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EMPLOYEE JOB SATISFACTION A STUDY AT ICICI PRUDENTIAL LIFE INSURANCE CO.

LTD

JYOTHSNA 2225110107

ABOUT ICICI PRUDENTIAL

ICICI Prudential Life Insurance Company is a joint venture between ICICI Bank - one of India's foremost financial services companies-and Prudential plc - a leading international financial services group headquartered in the United Kingdom. Total capital infusion stands at Rs. 47.80 billion (4780 crore), with ICICI Bank holding a stake of 74% and Prudential plc holding 26%. ICICI Prudential was amongst the first private sector insurance companies to begin operations in December 2000 after receiving approval from Insurance Regulatory Development Authority (IRDA). It has a network of approximately 1,400 offices and over 1,75,0000 advisors, as at June 30, 2011. In addition to this, we also have over 5000 distribution touch-points and over 10,000 servicing touchpoints across the country.

EMPLOYEE JOB SATISFACTION

According to Kusku, employee job satisfaction reflects the degree to which the individuals needs and desires are met. Bullock (1952) defined job satisfaction as an attitude, which results from balancing and summation of many specific likes dislikes experienced in connection with the job. Employee satisfaction drives customer satisfaction

Employee satisfaction is also a prerequisite for staff retention.


Measures to improve employee job satisfaction: Establish open lines of communication. Empower the employees. Show trust in your team by giving them the authority to make decisions and be available when needed. Stand up for employees. Support your staff when they encounter roadblocks. Recognize achievements. Provide advancement opportunities.

OBJECTIVES

To describe the various expectations that determines the satisfaction level of employee. To identify the factors concerning employee job satisfaction.

To analyze and interpret the collected data

METHODOLOGY

Primary data collection: Interview Method Questionnaire Method

Secondary data collection:


Text books Web sites Company records

RESEARCH METHODOLOGY:

1. Research method 2. Research instruments 3. Source of data 4. Primary data 5. Secondary data 6. Population size 7. Sample size 8. Sampling unit 9. Sampling procedure

: Survey method : A well structured questionnaire : Primary data and Secondary data : Collection of primary data through a structured questionnaire : Collected from the text books, company broachers and internet : 180 : 100 : Managerial and non-managerial (pertaining to all levels & all Channels) : Stratified random selection technique

LIMITATIONS

Due to constraint of time and resources, the study was conducted in ICICI Prudential Life Insurance Co. Ltd and the results of the study cannot be generalized. The accuracy of the analysis and conclusion drawn entirely depends upon the reliability of the information provided by the employees. Sincere efforts were made to cover maximum departments of the employees, but the study may not fully reflect the entire opinion of the employees. In the fast moving/changing employees behavior, many new and better things may emerge in the near future, which cannot be safeguard in this report. Confidential matters restricted for an in depth study.

FINDINGS

78% of employees are receiving regular job performance feed back in organization, remaining 22% of employees specified that the organization need to take regular job performance feed back. 80% of the employees said that they are satisfied with the employee welfare programmes 80% of employees felt that they are treated fairly by the superiors as well as by the organization members 74% of respondents satisfied with the employee policies at the company remaining 6% are neutral and 20% of respondents are dissatisfied. 62% of respondents are satisfied with the salary structure, 18% of respondents are extremely satisfied, 7% of the respondents are neutral, 13% of the respondents are dissatisfied that the company offers a salary structure. 50% of respondents said good about the safety and health standard of the company. 55% of respondents are giving very importance towards the recognition and 35% of respondents are giving importance remaining 10% respondents are neutral towards the recognition.

CONTI

20% of the respondents are highly satisfied with their position in the company and 30% of respondents are satisfied 10% are neither or nor 40% of respondents are dissatisfied with their position. 62% of the respondents satisfied with the vision & values of management, 18% of the respondents are highly satisfied. 28% of the respondents felt relaxed, 58% are felt normal, and remaining 14% of the respondents felt the work is burdened for them. 80% of respondents give more importance on training & development provided by the company,10% are neutral, 10% of respondents have not given importance. 72% of the respondents have expressed satisfaction towards existing career plan & growth opportunities in ICICI Prudential Life Insurance. 65% of employees are receiving cooperation from all other departments remaining 35% of employees are not receiving cooperation from all other departments. 40% of respondents are satisfied with the companys quality management system.

71% of the respondents are satisfied with the reward system which are provided by the company. 80% of the employees agree the organization environment is suitable for developing their self esteem 63% of respondents are satisfied with the appraisal system of the company, 27% of respondents are dissatisfied, 10% of respondents are neutral. 65% of respondents felt duty timings schedule is convenient remaining 35% of respondents felt duty timings schedule is inconvenient.

SUGGESTIONS

Organization should try to maintain the same level of satisfaction among employees through better recognition & reward system mechanism. The organization may further try to create healthy competitive environment through its Programs like employee meeting. Organization may go for facilitating the security for the employees and create awareness about the safety measures provided by the company. For improving the employees problem solving abilities company HR Manager has to take training sessions through the Case study Methods. Company has to provide some better packages like Target achieve incentives, Cash Awards. Company has to give the salaries through their performances and provide better positions to best workers. Mainly company has to decentralize the authority to take decisions for better growth and Provide all above mentioned benefits to the employees.