SUMMER TRAINING REPORT ON A STUDY ON EMPLOYEE MOTIVATION Undertaken at RELIANCE LIFE INSURANCE CO. LTD.

Submitted in partial fulfillment of the requirements for the award of the degree of BACHELOR OF BUSINESS ADMINISTRATION To Guru Gobind Singh Indraprastha University, Delhi

Under the Guidance of Mr. Chandan Parsad Asst. Professor

Submitted by Pooja Chetri BBA-V Sem.(M) 01917001709

Session 2011 12

To Whom It May Concern

I _______________________, Enrolment No. ______________from BBA-V Sem of the Tecnia Institute of Advanced Studies, Delhi hereby declare that the Summer Training Report (BBA-311) entitled______________________________________________________________________________ _______________at ________________________________ is an original work and the same has not been submitted to any other Institute for the award of any other degree. A presentation of the Summer Training Report was made on _______________________ and the suggestions as approved by the faculty were duly incorporated.

Date:

Signature of the Student

Certified that the Summer Training Report submitted in partial fulfillment of Bachelor of Business Administration (BBA) to be awarded by G.G.S.I.P. University, Delhi by _________________________, Enrolment No. ________________ has been completed under my guidance and is Satisfactory.

Date:

Signature of the Guide Name of Guide: Designation:

ACKNOWLEDGEMENT

A journey is easier when you travel together. Interdependence is certainly more valuable than independence. This report is the result and supported by many people. It is a pleasant aspect that I have now the opportunity to express my gratitude for all of them. I would also express my gratitude towards my respective project guide: Mr. Chandan Parsad who overlooked and tolerated my mistakes and guided me to the path of success. I will remain thankful to him for being so generous in providing his valuable and timely guidance to me in completing this project. The knowledge offered was from the repository of his vast experience. He gave me much needed valuable advice, positive criticism, suggestions and constant encouragement through discussions. It is a great privilege and matter of honour for me to complete this project on A STUDY ON EMPLOYEE MOTIVATION" at Reliance Life Insurance Company Limited under the guidance of Mr. Mohit Khanna. He not only paved the way for adoption of basic philosophy behind this project, but also provided immense encouragement and help to me in sorting out all type of problems. He has been a continuous source of inspiration for me during my project work. Last but certainly not the least; I am grateful to my Parents for their constant support and encouragement.

Pooja Chetri

EXECUTIVE SUMMARY

Employee Motivation is the end feeling of a person after performing a task to the extent that a persons job fulfills his dominant needs and is consistent with his expectations and values, the job will be satisfying. The feeling would be positive or negative depending upon whether need is satisfied or not.

The present report A STUDY ON EMPLOYEE MOTIVATION is based on the basis of information gathered from RELIANCE LIFE INSURANCE COMPANY LIMITED, JANAK PURI, DELHI.

A structured questionnaire was prepared to seek information from the employees at RLIC. A experience survey of 50 employees was done, to meet my objective at Janak Puri branch of RLIC LTD.

CONTENTS S. No.
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PARTICULARS
Certificate from Students & Faculty Guide

PAGE NO.

Certificate from Industry Guide

3 4 5
6 7 8 9

Summer Training Appraisal form Acknowledgement Executive Summary Chapter I: Introduction Chapter II: Review of Literature Chapter III: Research Methodology Chapter IV: Data Reduction, Presentation & Analysis Chapter V: Data Interpretation Chapter VI: Summary & Conclusions References/ Bibliography Appendices -List of Tables -List of Figures -List of Symbols -List of Abbreviations

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26 29

10 11 12

45 48 52 -

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Annexure

Chapter- I
Introduction

1.1 Introduction

The project work entitled a STUDY ON EMPLOYEE MOTIVATION with reference to Reliance life insurance co. ltd. Janakpuri, Delhi is mainly conducted to identify the factors which motivate the employees and the organizational functions in company. (a) Meaning and concept of motivation Managements basic job is the effective utilization of human resources for achievements of organizational objectives. The personnel management is concerned with organizing human resources in such a way to get maximum output to the enterprise and to develop the talent of people at work to the fullest satisfaction. Motivation implies that one person, in organization context a manager, includes another, say an employee, to engage in action by ensuring that a channel to satisfy those needs and aspirations becomes available to the person. In addition to this, the strong needs in a direction that is satisfying to the latent needs in employees and harness them in a manner that would be functional for the organization.

Employee motivation is one of the major issues faced by every organization. It is the major task of every manager to motivate his subordinates or to create the will to work among the subordinates. It should also be remembered that a worker may be immensely capable of doing some work; nothing can be achieved if he is not willing to work. A manager has to make appropriate use of motivation to enthuse the employees to follow them. The data needed for the study has been collected from the employees through questionnaires and through direct interviews. Analysis and interpretation has been done by using the statistical tools and datas are presented through tables and charts.

(b) Rationale for choosing the problem under study. The research problem here in this study is associated with the motivation of employees of reliance life insurance co. Ltd., janakpuri, Delhi. There are a variety of factors that can influence an employees level of motivation; some of these factors include 1. The level of pay and benefits, 2. The fairness of promotion system within a company, 3. Quality of the working conditions, 4. Leadership and social relationships, 5. Employee recognition 6. Career development opportunities etc. Motivated employees are a great asset to any organisation. It is because the motivation and Job satisfaction is clearly linked. Hence this study is focusing on the employee motivation in the organisation. The research problem is formulated as follows: What are the factors which help to motivate the employees?

1.2 Objectives of study: 1. To study the factors that motivate the employees in reliance life insurance co. ltd. 2. To study the impact of monetary and non-monetary benefits provided by the organization on the employees performance. 3. To study the impact of job promotions on employees. 4. To recommend the practical suggestion accordingly.

1.3 Scope of study: The study analyses various factors that are liable to motivate the employees in reliance life insurance co. ltd. For this study the human resource department and employees of the company are interviewed to collect data with the help of questionnaire and direct personal interviews. The respondents for the survey are selected from the district centre janakpuri branch of reliance life insurance co. ltd. The study intends to analyze data and to represent the findings through the graphical instruments and providing recommendations accordingly.

1.4 Company profile: 1.4.1 Reliance Life Insurance Company Limited. Corporate Office: 9th floor/10th floor, Building No. 2, R-Tech Park, Nirlon Compound, Next to Hub Mall, Behind I- Flex building, Goregaon, (East), Mumbai-400 063. Fax No: 022- 30002222

Registered Office: H Block, 1st Floor, Dhirubhai Ambani Knowledge City, Navi Mumbai, and Maharashtra - 400710. Website: www.reliancelife.com

1.4.2 Nature of organization

Reliance Life Insurance Company Limited provides life insurance products to individuals and corporate in India. It offers solutions for individuals, such as protection, term, credit guardian, endowment, wealth creation with health coverage, cash flow, savings and investment, unit linked investment and insurance, automatic investment, market return, retirement, and child plans. The company also provides solutions for groups, which include employers liability, group superannuation, group gratuity, group leave encashment, employee protection, group credit shield, group term assurance, and employee voluntary benefit plans. It offers its products through agents. The company was incorporated in 2001 and is based in Mumbai, India. As of October 22, 2005, Reliance Life Insurance Company Limited operates as a subsidiary of Reliance Capital Ltd.

1.4.3 Vision & Mission Vision Empowering everyone live their dreams. Mission Create unmatched value for everyone through dependable, effective, transparent and profitable life insurance and pension plans.

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1.4.4 Product range of the company There are two categories of the insurance products in the company which are: 1. Solutions for individuals 2. Solutions for groups. Under first category i.e. solution for individuals, there are three kinds of insurance plans. 1.4.4.1 Protection Plans 1.4.4.2 Savings & Investment Plans 1.4.4.3 Child Plans

Protection plans The company provides a wide range of protection plans to its customers to protect their families from the future uncertainties if anything happens to their lives. Such plans provided by the company are as follows:

Reliance Life Insurance Money Multiplier Plan Reliance Term Plan Reliance Simple Term Plan Reliance Special Term Plan Reliance Credit Guardian Plan Reliance Special Credit Guardian Plan Reliance Endowment Plan Reliance Super Five Plus Reliance Connect 2 Life Plan Reliance Whole Life Plan Reliance Cash Flow Plan

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Savings & Investment Plans Reliance Life Insurance Pay Five Plan Reliance Life Insurance Classic Plan Limited Premium Reliance Life Insurance Money Multiplier Plan Reliance Life Insurance Highest NAV Advantage Plan Reliance Life Insurance Classic Plan Reliance Cash Flow Plan Reliance Endowment Plan Reliance Super Five Plus Reliance Whole Life Plan Reliance Connect 2 Life Plan Child Plans Reliance Child Plan Health Plan Reliance Life Care for You Plan

The Solutions for Groups The group solution plans are for the employers. These plans help them to guard the future of their corporate family by providing an insurance and managing their gratuity and pensions also. Two types of solutions are provided here by the company. Employers Liability Solutions Employee Protection Solutions

Employers Liability Solutions Reliance Life Insurance Group Leave Encashment Plus Plan Reliance Traditional Group Gratuity Plan Reliance Life Insurance Group Gratuity Plus Plan

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Employee Protection Solution Reliance Jan Samriddhi Plan Reliance Group Credit Shield Plan Reliance Group Term Assurance Plan Group Term Insurance Plan EDLI 1.4.5 Size in terms of manpower and turnover 1.4.6 The Reliance Life Insurance Co. Ltd. At present status has 1145 branches 1,95,000 Advisors over 16,000 employees

1.4.6 Organisation structure of the company

CEO CMO CHANNEL HEAD REGIONAL HEAD BRANCH HEAD SALES MANAGER ADVISORS/AGENTS CUSTOMERS

Fig 1.1 13

1.4.7 Market share and the position of the company in industry

3rd largest private player in a span of just 4 years, moved from 11th position to 3rd Amongst the fastest growing Companies for 4 years in a row Continuous increase in market share over 4 years; from 1.9% in 2005-06 to 10.26% in 2009 -10

RLIC has achieved a growth rate of 21% while the private industry has grown at 13% Fastest to reach the 5 million policy mark

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1.5 Industry profile 1.5.1The Indian Insurance Industry India insurance is a flourishing industry, with several national and international players competing and growing at rapid rates. Thanks to reforms and the easing of policy regulations, the Indian insurance sector been allowed to flourish, and as Indians become more familiar with different insurance products, this growth can only increase, with the period from 2010 - 2015 projected to be the 'Golden Age' for the Indian insurance industry. India Insurance Policies at a Glance Indian insurance companies offer a comprehensive range of insurance plans, a range that is growing as the economy matures and the wealth of the middle classes increases. The most common types include: term life policies, endowment policies, joint life policies, whole life policies, loan cover term assurance policies, unit-linked insurance plans, group insurance policies, pension plans, and annuities. General insurance plans are also available to cover motor insurance, home insurance, travel insurance and health insurance. Due to the growing demand for insurance, more and more insurance companies are now emerging in the Indian insurance sector. With the opening up of the economy, several international leaders in the insurance sector are trying to venture into the India insurance industry. Indian Insurance: Sector Reform The formation of the Malhotra Committee in 1993 initiated reforms in the Indian insurance sector. The aim of the Malhotra Committee was to assess the functionality of the Indian insurance sector. This committee was also in charge of recommending the future path of insurance in India. The Malhotra Committee attempted to improve various aspects of the insurance sector, making them more appropriate and effective for the Indian market. The recommendations of the committee put stress on offering operational autonomy to the insurance service providers and also suggested forming an independent regulatory body. The 15

Insurance Regulatory and Development Authority Act of 1999 brought about several crucial policy changes in the insurance sector of India. It led to the formation of the Insurance Regulatory and Development Authority (IRDA) in 2000.

Indian Insurance Industry INSURERS: Insurance industry, as on 1.4.2000, comprised mainly two players: the state insurers: Life Insurers:

Life Insurance Corporation of India (LIC)

General Insurers:

General Insurance Corporation of India (GIC) (with effect from Dec'2000, a National Reinsurer) GIC had four subsidiary companies, namely (with effect from Dec'2000, these subsidiaries have been de-linked from the parent company and made as independent insurance companies. The Oriental Insurance Company Limited The New India Assurance Company Limited National Insurance Company Limited United India Insurance Company Limited.

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Other life insurers HDFC Standard Life Insurance Company Ltd. Max New York Life Insurance Co. Ltd. ICICI Prudential Life Insurance Company Ltd. Kotak Mahindra Old Mutual Life Insurance Limited Birla Sun Life Insurance Company Ltd. Tata AIG Life Insurance Company Ltd. SBI Life Insurance Company Limited. ING Vysya Life Insurance Company Private Limited Bajaj Allianz Life Insurance Company Limited Metlife India Insurance Company Ltd. IDBI Fortis Life Insurance Reliance Life Insurance Company Limited. Aviva Life Insurance Co. India Pvt. Ltd. Sahara India Insurance Company Ltd. Shriram Life Insurance Company Ltd. Bharti AXA Life Insurance Company Ltd. Future General India Life Insurance Company Limited Canara HSBC Oriental Bank of Commerce Life Insurance Company Ltd. AEGON Religare Life Insurance Company Ltd. DLF Pramerica Life Insurance Company Ltd. Star Union Dai-ichi Life Insurance Co. Ltd.,

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Insurance Regulatory and Development Authority The Insurance Regulatory and Development Authority (IRDA) is a national agency of the Government of India, based in Hyderabad. It was formed by an act of Indian Parliament known as IRDA Act 1999, which was amended in 2002 to incorporate some emerging requirements. Mission of IRDA as stated in the act is "to protect the interests of the policyholders, to regulate, promote and ensure orderly growth of the insurance industry and for matters connected therewith or incidental thereto." Expectations The law of India has following expectations from IRDA 1. To protect the interest of and secure fair treatment to policyholders. 2. To bring about speedy and orderly growth of the insurance industry (including annuity and superannuation payments), for the benefit of the common man, and to provide long term funds for accelerating growth of the economy. 3. To set, promote, monitor and enforce high standards of integrity, financial soundness, fair dealing and competence of those it regulates. 4. To ensure that insurance customers receive precise, clear and correct information about products and services and make them aware of their responsibilities and duties in this regard. 5. To ensure speedy settlement of genuine claims, to prevent insurance frauds and other malpractices and put in place effective grievance redressal machinery. 6. To promote fairness, transparency and orderly conduct in financial markets dealing with insurance and build a reliable management information system to enforce high standards of financial soundness amongst market players. 7. To take action where such standards are inadequate or ineffectively enforced.

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8. To bring about optimum amount of self-regulation in day to day working of the industry consistent with the requirements of prudential regulation. Duties, Powers and Functions of IRDA Section 14 of IRDA Act, 1999 lays down the duties, powers and functions of IRDA (1) Subject to the provisions of this Act and any other law for the time being in force, the Authority shall have the duty to regulate, promote and ensure orderly growth of the insurance business and re-insurance business. (2) Without prejudice to the generality of the provisions contained in sub-section (1), the powers and functions of the Authority shall include, (A) Issue to the applicant a certificate of registration, renews, modify, withdraw, suspend or cancel such registration; (b) protection of the interests of the policy holders in matters concerning assigning of policy, nomination by policy holders, insurable interest, settlement of insurance claim, surrender value of policy and other terms and conditions of contracts of insurance; (c) Specifying requisite qualifications, code of conduct and practical training for intermediary or insurance intermediaries and agents; (d) Specifying the code of conduct for surveyors and loss assessors; (e) Promoting efficiency in the conduct of insurance business; (f) Promoting and regulating professional organisations connected with the insurance and reinsurance business; (g) Levying fees and other charges for carrying out the purposes of this Act;

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(h) calling for information from, undertaking inspection of, conducting enquiries and investigations including audit of the insurers, intermediaries, insurance intermediaries and other organisations connected with the insurance business; (i) control and regulation of the rates, advantages, terms and conditions that may be offered by insurers in respect of general insurance business not so controlled and regulated by the Tariff Advisory Committee under section 64U of the Insurance Act, 1938 (4 of 1938); (j) Specifying the form and manner in which books of account shall be maintained and statement of accounts shall be rendered by insurers and other insurance intermediaries; (k) Regulating investment of funds by insurance companies; (l) Regulating maintenance of margin of solvency; (m) Adjudication of disputes between insurers and intermediaries or insurance intermediaries; (n) Supervising the functioning of the Tariff Advisory Committee; (o) Specifying the percentage of premium income of the insurer to finance schemes for promoting and regulating professional organisations referred to in clause (f); (p) Specifying the percentage of life insurance business and general insurance business to be undertaken by the insurer in the rural or social sector; and (q) Exercising such other powers as may be prescribed

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CHAPTER II: Review of literature

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2.1 Meaning of motivation Rensis Likerthas called motivation as the core of management. Motivation is the core of management. Motivation is an effective instrument in the hands of the manager in inspiring the work force and creating a confidence in it. It is the major task of every manager to motivate his subordinate or to create the will to work among the subordinates .It should also be remembered that the worker may be immensely capable of doing some work, nothing can be achieved if he is not willing to work .creation of a will to work is motivation in simple but true sense of term.

Motivation is an important function which very manager performs for actuating the people to work for accomplishment of objectives of the organization .a manager has to make appropriate use of various techniques of motivation to enthuse the employees to follow them. Effective motivation succeeds not only in having an order accepted but also in gaining a determination to see that it is executed efficiently and effectively. In order to motivate workers to work for the organizational goals, the managers must determine the motives or needs of the workers and provide an environment in which appropriate incentives are available for their satisfaction .If the management is successful in doing so; it will also be successful in increasing the willingness of the workers to work. This will increase efficiency and effectiveness of the organization .There will be better utilization of resources and workers abilities and capacities.

2.2 The concept of motivation The word motivation has been derived from motive which means any idea, need or emotion that prompts a man in to action. Whatever may be the behavior of man, there is some stimulus behind it .Stimulus is dependent upon the motive of the person concerned. Motive can be known by studying his needs and desires. There is no universal theory that can explain the factors influencing motives which control mans behavior at any particular point of time. In general, the different motives operate at different times among different people and influence their behaviors. The process of motivation studies the motives of individuals which cause different type of behavior.

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2.3 Definition of Motivation. According to Edwin B Flippo, Motivation is the process of attempting to influence others to do their work through the possibility of gain or reward.

2.4 Significance of Motivation Motivation involves getting the members of the group to pull weight effectively, to give their loyalty to the group, to carry out properly the purpose of the organization. The following results may be expected if the employees are properly motivated.

1. The workforce will be better satisfied if the management provides them with opportunities to fulfill their physiological and psychological needs. The workers will cooperate voluntarily with the management and will contribute their maximum towards the goals of the enterprise.

2. Workers will tend to be as efficient as possible by improving upon their skills and knowledge so that they are able to contribute to the progress of the organization. This will also result in increased productivity. 3. The rates of labors turnover and absenteeism among the workers will be low.

4. There will be good human relations in the organization as friction among the workers themselves and between the workers and the management will decrease.

5. The number of complaints and grievances will come down. Accident will also be low.

6. There will be increase in the quantity and quality of products. Wastage and scrap will be less. Better quality of products will also increase the public image of the business.

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2.5 Motivation Process. 1. Identification of need 2. Tension 3. Course of action 4. Result Positive/Negative 5. Feed back 2.6 Theories of Motivation. Understanding what motivated employees and how they were motivated was the focus of many researchers following the publication of the Hawthorne study results (Terpstra, 1979). Some major approaches that have led to our understanding of motivation are Behavior Modification theory; Abraham H Mallows need hierarchy or Deficient theory of motivation., hygiene theory, Vrooms Expectation Theory, Two factors Theory, etc,. 2.6.1 Abraham H Maslows Need Hierarchy theory of motivation. A.H. Mashlow developed a conceptual framework for understanding human motivation which has been widely acclaimed. He defined a persons effectiveness as a function of matching mans opportunity with the appropriate position of hierarchy of needs. Process of motivation begins with an assumption that behavior atlesat in part, is directed towards the achievement of satisfaction of needs. Mashlow proposed that human needs can be arranged in a particular order from the lower to higher.

Self- fulfillment Needs Ego Needs Social Needs Safety Needs Physiological Needs
Fig 2.1 24

Physiological or Body Needs: - the needs that are taken as a starting point for motivation theory are the so-called psychological needs. These needs relate to the survival and maintenance of the human life. These needs include such things as food, clothing, shelter, air, water and other necessities of life. Safety: - after satisfying the psychological needs, people want the assurance of maintaining a given economic level. They want job security, personal security, security of source of income, provisions for old age, etc. Social needs: - man is a social being. He is, therefore, interested in conversation, sociability, exchange of feelings, recognition, belongingness, etc. Ego or Esteem Needs: - These needs are reflected in our desire for status and recognition, respect and prestige in the work group or work place such as is conferred by the recognition of ones merit by promotion, by participation in management and by fulfillment of workers urge for self expression. Some of the needs relate to ones esteem e.g.; need for achievement, self confidence, knowledge, competence etc. On the job, this means praise for a job but more important it means a feeling by employee that at all times he has the respect of his supervisor as a person and as a contributor to the organizational goals.

Self realization or Actualization needs: - This upper level need is one which when satisfied provide insights to support future research regarding strategic guidance for organization that are both providing and using reward/recognition programs makes the employee give up the dependence on others or on the environment. He becomes growth oriented, self oriented, directed, detached and creative. This need reflects a state defined in terms of the extent to which an individual attains his personnel goal. This is the need which totally lies within oneself and there is no demand from any external situation or person.

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2.6.2 Herzberg's Motivation-Hygiene Theory

The studies included interviews in which employees where asked what pleased and displeased them about their work. Herzberg found that the factors causing job satisfaction (and presumably motivation) were different from that causing job dissatisfaction. He developed the motivationhygiene theory to explain these results. He called the satisfiers motivators and the dissatisfies hygiene factors, using the term "hygiene" in the sense that they are considered maintenance factors that are necessary to avoid dissatisfaction but that by themselves do not provide satisfaction.

Fig.2.2 The following table presents the top six factors causing dissatisfaction and the top six factors causing satisfaction, listed in the order of higher to lower importance.

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Factors Affecting Job Attitudes Leading to Dissatisfaction

Leading to Satisfaction

Company policy Supervision Relationship w/Boss Work conditions Salary Relationship w/Peers

Achievement Recognition Work itself Responsibility Advancement Growth

Table 2.1 Herzberg reasoned that because the factors causing satisfaction are different from those causing dissatisfaction, the two feelings cannot simply be treated as opposites of one another. The opposite of satisfaction is not dissatisfaction, but rather, no satisfaction. Similarly, the opposite of dissatisfaction is no dissatisfaction. While at first glance this distinction between the two opposites may sound like a play on words, Herzberg argued that there are two distinct human needs portrayed. First, there are physiological needs that can be fulfilled by money, for example, to purchase food and shelter. Second, there is the psychological need to achieve and grow, and this need is fulfilled by activities that cause one to grow. From the above table of results, one observes that the factors that determine whether there is dissatisfaction or no dissatisfaction are not part of the work itself, but rather, are external factors. Herzberg often referred to these hygiene factors as "KITA" factors, where KITA is an acronym for Kick In The A..., the process of providing incentives or a threat of punishment to cause someone to do something. Herzberg argues that these provide only short-run success because the motivator factors that determine whether there is satisfaction or no satisfaction are intrinsic to the job itself, and do not result from carrot and stick incentives.

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2.6.3 Two Factor Theory Douglas McGregor introduced the theory with the help of two views; X assumptions are conservative in style Assumptions are modern in style.

X Theory Individuals inherently dislike work. People must be coerced or controlled to do work to achieve the objectives. People prefer to be directed

Y Theory People view work as being as natural as play and rest People will exercise self direction and control towards achieving objectives they are committed to People learn to accept and seek responsibility.

2.7 Types of Motivation. Motivation can be of two types 1. Intrinsic motivation. 2. Extrinsic motivation. Intrinsic motivation occurs when people are internally motivated to do something because it either brings them pleasure, they think it is important, or they feel that what they are learning is morally significant. Extrinsic motivation comes into play when a student is compelled to do something or act a certain way because of factors external to him or her (like money or good grades)

2.8 Incentives An incentive is something which stimulates a person towards some goal. It activates human needs and creates the desire to work. Thus, an incentive is a means of motivation. In organizations, increase in incentive leads to better performance and vice versa.

2.8.1 Need for Incentives Man is a wanting animal. He continues to want something or other. He is never fully satisfied. If one need is satisfied, the other need need arises. In order to motivate the employees, the 28

management should try to satisfy their needs. For this purpose, both financial and non financial incentives may be used by the management to motivate the workers. Financial incentives or motivators are those which are associated with money. They include wages and salaries, fringe benefits, bonus, retirement benefits etc. Non financial motivators are those which are not associated with monetary rewards. They include intangible incentives like ego-satisfaction, selfactualization and responsibility.

INCENTIVES

Financial Incentives

Non-financial incentives

Wages and Salaries. Bonus Medical reimbursement Insurance Housing facility Retirement benefits.

- Competition - Group recognition - Job security - Praise - Knowledge of result - Workers participation. - Suggestion system. - Opportunities for growth

2.9Motivation is the key to performance improvement There is an old saying you can take a horse to the water but you cannot force it to drink; it will drink only if it's thirsty - so with people. They will do what they want to do or otherwise motivated to do. Whether it is to excel on the workshop floor or in the 'ivory tower' they must be motivated or driven to it, either by themselves or through external stimulus. Are they born with the self-motivation or drive? Yes and no. If no, they can be motivated, for motivation is a skill which can and must be learnt. This is essential for any business to survive and succeed.

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Performance is considered to be a function of ability and motivation, thus:

Job performance =f(ability)(motivation)

Ability in turn depends on education, experience and training and its improvement is a slow and long process. On the other hand motivation can be improved quickly. There are many options and an uninitiated manager may not even know where to start. As a guideline, there are broadly seven strategies for motivation. There are broadly seven strategies for motivation.

Positive reinforcement / high expectations Effective discipline and punishment Treating people fairly Satisfying employees needs Setting work related goals Restructuring jobs Base rewards on job performance

Essentially, there is a gap between an individuals actual state and some desired state and the manager tries to reduce this gap. Motivation is, in effect, a means to reduce and manipulate this gap.

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Chapter-III: Research Methodology

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Research is a systematic method of finding solutions to problems. It is essentially an investigation, a recording and an analysis of evidence for the purpose of gaining knowledge. According to Clifford woody, research comprises of defining and redefining problem, formulating hypothesis or suggested solutions, collecting, organizing and evaluating data, reaching conclusions, testing conclusions to determine whether they fit the formulated hypothesis 3.1 Research design This research follows Descriptive research design. Descriptive research, also known as statistical research, describes data and characteristics about the population or phenomenon being studied. 3.2 Sampling type Simple random sampling is used for this study. 3.3 Universe. The universe taken for the research study is the employees of Reliance Life Insurance Co. Ltd. Janak puri, Delhi. 3.4 Sample Size. Number of the sampling units selected from the population is called the size of the sample. Sample of 50 respondents were obtained from the population. 3.5 Data type The datas were collected through Primary data. 3.5.1 Primary Sources. Primary data are in the form of raw material to which statistical methods are applied for the purpose of analysis and interpretations. The primary sources are discussion with employees, datas collected through questionnaire. 3.6 Questionnaire. A structured questionnaire was carefully prepared and specially numbered. The questions were arranged in proper order, in accordance with the relevance.

3.7 Nature of Questions Asked. The questionnaire consists of multiple choice questions.

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3.8 Variables of the Study. The dependent variable of the study is the employee motivation Independent variables are the incentives, interpersonal relations, career development opportunities and safety and security systems. 3.9 Presentation of Data. The data are presented through charts and tables. 3.10 Analytical tool Percentage test is used as the analytical tool.

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Chapter- IV: Data Reduction Presentation & Analysis

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The data collected through structured questionnaire is reduced to the tables and shown as figures:

4.1.1 Response from employees about the support from the HR department

SL NO PARTICULAR 1 2 3 4 5 Highly satisfied Satisfied Neutral Dissatisfied Highly satisfied Total

NUMBER OF RESPONDENTS 18 29 3 0 0 50 Table 4.1 PERCENTAGE 36 58 6 0 0 100

70 60 50 40 30 20 10 0 6 0 0 36
Series1

58

Fig. 4.1

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4.1.2 Management is interested in motivating the employees

SL NO PARTICULAR 1 2 3 4 5 Strongly Agree Agree Neutral Disagree Strongly Disagree Total

NUMBER OF RESPONDENTS 27 20 3 0 0 50 Table 4.2 PERCENTAGE 54 40 6 0 0 100

Management is interested in motivating the employees

60 50 40 40 30 20 10 0 Strongly Agree Agree Neutral Disagree Strongly Disagree 3 0 0 Series1 54

Fig. 4.

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4.1.3 The type of incentives motivates the employees more

SL NO PARTICULAR 1 2 3 Financial Incentives Non financial Incentives Both Total

NUMBER OF RESPONDENTS 15 9 26 50 Table 4.3 PERCENTAGE 30 18 52 100

The type of incentives motivates you more

30% Financial Incentives 52% 18% Non Financial Incentives Both

Fig. 4.3

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4.1.4 Satisfaction with the present incentives scheme

SL NO PARTICULAR 1 2 3 4 5 Highly satisfied Satisfied Neutral Dissatisfied Highly satisfied Total

NUMBER OF RESPONDENTS 18 29 3 0 0 50 Table 4.4 PERCENTAGE 36 58 6 0 0 100

Satisfaction with the present incentives provided by the organization

70% 60% 50% 40% 30% 20% 10% 0% Highly Satisfied Satisfied Neutral Dissatisfied highly Dissatisfied 6% 0% 0% 36% 58%

Fig. 4.4

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4.1.5. Periodical increase in salary

SL NO PARTICULAR 1 2 3 4 5 Strongly Agree Agree Neutral Disagree Strongly Disagree Total

NUMBER OF RESPONDENTS 12 23 3 9 3 50 Table 4.5 PERCENTAGE 24 46 6 18 6 100

Periodical increase in salary

50% 45% 40% 35% 30% 25% 20% 15% 10% 5% 0% 46%

24% 18% 6% 6%

Series1

Strongly Agree

Agree

Netural

Disagree

Strongly Disagree

Fig. 4.5

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4.1.6 Good relations with the co-workers.

SL NO PARTICULAR 1 2 3 4 5 Strongly Agree Agree Neutral Disagree Strongly Disagree Total

NUMBER OF RESPONDENTS 15 27 8 0 0 50 Table 4.6 PERCENTAGE 30 54 16 0 0 100

Good relations with co-workers

60% 50% 40% 30% 30% 20% 10% 0% 0% Strongly Agree Agree Neutral Disagree Strongly Disagree 0% 16% 54%

Fig. 4.6

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4.1.7 Effective performance appraisal system.

SL NO PARTICULAR 1 2 3 4 5 Strongly Agree Agree Neutral Disagree Strongly Disagree Total

NUMBER OF RESPONDENTS 10 23 8 6 3 50 Table 4.7 PERCENTAGE 20 46 16 12 6 100

Effective performance appraisal system.

50% 45% 40% 35% 30% 25% 20% 15% 10% 5% 0% Strongly Agree Agree Neutral Disagree Strongly Disagree 46%

20% 16% 12% 6%

Fig. 4.7

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4.1.8Effective promotional opportunities in present job,

SL NO PARTICULAR 1 2 3 4 5 Strongly Agree Agree Neutral Disagree Strongly Disagree Total

NUMBER OF RESPONDENTS 9 26 9 3 3 50 Table 4.8 PERCENTAGE 18 52 18 6 6 100

Effective promotional opportunities in present job

60% 50% 40% 30% 20% 10% 0% Strongly Agree Agree Neutral Disagree Strongly Disagree 18% 18% 6% 6%

52%

Fig. 4.8

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4.1.9 Good safety measures existing in the organization.

SL NO PARTICULAR 1 2 3 4 5 Strongly Agree Agree Neutral Disagree Strongly Disagree Total

NUMBER OF RESPONDENTS 15 23 3 6 3 50 Table 4.9 PERCENTAGE 30 46 6 12 6 100

Good safety measures existing in the organization.

50% 45% 40% 35% 30% 25% 20% 15% 10% 5% 0% 46%

30%

12% 6% 6%

Strongly Agree

Agree

Neutral

Disagree

Strongly Disagree

Fig. 4.9

43

4.1.10 Performance appraisal activities are helpful to get motivated.

SL NO PARTICULAR 1 2 3 4 5 Strongly Agree Agree Neutral Disagree Strongly Disagree Total

NUMBER OF RESPONDENTS 9 23 6 3 9 50 Table 4.10 PERCENTAGE 18 46 12 3 18 100

Performance appraisal activities are helpful to get motivated

50% 45% 40% 35% 30% 25% 20% 15% 10% 5% 0% Strongly Agree Agree Neutral Disagree Strongly Disagree 18% 12% 6% 18% 46%

Fig. 4.10

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4.1.11 Support from the co-worker is helpful to get motivated

SL NO PARTICULAR 1 2 3 4 5 Strongly Agree Agree Neutral Disagree Strongly Disagree Total

NUMBER OF RESPONDENTS 12 29 0 6 3 50 Table 4.11 PERCENTAGE 20 46 0 12 6 100

Support from the co-worker is helpful to get motivated

70% 60% 50% 40% 30% 20% 10% 0% 0% Strongly Agree Agree Neutral Disagree Strongly Disagree 24% 12% 6% 58%

Fig. 4.11

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4.1.12 Career development opportunities are helpful to get motivated

SL NO PARTICULAR 1 2 3 4 5 Strongly Agree Agree Neutral Disagree Strongly Disagree Total

NUMBER OF RESPONDENTS 10 26 2 4 8 50 Table No.4.12 PERCENTAGE 20 52 4 8 16 100

60% 52% 50% 40% 30% 20% 20% 10% 0% Strongly Agree Agree Neutral Disagree Strongly Disagree 8% 4% 16%

Fig. 4.12

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4.1.13 Factors which motivates you the most.

SL NO PARTICULAR 1 2 3 4 5 Salary increase Promotion Leave Motivational talk Recognition Total

NUMBER OF RESPONDENTS 21 15 3 5 6 50 Table 4.13 PERCENTAGE 42 30 6 10 12 100

12% 10% 6% 30% 42%

Salary increase Promotion Leave Motivational talk Recognition

Fig. 4.13

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4.1.14 Incentives and other benefits will influence your performance

SL NO PARTICULAR 1 2 3 Influence Does not influence No opinion Total

NUMBER OF RESPONDENTS 32 12 6 50 Table 4.14 PERCENTAGE 64 24 12 100

12% 24% Influence Does not influence 64% No opinion

Fig. 4.14

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4.1.15 Management involves you in decision making which are connected to your department.

SL NO PARTICULAR 1 2 3 Yes No Occasionally Total

NUMBER OF RESPONDENTS 47 0 3 50 Table 4.15 PERCENTAGE 94 0 6 100

0%

6%

94%

Yes

No

Occasionally

Fig. 4.15

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Chapter V: Data interpretation

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Interpretation
In previous chapter of the report, the data collected at the reliance insurance company limited is shown through the graphical charts and the tabular presentation. The data analysis reveals that 58% of the respondents are satisfied and while 36% people feel highly satisfied with the support they are getting from the HR department at the Janak Puri branch. So we can say that the company is providing support to the employees working in company. While being asked, the 54% of the respondents are strongly agreeing that the management is interested in motivating the employees. The reliance life insurance company, Janak puri motivates its employees through financial and non- financial incentives as 52% of the respondents are expressing that both financial and non financial incentives will equally motivate them. So the incentives provided by the company and the level of motivation are directly related with each other. The collected data shows that 36% employees were satisfied and 58% of the respondents were highly satisfied with the present incentive scheme of the organization. It reveals that the company reliance life insurance has maintained a fair incentive policy. The company is able to satisfy the employees on the part of salary increments as 46% of employees agreed that there is a periodical increase in their salary. 54% of the respondents agree that they have good relations with co-worker. There is a minimal level of organizational and personal conflict in organisation . 46% of the respondents agree that the performance appraisal activities are helpful to get motivated. 46% of the respondents agree that there is a good safety measure existing in the company. 52% of the respondents agree with effective promotional opportunities in their present job. 46% of the respondents agree to effective performance appraisal system existing in the company.

94% of the respondents agree that they the Management involve them in decision making which are connected to your department. 64% of the respondents responded that incentives and other benefits will influence their performance 42% of the respondent is responding that increase in salary will motivate them the most 51

Inferences drawn: There is significant relationship between incentives and employees performance There is significant relationship between career development opportunities and the extent of employee motivation There is significant relationship between performance appraisal system and the extent of motivation There is significant relationship between interpersonal relationship in the organization and extent of motivation. is rejected and an alternative hypothesis is framed.

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Chapter-VI: Summary & Conclusions

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6.1 Results of the Study: The results of the study are follows:

The Reliance Life Insurance Company Limited has a well defined organization structure. There is a harmonious relationship is exist in the organization between employees and management. The employees are really motivated by the management. The employees are satisfied with the present incentive plan of the company. The study reveals that there is a good relationship exists among employees. The company is providing good safety measures for ensuring the employees safety. From the study it is clear that most of employees agrees to the fact that performance appraisal activities and support from the coworkers in helpful to get motivated. The study reveals that increase in the salary will motivates the employees more.

6.2 Limitations: The limitations of the study are the following The data was collected through questionnaire. The responds from the respondents may not be accurate. The sample taken for the study was only 50 and the results drawn may not be accurate. Since the organization has strict control, it acts as another barrier for getting data. Another difficulty was very limited time-span of the project. Lack of experience of Researcher.

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6.3 suggestions The suggestions for the findings from the study are follows Most of the employees agree that the performance appraisal activities are helpful to get motivated, so the company should try to improve performance appraisal system, so that they can improve their performance. Non financial incentive plans should also be implemented; it can improve the productivity level of the employees. Organization should give importance to communication between employees and gain coordination through it. If the centralized system of management is changed to a decentralized one, then there would be active and committed participation of staff for the success of the organization

Scope for further study:

The present study on employee motivation helps to get clear picture about the factors which motivates the employees. This in turn helps the management to formulate suitable policy to motivate the employees. Hence, the motivational level of the employees may also change.

The factors that motivate the employees may change with change in time because the needs of employees too change with change in time. So continuous monitoring and close observation of factors that motivate the employees is necessary to maintain a competent work force. Only with a competent work force an organization can achieve its objective. Moreover, human resource is the most valuable asset to any organization. A further study with in dept analysis to know to what extent these factors motivate the employees is required.

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Conclusion
The study concludes that, the motivational program procedure at RELIANCE LIFE INSURANCE COMPANY LIMITED, JANAK PURI, DELHI is found effective but not highly effective. The study on employee motivation highlighted so many factors which will help to motivate the employees. The study was conducted among 50 employees and collected information through structured questionnaire. The study helped to findings which were related with employee motivational programs which are provided in the organization.

The performance appraisal activities really play a major role in motivating the employees of the organization. It is a major factor that makes an employee feels good in his work and results in his satisfaction too. The organization can still concentrate on specific areas which are evolved from this study in order to make the motivational programs more effective. Only if the employees are properly motivated- they work well and only if they work well the organization is going to benefit out it. Steps should be taken to improve the motivational programs procedure in the future. The suggestions of this report may help in this direction.

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Bibliography
1. http://www.citrhr.com//motivation/articles/concept&factors (visited on 10-07-2011 , 04.15 pm) 2.http://www.reliancelife.com/rlic/AboutUs/about_reliance_life_insurance.aspx (visited on 15-07-2011 , 03.19 pm) 3. Dr. T.N. Chhabra and P.L. Taneja;, Essentials of organizational behaviour sixth revised edition:2009;, reprint, 2010.

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Appendices

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Appendix A
LIST OF TABLES
Table No. 1 2 Title Factors affecting job attitudes Response from employees about the support from the HR department 3 Management is interested in motivating the employees 4 The type of incentives motivates the employees more 5 Satisfaction with the present incentives scheme 6 7 8 9 Periodical increase in salary Good relations with the co-workers. Effective performance appraisal system. Effective promotional opportunities in present job, 10 Good safety measures existing in the organization. 11 Performance appraisal activities are helpful to get motivated 12 Support from the co-worker is helpful to get motivated 13 Career development opportunities are helpful to get motivated 14 15 Factors which motivates you the most Incentives and other benefits will influence your performance 42 43 41 40 39 38 34 35 36 37 33 32 31 Page No. 22 30

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16

Management involves you in decision making which are connected to your department.

44

Appendix B
LIST OF FIGURES
Figure No. 1 2 Title Organisation structure of the company Abraham H Maslows Need Hierarchy theory of motivation. 3 4 Herzberg's Motivation-Hygiene Theory Response from employees about the support from the HR department 5 6 7 8 9 10 11 12 13 Management is interested in motivating the employees The type of incentives motivates the employees more Satisfaction with the present incentives scheme Periodical increase in salary Good relations with the co-workers. Effective performance appraisal system. Effective promotional opportunities in present job, Good safety measures existing in the organization. Performance appraisal activities are helpful to get motivated 14 15 Support from the co-worker is helpful to get motivated Career development opportunities are helpful to get motivated 16 Factors which motivates you the most 42 40 41 31 32 33 34 35 36 37 38 39 21 30 Page No. 8 19

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17

Incentives and other benefits will influence your performance

43

18

Management involves you in decision making which are connected to your department.

44

Appendix C
LIST OF SYMBOLS
S No. 1 Symbol %

Nomenclature & Meaning

Percentage

LIST OF ABBREVIATIONS
S No 1 2 3 4 5 Abbreviated Name HR Co. Ltd. CEO CMO Fig. Full Name Human Resource Company Limited Chief Executive Officer Chief Marketing Officer Figure

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Annexure 1
. QUESTIONNAIRE
A STUDY ON EMPLOYEE MOTIVATION Respected Sir/madam, As a part of my project I would like to gather some information from you which will help me in depth study of project. Since the questionnaire is being used for academic purpose, the information gathered will be strictly confidential. Kindly fill the following: (Please put a tick mark in the appropriate box) 1. Are you satisfied with the support from the HR department? a) Highly satisfied ( ) b) Satisfied ( ) c) Neutral ( ) d) Dissatisfied ( ) e) Highly Dissatisfied ( ) 2. Management is really interested in motivating the employees? a) Strongly agree ( ) b) Agree c) Neutral ( ) d) Disagree e) Strongly disagree ( )

( ) ( )

3. Which type of incentives motivates you more? a) Financial incentives ( ) b) Non-financial incentives ( ) c) Both ( ) 4. How far you are satisfied with the incentives provided by the organization? a) Highly satisfied c) Neutral e) Highly Dissatisfied ( ) ( ) ( ) b) Satisfied ( ) d) Dissatisfied ( )

5. Please provide the following rates. (5- Strongly agree, 4- Agree, 3-Neutral, 2-Disagree, 1-Strongly disagree)

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i. ii. iii. iv. v. vi. vii. viii.

Reasonable periodical increase in salary Good relationship with co-workers Effective performance appraisal system Effective promotional opportunities in the organization good safety measures are there at workplace Performance appraisal activities are helpful to get motivated Support from the co-worker is helpful to get motivated Company recognize and acknowledge your work

6. Rank the following factors which motivates you the most? (Rank 1, 2, 3, 4, 5, 6 respectively) i. Salary increase ii. Promotion iii. Incentives iv. Personality Development Classes v. Recognition 7. Do you think that the incentives and other benefits will influence your performance? a) Influence ( ) b)Does not influence ( ) c) No opinion ( ) 8 Management involves you in decision making which are connected to your department. a) Yes ( ) b) no ( ) c) Occasionally ( )

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