MANTHAN: Journal of Commerce and Management

Volume 5, Issue 1, Jan-Jun 2018, pp. 32-45

doi: 10.17492/manthan.v5i01.13043

A Study of Job Satisfaction of Front Line Sales Employees in Insurance

Sector of India
Ruchi Rayat*, Hussain Aqeel** and Lokinder Tyagi***

ABSTRACT

The most vital role of Human Resource Management in an organization is the

appropriate implementation of human resource development strategies to accelerate its
growth and development. Researchers have emphasized on human resource strategies to
enhance performance of individuals. It can be achieved through job satisfaction,
strategic planning, good interpersonal relations and team empowerment. The recent
studies have revealed that human resource is the key assets for any organisation. The
same concept is applicable to the insurance sector as well. Insurance sector is a service
sector, hence the role of its employees is even more important. The success and goodwill
of the company relies on the efficiency of its employees. In today’s scenario, cause of
concern for the HR managers in insurance sector is lack of job satisfaction amongst the
employees. Hence this study aims to understand the factors that affect the job
satisfaction of an employee in the insurance sector. The aim of the research is to identify
the reasons for the job dissatisfaction in the employees. Further, it would help Human
Resource manager to undertake measures to curb job dissatisfaction.

Keywords: Insurance Sector; Job Satisfaction; Front Line Sales Employee.

1.0 Introduction

In India, insurance sectors are one amongst the booming sectors. There is
immense growth potential for insurance sector in India. Indian life insurance industry is
rising at a rate of 5.3% annually. Privatization of insurance sector has brought furious
rivalry which has alarmed the organizations to emphasize on their positions in the
market. The need of the hour is to focus on the better performance of the organization.
_________________
*Assistant Professor, Mangalmay Institute of Management & Technology, Greater Noida, Uttar
Pradesh, India. (Email: ruchi_rayat@yahoo.co.in)
**Assistant professor, Vishveshwarya Group of Institutions, Greater Noida, Uttar Pradesh, India.
(Email: aqeelhussain2006@gmail.com)
***Corresponding author; Professor, Amity University, Noida, Uttar Pradesh, India. (Email:
lktyagi@amity.edu)
 A Study of Job Satisfaction of Front Line Sales Employees in Insurance Sector of India 33

There is an increased work stress on the employees of the organization which in

turn declines their level of job satisfaction. Retention of employees has become the
biggest challenge for the HR managers. Due to job dissatisfaction employee retention is
very low. Hence, the main emphasize of HR Managers is to understand the grey areas
that can be hold responsible for low job dissatisfaction and further reduces the retention
rate of employees. They aim to accelerate performance and effectiveness of the
employees. Enhancement of job satisfaction amongst employees can increase the rate of
retention of front line sales employees. Stability, commitment and job security are the
main pillars to ensure success of the organization. They serve as a driving force of
continuous improvement of the organization and complete satisfaction of the customer.
The success and growth of the organization depends upon the customer satisfaction.
A high level of customer satisfaction leads to better output, thereby offering
profit and growth opportunities to the organization. There is a direct connect between
customer satisfaction and success of the company. Satisfied customers will inculcate a
higher level of job satisfaction in the employees, which in turn would motivate
employees to stay in the organization. High satisfaction amongst employees increase
their loyalty and they are expected to stay longer in the organization. This would further
facilitate loyalty among the employees and would promote better customer satisfaction.
It will for sure lead to the organizational success and greater job security of employees.
The research aims to analyse the key elements that identifies the satisfaction level of the
employees in the Insurance sector so that the concerned organizations can be benefited
from the same. The study emphasizes that job satisfaction is an essential determinant of
how the employee perceives his organization & job and determines his behaviour on job
such as absenteeism, productivity, commitment towards organization, motivational level
and employee attrition rate.

2.0 Literature Review

2.1 What is job satisfaction?

According to Spector (1997), Job satisfaction is a variable that signifies
behaviours of the employees. It determines what people think about their jobs and
different attributes of the job. It is the extension of liking (Job Satisfaction) or disliking
(Job Satisfaction) of employees.
However, Sousa-Poza (2000) has a different approach. In his views, there is an
assumption to job satisfaction that it is based on basic and universal human needs. The
employees whose needs are satisfied in their current jobs, then they will be happy. It
reinforces the fact job satisfaction of an employee is determined by the balance between
34 MANTHAN: Journal of Commerce and Management, Volume 5, Issue 1, Jan-Jun 2018

work-role inputs (i.e. working hours, effort, education) and work role outputs (i.e.
working conditions, wages, status, fringe benefits, intrinsic aspects of the job). Job
satisfaction amongst the employees would be higher if the work-role outputs
(„pleasures‟) would be greater to work-role inputs. Locke (1976) describes job
satisfaction is merely a pleasant and positive emotional state of mind of an employee that
results from his job or job experience. Smith et al. (1969) suggested that job satisfaction
is a positive feeling or affection towards the job. Dawis and Lofquist (1984) identified
job satisfaction as an outcome of the worker‟s appraisal of his job & work place that
satisfies individual‟s needs. Lease (1998) pointed out job satisfaction is the extent to
which an employee has an affection towards his work role.
Rose (2001) has explained job as a two dimensional words. In her study, she has
identified job satisfaction having extrinsic and intrinsic dimensions. Extrinsic
dimensions of an individual refer to the personal traits like his ability to perform,
interpersonal relations, etc. Intrinsic dimensions indicate external elements like pay
structure, job security, etc.
According to Gazioglu and Tansel (2002), job satisfaction can be considered to a
strong indicator of an employee‟s future decision to continue in the organisation or not.
Rose (2001) has identified job satisfaction as a bi-dimensional concept consisting of
intrinsic and extrinsic satisfaction dimensions. Rose has argued that intrinsic
determinants of job-satisfaction depends on the personality traits of an individual which
includes interpersonal relations with others, self-initiator of work or his ability to
perform. Extrinsic determinants of job-satisfaction rely on the different situations and
also on the environment i.e. pay, promotion, or job security. Basically, an employee‟s
job satisfaction is dependent on financial as well as other non-financial benefits in a job.
Hence, both extrinsic and intrinsic job facets should be equally considered in an
organization. Sustainability of an employee would depend on the efforts put in by the
organization towards providing a positive environment to the employee. (Perrin‟s Global
Workforce Study -2003)
Rafferty et al (2005) has also out rightly diluted the impact of commitment and
Organizational Citizen Behavior (OCB). He stated that the mutual relationship between
employee and organization can predict employee engagement in job. The relevance of
work given to an employee plays a significant role in determining the relationship
between employer and employee. The work should bring a sense of belongingness, place
to be oneself and an opportunity to contribute to the organization. This would bring
meaning to work and employees want to be associated with organizations that offer them
valuable work. The study has also propounded a new model known as “Hierarchy of
engagement” which is similar to Maslow‟s need hierarchy model. The first needs that
 A Study of Job Satisfaction of Front Line Sales Employees in Insurance Sector of India 35

arise in an employee are basic needs of money and benefits. Once these needs are
accomplished, then development needs would arise and at the end, leadership needs
would emerge in an individual. (Penna research report, 2007)
Many researchers consider job satisfaction as a part of employee engagement but
it does not depict a log lasting association. It is just like last round of benefits given to an
employee. On the contrary, employee engagement is about passion and commitment of
an employee. It includes passion and commitment of an employee to deliver his best and
help the organization to succeed in achieving the goals. Loyalty of the employee is also
established with engagement.

2.2 Why job satisfaction?

Cotton and Tuttle (1986) observed in their study that personnel with higher
education are more likely to get better job opportunities in the market. Hence, it is
important for the organisation to provide them environment that derive job satisfaction.
As propounded by several disciplines such as sociology, psychology, economics
and management sciences, it is vital to study job satisfaction as a subject in work and
organizational literature. It is simply due to the fact that experts believe that level of job
satisfaction in an employee has an impact on his behaviour in the work place. It also has
an impact on work effort, productivity, absenteeism rate and employee turnover.
Moreover, Diaz-Serrano and Cabral Vieira (2005) consider job satisfaction as an
indicator of well-being of the employee.
Syptak et al. (1999) found that job satisfaction is a critical aspect for any
organization. HR is always striving hard to retain employees. They found satisfied
employees are more loyal and committed towards their work. Job satisfaction is a matter
of important concern for the organizations. According to Syptak et al. (1999) few
organizations consider job satisfaction as a top priority. The reason is that satisfied
employees tend to be more creative, productive and committed to their employers.
In the views of Spector (1997), job satisfaction is also important in day to day
life. Organizations have significant impact on the people who work for them and it
reflects in how people feel about their work. This indicates job satisfaction as an issue of
substantial importance for both employers and employees. Nguyen, Taylor and Bradley
(2003) suggest that employers are benefited from satisfied employees. Satisfied
employees tend to render benefit as they are more likely to profit from low rate of
retention of employees. Employees should „be happy in their work, given the amount of
time employees devote to their working lives.
In words of Clark (1998), job satisfaction is a right of an employee as a part of
social welfare. In addition to this, quality of job provided to the employee is a strong
36 MANTHAN: Journal of Commerce and Management, Volume 5, Issue 1, Jan-Jun 2018

indicator of the employee‟s attitude towards his job. An employee‟s job satisfaction is a
strong determinant of whether to work or not, whether to continue in the job or not and
how hard to perform. Job Satisfaction is the key to high retention of employees. If an
organization is successful in understanding the lacunae of Job Satisfaction, it would be
able to retain competent employees. Boswell, Boudreay & Tichy (2005) found that
switching the job is not an easy decision for an employee. Lot of effort is done to search
for new job and giving up existing job.

3.0 Research Methodology

Our study is descriptive and exploratory in nature. The major focus on the
research was on Delhi, NCR. In the study, major players of insurance sectors were
considered. The companies covered in the study were Reliance Life Insurance, HDFC
Standard Life Insurance, ICICI Prudential Life Insurance, Tata AIG Life Insurance and
Max New York Life Insurance. A sample size was 120 respondents from insurance
companies of Delhi, NCR.
As seen in literature review, front line sales employees have major amount of job
dissatisfaction hence the respondents mainly consisted of Front Line employees. A
structured Likert scale Questionnaire including 29 statements was used for the survey.
Personal interview was also used to collect primary data in order to support the study. In
order to know the satisfaction level, the respondents were asked to rate their satisfaction
on a scale of 5. (1 being strongly agree and 5 being strongly disagree).

4.0 Analysis and Discussion

As can be observed from the frequency distribution for job satisfaction level
(Table 1), out of the total population, 20% of them strongly agreed that they were
satisfied with their work in the organization, 39.3% of them agreed that they were
satisfied with their work in the organization while 22.7% disagreed on their satisfaction
with work and 3.3% strongly disagreed and 14.7% were neutral towards the statement. It
showed that 59.3% of the population were satisfied while only 26% were dissatisfied
with their work in the organization. It reflects that the employees in the IT and insurance
sector have high level of job satisfaction.
Factor analysis was applied to find out the key factors that influences satisfaction
of the employees in their jobs. To test the data appropriateness for factor analysis “KMO
and Bartlett‟s Test” was applied. To know if the data is adequate to be applied for factor
 A Study of Job Satisfaction of Front Line Sales Employees in Insurance Sector of India 37

analysis, a high value of KMO (between 0.5 and 1.0) is required. In our study, the value
was 0.839 which is closer to 1.0 and hence the data is fit for Factor analysis.
H0: No significant relationship found between the variables in the population.
H1: Significant relationship found between the variables in the population.

Table 1: I am Satisfied to Work.

Frequency Percent Valid Percent Cumulative Percent

Valid Strongly agree 30 20.0 20.0 20.0
Agree 59 39.3 39.3 59.3
Neutral 22 14.7 14.7 74.7
Disagree 34 22.7 22.7 96.7
Strongly Disagree 5 3.3 3.3 100
Total 150 100 100

For testing the null hypothesis, Bartlett‟s Test of Sphericity was applied (Table
2). The significant value was found to be 0.000. As it can be seen that the value is less
than the 0.05, the null hypothesis (H0) was rejected. Approx chi- square value was
calculated as 3311.623 which is also very large. Hence, it can be implied that there is a
significant relationship between the variables in the population. In other words, the
variables are highly correlated with each other. KMO value is .839.It can be verified that
the sample of the study was fit to be used for factor analysis.

Table 2: KMO and Bartlett’s Test

Kaiser-Meyer-Olkin Measure of Sampling Adequacy .839

Approx. Chi Square .839
Bartlett‟s Test of Sphericity Df 351
Sig. .000

Principal Component method was applied to find the minimum number of

factors that will bring maximum variance in the data (Tables 3-5).

Table 3: Communalities Satisfaction of Job in Insurance Sector

Initial Extraction
Knowing organisation‟s expectations towards me 1.000 .487
Clarity of goals and strategies of the organization 1.000 .742
Targets are realistic 1.000 .793
Opportunity to do challenging roles 1.000 .486
38 MANTHAN: Journal of Commerce and Management, Volume 5, Issue 1, Jan-Jun 2018

Learning environment in the organization 1.000 .568

Training & Development in the organization 1.000 .636
Independence to do job 1.000 .954
Salary is in compliance with my ability and competence 1.000 .755
Salary is equitable with competitors in industry. 1.000 .915
Receive fringe benefits from the company 1.000 .917
Friendly work environment 1.000 .784
Treated with respect by the management and peers 1.000 .729

Table 4: Extraction Method- Principal Component Analysis

Component Initial Eigen values

Total % of Variance Cumulative%
1 8.310 30.777 30.777
2 3.051 11.3000 42.077
3 2.241 8.300 50.377
4 1.557 5.767 56.143
5 1.437 5.322 61.465
6 1.129 4.181 65.646
7 1.093 4.050 69.695
8 .985 3.647 73.342
9 .867 3.211 76.553
10 .726 2.690 79.243
11 .690 2.557 81.799
12 .649 2.403 84.203
13 .601 2.226 86.429
14 .547 2.025 88.454
15 .498 1.846 90.300
16 .438 1.623 91.924
17 .350 1.297 93.221
18 .334 1.238 94.458
19 .317 1.172 95.631
20 .281 1.040 96.670
21 .247 .914 97.584
22 .237 .876 98.461
23 .150 .557 97.584
24 .145 .535 99.553
25 .113 .418 99.971
26 .006 .023 99.994
27 .002 .006 100.000
 A Study of Job Satisfaction of Front Line Sales Employees in Insurance Sector of India 39

Table 5: Rotated Component Matrix

Components
Knowing organisation‟s
.080 -.165 -.021 -.004 .667 -.014 .102
expectations towards me
Clarity of goals and strategies of the
.071 -.032 -.084 .189 .828 -.036 -.073
organization
Targets are realistic -.671 .462 .209 -.015 -.268 .080 .097
Opportunity to do challenging roles .192 -.392 -.058 .134 .488 .020 -.182
Learning environment in the
.067 -.442 .459 .136 .343 -.119 -.029
organization
Training & Development in the
-.067 -.139 .627 -.216 -.127 .072 .398
organization
Independence to do job -.020 -.099 .128 .953 .128 .049 .062
Salary is in compliance with my
.476 -.702 -.111 .126 .060 -.004 -.085
ability and competence
Salary is equitable with competitors
-.602 .694 -.152 -.152 -.089 .095 .092
in industry.
Receive fringe benefits from the
-.607 .690 .150 -.154 -.082 .097 .096
company
Friendly work environment -.756 .390 .097 -..060 -.090 .197 .077
Treated with respect by the
-.777 -.176 -.175 .141 .114 -.159 -.038
management and peers
Good working relationship with
-.256 .168 .219 .029 .057 .703 .010
peers
Team spirit amongst among my co-
-.313 .028 .045 .073 -.122 .796 .024
workers
Efficient performance appraisal
-.014 .200 .717 .197 .095 .002 -.033
system
Periodical auditing of work -.167 -.127 .808 .083 -.236 .020 .091
Receive recognition and incentives -.005 .092 .661 .070 .034 .249 -.114
Efficient manager .275 .084 .015 -.080 .037 .275- .719
Proper communication -.691 .227 .180 -.046 -.210 .118 .177
Employee‟s participation in decision
.032 .092 -.121 -.957 -.122 .796 .024
making
Encouragement of self development .806 -.223 -.049 .033 .145 .055 -.003
Indifferent attitude of Seniors .099 .118 .052 .093 .021 .232 .795
Can go to my supervisor for help .797 .057 .172 .015 -.073 -.115 -.005
Proper co-ordination .682 -.164 .097 -.166 .011 -.225 -.177
No Job Security .771 .050 .074 -.102 .030 -.055 .050
No consideration for personal work .750 .075 -.118 -.084 -.012 -.035 .057
Purpose of my company make me
.079 .639 -.112 .040 -.191 .105 -.137
feel my job is important

After the Factor analysis it was found that total of seven (7) factors that affect
the job satisfaction level of employees in the insurance sector. The Factors were named
according to the variables that correlated with them. Table 6 shows the various factors
that affect the job satisfaction level in insurance sector along with the variables that
40 MANTHAN: Journal of Commerce and Management, Volume 5, Issue 1, Jan-Jun 2018

correlate high with them, their factor loading and the eigen values including the % of
variance covered by each factor.

Table 6: Factor Matrix

Eigen Value
Factor Eigen Value Items
Factor Name (% of Items
Number (Total) Loading
Variance)
Superiors encourage my career
development. Can go to my
supervisor for help. Treated .809
with respect by the .792
Work management and peers. .774
1 6.309 23.367
Culture No Job Security Company .779
does not provide work .756
flexibility with respect to .688
family responsibilities Good
internal co-ordination
Salary is equitable with
competitors in industry.
.692
Pay for Receive fringe benefits from
2 2.923 10.825 .696
Performance the company Purpose of my
.637
company make me feel my job
is important
Work is periodically reviewed
Performance is appraised by .804
Growth and my seniors Receive .713
3 2.548 9.438
Recognition recognition and incentives .668
Receive training for skill .621
enhancement
Get adequate freedom to do
4 Authority 2.152 7.972 .957
my job efficiently
Clear understanding of goals
5 Job Clarity 1.837 6.805 .822
and strategies
Team spirit exists among my
6 Team Work 1.529 5.662 co-workers Good working .7.701
relationship with peers
Manager does not seem to
7 Leadership 1.519 5.626 .791
care
Total 18.817 69.695
 A Study of Job Satisfaction of Front Line Sales Employees in Insurance Sector of India 41

5.0 Determinants of Job Satisfaction

5.1 Work Culture

Work Culture emerged out as the most significant determinant of job satisfaction
in insurance sector. Nine variables were observed which correlated significantly very
high with work culture of the organization. Work Culture accounted for a total variance
of 23.389. The study signifies that the company must have good work culture to ensure
job satisfaction. Work culture has a direct correlation with different variables i.e.
Supportive superiors, encouragement by superiors for career development, respectful
treatment by management and colleagues, friendly work culture, job security, flexibility
of work, proper communication among various departments and realistic goals to be
achieved.

5.2 Pay for performance

In the study, the second most significant factor which results in high job
satisfaction was found to be pay for performance. Pay for performance accounted for a
total variance of 10.810. The variables that are in high correlation with this salary
structure as per the competency of the employee, salary in comparison to the
competitors, fringe benefits and relevance of job in the organization.
Fringe benefits along with equitable salary structure are an additional advantage
for the employees who feel they are valuable for the organization. But on the contrary, it
was revealed that the main factors leading to dissatisfaction were in reference to the
salary when compared with the ability and potential of the employee. Employees were
aggrieved that the salary structure was not in compliance with their performance. They
expressed that the work stress was quiet high as in comparison to their pay structure.
Hence, it can be concluded that although the employees expressed their appreciation
towards the fringe benefits they received but there was still dissatisfaction in terms of
salary structure. The salary was not at par as in comparison to the competitors. It reflects
that the entire IT and insurance sector is facing problems associated with low pay
structure.

5.3 Growth and recognition

Another important factor that is a determinant of job satisfaction level in the
insurance sector is the growth prospects which are provided to the employees and the
kind of recognition that is given to them for their contribution in the organization. The
variables that can be associated with growth and recognition are Regular review of work
for improvisation of work, unbiased performance appraisal of the employees, proper
42 MANTHAN: Journal of Commerce and Management, Volume 5, Issue 1, Jan-Jun 2018

training and development opportunities, recognition of work, increments and incentives

schemes for personal achievements and growth opportunities for the employees. So it
can be concluded that insurance sector provides ample opportunities for individual
growth and learning for its employees who attracts job seekers towards this industry.

5.4 Authority
Authority is a significant determinant of knowing job satisfaction level. It ranked
at fourth number in the analysis and accounted for 7.961% of variance. The variables
that are in strong connect to job authority are participation of an employees in decision
making and independence given to him to do his job efficiently. But, on the contrary it
was found that in insurance sectors the authority to take vital decisions is still in the
hands of higher authorities. Although employees are given freedom to do their work
efficiently but in the case of essential decision making they are not involved in it.

5.5 Job clarity

Clarity of job is another important determinant of job satisfaction. This factor
accounted for 6.823% variance. The main variables associated with job clarity are
appropriate expectations from the job and company, proper understanding of goals and
strategies, clarity of expectations from job and organization and opportunities for taking
up challenging projects

5.6 Team work

Team work is a factor that is the second last factor which has its say on job
satisfaction in insurance sector. This factor accounted for 5.623% variance. There are
two variables that highly correlate with team work i.e. cohesiveness among co-workers
and good interpersonal relations with peers. In the study, it was found that employees in
insurance sector had relatively high team spirit among themselves and they also had
good working relations between their co-workers.

5.7 Leadership
The last but not the least, the factor that affects job satisfaction in insurance
sector is leadership. Leadership accounts for total of 5.643% variance. The variables
associated with leadership are competent and concerned manager. In insurance sector,
leadership is determined by the attitude of senior towards his subordinate. An efficient
leader is the one who has potential and competency to lead people and at the same time
he has a concern for his people. It was observed that the leaders in insurance sector need
to pay attention on the needs and expectations of their front line sales employees.
 A Study of Job Satisfaction of Front Line Sales Employees in Insurance Sector of India 43

6.0 Conclusion

The study intended to find the various factors which act as a catalyst in
increasing job satisfaction amongst employees. It also studied the positive aspects of the
insurance sector. Knowing the satisfaction level of employees with respect to their jobs
is a very helpful measure for the management to understand the mind-set of their
employees and how they feel about their jobs. It can also be a strong predictor of work
behaviours such as job affiliation, attrition rate, performance, productivity, absenteeism,
motivation, stress and turnover of employees. Employees likes to be associated with
organizations which provide them an excellent work culture and performance based pay
package. Employees also look for growth prospects within the company. They prefer job
positions which provide them with authority to take decisions pertaining to their job
roles. The employees are willing to undertake challenging projects which offer them to
showcase their talent and learn new things. Employees understand the importance of
team work and cohesiveness in the department. Last but not the least they want to work
under the leader who is competent enough to care of them and treat them as human
beings, not as machines. Thus, the study concludes that job satisfaction among the
employees of the organization is vital for the success of an organization.

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