LOVELY PROFESSIONAL UNIVERSITY

BBA-MBA HONS INTEGRATED

REPORT ON SUMMER TRAINING AT METLIFE

Topic: Employee satisfaction and performance appraisals at MetLife

UNDER THE GUIDANCE OF

Mr. Mandeep Singh Hayer

Submitted to Lovely Professional University

In partial fulfilment of the

Requirements for the award of degree of

Business Administration

Submitted by: Amrit Singh

RQ1901A18, 10902636

LOVELY PROFESSIONAL UNIVERSITY

JALANDHAR, NEW DELHI (1), GT ROAD

PHAGWARA, PUNJAB

1

LOVELY PROFESSIONAL UNIVERSITY

Under Section 2(f) of UGC Act 1956

BONAFIDE CERTIFICATE

Certified that this is a Bonafide record of work done by Amrit Singh (10902636) of BBA-

MBA HONS Degree in Summer Project at Metlife (Jalandhar) of LOVELY HONORS OF

MANAGEMENT, LOVELY PROFESSIONAL UNIVERSITY, NEW DELHI (1), GT

ROAD, JALANDHAR, PHAGWARA (PUNJAB) during the academic year 2011-2012.

Internal guide

Mr. Mandeep Singh Hayer

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Acknowledgements

This project report could not have been completed without the guidance of our Training

Mentor Mr.Rajeev Sharma & project mentor Mr. Mandeep Singh Hayer. Their constant

support and practical approach helped in making the project more meaningful.

The entire staffs of Metlife helped in making the study comfortable and thus focus on the

necessities of the project. I would like to thank my parents and friends who have supported

me throughout this project.

I can say that this work is a collaborative achievement.

I express my gratitude towards staff of Metlife, those who have helped me directly or

indirectly in completing the training.

Place : Jalandhar Amrit Singh

Date :06/07/2010 BBA-MBA HONS

LOVELY INSTITUTE OF MANAGEMENT

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Contents

1. Introduction

i. Overview of Metlife

ii. Executive summary

2. Company Profile

i. Name of organization (Full name, registered address, and website)

ii. Key Executives

iii. History

iv. Key Facts

v. Vision and Values

vi. Mission

vii. Business Philosophy

viii. Corporate Social Responsibility

ix. Product range in MetLife

x. Sales process

xi. Reasons of success

3. Theoretical Background

I. Performance Appraisals

a. Meaning

b. Aims

c. Methods

d. Process of Performance Appraisal

II. Employee satisfaction

a. Meaning

b. Factors influencing

c. Measuring job Satisfaction

d. Methods

4. Research Methodology

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Research Objective

Research Design

Objectives Of The Study

Scope Of The Study

Significance Of The Study

Source Of The Data Collection

5. SWOT analysis

6. Research Done in Field

i. Performance Appraisal

a. Goal Sheet

ii. Employee Satisfaction

a. Questionnaire

b. Analysis and Interpretation

7. Bibliography

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1. Introduction

i. Overview of MetLife: The MetLife companies are a leading innovator and a

recognized leader in protection planning and retirement and savings solutions

around the world. We have established a strong presence in the Americas, Europe

and Asia Pacific through organic growth, acquisitions, joint ventures and other

partnerships. We are strengthening our global brand MetLife by extending core

product and competencies to markets around the world – an important driver of

growth for the enterprise.

With over 140 years of success and experience, the MetLife companies include

the largest life insurers in the United States and Mexico and serve over 90 of the

top one hundred FORTUNE 500 companies. MetLife, Inc. was named as

America’s best-managed insurance company by Forbes magazine in January 2008

as part of its list of 400 Best Big Companies for 2008.

Around the world, the MetLife companies offer life, accident, health insurance,

retirement and savings and reinsurance products through agents, third-party

distributors, such as banks and brokers, and direct marketing channels. We work

with families, corporations and governments to provide them with solutions that

offer financial guarantees. We have the experience, global resources and vision to

provide financial certainties for an uncertain world.

ii. Executive Summary

MetLife is a leading global provider of insurance, annuities and employee benefit

programs throughout the United States ("U.S."), Japan, Latin America, Asia Pacific,

Europe and the Middle East. Through its subsidiaries and affiliates, MetLife offers life

insurance, annuities, auto and homeowners insurance, mortgage and deposit products and

other financial services to individuals, as well as group insurance and retirement &

savings products and services to corporations and other institutions. MetLife is organized

into six segments: Insurance Products, Retirement Products, Corporate Benefit Funding

and Auto & Home (collectively, "U.S. Business"), and Japan and Other International

Regions (collectively, "International"). In addition, the Company reports certain of its

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results of operations in Banking, Corporate & Other, which includes MetLife Bank,

National Association ("MetLife Bank") and other business activities.

On November 1, 2010 (the "Acquisition Date"), MetLife, Inc. completed the acquisition

of American Life Insurance Company ("American Life") from AM Holdings LLC

(formerly known as ALICO Holdings LLC) ("AM Holdings"), a subsidiary of American

International Group, Inc. ("AIG"), and Delaware American Life Insurance Company

("DelAm") from AIG, (American Life, together with DelAm, collectively, "ALICO") (the

"Acquisition"). ALICO's fiscal year-end is November 30. Accordingly, the Company's

interim condensed consolidated financial statements reflect the assets and liabilities of

ALICO as of February 28, 2011 and the operating results of ALICO for the quarter ended

February 28, 2011.

Objectives:

To study and analyse the various methods of performance appraisals in Metlife

To analyse the various perceptions and responses on job satisfaction of employees

2. Company Profile

i. Name of organization (Full name, registered address, and website)

Name: Metlife

Head Office

MetLife India Insurance Company Limited.No.5 Brigade Seshmahal Vani Vilas Road BasavanagudiBangalorePhone : 080 - 66006969 / 26438638Fax : 080-22421970Pin : 560004

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Registered Office

Metlife India Insurance Company Limited.5th Floor Orchid Centre Golf Course Road Sector 53GurgaonPhone : 0124-4179000Fax : 2572748Pin : 122002

Headquarters: New York City, New York, U.S

Financial Highlights Fiscal Year End:

Revenue (2010): 52717.00 Million

Revenue Growth (1 yr): 28.40%

Employees (2010): 66,000

Employee Growth (1 yr): 22.20%

Website:- http://www.metlife.co.in/

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ii. Key Executives

KEY EXECUTIVES - METLIFE INC (MET)Name Board Relationships Title

Age

Steven A. Kandarian J.D.

13 Relationships Chief Executive Officer, President and Director

59

William J. Wheeler No Relationships

Chief Financial Officer, Executive Vice President, Chief Financial Officer of Metropolitan Life and Executive Vice President of Metropolitan Life

49

Maria R. Morris 12 Relationships Executive Vice President of Technology and Operations

48

Eileen C. McDonnell

40 Relationships President of New England Financial 48

William D. Moore No RelationshipsPresident of MetLife Auto & Home and Senior Vice President of Eastern Zone - Individual Business

--

Collapse Detail

Board Members - METLIFE INC (MET)Name Board Relationships Primary Company

Age

C. Robert Henrikson

178 Relationships Metropolitan Life Insurance Company 64

Steven A. Kandarian J.D.

13 Relationships MetLife, Inc. 59

Kenton J. Sicchitano

38 Relationships MetLife, Inc. 66

Cheryl W. Grisé 70 Relationships FirstLight Hydro Generating Company 58

James M. Kilts 157 Relationships Centerview Partners Management LLC 62

View All MET Board Members

EXECUTIVE COMMITTEES* - METLIFE INC (MET)Committee Name Chairperson Board Relationships Members

Audit Committee Kenton J. Sicchitano 38 Relationships 6

Executives

Compensation Committee James M. Kilts 157 Relationships 6

Executives

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Corporate Governance Committee

Cheryl W. Grisé 70 Relationships 5

Executives

Executive Committee C. Robert Henrikson 178 Relationships 4

Executives

Finance Committee Alfred F. Kelly Jr. 13 Relationships 5

Executives

iii. History

The first MetLife Company was established in New York in 1868 offering life

insurance solutions to the middle class. Over the years, the MetLife companies have

made difference in the communities where they operate, and the organization’s social

commitment and its commitment to the security of its policyholders have proven to be

good business.

Here are few highlights in our 140 years of history:

1868 – Metropolitan Life Insurance Company is established

1912 – In partnership with American Red Cross, transforms the corporate

headquarters into an administrative relief and support center for Titanic survivors and

their families.

1930 – Helps thousands of farmers buy back their foreclosed farms and restores them

to productivity during Great Depression

1931 – Provides financing for the construction of the Empire State Building and

Rockefeller Center

1974 – Auto and home insurance are added to our product offerings

1989 – First operations outside of the U.S. are established in Korea and Taiwan.

1991 - Becomes the first insurer in North America to surpass $1 trillion of life

insurance in force

1992 – Establishes the first Latin American operation

2000 – Becomes a publicly owned stock company with MetLife, Inc. listed on the

New York Stock Exchange

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2001 – Enters the banking sector with establishment of MetLife Bank. Responds to

9/11 by paying claims immediately, awarding grants and investing over $1 billion in

publicly traded stocks.

2002 – Acquires Aseguradora Hidalgo, S.A., becoming the largest life insurer in

Mexico.

2005 – Acquires Traveler’s Life & Annuity and substantially all of Citigroup’s

international insurance business, strengthening our leadership in the U.S. and

expanding its distribution capabilities worldwide.

iv. Key Facts

MetLife’s trusted brand, capital strength and existing relationships with millions of

individual and institutional customers around the globe uniquely position us among

our competitors.

Here are few facts that highlight our leadership in the global insurance industry:

The MetLife companies’ competitive positioning

• #1 life insurer in the United States

• #1 life insurer in Mexico

• #2 combined life and annuity in Chile

• #1 life sales via telemarketing in Taiwan

• #1 commercial dental carrier in the United States

• #2 variable annuity sales in Japan

MetLife, Inc.’s financial highlights

• $501.7 billion USD in total assets under

management as of 2008 YE

• $51.0 million USD in total revenues as of 2008 YE

v. Vision and Values

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"Coming into your own", performing as a Leader to

be really effective and successful by acting  and

making decisions independently to get

results.

It's all about People, MetLife's key resource. MetLife will succeed

because  we are winning from within.

Functioning productively in teams towards a common

purpose; realising the collective power of diverse

work-groups.

vi. Mission Statement

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Operating with an intense dedication to managing monetary resources for strong business results.

Continuously creating and introducing new and

original ideas and ways of doing things.

Conducting all business endeavours with truth, sincerity and fairness.

We are committed to maintaining the highest standards of integrity and professionalism in

our relationship with you, our client. We endeavour to know and understand your financial

situation and provide you with only the information, services, and products to help you reach

your goals.

vii. Business Philosophy

"The gratification of wealth is not found in mere possession or in lavish expenditure, but in its wise application." Miguel De Cervantes (1587)

     Today's clients are looking for security, knowing that they have enough money, and that their needs are taken care of.  Freedom to do what they want, when they want.  As a Financial Professional with over 20 years of knowledge and experience in the financial service industry, clients who gain the most benefit from my areas of focus have the following characteristics:

They want a trusting relationship with a financial professional. They are financially motivated and serious about personal financial success. They are active professionals, business owners, or retirees that are accustomed to

delegating their financial matters to competent, trustworthy professionals. They are not influenced by the daily ups and downs reported by the financial media. They are sharing people, who like to help others and who are influential. They enjoy the simplicity of having all of their assets in one place. They understand that having a strategy is important, and sticking to that strategy is

what makes it work.

viii. Corporate Social Responsibility

MetLife has always been committed to making a positive difference in the lives of the

individuals and communities. Today, that commitment drives volunteer work and

philanthropy across the globe. Working with non-profit organizations, MetLife supports

programs that provide young people with the skills they need to succeed in life and create

opportunities for people of all ages.

MetLife’s core values are personal responsibility, people count, partnership, integrity and

honesty, innovation and financial strength. These values also shape the responsibility to the

communities where the organization conducts its business.

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ix. Product range in MetLife

In Broad sense these are the various types/categories of life insurance policies

available:-

•Endowment policies: This type of policy covers risk for a specified period, and at the

end of the maturity sum assured is paid back to policyholder with the bonuses during the

term of the policy.

•Money back policies: This type of policy is for periodic payments of partial survival

benefits during the term of the policy as long as the policy holder is alive.

•Group insurance: This type of insurance offers life insurance protection under group

policies to various groups such as employers-employees, professionals, co-operatives etc

it also provides insurance coverage for people in certain approved occupations at the

lowest possible premium cost.

•Term life insurance policies: This type of insurance covers risk only during the selected

term period. If the policy holder survives the term, risk cover comes to an end. These

types of policies are for those people who are unable to pay larger premium required for

endowment and whole life policies. No surrender, loan or paid up values are in such

policies.

•Whole life insurance policies: This type of policy runs as long as the policyholder is

alive and is covered for the entire life of the policyholder. In this policy the insured

amount and the bonus is payable only to nominee on the death of policy holder.

•Joint life insurance policies: These policies are similar to endowment policies in maturity

benefits and risk cover, but joint life policies cover two lives simultaneously such as

married couples. Sum assured is payable on the first death and again on the death of

survival during the term of the policy.

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•Pension plan: a pension plan or annuity is an investment over a certain number of years

but does not provide any life insurance cover. It offers a guaranteed income either for a

life or certain period.

•Unit linked insurance plan: LIP is a kind of insurance plan which provides life cover as

well as return on premium paid over a certain period of time. The investment is denoted

as units and represented by the value called as net asset value (NAV).

Met Bhavishya: MetLife offers 'Met Bhavishya' - a guaranteed money back plan that

pays out funds to help you meet the education and career milestones of your children.

With this plan, the Life Insured is that of the parent. The plan also has inbuilt

guaranteed additions to add value to the policy over its term.

There are two options to choose from and fixed term benefits, periodic additions &

terminal additions are payable based on the option that you select. The policy is

suitable for parents with children between the ages 0-12 and parents in the age group

of 20-50 years old.

Reasons to Buy:

1. Guaranteed payouts at critical milestones of the child’s life.

2. Guarantee of policy continuance in case of the untimely demise of parent.

3. Guaranteed payouts of 250%* of the chosen Sum Assured.

4. *Tax Benefits as applicable.

Met Junior Endowment: MetLife offers 'Met Junior' - a flexible endowment plan

that combines savings and security. Your children's well-being is your highest

priority. So we offer a plan which offers both timely and efficient "Return on

Investment". All with a guarantee. Met Junior is available in both participating

(UIN:117N010V01) as well as non-participating versions(UIN:117N005V01). Death

Benefit

Reasons to Buy:

1. An endowment plan that offers both savings and life insurance.

2. Different premium paying options to suit various income cycles.

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3. Available in both par and non par versions.

4. A plan which participates in the bonuses declared by the company (par).

5. *Tax Benefits as applicable.

Met Easy Super: "IN THIS POLICY, THE INVESTMENT RISK IN THE

INVESTMENT PORTFOLIO IS BORNE BY THE POLICYHOLDER"

While you plan to secure the happiness and future of your loved ones, give wings to

your dreams of wealth creation. Security for your family and your need of wealth

creation should work together as you move ahead in life. We understand that at

MetLife, and hence we bring you Met Easy Super – an Easy Protection, Super wealth

creation plan. While you ensure security for your loved ones, we work towards your

goals of wealth creation - because you and your family deserve the very best.

Reasons to choose this:

1. Affordable investment with annual premium starting from Rs.12,000 p.a.

2. A unique Auto rebalancing# option to help you capitalize on volatile market

conditions

3. Enhanced protection with ADB rider.

4. Liquidity with Partial Withdrawals & Policy Loans

5. *Tax Benefits as applicable.

Met Monthly Income Plan - 7 Pay: MetLife offers 'Met Monthly Income Plan-7 Pay'

where you are required to pay premium only for 7 years and get back the Guaranteed

Monthly Income that you choose at inception for 8 years. At the end of the term you

will also get the accrued bonuses as a lump sum. A Monthly Income Plan that

guarantees income to add to your income every month because these days growing

needs demand more than one income.

Reasons to buy:

1. Get chosen Guaranteed Regular Monthly Income for 8 years i.e., 96 months.

2. You will get accrued bonuses as a lumpsum at maturity of the plan, if any.

3. In addition to the death benefit your family will continue to get guaranteed monthly

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income as scheduled.

4. Tax benefits* on both the amount invested and the benefits received under Section

80C and Section 10 (10)D.\

Met Sukh: MetLife offers Met Sukh - a guaranteed Money-Back Policy which

provides guaranteed periodic survival benefits at the end of 5, 10, 15 & 20 years and

guaranteed additions of 10% of the Sum Assured for the entire term. It not only

covers your life, but also guarantees you cash payments at various milestones along

with guaranteed growth of your savings.

Reasons to buy:

1. Guaranteed Survival Benefit: Payment of 20% of the Sum Assured every year

starting from the 5th year till maturity.

2. Guaranteed Maturity Benefit:

    Guaranteed payment of 40% of Sum Assured.

    Guaranteed Addition of 10% of Sum Assured every year up to maturity.

3. Guaranteed Death Benefit: Guaranteed payment of Sum Assured along with

Guaranteed Additions (accrued till that time). This is paid over and above the survival

benefit payments already made.

4. Comprehensive protection by way of 4 riders.

5. *Tax Benefits as applicable.

Met Health Care: Health problems strike unexpectedly. In addition to causing ill health,

it can also scar financial health. One needs to protect himself against such a situation

through a health insurance plan. In order to ensure you are well protected to face any

health condition that could befall you, MetLife presents - Met Health Care, a simple

health insurance policy with unique and smart advantages for you and your family#.

(# Family means spouse and two children. Every additional family member shall be

underwritten as per the underwriting conditions laid by the Company from time to time.)

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Met Health Care is a long term health insurance plan from MetLife.

This plan covers

1. Hospitalization expenses by providing a Daily Cash benefit as chosen by you.

2. 10 major Critical Illnesses by providing a lump sum benefit.

3. Total & Permanent Disability due to accident by providing a lump sum benefit.

All the above benefits can be availed without the hassle of undergoing any medical

examination. Just fill up the simple application form and start enjoying the unmatched

benefits of Met Health Care.

Minimum/Maximum age of entry

18 years-55 years (At first entry, for the Principal insured)

3 months-55 years (For Secondary Insured lives)

Cover ceasing age 65 years

Benefits Offered

(a) Daily Hospitalisation Cash Benefit

(b) Daily ICU Cash Benefit

(c) Recuperation Benefit

(d) Critical Illness Benefit

(e) Accidental Total & Permanent Disability Benefit

Met Mortgage Protector Plus: MetLife presents 'Met Mortgage Protector Plus' – a

plan which provides you life cover for home loans taken for any period above 5 years.

It is a decreasing term insurance with single and limited premium options. The plan

covers you for an amount equal to the outstanding amount as per the policy schedule.

It ensures the asset that you have created stays with your family.

Reasons to buy:

1. It protects the family against the burden of a loan.

2. It is an affordable insurance plan that covers the risk of life.

3. It provides protection for all kind of loans taken for a period above 5 years.

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4. Limited and Single premium paying terms.

5. *Tax Benefits as applicable.

Other Services and Products:

Stocks and Bonds Charitable Giving Strategies IRA Consolidation/Rollovers Mortgage Protection (through life insurance and disability income insurance) Lump Sum Pension Distribution Medicare Supplement Coverage Pension Payout Alternatives Pension Transer/Rollovers Tax Sheltered Annuities, 403(b) Plans Variable Universal Life Insurance Over 20 Years Experience

x. Sales Process at Metlife

1. Prospecting

Generally, the first stage of the technical sales cycle is prospecting. Prospecting is a process

of gathering the names of people you would like to contact. Here, your objective should be to

decide which sources to use for building sales contact lists. Often, the best place to start is

with your existing clients because chances are they already know your product and have an

established history of purchasing from your company. You may also consider re-establishing

contact with past and inactive clients for the same reasons. You can retrieve names of old,

inactive and active clients just by looking through your own company's sales records.

However, developing new lists is also important, to maintain growth and market position.

There are a variety of sources you can use to develop new lists.

Directories - Whether they are for general businesses or specialized industries,

directories are an excellent source for gathering new contacts. 

Customized mailing lists - If directories are too general or not organized in ways that

make it easy for you to extract prospect names, you can order your own customized

mailing list from a mailing list broker. Mailing lists can be generated for different

types of information, i.e. by region, industry, position/title, company size, etc.  

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Industry trade magazines and other industry news sources - These sources are

excellent, not only for providing new contacts, but also background information on

their companies, which is often provided in the stories, news releases, and editorials

published. Even advertisements placed by companies reveal helpful information about

their product lines, mission, and location - all of which can help you when initiating a

sales call. 

Internet searches - The Internet can assist you in finding the names of potential sales

leads, however the process can be clumsy. The more specific you are with the

parameters you put into the popular search engines (e.g., Google, Yahoo, etc.), the

more likely you will be in isolating organizations and contacts that accurately fit your

prospecting requirements.

Seminars and conventions - These live events are a great way to meet potential leads,

especially if they cater to the specific industries and types of business that can use

your product. Seminars and conventions allow for live interaction: opportunities for

hand-shaking, discussions, and friendliness that are not available through mail,

telephone or e-mail. 

Company leads - Your prospecting should begin right in your own organization. If

your company is like most companies, not every sales lead enters directly into the

sales department. Often, leads come from other parts of the company and even from

vendors who do business with it. Many word-of-mouth referrals may reach you in this

way.

2. Qualifying Sales Leads

It's one thing to compile lists of sales leads, but it's another process altogether to qualify

them. The process of qualification is perhaps the most important part of the technical sales

cycle because it acts as a filter, sorting contacts based upon a variety of characteristics and

factors. In the technical sales process, it helps to divide qualifications into two broad

categories: general business factors and technical factors. The general business category is

concerned with basic questions such as:

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Are they pre-qualified (former clients) or non-qualified (new leads)?

Is company size relevant? If so, determine the number of employees, sales volume,

regional coverage, and retail presence. 

Are purchasing patterns relevant? If so, qualifications can be made by studying

seasonal purchasing patterns, average purchase quantities, or other demands, such as

new product launches, current news developments, or other internal activities.

Is the type of contact (professional type) relevant? If so, what type of professional is

responsible for making purchasing decisions? How many different types of decision-

makers are involved? What are their professional specializations? 

The technical category of qualifying is concerned with a more advanced set of questions that

attempt to assess whether (and to what extent) your product meets one or more of the client's

needs. In the realm of technical products, there can be many different criteria:

Is this potential client in the ideal industry for your product? If so, has your product

been used in this type of industry and for these types of applications for long? Is this a

new industry or market? How much is known about your product's performance in

this industry? 

Is your product compatible with your prospect's equipment? If so, what type of

machinery works best with it? What types of supplies can be used to maintain it? 

Is your product compatible with your prospect's environment? If so, what type of

climate is ideal for your product? What other environmental conditions will your

product create or affect? What about concerns regarding noise, pollution, and waste

management? 

Is your product compatible with your prospect's usage requirements? If so, how many

hours per year will they use it? 

Can your product be retrofitted to the client's equipment?

3. Individual Contact Research

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Once you have determined a potential client, you must focus further on exactly who to

contact. There may be more than one individual involved, each with different backgrounds

and specializations. Developing a personal rapport is one of the most important aspects of the

sales process. In order to do this, you need to acquire some basic information in advance of

your meeting. This information should be about both the contact and his organization. It

includes:

Company's mission 

What markets it serves and its market share

Company's primary product or service

Contact individual(s) and title(s) 

Contact's job description: What do they do? What objectives are they responsible for?

Are they technical (i.e., engineers) or non-technical professionals? 

Company information: printed literature, website, annual report (if public and

available), and news stories. 

The most appropriate and effective medium for contacting this person: by telephone,

in person (i.e., at a convention), e-mail, mail, etc.

4. Formulating Sales Context

Once you have determined the most appropriate and effective medium for contacting your

potential client, you must formulate a sales context for your approach. Every client has his

own unique challenges. These challenges are organizational, environmental and sometimes

legal in nature. As a salesperson, you must be equipped to address each and every situation.

When formulating sales context, consider the following questions:

What type of greeting and first impression should you make?

What are your main objectives in making this contact? What is your primary offering?

What product features and benefits are most important in this context? How do these

tie in with the client's most immediate and critical objectives?

What words or key phrases will help bolster your communications? 

What specific questions do you plan to ask the contact? Which questions will be most

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helpful in guiding your own sales strategies? 

After considering these questions, you can decide which presentation materials will be ideal

for your first contact. If it is an e-mail or mailing, you may want to include only certain

materials that help bring your product into focus. If you have secured an appointment to meet

with a contact(s), then you may want to consider doing a formal sales presentation using aids

such as Microsoft PowerPoint or other interactive software.

What resources, whether as information or a demonstration, should you bring to

engage the contact?

What sales sheets, spec sheets, or product literature most accurately applies to the

client's needs?

What news clippings, articles or press releases about your product from industry trade

magazines will awaken his interest?

What other individuals or organizations can you mention that your company has

recently sold to that will impress them?

Can you actually bring your product (or parts thereof) to show the client a hands-on

demonstration? 

5. First Meeting

Your first sales meeting can be either the direct result of a phone call, informal meeting, e-

mail, or mail solicitation. Here, you will put into action all of the things previously discussed.

You will already have a basic sales strategy in mind, as well as the materials and background

knowledge to put it all into place. There are several different approaches you can use in the

first meeting:

APPROACHDESCRIPTION

Structured The structured approach is highly formulaic. Here, you employ a fairly

standard presentation that is used again and again. It usually includes

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features such as company overview, product overview, case studies, and

other general information. The structured approach is conservative and

attempts to keep the topics, pacing, and questions of the presentation strictly

under the control of the salesperson.

Needs

Satisfaction

This is a more consultation-based style that uses an open-ended presentation

based more on soliciting questions and answers. Here, the salesperson

attempts to determine the prospect’s primary problems, seek the prospect’s

confirmation of those problems, and then offer a solution (in the form of the

product itself) to the problem. 

Hybrid

The hybrid approach consists of a mixture of the Structured and Needs

Satisfaction styles. Here, a formulaic presentation is customized to fit the

prospect’s unique needs and requirements. Yet the presentation is open-

ended enough to invite questions and discussion at all points.

Strictly

Informal

This approach is less about the product and the prospect’s needs and more

about building interpersonal relationships. Here, the salesperson’s objective

is to build a working rapport with the prospect.

It is likely that your first meeting will not end in a sales decision, but rather in some form of

follow-up action. Studies reveal that on 70% of sales calls, salespeople do not end first

meetings with requests for customers to buy (Sandhusen). Frequently, prospects are left to

consider the information presented, and a second meeting or follow-up type of response is

requested. You should never close a first meeting with ambiguity or vagueness. Try to define

a next step: a follow up call date, the promise of delivering further information (at their

request), or an appointment with the next group of decision-makers.

6. Securing Purchase Orders and Contracts

At the apex of the sales cycle is the actual sales transaction. Here, you secure a purchase

order, negotiate contract terms (if they apply), and close the sale. By this time, all differences

and concerns of the customer have been ironed out and you are ready to move forward.

Consider the following:

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Make a list to reinforce the agreed-upon terms of sale and review it with the customer.

This list will provide him with the necessary information he will require in drafting a

purchase order for your product.

Prepare the sales contract with diligence. There is nothing more time-consuming and

frustrating than having to re-do a contract because of misinformation and sloppy

information-gathering practices.

Point out any legal exceptions, added product specifications, or servicing terms that

the customer demanded in advance. 

Express confidence in your customer's decision and reinforce the idea that you are

embarking on a mutually rewarding relationship.

7. Follow-Up

The sales cycle does not end with contracts and purchase orders. In fact, the cycle continues

with a series of follow-up procedures that should demonstrate your desire to provide

exceptional customer service and product support. Both of these are seeds for future sales and

positive business relationships. Consider doing the following:

Placing a call at the time of product shipment and delivery to ensure that the client

received it in a timely, convenient basis and to check on all other terms specified in

sales agreement. 

Placing calls (on a regular basis) to all those involved with the sale and who are using

your product to ensure that they are satisfied with its performance and to inquire

whether there is any more you can do to serve their needs.

Conducting customer satisfaction surveys or using feedback forms.

xi. Factors For Success

 (a) Strong Parental Support

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(b) MetLife benefit from parent Company’s Global presence

(c) Proven Track Record

(d) International Standard of Customer Service

(e) Using Technology as Business Enabler 

(f) Uses a Software Module called AURA which automatically process an insurance proposal

and issue the policy. It ensures quick turnaround time and accuracy

(g) Using Full Time Agents on Commission basis

(h) Agents are Full Time Working on Commission basis

(i) Reduce Fixed Cost

(j) Major Advertisement Campaign

(k) Internet

(l) Television and other Audio Mediums

(m) Telemarketing

(n) Referrals

(o) Personalization of Product and Services

(p) Penetrating untapped Semi urban and rural market

3. Theoretical Background

i. Performance Appraisals

a. Meaning

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A performance appraisal, employee appraisal, performance review, or (career) development

discussion is a method by which the job performance of an employee is evaluated (generally

in terms of quality, quantity, cost, and time) typically by the corresponding manager or

supervisor. A performance appraisal is a part of guiding and managing career development. It

is the process of obtaining, analyzing, and recording information about the relative worth of

an employee to the organization. Performance appraisal is an analysis of an employee's recent

successes and failures, personal strengths and weaknesses, and suitability for promotion or

further training. It is also the judgement of an employee's performance in a job based on

considerations other than productivity alone.

Performance appraisal is the process of obtaining, analyzing and recording information about

the relative worth of an employee. The focus of the performance appraisal is measuring and

improving the actual performance of the employee and also the future potential of the

employee. Its aim is to measure what an employee does.

According to Flippo, a prominent personality in the field of Human resources, "performance

appraisal is the systematic, periodic and an impartial rating of an employee’s excellence in

the matters pertaining to his present job and his potential for a better job." Performance

appraisal is a systematic way of reviewing and assessing the performance of an employee

during a given period of time and planning for his future.

It is a powerful tool to calibrate, refine and reward the performance of the employee. It helps

to analyze his achievements and evaluate his contribution towards the achievements of the

overall organizational goals.

By focusing the attention on performance, performance appraisal goes to the heart of

personnel management and reflects the management's interest in the progress of the

employees.

b. Aims and Objectives

Generally, the aims of a performance appraisal are to:

Give employees feedback on performance

Identify employee training needs

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Document criteria used to allocate organizational rewards

Form a basis for personnel decisions: salary increases, promotions, disciplinary

actions, bonuses, etc.

Provide the opportunity for organizational diagnosis and development

Facilitate communication between employee and employer

Validate selection techniques and human resource policies to meet federal Equal

Employment Opportunity requirements.

To improve performance through counselling, coaching and development.

To review the performance of the employees over a given period of time.

To judge the gap between the actual and the desired performance.

To help the management in exercising organizational control.

Helps to strengthen the relationship and communication between superior –

subordinates and management – employees.

To diagnose the strengths and weaknesses of the individuals so as to identify the

training and development needs of the future.

To provide feedback to the employees regarding their past performance.

Provide information to assist in the other personal decisions in the organization.

Provide clarity of the expectations and responsibilities of the functions to be

performed by the employees.

To judge the effectiveness of the other human resource functions of the organization

such as recruitment, selection, training and development.

To reduce the grievances of the employees.

c. Methods

A common approach to assessing performance is to use a numerical or scalar rating system

whereby managers are asked to score an individual against a number of objectives/attributes.

In some companies, employees receive assessments from their manager, peers, subordinates,

and customers, while also performing a self assessment this is known as a 360-degree

appraisal and forms good communication patterns.

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The most known and generic methods used in the performance appraisal process in MetLife

include the following:

Management by objectives: The concept of ‘Management by Objectives’ (MBO)

was first given by Peter Drucker in 1954. It can be defined as a process whereby the

employees and the superiors come together to identify common goals, the employees

set their goals to be achieved, the standards to be taken as the criteria for measurement

of their performance and contribution and deciding the course of action to be

followed.

The essence of MBO is participative goal setting, choosing course of actions and

decision making. An important part of the MBO is the measurement and the

comparison of the employee’s actual performance with the standards set. Ideally,

when employees themselves have been involved with the goal setting and the

choosing the course of action to be followed by them, they are more likely to fulfil

their responsibilities.

.

Advantages of MOB:

The principle behind Management by Objectives (MBO) is to create empowered employees

who have clarity of the roles and responsibilities expected from them, understand their

objectives to be achieved and thus help in the achievement of organizational as well as

personal goals.

Some of the important features and advantages of MBO are:

Clarity of goals – With MBO, came the concept of SMART goals i.e. goals that are:

1. Specific

2. Measurable

3. Achievable

4. Realistic

5. Time bound.

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The goals thus set are clear, motivating and there is a linkage between organizational

goals and performance targets of the employees.

The focus is on future rather than on past. Goals and standards are set for the performance

for the future with periodic reviews and feedback.

Motivation – Involving employees in the whole process of goal setting and increasing

employee empowerment increases employee job satisfaction and commitment.

Better communication and Coordination – Frequent reviews and interactions between

superiors and subordinates helps to maintain harmonious relationships within the

enterprise and also solve many problems faced during the period.

360-degree appraisal: In human resources or industrial/organizational psychology,

360-degree feedback, also known as multi-rater feedback, multisource feedback, or

multisource assessment, is feedback that comes from all around an employee. "360"

refers to the 360 degrees in a circle, with an individual figuratively in the centre of the

circle. Feedback is provided by subordinates, peers, and supervisors. It also includes a

self-assessment and, in some cases, feedback from external sources such as customers

and suppliers or other interested stakeholders. The results from 360-degree feedback

are often used by the person receiving the feedback to plan training and development.

Results are also used by some organizations in making administrative decisions, such

as pay or promotion.

Behavioural observation scale: Behaviourally Anchored Rating Scales (BARS) is a

relatively new technique which combines the graphic rating scale and critical

incidents method. It consists of predetermined critical areas of job performance or sets

of behavioural statements describing important job performance qualities as good or

bad (for eg. the qualities like inter personal relationships, adaptability and reliability,

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job knowledge etc). These statements are developed from critical incidents.

In this method, an employee’s actual job behaviour is judged against the desired

behaviour by recording and comparing the behaviour with BARS. Developing and

practicing BARS requires expert knowledge.

There is some consideration in making an effective BOS such as

The behaviours on the job must be JOB EVALUATION based analysis.

Critical Incident Technique (CIT) should be performed to minimize the bias of

performance measurement

BOS should be performed by better qualification of supervisor

Behaviourally anchored rating scales: Behaviourally Anchored Rating Scales

(BARS) are scales used to rate performance. BARS are normally presented vertically

with scale points ranging from five to nine. It is an appraisal method that aims to

combine the benefits of narratives, critical incidents, and quantified ratings by

anchoring a quantified scale with specific narrative examples of good, moderate, and

poor performance. BARS are rating scales that add behavioural scale anchors to

traditional rating scales. In comparison to other rating scales, BARS are intended to

facilitate more accurate ratings of the target person's behaviour or performance.

Human Resource Accounting Method: Human resources are valuable assets for

every organization. Human resource accounting method tries to find the relative worth

of these assets in the terms of money. In this method the Performance appraisal of the

employees is judged in terms of cost and contribution of the employees.

The cost of employees include all the expenses incurred on them like their

compensation, recruitment and selection costs, induction and training costs etc

whereas their contribution includes the total value added (in monetary terms). The

difference between the cost and the contribution will be the performance of the

employees. Ideally, the contribution of the employees should be greater than the cost

incurred on them.

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Trait-based systems, which rely on factors such as integrity and conscientiousness, are

also commonly used by businesses. The scientific literature on the subject provides evidence

that assessing employees on factors such as these should be avoided. The reasons for this are

twofold:

1) Because trait-based systems are by definition based on personality traits, they make it

difficult for a manager to provide feedback that can cause positive change in employee

performance. This is caused by the fact that personality dimensions are for the most part

static, and while an employee can change a specific behaviour they cannot change their

personality. For example, a person who lacks integrity may stop lying to a manager because

they have been caught, but they still have low integrity and are likely to lie again when the

threat of being caught is gone.

2) Trait-based systems, because they are vague, are more easily influenced by office politics,

causing them to be less reliable as a source of information on an employee's true

performance. The vagueness of these instruments allows managers to fill them out based on

who they want to/feel should get a raise, rather than basing scores on specific behaviours

employees should/should not be engaging in. These systems are also more likely to leave a

company open to discrimination claims because a manager can make biased decisions

without having to back them up with specific behavioural information.

The most effective, practical and easy method used by Metlife is called the goal sheet

method. This is a performance chart which helps both supervisors as well as employees to

monitor the extent of effort they have put into their work and also helps them to recognise

their distance from a certain target and promotions. So in a way it also acts as a motivation

tool as it keeps the encouragement of the employees high as their goals get simplified. It is

totally free from biasness as there is no involvement of favouring.

d. Process of Performance Appraisal

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Establishing Performance Standards: The first step in the process of performance appraisal

is the setting up of the standards which will be used to as the base to compare the actual

performance of the employees. This step requires setting the criteria to judge the performance

of the employees as successful or unsuccessful and the degrees of their contribution to the

organizational goals and objectives. The standards set should be clear, easily understandable

and in measurable terms. In case the performance of the employee cannot be measured, great

care should be taken to describe the standards.

Communicating The Standards: Once set, it is the responsibility of the management to

communicate the standards to all the employees of the organization

The employees should be informed and the standards should be clearly explained to them.

This will help them to understand their roles and to know what exactly is expected from

them. The standards should also be communicated to the appraisers or the evaluators and if

required, the standards can also be modified at this stage itself according to the relevant

feedback from the employees or the evaluators.

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Measuring The Actual Performance: The most difficult part of the Performance appraisal

process is measuring the actual performance of the employees that is the work done by the

employees during the specified period of time. It is a continuous process which involves

monitoring the performance throughout the year. This stage requires the careful selection of

the appropriate techniques of measurement, taking care that personal bias does not affect the

outcome of the process and providing assistance rather than interfering in an employees

work.

Comparing The Actual performance With The Desired Performance: The actual

performance is compared with the desired or the standard performance. The comparison tells

the deviations in the performance of the employees from the standards set. The result can

show the actual performance being more than the desired performance or, the actual

performance being less than the desired performance depicting a negative deviation in the

organizational performance. It includes recalling, evaluating and analysis of data related to

the employees’ performance.

Discussing Results: The result of the appraisal is communicated and discussed with the

employees on one-to-one basis. The focus of this discussion is on communication and

listening. The results, the problems and the possible solutions are discussed with the aim of

problem solving and reaching consensus. The feedback should be given with a positive

attitude as this can have an effect on the employees’ future performance. The purpose of the

meeting should be to solve the problems faced and motivate the employees to perform better.

Decision Making: The last step of the process is to take decisions which can be taken either

to improve the performance of the employees, take the required corrective actions, or the

related HR decisions like rewards, promotions, demotions, transfers etc.

ii. Employee Satisfaction

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a. Meaning

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.

Employee Satisfaction is a prerequisite for the customer satisfaction. Enhanced

employee satisfaction leads to higher level of employee retention. A stable and committed

workforce ensures successful knowledge transfer, sharing, and creation --- a key to

continuous improvement, innovation, and knowledge-based total customer satisfaction.

When companies are committed with providing high quality products and services; when

companies set high work standards for their employees; and when employees are empowered

through training and development, provided with knowledge and information, permitted to

make mistakes without punishment, and trusted; they will experience an increase in their

level of satisfaction at work. This level of satisfaction can be enhanced further if teamwork

and visionary leadership are introduced.

Continuous improvement comes from the efforts of the empowered employees motivated by

visionary leadership. This is supported by the findings that empowerment and visionary

leadership both have significant correlation with employee satisfaction. Teamwork is also

supported by the findings. In addition, the study found significant correlation between

employee satisfaction and employee’s intention to leave.

The success of a corporation depends very much on customer satisfaction. A high level of

customer service leads to customer retention, thus offering growth and profit opportunities to

the organization. There is a strong relationship between customer satisfaction and employee

satisfaction. Satisfied employees are more likely to stay with company and become

committed and have more likely to be motivated to provide high level of customer service, by

doing so will also further enhance the employee’s satisfaction through feeling of

achievement. Enhanced employee satisfaction leads to improved employee retention; and

employee stability ensures the successful implementation of continuous improvement and

customer satisfaction. Customer satisfaction will no doubt lead to corporate success and

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greater job security. These will further enhance employee satisfaction. Therefore, employee

satisfaction is a prerequisite for customer satisfaction.

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 centre of the data surrounding employee satisfaction, and can be great tools to identify

specific problems leading to lowered morale.

b) Factors Influencing

Some of the important factors that contribute to employee satisfaction may include the

following:

1. Working Environment.

2. Convenient Work Location.

3. Recognition for the Work Done.

4. Friendly Working Environment.

5. Opportunities for Flexible Working.

6. Working in a ‘Dynamic’ Organization.

7. Working in a Reputed Organization.

8. Interesting & Enjoyable Work.

9. Work that gives a sense of Achievement.

10. Working with Young People.

11. Job Security.

12. Opportunities for Personal Development.

13. Opportunities for Promotion/Career Prospects.

14. Fair Payment for the Work Done.

15. Good Policies.

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c) Measuring job satisfaction

There are many methods for measuring job satisfaction. By far, the most common method for collecting data regarding job satisfaction is the Likert scale (named after Rensis Likert). Other less common methods of for gauging job satisfaction include: Yes/No questions, True/False questions, point systems, checklists, and forced choice answers. This data are sometimes collected using an Enterprise Feedback Management (EFM) system.

The Job Descriptive Index (JDI), created by Smith, Kendall, & Hulin (1969), is a specific questionnaire of job satisfaction that has been widely used. It measures one’s satisfaction in five facets: pay, promotions and promotion opportunities, co workers, supervision, and the work itself. The scale is simple, participants answer either yes, no, or can’t decide (indicated by ‘?’) in response to whether given statements accurately describe one’s job.

The Job in General Index is an overall measurement of job satisfaction. It is an improvement to the Job Descriptive Index because the JDI focuses too much on individual facets and not enough on work satisfaction in general.

Other job satisfaction questionnaires include: the Minnesota Satisfaction Questionnaire (MSQ), the Job Satisfaction Survey (JSS), and the Faces Scale. The MSQ measures job satisfaction in 20 facets and has a long form with 100 questions (five items from each facet) and a short form with 20 questions (one item from each facet). The JSS is a 36 item questionnaire that measures nine facets of job satisfaction. Finally, the Faces Scale of job satisfaction, one of the first scales used widely, measured overall job satisfaction with just one item which participants respond to by choosing a face..

d) Methods

1. Job Descriptive Index (JDI)

Job Descriptive Index is a scale used to measure five major factors associated with job satisfaction: Work itself, Supervision, Pay, Promotion, Co-workers. The JDI was first introduced in 1969 and since then has been used by over 1,000 organizations in many sectors.

2. Job In General Scale (JIG)

Job In General Scale is a method of employee satisfaction and developed as a global measure of job satisfaction. JIG is similar to JDI, it introduced 1969 by Smith, Kendall, & Hulin, was modified in 1985 by the JDI Research Group.

3. Minnesota Satisfaction Questionnaire (MSQ)

The Minnesota Satisfaction Questionnaire (MSQ) is designed to measure an employee’s satisfaction with their particular job. This Method includes 100 items measuring 20 facets of job satisfaction.

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There are three version are available: two long forms (1977 version and 1967 version) and a short form.

4. Satisfied / dissatisfied method

In this method, you just send a question form that includes:

• What is good thing in our company?• What is not good one in our company?

This method is suitable for “emergency events” and you need result in a short time.

5. Interview method

This method is used for:

• Review all data collected from other method..• Review key person.

4. Research Methodology

 

RESEARCH OBJECTIVE

Research methodology is a way to systematically solve the research problem. It may be

understood as a science of studying how research is done scientifically. It involves data

collection techniques, the method of analysis of data, their interpretation and final

summarization.

(a) The basic objective is to know the process of recruiting Financial Advisors in the

company.

(b) Identifying key areas which need improvement

RESEARCH DESIGN:

 Explorative Research as well as Descriptive type of Research has been used.

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i. Explorative Research: The explorative research has helped to determine the best research

design, data collection and selection of subjects. The reliance of exploratory research on

secondary research, such as qualitative approaches: informal discussions with employees,

management and more formal approaches through in-depth interviews, questionnaire has

given a significant insight into the given situation.

 

ii. Descriptive research: On the other hand descriptive research has helped to determine how, where,

when and what of the situation. Therefore descriptive research has been used here to get the

maximum amount of the information.

OBJECTIVES OF THE STUDY:

1) To find the level of satisfaction of the employees regarding their jobs

2) To evaluate the various methods of performance appraisals

SCOPE OF THE STUDY

By this study the company will come to know:-

(a)The issues related to new business processing at branch office.

(b) The limitations regarding the working of MetLife staff.

(c) Company image and acceptability of the products in the market

(d) About the market position of Company in comparison with other Insurance companies.

(e) About the availability of its products in the Market and services at the time same.

SIGNIFICANCE OF THE STUDY

(A) The project directly deals with interaction with the staff and few customers of the customers of

MetLife Jalandhar. So this project helps me to understand the corporate communication system.

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(B) This study is helpful to find out the sales trends of the MetLife products and its effect on consumers value.

(C) This study makes me understand how the challenging situations are handled. This study provides an

insight to the company that what kind of strategy must be adopted in order to increase the sales,

reduce the OTCR rejection rates and ultimately how to increase the market position of the company

(D) This study also helps in understanding the various factors in which the employees are

satisfied and the ones that they aren’t.

 

SOURCE OF THE DATA COLLECTION

The data was collected by meeting the respondents. The purpose of this study was explained to

them in brief and then the questionnaire was administered to them. There are two types of data

collection methods:

Primary Data: In research primary data is collected from all respective areas. In my report

the primary data are collected from questionnaire and personal interview of the employee. Other

sources were

Communication with the employees of the department through interviews

Getting information by observations e.g. in manufacturing processes.

Secondary Data: In my report the secondary data are collection Internet and journals. Other

sources were

Annual Reports of the company.

Office manuals of the department.

Magazines, Reports in the company.

Policy documents of various departments.

LIMITATIONS OF THE STUDY

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Psychological Constraints: Most of the persons who were interviewed felt disturbed

while responding to questions during their work hours; hence they made it a point to

finish off answering the questionnaire as soon as possible. Had they spent a little more

time on introspecting on each question the result would have been better.

Constraints regarding confidential Issues : Most of the interviewed persons were

reluctant to give information.

5. SWOT ANALYSIS

Strength

With over 139 years of experience MetLife have approximately US $ 3.3 trillion of life insurance in force.

(a) Brands image, Business Experience and Innovate products.

(b) Has tie up bands like Axis, J&K, Barclays,, Karnataka Bank.

(c) Service quality which is the crux of their mission.

(d) Paid-up capital of RS 1500 cr as on 2008 which shows company dependability.

(e) Very less charge on ULIP plans as compare to other insurance players.

Weakness

Many competitors in the market offer the same products by the title and difference

in premium and offerings.

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a. Sustainable to risk associated with investments in money market

.

b. Very less network branches due to which it difficult for customer to make payment easily

c. Not focusing on consumer awareness mainly concentrating on personal selling.

d. More focusing in urban areas not touching rural area which has a very good potential

market for insurance sector.

e. Lacking in advertisement due to which they are not able to cover large area or large number of customer.

 

Opportunities

a. Huge market is vastly untapped out of estimated 320 million insurable markets only 20% of the population

insured.

 b. Death insurance & pension schemes ; an estimated market potential of approximately $ 15 billon

 

c. Nearly 70% of the Indian population is without life health and non insurance.

d. Per capital life insurance premium in India in 2004 was $16 as compared to the world

average $292.

e. Strong economic growth with increase in affluence and rising risk awareness leading to rapid

growth in the insurance sector.

Threats

a. Entry of many other private companies with equally strong experience and financial strength of

foreign partners making the competition difficult and saturating the urban market .(e.g

idbi ,fortis insurance and more.) 

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b. Current government policies do not encourage gross domestic saving ,if thetax liability of the

service ,the customer will have little money to invest

c. LIC has woken up from sleep and following : competitive strategies its ,hugesurplus in life funds gives a

capability to lodge price was

6. Research Done in Field

i. Performance Appraisal

a. Goal Sheet: A goal sheet is basically a tool which is provided to the employees

at various levels to keep track and create better strategies regarding their performance.

Through the performance results from this goal sheet, various awards, promotions etc take

place. Below are given a few goal sheets for different levels of hierarchy in the company.

ADDENDUM: SM-PO and ASM-PO Goal Sheet and Incentive Program -(Aug to Dec

2011)

Goal Sheet for ASM-PO and SM-PO during probation period M1 to M6:

Changes to Goal Sheet:

1. AFYP target replaced with New Business Premium (NBP) Target and Achievement.

2. Active License definition changed to NBP. Only FA's with Cumulative New Business

Premium (NBP) of more than or equal to Rs. 5,000 (as per the applicable Product

Weightage for Sales Team) in a month to be considered Active. (Reallocated FA will

not be considered as New License).

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New Business Premium (NBP)

Regular and Limited Pay New Policy Premium to have 100% Weightage on New

Business Premium (NBP)

Single Pay policies to have the following weightages as per the Case Size:

o Less Than 25k Case = 10% Weightage to NBP

o More than or equal to 25k Case = 20% Weightage to NBP

o More than or equal to 50k Case = 40% Weightage to NBP

o More than or equal to 99k Case = 50% Weightage to NBP

o More than or equal to 2 lac Case = 100% Weightage to NBP

Transition to New Business Premium (NBP) from AFYP

o NBP Target will be equivalent to the AFYP Targets allocated. The AFYP

Target and Achievement will be replaced by NBP Target and Achievement

from August 2011.

o YTD AFYP/ NBP Achievement Calculation Illustration:

o Subsequent Premium Collected on Monthly, Quarterly and Half Yearly

Policies placed after 1 August 2011 to be considered in NBP. Subsequent

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Premium received on policies places before 1 August 2011 will NOT be

considered in NBP.

Incentive Programs for ASM-PO and SM-PO

ii. Employee Satisfaction

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a. Questionnaire:

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b. Analysis and Interpretation

The above questionnaire was designed to ensure that the employees give an accurate

and honest reply as the box at the beginning states that all the information would be kept

confidential and is merely being collected for research.

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The questionnaire was distributed among all employees in the office and was filled

out. Apart from just the questionnaire I had one on one time with the employees to gather

more qualitative information regarding their job satisfaction.

The questionnaire was divided into various sub parts which I thought were most likely

to be connected with job satisfaction. They were Communication and planning, The role of

the individual, corporate culture, relations with other workers, environment and hygiene, pays

and benefit, work life (stress and balance) etc. I wanted to ensure that all aspects are covered

and one could have a clear cut observation of where that particular employee feels

disadvantaged at.

It was observed that the communication and planning of Metlife was outstanding. The

reason may be the system that is followed in the firm. An employee is to submit a progress

report daily before 7 PM. This report helps in communication between the superior and

employees and through this process the superior is able to adjust and modify the goals of the

week. The workers are also pleased with such system as it helps them in checking on where

their progress/target stands.

The workers were fairly satisfied with their role in the firm. This was the result of the

firm being a target based company. The senior subordinate doesn’t put too much pressure on

the methods that the employees get their job done. i.e. an employee may have zero progress

in the first two weeks but as long as by the end of the month, the target gets achieved there is

no problems. The employees are given credit for the various milestones that they achieve and

the employees are given full freedom of doing their job in or out of the office.

As far as corporate culture is concerned, the employees were pretty strong regarding

Metlife as a corporate body. Metlife has a very strong corporate culture and some of the

factors ensuring it include

Acceptance and appreciation for diversity

Regard for and fair treatment of each employee as well as respect for each employee’s

contribution to the company

Employee pride and enthusiasm for the organization and the work performed

Equal opportunity for each employee to realize their full potential within the company

Strong communication with all employees regarding policies and company issues

Strong company leaders with a strong sense of direction and purpose

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Ability to compete in industry innovation and customer service, as well as price

Lower than average turnover rates

Investment in learning, training, and employee knowledge

All the employees were unanimously in positive favour for their relations with immediate

supervisor. The Branch manager at our firm is of a very friendly yet goal oriented nature. So

he has ways of getting the job done without hurting the employees either. Everyone is

assisted at the time of doubts or when needed. Even when it comes to achieving certain

milestones like trips to foreign countries, in case one or the other employee is lacking by a

small margin the full support and resources are given to ensure that the milestone is achieved

Not a single employee was dissatisfied with Metlife’s workplace environment and

resources. They all felt as if the office area was well maintained and clean. All the employees

are provided with their individual computers as well as scanning, printing etc facilities. There

are guards to ensure safety as well as other workers specifically hired to facilitate for water,

tea, coffee etc.

When it comes to pays and benefits, a lot of the employees had mixed replies. In the

questionnaire the reply was average but in the face to face interview some of the employees

felt that the pay was merely based the performance of the individual. This is somewhat true

though. Usually the sales managers have a fixed salary but they have a target to achieve every

month, and failure to do so will add the remainder to the next month and so on. SO by the end

of the year one has to achieve the target assigned making it burdensome at times. Despite that

all employees believed that with contrast to the pay and benefits in other companies, Metlife

is better. Metlife also provides free insurance cover to the employees to a certain extent and

also pays for phone charges incurred due to usage for the workplace hence keeping the

employees satisfied regarding resource availability and safety.

Again when it comes down to stress and work life the employees had mixed replies.

Most of the employees felt that the target versus timeframe was a little unfair and a bit of a

load. Despite that all employees were satisfied with the fact that they had sufficient time to

spend with their families too. The employees did however feel a bit competitive regarding

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their safety of their job as Metlife is very strict regarding non performers and will fire

employees that either go out of guidelines (unethical work, dishonesty etc) or are not up to

par with their performance.

On being asked for further suggestions on improving the job satisfaction the employees

suggested that more contests should be launched to promote competiveness among the

employees. In these contests a target is given and however gets the first, second and third

position among the office is rewarded in one way or the other. Other than that increase in

compensation was also suggested. The reason was that no doubt Metlife is paying more than

an average insurance firm in the market but the targets and goals are also much higher hence

creating a really busy working environment for the employees. Another factor was better

Reimbursement as some expenses are directly linked to the profit of the firm but the expense

goes out of the employees pocket eg. The expenses incurred for performing sales like

transportation etc.

7. References

http://www.hr.com/en/articles/all_articles/metlife-benefits-benchmarking-

report_eb2a770k.html

http://www.metlife.co.in/MetLifeIndPlans_Child_MetBhavishya.aspx

http://www.metlife.co.in/

MetLifeIndPlans_Child_MetJuniorEndowment.aspx

http://www.metlife.co.in/MetLifeIndPlans_Monthly_MMIP_7.aspx

http://www.metlife.co.in/MetLifeIndPlans_Savings_MetSukh.aspx

http://www.metlife.co.in/

MetLifeIndPlans_Child_MetJuniorEndowment.aspx#

http://appraisals.naukrihub.com/mbo.html

http://appraisals.naukrihub.com/process.html

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