HISTORY OF THE ORGANIZATION & OBJECTIVE

Housing Development Finance Corporation Limited, more popularly known as HDFC Bank Ltd,

was established in the year 1994, as a part of the liberalization of the Indian Banking Industry by

Reserve Bank of India (RBI). It was one of the first banks to receive an 'in principle' approval

from RBI, for setting up a bank in the private sector. The bank was incorporated with the name

'HDFC Bank Limited', with its registered office in Mumbai. The following year, it started its

operations as a Scheduled Commercial Bank. Today, the bank boasts of as many as 1412

branches and over 3275 ATMs across India.

Amalgamations

In 2002, HDFC Bank witnessed its merger with Times Bank Limited (a private sector bank

promoted by Bennett, Coleman & Co. / Times Group). With this, HDFC and Times became the

first two private banks in the New Generation Private Sector Banks to have gone through a

merger. In 2008, RBI approved the amalgamation of Centurion Bank of Punjab with HDFC

Bank. With this, the Deposits of the merged entity became Rs. 1,22,000 crore, while the

Advances were Rs. 89,000 crore and Balance Sheet size was Rs. 1,63,000 crore.

Tech-Savvy

HDFC Bank has always prided itself on a highly automated environment, be it in terms of

information technology or communication systems. All the braches of the bank boast of online

connectivity with the other, ensuring speedy funds transfer for the clients. At the same time, the

bank's branch network and Automated Teller Machines (ATMs) allow multi-branch access to

retail clients. The bank makes use of its up-to-date technology, along with market position and

expertise, to create a competitive advantage and build market share.

Capital Structure

At present, HDFC Bank boasts of an authorized capital of Rs 550 crore (Rs5.5 billion), of this

the paid-up amount is Rs 424.6 crore (Rs.4.2 billion). In terms of equity share, the HDFC Group

holds 19.4%. Foreign Institutional Investors (FIIs) have around 28% of the equity and about

17.6% is held by the ADS Depository (in respect of the bank's American Depository Shares

(ADS) Issue). The bank has about 570,000 shareholders. Its shares find a listing on the Stock

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Exchange, Mumbai and National Stock Exchange, while its American Depository Shares are

listed on the New York Stock Exchange (NYSE), under the symbol 'HDB'.

Our Vision

'The most successful and admired life insurance company, which means that we are the most

trusted company, the easiest to deal with, offer the best value for money, and set the standards in

the industry'.

'The most obvious choice for all'.

Our Values

Values that we observe while we work:

Integrity

Innovation

Customer centric

People Care “One for all and all for one”

Team work

Joy and Simplicity

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ORGANIZATIONAL STRUCTURE

Brief Profile of The Board of Directors

Mr. Deepak S. Parekh is the Chairman of the Company. He is also the Chairman and Director

of Housing Development Finance Corporation Limited (HDFC Limited). He joined HDFC

Limited in a senior management position in 1978. He was inducted as a whole-time director of

HDFC Limited in 1985 and was appointed as its Chairman in 1993. Mr. Parekh is a Fellow of the

Institute of Chartered Accountants (England & Wales).

Mr. Keki M. Mistry joined the Board of Directors of the Company in December, 2000. He is

currently the Vice Chairman and Chief Executive Officer of HDFC Limited. He joined HDFC

Limited in 1981 and became an Executive Director in 1993. He was appointed as its Managing

Director in 2000. Mr. Mistry is a Fellow of the Institute of Chartered Accountants of India and a

member of the Michigan Association of Certified Public Accountants.

Ms. Renu S. Karnad is the Managing Director of HDFC Limited. She is a graduate in Law and

holds a Master's degree in Economics from Delhi University. She has been employed with

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HDFC Limited since 1978 and was appointed as the Executive Director in 2000 and Deputy

Managing Director in 2007. She is responsible for overseeing all aspects of lending operations of

HDFC Limited.

Mr. David Nish joined Standard Life on 1 November 2006 as Group Finance Director and

remained in that position until December 2009. He is appointed as the Executive Europe on 1st

January 2010. In 2000 he was awarded the Scottish Business Awards Finance Director of the

Year and from 2004 to 2005 he served on the Government Employers Pension Task Force. He is

a member of the Institute of Chartered Accountants of Scotland. He joined the Board of

Directors in February 2010.

Mr. Nathan Parnaby is appointed as the Chief Executive, Europe & Asia of Standard Life in

the year 2010. Nathan joined Standard Life in 1982 as Investment Manager, responsible for all

UK net funds. He was appointed a Director of the Standard Life Investments’ board. He is a

Mathematics graduate from Oxford University and the Member of the Securities Institute. He

joined the Board of Directors in December 2009.

Mr. Norman K. Skeoch is currently the Chief Executive in Standard Life Investments Limited

and is responsible for overseeing Investment Process & Chief Executive Officer Function. Prior

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to this, Mr. Skeoch was working with M/s. James Capel & Co. holding the positions of UK

Economist, Chief Economist, Executive Director, Director of Controls and Strategy HSBS

Securities and Managing Director International Equities. He was also responsible for Economic

and Investment Strategy research produced on a worldwide basis. Mr. Skeoch joined the Board

of Directors in November 2005.

Mr. Gautam R. Divan is a practising Chartered Accountant and is a Fellow of the Institute of

Chartered Accountants of India. Mr. Divan was the Former Chairman and Managing Committee

Member of Midsnell Group International, an International Association of Independent

Accounting Firms and has authored several papers of professional interest. Mr. Divan has wide

experience in auditing accounts of large public limited companies and nationalised banks,

financial and taxation planning of individuals and limited companies and also has substantial

experience in structuring overseas investments to and from India.

Mr. Ranjan Pant is a global Management Consultant advising CEO/Boards on Strategy and

Change Management. Mr. Pant, until 2002 was a Partner & Vice-President at Bain & Company,

Inc., Boston, where he led the worldwide Utility Practice. He was also Director, Corporate

Business Development at General Electric headquarters in Fairfield, USA. Mr. Pant has an MBA

from The Wharton School and BE (Honours) from Birla Institute of Technology and Sciences.

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Mr. Ravi Narain is the Managing Director & CEO of National Stock Exchange of India

Limited. Mr. Ravi Narain was a member of the core team to set-up the Securities & Exchange

Board of India (SEBI) and is also associated with various committees of SEBI and the Reserve

Bank of India (RBI).

Mr. A. K.T. Chari has joined HDFC Standard Life as a Director on March 10, 2010. Mr. Chari

has completed his Electrical Engineering from Madras University in 1962. He is associated with

Infrastructure Development Finance Company Ltd. (IDFC) for last 11 years. Currently he is

handling project finance for infrastructure projects at IDFC. Prior to this he was associated with

Infrastructure Development Bank of India (IDBI) from 1975 to 1999.

Mr. Gerald E. Grimstone was appointed Chairman of Standard Life in May 2007, having been

Deputy Chairman since March 2006. He became a director of the Standard Life Assurance

Company in July 2003. He is also Chairman of Candover Investments plc and was appointed as

one of the UK’s Business Ambassadors by the Prime Minister in January 2009. Gerry held senior

positions within the Department of Health and Social Security and HM Treasury until 1986. He

then spent 13 years with Schroders in London, Hong Kong and New York, and was Vice

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Chairman of Schroders’ worldwide investment banking activities from 1998 to 1999. He is the

Alternate Director to Mr. David Nish.

Mr. Michael G Connarty is responsible for Standard Life's investments in life assurance Joint

Ventures in India and China. He holds a degree in Law and MBA. He has worked with Standard

Life for 33 years in managerial positions covering a number of fields such as Pensions law,

International Marketing, Operational Management, Strategy, Risk, Compliance, Company

Secretarial and Banking. He has acted as Project Manager for the start-up project of the

Company in 2000. He is the Alternate Director to Mr. Norman K. Skeoch.

Mr. Amitabh Chaudhry is the MD and CEO of HDFC Standard Life. Before joining HDFC

Standard Life, he was the MD and CEO of Infosys BPO and was also heading an Independent

Validation Services unit in Infosys Technologies. He started his career with Bank of America

delivering diverse roles ranging from Head of Technology Investment Banking for Asia,

Regional Finance Head for Wholesale Banking and Global Markets and Chief Finance Officer of

Bank of America (India). He moved to Credit Lyonnais Securities in 2001 in Singapore where he

headed their investment banking franchise for South East Asia and structured finance practice for

Asia before joining Infosys BPO in 2005. Mr. Chaudhry completed his Engineering in 1985 from

Birla Institute of Technology and Science, Pilani and MBA in 1987 from IIM, Ahmedabad.

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Mr. Paresh Parasnis is the Executive Director and Chief Operating Officer of the company. A

fellow of the Institute of Chartered Accountants of India, he has been associated with the HDFC

Group since 1984. During his 16-year tenure at HDFC Limited, he was responsible for driving

and spearheading several key initiatives. As one of the founding members of HDFC Standard

life, Mr. Parasnis has been responsible for setting up branches, driving sales and servicing

strategy, leading recruitment, contributing to product launches and performance management

system, overseeing new business and claims settlement, customer interactions etc.

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FINANCIAL PERFORMANCE

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MATERIAL COST CONTROL

Materials control is the system that ensures the provision of the required quantity and quality at

the required time with in the minimum of investment. It covers the following functions:

1. Stock control

2. Scheduling of requirements

3. Purchasing

4. Receiving and inspecting

5. Storing and issuing

Need for Materials Control:

One of the first step in the installation of cost and management accounting system is planning the

proper control of materials and supplies from the time orders are placed with supplier until they

have been consumed in the plant and office operation or have been sold as merchandise. 

Requirements of a System of Materials control:

There are many requirements to implement an adequate satisfactory system of materials control. 

Stock Control:

The materials purchased by a concern may be classified as stock items which are taken into store

and held until required, or as direct deliveries to the point of consumption. The control of those

materials which are stock items is known as stock control. 

Inventory Quantity Standards:

Ordering Level or Ordering Point or Re-order Level:

This is that level of materials at which a new order for supply of materials is to be placed. In

other words, at this level a purchase requisition is made out.

Minimum Level or Minimum Limit:

The minimum level or minimum stock is that level of stock below which stock should not be

allowed to fall. 

Maximum Level or Maximum Limit:

The maximum stock limit is upper level of the inventory and the quantity that must not be

exceeded without specific authority from management

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MARKETING

HDFC Standard Life seeks to further fortify ‘Sar Utha Ke Jiyo’ platform

Pallavi Goorha Kashyup

HDFC Standard Life over the years has used marketing as a strategy to differentiate itself in the

cluttered category of life insurance and create relevance to the target customer segment through a

series of innovative and strategic marketing campaigns and initiatives based on customer insight.

Over the last five years, the company has rolled out several marketing campaigns across diverse

platforms – television, print, radio, OOH, Internet, mobile – and experiential marketing

initiatives and has successfully built the ‘Sar Utha Ke Jiyo’ brand positioning across all the

campaigns.

Sanjay Tripathy, Executive Vice President and Head of Marketing, HDFC Standard Life, said,

“Our future plan includes building the brand equity further by integrating changing customer

needs and connect in all our future initiatives that we launch for the customer; be it for our new

products, new services, etc., through the ‘Sar Utha Ke Jiyo’ platform.” Tripathy further said,

“The advertising plan is to integrate service excellence in every activity that we do for the

customer. Going forward, the insurance category will be more commoditised as seen in mature

markets and the brand that creates differentiation and relevance for the customer will be the one

that emerges successful.” “The Indian insurance market is marked by stiff competition, hence the

challenge is to create a brand identity, along with enabling customers to identify the best

insurance product/ solution that meets their needs. In a nutshell, earning the trust of the

consumer, building a distinct brand in a market, ensuring consistent service, and offering the best

advice based on customer needs, are the biggest challenges for any brand,” he added. “We

believe that the need for life insurance – either protection or saving – is universal, irrespective of

market conditions. Everyone has a need, be it protection of income from unforeseen events,

protection from loan liability, planning for future savings requirements, pension requirement, or

cover for medical exigencies. Our need based communication has helped build this positioning.

Though we may be noticing that customers are deferring their plans to buy policies, they have

surely not cut off insurance from this list of purchases as they are well aware of the growing need

for insurance in their lives,” Tripathy pointed out.

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STRENGTH & WEAKNESS OF THE ORGANIZATION

Life insurance, to many, is a necessary evil. Many policyholders swear by it to protect their

families from loss of income and hefty debt obligations in the event of their untimely death. With

several types of life insurance on the market, generally speaking, two varieties still remain the

most popular: term and whole life, or "cash value" life insurance. Both varieties have pros and

cons.

Identification

1. Cash value life insurance are policies where in which premiums are used to pay for the cost of

insurance, while a portion is placed into attached investment vehicles that grow over time. Some

popular cash value life insurance products include variable life, whole life, universal life and

paid-up insurance. Despite minor differences, these insurance plans are essentially the same. All

cash value life insurance policies contain a death benefit and a cash account that's added to when

a client makes a premium payment.

2. Term life insurance is significantly different than its cash value counterpart. Term life insurance

does not contain a cash value account. Premiums are used solely to pay for the cost of coverage.

These premiums maintain the level of coverage for a specific "term." At the end of a policy's

term, a new policy must be purchased.

Benefits

3. Both cash value life and term life insurance have their benefits. The most significant benefit of

cash value life insurance is its ability to offer coverage for the entire life of the policyholder.

Many people take advantage of buying this type of insurance when they are young when they

need it most. Cash value accounts may also be borrowed against or drawn from during the life of

the policy. Policyholders are also not required to pay taxes on any interest or earnings attached to

cash value accounts.

Individuals and corporations also benefit from term life insurance. The biggest advantage of term

life is the often very cheap premiums, especially when a person is young and healthy. It is

possible, in many situations, to purchase significantly large face value amounts for monthly costs

of $20 to $30. Term life is good for covering obligations that will eventually end, such as

mortgages, automobile loans and educational needs.

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Warning

With the benefits of both cash value and term life insurance come a few disadvantages. The most

significant disadvantage of cash value life insurance is the often inconsistency in premiums.

Most cash value policies contain required premiums that can increase over time. This can make

the policy quite expensive for someone on a budget who wishes to purchase enough coverage to

benefit his family in the event of his death.

Although many policies contain riders in which dividends from cash accounts can be used to pay

premiums, such an instance almost always results in taking funds away from the cash value or

investment account. There is also never a guarantee that sufficient funds will be available to

cover missed premiums in the event a policyholder falls short.

There are also several disadvantages of term insurance, the first being that it is not permanent.

Although a policyholder may enjoy extremely cheap premiums when she is young, term products

expire after a certain number of years, or when the insured reaches a certain age. When a policy

expires, a new one must be purchased. This means that a person must qualify for a new program

based on her current age and health in order for coverage to continue. This almost always results

in much higher premiums or uninsurability. Some term insurance does, however, contain "re-up"

or "renewal" options that may not require proof of that the customer is insurable to continue

coverage.

Misconceptions

When we think of life insurance, we think of a death benefit being paid to a beneficiary upon the

death of a policyholder. Although this is true, it is important to know that with some insurance,

especially many cash value policies, it's often not that simple. With many cash value life policies,

only a single payout is made upon a policyholder's death, regardless of what the cash value

account is worth when he dies. For example, if an individual owns a whole life policy with a

death benefit of $100,000 and a cash value account worth $25,000, it is common for

beneficiaries to expect a payout of $125,000. This is commonly not the case. In this example, a

beneficiary would commonly only receive a total of $100,000.

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CHAPTER I

Introduction

HDFC Standard Life, one of India’s leading private life insurance companies, offers a range of

individual and group insurance solutions. It is a joint venture between Housing Development

Finance Corporation Limited (HDFC), India’s leading housing finance institution and Standard

Life plc, the leading provider of financial services in the United Kingdom.

HDFC Ltd. holds 72.43% and Standard Life (Mauritius Holding) Ltd. holds 26.00% of equity in

the joint venture, while the rest is held by others.

HDFC Standard Life’s product portfolio comprises solutions, which meet various customer

needs such as Protection, Pension, Savings, Investment and Health. Customers have the added

advantage of customizing the plans, by adding optional benefits called riders, at a nominal price.

The company currently has 32 retail and 4 group products in its portfolio, along with five

optional rider benefits catering to the savings, investment, protection and retirement needs of

customers.

HDFC Standard Life continues to have one of the widest reaches among new insurance

companies with 568 branches servicing customer needs in over 700 cities and towns. The

company has a strong presence in its existing markets with a base of 2,00,000 Financial

Consultants.

Strong Promoter

 

HDFC Standard Life is a strong, financially secure business supported by two strong and secure

promoters – HDFC Ltd and Standard Life. HDFC Ltd’s excellent brand strength emerges from

its unrelenting focus on corporate governance, high standards of ethics and clarity of vision.

Standard Life is a strong, financially secure business and a market leader in the UK Life &

Pensions sector.

Preferred and Trusted Brand

 

Our brand has managed to set a new standard in the Indian life insurance communication space.

We were the first private life insurer to break the ice using the idea of self-respect instead of

‘death’ to convey our brand proposition (Sar Utha Ke Jiyo). Today, we are one of the few brands

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that customers recognize, like and prefer to do business. Moreover, our brand thought, Sar Utha

Ke Jiyo, is the most recalled campaign in its category.

Investment Philosophy

 

We follow a conservative investment management philosophy to ensure that our customer’s

money is looked after well. The investment policies and actions are regularly monitored by a

formal Investment Committee comprising non-executive directors and the Principal Officer &

Executive Director.

As a life insurance company, we understand that customers have invested their savings with us

for the long term, with specific objectives in mind. Thus, our investment focus is based on the

primary objective of protecting and generating good, consistent, and stable investment returns to

match the investor’s long-term objective and return expectations, irrespective of the market

condition.

Need-Based Selling Approach

 

Despite the criticality of life insurance, sales in the industry have been characterized by over

reliance on tax benefits and limited advice-based selling. Our eight-step structured sales process

‘Disha’ however, helps customers understand their latent needs at the first instance itself without

focusing on product features or tax benefits. Need-based selling process, 'Disha', the first of its

kinds in the industry, looks at the whole financial picture. Customers see a plan not piecemeal

product selling.

Risk Control Framework

 

HDFC Standard Life has fully implemented a risk control framework to ensure that all types of

risks (not just financial) are identified and measured. These are regularly reported to the board

and this ensures that the company management and board members are fully aware of any risks

and the actions taken to ensure they are mitigated

Focus on Training

 

Training is an integral part of our business strategy. Almost all employees have undergone

training to enhance their technical skills or the softer behavioural skills to be able to deliver the

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service standards that our company has set for itself. Besides the mandatory training that

Financial Consultants have to undergo prior to being licensed, we have developed and

implemented various training modules covering various aspects including product knowledge,

selling skills, objection handling skills and so on.

Focus on Long-Term Value

 

HDFC Standard Life do not focus in the business of ramping up the topline only, but to create

maximisation of stakeholder's value. Today, we are extremely satisfied with the base that we

have created for the long-term success of this company.

Transparent Dealing

 

We are one of the few companies whose product details, pricing, clauses are clearly

communicated to help customers take the right decision.

Strict Compliance with Regulations

 

We have initiated and implemented many new processes, some of which were found useful by

the IRDA and later made mandatory for the entire industry.The agents who successfully

completed this training only, were authorized by the company to sell ULIPs. This has now been

made compulsory by IRDA for all insurance companies under the new Unit Linked Guidelines.

Diversified Product Portfolio

 

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CHAPTER – II

Objective of the Study:

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

To analyze the work related stress.

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

To find motivational factors of employees.

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

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

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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.

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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.

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        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

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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.

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.

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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.

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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.

27

CHAPTER – III

Data Analysis

Respondent by Gender

Male 29

Female 11

Total 40

TABLE 1- SHOWS RESPONDENTS BY GENDER

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

Mal

e72

%

Fem

ale

28%

28

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

0

5

10

15

20

25

Marketing Humanresource

Finance operation

No. of employees

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

29

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

0

2

4

6

8

10

12

14

16

less then 1year

more then 1year

less then 2year

more then 2year

1 2 3 4

No. of Respondents

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.

30

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

5 Dislike very much Nil

TABLE 4 SHOWS SATISFACTION LEVEL WITH THE JOB

Employee satisfaction

0

5

10

15

20

25

30

1 2 3 4 5

Series2

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.

31

Satisfy with the behavior of management and other employees

S.noSatisfaction Level

No. of Respondents

1Highly Satisfied 22

2 Satisfied 10

3 Moderate 5

4 Unsatisfied 2

5Highly Unsatisfied 1

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

No. of Respondents

0

5

10

15

20

25

Highly Satisfied Satisfied Moderate Unsatisfied HighlyUnsatisfied

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.

32

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 Respondents

Yes90%

No10%

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

33

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

12

10

8

4

6

20%-30%

30%-40%

40%-50%

50%-60%

Above 60%

12

34

5

No. of Respondents

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

34

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

0

2

4

6

8

10

12

14

16

HighlySatisfied

Satisfied Moderate Unsatisfied HighlyUnsatisfied

No. of Respondents

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.

35

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

0

2

4

6

8

10

12

14

16

18

20

Stronglyagree

Agree Undecided Disagree Stronglydisagree

No. of Respondents

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.

36

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

0

2

4

6

8

10

12

14

Stronglyagree

Agree Undecided Disagree Stronglydisagree

No. of Respondents

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.

37

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

32

8

0 5 10 15 20 25 30 35

Yes

No

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% .

38

CHAPTER – IV

Suggestion

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.

39

CHAPTER – IV

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: -

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.

40

BIBLIOGRAPHY

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_satisfaction_in_an_organisation

41

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 ?

42

● 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 :-

43

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:- ……………………………

………………………….

44