List of Tables List of Figures Executive Summary ................................................................................................................................ Ix

Table of Contents
List Of Tables .......................................................................................................................................viii

List Of Figures .....................................................................................................................................viii
Executive Summary................................................................................................................................ ix
1.0. Introduction ..................................................................................................................................... 2
1.1. Rationale of the Study ..................................................................................................................... 2
1.2. Statement of the Research............................................................................................................... 3
1.3. Scope of the Study ........................................................................................................................... 3
1.4. Objectives of the report ................................................................................................................... 3
1.5 Limitations of the study .................................................................................................................... 3
2.0. Literature Review ............................................................................................................................. 5
2.1. Satisfaction ...................................................................................................................................... 6
2.2. Employee Satisfaction ...................................................................................................................... 6
2.2.1. Importance of Employee Satisfaction ......................................................................................... 8
2.2.2. Ways of increasing Employee Satisfaction .................................................................................. 8
2.2.3. Employee Satisfaction – Measurement .................................................................................... 11
2.3. Theories of job satisfaction ............................................................................................................ 12
3.1. Historical Background .................................................................................................................... 17
3.2. Vision and Mission ......................................................................................................................... 18
3.3. Organizational Structure ................................................................................................................ 19
3.4. Nature of Business ......................................................................................................................... 19
3.5. Insurance Schemes......................................................................................................................... 20
3.6. Business Performances .................................................................................................................. 21
4.0. Methodology ................................................................................................................................. 24
4.1. Research Design ............................................................................................................................. 24
4.2. Data Source and Data Collection procedures ................................................................................. 24
4.2.1. Primary sources: ...................................................................................................................... 24
4.2.2. Secondary sources: .................................................................................................................. 24
4.3. Sampling Method........................................................................................................................... 25
vi Measuring employee’s pay satisfaction : A Study on Jiban Bima Corporation |

4.4. Sample Units .................................................................................................................................. 25
5.0 Analysis of the variables ................................................................................................................. 27
5.1 Average Response Rate in Percentage ............................................................................................ 36
5.2 Findings ........................................................................................................................................... 40
6.1. Conclusion ..................................................................................................................................... 42
6.2. Recommendations ......................................................................................................................... 43
Bibliography.......................................................................................................................................... 44
Appendix .............................................................................................................................................. 46
vii Measuring employee’s pay satisfaction : A Study on Jiban Bima Corporation |

List Of Tables
Table 1: Calculation of Average Response Rate in Percentage 38

Table 2: Calculation of Total Weighted Average Satisfaction 40
Table 3: Calculation of Influence of Individual Variable on TWAS in percentage 42
List Of Figures
Figure 1: Maslow‘s Five-level hierarchy 14
Figure 2: Herzberg‘s Description of Satisfiers and Dissatisfiers 16
viii Measuring employee’s pay satisfaction : A Study on Jiban Bima Corporation |

Executive Summary
The study was based on objectives such as -To understand and evaluate employee satisfaction on
compensation system of Jiban Bima Corporation along with measuring which variable satisfies
the most, measuring the satisfaction level based on basic salary and measuring each individual
variable‘s contribution to satisfaction.
Specific measures are used to meet the objectives of the study. First data is collected from
primary and secondary sources. Primary sources are JBC employee‘s survey and official records.
Secondary sources are annual report of different years, online articles, and previous reports o this
study. For research purposes, random sampling method has been taken. Based on the gathered
data during the study period findings are summed up to meet objectives. This study investigates
the employee‘s satisfaction of Jiban Bima Corporation. A questionnaire was utilized to collect
primary data from the employees working in JBC. The first part of the questionnaire comprises
of the demographic profile of the respondent and the last part indicates the key measuring
variables on a Likert scale ranging from 5 (strongly satisfied) to 1 (strongly dissatisfied) of
employee satisfaction. This study postulates that employees of JBC have positive as well as
negative feelings. Many factors such as basic pay, bonuses, and various allowances determine
their satisfaction.
As employee satisfaction is an important concern in the world of professional commitments, so

far it has undoubtedly believed, the outcome of the companies, to a large extent, depends on the
employee‘s satisfaction. When an employee finds his or her job rewarding and reliable- this state
of the employee is that he or she is satisfied to that job. Thus employee satisfaction comprises of
many factors. As a result, a lot of factors function to bring about satisfaction and at the same time
lack of them is responsible for dissatisfaction. The main focus here is to measure satisfaction on
the compensation system.
To measure satisfaction level of the employees, average of the likert scale has been calculated
and then their satisfaction level has been found. The influence of the individual variable on the
overall satisfaction level has also determined in percentage. It is found that overall satisfaction
level is above average of the employees of JBC.
ix Measuring employee’s pay satisfaction : A Study on Jiban Bima Corporation |

Chapter 01
Introduction Chapter
1 Measuring employee’s pay satisfaction : A Study on Jiban Bima Corporation |

1.0. Introduction
An internship is designed to bridge the gap between the theoretical knowledge and real
application. Now we are living in the age of competition at anything in any places. From that
tendency recently Education is also in the age of competition. In respect to that, internship is
mandatory for connecting theoretical knowledge with practical knowledge which is earned by
working practically with an organization. It is the important part of BBA program. The total
internship program is three-month duration. To do so I decided to complete my internship in
Jiban Bima Corporation, Burhanuddin Branch,Bhola. During this period, I have worked closely
with the employee of Jiban Bima Corporation. The Internship report has been prepared based on
the information of this organization which has been gathered during the internship period. The
report titled "Measuring employee’s pay satisfaction: A study on Jiban Bima Corporation”.
Internship plays a pivotal role for any professional degree. The primary goal of internship is to
provide an on the job exposure to the student and an opportunity to translate the theoretical
conceptions in real life situation. The study will help formulate suitable policies taking into
consideration different ideas, suggestions and feelings of the employee. Jiban Bima Corporation
is a state owned insurance company in Bangladesh. It has a vital contribution towards security
and investment in economy. Jiban Bima Corporation has been participating in all sectors from
industrial sector to corporate sector. In this report, I have tried to represent all the activities I
observed related to employee satisfaction on compensation system of Jiban Bima Corporation.
1.1. Rationale of the Study

Today, the world economy is going faster. The prices or expense of essential thing such as food,
clothing, education and medical are increasing day by day. Besides, the prices of luxurious
things are also increasing. At the same time, the expenses on service sector are doing the same.
For these, the expectations of the employees have also increased than ever before to meet these
increased expenses. Realizing the present condition, Government should try to increase their
employee‘s satisfaction. The most serious difficulty facing the financial sector is the high level
of interest rate and inflation rate. So it is the duty of the top management of JBC or government
to work with the situation.

1.2. Statement of the Research
For every organization employee is the most important element. To run a company in a
progressive way employee satisfaction is a must. And the most vital part of their satisfaction is
the compensation system of their company. This research is to find whether the employees of
Jiban Bima Corporation are satisfy with the compensation system what they are offering by the
Government or not. This research will find out the satisfactory level of the employees of JBC.
1.3. Scope of the Study

As the report is entitled as "Measuring employee‘s pay satisfaction: A study on Jiban Bima
Corporation‖, so it will mostly focus on measuring how the factors related to compensation
system satisfy the employees. The study is specific only to Jiban Bima Corporation. The study
also delimited to only respondents who are the employees of that organizations.
1.4. Objectives of the report

The objectives of the report are to evaluate how much satisfied the employees are with the pay
system along with the followings:-
▪ Represent which variable satisfies employees the most.
▪ To find the various factors leading to employee satisfaction.
▪ To recommend some solution to improve the condition.
1.5 Limitations of the study

Though I have given absolute effort to prepare this report but there are some limitations of the
study. Such are as follows-
Time constraint: The tenure of the Practical Orientation program is only three months. So,
limited time factor in writing this report is the main hindrance.
Pandemic Situations: Due to pandemic, I couldn‘t survey physically which may somewhat
affect the results.
Apathy to fill the questionnaire: Not all the respondents were expected to participate in the
study. So, I cannot survey on large population.

Chapter 02
Literature Review

2.0. Literature Review
Employee satisfaction has been defined in several different ways and a definitive designation for
the term is unlikely to materialize. In organization, employees are the key resources through
which all the other objectives are achieved. Employees will demonstrate pleasurable positive
attitudes when they are satisfied with their job. Thus, high job satisfaction will increase the
productivity of an organization, in turn increasing the overall organizational performance.
Compensation plays an important role in determining an employee's level of job satisfaction.
Darma and Supriyonto (December 5, 2017) studied on "The effect of compensation on employee
satisfaction and employee performance‖ where they tried to determine the effect of
compensation on employee satisfaction and employee performance and employee satisfaction to
mediate the effect of compensation on employee performance. The research objects are
employees of PT. Telekomunikasi Indonesia. This Study showed that compensation effects on
employee satisfaction and employee performance at PT. Telekomunikasi Indonesia. Employee
satisfaction can mediate the effect of compensation on employee performance.
Morgeson, Campion & Maertz (2001) studied on " Understanding Pay Satisfaction: The Limits
of a Compensation System Implementation" where they tried to investigate the impact of
compensation system implementation on employee satisfaction and limitation of compensation
system. As one type of intervention, job evaluation usually includes substantial employee
participation in order to improve employee pay satisfaction. This assumption, however, is rarely
validated. To address this weakness, this study examines, in a quasi-experimental field study at a
manufacturing firm (N = 168), the extent to which participation in the job evaluation process
during a compensation system implementation influences pay satisfaction.
CURRALL, TOWLER, JUDGE & KOHN (2005) studied on "PAY SATISFACTION AND
ORGANIZATIONAL OUTCOMES", where they used multi-level and multi method data, and
investigated the relationship between pay satisfaction and outcomes at the organizational level of
analysis. They were collected Individual‐level survey data on pay satisfaction (including
satisfaction with pay level, satisfaction with pay structure, satisfaction with pay raises, and
benefits) from 6,394 public school teachers. Organizational‐level outcome data, both survey and
archival, were collected from the 117 public school districts employing these teachers. This
study showed that influence on organizational outcomes and pay satisfaction was positively
related to school district‐level academic performance. They also explored the relationship
between district‐level union satisfaction and pay satisfaction, which was found to be positive.
Roland & Theriault (1976) studied on "The determinants of pay satisfaction."They conducted
this study to test empirically (a) the utility of a model of the determinants of pay satisfaction
developed by E. E. Lawler (1971) and (b) the value of adding to this model a category of
variables not previously included: perceptions of pay-system administration. The study was
conducted among 180 US, 133 French-Canadian, and 79 English-Canadian managers. This study
provide some support for the utility of Lawler's model and additional support for the value of
adding the administrative-type variables.
Shahrestani, Shahin, Teimouri and Barzoki (2019) studied on "Revising the Kano model for
designing an employee compensation system: Developing one-dimensional attributes." The
purpose of this paper is twofold: first, to revise the Kano model with a focus on one-dimensional
attributes; and second, to use the revised model for categorizing and prioritizing various
employee compensation strategies. Findings of this study indicated that out of the 44 employee
compensation strategies, typically 6 were must-be, 13 were one-dimensional, 18 were attractive
and 7 were indifferent. Also, the results of the revised Kano model indicated that typically out of
the 13 one-dimensional strategies, 7 were one-dimensional tending toward must-be (OM); and 6
were one-dimensional tending toward attractive.
2.1. Satisfaction
Satisfaction is the act of fulfilling a need, desire, or appetite, or the feeling gained from such
fulfillment. Satisfaction means you‘ve had enough — in a good way. When a product says
"Satisfaction guaranteed" it means you‘ll like it or they'll give you your money back. A good
meal provides satisfaction of your hunger. When you graduate from school or get a good job,
you have a feeling of satisfaction. This term once meant an act of atonement assigned by a priest
to make up for a sin. When something is explained well, it was explained to your satisfaction.
2.2. Employee Satisfaction

Employee satisfaction, also known as job satisfaction, is the extent to which an individual is
happy with their job and the role it plays in their life.

The extent to which employers priorities employee satisfaction depends on the employer and the
industry – the Hawthorne studies and the work of George Elton Mayo in the 1930s put the link
between employer satisfaction and productivity on the radar.
Satisfaction researchers tend to differentiate between affective satisfaction and cognitive job
satisfaction – affective satisfaction is the sum total of pleasurable emotions and feelings
associated with the job and its place in the individual‘s life, whereas cognitive satisfaction refers
to rational satisfaction over particular facets of the job e.g. pay and day-to-day responsibilities.
There are a wide variety of theories surrounding employee satisfaction. Dispositional theory, for
example, argues that individuals are predisposed to a certain level of job satisfaction regardless
of the job or industry. Range of Affect Theory, put forward by Edwin A. Locke in the 1970s, is a
theory based on expectations – satisfaction depends on the gap between what an employee
expects from a job and what they actually get.
Job satisfaction or employee satisfaction is a measure of workers' contentedness with their job,
whether they like the job or individual aspects or facets of jobs, such as nature of work or
supervision.[Job satisfaction can be measured in cognitive (evaluative), affective (or emotional),
and behavioral components.Researchers have also noted that job satisfaction measures vary in
the extent to which they measure feelings about the job (affective job satisfaction). or cognitions
about the job (cognitive job satisfaction).
Hoppock offered one of the earliest definitions of job satisfaction when he described the
construct as being any number of psychological, physiological, and environmental circumstances
which leads a person to express satisfaction with their job. Smith et al. (1969) defined job
satisfaction as the feeling an individual has about his or her job. Locke (1969) suggested that job
satisfaction was a positive or pleasurable reaction resulting from the appraisal of one‘s job, job
achievement, or job experiences.
Vroom (1982) defined job satisfaction as workers‘ emotional orientation toward their current job
roles. Similarly, Schultz (1982) stated that job satisfaction is essentially the psychological
disposition of people toward their work.

Finally, Lofquist and Davis (1991), defined job satisfaction as ―an individual‘s positive affective
reaction of the target environment as a result of the individual‘s appraisal of the extent to which
his or her needs are fulfilled by the environment‖.
2.2.1. Importance of Employee Satisfaction

Employee satisfaction is a frequently studied subject in work and organizational literature. This
is mainly due to the fact that many experts believe that job satisfaction trends can affect labour
market behaviour and influence work productivity, work effort, employee absenteeism and staff
turnover. Moreover, job satisfaction is considered a strong predictor of overall individual well-
being, as well as a good predictor of intentions or decisions of employees to leave a job.
Job satisfaction is also important in everyday life. Organizations have significant effects on the
people who work for them and some of those effects are reflected in how people feel about their
work. This makes job satisfaction an issue of substantial importance for both employers and
employees.
As many studies suggest, employers benefit from satisfied employees as they are more likely to
profit from lower staff turnover and higher productivity if their employees experience a high
level of job satisfaction. However, employees should also ‗be happy in their work, given the
amount of time they have to devote to it throughout their working lives‘.
2.2.2. Ways of increasing Employee Satisfaction

In case the employers want to create job satisfaction for their employees, they should keep the
following things into consideration:
1. Grievance-Handling Procedure:
It is desirable that the complaints of the workers are heard patiently and the problems solved as
far as possible. Factories in which the workers‘ demands/ grievances are not handled properly
suffer because the workers lose confidence in the manage-ment and become frustrated.
2. Satisfactory Future:
Every worker is definitely concerned about his/her future prospects. If the factory rules clearly
lay down the conditions for promotion and advancement, and if the worker gets the expected

promotion and improvement in pay scales at the right time, then he/ she feels more satisfied with
his/her job and becomes confident of his/her future.
If on the other hand, the worker feels that even good work will not be rewarded, then he/she
becomes frustrated and slack in his/her work.
3. Testing the Worker’s Ability and Progress:
Every worker, whether in a factory or in an office, desires that he/she should be paid according
to his/her ability. If he/she has undergone some new training or has increased his/her ability to
work in some way, then he/she should be com-pensated for his/her better ability through a rise in
salary.
Organizations in which the manage-ment keeps an eye on the ability and progress of its workers
normally provide a high degree of job satisfaction to their workers. It is necessary that the
management should give the workers some opportunity of progressing higher and higher.
4. Respect for Creative Suggestions:
Generally speaking, a worker working under a particular set of conditions is best qualified to say
how and where improvements can be made. If workers are encouraged to suggest ways and
means of improving productivity and the conditions of work, they often come with very valuable
ideas.
This helps in increasing job satisfaction because when the worker is praised for giving a good
practical idea, he/she tends to pay more attention to his/her work in order to win more praise. If
suggestions are neglected, then the worker feels dissatisfied and over a period of time his/her
creativity is killed.
5. Cordial Analysis or Evaluation of Work Performance:
In every organization, the manager or the supervisor has to offer critical comments of the work
performed by the worker because he/ she must point out the worker‘s mistakes and try to
eliminate them. If this criticism is offered in a cordial and friendly way, more as a suggestion
than criticism, then his/her job satisfaction is also thereby maintained. But if the worker is
humiliated or bitterly criticized for his/her mistakes, then he/she loses his/her peace of mind.

6. Increase in Wages:
Rules governing increases in salary should be clear and explicit and should be acted upon
impartially and regularly. If the worker gets the anticipated increase in salary at the right time,
then he/she feels satisfied with his/her job. If this does not happen, then dissatisfaction is the
result. Increase in salary is, in fact, the most important factor in job satisfaction.
7. Praise for Good Performance:
If workers are not praised for exceptional performance in their work, then they lose interest in it
and as a result, the organization suffers. Generally, the worker prefers to work well and remain
occupied than merely to pass the time allotted to him/her.
8. Promotion According to Ability:
In every organization, some people get retired after com-pletion of their service period, leaving
scope for promotion for the junior employees. If promotion is based upon the ability of the
worker, then the worker‘s mental satisfaction is maintained. If, on the other hand, promotion
depends upon other factors such as casteism and personal favor, then the workers interest in
his/her work declines.
9. Proper Quantum of Work:
If job satisfaction is to be maintained, it is essential that the expected quantity of work does not
exceed the individual‘s ability to complete it. If he/she has to work more than he/she comfortably
can for a long time, then he/she is bound to become disgusted, depressed and tired.
10. Equal Wages for Equal Work:
Labor unions in almost every industry are demanding that there should be equal pay for equal
work. In any factory or office, a worker must be paid as much as other workers are being paid in
his/her or other organizations for similar work. The worker feels satisfied if this equality is
maintained. If it is not, then the worker loses his/her satisfaction.

11. Freedom to Seek Help in Solving Problems:
Very often the worker is faced by problems in his/her work that he/she cannot solve alone. In
such a case, he/she should be free to seek help and guidance from other workers or his/her
superiors. If it is so, then the worker gets more job satisfaction.
12. Absence of Unnecessary Intervention and Criticism:
No individual wants to sacrifice his/ her self-respect. If the worker is unnecessarily shown
disrespect or abused, then he/she quickly becomes dissatisfied. Hence, he/she should be
protected from useless interruptions and criticism.
13. Satisfactory Hours of Work:
The hours of work in any factory or office should be convenient and so arranged as to offer the
least possible inconvenience to the largest number of employ-ees. If this is not looked into, the
workers become dissatisfied.
14. Availability of Leaves and Rest:
In every industrial organization, the workers should be given the proper amount of rest and
holidays on festivals and other occasions of social celebrations. Nowadays, workers are allowed
to avail themselves of around 10 casual leaves and 30 earned leaves every year in addition to the
weekly holiday.
It is evident from this description of factors influencing job satisfaction that it necessitates the
creation of certain conditions of work. Different factors may be important in different situations.
An increase in wages is a common factor which is important everywhere.
2.2.3. Employee Satisfaction – Measurement

There are many methods for measuring job satisfaction. By far, the most common method for
collecting data regarding job satisfaction is the Likert scale (named after Rensis Likert). Other
less common methods of for gauging job satisfaction include- Yes/No questions, True/False
questions, point systems, checklists and forced choice answers. This data is typically collected
using an Enterprise Feedback Management (EFM) system.

The Job Descriptive Index (JDI), created by Smith, Kendall, & Hulin (1969), is a specific
questionnaire of job satisfaction that has been widely used. It measures one‘s satisfaction in five
facets- pay, promotions and promotion opportunities, co-workers, supervision and the work
itself. The scale is simple, participants answer either yes, no, or cannot decide (indicated by‘?‘)
in response to whether given statements accurately describe one‘s job.
The Job in General Index is an overall measurement of job satisfaction. It is an improvement to

the Job Descriptive Index because the JDI focuses too much on individual facets and not enough
on work satisfaction in general.
Other job satisfaction questionnaires include- the Minnesota Satisfaction Questionnaire (MSQ),
the Job Satisfaction Survey (JSS) and the Faces Scale. The MSQ measures job satisfaction in 20
facets and has a long form with 100 questions (five items from each facet) and a short form with
20 questions (one item from each facet).
The JSS is a 36 item questionnaire that measures nine facets of job satisfaction. Finally, the
Faces Scale of job satisfaction, one of the first scales used widely, measured overall job
satisfaction with just one item which participants respond to by choosing a face.
2.3. Theories of job satisfaction

Job satisfaction theories have a strong overlap with theories explaining human motivation. The
most common and prominent theories in this area include: Maslow‘s needs hierarchy theory
Herzberg‘s motivator-hygiene theory; the Job Characteristics Model; and the dispositional
approach. These theories are described and discussed below.
Hierarchy of needs
Although commonly known in the human motivation literature, Maslow‘s [7] needs hierarchy
theory was one of the first theories to examine the important contributors to job satisfaction. The
theory suggests that human needs form a five-level hierarchy (Figure 1) consisting of:
physiological needs, safety, belongingness/love, esteem, and self-actualization. Maslow‘s
hierarchy of needs postulates that there are essential needs that need to be met first (such as,

physiological needs and safety), before more complex needs can be met (such as, belonging and
esteem).
Self- Actualisation
Esteem
Belonging
safety
Physological Needs
Figure 1: Maslow’s Five-level hierarchy
Maslow‘s needs hierarchy was developed to explain human motivation in general. However, its
main tenants are applicable to the work setting, and have been used to explain job satisfaction.
Within an organization, financial compensation and healthcare are some of the benefits which
help an employee meet their basic physiological needs. Safety needs can manifest itself through
employees feeling physically safe in their work environment, as well as job security and/ or
having suitable company structures and policies. When this is satisfied, the employee‘s can focus
on feeling as though they belong to the workplace. This can come in the form of positive
relationships with colleagues and supervisors in the workplace, and whether or not they feel they
are a part of their team/ organization. Once satisfied, the employee will seek to feel as though
they are valued and appreciated by their colleagues and their organization. The final step is
where the employee seeks to self-actualize; where they need to grow and develop in order to
become everything they are capable of becoming. Although it could be seen as separate, the
progressions from one step to the next all contribute to the process of self-actualization.
Therefore, organizations looking to improve employee job satisfaction should attempt to meet
the basic needs of employees before progressing to address higher-order needs. However, more

recently this approach is becoming less popular as it fails to consider the cognitive process of the
employee and, in general, lacks empirical supporting evidence [2]. In addition, others [12] have
found fault with the final stage of self-actualization. The lack of a clear definition and conceptual
understanding of self-actualization, paired with a difficulty of measuring it, makes it difficult to
measure what the final goal is or when it has been achieved.
Motivator-Hygiene Theory
Herzberg‘s motivator-hygiene theory suggests that job satisfaction and dissatisfaction are not
two opposite ends of the same continuum, but instead are two separate and, at times, even
unrelated concepts. ‗Motivating‘ factors like pay and benefits, recognition and achievement need
to be met in order for an employee to be satisfied with work. On the other hand, ‗hygiene‘ factors
(such as, working conditions, company policies and structure, job security, interaction with
colleagues and quality of management) are associated with job dissatisfaction.
Dissatisfied
Neutral Satisfied
Figure 2: Graphical Representation of Herzberg’s Description of Satisfiers and

Dissatisfiers [13]
Because both the hygiene and motivational factors are viewed as independent, it is possible that
employees are neither satisfied nor dissatisfied. This theory postulates that when hygiene factors
are low the employee is dissatisfied, but when these factors are high it means the employee is not
dissatisfied (or neutral), but not necessarily satisfied. Whether or not an employee is satisfied is
dependent on the motivator factors. Moreover, it is thought that when motivators are met the
employee is thought to be satisfied. This separation may aid in accounting for the complexity of
an employee‘s feelings, as they might feel both satisfied and dissatisfied at the same time; or
neither satisfied nor dissatisfied.

Whilst the Motivator-Hygiene theory was crucial in first distinguishing job satisfaction from
dissatisfaction, the theory itself has received little empirical support. Herzberg‘s original study
[13] has been criticised for having been conducted with a weak methodology [12] [14]. As a
result, subsequent attempts to test this theory have obtained mixed results with some researchers
supporting it [15] [16] and others not [17] [18].
Dispositional approach
This dispositional approach suggests that job satisfaction is closely related to personality. It
postulates that an individual has a strong predisposition towards a certain level of satisfaction,
and that these remain fairly constant and stable across time [24]. The evidence for this approach
can be divided into indirect studies and direct studies. Judge and colleagues [10] [25] have
reviewed these areas in greater detail.
The indirect evidence comes from studies that do not explicitly measure personality. Data from
the National Longitudinal Studies in the United States found that measures of job satisfaction
tend to remain fairly stable over 2, 3 and 5 year periods [26]. This even includes significant
employment changes, such as: changes in employer or occupation. Interestingly, a twin based
study [27] examined 34 twins whom had been raised independently of one another. This study
found genetic factors accounted for 30% of job satisfaction levels when assessed in later life.
The indirect studies, however, are vulnerable to a number of important criticisms, namely that
other unaccounted factors might be contributing to job satisfaction levels [28]. This highlights
the respective importance of studies directly assessing the role of personality. Most prominently,
there is research evidence that self-esteem, self-efficacy, emotional stability and locus of control
comprise a broad personality construct, which contribute to how an individual sees themselves
[24]. A review of 169 correlations between each of four affective constructs (i.e., self-esteem,
self-efficacy, emotional stability and locus of control) and job satisfaction, found that as self-
reported levels of self-esteem, self-efficacy, emotion stability and locus of control increased so
did job satisfaction [29]. Similarly, investigations into the link between the five factor model of
personality and job satisfaction revealed neuroticism, conscientiousness and extraversion to have
a moderate relationships with job satisfaction [30].

Chapter 03
Organizational overview

3.1. Historical Background
Jiban Bima Corporation (JBC) established on 14 May 1973 under the Insurance Corporation Act
1973 with an authorized capital of Tk 200 million divided into 2 million ordinary shares of Tk
100 each. The paid up capital of the corporation is Tk 50 million fully subscribed by the
government. The corporation is engaged in life insurance business under the provisions of the
Insurance Act 1938, Insurance Rules 1958, Insurance Corporation's Rules 1977, and related
other laws enforceable in Bangladesh.
Insurance companies that had business in East Pakistan was 75, of which 10 were locally
incorporated ones. Following the independence of Bangladesh in 1971, both life and general
insurance business in the country was nationalized under the Bangladesh Insurance
(Nationalisation) Order 1972 except foreign insurance companies. Five corporations were
established to absorb, own and control the businesses of the 75 existing insurance companies and
these new corporations were Bangladesh Jatiya Bima Corporation, Karnafuli Bima Corporation,
Tista Bima Corporation, Surma Jiban Bima Corporation and Rupsa Jiban Bima Corporation.
These four corporations were in business from 1 January 1973 to 14 May 1973. On 14 May
1973, the Bangladesh government dissolved the Jatiya Bima Corporation and integrated the
general and life insurance companies into two corporations, and accordingly all the undertakings
of Karnafuli and Teesta were vested in the Sadharan (General) Bima Corporation with Golam
Mowla as the first managing director. Surma and Rupsa Jiban Bima Corporations were vested in
the Bangladesh Jiban Bima Corporation (Bangladesh Life Insurance Corporation) (BJBC) with
Khuda Buksh as the first managing director.
In 1998, the corporation earned gross premiums of Tk 1,402.8 million, which comprised firstyear
premiums (Tk 401.2 million), renewal premiums (Tk 913.0 million), and group insurance
premiums (Tk 88.6 million). It paid Tk 493.7 million to settle life insurance claims under various
schemes. Business management expenses of the corporation stood at Tk 629.2 million and it
earned operating profits of Tk 279.9 million. The net incomes from its investments and other
sources were Tk 189.2 million.
At the end of the year 1998, the corporation had 315,735 individual life policies in force with a
sum assured of Tk 23,742 million. Of these policies 310,555 with an amount assured of Tk
23,727.4 million were underwritten by the corporation itself and the remaining, with a sum
assured of Tk 14.6 million, were underwritten by the company's old units. Conversely, a total
number of 43,641 individual policies with a sum assured of Tk 3,047.0 million were lapsed
during the year.
Premium income of the corporation was Tk 2,447 million in 2007 marking an increase 63% over
premium income in 2001. Following is an account of the gross premium income structure,
proportion among expenses, operating profit and net income, types of policies sold and the sums
assured by types, and the management structure of the corporation presented for the year 1998.
The figures are representative enough since although the absolute figures have changed over
time, the relative proportions remained the same.
Until 1985, the JBC was the only institution to handle life insurance business in Bangladesh.
Through the Insurance (Amendment) Ordinance 1984 and Insurance Corporations (Amendment)
Ordinance 1984, the government allowed the private sector to establish insurance companies. Up
to December 2000, at least 17 private sector insurance companies came into being and made the
life insurance business competitive. In 2015 the number of private life insurance companies in
Bangladesh has reached at 30. The JBC offers 15 different types of life insurance schemes.
These are whole life assurance, endowment assurance, child protection policy, children
endowment, anticipated endowment assurance, pension scheme policy, single payment policy,
mortgage protection policy, group term insurance policy, group endowment policy, group
variable endowment policy, group pension policy, grameen bima policy, joint life endowment
policy, and progressive premium policy.
3.2. Vision and Mission

Vision:
―A business organization that covers risks and offers profits to make life a matter.‖
Mission:
―To help people improve their standard of livings with a saving content and create funds for
nation‘s economic development.‖

3.3. Organizational Structure
Board Of directors
Managaing Director
Financ
Group Admini
Engg & developm e&
Technical insuranc ICT stratio Audit
estate ent Accoun
e n
ts
3.4. Nature of Business

JBC since its inception, is working among the people of Bangladesh with two basic objectives:-
Firstly to cover he risks and raise saving habits among the people and secondly, create funds for
the country‘s economic development through innovative life insurance schemes. The following
functions are performed by JBC:-
▪ Engage with all kinds of life insurance and re-insurance business.
▪ To acquire, hold and dispose of any property for the purpose of its business.
▪ To transfer the whole or any part of its insurance business carried on outside Bangladesh to
any other person
▪ To do all such things as may be incidental or conductive to the proper exercise of any of the
powers of the Corporation.

The following services are provided by JBC:-
▪Online service
▪ Online Policy Status
▪ Online Premium Payment
▪ Bonus Information
▪ Tax Benefits/ Rebates
▪ Customer Service Section
▪ Information Officers
3.5. Insurance Schemes
The JBC currently offers the following types of life insurance schemes:
▪ Anticipated endowment Insurance With Profit Plan-05
▪ Anticipated endowment Insurance Without Profit Plan-05
▪ Child Endowment Insurance Without Profit Plan-45
▪ Child Endowment Insurance With Profit Plan-9
▪ Double Protection Insurance With Profit Plan-10
▪ Endowment Assurance With Profit Plan-03
▪ Endowment Assurance Without Profit Plan-23
▪ Grameen Jiban Bima With Profit Plan-91
▪ Granted Bonus Endowment Insurance Plan-48
▪ Group Endowment Assurance

▪ Group Team Insurance
▪ Joint Life Endowment Insurance With Profit Plan-08
▪ Marriage Endowment Policy Plan-07
▪ Money Back Term Insurance Policy Plan-05 (without profit)
▪ Multiple Payment Policy With Profit Plan-06
▪ Pension Policy Plan-12
▪ Progressive Premium Policy With Profit Plan-04
▪ Single Premium with Profit Plan -17
▪ Term Insurance Without Profit Plan-51
▪ Whole Life Insurance With Profit Plan -01
▪ Whole Life Insurance Without Profit Plan -21
▪ Overseas Assurance Plan With Profit
▪ Monthly Saving Scheme With Profit
▪ Monthly Saving Scheme Without Profit
▪ Triple Protection Policy
▪ Mortgage Protection Policy Without Profit
3.6. Business Performances
1975–1977
In 1973 and 1974, the JBC sold 41,812 and 36,000 life insurance policies with a total assured
sum of Tk 397.7 and Tk. 400 million respectively. In 1973 and 1974 the JBC earned gross
premiums of Tk. 58 million and Tk. 67.6 million which comprised first year premiums
(including group) Tk. 22.7 million and Tk. 29.6 million, renewal premiums Tk. 35.3 million and
Tk. 37 million respectively. The JBC inherited an outstanding claim of Tk.50 million at the time
of its inception. It has settled all the claims by 31 October 1974.
1999–2012
In 1998, the JBC earned gross premiums of Tk. 1,402.8 million, which comprised first-year
premiums (Tk. 401.2 million), renewal premiums (Tk. 913.0 million), and group insurance
premiums (Tk. 88.6 million). It paid Tk. 493.7 million to settle life insurance claims under
various schemes. Premium income of the corporation was Tk. 2,447 million in 2007 marking an
increase 63% over premium income in 2001The JBC has the largest network all over the country
with 7 regional, 9 zonal, 68 sales and 343 branch offices.
2012–2014
The life fund of Jiban Bima Corporation has increased to TK. 14988.3 million (14.99 billion) in
the year 2013. In the year 2012 the figure was near about 14 billion despite political unrest
throughout the year.
2018–2019
In 2015 it is expected to reach 15.50 billion because the initiatives have been taken to increase
the life insurance penetration rate and new life insurers are expected to introduce new customer
focused products through improved customer services.

Chapter 04
Methodology

4.0. Methodology
The study is performed based on the information extracted from different sources collected by
using a specific methodology to fulfill the objectives of this report. Therefore Research
methodology includes Research design, Data source and collection procedures, sampling
methods, Sample unit, sample size and data analysis.
4.1. Research Design

It is an exploratory research to identify the variables that related to pay system effect the
employee satisfaction of JBC. To identify the variables of employee satisfaction, the study
involved a questionnaire survey, conducted on the 58 employees of JBC and out of which 8
employees was reluctant to fill up the questionnaire. The information gathered from the
employees at their respective workplace.
4.2. Data Source and Data Collection procedures

For smooth and accurate study everyone has to follow some rules and regulations. The study
inputs were collected from two sources:
4.2.1. Primary sources:

A questionnaire was used to acquire primary data form the employees of various departments.
The questionnaire consists of two parts. The first part of the questionnaire stated with general
information of the respondents and the last part is comprised of the key measuring variables on a
Likert scale ranging from 5 (strongly satisfied) to 1 (strongly dissatisfied) of job satisfaction.
4.2.2. Secondary sources:

▪ Annual report of JBC
▪ Report of the Insurance Development and Regulatory Authority.
▪ Insurance Journals
▪ Extensive literature searches by these documents of publication

4.3. Sampling Method
Hare the purpose random sampling method was used to gather data as of the sample of this
research. The convenience sample for this study is measured by the employees of JBC who are
working within the respective organizations.
4.4. Sample Units

This study is conducted on the employees of JBC. The study took 65 employees as population
but 58 of them were included as the sampling units. 8 employees found reluctant to fill up the
questionnaire, so the study was conducted on 50 employees

Chapter 05
Analysis & Findings

5.0 Analysis of the variables
Basic Salary:
Variables Strongly Moderately Neutral Moderately Strongly
Satisfied (5) Satisfied (4) (3) Dissatisfied Dissatisfied(1)
(2)
14 20 18 22 26
Basic Salary
Graphical representation:
Basic Salary
Response rate percentage
30
25
20
15
10
0
Strongly Satisfied Moderately Neutral Moderately Strongly
Satisfied dissatisfied Dissatisfied
Interpretation:
26% of the employees marked strongly dissatisfied when they were asked if they were satisfied
with the basic salary. 14% and 20% of the employees are strongly and moderately satisfied in
regards to the basic salary, we can depict that most of the employees have not met the
expectation when it comes to basic salary.

Medical Facility:
(2)
30 32 6 14 18
Medical
facility
Medical facility
35
30
25
20
15
10
0
Strongly Satisfied Moderately Neutral Moderately Strongly Dissatisfied
Satisfied dissatisfied
Interpretation:
30% & 32% employees were satisfied with the medical facility they get. 18% employees found
dissatisfied with the medical facility.

Bangla New Year Allowances:
(2)
Bangla new 32 30 10 16 12
year
allowances
Bangla New year allowances

35
30
25
20
15
10
0
Interpretation:
Most of the employees seem to be satisfied with Bangla New Year allowances they get .But 16%
and 12% people found dissatisfied as they marked moderately dissatisfied and strongly
dissatisfied with the Bangla New Year allowances.

House Rent Allowances:
(2)
House Rent 18 30 18 22 12
allowances
House Rent allowances

35
30
25
20
15
10
0
Interpretation:
30% employees are moderately satisfied, 18% are strongly satisfied while at the same time 22%
employees are moderately dissatisfied and 12% employees are strongly dissatisfied when it
comes to house rent allowances.

Conveyance Allowances:

(2)
Conveyance 22 34 14 20 10
allowances
Conveyance allowances
40
35
30
25
20
15
10
5
0
Satisfied Dissatisfied Dissatisfied
Interpretation:
34% employees are moderately satisfied, 22% are strongly satisfied while at the same time 20%
employees are moderately dissatisfied and 10% employees are strongly dissatisfied when it
comes to conveyance allowances.

Recreation Allowances:

(2)
Recreation 32 14 20 22 12
allowances
Recreation allowances
35
30
25
20
15
10
0
Strongly Satisfied Moderately Satisfied Neutral Moderately Strongly Dissatisfied
Dissatisfied
Interpretation:
32% employees are strongly satisfied while at the same time 22% employees are moderately
dissatisfied and 12% employees are strongly dissatisfied when it comes to recreation allowances.

Educational Allowances:

(2)
Educational 12 28 34 18 8
allowances
Educational allowances
40
35
30
25
20
15
10
5
0
Strongly Satisfied Moderately Satisfied Neutral Moderately Strongly Dissatisfied
Dissatisfied
Interpretation:
34% employees stayed neutral which means they are neither satisfied nor dissatisfied with the
educational allowances. 18% people found to be moderately dissatisfied and 28% employees
seem to be moderately satisfied with the educational allowances. Very few number of people are
dissatisfied with the educational allowances.

Tiffin Allowances:

(2)
Tiffin 32 24 18 16 10
allowances
Tiffin allowances
35
30
25
20
15
10
5
0
Satisfied Dissatisfied
Interpretation:
32% employees, highest among all scale, are strongly satisfied with the tiffin allowances that are
provided by Jiban Bima Corporation. The second highest percentage is occupied by moderately
satisfied where 24% of people marked themselves moderately satisfied with the tiffin
allowances.

Others Allowances:

(2)
Others 26 18 32 10 14
allowances
Others allowances
35
30
25
20
15
10
5
0
Satisfied Dissatisfied Dissatisfied
Interpretation:
Most of the employees ,32%, marked neutral when they were asked about tiffin allowances, then
26% people said they are strongly satisfied with the allowances ,18% people said that they are
satisfied moderately . 10% and 14% people found dissatisfied with others allowances.

5.1 Average Response Rate in Percentage
Factors Strongly Moderately Neutral Moderately Strongly
Affecting Satisfied (5) Satisfied (4) (3) Dissatisfied Dissatisfied(1)
Satisfaction (2)
Basic 14 20 18 22 26
Salary(V1)
Medical 30 32 6 14 18
Facility(V2)
Bangla New 32 30 10 16 12
Year
Allowance
(V3)
House 18 30 18 22 12
Rent(V4)
Conveyance 22 34 14 20 10
Allowance (V5)
Recreation 32 14 20 22 12
Allowance (V6)
Educational 12 28 34 18 8
Allowance(V7)
Tiffin 32 24 18 16 10
Allowance(V8)
Others 26 18 32 10 14
Allowances(V9)
Total 218 230 170 160 122
Average 24.22 25.56 18.89 17.78 13.56
Table 1: Calculation of Average Response Rate in Percentage

Now, from above table, the overall satisfaction level is drawn in the following:
Overall Satisfaction level
30
25
20
15
10
0
strongly Moderately Neutral Moderately strongly
Satisfied satisfied Dissatisfied dissatisfied
Average Response rate
Here the above table shows that the highest bar of satisfaction level is moderately satisfied. Then
comes the strongly satisfied. The lowest bar is strongly dissatisfied.
Now it can be seen the influence of individual variable on the overall satisfaction. For this
purpose, the following table is produced:
*WR= Weighted Responses *WAS= Weighted Average Satisfaction

Factors Strongly WR Moderately WR Neutral WR Moderately WR Strongly WR WAS
Affecting Satisfied Satisfied (3) Dissatisfied Dissatisfied
Satisfaction (5) (4) (2) (1)
Basic 7*5 35 10*4 40 9*3 27 11*2 22 13*1 13 27.4

Salary
Medical 15*5 75 16*4 64 3*3 9 7*2 14 9*1 9 34.2

Facility
Bangla 16*5 80 15*4 60 5*3 15 8*2 16 6*1 6 35.4

New Year
Allowance
House 9*5 45 15*4 60 9*3 27 11*2 22 6*1 6 32
Rent
Conveyance 11*5 55 17*4 68 7*3 21 10*2 20 5*1 5 33.8

Allowance
Recreation 16*5 80 7*4 28 10*3 30 11*2 22 6*1 6 33.2

Allowance
Educational 6*5 30 14*4 56 17*3 51 9*2 18 4*1 4 31.8

Allowance
Tiffin 16*5 80 12*4 48 9*3 27 8*2 16 5*1 5 35.2
Allowance
Others 13*5 65 9*4 36 16*3 48 5*2 10 7*1 7 33.2
Allowances
Total Weighted Average Satisfaction 296.3
Table 2: Calculation of Total Weighted Average Satisfaction

Here, influence of individual variable is shown:
Factors Affecting WAS of Individual TWAS Influence of Individual
Satisfaction Variable Variable
Basic Salary (V1) 27.4 296.3 9.25%
Medical Facility (V2) 34.2 296.3 11.55%
Bangla New Year 35.4 296.3 11.95%
Allowance (V3)
House Rent (V4) 32 296.3 10.80%
Conveyance Allowance (V5) 33.8 296.3 11.41%
Recreation Allowance (V6) 33.2 296.3 11.21%
Educational Allowance (V7) 31.8 296.3 10.74%
Tiffin Allowance (V8) 35.2 296.3 11.88%
Others Allowances (V9) 33.2 296.3 11.21%
Table 3: Calculation of Influence of Individual Variable on TWAS in percentage

5.2 Findings
Salary and various allowance structure given by government to the employees of JBC cause
satisfaction or dissatisfaction to them. The findings from the analysis are summed up below:-
 The overall satisfaction level of the employees is moderately average. So, we can say that
employees are generally satisfied with the compensation system.
 Medical facility, Bangla New Year allowances, Conveyance allowances, Tiffin
allowances House rent were the variables that really satisfy the employees of JBC.
 But the astonishing fact is that the employees are dissatisfied with the basic salary.

Chapter 06
Conclusion & Recommendation

6.1. Conclusion
Day by day human resource is considering the most important resource of an organization to
achieve competitive advantage in the business world. It is one of the most challenging functions
to the organization to acquire the right workforce and then retain that force. The result from this
study examined and determined the relationship between compensation and employee‘s
satisfaction. Based on a result from the analysis it showed that there is a strong positive
relationship between compensation and employees‘ satisfaction of JBC. Everybody will confess
the truth that a set of dissatisfied employees can‘t work perfectly for the organization. By
collecting primary and secondary data and after analyzing those it is realized that compensation
and employee satisfaction helps the organization to utilize its human resource in a more
productive and efficient manner. Employee satisfaction results help the organization to achieve
its goal and objective I time. On the base of descriptive statistics can be said that practice of
compensation system is slightly vary by age, gender, educational ability and experiences of
respondents. Though, they are not totally satisfied with their basic salary and other benefits, they
are overall satisfied with their job, that‘s their satisfaction level is above average.

6.2. Recommendations
There are some recommendations for improvement of the level of satisfaction of employees in
JBC. These are stated as follows:
• The study discovered the major areas of satisfaction in various allowances such as Medical
facility, Bangla New Year allowances, Conveyance allowances, Tiffin allowances and House
rent. The major areas of dissatisfaction are with basic salary so the authority should think
positively and take care of it so that the dissatisfaction level can be reduced at least up to an
acceptable level.
•As the employees are generally satisfied with the overall compensation system, they should be
encouraged with more benefits which will ultimately bring advantages to the company.
• Salary in the primary and most important factor for satisfaction. It should be high enough to
maintain the living standard of employees. The authority should consider the salary structure and
benefits should be reasonable and comparable with that of their insurance companies or other
similar institution.
• It should be considered the sense that policy should be applied uniformly to all employees
irrespective of the background of the persons. It should be fair and impartial. In other words it
should not give room for nepotism, favoritism etc.
• The JBC has to specify clearly its policy regarding compensation based on its corporate policy.
• The payment of salary and other benefits should be made in time so that the employees can
utilize it in day to day life.

Bibliography
• Ahmed, Shahid Uddin (1977). Insurance Business in Bangladesh. University of Dhaka,

Bangladesh: Bureau of Business Research.
• Ahmed, S. Ali Rehman, ,K. khan, M.A., & Wasimullah, 2010. Insecure job and low pay leads
to job dissatisfaction, inter disciplinary journal of contemporary research in business, vol, vol-1,
no.11.
• CURRALL, STEVEN C., TOWLER, ANNETTE J., JUDGE, TIMOTHY A., LAURA KOHN.
PAY SATISFACTION AND ORGANIZATIONAL OUTCOMES. Personnel Psychology,
Volume 58, Issue 3 p. 613-640.
• Darma, Prayoga Setia and Supriyanto, Achmad Sani(December 5, 2017). The Effect of
Compensation on Satisfaction and Employee Performance. Management and Economics Journal
(MEC-J), Vol 1, Issue 1, 2017, Available at SSRN: https://ssrn.com/abstract=3141006 [6 th
march,2021]
• Dr Md Abdus Salam Akanda (2018), “Research Methodology”, 2th edition, Academic

Publishers, Bangladesh
• Jiban Bima Corporation , Annual Report (2018-19)
• Kabir, M.M., 2011, Factors affecting employee job satisfaction of Pharmaceuticals sector,
Australia
• Morgeson, F.P., Campion, M.A. & Maertz, C.P. Understanding Pay Satisfaction: The Limits of
a Compensation System Implementation. Journal of Business and Psychology 16, 133–149
(2001). https://doi.org/10.1023/A:1007848007459
• Moyes, G.D., & Shao, L.P., Newsome.(2008). Comparative analysis of employee job
satisfaction in the accounting.
• Rahim, Muhammad (2011). Khuda Buksh the Pioneer of Life Insurance in Bangladesh: An
account of his life and work. Dhaka, Bangladesh: The University Press Limited. ISBN 978 984
506 027 1.

• Rahman, Roushanara; H M Mosharraf; M. Ahmed; S. Rahim; T. Bukth; S. Khan; B. Rahim
(eds) (2010). Memoirs of a Life Insurance Icon: Khuda Buksh. USA: Xlibris Corporation. ISBN
978-1-4500-5168-2.
• Vaez Shahrestani, H., Shahin, A., Teimouri, H. and Shaemi Barzoki, A. (2019). Revising the
Kano model for designing an employee compensation system: Developing one-dimensional
attributes. The TQM Journal, Vol.32, No.1, pp.78-91. Available at SSRN:
https://doi.org/10.1108/TQM-05-2019-0153
My Performed Tasks at Jiban Bima Corporation
I joined Jiban Bima Corporation for an internship program. As an intern in the Jiban Bima
corporation, I got a list of tasks to complete every day. To get the marketing initiative started, I
had to meet with clients on almost a daily basis. Sometimes I met around 10 to 20 clients per day
and had to persuade them to consider various insurance scheme that Jibann Bima Corporation
could undertake for them.
The tasks I undertook included:
 Analyzing data using statistical software

 Converting complex data into understandable formatting
 Finding understandable tables graphs and reports
 Finalizing reports and preparing them for presentation to the senior management and
clients
 Meeting and liaising with clients
 Writing, distributing and managing questionnaires for market research
 Undertaking demographic research
 Making presentations to senior company staff and clients
From my internship at Jiban Bima Corporation, I was able to get a better understanding of how
the insurance works and how effective it is. I enjoyed working with the Jiban Bima corporation
team to devise and implement different insurance strategies. However, I still have a long way to
go in understanding the aspects of Jiban Bima corporation, and I need to build up my public
speaking skills as well.

Appendix
Questionnaire
Dear Respondent,
For my research purpose, I need to collect data regarding ―Employee Satisfaction on

Compensation System of Jiban Bima Corporation‖. It will be highly appreciable if you provide
me your valuable opinion regarding this issue. I also assure that this data will be used for only
research purpose. The collected information from you will be reserved with strict confidentiality.
Thanks to you in advance.
Employee Satisfaction Form
Name: Employee code:
Department: Designation:
Grade: Salary Scale:
Q1. Which of the following factors motivates you most?
a. Basic Salary
b. Promotion
c. Motivational talk
d. Recognition

Q2. Does the organization provide satisfactory salary according to your work?
a. Yes
b. No
Q3. How satisfied are you with the salary scale provided by the Govt.?
Strongly Moderately Neutral Moderately Strongly

Satisfied Satisfied Dissatisfied Dissatisfied
Q4. How satisfied are you with the medical facility provided by the Govt.?

Q5. How satisfied are you with the Bangla New Year allowance provided by the Govt.?

Q6. How satisfied are you with the house rent provided by the Govt.?


Q7. How satisfied are you with the recreational allowance provided by the Govt.?

Q8. How satisfied are you with the conveyance allowance provided by the Govt.?

Q9. How satisfied are you with the educational allowance provided by the Govt.?

Q10. How satisfied are you with the tiffin allowance provided by the Govt.? a. Strongly Satisfied

Q11. How satisfied are you with the other allowance (overtime, washing) provided by the Govt.?


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Table of Contents

List Of Tables .......................................................................................................................................viii

vi Measuring employee’s pay satisfaction : A Study on Jiban Bima Corporation |

vii Measuring employee’s pay satisfaction : A Study on Jiban Bima Corporation |

Table 1: Calculation of Average Response Rate in Percentage 38

Figure 1: Maslow‘s Five-level hierarchy 14

Figure 2: Herzberg‘s Description of Satisfiers and Dissatisfiers 16

viii Measuring employee’s pay satisfaction : A Study on Jiban Bima Corporation |

As employee satisfaction is an important concern in the world of professional commitments, so

ix Measuring employee’s pay satisfaction : A Study on Jiban Bima Corporation |

1 Measuring employee’s pay satisfaction : A Study on Jiban Bima Corporation |

1.1. Rationale of the Study

2 Measuring employee’s pay satisfaction : A Study on Jiban Bima Corporation |

1.3. Scope of the Study

1.4. Objectives of the report

▪ Represent which variable satisfies employees the most.

▪ To find the various factors leading to employee satisfaction.

▪ To recommend some solution to improve the condition.

1.5 Limitations of the study

3 Measuring employee’s pay satisfaction : A Study on Jiban Bima Corporation |

4 Measuring employee’s pay satisfaction : A Study on Jiban Bima Corporation |

2.2. Employee Satisfaction

6 Measuring employee’s pay satisfaction : A Study on Jiban Bima Corporation |

7 Measuring employee’s pay satisfaction : A Study on Jiban Bima Corporation |

2.2.1. Importance of Employee Satisfaction

2.2.2. Ways of increasing Employee Satisfaction

8 Measuring employee’s pay satisfaction : A Study on Jiban Bima Corporation |

3. Testing the Worker’s Ability and Progress:

4. Respect for Creative Suggestions:

5. Cordial Analysis or Evaluation of Work Performance:

9 Measuring employee’s pay satisfaction : A Study on Jiban Bima Corporation |

7. Praise for Good Performance:

8. Promotion According to Ability:

9. Proper Quantum of Work:

10. Equal Wages for Equal Work:

10 Measuring employee’s pay satisfaction : A Study on Jiban Bima Corporation |

12. Absence of Unnecessary Intervention and Criticism:

13. Satisfactory Hours of Work:

14. Availability of Leaves and Rest:

2.2.3. Employee Satisfaction – Measurement

11 Measuring employee’s pay satisfaction : A Study on Jiban Bima Corporation |

The Job in General Index is an overall measurement of job satisfaction. It is an improvement to

2.3. Theories of job satisfaction

12 Measuring employee’s pay satisfaction : A Study on Jiban Bima Corporation |

Figure 1: Maslow’s Five-level hierarchy

13 Measuring employee’s pay satisfaction : A Study on Jiban Bima Corporation |

Figure 2: Graphical Representation of Herzberg’s Description of Satisfiers and

14 Measuring employee’s pay satisfaction : A Study on Jiban Bima Corporation |

15 Measuring employee’s pay satisfaction : A Study on Jiban Bima Corporation |

16 Measuring employee’s pay satisfaction : A Study on Jiban Bima Corporation |

3.2. Vision and Mission

18 Measuring employee’s pay satisfaction : A Study on Jiban Bima Corporation |

3.4. Nature of Business

▪ Engage with all kinds of life insurance and re-insurance business.

19 Measuring employee’s pay satisfaction : A Study on Jiban Bima Corporation |

▪ Online Policy Status

▪ Online Premium Payment

▪ Tax Benefits/ Rebates

▪ Customer Service Section

3.5. Insurance Schemes

▪ Anticipated endowment Insurance With Profit Plan-05

▪ Anticipated endowment Insurance Without Profit Plan-05

▪ Child Endowment Insurance Without Profit Plan-45

WR= Weighted Responses WAS= Weighted Average Satisfaction

Basic 75 35 104 40 93 27 112 22 13*1 13 27.4

Medical 155 75 164 64 33 9 72 14 9*1 9 34.2

Bangla 165 80 154 60 53 15 82 16 6*1 6 35.4

Conveyance 115 55 174 68 73 21 102 20 5*1 5 33.8

Recreation 165 80 74 28 103 30 112 22 6*1 6 33.2

Educational 65 30 144 56 173 51 92 18 4*1 4 31.8