12
1

Fig-7 Shows Participation of emloyees in Decision making

Here we can see less number of respondent are participating in the Decision
making

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 No. of Respondents

1. Highly Satisfied 9

2. Satisfied 15

3. Moderate 5

4. Unsatisfied 10

5. Highly Unsatisfied 1

Table8-Shows Satisfaction Level of Employees with the salary

No. of Respondents

16

14

12

10

8 No. of Respondents

0
Highly Satisfied Moderate Unsatisfied Highly
Satisfied Unsatisfied

FIG8- Shows Satisfaction Level of Employees with the salary

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. Satisfaction Level No. of

Respondents

1 Strongly agree 18
2 Agree 10
3 Undecided 8
4 Disagree 2

5 Strongly disagree 2
TABLE 9-Shows Management is flexible and understands the importance of
balancing my work and personal life.

No. of Respondents

20

18

16

14

12

10 No. of Respondents

6
4

2
0
Strongly Agree Undecided Disagree Strongly
agree disagree

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 satified with the
management flexible and understands the importance of balancing my work and personal
life.
Agree with the company bonus plans

S.no Satisfaction Level No. of Respondents

1 Strongly agree 8
2 Agree 12
3 Undecided 11
4 Disagree 6
5 Strongly disagree 3

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

No. of Respondents

14

12

10

8
No. of Respondents
6

0
Strongly Agree Undecided Disagree Strongly
agree disagree

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 argee with the
bones plan which they are getting and (8) of respondents are strongly agree with this
statement and (11) respondent are undicided and (6) are disagree.
Is any change is require to improve the working condition

S.no Preferences No. of Respondents

1 Yes 32

2 No 8

TABLE-11 Shows how many employees feel to have improvement in working

conditions

No. of Respondents

No
8

Yes
32

0 5 10 15 20 25 30 35

No. of Respondents

Fig-11 Shows how many employees agree with the company pay scale and
bonus plans
Here we can see maximum number of respondent are think that change is
require to improve the working condition of the compony opportunities is that is
80% .

CHAPTER 6

CONCLUSIONS
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 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.
 CHAPTER 7

LIMITATIONS
Limitation

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

psychology and behaviour basically. Some of the problems faceddurig 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 thatsome of the data entry operations wrer not even ready to fill in

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

 CHAPTER 8

SUGGESTIONS
Suggestions

• To increase satisfaction and retention of employees.

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

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

Which will ultimately lead to job satisfaction.

• The method of recruitment should be improved.

• Select the right person for the right job.

• Promotion policy should be improved

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

• Overall work environment should also be improved.

 CHAPTER 9

BIBLIOGRAPHY
 REFERENCES

BOOK S

Rbbins Stephen P , Organizational behaviour .

Beri. G C, Statistics for management, Tata McGraw Hill

Cooper donal R, Schindler Pamela S, Business Research Method.

Kothari C R, Research Methodology

INTERNET LINKS

• http://findarticles.com/p/articles/mi_qa5321/is_200407/ai_n21351846/pg_5

• http://humanresources.about.com/od/glossarye/a/employee_inv.htm

• http://job satisfaction\job satisfaction3.htm

• http:// satisfaction\job satisfaction\herzberg – motivation-hygiene theory.htm

• http://www.nrdc.org/buildinggreen/bizcase/own_productivity.asp

• http://www.nhpcindia.com/English/Scripts/Aboutus_Objectives.aspx
• http://wiki.answers.com/Q/Why_to_study_about_employee_satisfaction
• http://wiki.answers.com/Q/What_is_the_importance_of_employee_satisfac
tion_in_an_organisation

CHAPTER 10

ANNEXURES
 QUESTIONNAIRE

SURVEY ON EMPLOYEE’S 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 Like some Neutral Dislike some

Dislike very

Much what what

Much
Q.5 I am treated with respect by management and the people I work with.
● Strongly Disagree

● Disagree

● Undecided

● Agree
● Strongly Agree

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

● Yes ● No

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

o20%-30% o 30%-40% o 40%-50%

o 50%-60% o above 60%

Q.8 Are you satisfied with you salary level?

Highly Unsatisfied Moderate Satisfied Highly

Unsatisfied
Satisfied

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

work and personal life.
● Strongly Disagree
● Disagree
● Undecided
● Agree
● Strongly Agree

Q.10 Are you agree with the company pay scale and bonus plans ?
 Strongly Agree Undecided Disagree
Strongly

Agree
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 :

NAME :- ………………………….

MOBILE NO:- ………………………….

ADDRESS OF COMMUNICATION:- ……………………………

………………………….