INTRODUCTION

Rewards and Recognition can be powerful tools for employees’ motivation and
performance improvement. Reward means something given for performance. Recognition is an
important feature in retaining excellent employees and for improving performance. Many types
of rewards and recognition have direct costs associated with them, such as cash bonus stock
awards, and wide variety of company paid perks.

The primary objective of providing Rewards and Recognition is to encourage and motivate the
employees to do better performance. Rewards and Recognition are one of the motivation aspects
in Human Resources. Rewards and Recognition are given to achieve desired goals. Rewards
system should be closely aligned to organizational strategies. These strategies could be designed
to faster innovation to provide unique products or services.

Rewards and recognition may be monetary, or non-monetary. Monetary rewards include cash
bonus, stock awards, company paid perks, gift certificates. Non monetary rewards and
recognition including compliments, extra time off, ceremonial awards, and small trinkets such as
mugs, t-shirts, sets of pens and pencils. Rewards and Recognition are very useful to reinforce
good performance.

OBJECTIVES OF THE STUDY:

● To study the extent to which the rewards & recognition provided by the Bajaj Allianz Life
Insurance Company Limited, towards their employees.

● To study the motivation and satisfaction level of the employees through the rewards &
recognition provided by the Bajaj Allianz Life Insurance Company Limited

● To examine the Rewards & Recognition incorporation units in multiple industry.

● To offer useful suggestions for improving the effectiveness of Rewards and Recognition.

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SCOPE OF THE STUDY:

● Rewards and Recognitions are important tools for any organization to motivate the
employees and to improve the performance. Because money isn’t everything when it comes
to keeping your employees motivated.

● The subject of Rewards and Recognition covers monetary rewards and non monetary
rewards, recognitions, awards.

● More specifically we may examine that how useful Rewards and Recognition are in a
company to achieve a target.

● The scope of the study is to know the total reward system in the Bajaj Allianz Life Insurance
Company Limited

NEED FOR REWARDS AND RECOGNITION:

Most employees feel that they are worth more than they are actually paid. There is a
natural disparity between what people think they should be paid and what organizations spend in
compensation. When the difference becomes too great and another opportunity occurs, turnover
can result. Pay is defined as the wages, salary, or compensation given to an employee in
exchange for services the employee performs in the organization.

Pay is more than "dollars and cents”; it also acknowledges the worth and value of the
human contribution. What people are paid has been shown to have a clear, reliable impact on
turnover in numerous studies.

Employees want to be recognized for a job well done. Rewards and recognition respond to this
need by validating performance and motivating employees toward continuous improvement.
Rewarding and recognizing people for performance not only affect the person being recognized,
but others in the organization as well.

Through a rewards program, the entire organization can experience the commitment to
excellence. When the reward system is credible, rewards are meaningful; however, if the reward
system is broken, the opposite effect will occur. Employees may feel that their performance is

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unrecognized and not valued or that others in the organization are rewarded for the wrong
behaviors.

Recognition should be part of the organization's culture because it contributes to both employee
satisfaction and retention. Organizations can avoid employee turnover by rewarding top
performers. Rewards are one of the keys to avoiding turnover, especially if they are immediate,
appropriate, and personal. A Harvard University study concluded that organizations can avoid
the disruption caused by employee turnover by avoiding hiring mistakes and selecting and
retaining top performers.

RESEARCH METHODOLOGY

In this chapter the sequence of research process under taken in “Bajaj Allianz Life
Insurance”, Hyderabad is explained.

SOURCE OF DATA

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Primary Data:-

The primary data was collected with the help of the standard and accepted techniques
which are in use for his kind of studies. To administer the structure questionnaire, satisfied
random sampling techniques were used. Along with the questionnaire, group and panel
discussions with workers, was conducted to understand their views on the problem of research..

Preparation of the Questionnaire:

Keeping in view the above objective questionnaire was prepared for distributing among
the employees to know their views regarding “REWARDS & RECOGNITION” in “Bajaj
Allianz Life Insurance” , these questions were wised out in the end and after making suitable
modifications.

Secondary Data: The secondary source of data was collected through obtaining rewards and
files from the integrated product development unit of Bajaj Allianz Life Insurance some part of
Data was collected from the Internet. The institutional guide gave us the remaining necessary
information and the staff relating to administration gave me all the necessary information to
complete the study.

Sample Size: 100 employees

LIMITATIONS OF THE STUDY:

● Time was the major constraint as the mentioned period was not enough to collect the data
in detail.

● Secondary source information availability was largely restricted to internet and online
journals.

● Survey was done with 100 employees of the company as well as other companies also.

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 ● Lack of secondary sources such as magazines.

● The collected information mainly depends on the interviews, survey findings and the
Internet.

REVIEW OF LITERATURE
Definition

Rewards:

“Jack Zigon defines rewards as “Something that increases the frequency of an employee
action.”

“Something given or received in recompense for worthy behavior or in retribution for evil arts”.

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“It is a satisfying return result or profit.”

“The return for performance of desired behavior is positive reinforcement.

Recognition:

The art of power of knowing and, of perceiving the identify any experience or memory
with other experiences or memories, Physiologically, recognition is based upon the simultaneous
or consecutive activity of different neuron groups, their comparison and the fact that the
impulses are identical, sensations may be compared with memories, memories with other
memories and the complexes produced by the recombination of the dissociated elements of past
experiences may be compared with memories or with sensations, and recognition may follow.

The process of recognizing “Something or someone by remembering”

Rewards AND Recognition

Rewards are considered to be a function of efforts put in to reach the standard set on the
basis of accomplishment manifestation. In order to practice these strategy managers’ setup
standards of performance, monitor the behaviour of the employees to observe the extent to which
these standards are attained and allocate rewards & based on the observance of the performance.
There rewards can be applied only where performance and results can be directly and
quantitatively measured.

Recognition is an important factor in retaining excellent employees and for improving

performance. Recognition is important because it sends a powerful message that the recipient is
important. It says that the organization cares about good performance. When this message is
lacking overall performance may drift in search of a direction. If low performers are treated the
same as high performers, the message will be translated that high performances gets you
nowhere. Eventually, many in the workforce will settle at some minimal acceptable level of
performance. Surveys of workers by the public agenda forum have confirmed that most workers
say they are working “significantly below their potential.”

Concept of Rewards and Recognition:

Like a child being given a chocolate cup cake and a big hug after cleaning her room,
rewards & recognition can be powerful tools for employee motivation and performance
improvement. Many types of rewards & recognition have direct costs associated with them, such

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as cash bonus stock awards, and a wide variety of company paid perks, like car allowances, paid
packing and giving certificates.

Other type of rewards and recognition may be less tangible, but still very effective.
These non-monetary rewards include formal and informal acknowledgement, assignment of
more enjoyable job duties, opportunities for training and an increased in decision making.

Recognition can be very motivating and help to build feelings of confidence and
satisfaction. Another important goal is increased employee retention. An ASTD report on
retention research identified consistent employee recognition as a key factor in retaining top-
performing worker.

To achieve desired goals, reward system should be closely aligned to organizational

strategies. For example, a company focused on a product differentiation strategy could design
their rewards practices to foster innovation to provide unique products or services. While a
company focused on a cost reduction strategy might focus on rewards for ideas to minimize or
eliminate costs and employee stock awards to foster an ongoing cost reduction emphasis.

Designing a Reward and Recognition Solution :

In designing a rewards and recognition program, the following guidelines should be

considered.

⮚ Rewards should be visible to all members of the organization.

⮚ Rewards should be based on well-defined, credible standards that have been developed
using observable achievements.

⮚ Rewards should have meaning and value for the recipient.

⮚ Rewards can be based on an event (achieving a designated goal) or based on a time frame
(performing well over a specific time period).

⮚ Rewards that are spontaneous (sometimes called on-the-spot awards) are also highly
motivating and should also use a set criteria and standard to maintain credibility and
meaning.

⮚ Rewards should be achievable and not out of reach by employees.

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 ⮚ Non monetary rewards, if used, should be valued by the individual. For example, an avid
camper might be given a 10-day pass to a campsite, or, if an individual enjoys physical
activity, that employee might be given a spa membership. The non monetary rewards are
best received when they are thoughtfully prepared and of highest quality. Professionalism
in presenting the reward is also interpreted as worthwhile recognition.

⮚ Rewards should be appropriate to the level of accomplishment received. A cash award of

$50 would be inappropriate for someone who just recommended a process that saved the
organization a million dollars. Determining the amount of money given is a delicate
matter of organizational debate in which organizational history, financial parameters, and
desired results are all factors. Recognition for a job well done can be just as valued and
appreciated as monetary awards.

Formal recognition program can be used with success. First Data Resources, a data
processing services company that employees more than 6,000 individuals in Omaha, Nebraska,
use a formal recognition program (Adams, Mahaffey, and Rick, 2002). Rewards are given on a
monthly, quarterly, and yearly basis, and range from Nebraska football tickets, gift certificates,
pens, plaques, mugs, and other items. One of the most popular awards at First Data is called the
"Fat Cat Award" that consists of:

● $500 gift check

● Professional portrait of the employee

● Appreciation letter from the CEO and senior management

In addition to Non monetary rewards, employees can be rewarded using money in

numerous ways. Cash is a welcome motivator and reward for improving performance, whether at
formal meetings or on the spot. Variable bonuses linked to performance are another popular
reward strategy. Profit sharing and pay-for- skills are monetary bonus plans that both motivate
individuals and improve goal achievement. Small acts of recognition are valuable for employee
daily motivation. Sometimes a personal note may mean more than a generic company award. In
one survey, employees cited the following as meaningful rewards (Moss, 2000):

● Employee of the month awards

● Years of service awards

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 ● Bonus pay (above and beyond overtime) for weekend work.

● Invitations for technicians to technical shows and other industry events

GUIDELINES FOR EFFECTIVELY REWARDING AND RECOGNIZING

EMPLOYEES:

Studies indicate that employees find personal recognition more motivational than money.
Yet, it is a rare manager who systematically makes the effort simply to thank employees for a job
well done. The guidelines for effectively rewarding and recognizing employees are simple; these
are informal manager-initiated performance based rewards:

● Match the reward to the person. Start with the individual's personal preferences, reward
him or her in ways he or she truly finds rewarding. Such rewards may be personal or
official, informal or formal, public or private, and may take the shape of gifts or
activities.

● Match the reward to the achievement. Effective reinforcement should be customized to

take into account the significance of the achievement. An employee who completes a
two-year project should be rewarded in a more substantial way than one who simply does
a favor for you. The reward should be a function of the amount of time you have to plan
and execute it and the money you have to spend.

● Be timely and specific. To be effective, rewards need to be given as soon as possible after
the desired behavior or achievement. Rewards that come weeks or months later do little
to motivate employees to repeat their actions. You should always say why the reward is
being given. Once you have consistently rewarded the desired performance, your pattern
of recognition may become more intermittent as the desired behavior becomes habitual
with employees.

INFORMAL REWARDS:

Informal rewards, meaning spontaneous, forms of recognition that can be implemented

with minimal planning and effort by almost any manager. In a recent study of more than 1,500
employees in dozens of work settings by Dr. Gerald H. Graham, professor of management at
Wichita State University, the most powerful motivator was personalized, instant recognition
from their managers. "Managers have found," Graham adds, "that simply asking for employee

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involvement is motivational in itself." In one of his studies, employees perceived that manager-
initiated rewards for performance were made least often, and perceived that company-initiated
rewards for presence ( that is, rewards based simply on being in the organization) occurred most
often. Even though the first type of reward has the highest motivational impact and the second
type has lower of an impact. Graham's study determined the top five motivating techniques:

1. The manager personally congratulates employees who do a good job.

2. The manager writes personal notes about good performance.

3. The organization uses performance as the basis for promotion.

4. The manager publicly recognizes employees for good performance.

5. The manager holds morale-building meetings to celebrate successes.

Only 42% of the respondents believed that their managers typically used the top
motivating technique in which a manager personally congratulates employees who do a good
job. The other top factors were perceived by less than 25% of the respondents as being typically
used. Not only are informal rewards more effective, but they tend to be less expensive.
According to the "People, Performance, and Pay" study by the American Productivity Center in
Houston and the American Compensation Association in 1987, it generally takes 5 to 8 percent
of an employee's salary to change behavior if the reward is cash and approximately 4% of the
employee's salary if the reward is noncash.

NON-MONETARY REWARDS AND RECOGNITION:

Some of the most effective forms of recognition cost nothing at all. A sincere word of
thanks from the right person at the right time can mean more to an employee than a raise, a
formal award, or whole wall of certificates or plaques. Part of the power of such rewards comes
from the knowledge that someone took the time to notice the achievement, seek out the
employee responsible, and personally deliver praise in a timely manner.

Research by Dr. Gerald Graham throughout the United States revealed that the type of
reward employees most preferred was personalized, spur-of-the-moment recognition from their

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direct supervisors. In a recent survey of American workers, 63% of the respondents ranked "a pat
on the back" as a meaningful incentive.

Since several studies on employees have shown that the greatest influence on job
satisfaction is the supervisor, any manager has all the ingredients for achieving a high degree of
satisfaction and a correspondingly high level of performance among his or her employees.

RECOGNITION ACTIVITIES

Many effective forms of recognition are onetime events that celebrate a significant
achievement or a milestone. Such activities need to be planned so as to be timely and pertinent to
the situation and the person being recognized. A recent survey by the Minnesota Department of
Natural Resources found that recognition activities contributed significantly to employees' job
satisfaction. Most respondents said they highly valued day-to-day recognition from their
supervisors, peers, and team members. Other findings from the survey:

● 68% of the respondents said it was important to believe that their work was appreciated
by others.

● 63% agreed that most people would like more recognition for their work.

● 67% agreed that most people need appreciation for their work.

● Only 8% thought that people should not look for praise for their work efforts.

Nancy Branton, project manager for the survey, says, "Recognition programs are more
important now than in the past”. Employees increasingly believe that their job satisfaction
depends on acknowledgement of work performance as well as on adequate salary. This is
especially true of employees who are highly interested in their work and take great satisfaction in
their achievements.

Reward strategies:

An effective employee recognition system inspires workers to switch off automatic pilot and
concentrate on daily tasks by turning the workplace into a game with a series of specific, widely
known, achievable objectives. One way to do this is to target important tasks, give them point
values, and allow employees to earn points as these duties are carried out. A total, such as 100,
should be designated as the goal. The total points employees need to earn a reward should be

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based on reasonable, not exceptional, performance levels. Unlike incentive programs that drive
employees to achieve improbable goals, the key to this type of system is that it rewards
employees when their performance is average. Incentive programs tend to create extreme peaks
and valleys in performance. Any organization can adopt this technique as long as management
tailors the specific steps to its own circumstances and makes a long-term commitment to the
program.
The process of individual employee and work team recognition is becoming a social
science of its own. Various types of incentives are increasingly being used to change the working
culture of companies. It is clear that the direction of a company can be changed - or at least
substantially influenced - by honest recognition of employee contributions.

A recognition system is important because it offers incentives for improving quality and
productivity. Yet, more important, a recognition system makes a statement about what principles
are important to a company. Recognition is a form of employee motivation in which a company
recognizes, praises, and thanks employees who have made positive contributions to the
company's success, and must be consistent with a company's values and principles. Guidelines
for recognition systems are presented.

A firm's recognition and reward system must be properly structured, communicated, and
understood by everyone. To assist employees in remembering the important recognition
attributes and types of rewards to consider when recognizing and rewarding teams and
individuals, an alliterative approach using the letter "a" may prove useful. To illustrate this, a
team or individual should have the following attributes to be considered for recognition of a
quality activity:

1. An aggressive attitude,

2. Aptitude, and ability,

3. Activity in application, and

4. Accomplishments and achievements.

Once candidates have been selected, the following rewards can be used to show gratitude for
their accomplishments:

1. Accolades,

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2. Acknowledgment,

3. Awards and Appreciation

Although managers often say their most valuable asset is their employees, they do not
always behave in ways that make employees feel they are truly appreciated. Recognition-award
programs are helpful in creating recognition moments and in teaching praise techniques. When
expressing appreciation to employees and rewarding their good behavior, employers should
follow 3 important principles:

1. Describe the desired behavior in specific terms.

2. Explain why the behavior was helpful.

3. Express thanks.

In addition, the significance of the event should correspond with the amount of gratitude
being expressed. Money is a particularly powerful incentive for increasing sales and
productivity, but some form of ongoing remembrance of the award should also be given. When
the recognition program is created, employers should communicate the following to their
employees:

1. The program's objectives and why the company is sponsoring it,

2. The mechanics of the program,

3. The symbolism of the award, and

4. The way the program reinforces the company culture and values

Today, many companies want to engender employee recognition. A recognition

program alone is unlikely to work with a disgruntled or unmotivated work force. To be effective,
a recognition program must be part of a whole culture of valuing employees. Many organizations
have discovered low employee morale translates into reduce productivity, absenteeism, and a
high turnover rate. Motivational techniques include:

1. Raises and bonuses,

2. Merchandise credit, and

3. Spontaneous recognition and rewards.

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Cash rewards cost more and offer less leverage. Recognition is honor money cannot buy. Praise
or a personal note acknowledging achievements are small gestures that are extremely important
to employees.

As companies re-examine the role of employees a traditional idea is re-emerging - recognition as

a tool to motivate employees. Led by the service award, recognition programs of all kinds are
fulfilling people's needs for a kind word. Today's employee service recognition programs are at
least as sophisticated and well-planned as any other modern business process.

They are communication-based, performance-focused and empowered with symbolism.

Companies taking a fresh approach to recognition programs see a process with several important
objectives:

1. Opening channels of communication,

2. Enhancing individual worth and self-confidence,

3. Reinforcing corporate values and culture,

4. Recognizing personal performance and achievement, and

5. Building mutual commitments and relationships.

According to a recent study comparing responses of supervisors and employees to what

each group thought employees wanted most, improving morale is not a matter of paying people
more. Responding employees indicated that they want to be involved and appreciated and get
personal satisfaction from their jobs, not strictly monetary value.

Praise is an excellent way to reinforce desired behavior; however, it is not the way to
inspire it. If employees perform to certain standards simply for the material reward promised,
they will come to expect that kind of reinforcement constantly and will be difficult to motivate in
the absence of what they perceive as commensurate material attention.

The key to motivate employees is to make them want to do the job well for their own sake.
Employees should see how they fit into the company's larger scheme - how they tangibly
contribute to the making of the product. Employees whose donations are acknowledged will
achieve high levels of personal motivation and loyalty to the organization.

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 Employee recognition programs usually give the employee the choice of an award
gift. Many firms in the award business have developed catalogs that can display a company's
logo and special message; some employ substantial marketing staffs to ensure that employee
recognition programs work for the companies purchasing their award items.

Today's intergenerational mix of employees is heterogeneous in makeup and complex in

nature, demanding that motivational efforts address diverse lifestyles. Many long-service
employees have conservative values and respond to traditional symbols of appreciation with a
focus on the corporate identity. However, many midterm employees prefer choice and
understated corporate identity. Today's young employees want peer recognition, thus traditional
annual achievement awards presentations are important to them. Other motivating practices are
also important to them, such as:

1. Peer review,

2. Bonuses,

3. Stock options and Assignments to special projects.

Effective reward management can help you achieve your business objectives by attracting
and retaining motivated, loyal, and competent people. In return for their commitment, people
expect financial rewards such as salary, fringe benefits, bonuses, promotions, or stock options.
They will also seek other forms of reward such as recognition of competence, achievement,
responsibility, influence, and personal growth.

The challenge is to get the balance right to get the best results. You will need to establish the
relationship of the rewards to business and individual performance, and make informed decisions
about flexibility and fairness, the level of rewards, market rates, pay structures, incentive/bonus
schemes, and benefits.

The following key points will help you manage reward to improve your business results:
Ensure that all reward programmes are aligned to business objectives. Determine the present
situation - typically you will have people with a variety of packages. View, and communicate
'total reward' packages ensuring each element is valued and has a distinct purpose.

Remuneration is a major cost for any organization; invest where the maximum return will
occur. 'One size' does not necessarily fit all. Target your spend and tailor your reward program

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for the different areas of your organization. Ensure that the different elements of the reward
package don't overlap.

Seven Recognition Do’s and Don’ts:

Over the years that I have been involved with recognition processes, I have developed a
list of what I call “Recognition Do’s and Don’ts.” When one ventures into recognition in the
workplace, one will, invariably, make mistakes. So what are those elements of recognition that
either makes it succeed, or produce results far below what was hoped?

1. Keep clear the distinction between recognition and incentives. An incentive is an

enticement advertised in advance to get people to do something. Recognition is a “thank
you” given after the fact.

2. Keep the recognition criteria wide open. Too many times organizations will limit the
criteria by which one can receive recognition. The committees I have worked with found
that there are so many opportunities for recognition that it is virtually impossible to list
criteria. A good recognition committee can determine through consensus if a “thank you” is
truly deserved.

3. Nominations should be open to all employees. Management’s eyes cannot be everywhere.

Frequently, they will miss the outstanding performance on the loading dock. Allow everyone
in the organization the opportunity to nominate someone for recognition. One of the greatest
nominations our committee ever received came from a pipefitter who had added two
eloquently written pages to the nomination to say what an outstanding worker his partner
was.

4. Maintain confidentiality during investigations. All persons nominated for recognition may
not, in fact, deserve. Keeping the process confidential will help to avoid hurting someone,
and bring credibility to the process. The nominee’s supervisor and manager have a need to be
included, as they may be aware of other issues that may affect the committee’s decision.

5. Make the recognition special, not expensive. In the past, some of the recognition
committees felt that an expensive award of $300 or $400 sent a more powerful “thank you.”
However, as the dollar amounts climbed, the “thank you” became lost somewhere. The
recognition process became more like an incentive program or contest. I even had a recipient

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 tell me how angered he was by how his recognition was handled, even though he received
$1000 from his company!

A recognition award should be a “token” of appreciation. A specially made (but inexpensive)

certificate of appreciation will hang in the den forever. Money, however, will be spent and
forgotten.

6. Include family in presentations when possible. This extends the recognition and resulting
“good feeling” to the entire family.

7. Use good judgment. When it comes to performing meaningful recognitions nothing replaces
good judgments. People seem to know when recognition is deserved and how much is
appropriate. Perhaps this is way recognition committees serve such a valuable function.

REWARDS & RECOGNITION IN BAJAJ ALLIANZ LIFE INSURANCE :

Bajaj Allianz Life Insurance consider the Human Resources as the most important of all
the resources in the company. Therefore in its pursuit of enriching the quality of its employees,
to improve their performance, to motivate its employees and to satisfy their needs, the company
has providing many Rewards & Recognition. These rewards motivate the employees to improve
their performance further. This in turn leads to self-commitment of the employee to learn further,
acquire latest skills & knowledge and to develop their human resource. Non-monetary rewards
are encouraging the employees to perform better.

The important Rewards and Recognition provided by Bajaj Allianz Life Insurance are:

Monetary Rewards:

1) Promotions

2) Incentives

3) Performance bonus

4) Training

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 5) Job rotation

6) Work shops

Promotion:

A promotion is the transfer of an employee or upwards advancement of an employee in

an organization to another job, which commands better pay/wages better status/prestige, better
walking environment and a higher rank. These promotions will be given by the measuring the
performance. They provide this promotion to recognize individual’s performance and reward
him for his work so that he may have an incentive to forge ahead. Employees will have little
motivation if better jobs are reserved for outsides.

Incentives:

Bajaj Allianz Life Insurance is providing incentives to their employees to motivate and
reward the sales team within an organization. Incentives are designed to motivate and recognize
participants for meeting exceptional level of performance in supporting of company goals.
Incentives often include small gifts like gift cards. Bajaj Allianz Life Insurance provided the
incentives like travel packages, big name sporting events.

Performance bonus:

The minimum bonus is paid as per the payment of bonus Act 1965 to all the employees
who are working under organization. Bajaj Allianz Life Insurance provide the bonus as per the
act as well as something given or paid in additional to what is usual for the excellence
performance of the employees. This performance bonus will be given to those who perform
better than other.

Training:

Bajaj Allianz Life Insurance has provided employees with the many training programs to
improve the knowledge apart from the work.

The out bound training is a program educating the participants on different aspects of
working effectively in a team, how perceptions/paradigms affect their communication &
behavior, how to deal with various situations and how creativity could help in solving problems.
This type of training program is also one type of reward to the employees to acquire knowledge.

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 The ‘Behavior Training Exercise’ for its employees. Popularly known as “Express
yourself clearly’ program, it identifies/extracts training needs from the perfect IDPs. This
training tells the real-life situations & some case studies other training programs like “A
mountain of learning” it tells about the value of team -work & discipline.

Job Rotation:

This job rotation is one type of reward to get the job knowledge and gains experience
from his supervisor or trainer in each of the job assignment. Through this the employees may
understand the problem of each every job. This is also one type of training.

Work Shop:

The workshops will be conducted by the company which is extremely practical and
interactive; have drawn much appreciation from the trainees. Bajaj Allianz Life Insurance
planned more workshops on ‘Lateral Thinking’, ‘Team Dynamics’ ‘Personnel Development’
‘Leadership’, Communication Skills’, and ‘Problem Solving, Decision making and Time
Management’. These workshops are very useful for employees to known how the performance
could achieve.

Non-Monetary Rewards:

1) Lunches and Dinner

2) Celebrations

3) Awards

4) Certificate of Appreciation

5) Small Trinkets

6) Complements

Lunch & Dinner:

Provide Lunch & Dinner when celebrations & Award functions are held.

Celebrations:

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 Celebrations are held for the purpose of fan, friendship, & togetherness. Bajaj Allianz
Life Insurance celebrates the important days like women days, May Day, independent days, and
New Year celebrations.

Celebrations are a forum for recognizing the “Spirit of Excellence” in the company.
The ‘Spirit of Excellence” Celebrations is a big event of Bajaj Allianz Life Insurance. It is a two
days program. On first day there will be a carnival time. The carnival includes the variety of fun
games, stilt walkers, tattoo artists, pottery stalls, bangle stalls, and fun rides for children. Many
dance programs and musical programs. The second day is celebrated through distribution of
spirit of excellence award to the excellence performance.

They conduct the quality celebrations programs, to spread good manufacturing practices
awareness among the employees and resolve non-compliance issues. It also conducted the safety
celebrations to know the importance of safety in the work place.

Awards:

Dr. Reddy Laboratories provide these to recognize the excellence performance. The
awards can motivate the employees to perform better.

Spirit of excellence awards:

To recognize excellence performance and efforts towards organization building, the

company will distributes the CM excellence awards, team awards, and certificates for
appreciation (Special Recognition Award) on the occasion of ‘Spirit of Excellence’ celebrations.

The team awards are given to

1) Best unit

2) Best Management work place.

3) Best Sales & Marketing team

4) Best Innovation Team

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 5) Best team contribution to Society/Environment

6) Best team Initiative

7) Best Service Excellence

Certificate of Appreciation:

The certificate of Appreciation will be given to recognize persons. It includes family in

presentations when possible:

This extends the recognition and resulting “good feeling” to the entire family. Some
programs conducted by the Bajaj Allianz Life Insurance will invite the employees as well as
their families. The ‘Spirit of excellence award celebration’ invites the employees as well as their
families, and also provides dinner.

Elite: Elite is a Bajaj Allianz Life Insurance special program Bajaj Allianz Life Insurance
honored its top 52 professionals as their targets for 3 years in a row are helping in building the
company’s brand in the field.

The Elite as they are called – were invited to some place with their families and
entertained lavishly and at a gala dinner held in everything at celebrity they were presented with
special plaques. There were prices for employees and children’s as well.

Small Trinkets:

Small trinkets will be given to their employees like t-shirts, pens, ties etc.

Complements:

Complements will be comes from the superior, when ones performance is great. This is
also one form of non-monetary reward.

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 INDUSTRY PROFILE
The insurance sector in India has come a full circle from being an open competitive market to
nationalization and back to a liberalized market again. Tracing the developments in the Indian
insurance sector reveals the 360 degree turn witnessed over a period of almost two centuries.

A brief history of the Insurance sector

The business of life insurance in India in its existing form started in India in the year
1818 with the establishment of the Oriental Life Insurance Company in Calcutta.

22
Some of the important milestones in the life insurance business in India are:

1912: The Indian Life Assurance Companies Act enacted as the first statute to regulate the life
insurance business.

1928: The Indian Insurance Companies Act enacted to enable the government to collect
statistical information about both life and non-life insurance businesses.

1938: Earlier legislation consolidated and amended to by the Insurance Act with the objective of
protecting the interests of the insuring public.

1956: 245 Indian and foreign insurers and provident societies taken over by the central
government and nationalized. LIC formed by an Act of Parliament, viz. LIC Act,1956, with a
capital contribution of Rs. 5 crore from the Government of India.

The General insurance business in India, on the other hand, can trace its roots to the Triton
Insurance Company Ltd., the first general insurance company established in the year 1850 in
Calcutta by the British.
Insurance sector reforms

In 1993, Malhotra Committee headed by former Finance Secretary and RBI Governor R.N.
Malhotra was formed to evaluate the Indian insurance industry and recommend its future
direction.

The Malhotra committee was set up with the objective of complementing the reforms
initiated in the financial sector.

The reforms were aimed at “creating a more efficient and competitive financial system suitable
for the requirements of the economy keeping in mind the structural changes currently underway
and recognizing that insurance is an important part of the overall financial system where it was
necessary to address the need for similar reforms…”

In 1994, the committee submitted the report and some of the key recommendations included:

i) Structure
Government stake in the insurance Companies to be brought down to 50%
Government should take over the holdings of GIC and its subsidiaries so that these subsidiaries
can act as independent corporations.
All the insurance companies should be given greater freedom to operate

ii) Competition

23
Private Companies with a minimum paid up capital of Rs.1bn should be allowed to enter the
industry.
No Company should deal in both Life and General Insurance through a single entity.
Foreign companies may be allowed to enter the industry in collaboration with the domestic
companies.
Postal Life Insurance should be allowed to operate in the rural market.
Only one State Level Life Insurance Company should be allowed to operate in each state

iii) Regulatory Body

The Insurance Act should be changed

An Insurance Regulatory body should be set up
Controller of Insurance (Currently a part from the Finance Ministry) should be made
independent

iv) Investments

Mandatory Investments of LIC Life Fund in government securities to be reduced from 75% to
50%
GIC and its subsidiaries are not to hold more than 5% in any company (There current holdings to
be brought down to this level over a period of time)

v) Customer Service

LIC should pay interest on delays in payments beyond 30 days

Insurance companies must be encouraged to set up unit linked pension plans
Computerization of operations and updating of technology to be carried out in the Insurance
industry.

Hence, it was decided to allow competition in a limited way by stipulating the minimum capital
requirement of Rs.100 crore. The committee felt the need to provide greater autonomy to
insurance companies in order to improve their performance and enable them to act as
independent companies with economic motives. For this purpose, it had proposed setting up an
independent regulatory body.
The Insurance Regulatory and Development Authority (IRDA)

Reforms in the Insurance sector were initiated with the passage of the IRDA Bill in Parliament in
December 1999. The IRDA since its incorporation as a statutory body in April 2000 has
fastidiously stuck to its schedule of framing regulations and registering the private sector
insurance companies.

The other decision taken simultaneously to provide the supporting systems to the insurance
sector and in particular the life insurance companies was the launch of the IRDA’s online service
for issue and renewal of licenses to agents.

24
The approval of institutions for imparting training to agents has also ensured that the insurance
companies would have a trained workforce of insurance agents in place to sell their products,
which are expected to be introduced by early next year.

Since being set up as an independent statutory body the IRDA has put in a framework of globally
compatible regulations. In the private sector 12 life insurance and 6 general insurance companies
have been registered.

COMPANY PROFILE

Bajaj Allianz Life Insurance Company Ltd. is a joint venture between two leading
conglomerates -Allianz AG, one of the world's largest insurance companies, and Bajaj Auto, one
of the biggest 2 and 3wheeler manufacturers in the world.

25
Bajaj Allianz Life Insurance
● Is the fastest growing private life insurance company in India
● Currently has over 4,40,000 satisfied customers
● Has a presence in more than 550 locations with 60,000 Insurance Consultant
providing the finest customer service.
● August 2004 was Rs37.5 crore. Rival Birla Sun Life has taken the threat seriously

About Bajaj Allianz Life Insurance Company Limited

Bajaj Allianz Life is one of the leading private life insurance companies in India. The Company
is a partnership between two powerful and successful entities in their own right – Bajaj Finserv
Limited, one of India’s most diversified non-banking financial institution and Allianz SE, one
of world’s leading asset manager and insurer.
Commencing its operations in 2001, Bajaj Allianz Life has in less than two decades expanded its
presence across the country. It serves millions of customers through its 582 branches, 80,000+
agents (as on 31 December 2019), comprehensive set of trusted partners and via its online sales
channel. The Company’s brand promise of Life Goals.Done. drives it to launch innovative
insurance solutions, including the revolutionary RoMC (Return of Mortality Charges), a feature
in some of its new-age ULIPs, and thereby becoming the first company to do so. Bajaj Allianz
Life has constantly transformed to offer tech-enabled state-of-the-art services to enhance
customer delight. The Company continues to engage with customers through several unique
platforms, and has secured a place in the Guinness Book of World Records with the Bajaj
Allianz Life Plankathon 2018.

MISSION 2020
To become undisputed leader amongst non-bank promoted life insurance companies in Top-line
and Profitability.

SHARED VISION
A household name in India teams up with a global conglomerate...

26
 Bajaj Auto Ltd, the flagship company of the Rs. 8000 crore Bajaj group is the  largest
manufacturer of two-wheelers and  three-wheelers in India and one of the largest in the world.A
household name in India, Bajaj Auto has a strong brand image & brand loyalty synonymous with
quality & customer focus. With over 15,000 employees, the company is a Rs. 4000 crore auto
giant, is the largest 2/3-wheeler manufacturer in India and the 4th largest in the world. AAA
rated by Crisil, Bajaj Auto has been in operation for over 55 years. It has joined hands with
Allianz to provide the Indian consumers with a distinct option in terms of life insurance
products.As a promoter of Bajaj Allianz Life Insurance Co. Ltd., Bajaj Auto has the following
the offer

● Financial strength and stability to support the Insurance Business.

● A strong brand-equity.
● A good market reputation as a world class organization.
● An extensive distribution network.
● Adequate experience of running a large organization.
● A 10 million strong base of retail customers using Bajaj products.
● Advanced Information Technology in extensive use.

PRODUCT PROFILE

The Bajaj allianza “child gain” Plan :

Taking care of a child is perhaps the most important job a parent can have. It is but natural
that you would like to give your child your best. And therefore, this is the time when careful

27
financial planning can help you fulfill the aspiration that you have for your children. The Bajaj
Allianz child gain solutions help you to enjoy the joys of parenthood responsibly, with the
reassurance of a secure future for your child.

What does Bajaj Allianz “child gain” plan offer you?

Bajaj Allianz child offers a wide array of solutions that allows you to plan for your child’s future
by providing you with as many as 4 distinct and unique options.

Option 1: child gain 21

Option 2: child gain 24

Option 3: child gain 21 plus

Option 4: child gain 24 plus

The Bajaj Allianz new unit gain plan :

Bajaj Allianz New unit gain comes with a host of features that allows you to have the best of both
worlds – protection and investment , with flexibility like never before.
Key features of this plan are :
● Guaranteed death benefit.
● Choice of investment funds with flexible investment management; you can change
funds at any time.
● Providing for full/partial withdraws any times after three years, provided three full
years’ premiums are paid.
● Unmatched flexibility – to match your changing needs .
● Maturity benefit equal to the fund value payable on the date of maturity.

The “Bajaj Allianz new unit gain plus” plan:

28
 The Bajaj Allianz new unit gain plus plan comes with a host of features that allows you to have
the best of both worlds – protection and investment with flexibility like never before. Some of the key
feature of this plan are :
● Guaranteed death benefit
● Choice of 5 investment funds with flexible investment management : you can change funds at
any time.
● Attractive investment alternative to fixed – interest securities.
● Choice of investment funds with flexible investment management: you can change funds at
any time .
● Attractive investment alternative to fixed – interest securities
● Provision for full/partial withdrawals any time after three years from commenced of the
policy provided three full years’ premiums are paid.
● Unmatched flexibility to match your changing needs.
● Maturity benefit equal to the fund value payable on date of maturity.
How does Bajaj Allianz Cash Gain?
This plan pays out a guaranteed amount on survival at the end of every 1/5th of the policy
term selected. A total of 75% of the sum assured is paid out in the first 4 cash benefits. On maturity,
50% of the sum assured is paid along with accrued bonuses. Hence the total cash/survival benefit
distributed under this plan comes to more than 100% 0f the sum assured – in fact 125% of the sum
assured .

1st Cash Benefit 15% of Sum Assured

2nd Cash Benefit 25% of Sum Assured
3rd Cash Benefit 25% of Sum Assured
4th Cash Benefit 25% of Sum Assured
On maturity 50% of sum Assured + accrued bonuses.
The benefits will further increases by way of accrued bonuses that are distributed at maturity
or on death, if earlier. In case of maturity or death after 15 full policy years, the company may pay
an additional terminal bonus for in – force policies.
The “Bajaj Allianz Invest Gain” plan :

29
 Bajaj Allianz Invest Gain is a specially designed plan that offers a unique combinations of
benefits to help you develop a sound financial partfolio for your family. Among the many unique
benefits, the most significant is the family income benefit (FIB) that sustains the family by
compensating the loss of income due to death or permanent disability. This is one – stop shop
solution that can keep ypu and you family financially protected at times when you need it most. In
a financial world where choices can drive you crazy, your search for the perfect life insurance
plan stops here.

Bajaj Allianz Life aims high

Sam Ghosh, CEO, Bajaj Life Insurance Company Limited, who took over this January, outlines
his aggressive growth strategy. Venkatachari Jagannathanreports

Bajaj Life Insurance Company Limited — a 74:26 joint venture between Bajaj Auto Limited and
Allianz AG, Germany (formerly Allianz Bajaj Life Insurance Company Limited) — under a new
team headed by Sam Ghosh, CEO, has taken the competition head-on, leaving industry watchers
surprised at its rapid pace of growth.

Ghosh himself is a newcomer to the company, earlier having steered the Rs480 crore-
Bajaj Allianz General Insurance Company to the second position in the Indian private sector
insurance sector.In a span of just eight months, Bajaj Allianz Life (premium income Rs220
crore) has jumped three paces to occupy the fourth slot in the 13-strong life insurance industry.

Today the company is in the midst of pursuing its twin corporate 'dream' goals — to close
this fiscal with a premium income of Rs750 crore and occupy the number three slot displacing
the incumbent Birla Sun Life Insurance Company Limited.

Given the daily collections — over Rs1 crore — and its month-on-month growth, the
second may come true sooner. According to the Insurance Regulatory and Development
Authority (IRDA) figures, the new premium difference between Bajaj Allianz Life and Birla Sun
Life at the end of August 2004 was Rs37.5 crore. Rival Birla Sun Life has taken the threat
seriously.

30
ABOUT BAJAJ

The Bajaj Group is amongst the top 10 business houses in India. Its footprint stretches
over a wide range of industries, spanning automobiles (two-wheelers and three-wheelers), home
appliances, lighting, iron and steel, insurance, travel and finance.
The group’s flagship company, Bajaj Auto, is ranked as the world’s fourth largest two- and
three- wheeler manufacturer and the Bajaj brand is well-known in over a dozen countries in
Europe, Latin America, the US and Asia.
Founded in 1926, at the height of India's movement for independence from the British, the group
has an illustrious history.
The integrity, dedication, resourcefulness and determination to succeed which are
characteristic of the group today, are often traced back to its birth during those days of relentless
devotion to a common cause. Jamnalal Bajaj, founder of the group, was a close confidant and
disciple of Mahatma Gandhi. In fact, Gandhiji had adopted him as his son.

This close relationship and his deep involvement in the independence movement did not
leave Jamnalal Bajaj with much time to spend on his newly launched business venture. His son,
Kamalnayan Bajaj, then 27, took over the reins of business in 1942. He too was close to Gandhiji
and it was only after Independence in 1947, that he was able to give his full attention to the
business.

Bajaj Group
Bajaj Auto Ltd, the flagship company of the Rs. 8000 crore Bajaj group is the largest
manufacturer of two-wheelers and three-wheelers in India and one of the largest in the
world.

31
A household name in India, Bajaj Auto has a strong brand image & brand loyalty synonymous
with quality & customer focus. 

A STRONG INDIAN BRAND- HAMARA BAJAJ

● One of the largest 2 & 3 wheeler manufacturer in the world

● 21 million+ vehicles on the roads across the globe 
● Managing funds of over Rs 4000 cr.
● Bajaj Auto finance one of the largest auto finance cos. in India
● Rs. 4,744 Cr. Turnover & Profits of 538 Cr. in 2002-03
● It has joined hands with Allianz to provide the Indian consumers with a distinct option in
terms of life insurance products.

About Bajaj Allianz Life Insurance Company Ltd.

Bajaj Allianz Life Insurance Co. Ltd. is a joint venture between two leading conglomerates-
Allianz AG, one of the world's largest insurance companies, and Bajaj Auto, one of the biggest 2
and 3 wheeler manufacturers in the world.

Bajaj Allianz Life Insurance

● No.1 Private Life Insurance Company in India for 2005-06

● Growth rate of 216%for financial year 2005-2006
● Over 15,00,000 satisfied customers
● A countrywide network of 700+ offices
● Assets under management Rs. 3,324 cr.
● Shareholder capital base of Rs. 500

32
Indian Operations

Bajaj Allianz Life Insurance Company Limited is a joint venture between two leading
conglomerates Allianz AG and Bajaj Auto Limited.

Characterized by global presence with a local focus and driven by customer orientation to
establish high earnings potential and financial strength, Bajaj Allianz Life Insurance Co. Ltd.
was incorporated on 12th March 2001. The company received the Insurance Regulatory and
Development Authority (IRDA) certificate of Registration (R3) No 116 on 3rd August 2001 to
conduct Life Insurance business in India.

Bajaj Allianz- THE PRESENT

● Product tailored to suit your needs

● Decentralized organization structure for faster response
● Wide reach to serve you better – a nationwide network of 700 + branches
● Specialized departments for Banc assurance, Corporate Agency and Group Business
● Well networked Customer Care Centers (CCCs) with state of art IT systems
● Highest standard of customer service & simplified claims process in the industry
● Website to provide all assistance and information on products and services, online buying
and online renewals.
● Toll-free number to answer all your queries, accessible from anywhere in the country –
Call Now 1800 22 5858 and a strong tele-marketing and Direct marketing team .
● Swift and easy claim settlement process

DATA ANALYSIS AND INTERPRETATION

33
1. Employee Awareness of Rewards and Recognition’s provided by the Bajaj
Allianz Life Insurance Company Limited

S.NO Opinion of No of
Employee Respondents

01 Yes 60

02 No 5

03 Partially 35

04 Total 100

Interpretation:

The above table depicts respondent’s view point to the extent of awareness of Rewards
and Recognition 60% of them is totally aware of the Rewards and Recognition. 35% of them are
partially aware of the Rewards and Recognition and few 5% are not aware of the Rewards &
Recognition.

40% of employees are not aware/ not clear about what comes under rewards due to the
communication gap .

34
2. Employee Awareness about Rewards and Recognition’s in Bajaj Allianz Life
Insurance Comparison with other Companies.

Opinion of emp. In Bajaj Allianz ICICI Dr. Reddy’s Virtusa

Diff. Companies Life Insurance

Opinion % 60% 70% 50% 45%

35
 Interpretation:

The above table depicts respondent’s view points to the extent of awareness of Rewards and
Recognition in their companies. In Bajaj Allianz Life Insurance 60% of their employees are
aware of the total Rewards and Recognition. In ICICI Bank 70% of their employees are aware of
Rewards and Recognition. IN Dr. Reddy’s 50% of their employees are aware of the total
Rewards and

Recognition. In Virtusa 45% of their employees are aware of the total Rewards and Recognition.

3. Employee Sources to known about the new Rewards & Recognition.

Opinion of Employee Through superior Co- Through website When necessary comes.
workers

Bajaj Allianz Life 20 12 64 4

Insurance

ICICI 10 15 70 50

Dr. Reddy’s 10 10 70 10

36
 Virtusa 5 15 80 0

Interpretation: From the above analysis we know that the most of the employees of the
difference companies knowing about the new Rewards and Recognition through websites.
Because every organization is providing computer with internet to their manager and executives
hence many of the employees get the information through the websites. Some of the respondents
knowing through the superior and & co-workers, very few respondents know when the necessary
time com

4. Employees Opinion on Rewards & Recognition provided by their organization.

Bajaj Allianz Life Insurance provides various Rewards & Recognition to their employees
like incentives, bonus, awards, certificates, promotions, etc.

Opinion of employees at Excellent Good Average Satisfied

different companies

Bajaj Allianz Life Insurance 30 30 25 15

37
 ICICI 35 25 30 10

Dr. Reddy’s 20 35 40 5

Virtusa 15 20 50 15

Interpretation:

From the analysis only the 15%-30% of the employees are enjoying with the Rewards
and Recognition provided by their organization. Many respondents say average. Overall many
people are satisfied but not fully satisfied

5. Number of Employees received the Rewards and Recognition for their performance.

Opinion of Employees Yes No

% of the emp. Who received the Rewards & 90 10

Recognition

38
Interpretation:

From the above table we depict that the 90% of the employees received the rewards for their
performance. Only 10% people not received.

From the analysis we come to know that many of the employees received the Rewards
and Recognition for their excellence performance. Some of the employees not received any
Rewards & Recognition those who are recruited newly.

6. Number of Employees Received Rewards and Recognition in Bajaj Allianz Life

Insurance comparison with other companies.

Opinions of Employees Bajaj Allianz ICICI Dr. Reddy’s Virtusa

Life Insurance

39
 % employees who received the 90 80 85 55
Rewards & Recognition

Interpretation:

From the above table depict that 90% of Bajaj Allianz Life Insurance employees are received
the Rewards and Recognition for their performance. In ICICI bank 80% of their employees are
received the Rewards and Recognition from their company. In Dr. Reddy’s 85% of their
employees received the Rewards from their company. In Virtusa 55% of their employees
received the Rewards and Recognition from their company.

From the analysis we come to known that the Bajaj Allianz Life Insurance providing the
more rewards to their employees compared with other companies.

7. Employee Preference on Rewards and Recognition in Comparison with other

Companies:

Opinion of employee of difference Reward Recognition Both

companies

Bajaj Allianz Life Insurance 5 20 75

40
 ICICI 10 0 90

Dr. Reddy 0 40 60

Virtusa 25 25 50

Interpretation:

From the analysis we came to know that the many respondents of different companies
prefer both Rewards and Recognition. Some employees prefer only recognition and some
employees prefer only rewards.

8. Employees Opinion about the motivation level.

To motivate the employees’ morale Bajaj Allianz Life Insurance declared some motivational
awards and rewards. These Rewards and Recognition are given for the outstanding performance
of the executives as well as the non executive employees. The different awards are:

1. Spirit of excellence award 2. Chairman's excellence award 3. Team awards 4.Special

Recognition awards.

41
 Opinion of employees Excellent Good Satisfied Not
Satisfied

Opinion % 30 50 20 0

Interpretation:

The above survey shows that 50% of the employees are motivated by Rewards and
Recognition system in Bajaj Allianz Life Insurance.

9. Employees Motivation level of Bajaj Allianz Life Insurance comparison with other
companies.

Opinions of Employees Bajaj Allianz ICICI Dr. Reddy’s Virtusa

Life Insurance

Motivation level in % 50% 75% 55% 25%

42
Interpretation:

From the above analysis we came to know that the motivation level in Bajaj Allianz Life
Insurance is very low compared with ICICI bank and Dr Reddys . The employees are highly
motivated with their Rewards & Recognition system when compared with virtusa.

10. Employees Opinion about Satisfaction level in Bajaj Allianz Life Insurance

Employees Percentage 0-25% 25-50% 50-75% 75-100%

Opinions Percentage 15 35 50 0

43
Interpretation:

The survey reveals that 50% of employees are highly satisfied. by the Rewards & Recognition
given by Bajaj Allianz Life Insurance and 15% of the employees are Less satisfied.

11. Satisfaction level in Bajaj Allianz Life Insurance Comparison with other Companies

Opinion of the employees Bajaj ICICI Dr. Reddy’s Virtusa

Allianz Life

44
 Insurance

Opinion % 50% 75% 40% 30%

Interpretation:

The survey reveals that the employees’ satisfaction level in Bajaj Allianz Life Insurance is
above average when compared to Reddy’s and Virtusa. Compared to ICICI Bank, employees of
Bajaj Allianz Life Insurance are less satisfied with their Rewards & Recognition system.

12 Employee Opinion about the success of organization largely depends on the Rewards
& Recognition System.

45
 Opinions of Employees Yes No Partially

Bajaj Allianz Life Insurance 80 - 20

ICICI 85 - 15

Dr. Reddy’s 70 10 20

Virtusa 70 - 30

Interpretation:

From the above analysis we came to know that the many respondents of different companies
agreed upon the success of their organization which largely depends on the Rewards and
Recognition system. 15%-30% of the respondents say that the company partially depends upon
the Rewards and Recognition system .

From the analysis we can come to know that the Rewards & Recognition followed by the
Bajaj Allianz Life Insurance is very effective to success of Bajaj Allianz Life Insurance.

FINDINGS

46
� 40% of employees are not aware/ not clear about what comes under rewards due to
the communication gap.

� As per the above analysis when compared to other companies Bajaj Allianz Life
Insurance is not up to mark in their Reward system.

� From the above analysis we know that the most of the employees of different
companies know about the new Rewards and Recognition through websites. Some of
the respondents know through the superior and & co-workers.
� From the analysis only 30% of the employees are enjoying with the Rewards and
Recognition Excellently, 30% of employees are good, 25% of employees are average
and remaining 15% of employees are satisfied by Bajaj Allianz Life Insurance. .
� From the above table we depict that the 90% of the employees received the rewards
for their performance. Only 10% of employees did not receive.
� From the above table depict that 90% of Bajaj Allianz Life Insurance employees
received the Rewards and Recognition for their performance, compare to other
companies.
� From the analysis we came to know that the many respondents of different companies
prefer both Rewards and Recognition. Some employees prefer only recognition and
some employees prefer only rewards.
� The above survey shows that 50% of the employees are motivated by Rewards and
Recognition system in Bajaj Allianz Life Insurance.
� From the above analysis we came to know that the motivation level in Bajaj Allianz
Life Insurance is very low compared with ICICI bank and Dr Reddy’s . The
employees are highly motivated with their Rewards & Recognition system when
compared with virtusa.
� The survey reveals that 50% of employees are highly satisfied. by the Rewards &
Recognition given by Bajaj Allianz Life Insurance and 15% of the employees are
Less satisfied

47
 SUGGESTIONS

1. There should be a permanent display about the rewards and recognition to make clear
awareness among the employees about the different rewards provided in their organization.

2. Most of the rewards and recognition is provided to the managers & executives of the
organization.

3. The management should conduct the survey to collect the opinions of employees regarding
the rewards and recognition to know their satisfaction level. So, as to improve the effective
reward system.

4. The workers representatives should be involved in management decision making process

regarding the rewards and recognition.

5. The management should update its rewards systems in order to motivate the employees from
time to time.

6. The management is encouraging the employees for their outstanding performance and at the
same time it should have perfect counseling for the employees who are about to reach their
target.

7. The rewards and recognitions provided by the organization should be satisfied as the success
of the organization largely depends on it.

8. There should not be any kind off Partiality among the employees. Everyone should be treated
equally as per their performance.

9. The training and relation should be improved and trade union should actively participate in
where ever the workers are brutally suppressed.

Reward revision should be facilitated as per needs/requirements. Timely rewards reduce 100%
problems.

10. The employee not only wants rewards and recognition he or she also wants to be free from
stress and reduce his fatigue.

48
 CONCLUSIONS

Based on the study on rewards and recognition it has been concluded:

1. The awareness of employees about Rewards and Recognition’s was high. ICICI i.e. of 70%
where as it is 60% at Bajaj Allianz Life Insurance and Dr. Reddy’s stands next with a
percentage of 50% when it is only 45% at virtusa.

2. Most of the employees know about new rewards and recognition’s through website and very
less % of employees Know through their superiors.

3. The employees expressed their satisfaction to a greater extent even though there is certain
dissatisfaction among the workers regarding rewards and recognition’s.

4. The employees want to earn not only rewards but also recognition.

5. The motivation of employees through rewards and recognition is very low at Bajaj Allianz
Life Insurance when compared with ICICI & Dr.Reddy’s.

6. To improve the motivation level of the employees Bajaj Allianz Life Insurance should try to
adopt the reward system of ICICI, as their Reward systems are high.

7. Almost 85% of the employees believe that the success of any organization highly depends on
rewards & recognition system.

49
 BIBLIOGRAPHY

WEBSITES:

● Company Profile: www.bhaskarainfoservices.com

● Rewards & Recognition: www.google.com

TEXT BOOKS:

● Human Resource Management: Subba Rao

● Human Resource Management : K.Aswathappa

● Strategic Human Resource Management: Tanuja Agarwala

● Human Resource Management : Biswajeet Pattanayak

50
 QUESTIONNAIRE

BAJAJ ALLIANZ LIFE INSURANCE

Name: Department:

Designation: Date:

1) Is your company providing you any Rewards and Recognition’s?

a) Yes b) No

2) Which type of Rewards and Recognition are provided to you?

a) Monetary b) Non monetary c) both

3) Are you aware of all the Rewards and Recognition provided to you by the
organization?

a) Yes b) No c) Partially.

4) How did you come to know about any new Rewards and Recognition being introduced
in the organization?

a) Through superior b) Co-workers

c) Through websites d) when necessary comes

5) What is your opinion on Rewards and Recognition provided by your organization?

a) Excellent b) Good c) Average d) Satisfactory

6) Did you get any Rewards and Recognition for your performance in your organization?

a) Yes b) No

51
 If yes what are they?

7) Which type of Rewards and Recognition do you prefer more?

a) Monetary b) Non monetary c) both

8) What is the motivation level of you through these Rewards and Recognition provided
by your organization?

a) 0-25% b) 25%-50% c) 50%-75% d) 75%-100%

9) What is the satisfaction level of you through these Rewards and Recognition provided
by your organization?

a) 0-25% b) 25%-50% c) 50%-75% d) 75%-100%

10) Do you accept that the success of your organization largely depends on the Rewards
and Recognition system followed by your company?

a) Yes b) No c) Partially.

11) What are the different monetary rewards provided to you?

52