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INTRODUCTION
1.1 OUTLINE OF THE PROJECT
A STUDY ON Employee Satsfaction At Bharti Axa Life Insurance
Among the four factors of production, namely men, resources, machinery
and money the biggest question confronting organizations today is the people
question. The success of an organization depends upon how best the people at
work are involved and motivated how they perform at a level higher than normal
percent of their physical and mental capacities and also maintain satisfaction.
Organizations main asset lies in the form of their employees. The
employees work towards achieving the goals of their organization. The
employees expect a good pay for the work they do towards the organization. The
main success of the organization lies how effectively their employees perform
their task.
You can buy a mans time, you can buy his physical presence at a given
place, and you can even buy a measured number of his skilled muscular motions
per hour. However you cant buy enthusiasm. You cant buy loyalty. You cant buy
the devotion of hearts, minds or souls. You must earn these
Employee satisfaction plays an important role in the organization. It
maintains the employees loyalty towards the organization. The employee can be
made satisfied by providing him with good packages, various monetary and nonmonetary incentives.
Primary objective
To find the overall satisfaction of the employees in Bharti axa life insurance
company.
Secondary objective
To rank the factor that lead to the employee satisfaction in the organization.
To rate the various benefits provided by the organization.
To find out the satisfaction of employees with their supervisor.
To find out the satisfaction of employees with their workplace and type of
work.
To study the factors involved in the employee satisfaction.
To analyze the employee satisfaction of employees through several
measures.
Sampling
The method of selecting for study a portion of the universe with a view to
draw conclusion about the universe is known as sampling.
A few favorable units of population under study are considered for analysis is
called sampling method. The result of the sample study, in general, should be
application to all items of the universe.
Size of Sample
Sample size means how many items are selected from the universe to
constitute a sample. The size of the sample should be optimum. The sample
should yield the desired information with the required reliability at the minimum
cost.
The sample size is 100 employees in the Bharti axa life insurance Company.
It is determined by the researcher by considering the time factor and cost of data
collection.
Sources of Data
Primary data: Refer to those that are collected by researcher through the
study. It is also named as first hand information. Since the purpose of the study is
to collect first hand information regarding satisfaction of employees, much
significance has been given to primary data and its techniques. Here the
schedule is used for collecting primary data.
Secondary data: Refers to those that are collected from the organization,
books, internet, publications, journals and magazines.
Here the researcher uses both primary and secondary data.
Types of Research
The researcher has undergone the descriptive research which determines
factors influencing job satisfaction of employees.
Descriptive research is essentially a fact finding approach related largely
to the present, and abstracting generalizations by the cross sectional study of the
current situation.
Sampling Method
The methods of sampling techniques are two types: probability sampling
methods and Non-probability sampling methods.
Here the researcher uses stratified Random sampling under the probability
sampling methods.
1.1.6 CHAPTERISATION
The second chapter deals with data analysis and interpretation. The various factors
that affect EMPLOYEE SATISFICATION and also their satisfaction level of the BHARTI
AXA LIFE INSURANCE have been analyzed.
The third chapter deals with summary and conclusion in which main findings and
suggestions of the researcher are drawn.
10
2. Supervision
The type of supervision affects job satisfaction as in each type of
supervision the degree of importance attached to individuals varies. The
employee-oriented supervision provides more satisfaction than joboriented supervision.
3. Equi chart rewards
The type of linkage that is provided between job performance and
rewards determines the degree of job satisfaction, if the reward
determines the degree of job satisfaction, if the reward is based on the
performance, it offers higher satisfaction.
4. Opportunity for the promotion
It is true that individuals seek satisfaction in their jobs in the context
of job nature and work environment but they also attach importance to the
opportunities for promotion that these jobs offer.
Employee Satisfaction Survey
An employee satisfaction survey is a procedure by which employees
report their feelings toward their jobs and work environment. Individual responses
are then combined and analyzed.
Benefits of employee satisfaction studies
If employee satisfaction studies are properly planned and administered,
they will usually produce a number of important benefits, both general and
specific.
Monitoring attitudes
Surveys indicate the specific areas of satisfaction or dissatisfaction (such
as employee services) and the particular groups of employees (such as the
marketing department or those employees who are approaching retirement).
In other works, a survey tells how employees fell about their jobs, what parts
of their feelings are focused on, which departments are particularly affected,
and whose feeling are involved. The survey is a powerful diagnostic
instrument for assessing broad employee problems.
11
company Bharti AXA Investment Manager Private Ltd.- with AXA IM and AXA APH.
Bharti has recently forayed into retail business under a company called Bharti Retail
Pvt. Ltd. It also has a joint venture Bharti Wal Mart Private Ltd.- with Wal-Mart for
wholesale cash-and-carry and back-end supply chain management operations in India.
AXA:
AXA Group is a Worldwide leader in Financial Protection. AXAs operations are diverse
geographically, with major operations in western Europe, North America
And the Asia/Pacific area. AXA had Euro 1,315 billion in assets under management as
of December 31, 2006. For full year 2006, IFRS revenues amounted to Euro 79 billion,
IFRS underlying earnings amounted to Euro 4,010 million and IFRS adjusted earnings
to Euro 5,140 million.
The AXA Ordinary share is listed and trades under the symbol AXA on the Paris
Stock Exchange. The AXA American Depository share is also listed on the NYSE under
the ticker symbol AXA.
13
Product profile
The following products are available in the Bharti Axa Life Insurance Company
1. Future plan:
This is the product which is specially designed for short term
benefits with risk coverage; this plan duration is about ten years.
Age limit to this product 18 to 60 years
2. Confident plan:
This plan provides long term benefits with the ULIP
BENEFIT. Age limit to this plan 0 to 35 years, there is no maturity
period for this plan.
3. Wealth confident:
The special feature of this plan it gives benefit of both
feature and confident plan
To attract the people and to increase the market share, now the
company planned to introduce various products with the benefit of ulip.
14
1.2.3
OrganisationChart
General
manager
Marketing
Manager
Sales
promotion
manager
Finance
Manager
Marketing
executive
Credit
Manager
Hr Manager
Asst hr
manager
System
Manager
Portfolio
manager
Commercia
l loan
manager
Personal
Loan
manager
15
CHAPTER - II
DATA ANALYSIS AND INTERPRETATION
2.1 PERCENTAGE ANALYSIS
TABLE 2.1.1
Age group
No of respondents
% of respondents
Below 25
20
20
25-35
56
56
35-45
23
23
Above 45
Total
100
100
INFERENCE:
From this CHART it can be inferred that 56% of the respondents belongs from
the age between of 25 to 35, 23% of the respondents are 35 to 45 age group, 20% of
the respondents are from the age below 25. The remaining 1% of the respondent is
above 45.
16
TABLE 2.1.2
Gender
No of respondents
% of respondents
Male
87
87
Female
13
13
Total
100
100
INFERENCE:
Out of the total respondents surveyed 87% are male and remaining 13% are
female.
17
TABLE 2.1.3
Income
No of respondents
% of Respondents
Below 5000
31
31
5000-10000
30
30
10000-15000
22
22
Above 15000
17
17
Total
100
100
INFERENCE:
Based on this survey we found that 31% of them earning below 5000, 17% of
them earning above 15,000 per month.
18
TABLE 2.1.4
Years of experience
Less than 1 year
1-2 years
2-3 years
More than 3 years
Total
Source: From primary data
No of respondents
37
31
23
9
100
% of respondents
37
31
23
9
100
INFERENCE:
Regarding the years of experience of the respondents, CHART reveals that 37%
of them having less than 1 year of experience, whereas 23% of them are having 2-3
years of experience.
TABLE 2.1.5
Category
No of respondents
19
% of respondent
Sales manager
Financial advisor
Tele caller
Pantry staffs
Total
Source: From primary data
20
59
17
4
100
20
59
17
4
100
INFERENCE:
Based on this survey 20% of them are sales managers, 59% of them are
financial advisors, 17% of them are telecallers, and 4% of them are pantry staffs based
on their category.
TABLE 2.1.6
Description
Satisfied
Partially
Dissatisfied
No of respondents
57
32
11
20
% of respondents
57
32
11
Total
Source: From primary data
100
100
INFERENCE:
Based on this survey we found that 57% of the respondents are satisfied with
their supervisor, 32% of the respondents are partially satisfied with their supervisor, and
11% of the respondents are dissatisfied with their supervisor.
TABLE 2.1.7
Description
Satisfied
Partially
Dissatisfied
Total
Source: From primary data
No of respondents
53
37
10
100
21
% of respondents
53
37
10
100
CHART 2.1.1 - the distribution of the respondents opinion about incentives provided
INFERENCE:
Based on this survey, 53% of the respondents are satisfied, 37% of the
respondents are partially satisfied regarding their opinion about incentives provided by
the company.
TABLE 2.1.8
Description
Satisfied
Dissatisfied
Total
Source: From primary data
No of respondents
64
36
100
% of respondent
64
36
100
22
INFERENCE:
Based on this survey we found that 64% of the respondents are satisfied, 36% of
the respondents are dissatisfied regarding their opinion about grievance handling
procedure.
TAble 2.1.9
Description
Satisfied
Partially
Dissatisfied
Total
Source: From primary data
No of respondents
85
12
3
100
% of respondent
85
12
3
100
23
INFERENCE:
Based on this survey 85% of them satisfied, 12% of them partially satisfied, and
3% of them dissatisfied regarding ventilation, lighting and temperature.
TABLE 2.1.10
Description
Satisfied
Partially
Dissatisfied
Total
Source: From primary data
No of respondents
74
22
4
100
24
% of respondent
74
22
4
100
INFERENCE:
Based on this survey we found that 74% of the respondents are satisfied,
whereas 22% of the respondents are partially, 4% of the respondents are dissatisfied
regarding the training received by the employee.
TABLE 2.1.11
Description
No of respondents
% of respondent
Satisfied
73
73
Partially
25
25
Dissatisfied
Total
2
100
2
100
25
INFERENCE:
Based on this survey 73% of the respondents are satisfied, 25% of the
respondents are partially, 2% of the respondents are dissatisfied regarding their
workplace and environment.
TABLE 2.1.12
Description
Satisfied
Partially satisfied
Dissatisfied
Total
Source: From primary data
No of respondent
92
7
1
100
26
% of respondent
92
7
1
100
INFERENCE:
Based on this survey 92% of them satisfied, 7% of them partially satisfied, and
1% of them dissatisfied regarding relation with other employees.
TABLE 2.1.13
Description
Satisfied
Partially
Dissatisfied
Total
Source: From primary data
No of respondents
63
24
13
100
27
% of respondent
63
24
13
100
INFERENCE:
Based on this survey 63% of the respondents are satisfied, 24% of the
respondents are partially, 13% of the respondents are dissatisfied regarding the
chances of promotion to them in the organization.
TABLE 2.1.14
Description
Satisfied
Partially
Dissatisfied
Total
Source: From primary data
No of respondents
69
28
3
100
% of respondent
69
28
3
100
28
INFERENCE:
Based on this survey 69% of the respondents are satisfied, 28% of the
respondents are partially satisfied regarding the management and other employees
treated them.
TABLE 2.1.15
Description
Satisfied
Partially satisfied
Dissatisfied
Total
Source: From primary data
No of respondents
71
24
5
100
% of respondent
71
24
5
100
29
INFERENCE:
Based on this survey 71% of the respondents are satisfied, 24% of the
respondents are partially satisfied, and 5% of the respondents are dissatisfied with the
supervisors feedback.
TABLE 2.1.16
Description
Satisfied
Partially
Dissatisfied
Total
Source: From primary data
No of respondents
73
23
4
100
% of respondent
73
23
4
100
CHART 2.1.1 - distribution of employees has voice in major decision regarding changes
in the work environment
30
INFERENCE:
Based on this survey 73% of the respondents are satisfied, 23% of the
respondents are partially, 4% of them dissatisfied regarding the decision in changes in
the work environment.
TABLE 2.1.17
Description
Satisfied
Partially
Dissatisfied
Total
Source: From primary data
No of respondents
54
38
8
100
% of respondent
54
38
8
100
31
INFERENCE:
Based on this survey 54% of the respondents are satisfied, 38% of them partially
satisfied, regarding management understand the respondents personal life.
CHART 2.1.18
Description
Satisfied
Partially
Dissatisfied
Total
Source: From primary data
No of respondents
65
28
7
100
32
% of respondent
65
28
7
100
INFERENCE:
Based on this survey 65% of them are satisfied, 28% of them partially satisfied,
whereas 7% of them dissatisfied regarding respondents stress on their job.
CHART 2.1.19
Description
Satisfied
Partially
Dissatisfied
Total
Source: From primary data
No of respondents
68
28
4
100
% of respondent
68
28
4
100
CHART 2.1.1 - employees are encouraged to develop new and more efficient ways to
do their work
33
INFERENCE:
Based on this survey 68% of them are satisfied, 28% of them partially satisfied,
regarding encouragement of employees to develop new and more efficient ways to do
their job.
TABLE 2.1.20
Description
Satisfied
Partially
Dissatisfied
Total
Source: From primary data
No of respondents
72
24
4
100
% of respondent
72
24
4
100
34
INFERENCE:
Based on this survey 74% of them are satisfied, 24% of them partially satisfied,
whereas 4% of them dissatisfied regarding the employee recommend others to work for
this company.
TABLE 2.1.21
Description
Satisfied
Partially
Dissatisfied
Total
Source: From primary data
No of respondents
44
34
22
100
% of respondent
44
34
22
100
CHART 2.1.1 - at what extent employee satisfied to work for the company
35
INFERENCE:
Based on this survey 44% of them are satisfied, whereas 34% of them are
partially satisfied and 22% are dissatisfied regarding the respondents overall
satisfaction.
TABLE 2.1.22
Description
Satisfied
Partially
Dissatisfied
Total
Source: From primary data
No of respondents
49
34
17
100
% of respondent
49
34
17
100
36
INFERENCE:
Based on this survey 49% of them are satisfied 34% of them are partially
satisfied and 17% of them are dissatisfied regarding recognition for their contribution.
TABLE 2.1.23
Description
Satisfied
Partially
Dissatisfied
Total
Source: From primary data
No of respondents
54
7
2
63
% of respondent
85.71
11.11
3.18
100
CHART 2.1.1 - overall job satisfaction of the employees compared to year ago
37
INFERENCE:
Based on this survey 85.71% of them are satisfied, 11.11% of them are partially
satisfied and 3.18% of them are dissatisfied overall job satisfaction compared to year ag
38
The objective of using chi-square test is to find out the satisfaction of the
employees in Bharti axa life insurance Company is uniform or not uniform among
different income of employees.
Ho: There is no significant relationship between income and overall satisfaction of
the employee.
H1: There is significant relationship between income and overall satisfaction of
the employee.
Description
Satisfied
Partially
Dissatisfied
Total
Below 5000
20
31
5000-10000
17
30
10000-15000
11
22
17
Total
44
34
22
100
Income
Calculation
O
O-E
(O-E)^2
((O-E)^2)/E
20
13.64
6.36
40.45
2.97
10.54
-5.54
30.69
2.91
6.82
-0.82
0.67
0.1
13.2
-5.2
27.04
2.05
39
17
10.2
6.8
46.24
4.53
6.6
-1.6
2.56
0.39
11
9.68
1.32
1.74
0.18
7.48
-1.48
2.19
0.29
4.84
0.16
0.03
0.01
7.48
-2.48
6.15
0.82
5.78
0.22
0.05
0.01
3.74
2.26
5.11
1.37
Total
15.63
O = Observed frequency
E = Expected frequency
CHART value
= 12.59
CONCLUSION
Since CHART value < Calculated value, therefore we reject Ho. There is significant
relationship between income and overall satisfaction of the employee.
Fact
Salary
Decision
ComforCHART
41
Employee
Employee
Motivation
ors
packages
making
work
environment
recognition
training
program
to do job
Rank
1
16
26
48
12
62
10
64
14
72
14
68
58
14
24
100
100
100
100
100
100
Total
AIM
CALCULATION
Weightage
Rank 1
Total
Wtd.,
score
Rank
Attributes
Salary
packages
16
64
100
408
Decision
making
14
14
58
100
210
12
72
100
340
Employee
recognition
68
14
100
228
Employee
26
62
100
500
42
training
program
Motivation to
do job
48
10
24
Total
100
100
100
100
100
100
100
414
RESULT
Factors
Rank
Salary packages
Decision making
Employee recognition
Motivation to do job
CONCLUSION
The employee training program has got the rank first and the employee
recognition has got the sixth rank.
CHAPTER-II
SUMMARY AND CONCLUSIONS
3.1 FINDINGS
43
Out of the total respondents surveyed 87% are male and remaining 13% are
female.
it can be inferred that 56% of the respondents belongs from the age between 25
to 35, 23% of the respondents are 35 to 45 age group, 20% of the respondents
are from the age below 25. The remaining 1% of the respondent is above 45.
Based on this survey we found that 31% of them earning below 5000, 17% of
them earning above 15,000 per month.
Regarding the years of experience of the respondents, CHART reveals that 37%
of them having less than 1 year of experience, whereas 23% of them are having
2-3 years of experience.
Based on this survey 20% of them are sales managers, 59% of them are
financial advisors, 17% of them are telecallers, and 4% of them are pantry staffs
based on their category
Based on this survey we found that 57% of the respondents are satisfied with
their supervisor, 32% of the respondents are partially satisfied with their
supervisor, and 11% of the respondents are dissatisfied with their supervisor.
Based on this survey we found that 64% of the respondents are satisfied, 36% of
the respondents are dissatisfied regarding their opinion about grievance handling
procedure.
Trough this survey 85% of them satisfied, 12% of them partially satisfied, and 3%
of them dissatisfied regarding ventilation, lighting and temperature.
Based on this survey we found that 74% of the respondents are satisfied,
whereas 22% of the respondents are partially, 4% of the respondents are
dissatisfied regarding the training received by the employee.
44
Based on this survey 69% of the respondents are satisfied, 28% of the
respondents are partially satisfied regarding the management and other
employees treated them
Based on this survey 54% of the respondents are satisfied, 38% of them partially
satisfied, regarding management understand the respondents personal life.
Based on this survey 65% of them are satisfied, 28% of them partially satisfied,
whereas 7% of them dissatisfied regarding respondents stress on their job.
Based on this survey 68% of them are satisfied, 28% of them partially satisfied,
regarding encouragement of employees to develop new and more efficient ways
to do their job.
Based on this survey 74% of them are satisfied, 24% of them partially satisfied,
whereas 4% of them dissatisfied regarding the employee recommend others to
work for this company.
Based on this survey 44% of them are satisfied, whereas 34% of them are
partially satisfied and 22% are dissatisfied regarding the respondents overall
satisfaction.
Based on this survey 49% of them are satisfied 34% of them are partially
satisfied and 17% of them are dissatisfied regarding recognition for their
contribution.
Based on this survey 85.71% of them are satisfied, 11.11% of them are partially
satisfied and 3.18% of them are dissatisfied overall job satisfaction compared to
year ago.
3.2 SUGGESTIONS
45
Many of the employees are dissatisfied with their salary and so the company
can try to increase their salary levels.
Employees should be given proper encouragement and motivates them to do
their work and appreciation of their work helps in increasing the level of job
satisfaction.
Improve the communication channel which increases the interaction with
employees.
The supervisors should review the employees performance periodically.
As incentives is the one way to increase the job satisfaction the company take
steps to provide adequate incentives which will motivate the employees to do
their work with involvement.
The company takes steps to improve the chances for career growth of the
employees that will improve both the level of an individual employee and an
organizational level.
Promotional opportunities of the employees should be increased by the
company because promotion is a major determinant of employee satisfaction.
46
3.3 CONCLUSION
From the study, it is inferred that employees in the Bharti axa life insurance
Company are satisfied. They need improvement in training regarding their job,
incentives, promotional opportunities and chance for career growth. So, the company
may consider these points in order to improve the satisfaction of the employees
because the job satisfaction influences performance of their work. The company may
also provide counseling service in order to reduce the mental stress of the employees,
so that they work with more involvement.
Employees should be properly recognized and importance should be given to
them which are essential for increasing the level of employee satisfaction.
Thus the study on employee satisfaction is helpful in knowing the impact of it in
the functioning of the organization and knowing the views of employees about different
factors.
47