Employee Motivation - HDFC LIFE

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Transcript of Employee Motivation - HDFC LIFE

  • 1APROJECT REPORT ON

    EMPLOYEE MOTIVATIONAT

    HDFC STANDARD LIFE INSURANCE COMPANY LIMITED.Dissertation submitted

    In the partial fulfillment of the award of the degree ofBACHELOR OF COMMERCE

    By

    Ms.

    (Reg. No: )

  • 2CONTENTS

    Chapters Title Page nos.

    Chapter - 1 Introduction 1 - 13

    Chapter - 2 Review of literature 14 - 31

    Chapter - 3 Industry Profile 32 - 52

    Company Profile 53 - 63

    Chapter - 4 Data Analysis And Interpretation 64 - 85

    Chapter - 5 Findings, Suggestions & Conclusions 86 - 90

    Chapter - 6 Bibliography 91 92

    Questionnaire 93 - 97

  • 3CHAPTER - 1

  • 4STATEMENT OF THE PROBLEM:

    This particular topic is chosen because employee motivations plays avital role in fulfilling the organization goals . Employee motivation

    influences human relation in an organization and also its climate. This projectis aimed at understanding the employee s motivation and its effect on

    performance, consequences of motivation before and after, & so on.

    Purpose of the study:

    The purpose of study is to identify the type of motivationmost suited for higher productivity and methods usuallyadopted for measuring employees motivation.

    To study the factors affecting the individual performance.

    HUMAN RESOURCE MANAGEMENT

  • 5A wonderful creation of man brought significant and paradigm shifts inour day-to/day life . The people make or mar the organization.According to L F Urwick Business houses are made or broken in thelong run not by markets or capital, patent or equipment by men

    managing men has become a task of trauma. As it is said, by father ofpsychologist Sigmund Freud that , beats are better than some men.

    Sometimes we find such men in the organization and managing thesemen is a task. Managing this task is Human Resource Management.

    An organization is nothing without Human Resource. Of all theresources manpower is the only resources, which does not depreciatewith the passage of the time. The term Human Resource is a resource

    like any natural resources (i .e.) management can get and use the skills ,knowledge, ability etc. Through the development of multi -facets, skil ltapping and utilizing them again and again by developing a positiveattitude among employees. From the view point of the organizationHuman Resource Management is the process of efficiently gett ing

    activities completed with and through other people.

    In the process of glamorous globalization Human resource managementwas heralded as a new era of human people oriented employmentmanagement and derided as a blunt instrument to bully workers. But

    the former proved a value and this value stabilized and strengthen theSilicon Valley and Sil icon Valleys of India. Human ResourceManagement concerned the human side of the management ofenterprises and employees relations with their firm.

    The employees of a company i.e. its Human Resources are understoodin and used in such a way that the employer obtains the greatestpossible benefit from their abil ities and the employees obtain bothmaterial and psychological rewards from their work. Human ResourceManagement sees employees as assets to be used strategically throughtheir close involvement with the organization and by raising

  • 6employees levels of commitment to the aims and requirements of the

    firms. Now a days employees are encouraged to welcome change, to

    be innovative, quality conscious and flexible.

    HRM AS CENTRAL SUBSTSTEM IN AN ORGANIZATION

    As a central subsystem, HRM interacts closely and continuously withall other subsystem of an organization. The quality of people in allsubsystem depends largely upon the policies, programmes and practicesof the HRM subsystems. The quality of Human Resource determines inturn the success of the organization.

    HRM become very significant in recent decades due to the followingfactors:

  • 7 Growth of powerful nation wide trade union.

    Increase proportion of women in the workforce.

    Rise of professional and knowledgeable workers.

    Growing expectations of society from employers.

    Increase in the size and complexity of the organization.

    Revolution in information technology that might effect the

    workforce.

    Rapid technological developments like automation andcomputerization.

    Rapidly changing jobs and skills requiring long term manpowerplanning.

    Widening scope of legislation designed to protect the interests ofthe workforce.

    HRM The new assumptions

    Goal orientation (relationship orientation) Participation and informed choice (control from top) People are social capital capable of development (people arevariable cost) Seeks power equalization for trust and collaboration (seekspower advantage for bargaining and confrontation) Coincidence of interest between stakeholders can be development(self interest dominates conflict between stakeholders) Proactive system wide intervention, with emphasis on fit linkingHRM with strategic planning and cultural change (old assumptionreactive, piecemeal intervention in response to specific problem)

    Out comes to HRM

    According to the Harvard Researchers, the effectiveness of theoutcomes to HRM are:

  • 8 Commitment Competence Congruence Cost-effectiveness

    CommitmentConcerns employees loyalty to the organization personal motivation

    and linking for their work. The degree of employee commitment mightbe assessed via at titude surveys labor turnover and absenteeismstatistics and through interview with the workers who quit their jobs.

    CompetenceRelates to employees skills and abilities, training requirements andpotential for higher work. These may be estimated through employeeappraisal system and the preparation of skills inventories. HRMpolicies should be designed to attract, retain and motivate competent.

    CongruenceCongruence means that management and workers share the same visionof the organization goals and work together to attain them. In a well -managed organization, employees at all levels of authority will sharecommon perspectives about the factors that determine its prosperity andfuture prospects.

    Cost-effectivenessConcerns operational efficiency. HR should be used to the bestadvantage and in the most productive ways. Outputs must be maximizedat the lowest input cost and the organizational must be quick to respondto market opportunit ies and environmental changes.

    INTRODUCTION:

  • 9Motivation is one of the most important factors affecting human behaviorand performance. This is the one of the reason why managers attach greatimportance to motivation in organizational setting. Lipkert has calledmotivation has the core of management. Effective directing leads toeffectiveness, both at organizational and individuals levels. This requires theunderstanding of what individuals want from the organization. However, whatindividuals want from the organization has not been fully identified.

    Inner strivings of individuals that direct behavior. Unsatisfied desires create themotivation to act with purposeful behavior to achieve gratification.

    Definition of Motivation:

    A simple definition of motivation is the ability to change behavior. It is a drive thatcompels one to act because human behavior is directed toward some goal. Motivationis intrinsic (internal); it comes from within based on personal interests, desires, andneed for fulfillment. However, extrinsic (external) factors such as rewards, praise, andpromotions also influence motivation. As defined by Daft (1997), motivation refers tothe forces either within or external to a person that arouse enthusiasm and persistenceto pursue a certain course of action

    People who are committed to achieving organizational objectives generallyoutperform those who are not committed. Those who are intrinsically rewarded byaccomplishments in the workplace are satisfied with their jobs and are individualswith high self-esteem. Therefore, an important part of management is to help make

    work more satisfying and rewarding for employees and to keep employee motivationconsistent with organizational objectives. With the diversity of contemporaryworkplaces, this is a complex task. Many factors, including the influences of differentcultures, affect what people value and what is rewarding to them.From a managers perspective, it is important to understand what prompts people,what influences them, and why they persist in particular actions. Quick (1985)presented these four underlying principles that are important to understandingmotivation:

  • 10

    People have reasons for everything they do.

    Whatever people choose as a goal is something they believe is good for them.

    The goal people choose must be seen as attainable.

    The conditions under which the work is done can affect its value to theemployee and his or her perceptions of attainability or success.

    When management was first studied in a scientific way at the turn of thetwentieth century, Frederick Winslow Taylor worked to improve productivityin labor situations so important in those days of the developing IndustrialRevolution. Taylor developed efficiency measures and incentive systems.When workers were paid more for meeting a standard higher than their normalproduction, productivity increased dramatically. Therefore, workers seemed tobe economically motivated. At this time in history, social issues involved inhuman behavior were not yet considered. Amore humanistic approach soondeveloped that has been influencing management ever since.

    During the late 1920s and early 1930s, Elton Mayo and other researche