Complete Report on a Study on Job Satisfaction of Employees In

A Project Study Report On MAX-NEW YORK LIFE ISURENCE

“A STUDY ON JOB SATISFACTION OF EMPLOYEES ‘’

Submitted in partial fulfillment for the Award of degree of Master of Business Administration

Submitted By: Submitted TO KHUSBU JAIN BIRLA

DR.MAHIMA

MBA PART

CERTIFICATE

This is certify that the project work done on A STUDY ON JOB SATISFACTION OF EMPLOYEES Submitted to MAX-NEW YORK LIFE INSURANCE LIMITED, UDAIPUR for the partial fulfillment of requirement of award of MBA programme. This benefited work is carried out by at MAX-NEW YORK LIFE INSURANCE LIMITED,UDAIPUR., (Raj).

DATE

:-

PLACE:-

KHUSBU JAIN MBA

YEAR [ 07-09 ]

PACIFIC INSTITUTE OF MANAGEMENT, UDAIPUR PREFACE The project work entitled “A STUDY ON JOB SATISFACTION OF EMPLOYEES OF MAX-NEW YORK LIFE INSURANCE LIMITED,UDAIPUR” Job Satisfaction is the favorableness or un-favorableness with which the employee views his work. It expresses the amount of agreement between one’s expectation of the job and the rewards that the job provides. Job Satisfaction is a part of life satisfaction. The nature of one’s environment of job is an important part of life as Job Satisfaction influences one’s general life satisfaction. Job Satisfaction, thus, is the result of various attitudes possessed by an employee. In a narrow sense, these attitudes are related to the job under condition with such specific factors such as wages. Supervisors of employment, conditions of work, social relation on the job, prompt settlement of grievances and fair treatment by employer. However, more comprehensive approach requires that many factors are to be included before a complete understanding of job satisfaction can be obtained. Such factors as employee’s age, health temperature, desire and level of aspiration should be considered. Further his family relationship, Social status, recreational outlets, activity in the organizations etc. Contribute ultimately to job satisfaction.

Place:

Signature of

the student Date 3

ACKNOWLEDGMENT I am indebted to the all powerful ALMIGHTY GOD for all the blessings he showered on me and for being with me throughout the study. I would like to express my sincere thanks to EMPLOYEE OF MAX-NEW YORK LIFE management who provided me an opportunity to do this project. I am deeply obliged to Mr. RAYMOND LOBO (VICE PRESIDENT-HR) AND MS. MALINI (HR-MANAGER) for his exemplary guidance and support without whose help this project would not have been success. I would like to place on record my sincere gratitude and appreciation to my project guide MRS. MAHIMA BIRLA Pacific institute of management, for his kind cooperation and guidance which enabled me to complete my project. I also take this opportunity to express my deed gratitude to my loving parents and friends who are a constant source of motivation and for their never ending support and encouragement during this project.

4

CONTENT :

SR. NO.

SUBJECTS

PAGES

COVERED 1.

PROJECT

1-4

PROPOSED 2.

INTRODUCTION

5

3.

REVIEW OF LITERATURE

4.

OBJECTIVE STUDY

5.

INDUSTRY PROFILE

6.

7.

8.

7

OF

THE

RESEARCH METHODOLOGY DATA ANALYSIS AND INTERPRETATION

FINDINGS

5

9.

QUESTIONIAR

CHAPTER -1

INTRODUCTION

1.1 Job Satisfaction: Job Satisfaction is the favorableness or un-favorableness with which the employee views his work. It expresses the amount of agreement between one’s expectation of the job and the rewards that the job provides. Job Satisfaction is a part of life satisfaction. The nature of one’s environment of job is an important part of life as Job Satisfaction influences one’s general life satisfaction. Job Satisfaction, thus, is the result of various attitudes possessed by an employee. In a narrow sense, these attitudes are related to the job under condition with such specific factors such as wages. Supervisors of employment, conditions of work, social relation on the job, prompt settlement of grievances and fair treatment by employer. However, more comprehensive approach requires that many factors are to be included before a complete understanding of job satisfaction can be obtained. Such factors as employee’s age, health temperature, desire and level of aspiration should be considered. Further his family relationship, Social status, recreational outlets, activity in the organizations etc. Contribute ultimately to job satisfaction.

6

1.2 FACTORS INFLUENCING JOB SATISFACTION The major factors influencing job satisfaction are presented below:

SUPERVISION To a worker, Supervision is equally a strong contributor to the job satisfaction as well as to the job dissatisfaction. The feelings of workers towards his supervisors are usually similar to his feeling towards the company. The role of supervisor is a focal point for attitude formation. Bad supervision results in absenteeism and labor turnover. Good supervision results in higher production and good industrial relations.

CO-WORKERS Various studies had traced this factor as a factor of intermediate importance. One’s associates with others had frequently been motivated as a factor in job satisfaction. Certainly, this seems reasonable because people like to be near their friends. The workers derive satisfaction when the co-workers are helpful, friendly and co-operative.

PAY Studies also show that most of the workers felt satisfied when they are 7

paid more adequately to the work performed by them. The relative important of pay would probably changing factor in job satisfaction or dissatisfaction.

AGE Age has also been found to have a direct relationship to level job of satisfaction of employees. In some groups job satisfaction is higher with increasing age, in other groups job satisfaction is lower and in other there is no difference at all.

MARITAL STATUS Marital status has an important role in deciding the job satisfaction. Most of the studies have revealed that the married person finds dissatisfaction in his job than his unmarried counterpart. The reasons stated to be are that wages were insufficient due to increased cost of living, educations to children etc.

EDUCATION Studies conducted among various workers revealed that most of workers who had not completed their school education showed higher satisfaction level. However, educated workers felt less satisfied in their job.

8

WORKING CONDITION The result of various studies shows that working condition is an important factor. Good working atmosphere and pleasant surroundings help increasing the production of industry. Working conditions are more important to women workers than men workers.

1.3 REVIEW OF LITERATURE: JOB SATISFACTION OF MAX-NEW YORK LIFE IN india – by NAZRUL ISLAM & GOUR CHANDRA SAHA This study attempts to evaluate job satisfaction of MAX-NEW YORK LIFE in india. It focuses on the relative importance of job satisfaction factors and their impacts on the overall job satisfaction of officers. It also investigates the impacts of bank type, work experience, age, and sex differences on the attitudes toward job Satisfaction. The result shows that salary, efficiency in work, fringe supervision, and co-worker relation are the most important factors contributing to job satisfaction. Private MAX-NEW YORK LIFE have higher levels of job satisfaction than those from public sectors as they enjoy better facilities and supportive work environment. Sex and age differences have relatively lower level of impact on it. The overall job satisfaction of the MAX-NEW YORK LIFE is at the positive level.

9

.

1.4 Objective of the study:

1. To Study the job satisfaction of employees in MAX-NEW YORK LIFE Insurance, Udaipur.

2. To Measure the satisfaction levels of employees on various factors and give suggestions for improving the same.

3. To find out whether experience have an effect on Job Factors.

4. To find the significance difference among age groups with respect to job Factors.

10

5. To find the significance difference among male and female employees with respect to job Factors.

1.5 Limitations of the study:

1. Sample size of the study is only 37.

2. Some of the respondents were not responding to some of the questions.

3. Due to time constraint the researcher was not able to complete the project to desired level.

11

INDUSTRY PROFILE .

Indian insurance industry History: Life insurance came to India from England in 1818 when oriental life insurance company started in Calcutta by Europeans. After this many insurance companies had been started in India. But these companies were looking after only the needs of European community established in India. Indian people were not being insured by these companies. First Indian life insurance company came as Bombay mutual life insurance assurance. Second company was Bharat insurance company came in 1896. After this the united India in madras, national

12

Indian and national insurance in Calcutta and the co-operative assurance in Lahore were established in 1906. To regulate Indian insurance business first insurance act came in 1912 as life insurance company act and provident fund act. These acts consist of premium rates tables and periodical valuations of companies. In the first two decade of 20th century many life insurance companies were started. So the insurance act came in 1938 to governing life and non life insurance companies and to provide strict state control. In 1956 the life insurance business in India was nationalized. In 1956 life insurance corporation of India (LIC) was created to spreading life insurance much more widely particularly in rural areas. In that year LIC had 5 zonal offices, 33 divisional offices and 212 branch offices. In 1957 the business of LIC of sum assured of 200crores, 1000crores in 1970, and 7000crores in 1986.

Indian regulatory development authority: In 1999, the Insurance Regulatory and Development Authority (IRDA) was constituted as an autonomous body to regulate and develop the insurance industry. The IRDA was incorporated as a statutory body in April, 2000. The key objectives of the IRDA include promotion of competition so as to enhance customer satisfaction through increased consumer choice and lower premiums, while ensuring the financial security of the insurance market. The IRDA opened

13

up the market in August 2000 with the invitation for application for registrations. Foreign companies were allowed ownership of up to 26%. The Authority has the power to frame regulations under Section 114A of the Insurance Act, 1938 and has from 2000 onwards framed various regulations ranging from registration of companies for carrying on insurance business to protection of policyholders’ interests. Role of IRDA: •

Protecting the interests of policyholders.

•

Establishing guidelines for the operations of insurers, and brokers.

•

Specifying the code of conduct, qualifications, and training for insurance intermediaries and agents.

•

Promoting efficiency in the conduct of insurance business.

•

Regulating the investment of funds by insurance companies.

•

Specifying the percentage of business to be written by insurers in rural sectors.

•

Handling disputes between insurers and insurance intermediaries.

Changing perception of Indian customers: Indian Insurance consumers are like Indian Voters, they are soft but when time is right and ripe, they demand and seek necessary changes. De-tariff of many

14

Insurance Products are the reflection of changing aspirations and growing demand of Indian consumers.

For historical years, Indian consumers were at receiving end. Insurance Product was underwritten and was practically forced onto consumers on a “Take-it-As-itbasis”. All that got changed with passage of IRDA act in 1999. New insurance companies have come into existence leading to open competition and hence better products for customers.

Indian customers have become very sensitive to Coverage / Premium as well as the Products (read Risk Solution), that is given to them. There are not ready to accept any product, no matter even if that is coming from the market leader, should that product is not serving the purpose. A case in point is ULIP Product / Group Life and Credit Life in Life Insurance segment and Travel / Family Floater Health and Liability Insurance in the Non-life segment are new age Avatar. The new products are constantly being demanded by Indian consumers, which is putting huge pressures on Insurance companies (Read Risk Under-writers) and Brokers to respond.

Customers are looking at Insurance for covering Pure Risk now which I have covered in my next section. Another good reason why we are seeing quick changes in the buying behavior of Insurance from mere Investment to risk

15

mitigation is the cost of Replacement of Goods (ROG) or Cost of Services (COS). Now Indian customers are aware of insurance industry and insurance products provided by companies. They have become more sensitive. They would not accept any type of insurance product unless it fulfills their requirements and needs. In historic day’s customers looking at insurance products as a life cover which can provide security against any unacceptable events, but now customers look at insurance products as an investment as well as life cover. So today’s customers wants good return from the insurance companies. The Indian customer’s forms the pivot of each company’s strategy.

Investment of Indian household savings (as a % in different sector)

BANK DEPOSITS CORP. BANKS SHARES AND DEBENTURES

39% 2% 1%

MUTUAL FUNDS NBFC’S GOVT. BONDS INSURANCE PF/ RETIRE FUNDS CURRENCY

2% 3% 13% 13% 21% 6%

Changing face of Indian insurance industry: After the Insurance Regulatory and Development Authority Act have been passed there has been establishment of many private insurance companies in India. Previously there was a monopoly business for Life Insurance Corporation 16

of India (L.I.C.) who was the only life-insurance company for the people till 2000. L.I.C. still holds 71.4% of the market share in 2006. But after the introduction of private life insurance companies there is a great competition in Indian market now. Everyone is trying to capture the fresh market here and penetrate it with aggressive marketing strategies. Today life-insurance is not only limited up to just life risk cover and maturity period bonuses but changed to greater return from the investments. With the introduction of the unit linked insurance policies these companies are investing the money in different investment instruments like shares, bonds, debentures, government and other securities. People are demanding for higher returns with the life risk cover and private companies are giving 30-40% average growth per annum. These life-insurance companies have every kind of policies suiting every need right from financial needs of, marriage, giving birth and rearing up a child, his education, meeting daily financial needs of life, pension solutions after retirement. These companies have every aspects and needs of our life covered along with the death-benefit. In India only 25% of the population has life insurance. So Indian life-insurance market is the target market of all the companies who either want to extend or diversify their business. To tap the Indian market there has been tie-ups between the major Indian companies with other International insurance companies to start up their business. The government of India has set up rules that no foreign insurance company can set up their business individually here and they have to tie up with an Indian

17

company and this foreign insurance company can have an investment of only 24% of the total start-up investment.

Indian insurance industry can be featured by: •

Low market penetration.

•

Ever growing middle class component in population.

•

Growth of customer’s interest with an increasing demand for better insurance products.

•

Application of information technology for business.

•

Rebate from government in the form of tax incentives to be insured. Today, the Indian life insurance industry has a dozen private

players, each of which are making strides in raising awareness levels, introducing innovative products and increasing the penetration of life insurance in the vastly underinsured country. Several of private insurers have introduced attractive products to meet the needs of their target customers and in line with their business objectives. The success of their effort is that they have captured over 28% of premium income in five years.

18

The biggest beneficiary of the competition among life insurers has been the customer. A wide range of products, customer focused service and professional advice has become the mainstay of the industry, and the Indian customer’s forms the pivot of each company’s strategy. Penetration of life insurance is beginning to cut across socio-economic classes and attract people who have never purchased insurance before. Life insurance is also now being regarded as a versatile financial planning tool. Apart from the traditional term and saving insurance policies, industry has seen the entry and growth of unit linked products. This provides market linked returns and is among the most flexible policies available today for investment. Now products are priced, flexible, and realistic and sustain so people in better position to understand the risk and benefits of the product and they are accepting these innovative products. So it is clear that the face of life insurance in India is changing, but with the changes come a host of challenges and it is only the credible players with a long term vision and a robust business strategy that will survive. Whatever the developments, the future and the opportunities in this industry will surely be exciting. There are 12 private players in Indian life insurance market. 6 bank owned insurers: - HDFC standard life, ICICI prudential, ING Vysya, MetLife, OM Kotak, SBI life. 6 independent insurers: - Aviva, ANP sanmar, Birla sun life, Bajaj Allianz, Max New York life, Tata AIG. 19

Major international insurers are- Prudential and Standard life from UK, Sun life of Canada, AIG, MetLife and New York life of the US.

Increasing growth since liberalization: YEAR FY03 FY04 FY05 FY06 FY07

LIC (in bn rs.) 110 120 130 140 240

PRIVATE PLAYER 10 20 40 60 160

Source: - Insurance Industry (ICFAI publication book) Possibilities for insurance companies in India: •

Further deregulation of the market.

•

Greater concern for the customers.

•

Newer products and services.

•

Competition and quality consciousness.

•

Cost effective operations.

•

Restructuring of the public sector.

•

Consolidation of domestic insurance markets.

•

Technology driven shift in product design.

20

•

Actual operations and distribution.

•

Convergence of financial services.

5. Global insurance industry Globally, insurers increasingly are pressured by the demands of their clients. The development of global insurance industry over the past few years was influenced by booming stock markets which enabled considerable capital gains to be made in non life business. Increase in insurers equity capital increased underwriting capacity, while demand did not develop at the same pace, resulting in decrease in insurance policies prices. The stock market boom of the past few years led to demand for unit linked insurance products. The global insurance industry is growing at rapid pace. Most of the markets are undergoing globalization. Lot of mergers and acquisition are taking place in the insurance world. The rapidity in the industry, technological improvement has resulted in pressures on a few economic parameters. The world insurance industry is at peak of its globalization process. Global insurance market is increasing by an average of six percent per year since 1990. Insurance companies have collected $2443.7 billion premium

21

world wide according to the global development of premium volume in 144 countries in 2005. $1521.3 has been generated as life insurance premium and $922.7 as non life insurance premium. The US accounted for 35% of global life and non life premium, Japan had global share of 21%, and UK was having 10% of global share.

Influence on Indian insurance industry: In this era of globalization, insurance companies face a dynamic global environment. Dramatic changes are taking place owing to the internationalization of activities, appearance of new risk, new types of covers to match with new risk situations, and unconventional and innovative ideas on customer services. Low growth rates in developed markets, changing customers needs, and the uncertain economic conditions in the developing world are exerting pressure on insurer’s resources and testing their ability to survive. Now the existing insurers are facing difficulties from non-traditional competitors those are entering the retail market with new approaches and through new channels. India has a rapidly growing middle class and this section can afford to buy insurance products. This shows the attraction that the Indian market holds for foreign insurers who have been putting pressure on developing countries as well as on India to open up its market.

Life insurance penetration as a % of GDP United kingdom Japan

8.9% 8.3%

22

Korea United states Malaysia India China Brazil

7.3% 4.1% 3.6% 3.0% 1.8% 1.3%

CHAPTER – III RESEARCH METHODOLOGY:

The methodology followed for conducting the study includes the specification of research design, sample design, questionnaire design, data collection and statistical tools used for analyzing the collected data.

3.1 Research design:

23

The research design used for this study is of the descriptive type. Descriptive research studies are those studies which are concerned with describing the characteristics of a particular individual or a group. .

3.2 Sample size:

The sample size consisting of 37 respondents were selected for the study.

3.3 Sampling design:

Since it is difficult to contact the entire population, sampling technique was adopted. The employees were interviewed using convenience sampling techniques.

3.4 Questionnaire design:

Questionnaire was designed in consultation with the experts of MAX-NEW YORK LIFE Insurance Company in such a manner that it would facilitate the respondents to reveal maximum information.

3.5 Data collection 24

The primary data was collected by using questionnaires. The questionnaire has 28 questions excluding marital status, age, factor prompted to join reliance. A five point scale was used such as strongly disagree, disagree, neutral, agree and strongly agree.

3.6 Statistical tools used for analysis : The collected data were analyzed by using following techniques: Percentage analysis One-way ANOVA

CHAPTER –IV DATA ANALYSIS AND INTERPRETATION TABLE NO. 1

Frequency

Percent

Male

80

80

Female

20

20

25

TotaL

100

100

Chart no: 1

100 80 60

Male Female

40

TotaL

20 0

Table no: 2

Frequency

MONTHLY INCOME

Frequency

Percent

Below rs.10000

2

2

10000-20000

15

15

20000-30000

10

10

ABOVE 30000

10

10

TOTAL

26

16 14 12

Below rs.10000

10 8

10000-20000 20000-30000

6

ABOVE 30000

4 2

TOTAL

0 Frequency

Table No: 3 Education qualification Frequency

Percent

P.G

90

90

U.G

10

10

TOTAL

Chart No: 3

27

100 80 P.G

60

U.G

40

TOTAL

20 0

Frequency

Tale No: 4 Frequency

Percent

married

80

80

Unmarried

20

20

Total

100

100

28

Chart no: 4 100 80 60

married Unmarried

40

Total

20 0

Frequency

Table No: 5 Years of Experience Frequency

Percent

Less than 1yr

8

8.0

1-2 yrs

26

26

2-3yrs

20

20

3-4yrs

26

26

Above 4yrs

20

20

Total

100

100

29

CHART NO.5 100 80

Less than 1yr

60

1-2 yrs 2-3yrs

40

3-4yrs Above 4yrs

20

Total

0 Frequency

Table No: 6 Working hours are convenient for me Frequency

Percent

strongly agree

34

34

agree

32

32

nor 18

18

13

13

strongly disagree

3

3

Total

100

100

neither disagree disagree

agree

30

Chart no. 6 strongly agree

100 80

agree

60

neither agree nor disagree

40

disagree

20

strongly disagree

0 Frequency

Total

Interpretation: From the above chart and table it is clearly evident that 34% of the respondents strongly agree that working hours are convenient from them and 32% agree with that and 18% neither agree nor disagree and 13% disagree with the working hours and 3% are strongly against working hours.

31

Table No: 7 I'm happy with my work place Frequency

Percent

Strongly agree

30

30

Agree

39

39

nor 18

18

neither disagree

agree

Disagree

8

8

strongly disagree

5

5

Total

100

100

Chart No: 7 Strongly agree

100 80

Agree

60

neither agree nor disagree

40

Disagree

20

strongly disagree

0

Frequency

Total

Interpretation: From the above table it is clear that 30% respondents strongly agree and 39% respondents agree that they are happy with their work place only 13% disagreed and 18% have no idea towards their work place.

32

Table No: 8 I feel i have too much work to do Frequency

Percent

strongly agree

7

7

Agree

9

9

neither disagree Disagree

agree

nor 25

25

37

37

strongly disagree

22

22

Total

100

100

Chart No: 8 strongly agree

100 80

Agree

60

neither agree nor disagree

40

Disagree

20

strongly disagree

0 Frequency

Total

33

Interpretation: From the above table it is quite clear that the work load is not high, 37% of the respondents disagreed with the question” I feel I have too much work” and another 22% strongly disagreed, 18% admits they have too much work and 23% have no idea towards this question.

Table No: 9 safety measures provided by the company Frequency

Percent

strongly agree

28

28

Agree

31

31

nor 24

24

Disagree

11

11

strongly disagree

6

6

Total

100

100

neither disagree

agree

34

Chart No: 9

strongly agree

100 80

Agree

60 40

neither agree nor disagree Disagree

20

strongly disagree

0

Frequency

Total

Interpretation: From the above table it is evident that the safety measures provided by the organizations are good as 28 and 31% of the respondents agree with that and only 11& 6% disagreed and 24% neither agreed nor disagreed.

35

TableNo: 10 My relationship with my supervisor is cordial Frequency

Percent

strongly agree

30

30

Agree

41

41

nor 16

16

neither disagree Disagree

agree

6

6

strongly disagree

7

7

Total

100

100

Chart No: 10

36

strongly agree

100 80

Agree

60

neither agree nor disagree

40

Disagree

20

strongly disagree

0 Frequency

Total

Interpretation: From the above table it is clear that relationship between employees and their supervisors are cordial because 30% of respondents strongly agreed to it and 41% agreed to it and only 13% disagreed and 16% of respondents have neither agreed nor disagreed.

37

Table No: 11 My supervisor is not partial Frequency

Percent

18

18

30

30

nor 15

15

19

19

strongly disagree

18

18

Total

100

100

Agree neither disagree Disagree

agree

Chart No: 11 My supervisor is not partial

3-D Column 1

100 80

Agree

60

neither agree nor disagree

40

Disagree

20

strongly disagree

0

Frequency

Total

38

Interpretation: From the above table it is evident that the supervisors are not partial to the employees as 18% strongly agreed and 30% agreed to the question but 19% disagreed and 18% strongly disagreed this level is quite high compared to other questions.

Table No: 12 My supervisor considers my idea too while taking decision Frequency

Percent

strongly agree

26

26

Agree

43

43

nor 26

26

neither disagree Disagree

agree

2

2

strongly disagree

3

3

Total

100

100

39

Chart No: 12 strongly agree

100 80

Agree

60

neither agree nor disagree

40

Disagree

20

strongly disagree

0

Total

Frequency

Interpretation: From the above table it is clear that 26 and 42% of the respondents agree that supervisors consider their employees ideas also and only 5% disagreed and 26% neither agreed nor disagreed.

Table No: 13 I'm satisfied with the support from my co-workers Frequency

Percent

strongly agree

21

21

Agree

47

47

nor 16

16

neither disagree Disagree

agree

9

9

strongly disagree

7

7

Total

100

100

40

Chart No: 13 I'm satisfied with the support from my co-workers strongly agree

100 80

Agree

60

neither agree nor disagree

40

Disagree

20

strongly disagree

0 Frequency

Total

Interpretation: From the above table it is clear that relation with co-workers is quite good as nearly 68% of the respondents agree that they are satisfied with support from co-workers and only 15% disagreed and 16% have no answer to this

Table No: 14

41

People here have concern from one another and tend to help one another Frequency

Percent

strongly agree

26

26

Agree

41

41

nor 19

19

neither disagree Disagree

agree

9

9

strongly disagree

5

5

Total

100

100

Chart No: 14 42

People here have concern from one another and tend to help one another strongly agree

100 80

Agree

60 40

neither agree nor disagree Disagree

20

strongly disagree

0

Frequency

Total

Interpretation: From the above table it is clear that in this organization people have concern over each other as 26% strongly agreed and 41% agreed and only 14% disagreed and 19% neither agreed nor disagreed.

Table No: 15 43

I'm satisfied with the refreshment facilities Frequency

Percent

strongly agree

9

9

Agree

20

20

nor 30

30

26

26

strongly disagree

15

15

Total

100

100

neither disagree Disagree

agree

Chart No: 15 I'm satisfied with the refreshment facilities strongly agree

100 80

Agree

60

neither agree nor disagree

40

Disagree

20

strongly disagree

0 Frequency

Total

44

Interpretation: From the above table it is clear that the employees are not satisfied with the refreshment facilities offered by the company as 26% of respondents disagreed and 15% strongly disagreed and 30% neither agreed nor disagreed and only 29% agreed.

Table No: 16 We are provided with the rest and lunch room and they are good Frequency

Percent

strongly agree

8

8

Agree

16

16

nor 22

22

Disagree

34

34

strongly disagree

20

20

Total

100

100

neither disagree

agree

45

Chart No: 16 We are provided with the rest and lunch room and they are We are provided with the good strongly agree

100 80

Agree

60

neither agree nor disagree

40

Disagree

20

strongly disagree

0

Frequency

Total

Interpretation: From the above table it is quite evident that 24% strongly disagreed and 30% of the respondents disagreed and 22% neither agreed nor disagreed and only 24% of the respondents are satisfied with the rest and lunch room provided.

Table No: 17 The parking space for our vehicles are satisfactory

46

Frequency

Percent

strongly agree

4

4

Agree

9

9

neither disagree

agree

nor 24

24

Disagree

32

32

strongly disagree

31

31

Total

100

100

Chart No: 17 The parking space for our vehicles are satisfactory strongly agree

100 80

Agree

60 40

neither agree nor disagree Disagree

20

strongly disagree

0

Frequency

Total

Interpretation: From the above table it is clear that respondents are not satisfied 47

with the parking facilities provided by the company as 31% of respondents strongly disagreed and 32% of respondents disagreed and only 13% of respondents are satisfied with the parking facilities and 24% have neither agreed nor disagreed.

Table No: 18 I fell I'm paid a fair amount for the work i do Frequency

Percent

strongly agree

15

15

Agree

39

39

nor 25

25

Disagree

13

13

strongly disagree

8

8

Total

100

100

neither disagree

agree

Chart No: 18 I fell I'm paid a fair amount for the work i do

48

strongly agree

100 80

Agree

60

neither agree nor disagree

40

Disagree

20

strongly disagree

0 Frequency

Total

Interpretation: From the above table it is evident that the respondents are satisfied with their salary as 39% agree and 15% strongly agree. Only `3% disagree and 8% strongly disagree, 25% neither agree nor disagree.

Table No: 19 I'm satisfied with the chances for my promotion

49

Frequency

Percent

strongly agree

27

27

Agree

43

43

nor 13

13

neither disagree

agree

Disagree

9

9

strongly disagree

8

8

Total

100

100

Chart No: 19 I'm satisfied with the chances for my promotion 100 90 80 70 60 50 40 30 20 10 0

strongly agree Agree neither agree nor disagree Disagree strongly disagree Total Frequency

50

Interpretation: From the above table it is quite clear that employees are satisfied with their chances for promotion as 43% agree and 27% strongly agree. Only 9% disagree and 8% strongly disagree, 13% neither agree nor disagree.

Table No: 20 The salary we receive are good as other organizations offer pay to their employees Frequency

Percent

strongly agree

27

27

Agree

37

37

nor 26

26

neither disagree Disagree

agree

6

6

strongly disagree

4

4

Total

100

100

51

Chart No: 20 The salary we receive are good as other organizations offer The salary we receive are good as strongly agree

100 80

Agree

60 40

neither agree nor disagree Disagree

20

strongly disagree

0

Frequency

Total

Interpretation: From the above table it is quite clear that the salary in this organization is at par to the industry as 37% agree and 27% strongly agree. Only 6% disagree and 4% strongly disagree, 26% neither agree nor disagree.

Table No: 21 I'm satisfied with the allownaces provided by the organization

52

Frequency

Percent

strongly agree

19

19

Agree

42

42

nor 21

21

11

11

strongly disagree

7

7

Total

100

100

neither disagree Disagree

agree

Chart No: 21 I'm satisfied with the allownaces provided by the organization strongly agree

100 80

Agree

60 40

neither agree nor disagree Disagree

20

strongly disagree

0

Frequency

Total

Interpretation: From the above table it is clear that the employees are satisfied 53

with the allowances and other benefits provided by the organization as 42% agree and 19% strongly agree. Only 11% disagree and 7% strongly disagree, 21% neither agree nor disagree.

Table No: 22 I feel my boss motivate me to achieve the organizational goals Frequency

Percent

strongly agree

11

11

Agree

33

33

nor 25

25

22

22

strongly disagree

9

9

Total

100

100

neither disagree Disagree

agree

Chart No: 22 I feel my boss motivate me to achieve the organizational goals

54

100 90 80 70 60 50 40 30 20 10 0

strongly agree Agree neither agree nor disagree Disagree strongly disagree Total Frequency

Interpretation: From the above table it is evident that employees boss are motivating to achieve organizational goals as 33% agree and 11% strongly agree. 22% disagree this is quite high compared to other factors and 9% strongly disagree and 25% neither agree nor disagree.

Table No: 23 My supervisor motivates me to increase my efficiency at times when i'm not

55

Frequency

Percent

strongly agree

18

18

Agree

44

44

nor 18

18

Disagree

13

13

strongly disagree

7

7

Total

100

100

neither disagree

agree

Chart No: 23 My supervisor motivates me to increase my efficiency at My supervisor motivates me to increase strongly agree

100 80

Agree

60

neither agree nor disagree

40

Disagree

20

strongly disagree

0

Frequency

Total

Interpretation: From the above table it is evident that employees boss motivates the employee when he is unproductive and help him to be productive as 44% agree and 18% strongly agree. Only 7% strongly disagree and 7% disagree, 18% neither agree nor disagree.

56

. .

Table No: 24 Overall I'm satisfied with my job Frequency

Percent

strongly agree

21

21

Agree

33

33

nor 25

25

15

15

strongly disagree

6

6

Total

100

100

neither disagree Disagree

agree

Chart No: 24 Overall I'm satisfied with my job

57

strongly agree

100 80

Agree

60

neither agree nor disagree

40

Disagree

20

strongly disagree

0

Frequency

Total

Interpretation: From the above table it is evident that Overall satisfactions of the respondents are good as 33% agree and 21% strongly agree. Only 6% strongly disagree and 15% disagree and 25% neither agree nor disagree.

DATA ANALYSIS

58

o ONE WAY ANOVA H0:

There is no significant difference among respondents of various experience groups with regard to Environment and nature of work factor.

H1: There is significant difference among respondents of various experience groups with regard to Environment and nature of work factor

Table No: 34 Environment and Nature of work Sum of

Df

Mean

F

Sig

Between

Squares 591

4

Square .148

.465

. .761

Groups Within

30.168

95

. 318

Groups Total

30.758

99

Interpretation: Since the significant difference is greater than 0.05 accept null hypothesis and reject alternate hypothesis which says, there is no significant difference among respondents of various experience with

59

respect to environment and nature of work.

H0: There is no significant difference among respondents of various experience groups with regard to the factor Relationship with supervisors and colleagues. H1: There is significant difference among respondents of various experience groups with regard to the factor Relationship with supervisors and colleagues.

Table No: 35 ANOVA Relationship with supervisors and colleagues Sum of

df

Mean

F

Sig.

Between

Squares 1.199

4

Square .300

1.273

.286

Groups Within

22.376

95

236

Groups Total

23.576

99

Interpretation: Since the significant difference is greater than 0.05 accept null hypothesis and reject alternate hypothesis which says, there is no significant difference among respondents of various experience with

60

respect to Relationship with supervisors and colleagues.

H0: There is no significant difference among respondents of various experience groups with regard to the factor Welfare facilities

H1: There is significant difference among respondents of various experience groups with regard to the factor Welfare facilities

Table No: 36 ANOVA Welfare facilities Sum of

df

Mean

F

Sig.

Between

Squares 1.741

4

Square 435

1.441

.227

Groups Within

28.699

95

.302

Groups Total

30.440

99

Interpretation: Since the significant difference is greater than 0.05 accept null hypothesis and reject alternate hypothesis which says, there is no significant difference among respondents of various experience with respect to welfare facilities.

61

H0: There is no significant difference among respondents of various experience groups with regard to the factor Pay and Promotion

H1: There is significant difference among respondents of various experience groups with regard to the factor Pay and Promotion

Table No: 37 ANOVA Pay and Promotion Sum of Squares

df

Mean

F

Sig.

Square

62

Between

3.148

4

787

Groups Within

35.017

95

.369

Groups Total

38.165

99

.369

.082

Interpretation: Since the significant difference is greater than 0.05 accept null hypothesis and reject alternate hypothesis which says, there is no significant difference among respondents of various experience with respect to Pay and promotion.

H0: There is no significant difference among respondents of various experience groups with regard to the factor Communication and Motivation.

H1: There is significant difference among respondents of various experience groups with regard to the factor Communication and Motivation. Table No: 38 ANOVA Communication and Motivation

Sum of Squares

df

Mean

Sig.

Square

63

Between

.937

4

95

Groups Within

34.100

95

95

Groups Total

35.037

95

.652

.627

. Interpretation: Since the significant difference is greater than 0.05 accept null hypothesis and reject alternate hypothesis which says, there is no significant difference among respondents of various experience with respect to communication and motivation.

H0: There is no significant difference among respondents of various experience groups with regard to Job Factors.

H1: There is significant difference among respondents of various experience groups with regard to Job Factors

Table No: 39 ANOVA job factor Sum of Squares

df

Mean

F

Sig.

Square

64

Between

1.437

4

.359

Groups Within

39.360

95

.414

Groups Total

40.798

99

.867

.487

. Interpretation: . Since the significant difference is greater than 0.05 accept null hypothesis and reject alternate hypothesis which says, there is no significant difference among respondents of various experience with respect to Job factors

H0: There is no significant difference among respondents of various Age groups with regard to Job Factors.

H1: There is significant difference among respondents of various Age groups with regard to Job Factors. Table No: 40 ANOVA

Between

Sum of

df

Mean

F

Sig.

Squares .007

2

Square .004

.009

.991

40.790

97

.421

Groups Within

65

Groups Total

40.798

99

. Interpretation: Since the significant difference is greater than 0.05 accept null hypothesis and reject alternate hypothesis which says, there is no significant difference among respondents of various age groups with respect to Job factors.

H0: There is no significant difference among respondents of various genders with regard to Job Factors. H1: There is significant difference among respondents of various genders with regard to Job Factors.

Table No: 41 Sum of

df

Mean

F

Sig.

Between

Squares .036

1

Square .038

.086

.770

Groups Within

40.782

98

.416

Groups Total

40.798

99

. Interpretation:

66

Since the significant difference is greater than 0.05 accept null hypothesis and reject alternate hypothesis which says, there is no significant difference among respondents of various genders with respect to Job factors.

Chapter -V Descriptive Statistics

environment

N 100

minimum 1.40

Maximum 4.20

Mean 2.4960

Std.Deviation .55740

100

1.00

3.80

2.3620

.48799

and nature work relationship

of

with supervisors and 67

colleagues welfare

100

2.00

4.60

3.4600

.55450

facilities pay and 100

1.00

4.00

2.3900

.62089

promotion communictio

100

1.25

4.00

2.5725

.59490

motivation job factors 100 Valid N 100

1.20

4.40

2.5400

.56174

n and

(listwise)

5.1 Findings: The descriptive statistics table helps us to derive satisfaction level of employees on various factors: The respondents are satisfied with the environment and nature of work factors as their mean value is near to 2.50 The respondent’s relationship with the superiors and colleagues are quite good as their mean value is 2.36 is an agreeable level. The Respondents are not provided with proper welfare facilities that’s the reason the mean value is quite high at 3.46 levels which is disagree level. The communication and motivation of employees by their superiors in 68

this organization is reasonable as the mean value is 2.57. The Pay and promotion activities in this organization is also good as their mean value is 2.4 The Respondents are overall satisfied with their job as their mean value is 2.54 which is an agreeable level. The Parking facilities provided by the organization are not good that’s why most respondents disagree with this question. The refreshment facilities are also need to be improved because most of the employees are dissatisfied on this factor. The Rest room facilities in the company are not good and they are not satisfied with the lunch facilities. Suggestions:

Questionnaire “A study on Job Satisfaction of Employees in MAX-NEW YORK LIFE General Insurance Ltd”

69

1. Name: ………………………………………………………………………………… … 2. Age: ……………… 3. Gender: Male Female 4. Monthly Income: A) Below Rest. 10,000 B) 10,000- 20000 C) 20,000-30000 D) Above 30,000 5. Education Qualification: A) Under graduation B) Post – graduation 6. Marital Status A) Married B) Unmarried 7. Years of experience: A) Less than 1yr B) 1-2 yrs C) 2-3 yrs D) 3-4 yrs E) Above 4yrs

Please indicate your level of agreement in connection with various factors: 1. Strongly agree 2. Agree 3. Neither agree nor disagree 4. Disagree 5. Strongly Disagree Work Environment and nature of work S.NO

Particulars

. 1

Working hours are convenient for

2 3

me I’m happy with my work place The lighting and other

1

2

3

4

5

arrangements in 4

the office are satisfactory I feel I have too much work to do

70

5

I’m

satisfied

with

the

safety

measures provided by my company

Relationship with supervisors and colleagues S.NO

Particulars

. 6

My relationship with my supervisor

1

2

3

4

5

1

2

3

4

5

is 7 8

Cordial My supervisor is not partial My supervisor considers my ideas too

9

while making decision I’m satisfied with the support from

10

my coworkers People here have concern for one another

and

tend

to

help

one

another

Welfare Facilities S.NO Particulars 11

I’m satisfied with the refreshment

12

facilities We are provided with the rest and lunch

71

13

room and they are good The parking facilities provided for our

14

vehicles are satisfactory I’m satisfied with the

15

facilities I’m satisfied with the Loan facilities

first

aid

and other

personal

welfare

benefits

offered by company

Pay and promotion S.No 16

1 Particulars I feel I’m being paid a fair amount

17

for the work I do I’m satisfied with my chances for

18

promotion The salaries we receive are good as

2

3

4

5

2

3

4

5

other organizations pay to their 19

employees I’m satisfied with the allowances provided by my organization

Communication and motivation S.

Particulars

No 20

I feel that my Boss motivate me to

1

achieve the organization goal 72

21

My

supervisor

motivates

me

to

increase my efficiency at times when I’m not 22

productive Communication seem good within this

23

Organization Work assignments are explained clearly to me

Job factors S.NO

Particulars

. 24

I love my job and to work in this

25 26

Organization My work life is meaningful I consider that my work is valuable

1

2

3

4

5

73

in 27

attaining my organizational goals Have adequate opportunity to use my

28

Ability Overall, I’m satisfied with my job

SUGGESTION--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

74