Acknowledgement

This project turned out to be a source of great learning. There have been many people
without whom this wouldn’t have been accomplished in this way.

We would like to express our sincere thanks to Mr. Vivek Sharma, faculty of
Institute of Management Studies, DAVV. Who provided us with an opportunity to do this
project and without whose guidance this project could not have been possible.

We are deeply obliged to the employees of Max New York life insurance, Aviva and
Birla Sunlife without their help and co-operation this project would not have been a
success.

We also take this opportunity to express our deep gratitude to our loving parents and
friends who were a constant source of motivation.
 Contents

♦ Introduction

- Employee Satisfaction
- Employee Satisfaction Survey (ESS)
- Need for ESS
- Need for ESS in insurance sector

♦ Review of literature

- An ES survey in Cholamandalam MS General Insurance Limited Chennai

- Insurance Sector
- Organizations Surveyed:
Max New York Life Insurance
Birla Sunlife
Aviva Life Insurance

♦ The Research Methodology

- Rationale
- Objectives
- Data Collection
- Sample Design
- Data Analysis

♦ Results and Discussions

- Demographies
- Z test
- Correlation
- Findings

♦ Suggestions and Implication

♦ Bibliography

♦ Appendices

- Questionnaire
 INTRODUCTION

EMPLOYEE SATISFACTION:

Employee satisfaction is a measure of how happy workers are with their job and working
environment. Keeping morale high among workers can be of tremendous benefit to any company,
as happy workers will be more likely to produce more, take fewer days off, and stay loyal to the
company. There are many factors in improving or maintaining high employee satisfaction, which
wise employers would do well to implement.

To measure employee satisfaction, many companies will have mandatory surveys or face-to-face
meetings with employees to gain information. Both of these tactics have pros and cons, and
should be chosen carefully. Surveys are often anonymous, allowing workers more freedom to be
honest without fear of repercussion. Interviews with company management can feel intimidating,
but if done correctly can let the worker know that their voice has been heard and their concerns
addressed by those in charge. Surveys and meetings can truly get to the center of the data
surrounding employee satisfaction, and can be great tools to identify specific problems leading to
lowered morale.

Many experts believe that one of the best ways to maintain employee satisfaction is to make
workers feel like part of a family or team. Holding office events, such as parties or group outings,
can help build close bonds among workers. Many companies also participate in team-building
retreats that are designed to strengthen the working relationship of the employees in a non-work
related setting. Camping trips, paintball wars and guided backpacking trips are versions of this
type of team-building strategy, with which many employers have found success.

Of course, few workers will experience a boost in morale after receiving more money. Raises and
bonuses can seriously affect employee satisfaction, and should be given when possible. Yet
money cannot solve all morale issues, and if a company with widespread problems for workers
cannot improve their overall environment, a bonus may be quickly forgotten as the daily stress of
an unpleasant job continues to mount.

If possible, provide amenities to your workers to improve morale. Make certain they have a
comfortable, clean break room with basic necessities such as running water. Keep facilities such
as bathrooms clean and stocked with supplies. While an air of professionalism is necessary for
most businesses, allowing workers to keep family photos or small trinkets on their desk can make
them feel more comfortable and nested at their workstation. Basic considerations like these can
improve employee satisfaction, as workers will feel well cared for by their employers.

The backbone of employee satisfaction is respect for workers and the job they perform. In every
interaction with management, employees should be treated with courtesy and interest. An easy
avenue for employees to discuss problems with upper management should be maintained and
carefully monitored. Even if management cannot meet all the demands of employees, showing
workers that they are being heard and putting honest dedication into compromising will often
help to improve morale.
EMPLOYEE’S SATISFACTION SURVEY IN ORGANIZATIONS

Employee Satisfaction Survey (ESS) is a tool which a reasonable estimation of the employees’
attitude towards their job is elicited. Organizations drive towards its final destination of creating
highest customer satisfaction is dependent on the extent of employee satisfaction. Satisfied
employees perform and the only way to find out that is through a survey. Organizations in fitness of
things should conduct the employee satisfaction surveys once a year. This regularity and frequency
is important since such an exercise enjoys credibility only if the areas of weakness thrown upon by
the previous surveys have been acted upon. If you are not willing to act, it is better not to conduct
an ESS. It is imperative that the top management involvement is a must. ESSs are normally custom-
designed, using about 10 dimensions along which employee satisfaction is measured. Every
employee gets a standard questionnaire of around 97 questions relating to the management, quality
of supervision, communication, relationships, work environment, performance, job, recognition,
quality, pay and benefits. The ESS is based on the philosophy of confidentiality and anonymity.
The employee is advised not to mention the name or employment number but mention the
department to which he belongs. Usually, it takes a week to 10 days to complete a company-wide
survey, which has a five-point rating scale: strongly agree, agree, disagree, and strongly disagree
and neutral. Ultimately the top three areas of weaknesses thrown up by the ESS become the basis of
a yearlong HR Action Plan. ESS is like taking preventive action and is also a proactive tool, which
gives to the top management a view of the organization state of health.
NEED FOR EMPLOYEE SATISFACTION SURVEY (ESS)

Everyone from managers, retention agents to HR need to get a handle on employee loyalty and
satisfaction – how committed is the workforce to the organization and if workers are really
contented with the way of things for gauging their likelihood to stay with the company. Employee
loyalty of the two, employee engagement is a tad easier to measure.
The litmus test is to study turnover and average length of service. If turnover is on the rise,
loyalty levels are low and vice versa. Comparing them to industry averages gives a good idea of
attrition probabilities. Staff attendance, compliance with policies and confidence in leadership are
other indirect indicators of allegiance while excessive theft and sabotage spell obvious lack of
commitment.
A top consultant says, “Look for pockets of higher turnover and disloyalty - by organizational
unit, job type and level, length of service and demographics like gender, race/ethnicity or age.”
Keen observation of employee reactions and conduct is by far the most obvious and easiest
technique. Casually walk around the office, watching employees working, interacting with each
other and talk to them informally. Are they smiling, energized, cooperative and alert or listless,
inactive and unhelpful? You can even employ a professional consultant as an objective third-
party to assess the work atmosphere and compare with other companies.
Taking simple observation to the next level by asking employees outright in attitude surveys,
focus groups and exit interviews and analyzing the results to determine staff attitude, opinions
and motivation. Employee satisfaction is the chief driver of productivity, profits, customer
satisfaction and retention and vice versa.
While satisfied employees are not necessarily loyal or loyal ones always satisfied, it cannot be
denied that job satisfaction fuels loyalty. After all its been rightly said that, the more satisfied an
employee is regarding his or her working conditions, the more likely is he or she to develop a
psychological attachment or commitment to the organization.

Companies should try their best to evaluate why employees leave or what kindles their
dissatisfaction. Examine the root causes – where does the problem lie? Is it earnings or benefits?
Does it have something to do with job quality or workplace support? Or is lack of appreciation or
growth to blame. The onus is on the management to keep employees engaged and happy, so as to
persuade them to stay. In fact, this is critical to organizational success.
So, developing strategies that strengthen the work environment and make deliberate
improvements to mould the company as an employer of choice is always recommended.
REASONS:

Rapidly growing organization. When an organization is growing quickly, it is critical to find

out how employees feel about their jobs, the organization, and their fit and future within it.

High or growing turnover rate. While some industries have a naturally high turnover, growing
turnover is a problem for any organization. If your absolute level of turnover exceeds the industry
average, you have a problem that an employee satisfaction survey is the first step to solving.

Excessive rumors. A strong rumor mill is symptomatic of other problems in the

organization. These can include communications, trust, and fear. Only a survey can uncover the
extent to which any of these issues exists.

Planned or recent organizational changes, including change of leadership. Change can be

difficult for many people. If not handled properly, productivity and profits can decline.

Highly competitive industry. In a highly competitive industry, turnover minimization and

productivity and creativity maximization are keys to success. Staying in touch with employees is
necessary to facilitate continued competitiveness.

Contemplated changes in pay and benefits. You must know what needs to be "fixed" and how
much "fixing" it needs to maximize return on invested money and people resources.
NEED FOR EMPLOYEE SATISFACTION IN INSURANCE SECTOR:

Hiring from each other is a common practice amongst insurance companies. Employees,
especially in middle and junior levels of the sales function, tend to move amongst insurance
companies. Availability of quality talent is still scarce. Given the huge demand for talent, and
since not all of this requirement can be met by fresher, companies tend to poach from
competitors.

The private Insurance Companies aim to syndicate norms for employee movements for the
industry, the way BPO sector has done.

The sales staff usually just walks out of the company without following the basic decorum.

They want to create a basic norm which will ensure that when an employee quits, he follows all
the formalities and then only he can join the next company. This way they may be able to
effectively manage attrition and regulate indiscriminate employee movement. The forum will also
seek ways to eliminate fake CVs.
 REVIEW OF LITERATURE

‘A study of job satisfaction of employees in Cholamandalam MS General Insurance

Limited Chennai’

By R.Muthukumar

This study attempts to evaluate the job satisfaction level of employees in Cholamandalam
General Insurance in Chennai.
It focuses on the following key areas like:

1. Influence of supervision, co-worker, pay, age, marital status, education and working
condition on the overall job satisfaction of an employee.
2. To find out whether experience has any effect on job satisfaction.
3. To find a significant difference among age groups with respect to job factors.
4. To find the difference among male and female employees with respect to job factors.

The result shows that the overall satisfaction level is on an agreeable side. There is no significant
difference among respondents of various age groups with respect to job factors neither is there
any significant difference among respondents of various gender with relation to the job factors.

It was also concluded that apart from pay, proper welfare facilities or the working conditions play
a significant role in raising the satisfaction level of an employee.
 INDUSTRY PROFILE

INSURANCE:

We face a lot of risks in our daily lives. Some of these lead to financial losses. Insurance is a way
of protecting against these financial losses. For a payment (premium), an insurance company will
take the responsibility of compensating your financial losses.

Insurance can be termed as a form of risk management which is mainly used to protect an
individual against the risk of prospective financial loss, if any. Insurance can be used as a tool to
shield an individual against potential risks like travel accidents, death, unemployment, theft,
property destruction by natural calamities, fire mishaps etc.

LIFE INSURANCE:

Loss of a family member is a catastrophe which glooms a family’s life. But even more tragic is
the death of a sole bread earner for the family, who then has to go through the pain of losing their
loved one, as well as the financial loss putting their survival in jeopardy.

This financial hardship due to a sudden death of a family member or a disability resulting to a
loss of job or inability to work can be avoided to a great extent by taking up a life insurance
policy.

A Life insurance or disability insurance covers such losses and pays a family, compensation to
restore the earnings lost by them due to a sudden death or disability.

The monthly premiums for a life insurance are generally based upon the age, health, and
occupation information of the applicant, in addition to the total benefits to be paid to him for his
policy.

GENERAL INSURANCE:

Insurance other than ‘Life Insurance’ falls under the category of General Insurance. General
Insurance comprises of insurance of property against fire, burglary etc, personal insurance such as
Accident and Health Insurance, and liability insurance which covers legal liabilities. There are
also other covers such as Errors and Omissions insurance for professionals, credit insurance etc.

Non-life insurance companies have products that cover property against fire and allied perils,
flood storm and inundation, earthquake and so on. There are products that cover property against
burglary, theft etc. The non-life companies also offer policies covering machinery against
breakdown, there are policies that cover the hull of ships and so on. A Marine Cargo policy
covers goods in transit including by sea, air and road. Further, insurance of motor vehicles against
damages and theft forms a major chunk of non-life insurance business.
In respect of insurance of property, it is important that the cover is taken for the actual value of
the property to avoid being imposed a penalty should there be a claim. Where a property is
undervalued for the purposes of insurance, the insured will have to bear a ratable proportion of
the loss. For instance if the value of a property is Rs.100 and it is insured for Rs.50/-, in the event
of a loss to the extent of say Rs.50/-, the maximum claim amount payable would be Rs.25/- (50%
of the loss being borne by the insured for underinsuring the property by 50%). This concept is
quite often not understood by most insured.

Personal insurance covers include policies for Accident, Health etc. Products offering Personal
Accident cover are benefit policies. Health insurance covers offered by non-life insurers are
mainly hospitalization covers either on reimbursement or cashless basis. The cashless service is
offered through Third Party Administrators who have arrangements with various service
providers, i.e., hospitals. The Third Party Administrators also provide service for reimbursement
claims. Sometimes the insurers themselves process reimbursement claims.

Accident and health insurance policies are available for individuals as well as groups. A group
could be a group of employees of an organization or holders of credit cards or deposit holders in a
bank etc. Normally when a group is covered, insurers offer group discounts.

Liability insurance covers such as Motor Third Party Liability Insurance, Workmen’s
Compensation Policy etc offer cover against legal liabilities that may arise under the respective
statutes— Motor Vehicles Act, The Workmen’s Compensation Act etc. Some of the covers such
as the foregoing (Motor Third Party and Workmen’s Compensation policy) are compulsory by
statute. Liability Insurance not compulsory by statute is also gaining popularity these days. Many
industries insure against Public liability. There are liability covers available for Products as well.
FUNCTIONS OF INSURANCE

The primary functions of insurance include the following:

Provide Protection - The primary function of insurance is to provide protection against future
risk, accidents and uncertainty. Insurance cannot check the happening of the risk, but can
certainly provide for the losses of risk. Insurance is actually a protection against economic loss,by
sharing the risk with others.

Collective bearing of risk - Insurance is a device to share the financial loss of few among many
others. Insurance is a mean by which few losses are shared among larger number of people. All
the insured contribute the premiums towards a fund and out of which the persons exposed to a
particular risk is paid.

Assessment of risk - Insurance determines the probable volume of risk by evaluating various
factors that give rise to risk. Risk is the basis for determining the premium rate also

Provide Certainty - Insurance is a device, which helps to change from uncertainty to certainty.
Insurance is device whereby the uncertain risks may be made more certain.

The secondary functions of insurance include the following:

Prevention of Losses - Insurance cautions individuals and businessmen to adopt suitable device
to prevent unfortunate consequences of risk by observing safety instructions; installation of
automatic sparkler or alarm systems, etc. Prevention of losses cause lesser payment to the assured
by the insurer and this will encourage for more savings by way of premium. Reduced rate of
premiums stimulate for more business and better protection to the insured.

Small capital to cover larger risks - Insurance relieves the businessmen from security
investments, by paying small amount of premium against larger risks and uncertainty.

Contributes towards the development of larger industries - Insurance provides development

opportunity to those larger industries having more risks in their setting up. Even the financial
institutions may be prepared to give credit to sick industrial units which have insured their assets
including plant and machinery.

The other functions of insurance include the following:

Means of savings and investment - Insurance serves as savings and investment, insurance is a
compulsory way of savings and it restricts the unnecessary expenses by the insured's For the
purpose of availing income-tax exemptions also, people invest in insurance.

Source of earning foreign exchange - Insurance is an international business. The country can
earn foreign exchange by way of issue of marine insurance policies and various other ways.

Risk Free trade - Insurance promotes exports insurance, which makes the foreign trade risk free
with the help of different types of policies under marine insurance cover.
 COMPANY PROFILE

Max New York Life Insurance

Max New York Life Insurance Company Ltd. is a joint venture between New York Life; a
Fortune 100 company and Max India Limited; one of India's leading multi-business corporations.
The company has positioned itself on the quality platform. In line with its vision to be the Most
Admired Life Insurance Company in India, it has developed a strong corporate governance model
based on the core values of excellence, honesty, knowledge, caring, integrity and teamwork. The
strategy is to establish itself as a Trusted Life Insurance Specialist through a quality approach to
business.

Incorporated in 2000, Max New York Life started commercial operation in 2001. In line with its
values of financial responsibility, Max New York Life has adopted prudent financial practices to
ensure safety of policyholder's funds. The Company's paid up is Rs. 1,782 crore.

Having set a Best in Class Agency Distribution Model in place, the company is spearheading a
major thrust into additional distribution channels to further grow its business. The company has
multi-channel distribution that includes the agency distribution, partnership distribution, banc
assurance, distribution focused on emerging markets and alliance marketing through employed
sales force. The company currently has 33 banc assurance relationships, 14 corporate agency tie-
ups and direct sales force at 14 locations. Max New York Life has put in place a unique hub and
spoke model of distribution to deepen rural penetration. The company has 133 (13 hub office, 120
spoke offices) offices dedicated to emerging markets in Punjab and Haryana. Max New York Life
offers a suite of flexible products. It now has 36 products covering both life and health insurance
and 8 riders that can be customized to over 800 combinations enabling customers to choose the
policy that best fits their need. Besides this, the company offers 6 products and 7 riders in group
insurance business.

The company currently has more than 15,626 employees.

Birla Sunlife

Birla Sun Life Insurance pioneered the unique Unit Linked Life Insurance Solutions in India.
Within 4 years of its launch, BSLI has cemented its position as a leading player in the Private
Life Insurance Industry. There has been focus on Investment Linked Insurance Products,
supported with protection products to maintain leadership in product innovation. They also have
Multi Distribution Channels- Direct Sales Force, Alternate Channels and Group offering
convenient channels of purchase to customers.

Some Unique Features of their Group are

• Web-enabled IT systems for superior customer services.

• First to have issued policies over the Internet.

• Corporate governance and a high degree of transparency in all business practices and
procedures.

• First to have an operational Business Continuity Plan.

• Strong fundamentals based on the Aditya Birla group's local insight and Sun Life
financials's global expertise.
Aviva Life Insurance

Aviva is UK's largest and the world's fifth largest insurance Group. It is one of the leading
providers of life and pensions products to Europe and has substantial businesses elsewhere
around the world. With a history dating back to 1696, Aviva has a 50 million-customer base with
presence in 27 countries. It has £381 billion of assets under management.

In India, Aviva has a long history dating back to 1834. At the time of nationalisation it was the
largest foreign insurer in India in terms of the compensation paid by the Government of India.
Aviva was also the first foreign insurance company in India to set up its representative office in
1995.In India, Aviva has a joint venture with Dabur, one of India's oldest, and largest Group of
companies. A professionally managed company, Dabur is the country's leading producer of
traditional healthcare products. In accordance with the government regulations Aviva holds a 26
per cent stake in the joint venture and the Dabur group holds the balance 74 per cent share.

With a strong sales force of over 30,000 Financial Planning Advisers (FPAs), Aviva has initiated
an innovative and differentiated sales approach to the business. Through the "Financial Health
Check" (FHC) Aviva's sales force has been able to establish its credibility in the market. The
FHC is a free service administered by the FPAs for a need-based analysis of the customer's long-
term savings and insurance needs. Depending on the life stage and earnings of the customer, the
FHC assesses and recommends the right insurance product for them.

Aviva pioneered the concept of Bancassurance in India, and has leveraged its global expertise in
Bancassurance successfully in India. Currently, Aviva has Bancassurance tie-ups with ABN
Amro Bank, The Lakshmi Vilas Bank Ltd., Punjab & Sind Bank, IndusInd Bank, Co-operative
Banks and Regional Rural Banks.

When Aviva entered the market, most companies were offering traditional life products. Aviva
started by offering the more modern Unit Linked and Unitised With Profit products to the
customers, creating a unique differentiation. Aviva's products have been designed in a manner to
provide customers flexibility, transparency and value for money. It has been among the first
companies to introduce the more modern Unit Linked products in the market. Its products
include: whole life (LifeLong, Aviva LifeLine), endowment (LifeSaver, SaveGuard, EasyLife
Plus, LifeSaver Plus, LifeSaver Super,Aviva Sachin Century) and traditional endowment (Dhan
Vriddhi, Aviva Moneyback), child plan (Aviva Little Master) single premium (LifeBond Plus),
pension (PensionPlus,Secure Pension), term (LifeShield), fixed term protection cum savings plan
(Freedom LifePlan), health plan (Aviva Health Plus),with profits plan (Aviva Money Back) and a
short-pay recurring premium investment cum protection plan (LifeBond5). We also have 3 rural
plans which are a low cost term plan - Amar Suraksha and 2 endowments - Anmol Suraksha and
Jana Suraksha.

Aviva has 223 Branches in India supporting its distribution network. Through its Bancassurance
partner locations, Aviva products are available in close to 3,000 towns and cities across India.

Aviva is also keen to reach out to the underprivileged that have not had access to insurance so far.
Through its association with Basix (a micro financial institution) and other NGOs, it has been
able to reach the weaker sections of the society and provide life insurance to them.

Recently, Aviva India has been ranked amongst the top 25 employers by The Great to Work
Institute(GPTW) in the "Best Workplaces in India" study for 2008.
 THE RESEARCH METHODOLOGY

Rationale

We conducted this research to understand the significance of Employee Satisfaction

especially in Insurance Sector.

We also wanted to assess the extent to which factors like Job Environment, Manager
etcetera affect employee satisfaction.

Objectives

♦To study various factors responsible for Employee Satisfaction.

♦To make comparative study of employee satisfaction level in three different companies.

♦To highlight the importance of Employee Satisfaction in an organization.

♦To measure the extent of influence of various factors on Employee Satisfaction Level.
DATA COLLECTION TOOLS

As our Research required knowing the views and opinions of the employees of the organizations
we have chosen, QUIESTIONNAIRE came out to be the best possible means.

We designed a Questionnaire which covered the demography’s and all the factors responsible for
satisfaction of employees in an organization.

SAMPLING DESIGN

Sample Size

On an average 20 employees per organization

Total Sample Size – 60

Sampling Technique

Convenient Sampling – We randomly selected 20 employees from each organization belonging to

different departments.

DATA ANALYSIS TOOLS

We used Z- test and Correlation using SPSS.

Z test

Z test is normally used

- To compare the mean of a sample to some hypnotized mean for the population in case of large
sample or when population variance is known.
- For judging the significance of difference between means of two independent samples in case of
a large sample or when population variance is known.
- To compare the sample proportion to a theoretical value of population proportion.
- For judging the difference in proportion of two independent samples when ‘n’ happens to be
large.
- For judging the significance of median, mode, Correlation Coefficient and several other
measures.
Correlation

Correlation is a statistical tool which studies the relation between two variables and correlation
analysis involves various methods and techniques used for studying and measuring the extent of
relation between two variables

Types of correlation:

- Positive and negative correlation

Positive/Direct correlation:

Here values of two variables deviate in same directions i.e. is increase in value of one variable
results in corresponding increase in other variable or decrease in one variable results in the
decrease in the other.

Negative/Inverse correlation:
Here variables deviate in opposite direction.

- Linear and Non linear correlation

Linear correlation:
In this case a unit change in one variable leads to a constant change in another variable over entire
range of values. There exists a linear relation between variables.

Non linear correlation:

If corresponding to unit changes in one variable then the other variable changes at a fluctuating
rate, it is said to be non linear correlation.

Properties of correlation coefficient:

-1 ≤ r ≤ +1

When
r = +1, there is perfect positive correlation between variables.
r = - 1, there is perfect negative correlation between variables.
r = 0, variables are not correlated
r >0.5, there is high positive correlation
r <0.5, there is low positive correlation
DEMOGRAPHIES about the SAMPLE

Company

Frequency Percent Valid Percent Cumulative Percent

Valid Birla Sunlife 17 28.3 28.3 28.3

Aviva 23 38.3 38.3 66.7

Max New York 20 33.3 33.3 100.0

Total 60 100.0 100.0

 Age

Cumulative
Frequency Percent Valid Percent Percent

Valid 21-25 8 13.3 13.3 13.3

26-30 26 43.3 43.3 56.7

31-35 19 31.7 31.7 88.3

36-40 4 6.7 6.7 95.0

41-45 3 5.0 5.0 100.0

Total 60 100.0 100.0

 Gender

Cumulative
Frequency Percent Valid Percent Percent

Valid Female 16 26.7 26.7 26.7

Male 44 73.3 73.3 100.0

Total 60 100.0 100.0

 Departmnt

Cumulative
Frequency Percent Valid Percent Percent

Valid Operations 11 18.3 18.3 18.3

Finance 3 5.0 5.0 23.3

Accounting 1 1.7 1.7 25.0

Human Resources 3 5.0 5.0 30.0

Marketing 15 25.0 25.0 55.0

Sales 26 43.3 43.3 98.3

Customer Services 1 1.7 1.7 100.0

Total 60 100.0 100.0

 ANALYSIS AND INTERPRETATION

Z TEST
We applied Z test to find the relation between various factors individually with the total
satisfaction level. Here are the results.

Company Vs Total Satisfaction

Ho: There is no significant effect of company on employee satisfaction.

Ha: There is a significant effect of company on employee satisfaction

Result of z test

Group Statistics

SumYC N Mean Std. Deviation Std. Error Mean

TOTAL >= 17.00 39 165.7179 13.80303 2.21025

< 17.00 21 132.1905 15.73092 3.43277

Independent Samples Test

Levene's Test for Equality of

Variances t-test for Equality of Means

95% Confidence Interval of the

Difference

Mean Std. Error

F Sig. T df Sig. (2-tailed) Difference Difference Lower Upper

TOTAL Equal variances assumed .021 .886 8.545 58 .000 33.52747 3.92379 25.67315 41.38180

Equal variances not 8.212 36.700 .000 33.52747 4.08278 25.25269 41.80226

assumed

Interpretation
Since the value is less than 0.05 the hypothesis is rejected. Hence it can be inferred that company has a
significant effect on employee satisfaction.

Job Vs Total Satisfaction

Ho: There is no significant effect of the nature of job on employee satisfaction.
Ha: There is a significant effect of the nature of job on employee satisfaction.

Z result:

Group Statistics

SumYJ N Mean Std. Deviation Std. Error Mean

TOTAL >= 34.00 32 169.6563 10.25359 1.81260

< 34.00 28 136.0714 16.58855 3.13494

Independent Samples Test

Levene's Test for Equality of

Variances t-test for Equality of Means

95% Confidence Interval of the

Difference

Std. Error

F Sig. t df Sig. (2-tailed) Mean Difference Difference Lower Upper

TOTAL Equal variances assumed 1.489 .227 9.560 58 .000 33.58482 3.51300 26.55280 40.61685

Equal variances not assumed 9.274 43.806 .000 33.58482 3.62124 26.28578 40.88386

Interpretation
Since the value is less than 0.05 the hypothesis is rejected. Hence it can be inferred that the nature of job has a
significant effect on employee satisfaction

Work group Vs Total Satisfaction

Ho: There is no significant effect of the nature of work group on employee satisfaction.
Ha: There is a significant effect of work group on employee satisfaction.

Z result:
Group Statistics

SumWG N Mean Std. Deviation Std. Error Mean

TOTAL >= 16.00 36 167.1667 12.10549 2.01758

< 16.00 24 134.2083 17.14638 3.49999

Independent Samples Test

Levene's Test for Equality of

Variances t-test for Equality of Means

95% Confidence Interval of the

Difference

Std. Error

F Sig. t df Sig. (2-tailed) Mean Difference Difference Lower Upper

TOTAL Equal variances assumed .560 .457 8.735 58 .000 32.95833 3.77323 25.40539 40.51127

Interpretation
Since the value is less than 0.05 the hypothesis is rejected. Hence it can be inferred that the work group has a
significant effect on employee satisfaction
Employee benefit Vs Total Satisfaction

Group Statistics

SumEB N Mean Std. Deviation Std. Error Mean

TOTAL >= 12.00 39 164.3333 16.43541 2.63177

< 12.00 21 134.7619 16.32760 3.56297

Independent Samples Test

Levene's Test for Equality of

Variances t-test for Equality of Means

95% Confidence Interval of the

Difference

Std. Error

F Sig. t df Sig. (2-tailed) Mean Difference Difference Lower Upper

TOTAL Equal variances assumed .070 .792 6.663 58 .000 29.57143 4.43847 20.68687 38.45598

Interpretation
Since the value is less than 0.05 the hypothesis is rejected. Hence it can be inferred that employee benefit has a
significant effect on employee satisfaction.
Manager Vs Total Satisfaction

Ho: There is no significant effect of the manager on employee satisfaction.

Ha: There is a significant effect of the manager on employee satisfaction.

SumYM N Mean Std. Deviation Std. Error Mean

TOTAL >= 55.00 31 170.2258 10.01901 1.79947

< 55.00 29 136.6207 16.47599 3.05951

Independent Samples Test

Levene's Test for Equality of

Variances t-test for Equality of Means

95% Confidence Interval of the

Difference

Std. Error

F Sig. t df Sig. (2-tailed) Mean Difference Difference Lower Upper

TOTAL Equal variances assumed 2.035 .159 9.617 58 .000 33.60512 3.49450 26.61011 40.60013

Equal variances not assumed 9.468 45.627 .000 33.60512 3.54947 26.45883 40.75140

Interpretation:
Since the value is less than 0.05 the hypothesis is rejected. Hence it can be inferred that manager has a
significant effect on employee satisfaction.

CORRELATION

The correlation coefficient is calculated to measure the effect of each component like company,
manager etc. on the employee satisfaction.
Between Company & Employee Satisfaction
Correlations

SumYC TOTAL

SumYC Pearson Correlation 1 .843**

Sig. (2-tailed) .000

N 60 60

TOTAL Pearson Correlation .843** 1

Sig. (2-tailed) .000

N 60 60

**. Correlation is significant at the 0.01 level (2-tailed).

The correlation coefficient is 0.843 which is very high and positive.

Positive correlation shows there is a direct relationship between the two variables that is the
increase in one causes the increase in other and decrease in one causes decrease in other to the
same extent.
Hence company has a great influence on employee satisfaction.

Between Nature of job and Employee Satisfaction:

Correlations

TOTAL SumYJ

TOTAL Pearson Correlation 1 .922**

Sig. (2-tailed) .000

N 60 60

SumYJ Pearson Correlation .922** 1

Sig. (2-tailed) .000

N 60 60

**. Correlation is significant at the 0.01 level (2-tailed).

The correlation coefficient is 0.922 which is very high and positive.

There is a direct relation between job and employee satisfaction. The degree of influence of
nature of job is very high on employee satisfaction.
Hence there is high correlation between job and employee satisfaction.

Between Career and Development & Employee Satisfaction:

 Correlations

TOTAL SumCD

TOTAL Pearson Correlation 1 .858**

Sig. (2-tailed) .000

N 60 60

SumCD Pearson Correlation .858** 1

Sig. (2-tailed) .000

The correlation coefficient is 0.858 which is high and positive.

Positive correlation shows there is a direct relationship between the two variables that is the
increase in one causes the increase in other and decrease in one causes decrease in other to the
same extent.
Hence career and development has a great influence on employee satisfaction.

Between Work Group & employee satisfaction:

Correlations

TOTAL SumWG

TOTAL Pearson Correlation 1 .887**

Sig. (2-tailed) .000

N 60 60

SumWG Pearson Correlation .887** 1

Sig. (2-tailed) .000

N 60 60

**. Correlation is significant at the 0.01 level (2-tailed).

The correlation coefficient is 0.887 which is high and positive.

Through this survey we have tried to quantify the effect of work group on employee satisfaction.
There is a high correlation between these variables. Thus the degree of influence of nature of job
is very high on employee satisfaction.
Hence there is high correlation between work group and employee satisfaction.

Between Employee Benefit and Employee Satisfaction:

 Correlations

TOTAL SumEB

TOTAL Pearson Correlation 1 .778**

Sig. (2-tailed) .000

N 60 60

SumEB Pearson Correlation .778** 1

Sig. (2-tailed) .000

N 60 60

**. Correlation is significant at the 0.01 level (2-tailed).

The correlation coefficient is 0.778 which is high and positive.

Positive correlation shows there is a direct relationship between the two variables that is the
increase in one causes the increase in other and decrease in one causes decrease in other to the
same extent.
Hence employee benefit has a great influence on employee satisfaction.

Between Manager and Employee Satisfaction:

TOTAL SumYM

TOTAL Pearson Correlation 1 .922**

Sig. (2-tailed) .000

N 60 60

SumYM Pearson Correlation .922** 1

Sig. (2-tailed) .000

N 60 60

**. Correlation is significant at the 0.01 level (2-tailed).

The correlation coefficient is 0.922 which is very high and positive.

There is a direct relation between job and employee satisfaction. The degree of influence of
manager is very high on employee satisfaction and thus manager’s way of handling his
subordinates plays a crucial role.
To conclude there is high correlation between manager and employee satisfaction.

FINDINGS
On an average we found a high Employee Satisfaction Level in all the three companies we
visited. Since Insurance is a Sales Oriented Sector companies do need to take care of their
employees and constantly motivate them. All the three insurance companies we surveyed have a
system of high performance based recognition. Incentives, teasers, gifts on completing of fixed
targets.

We found out high correlation between our variables and the Employee Satisfaction Level. And
Manager turned out to be the most important factor affecting the satisfaction level. The results of
the statistical tools are:

1. There is significant effect of company, nature of job, career and development, manager,
employee benefit and work group on employee satisfaction .

2. All these variables have a high positive correlation with employee satisfaction which quantifies
their extent of influence.

3. The highest correlation is that of nature of job and manager with employee satisfaction This
implies that job and manager have maximum effect on employee satisfaction. They influence
satisfaction level the most hence must be taken care of.

In our questionnaire we had a couple of subjective questions also where employees were free to
suggest and opine their own views. And we drew few conclusions on the basis of what employees
seek from their organization.

1. What is it you like most about your job?

- Target oriented work.
- Opportunity to meet with new people daily and serving their needs.
- Free environment to work in the way we want, working environment
- Money and Growth opportunities.

2. What is it that you are not comfortable with your job right now?
- Heavy Documentation
- Team size getting smaller due to job cutting
- No fixed working hour

3. What do you need to improve your performance and productivity?

- Regular Training about products, team handling techniques, leadership skills
- Seminars about the sector and what other companies are doing
- Manpower support
- Time management skills

4. Give three suggestions to improve the work environment in the company.

- Reducing the time devoted for meetings. Making them once a week instead of daily
- An office canteen – informal place to hangout
- Team dedication, Operational Support
- Proper time should be given to complete the target
 SUGGESTIONS & IMPLICATIONS

So as the findings suggest all the factors should be properly taken care of to have your employees
satisfied with their job and with the organisation. By studying the responses of the
employees of the three companies few gaps were found in the area of Employee
Satisfaction.

Follwing are the suggestions to fill the gaps:

Targets should be bound to Reasonable Timeframe.

Every Sales Manager should be given a optimum number of Team Members to meet the targets.

There is a need for Regular Training in the following areas:

- About new insurance products in the market

- About the overall industry

- Competitor’s Products & their Selling techniques

Daily meetings should be reduced to once/twice a week to save on time & reduce the work
pressure.
 BIBLIOGRAPHY

The following Resources were explored during the making of this project, to access
information regarding the topic.

Links Referred:

www.wisegeek.com/what-is-employee-satisfaction

www.hinduonnet.com/thehindu/jobs/hr

www.citehr.com/101668-managing-attrition-insurance-sector

http://howhr.blogspot.com/2009/04/employees-satisfaction-survey-in07.html

Sites Referred:

www.explorehr.org

www.maxnewyorklifeinsurance.com

www.avivaindia.com

www.birlasunlife.com

Books Referred:

C. R Kothari, Research Methodology: Methods & Techniques

Employee Satisfaction Survey
Questionnaire
Dear Employee:

You are participating today in an event that is important both to

you and the Company - an employee survey that will provide us
with baseline measurements of some very important
organizational dynamics. We hope you will be frank and honest
in your responses to the items in this survey. You can be assured
that your responses will remain confidential. We are assessing
Company-wide issues, and will not single out any individual.

You are valued as an employee, and your opinions are important.

We appreciate your assistance with this survey!

Gender : Male Female

Age :

What Department do you work in?

Operations

Manufacturing

Engineering/R&D

Quality

Finance

Accounting

Human Resources

Marketing

Sales

Customer Service

How long have you been a member of our organization?

Less Than 1 Year
1 - 5 Years
6 - 10 Years
11 - 20 Years
More Than 20 Years

Your Company

1. My company is one of the best companies to work (1) (2) (3) (4) (5)
for.

2. My company treats me well. (1) (2) (3) (4) (5)

3. I am proud to tell people I work for this company

(1) (2) (3) (4) (5)

4. Considering everything, I am satisfied working for my (1) (2) (3) (4) (5)
company at the present time.

Your JOB

1. I am satisfied with my job and the kind of work I do. (1) (2) (3) (4) (5)

2. My job is challenging and interesting.

(1) (2) (3) (4) (5)

3. I am getting enough relevant training for my present job. (1) (2) (3) (4) (5)

4. I understand what is expected of me in my work. (1) (2) (3) (4) (5)

5. I have the material/equipment and tools I need to do my (1) (2) (3) (4) (5)
job well

6. I am satisfied with my working conditions. (1) (2) (3) (4) (5)

7. My manager recognizes and acknowledges my good (1) (2) (3) (4) (5)
performance.
8. Overall, I am satisfied with my present job. (1) (2) (3) (4) (5)

Career and Development

1. The company makes every effort to fill vacancies from (1) (2) (3) (4) (5)
within before recruiting from outside.

2. I am satisfied with the job opportunities in the company. (1) (2) (3) (4) (5)

3. Promotion goes to those who most deserve it. (1) (2) (3) (4) (5)

4. I was given enough feedback on my performance. (1) (2) (3) (4) (5)

5. I am satisfied with the opportunities for training. (1) (2) (3) (4) (5)

Your Manager

1. My manager (immediate supervisor) trusts me. (1) (2) (3) (4) (5)

2. My manager helps me to improve myself. (1) (2) (3) (4) (5)

3. My manager takes prompt and fair corrective action on (1) (2) (3) (4) (5)
employees who fail to perform their work satisfactorily.

4. My manager establishes plans and work objectives with (1) (2) (3) (4) (5)
me.

5. My manager gives me clear instructions. (1) (2) (3) (4) (5)

6. My manager is available when I need advice. (1) (2) (3) (4) (5)
7. I feel free to talk openly and honestly to my manager. (1) (2) (3) (4) (5)

8. My manager praises me when I do a good job. (1) (2) (3) (4) (5)

9. My manager holds regular meetings with my work (1) (2) (3) (4) (5)
groups.

10. Those meetings keep me informed, give me information (1) (2) (3) (4) (5)
and enable me to do a better job.

11. My manager is effective in making decisions. (1) (2) (3) (4) (5)

12. My manager knows what is going on in my work group. (1) (2) (3) (4) (5)

13. My manager is doing a good job. (1) (2) (3) (4) (5)

My Work Group

1. Work is fairly distributed in my work group. (1) (2) (3) (4) (5)

2. I am satisfied with how members of my work group solve (1) (2) (3) (4) (5)
problems.

3. My work group works well together. (1) (2) (3) (4) (5)

4. I feel free to talk openly and honestly with members of (1) (2) (3) (4) (5)
my work group.
 Employee Benefit

1. I am satisfied with the company’s employee welfare (1) (2) (3) (4) (5)
programs such as rewards, incentives, food coupons,
insurance and health care, etc.

2. I am satisfied with the recreational activities provided by (1) (2) (3) (4) (5)
the company, e.g. picnics and annual dinner.

3. I am satisfied with the company’s people programs, such (1) (2) (3) (4) (5)
as birthday announcements, valuable employee of the
month, bulletins and newsletter, etc.

Open Ended Questions

1. What is it that you like most in your job right now? Name at least two aspects.
2. What is it that you are not comfortable in your job right now?

3. What do you need to improve your performance and productivity?

4. Give at least three suggestions to improve the work environment in this company?