job satisfaction

Content  Introduction  Company Profile  Objective of the Studies  Hypothesis  Research Methodology  Data Analysis and Interpretation  Hypothesis Testing  Suggestion  Conclusion  Limitation  Bibliography  Appendix

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Introduction Employee Welfare and Their Job Satisfaction

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EMPLOYEE WELFARE Employee welfare defines as “effect to make life worth living for workmen”. Employee welfare is a term including various services, benefits and facilities offered to employees by the employers. The welfare measures need not be monetary but in any kind/forms. This includes items such as allowances, housing, transportation, medical insurance and food. Employee welfare also includes monitoring of working conditions, creation of industrial harmony through infrastructure for health, industrial relations and insurance against disease, accident and unemployment for the workers and their families. Through such generous benefits the employer makes life worth living for employees.

Features of Employee Welfare 

Employee welfare is a comprehensive term including various services, facilities and amenities provided to employees for their betterment.

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Welfare measures are in addition to regular wages and other economic benefits available to employees under legal provisions and collective bargaining.

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The basic purpose of employee welfare is to improve the lot of the working class and thereby make a worker a good employee and a happy citizen.

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Employee welfare is an essential part of social welfare. It involves adjustment of an employee's work life and family life to the community or social life.

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Welfare measures may be both voluntary and statutory.

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How to Develop an Effective Employee Welfare Program 

Conduct employee surveys to understand their needs and expectations

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Identify key areas of building skills and engagement and facilitating trainings for the same

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Propose solutions for personal upkeep, family uplifting and future security

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Create opportunities for greater synergies between the management and employees

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Conduct impact assessments and feedback surveys

JOB SATISFACTION "Job satisfaction is defined as "the extent to which people like (satisfaction) or dislike (dissatisfaction) their jobs" Job satisfaction describes how content an individual is with his or her job. It is a relatively recent term since in previous centuries the jobs available to a particular person were often predetermined by the occupation of that person’s parent. There are a variety of factors that can influence a person’s level of job satisfaction. Some of these factors include the level of pay and benefits, the perceived fairness o the promotion system within a company, the quality of the working conditions, leadership and social relationships, the job itself (the variety of tasks involved, the interest and challenge the job generates, and the clarity of the job description/requirements). The happier people are within their job, the more satisfied they are said to be. Job satisfaction is not the same as motivation, although it is clearly linked. Job design aims to enhance job satisfaction and performance methods include job rotation, job 4

enlargement and job enrichment. Other influences on satisfaction include the management style and culture, employee involvement, empowerment and autonomous workgroups. Job satisfaction is a very important attribute which is frequently measured by organizations. The most common way of measurement is the use of rating scales where employees report their reactions to their jobs. Questions relate to relate of pay, work responsibilities, variety of tasks, promotional opportunities the work itself and co-workers.

DEFINITION Job satisfaction has been defined as a pleasurable emotional state resulting from the appraisal of one’s job; an affective reaction to one’s job; and an attitude towards one’s job. Weiss (2007) has argued that job satisfaction is an attitude but points out that researchers should clearly distinguish the objects of cognitive evaluation which are affect (emotion), beliefs and behaviors. This definition suggests that we from attitudes towards our jobs by taking into account our feelings, our beliefs, and our behaviors.

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Company Profile

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COMPANY PROFILE “Desire is the key to motivation, but it’s determination and commitment to an unrelenting pursuit of your goal a commitment to excellence that will enable you to attain the success you seek.” — Mario Andretti Growth and money cannot sustain an organization for as long as uniqueness and excellence can. We at Muthoot Finance Limited are harbingers of this belief since our inception. Moreover, being a part of the rapidly growing family, Muthoot Group, fosters in our culture, profound values of integrity, honesty and humility.

Vision “Be the most trusted, globally diversified institution enriching lives of the masses while contributing back to the society.” Mission “To build leading customer-centric businesses enabled by technology, maintaining the highest standards of corporate governance and uncompromising values.”

Knowing Our Roots These values were inculcated when the company was formed, with the vision of “creating an organization capable of serving the versatile needs of a growing Indian financial market”. The purpose at hand is to identify and utilize untapped sections of the market and reach out to as wide an audience as possible.

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The focus of the company is on creating liquidity with an asset class, namelygold, that has the largest consumer market in India. We see it as one of the preeminent ways of creating wealth in the economy. With over 6 million loan accounts in its loan portfolio, Muthoot Finance is recognized as a pioneer ingold financing. Undoubtedly, gold funding is our niche; nonetheless our lendings are not restricted to gold loans. An assorted asset portfolio impels us on the road to pioneer a competent financial market.

The Larger Picture At Muthoot Finance, we understand the responsibility that rests on our shoulders. Being a company with an increasing asset base, we take upon ourselves the onus of ensuring smoother processes of monetary transactions, whether they are money transfer, gold loans or gold bonds. Being entrusted with the purpose of delivering value enables us to consider each customer’s need as unique. We cater to gold loan requirements varying from a principle loan amount of Rs. 1500 up to the maximum extent of Rs 10,000,000 (1 crore). This is instrumental in accomplishing our objective of holistic growth for the economy.

Numbers Speak Trusting numbers alone would be a myopic view of estimating our growth. However, they do give an insight into our strength. We’ve deployed 25,000 people in over 4400 branches spread over 21 states and 4 Union Territories.With such rapid growth potential, Muthoot Finance is a major market playerdedicated to 8

make a positive impact on countless people, ranging from farmers to salaried employees seeking financial aid. A diversified portfolio of assets is what sets us apart from the competition. It is accentuated by the unbridled trust that our customers have bestowed upon us over the years. It is this mutual trust that has, in turn, and over the years, created the long relationships between Muthoot Finance and its invaluable customers. Such conviction is indeed humbling.

K P Padmakumar Executive Director

K P Padmakumar, our Executive Director, is a banker with over 36 years of experience in commercial banking. He completed his Bachelors of Science degree in Agriculture from Kerala University, and is a Certified Associate of the Indian Institute of Bankers. Starting his career with State Bank of India as a Probationary Officer, he served SBI in various capacities in India and abroad for over 27 years including 4 years as Manager-Treasury with SBI’s Offshore Banking Unit in Bahrain during the period 1984 to 1989 and as Fund Manager of SBI’s Fund Management from 1990 to 1995. He was Chairman of the Federal Bank Limited during the period 1999 to 2004. He was recipient of Management Leadership Award from Kerala Management Association in the year 2004. He joined the 9

Company on March 16, 2005. He currently is the operational head overseeing the Human Resources, Credit and Operations, Finance and Planning, and Secretarial departments of the Company.

M. G. George Muthoot Chairman

M. G. George Muthoot is a graduate in engineering from Manipal University, and is a businessman by profession. He is the National Executive Committee Member of the Federation of Indian Chamber of Commerce and Industry (“FICCI”) and the current Chairman of FICCI-Kerala State Council. He was conferred the Mahatma Gandhi National Award for social service for the year2001 by the Mahatma Gandhi National Foundation. He is an active member ofvarious social organisations including the Delhi Malayalee Association, Kerala Club, Rotary Club, National Sports Club and has been chosen for several awards by the Rotary International and the Y’s Mens International for community development and social service. He has been the member of the Managing Committee of Malankara Orthodox Syrian Church for over 31 years and is presently the lay trustee of the Malankara Orthodox Syrian Church and a member of the working committee ofthe Indian Orthodox Church.

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Objective of the Studies

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OBJECTIVE OF THE STUDIES  To provide better life and health to the workers. To make the worker happy and satisfied.  To study the employees prevention towards organization.  To study the attitude of the employees their work.  To identify the factor that motivates the employees.  To give the suggestion for growth and respective of the company.

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HYPOTHESIS Hypothesis is usually considered as the principle instrument in research. Its main function is to suggest new experiment and observation. In fact, many experiments are carried out with the objects of testing hypothesis. Hypothesis means an assumption or some supposition to be proved or disproved. A research hypothesis is predictive statements capable of being tested by scientific methods that relates independent variables to some dependent variables. Hypothesis is gives us guideline of an investigation to be carried our on the basis of previous avail able information. The use of a hypothesis thus prevents a blind search and indiscriminate gathering of data which may lather prove irrelevant to the problem under study. For the purpose of our study the following hypothesis, are formulated:-

H1 There is no significant relationship between experience and level of satisfaction.

H2 Muthoot finance company ltd. Is adopting the employees welfare scheme and the employees job satisfaction with work.

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RESEARCH METHODOLOGY Research is the process of systematic and in-depth study or search for any particular topic, subjects or area of investigation of relevant detailed or data. The methodology of the study can be explained as follows:

Steps in research process Research design: - research design means a process by which researcher will ne in position to understand the structure of then research and the various steps to be taken in the process of research. Sample design: - it relates to the method of selecting items for the purpose of the study.  Sample size: sample size of employee is 10.  Method of sampling: simple random sampling was used

Collection of data:Data collection is the most important activity or process in research. Generally there are two methods for finding the data. 1. Primary data 2. Secondary data 1. Primary data Primary data is original in character and it’s generated by survey conducted by individual or research institution. Primary data can be obtained by; 16

 Communication  Observation  Personal interview

2. Secondary data When an investigator user the data which has already been collected by other such data is called secondary data. Secondary data can be obtained by;  Books  Internet  Data analysis and interpretation

Analysis of Data: Data collected through above said method and data analysis has been done through proper tools like Microsoft Excel.  Descriptive analysis with the help of charts, graphs, tables etc.

Data interpretation:To make project more supporting and reliable questionnaire has been repaired, which is filled by the middle level employees of an organization. It is analyses on the basis of options provided for questions. In this chapter, we will discuss about each question one by one and analysis it accordingly. 17

Data Analysis and Interpretation

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DATA ANALYSIS AND INTERPRETATION 1. How do you feel the working environment? Environment

Employee

Total %

Excellent

2

20

Good

6

60

Satisfactory

2

20

Not satisfactory

0

0

Total

100%

70 60 50 40 30 20 10 0 Excellent

Good

Satisfactory

Not satisfactory

Interpretation: From the above table it shows that 60 %of the employees were feeling good about the working environment.

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2.

How secure do you feel in your job? Job

Employee

Total %

High secure

2

20

Secure

6

60

Insecure

2

20

Total

100%

Sales

High secure Secure Insecure

Interpretation: From the above graph, 60% respondent are strongly agree with employee welfare and job satisfaction helps to feel secure in job.

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3. How do you feel the smooth relationship with your employees and coworkers? Smooth relationship

Employee

Total%

Very high

1

10

High

4

40

Medium

2

20

Low

3

30

Total

100%

45 40 35 30 25 20 15 10 5 0 Very high

High

Medium

Low

Interpretation: From the above graph shown, 40% respondent think that feel the smooth relationship with employees and co-workers.

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4.Opinion about your job? Opinion

Employee

Total%

Highly satisfied

2

20

Satisfied

7

70

Not satisfied

1

10

total

100%

80 70 60 50 40 30 20 10 0 Highly satisfied

Satisfied

Not satisfied

Interpretation: As per the above job shown, 70% respondent think that job satisfied.

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5. Are you satisfied with the bonus and incentives given? Bonus And Incentives Given

Employee

Total

Satisfied

5

50

Highly satisfied

3

30

Need improvement

2

20

Total

100%

60

50

40

30

20

10

0 Highly satisfied

Satisfied

Not satisfied

Interpretation As per the graph shown, 50% respondent think that bonus and incentives are given.

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6. Do you really enjoy / relax in your tea time and lunch break?

Tea Time And Lunch Break

Employee

Total%

Yes

8

80

No

2

20

Total

100

Yes

No

Interpretation From the above graph respondent think that 80% enjoy and relax our tea time and lunch break.

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7. My manager/ supervisor provides me with continuous feedback to help me achieve. Continues feedback

Employee

Total

Strongly disagree

1

10

Disagree

3

30

Agree

6

60

total

100%

Strongly disagree Disagree Agree

Interpretation: From the above graph more than 60% respondent that manager/supervisor provides continuous feedback.

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8.How do you feel about the welfare scheme? Welfare scheme

employee

Total%

Highly satisfied

1

10

satisfied

5

50

Need of improvement

4

40

Total

100%

Highly satisfied satisfied Need of improvement

Interpretation As per the above graph shown, 50% respondent feel about welfare scheme.

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9. Are you satisfied with your overall compensation package? Compensation package

Employee

Total

Yes

7

70

No

3

30

total

100%

Yes

No

Interpretation As per the above graph, 70% respondent are satisfied with our overall compensation package.

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10. Do you like the promotion and transfer policies? Promotion and transfer policies

Employees

Total%

Yes

9

90

No

1

10

Total

100%

Yes

No

Interpretation As per the above graph, 90% respondent are satisfied with our promotion and transfer policies.

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HYPOTHESIS TESTING H-1 :- There is no significant relationship between experience and level of satisfaction.

H-2 :- Muthoot finance company ltd. Is adopting employees welfare scheme and the employee job satisfaction with work.

According tour data interpretation and Analysis, it is shown that employee welfare and their job satisfaction is the most important factor of this company in company,

According to our data interpretation and analysis, it is shown that muthoot finance company is adopting employees welfare scheme and the employee jo b satisfaction with the work, the hypothesis (H2) is retained.

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Suggestion

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SUGGESTION On the basis of above findings, we would like forward the following suggestion Some employees are not satisfied with the promotion policy. They complained against the diplomatic behaviour of our seniors. Thus they suggests that promotions should be given only in genuine and fare cases and not on the basis of the reference of the respective heads or on the basis of liking towards any specific employee.  Ideal employees should concentrate on their job.  Educational qualification can be the factor of not an effective job. 

Company should give promotion to those employees who deserves it.

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CONCLUSION  From the above detailed study it can be conclude that employees in muthoot finance ltd satisfied with their working condition and welfare facilities. But most of the time during a survey in company, i was saw that some employees are forced with their salary, welfare facility and quality management in the company.

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LIMITATIONS  The study is subjected to the limitations of time and resources.  Information obtained from the respondents may not be free from personal bias.  The workers were busy with their work and had little time available from interview or a conversation.  The workforce of the company is too large and hence all of them could not be contacted for views and opinions on the research topic.

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Bibliography

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BIBLIOGRAPHY Name of books 1. RaoS..P, human Resource Management”, Himalaya publishing house, 1 st edition 1996. Name of websites 1. www.scribd.com 2. www.neclife.com/employee welfare.php Newspaper 1. The Hitwada 2. The Times of India

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Appendix

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APPENDIX 1. How do you feel the working environment? a) Excellent b) Good c) Satisfactory d) Not satisfactory 2. How secure do you feel in your job? a) High secure b) Secure c) insecure 3. How do you feel the smooth relation with your employees? a) Very high b) High c) Medium d) low 4. Opinion about your job. a) Highly satisfied b) Satisfied c) Not satisfied 5. Are you satisfied with the bonus and incentives given? a) Satisfied b) Highly satisfied c) Need of improvement

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6. Do you really enjoy/relax in your tea time and lunch break? a) Yes b) no 7. My manager/ supervisor provide me with continuous feedback to help me achieve. a) Strongly disagree b) Disagree c) agree

8. How do you feel about the welfare scheme? a) Highly satisfied b) Satisfied c) Not satisfied

9. Are you satisfied with your overall compensation package? a) Yes b) No

10. Do you like the promotion and transfer policy? a) Yes b) No

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