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Summer Training Project Report On Employees Satisfaction. At ICICI Prudential Life Insurance Company Ltd.

Submitted By:Nayanshree Jain. BBA 5th Semester Banasthali University (Raj)

INDEX

1. PREFACE 2. ACKNOWLEDGEMENT 3. EXECUTIVE SUMMARY 4. COMPANY PROFILE 5. INTRODUCTION UNDER HUMAN RESOURCE INSURANCE LIFE INSURANCE 6. RESEARCH AND METHODOLOGY 7. EMPLOYEE SATISFACTION RELATED TO THE COMPANY 8. DATA ANANLYSIS AND INTERPRETATION 9. FINDINGS AND SUGGESTIONS 10. CONCLUSION 11. BIBLIOGRAPHY 12. ANNEXURES

PREFACE

Business and industry in India are going through a phase of change as never witnessed before. Given the size of national economy, the role of Public Enterprises and the emerging diversity & dynamism in the private sector, it is difficult to describe accurately its scope. A healthy national economy is dependent upon healthy growth in business and industry. A healthy growth in business and industry, in turn, primarily depends upon the quality & potential of its Human Resources. Thus, the most important factor for survival and development, particularly in this age of rapid change and growth, is human capacity. Customer oriented, quality conscious, cost efficient and multi-skilled manpower will determine the core competency of modern organizations, for it is the man behind the machine and not the machine alone that will provide the cutting edge. During the last few years ICICI Prudential Life Insurance is also striving to grow in a competitive global scenario. The Corporation continues its quest for good quality products and customer delight to meet the challenge. In such a situation, human resources and their competency play an important role, as the real strength of organization depends upon the strengths and capabilities of its human capital. As part of Human Resource Function, Induction Program is the first line of defense when it comes to bringing the right people into the organization. It improves the personality, attitude, communication abilities, and other behavioral characteristics that fit the organization. The overall aim of the Induction Program is to welcome the Management Trainees and introduce them about the companys environment, their compensation and benefits, CSR, etc. It also helps to introduce with companys terms and conditions and visit them into plant of ICICI for practical knowledge and know the culture of ICICI. In view of above, it becomes imperative for any organization to conduct Induction Program.

ACKNOWLEDGEMENT
Preparing a project is an arduous task, but I was fortunate enough to get support from large number of people to whom I shall always remain grateful and who helped me directly or indirectly in completion of the project on Study of EMPLOYEE SATISFACTION of ICICI Prudential Life Insurance. The project has given me an opportunity to learn many aspects Of the organization and I was able to do this only by way of help and support extended to me by all the employees whom I interacted with. I am thankful to HRD of ICICI PRUDENTIAL for giving me the opportunity to do this project. I also express my gratitude Mr. Nirmal Sharma, Senior Manager, Bihar (HRD). I am very grateful to my guide Ms. Soumya Shukla, Project Trainee (HRD) for giving me this privilege to work under her and for all her support during the entire duration of my project and also all the staff of ICICI who have directly or indirectly helped me in spite of their busy schedule, for the successful completion of the project. I would like to convey my sincere thanks to Mr. Harsh Purohit (HOD, Wisdom) for his invaluable guidance that helped me to complete my project. And a last and big thank to Ms.Puja Mittal my colleague for her help and support.

Nayanshree Jain

EXECUTIVE SUMMARY
ICICI Prudential life insurance is the one of the largest insurance company in the India. It is one of the Indian Bank ICICI which had a joint venture with the foreign company PRUDENTIAL in 2000 and came in India with a name of ICICI Prudential Life Insurance.ICICI which works under the regulation of IRDA.Every year ICICI visit the campuses of top ranked engineering colleges and business schools for hiering new talents alover the India.The newly joined employees goes under an Induction program by the Senior HR manager of that state in which they joined. At first day of Induction Program company call the Bank person for open their salary account and also fill up the Identity Card Form for issuing their Identity card. During this 1 week program the employees are given each and every information regarding the company as well as the culture and norms of the company.the first day of the Induction Program is taken by the Senior HR manager of the state and rest 6 days are taken by their concerned department in which the employee is selected for example,if the employee us selected for the the sales department then the rest 6 days training is given by the sales head or if he is selected for the Finance department then the rest 6 days is taken by the finance head.The first day is started wid the filling up of RISHTA DOCUMENTS by the employees and making them aware of all the rules and regulations to the new employees.After that the HR manager gives them a brief description of the companys vision,mission and values.After that the employees are being introduced by the various Heads of the company and came to know about the establishment of the company and its various goals. During the classroom training session the company arranges everything like food and accommodation and the ups and downs tickets of the employee. As a summer trainee I cant directly intervene in Induction Program. But with the help of my seniors I was interact in Induction Program. Employee satisfaction is one of the most important motives of the company and the company always tries to give the best service to the customers as well as the employees. After the employees are selected and induction is given to them the next step is to give the full satisfaction to the employee so that they can work with full effectiveness.

COMPANY PROFILE (ICICI PRUDENTIAL LIFE INSURANCE COMPANY LTD)

ICICI Prudential Life Insurance Company is a joint venture between ICICI Bank, one of the foremost financial services companies of India and Prudential plc, one of the leading international financial services group headquartered in the United Kingdom. ICICI Prudential was amongst the first private sector life insurance companies to begin operations in December 2000 after receiving approval from Insurance Regulatory Development Authority (IRDA). ICICI Prudential Life's capital stands at Rs. 4,780 crores (as of September 30, 2010) with ICICI Bank and Prudential plc holding 74% and 26% stake respectively. For the period April 1, 2010 to September 30, 2010, the company garnered Rs 7,267 crores of total premiums and has underwritten over 10 million policies since inception. The company has a network of over 1,500 offices and over 1,60,000 advisors, as on September 30, 2010. The company has assets held over Rs. 65,000 crores as on September 30, 2010. For the past nine years, ICICI Prudential Life has maintained a wide range of Life Insurance products that meet the needs of the Indian customer at every step in life. ICICI Prudential Life recently completed 10 years on the Indian Insurance scape on 12th December 2010. Since the liberalization of Indian Insurance sector, ICICI Prudential Life Insurance has been one of the earliest private players. Since the time, ICICI Pru Life has been the leader in terms of market share as indicated by the IRDA (Insurance Regulatory and Development Authority, the regulator for Indian Insurance Industry) at its website. During 2007-08, the organization's focus on rural business has proved its complex project execution capability and strong partnerships for customer servicing.

In June, 2009 ICICI Prudential Life Insurance has decided to snap its tie up with TTK Healthcare to settle insurance claims of its users.[1] ICICI Prudential's life insurance products may be loosely categorized under four forms- Life Plans (further categorised into Term Plans and Wealth Plans), Child Plans, Retirement Plans and Health Plans. Under Life Insurance Plan category it offers term plans like i-Protect online term plan, ICICI Pru Pure-Protect and ICICI Pru LifeGuard, and ULIP wealth plans like ICICI Pru LifeStage Wealth II, ICICI Pru LifeLink Wealth SP, ICICI Pru Pinnacle Super etc. Under the Child / Education Plan category it offers products like ICICI Pru SmartKid regular premium and ICICI Pru SmartKid Premier Under the Retirement Insurance Plan category it offers products like ICICI Pru Forever Life & ICICI Pru LifeLink Pension SP. Under the Health Insurance Plan category it offers products like ICICI Pru Health Saver & ICICI Pru Hospital Care II.

Life Insurance Plan


ICICI Pru i-Protect Term Plan is a term insurance plan available online only. ICICI Pru Pure-Protect is a term plan without Return of Premium.

Retirement Insurance Plan

ICICI Pru LifeLink Pension SP is a single premium pension policy that provides you the opportunity to enjoy regular income as pension post retirement by paying just a single premium.

ICICI Pru ForeverLife is a regular premium deferred pension plan that provides the security of life cover during the Accumulation Phase and offers five ways to get your pension, after retirement.

Child / Education Plan

ICICI Pru SmartKid Regular Premium is a regular premium, traditional plan with two options to receive guaranteed educational benefits, no matter what the uncertainties in your life.

ICICI Pru SmartKid Premier is a ULIP plan which ensures your childs education continues even if you are not around.

Health Insurance

ICICI Pru Health Saver is a comprehensive whole of life health insurance plan that takes care of hospitalization costs as well as all your health care needs.

ICICI Pru Hospital Care II is a fixed benefit hospitalisation and surgical plan that offers you and your family, fixed payouts at various stages of hospitalisation in addition to benefit received from other medical insurance plans.

VISION AND VALUES OF ICICI PRUDENTIAL:-

VISION:-

To be the dominant Life, Health and Pensions player built on trust by world-class people and service. This we hope to achieve by:

Understanding the needs of customers and offering them superior products and service

Leveraging technology to service customers quickly, efficiently and conveniently

Developing and implementing superior risk management and investment strategies to offer sustainable and stable returns to our policyholders

Providing an enabling environment to foster growth and learning for our employees

And above all, building transparency in all our dealings The success of the company will be founded in its unflinching commitment to 5 core values -- Integrity, Customer First, Boundaryless, Ownership and Passion. Each of the values describe what the company stands for, the qualities of our people and the way we work. We do believe that we are on the threshold of an exciting new opportunity, where we can play a significant role in redefining and reshaping the sector. Given the quality of our parentage and the commitment of our team, there are no limits to our growth.

VALUES:-

Every member of the ICICI Prudential team is committed to 5 core values: Integrity, Customer First, Boundaryless, Ownership, and Passion. These values shine forth in all we do, and have become the keystones of our success.

INTRODUCTION OF WORK UNDER HUMAN RESOURCE

People are our greatest asset is a mantra that companies have been chanting for years. But only a few companies have started putting Human Resources Management (HRM) systems in place that support this philosophy. There are a number of challenges in the every industry which require the serious attention of HR managers to find the right candidate and build a conducive work environment which will be beneficial for the employees, as well as the organization. The industry is already under stress on account of persistent problems such as attrition, confidentiality, and loyalty. Other problems are managing people, motivation to adopt new technology changes, recruitment and training, performance management, development, and compensation management. With these challenges, it is timely for organizations to rethink the ways they manage their people. Managing HR in the knowledge based industry is a significant challenge for HR managers as it involves a multi task responsibility. In the present scenario, HR managers perform a variety of responsibilities. Earlier their role was confined to administrative functions like managing manpower requirements and maintaining rolls for the organization. Now it is more strategic as per the demands of the industry.

Managing People In view of the industry dynamics, in the current times, there is a greater demand for knowledge workers. Resumes abound, yet companies still fervently search for the people who can make a difference to the business. Often talented professionals enjoy high bargaining power due to their knowledge and skills in hand. The attitude is different for those who are taking up responsibilities at a lesser age and experience. These factors have resulted in the clear shift in approach to individualized career management from organization career commitment.

Motivating the Workforce As the competition is growing rapidly in the global market, a technological edge supported by a talent pool has become a crucial factor for survival in the market. Naturally, as a result

every organization gives top priority to technology advancement programs. HR managers are now performing the role of motivators for their knowledge workers to adopt new changes.

Competency Development Human capital is the real asset for any organization, and this makes the HR role important in recruiting, managing, nurturing and retaining the best. The HR department has a clear role in this process and determines the success trajectory of any organization. An urgent priority for most of the organizations is to have an innovative and competent HR pool; sound in HR management practices with strong business knowledge.

Recruitment and Training Recruitment has become a major function from an imperative sub system in HR, particularly in the industry. HR managers play a vital role in creating assets for the organization in the form of quality manpower. Attracting new talent also is a top priority for software companies, but less so for smaller companies. Another challenge for HR managers is to put systems in place to make the people a perfect fit for the job. Skill redundancy is fast in the industry. To overcome this problem, organizations give the utmost priority to training and skill enhancement programs on a continuous basis. Many companies are providing technical training to the employees on a quarterly basis. These trainings are quite useful also in terms of providing security to the employees.

The Trust Factor Low levels of trust inhibit tacit knowledge sharing in the knowledge based industry. It is essential that Our Company takes more initiatives to improve the security levels of the employees.

Work life Balance Factor Another dimension to the challenges faced by our company is the growing pace of talent acquisition. This aspect creates with it the challenge of a smoother assimilation and the

cultural binding of the new comers into the organization fold. The pressure of delivering the best of quality services in a reduced time frame calls for ensuring that employees maintain a work life balance.

Attrition/Retention of the Talent Pool One of the toughest challenges for the HR managers in the industry is to deal with the prevalent high attrition levels. Though there is an adequate supply of qualified staff at entry level, there are huge gaps in the middle and senior level management in the industry. Further, the salary growth plan for each employee is not well defined. This situation has resulted in increased levels of poaching and attrition between organizations. The industry average attrition rate is 3035 per cent and could range up to 60 per cent.

Bridging the Demand Supply Gap HR managers have to bridge the gap between the demand and supply of professionals. They have to maintain consistency in performance and have to keep the motivation levels of employees high, despite the monotonous nature of work. The same also leads to recurring training costs. Inconsistent performance directly affects revenues. Dwindling motivation levels lead to a loss of interest in the job and a higher number of errors. The most common purpose for surveying employees is satisfaction. Employee satisfaction surveys deal with workplace issues, such as benefits, commitment to diversity, and effective communications. The data from these surveys helps paint a portrait of employee attitudes and opinions. These kinds of surveys are particularly useful after a company has undergone some sort of change, such as a layoff, an acquisition, or a new department head. They also help employers isolate the root causes of persistent problems, such as low productivity or high expenses.

Employee satisfaction surveys help employers measure and understand their employees' attitude, opinions, motivation, and general satisfaction with their work environment. Use employee satisfaction surveys to inform employee decision making, benefits, work needs and more.

Employee satisfaction surveys provide valuable data that can ultimately save company money. Our employee satisfaction surveys can:

Measure employee satisfaction levels. Track changes in employee satisfaction over time. Improve overall satisfaction and retention.

EMPLOYEE SATISFACTION What does the term Satisfaction imply to an employee? It implies nothing else than the feeling of either being contended or non-contended on using a product. Employee Satisfaction is a prerequisite for the customer satisfaction. Enhanced employee satisfaction leads to higher level of employee retention. A stable and committed workforce ensures successful knowledge transfer, sharing, and creation --- a key to continuous improvement, innovation, and knowledge-based total customer satisfaction. When companies are committed with providing high quality products and services; when companies set high work standards for their employees; and when employees are empowered through training and development, provided with knowledge and information, permitted to make mistakes without punishment, and trusted; they will experience an increase in their level of satisfaction at work. This level of satisfaction can be enhanced further if teamwork and visionary leadership are introduced. Continuous improvement comes from the efforts of the empowered employees motivated by visionary leadership. This is supported by the findings that empowerment and visionary leadership both have significant correlation with employee satisfaction. Teamwork is also supported by the findings. In addition, the study found significant correlation between employee satisfaction and employees intention to leave.

The success of a corporation depends very much on customer satisfaction. A high level of customer service leads to customer retention, thus offering growth and profit opportunities to the organization. There is a strong relationship between customer satisfaction and employee satisfaction. Satisfied employees are more likely to stay with company and become committed and have more likely to be motivated to provide high level of customer service, by doing so will also further enhance the employees satisfaction through feeling of achievement. Enhanced employee satisfaction leads to improved employee retention; and employee stability ensures the successful implementation of continuous improvement and customer satisfaction. Customer satisfaction will no doubt lead to corporate success and greater job security. These will further enhance employee satisfaction. Therefore, employee satisfaction is a prerequisite for customer satisfaction. The most common way of measurement is the use of rating scales where employees report their reactions to their jobs. Questions relate to relate of pay, work responsibilities, variety of tasks, promotional opportunities the work itself and co-workers. Some questioners ask yes or no questions while others ask to rate satisfaction on 1 5 scale 9where 1represents not all satisfied and 5 represents extremely satisfied).

INTRODUCTION OF INSURANCE

Insurance is basically risk management device. The losses to assets resulting formnatural calamities like fire, flood, earthquake, accident etc. are met out of thecommon pool contributed by large number of persons who are exposed to similarrisks. This contribution of many is used to pay the losses suffered by unfortunatefew. However the basic principle is that losses should occur as a result of naturalcalamities or unexpected events which are beyond the Human control. Secondlyinsured person should not make any gains out of insurance. It is natural to think of insurance of physical assets such as motor car insurance orfire insurance but often be forget that creator all these assets is the human beingwhose effort have gone along way in building upto assets. In that scene human lifeis a unique income generating assets. Unlike physical assets which decreases withthe passage of time. The individual become more experience and mature as headvances in age. This raises his earnings capacity and the purposes of lifeinsurance is to protect the income to individual and provide financial security tohis family which is dependent of his income in the event of his pre mature death.The individual also himself also himself also needs financial security for the old age or on his becoming permanently disabled when his income will stop.Insurance also has an element of saving in certain cases. Insurance is rupees 400 billion business in India and yet its spread In the countryis relatively thin. Insurance as a concept has not being able to make headway inIndia. Presently LIC enjoys a monopoly in Life Insurance business while GICenjoys it in general insurance business. There has been very little option beforethe customer to decide the insurer. A successful passage of the IRA bill have clearthe way of private sector operators in collaboration with their overseas partner. Itis likely to bring in a more professional and focuses approach. More over theforeign players would bring sophisticated actuarial techniques with them whichwould facilitate the insurer to effectively priced the product. It is very importantthat the trained marketing professionals who are able to communicate specificfeatures of the policy should shall sell the policy. In the next millennium all theactivities would play a crucial role in the overall development and maturity of theinsurance industry.

General Definition:In the words of D S Hansell, Insurance may be defined as a social deviceproviding financial compensation for the effects of misfortune, the paying beingmade from the accumulated contributions of all participating in the scheme.

Contractual Definition:In the words of justice Tindall insurance is a contract in which a sum of money ispaid to the assured as consideration of insure incurring the risk of payinga largesum upon a given contingency. Characteristics of Insurance:Sharing of risk Co-operative device Evaluation of risk Payment on happening of special event The amount of payment depends on the nature of losses incurred

LIFE INSURANCE:Life insurance ensures that your family will receive financial support in your absence. Put simply, life insurance provides your family with a sum of money should something happen to you. It protects your family from financial crises. In addition to serving as a protective cover, life insurance acts as a flexible moneysaving scheme, which empowers you to accumulate wealth-to buy a new car, get your children married and even retire comfortably. Life insurance also triples up as an ideal tax-saving scheme.

WHY DO WE NEED LIFE INSURANCE? Who will take care of my family if tomorrow something unfortunate happens to me? If

this question bothers you, then Life Insurance is the answer.

Of course, under any circumstances, the loss of a loved one is a traumatic experience. But, if your family is also left without sufficient money to meet basic living needs or prepare for future goals, they will have to cope with a financial crisis at the same time. A Life Insurance plan ensures that your family is financially secure even if tomorrow you are no longer around to care for them. KEY BENEFITS OF LIFE INSURANCE:-

Life insurance, especially tailored to meet your financial needs Need for Life Insurance Today, there is no shortage of investment options for a person to choose from. Modern day investments include gold, property, fixed income instruments, mutual funds and of course, life insurance. Given the plethora of choices, it becomes imperative to make the right choice when investing your hard-earned money. Life insurance is a unique investment that helps you to meet your dual needs - saving for life's important goals, and protecting your assets. Let us look at these unique benefits of life insurance in detail. Asset Protection From an investor's point of view, an investment can play two roles - asset appreciation or asset protection. While most financial instruments have the underlying benefit of asset appreciation, life insurance is unique in that it gives the customer the reassurance of asset protection, along with a strong element of asset appreciation.

The core benefit of life insurance is that the financial interests of ones family remain protected from circumstances such as loss of income due to critical illness or death of the policyholder. Simultaneously, insurance products also have a strong inbuilt wealth creation proposition. The customer therefore benefits on two counts and life insurance occupies a unique space in the landscape of investment options available to a customer. Goal based savings Each of us has some goals in life for which we need to save. For a young, newly married couple, it could be buying a house. Once, they decide to start a family, the goal changes to planning for the education or marriage of their children. As one grows older, planning for one's retirement will begin to take precedence.

Clearly, as your life stage and therefore your financial goals change, the instrument in which you invest should offer corresponding benefits pertinent to the new life stage. Life insurance is the only investment option that offers specific products tailormade for different life stages. It thus ensures that the benefits offered to the customer reflect the needs of the customer at that particular life stage, and hence ensures that the financial goals of that life stage are met.

The table below gives a general guide to the plans that are appropriate for different life stages.

Primary Need Young & Single Asset creation Young & Just married Married with kids Middle aged with grown up kids Across all lifestages Asset creation & protection Children's education, Asset creation and protection

Life Insurance Product Wealth creation plans Wealth creation and mortgage protection plans Education insurance, mortgage protection & wealth creation plans

Planning for retirement Retirement solutions & & asset protection mortgage protection

Health plans

Health Insurance

RESEARCH METHODOLGY

Research is a careful inquiry or examination to discover new information and to expand and verify existing knowledge. According to Clifford Woddy, Research is defined as the process which includes defining and redefining problems, formulating hypothesis or suggested solutions, collecting, organizing and evaluating data, making deductions and reaching conclusions and at last carefully testing the conclusions to determine whether they fit the formulating hypothesis. Employee Satisfaction Measurement. Employee satisfaction has been defined as a function of perceived performance and expectations. It is a persons feeling of pleasure or disappointment resulting from comparing a products outcome to his/her expectations. If the performance (Company Services) falls short of expectations, the employee is dissatisfied and if it matches the expectations, the employee is satisfied. A high

satisfaction implies more purchase/use of the product or service. The process is however, more complicated then it appears. It is more important for any organization to offer high satisfaction, as it reflects high loyalty and it will not lead to switching over once a better offer comes in. Tools for tracking and measuring customer satisfaction: Complaint and Suggestion System: Employee can freely deliver complaints

and suggestions through facilities like suggestion box, personal meetings with seniors etc. Lost Employee Analysis: The exit interviews are conducted or employee loss

rate is computed.

Employee Satisfaction Survey: Periodic surveys by use of questionnaire or

telephone calls to random sample of recent buyer help to find out customer satisfaction and relate to repurchase intention and word of mouth score. Statement of the Problem Human behaviour is unpredictable. One can act according to ones own decision. No one can expect the same type of behaviour from anyone at all circumstances. Human behaviour is highly influenced by the environment. Because of this factor, we cannot expect that one can act in the same way on a particular problem in all situations. Most times human behaviour is influenced by the nature of work group. Friendly

cooperative co-workers will definitely have a positive approach towards their work. The work group serve as a source of support, comfort, advice and assistance to the individual workers. A good work group makes the job more enjoyable, and the performance of the group will be very high. This will automatically lead to the attainment of the individual as well as die organizational goals. As a result every one of the organization will have a high job satisfaction and will have a peaceful life. If there is dissatisfaction with the job it will make the workers become restless which may be reflected in the form of low production, high wastage of materials, accidents, conflicts among workers, absenteeism, high employee turnover, strike and lockouts etc. Therefore, it is more important to study the job satisfaction of workers as it one of deciding factors which will determine the whole operation of an organization.

What does the term Satisfaction imply to an employee? It implies nothing else than the feeling of either being contended or non-contended on using a product.

Understanding the Importance of Employee Surveys Statistics and data collected from a variety of sources indicate that employee research methods and techniques, specifically Employee Surveys have grown and developed at an incredible pace the last few years. During the initial phases, the research was considered a

Human Resource exercise that provided employees with an opportunity to vent and let the company know exactly what they thought of management, organization, work flow and overall company operation. The exercise was genuinely not regarded as being important enough to give due consideration outside of Human Resource purposes. Today, so much has changed! Employee surveys are seen by many organizations as a magnificent tool to improve business.

The key to these organizations' success can be attributed to their understanding that the primary way of gaining a competitive advantage is to improve company employees' ability to better customer and client service. Now you may be wondering-but why is this?

The answer is quite simply because customers and clients have an increased selection of choices when compared to those available a decade ago and are thus becoming considerably more informed and particular than before. This translates into deservedly high expectations and, if a client or customer feels slightly let-down or unappreciated, he or she will merely head on over to a new allegiance. This decrease in loyalty results in obvious problems for businesses, specifically in the expected revenues from existing customers or clients. This loss of revenue in turn leads to businesses needing to boost their expenses on recruiting new customers or clients. In other words, a no win situation for the bottom line.

Scope of the Study The scope of the study is as under: (a) (b) (c) (d) (e) Conduct the study in the premises of Teleperformance. Include 10 employees at random. Seek individual responses to questionnaires. Collect data from participants. No comparisons will be made with other organizations.

(f) (g)

Include open and close ended questions while seeking data. Protect the privacy of individuals responding to questionnaires.

Objectives of the Study The objectives of the study are as follows: (a) Measure job satisfaction of the employees of reliance life insurance company, Dehradun. (b) To assess the general attitude of the employees towards reliance life insurance company, Dehradun. (c) (d) To assess the level of commitment across process and facilities. To analyze the strengths and weakness of reliance life insurance company, Dehradun

as an organization. (e) To help the management of the company to know about the actions to be taken to

increase the level of satisfaction of the employees. Data Collection Following are the sources for the collection of data: Primary source Secondary source

Data Collection Methods There are three main methods of data collection Observation Experimentation Survey

Direct interview method

I have selected survey method of data collection which is one of the very common and widely used methods for collection of primary data. We can gather wide range of valuable information about the behavior of the employees viz. attitude, motive and options etc. PrimaryData The Primary Data required for this project work was collected through Questionnaires. This method consisted of preparing detailed questions covering the Employee satisfaction standards in the Company. Thereafter it was distributed amongst a total of 10 personnel of the Company(respondents) who were randomly selected. Further, no names were sought from those filling in this Questionnaire so as to obtain their free and frank opinion as also to protect their privacy. The format of the Questionnaire is attached as Annexure I to this report. Secondary Data. As Secondary Data is data which has been collected earlier for other

purposes, the requirement of this type of data with respect to this report was obtained from the company website.

Employee satisfaction related to the company

RECRUITMENT Recruitment is the process of finding and attracting capable applicants for employment. The process begins when new recruits are sought and ends when their applications are submitted. The result is a pool of applicants from which new employees are selected. In this company the Sales Manager, who recruits the advisors/agents for selling the products of the company, does the recruitment. The advisors should have at least passed the S.S.C. examination. They must pass the pre recruitment examination, which is conducted by the Insurance Institute of India, Mumbai, or any other approved examination body. After clearing the examination the code will be provided to them and the license will also be given to them, the validity the license would be 3 years. After all these requirements, the person will become an insurance advisor in the company

SELECTION Selection is the process of picking individuals (out of the pool of job applications) with requisite qualifications and competence to fill job in the organization. In simple words, it is the process of differentiating between applicants in order to identify these with a greater likelihood of success in a job. The Branch Manager, which includes-, will conduct the process of selection of Sales Manager

1) Personal Interview: -The first step of selection of Sales Manager in the ICICI Prudential Life Insurance Company Limited is to conduct a personal interview of an applicant by the Branch Manager. 2) Project 40 Interview: -After clearing the personal interview, the project 40interview will be taken by the Branch Manager. In this step, the applicant should have to make a list of 40 and then start the business with them. 3) Interview with Regional Head: - After clearing the project 40 interview, the applicant should be interviewed by the Regional Head, who will check his/her performance. 4) Negotiation:- After clearing the interview with Regional Head, the negotiation will be provided to the applicant. 5) Medical Examination: -After that, the medical checkup should e made to the applicant. 6) Selection: After clearing all the above steps the applicant should be appointed/selected as a Sales Manager in the company

TRAINING AND DEVELOPMENT:Training and Development is any attempt to improve current or future employee performance by increasing an employees ability to perform through learning usually by changing the employees attitude or increasing his/her skills and knowledge. The need for training and development is determined by the employees performance deficiency, computed as follows Training & Development = Standard Performance Actual Performance They are providing 100 hours training to their advisors, who are newly recruited. They are also providing the product training to their advisors and Sales Managers, who are newly recruited. The 100 hour straining is to be conducted at Net Bios Computer Academy

whereas the product training is to be conducted at NIS SPARTA. The NIS SPARTA Institute has more than 150 batches and is trained over 3000 agents for most of the private insurance companies. This institute is approved by IDRA to train agents/advisors. CAREER DEVELOPMENT They are also providing career development plans, which will identify Potential and create avenues for growth. COMMUNICATION Communication is the process through which an individual can exchange their beliefs, things, information, and experience to others. In simple words, it is the process of exchanging the information from one person to another.They is providing an open environment, which enabling free interaction between all levels. The communication is provided in the following manner:

Explanations of the diagram:The communication is flow between Branches to Branch. Within a branch, it flows between Branch Manager to Sales Managers and Sales Managers to Agents/Advisors, and then Branch Head to Regional Head, then different Regional Head to Regional Head, then Regional Head to Channel Head, then to Chief Marketing Officer (CMO), then to Chief Executive Officer (CEO).

INCENTIVES Incentives are monetary benefits paid to workmen in recognition of their outstanding performance. They are providing an aggressive reward andrecognition plan, which are including sales incentives. SERVICES They are offering following certain services to their employees. 1) They are providing knowledge sharing and certification practices. 2) They are planned team building and fun events. 3) They are creating Reliance Life Insurance family, which includes employees, associates and their families. 4) ICICI Prudential Life Insurance in a team building mode and is looking for performance driven, achievement oriented and challenge loving performance.

PERFORMANCE APPRAISAL Performance appraisal is the systematic evaluation of the individual with respect to his/her performance on the job and his/her potential for development. Performance appraisal is a formal, structured system of measuring and evaluating an employees job related behaviors and outcomes to discover how and why the employee is presently performing on the job and how the employee can perform more effectively in the future so that the employee, organization and society all benefit. They are providing a balanced scorecard approach for strategy deployment and performance measurement, which goals and measure financial, customer focused, process related and employee development related initiatives. In addition to this, the Branch

Manager should measure the performance of the Sales Managers at every six months and the Sales Manager should measure the performance of the advisors/agents. If the performance is best then he/she will be prompted.

DATA ANALYSIS & INTERPRETATION

The analysis and interpretation of the Questionnaire to the Participants (format is as per Annexure I to this report) is enumerated in succeeding paragraphs. Q-1 Are you clear about the results expected of you in your job? The responses showed that majority of the employees were clear about their job. The response was as under:-

Response Yes No Cant say Total

No 8 2 0 10

Percentage 80% 20% 0 100

Interpretation. Employees of the company are aware of the managements expectations from them.

Q-2 Are you clear about the overall goals of the company?

The response was as under:-

Response Yes No Cant say Total

Nos 7 3 0 10

Percentage 70 % 30 % 0 100

Interpretation. Employees of the company are quite clear of the goals of the organization

Q-3 Are you satisfied with your job assignment? The response was as under:-

Response Yes No Cant say Total

Nos 5 3 2 10

Percentage 50 % 30% 20 % 100

Interpretation. While a large proportion of the employees are happy and satisfied with their work assignment, fairly large proportions do not appear to be happy and satisfied.

Q-4 Does your job make use of your skills and abilities? The response was as under:-

Response Yes No Cant say Total

Nos 5 5 0 10

Percentage 50 % 50 % 0 100

Interpretation. Skills and abilities of employees are being utilised by the company. However these skills and abilities are not being optimally utilised.

Q-5 Do you get a sense of accomplishment from your work? The response was as under:-

Response Yes No Cant say Total

Nos 6 3 1 10

Percentage 60% 30 % 10% 100

Interpretation. Higher order needs of a large number of employees needs more attention. Majority of employees appear to be getting a sense of accomplishment in their respective jobs.

Q-6 Would you like to continue in your current area of work? Response Yes No Cant say Total Nos 9 1 0 10 Percentage 90% 10% 0 100

Interpretation. Attitude of Employees towards their current job is reasonably satisfactory.

Q-7 Does your job, through variety and challenge, provide opportunities for learning and growth? The response was as under:Response Yes No Cant say Total Nos 2 8 0 10 Percentage 20 80% 0 100

Interpretation. More attention needs to be given to individual growth of employees of the company.

Q-8 Is the environment of your workplace safe clean, healthy and hygienic? The response was as under:-

Response Yes No Cant say Total

Nos 8 2 0 10

Percentage 80% 20% 0 100

Interpretation. The environment at the work place is neat, clean, tidy and hygienic.

Q-9 Does your job leave you with sufficient time for your personal/family and social life? The response was as under:Response Yes No Cant say Total No 9 1 0 10 Percentage 90% 10% 0 100

Interpretation. Majority of employees are satisfied with availability of personal time, however, a fair proportion is not satisfied with the same.

Q-10 Are your superiors fair and equitable in their dealings with people? Response was as under:Response Yes No Cant say Total No 2 8 0 10 Percentage 20% 80% 0 100

Interpretation. Reveals, unhealthy personal relations between management and employees of the company.

Q-11 Have your performance appraisals been fair? The response was as under:-

Response Yes No Cant say Total

Nos 3 7 0 1

Percentage 30% 70% 0 100

Interpretation. Reveals, a good proportion of employees are not satisfied with their appraisal.

Q-12 Are there clear criteria for giving rewards? The response was as under:Response Yes No Cant say Total No 4 3 3 10 Percentage 40% 30% 30% 100

Interpretation. Reflects a unhealthy system of rewards in the company.

Q-13 Is credit for work well done given timely? The response was as under:No 7 3 0 10 Percentage 70% 30 0 100

12Response 5Y6789\ No Cant say Total

Interpretation. Reveals the fact that while most of the time, good work is being appreciated, however more emphasis is required to ensure that good work does not go unrecognised. Q-14 Superiors in the company welcome free and frank communication from employees? The response was as under:Response Strongly agree Agree Neutral Disagree Strongly Disagree Interpretation. Free and frank opinions from employees are welcome in the company but need to make sure that everyone gets the opportunity to say their mind. No 4 2 2 2 0 Percentage 40% 20% 20% 20% 0

FINDINGS:The findings consequent to the study are as enumerated in succeeding paragraphs. (a) Majority (90%) of the employees were clear about their own role and the

company goals. (b) (c) Only 63 percent of the employees were satisfied with their job assignments. Only 70 percent of the employees feel that the company is utilizing their skills

and abilities. (d) (e) 87 percent of the employees want to continue in their current area of work. 60 percent of respondents felt that their job provided opportunities for

learning and growth. (f) 93 percent of respondents felt that environment of your workplace safe

clean, healthy and hygienic. (g) 97 percent of respondents felt adequate private time for self and family was

available. (h) 90 percent of employees were of the opinion that their employees were fair

and equitable in their dealings with people. (i) Only 63 percent of employees thought that credit for work well done was

given timely. (j) 67 percent of employees were satisfied with their remuneration package

considering their job and responsibilities. (k) 67 percent of employees were satisfied with freedom for free and frank

communication with superiors.

SUGGESTIONS:In general, level of employee satisfaction in the company is quite high. However as far as satisfaction goes, sky is the limit and there is no end to expectations. Following suggestions are made with the intention of further improvement:(a) System of reward and recognition may be improved. Though there is no bias

in rewards, employees have a feeling that their good work is not given credit in time. (b) (c) Remuneration to employees may be improved, if feasible. Communication (free and frank exchange between employees and

employers) may be given more attention. (d) Opportunities for personal learning, growth and personal development of the

employees deserves due attention. Investment in employees is indirectly investment in the company. (e) Job assignment needs to be reviewed periodically in order to avoid monotony

and boredom.

CONCLUSION
Undertaking this project has helped me in learning to think of a topic/subject/issue in a logical manner and examining the issue in its totality. This has also promoted interaction with people from different walks of life, experiences and outlooks thus giving me a broader perspective to the issue of training in particular and the business environment in general. Finally to conclude, I would like to submit that while pursuing this research, I learnt that it is very important to learn the background/genesis of the topic/subject/issues first, so as to understand the requirement/problem at hand and then consider its present status and future prospects so as to arrive at a suggested set of solutions/recommendations/suggestions so vital to the purpose of such studies.

ANNEXURE I
Copy No Date QUESTIONNAIRE: PARTICIPANTS .

1.

Introduction. This questionnaire seeks data from respondents(employees of the

company) chosen at random. This data is for the purpose of this study alone and will not be used for any other purpose and is purely academic in nature. 2. The questions are as follows:

Q-1 Are you clear about the results expected of you in your job? Yes. No. Cant say.

Q-2 Are you clear about the overall goals of the company? Yes. No. Cant say.

Q-3 Are you satisfied with your job assignment? Yes. No. Cant say.

Q-4 Does your job make use of your skills and abilities? Yes.

No. Cant say.

Q-5 Do you get a sense of accomplishment from your work? Yes. No. Cant say.

Q-6 Would you like to continue in your current area of work? Yes. No. Cant say.

Q-7 Does your job, through variety and challenge, provide opportunities for learning and growth? Yes. No. Cant say.

Q-8 Is the environment of your workplace safe clean, healthy and hygienic? Yes. No. Cant say.

Q-9 Does your job leave you with sufficient time for your personal/family and social life? Yes. No.

Cant say.

Q-10 Are your superiors fair and equitable in their dealings with people? Yes. No. Cant say.

Q-11 Have your performance appraisals been fair? Yes. No. Cant say.

Q-12 Are there clear criteria for giving rewards? Yes. No. Cant say.

Q-13 Is credit for work well done given timely? Yes. No. Cant say.

Q-14 Superiors in the company welcome free and frank communication from employees? Strongly agree. Agree. Neutral. Disagree.

Q-17

Strongly disagree.

Do your superiors encourage you to think innovatively and challenge outmoded

traditions and practices? Strongly agree. Agree. Neutral. Disagree. Strongly disagree.

BIBLIOGRAPHY
WEBSITES: www.iciciprulife.com www.google.com www.wikipedia.com www.scibd.com www.intarneticicipru.com

BOOKS: Human Resource Management (Ashwathaappa) Human Resource Management (Macmillan Publisher Books Ltd)

ANNEXURES-2