Reliance Rakesh Final Project

7/28/2019 Reliance Rakesh Final Project

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Ref no.01/29

Date:-16-6-2010

TO WHOM SO EVER IT MAY CONCERN

This is to certify that Mr.RAKESH KUMAR BBA student of Shekhawati college,

Sikar(University of Rajasthan,Jaipur) has completed his Project Report on THE

SIGNIFICANCE OF HUMAN RESOURCE DEPARTMENT IN MAINTAINING THE WORK LIFE

BALANCES WITH REFERNCE TO RELIANCE MONEY in JAIPUR during his summer

training tenure with us From 1th May,2010 to 14thJune 2010 under the guidance of Mr.

Anshul Gupta, (Center Sales Manager, Reliance Money)

During his training, his conduct was satisfactory. He has shown a great sense of

achievement and we wish him the best in his future career.

Signature

Mr.N K RANGASWAMI

( ZONAL HR MANAGER),

(JAIPUR)

Branch Office: 1ST FLOUR, umrao complex, sansar chand road, jaipur 302018

Regestered Office: 14km stone, village-chitegaon, Aurangabad-Pathan Road,Aurangaabad-431105,maharashtra


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A

SUMMAR PROJECT REPORT

ON

Titled

THE SIGNIFICANCE OF HUMAN RESOURCE DEPARTMENT IN

MAINTAINING THE WORK LIFE BALANCES WITH REFERNCE

TO RELIANCE MONEY

IN PARTIAL FULFILMENT OF REQUIREMENT OF DEGREE OF

BACHLOR IN BUSINESS ADMINISTRATION

BBA 2008-11

UNIVERSITY OF RAJSTHAN, JAIPUR

SUBMITTED TO:DEPARTMENT OF MANAGEMENT

DEPARTMENT OF COMMERCE AND MANAGEMENT

SHEKHAWATI COLLEGE, SIKAR

SUBMITTED BY: SUPERVISED BY:

RAKESH KUMAR MS.NISHA

POONIA

BBA FINAL YEAR ( FACULTY OF

MGMT)

ENROLLMENT NO.


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ROLL NO.

PREFACE

Personnel / Human Resource Management deals with people or human

dimension in management. It primarily encompasses those activities designed

to provide for and coordinate the human resource of an organization.

Personnel Management is the function performed in organizations that

facilitates the most effective use of people (employees) to achieve

organizational individual goals. Employees at the lower level experience a

sense of frustration because of low salary level, poor working conditions,

unfavorable terms of employment in human treatment by their superior and the

like, where as managerial person feel frustrated because of alienation over

their conditions of employment inter-personal conflicts, role conflicts, job

pressures, lack of freedom in work, absence of challenging work etc. That

conditions lead to stress and stress adversely affect employees productivity.

In a company like insurance the conflict may arise between sales managersitself due to cut throat competition and between sales and operation

department. This study makes able to improve QWL and improved QWL leads

to improved employees performance. Performance should be not only

physical output but behaviour of the worker in helping colleagues in solving job

related problems, accepting orders with enthusiasm, promoting a positive

team spirit and accepting temporary unfavourable work condition withoutcomplain. This is the subject matter of the report. I have tried my best to

search the various methodology used by RELIANCE MONEY to train their

staff by searching out shortcomings in them. I hope that my efforts and

suggestions may prove fruitful to the company, in the same way as working

with the group proved fruitful for my training.


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Acknowledgement

I express my sincere thanks to my project guide Miss Priyanka Joshi for guiding

me right from the inception till the successful completion of the project. I sincerely

acknowledge her for extending her valuable guidance, support for literature,

critical reviews of project and the report and above all the moral support he had

provided me with all stages of this project.

I would also like to thank the supporting staff of Shekhawati group of InstituteCollege; for their help and cooperation through out our project

RAKESH KUMAR

(B.B.A. 3RD YEAR)


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EXECUTIVE SUMMARY

This report covers all the factors responsible for Work life imbalance in

Reliance Money.Reliance Money is also suffering from the Work life

imbalance. Situational and dispositional barriers contributed to the work life

imbalance in this company. Situational and dispositional barriers are within the

control of the employees such as poor working conditions, lack of a clear goal,time management, and attitude towards work, personal problems.

While particularly talking about the Reliance Money. There is an intense

need of work-life balance for the employees over there, the few things which is

found over there are as follows:-

No HR practices.

Motivational support is very low.

3Organization is highly result oriented keeping all other things aside.

Not giving proper incentives to their employees.

Employees are not happy with their working conditions.

Attrition rate is very high.

Well from the above point it is very clear it is lacking in HR practices

which is causing the work-life imbalance in Reliance Money. As we have

studied that the attrition rate is very high in Reliance Money, so we can

say that the employees are not at all happy and corrective measures

should be taken by the HR of the organization.


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While using the primary data I came to know that the reason for work life

imbalance in the company is due to poor time management of the employee,

lack of HR practices, lack of support of organization to the employees.

While using the secondary data I came to know that the main reason for work

life imbalance in the company is due to high target, pressure from higher

authorities.

CONTENTS

1. Preface

2. Acknowldgement

3. Executive summary

4. Cetificate of college

5. Cetificate of company

6. Introduction to industry

7. Introduction to organization

8. Introduction to Topic (Work life)

9. Research methodology

10. Suggestion & Receomendation

11. SWOT

12. Conclusion

13. Questionnaires

14. Data Analysis and interpretation


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15. Observation and findings

16. Bibliography

INTRODUCTION


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INDUSTRY

PROFILE INSURANCE INDUSTRY

History of Life Insurance

The biggest challenge facing the insurance industry is to differentiate

themselves by making attractive and customized products which suit the

specific requirements of the prospective policy buyers. This can be done to a

great extent by giving a totally tailored policy - according to a customer's

requirement.

The business of life insurance in India in its existing form started in India in the

year 1818 with the establishment of the Oriental Life Insurance Company in

Calcutta.

Some of the important milestones in the life insurance business in India are:

1912: The Indian Life Assurance Companies Act enacted as the first statute to

regulate the life insurance business.

1928: The Indian Insurance Companies Act enacted to enable the government

to collect statistical information about both life and non-life insurance

businesses.

1938: Earlier legislation consolidated and amended to by the Insurance Act

with the objective of protecting the interests of the insuring public.


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1956: 245 Indian and foreign insurers and provident societies taken over by

the central government and nationalized. LIC formed by an Act of Parliament,

viz. LIC Act, 1956, with a capital contribution of Rs. 5 crore from the

Government of India. The market research report Indian Insurance Industry

Forecast (2007-2009) an in-depth analysis of the present and future of the

Indian Insurance Industry. The market research report looks in to the details

as well as gives an overview of the Indian insurance market with focus on the

performance of the key players.

With the initiation of the deregulation in the Indian insurance market, the

monopoly of big public sector companies in life insurance as well as general

(non-life insurance) market has been broken. New private players have

entered the market and with their innovative approaches and better use of

distribution channels and technology, they are eating in to the shares of

established public sector companies in Indian Insurance Market.Since the

deregulations have been put in to place, the market share of LIC has come

down to 71.4% in life insurance market while the private players have captured

around 17% market in the general insurance segment. Having said that, public

sector insurance companies such as LIC and New India Assurance are

registered impressive double-digit growths, which reflects on the overall health

of the Indian insurance sector.This report includes the key private players in

the insurance market such as ICICI Prudential, Bajaj Allianz, Birla Sun life,

Reliance Life Insurance, ICICI Lombard and TATA AIG. It also includes the

leading competitors in the life insurance and general insurance segments

along with their market shares.

Insurance Players

Insurance industry, as on 1.4.2000, comprised mainly two players: the state

insurers:

Life Insurers


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Life Insurance Corporation of India (LIC)

General Insurers

General Insurance Corporation of India (GIC) (with effect from Dec'2000, a

National Reinsures)

GIC had four subsidiary companies, namely (with effect from Dec' 2000, these

subsidiaries have been de-linked from the parent company and made as

independent insurance companies.

The Oriental Insurance Company Limited The New India Assurance Company Limited,

National Insurance Company Limited

United India Insurance Company Limited.

INSURANCE BUSINESS

Insurance business is divided into classes:

1. Life Insurance 2) Fire Insurance 3) Marine Insurance and 4) Miscellaneous

Insurance.

Life Insurers transact life insurance business; General Insurers transact the

rest.

No composites are permitted as per law.

LEGISLATION (as on 1.4.2000)

Insurance is a federal subject in India. The primary legislation that deals with

insurance business in India is: Insurance Act, 1938, and Insurance Regulatory

& Development Authority Act, 1999.

Life Insurance


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Popular Products: Endowment Assurance (Participating) and Money

Back (Participating). More than 80% of the life insurance business is

from these products.

What is LIFE INSURANCE ?

In the last several decades, the life insurance industry has developed a

number of products that combine the protection of life insurance death benefits,

with a significant cash value element. Policies such as universal life, variable

life, and universal-variable life allow an individual to purchase a single

financial instrument providing for both life insurance and long-term

accumulation goals. Such policies may serve as a form of forced investment"

for those who find it difficult to put funds aside on a regular basis, but-who-

routinely-pay-their-bills.

"Selling of trust" is an interesting proposition but what is

'trust' and in what way does it affects a consumer's purchasing behavior wouldbe instrumental in building the brand of an insurance company. This is

particularly true for life insurance which is a long term promise.People in the

rest of the world take insurance as an investment. Indians are very emotional

when it comes to insurance. As there isn't any social security for the aged to

rely on. Young parents look at insurance products for children's education and

support for spouse after oneself. The paper work after maturity or demise forthe beneficiary should be simple. Trust is what matters most. Additionally, life

insurance company annuities, with either a fixed or variable return, offer a tax-

deferred method of accumulating additional-retirement-funds.

o Uses: Life insurance products are commonly used for long-term

acc3333333umulation goals. Available cash values may also serve as an

"emergency reserve," if needed, or a source of loans, since life policies

frequently include features permitting borrowing against these cash values.


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o Risks: Fixed contracts rely on the financial strength of the issuing

life insurance company. Inflation may negatively impact a fixed return

contract. Variable contracts share the risks of the underlying investments..

Insurance sector reforms

In 1993, Malhotra Committee, headed by former Finance Secretary and RBI

Governor R.N. Malhotra, was formed to evaluate the Indian insurance industry

and recommend its future direction. The Malhotra committee was set up with

the objective of complementing the reforms initiated in the financial sector. The

reforms were aimed at creating a more efficient and competitive financial

system suitable for the requirements of the economy keeping in mind the

structural changes currently underway and recognizing that insurance is an

important part of the overall financial system where it was necessary to

address the need for similar reforms In 1994, the committee submitted the

report and some of the key recommendations included:

i) Structure

Government stake in the insurance Companies to be brought down to 50%

Government should take over the holdings of GIC and its subsidiaries so that

these subsidiaries can act as independent corporations

All the insurance companies should be given greater freedom to operate.

ii) Competition

Private Companies with a minimum paid up capital of Rs.1bn should be

allowed to enter the industry

No Company should deal in both Life and General Insurance through a single

entity


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Foreign companies may be allowed to enter the industry in collaboration with

the domestic companies

Postal Life Insurance should be allowed to operate in the rural market

Only one State Level Life Insurance Company should be allowed to operate

in each state

iii) Regulatory Body

The Insurance Act should be changed.

An Insurance Regulatory body should be set up.

Controller of Insurance (Currently a part from the Finance Ministry) should be

made independent.

iv) Investments

Mandatory Investments of LIC Life Fund in government securities to be

reduced from 75% to 50%

GIC and its subsidiaries are not to hold more than 5% in any company (There

current holdings to be brought down to this level over a period of time)

v) Customer Service

LIC should pay interest on delays in payments beyond 30 days

Insurance companies must be encouraged to set up unit linked pension plans

Computerization of operations and updating of technology to be carried out in

the insurance industry.

The committee emphasized that in order to improve the customer services and

increase the coverage of the insurance industry should be opened up to

competition. But at the same time, the committee felt the need to exercise

caution as any failure on the part of new players could ruin the public


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confidence in the industry. Hence, it was decided to allow competition in a

limited way by stipulating the minimum capital requirement of Rs.100 crores.

The committee felt the need to provide greater autonomy to insurance

companies in order to improve their performance and enable them to act as

independent companies with economic motives. For this purpose, it had

proposed setting up an independent regulatory body.

Life Insurance Market in India

Many may not be aware that the life insurance industry of India is as old as it

is in any other part of the world. The first Indian life insurance company was

the Oriental Life Insurance Company, which was started in India in 1818 at

Kolkata. A number of players (over 250 in life and about 100 in non-life) mainly

with regional focus flourished all across the country. However, the

Government of India, concerned by the unethical standards adopted by some

players against the consumers, nationalized the industry in two phases in

1956 (life ) and in 1972 (non-life). The insurance business of the country was

then brought under two public sector companies, Life Insurance Corporation of

India (LIC) and General Insurance Corporation of India (GIC).In line with the

economic reforms that were ushered in India in early nineties, the Government

set up a Committee on Reforms (popularly called the Mahlotra Committee) in

April 1993 to suggest reforms in the insurance sector. The Committee

recommended throwing open the sector to private players to usher in

competition and bring more choice to the consumer. The objective was to

improve the penetration of insurance as a percentage of GDP, which remains

low in India even compared to some developing countries in Asia.

Reforms were initiated with the passage of Insurance Regulatory and

Development Authority (IRDA) Bill in 1999. IRDA was set up as an

independent regulatory authority, which has put in place regulation in line with

global norms. So far in the private sector, 12 life insurance companies and 9

general insurance companies have been registered. By any yardstick, India,


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with about 200 million middle class households, presents a huge untapped

potential for players in the insurance industry. With the per capita income in

India expected to grow at over 6% for the next 10 years and with improvement

in awareness levels, the demand for insurance is expected to grow at an

attractive rate in India. An independent consulting company. The Monitor

Group has estimated that the life insurance market will grow from Rs. 218

billion in 1998 to Rs. 1003 billion by 2008 (a compounded annual growth of

16.5%).

The Insurance Regulatory and Development Authority (IRDA)

Reforms in the Insurance sector were initiated with the passage of the IRDA

Bill in Parliament in December 1999. The IRDA since its incorporation as a

statutory body in April 2000 has fastidiously stuck to its schedule of framing

regulations and registering the private sector insurance companies. The other

decisions taken simultaneously to provide the supporting systems to the

insurance sector and in particular the life insurance companies were thelaunch of the IRDAs online service for issue and renewal of licenses to

agents. The approval of institutions for imparting training to agents has also

ensured that the insurance companies would have a trained workforce of

insurance agents in place to sell their products, which are expected to be

introduced by early next year. Since being set up as an independent statutory

body the IRDA has put in a framework of globally compatible regulations. In

the private sector 12 life insurance and 6 general insurance companies have

been registered. Since 1956, with the nationalization of insurance industry, the

state-run Life Insurance Corporation of India (LIC) has held the monopoly in

that country's life insurance sector. General Insurance Corporation of India

(GIC), with its four subsidiaries, was its counterpart in the casualty sector.

Over time, taking advantage of its monopoly and virtual prerogative in

establishing premiums, LIC has evolved into a monolith. With around 600,000

agents in every nook and corner of the vast country, it has created an enviable


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brand name, particularly among the rural population of the country. It has

around $40 billion as its life fund and is a strong player in the financial sector.

However, on the qualitative side, it has very little to take pride in. And there

lies the potential for foreign players to challenge this behemoth. As is typical

with monopolies, the premium rates charged by LIC are among the highest in

the world, and its track record in customer service can, at best, be called

shabby. With a huge unionized, rigid workforce mostly in the clerical category,

LIC runs the risk of high fixed cost, which will be the deciding factor in

productivity in the competitive scenario. While boasting full-scale automation

of its operation, the truth is that its technology is outdated. The new players,

with the state-of-the-art technology under their belt, will be in an advantageous

position. 80% of LIC's business is procured by 20% of its ill-trained agent

force. The foreign player, with the domestic partner's strong brand value, can

test the unconventional distribution channels like brokers, the Internet, the

banking distribution system, etc. Although foreign players may be tempted to

keep their operation in the big cities for the 'creamy layer' of the society, thereal market lies in rural India, which accounts for the lion's share of LIC's

present business. The foreign player must learn to adapt to Indian realities.

The well-publicized failures of world famous consumer goods companies like

Electrolux, Whirlpool, Reebok, Nike etc. to gauge the Indian psyche and

sentiments demonstrate the concept. They failed in the areas of realistic

pricing, product promotion and reaching to the consumer. The foreigncompanies need to know the "ground realities" to the details.

Composition of Authority under IRDA Act, 1999

As per the section 4 of IRDA Act' 1999, Insurance Regulatory and

Development Authority (IRDA, which was constituted by an act of

parliament) specify the composition of Authority


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The Authority is a ten member team consisting of

(a) a Chairman;

(b) five whole-time members;

(c) four part-time members,

(all appointed by the Government of India)

Market Expansion: There has been an overall expansion in the market. This

has been possible due to improved awareness levels thanks to the large

number of advertising campaigns launched by all the players. The scope for

expansion is still unlimited as virtually all the players are concentrating on

large cities and towns-except by LIC to an extent there was no significant

attempt to tap the rural markets.

New product Offerings: There has been a plethora of new and innovative

products offered by the new players, mainly from the stable of their

international partners. Customers have tremendous choice from a large variety

of products from pure term (risk) insurance to unit-linked investment products.

Customers are offered unbundled products with a variety of benefits as riders

from which they can choose. More customers are buying products and

services based on their true needs and not just traditional money-back

policies, which is not considered very appropriate for long-term protection and

savings. However, there are still some key new products yet to be introduced-

e.g. health products.

Customer Service: Not unexpectedly, this was one area that witnessed the

most significant change with the entry of new players. There is an attempt to

bring in international best practices in service and operational efficiency

though use of latest technologies. Advice and need based selling is emerging

though much better trained sales force and advisors. There is improvement in

response and turnaround times in specific areas such as delivery of first policy


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receipt, policy receipt, policy document, premium notice, final maturity

payment, settlement of claims etc. However, there is a long way to go and

various customers survey indicate that the standards are still below customer

expectation levels.

Channels of Distribution: Till two years back, the only mode of distribution of

life insurance products was though Agents. While agents continue to be the

predominant distribution channel, today a number of innovative alternative

channels are being offered to consumers. Some of them are banc assurance,

brokers, the internet and direct marketing. Though it is too early to predict, the

wide spread of bank branch network in India could lead to banc assurance

emerging as a significant distribution mechanism.But is debatable whether

there are any significant differences. In other words, each company is trying to

be 'everything to everybody.'

Our argument is that the strategy of being everything to everybody is

risky. Some players justify the above strategy on the basis that theIndian market is huge and it can accommodate everybody. Still, in a

market where it is difficult to distinguish oneself sufficiently on service

or any other parameter to be able to charge a premium, it will lead to

unmitigated price competition to the detriment of all players. One may

achieve sales turnover, but margins and profitability will suffer severely.

In the insurance industry where large amounts of capital are required,

this is risky. While there is room for a few scale players with a finger in

every pie, it is profitable for other players to focus on different

segments to survive and thrive in a multi-firm open environment. While

each company has to choose its own unique positioning based on its

unique strengths, the below-mentioned generic positioning alternatives

appear worth considering. Needless to say the positioning choices

discussed here are not mutually exclusive and can be overlapping.


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Variety-based Positioning

This type of positioning is based on varieties in products and services

rather than customer segments. It is a sensible strategy for

those companies who have distinctive advantage or strengths in

offering certain products and services.In the insurance industry

too, it is possible, to achieve a unique position by focusing on

certain category or products. The insurance company can

deliver better returns of its investment -linked products and

thereby carve for itself a leadership position in this

segment.Then there is the entire category of pension products

which is widely touted to have immense growth potential in

Indian due to imminent pension reforms. It is possible to

achieve profitable positioning by focusing and excelling in only

pension products.

Needs- based Positioning

This is the most commonly understood positioning and is based on the

differing needs of different groups of consumers. This can be dome

successfully if a company has unique strengths to service a group of customer

needs better than others.The Insurance needs of customers very significantly

for different groups of customers. The insurance needs of young family with

small children will be quite different from that of a family in which the income-earner is close to retirement, in India most of the life insurance companies

have a wide variety of products tailored for different customer needs and there

is no company focusing on a particular customer need. An example would be

a life insurance company that focuses only on High Net-worth Individuals

(HNIs)..

Access-based Positioning


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Positioning of customers can also be done by the way they are accessible.

That is different groups of customers may be accessible in different ways even

though they may have similar needs. Access is typically a function of customer

geography or customer scale. There is excellent opportunity in the insurances

industry to employ access-based positioning by targeting the rural insurance

sector. The rural market for life insurance is very different form the urban

market in terms of needs, income levels and distributions (seasonality, for

example), penetration of media and so no. So far except for LIC, no other

player has paid any attention or focus on the rural sector. Contrary to common

perception it is a big opportunity as emphasized repeatedly by such eminent

strategists like C.K. Prahlad. Rural market can be a highly profitable position if

one is able to carefully plan and tailor an entire set of low-cost activities of

advertising, distribution, and product design etc. to successfully exploit the

potential.

TYPES OF POLICIES IN THE MARKET

Endowment insurance policy

This plan is appropriate for people of all ages and social groups who wish to

protect their families from a financial setback that may occur owing to their

demise. It covers risk for a specified period, at the end of which the assured

sum is paid back to the policyholder, along with the bonus accumulated during

the term of the policy.Many investors use endowment policy to fund

anticipated financial needs, such as college education for their children or

retirement. Premium for an endowment life policy is much higher than that of a

whole life policy.


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In an endowment policy, a 20-year term for a 30-year-old cost around Rs.

50,000 a year, whereas in a whole life plan it costs around Rs 40,000.

Money back scheme

Unlike other policies, this policy gives you a return after a certain period

of time. it provides periodic payments of partial survival benefits during the

term of the policy. The rest of the amount is paid at the end the term with a

bonus. The risk cover on the life continues for the full sum assured even after

payment of survival benefits and the bonus is also calculated on the full sum

assured. This is suitable to the Indian psyche of the life insurance policyholder

who wants returns at frequent intervals.

Pension plans

This is suitable for those who want a regular income after their retirement. In

this scheme policyholders contribute regularly over a period of time or in a

lump sum amount to form a corpus. This corpus is used to yield a regular

income that is paid to policyholders until death starting from his desired

retirement age. This is also known as annuity schemes. Typically, annuities

are bought to provide a solution to one of the biggest financial in-securities of

old age.

Unit linked insurance plans (Ulips)

Unit linked insurance plans (Ulip) are the flavor are now contributing over 50per cent of the private life insurance companies since their since their

inception in 2004. In an area of booming stock market, these schemes are

giving investors a higher return as life protection.Encouraged by the response,

many players are launching different savings and endowment plans in the unit-

linked format.


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According to the IRDA, a company offering unit linked plans must give the

investor an option to choose amount debt, balanced and equity funds. This

policy is suitable for young people who can take risk. These give flexibility as

mutual funds.

The Importance of Life Insurance

Losing someone close is one of the toughest things we will all have to deal

with. If that person has not properly planned ahead to cover the expenses they

have left behind then they leave a tremendous burden on their loved ones.

The grieving process is difficult enough but when complicated with financial

issues can leave bitter feelings. The last thing someone wants to be

remembered for is not properly planning ahead. Term life insurance is a cost

effective way to protect the ones you care about from having to clean up a

financial mess after you have passed on. Several unexpected costs arise after

death such as funeral expenses and burial costs, medical expenses, and other

costs that normally rise into the tens of thousands of dollars. In addition to

these final expenses there are the normal costs of living to pay for. The regular

monthly bills such as mortgage payments, insurance, loans, and other

expenses must still be paid even though youre gone. All of these expenses

can quickly deplete your savings or retirement money and force loved ones to

sell things investments below value. We need liquid assets that can beavailable quickly after our death. Even high net worth individuals need life

insurance because houses, property, and other investments cant be sold fast

enough to provide the required assets. If our loved ones are forced to quickly

sell investments such as houses, property, stocks, or mutual funds, they

possibly will take a loss just to get the money. Stay at home parents and non-

working spouses are often over looked when it comes to life insurance. 5


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Reason For Buying Insurance Products

Most of us buy a Life Insurance Policy to save tax. It is bought by almost

everyone right from the bigwigs of the business world to small retail investors.

And most buy it for one core reason- to save tax. But should this be the only

reason to buy a life insurance policy? I dont think so. Here I am presenting

some guiding principles for individuals who are contemplating taking life

insurance.

1. Passing away early: ever safe about life. We often come across people

claiming that nothing is going to happen to them that they are too young topass away. But do they really know the future holds for them? We only have to

read newspaper headlines about the recent Tsunami the earthquake that took

place not so long and such other natural calamities to understand how the

future can be unpredictable.Individuals need to insure themselves to secure

the future of those who are dependent on them especially so if they happen to

be the sole breadwinners. You wouldnt want them to go through hardships orrely on others/relatives etc. This in fact is the prime reason why one should

buy an insurance policy.

2. Living too long:Advances in the field of medicine have grown by leaps &

bonds over the past few decades. Due to this life expectancies have gone up.

This poses another problem for individuals. It is generally observed that

individuals who tend to live way beyond their earning years like say till the ageof 85 or 90 usually face a problem coming to terms with increasing costs of

living. And that is not taken into account the manifold increase in medical

expenses of course. This takes place largely due to imprudent financial

planning by individuals during their earning years. Insurance if bought at the

right time for the right amount acts as a savior in such times. Individuals could

opt for a pension plan offered by insurance companies which suits their profilein terms of income proposed retirement age


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3. Painful existence: May be an individual has planned well during his

earning years to secure himself financially. He has also designed his financial

portfolio in such a way that he is drawing a comfortable monthly income to

support his family expenditure. But what if an individual were to have a health

problem affecting him or his spouse? What if the remedy to this ailment were

to cost him a sum beyond his financial capacity? Here again life insurance can

act as the saving grace in two ways. One by way of a medical rider like the

accidental death benefit rider, permanent disability benefit rider, critical illness

benefit rider. These riders are taken along with the life insurance plan and help

cover the medical expenses.And secondly by allowing the individual to

surrender the insurance policy. Of course this should be done only in case of

an urgent need like a serious health problem and even then after all other

sources that can be used for covering the high cost of medical expenses.

4. Tax Benefits: Traditionally life insurance has always been bought more for

tax benefits than for what it is actually purposed to do. i.e. insure human life.

But the role of life insurance is an individuals tax planning cannot in any way

be undermined. Individuals can invest in life insurance and can avail a

deduction from taxable income. The tax sops provided on insurance help

increase the individuals disposable income and make him consider taking a

life insurance plan which he otherwise may not have done.

5. Investment: Today life insurance has become an investment tool. After the

introduction of the Unit Link Insurance Plan (ULIPs) life insurance have

become something of a rage which their promise of market linked returns

combined with the duel benefit of insuring life from eventualities.

ULIPs attempt to fulfill investment needs of an investor with

protection/insurance needs of an insurance seeker. ULIPs work on the

premise that is class of investors who regularly invest their saving in productslike fixed deposits (FDS), coupon-being bond, debt funds, diversified equity


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fund and stocks. There is another class of individuals who take insurance to

provide for their family in case of an eventually. So typically both these

categories of individuals have a portfolio of investments as well as life

insurance. ULIP as a product combines both these products (investment and

life insurance) into a single product. This saves the investor/insurance-seeker

the hassles of managing and tracking a portfolio of products. We cannot

change yesterday: that is clear. Nor can we begin tomorrow until it is here. But

what we can and should do is to make today count to ensure ourselves of a

financially secure and stable tomorrow.

Top 10 Tips For Purchasing Life Insurance

1. We must not wait till we REALLY NEED the coverage! By that time well be

that much older, well be sick or we will have encountered a health issue that

will cause our premiums to be significantly more than we anticipated. That is of

course if we can even qualify for the coverage.

2. The highest financial rating doesnt necessarily mean better coverage. The

important thing is to at least be looking at an A rated company. There is little,

if any difference between one companies term policy and another, so basing a

decision solely on ratings wont always us to get our best deal. The highest

rated companies tend to be more conservative in their underwriting and

attaining the best available with them will be a bit more difficult.

3. First we must shop online before meeting individually with an agent! Many

online life insurance brokerage companies can be a useful source of

information and can save our up to 75% on your premiums. The reason is of

course because they are impartial and are not driven to sell us only one

companys product.


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4. We should pay annually if we can afford it. Paying annually can save our,

up to 20% with some companies versus monthly, quarterly or semi-annually.

5. If we are trying to save money than being a smoker wont help our cause.

However, if we do smoke, most companies will let us re-apply for nonsmoker

rates if it has been at least 1 full year from our last usage.

6. If we have cholesterol or blood pressure issues get it controlled with

medication. Insurance companies dont like to see health

issues go unattended. If we are doing something to control it they will likely

look at that favorably and give us the benefit of the doubt when it comes to

approval time.

7. If we are considering buying $90,000 of coverage, buy $100,000 instead.

Many times it will cost less, the same or just a tad more for additional

coverage. Insurance companies give breakpoints at $100,000, $250,000,

$500,000, $750,000 and $1,000,000.

8. We must read the Prepare for the Medical Exam section before

completing our exam. Eating a few Twinkies or calling your stockbroker a half

hour before your exam will surely turn your lab results sour and cost you big

time!


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9. Obtaining coverage through the companys plan may be a good

alternativein the short-run. Many employers plans however are not portable

and wont let you continue our coverage if we leave. If you need coverage

then, well have to apply for an individual policy anyway. We must not leave it

to our employer to take care of us!

10. If were 30 years old, were as old as 31 in the eyes of the insurance

company. Most insurance companies round up when determining your age

and because premiums increase with age that can make a big difference. So,

if were approaching 30 and we have thoughts of applying then we must not

wait.

Technology Usage To Go Up

As insurers make increasing use of technology this is likely to addconsiderable value to both insurers and individuals. Insurers will have better

systems and more sophisticated products. Individuals will benefit from

convenience in terms of more regular updates on their policies, ease of

premium payments through ATMs, and even

buying insurance online (at least one insurer is already doing this for its term

plan).


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COMPANY PROFILE

The CEO of the company is Mr. Sudeep Bandopadhyay.

Reliance Money is a comprehensive electronic transaction platform

offering a wide range of asset classes. Branch of Reliance Money in

Jaipur was established in March 2007 and since then there has beenno looking back. Today Reliance Money is growing at an

unbelievable rate of 1200%. Reliance Money is worlds cheapest

broker and Asias biggest depository. Reliance money is a group

company of Reliance capital; one of Indias leading and fastest

growing private sector financial services companies, ranking among

top 3 pvt sector financial services and banking companies in terms

of net worth. Reliance capital is a part of Anil Dhirubhai Ambani

Group.Reliance money is a comprehensive electronic platform

offering a wide range of asset classes. Its endeavor is to change the

way India transects in financial market and avail financial services.

Reliance Money is a single window enabling customers to access

amongst others in equities, commodities, derivatives, mutual fund,

IPOs, life and general insurance products, offshore investments,

money transfer, money changing and credit cards.


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VISION OF THE COMPANY

To be a globally respected wealth creator with an emphasis on

customer care and a culture of good corporate governance.

MISSION OF THE COMPANY

To create and nurture a world-class, high performance environment

aimed at delighting our customers.

To offer unparalleled value by providing the customer transparent,

convenient and costeffective, anytime-anywhere financial

transaction capability

Growth has no limit at Reliance. I

keep revising my vision. Only when you

can dream it, you can do it.

MR.ANIL AMBANI


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Reliance money is a part of Reliance capital and Reliance capital is acompany of Anil Dhirubhai Ambani Group. Reliance money isFlagship Company of reliance capital. Reliance capital is furtherdivided into four parts to according to their area of operations. These

four parts are:- Reliance general insurance company ltd

Reliance life insurance company ltd

Reliance capital asset management company ltd (Reliance

mutual fund)

Reliance money ltd

Reliance consumer finance

PRODUCTS OFFERED BY THE COMPANY ARE AS FOLLOWS:-

1. Equities

2. Commodities

3. Derivatives

4. Mutual Funds


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5. IPOs

6. Life & General Insurance products

7. FOREX Investments

8. Money Transfer

9. Money Changing

10. Credit Card

WHOS WHO

CHAIRMAN : Mr. Anil Dhirubhai Ambani

VICE CHAIRMAN : Mr. Amitabh Jhunjhunwala

CEO : Mr. Sudeep Bandopadhyay

CLUSTERS HEAD AT DEHRADUN BRANCH

SALES : Mr. Siddharath Tandon

CENTRE MANAGER : Mr. Bhupinder Kumar Dwivedi (Company Guide)

VALUE ADDED SERVICES:-

1. Brokerage of 1 paisa per trade online and Rs.15 per trade offline,which makes it worlds cheapest broker.


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2. Extra security with a security token.

3. Reliance's demat offers four options for trading.

Online Option: One can trade on his PC on our online portals.

Reliance provides three online portals named

FastTrade

EasyTrade

Instra Trade.

Offline Option: One can do assisted trade on Reliance'sFranchisee Office on Software named Fast Trade

On Kiosks: One can use Reliance's Kiosks for online trading

with usage cost of 50p/min.

Call Center: One can trade on phone by dialing '39886000'

followed by local city code.

4. Consumers can trade equities and commodities; and invest in IPOs,

mutual funds, insurance and other financial products from a common

platform.

5. Reliance Money is backed by Reliance Capital and can afford to take

losses for years to come...it has enough time to destroy mostcompetition.

6. PMS (Portfolio Management Service). Again the Reliance has come

with very innovative concept, with minimum ticket size of 5 Lakhs.

The PMS of Reliance has two product categories:

PMS Growth

PMS Value


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MARKETING STRATEGIES:-

The company adopted various techniques to stabilize itself in the market. It provided

various promotional schemes to retain and attract the customers. The following are theschemes which are adopted by the company:-

Providing various discounts offers like providing the Demat account

of worth Rs.1250 for just Rs.750 and Rs.500.

Providing free gifts like silver coin, diaries etc. to the customers.

Providing zero balance account in any of the banks i.e. ICICI,

HDFC, AXIS AND IDBI.

FINANCIAL STATUS:-

Reliance Money has a strong financial status.

In the year 2006-2007 the gross income of the company was

Rs.2158 crore which is an increase of 128%.

The net profit of the company was Rs.703 crore which is an

increase of 23%.

It has shown an increase of 16% in Earning per share.

It has shown an increase of 18% in book value.

HUMAN RESOURCES:-

Approximately 22 employees work in the head office. The sales force is

segregated into two departments i.e. on-roll and off-roll employees. In 22

employees 15 are in Sales department and 7 are in operations. There are35

other employees who are off-roll.

Promotion Strategies:-


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Appraisal is based on 360 degree appraisal system.

Performance based.

Recruitment:-

Ms. Nidhi Singh is the Human Resource Manager of

Reliance Money.

All recruitment of top management is done by her great

expertise.

The low staff is recruited at the internal level by the Centre

Manager.

Retention:-

Bonus according to the length of term.

Providing a monthly spending of Rs.1000 for parties and

personal entertainment.

Good working environment.

Performance based incentives.

Performance based Promotion

OPERATIONS:-

There are 7 staff members in the operation department of

Reliance Money.The operations Head is Mr. Prabhat Pun.

Functions of Operations Department:


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Query handling.

To persuade customers to invest money.

Depository Services.

To convert walk in customers into Prospective Customers.

Customers Satisfaction services.

To analyze the accounts and other forms submitted by the

sales department.

Creating customer base.

CUSTOMERS:-

The customer base is an asset to increase its brand value. Reliance

Money.com is offering most dynamic web based trading environment to its

customers. The new trading platform has many features which basically fill up

the gap between old online trading companies in India and its customers. At

present company has a customer base of 8, 00,000.

Basically at Reliance Money there are two types of customers:

1. Corporate level customers:- They are basically institutional clients and

most important for the company as its a bulk deal for the company.

2. Retail level customers:- This part of customers is individuals who are

responsible for small lots of buying of various products but contribute to the

revenue of the company to a good amount.Basically there are three types of

accounts depending on the knowledge level and experience of the customer:

Beginners ( new comers with very less knowledge and experience)

Middles (somewhat knowledgeable with reasonable experience)


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Experts ( knowledge holders with good experience)

Now company is targeting rural sector at a very fast pace. It has opened

outlets in around 70 districts.Moreover moving ahead with its rural plans in the

country, Reliance Money has tied up with ANaRDe Foundation, a non

profitable charitable organization, to offer its services in several villages and

towns of Gujarat.

COMPETITORS:-

Reliance moneys main competitors are:

It also deals in the same kind of

products. It is at the first Position in the market and is the biggest

competitor of Reliance Money. It is because of its good services.

Anand Rathi is providing a wide range of

financial services.

Share Khan is also one of the biggest

competitors of Reliance Money.


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kotak securities is also the biggest

competitor

INTRODUCTION

According to Jim Bird, CEO of Worklifebalance.com1, Work-life balance is

meaningful achievement and enjoyment in everyday life. The expression

work life balance was first used in the late 1970s to describe the balancebetween an individuals work and personal life. (New Ways to Work and the

Working Mothers Association in the United Kingdom). In the United States,

this phrase was first used in 1986. As the separation between and home life

has diminished, this concept has become more relevant than ever before. With

the recognition of work life balance as an important avenue for development,

during the last few years, the scope and application of work-life balance hasbeen considerably widened. While, largely, it remain a key tool for enhancing

job-related performance and organizational effectiveness, its value is being

increasingly acknowledged in engendering behavioral changes and in

developing life skills, leading to personal growth. It equips an individual with

the competencies that help him/her to cope with day-to-day problems of living

and manage interpersonal relations, improving him/her interpersonal

effectiveness. Work-life balance has influenced every facet of an individuals

life. As a result of these developments human relation and personal


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development work-life balance has now occupied a significant place.The main

purpose of this project is to understand that how work life balance helps

employees achieving a satisfactory equilibrium between work and non-work

activities (i.e. parental responsibilities and wider caring duties, as well as other

duties and interest). It also tells that how it enables an employee to reconcile

the competing claims of work and home by meeting their own needs as well as

those of their employers. It also gives an indication of how your organizations

work-life balance policies assist employees in balancing their work and life

responsibilities and it will also provide an indication of how your organizations

policies could be improved. Work-life balance policies are any policies which

help you meet the needs of your work life and your personal life effectively.

Need for work-life balance:-

Effective work-life balance policies are valuable to businesses and

organizations for a number of reasons, including:

Reduced staff turnover rates.

Becoming a good employer or an employer of choice.

Increased return on investment in training as employees stay longer.

Reduced absenteeism and sick leave.

Improved morale or satisfaction.

Greater staff loyalty and commitment.

Improved productivity.

Goals of Work Life Balance Program:-

Work/life balance programs can affect the bottom line positively, says Michelle

Martinez in HR Magazine. The goals of a good work/life balance program

include:


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Reduced absenteeism. Surveys by CCH Inc. showed that unscheduled

absence is on the rise, and the causes usually are family responsibilities and

personal stress. Counter this trend with flexible scheduling or find ways to

make it easier for employees to come to work when a child is ill. The

Washington, D.C., law firm of Arnold & Porter created a backup child-care

program that partner Fern OBrien calculates saves more than $800,000 a

year.

Reduced turnover. Providing alternative work arrangements or scheduling

has proven effective in keeping employees on board. Aetna slashed its

turnover rate in half by allowing employees to return part-time after family

leave for childbirth or adoption. The result was a 90% retention rate for leave-

takers after five years, and an annual savings of more than $1 million in

recruiting and hiring costs.

Increased productivity. Stress relief often results in productivity increases.

A few years back, when the financial services center of Hewlett-Packard

compressed its workweek to four 10-hour days, it nearly doubled its completed

call transactions per day.

Reduced overtime costs. Flexible scheduling often reduces both overtime

and stress. Schedule changes work particularly well in organizations that needcoverage across multiple time zones.

Client retention. When employees provide greater service, it helps retain

clients. First Tennessee Bank introduced flexible work arrangements and

found that employees provided more value to customers, which in turn

resulted in better customer satisfaction.

Benefits of Work-Life Balance:-


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Benefits of Work-life balance program in an organization, which are as

follows:-

Improved recruitment, retention and motivation.

Lower levels of stress, sickness and absenteeism.

Increase productivity, service delivery and profits.

Satisfaction level of the employees will be very high.

High motivation to achieve and win in variety of areas.

Makes decisions with practicality and bottom line dollars in mind.

Able to multi task in variety of areas and keep important projects moving.

With our work life balance program, performance, accountability and

commitment go up and negative attitudes, stress and turnover go down.

Pays attention to ROI(return on investment) in business and team

activity.

More value and balance in your daily life

Better understanding of what your best individual work life balance is

Increased productivity

Improved relationships both on and off the job

Reduced stress

Benefits of Work Life Balance to the Organization:-


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Measured increases in individual productivity, accountability and

commitment

Better teamwork and communication

Improved morale

Less negative organizational stress

Benefits of the project to the business/organization:-

The Better Work-Life Balance survey can help our organization improve and

promote work-life balance in the workplace by:

identifying areas of policy development and implementation where

change may be required (e.g. improve awareness; change workplace

culture);

monitoring the effectiveness of organizational changes by read

ministering the survey after changes have been made;

Responding to the changing needs of your employees and ensuring

employees are aware of existing and changed policies by read

ministering the survey periodically.

Work-life balance:- Ways to restore harmony and reduce stress If your work life and

personal life are out of balance, your stress may be running high. Here's how

to reclaim control. Finding work-life balance in today's frenetically paced world

is no simple task. Spend more time at work than at home, and you miss out

on a rewarding personal life. Then again, when you face challenges in your

personal life, such as caring for an aging parent or coping with marital

problems, concentrating on your job can be difficult. Whether the problem is

too much focus on work or too little, when your work life and your personal life

feel out of balance, stress along with its harmful effects is the result. The


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good news is that you can take control of your work-life balance and give

yourself the time to do the things that are most important to you. The first step

is to recognize how the world of work has changed. Then you can evaluate

your relationship to work and apply some specific strategies for striking a

healthier balance.

How work invades your personal life

There was a time when employees showed up for work Monday through

Friday and worked eight- to nine-hour days. The boundaries between work

and home were fairly clear then. But the world has changed and,unfortunately, the boundaries have blurred for many workers. Here's why:

Global economy. As more skilled workers enter the global labor

market and companies outsource or move more jobs to reduce labor

costs, people feel pressured to work longer and produce more just to

protect their jobs.

International business. Work continues around the world 24 hours a

day for some people. If you work in an international organization, you

might be on call around the clock for troubleshooting or consulting.

Advanced communication technology. Many people now have the

ability to work anywhere from their home, from their car and even on

vacation. And some managers expect this.

Longer hours. Employers commonly ask employees to work longer

hours than they're scheduled. Often, overtime is mandatory. If you hope

to move up the career ladder, you may find yourself regularly working

more than 40 hours a week to achieve and exceed expectations.

Changes in family roles. Today's married worker is typically part of adual-career couple, which makes it difficult to find time to meet

commitments to family, friends and community.


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Married to your work

It can be tempting to rack up the hours at work especially if you're trying to

earn a promotion or some extra money for a child's education or a dreamvacation. For others, working more hours feels necessary in order to manage

the workload. But if you're spending most of your time at work, your home life

will likely pay the price. Consider the pros and cons of working extra hours on

your work-life balance:

Fatigue. Your ability to think and your eye-hand coordination decrease

when you're tired. This means you're less productive and may make more

mistakes. These mistakes can lead to injury or rework and negatively

impact your professional reputation.

Family. You may miss out on important events, such as your child's

first bike ride, your father's 60th birthday or your high-school reunion.Missing out on important milestones may harm relationships with your

loved ones.

Friends. Trusted friends are a key part of your support system. But if

you're spending time at the office instead of with them, you'll find it difficult

to nurture those friendships.

Expectations. If you regularly work extra hours, you may be given

more responsibility. This could create a never-ending and increasing

cycle, causing more concerns and challenges.

Sometimes working overtime is important. If you work for a company that

requires mandatory overtime, you won't be able to avoid it, but you can learn

to manage it. Most importantly, say no when you're too tired, when it'saffecting your health or when you have crucial family obligations.


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Striking the best work-life balance

For most people, juggling the demands of career and personal life is anongoing challenge. With so many demands on your time from overtime to

family obligations it can feel difficult to strike this balance. The goal is to

make time for the activities that are the most important to you.

Here are some ideas to help you find the balance that's best for you:

Keep a log. Track everything you do for one week. Include work-relatedand non-work-related activities. Decide what's necessary and what

satisfies you the most. Cut or delegate activities you don't enjoy and don't

have time for. If you don't have the authority to make certain decisions,

talk to your supervisor.

Take advantage of your options. Find out if your employer offers flex

hours, a compressed workweek, job-sharing or telecommuting for your

role. The flexibility may alleviate some of your stress and free up some

time.

Learn to say no. Whether it's a co-worker asking you to spearhead an

extra project or your child's teacher asking you to manage the class play,

remember that it's OK to respectfully say no. When you quit doing the

things you only do out of guilt or a false sense of obligation, you'll make

more room in your life for the activities that are meaningful to you and

bring you joy.

Leave work at work. With today's global business mentality and the

technology to connect to anyone at any time from virtually anywhere,

there's no boundary between work and home unless you create it.

Make a conscious decision to separate work time from personal time.


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When with your family, for instance, turn off your cell phone and put away

your laptop computer.

Manage your time. Organize household tasks efficiently. Doing one ortwo loads of laundry every day, rather than saving it all for your day off,

and running errands in batches are good places to begin. A weekly family

calendar of important dates and a daily list of to-dos will help you avoid

deadline panic. If your employer offers a course in time management,

sign up for it.

Rethink your cleaning standards. An unmade bed or sink of dirty

dishes won't impact the quality of your life. Do what needs to be done and

let the rest go. If you can afford it, pay someone else to clean your house.

Communicate clearly. Limit time-consuming misunderstandings by

communicating clearly and listening carefully. Take notes if necessary.

Fight the guilt. Remember, having a family and a job is OK for both

men and women.

Nurture yourself. Set aside time each day for an activity that you enjoy,

such as walking, working out or listening to music. Unwind after a hectic

workday by reading, practicing yoga, or taking a bath or shower.

Set aside one night each week for recreation. Take the phone off the

hook, power down the computer and turn off the TV. Discover activities you

can do with your partner, family or friends, such as playing golf, fishing or

canoeing. Making time for activities you enjoy will rejuvenate you.

Protect your day off. Try to schedule some of your routine chores on

workdays so that your days off are more relaxing.


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Get enough sleep. There's nothing as stressful and potentially

dangerous as working when you're sleep-deprived. Not only is your

productivity affected, but also you can make costly mistakes. You may

then have to work even more hours to make up for these mistakes.

Bolster your support system. Give yourself the gift of a trusted friend

or co-worker to talk with during times of stress or hardship. Ensure you

have trusted friends and relatives who can assist you when you need to

work overtime or travel for your job.

Services provided by your EAP are usually free of charge and confidential.

This means no one but you will know what you discuss. And if you're

experiencing high levels of stress because of marital, financial, chemical

dependency or legal problems, an EAP counselor can link you to helpful

services in your community. Remember, striking a work-life balance isn't a

one-shot deal. Creating balance in your life is a continuous process. Demands

on your time change as your family, interests and work life change. Assess

your situation every few months to make sure you're keeping on track.

Balance doesn't mean doing everything. Examine your priorities and set

boundaries. Be firm in what you can and cannot do. Only you can restore

harmony to your lifestyle.

Work Life Balance Policies and Work Life Balance Work Arrangements

Work life balance policies are those policies which help workers in combining

employment with their family life, caring responsibilities and personal and

social life outside the workplace. This definition includes statutory entitlementssuch as maternity, adoptive, force majeure, parental and careers leave and

other non-statutory measures such as childcare and employee assistance


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schemes. There are many reasons why someone might be interested in work

life balance working arrangements. They benefit employees by allowing

flexibility in the workplace which allows them to effectively combine work and

family responsibilities as well as their personal life. The benefits to the

employer are that the policies allow for better retainment and recruitment of

valuable employees which can save employers from costs associated with

recruitment and training of new staff. The policies should aim to facilitate

equality of opportunity for men and women in the workplace.

Flexible Hours Arrangements:-

Flextime: This is an arrangement whereby employers and employees

negotiate hours of work that are of advantage to both. It usually involves

defining 'peak' hours when all employees must be in work. Starting and

finishing times, on the other hand, are normally flexible and there is usuallyprovision for taking leave in lieu of additional hours worked.

Annualized hours: This scheme means that an employee is contracted to

work a defined number of hours per year rather than per week. Working time

can be scheduled to deal with seasonal variations and fluctuations in the

demands of the business throughout the year - for example an employee maywork longer hours at the one time of the year and shorter hours at another.

Non Statutory Leave Arrangements

Apart from statutory entitlements such as annual leave and maternity,

adoptive, force majeure, parental and careers leave, other leave

arrangements are increasingly common. These include:


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Paternity Leave:- There is currently no entitlement to paid or unpaid paternity

leave. On the other hand, a number of employers are recognizing the

importance of making some provision for such leave. All parents with children

under the age of 8; in the case of a child with disabilities the age limit is

16 are entitled to up to 14 weeks Parental Leave. (More Information)

Compassionate or emergency leave:- Most employers recognize the need

for leave in emergency situations. Arrangements vary from organization to

organization and are frequently informal.

Term-time working:- This system means that the employee works during

school terms but not during the school holidays. It appeals, in particular, to

parents of school going children.

Employment or career break:-At certain stages in working life a break may

be needed, for example: to devote more time to other things or for personal

development reasons. The facilitating of such breaks can assist in retaining

valued staff. A growing number of organizations provide such breaks on

either a formal or less structured basis.Sabbaticals:- This is a period of absence from work, which may or may not

be on full pay, and duration is normally related to length of service. They

provide an opportunity for employees to take a break from or reflect on their

work, or engage in new activities.

Exam and Study Leave:- When an employee is pursuing further

education(this may or may not be job-related), an organization may providepaid leave for the purposes of study and to enable the employee to sit

exams. In the case of workers under 18, this may be mandatory as set out in

the Education (Welfare) Act (2000).

Job sharing:-

This is an arrangement to divide one full-time job or to share work between

two people with the responsibilities and benefits of the job being shared

between them. The job can be shared in a number of ways:

On the basis of a split week; (eg: 2 and 3 day weeks).
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On the basis of a split day.

On the basis of week on, week off.

Good management and communication are essential to effective job-sharing

and this can be assisted where the job-sharer's can build and operate close

working relations.

Job Splitting :-

This is an arrangement similar to job sharing except that the tasks involved in

a full-time job are split between two people and each has responsibility for

their own tasks rather than being equally responsible for the whole job. The

need for co-ordination is, therefore, reduced. An advantage of job splitting is

that a job can be split in such a way that certain tasks requiring particular skills

can be grouped together. In addition, in certain situations the working times ofthose who have split a job can also overlap.

Work sharing:-

Work sharing is a development of the job sharing/job splitting concept which

attempts to achieve business tasks while allowing for a wider range of

attendance patterns. This arrangement requires a high level ofemployer/employee co-operation with a view to achieving the tasks that make

up the job. It is important that the tasks are clearly defined, targets identified

and the level of service decided upon before the workload is divided up. At this

stage the manager and jobholders can agree on a system of work attendance

to complete the work that best accommodates the staff.

Part-time work:-


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Part-time working basically means working fewer hours than a

comparable full-time worker in the same organization.

There are various forms of part-time working:

1. Fixed part-time working: This is the most popular model. The employee

works a reduced number of hours per day, or fewer days per week or

even alternate weeks. This system is easy to understand and easy to

manage.

2. Voluntary Reduced work-time: This is a scheme whereby an employee is

allowed to reduce working time for a limited period with a right to return

to full-time work.

Part-time employees should not be treated any less favorably than their

equivalent full-time counterparts in relation to conditions of employment as set

out in the Protection of Employees (Part-Time) Act 2001

E-Working:-

The concept of e-Working means working at a distance, or even a remotelocation, and using technology to ease communications. It can also include a

combination of e-Working and office based work.

Virtual teams:-

A further development in this area is the putting together of teams of e-

workers to work in a mutually supportive way. The members of the team maynever meet and may not even be in the same country. This form of teamwork

may be suitable in certain situations but the lack of personal interaction and

human contact will render it inappropriate in situations where these factors are

considered important.

Way of conducting the survey:-
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The survey can be conducted in just about any workplace and is designed to

be completed by both employers and employees.

As it is an employment practice that is concerned with providing scope foremployees to balance their work with the responsibilities and interest they

have outside work. So it helps us in answering many questions like:-

Where lays the boundary between working life and other parts of life?

When it is transgressed?

How is the balance between working life and other parts of life affectedby new technologies and new methods of work?

And what can politicians; companies and the various representatives of

management and labor do to make it easier to create a balance between

working life and other parts of life?

We know how important it is for our employees to strike a balance betweentheir work and personal lives. The convenience of laptops, wireless phones,

internet access to e-mail, combined with companys serious commitment to

flexibility in the workplace, means they can offer their people a flexible

approach giving them options on how and where they do their work.

These options help attract and retain the best people. Several flexible work

options are:-

Flex-time.

Part-time.

Job sharing.

Telecommuting/working from home.

Maternity returners program.


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Fly-backs.

Client-side flexible work arrangements.

1.Flex-time:-

A flex-time schedule allows people to vary their start and finish times around

pre-determined "core hours". Flex-time may also mean an employee can work

their standard hours in fewer than five days by varying the length of each

working day.

2. Part-time:-


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A part-time arrangement enables an employee to work less than a standard

full-time schedule per week. This can be accomplished by either working fewer

hours per day, or fewer days per week. Usually the employees role is

designed around a reduced workload so that job responsibilities match thenumber of hours worked. This type of arrangement has worked well for people

who want to give priority to other commitments in their lives, but still wish to

continue working.

3. Job sharing:-

A job-sharing arrangement usually involves dividing the workload of a full-time

position between two people (usually each working a part-time schedule). Job-

sharing is a great way for our people to keep on the career track while allowing

them more time outside of work.


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4. Telecommuting / working from home:-

By telecommuting or working from home enables an individual to work from a

location other than an Accenture office or project site when the project or client

situation allows it. While some employees telecommute or work from home

regularly, others use this option on a more adhoc basis as the need arises.


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This arrangement can reduce the time; costs and stress of commuting for the

employee while helping Accenture control the cost of fixed office space.

5. Maternity returners program:-

This program helps ease new parents back into the workforce by providing

career guidance and support finding ideal re-entry roles.

6. Fly-backs:-

Achieving and maintaining a healthy work/life balance is also an issue where

significant professional travel is involved, which is often the case for many of

our consulting people. That's why we offer our people fly-backs to their home

location, the option to fly someone to their project site, and the option to fly to

an alternate location in lieu of a trip home.


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7. Client-site flexible work arrangements:-

Balancing work and personal life can be even more challenging for consulting

people who spend much of their time working at client sites away from theirhome. We offer these people a range of flexible working options to help meet

their needs, while still meeting the needs of our clients. Now, we will see for

the areas which we have to be taken care off before applying the above

options:-

Selected

Element One: Leadership:-

Communication.

Management participation.

Element Two:- Health, Safety and

Security

Health management.

Fitness to work.

Illness, injury.

Employee assistance program.

Workplace harassment.


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Hazard management.

Element Three:- Employee Competency and

Work Practices

Management of work practices.

Development and revision of work practices.

Critical safe work procedure implementation.

Element Four:- External Relations

Community relations.

Now, as far we have seen that, what are the various options available for

Work-Life Balance but in Reliance Money Jaipur they dont make use of any

such practices. So, if the company will start paying attention towards thesepractices and will start following the above mentioned ways then they can

achieve much better position not only in the market but also in the mind of

their employees, which comes only after the complete satisfaction of

employees. As Reliance Money is a Financial company so it also has some of

its limitations, but yes there is always a scope of improvement like few of the

facilities which Reliance Money can give to their employees are:-

Work-place flexibility.

Telecommuting.

Part-time employment.

Part time employment facility is already there, which most of the Off-Role

employees are availing (like BDs and the entire sales person who comes

under Remissar Model).We can also put it in this way that this technique is


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basically for the Sales Personnel only. Rest two facilities can be provided to

the employees who are in operation work.

PROGRESS OF STUDY- WORK-LIFE BALANCE:-

FINDINGS & ANALYSIS:-

This study is done by primary data as well as secondary data. Primary data

collected by me is through interview and Questionnaire method. Sample size

of twenty employees has been taken. The interview through questionnaire

method is done and twenty employees were interviewed in which it was found

that the main reasons for work life imbalance in Reliance Money Jaipur is due

to high sales targets, pressure from higher authorities, lack of growth

opportunities, monotonous job, poor time management of the employee, lack

of HR practices, lack of support of organization to the employees etc.

While talking to employees of Reliance Money Jaipur, I came to know about

the opinion of the different employees regarding the work-life balance. The

following are the names of some of the employees with whom the interview

was done and their responses:-

* Mr. Prabhat Pun He is the head of the operation department and hisattitude was positive towards the implementation of work-life balance

options in Reliance Money Jaipur.

*Mr. Amit Dennis- He is also in favor of implementing the work-life

balance.


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*Ms. Richa Aggarwal- She is in the operations department and

according to her many of the work-life balance options are already

present there and many more can be introduced.

*Mr. B.K. Dwivedi- He is the Center Manager and he is strongly in

favor of introducing different work-life balance options.

*Mr. Manoj Kumar- He is in operation department and is in favor of

implementation of work-life balance.

*Ms.Pooja Arora- According to her it should be introduced because it

increases the employee morale.

*Mr. Sunil Dhasmana- According to him implementation can bring

about the higher productivity from the employees.

*Mr.Abhisek Anand- He is not in favor of work-life balance because he

thinks that the organization itself provide some of the techniques of

work life balance.

*Mr.Vinod Rawat-He is the person from marketing department and

according to him it helps in reducing the monotony of work.

*Ms. Nirupama Sharma- As she is a house wife so she is strongly in

favor of introduction of work-life balance options.

*Mr.Shekhar Sharma- According to him work life balance techniques

cannot make any difference in his work so it should not be there.

*Ms.Shikha Shankar-According to her it should be introduced, so that

she can work more enthusiastically.

*Mr.Bijendra Kumar- He thinks work-life balance should not be

introduced.


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*Ms.Mohit Upadhyay- According to him it will increase the employee

satisfaction level.

*Ms. Nidhi Shrivastav-According to her, work-life balance can be very

beneficial for the employees.

*Mr. Sameer Ahuja-According to him it should be introduced.

* Mr. Amit Negi- He is not in favor of introduction of work-life balance in

Reliance Money.

*Mr. Nitin Maithani-According to him the work pressure and the high

targets can be achieved only after the proper implementation of it.

*Mr. Vinay Sinha- According to him employees leave the organization

due to their personal problems which can be reduced by implementing

it.

Like this fifty employees were interviewed. While particularly talking about the

Reliance Money. There is an intense need of work-life balance for the

employees over there, the few things which are there are as follows:-

No HR practices.

Motivational support is very low.

Organization is highly result oriented keeping all other things aside.

Not giving proper incentives to their employees.

Employees are not happy with their working conditions.

Attrition rate is very high.

It was found that Reliance Money does not have any proper HR practices anddoes not provide good work life balance in the organization. After interviewing

the employees of the company it was clear that the company really needs to


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create some HR policies and some work life balance practices which could

help the company in retaining the employees and even creating faith in the

employees for the company. As, I have taken the interview of 50 people

regarding their opinion about the implementation of work-life balance and tried

to make out that how many of them are in favor of it and how many people are

not in favor of it. Out of it, I have found that out of 50 employee 35 are in favor

of implementing it and 15 of the people are not in favor of it. Employee view is

represented in the form of graph:-

EMPLOYEES RESPONSE

Total employees

employees in favour

employees against

FACILITIES PROVIDED BY RELIANCE MONEY TO CREATE WORK LIFE

BALANCE IN THE ORGANISATION:-

While talking about Reliance Money it was found that only of the facilitiesprovided to the employees to create work life balance in the organisation.That

is the part time job facility. In part time job facility the company appoints the


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Business Development Officer (BDs) and Remeser .They are appointed off-

roll and allowed to work part time and generate business but the company do

not concentrate on its working environment. Due to im proper work life

ba

Reliance Rakesh Final Project

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