Acknowledgement

This project turned out to be a source of great learning. There have been many people without whom this wouldn’t have been accomplished in this way. We would like to express our sincere thanks to Mr. Vivek Sharma, faculty of Institute of Management Studies, DAVV. Who provided us with an opportunity to do this project and without whose guidance this project could not have been possible. We are deeply obliged to the employees of Max New York life insurance, Aviva and Birla Sunlife without their help and co-operation this project would not have been a success. We also take this opportunity to express our deep gratitude to our loving parents and friends who were a constant source of motivation.

Contents

♦ Introduction Employee Satisfaction Employee Satisfaction Survey (ESS) Need for ESS Need for ESS in insurance sector

♦ Review of literature - An ES survey in Cholamandalam MS General Insurance Limited Chennai - Insurance Sector - Organizations Surveyed: Max New York Life Insurance Birla Sunlife Aviva Life Insurance

♦ The Research Methodology - Rationale - Objectives - Data Collection - Sample Design - Data Analysis ♦ Results and Discussions - Demographies - Z test - Correlation - Findings ♦ Suggestions and Implication ♦ Bibliography ♦ Appendices - Questionnaire

INTRODUCTION

EMPLOYEE SATISFACTION:
Employee satisfaction is a measure of how happy workers are with their job and working environment. Keeping morale high among workers can be of tremendous benefit to any company, as happy workers will be more likely to produce more, take fewer days off, and stay loyal to the company. There are many factors in improving or maintaining high employee satisfaction, which wise employers would do well to implement. To measure employee satisfaction, many companies will have mandatory surveys or face-to-face meetings with employees to gain information. Both of these tactics have pros and cons, and should be chosen carefully. Surveys are often anonymous, allowing workers more freedom to be honest without fear of repercussion. Interviews with company management can feel intimidating, but if done correctly can let the worker know that their voice has been heard and their concerns addressed by those in charge. Surveys and meetings can truly get to the center of the data surrounding employee satisfaction, and can be great tools to identify specific problems leading to lowered morale. Many experts believe that one of the best ways to maintain employee satisfaction is to make workers feel like part of a family or team. Holding office events, such as parties or group outings, can help build close bonds among workers. Many companies also participate in team-building retreats that are designed to strengthen the working relationship of the employees in a non-work related setting. Camping trips, paintball wars and guided backpacking trips are versions of this type of team-building strategy, with which many employers have found success. Of course, few workers will experience a boost in morale after receiving more money. Raises and bonuses can seriously affect employee satisfaction, and should be given when possible. Yet money cannot solve all morale issues, and if a company with widespread problems for workers cannot improve their overall environment, a bonus may be quickly forgotten as the daily stress of an unpleasant job continues to mount. If possible, provide amenities to your workers to improve morale. Make certain they have a comfortable, clean break room with basic necessities such as running water. Keep facilities such as bathrooms clean and stocked with supplies. While an air of professionalism is necessary for most businesses, allowing workers to keep family photos or small trinkets on their desk can make them feel more comfortable and nested at their workstation. Basic considerations like these can improve employee satisfaction, as workers will feel well cared for by their employers. The backbone of employee satisfaction is respect for workers and the job they perform. In every interaction with management, employees should be treated with courtesy and interest. An easy avenue for employees to discuss problems with upper management should be maintained and carefully monitored. Even if management cannot meet all the demands of employees, showing workers that they are being heard and putting honest dedication into compromising will often help to improve morale.

EMPLOYEE’S SATISFACTION SURVEY IN ORGANIZATIONS
Employee Satisfaction Survey (ESS) is a tool which a reasonable estimation of the employees’ attitude towards their job is elicited. Organizations drive towards its final destination of creating highest customer satisfaction is dependent on the extent of employee satisfaction. Satisfied employees perform and the only way to find out that is through a survey. Organizations in fitness of things should conduct the employee satisfaction surveys once a year. This regularity and frequency is important since such an exercise enjoys credibility only if the areas of weakness thrown upon by the previous surveys have been acted upon. If you are not willing to act, it is better not to conduct an ESS. It is imperative that the top management involvement is a must. ESSs are normally customdesigned, using about 10 dimensions along which employee satisfaction is measured. Every employee gets a standard questionnaire of around 97 questions relating to the management, quality of supervision, communication, relationships, work environment, performance, job, recognition, quality, pay and benefits. The ESS is based on the philosophy of confidentiality and anonymity. The employee is advised not to mention the name or employment number but mention the department to which he belongs. Usually, it takes a week to 10 days to complete a company-wide survey, which has a five-point rating scale: strongly agree, agree, disagree, and strongly disagree and neutral. Ultimately the top three areas of weaknesses thrown up by the ESS become the basis of a yearlong HR Action Plan. ESS is like taking preventive action and is also a proactive tool, which gives to the top management a view of the organization state of health.

NEED FOR EMPLOYEE SATISFACTION SURVEY (ESS)
Everyone from managers, retention agents to HR need to get a handle on employee loyalty and satisfaction – how committed is the workforce to the organization and if workers are really contented with the way of things for gauging their likelihood to stay with the company. Employee loyalty of the two, employee engagement is a tad easier to measure. The litmus test is to study turnover and average length of service. If turnover is on the rise, loyalty levels are low and vice versa. Comparing them to industry averages gives a good idea of attrition probabilities. Staff attendance, compliance with policies and confidence in leadership are other indirect indicators of allegiance while excessive theft and sabotage spell obvious lack of commitment. A top consultant says, “Look for pockets of higher turnover and disloyalty - by organizational unit, job type and level, length of service and demographics like gender, race/ethnicity or age.” Keen observation of employee reactions and conduct is by far the most obvious and easiest technique. Casually walk around the office, watching employees working, interacting with each other and talk to them informally. Are they smiling, energized, cooperative and alert or listless, inactive and unhelpful? You can even employ a professional consultant as an objective thirdparty to assess the work atmosphere and compare with other companies. Taking simple observation to the next level by asking employees outright in attitude surveys, focus groups and exit interviews and analyzing the results to determine staff attitude, opinions and motivation. Employee satisfaction is the chief driver of productivity, profits, customer satisfaction and retention and vice versa. While satisfied employees are not necessarily loyal or loyal ones always satisfied, it cannot be denied that job satisfaction fuels loyalty. After all its been rightly said that, the more satisfied an employee is regarding his or her working conditions, the more likely is he or she to develop a psychological attachment or commitment to the organization. Companies should try their best to evaluate why employees leave or what kindles their dissatisfaction. Examine the root causes – where does the problem lie? Is it earnings or benefits? Does it have something to do with job quality or workplace support? Or is lack of appreciation or growth to blame. The onus is on the management to keep employees engaged and happy, so as to persuade them to stay. In fact, this is critical to organizational success. So, developing strategies that strengthen the work environment and make deliberate improvements to mould the company as an employer of choice is always recommended.

REASONS:
Rapidly growing organization. When an organization is growing quickly, it is critical to find out how employees feel about their jobs, the organization, and their fit and future within it. High or growing turnover rate. While some industries have a naturally high turnover, growing turnover is a problem for any organization. If your absolute level of turnover exceeds the industry average, you have a problem that an employee satisfaction survey is the first step to solving. Excessive rumors. A strong rumor mill is symptomatic of other problems in the organization. These can include communications, trust, and fear. Only a survey can uncover the extent to which any of these issues exists. Planned or recent organizational changes, including change of leadership. Change can be difficult for many people. If not handled properly, productivity and profits can decline. Highly competitive industry. In a highly competitive industry, turnover minimization and productivity and creativity maximization are keys to success. Staying in touch with employees is necessary to facilitate continued competitiveness. Contemplated changes in pay and benefits. You must know what needs to be "fixed" and how much "fixing" it needs to maximize return on invested money and people resources.

NEED FOR EMPLOYEE SATISFACTION IN INSURANCE SECTOR:
Hiring from each other is a common practice amongst insurance companies. Employees, especially in middle and junior levels of the sales function, tend to move amongst insurance companies. Availability of quality talent is still scarce. Given the huge demand for talent, and since not all of this requirement can be met by fresher, companies tend to poach from competitors. The private Insurance Companies aim to syndicate norms for employee movements for the industry, the way BPO sector has done. The sales staff usually just walks out of the company without following the basic decorum. They want to create a basic norm which will ensure that when an employee quits, he follows all the formalities and then only he can join the next company. This way they may be able to effectively manage attrition and regulate indiscriminate employee movement. The forum will also seek ways to eliminate fake CVs.

REVIEW OF LITERATURE
‘A study of job satisfaction of employees in Cholamandalam MS General Insurance Limited Chennai’ By R.Muthukumar
This study attempts to evaluate the job satisfaction level of employees in Cholamandalam General Insurance in Chennai. It focuses on the following key areas like: 1. Influence of supervision, co-worker, pay, age, marital status, education and working condition on the overall job satisfaction of an employee. 2. To find out whether experience has any effect on job satisfaction. 3. To find a significant difference among age groups with respect to job factors. 4. To find the difference among male and female employees with respect to job factors.

The result shows that the overall satisfaction level is on an agreeable side. There is no significant difference among respondents of various age groups with respect to job factors neither is there any significant difference among respondents of various gender with relation to the job factors. It was also concluded that apart from pay, proper welfare facilities or the working conditions play a significant role in raising the satisfaction level of an employee.

INDUSTRY PROFILE

INSURANCE:
We face a lot of risks in our daily lives. Some of these lead to financial losses. Insurance is a way of protecting against these financial losses. For a payment (premium), an insurance company will take the responsibility of compensating your financial losses. Insurance can be termed as a form of risk management which is mainly used to protect an individual against the risk of prospective financial loss, if any. Insurance can be used as a tool to shield an individual against potential risks like travel accidents, death, unemployment, theft, property destruction by natural calamities, fire mishaps etc.

LIFE INSURANCE:
Loss of a family member is a catastrophe which glooms a family’s life. But even more tragic is the death of a sole bread earner for the family, who then has to go through the pain of losing their loved one, as well as the financial loss putting their survival in jeopardy. This financial hardship due to a sudden death of a family member or a disability resulting to a loss of job or inability to work can be avoided to a great extent by taking up a life insurance policy. A Life insurance or disability insurance covers such losses and pays a family, compensation to restore the earnings lost by them due to a sudden death or disability. The monthly premiums for a life insurance are generally based upon the age, health, and occupation information of the applicant, in addition to the total benefits to be paid to him for his policy.

GENERAL INSURANCE:
Insurance other than ‘Life Insurance’ falls under the category of General Insurance. General Insurance comprises of insurance of property against fire, burglary etc, personal insurance such as Accident and Health Insurance, and liability insurance which covers legal liabilities. There are also other covers such as Errors and Omissions insurance for professionals, credit insurance etc. Non-life insurance companies have products that cover property against fire and allied perils, flood storm and inundation, earthquake and so on. There are products that cover property against burglary, theft etc. The non-life companies also offer policies covering machinery against breakdown, there are policies that cover the hull of ships and so on. A Marine Cargo policy covers goods in transit including by sea, air and road. Further, insurance of motor vehicles against damages and theft forms a major chunk of non-life insurance business.

In respect of insurance of property, it is important that the cover is taken for the actual value of the property to avoid being imposed a penalty should there be a claim. Where a property is undervalued for the purposes of insurance, the insured will have to bear a ratable proportion of the loss. For instance if the value of a property is Rs.100 and it is insured for Rs.50/-, in the event of a loss to the extent of say Rs.50/-, the maximum claim amount payable would be Rs.25/- (50% of the loss being borne by the insured for underinsuring the property by 50%). This concept is quite often not understood by most insured. Personal insurance covers include policies for Accident, Health etc. Products offering Personal Accident cover are benefit policies. Health insurance covers offered by non-life insurers are mainly hospitalization covers either on reimbursement or cashless basis. The cashless service is offered through Third Party Administrators who have arrangements with various service providers, i.e., hospitals. The Third Party Administrators also provide service for reimbursement claims. Sometimes the insurers themselves process reimbursement claims. Accident and health insurance policies are available for individuals as well as groups. A group could be a group of employees of an organization or holders of credit cards or deposit holders in a bank etc. Normally when a group is covered, insurers offer group discounts. Liability insurance covers such as Motor Third Party Liability Insurance, Workmen’s Compensation Policy etc offer cover against legal liabilities that may arise under the respective statutes— Motor Vehicles Act, The Workmen’s Compensation Act etc. Some of the covers such as the foregoing (Motor Third Party and Workmen’s Compensation policy) are compulsory by statute. Liability Insurance not compulsory by statute is also gaining popularity these days. Many industries insure against Public liability. There are liability covers available for Products as well.

FUNCTIONS OF INSURANCE The primary functions of insurance include the following: Provide Protection - The primary function of insurance is to provide protection against future risk, accidents and uncertainty. Insurance cannot check the happening of the risk, but can certainly provide for the losses of risk. Insurance is actually a protection against economic loss,by sharing the risk with others. Collective bearing of risk - Insurance is a device to share the financial loss of few among many others. Insurance is a mean by which few losses are shared among larger number of people. All the insured contribute the premiums towards a fund and out of which the persons exposed to a particular risk is paid. Assessment of risk - Insurance determines the probable volume of risk by evaluating various factors that give rise to risk. Risk is the basis for determining the premium rate also Provide Certainty - Insurance is a device, which helps to change from uncertainty to certainty. Insurance is device whereby the uncertain risks may be made more certain. The secondary functions of insurance include the following: Prevention of Losses - Insurance cautions individuals and businessmen to adopt suitable device to prevent unfortunate consequences of risk by observing safety instructions; installation of automatic sparkler or alarm systems, etc. Prevention of losses cause lesser payment to the assured by the insurer and this will encourage for more savings by way of premium. Reduced rate of premiums stimulate for more business and better protection to the insured. Small capital to cover larger risks - Insurance relieves the businessmen from security investments, by paying small amount of premium against larger risks and uncertainty. Contributes towards the development of larger industries - Insurance provides development opportunity to those larger industries having more risks in their setting up. Even the financial institutions may be prepared to give credit to sick industrial units which have insured their assets including plant and machinery. The other functions of insurance include the following: Means of savings and investment - Insurance serves as savings and investment, insurance is a compulsory way of savings and it restricts the unnecessary expenses by the insured's For the purpose of availing income-tax exemptions also, people invest in insurance. Source of earning foreign exchange - Insurance is an international business. The country can earn foreign exchange by way of issue of marine insurance policies and various other ways. Risk Free trade - Insurance promotes exports insurance, which makes the foreign trade risk free with the help of different types of policies under marine insurance cover.

COMPANY PROFILE Max New York Life Insurance
Max New York Life Insurance Company Ltd. is a joint venture between New York Life; a Fortune 100 company and Max India Limited; one of India's leading multi-business corporations. The company has positioned itself on the quality platform. In line with its vision to be the Most Admired Life Insurance Company in India, it has developed a strong corporate governance model based on the core values of excellence, honesty, knowledge, caring, integrity and teamwork. The strategy is to establish itself as a Trusted Life Insurance Specialist through a quality approach to business. Incorporated in 2000, Max New York Life started commercial operation in 2001. In line with its values of financial responsibility, Max New York Life has adopted prudent financial practices to ensure safety of policyholder's funds. The Company's paid up is Rs. 1,782 crore. Having set a Best in Class Agency Distribution Model in place, the company is spearheading a major thrust into additional distribution channels to further grow its business. The company has multi-channel distribution that includes the agency distribution, partnership distribution, banc assurance, distribution focused on emerging markets and alliance marketing through employed sales force. The company currently has 33 banc assurance relationships, 14 corporate agency tieups and direct sales force at 14 locations. Max New York Life has put in place a unique hub and spoke model of distribution to deepen rural penetration. The company has 133 (13 hub office, 120 spoke offices) offices dedicated to emerging markets in Punjab and Haryana. Max New York Life offers a suite of flexible products. It now has 36 products covering both life and health insurance and 8 riders that can be customized to over 800 combinations enabling customers to choose the policy that best fits their need. Besides this, the company offers 6 products and 7 riders in group insurance business. The company currently has more than 15,626 employees.

Birla Sunlife
Birla Sun Life Insurance pioneered the unique Unit Linked Life Insurance Solutions in India. Within 4 years of its launch, BSLI has cemented its position as a leading player in the Private Life Insurance Industry. There has been focus on Investment Linked Insurance Products, supported with protection products to maintain leadership in product innovation. They also have Multi Distribution Channels- Direct Sales Force, Alternate Channels and Group offering convenient channels of purchase to customers. Some Unique Features of their Group are • • • • Web-enabled IT systems for superior customer services. First to have issued policies over the Internet. Corporate governance and a high degree of transparency in all business practices and procedures. First to have an operational Business Continuity Plan. Strong fundamentals based on the Aditya Birla group's local insight and Sun Life financials's global expertise.

Aviva Life Insurance
Aviva is UK's largest and the world's fifth largest insurance Group. It is one of the leading providers of life and pensions products to Europe and has substantial businesses elsewhere around the world. With a history dating back to 1696, Aviva has a 50 million-customer base with presence in 27 countries. It has £381 billion of assets under management. In India, Aviva has a long history dating back to 1834. At the time of nationalisation it was the largest foreign insurer in India in terms of the compensation paid by the Government of India. Aviva was also the first foreign insurance company in India to set up its representative office in 1995.In India, Aviva has a joint venture with Dabur, one of India's oldest, and largest Group of companies. A professionally managed company, Dabur is the country's leading producer of traditional healthcare products. In accordance with the government regulations Aviva holds a 26 per cent stake in the joint venture and the Dabur group holds the balance 74 per cent share. With a strong sales force of over 30,000 Financial Planning Advisers (FPAs), Aviva has initiated an innovative and differentiated sales approach to the business. Through the "Financial Health Check" (FHC) Aviva's sales force has been able to establish its credibility in the market. The FHC is a free service administered by the FPAs for a need-based analysis of the customer's longterm savings and insurance needs. Depending on the life stage and earnings of the customer, the FHC assesses and recommends the right insurance product for them. Aviva pioneered the concept of Bancassurance in India, and has leveraged its global expertise in Bancassurance successfully in India. Currently, Aviva has Bancassurance tie-ups with ABN Amro Bank, The Lakshmi Vilas Bank Ltd., Punjab & Sind Bank, IndusInd Bank, Co-operative Banks and Regional Rural Banks. When Aviva entered the market, most companies were offering traditional life products. Aviva started by offering the more modern Unit Linked and Unitised With Profit products to the customers, creating a unique differentiation. Aviva's products have been designed in a manner to provide customers flexibility, transparency and value for money. It has been among the first companies to introduce the more modern Unit Linked products in the market. Its products include: whole life (LifeLong, Aviva LifeLine), endowment (LifeSaver, SaveGuard, EasyLife Plus, LifeSaver Plus, LifeSaver Super,Aviva Sachin Century) and traditional endowment (Dhan Vriddhi, Aviva Moneyback), child plan (Aviva Little Master) single premium (LifeBond Plus), pension (PensionPlus,Secure Pension), term (LifeShield), fixed term protection cum savings plan (Freedom LifePlan), health plan (Aviva Health Plus),with profits plan (Aviva Money Back) and a short-pay recurring premium investment cum protection plan (LifeBond5). We also have 3 rural plans which are a low cost term plan - Amar Suraksha and 2 endowments - Anmol Suraksha and Jana Suraksha. Aviva has 223 Branches in India supporting its distribution network. Through its Bancassurance partner locations, Aviva products are available in close to 3,000 towns and cities across India. Aviva is also keen to reach out to the underprivileged that have not had access to insurance so far. Through its association with Basix (a micro financial institution) and other NGOs, it has been able to reach the weaker sections of the society and provide life insurance to them. Recently, Aviva India has been ranked amongst the top 25 employers by The Great to Work Institute(GPTW) in the "Best Workplaces in India" study for 2008.

THE RESEARCH METHODOLOGY Rationale
We conducted this research to understand the significance of Employee Satisfaction especially in Insurance Sector. We also wanted to assess the extent to which factors like Job Environment, Manager etcetera affect employee satisfaction.

Objectives
♦To study various factors responsible for Employee Satisfaction. ♦To make comparative study of employee satisfaction level in three different companies. ♦To highlight the importance of Employee Satisfaction in an organization. ♦To measure the extent of influence of various factors on Employee Satisfaction Level.

DATA COLLECTION TOOLS As our Research required knowing the views and opinions of the employees of the organizations we have chosen, QUIESTIONNAIRE came out to be the best possible means. We designed a Questionnaire which covered the demography’s and all the factors responsible for satisfaction of employees in an organization.

SAMPLING DESIGN Sample Size On an average 20 employees per organization Total Sample Size – 60 Sampling Technique Convenient Sampling – We randomly selected 20 employees from each organization belonging to different departments.

DATA ANALYSIS TOOLS We used Z- test and Correlation using SPSS. Z test Z test is normally used - To compare the mean of a sample to some hypnotized mean for the population in case of large sample or when population variance is known. - For judging the significance of difference between means of two independent samples in case of a large sample or when population variance is known. - To compare the sample proportion to a theoretical value of population proportion. - For judging the difference in proportion of two independent samples when ‘n’ happens to be large. - For judging the significance of median, mode, Correlation Coefficient and several other measures.

Correlation Correlation is a statistical tool which studies the relation between two variables and correlation analysis involves various methods and techniques used for studying and measuring the extent of relation between two variables Types of correlation: - Positive and negative correlation Positive/Direct correlation: Here values of two variables deviate in same directions i.e. is increase in value of one variable results in corresponding increase in other variable or decrease in one variable results in the decrease in the other. Negative/Inverse correlation: Here variables deviate in opposite direction. - Linear and Non linear correlation Linear correlation: In this case a unit change in one variable leads to a constant change in another variable over entire range of values. There exists a linear relation between variables. Non linear correlation: If corresponding to unit changes in one variable then the other variable changes at a fluctuating rate, it is said to be non linear correlation. Properties of correlation coefficient: -1 ≤ r ≤ +1 When r = +1, there is perfect positive correlation between variables. r = - 1, there is perfect negative correlation between variables. r = 0, variables are not correlated r >0.5, there is high positive correlation r <0.5, there is low positive correlation

DEMOGRAPHIES about the SAMPLE

Company

Frequency Valid Birla Sunlife Aviva Max New York Total 17 23 20 60

Percent 28.3 38.3 33.3 100.0

Valid Percent 28.3 38.3 33.3 100.0

Cumulative Percent 28.3 66.7 100.0

Age Cumulative Frequency Valid 21-25 26-30 31-35 36-40 41-45 Total 8 26 19 4 3 60 Percent 13.3 43.3 31.7 6.7 5.0 100.0 Valid Percent 13.3 43.3 31.7 6.7 5.0 100.0 Percent 13.3 56.7 88.3 95.0 100.0

Gender Cumulative Frequency Valid Female Male Total 16 44 60 Percent 26.7 73.3 100.0 Valid Percent 26.7 73.3 100.0 Percent 26.7 100.0

Departmnt Cumulative Frequency Valid Operations Finance Accounting Human Resources Marketing Sales Customer Services Total 11 3 1 3 15 26 1 60 Percent 18.3 5.0 1.7 5.0 25.0 43.3 1.7 100.0 Valid Percent 18.3 5.0 1.7 5.0 25.0 43.3 1.7 100.0 Percent 18.3 23.3 25.0 30.0 55.0 98.3 100.0

ANALYSIS AND INTERPRETATION Z TEST
We applied Z test to find the relation between various factors individually with the total satisfaction level. Here are the results. Company Vs Total Satisfaction
Ho: There is no significant effect of company on employee satisfaction. Ha: There is a significant effect of company on employee satisfaction Result of z test

Group Statistics SumYC TOTAL >= 17.00 < 17.00 N 39 21 Mean 165.7179 132.1905 Std. Deviation 13.80303 15.73092 Std. Error Mean 2.21025 3.43277

Independent Samples Test Levene's Test for Equality of Variances t-test for Equality of Means 95% Confidence Interval of the Difference Mean F TOTAL Equal variances assumed Equal variances not assumed .021 Sig. .886 T 8.545 8.212 df 58 36.700 Sig. (2-tailed) .000 .000 Difference 33.52747 33.52747 Std. Error Difference 3.92379 4.08278 Lower 25.67315 25.25269 Upper 41.38180 41.80226

Interpretation Since the value is less than 0.05 the hypothesis is rejected. Hence it can be inferred that company has a significant effect on employee satisfaction.

Job Vs Total Satisfaction

Ho: There is no significant effect of the nature of job on employee satisfaction. Ha: There is a significant effect of the nature of job on employee satisfaction.

Z result:
Group Statistics SumYJ TOTAL >= 34.00 < 34.00 N 32 28 Mean 169.6563 136.0714 Std. Deviation 10.25359 16.58855 Std. Error Mean 1.81260 3.13494

Independent Samples Test Levene's Test for Equality of Variances t-test for Equality of Means 95% Confidence Interval of the Difference Std. Error F TOTAL Equal variances assumed Equal variances not assumed 1.489 Sig. .227 t 9.560 9.274 df 58 43.806 Sig. (2-tailed) .000 .000 Mean Difference 33.58482 33.58482 Difference 3.51300 3.62124 Lower 26.55280 26.28578 Upper 40.61685 40.88386

Interpretation Since the value is less than 0.05 the hypothesis is rejected. Hence it can be inferred that the nature of job has a significant effect on employee satisfaction

Work group Vs Total Satisfaction

Ho: There is no significant effect of the nature of work group on employee satisfaction. Ha: There is a significant effect of work group on employee satisfaction.

Z result:
Group Statistics SumWG TOTAL >= 16.00 < 16.00 N 36 24 Mean 167.1667 134.2083 Std. Deviation 12.10549 17.14638 Std. Error Mean 2.01758 3.49999

Independent Samples Test Levene's Test for Equality of Variances t-test for Equality of Means 95% Confidence Interval of the Difference Std. Error F TOTAL Equal variances assumed .560 Sig. .457 t 8.735 df 58 Sig. (2-tailed) .000 Mean Difference 32.95833 Difference 3.77323 Lower 25.40539 Upper 40.51127

Interpretation Since the value is less than 0.05 the hypothesis is rejected. Hence it can be inferred that the work group has a significant effect on employee satisfaction

Employee benefit Vs Total Satisfaction

Group Statistics SumEB TOTAL >= 12.00 < 12.00 N 39 21 Mean 164.3333 134.7619 Std. Deviation 16.43541 16.32760 Std. Error Mean 2.63177 3.56297

Independent Samples Test Levene's Test for Equality of Variances t-test for Equality of Means 95% Confidence Interval of the Difference Std. Error F TOTAL Equal variances assumed .070 Sig. .792 t 6.663 df 58 Sig. (2-tailed) .000 Mean Difference 29.57143 Difference 4.43847 Lower 20.68687 Upper 38.45598

Interpretation Since the value is less than 0.05 the hypothesis is rejected. Hence it can be inferred that employee benefit has a significant effect on employee satisfaction.

Manager Vs Total Satisfaction Ho: There is no significant effect of the manager on employee satisfaction. Ha: There is a significant effect of the manager on employee satisfaction.

SumYM TOTAL >= 55.00 < 55.00

N 31 29

Mean 170.2258 136.6207

Std. Deviation 10.01901 16.47599

Std. Error Mean 1.79947 3.05951

Independent Samples Test Levene's Test for Equality of Variances t-test for Equality of Means 95% Confidence Interval of the Difference Std. Error F TOTAL Equal variances assumed Equal variances not assumed 2.035 Sig. .159 t 9.617 9.468 df 58 45.627 Sig. (2-tailed) .000 .000 Mean Difference 33.60512 33.60512 Difference 3.49450 3.54947 Lower 26.61011 26.45883 Upper 40.60013 40.75140

Interpretation: Since the value is less than 0.05 the hypothesis is rejected. Hence it can be inferred that manager has a significant effect on employee satisfaction.

CORRELATION
The correlation coefficient is calculated to measure the effect of each component like company, manager etc. on the employee satisfaction.

Between Company & Employee Satisfaction
Correlations SumYC SumYC Pearson Correlation Sig. (2-tailed) N TOTAL Pearson Correlation Sig. (2-tailed) N 60 .843** .000 60 60 1 TOTAL .843** .000 60 1

**. Correlation is significant at the 0.01 level (2-tailed).

The correlation coefficient is 0.843 which is very high and positive. Positive correlation shows there is a direct relationship between the two variables that is the increase in one causes the increase in other and decrease in one causes decrease in other to the same extent. Hence company has a great influence on employee satisfaction.

Between Nature of job and Employee Satisfaction:
Correlations TOTAL TOTAL Pearson Correlation Sig. (2-tailed) N SumYJ Pearson Correlation Sig. (2-tailed) N 60 .922** .000 60 60 1 SumYJ .922** .000 60 1

**. Correlation is significant at the 0.01 level (2-tailed).

The correlation coefficient is 0.922 which is very high and positive. There is a direct relation between job and employee satisfaction. The degree of influence of nature of job is very high on employee satisfaction. Hence there is high correlation between job and employee satisfaction.

Between Career and Development & Employee Satisfaction:

Correlations TOTAL TOTAL Pearson Correlation Sig. (2-tailed) N SumCD Pearson Correlation Sig. (2-tailed) 60 .858** .000 1 SumCD .858** .000 60 1

The correlation coefficient is 0.858 which is high and positive. Positive correlation shows there is a direct relationship between the two variables that is the increase in one causes the increase in other and decrease in one causes decrease in other to the same extent. Hence career and development has a great influence on employee satisfaction.

Between Work Group & employee satisfaction:
Correlations TOTAL TOTAL Pearson Correlation Sig. (2-tailed) N SumWG Pearson Correlation Sig. (2-tailed) N 60 .887** .000 60 60 1 SumWG .887** .000 60 1

**. Correlation is significant at the 0.01 level (2-tailed).

The correlation coefficient is 0.887 which is high and positive. Through this survey we have tried to quantify the effect of work group on employee satisfaction. There is a high correlation between these variables. Thus the degree of influence of nature of job is very high on employee satisfaction. Hence there is high correlation between work group and employee satisfaction.

Between Employee Benefit and Employee Satisfaction:

Correlations TOTAL TOTAL Pearson Correlation Sig. (2-tailed) N SumEB Pearson Correlation Sig. (2-tailed) N 60 .778** .000 60 60 1 SumEB .778** .000 60 1

**. Correlation is significant at the 0.01 level (2-tailed).

The correlation coefficient is 0.778 which is high and positive. Positive correlation shows there is a direct relationship between the two variables that is the increase in one causes the increase in other and decrease in one causes decrease in other to the same extent. Hence employee benefit has a great influence on employee satisfaction.

Between Manager and Employee Satisfaction:

TOTAL TOTAL Pearson Correlation Sig. (2-tailed) N SumYM Pearson Correlation Sig. (2-tailed) N 60 .922** .000 60 1

SumYM .922** .000 60 1

60

**. Correlation is significant at the 0.01 level (2-tailed).

The correlation coefficient is 0.922 which is very high and positive. There is a direct relation between job and employee satisfaction. The degree of influence of manager is very high on employee satisfaction and thus manager’s way of handling his subordinates plays a crucial role. To conclude there is high correlation between manager and employee satisfaction.

FINDINGS

On an average we found a high Employee Satisfaction Level in all the three companies we visited. Since Insurance is a Sales Oriented Sector companies do need to take care of their employees and constantly motivate them. All the three insurance companies we surveyed have a system of high performance based recognition. Incentives, teasers, gifts on completing of fixed targets. We found out high correlation between our variables and the Employee Satisfaction Level. And Manager turned out to be the most important factor affecting the satisfaction level. The results of the statistical tools are: 1. There is significant effect of company, nature of job, career and development, manager, employee benefit and work group on employee satisfaction . 2. All these variables have a high positive correlation with employee satisfaction which quantifies their extent of influence. 3. The highest correlation is that of nature of job and manager with employee satisfaction This implies that job and manager have maximum effect on employee satisfaction. They influence satisfaction level the most hence must be taken care of. In our questionnaire we had a couple of subjective questions also where employees were free to suggest and opine their own views. And we drew few conclusions on the basis of what employees seek from their organization. 1. What is it you like most about your job? Target oriented work. Opportunity to meet with new people daily and serving their needs. Free environment to work in the way we want, working environment Money and Growth opportunities. 2. What is it that you are not comfortable with your job right now? Heavy Documentation Team size getting smaller due to job cutting No fixed working hour 3. What do you need to improve your performance and productivity? Regular Training about products, team handling techniques, leadership skills Seminars about the sector and what other companies are doing Manpower support Time management skills 4. Give three suggestions to improve the work environment in the company. Reducing the time devoted for meetings. Making them once a week instead of daily An office canteen – informal place to hangout Team dedication, Operational Support Proper time should be given to complete the target

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SUGGESTIONS & IMPLICATIONS
So as the findings suggest all the factors should be properly taken care of to have your employees satisfied with their job and with the organisation. By studying the responses of the employees of the three companies few gaps were found in the area of Employee Satisfaction. Follwing are the suggestions to fill the gaps:

Targets should be bound to Reasonable Timeframe. Every Sales Manager should be given a optimum number of Team Members to meet the targets. There is a need for Regular Training in the following areas: - About new insurance products in the market - About the overall industry - Competitor’s Products & their Selling techniques

Daily meetings should be reduced to once/twice a week to save on time & reduce the work pressure.

BIBLIOGRAPHY
The following Resources were explored during the making of this project, to access information regarding the topic. Links Referred: www.wisegeek.com/what-is-employee-satisfaction www.hinduonnet.com/thehindu/jobs/hr www.citehr.com/101668-managing-attrition-insurance-sector http://howhr.blogspot.com/2009/04/employees-satisfaction-survey-in07.html Sites Referred: www.explorehr.org www.maxnewyorklifeinsurance.com www.avivaindia.com www.birlasunlife.com Books Referred: C. R Kothari, Research Methodology: Methods & Techniques

Employee Satisfaction Survey Questionnaire

Dear Employee: You are participating today in an event that is important both to you and the Company - an employee survey that will provide us with baseline measurements of some very important organizational dynamics. We hope you will be frank and honest in your responses to the items in this survey. You can be assured that your responses will remain confidential. We are assessing Company-wide issues, and will not single out any individual. You are valued as an employee, and your opinions are important. We appreciate your assistance with this survey! Gender : Male Age : Female

What Department do you work in? Operations Manufacturing Engineering/R&D Quality Finance Accounting Human Resources Marketing Sales Customer Service How long have you been a member of our organization? Less Than 1 Year 1 - 5 Years 6 - 10 Years

11 - 20 Years More Than 20 Years

Your Company
1.

My company is one of the best companies to work for.

(1)

(2)

(3)

(4)

(5)

2.

My company treats me well.

(1)

(2)

(3)

(4)

(5)

3.

I am proud to tell people I work for this company (1) (2) (2) (3) (3) (4) (4) (5) (5)

4.

Considering everything, I am satisfied working for my company at the present time.

(1)

Your JOB
1. I am satisfied with my job and the kind of work I do. (1) (2) (3) (4) (5)

2.

My job is challenging and interesting. (1) (2) (2) (3) (3) (4) (4) (5) (5)

3.

I am getting enough relevant training for my present job.

(1)

4.

I understand what is expected of me in my work.

(1)

(2)

(3)

(4)

(5)

5.

I have the material/equipment and tools I need to do my job well

(1)

(2)

(3)

(4)

(5)

6.

I am satisfied with my working conditions.

(1)

(2)

(3)

(4)

(5)

7.

My manager recognizes and acknowledges my good performance.

(1)

(2)

(3)

(4)

(5)

8.

Overall, I am satisfied with my present job.

(1)

(2)

(3)

(4)

(5)

Career and Development
1. The company makes every effort to fill vacancies from within before recruiting from outside. (1) (2) (3) (4) (5)

2.

I am satisfied with the job opportunities in the company.

(1)

(2)

(3)

(4)

(5)

3.

Promotion goes to those who most deserve it.

(1)

(2)

(3)

(4)

(5)

4.

I was given enough feedback on my performance.

(1)

(2)

(3)

(4)

(5)

5.

I am satisfied with the opportunities for training.

(1)

(2)

(3)

(4)

(5)

Your Manager
1. My manager (immediate supervisor) trusts me. (1) (2) (3) (4) (5)

2.

My manager helps me to improve myself.

(1)

(2)

(3)

(4)

(5)

3.

My manager takes prompt and fair corrective action on employees who fail to perform their work satisfactorily.

(1)

(2)

(3)

(4)

(5)

4.

My manager establishes plans and work objectives with me.

(1)

(2)

(3)

(4)

(5)

5.

My manager gives me clear instructions.

(1)

(2)

(3)

(4)

(5)

6.

My manager is available when I need advice.

(1)

(2)

(3)

(4)

(5)

7.

I feel free to talk openly and honestly to my manager.

(1)

(2)

(3)

(4)

(5)

8. 9.

My manager praises me when I do a good job. My manager holds regular meetings with my groups. work

(1) (1)

(2) (2)

(3) (3)

(4) (4)

(5) (5)

10.

Those meetings keep me informed, give me information and enable me to do a better job.

(1)

(2)

(3)

(4)

(5)

11.

My manager is effective in making decisions.

(1)

(2)

(3)

(4)

(5)

12.

My manager knows what is going on in my work group.

(1)

(2)

(3)

(4)

(5)

13.

My manager is doing a good job.

(1)

(2)

(3)

(4)

(5)

My Work Group
1. Work is fairly distributed in my work group. (1) (2) (3) (4) (5)

2.

I am satisfied with how members of my work group solve problems.

(1)

(2)

(3)

(4)

(5)

3.

My work group works well together.

(1)

(2)

(3)

(4)

(5)

4.

I feel free to talk openly and honestly with members of my work group.

(1)

(2)

(3)

(4)

(5)

Employee Benefit
1. I am satisfied with the company’s employee welfare programs such as rewards, incentives, food coupons, insurance and health care, etc. (1) (2) (3) (4) (5)

2.

I am satisfied with the recreational activities provided by the company, e.g. picnics and annual dinner.

(1)

(2)

(3)

(4)

(5)

3.

I am satisfied with the company’s people programs, such as birthday announcements, valuable employee of the month, bulletins and newsletter, etc.

(1)

(2)

(3)

(4)

(5)

Open Ended Questions
1. What is it that you like most in your job right now? Name at least two aspects.

2. What is it that you are not comfortable in your job right now?

3. What do you need to improve your performance and productivity?

4. Give at least three suggestions to improve the work environment in this company?

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