A Project ON "JOB SATISFACTION –A Comparative Analysis of Public and Private Insurance Companies in Sirsa District" Submitted in partial fulfillment of the requirement for the degree of Master of Business Administration (MBA) Supervised by: Submitted by: Dr. Yogeshver Kumar Name: - Raj Kumar Lecturer in Commerce Enrol. No- 06061128102 (H.R.M), Sirsa MBA. IVth Sem. (H.R) Remarks of Evaluator Approved/Disapproved Approved/Disapproved
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JOB SATISFACTION –A Comparative Analysis of Public and Private Insurance Companies
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A
Project
ON
"JOB SATISFACTION –A Comparative Analysis of Public and Private
Insurance Companiesin Sirsa District"
Submitted in partial fulfillment of the requirement for the degree of Master of Business Administration (MBA)
The scope of study is to do the comparative analysis of job satisfaction in
public and private insurance companies and for the purpose the companies
are included are Life Insurance Corporation of india from public sector and
from private sector Bajaj Allianz, Reliance insurance company, ICICI
Prudential, Birla sun life.
3.7 Significance of the Study
This study is significant for several reasons. First, significant changes are
occurring regarding what people expected from their jobs and careers
Second, because of increasing diversity of workers it is important to
understand more about how they felt about the organizational climate in
their places of work and their level of job satisfaction.
This study confirmed that factors such as internal communication,
organizational structure, political climate, professional development
opportunities, promotional opportunities, and regard for personal concerns
had a significant impact on the level of job satisfaction in the private and
public insurance companies because they are affected with many variables
such as organizational policies, personnel policies particularly rewards and
promotions, leadership style etc.
Job satisfaction is one of the most crucial but controversial issues in all type
of organizations whether they are industrial organizations or insurance
organization. It ultimately decides the extent of employee motivation
through the development of organizational climate or environment.
Job satisfaction studies provides the management several benefits like how
employees feel about their job, what part of their job are focused upon,
which department has what feelings are involved (such and such supervisor,
employees and staff specialists). Thus a job satisfaction survey can be used
as a powerful diagnostic instrument for looking at employee problems.
Job satisfaction survey can give rise to valuable communication to the
benefits of organization. It must also be borne in mind that job satisfaction is
dynamic. Almost like machinery, which requires proper installation,
operation and maintenance, the adequate level of job satisfaction is required
to be achieved, used and maintained. Otherwise, it can leave more quickly
than it does arrive.
3.8 Limitations of the Study
While completing the present research I had to face some problems as the
time period for the research was less. Being a fresher’s, lack of experience
also posed some difficulties for me. Also sometimes the employees of
insurance companies felt why should they reveal their personal information?
There were chances of obtaining fake information which can make the
outcome totally different.
Chapter-4
Analysis and Interpretation
(A)COMPANY AND EMPLOYEES RELATIONSHIP
1. The company is aware about the employees problemsand issues.
Interpretation:
1) 75% employees in public sector insurance company agree with the statement and in private sector insurance companies 100% employees agree with the statement.
2) 10% employees in public sector insurance company neutral for this statement but in private sector this ratio is 0%.
3) 15% employees in public sector insurance company disagree with the statement and in private sector insurance companies 0% employees disagree with the statement
2. The company is responsive to the problems and issues of employees.
Interpretation:
1) 75% employees in public sector insurance company agree with the statement and in private sector insurance companies 80% employees agree with the statement.
2) 0% employees in public sector insurance company neutral for this statement but in private sector this ratio is 20%.
3) 25% employees in public sector insurance company disagree with the statement and in private sector insurance companies 0% employees disagree with the statement
3. The company is open to the employees inputs and involvement in committees, Discussion, or in the decision making.
Interpretation:
1) 60% employees in public sector insurance company agree with the statement and in private sector insurance companies 80% employees agree with the statement.
2) 20% employees in public sector insurance company neutral for this statement but in private sector this ratio is 20%.
3) 10% employees in public sector insurance company disagree with the statement and in private sector insurance companies 0% employees disagree with the statement
(B) PROPER ALLOCATION OF RESOURCES
1. Company management believes that human resources (employees) are extremely important resources and that they have to be treated more humanely
Interpretation:
1) 70% employees in public sector insurance company agree with the statement and in private sector insurance companies 90% employees agree with the statement.
2) 0% employees in public sector insurance company neutral for this statement but in private sector this ratio is 10%.
3) 20% employees in public sector insurance company disagree with the statement and in private sector insurance companies 0% employees disagree with the statement
2. The office facilities (seating, telephone, computers etc) for faculties are adequate in this organization.
Interpretation:
1) 90% employees in public sector insurance company agree with the statement and in private sector insurance companies 90% employees agree with the statement.
2) 10% employees in public sector insurance company neutral for this statement but in private sector this ratio is 10%.
3) 0% employees in public sector insurance company disagree with the statement and in private sector insurance companies 0% employees disagree with the statement
3. Decent accommodation facilities are provided bythe company.
Interpretation:
1) 60% employees in public sector insurance company agree with the statement and in private sector insurance companies 70% employees agree with the statement.
2) 20% employees in public sector insurance company neutral for this statement but in private sector this ratio is 20%.
3) 20% employees in public sector insurance company disagree with the statement and in private sector insurance companies 10% employees disagree with the statement
(C) SATISFACTION WITH SUPERIORS AND MANAGEMENT
1. Employees trust what their superiors tell them
Interpretation:
1) 80% employees in public sector insurance company agree with the statement and in private sector insurance companies 90% employees agree with the statement.
2) 15% employees in public sector insurance company neutral for this statement but in private sector this ratio is 10%.
3) 5% employees in public sector insurance company disagree with the statement and in private sector insurance companies 0% employees disagree with the statement
2. My senior employees help me to learn new things tobecome more effective in my job
Interpretation:
1) 85% employees in public sector insurance company agree with the statement and in private sector insurance companies 100% employees agree with the statement.
2) 15% employees in public sector insurance company neutral for this statement but in private sector this ratio is 0%.
3) 0% employees in public sector insurance company disagree with the statement and in private sector insurance companies 0% employees disagree with the statement
3. Whenever I do good work to make significant contribution to the organization , my superior take special care to appreciate it
Interpretation:
1) 70% employees in public sector insurance company agree with the statement and in private sector insurance companies 100% employees agree with the statement.
2) 25% employees in public sector insurance company neutral for this statement but in private sector this ratio is 0%.
3) 5% employees in public sector insurance company disagree with the statement and in private sector insurance companies 0% employees disagree with the statement
4. Weakness of employees are communicated to themin a positive and non threatening way
Interpretation:
1) 50% employees in public sector insurance company agree with the statement and in private sector insurance companies 90% employees agree with the statement.
2) 45% employees in public sector insurance company neutral for this statement but in private sector this ratio is 10%.
3) 5% employees in public sector insurance company disagree with the statement and in private sector insurance companies 0% employees disagree with the statement
4. Senior employees in this organization appreciate new ideas and suggestions.
Interpretation:
1) 70% employees in public sector insurance company agree with the statement and in private sector insurance companies 100% employees agree with the statement.
2) 30% employees in public sector insurance company neutral for this statement but in private sector this ratio is 0%.
3) 0% employees in public sector insurance company disagree with the statement and in private sector insurance companies 0% employees disagree with the statement
(D) SATISFACTION WITH JOB/TASK CLARITY
1. . Rules and decisions are followed uncompromisingly.
Interpretation:
1) 90% employees in public sector insurance company agree with the statement and in private sector insurance companies 80% employees agree with the statement.
2) 5% employees in public sector insurance company neutral for this statement but in private sector this ratio is 20%.
3) 5% employees in public sector insurance company disagree with the statement and in private sector insurance companies 0% employees disagree with the statement
2. Job responsibilities are well defined and clear
Interpretation:
1) 80% employees in public sector insurance company agree with the statement and in private sector insurance companies 100% employees agree with the statement.
2) 15% employees in public sector insurance company neutral for this statement but in private sector this ratio is 0%.
3) 5% employees in public sector insurance company disagree with the statement and in private sector insurance companies 0% employees disagree with the statement
3. Generally,employees are encouraged to take initiative and do things on their own without waiting for instructions from superiors.
Interpretation:
1) 70% employees in public sector insurance company agree with the statement and in private sector insurance companies 70% employees agree with the statement.
2) 20% employees in public sector insurance company neutral for this statement but in private sector this ratio is 20%.
3) 10% employees in public sector insurance company disagree with the statement and in private sector insurance companies 10% employees disagree with the statement
(E) SATISFACTION WITH COMPENSATION PACKAGE
1. I am satisfied with my salary and others perk
Interpretation:
1) 50% employees in public sector insurance company agree with the statement and in private sector insurance companies 80% employees agree with the statement.
2) 30% employees in public sector insurance company neutral for this statement but in private sector this ratio is 10%.
3) 20% employees in public sector insurance company disagree with the statement and in private sector insurance companies 10% employees disagree with the statement
2. The Compensation package of our company is competitive to similar companies.
Interpretation:
1) 55% employees in public sector insurance company agree with the statement and in private sector insurance companies 60% employees agree with the statement.
2) 25% employees in public sector insurance company neutral for this statement but in private sector this ratio is 20%.
3) 20% employees in public sector insurance company disagree with the statement and in private sector insurance companies 20% employees disagree with the statement
(F) POLICY FRAMEWORK OF THE COMPANY
1. People lacking competencies in their job are helped to acquire competencies
Interpretation:
1) 65% employees in public sector insurance company agree with the statement and in private sector insurance companies 80% employees agree with the statement.
2) 20% employees in public sector insurance company neutral for this statement but in private sector this ratio is 20%.
3) 15% employees in public sector insurance company disagree with the statement and in private sector insurance companies 0% employees disagree with the statement
3. Recruitment in this organization is based on merit and merit alone.
Interpretation:
1) 80% employees in public sector insurance company agree with the statement and in private sector insurance companies 90% employees agree with the statement.
2) 20% employees in public sector insurance company neutral for this statement but in private sector this ratio is 0%.
3) 0% employees in public sector insurance company disagree with the statement and in private sector insurance companies 10% employees disagree with the statement
4. Loyalty, honesty and hard work are rewarded in this company.
Interpretation:
1) 90% employees in public sector insurance company agree with the statement and in private sector insurance companies 80% employees agree with the statement.
2) 5% employees in public sector insurance company neutral for this statement but in private sector this ratio is 20%.
3) 5% employees in public sector insurance company disagree with the statement and in private sector insurance companies 0% employees disagree with the statement
(G) INDIVIDUAL SATISFACTION
1. I am satisfied with the opportunities given to me in this organization.
Interpretation:
1) 85% employees in public sector insurance company agree with the statement and in private sector insurance companies 100% employees agree with the statement.
2) 10% employees in public sector insurance company neutral for this statement but in private sector this ratio is 0%.
3) 5% employees in public sector insurance company disagree with the statement and in private sector insurance companies 0% employees disagree with the statement
2. Even if I am offered slightly better salary and perks in another company , I would not leave this company.
Interpretation:
1) 90% employees in public sector insurance company agree with the statement and in private sector insurance companies 70% employees agree with the statement.
2) 5% employees in public sector insurance company neutral for this statement but in private sector this ratio is 30%.
3) 5% employees in public sector insurance company disagree with the statement and in private sector insurance companies 0% employees disagree with the statement
3. I am very optimistic about my future in this company
Interpretation:
1) 95% employees in public sector insurance company agree with the statement and in private sector insurance companies 90% employees agree with the statement.
2) 0% employees in public sector insurance company neutral for this statement but in private sector this ratio is 10%.
3) 5% employees in public sector insurance company disagree with the statement and in private sector insurance companies 0% employees disagree with the statement
4. I am proud to be an employee of this company.
Interpretation:
1) 95% employees in public sector insurance company agree with the statement and in private sector insurance companies 90% employees agree with the statement.
2) 0% employees in public sector insurance company neutral for this statement but in private sector this ratio is 10%.
3) 5% employees in public sector insurance company disagree with the statement and in private sector insurance companies 0% employees disagree with the statement
Chapter 5
Suggestions and Recommendations
As the researcher have already stated that the issue of job satisfaction is of
prime importance not in only manufacturing organizations but also in the
insurance sector.
This particular chapter is focusing on the suggestions and recommendation
given by the researcher during his course of research. These suggestions
will help to the employees of the insurance companies for enhancing their
existing job satisfaction. While on the other hand, it will help to the
management for making fruitful, productive and constructive policies for
the employees.
Some of the important suggestions and recommendations are:
Policy frame work of the company.
An organization's policies can be a great source of frustration for
employees if the policies are unclear or unnecessary or if not everyone is
required to follow them. Although employees will never feel a great sense
of motivation or satisfaction due to your policies, you can decrease
dissatisfaction in this area by making sure your policies are fair and apply
equally to all. Also, make printed copies of your policies-and-procedures
manual easily accessible to all members of your staff. If you do not have a
written manual, create one, soliciting staff input along the way. If you
already have a manual, consider updating it (again, with staff input). You
might also compare your policies to those of similar practices and ask
yourself whether particular policies are unreasonably strict or whether
some penalties are too harsh.
Supervision
To decrease dissatisfaction in this area, you must begin by making wise
decisions when you appoint someone to the role of supervisor. Be aware
that good employees do not always make good supervisors. The role of
supervisor is extremely difficult. It requires leadership skills and the ability
to treat all employees fairly. You should teach your supervisors to use
positive feedback whenever possible and should establish a set means of
employee evaluation and feedback so that no one feels singled out.
Salary
The old adage "you get what you pay for" tends to be true when it comes to
staff members. Salary is not a motivator for employees, but they do want to
be paid fairly. If individuals believe they are not compensated well, they
will be unhappy working for you. Consult salary surveys or even your
local help-wanted ads to see whether the salaries and benefits you're
offering are comparable to those of other offices in your area. In addition,
make sure you have clear policies related to salaries, raises and bonuses.
Interpersonal relations
Remember that part of the satisfaction of being employed is the social
contact it brings, so allow employees a reasonable amount of time for
socialization (e.g., over lunch, during breaks, between patients). This will
help them develop a sense of camaraderie and teamwork. At the same
time, you should crack down on rudeness, inappropriate behavior and
offensive comments. If an individual continues to be disruptive, take
charge of the situation, perhaps by dismissing him or her from the practice.
Working conditions
The environment in which people work has a tremendous effect on their
level of pride for themselves and for the work they are doing. Do
everything you can to keep your equipment and facilities up to date. Even
a nice chair can make a world of difference to an individual's psyche. Also,
if possible, avoid overcrowding and allow each employee his or her own
personal space, whether it be a desk, a locker, or even just a drawer. If
you've placed your employees in close quarters with little or no personal
space, don't be surprised that there is tension among them.
Before you move on to the motivators, remember that you cannot neglect
the hygiene factors discussed above. To do so would be asking for trouble
in more than one way. First, your employees would be generally unhappy,
and this would be apparent to your patients. Second, your hardworking
employees, who can find jobs elsewhere, would leave, while your
mediocre employees would stay and compromise your practice's success.
So deal with hygiene issues first, then move on to the motivators:
Work itself
Perhaps most important to employee motivation is helping individuals
believe that the work they are doing is important and that their tasks are
meaningful. Emphasize that their contributions to the practice result in
positive outcomes and good health care for your patients. Share stories of
success about how an employee's actions made a real difference in the life
of a patient, or in making a process better. Make a big deal out of
meaningful tasks that may have become ordinary, such as new-baby visits.
Of course employees may not find all their tasks interesting or rewarding,
but you should show the employee how those tasks are essential to the
overall processes that make the practice succeed. You may find certain
tasks that are truly unnecessary and can be eliminated or streamlined,
resulting in greater efficiency and satisfaction.
Achievement
One premise inherent in Herzberg's theory is that most individuals
sincerely want to do a good job. To help them, make sure you've placed
them in positions that use their talents and are not set up for failure. Set
clear, achievable goals and standards for each position, and make sure
employees know what those goals and standards are. Individuals should
also receive regular, timely feedback on how they are doing and should
feel they are being adequately challenged in their jobs. Be careful,
however, not to overload individuals with challenges that are too difficult
or impossible, as that can be paralyzing.
Recognition
Individuals at all levels of the organization want to be recognized for their
achievements on the job. Their successes don't have to be monumental
before they deserve recognition, but your praise should be sincere. If you
notice employees doing something well, take the time to acknowledge their
good work immediately. Publicly thank them for handling a situation
particularly well. Write them a kind note of praise. Or give them a bonus,
if appropriate. You may even want to establish a formal recognition
program, such as "employee of the month."
Responsibility
Employees will be more motivated to do their jobs well if they have
ownership of their work. This requires giving employees enough freedom
and power to carry out their tasks so that they feel they "own" the result.
As individuals mature in their jobs, provide opportunities for added
responsibility. Be careful, however, that you do not simply add more work.
Instead, find ways to add challenging and meaningful work, perhaps giving
the employee greater freedom and authority as well.
Advancement
Reward loyalty and performance with advancement. If you do not have an
open position to which to promote a valuable employee, consider giving
him or her a new title that reflects the level of work he or she has achieved.
When feasible, support employees by allowing them to pursue further
education, which will make them more valuable to your practice and more
fulfilled professionally.
The above suggestions not only are useful for the insurance sector but also
applicable for the other sectors also.
Chapter 6
References
REFERENCES
1. Adams, J. S. (1965). Inequity in social exchanges. In L. Berkowitz,
(Ed.), Advances in Experimental Psychology (pp. 267-299). New
York: Academic Press.
2. Chappell, S. K. (1995). The relationship between organizational
climate and job satisfaction as reported by community college chief
instructional officers (Doctoral Dissertation, University of
Florida,1995).
3. Kotter, J. P. & Heskett, J. L. (1992). Corporate culture and
performance. New York: The Free Press.
4. Wolf, M. G. (1970). Need gratification theory: A theoretical
reformulation of job satisfaction/dissatisfaction and job motivation.