project report of priya

8/7/2019 project report of priya

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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.


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Why to study about employee satisfaction?

In my point of view, study of "Employee satisfaction" helps the company to

maintain a standard & increase productivity by motivating the employees.

This study tells us how much the employees are capable & their interest at work

place? What are the things still to be satisfy to the employees. Although "human

resource" is the most important resources for any organization, so to study on

employees satisfaction helps to know the working conditions & what are the

things that affect them not to work properly. Always majority of done by the

machines/equipments but without any manual moments nothing can be done. So to

study on 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.


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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, and 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.


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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:

y Broadly-defined responsibilities rather than narrowly-defined job functionsy Effective and regular performance evaluations, both formally and informallyy A corporate emphasis on employee learning, development and growthy Wide-ranging employee participation in the organization as a whole

Typically, a combination of factors influences employees' decisions to stay at theircurrent 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.


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In particular, consider the following elements of effective strategies designed to

build loyalty and retain key employees:

y Include opportunities for personal growth and invest heavily in theprofessional development of the best people in the organization.

y Provide employees with well-defined career paths (including asuccession plan), mentors and tuition reimbursement for job-related

education.

y Train employees, even if it makes them more attractive to thecompetition.

y Without seeing an opportunity on the horizon, few high potentialemployees will stay with a company and allow themselves to grow

stagnant.

y Acknowledge non-work priorities by recognizing and responding toemployees' needs for greater balance in their lives, since employees will

develop loyalty for organizations that respect them as individuals, not

just as workers.


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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 extent 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 ones needs are fulfilled. The fulfillment theory

suffers from a major drawback. Satisfaction is a function of not only what a person

receives but what he feels he should receive.

2) EQUITY THEORY:

Under this theory, it is believed that a persons job satisfaction depends upon his

perceived equity as determined by his input- output balance in comparison with the

input output balance of others. Every individual compares his rewards with those

of a reference group. If he feels his rewards are equitable in comparison with

others doing similar work, he feels satisfied. Job Satisfaction is thus a function of

the degree to which job characteristics meet the desires of the reference group. For

example, one study of the effects of community features on job satisfaction

revealed that workers living in a well to a neighborhood felt less satisfied than

those living in poor neighborhood.


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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 dissatisfies. 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 dissatisfied 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 is less than the expected rewards it causes dissatisfaction. In the words of

Locke, Job Satisfaction and dissatisfaction are function of perceived relationship

between what one wants from ones job and what one perceive it is actually

offering. In other words, satisfaction is the difference between what one actually

received and what he feels he should receive. This theory fails to reveal whether

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.


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5) EQUITY DISCREPANCY THEORY:

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

difference approach of discrepancy theory rather than the ratio approach of equity

theory. From equity theory the concept of comparison 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 comparison with others. When the individual feels

that what he actually received is equal what he perceives he should receive there is

satisfaction. Thus an individuals reception of his reward is influenced by more

than just the objective amount of that factor. Because of this psychological

influence the same amount of reward after can be seen quite differently by two

people, to one it can be a large amount, while to another person it can be a small

amount.

6) SOCIAL REFERENCE GROUP THEORY:

Reference group defines the way an individual looks at the world. According to

this theory job satisfaction occurs when the job meet the interest , desires and

requirements of a persons reference group. In other words, job satisfaction is a

function of the degree to which the job meets the approval of the group to which

the individual looks for guidance in evaluating the world and defining social

reality. The social reference group theory is similar to the need fulfillment theory

except than it takes into account not the desires, needs and interests of the given

individual but rather the point of view and the opinion of the groups to whom the

individual looks for guidance.


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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 analyzed, 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, globalization, and privatization 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, this 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 neutralize 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 youre 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


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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.

y 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.

y By installing skylights, fluorescent light fixtures and additionalinsulation to improve lighting and temperature control, VeriFones

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.


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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 decision-making.6. To find out how much employees are satisfied with their salary level.


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ANNEXURE

QUESTIONNAIRE

NAME: .DESIGNATION: .COMPANY: .

Q.1 What is your gender.

y Male FemaleQ.2 What department do you work in?

..

Q.3 How long has you worked for this company?..

Q.4 How do you like this job?

y Like very muchy like some whaty Neutraly Dislike some whaty dislike very 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?y 20%-30%y 30%-40%y 40%-50%y 50%-60%y above 60%


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Q.8 Are you satisfied with you salary level?

y Highly Unsatisfiedy Moderatey Satisfied Highlyy Unsatisfiedy Highly Satisfied

Q.9 Management is flexible and understands the importance of balancing my work andpersonal life. Strongly Disagree Disagree Undecided Agree Strongly Agree

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

Strongly Disagree Disagree Undecided Agree Strongly Agree

Q.11 Do you feel there is change require in your departmentto 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 Achievement Higher authority and responsibility

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project report of priya