job satisfaction –a comparative analysis of public and private insurance companies

A

Project

ON

"JOB SATISFACTION –A Comparative Analysis of Public and Private

Insurance Companiesin Sirsa District"

Submitted in partial fulfillment of the requirement for the degree of Master of Business Administration (MBA)

Supervised by: Submitted by:Dr. Yogeshver Kumar Name: - Raj Kumar Lecturer in Commerce Enrol. No- 06061128102(H.R.M), Sirsa MBA. IVth Sem. (H.R)

Remarks of Evaluator

Approved/Disapproved Approved/Disapproved

Session 2006-08

Directorate of Distance EducationGJUS&T, Hissar

CERTIFICATE

This is certify that Mr Raj Kumar, Enrolment No. 06061128102 has

proceeded under by supervision his Research Project Report on “JOB

SATISFACTION –A Comparative Analysis of Public and Private Insurance

Companies in Sirsa District” in the specialization area “Human Resource

Management”

The work embodied in this report is original and is of the standard expected

of an MBA student and has not been submitted in part or full to this or any

other university for the award of any degree or diploma. He has completed

all requirements of guidelines for Research Project Report and the work is fit

for evaluation.

Signature of Supervisor/Guide (with SEAL)

NAME : Yogeshver Kumar

DESIGNATION : Lecturer in Commerce

ORGANISATION : Govt. National College, Sirsa

Forwarded by Head/Director of Study Centre

(with signature, Name & SEAL)

PREFACE

Master of Business Administration is a stepping-stone to the management

career. In order to achieve practical positive and concrete results, the

classroom learning needs to be effectively collaborated with the realities of

the situation exit in the real corporate world. I have great pleasure in

research project, which is essential in partial fulfillment of MBA. It provides

the basic skill required for performing the survey and statistics tool needed

to analysis the data. Research project is an integral part of curriculum and its

purpose is to providing the students with the practical exposure of the

today’s changing scenario. It helps in the development of the practical skill

and analytical thinking process.

ACKNOWLEDGEMENT

Gratitude is the hardest of emotions to express and often one does not find

an adequate word to convey that entire one feels. Even the best effort may

not prove successful without the proper guidance. I would like to express my

gratitude to Mr. Yogeshver Kumar for his pin-point guidance, help and

active co-operation. His ability and inspiring guidance has motivated me for

the successful completion of my research project.

I would also like to acknowledge the help of my family

members and friends. I acknowledge the help of all those who

directly or indirectly contributed to the completion of the

training.

Contents

Chapter-1

Introduction

1.1 The Backup

1.2 Factors Relating to Job Satisfaction and Dissatisfaction

(a) Personal Factors

(b) Factor Related to Job

Chapter-2

Review of Literature

Chapter-3

Research Methodology

3.1 Selection of Topic

3.2 Objectives of Study

3.3 Sampling Procedure and Design

3.4 Methods of Data Collection

3.5 Measuring Job Satisfaction

3.6 Scope of the Study

3.7 Significance of the Study

3.8 Limitation of the Study

Chapter-4

Analysis and Interpretation

4.1 List of Tables and Graph

Tables

Table: 1 --Return and Standard Deviation of NSE NIFTY

Table: 2 --Return and Standard Deviation of BSE SENSEX

Table: 3 --Return Generated by BSE SENSEX and NSE NIFTY

Table: 4 --Risk Generated of BSE SENSEX and NSE NIFTY

Table: 5 –Monthly Return of BSE SENSEX and NSE NIFTY

Table: 6 –Derivative Segments of BSE and NSE

Table: 7 –Comparison of Total Brokers of BSE and NSE

Table: 8 – Comparison of Sub-Brokers of BSE and NSE

Graph .

1 -- Return Generated by BSE SENSEX and NSE NIFTY

2 -- Risk Generated of BSE SENSEX and NSE NIFTY

3 -- Monthly Return of BSE SENSEX and NSE NIFTY

4 -- Total Brokers of BSE and NSE

5 -- Sub-Brokers of BSE and NSE

Chapter-5

Suggestion and Recommendation

Chapter-6

References

CHAPTER 1

INTRODUCTION

1.1 The Backdrop

In the early part of the twentieth century, researchers began to be interested

in the topic of job satisfaction. Measuring performance on the job and

increasing productivity were the primary focus (Wanous, 1976). When Elton

Mayo and his associates agreed to observe experiments underway at the

Western Electric Hawthorne plant near Chicago, job satisfaction became a

popular topic for research because of the unanticipated findings of the study.

The experiments were intended to determine the impact of illumination

levels on worker productivity (Hanson, 1985). The results were a surprise

because they indicated there was no significant relationship between levels

of illumination and productivity of workers (Hersey & Blanchard, 1996).

This unexpected outcome inclined the researchers to conclude that factors

other than lighting levels must have impacted worker productivity. They

identified other variables that impacted productivity more than aspects of the

physical environment. Some of these were the effect of informal work

groups, the attitude of workers about the company, and the need

for rest periods.

The researchers made two important conclusions. One was that human

variability was a significant factor in determining worker productivity. The

second one was that norms and expectations among workers had a greater

impact on productivity than the work environment (Luenburg 1991).

The surprising findings of the Hawthorne Studies spurred interest in the

topic of employee motivation and job satisfaction. Subsequent studies about

motivation and behavior revealed that worker perception and job satisfaction

were factors related to job performance (McGregor, 1957; 1958; Spates,

1959; Tannebaum & Schmidt). As a consequence of these studies and

others, the study of human relations became well established. Argyris (1957)

observed that the early stages of studying human relations in the work place

focused on why peopled behaved in certain ways and whether or not they

were satisfied with their jobs. Another observation indicated that basically

all human behavior in an organization was caused by any one or a

combination of individual factors, small informal group factors, or formal

organizational factors. One of the most important needs of workers was to

enlarge those areas of their lives in which their own decisions determined

the outcome of their efforts. Individual factors and group factors allowed for

small adjustments by workers in various directions which allowed their

decisions to determine job performance. The extent to which workers strived

for self-actualization while behaving as agents of the organization affected

job satisfaction. Argyris considered the relationship between job satisfaction

and organizational climate and concluded that it was illogical, cruel,

wasteful, and inefficient not to have a logical and rational design for an

organizational structure.

Scientific management (Taylor’s) also had a significant impact on the study

of job satisfaction. Frederick Winslow Taylor’s 1911 book, Principles of

Scientific Management, argued that there was a single best way to perform

any given work task. This book contributed to a change in industrial

production philosophies, causing a shift from skilled labor and piecework

towards the more modern approach of assembly lines and hourly wages. The

initial use of scientific management by industries greatly increased

http://en.wikipedia.org/wiki/Scientific_management

http://en.wikipedia.org/wiki/Hourly_wage

http://en.wikipedia.org/wiki/Assembly_lines

http://en.wikipedia.org/wiki/Piecework

http://en.wikipedia.org/wiki/Frederick_Winslow_Taylor

http://en.wikipedia.org/wiki/Taylorism

productivity because workers were forced to work at a faster pace. However,

workers became exhausted and dissatisfied, thus leaving researchers with

new questions to answer regarding job satisfaction. It should also be noted

that the work of W.L. Bryan, Walter Dill Scott, and Hugo Munster berg set

the tone for Taylor’s work.

Some argue that Maslow’s hierarchy of needs theory, a motivation theory,

laid the foundation for job satisfaction theory. This theory explains that

people seek to satisfy five specific needs in life – physiological needs, safety

needs, social needs, self-esteem needs, and self-actualization. This model

served as a good basis from which early researchers could develop job

satisfaction theories.

The studies of job satisfaction revealed that organizations gradually changed

their perception and appreciation of workers. No longer were they

considered mere cogs in the machinery of an organization. They were

considered just as important as the mission of the organization (Stogdill).

Job satisfaction can be influenced by a variety of factors, eg, the quality of

one's relationship with their supervisor, the quality of the physical

environment in which they work, degree of fulfillment in their work, etc. (To

my knowledge, there is no strong acceptance among researchers,

consultants, etc., that increased job satisfaction produces improve job

performance -- infant, improved job satisfaction can sometimes decrease job

performance. For example, you could let sometime sit around all day and do

nothing. That may make them more satisfied with their "work" in the short

run, but their performance certainly didn't improve.) Job satisfaction

describes how content an individual is with his or her job. It is a relatively

http://en.wikipedia.org/wiki/Individual

http://en.wikipedia.org/wiki/Maslow%E2%80%99s_hierarchy_of_needs

http://en.wikipedia.org/wiki/Walter_Dill_Scott

recent term since in previous centuries the jobs available to a particular

person were often predetermined by the occupation of that person's parent.

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 enlargement and job enrichment. Other

influences on satisfaction include the management style and culture,

employee involvement, empowerment and autonomous work groups. Job

satisfaction is a very important attitude 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 rate of pay, work responsibilities, variety of tasks, promotional

opportunities the work itself and co-workers. Some questioners ask yes or no

questions while others ask to rate satisfaction on scale (where 1 represents

"not at all satisfied" and 5 represents "extremely satisfied.

"The whole idea of job satisfaction is a moving target, "says Robert

Lenburg, president of the Human Resources Group in US.” For many

employees, how satisfied they feel is a complex interplay of what's

happening in their personal and business lives. ‘Job expectations also play

into the elusive nature of job satisfaction. Some job factors impact the

satisfaction levels of most employees; others are particular to "knowledge

workers. One of the biggest preludes to the study of job satisfaction was the

Hawthorne studies. These studies (1924-1933), primarily credited by Elton

Mayo of the Harvard Business School, sought to find the effects of various

conditions (most notably illumination) on workers’ productivity. These

studies ultimately showed that novel changes in work conditions temporarily

http://en.wikipedia.org/wiki/Harvard_Business_School

http://en.wikipedia.org/wiki/Elton_Mayo

http://en.wikipedia.org/wiki/Elton_Mayo

increase productivity (called the Hawthorne Effect). It was later found that

this increase resulted, not from the new conditions, but from the knowledge

of being observed. This finding provided strong evidence that people work

for purposes other than pay, which paved the way for researchers to

investigate other factors in job satisfaction.

1.2 Factors Relating to Job Satisfaction and Dissatisfaction

Job satisfaction being a complex phenomenon the nature and extent of factor

contributing to it are not yet fully known studies of Harzberg, Mansuner and

Snyderman and the two factor theory of job satisfaction proposed by them

helps in understanding the relevant factors prevailing across cultures

as well as India.

They note an important distinction between two kinds of factor. One which

deal with the job and other which are related to environment. Factors related

to job are called intrinsic; motivator, satisfier or job content. Factors related

to environment are called extrinsic, job context, hygiene or dissatisfies.

Major factors in job satisfaction & dissatisfaction are (i) Personal factors

(sex, age, intelligence, education) (ii) Factors related to jobs (work, skills

required) and (iii) Factors controllable by management. (salary, security,

opportunity for advancement, coworkers, responsibility). The explanation

of the each factor has been presented in the subsequent

paragraphs.

http://en.wikipedia.org/wiki/Hawthorne_Effect

1. PERSONAL FACTORS

SEX: Studies have shown that women are more satisfied with

their job then are men. Males almost irrespective of the

organizational levels have generally been found to aspire

primarily for good pay, job security and opportunity

for advancement.

While for females friendly people to work with, good social

position and secure job as more important than pay and factors in

their job. (Studies by Ghosh, Praharaj and Prasad Sinha)

AGE:

The Indian studies on this factor have shown that job satisfaction

tends to increase with age, job satisfaction first falls and then at

end of carrier it usually reaches high again.

INTELLIGENCE:

Ghosh in this studies has found more intelligent were highly

discontented about the work condition although physically it was

the most ideal place to work in while another study show no

relationship between satisfaction and intelligence to job

satisfaction and challenge of the job.

EDUCATION:

Indian studies generally shown that there is a tendency for more

educated employees to be less satisfied and conversely the less

educated employees to be more satisfied. The trend possibly

reflects the general prevailing situation in Indian organization

where on institute advancement or reward policies in relation to

education exist.

2. FACTORS RELATED TO JOB

THE WORK:

The content of work itself is a major source of satisfaction. Job

content refers to the factors such as recognition, responsibility,

advancement; achievement etc, in the job, the employee

performs. Herzberg, Mausner, Synderman contend that these job

content factors lead to greater job satisfaction, the feedback from

the job itself and the autonomy are two major jobs related to

motivational factors. Herzberg and his co-workers found that

repetitive nature of task or a boring task is the most

dissatisfying factor.

THE SKILL REQUIRED:

Existence of skills required for a job to considerable degree is the

first source of satisfaction to an employee. Studies of sinha and

nair among Indian employees have shown that technically

employees have significantly higher job satisfaction than

operates together with the kind of work, occupational status,

responsibility, length of service, personality characteristics etc.

2. FACTORS CONTROLLABLE BY MANAGEMENT

SALARY:

Adequate salary is the most predominate preference of all the job

factors. But it is also a complex multidimensional factor.

Employees often see pay as reflection of how management views

their absence can lead to a great deal of dissatisfaction

among employees.

SECURITY:

Job security is the most important preference out of various job

factors. While ‘getting a job’ is of foremost important, being

secured on a job is very next requirement of employees.

OPPORTUNITY FOR ADVANCEMENT

Opportunity for advancements not only means to get promotion. But

it means personal development and growth and Increase in

responsibility as well. Each employee expect that individual merit is

rewarded and it is related to a chance to advance, develop for

advancements yields more job satisfaction and its absence is

frustrating for employees.

CO-WORKERS

Friendly cooperative and helpful workers are modest sources of

job satisfaction to individual employees. According to Elton

Mayon, “perhaps the strongest human characteristics are its desire

to associate with fellowman continuously “.

RESPONSIBILITY

This factor does not usually feature independently in the list of

factors people want most in their jobs. It, however, is an important

factor, which possibly get mixed up with factors like opportunity for

advancement. Type of work, freedom, challenge in job etc. it is one

of most important ‘motivator’ factor contributing to satisfaction.

Some studies have shown that satisfaction level increases with

increase in responsibility.

In the organization the Employee’s dissatisfaction can be expressed in

a number of ways viz Exit; Dissatisfaction expressed through behaviour

directed towards leaving the organization, Voice; Dissatisfaction expressed

through active and constructive attempts to improve conditions, Loyalty;

Dissatisfaction expressed by passively waiting for condition to improve and

Neglect; Dissatisfaction expressed through allowing condition to worsen. (as

shown in figure 1.1)

Figure 1.1 showing Responses to job Dissatisfaction

1.3 Definitions of Job Satisfaction

Different people have come up with the different definitions of job

satisfaction. Some of the important one’s are.

According to F.W. Taylor “Job Satisfaction refers to the way

one feels about the events, people and things in his/her

working situation.”

According to Blum (1956) ‘Job Satisfaction is the result of

various attitudes the person holds towards his job, towards

related factors and towards life in general’. Hence Job

satisfaction is a pleasant and positive attitude possessed by an

employee towards his job as well as his life.

Active

Exit Voice

Destructive Constructive

Neglect Loyalty

Passive

According to Forehand and Gilmer has defined organization

climate as “a set of characteristics that describe an organization

and that:(a) distinguish one organization from the other, (b)are

relatively enduring over a period of time, and (c) influence the

behavior of the people in the organization.

According to Hllriegel and Secom (1974) organization climate

as a “set of attributes which can be perceived about a particular

organization and/or its sub-system, and that may be induced in

the way that organization and/or its sub system deal with their

members and environment.”

In the words of Mayo “Satisfaction is key Challenge, growth

and learning is three factors that keep employees productive

and satisfied.”

Chapter-2

Review of Literature

Now a days, job satisfaction became topic of considerable interest to

researchers. The purpose of this study was to investigate the comparative

study of job satisfaction in the public and private insurance companies

employees.

Elton Mayo and his associates experimented at the Western Electric

Hawthorne plant in Illinois. It was known as the Hawthorne study which

provided some knowledge of employee motivation and satisfaction on the

job. It also revealed that job performance is related to job satisfaction and

that the social environment in the workplace had an impact on morale and

productivity.

There are number of studies concerning the job satisfaction in general.

However, specific studies relating to level of job satisfaction are not many.

Prominent among the studies conduced in India and abroad are elaborated in

subsequent paragraphs.

Kreitner & Kinicki1 (1992) examined the reciprocally relation between job

satisfaction and life satisfaction. They also studied the compensation effect

which suggests job and life satisfaction are negatively related & spillover

model hypothesized that job satisfaction or dissatisfaction spills over into

one’s life and vice-versa.

Baron2 (2000) in its study examined the various attitudes people holds

toward their jobs are referred to as job satisfaction. Formally, job satisfaction

is individual’s cognitive, affective and evaluative reactions toward their jobs.

Stemmle3 (2000) stated that contemporary understanding and practice of

leadership-included concern for followers and the extent to which they

found satisfaction in their jobs.

Jenkins4 (1999) stated that people are any organization’s greatest asset so

how they felt about their jobs was a significant factor in work environments.

He considered the employees as an heart and soul of any enterprise, believed

that each individual had value, and maintained that it was in an

organization’s best interest when people felt satisfied in their jobs.

Capodagli5 (1999) described Job satisfaction as a positive relationship

characterized by pleasurable or positive state of mind resulting from the job

experience. Job satisfaction was a good feeling that one got by providing a

service or effort which helped others become relieved of a burden,

experience pleasure, or get what they wanted.

Maslow6 (1998) in his study investigated that job satisfaction is considered a

factor which led to behavior by employees who influenced organizational

performance. This is a circular relationship. A favorable work environment

tended to improve people, which tended to improve the organization.

Manz7 (1998) described job satisfaction as being derived from the

opportunity to serve others and make a worthwhile contribution.

Spector8 (1997) in its study explained job satisfaction is the degree to which

people like their jobs. He further stated that job satisfaction is a subjective

term, defined in a variety of ways, and all of them dealt with how one

perceived his or her job experience.

Harris9 (1996) elaborated that the special element most critical to job

satisfaction is contributing to worthwhile work and pointed out the

connection between the importance of having a job that makes a difference

and how well an organization functioned. He further explained that the

highest level of service comes from the heart, so the company that reaches

its people’s heart will provide the very best service.

Levin10 (1995) stated that job satisfaction could be looked at from the

perspective of the employee as well as from the perspective of the employer.

Levin asserted that for employees, job satisfaction came from having work

that mattered and from a sense of job security. From the employer’s view, he

stated that job satisfaction came from involving employees in decisions that

affected them and from providing people with the skills, motivation, and

freedom to do their jobs better. Levin also stated that how people did their

jobs and how they felt about them greatly affected their productivity and job

satisfaction.

Owens11 (1995) elaborated that effective leadership consisted of the

downward exercise of power and authority in both the organizational

mission and in the human dimension. Leaders offered jobs in exchange for a

follower’s support, cooperation, and compliance.

Benfari12 (1995) in his study stated that working conditions and environment

are an important concern for the organization because job satisfaction

impacted performance in the workplace since it is associated with

attendance, productivity, longevity, and the general attitudes of employees.

Chappell13 (1995) Job satisfaction is associated with absenteeism, worker

productivity, employee turnover, and general mental health of employees

Beck14 (1990) in his study emphasized on the affective nature of job

satisfaction in the workplace.

Brady15 (1989) elaborated that there are good reasons to be interested in job

satisfaction, which was considered from the perspective of the employee or

the organization. From the employee perspective, a humanitarian view

indicated that people deserved to be treated fairly and with respect.

Chapter-3

Research Methodology

Research in common parlance refers to a search for knowledge. One can also

define research as the scientific and systematic search for pertinent

information on a specific topic. In fact research is an art of scientific

investment.

Research Methodology is the systematic way to solve the research problems.

It may be understood as a science of studying how research is done

scientifically. In it researcher study the various steps that are adopted by him

to study the research problems along with the logic. It is necessary for the

researcher to know not only the research methods & techniques but also the

methodology.

3.1 Selection of the Topic

It is obvious that work is important in every society, the extent of

importance will vary, however, and much of what is “Known” about work as

a motivator often is culture-specific. Different arena has different attributes

which influence job satisfaction among employees in insurance companies.

The belief that satisfied employees are more productive than dissatisfied

employees has been a basic tenet among managers for years. Although much

evidence questions that assumed causal relationship, it can be argue that

advanced societies should be concerned not only with the quality of life- that

is, concerns such as higher productivity and material acquisitions – but also

with its quality. Those researchers with strong humanistic values argue that

satisfaction is a legitimate objective of an organization. Not only is

satisfaction negatively related to absenteeism and turnover, but they argue,

organizations have a responsibility to provide employed with jobs that are

challenging and intrinsically rewarding.

Therefore, although job satisfaction represents an attitude rather than

behaviors. The researchers related to the organizational behaviors discipline

also consider job satisfaction as an important dependent variable.

Keeping job satisfaction’s universal importance in mind researcher has

chosen the topic related to insurance sector.

3.2 Objectives of the Study

The present study is done with the objective of to know the level of job

satisfaction among employees in public and private insurance companies

employees.

Specific objectives of the research study are to:

To identify the influencing factors of Job satisfaction in public and

private insurance company.

To measure the job satisfaction of insurance company employees and

determine the difference in job satisfaction levels on the basis of seven

attributes.

To make comparative analyses of public and private insurance

companies’ employees regarding job satisfaction

3.3 Sampling Procedure and Design

To carry out the present research, primary data has been used with the help

of questionnaire. There are total 80 respondents from different insurance

companies of public and private. In public sector employees are from life

Insurance Corporation of India, and in the private sector the employees are

from Bajaj Allianz, ICICI Prudential, Reliance Life Insurance, Birla Sun

Life.

3.4 Methods of Data Collection

Researcher has opted two source for the collection of data. (1) Primary and

(2) secondary . The primary data has been collected from self-administered

questionnaire and interview methods. The respondents were contacted

personally at their workplaces. A quantitative survey has been chosen for

the research because it is a simple and cost effective means of gathering a

large amount of information within a short timeframe. The analysis and

interpretation of the data is supplemented with the information available

from published and unpublished sources.

3.5 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). Likert scales typically allow for five,

seven, or nine responses to questions/statements on surveys, with the highest

and lowest score indicating extreme degrees of either agreement or

disagreement, and with the middle score showing neutrality. Sometimes an

even number of options are used to force direction towards positive or

negative in one’s choice.

Here is a simple example of a Likert scale:

I feel that my work is appreciated.

1) Strongly disagree

2) Disagree

3) Neutral

4) Agree

5) Strongly agree

http://en.wikipedia.org/wiki/Rensis_Likert

http://en.wikipedia.org/wiki/Likert_scale

http://en.wikipedia.org/wiki/Likert_scale

3.6 Scope of the Study

The scope of study is to do the comparative analysis of job satisfaction in

public and private insurance companies and for the purpose the companies

are included are Life Insurance Corporation of india from public sector and

from private sector Bajaj Allianz, Reliance insurance company, ICICI

Prudential, Birla sun life.

3.7 Significance of the Study

This study is significant for several reasons. First, significant changes are

occurring regarding what people expected from their jobs and careers

Second, because of increasing diversity of workers it is important to

understand more about how they felt about the organizational climate in

their places of work and their level of job satisfaction.

This study confirmed that factors such as internal communication,

organizational structure, political climate, professional development

opportunities, promotional opportunities, and regard for personal concerns

had a significant impact on the level of job satisfaction in the private and

public insurance companies because they are affected with many variables

such as organizational policies, personnel policies particularly rewards and

promotions, leadership style etc.

Job satisfaction is one of the most crucial but controversial issues in all type

of organizations whether they are industrial organizations or insurance

organization. It ultimately decides the extent of employee motivation

through the development of organizational climate or environment.

Job satisfaction studies provides the management several benefits like how

employees feel about their job, what part of their job are focused upon,

which department has what feelings are involved (such and such supervisor,

employees and staff specialists). Thus a job satisfaction survey can be used

as a powerful diagnostic instrument for looking at employee problems.

Job satisfaction survey can give rise to valuable communication to the

benefits of organization. It must also be borne in mind that job satisfaction is

dynamic. Almost like machinery, which requires proper installation,

operation and maintenance, the adequate level of job satisfaction is required

to be achieved, used and maintained. Otherwise, it can leave more quickly

than it does arrive.

3.8 Limitations of the Study

While completing the present research I had to face some problems as the

time period for the research was less. Being a fresher’s, lack of experience

also posed some difficulties for me. Also sometimes the employees of

insurance companies felt why should they reveal their personal information?

There were chances of obtaining fake information which can make the

outcome totally different.

Chapter-4

Analysis and Interpretation

(A)COMPANY AND EMPLOYEES RELATIONSHIP

1. The company is aware about the employees problemsand issues.

Interpretation:

1) 75% employees in public sector insurance company agree with the statement and in private sector insurance companies 100% employees agree with the statement.

2) 10% employees in public sector insurance company neutral for this statement but in private sector this ratio is 0%.

3) 15% employees in public sector insurance company disagree with the statement and in private sector insurance companies 0% employees disagree with the statement

2. The company is responsive to the problems and issues of employees.

Interpretation:




3. The company is open to the employees inputs and involvement in committees, Discussion, or in the decision making.

Interpretation:




(B) PROPER ALLOCATION OF RESOURCES

1. Company management believes that human resources (employees) are extremely important resources and that they have to be treated more humanely

Interpretation:




2. The office facilities (seating, telephone, computers etc) for faculties are adequate in this organization.

Interpretation:




3. Decent accommodation facilities are provided bythe company.

Interpretation:




(C) SATISFACTION WITH SUPERIORS AND MANAGEMENT

1. Employees trust what their superiors tell them

Interpretation:




2. My senior employees help me to learn new things tobecome more effective in my job

Interpretation:




3. Whenever I do good work to make significant contribution to the organization , my superior take special care to appreciate it

Interpretation:




4. Weakness of employees are communicated to themin a positive and non threatening way

Interpretation:




4. Senior employees in this organization appreciate new ideas and suggestions.

Interpretation:




(D) SATISFACTION WITH JOB/TASK CLARITY

1. . Rules and decisions are followed uncompromisingly.

Interpretation:




2. Job responsibilities are well defined and clear

Interpretation:




3. Generally,employees are encouraged to take initiative and do things on their own without waiting for instructions from superiors.

Interpretation:




(E) SATISFACTION WITH COMPENSATION PACKAGE

1. I am satisfied with my salary and others perk

Interpretation:




2. The Compensation package of our company is competitive to similar companies.

Interpretation:




(F) POLICY FRAMEWORK OF THE COMPANY

1. People lacking competencies in their job are helped to acquire competencies

Interpretation:




3. Recruitment in this organization is based on merit and merit alone.

Interpretation:




4. Loyalty, honesty and hard work are rewarded in this company.

Interpretation:




(G) INDIVIDUAL SATISFACTION

1. I am satisfied with the opportunities given to me in this organization.

Interpretation:




2. Even if I am offered slightly better salary and perks in another company , I would not leave this company.

Interpretation:




3. I am very optimistic about my future in this company

Interpretation:




4. I am proud to be an employee of this company.

Interpretation:




Chapter 5

Suggestions and Recommendations

As the researcher have already stated that the issue of job satisfaction is of

prime importance not in only manufacturing organizations but also in the

insurance sector.

This particular chapter is focusing on the suggestions and recommendation

given by the researcher during his course of research. These suggestions

will help to the employees of the insurance companies for enhancing their

existing job satisfaction. While on the other hand, it will help to the

management for making fruitful, productive and constructive policies for

the employees.

Some of the important suggestions and recommendations are:

Policy frame work of the company.

An organization's policies can be a great source of frustration for

employees if the policies are unclear or unnecessary or if not everyone is

required to follow them. Although employees will never feel a great sense

of motivation or satisfaction due to your policies, you can decrease

dissatisfaction in this area by making sure your policies are fair and apply

equally to all. Also, make printed copies of your policies-and-procedures

manual easily accessible to all members of your staff. If you do not have a

written manual, create one, soliciting staff input along the way. If you

already have a manual, consider updating it (again, with staff input). You

might also compare your policies to those of similar practices and ask

yourself whether particular policies are unreasonably strict or whether

some penalties are too harsh.

Supervision

To decrease dissatisfaction in this area, you must begin by making wise

decisions when you appoint someone to the role of supervisor. Be aware

that good employees do not always make good supervisors. The role of

supervisor is extremely difficult. It requires leadership skills and the ability

to treat all employees fairly. You should teach your supervisors to use

positive feedback whenever possible and should establish a set means of

employee evaluation and feedback so that no one feels singled out.

Salary

The old adage "you get what you pay for" tends to be true when it comes to

staff members. Salary is not a motivator for employees, but they do want to

be paid fairly. If individuals believe they are not compensated well, they

will be unhappy working for you. Consult salary surveys or even your

local help-wanted ads to see whether the salaries and benefits you're

offering are comparable to those of other offices in your area. In addition,

make sure you have clear policies related to salaries, raises and bonuses.

Interpersonal relations

Remember that part of the satisfaction of being employed is the social

contact it brings, so allow employees a reasonable amount of time for

socialization (e.g., over lunch, during breaks, between patients). This will

help them develop a sense of camaraderie and teamwork. At the same

time, you should crack down on rudeness, inappropriate behavior and

offensive comments. If an individual continues to be disruptive, take

charge of the situation, perhaps by dismissing him or her from the practice.

Working conditions

The environment in which people work has a tremendous effect on their

level of pride for themselves and for the work they are doing. Do

everything you can to keep your equipment and facilities up to date. Even

a nice chair can make a world of difference to an individual's psyche. Also,

if possible, avoid overcrowding and allow each employee his or her own

personal space, whether it be a desk, a locker, or even just a drawer. If

you've placed your employees in close quarters with little or no personal

space, don't be surprised that there is tension among them.

Before you move on to the motivators, remember that you cannot neglect

the hygiene factors discussed above. To do so would be asking for trouble

in more than one way. First, your employees would be generally unhappy,

and this would be apparent to your patients. Second, your hardworking

employees, who can find jobs elsewhere, would leave, while your

mediocre employees would stay and compromise your practice's success.

So deal with hygiene issues first, then move on to the motivators:

Work itself

Perhaps most important to employee motivation is helping individuals

believe that the work they are doing is important and that their tasks are

meaningful. Emphasize that their contributions to the practice result in

positive outcomes and good health care for your patients. Share stories of

success about how an employee's actions made a real difference in the life

of a patient, or in making a process better. Make a big deal out of

meaningful tasks that may have become ordinary, such as new-baby visits.

Of course employees may not find all their tasks interesting or rewarding,

but you should show the employee how those tasks are essential to the

overall processes that make the practice succeed. You may find certain

tasks that are truly unnecessary and can be eliminated or streamlined,

resulting in greater efficiency and satisfaction.

Achievement

One premise inherent in Herzberg's theory is that most individuals

sincerely want to do a good job. To help them, make sure you've placed

them in positions that use their talents and are not set up for failure. Set

clear, achievable goals and standards for each position, and make sure

employees know what those goals and standards are. Individuals should

also receive regular, timely feedback on how they are doing and should

feel they are being adequately challenged in their jobs. Be careful,

however, not to overload individuals with challenges that are too difficult

or impossible, as that can be paralyzing.

Recognition

Individuals at all levels of the organization want to be recognized for their

achievements on the job. Their successes don't have to be monumental

before they deserve recognition, but your praise should be sincere. If you

notice employees doing something well, take the time to acknowledge their

good work immediately. Publicly thank them for handling a situation

particularly well. Write them a kind note of praise. Or give them a bonus,

if appropriate. You may even want to establish a formal recognition

program, such as "employee of the month."

Responsibility

Employees will be more motivated to do their jobs well if they have

ownership of their work. This requires giving employees enough freedom

and power to carry out their tasks so that they feel they "own" the result.

As individuals mature in their jobs, provide opportunities for added

responsibility. Be careful, however, that you do not simply add more work.

Instead, find ways to add challenging and meaningful work, perhaps giving

the employee greater freedom and authority as well.

Advancement

Reward loyalty and performance with advancement. If you do not have an

open position to which to promote a valuable employee, consider giving

him or her a new title that reflects the level of work he or she has achieved.

When feasible, support employees by allowing them to pursue further

education, which will make them more valuable to your practice and more

fulfilled professionally.

The above suggestions not only are useful for the insurance sector but also

applicable for the other sectors also.

Chapter 6

References

REFERENCES

1. Adams, J. S. (1965). Inequity in social exchanges. In L. Berkowitz,

(Ed.), Advances in Experimental Psychology (pp. 267-299). New

York: Academic Press.

2. Chappell, S. K. (1995). The relationship between organizational

climate and job satisfaction as reported by community college chief

instructional officers (Doctoral Dissertation, University of

Florida,1995).

3. Kotter, J. P. & Heskett, J. L. (1992). Corporate culture and

performance. New York: The Free Press.

4. Wolf, M. G. (1970). Need gratification theory: A theoretical

reformulation of job satisfaction/dissatisfaction and job motivation.

Journal of Applied Psychology, 54, 87-94.

5 . Kothari, C.R., “Research Methodology”,

www.google.com

www.altavista.com

www.findarticles.com

http://www.findarticles.com/

http://www.altavista.com/

http://www.google.com/

job satisfaction –a comparative analysis of public and private insurance companies

Documents