A

PROJECT REPORT
ON
JOB SATISFACTION

SUBMITTED IN PARTIAL FULFILLMENT OF REQUIRMENT FOR THE AWARD OF

THE DEGREE
OF
MASTER OF BUSINESS ADMINISTRATION
SESSION – 2018-20
SUBMITTED TO SUBMITTED BY
Ms. NISHI SANGWAN NEHA RATHEE
HOD ROLL NO.:-8314719

SCHOOL OF ENGINEERING & TECHNOLOGYA UNIT OF GANGA TECHNICAL CAMPUS , SOLDHA

AFFILIATED BY MAHARSHI DAYANAND UNIVERSITY, ROHTAK

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 DECLARATION

I NEHA RATHEE hereby declare that the project report on JOB SATISFACTION submitted
for the MBA (MASTER IN BUSINESS ADMINISTRATION) through the School of
Engineering, Ganga Technical Campus, and it has not been submitted to any other university or
institution for the award of any degree or diploma in any other university

NEHA RATHEE

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 ACKNOWLEDGEMENT

It is said, the most important single word is we and the zero important single word is I. This true
even in today’s modern era. It is absolutely impossible for a single individual to complete the
assigned job without help and assistance from others.
It is my greatest pleasure to acknowledge sincere gratitude towards NISHI MAM JOB
SATISFACTION for the completion of the project work.
I am thankful to all of my friends and batch mates for their help in completing this project work.
Finally, I am thankful to my entire family members for their great support and encouragement.

NEHA RATHEE

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 Table of contents

S.NO. Content Page.No

1 Introduction

A) Introduction of the topic 5-28

B) Introduction of Company 28-51

2 Objective of the study 52

3 Research methodology 53-58

4 Data analysis & interpretation 58-71

5 Findings 72

6 Limitations 73

7 Suggestion 74

8 Conclusion 75

Bibliography

Annexure

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 Job satisfaction
There are many aspects to job satisfaction, depending on what each individual person feels is
important. In many ways, the word 'reward' alone can mean different things to different people,
and in this lesson, we are going to look at job satisfaction and its place in today's business
environment. Our goal is to understand job satisfaction, or how content someone is with their job
and the sense of accomplishment they get from doing it.

Rewards and Job Satisfaction

The first aspect that comes to mind when we think about causes for job satisfaction is the rewards
a person gets while doing their job. Rewards can take a monetary form (money) or be a more
intangible reward, like the feeling a person might get when doing a job that helps others (a nurse,
for example). We can even think of a reward as the prestige you get for actually doing a job (as
with a judge or other politicians).

You see, rewards are in the eyes of the beholder and are different for each person, which is why
motivating a person with rewards means you must apply the correct reward to the person that is
receiving it. For example, rewarding a nurse for a job well done monetarily might not be the best
call (beyond paying her her salary, of course!) when a reward like a gift from her patients might
be more appreciated.

In some cases, rewards can take the shape of opportunity to move up in the company. Someone
working hard and wanting to get ahead in an organization might feel rewarded if they are
promoted. That promotion (and the recognition that comes with it) is a means of recognizing the
work the employee does and makes the employee feel better about their job and the company,
thus enriching their overall job satisfaction.

One aspect of job satisfaction that is not really reward-related is job security. Let's face it - some
people obtain job satisfaction from knowing the company they are in is stable and not going
anywhere. There are individuals who feel this is the most important aspect of a job, and having a
stable company makes them feel secure, which helps promote job satisfaction.

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Job Satisfaction and Performance

The relationship between how satisfied a person is with their job and their actual job performance
is open to discussion and debate. You see, it's hard to correlate those two aspects primarily
because when people are asked if they get job satisfaction from working at ABC Company, a
certain percentage will say yes just because they think if they say no, there could be a negative
consequence. After all, if you tell your boss you are not satisfied with your job, what if his reply
is 'Then I guess you better leave'? Thus, while we understand there is a correlation between
satisfaction and performance, it's hard to definitively nail it down without some sort of survey
error being present.

One thing is certain: There are two basic views of satisfaction and performance, and they are
inverted to one another. One believes that satisfaction leads to performance, while the other
believes performance leads to satisfaction. In effect, we are saying if someone is happy with their
job they will perform better, but in order to be satisfied, they have to perform in their job to get
that satisfaction. It is somewhat of a revolving door, and again, it is hard to distinguish between
whether satisfaction drives performance or if performance drives satisfaction.

Regardless of your viewpoint, it does not take a lot of thought to realize that if someone has a
high level of job satisfaction, they will probably have a high level of performance. On the other
hand, if someone is not satisfied with their job, they probably will not have the same high level of
performance.

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JOB SATISFACTION

“Job satisfaction is a general attitude towards one’s job: the difference between the amount
of reward workers receive and the amount they believe they should receive.”

Job satisfaction represents the constellations of person’s attitude towards or about the job. In
general, job satisfaction is the attitude towards the job as a whole. Job satisfaction is a function of
satisfaction with different aspects of job, i.e. supervision, pay, works itself, co-workers, promotion,
etc., and of the particular weighting or importance one attaches to these respective components.

The study of job satisfaction is a relatively recent phenomenon. It can perhaps be said to have
begun in earnest with the famous Hawthorne studies conducted by Elton Mayo at the western
Electronic Company in 1920s during the course of investigations.
However they become convinced that factors of a social nature were affecting satisfaction with the
job and productivity. Since the Hawthorne studies there has been an enormous output of work on
the nature, causes and correlates of job satisfaction.

The traditional model of job satisfaction is that it consists of the total body of feelings that an
individual has about his job. This total body of feelings involves, in effect, weighting up the sum
total of influences of the job, the nature of job itself, the pay, the promotion. The promotion
prospects, the nature of supervision and so on. Where the sum total of influences gives rise to
feelings of satisfactions the individual is job satisfied. Where in total they give rise to feelings of
job dissatisfaction the individual is job dissatisfied. Improving any one of these influences will lead
in the direction of job satisfaction, making less satisfactory any one of the influences will lead in
the direction of the job dissatisfaction. However, what makes a job satisfying does not depends
only on the nature of the job, but on the job expectations that individuals have of what their job
should provide.

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Effect of Job Satisfaction

Job satisfaction has a variety of effects. These effects may be seen in the context of an individual’s
physical and mental health, productivity, absenteeism, and turnover.

Physical and Mental Health:

The degree of job satisfaction affects an individual’s physical and mental health. Since job
satisfaction is a type of mental feeling, its favorableness or unfavourablesness affects the individual
psychologically which ultimately affects his physical health.

For example, Lawler has pointed out that drug abuse, alcoholism and mental and physical health
result from psychologically harmful jobs. Further, since a job is an important part of life, job
satisfaction influences general life satisfaction. The result is that there is spillover effect which
occurs in both directions between job and life satisfaction.

Productivity:
There are two views about the relationship between job satisfaction and productivity:
1. A happy worker is a productive worker,
2. A happy worker is not necessarily a productive worker.
The first view establishes a direct cause-effect relationship between job satisfaction and
productivity; when job satisfaction increases, productivity increases; when satisfaction decreases,
productivity decreases. The basic logic behind this is that a happy worker will put more efforts for
job performance.

However, this may not be true in all cases. For example, a worker having low expectations from
his jobs may feel satisfied but he may not put his efforts more vigorously because of his low
expectations from the job. Therefore, this view does not explain fully the complex relationship
between job satisfaction and productivity.
.

Absenteeism:

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Absenteeism refers to the frequency of absence of job holder from the workplace either unexcused
absence due to some avoidable reasons or long absence due to some unavoidable reasons. It is the
former type of absence which is a matter of concern. This absence is due to lack of satisfaction
from the job which produces a ‘lack of will to work’ and alienate a worker form work as for as
possible. Thus, job satisfaction is related to absenteeism.

Employee turnover:
Turnover of employees is the rate at which employees leave the organization within a given period
of time. When an individual feels dissatisfaction in the organization, he tries to overcome this
through the various ways of defense mechanism. If he is not able to do so, he opts to leave the
organization. Thus, in general case, employee turnover is related to job satisfaction. However, job
satisfaction is not the only cause of employee turnover, the other cause being better opportunity
elsewhere.

For example, in the present context, the rate of turnover of computer software professionals is very
high in India. However, these professionals leave their organizations not simply because they are
not satisfied but because of the opportunities offered from other sources particularly from foreign
companies located abroad.

Improving job satisfaction:

Job satisfaction plays significant role in the organization. Therefore, manager should take concrete
steps to improve the level of job satisfaction.
1. Re-designing the job.
2. Improving the quality of work life.
3. Linking rewards with performance.
4. Improving overall organizational climate.

Human life has become very complex and completed in now-a-days. In modern society the needs
and requirements of the people are ever increasing and ever changing. When the people are ever
increasing and ever changing, when the people’s needs are not fulfilled they become dissatisfied.

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Dissatisfied people are likely to contribute very little for any purpose. Job satisfaction of industrial
workers us very important for the industry to function successfully.

Apart from managerial and technical aspects, employers can be considered as backbone of any
industrial development. To utilize their contribution they should be provided with good working
conditions to boost their job satisfaction.

Any business cab achieve success and peace only when the problem of satisfaction and
dissatisfaction of workers are felt understood and solved, problem of efficiency absenteeism labour
turnover require a social skill of understanding human problems and dealing with them scientific
investigation serves the purpose to solve the human problems in the industry
a) Pay.
b) The work itself.
c) Promotion
d) The work group.
e) Working condition.
f) Supervision.

PAY
Wages do play a significant role in determining of satisfaction. Pay is instrumental in fulfilling so
many needs. Money facilities the obtaining of food, shelter, and clothing and provides the means
to enjoy valued leisure interest outside of work. Moreover, pay can serve as symbol of achievement
and a source of recognition. Employees often see pay as a reflection of organization. Fringe benefits
have not been found to have strong influence on job satisfaction as direct wages.

THE WORK ITSELF

Along with pay, the content of the work itself plays a very major role in determining how satisfied
employees are with their jobs. By and large, workers want jobs that are challenging; they do want
to be doing mindless jobs day after day. The two most important aspect of the work itself that
influence job satisfaction are variety and control over work methods and work place. In general,
job with a moderate amount of variety produce the most job satisfaction. Jobs with too little variety

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cause workers to feel bored and fatigue. Jobs with too much variety and stimulation cause workers
to feel psychologically stressed and ‘burnout’.

PROMOTION
Promotional opportunities have a moderate impact on job satisfaction. A promotion to a higher
level in an organization typically involves positive changes I supervision, job content and pay. Jobs
that are at the higher level of an organization usually provide workers with more freedom, more
challenging work assignments and high salary.

SUPERVISION
Two dimensions of supervisor style:
1. Employee centered or consideration supervisors who establish a supportive personal relationship
with subordinates and take a personal interest in them.
2. The other dimension of supervisory style influence participation in decision making, employee
who participates in decision that affect their job, display a much higher level of satisfaction with
supervisor an the overall work situation.

WORK GROUP
Having friendly and co-operative co-workers is a modest source of job satisfaction to individual
employees. The working groups also serve as a social support system of employees. People often
used their co-workers as sounding board for their problem of as a source of comfort.

WORK CONDITION
The employees desire good working condition because they lead to greater physical comfort. The
working conditions are important to employees because they can influence life outside of work. If
people are require to work long hours and / or overtime, they will have very little felt for their
families, friends and recreation outside work. While analyzing the various determinants of job
satisfaction, we have to keep in mind that: all individuals do no derive the same degree of
satisfaction though they perform the same job in the same job environment and at the same time.

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Therefore, it appears that besides the nature of job and job environment, there are individual
variables which affect job satisfaction.

Thus, all those factors which provide a fit among individual variables, nature of job, and situational
variables determine the degree of job satisfaction. Let us see what these factors are.

Individual factors:
Individuals have certain expectations from their jobs. If their expectations are met from the jobs,
they feel satisfied. These expectations are based on an individual’s level of education, age and other
factors.

Level of education: Level of education of an individual is a factor which determines the degree of
job satisfaction. For example, several studies have found negative correlation between the level of
education, particularly higher level of education, and job satisfaction. The possible reason for this
phenomenon may be that highly educated persons have very high expectations from their jobs
which remain unsatisfied. In their case, Peter’s principle which suggests that every individual tries
to reach his level of incompetence, applies more quickly.

Age: Individuals experience different degree of job satisfaction at different stages of their life. Job
satisfaction is high at the initial stage, gets gradually reduced, starts rising upto certain stage, and
finally dips to a low degree. The possible reasons for this phenomenon are like this.
When individuals join an organization, they may have some unrealistic assumptions about what
they are going to drive from their work. These assumptions make them more satisfied. However,
when these assumptions fall short of reality, job satisfaction goes down. It starts rising again as the
people start to assess the jobs in right perspective and correct their assumptions. At the last,
particularly at the far end of the career, job satisfaction goes down because of fear of retirement
and future outcome.

Other factors: Besides the above two factors, there are other individual factors which affect job
satisfaction. If an individual does not have favorable social and family life, he may not feel happy

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at the workplace. Similarly, other personal problems associated with him may affect his level of
job satisfaction. Personal problems associated with him may affect his level of job satisfaction.

Nature of job:
Nature of job determines job satisfaction which is in the form of occupation level and job content.
Occupation level: Higher level jobs provide more satisfaction as compared to lower levels. This
happens because high level jobs carry prestige and status in the society which itself becomes source
of satisfaction for the job holders.
For example, professionals derive more satisfaction as compared to salaried people: factory
workers are least satisfied.
Job content: Job content refers to the intrinsic value of the job which depends on the requirement
of skills for performing it, and the degree of responsibility and growth it offers. A higher content
of these factors provides higher satisfaction.
For example, a routine and repetitive lesser satisfaction; the degree of satisfaction progressively
increases in job rotation, job enlargement, and job enrichment.

Situational variables:
Situational variables related to job satisfaction lie in organizational context – formal and informal.
Formal organization emerges out of the interaction of individuals in the organization. Some of the
important factors which affect job important factors which affect job satisfaction are given below

1. Working conditions: Working conditions, particularly physical work environment, like

conditions of workplace and associated facilities for performing the job determine job
satisfaction. These work in two ways. First, these provide means job performance. Second,
provision of these conditions affects the individual’s perception about the organization. If
these factors are favourable, individuals experience higher level of job satisfaction.

2. Supervision: The type of supervision affects job satisfaction as in each type of supervision; the
degree of importance attached to individuals varies. In employee-oriented supervision, there is
more concern for people which is perceived favourably by them and provides them more

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satisfaction. In job oriented supervision, there is more emphasis on the performance of the job and
people become secondary. This situation decreases job satisfaction.

3. Equitable rewards: The type of linkage that is provided between job performance and rewards
determines the degree of job satisfaction. If the reward is perceived to be based on the job
performance and equitable, it offers higher satisfaction. If the reward is perceived to be based on
considerations other than the job performance, it affects job satisfaction adversely.

4. Opportunity: It is true that individuals seek satisfaction in their jobs in the context of job nature
and work environment by they also attach importance to opportunities for promotion that these job
offer. If the present job offers opportunity of promotion is lacking, it reduces
satisfaction.

5. Work group: Individuals work in group either created formally of they develop on their own to
seek emotional satisfaction at the workplace. To the extent such groups are cohesive; the degree of
satisfaction is high. If the group is not cohesive, job satisfaction is low. In a cohesive group ,people
derive satisfaction out of their interpersonal interaction and workplace becomes satisfying

WAYS TO INCREASE JOB SATISFACTION

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1. Praise your employees’ hard work. In today’s busy work environments, it’s easy to overlook basics
like a simple thank you for a job well-done. A few sincere words of praise let your employees know
they are appreciated. Plus, who can argue with the $0 price tag?
2. Provide a reward for above-average efforts. Incentives and rewards are common for employees in
sales, but don’t forget the rest of your team. Small rewards like gift cards, a lunch out, or tickets to
a sporting event can go a long way, without costing a fortune.
3. Offer flexible work hours. This sends the message that you realize the importance of an employee’s
outside life. Flexible work hours also make it easier for employees to avoid rush hour traffic, which
is guaranteed to improve anyone’s outlook.
4. Make your employees comfortable at work. Inexpensive things like free water, healthy snacks, and
ergonomic chairs show your employees that you are interested in their comfort level. Here’s
another novel idea: turn up the thermostat a degree or two in the summer months. You’ll save on
cooling costs, and have fewer miserably cold employees.
5. Communicate. Building a strong relationship with your employees ensures they will talk to you
about any problems, leading to a faster resolution, and a speedier return to productivity. In addition
to regular communication, it’s also a great idea to offer employees a suggestion box for making
anonymous tips on improving the workplace. The cloak of anonymity gives employees the freedom
to share honest opinions, without awkwardness or fear of retribution.

QUALITY OF WORK LIFE

Another way to increase job satisfaction among employees is to provide a high quality of work-life
(QWL) environment, in which employees may be productive because their work situations is one
in which they find satisfaction. A QWL environment may contain either routinized jobs or enriched
jobs. The key to QWL is the institutionalization of the following components, all within the

Employer’s purview:

1) Fair and adequate compensation;

2) Safe and healthy work environment;

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3) Opportunities to develop human capacities by performing meaningful work and suggesting new
ways of doing job tasks;

4) Growth and security, which includes opportunities to improve knowledge, skills, and abilities,
and a sense of job security;

5) Social integration, which includes the opportunity to interact favorably with both co-workers
and manager;

6) Constitutionalism, which includes personal policies that are administered fairly, a work
environment free of harassment, and equal opportunities for employees to advance;

7) Total life space, which includes the ability to balance the demands of home and work; and

8) Social relevance, which includes pride in both the job and the employer. A high quality of work
life can result from a determined effort on the part of a human resource manager. It may also exist
simply as a result of concerned, Executives and skilled managers who display “good management”.
The presence of QWL factors in an organization sets the stage for job satisfaction to occur. The
factors are a backdrop against which the activities of both employees and supervisors take place.
Without them the work environment can be uncomfortable, even hostile. With QWL factors in
place, the real business of balancing job satisfaction and performance can begin. If quality working
conditions are not present, people will become dissatisfied. They may look for other jobs. They
may simply perform at a minimal level. In either event, the organization will lose. What employees
at all levels of the organization want is “good work” is not only a job, but also a source of financial
support; that is:

Work that allows people to use the skills that are unique and special to them;

Work that allows people to be in relationships with one another at the work place; and

Work that allows people to produce something that is “good” something to which they can look
with pride, something that has social relevance.

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Quality of work life is a multi-faceted concept and its premise is having a work environment where
an employee’s activities become more important.30 Alert and conscientious human resource
managers, reviewing the working environment in their organizations, can discover and prevent
uncomfortable conditions. This means implementing procedures or policies that make the work
less routine and more rewarding for the employee. These procedures or policies include autonomy,
recognition, belonging, progress and development, and external rewards.Elements of QWL that
can influence directly are total life space, good managerial relations, fair and adequate
compensation, and safe and healthy work environment.

Job Satisfaction and Absences:

Correlation of satisfaction to absenteeism is also proved conclusively. Employees who are

dissatisfied are more likely to take “mental health” days, i.e. days off not due to illness or personal
business simply stated, absenteeism is high when satisfaction is low. As in turnover, absenteeism
is subject to modification by certain factors. The degree to which people feel that their jobs are
important has a moderating influence on their absence. Employees who feel that their work is
important tend to clock in regular attendance. Besides, it is important to remember that while high
job-satisfaction will not necessarily result in low absenteeism, low satisfaction is likely to bring
about high absenteeism. Absenteeism is expensive. Being absent from work may seem like a small
matter to an employee. But if a manager needs 12 people in a unit to get the work done, and 4 of
the 12 are absent most of the time, the unit’s work will probably not get done, or additional workers
will have to be hired.

Types of Absenteeism:

Employees can be absent from work for several reasons. The reasons for unscheduled absences
clearly, some absenteeism is unavoidable. People do get sick and have family issues such as sick
children that make it impossible for them to attend work. This is usually referred to as involuntary
absenteeism. However, much absenteeism is avoidable; it is called voluntaryabsenteeism. Often, a
relatively small number of individuals in the workplace are responsible for a disproportionate share
of the total absenteeism in an organization.Many employers have sick-leave policies that allow

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employees a certain number of paid absent days per year, because illnesses, death in the family,
and other personal reasons for absences are unavoidable and understandable. Absenteeism tends to
be higher in governmental agencies, utilities, and manufacturing firms. Absenteeism is lowest in
retail /wholesale firms, possibly because those industries use a large percentage of part-time
workers.

Job Satisfaction and Safety:

Poor safety practices are a negative consequence of low satisfaction level. When people are
discouraged about their jobs, company, and supervisors, they aremore liable to experience
accidents. An underlying reason for such accidents is that discouragement may take one’s attention
away from the task at hand. Inattention leads directly to accidents. For example, many hand injuries
from power tools can be attributed to the operator not paying careful attention.

Job Satisfaction and Job Stress:

Job stress is the body’s response to any job-related factor that threatens to disturb the person’s
equilibrium. In the process of experiencing stress, the employee’s inner state changes prolonged
stress can cause the employee serious ailments such as heart disease, ulcer, blurred vision, lower
back pain, dermatitis, and muscle aches. Chronic job-dissatisfaction is powerful source of job stress
.The employee may see no satisfactory short term solution to escaping this type of stress. An
employee trapped in a dissatisfying job may withdraw by such means as high absenteeism and
tardiness; or the employee may quit. Employees under prolonged stress stemming from job-
dissatisfaction often consume too much alcohol, tobacco, and drugs. These employees are costly
to the management in terms of time lost due to frequent absences and increased payments towards
medical reimbursement.

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What is Insurance?

Insurance is the equitable transfer of the risk of a loss, from one entity to another in exchange for
payment. It is a form of risk management primarily used to hedge against the risk of a contingent,
uncertain loss.

An insurer, or insurance carrier, is a company selling the insurance; the insured, or policyholder,
is the person or entity buying the insurance policy. The amount of money to be charged for a certain
amount of insurance coverage is called the premium. Risk management, the practice of appraising
and controlling risk, has evolved as a discrete field of study and practice.

The transaction involves the insured assuming a guaranteed and known relatively small loss in the
form of payment to the insurer in exchange for the insurer's promise to compensate the insured in
the case of a financial (personal) loss. The insured receives a contract, called the insurance policy,
which details the conditions and circumstances under which the insured will be financially
compensated.

History of insurance

In some sense we can say that insurance appears simultaneously with the appearance of human
society. We know of two types of economies in human societies: natural or non-monetary
economies (using barter and trade with no centralized or standardized set of financial instruments)
and more modern monetary economies (with markets, currency, financial instruments and so on).
The former is more primitive and the insurance in such economies entails agreements of mutual
aid. If one family's house is destroyed the neighbours are committed to help rebuild. Granaries
housed another primitive form of insurance to indemnify against famines. Often informal or

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formally intrinsic to local religious customs, this type of insurance has survived to the present day
in some countries where a modern money economy with its financial instruments is not widespread.

Turning to insurance in the modern sense (i.e., insurance in a modern money economy, in which
insurance is part of the financial sphere), early methods of transferring or distributing risk were
practiced by Chinese and Babylonian traders as long ago as the 3rd and 2nd millennia BC,
respectively. Chinese merchants travelling treacherous river rapids would redistribute their wares
across many vessels to limit the loss due to any single vessel's capsizing. The Babylonians
developed a system which was recorded in the famous Code of Hammurabi, c. 1750 BC, and
practiced by early Mediterranean sailing merchants. If a merchant received a loan to fund his
shipment, he would pay the lender an additional sum in exchange for the lender's guarantee to
cancel the loan should the shipment be stolen or lost at sea.

Achaemenian monarchs of Ancient Persia were the first to insure their people and made it official
by registering the insuring process in governmental notary offices. The insurance tradition was
performed each year in Norouz (beginning of the Iranian New Year); the heads of different ethnic
groups as well as others willing to take part, presented gifts to the monarch. The most important
gift was presented during a special ceremony. When a gift was worth more than 10,000 Derrick
(Achaemenian gold coin) the issue was registered in a special office. This was advantageous to
those who presented such special gifts. For others, the presents were fairly assessed by the
confidants of the court. Then the assessment was registered in special offices.

History of insurance in India

1818, when Oriental Life Insurance Company was started by Anita Bhavsar in Kolkata to cater to
the needs of European community. The pre-independence era in India saw discrimination between
the lives of foreigners (English) and Indians with higher premiums being charged for the latter. In
1870, Bombay Mutual Life Assurance Society became the first Indian insurer.

1912, the Life Insurance Companies Act and the Provident Fund Act were passed to regulate the
insurance business

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1972 with the General Insurance Business (Nationalization) Act was passed by the Indian
Parliament, and consequently, General Insurance business was nationalized with effect from 1
January 1973.

In 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

Life insurance as a basic need

Life insurance is a basic need. It's the first step in financial planning. However, life insurance is
not just for financial protection in the event of untimely death of the breadwinner. It can also be a
comprehensive wealth accumulation solution.

Whether you are young or old, rich or poor, employed or a business person — you can get a plan
tailor-made for you. In a way, all investments are insurance against financial risk and all insurance
is investment for a better tomorrow. Many Life insurance plans have savings component that earn
returns just like in any other investments (e.g., fixed deposits, bonds or mutual funds). But the main
difference is that Life Insurance really is a long term investment.

How insurance works?

Insurance is a general term for products offered to consumers to mitigate risk and provide financial
compensation in the event of adverse unforeseen circumstances.

More than 100 brands offer a range of general insurance products to Australian consumers.
Every insurer has different products that adhere to different exclusions and policy requirements.

Insurance companies purchase their own form of insurance from other companies, this is called
reinsurance. Reinsurance provides risk management for insurers and allows them to meet the terms

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of their policies. Through an agreement with the insurer, reinsurers are able to negotiate the terms
upon which the insurer will be covered.

To receive insurance cover, consumers must purchase a policy from an individual company, so as
long as consumers meet the requirements of the insurer and pay their policy fees, they will be
eligible for cover. Several policies have minimum requirements for cover, such as good health for
travel insurance and building standards for home insurance.

When a policyholder is affected by an event covered by their policy, they must contact their insurer
and lodge a claim. The insurer will then determine whether the claim is covered by the policy, if it
is legitimate or fraudulent and how much compensation is required. All insurance companies are
required to meet the terms of their policies.If consumers have disputes that were not resolved with
their insurance company, they should contact the Financial Ombudsman Service on 1300 78 08.

General insurance is one of the most regulated industries in Australia. The government agency that
oversees the industry is the Australian Prudential Regulation Authority.

7P’s of INSURANCE IN MARKETING --MIX FOR INSURANCE

COMPANIES:

The marketing mix is the combination of marketing activities that an organisation engages in so as
to best meet the needs of its targeted market. The Insurance business deals in selling services &
therefore due weight-age in the formation of marketing mix for the Insurance business is needed.
The marketing mix includes sub-mixes of the 7 P's of marketing i.e. the product, its price, place,
promotion, people, process & physical attraction. The above mentioned 7 P's can be used for
marketing of Insurance products, in the following manner:

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1. Product

A product means what we produce. If we produce goods, it means tangible product and when we
produce or generate services, it means intangible service product. A product is both what a seller
has to sell and a buyer has to buy. Thus, an Insurance company sells services and therefore services
are their product. In India, the Life Insurance Corporation of India (LIC) and the General Insurance
Corporation (GIC) are the two leading companies offering insurance services to the users. Apart
from offering life insurance policies, they also offer underwriting and consulting services.

When a person or an organisation buys an Insurance policy from the insurance company, he not
only buys a policy, but along with it the assistance and advice of the agent, the prestige of the
insurance company and the facilities of claims and compensation. It is natural that the users expect
a reasonable return for their investment and the insurance companies want to maximize their
profitability. Hence, while deciding the product portfolio or the product-mix, the services or the
schemes should be motivational. The Group Insurance scheme is required to be promoted, the Crop
Insurance is required to be expanded and the new schemes and policies for the villagers or the rural
population are to be included. The Life Insurance Corporation has intensified efforts to promote
urban savings, but as far as rural savings are concerned, it is not that impressive.

The introduction of Rural Career Agents Scheme has been found instrumental in inducing the rural
prospects but the process is at infant stage and requires more professional excellence. The policy
makers are required to activate the efforts. It would be prudent that the LIC is allowed to pursue a
policy of direct investment for rural development. Investment in Government securities should be
stopped and the investment should be channelized in private sector for maximizing profits. In short,
the formulation of product-mix should be in the face of innovative product strategy. While
initiating the innovative process it is necessary to take into consideration the strategies adopted by
private and foreign insurance companies

[25]
2. Pricing

In the insurance business the pricing decisions are concerned with

1) The premium charged against the policies,

2) Interest charged for defaulting the payment of premium and credit facility, and

3) Commission charged for underwriting and consultancy activities.

With a view of influencing the target market or prospects the formulation of pricing strategy
becomes significant. In a developing country like India where the disposable income in the
hands of prospects is low, the pricing decision also governs the transformation of potential
policyholders into actual policyholders. The strategies may be high or low pricing keeping in
view the level or standard of customers or the policyholders.

3. Place

This component of the marketing mix is related to two important facets --I) Managing the insurance
personnel, and ii) Locating a branch. The management of agents and insurance personnel is found
significant with the viewpoint of maintaining the norms for offering the services. This is also to
process the services to the end user in such a way that a gap between the services- promised and
services -- offered is bridged over. In a majority of the service generating organizations, such a gap
is found existent which has been instrumental in making worse the image problem. The
transformation of potential policyholders to the actual policyholders is a difficult task that depends
upon the professional excellence of the personnel.

[26]
The agents and the rural career agents acting as a link, lack professionalism. The front-line staff
and the branch managers also are found not assigning due weight-age to the degeneration process.
The insurance personnel if not managed properly would make all efforts insensitive. Even if the
policy makers make provision for the quality upgrading the promised services hardly reach to the
endusers.It is also essential that they have rural orientation and are well aware of the lifestyles of
the prospects or users. They are required to be given adequate incentives to show their excellence.
While recruiting agents, the branch managers need to prefer local persons and provide them
training and conduct seminars. In addition to the agents, the front-line staffs also need an intensive
training program to focus mainly on behavioural management.

Another important dimension to the Place Mix is related to the location of the insurance branches.
While locating branches, the branch manager needs to consider a number of factors, such as smooth
accessibility, availability of infrastructural facilities and the management of branch offices and
premises

4. Promotion

The insurance services depend on effective promotional measures. In a country like India, the rate
of illiteracy is very high and the rural economy has dominance in the national economy. It is
essential to have both personal and impersonal promotion strategies. In promoting insurance
business, the agents and the rural career agents play an important role. Due attention should be
given in selecting the promotional tools for agents and rural career agents and even for the branch
managers and front line staff. They also have to be given proper training in order to create impulse
buying. Advertising and Publicity, organisation of conferences and seminars, incentive to
policyholders are impersonal communication.

[27]
5. People

Understanding the customer better allows designing appropriate products. Being a service industry
which involves a high level of people interaction, it is very important to use this resource efficiently
in order to satisfy customers. Training, development and strong relationships with intermediaries
are the key areas to be kept under consideration. Training the employees, use of IT for efficiency,
both at the staff and agent level, is one of the important areas to look into.

6. Process

The process should be customer friendly in insurance industry. The speed and accuracy of payment
is of great importance. The processing method should be easy and convenient to the customers.
Instalment schemes should be streamlined to cater to the ever growing demands of the customers.
IT & Data Warehousing will smoothen the process flow. IT will help in servicing large no. of
customers efficiently and bring down overheads. Technology can either complement or supplement
the channels of distribution cost effectively. It can also help to improve customer service levels.

7. Physical evidence

Distribution is a key determinant of success for all insurance companies. Today, the nationalized
insurers have a large reach and presence in India. Building a distribution network is very expensive
and time consuming. If the insurers are willing to take advantage of India's large population and
reach a profitable mass of customers, then new distribution avenues and alliances will be necessary.
Initially insurance was looked upon as a complex product with a high advice and service
component.

Buyers prefer a face-to-face interaction and they place a high premium on brand names and
reliability. As the awareness increases, the product becomes simpler and they become off-the-shelf

[28]
commodity products. Today, various intermediaries, not necessarily insurance companies, are
selling insurance. For example, in UK, retailer like Marks &Spencer sells insurance products. The
financial services industries have successfully used demote distribution channels such as telephone
or internet so as to reach more customers, avoid intermediaries, bring down overheads and increase
profitability. A good example is U .K insurer Direct Line.

Role of Insurance in Economic Development in India

1. Risk Transfer- Insurance is a risk transfer mechanism whereby the individual or the business
enterprise can shift some of the uncertainties of life on the shoulder of the other.

2. Healthy Life- Insurance provides all the people to live a cleaner, healthier, comfortable and easy
life.

3. Protection of trade or industry- In peace, the insurance provides protection of trade and
industry which ultimately contribution towards human progress. Thus, insurance is the most
lending force contribution towards economic, social and technological progress of man.

[29]
INTRODUCTION TO MET LIFE INSURANCE

MetLife India Insurance Company Limited (MetLife) is an affiliate of MetLife,Inc. and was
incorporated as a joint venture between MetLife International Holdings, Inc., The Jammu and
Kashmir Bank, M. Palling and Co. Private Limited and other private investors. MetLife is one of
the fastest growing life insurance companies in the country. It serves its customers by offering a
range of innovative products to individuals and group customers at more than 600 locations through
its bank partners and company-owned offices. MetLife has more than50, 000 Financial Advisors,
who help customers, achieve peace of mind across the length and breadth of the country

MetLife, Inc., through its affiliates, reaches more than 70 million customers in the Americas, Asia
Pacific and Europe. Affiliated companies, outside of India, include the number one life insurer in
the United States (based on life insurance enforce), with over 140 years of experience and
relationships with more than 90 of the top one hundred FORTUNE 500® companies.

The MetLife companies offer life insurance, annuities, automobile and home insurance, retail
banking and other financial services to individuals, as well as group insurance, reinsurance and
retirement and savings products and services to corporations and other institutions Celebrating 140
years, MetLife, Inc. is a leading provider of insurance and financial services with operations
throughout the United States and the Latin America, Europe, and Asia Pacific regions. Through its
domestic and international subsidiaries and affiliates, MetLife, Inc. reaches more than 70 million

[30]
customers around the world and MetLife is the largest life insurer in the United States (based on
life insurance in-force).The MetLife companies offer life insurance, annuities, auto and home
insurance, retail banking and other financial services to individuals, as well as group insurance and
retirement & savings products and services to corporations and other institutions.

MET LIFE INSURANCE IN INDIA

MetLife Insurance India is officially referred to as MetLife India Insurance Company Limited
(MetLife) and has been operating in India from 2001. It is a part of MetLife Inc. MetLife has its
head office in Bangalore and is among the quickest growers in India as far as the insurance sector
is concerned.
It has 12 banking partners in the group and retail businesses, along with a firm network of brokers
for its group and individual customers. It also has more than 30 thousand financial advisors. In
addition to these, it operates an employee benefit business in association with at least 550 leading
corporate entities in India.

MetLife Inc itself is one of the top providers of insurance, employee benefit programs, and
annuities throughout the world. It operates in 47 countries and caters to 90 million clients. Along

[31]
with its affiliates and subsidiaries the organization has achieved prominent position in the following
markets:
• US
• Asia Pacific
• Japan
• Europe
• Latin America
• Middle East
Following are the various values held in high regard by the insurer:

➢ Operating as a leader and being really successful and efficient through independent
decisions that can help to get positive results
➢ Working with focused dedication towards management of fiscal resources with the aim of
getting good fiscal results
➢ Focusing on employee excellence
➢ Operating all business in a true, fair, and sincere manner
➢ Functioning in a productive manner in order to attain a common purpose and also
understanding the collective capabilities of different work groups
➢ To introduce and create original and new ways and ideas of doing things on a regular basis

MetLife Inc.:-

Celebrating 140 years, MetLife, Inc. is a leading provider of insurance and financial services with
operations throughout the United States and the Latin America, Europe, and Asia Pacific
regions. Through its domestic and international subsidiaries and affiliates, MetLife, Inc. reaches
more than 70 million customers around the world and MetLife is the largest life insurer in the
United States (based on life insurance in-force).

[32]
The MetLife companies offer life insurance, annuities, auto and home insurance, retail banking and
other financial services to individuals, as well as group insurance and retirement & savings
products and services to corporations and other institutions

FACT SHEET

Founded 2001

Started Operation FY 2001-02

Headquarters Bangalore, India

World Wide Web Address www.metlife.co.in

Managing Director Rajesh Relan

Employees 7688

Financial Advisors 56,072

Bancassurance Tie-Ups 5 (J&K Bank/Axis Bank/Dhanalakshmi

Bank/Karnataka Bank/Barclays)

[33]
 Number Of Products Over 20 products

Presence Through MetLife Offices 192 offices in 131 cities

Presence Through Bank Partners 1910 offices in 686 cities

Vision and Mission

Build financial freedom for all through leadership in providing financial advice and building long-
term relationships through innovative protection, accumulation and retirement products, robust
underwriting processes and creating world-class customer service experience for our customers.

[34]
We want to provide customers in India with world-class solutions for financial security, and in the
process add significant value to our shareholders, associates and society.

Our Core Values

•We lead through Innovation to offer world class and competitive products to our customers

•We build Long Term Relationships with our customers by creating a world class service
experience through operational excellence and the innovative use of technology

•We create a Customer Centered and Result Focused Vision that inspires each one of our
Associates and has their buy-in

•We are committed to creating a High Performance Organization by creating an environment that
allows each one of our Associates to perform at their peak. As a result we will also be recognized
as an Employer of Choice

•We are committed to Partnering with our internal and external Customers for mutual success

•We work with Integrity, Fairness and Financial Prudence in all our dealings keeping the interests
of our Shareholders, Customers and Associates paramount.

The Met Life tagline

[35]
MetLife, with its cuddly Snoopy mascot, promises to give us "Guarantees for the IF in life"

MASCOT- A DOG NAMED ‘SNOOPY’

"Snoopy’s whole personality is a little bittersweet. But he’s a very strong character. He can win or
lose, be a disaster, a hero, or anything, and yet it all works out. I like the fact that when he’s in real
trouble, he can retreat into a fantasy and thereby escape."

STRATEGIES OF MET LIFE INSURANCE

[36]
MetLife Inc. MET -0.38% aims to shed $600 million in pretext costs, produce at least a fifth of its
profits in emerging markets and revitalize one of its oldest businesses: selling life insurance to
middle-class Americans.

MetLife Chief Executive Steven Kandarian plans to unveil the goals as part of his pitch to Wall
Street Wednesday at the company's annual spring investor conference.

They come as Mr. Kandarian, starting his second year in the top job, seeks to persuade shareholders
that MetLife can power through historically low interest rates, a sluggish U.S. economy, turmoil in
Europe and other obstacles that have weighed on profits and the company's shares.

The stock has slumped 28% in the past 12 months. On Tuesday, its shares rose 16 cents, or 0.5%,
to $31.07, in 4 p.m. New York Stock Exchange composite tra

Partners:-

[37]
4.3 Corporate Social Responsibility:-

• MetLife has always been committed to making a positive difference in the lives of
the individuals and communities. Today, that commitment drives volunteer work and
philanthropy across the globe. Working with non-profit organizations, MetLife
supports programs that provide young people with the skills they need to succeed in
life and create opportunities for people of all ages.

• MetLife’s core values are personal responsibility, people count, partnership, integrity
and honesty, innovation and financial strength. These values also shape the
responsibility to the communities where the organization conducts its business.

4.4 Various types of life insurance policies:-

[38]
• Endowment policies: This type of policy covers risk for a specified period, and at the end
of the maturity sum assured is paid back to policyholder with the bonuses during the term
of the policy.

• Money back policies: This type of policy is for periodic payments of partial survival
benefits during the term of the policy as long as the policy holder is alive.

• Group insurance: This type of insurance offers life insurance protection under group
policies to various groups such as employers-employees, professionals, co-operatives etc it
also provides insurance coverage for people in certain approved occupations at the lowest
possible premium cost.

• Term life insurance policies: This type of insurance covers risk only during the selected
term period. If the policy holder survives the term, risk cover comes to an end. These types
of policies are for those people who are unable to pay larger premium required for
endowment and whole life policies. No surrender, loan or paid up values are in such
policies.

• Whole life insurance policies: This type of policy runs as long as the policyholder is alive
and is covered for the entire life of the policyholder. In this policy the insured amount and
the bonus is payable only to nominee on the death of policy holder.

• Joint life insurance policies: These policies are similar to endowment policies in maturity
benefits and risk cover, but joint life policies cover two lives simultaneously such as
married couples. Sum assured is payable on the first death and again on the death of survival
during the term of the policy.

• Pension plan: a pension plan or annuity is an investment over a certain number of years
but does not provide any life insurance cover. It offers a guaranteed income either for a life
or certain period.

[39]
 • Unit linked insurance plan: ULIP is a kind of insurance plan which provides life cover
as well as return on premium paid over a certain period of time. The investment is denoted
as units and represented by the value called as net asset value

PRODUCTS

Child Plan:-

Met Bhavishya

MetLife offers 'Met Bhavishya' - a guaranteed money back plan that pays out funds to help to meet
the education and career milestones of children. With this plan, the Life Insured is that of the parent.
The plan also has inbuilt guaranteed additions to add value to the policy over its term.

There are two options to choose from and fixed term benefits, periodic additions & terminal
additions are payable based on the option that select. The policy is suitable for parents with children
between the ages 0-12 and parents in the age group of 20-50 years old.

A plan which offers both timely and efficient return on investment with payouts at different
milestones.

At the end of 5 years 20% of Sum Assured

At the end of 10 years 20% of Sum Assured

At the end of 15 years 20% of Sum Assured

[40]
 Upon survival to 40% of Sum Assured plus total
maturity Guaranteed Additions

Retirement:-
Met Growth
MetLife offers 'Met Growth' - a Unit-Linked solution to help in golden years. It is specially
designed to provide financial security for future requirements. This plan allows to start planning
immediately by ensuring the safety of first year premiums. It also helps create retirement fund
faster by giving you 100% allocation from the second year onwards, coupled with attractive loyalty
additions into fund. Guaranteed.

Entry Age (in completed years) Min – 0 years (3 months to be completed)

Max – 60 years

Maturity Age Min – 18 years

Max – 75 years

Coverage Term 15 / 20 / 25 / 30 years

Premium Payment Term Regular

Minimum Annualized Premium Rs. 12,000

Basic Sum Assured Min - 5 times the Annualized Premium ***Other Sum
Assured multiples - 10 times & 20 times the Annualized
Premium.

Premium Paying Modes Monthly, Quarterly, Half-yearly, Yearly

Benefit

[41]
 • Death Benefit
In the unfortunate event of death, the higher of the Sum Assured or the Fund Value would
be payable.
If death of the Person Insured occurs before age 7, the Fund Value plus the regular premium
received by us in the first policy.

• Maturity Benefit
On maturity, you will receive the Fund Value including the Guaranteed Loyalty Addition
or you can opt for the settlement options.

• Loyalty Additions
You get the guarantee of enhancing your wealth creation through guaranteed loyalty
additions (up to 120% of the first year annual premium) at the end of the 10th & 15th year
plus Guaranteed Additions as a % of the Fund Value

At the end of the 10th year: 50% of the first year annualized premium.

Savings:-

[42]
 Met Sukh

MetLife offers 'Met Sukh'- a guaranteed money-back policy which provides guaranteed periodic
survival benefits at the end of 5, 10, 15 & 20 years and guaranteed additions of 10% of the Sum
Assured for the entire term. It not only covers your life, but also guarantees you cash payments at
various milestones along with guaranteed growth of your savings.

Benefits

Entry Age Min 15 years

Max - 55 years

Coverage Term 20 years

Premium Payment Term Regular

Minimum Sum Assured Rs. 75,000

Maximum Sum Assured No Limit

[43]
 • Death Benefit
In the unfortunate event of death of the Person Insured, the Sum Assured along with the
Guaranteed Additions are payable.

• Maturity Benefit
On maturity, the life insured will receive the Survival Benefits plus the Guaranteed
Addition.

• Survival Benefits

At the end of 5 years 20% of the Sum Assured

At the end of 10 years 20% of the Sum Assured

At the end of 15 years 20% of the Sum Assured

Upon survival to maturity 40% of the Sum Assured plus Total

Guaranteed Additions

Met Suvidha

'Met Suvidha' is a flexible Endowment Plan that combines savings and security. In addition to
providing you protection till the maturity of the plan, it helps you save for your specific long term
financial objectives. This long term savings-cum-protection plan comes to a customer at affordable
premiums.

Met Suvidha is available in both participating as well as non-participating versions.

[44]
 Minimum Entry Age Par: 15 years - 60 years
Non-Par: 15 years - 70 years

Term Par: - 15 years - 30 years

Non-Par: 5 years - 30 years

Premium Paying Terms Single Pay, Limited Pay (5 or 10) &

Regular Pay

Minimum Annual Premium Amount Rs. 2,500

Minimum Sum Assured Rs. 75,000

Maximum Sum Assured No Limit

Protection:-

Met Suraksha

[45]
MetLife offers 'Met Suraksha - Term Assurance (TA)', a non participating term assurance plan
which provides life cover at a nominal cost. To put it simply, it is a life insurance plan that gives
complete protection to enjoy life to the fullest. Customer can further customize plan with two riders
– Accidental Death Benefit and Critical Illness.

Met Suraksha TROP

MetLife offers 'Met Suraksha - Term with Return of Premium (TROP)', a non participating term
assurance plan which provides life cover at a nominal cost. To put it simply, it is a life insurance
plan that gives complete protection to enjoy life to the fullest. You can further customize your plan
with two riders – Accidental Death Benefit and Critical Illness.

• It is an Endowment plan that offers both savings and life insurance.

• Flexible premium paying options to suit various income cycles.

• A plan which participates in the bonuses declared by the company.

• Customization possible with Accident Death Benefit, Critical Illness, Term, Waiver of
Premium Riders for comprehensive protection.

Investment:-

[46]
MetLife’s Unit-Linked Insurance Plans ensure systematic enhancement of wealth. Be it higher
returns or the right blend of protection and wealth optimization, they help to ensure the right choice
and peace of mind
MetLife Office Network

MetLife India Insurance has set up offices in the following states and union territories:

▪ Andhra Pradesh
▪ Karnataka
▪ Assam
▪ Kerala
▪ Bihar
▪ Madhya Pradesh
▪ Chandigarh
▪ Maharashtra
▪ Chhattisgarh
▪ Odessa
▪ Delhi
▪ Pondicherry
▪ Goa
▪ Punjab
▪ Gujarat
▪ Rajasthan
▪ Haryana
▪ Tamil Nadu
▪ Himachal Pradesh
▪ Uttar Pradesh
▪ Jammu and Kashmir
▪ Uttarakhand
▪ Jharkhand
▪ West Bengal
[47]
SWOT Analysis

Strength

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

▪ Brand Image, Business Experience and Innovative products

▪ Large number of young workforce .The 40K agents which are very selectively chosen

▪ Service quality which is the crux of their mission.

▪ Has tie up with banks like Axis, J&K, Barclays, Karnataka Bank and Dhanalakshmi bank.

▪ Paid up capital of RS 1500 crore as on 2008 which shows company dependability.

▪ Very less charges on ULIP plans as compare to other insurance players

Weakness

▪ Many competitors in the market of same products by the title and difference in premium
and offerings

▪ Sustainable to risk associated with investments in money market.

▪ Very less network branches due to which its difficult for customer to make payment easily.

▪ Not focusing on consumer awareness mainly concentrating on personal selling

[48]
 ▪ More focusing in urban areas not touching rural area which has a very good potential market
for insurance sector.

▪ Lacking in advertisement due to which they are not able to cover a large area or large no of
customer.

Opportunities

▪ Huge market is literally untapped Out of estimated 320 million insurable markets only

▪ 20% of the population is insured.

▪ Health insurance and pension schemes, an estimated market potential of approximately$

15billion.

▪ Nearly 70% of the Indian population is without Life, Health, and Non-Life insurance.

▪ Per Capita life insurance premium in India in 2004was $16 as compared to the world
average of $ 292.

▪ Strong economic growth with increase in affluence and rising risk awareness leading to
rapid growth in the Insurance sector.

Threatens
[49]
▪ Entry of many other private companies with equally strong experience and financial
strength of foreign partners making the competition difficult and saturating the urban
markets.

▪ Current govt. policies do not encourage gross domestic savings. If the tax liability of the
service class rises, the customer will have little money to invest

▪ LIC has woken up from sleep and is following competitive strategies. its huge surplus in
life fund gives a capability to

• Objective of the study

[50]
➢ The concept and importance of job satisfaction.

➢ To study job satisfaction of Met Life Insurance.

➢ Terms of salary and promotional opportunities provided by the company.

➢ Relationship of employees with co workers and management.

➢ Terms of working condition and nature of job.

• RESEARCH METHODOLOGY

[51]
Research methodology is considered as the nerve of the project. Without a proper well-organized
research plan, it is impossible to complete the project and reach to any conclusion.

Therefore, research methodology is the way to systematically solve the research problem. Research
methodology not only talks of the methods but also logic behind the methods used in the context of a
research study and it explains why a particular method has been used in the preference of the other
methods.

• Research design
A research design specifies the methods and procedures for conducting a particular study. According
to Ker linger, “Research Design is a plan, conceptual structure, and strategy of investigation conceived
as to obtain answers to research questions and to control variance.

• Type of Research
I used an exploratory type of research. As the name suggest this research is often conducted because
a problem is being defined as yet or it is real scope is as yet unclear. With the proper concept to be
study and perhaps generate hypotheses to be tested.

• EXPLORATORY RESEARCH
Exploratory research is a type of research conducted for a problem that has not been clearly defined.
Exploratory research helps determine the best research design, data collection method and selection
of subjects. It should draw definitive conclusions only with extreme caution. Given its fundamental
nature, exploratory research often concludes that a perceived problem does not actually exist.
Exploratory research often relies on secondary research such as reviewing available literature and/or
data, or qualitative approaches such as informal discussions with consumers, employees, management
or competitors, and more formal approaches through in-depth interviews, focus groups, When the
purpose of research is to gain familiarity with a phenomenon or acquire new insight into it in order to
formulate a more precise problem or develop hypothesis, the exploratory studies ( also known as
formularize research ) come in handy. If the theory happens to be too general or too specific, a
hypothesis cannot to be formulated. Therefore a need for an exploratory research is felt to gain
experience that will be helpful in formulate relevant hypothesis for more definite investigation.
[52]
The results of exploratory research are not usually useful for decision-making by themselves, but they
can provide significant insight into a given situation. Although the results of qualitative research can
give some indication as to the "why", "how" and "when" something occurs, it cannot tell us "how
often" or "how many".
Researchers employ exploratory research when little is known about the topic and previous theories
or ideas do not apply. For example, if you wanted to study how to get students to use the computer
lab in a college environment, you might first have to do exploratory research to figure out which
students might need the lab and what appeals to this demographic. Exploratory research clarifies
problems, gathers data and creates initial hypothesis and theories about subjects. The primary point
of exploratory research is to give researchers pertinent information and help them to form initial
hypotheses about the subject.

• Sampling Technique

• Random Sampling:
Random sampling is a process of selecting the sample size randomly and no choice or preference
to be made about the selection of respondents for the market survey and questionnaire to be put
forth against him. Here, Random sampling being adopted by me.

• Systematic Sampling:
It is a sampling where the limited number of selected respondents is figured out based on some
criteria so that only those respondents can be asked for the purpose of filing questionnaire.

• Data collection tools

[53]
Primary Data: The primary data has been collected by using questionnaires to be filled by the
employees. Questionnaires are prepared and distributed to 100 employes of met life.

Secondary Data–Secondary Data has been collected from news papers, magazines and documents,
company’s website and by internet.

Sample Size: - Sample of 100 respondents was taken

Data analysis and interpretation

[54]
Pie chart:
This is very useful diagram to represent data, which are divided into a number of categories. This
diagram consists of a circle of divided into a number of sectors, which are proportional to the values
they represent. The total value is represented by the full create. The diagram bar chart can make
comparison among the various components or between a part and a whole of data.

Bar chart:
This is another way of representing data graphically. As the name implies, it consist of a number of
whispered bar, which originate from a common base line and are equal widths. The lengths of the
bards are proportional to the value they represent

.Q.1. Do you feel over burden in your job?

opinion EMPLOYEES PERCENTAGE

(%)
Agree 24 24

disagree 76 76

Total 100 100

[55]
 80
70
60
50
40
opinion
30
20
10
0
agreee disagree

Interpretation:
The above table indicates that
➢ 76% employees do not feel over burden and
➢ 24% of the employees feel overburden.

Q2. Do you think that your complaints are settled quickly by the company ?

opinion EMPLOYEES PERCENTAGE (%)

Agree 62 62

disagree 38 38

TOTAL 100 100

[56]
 80
60
40
op…
20
0
agree disagree

Interpretation:
The above table indicates that
➢ 62% employees are agree, and
➢ 38% of the employees are disagree.

Q3. What you think about the welfare factors?

Welfare factors EMPLOYEES PERCENTAGE

(%)
excellent 35 35

Good 26 26
Fair 21 21

Poor 12 12

[57]
 undecided 6 6

Interpretation:
The above table indicates that
➢ 35% of respondents think that welfare factors are excellent ,
➢ 26% of respondentsthink that they are good,
➢ 21% of respondents think that they are fair,
➢ 12% of respondents think poor, and
➢ 6% of respondents are undecided.

Q4. Do you achieve the targets on time?

opinion employees Percentage (%)

agree 56 56

disagree 21 21

[58]
 undecided 23 23

total 100 100

23%
agree
disagree
56% undecided
21%

Interpretation:
The above table indicates that
➢ 56% of the employees have the capability to achieve the target on time.
➢ 21% of the employees do not have the capability to achieve targets on time.

➢ 23% of the employees not decided.

Q5. Are you satisfied with the Promotional policies?

PROMOTIONAL RESPONDENTS PERCENTAGE

OPPORTUNITY (%)
SATISFACTION
AGREE 60 60
DISAGREE 23 23
STRONGLY AGREE 6 6

[59]
STRONGLY 3 3
DISAGREE
UNDECIDED 8 8
TOTAL 100 100

INTERPRETATION:
60% of the respondents are agree with their promotional opportunities.
23% of the respondents are disagree with their promotional opportunities.
6% of the respondents are strongly agree with their promotional opportunities.
3% of the respondents are strongly dis-agree with their promotional opportunities.
8% of the respondents are undecided with their promotional opportunities.

Q6. What you feel about the working environment?

OPINION RESPONDENTS PERCENTAGE (%)

GOOD 67 67

FAIR 22 22

EXCELLENT 9 9

[60]
 UNDECIDED 2 2

TOTAL 100 100

INTERPRETATION:
The above table reveals that
➢ 67% of the respondents feel good with the working environment.
➢ 22% of the respondents feel fair with the working environment.
➢ 9% of the respondents feel excellent with the working environment.
➢ 2% of the respondents feel proor with the workind environment.

Q7. What you feel about the nature of your job?

OPINION RESPONDENTS PERCENTAGE (%)

GOOD 63 63

FAIR 25 25

EXCELLENT 2 2

POOR 9 9

[61]
 UNDECIDED 1 1

TOTAL 100 100

70
60
50 good
40
fair
30
20 excellent
10
0
opinion

INTERPRETATION:
The above table reveals that
➢ 63% of the respondents feel that the nature of job is good.
➢ 25% of the respondents feel that it is fair.
➢ 2% of the respondents feel excellent with the neture of job.
➢ 9% feel poor with thw nwture of job.
➢ 1% is undecided.

Q8. What you think about training opportunity?

OPINION RESPONDENTS PERCENTAGE

(%)
GOOD 63 63
FAIR 26 26
EXCELLENT 6 6
POOR 2 2
UNDECIDED 3 3
[62]
 TOTAL 100 100

INTERPRETATION:
The above table reveals that
➢ 63% of the respondents feel good with their training opportunities.
➢ 26% of the respondents feel fair with their training opportunities.
➢ 6% of the respondents feel excellent with this.
➢ 2% of respondents feel poor with the training opportunities.
➢ 3% are undecided.
Q9. What you feel about the existing relationship between the workers and
management?
OPINION RESPONDENTS PERCENTAGE(%)

GOOD 70 70
FAIR 13 13
EXCELLENT 11 11
POOR 3 3
UNDECIDED 3 3
TOTAL 100 100
[63]
 20
15
good
10
5 fair

0
relationship

INTERPRETATION:
The above table reveals that
➢ 70% of the respondents are agreed that they have cordial relationship with management.
➢ 13% of the respondents are disagreed that their relationship with management is cordial.
➢ 11% of the respondents are strongly felt that his with his their relationship with
management is cordial.
➢ 6% are strongly disagreeing that his with his their relationship with management is cordial.

Q10. Which type of relationship you have with your co-workers in the
company?
OPINION RESPONDENTS PERCENTAGE
(%)
GOOD 67 67
FAIR 13 13
EXCELLENT 17 17
POOR 3 3
TOTAL 100 100

[64]
INTERPRETATION:
The above table reveals that
➢ 67% of the respondents are agree with their relationship with coworkers is satisfaction.
➢ 13% of the respondents are not satisfied with their relationship with coworkers.
➢ 17% of the respondents are very much satisfied with their relationship with coworkers is
satisfied
➢ 3% of the respondents are strongly dissatisfied with their relationship with coworkers is
satisfied.

Q11. Are you satisfied with your salary?

Man work to earn every employee is te organisation will expect a correct pay to be paid for the job
done by him. The reasonable pay for each job which was performed in the organisation. This scale
of pay may help for the job satisfaction to a certain extent.

SALARY RESPONDENTS PERCENTAGE

AGREE 61 61
DISAGREE 36 36

[65]
 STRONGLY 3 3
AGREE
TOTAL 100 100

INTERPRETATION:
The above table reveals that
• 61% of the respondents are agreed with his salary satisfaction.
• 36% of the respondents are disagreed with his salary satisfaction.
• 3% of the respondents are strongly agreed with his salary satisfaction.

[66]
FINDINGS

• 56% of the employees have the capability to achieve the target on time.21% of the
employees do not have the capability to achieve targets on time. 23% of the employees not
decided .

• 76% employees do not feel over burden and 24% of the employees feel overburden.

• 62% employees are agree, and 38% of the employees are disagree.

• 35% of respondents think that welfare factors are excellent , 26% of respondents think that
they are good, 21% of respondents think that they are fair, 12% of respondents think poor,
and 6% of respondents are undecided.

• 61% of the respondents are agreed with his salary satisfaction, 36% of the respondents are
disagreed with his salary satisfaction and 3% of the respondents are strongly agreed with
his salary satisfaction

• 60% of the respondents are agree with their promotional opportunities,23% of the
respondents are disagree with their promotional opportunities,6% of the respondents are
strongly agree with their promotional opportunities,3% of the respondents are strongly dis-
agree with their promotional opportunities and 8% of the respondents are undecided with
their promotional opportunities.

• 67% of the respondents are satisfied with the working environment and 22% of the
respondents are not satisfied with the working environment.

[67]
• 63% of the respondents feel that the nature of job is good.25% of the respondents feel and
that it is fair.

• 63% of the respondents are satisfied with their training opportunities and 26% of the
respondents are not satisfied with their training opportunities.

• 70% of the respondents are agreed that they have cordial relationship with management,
13% of the respondents are disagreed that their relationship with management is cordial
and 11% of the respondents are strongly felt that his with his their relationship with
management is cordial.

• 67% of the respondents are agree with their relationship with coworkers is satisfaction,
13% of the respondents are not satisfied with their relationship with coworkers and 17%
of the respondents are very much satisfied with their relationship with coworkers is
satisfied.

[68]
 LIMITATIONS OF THE STUDY

1. The research is confined to a certain parts of Delhi and does not necessarily shows a pattern
applicable to all of Country.

2. Some respondents were reluctant to divulge personal information which can affect the
validity of all responses.

2. In a rapidly changing industry, analysis on one day or in one segment can change very
quickly. The environmental changes are vital to be considered in order to assimilate the
findings.

[69]
 RECOMMENDATIONS AND SUGGESTIONS
➢ The supervisor/manager should give regular feedback on performance by holding informal
meetings with each individual. Supervisor/manager should appreciate and encourage employees to
work hard.
➢ All the employees should be treated equally and there should not be any bias treatment.
➢ The standards of the rating should be very specific, clear and concise.
➢ For the top management of the company it should offer them holiday package, appraise
performance by recognising their work in their meeting 3etc. this will help in raising their morale.
➢ For lower income earning group the company should increase their wages, offer them pension
schemes and also provide them medical facilities etc. because they want financial help from the
company to ensure their proper living.
➢ The administration policies should be updated so that all the employees are aware of the policies.
➢ The training needs of the employees should be reviewed at least twice a year. Based on that, training
programs should be conducted for all the employees.
➢ Day to day work related training should be provided that is 80% job related and 20% on
management skills.
➢ Conduct the workshop on team development. So that all employees are aware of the benefits of
teamwork.
➢ Job related training should be given once in 6 months. This will help the employees to enhance the
present skills and perform their tasks more effectively and efficiently.
➢ Facilities which are important and which are needed such as computer systems in the service
section which will help the employees to maintain certain records of the customer’s for the benefits
of the customer’s, should be provided.
➢ The incentive scheme which is followed presently is good but the incentives are to be provided
monthly rather than yearly. Or the management can follow a performance based incentive scheme
where the employee who works hard will get more incentives than the employees who is not up to
the mark. The performance of all the employees should be recorded and depending on the extra
efforts put by the employee should be paid accordingly by the means of incentives.

[70]
From the study, the researcher has come to know that most of the respondents have job satisfaction;
the management has taken the best efforts to maintain cordial relationship with the employees. Due
to the working conditions prevailing in this company, job satisfaction of each respondent seems to
be the maximum.

From the study, the researcher has come to know that most of the employees were satisfied with
the welfare measures provided by company. The employees of met life insurance get more benefits
compare to other companies. The main problem of shortage of man power is less in the Met life
insurance compare to other companies. To employees of the company are totally agree that they
have the capability to achieve the targets on time and do not feel over burden on the job.

Most of the employees also have the salary satisfaction and also satisfied with the promotional
opportunities. The employees have taken the best efforts to maintain the good relationship with
their co- workers.
This is also concluded that the employees think that nature of their job is satisfied and also as per
their convenience.

[71]
 BIBLIOGRAPHY

Books:

• G.C.BERI, “MARKETING RESEARCH”,(PUBLISHED BY):- TATA MC GRAW-

HILL EDUCATION PVT.(2008) EDITION

• RUSSELL S.WINER, “MARKETING MANAGEMENT”, EDITION 2008,

• PHILIP KOTLER,”PRINICIPLE OF MARKETING”, EDITION 12TH ,PRENTIC HALL,

2009.

Newspaper:
• Times of India
• Hindustan times

Websites:
• https://www.metlife.com/individual/insurance/lifeinsurance

• http://www.com/logo/metlife.india

• http://www.surveymonkey.com/mp/job-satisfaction-survey/

[72]
 QUESTIONNAIRE

PERSONAL BACK ROUND

1. Name of the employee: ………………………………………

2. Age : ………………………………………

3. Gender : Male ………. Female ……………

4. Educational Qualification : ………………………………………..

5. Marital status : Married ………. Single …………….

6. Family size : ………………………………………..

7. Nature of job : ………………………………………...

8. Monthly salary : . ……………………………………..

9. How many years you are working in the organization? : ……………..

10. Working hours: ……………………………………….

[73]
JOB SATISFACTION SEGMENTS

Kindly put tick ( ) mark in only answer from various alternatives given
Below.

1. Do you feel over burden in your job?

Agree
Disagree
Undecided
Strongly agree
Strongly disagree

2. What do you think that your complaints are settled quickly by the company?
Agree
Disagree
Undecided
Strongly agree

3.What you think about the welfare factors?

Excellent
Good
Fair
Poor
Undecided

[74]
4.Do you have the capability to achieve the targets on time?
Agree
Disagree
Undecided
Strongly agree

5. Are you satisfied with the Promotional basis?

Agree
Disagree
Undecided
Strongly agree
Strongly disagree

6. What you feel about the working environment?

Excellent
Good
Fair
Poor
Undecided

7. What you feel about the nature of your job?

Excellent
Good
Fair
Poor
Undecided

[75]
8. What you think about training opportunity?
Excellent
Good
Fair
Poor
Undecided

9. What you feel about the existing relationship between the workers and management?
Excellent
Good
Fair
Poor
Undecided

10. Which type of relationship you have with your co-workers in the company?
Excellent
Good
Fair
Poor
Undecided
Strongly disagree

11. Are you satisfied with your salary?

Satisfy
Dis-satisfy
Strongly agree
Strongly disagree

[76]
[77]