SURAJ KALRA . regn. no 1130310213 (1).docx

8/13/2019 SURAJ KALRA . regn. no 1130310213 (1).docx

1/59

1

TRAINING REPORT

ON

EMPLOYEE SATISFACTION

AT

HDFC STANDARD LIFE INSURANCE

Submitted to

MAHARSHI DAYANAND UNIVERSITY, ROHTAK

in partial fulfilment of the requirements

for the award of the degree of

BACHELOR OF BUSINESS ADMINISTRATION

(INDUSTRY INTEGRATED)

(IV SEMESTER)

SUBMITTED BY:

Name: SURAJ KALRA

Regn. No. 1130310213

Roll No. 1190111160

JAGANNATH INSTITUTE OF MANAGEMENT SCIENCES

(ELC CODE : 330912009)

NEAR OXFORD SR. SEC. SCHOOL & PVR MULTIPLEX

(OPP. DUSSHERA GROUND), VIKAS PURI, NEW DELHI-110018


2/59

2


3/59

3


4/59

4


5/59

5

ACKNOWLEDGEMENT

I am greatly thankful to my training supervisor Mr.Niraj Kumar, Branch Manager,

HDFC SLIC who has given me the full support of doing the project. He has been

most accommodating and supportive to me and has gone literally gone out his way to

make my experience pleasant one. I am also thankful to all those correspondents who

helped me in making my project nicely and by making my findings easier.

I also thank my friends and family who has supported me and helped me in making

my project.

SURAJ KALRA


6/59

6

EXECUTIVE SUMMARY

This project was researched to find the satisfaction level of HDFC SLIC employees.

The objective of this research was to analyze the employees response on different

parameters in order to find where HDFC SLICE as an organisation is lacking in

providing best to its employees. A survey was done randomly, by selecting sample of

employees from HDFC SLIC. The total of 30 respondents who have designation of

officers and above were randomly selected and given questionnaire comprising 11

questions. The questions were positively framed with special references from

different parameters.

The feedback analysis based on above parameter shows that overall satisfaction level

of HDFC SLIC employees. The satisfaction level specifically for corporate office.

The organisation in general has moderate satisfaction level for following parameters

Fun & work place, Compensation & reward recognition, career advancement.


7/59

7

TABLE OF CONTENTS

CONTENTS PAGE NO.

CHAPTER-1: INTRODUCTION 820

CHAPTER-2: COMPANY PROFILE 21 - 34

CHAPTER-3: RESEARCH METHODOLOGY 3538

3.1 Objectives

3.2 Research Design

3.3 Data Sources

3.4 Sample Design

3.5 Limitations of theResearch

CHAPTER-4: DATA ANALYSIS AND INTERPRETATIONS 39 - 49

CHAPTER-5: FINDINGS 5051

CHAPTER-6: RECOMMENDATIONS 52 - 53

ANNEXURES 54 - 57

BIBILIOGRAPHY 58 - 59


8/59

8

CHAPTER-1

INTRODUCTION


9/59

9

OVERVIEW OF THE INDUSTRY

A contract, referred to as a policy where an insured pays a sum of money referred to

as a premium, to an insurer, who in return agrees to pay for loss the insured suffers in

defined circumstances.

Insurance is a protection against financial loss arising on the happening of unexpected

event/accidents. Insurer collects premium to provide for this protection from various

people. The trick is not everybody is in problem all the time. A loss is paid out of the

premiums collected.

INSURANCE TERMINOLOGY

Policy:Contract between an insurer and an insured

Proposer:Person who signs the contract on behalf of Life Insured

Life Insured:Person on whom the Contract has been taken out

Nominee:Person who is defined as the beneficiary of the policy

Insurance Plan:The specific type of policy that a customer wants to take from an insurer

Policyholder:The proposer in the contract

Premium:The consideration paid by the proposer for the contract

Sum Assured:Benefit for which the policy has been taken out

Death Benefit:Sum Assured on Death

Maturity Benefit:


10/59

10

Sum Assured on Maturity

Term of Policy:Length of Insurance

Premium Payment Term:Length for which premium will be paid

Mode of Payment:Frequency of Payment

Due Date:Date on which renewal premium is due to be paid

Grace Period:Period beyond Grace Period that a renewal premium can be paid without any financial

charges

TYPES OF INSURANCE

LIFE INSURANCELife insurance or life insurance is a contract between the policy owner and the insurer,

where the insurer agrees to pay a sum of money upon the occurrence of the policy

owner's death. In return, the policy owner (or policy payer) agrees to pay a stipulated

amount called a premium at regular intervals.

GENERAL INSURANCEGeneral insurance or non-life insurance policies, including automobile and

homeowners policies, provide payments depending on the loss from a particular

financial event. General insurance typically comprises any insurance that is not

determined to be life insurance.

HDFC Standard Life Insurance Company Ltd. is one of India's leading private

insurance companies, which offers a range of individual and group insurance

solutions. It is a joint venture between Housing Development Finance Corporation

Limited (HDFC Ltd.), India's leading housing finance institution and a Group

Company of the Standard Life, UK. HDFC as on December 31, 2007 holds 72.38 per

cent of equity in the joint venture.


11/59

11

As a joint venture of leading financial services groups, HDFC Standard Life has the

financial expertise required to manage your long-term investments safely and

efficiently. They have a range of individual and group solutions, which can be easily

customized to specific needs. Their group solutions have been designed to offer you

complete flexibility combined with a low charging structure. Their gross premium

income, for the year ending March 31, 2008 stood at Rs. 4,859 crores and new

business premium income stood at Rs. 2,685 crores. The company has covered over

9,59,000 lives year ending March 31, 2008. In their quest to be a competitive player

in the insurance space, they are keen to partner with talented, high performing people.

They pride themselves for a rich talent base that can successfully propel the company

to even greater heights in an increasingly competitive platform.

In the business world investment is made in machinery, equipment and services. Quite

naturally time and money is spent ensuring that they provide what their suppliers

claim. In other words the performance is constantly appraised against the results

expected.

When it comes to one of the most expensive resources companies invest in, namely

people, the job appraising performance against results is often carried out with the

same objectivity. Each individual has a role to play and management has to ensure

that the individuals objectives translate into overall corporate objectives of the

whichcompany. Performance Management includes the performance appraisal

processin turn helps identifying the training needs and provides a direction for career

and succession planning.


12/59

12

INDUSTRY STRUCTURE

Currently India is a US $41 billion industry. Currently, in India only two million

people (0.2% of the total population of 1 billion) are covered under Mediclaim,

whereas in developed nations like USA about 75% of the total population are covered

under some insurance scheme. With more and more private companies in the sector,

the situation may change soon.

The insurance sector went through a full circle of phases from being unregulated to

completely regulated and then currently being partly deregulated. It is governed by a

number of acts.

The Insurance Act of 1938 was the first legislation governing all forms of insurance to

provide strict state control over insurance business.

Life insurance in India was completely nationalized on January 19, 1956, through the

Life Insurance Corporation Act. All 245 insurance companies operating then in the

country were merged into one entity, theLife Insurance Corporation of India.

The General Insurance Business Act of 1972 was enacted to nationalise the about 100general insurance companies then and subsequently merging them into four

companies. All the companies were amalgamated into National Insurance, New India

Assurance, Oriental Insurance and United India Insurance, which were headquartered

in each of the four metropolitan cities.

Until 1999, there were no private insurance companies in India. The government then

introduced the Insurance Regulatory and Development Authority Act in 1999, thereby

foreign investment was also allowed and capped at 26% holding in the Indian

insurance companies.de-regulating the insurance sector and allowing private

companies. Furthermore, de-regulating the insurance sector and allowing private

companies. Furthermore, In 2006, the Actuaries Act was passed by parliament to give

the profession statutory status on par with Chartered Accountants, Notaries, Cost &

Works Accountants, Advocates, Architects and Company Secretaries
http://en.wikipedia.org/wiki/Life_Insurance_Corporation_of_Indiahttp://en.wikipedia.org/wiki/Life_Insurance_Corporation_of_India


13/59

13

A minimum capital of US$80 million (Rs.400 Crore) is required by legislation to set

up an insurance business.

THE INSURANCE INDUSTRY IN INDIAInsurance happens to be a mega opportunity in growing India. A large part of our

population is also subject to weak social security and pension systems with hardly any

old age income security. This in itself is an indicator that growth potential for the

insurance sector inIndia is immense.

In business growing at economic development as it provides long term funds for

infrastructure development and strengthens the risk taking ability of individuals. It is

estimated that overthe next ten years India would require investments of the order of

one trillionUS dollars. The Insurance sector, to some extent, can enable investments

ininfrastructure development to sustain the economic growth of the country.(Source:

www.indiacore.com)

HISTORICAL PERSPECTIVE

In India, insurance has a deep-rooted history. Insurance in various forms has been

mentioned in the writings of Manu (Manusmrithi), Yagnavalkya (Dharmashastra) and

Kautilya (Arthashastra). The fundamental basis of the historical reference to insurance

in these ancient Indian texts is the same i.e. pooling of resources that could be re-

distributed in times of calamities such as fire, floods, epidemics and famine. The early

references to Insurance in these texts have reference to marine trade loans and

carriers' contracts.

Insurance in its current form has its history dating back until 1818, when Oriental Life

the lives of foreigners (English) and Indians with higher premiums being charged for

Insurance Company was started by Anita Bhavsar inKolkata to cater to the needs of

the latter. In 1870, Bombay Mutual Life Assurance Society became the first Indian

insurer.

At the dawn of the twentieth century, many insurance companies were founded. In the

year 1912, the Life Insurance Companies Act and the Provident Fund Act were passed

to regulate the insurance business. The Life Insurance Companies Act, 1912 made it

necessary that the premium-rate tables and periodical valuations of companies should
http://www.indiacore.com/http://en.wikipedia.org/wiki/Kolkatahttp://en.wikipedia.org/wiki/Kolkatahttp://www.indiacore.com/


14/59

14

be certified by anactuary. However, the disparity still existed as discrimination

between Indian and foreign companies. The oldest existing insurance company in

India is the National Insurance Company Ltd., which was founded in 1906. It is in

business.

The Government of India issued an Ordinance on 19 January 1956 nationalizing the

Life Insurance sector and Life Insurance Corporation came into existence in the same

year. The Life Insurance Corporation (LIC) absorbed 154 Indian, 16 non-Indian

insurers as also 75 provident societies245 Indian and foreign insurers in all. In 1972

with the General Insurance Business (Nationalisation) Act was passed by the Indian

Parliament, and consequently, General Insurance business was nationalized with

effect from 1 January 1973. 107 insurers were amalgamated and grouped into four

companies, namely National Insurance Company Ltd., the New India Assurance

Company Ltd., the Oriental Insurance Company Ltd and the United India Insurance

Company Ltd. The General Insurance Corporation of India was incorporated as a

company in 1971 and it commence business on January 1, 1973.

The LIC had monopoly till the late 90s when the Insurance sector was reopened to the

private sector. Before that, the industry consisted of only two state insurers: Life

Insurers (Life Insurance Corporation of India, LIC) and General Insurers (General

Insurance Corporation of India,GIC). GIC had four subsidiary companies.

With effect from December 2000, these subsidiaries have been de-linked from the

parent company and were set up as independent insurance companies:Oriental

Insurance Company Limited,New India Assurance Company Limited,National

Insurance Company Limited andUnited India Insurance Company Limited.

The Bombay Mutual Life Insurance Society started its business in 1870. It was the

other hand, can trace its roots to Triton Insurance Company Limited, the first general

First to premium for both Indian and non-Indian lives. The Oriental Assurance

insurance company established in the year 1850 in Calcutta by the Britishers.

Company was established in 1880. The General insurance business in India, on the

Till the end of the nineteenth century insurance business was almost entirely in the

hands of overseas companies. Insurance regulation formally began in India with the
http://en.wikipedia.org/wiki/Actuaryhttp://en.wikipedia.org/wiki/Life_Insurance_Corporation_of_Indiahttp://en.wikipedia.org/wiki/General_Insurance_Corporation_of_Indiahttp://en.wikipedia.org/wiki/General_Insurance_Corporation_of_Indiahttp://en.wikipedia.org/wiki/Oriental_Insurance_Company_Limitedhttp://en.wikipedia.org/wiki/Oriental_Insurance_Company_Limitedhttp://en.wikipedia.org/wiki/New_India_Assurance_Company_Limitedhttp://en.wikipedia.org/wiki/National_Insurance_Company_Limitedhttp://en.wikipedia.org/wiki/National_Insurance_Company_Limitedhttp://en.wikipedia.org/wiki/United_India_Insurance_Company_Limitedhttp://en.wikipedia.org/wiki/United_India_Insurance_Company_Limitedhttp://en.wikipedia.org/wiki/National_Insurance_Company_Limitedhttp://en.wikipedia.org/wiki/National_Insurance_Company_Limitedhttp://en.wikipedia.org/wiki/New_India_Assurance_Company_Limitedhttp://en.wikipedia.org/wiki/Oriental_Insurance_Company_Limitedhttp://en.wikipedia.org/wiki/Oriental_Insurance_Company_Limitedhttp://en.wikipedia.org/wiki/General_Insurance_Corporation_of_Indiahttp://en.wikipedia.org/wiki/General_Insurance_Corporation_of_Indiahttp://en.wikipedia.org/wiki/Life_Insurance_Corporation_of_Indiahttp://en.wikipedia.org/wiki/Actuary


15/59

15

passing of the Life Insurance Companies Act of 1912 and the Provident Fund charge

the same Act of 1912.Several frauds during the 1920's and 1930's sullied insurance

business in India. By 1938 there were 176 insurance companies The first

comprehensive legislation was introduced with the Insurance Act of 1938 that

provided strict State Control over the insurance business. The insurance business grew

at a faster pace after independence. Companies strengthened their hold on this

business but despite the growth that was witnessed, insurance remained an urban

phenomenon. and provident societies under one nationalized The Government of

India in 1956, brought together over 240 private life insurers monopoly corporation

and Life Insurance Corporation (LIC) was born. Nationalization was justified on the

grounds that it would create the much needed funds for rapid industrialization. This

was in conformity with the Government's chosen path of State led planning and

development. The non-life insurancebusiness continued to thrive with the private

sector till1972. Their operations were restricted to organized trade and industry

inlarge cities. The general insurance industry was nationalized in 1972. With this,

nearly 107 insurers were amalgamated and grouped into four companies- National

Insurance Company, New India Assurance Company, Oriental Insurance Company

and United India Insurance Company.

INDIAN INSURANCE: SECTOR REFORM

The formation of the Malhotra Committee in 1993 initiated reforms in the Indian

insurance sector. The aim of the Malhotra Committee was to assess the functionality

of the Indian insurance sector. This committee was also in charge of recommending

the future path of insurance in India.

The Malhotra Committee attempted to improve various aspects of the insurance

sector, making them more appropriate and effective for the Indian market.

The recommendations of the committee put stress on offering operational autonomy

the insurance service providers and also suggested forming an independent the

formation of the Insurance Regulatory and Development Authority (IRDA) in 2000

brought about several crucial policy changes in the insurance sector of India. It led to

regulatory body The Insurance Regulatory and Development Authority Act of 1999 to


16/59

16

The goals of the IRDA are to safeguard the interests of insurance policyholders, as

well as to initiate different policy measures to help sustain growth in the Indian

insurance sector.

The Authority has notified 27 Regulations on various issues which include

Registration of Insurers, Regulation on insurance agents, Solvency Margin, Re-

insurance, Obligation of Insurers to Rural and Social sector, Investment and

Accounting Procedure, Protection of policy holders' interest etc. Applications were

invited by the Authority with effect from 15th August, 2000 for issue of the

Certificate of Registration to both life and non-life insurers. The Authority has its

Head Quarter at Hyderabad. Detailed information on IRDA is available at their web-

sitewww.irdaindia.org

KEY MILESTONES

1818: The first pre Independence Insurance Company Oriental Life Insurance

Company was started by Anita BhavsarinKolkata to cater to the needs of European

community.

1906: The Oldest existing insurance company in India, The National Insurance

Company Ltd was founded.

1912:The Indian Life Assurance Companies Act enacted as the first statuteto regulate

the life insurance business.

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

collect information about both life and non-lifeinsurance business.

1956: The Government of India issued an Ordinance on 19 January 1956 nationalising

the Life Insurance sector and Life Insurance Corporation came into existence in the

same year.

1972: In 1972 with the General Insurance Business (Nationalisation) Act was passed

by the Indian Parliament

1973: General Insurance business was nationalized with effect from 1 January 1973.

1991: With effect from December 1991 the Indian Insurance market was opened for

for private sector and also for foreign investors.
http://www.irdaindia.org/http://en.wikipedia.org/wiki/Kolkatahttp://en.wikipedia.org/wiki/Kolkatahttp://www.irdaindia.org/


17/59

17

Authorities

The industry recognises examinations conducted by IAI (for actuaries), III (for agents,

brokers andthird-party administrators)and IIISLA (for surveyors and loss assessors).

TAC is the sole data repository for the non-life industry.

IBAI gives voice for brokers while GI Council and LI Council are platforms for

insurers.

AIGIEA, AIIEA, AIIEF, AILICEF, AILIEA, FLICOA, GIEAIA, GIEU and NFIFWI

cater to the employees of the insurers.

In addition, there are a dozen Ombudsman offices to address client grievances.

COMPETITORS INFORMATION

Presently there are 15 Life insurance companies in the country. There is only one

public sector company LIC and the rest 14 are private sector. Although LIC has been

dominating the Life Insurance business since past few years the private players have

now started to take the momentum.

Major market players are:

AVIVA LIFE INSURANCE, INDIA

Aviva Life Insurance Company India Pvt. Ltd. is a joint venture between Aviva of

UK and Dabur, one of India's leading producer of traditional healthcare products.

Aviva holds a 26 per cent stake in the joint venture and the Dabur group holds the

balance 74 per cent share.

Aviva is UK's largest and the world's sixth largest insurance Group. It is one of the

leading providers of life and pensions products to Europe and has substantial

businesses elsewhere around the world.
http://en.wikipedia.org/wiki/Third_party_administratorhttp://images.google.co.in/imgres?imgurl=http://indianinsurance.org/blog/wp-content/uploads/2008/04/aviva-life-insurance.jpg&imgrefurl=http://indianinsurance.org/blog/insurance-companies/details-of-aviva-life-insurance/&usg=__nYK7R1U65KzQx4eZuVaQErcLnUU=&h=180&w=250&sz=31&hl=en&start=9&sig2=Mv2rSkFRIsC-L0x-m13EUg&um=1&tbnid=hRwvWSNGZ9Pv0M:&tbnh=80&tbnw=111&prev=/images?q=AVIVA+LIFE+INSURANCE,+INDIA+logo&hl=en&um=1&ei=48TOStr6GZTi7AObt93tAQhttp://en.wikipedia.org/wiki/Third_party_administrator


18/59

18

Aviva pioneered the concept of Bancassurance in India. Currently, Aviva has

Bancassurance tie-ups with ABN Amro Bank, American Express Bank, Canara Bank,

Centurion Bank of Punjab, The Lakshmi Vilas Bank Ltd. and Punjab & Sind Bank, 11

Co-operative Banks in Gujarat, Rajasthan, Jammu & Kashmir and Maharashtra and

one regional Bank in Sikkim.

Aviva has 40 Branches in India (including rural branches) supporting its distribution

network. Through its Bancassurance partner locations, Aviva products are available in

378 towns and cities across India.

BAJAJ ALLIANZ

Bajaj Allianz is a joint venture between Allianz AG one of the worlds largest

insurance companies, and Bajaj Auto, one of the biggest 2 and 3 wheeler

manufacturers in the world. Bajaj Allianz is into both life insurance and general

insurance.

Allianz Group is one of the worlds leading insurers and financial services providers.Founded in 1890 in Berlin, Allianz is now present in over 70 countries with almost

174,000 employees. Bajaj group is the largest manufacturer of two-wheelers and

three-wheelers in India and one of the largest in the world.

Today, Bajaj Allianz is one of Indias leading and fastest growing insurance

companies. Currently, it has presence in more than 550 locations with over 60,000

Insurance Consultants.
http://images.google.co.in/imgres?imgurl=http://1.bp.blogspot.com/_i6O5Qb3Dc1M/SHWhyvtn5fI/AAAAAAAAARA/2o5IBiXk8Bo/s200/saobj_465391_bajaj_allianz_2004_teaser.gif&imgrefurl=http://niasompune.blogspot.com/2008/07/bajaj-allianz-life-registers-rs-3-crore.html&usg=__EyTdZqZNRE1puPzFn_yhibijPIc=&h=104&w=164&sz=3&hl=en&start=2&sig2=XYKrcHz3Oq4K9r_ULUZ1Mg&um=1&tbnid=doouLgeR7ImyvM:&tbnh=62&tbnw=98&prev=/images?q=BAJAJ+ALLIANZ+logo&hl=en&sa=X&um=1&ei=9cTOSvTwGpng7APwtb3xAQ


19/59

19

BIRLA SUN LIFE INSURANCE

Birla Sun Life Insurance Company Limited is a joint venture between Aditya Birla

Group and Sun Life Financial of Canada. Aditya Birla Group is an Indian

multinational conglomerate with presence in India, Thailand, Indonesia, Malaysia,

Philippines, Egypt, Canada, Australia and China.

Sun Life Assurance, Sun Life Financials primary insurance business, is one of the

leading insurance companies of the world and ranks amongst the largest international

financial services 19rganizations in the world. The Group has presence in several

countries such as Canada, United States, Philippines, Japan, Indonesia, India and

Bermuda.

ICICI PRUDENTIAL LIFE INSURANCE

ICICI Prudential Life Insurance Company is a joint venture between ICICI Bank, a

premier financial powerhouse and Prudentialplc, a leading international financial

services group headquartered in the United Kingdom.

ICICI was established in 1955 to lend money for industrial development. Today, it

has diversified into retail banking and is the largest private bank in the country.

Prudential plcwas established in 1848 and is presently the largest life insurance

company in the UK.

ICICI Prudential is curently the No. 1 private life insurer in the country. For the

financial year ended March 31, 2005, the company garnered Rs 1584 crore of new
http://images.google.co.in/imgres?imgurl=http://img.alibaba.com/photo/103242074/ICICI_PRUDENTIAL_LIFE_INSURANCE_ULIP_PLANS.jpg&imgrefurl=http://www.alibaba.com/product/in103102543-103242074-0/ICICI_PRUDENTIAL_LIFE_INSURANCE_ULIP_PLANS.html&usg=__9u8OrVR73SNEWYt3xL1xuPDmAyI=&h=141&w=748&sz=28&hl=en&start=1&sig2=kAw1Ts8v0DYU9YFRAwHy1A&um=1&tbnid=AL1G5hfdLAN8hM:&tbnh=27&tbnw=141&prev=/images?q=ICICI+PRUDENTIAL+LIFE+INSURANCE+logo&hl=en&um=1&ei=GMXOStHNKImC7QPhwpSBAghttp://images.google.co.in/imgres?imgurl=http://www.birlasunlife.com/BirlaSunLife/images/MP/logo_financial.jpg&imgrefurl=http://www.birlasunlife.com/BirlaSunLife/index.aspx&usg=__g8peKNC4NKM0ei00t1p0usSdsDs=&h=79&w=135&sz=5&hl=en&start=4&sig2=FFH96Lrkqy25W6tLMfQYhA&um=1&tbnid=5u1LM-3I8AixHM:&tbnh=54&tbnw=92&prev=/images?q=birla+sun+life+logo&hl=en&um=1&ei=BsXOSsy2KoP46QODn4nzAQhttp://images.google.co.in/imgres?imgurl=http://img.alibaba.com/photo/103242074/ICICI_PRUDENTIAL_LIFE_INSURANCE_ULIP_PLANS.jpg&imgrefurl=http://www.alibaba.com/product/in103102543-103242074-0/ICICI_PRUDENTIAL_LIFE_INSURANCE_ULIP_PLANS.html&usg=__9u8OrVR73SNEWYt3xL1xuPDmAyI=&h=141&w=748&sz=28&hl=en&start=1&sig2=kAw1Ts8v0DYU9YFRAwHy1A&um=1&tbnid=AL1G5hfdLAN8hM:&tbnh=27&tbnw=141&prev=/images?q=ICICI+PRUDENTIAL+LIFE+INSURANCE+logo&hl=en&um=1&ei=GMXOStHNKImC7QPhwpSBAghttp://images.google.co.in/imgres?imgurl=http://www.birlasunlife.com/BirlaSunLife/images/MP/logo_financial.jpg&imgrefurl=http://www.birlasunlife.com/BirlaSunLife/index.aspx&usg=__g8peKNC4NKM0ei00t1p0usSdsDs=&h=79&w=135&sz=5&hl=en&start=4&sig2=FFH96Lrkqy25W6tLMfQYhA&um=1&tbnid=5u1LM-3I8AixHM:&tbnh=54&tbnw=92&prev=/images?q=birla+sun+life+logo&hl=en&um=1&ei=BsXOSsy2KoP46QODn4nzAQ


20/59

20

business premium for a total sum assured of Rs 13,780 crore and wrote nearly

615,000 policies.

ING VYSYA LIFE INSURANCE

ING Vysya Life Insurance Company Limited is a joint venture between Vysya Bank

and ING Group of Holland, the world's 4th largest financial services group, with

presence across 50 countries, and a heritage of over 150 years.

ING Vysya Life Insurance Company Private Limited entered the private life

insurance industry in India in September 2001. With in a short span of time ING

Vysya Life Insurance has registered an impressive growth. The company currently

has over 10,000 active advisors working from 75 branches (in 30 cities) across the

country and over 2300 employees.

LIFE INSURANCE CORPORATION OF INDIA (LIC)

Life Insurance Corporation of India (LIC) is an autonomous body authorized to run

the life insurance business in India with its Head Office at Mumbai. It has been

established by an act of the Parliament and started functioning from 1/9/1956.

LIC is the biggest insurance player in the country. Out of the total premium of Rs

3766 croregenerated by the insurance industry through group business in the year

2005-06, LIC alone accounted for Rs 3051 crore.

In the financial year 2005-06, LIC has grown at 30.68%. In respect of number of lives

insured, LIC has shown a growth of over 152%. In respect of number of schemes, LIC

has a growth of 2%. LIC's market share in number of individuals covered and number

of policies stands at 77% and 81%, respectively.
http://images.google.co.in/imgres?imgurl=http://www.samanvay.iitm.ac.in/Images/LIC_Logo.jpg&imgrefurl=http://financionomics.blogspot.com/2009/06/two-major-moves-by-lic-and-india-post.html&usg=__Xw1CK_TqLMxaj850FpXYOiuxqwk=&h=3601&w=6601&sz=978&hl=en&start=1&sig2=DpuQRIoPOGAd7PvWo9Xixw&um=1&tbnid=Z-Quel_qgE6XOM:&tbnh=82&tbnw=150&prev=/images?q=LIFE+INSURANCE+CORPORATION+OF+INDIA+(LIC)+logo&hl=en&um=1&ei=V8XOSsq7DJPQ6gOUq7zxAQhttp://images.google.co.in/imgres?imgurl=http://www.theheadhouse.com/ING%20vysya%20logo.jpg&imgrefurl=http://www.theheadhouse.com/job%20opportunities.htm&usg=__32f3TM3xVDOAwRRoxMQTWbwM6Pg=&h=75&w=275&sz=19&hl=en&start=2&sig2=8Y04MUIjWeG-PCcx2sD_Pg&um=1&tbnid=JqhlOZfY3WsIIM:&tbnh=31&tbnw=114&prev=/images?q=ING+VYSYA+LIFE+INSURANCE+logo&hl=en&um=1&ei=K8XOSpT-CJjk7AOhx5jsAQhttp://images.google.co.in/imgres?imgurl=http://www.samanvay.iitm.ac.in/Images/LIC_Logo.jpg&imgrefurl=http://financionomics.blogspot.com/2009/06/two-major-moves-by-lic-and-india-post.html&usg=__Xw1CK_TqLMxaj850FpXYOiuxqwk=&h=3601&w=6601&sz=978&hl=en&start=1&sig2=DpuQRIoPOGAd7PvWo9Xixw&um=1&tbnid=Z-Quel_qgE6XOM:&tbnh=82&tbnw=150&prev=/images?q=LIFE+INSURANCE+CORPORATION+OF+INDIA+(LIC)+logo&hl=en&um=1&ei=V8XOSsq7DJPQ6gOUq7zxAQhttp://images.google.co.in/imgres?imgurl=http://www.theheadhouse.com/ING%20vysya%20logo.jpg&imgrefurl=http://www.theheadhouse.com/job%20opportunities.htm&usg=__32f3TM3xVDOAwRRoxMQTWbwM6Pg=&h=75&w=275&sz=19&hl=en&start=2&sig2=8Y04MUIjWeG-PCcx2sD_Pg&um=1&tbnid=JqhlOZfY3WsIIM:&tbnh=31&tbnw=114&prev=/images?q=ING+VYSYA+LIFE+INSURANCE+logo&hl=en&um=1&ei=K8XOSpT-CJjk7AOhx5jsAQ


21/59

21

CHAPTER-2

COMPANY PROFILE


22/59

22

COMPANY PROFILE

" HDFC's fi nest investment is in its Human Resources. I t draws its personnel fr om

many disciplines. They are the building blocks on which the company's

per formance & productivi ty is based".

Mr. H T ParekhFounder-Chairman, HDFC Ltd.

HDFC Standard Life Insurance HDFC Standard Life Insurance Company is a joint

venture between India's largest housing finance provider, HDFC and Europe's largest

mutual life assurance company - The Standard Life Assurance Company (U. K).

HDFC Standard Life Insurance Company Limited is the First Private Sector Life

Insurance Companyto be granted a license.

Foreign Partner: Standard Life, UK

Standard Life, UK, founded in 1825, has been at the forefront of the UK insurance

industry for 175 years by combining sound financial judgment with integrity and

reliability. It is the Largest Mutual Life company in Europeand has total assets of

Rs. 5,50,000crore.

It is one of the very few insurance companies in the world to have received ' AAA'rating from two of the leading international credit rating agencies, Moody's and

Standard & Poor's. Standard Life was recently voted 'Company of the Decade' in

U.K. by the Independent Brokers called IFAs.

HDFC Standard Life Insurance Company Ltd. is one of Indias leading private life

insurance companies, which offers a range of individual and group insurance

solutions. It is a joint venture between Housing Development Finance Corporation

Limited (HDFC Ltd.), Indias leading housing finance institution and one of the

subsidiaries of Standard Life plc, leading providers of financial services in the United

Kingdom. Both the promoters are well known for their ethical dealings and financial

strength and are thus committed to being a long-term player in the life insurance

industryall important factors to consider when choosing your insurer.


23/59

23

KEY STRENGTHS

Financial Expertise: As a joint venture of leading financial services groups, HDFC

Standard Life has the financial expertise required to manage your long-term

investments safely and efficiently

Range of Solutions: They have a range of individual and group solutions, which can

be easily customized to specific needs. Their group solutions have been designed to

offer you complete flexibility combined with a low charging structure.

THE PARTNERSHIP

HDFC and Standard Life first came together for a possible joint venture, to enter the

Life Insurance market, in January 1995. It was clear from the outset that both

companies shared similar values and beliefs and a strong relationship quickly formed.

In October 1995 the companies signed a 3 year joint venture agreement.

Around this time Standard Life purchased a 5% stake in HDFC, further strengthening

the relationship.

The next three years were filled with uncertainty, due to changes in government and

ongoing delays in getting the IRDA (Insurance Regulatory and Development

authority) Act passed in parliament. Despite this both companies remained firmly

committed to the venture.

In October 1998, the joint venture agreement was renewed and additional resource

made available. Around this time Standard Life purchased 2% of Infrastructure

Development Finance Company Ltd. (IDFC). Standard Life also started to use the

services of the HDFC Treasury department to advise them upon their investments in

India.

Towards the end of 1999, the opening of the market looked very promising and both

companies agreed the time was right to move the operation to the next level.

Therefore, in January 2000 an expert team from the UK joined a hand picked team

from HDFC to form the core project team, based in Mumbai.

Around this time Standard Life purchased a further 5% stake in HDFC and a 5% stake

in HDFC Bank.

In a further development Standard Life agreed to participate in the Asset Management

Company promoted by HDFC to enter the mutual fund market. The Mutual Fund was

launched on 20th July 2000.


24/59

24

INCORPORATION OF HDFC STANDARD LIFE INSURANCE

COMPANY LIMITED

The company was incorporated on 14th August 2000 under the name of HDFC

Standard Life Insurance Company Limited.

Our ambition from as far back as October 1995, was to be the first private company to

re-enter the life insurance market in India. On the 23rd of October 2000, this ambition

was realised when HDFC Standard Life was the only life company to be granted a

certificate of registration.

HDFC are the main shareholders in HDFC Standard Life, with 81.4%, while Standard

Life owns 18.6%. Given Standard Life's existing investment in the HDFC Group, this

is the maximum investment allowed under current regulations.

HDFC and Standard Life have a long and close relationship built upon shared values

and trust. The ambition of HDFC Standard Life is to mirror the success of the parent

companies and be the yardstick by which all other insurance company's in India are

measured.

MISSION:

They aim to be the top new life insurance company in the market.

This does not just mean being the largest or the most productive company in the

market, rather it is a combination of several things like-

Customer service of the highest order Value for money for customers Professionalism in carrying out business Innovative products to cater to different needs of different customers Use of technology to improve service standards Increasing market share


25/59

25

VALUES

SECURITY: Providing long term financial security to our policy holders willbe our constant Endeavour. We will be do this by offering life insurance and pension

products.

TRUST: We appreciate the trust placed by our policy holders in us. Hence, wewill aim to manage their investments very carefully and live up to this trust.

INNOVATION: Recognizing the different needs of our customers, we will beoffering a range of innovative products to meet these needs.

Their mission is to be the best new life insurance company in India and these are the

values that will guide us in this.

HDFC Standard Life is one of the leading life insurance companies having a track

record of declaring bonuses every year since inception. They attribute this success to

our people, who are our most important asset. They believe they are a key facet of the

company and it is their contribution that has enabled us to achieve their current status.

Since they deserve the best, our efforts have been to provide them with the best

environment, best culture and best development opportunities possible.

Their Work Culture is known for its stimulating environment with high levels of

motivation, empowerment and recognition. They encourage an open and informal

culture that values integrity, commitment, teamwork and excellence in customer

service. They adopt a policy of strong learning and development initiatives, which

promotes day-to-day learning as well as decision-making. They believe their strength

is our people, so their Endeavour to surpass their expectations and give them the best

possible work environment and benefits that match the best in the industry. Young

professionals opting to make a career with HDFC SLIC can make use of the

Management Trainee program to grow with us. Professional development and

interpersonal relationships are accorded a high priority while creating a more

congenial and people oriented milieu across the organization, which shows in their

contribution management system.


26/59

26

LEARNING AND DEVELOPMENT INITIATIVES

They believe that the best way of shaping a strong HDFC SL for tomorrow is to invest

in their best resource: their people. People who will take this organization into the

future and will hold the key in helping the company reaches the challenging goals thatit has set for itself. Their Training & Development initiatives are aimed at both

functional and behavioural development.

CONTRIBUTION MANAGEMENT SYSTEM

The Contribution Management System has emerged from the realisation that the

organization would reach a position of excellence and sustained growth only if

superior job performance is accompanied by a forceful display of achievement traits

and demonstrated company values.

The System incorporates the organization stand on laying equal emphasis on both

"means" and "ends", thereby ensuring an objective and increasingly transparent

process of measuring performance.

CAREER PATH

HDFC SL is a performance driven organization. Super achievers move up the career

ladder, effortlessly.

COMPENSATION & BENEFITS

Well-being of their employees is our utmost objective. The compensation and benefits

offered are best in the industry and are aimed at not only attracting but also retaining

the best talent. Rewards for each position are based on performance, potential, and

market value.

They offer other benefits as well, such as provident fund, gratuity and a

hospitalization insurance coverage program that covers not only the employee but

his/her family as well. The employees, who complete two years of service, can avail

of housing and education loans facility at discounted rate. They encourage their

employees to go for further education. For their employees convenience all common

processes like compensation details, reimbursement, leave applications, travel


27/59

27

planning, updating personal information, etc. are automated through the extensive use

of technology.

MANAGEMENT TRAINEE PROGRAM

The key objective of this program is to nurture business leaders of tomorrow. Well-

qualified management graduates are provided with in depth knowledge of insurance

sector and business processes. The management trainee program spreads over a period

of 12 months, making it one of the most comprehensive entry-level programs in India.

The training starts with a one month induction program followed by practical

coaching by the frontline staff who impart them extensive knowledge of insurance

and core businesses. This is coupled with visits to all departments and meetings with

the top management.

THE HRD APPROACH AT HDFC BASICALLY ENVISAGES

HDFC believes that the central purpose of the personnel function in the promotion of

effectiveness of the people employed in the organization in the performance of their

allotted duties, by the substitution of co-operation in the common task in place of the

suspicion and hostility which have so long been characteristics of relations between

employers and employed. Put in simpler terms, this means getting the best out of the

people by winning and maintaining their wholehearted collaboration.

Inspire employees to have a constant desire to learn and develop. Problems are

discussed openly and issues confronted rather than avoided, put under the carpet or

postponed. They are encouraged to express their ideas, opinions and views. They have

constant desire to put in effort and make things happen. The basic objectives are:

Continuous training & development for all. Manpower planning and performance appraisal Motivator and creating a we feeling by putting collective values above

personal consideration.

Grievance handling. Meaningful participation of all. Job analysis & enriching job contents.


28/59

28

TRAINING NEED ASSESSMENT IN HDFC

A personnel excellence evaluation module (Competence Modeling Module) was

employed to map the managerial competencies of HDFC personnel.The module is constituted based on 270-degree feedback for HDFC which comprises

self-assessments and feedback from superiors & press. The module is constituted to

differentiate between top middle & line management competencies.

The managerial competence report is in three major sections.

1. Over all TNA for HDFC with deeper insight in to three main competences setsskills knowledge &behaviour

2. Individual branch TNA3. Future actions & recommendations

The competence mapping module was developed specifically for HDFC. The

behavioral sub-attributes are the basic building blocks of the managerial trails like

leadership team work and positive affirmation.

Training need analysis (TNA) is limited to the branch and organization. TNA also

possible from data available has not been determined to avoid heightening a sense of

measurement in personal concerned.

This competence map highlights focus areas for training. Development & education

support for the corporation common areas of concerns, which complies major gaps

between desirable levels and available levels.

Training needs technical skills which mean skills related to the purely technical

nature of the jobs concerned. Time management is one of the most important for

training. .market communication A/c & financial system all also include in this area.

Development also plays an important role in Human Resource Development. It

ensures clarity on job span and relationship between the responsibilities & authorities.

Knowledge, education & support plays a vital role to enhance the support of people

wants to pursue knowledge in the following areas.

1. A/c & finance2. IT/ IE


29/59

29

3. General management

High performance is an outcome of skills & knowledge being applied to the task in an

organization climate, which support it priority number one, is to conditions

organization climate to support high performance.

Thus this managerial competence profile is an indicator and cannot be said to be

definitive. The corporation needs to undertake a comprehensive competence modeling

exercise to beable to formulate its strategic HRM framework. Human Resource

management encompasses provide for and coordinate human resources. The

employees are becoming much aware of their higher level needs .The managers are to

be required to involve in appropriate techniques of motivating the employees and

getting work from them.

MANAGERIAL DEVELOPMENT AND TRAINING

Managerial performance by imparting knowledge, changing attitudes, or increasing

skills. The ultimate aim is, of course, to enhance the future performance of the

company itself. The general management development process consists of (1)

assessing the companys strategic needs (2) appraising the managers performance

and then (3) developing the managers (and future managers).

There are also many off job techniques for training and developing managers.

Trainees are divided into five or six person groups, each of which competes with the

others in a simulated marketplace. Each group typically must decide for example (1)

how much to spend on advertising, (2) how much to produce, (3) how much inventory

to maintain, and (4) how many of which product to produce.

They help trainees develop their problem solving skills, as well as to focus attention

on planning rather than just putting out fires. The groups also usually elect their own


30/59

30

officers and organize themselves they can thus develop leadership skills and foster

cooperation and teamwork.

Management association provides thousands of courses in areas ranging from

accounting and controls to assertiveness training basis financial skills, information

systems, project management, purchasing management, and total quality

management.

Management development program and rotate through various assignments and

educational experiences.

Anticipate management needs based on factors like planned expansion review your

firms management skills inventory to assess current talent. Then create replacement

charts that summarize potential candidates and each persons development needs.

Development programs provide training in strategic planning and assignment for two

weeks to the employers in house management development.

MANAGERIAL ON THE JOB TRAINING & DEVELOPMENT

TECHNIQUES

On the job training is not just for non managers. Managerial on the job training

methods include job rotation, the coaching understudy approach, and action learning.

Identity levels of training required: Several types of teaching are involved in skill

training. In developing strategy, it is useful to categorize job tasks into different

behaviors and then classify them into groups. The major behaviors which shouldprogress from simple to more complex are indicated.

Simple Training strategy Complex

Problem Solving

Principles

Chaining

Concepts

Discrimination


31/59

31

A. Discrimination: Discrimination tasks are those that require a response or

several different responses. For example, one task of mail clerk is to discriminate

between local, air and out of town mail. The training strategy for this type of behavior

should be to show prompt, and solid responses.

B. Concepts: Concepts must be learnt for successful performance of many tasks.

The strategy for teaching the Pin Code involves more than just its format.

C. Chaining:Many jobs require trainees to perform tasks in a fixed sequence or

a set sequence. Training of this type is called chaining, which employs the following

progressive strategies:

1. Present the trainees with an overview of the chain.2. Follow by instruction in units of chain.3. Teach the trainees to perform elements of the chain in required order.D. Principles: When there is a need of principles, there is prerequisite need of

concepts. The strategy for the teaching principle is to explain to trainees, in specific

terms, what results are expected from the instruction given to them.

E. Problem solving: Problem solving is the application of previously learnt

principles and concepts in a new way to solve a specified type of problem

The term media refers to audio visual aids employed some from of text to

accomplish the objective of training programme.

Establish Sequence:Instructional sequence is an important element because it has an

impact on the response of the trainee to the presentation. The general guidelines for

sequencing the material to be taught are:

1. Type of training (class room, self instructional, etc.)2. Number of instructors3. Kind and results of measurements taken4. Evaluation score (against pre-specified criteria)Evaluation Myths

1. I cant measure the result of my training efforts. 2. I do not know what information to collect.3. Measurement is only effective in the production and financial areas.4. Evaluation will lead to criticism.5. The emphasis on evaluation should be same in all organization.


32/59


33/59

33

SWOT ANALYSIS

STRENGTH

1.Domestic image of HDFC supported by Prudentials international image is strength

of the company.

2. Strong and well spread network of qualified intermediaries and sales person.

3. Strong capital and reserve base.

4. The company provides customer service of the highest order.

5. Huge basket of product range which are suitable to all age and income groups.

6. Large pool of technically skilled manpower with in depth knowledge andunderstanding of the market.

7. The company also provides innovative products to cater to different needs of

different customers.

WEAKNESS

1.Heavy management expenses and administrative costs.

2. Low customer confidence on the private players.

3. Vertical hierarchical reporting structure with many designations and cadres leading

to power politics at all levels without any exception.

OPPORTUNITIES

1. Insurable population According to ING only 10% of the population is insured,

which represents around 30% of the insurable population. This suggests more than

300m people, with the potential to buy insurance, remain uninsured.

2. There will be inflow of managerial and financial expertise from the worlds leading

insurance markets. Further the burden of educating consumers will also be shared

among many players.

3. International companies will help in building world class expertise in local market

by introducing the best global practices.


34/59

34

4. Insurance liberalization in India is expected to result in a wider choice of major

commercial insurance covers, such as fire, export credit

Threats

1. Aggressive promotional strategies by close competitors may hamper HDFCacceptance by new clients.

2. Lack of sufficient branch-offices for speedy delivery of services.

3. Other players are providing margin funds to investors on easy terms where asthere is no such facility in HDFC.

4. More and more players are venturing into this domain which can further reducethe earnings of HDFC.


35/59

35

CHAPTER-3

RESEARCH METHODOLOGY


36/59

36

RESEARCH METHOLOGY

SOURCES OF DATA

Research work was done from two sources:-

(1) Primary data(2) Secondary data

Primary data was collected by questionnaire survey of employees and interviewing

the officials at HDFC Standard Life Insurance Company Ltd. The interview was

structured and open-ended questions based on literature survey, was asked.

Secondary data was collected by reviewing different literatures, from published

books, management journals, articles published by the other researchers for a

particular company and from Internet.

RESEARCH OBJECTIVES

The basic purpose of the survey will be to:

1. To enlist the key HR policies of HDFC Standard Life Insurance CompanyLtd.

2. To conduct a survey of employees at HDFC Standard Life InsuranceCompany Ltd. and gauge their satisfaction levels of employees with the HR policies

of the company.

3. To use the responses of employees to pinpoint areas where improvement isrequired since retaining people is essential for the success of a company.


37/59

37

RESEARCH APPROACH

Research Design: Exploratory research

Sampling Design: Stratified Sampling Population size-all the employees of HDFC Standard Life Sample size- 100 employees Sample Extent: New Delhi Data Analysis: I provide in the final report frequencies and category percentagesof each question. Visual displays of the data are in the form of bar charts, pie charts,

histograms, etc.

The information gathered has been tabulated and presented in the final report.

Data collection

The primary data was collected by using questionnaires. The questionnaire has 28

questions excluding marital status, age, factor prompted to join reliance. A five point

scale was used such as strongly disagree, disagree, neutral, agree and strongly agree.

Statistical tools used for analysis:

The collected data were analyzed by using following techniques:

Percentage analysis One-way ANOVA

SAMPLE SIZE: 100

SAMPLE UNIT: EMPLOYEES


38/59

38

LIMITATIONS OF RESEARCH

The following are the anticipated limitations of the study:

Time was the biggest constraint as many times it was not possible to meetsenior officials to collect such information. But all efforts will be made to get all the

relevant information required for this study.

There may be biases on the part of the Company Executive while providingthe information. This has directly affected the study but has some impact on the

conclusions.

Some of the respondents were not willing to provide information on theircompany. The information was collected from the Delhi Office for all the other regionaloffices of the company.


39/59

39

CHAPTER-4

DATA ANALYSIS &

INTERPRETATIONS


40/59

40

DATA ANALYSIS AND INTERPRETATION

TABLE NO: 1

INTERPRETATION:

From the above chart and table it is clearly evident that 34% of the respondents

strongly agree that working hours are convenient from them and 32% agree with that

and 18% neither agree nor disagree and 13% disagree with the working hours and 3%

are strongly against working hours.


41/59

41

Table No: 2

INTERPRETATION:

From the above table it is clear that 30% respondents strongly agree and 39%

respondents agree that they are happy with their work place only 13% disagreed and

18% have no idea towards their work place.


42/59

42

TABLE NO: 3

Interpretation:

From the above table its is evident that 33% respondents strongly agree with the

lightings and arrangements in the office, 37% agree with that and 12% disagree with

the lightings and arrangements and 18% have no idea towards lightings and

arrangements.


43/59

43

TABLE NO: 4

INTERPRETATION:

From the above table it is quite clear that the work load is not high, 37% of the

respondents disagreed with the question I feel I have too much work and another

22% strongly disagreed, 18% admits they have too much work and 23% have no idea

towards this question.


44/59

44

TABLE NO: 5

INTERPRETATION:

From the above table it is evident that the safety measures provided by the

organizations are good as 28 and 31% of the respondents agree with that and only

11& 6% disagreed and 24% neither agreed nor disagreed.


45/59

45

TABLE NO: 6

INTERPRETATION:

From the above table it is clear that relationship between employees and their

supervisors are cordial because 30% of respondents strongly agreed to it and 41%

agreed to it and only 13% disagreed and 16% of respondents have neither agreed nor

disagreed.


46/59

46

TALE NO: 7

INTERPRETATION:

From the above table it is evident that the supervisors are not partial to the employees

as 18% strongly agreed and 30% agreed to the question but 19% disagreed and 18%

strongly disagreed this level is quite high compared to other questions.


47/59

47

TABLE NO: 8

INTERPRETATION:

From the above table it is clear that 26 and 42% of the respondents agree that

supervisors consider their employees ideas also and only 5% disagreed and 26%

neither agreed nor disagreed.


48/59

48

TABLE NO: 9

INTERPRETATION:

From the above table it is quite clear that the work load is not high, 37% of the

respondents disagreed with the question I feel I have too much work and another

22% strongly disagreed, 18% admits they have too much work and 23% have no idea

towards this question.


49/59

49

TABLE NO: 10

INTERPRETATION:

From the above table it is evident that the safety measures provided by the

organizations are good as 28 and 31% of the respondents agree with that and only

11& 6% disagreed and 24% neither agreed nor disagreed.


50/59

50

CHAPTER - 5

FINDINGS


51/59

51

FINDINGS

The descriptive statistics table helps us to derive satisfaction level of employees

on various factors:

The respondents are satisfied with the environment and nature of work factorsas their mean value is near to 2.50

The respondents relationship with the superiors and colleagues are quite goodas their mean value is 2.36 is an agreeable level.

The Respondents are not provided with proper welfare facilities thats thereason the mean value is quite high at 3.46 levels which is disagree level.

The communication and motivation of employees by their superiors in thisorganization is reasonable as the mean value is 2.57.

The Pay and promotion activities in this organization is also good as theirmean value is 2.4

The Respondents are overall satisfied with their job as their mean value is 2.54which is an agreeable level.

The Parking facilities provided by the organization are not good thats whymost respondents disagree with this question.

As revealed by the survey, the HDFC Standard Life seems to be doingsatisfactory in terms of the various variables taken into considerations like

Interest in work, Growth prospects/promotion, Recognition and appreciation,

Feedback, Security, Participation management, Training and bearing,

Communication system, Reward, Supervision, Working groups, Occupational

status, Working Environment, Organisational Commitment

However, the company needs to focus primarily on two aspects in order toenhance the existing morale to achieve high organizational commitment i.e.,

on monetary benefits, grievance handling and social relations.


52/59

52

CHAPTER- 6

RECOMMENDATION


53/59

53

RECOMMENDATIONS

In regards to Training the person who needs training should be properly

interviewed about the kind of training he required for his job. This would enable the

employees to perform better, which will further lead to job satisfaction.

T&D needs should be captured during Appraisal. The same needs to be collated

by HR & are validated during one-on-one meetings with the supervisors. There is a

need to develop more Internal and External Programmes for Executive Level and

Middle Level to reduce attrition

A good promotion policy provides satisfaction because with every promotion the

social status and recognition of persons improves. Therefore adequate opportunities

should be given to each and every employee for promotion and promotion should also

be given at certain duration. While giving promotion a proper balance should be made

between seniority and merit that means while giving promotion seniority and merit

both should be taken in to consideration.

Proper feedback should be given to the employees for their overall development

and better future prospects.

The activity and potential of the employees should be given more considerationrather than other factors.

Team spirit should be encouraged among the employees for better coordination, to

achieve individual as well as organizational goals.


54/59

54

ANNEXURES


55/59

55

QUESTIONNAIRE

Name:______________

Designation:____________________

Q1. Are working hours are convenient for me?

1. Strongly agree2. Agree3. Neither agree nor disagree4. Disagree5. Strongly disagree

Q2. Are you happy with my work place?


Q3. The lighting and other arrangement with office are satisfactory ?



56/59

56

Q4. Do you feel you have too much work to do?


Q5. Safety measures provided by the company ?


Q6. My relationship with my supervisor is cordial?


Q7. My supervisor is not partial ?



57/59

57

Q8. My supervisor consider my idea too while taking decision?


Q9. Do you feel you have too much work to do?


Q10. Do you feel safety measures provided by the company are appropriate ?



58/59

58

BIBLOGRAPHY


59/59

The information in this project is based on primary as well as secondary data which

was collected from the following sources:

Books

1. CHABBRA T.N Human Resource Management-, 3rd edition, 2006 PrenticeHall of India

2. GUPTA C.B Human Resource Management- 1st edition, 2006 VikasPublishing House, Pvt Ltd. Delhi.

Magazines & Newspapers

HDFC SLIC brochure & magazines Times of India Hindustan times Other various magazines

Internet Sites

www.hdfcsl.com www.altavista.com
http://www.hdfcsl.com/http://www.altavista.com/http://www.altavista.com/http://www.hdfcsl.com/

SURAJ KALRA . regn. no 1130310213 (1).docx

Documents

Transcript of SURAJ KALRA . regn. no 1130310213 (1).docx