A Study On Job Satisfaction of The Employees in Mahindra Life Insurance
A Study On Job Satisfaction of The Employees in Mahindra Life Insurance
A Study On Job Satisfaction of The Employees in Mahindra Life Insurance
1705255071024
PREFACE
Today we are at the doorstep of 21st century competition at various levels is
increasing day by day. New and new developments are taking place these days
in all fields all over India to make the life of the people more comfortable and
luxurious
BBA education brings its students in direct contact with the real corporate world
through industrial training. The BBA program provides its students with an in
depth study of various managerial activities that are performed ion any
organization.
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ACKNOWLEDGE
Firstly we would like to thank almighty GOD, who bestowed upon us this
opportunity for working on this project and generated the capacity to
successfully complete the project
We are extremely indebted to our project mentor Prof. Chandal Pal Singh for
his valuable suggestions and guidance. Which ensured an in-depth learning and
understanding of the concepts. His inputs from past experiences and practical
interpretation of the problem helped us a lot in comprehending the requirements
of the project. This ensured great learning for us. He was always helpful enough
& was always able to take out some time of his busy schedule to guide us in this
project. Lastly we say we are lucky enough that we trained under his!
We would also like to extend our thanks to all the respondents who spared their
valuable time and helped us in filling up the questionnaire by providing the
needed information. Lastly we would like to thanks all of those who have
helped to furnish this research successfully.
Lastly we would like to thank our parents for their moral support and our
friends with whom we shared our day-to-day experience and received lots of
suggestions that improved my quality of work.
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CONTENT
1) PREFCE 2-
2) ACKNOWLEDGEMENT 3-
4) COMPANY PROFILE 9 - 15
6) LITRATURE REVIEW 17 - 18
9) FINDINGS 24 -
12) BIBLIOGRAPHY 27 -
13) QUESTIONNAIRE 28 - 31
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This definition suggests job satisfaction is a general or global affective reaction that
individuals hold about their job. While researchers and practitioners most often measure
global job satisfaction, there is also interest in measuring different "facets" or "dimensions"
of satisfaction. Examination of these facet conditions is often useful for a more careful
examination of employee satisfaction with critical job factors. Traditional job satisfaction
facets include: co-workers, pay, job conditions, supervision, nature of the work and benefits."
Frequently, work underlies self-esteem and identity while unemployment lowers self-worth
and produces anxiety. At the same time, monotonous jobs can erode a worker's initiative and
enthusiasm and can lead to absenteeism and unnecessary turnover. Job satisfaction and
occupational success are major factors in personal satisfaction, self-respect, self-esteem, and
self-development. To the worker, job satisfaction brings a pleasurable emotional state that
often leads to a positive work attitude. A satisfied worker is more likely to be creative,
flexible, innovative, and loyal.
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So, how is job satisfaction created? What are the elements of a job that create job
satisfaction? Organizations can help to create job satisfaction by putting systems in place that
will ensure that workers are challenged and then rewarded for being successful.
Organizations that aspire to creating a work environment that enhances job satisfaction need
to incorporate the following:
Probably the most important point to bear in mind when considering job satisfaction is that
there are many factors that affect job satisfaction and that what makes workers happy with
their jobs varies from one worker to another and from day to day. Apart from the factors
mentioned above, job satisfaction is also influenced by the employee's personal
characteristics, the manager's personal characteristics and management style, and the nature
of the work itself. Managers who want to maintain a high level of job satisfaction in the work
force must try to understand the needs of each member of the work force. For example, when
creating work teams, managers can enhance worker satisfaction by placing people with
similar backgrounds, experiences, or needs in the same workgroup. Also, managers can
enhance job satisfaction by carefully matching workers with the type of work. For example, a
person who does not pay attention to detail would hardly make a
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If job satisfaction is a worker benefit, surely the worker must be able to contribute to his or
her own satisfaction and well-being on the job. The following suggestions can help a worker
find personal job satisfaction:
Seek opportunities to demonstrate skills and talents. This often leads to more
challenging work and greater responsibilities, with attendant increases in pay and
other recognition.
Develop excellent communication skills. Employers value and reward excellent
reading, listening, writing, and speaking skills.
Know more. Acquire new job-related knowledge that helps you to perform tasks more
efficiently and effectively. This will relieve boredom and often gets one noticed.
Demonstrate creativity and initiative. Qualities like these are valued by most
organizations and often result in recognition as well as in increased responsibilities
and rewards.
Develop teamwork and people skills. A large part of job success is the ability to work
well with others to get the job done.
Accept the diversity in people. Accept people with their differences and their
imperfections and learn how to give and receive criticism constructively.
See the value in your work. Appreciating the significance of what one does can lead
to satisfaction with the work itself. This helps to give meaning to one's existence, thus
playing a vital role in job satisfaction.
Learn to de-stress. Plan to avoid burnout by developing healthy stress-management
techniques.
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Assuring job satisfaction, over the longterm, requires careful planning and effort both by
management and by workers. Managers are encouraged to consider such theories as
Herzberg's(1957) and Maslow's (1943) Creating a good blend of factors that contribute to a
stimulating, challenging, supportive, and rewarding work environment is vital. Because of the
relative prominence of pay in the reward system, it is very important that salaries be tied to
job responsibilities and that pay increases be tied to performance rather than seniority.
So, in essence, job satisfaction is a product of the events and conditions that people
experience on their jobs. Brief (1998) wrote: "If a person's work is interesting, her pay is fair,
her promotional opportunities are good, her supervisor is supportive, and her coworkers are
friendly, then a situational approach leads one to predict she is satisfied with her job" (p. 91).
Very simply put, if the pleasures associated with one's job outweigh the pains, there is some
level of job satisfaction
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COMPANY PROFILE
Kotak Mahindra old mutual life insurance ltd. Is a joint venture between kotak Mahindra
banks Ltd.? And old mutual plc. At kotak life insurance, we aim to help customers to take
financial Decisions at every stage in life by offering them a wide range of innovative life
insurance Products, to make them financial independent11.
Mr. Gorang shah is the managing director of kotak Mahindra old mutual life insurance
limited.
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Established in 1984, the Kotak Mahindra Group has long been one of India’s most reputed
organizations in the financial services domain. Kotak Mahindra Group is committed for
providing high quality financial products, services and support to its customers; and is
structured in different businesses like Banking, Life Insurance, Mutual Funds, Car Finance,
Securities and Institutional equities. As on 31st December 2006, the group stands at a net
worth of around Rs. 3100 crore, employees around 9600 people in its various branches
providing services at across 300 cities. The Group services around 2.2 million customer
accounts11.
Old Mutual, a company with 160 years experience in life insurance, is an international
financial services group listed on the London Stock Exchange and included in the FTSE 100
list of companies, with assets under management worth $ 400 Billion as on 30th June, 2006.
For customers, this joint venture translates into a company that combines international
expertise with the understanding of the local market.
The group has a substantial presence in the UK, US and South African markets. The
company is also working in the field of asset management, banking and general insurance
services in over 40countries. As on 31 December 2005, Old Mutual had more than 7 million
life insurance policies, 3.6 million banking customers and over 5, 50,000 general insurance
policies11.
OTHER GROUP COMPANIES OF KOTAK LIFE INSURANCE
KOTAK MAHINDRA Old Mutual Life Insurance is a joint venture between KOTAK
MAHINDRA Bank Ltd., along with its affiliates; and Old Mutual plc.
Established in 1984, the KOTAK MAHINDRA Group has long been one of India’s most
reputed organizations in the financial services domain. KOTAK MAHINDRA Group is
committed for providing high quality financial products, services & support to its customers;
and is structured in different business like Banking, Life Insurance, Mutual Funds, Car
Finance, Securities, Institutional Equities and Investment banking. KOTAK MAHINDRA
Finance Ltd. the flagship company of KOTAK MAHINDRA Group was converted into
KOTAK MAHINDRA Bank Ltd. in March 2003, making it the first NBFC to be offered a
banking license. As on 31st December 2006, the group stands at a net worth of around Rs.
3100 crore, employing around 9600 people in its various business and has distribution
network of branches, franchisees, representative offices in New York, London, Dubai and
Mauritius. The group service around 2.2 million-customer accounts 11.
HISTORY OF INSURANCE
Almost 4,500 years ago, in the ancient land of Babylonia, traders used to bear risk of the
caravan trade by giving loans that had to be later repaid with interest when the goods arrived
safely. In 2100 BC, the Code of Hammurabi granted legal status to the practice. That, perhaps,
was how insurance made its beginning.
Life insurance had its origins in ancient Rome, where citizens formed burial clubs that would
meet the funeral expenses of its members as well as help survivors by making some
payments.
As European civilization progressed, its social institutions and welfare practices also got
more and more refined. With the discovery of new lands, sea routes and the consequent
growth in trade, Medieval guilds took it upon themselves to protect their member traders
from loss on account of fire, shipwrecks and the like.
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Since most of the trade took place by sea, there was also the fear of pirates. So these guilds
even offered ransom for members held captive by pirates. Burial expenses and support in
times of sickness and poverty were other services offered. Essentially, all these revolved
around the concept of insurance or risk coverage. That's how old these concepts are, really.
In 1347, in Genoa, European maritime nations entered into the earliest known insurance
contract and decided to accept marine insurance as a practice.
Insurance as we know it today owes its existence to 17th century England. In fact, it began
taking shape in 1688 at a rather interesting place called Lloyd's Coffee House in London,
where merchants, ship-owners and underwriters met to discuss and transact business. By the
end of the 18th century, Lloyd's had brewed enough business to become one of the first
modern insurance companies.
Back to the 17th century. In 1693, astronomer Edmond Halley constructed the first mortality
table to provide a link between the life insurance premium and the average life spans based
on statistical laws of mortality and compound interest. In 1756, Joseph Dodson reworked the
table, linking premium rate to age.
Enter companies...
The first stock companies to get into the business of insurance were chartered in England in
1720. The year 1735 saw the birth of the first insurance company in the American colonies in
Charleston, SC.
In 1759, the Presbyterian Synod of Philadelphia sponsored the first life insurance corporation
in America for the benefit of ministers and their dependents.
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However, it was after 1840 that life insurance really took off in a big way. The trigger:
reducing opposition from religious groups.
The 19th century saw huge developments in the field of insurance, with newer products
being devised to meet the growing needs of urbanization and industrialization.
In 1835, the infamous New York fire drew people's attention to the need to provide for
sudden and large losses. Two years later, Massachusetts became the first state to require
companies by law to maintain such reserves. The great Chicago fire of 1871 further
emphasized how fires can cause huge losses in densely populated modern cities. The practice
of reinsurance, wherein the risks are spread among several companies, was devised
specifically for such situations.
In the 19th century, many societies were founded to insure the life and health of their
members, while fraternal orders provided low-cost, members-only insurance.
Even today, such fraternal orders continue to provide insurance coverage to members as do
most labor organizations. Many employers sponsor group insurance policies for their
employees, providing not just life insurance, but sickness and accident benefits and old-age
pensions. Employees contribute a certain percentage of the premium for these policies.
April 2007, current FY’s first month, saw new businesses expand by 49%, whereas general
insurance players witnessed 16% increase during the same month.
Outstanding performance of SBI Life, ICICI Prudential, and LIC helped the Indian life
insurance industry in mopping up almost Rs 2,892 crore in April this year, whereas it was Rs
1,996 crore in the same month last year. On the other hand, Reliance Life, ING Vysya, and
Bajaj Allianz were amongst those insurers that came across a decline in their premium
collection over the review period, as per the data compiled by Insurance Regulatory &
Development Authority16.
Selling almost 15, 89,684 policies during this April, LIC - the largest life insurer in India
-witnessed 57% growth in its new premiums that reached to Rs 2,134 crore. LIC grabbed a
market share of almost 71.56% during this April. Non-life or general insurance industry saw
a growth of 16% during this month, and ICICI Lombard was the second largest player in this
segment. Business Standard published this in news on 14 June 2007.
Looking at the current scenario, it can be made out that the four established public-sector
players namely, National Insurance, United India, Oriental Insurance, and New India
Assurance, may have to face stiff competition from private players like Bajaj Allianz,
Reliance General, and ICICI Lombard, as per Business Standard.
This report provides an objective analysis of all aspects of Indian insurance industry. The
issues addressed in this report include: prospective investment areas in Indian life insurance
industry, market strategies adopted by key players in this segment, opportunities and
challenges present in this industry, and so on15.
Some of the life insurance advantages offered by different types of Life Insurance Policies
are:
Life Insurance policies can help secure the future of children for college/educational
purposes as the amount of life Insurance Policy increases on a minor’s or parent’s life.
Life Insurance provides the option to pass equal assets to the children who are not
active in the Family business at the time the family business is passed on.
The growth of a cash-value policy is tax-deferred - you do not pay taxes on the cash
value accumulation until you withdraw funds from the policy.
Life Insurance helps retain your Business from the loss of a key employee. Untimely
death of a key employee can pose severe financial loss to the business.
A lot of Insurance products presently provide good returns, which could be a
beneficial way for saving necessary funds for retirement years.
Benefits are available immediately and may be used to help pay expenses such as
final illness and funeral costs, eliminating the need to sell estate assets to cover these
costs.
A carefully signed Life Insurance Policy with desired ownership and beneficiary
arrangements helps secure you and your family in the long term15.
FINANCIAL STRUCTURE
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LITERATURE REVIEW
The literature survey conducted here include the academic books and website. the study
being conducted was “to evaluate the effectiveness of recruitment and selection policy in
relation with increasing attrition problem.”
Job satisfaction among nurses is of concern throughout the world but the satisfaction of nurse
teachers has received less attention and no review of global research on the topic has been
published. A comprehensive literature review (1976-2007) was undertaken from an
international perspective (n=26 papers and 4 doctoral abstracts) to examine the state of
knowledge about nurse teachers' job satisfaction over time. Coverage over the last 30 years
was selected to examine if the level and contributing factors to nurse teachers' job satisfaction
have changed during a time which has seen considerable developments and reorganization of
nurse education as well as the role of nurse teachers. The purpose of this Part I paper is to: (i)
review the different measurements of job satisfaction, (ii) report the job satisfaction levels of
nurse teachers and, (iii) identify the components of job satisfaction of nurse teachers. This
paper provides the foundation for the Part II paper which reviews the literature regarding the
effects and related factors of nurse teachers' job satisfaction.
help the interviewer to better judge the candidate his competency for the
particular jobs.
5. Bernardin John H, “Human Resource Management”, Tata Mc Graw Hill
publishing company ltd., New Delhi, pp 160-163.the effectiveness of selection
method depends upon the reliability of the data ,validity of the purpose &
utility of the methods.
6. Gulati Ambika, “Training and Management”, vol3, aug07, pp18-19,
Importance of recruitment function in an organisation.
7. Gulati Ambika,” Training and Management”, vol3, june 07,pp46-4 -
changing role of Human Resource
To find that they are satisfied with their job profile or not.
To find that employees are working with their full capabilities or not.
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RESEARCH METHODOLOGY
Meaning of Research
RESEARCH DESIGN
A research is the arrangement of the conditions for the collections and analysis of the data in
a manner that aims to combine relevance to the research purpose with economy in procedure.
In fact, the research is design is the conceptual structure within which research is conducted;
it constitutes the blue print of the collection, measurement and analysis of the data. As search
the design includes an outline of what the researcher will do from writing the hypothesis and
its operational implication to the final analysis of data.
The design is such studies must be rigid and not flexible and most focus attention on the
following 2;
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TYPES OF RESEARCH
DESIGN
DIAGNOSTIC
The present study is exploratory in nature, as it seeks to discover ideas and insight to brig out
new relationship. Research design is flexible enough to provide opportunity for considering
different aspects of problem under study. It helps in bringing into focus some inherent
weakness in enterprise regarding which in depth study can be conducted by management.
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DATA COLLECTION
For any study there must be data for analysis purpose. Without data there is no means
of study. Data collection plays an important role in any study. It can be collected from
various sources. I have collected the data from two sources which are given below:
1. Primary Data
Personal Investigation
Observation Method
2. Secondary Data
Magazines etc.
Unpublished Sources such as Company Internal reports prepare by them given to their
Websites like KOTAK’S official site, some other sites are also searched to find data.
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Sample Size :-
Questionare is filled by 20 employees of Kotak life Insurance, Kaithal.
The questionnaire was filled in the office and vital information was collected which was then
subjects to:-
Findings
o Employees are not completely satisfied with their job although their salary is
good enough.
o Most of the employees think that the organization haven’t fulfill their
promises,what they do in beginning especially regarding Promotion.
To increase the job satisfaction level of the employees the company should concentrate
mainly on the incentive and reward structure rather than the
motivational session.
LIMITATIONS OF STUDY
However I shall try my best in collecting the relevant information for my research report, yet
there are always some problems faced by the researcher. The prime difficulties which I face
in collection of information are discussed below:-
1. Short time period: The time period for carrying out the research was short as a result
of which many facts have been left unexplored.
2. Lack of resources: Lack of time and other resources as it was not possible to conduct
survey at large level.
3. Small no. of respondents: Only 20 employees have been chosen which is a small
number, to represent whole of the population.
5. Small area for research: The area for study was Kaithal, which is quite a small area
to judge job satisfaction level.
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BIBLIOGRAPHY
BOOKS
2. Ashwathapa K., Human Resource Management (third edition), Tata Mc Graw Hill
Publication Company Ltd. Page no. 81-136,171,179,267,284.
WEBSITES:-
a. www.kotaklifeinsurance.com/home/products
b. www.kotak.com/coms2/product-compint-0000950756-page.html
c. www.irda.org/insurance/benefits-kotak,-ind
d. www.ask.com-/meaning-insurance/history//-
e. www.ibef.org/industry/insurance-trend/in
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ANNEXURE
QUESTIONNAIRE
NAME: ………………………………………….
DESIGNATION: ……………………………….
COMPANY: …………………………………….
1. I have been passed up at least once for a promotion in the past few years.
Strongly Agree
Agree
Neither Agree nor Disagree
Disagree
Strongly Disagree
Strongly Agree
Agree
Neither Agree nor Disagree
Disagree
Strongly Disagree
Strongly Agree
Agree
Neither Agree nor Disagree
Disagree
Strongly Disagree
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Strongly Agree
Agree
Neither Agree nor Disagree
Disagree
Strongly Disagree
5. I feel that my job has little impact on the success of the company.
Strongly Agree
Agree
Neither Agree nor Disagree
Disagree
Strongly Disagree
Strongly Agree
Agree
Neither Agree nor Disagree
Disagree
Strongly Disagree
Strongly Agree
Agree
Neither Agree nor Disagree
Disagree
Strongly Disagree
Strongly Agree
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Agree
Neither Agree nor Disagree
Disagree
Strongly Disagree
Strongly Agree
Agree
Neither Agree nor Disagree
Disagree
Strongly Disagree
Strongly Agree
Agree
Neither Agree nor Disagree
Disagree
Strongly Disagree
Strongly Agree
Agree
Neither Agree nor Disagree
Disagree
Strongly Disagree
Strongly Agree
Agree
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13. I live for weekends and days away from the job.
Strongly Agree
Agree
Neither Agree nor Disagree
Disagree
Strongly Disagree
Strongly Agree
Agree
Neither Agree nor Disagree
Disagree
Strongly Disagree
Strongly Agree
Agree
Neither Agree nor Disagree
Disagree
Strongly Disagree
Strongly Agree
Agree
Neither Agree nor Disagree
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Disagree
Strongly Disagree