A

Summer Training Report on

A case study of “Employee Satisfaction” of HDFC Standard Life Insurance

Submitted in partial fulfilment of the degree of

“Bachelor of Business Administration”

By

Kushan Sudan

BBA (2008-2011)

UNIVERSITY ROLL NO.___________________

Under the supervision of

Prof. SURESH SADOTRA

DEPARTMENT OF MANAGEMENT STUDIES

GOVT. S.P.M.R. COLLEGE OF COMMERCE, JAMMU

 DECLARATION

I hereby declare, that the project report on the topic of “Employee Satisfaction” of

HDFC Standard Life Insurance completed and submitted under the guidance and
supervision of Mr. Suresh Sadotra, is my original work.

The preparation of project report is based on my personal findings, several visits to

the organisation, interaction with the officials, employees, customers and consultation with
the eminent scholars and secondary sources.

KUSHAN SUDAN
 Govt. S.P.M.R. College of Commerce, Jammu

CERTIFICATE

It is to certify that Mr. Kushan Sudan S/o Sh Subash Chander , student of

B.B.A-III, Roll No. ___________, is a bonafide student of Govt. S.P.M.R. College

of Commerce, Jammu. He has completed the project report on the topic” under the
supervision of Mr. Suresh Sadotra for the partial fulfilment of requirement of awarding
the degree of Bachelors of Business Administration by University of Jammu.

SUPERVISION

H.O.D. B.B.A

PRINCIPAL
PREFACE

“Experience is the best teacher”. The saying plays a very pivotal role in our curriculum
where in we try and understand the nuances of the theoretical world with a blend of Practical
experience. It’s very important to understand how and where to implement what we have
studied.

Knowledge in itself is a continuous process. Getting practiced knowledge is an important

thing for existence for any business concern in the competition prevailing in an industry a
total awareness is the first and foremost thing necessary from all aspects, working smarter
seems to be as important as working harder and longer.

We completed this project on “EMPLOYEE SATISFACTION” in part fulfillment of our

BBA curriculum. The knowledge we gained through this exposure with the outside world
will help us in taking a giant leap towards understanding employee’s behavior and
preferences.
ACKNOWLEDGEMENT

Preservation, inspiration and motivation have always played a key role in the success of any
venture. In the present world of cutthroat competition project is likely a bridge between
theoretical and practical working, willingly I have prepared this particular project.

First of all, I would like to thank the supreme power, the almighty god who is obviously the
one who has always directed me to work on the right path of my life. With this grace this
project could become a reality.

I feel highly delighted with the way my project report on topic “EMPLOYEE
SATISFACTION” has been completed.

Any accomplishment requires the effort of many people and this work is not different.
I would like to thanks all the faculty members, respondent and other people whom directly or
indirectly help me completing the project
TABLE OF CONTENTS

CHAPTER NO. PARTICULARS

1 Introduction

2 Objective Of The Project

3 Research Methodology

4 Analysis and Interpretation

5 Conclusion, Limitation and Suggestions

Annexure

Bibliography

CHAPTER 1 INTRODUCTION
1.1 COMPANY PROFILE
1.2 HISTORY
1.3 JOURNEY
1.4 VISION STATEMENT
1.5 MISSIONS AND VALUES
1.6 KEY IMPERATIVES OF COMPANY

COMPANY PROFILE
HDFC Standard life insurance ltd is a joint venture company of HDFC bank and Standard
Life. HDFC STANDARD Life Insurance is a74:26 joint venture between HDFC Bank Ltd
and Standard Life. HDFC STANDARD Life Insurance is one of the fastest growing
insurance companies in India and has shown remarkable growth since its inception in 2000.

HDFC

HDFC is one of the India s leading institutions, offering complete financial solutions that
encompass every sphere of life. From commercial banking to stock broking, to mutual funds,
to life insurance, to investment banking, the group to the financial needs of individuals and
corporate.

The group has a personal worth of Rs.100000 core and employees in its various businesses
with presence in 216 cities in India and offices in New York, London, Dubai and Mauritius, it
services a customer base over 1400000.

HDFC enjoys leadership position in most of the businesses including stock broking
investment banking and retail lending. With a brand slogan of “CUSTOMER
SATISFACTION “, HDFC enjoys a particularly strong franchise in the arena of investment
and capital markets. HDFC is also known for the values of trust, integrity and financial
prudence with which entire business and franchise is developed .Not only they are the one of
the most preferred company to do business with, they are also one of the most preferred
employers in the financial services industry.

STANDARD LIFE
Standard Life has used its broad and well-established U.K. base to create a multinational
business and is building businesses in the US and Europe that focus on sectors of the market
with good fundamentals and where its skills can add value. As at 31 December2005, 72% of
funds under management are in the United States; 24% in South Africa and4% in United
Kingdom .On the embedded value bases the geographic split is 66% Africa,25% the US and
9% rest of world.

HISTORY

HDFC Standard Life Insurance Company Limited

The Partnership: HDFC Standard Life first came together for a possible joint venture, to
enter the Life Insurance market, in January 1995. It was clear from the outset that both
companies shared similar values and beliefs and a strong relationship quickly formed. In
October1995 the companies signed a 3 year joint venture agreement.
Around this time Standard Life purchased a 5% stake in HDFC, further strengthening the
relationship.
The next three years were filled with uncertainty, due to changes in government and ongoing
delays in getting the IRDA (Insurance Regulatory and Development authority) Act passed in
parliament. Despite this both companies remained firmly committed to the venture.

In October 1998, the joint venture agreement was renewed and additional resource made
available. Around this time Standard Life purchased 2% of Infrastructure Development
Finance Company Ltd. (IDFC). Standard Life also started to use the services of the HDFC
Treasury department to advise them upon their investments in India.
Towards the end of 1999, the opening of the market looked very promising and both
companies agreed the time was right to move the operation to the next level. Therefore in
January 2000 an expert team from the UK joined a hand-picked team from HDFC to form the
core project team, based in Mumbai.

Around this time Standard Life purchased a further 5% stake in HDFC and a 5% stake in
HDFC Bank.
In a further development Standard Life agreed to participate in the Asset Management
Company promoted by HDFC to enter the mutual fund market. The Mutual Fund was
launched on 20th July 2000.

Incorporation of HDFC Standard Life Insurance Company Limited:

The company was incorporated on 14th August 2000 under the name of HDFC Standard
Life Insurance Company Limited.
Their ambition from the beginning was to be the first private company to re-enter the life
insurance market in India. On the 23rd of October 2000, this ambition was realised when
HDFC Standard Life was the first life company to be granted a certificate of registration.
HDFC are the main shareholders in HDFC Standard Life, with 81.4%, while Standard Life
owns 18.6%. Given Standard Life's existing investment in the HDFC Group, this is the
maximum investment allowed under current regulations.
HDFC and Standard Life have a long and close relationship built upon shared values and
trust. The ambition of HDFC Standard Life is to mirror the success of the parent companies
and be the yardstick by which all other insurance companies in India are measured.
COMPANY JOURNEY

FIG.-1: SHOWS THE COMPANY JOURNEY FROM 1985-2007

VISION STATEMENT

● The Global Indian Financial services brand: Their customers will enjoy the
benefits of dealing with a global Indian brand that understands their needs and delivers
customized pragmatic solutions across multiple platforms. They will be a world class Indian
financial service group. Their technology and best practices will be benchmarked along
international lines while their understanding of customers will be uniquely Indian. They will
be more than a repository of their customer’s savings. They, the group, will be a single
window to every financial service in a customer’s universe.

● The most preferred employer in financial services: A culture of empowerment and

a spirit of enterprise attract bright minds with an entrepreneurial streak to join us and stay
with us. Working with a home grown professionally managed company, which has
partnerships with international leaders, gives their people a perspective that is universal as
well as unique.

● The most trusted financial services company: They will create an ethos of trust
across all their constituents. Adhering to high standards of compliance and corporate
governance will be an integral part of building trust.

● Value creation: Value creation rather than size alone will be business driver.

LIFE INSURANCE AND HDFC LIFE

The Insurance market was opened up for private companies in year 2000 and currently there
are 15 Life Insurance companies in India. HDFC Life Insurance in its fifth year of operations
has shown commendable results. In FY 2005-06, HDFC Life Insurance laid special emphasis
on strengthening the Quality of Business and succeeded remarkably in the achieving its goals.
Instead of just top line growth it has concentrated on better quality business through focusing
on long term regular premium business and 90% + persistency. For the second year in
succession, it has met the internal value creation target which gives the confidence that going
forward it will be able to maintain both aggressive top line growth and reduce losses to
achieve break even by 2008-09. The main focus would be to deliver superior value to the key
stakeholders and the employees. They have 650branch offices in 31 cities in India and they
are growing aggressively to increase their footprints and bring Life Insurance products to
their citizens.

From a macro perspective, investment in Life Insurance in developed countries is as

much as 4.85% of GDP whereas in India it only accounts for 275%. Hence for the next
few years due to under insurance and inherent scope present, private life insurance
companies will grow as close to 100% year on year for the next few years until the gap is
bridged. One of The key reason for the under insurance has been a monopolistic industry
prior to 2000 which led to under development of the market. Life Insurance is an integral
part of any Financial Planning activity. Typically one could look at least 5-10% of the
total Income to be invested towards Life Insurance.

MISSION AND VALUES

Their Mission ( as stated in the Company's website ):

This does not just mean being the largest or the most productive company in the market,
rather it is a combination of several things like-

• Customer service of the highest order

• Value for money for customers
• Professionalism in carrying out business
• Innovative products to cater to different needs of different customers
• Use of technology to improve service standards
• Increasing market share

Their Values:

• SECURITY: Providing long term financial security to our policy holders will be our
constant endeavour. We will be do this by offering life insurance and pension products.
• TRUST: We appreciate the trust placed by our policy holders in us. Hence, we will aim to
manage their investments very carefully and live up to this trust.

• INNOVATION: Recognising the different needs of our customers, we will be offering a

range of innovative products to meet these needs.

BRAND PERSONALITY

● HDFC Brand identity based on consumer perception and group aspiration.

● Knowledgeable of the latest business practices; has incorporated the best but believes
that ultimately successful business decisions are based on instincts rather than logical
processes.

● Values Indian traditional and rituals.

● HDFC is the quintessential Indian entrepreneur in touch with the global world.

● Constantly looking for new opportunities to grow business and make money.
● Believes in ‘no guts, no glory’
● HDFC is seen as a leader in their field, not only in thoughts but also in their
ability to spot opportunities and build on them.

MAKING OF A BRAND

● Started operation in October 2000.

● Need for private players to establish brands.

● Need to create a brand platform that would be unique, relevant and emotionally
compelling.
● Based their brand positioning on providing financial freedom- “Sar utha kar jeo.”

● Expressed through all customer touch points – Ads/Merchandising/Corporate

Stationery etc.

KEY IMPERATIVES OF COMPANY

To be a top five player in this industry in this, HDFC Life Insurance need to increase
Distribution width and depth trough the country. Insurance is sold primarily through three
sales channels:

● Tied agency network: sales manager recruit and develop life advisers who in turn
prospects for customers and sell insurance. It is a tide agency, as these agents (life advisers)
are their exclusive sales agents .key to success of a tide agency is that each sales manager has
a large number (successful SMs) have a team of 8 to10 contributing Las) OF LIFE
ADVISERS who deliver 3-4 policies month on month consistently.

● Alternate channel: sales mangers works with channel partners who can use their
channels sales force to sell insurance of their brand. Channel partners in alternate channel can
be either a corporate agency or a broker. A corporate agency will always be exclusive for
their brand and sell for their company. A broker will be a multiband player and works for the
benefit of the customer. Alternate channels sales manager, apart from managing existing
partners, identify new partners, built relationships and use the channel sales force to increase
sales from that channel.

● Group sales: sales mangers sell to corporate /institutions where a group of

homogeneous character can be covered under a single insurance policy. Typically they work
in the area of employee benefit programme .They sell products like Superannuation, Gratuity,
Group Life Covers, EDLI and group credit term covers. Key difference from the first two
channels is that this channel does not insure individual lives but insures groups of people.
STRENGTHS

Our key strengths

Financial Expertise
As a joint venture of leading financial services groups, HDFC Standard Life has the financial
expertise required to manage your long-term investments safely and efficiently.

Range of Solutions
We have a range of individual and group solutions, which can be easily customised to
specific needs. Our group solutions have been designed to offer you complete flexibility
combined with a low charging structure.
CHAPTER 2 OBJECTIVES OF STUDY

INTRODUCTION

OBJECTIVES

INTRODUCTION OF THE STUDY

Satisfaction is an important goal for organizations to reach as it has been shown that
profitability, productivity, employee retention, and customer satisfaction are linked to
employee satisfaction.

JOB SATISFACTION

The term Job satisfaction refers to an individual's general attitude towards his or her job. A
person with a high level of job satisfaction holds positive attitude towards the job, while a
person who is dissatisfied with his or her job holds negative attitude about the job.

In simple words job satisfaction is:-

Job Satisfaction describes how content an individual is with his or her job. There are a variety
of factors that can influence a person's level of Job satisfaction; some of these factors are:-

• Include the level of pay and benefits,

• The perceived fairness of the promotion system within a company,

• The level of pay and benefits,

• Leadership and social relationships,

• The job itself.

Why to study about employee satisfaction?

In my point of view, study of "Employee satisfaction" helps the company to maintain a
standards & increase productivity by motivating the employees. this study tells us how much
the employees are capable & their interest at work place? what are the things still to be satisfy
to the employees although "human resource" are the most important resources for any
organization, so to study on employees satisfaction helps to know the working conditions &
what are the things that affects them not to work properly. always majority of done by the
machines/equipments but without any manual moments nothing can be done. so to study on
employee satisfaction is necessary.
THE STATE OF EMPLOYEE SATISFACTION

Although committed and loyal employees are the most influential factor to becoming an
employer of choice, it's no surprise that companies and organizations face significant
challenges in developing energized and engaged workforces. However, there is plenty of
research to show that increased employee commitment and trust in leadership can positively
impact the company's bottom line. In fact, the true potential of an organization

On the revenue side of the balance sheet, loyal and committed employees are more likely to
go "above and beyond" to meet customer needs and are highly motivated to work to the best
of their ability. Both of these traits are crucial for continued customer commitment and
ongoing revenue and growth for the company.

On the cost side, loyal employees stay longer, resist competitive job offers, do not actively
look for other employment and recommend the company to others as a good place to work.
These four behaviours positively influence the cost side of the balance sheet because they are
leading indicators of employee retention. The longer companies keep their employees, the
longer they can avoid having to pay to replace them.

In other words, rather than focusing only on retention (that is, trying to retain employees who
have already decided to leave), organizations should proactively recognize the benefits of
understanding, managing and improving employee loyalty. The most successful
organizations are those that can adapt their organizational behaviour to the realities of the
current work environment where success is dependent upon innovation, creativity and
flexibility. Additionally, the dynamics of the work environment have to reflect a very diverse
population comprised of individuals whose motivations, beliefs and value structures differ
vastly from the past and from each another. Arguably, the most valuable, but also volatile,
corporate asset is a stable workforce of competent, dedicated employees, since such an
employee base gives companies a powerful advantage; depth of knowledge and
organizational strength.
One of the key steps to understanding and improving employee loyalty is by acknowledging
the importance of the following factors in building loyalty and satisfaction:

• Broadly-defined responsibilities rather than narrowly-defined job functions.

• Effective and regular performance evaluations, both formally and informally.
• A corporate emphasis on employee learning, development and growth.
• Wide-ranging employee participation in the organization as a whole.

Typically, a combination of factors influences employees' decisions to stay at their current

job. Contributing factors include satisfying work, a sense of job security, clear opportunities
for advancement, a compelling corporate mission combined with the ability to contribute to
the organization's success, and a feeling that their skills are being effectively used and
challenged. Specifically, employees who enjoy their work, identify themselves with their
employer and perceive that the company is flexible regarding work and family issues also
intend to stay with the organization.

Today, employee loyalty needs to be earned, rather than assumed, and must be specific,
rather than general - employees are looking at their employment as a means of achieving
personal goals rather than simply being the "good corporate soldier" of the past. This means
that companies need to express and act on a commitment to develop employees' career
objectives by introducing initiatives that make employees believe that their current job is the
best path to achieving their career goals.

In particular, consider the following elements of effective strategies designed to build loyalty
and retain key employees:
• Include opportunities for personal growth and invest heavily in the professional
development of the best people in the organization.

• Provide employees with well-defined career paths (including a succession plan), mentors
and tuition reimbursement for job-related education.

• Train employees, even if it makes them more attractive to the competition. Without seeing
an opportunity on the horizon, few high potential employees will stay with a company and
allow themselves to grow stagnant.

• Acknowledge non-work priorities by recognizing and responding to employees' needs for

greater balance in their lives, since employees will develop loyalty for organizations that
respect them as individuals, not just as workers.

OBJECTIVES OF THE STUDY

 1. To check the level of employee satisfaction among job work assignees.

2. To analyze the work related stress.

3. To study the attitude of employees toward their work and job security.

4. To find motivational factors of employees.

5. To find out how much employees are participation in decision- making.

6. To find out how much employees are satisfied with their salary level.

Another approach to the issue of loyalty is to consider the value of the four "I's":

Interesting work. No one wants to do the same boring job over and over, day after day.
Although any job will require some repetitive tasks, all jobs should include at least some
parts that are of high interest to employees.

Information. Information is power and employees want to have the information they need to
know to do their jobs better and more effectively. And, more than ever, employees want to
know how they are doing in their jobs and how the company is performing overall. It is
vitally important to open the channels of communication in an organization to allow
employees to be informed, ask questions, and share information and to inspire them to share
the vision of the company.

Involvement. Managers today are faced with an incredible number of opportunities and

problems and, as the speed of business continues to increase, the amount of time that they
have to make decisions continues to decrease. Involving employees in decision-making,
especially when the decisions affect them directly, is both respectful and practical. Not only
do those closest to the problem typically have the best insight as to what to do, involving
them in decision-making will increase their commitment and improve the success of
implementing new ideas or change. Similarly, management needs to follow through on
promises and live the values they preach.

Independence. Few employees want their every action to be closely monitored. Most

employees appreciate having the flexibility to do their jobs as they see fit. Giving employees
latitude increases the chance that they will perform as desired, as well as bringing additional
initiative, ideas, and energy to their jobs. Employees also need to be encouraged to achieve
their best potential.

THEORIES OF EMPLOYEE SATISFACTION ARE:

 1) NEED FULFILLMENT THEORY:

According to this theory a person is satisfied when he gets training from his Job what he
wants. The more he wants something or the more important it is to him, the more satisfied he
is when he received it. In other words, “Job Satisfaction will vary directly with the extend to
which those needs of an individual which can be satisfied are actually satisfied. Vroom views
satisfaction in terms of the positively valued outcomes that a job provides to a person. Thus,
job satisfaction is positively related to the degree to which one’s needs are fulfilled. The
fulfilment theory suffers from a major drawback. Satisfaction is a function of not only what a
person receives but what he feels he should receive.

2) EQUITY THEORY:

Under this theory, it is believed that a person’s job satisfaction depends upon his
perceived equity as determined by his input- output balance in comparison with the input-
output balance of others. Every individual compares his rewards with those of a‘ reference
group’. If he feels his rewards are equitable in comparison with others doing similar work, he
feels satisfied. Job Satisfaction is thus a function of the degree to which job characteristics
meet the desires of the reference group.

For example, one study of the effects of community features on job satisfaction revealed
that workers living in a well to a neighbourhood felt less satisfied than those living in poor
neighbourhood.

3) TWO FACTOR THEORY:

Frederick Herzberg and his colleagues developed the Two factor theory satisfaction.
According to this theory satisfaction and dissatisfaction are interdependent of each other and
exist on a separate continuum. One set of factors known as hygiene factors (Company policy,
administration, supervision, pay, working conditions and interpersonal relations) act as dis-
satisfiers. Their absence cause dissatisfaction but their present does not result in positive
satisfaction. The other set of factors known as satisfiers (achievements, advancement,
recognition, work itself and responsibility) lead to satisfaction.
 Several studies designed to test the two factor theory provide little support to this
theory. The same factor may serve as a satisfier for one but a dis-satisfier for another. It
appears from this theory that a person can be satisfied and dissatisfied at the same time.

4) DISCREPANCY THEORY:

According to this theory job satisfaction depends upon what a person actually receives
from his job and what he expects to receive. When the reward actually received are less than
the expected rewards it causes dissatisfaction. In the words of Locke, “Job Satisfaction and
dissatisfaction are function of perceived relationship between what one wants from one’s job
and what one perceive it is actually offering. In other words, satisfaction is the difference
between what one actually received and what he feels he should receive. This theory fails to
reveal whether over-satisfaction is or is not a dimension of dissatisfaction and if so , how
does it dissatisfaction arising out of the situation when received outcomes are less than the
outcomes one feels he should receive.

5) EQUITY DISCREPANCY THEORY:

This is a combination of equity and discrepancy theories. Lawlers has adopted the
difference approach of discrepancy theory rather than the ratio approach of equity theory.
From equity theory the concept of comparison has been selected to serve as an intervening
variable. Under this theory satisfaction is defined as the difference between the outcomes that
one perceives he actually received and outcomes that one feels he should receives in
comparison with others. when the individual feels that what he actually received is equal
what he perceives he should receive there is satisfaction. Thus an individual’s reception of his
reward is influenced by more than just the objective amount of that factor. Because of this
psychological influence the same amount of reward often can be seen quite differently by two
people, to one it can be a large amount , while to another person it can be a small amount.

6) SOCIAL REFERENCE GROUP THEORY:

 Reference group defines the way an individual looks at the world. According to this theory
job satisfaction occurs when the job meet the interest, desires and requirements of a person’s
reference group. In other words, job satisfaction is a function of the degree to which the job
meets the approval of the group to which the individual looks for guidance in evaluating the
world and defining social reality.

The social reference group theory is similar to the need fulfilment theory except than it takes
into account not the desires, needs and interests of the given individual but rather the point of
view and the opinion of the groups to whom the individual looks for guidance.
CHAPTER 3 - RESEARCH METHODOLOGY

MEANING OF RESEARCH

DEFINITION OF RESEARCH METHODOLOGY

RESEARCH DESIGN

DATA COLLECTION

SAMPLE DESIGN
WHAT IS RESEARCH?
Research is a systematic and continues method of defining a problem, collecting the facts
and analyzing them, reaching conclusion forming generalizations.
The systematic and objective identification, collection, analysis, dissemination, and use of
information for the purpose of assisting management in decision making related to the
identification related to solution to problems and opportunities.
Marketing Research is the function that links the customer, consumer, and public to the
marketer through information- information used to identify and define marketing
opportunities and problems; generate, refine, and evaluate marketing actions; monitor
marketing performance; and improve understanding of marketing as a process.
The study of research methods provides manager knowledge and skill needed to solve the
problems and meet the challenges of a fast-paced decision-making environment. Three
factors that stimulate an interest of managers in research study are:

 The manager’s increased need for more and better information.

 The availability of increased techniques and tools to meet this need.
 The result information overload if discipline is not employed in the process.

RESEARCH METHODOLOGY

Research methodology is a way to systematically solve the problem. It may be

understood has a science of studying how research is done scientifically. In it we study
the various steps that all generally adopted by a researcher in studying his research
problem along with the logic behind them.

The scope of research methodology is wider than that of research method. Thus when we talk
of research methodology we not only talk of research methods but also consider the logic
behind the method we use in the context of our research study and explain why we are using
a particular method.
So we should consider the following steps in research methodology:

 Problem statement
 Objective of study
 Research design
 Data collection
 Sample design
 Statistical tool
 Limitation of study

RESEARCH DESIGN

A framework or blueprint for conducting the research project. It specifies the details of
the procedures necessary for obtaining the information needed to structure and/or solve
research problems. A good research design lays the foundation for conducting the project.
A good research design will ensure that the research project is conducted effectively and
efficiently. Typically, a research design involves the following components, or tasks:

 Define the information needed.

 Design the research.
 Specify the measurement and scaling procedures.
 Construct and present a questionnaire or an appropriate form for data
collection.
 Specify the sampling process and sampling size.
 Develop a plan of data analysis.

DATA COLLECTION
The task of data collection is begins after a research problem has been defined and research
designed/ plan chalked out. Data collection is to gather the data from the population. The data
can be collected of two types:
 Primary Data
 Secondary Data
Primary Data

The Primary Data are those, which are collected afresh and for the first time, and thus
happened to be original in character.
 Observation.
 Personal Interviews.
 Questionnaires.

Secondary Data

The Secondary Data are those which have already been collected by someone else and
which have already been passed through the statistical tool. Methods of collection of
Secondary data
 Newspapers.
 Magazines
 Internet
 Libraries.

In this project I am using both the method of data collection.

SAMPLE DESIGN

A sample design is a definite plan for obtaining a sample from a given population. It refers to
the technique or the procedure and the researcher would adopt in selecting items of sample.
Sample design may as well lay down the number of items to be included in the sample i.e. the
size of the sample. Sample design is determined before data are collected. Before going
trough sampling design, let us learn some terms.

Population: The aggregate of all the elements, sharing some common set of Characteristics
that comprises the universe for the purpose of the research problem.
In this project population size is 100.
Sample: A subgroup of the elements of the population selected for participation in the study.
In this project sample size is 40 employees.
Sampling Unit: The basic unit containing the elements of the population to be sampled.
In this project sampling unit is employees

Sampling Technique used in survey-

No probability Sampling Techniques.

• Convenience Sampling.
No probability sampling techniques do not use chance selection procedures. Rather, they rely
on the personal judgment of the researcher where as probability sampling procedure each
element of the population has fixed probabilistic chance of being selected for the sample.

In our survey, i have used non probability sampling technique because there is no way of
determining the probability of selecting any particular element for inclusion for the sample,
the estimates obtained is not statistically projectable to the population. We have selected the
sample with help of Sales Manager and their Life Advisors.

Among non probability sampling techniques, the sampling technique applied here is
convenience sampling. Convenience Sampling attempts to obtain a sample of convenient
elements. The selection unit is left primarily to the interviewer. Convenience Sampling is the
least expensive and least time consuming of all sampling techniques. The sampling units are
accessible, easy to measure, and cooperative. In spite of these advantages, his form of
sampling has serious limitations. Many potential sources of selection bias are present,
including respondent self-selection. Convenience Samples are not representative of any
definable population.
QUESTIONNAIRE DESIGN

A Questionnaire, whether it is called a schedule, interview form, or measuring

instrument, is a structured technique for data collection that consists of series of question,
written or verbal, that a respondent answers.

Objective Of A Questionnaire

 It must translates the information needed into a set of specific questions that the
respondents can and will answer.
 A questionnaire must uplift, motivate, and encourage the respondent to become
involved in the interview, to cooperate, and to complete the interview
 A questionnaire should minimize response error.
 CHAPTER 4

ANALYSIS AND INTERPRETATION

ANALYSIS

The analysis of this project begins with analysis of each question.

ANALYSIS AND INTERPRETATION

Managers need information, not raw data. Research helps in generating information by
analyzing data after its collection .data analysis usually involves reducing accumulated data
to a manageable size, developing summaries, looking for patterns and applying statistical
techniques. Scaled responses on questionnaires and experimental instruments often require
the analyst to derive various functions, as well as to explore relationships among variables.

In various cases when we deal with statistics we find that the variables are related to each
other or we can also say two variables seem to move in the same direction such as both are
increasing or decreasing or even some factors tend to move in the opposite direction.

Various important factors identified during the study are:-

• Job security
• Motivation
• Stress
Respondent by Gender

TABLE-1 SHOWS RESPONDENTS BY GENDER

Male 30
Female 10
Total 40

25%

male
female

75%

FIG-1 SHOWS RESPONDENTS BY GENDER

Here we can see maximum number of respondent is male that is 75% and female are only
25%.
This helps us to know that mostly male employees are working in HDFC Standard life
Departments of Respondent

TABLE-2 SHOWS DEPARTEMENTS OF RESPONDENTS

Departments No. of employees

Marketing 22
Human resource 8
Finance 5
Operation 5

No. of Employees
25

20

15

10

0
Marketing Human resource Finance Operation

FIG-2 SHOWS DEPARTEMENTS OF RESPONDENTS

Here we can see maximum number of respondent are for marketing department that are 22
out of 40 respondents.
Work Experience of Respondent

TABLE-3 SHOWS WORK EXPERINCE OF RESPONDENT

S. no Experience in years No. of Respondents

1 less than 1 year 15
2 more than 1 year 10
3 less than 2 year 8
4 more than 2 year 7

No. of Respondents
16

14

12

10

0
less than 1 year more than 1 year less than 2 year more than 2 year

FIG-3 SHOWS WORK EXPERINCE OF RESPONDENT

Here we can see that employees are not experienced.15 employees are having the experience
of less than 1 year and 13 of less than 2 year.
Satisfaction level with the job

TABLE-4 SHOWS SATISFACTION LEVEL WITH THE JOB

S. NO. Satisfaction Level No. of Respondents

1 Highly Satisfied 25
2 Satisfied 10
3 Moderate 4
4 Unsatisfied 1
5 Highly Unsatisfied nil

25

20

15

10

0
Highly Satisfied Satisfied Moderate Unsatisfied Highly unsatisfied

FIG-4 SHOWS SATISFACTION LEVEL WITH THE JOB

The data in the above table reveals that majority of respondents (25) were highly satisfied
with their job and 10 of respondents are satisfied with their job.

This shows that employees are satisfied with their job.

Satisfy with the behaviour of management and other employees

Table 5 -Shows Satisfaction level with the behaviour of management and other
employees
S. no Satisfaction Level No. of Respondents
1 Highly Satisfied 22
2 Satisfied 10
3 Moderate 5
4 Unsatisfied 2
5 Highly Unsatisfied 1

25

20

15

10

0
Highly satisfied Satisfied Moderate Usatisfied Highly unsatisfied

Fig 5 -Shows Satisfaction level with the behaviour of management and other
employees

The data in the above table reveals that majority of respondents (22) were highly satisfied
with the behaviour of other employees and 10 of respondents are satisfied and 5 are
moderate.
Career and growth opportunities

TABLE-6 Shows Career and growth opportunities for employees.

S. no Preferences No. of Respondents

1 Yes 36

2 No 4

No. of respondents
8%

yes
no

92%

Fig-6 Shows Career and growth opportunities for employees.

Here we can see maximum number of respondent are think that there career and growth
opportunities offered by the job is 92%.
This shows that in HDFC Standard life career and growth opportunities offered by the
job.
Participation in Decision making

Table-7Shows Participation of employees in Decision making

S. no Participation No. of Respondents

1 20%-30% 12
2 30%-40% 10
3 40%-50% 8
4 50%-60% 4
5 Above 60% 6

No. of respondents
14

12

10

0
20%-30% 30%-40% 40%-50% 50%-60% above 60%

Fig-7Shows Participation of employees in Decision making

Here we can see less number of respondent are participating in the Decision makingThat is
only 6 respondent are participating in the above 60% decisions and 12 are participating in
20%-30%.
Satisfaction Level of Employees

Table 8- Shows Satisfaction Level of Employees with the salary

S.NO. Satisfaction Level No. of Respondents

1. Highly Satisfied 9
2. Satisfied 15
3. Moderate 5
4. Unsatisfied 10
5. Highly Unsatisfied 1

16

14

12

10

0
Highly satisfied satisfied Moderate Unsatisfied Highly satisfied

FIG8- Shows Satisfaction Level of Employees with the salary

The data in the above table tells us that majority of respondents (15) are satisfied with the
level of salary which they are getting and only (9) of respondents are highly satisfied with
this statement and (10) respondent are not satisfied with the salary which they are getting.
Management is flexible and understands the importance of balancing my
work and personal life.

Table-9 shows what employees think if Management is flexible and understands the
importance of balancing my work and personal life or not.

S. NO. Satisfaction Level No. of Respondents

1 Strongly agree 18
2 Agree 10
3 Undecided 8
4 Disagree 2
5 Strongly disagree 2

20

18

16

14

12

10

0
Strongley agree Agree Undecided Disagree Strongley disagree

FIG-9 shows Management is flexible and understands the importance of balancing my

work and personal life.

The data in the above table tells us that majority of respondents (18) are satisfied with the
management flexible and understands the importance of balancing my work and personal life.
Agree with the company bonus plans

Table-10 shows how many employees agree with the company bonus plans.

S. no Satisfaction Level No. of Respondents

1 Strongly agree 8
2 Agree 12
3 Undecided 11
4 Disagree 6
5 Strongly disagree 3

14

12

10

No. of respondents
6

0
Strongley agree Agree Undecided Disagree Strongley disagree

Fig-10 shows how many employees agree with the company bonus plans.

The data in the above table tells us that majority of respondents (12) are agree with the bones
plan which they are getting and (8) of respondents are strongly agree with this statement and
(11) respondent are undecided and (6) are disagree.
Is any change is require to improve the working condition.

Table-11 shows how many employees agree with the company pay scale
and bonus plans.

S. no Preferences No. of Respondents

1 Yes 32
2 No 8

TABLE-11 Shows how many employees feel to have improvement in working condition

Sales

YES
NO

Fig-11 shows how many employees agree with the company pay scale and
bonus plans.

Here we can see maximum number of respondent are think that change is require to improve
the working condition of the company opportunities is that is 80% .
 CHAPTER 5

CONCLUSIONS, LIMITATIONS And SUGGESTIONS

CONCLUSION

An extensive review of the topic "Study of the level of job satisfaction among job work
assignees" it was found that the most important factors conducive to job satisfaction are the
motivational factors: -
●Rewards or Payment
● Supportive working environment and
●The work itself.
● Working hours.
● Clean and hygienic working place

It was also found that the primary source of job satisfaction among Job Work assignees was
the sense of achievement experienced by them while on the job.

However, in the same study feelings of dissatisfaction were found to be stemming from the
work itself. The same and the work that was repetitive in nature and not apt according to the
qualification of some of the employees were seen also some of the major factors leading to
dissatisfaction were:-
 Low payment
 Job tenure (3 months) leading to job insecurity among the Job Work Assignees

Employees tend to prefer jobs that give them opportunities to use their skills and
abilities and offers freedom and feedback. They want pay system and promotion policies
that they perceive as being just and ambiguous and in line with their expectations. When
pay is seen as fair that is based on job and individual skills, satisfaction is likely to result.
Employees are also concerned with their work environment for both personal as well as
professional life.

So finally it is concluded that the level of job satisfaction is there but need to be increased
and maintained.
LIMITATIONS
Limitation

There are various limitation faced during the study as the study is related to the human psychology
and behaviour basically. Some of the problems faced during the study are:

 While collecting the data it was noticed that most of the respondents were getting struck at
statement, they were actually related to make out whether the statement is related to their job or
routine life.
 Another major obstruction found the study was respondents were quite reluctant in giving their
original details.
 Even it is not noticed that some of the data entry operations were not even ready to fill in the
questionnaires, so their responses were most of the time neutral.
SUGGESTIONS
Suggestions

•To increase satisfaction and retention of employees.

•It will help in reducing the factors leading to absenteeism and staff turnover.
•It will help in generating factors which can defuse tension and improve working condition which will
ultimately lead to job satisfaction.
•The method of recruitment should be improved.
•Select the right person for the right job.
•Promotion policy should be improved.
•Management should check the performance of their employees time to time.
•Overall work environment should also be improved.
ANNEXURES
QUESTIONNAIRE

SURVEY ON EMPLOYEE’S SATISFACTION OF HDFC STANDARD LIFE

INSURANCE COMPANY

Question

Q.1 what is your gender.

●  Male........................
● Female....................

Q.2 what department do you work in?

●……………………..

Q.3 How long has you worked for this company?

●……………………..

Q.4 How does you like this job?

 Like very much.......................
 Like somewhat........................
 Neutral.....................................
 Dislike somewhat....................
 Dislike very much...................
Q.5 I am treated with respect by management and the people I work with.
● Strongly Disagree.................
● Disagree................................
● Undecided.............................
● Agree.....................................
● Strongly Agree.....................

Q.6 Is there any career enhancement opportunities and growth in this job?

● Yes...................
● No................

Q.7How much do you participate in decision making?

 20%-30%..................
 30%-40%..................
 40%-50%..................
 50%-60%..................
 Above 60....................

Q.8 Are you satisfied with you salary level?

 Highly satisfied.............
 Satisfied........................
 Moderate......................
 Unsatisfied...................
 Highly unsatisfied.......

Q.9 Management is flexible and understands the importance of balancing my work and
personal life.
● Strongly Disagree ................... 
● Disagree....................................
● Undecided................................
● Agree........................................
● Strongly Agree........................
Q.10Are you agree with the company pay scale and bonus plans?
 Strongly Disagree.............
 Disagree............................
 Undecided........................
 Agree................................
 Strongly agree.................

Q.11 Do you feel there is change require in your department to improve working
conditions?
● YES....................

● NO......................

Q.12 Rank the following motivational factor according to you:-

FACTOR RANK (1 to 4)1 is highest

● Promotion …...…
● Reward and Recognition ...........
● Achievement .…….
● Higher authority and responsibility ...........
BIBLIOGRAPHY
REFERENCES

BOOK
 Kothari C R, Research Methodology

INTERNET LINKS

www.wikipedia.com
www.google.com
www.wapedia.com