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LOVELY PROFESSIONAL UNIVERSITY
BBA-MBA HONS INTEGRATED
REPORT ON SUMMER TRAINING AT METLIFE
Topic: Employee satisfaction and performance appraisals at MetLife
UNDER THE GUIDANCE OF
Mr. Mandeep Singh Hayer
Submitted to Lovely Professional University
In partial fulfilment of the
Requirements for the award of degree of
Business Administration
Submitted by: Amrit Singh
RQ1901A18, 10902636
LOVELY PROFESSIONAL UNIVERSITY
JALANDHAR, NEW DELHI (1), GT ROAD
PHAGWARA, PUNJAB
1
LOVELY PROFESSIONAL UNIVERSITY
Under Section 2(f) of UGC Act 1956
BONAFIDE CERTIFICATE
Certified that this is a Bonafide record of work done by Amrit Singh (10902636) of BBA-
MBA HONS Degree in Summer Project at Metlife (Jalandhar) of LOVELY HONORS OF
MANAGEMENT, LOVELY PROFESSIONAL UNIVERSITY, NEW DELHI (1), GT
ROAD, JALANDHAR, PHAGWARA (PUNJAB) during the academic year 2011-2012.
Internal guide
Mr. Mandeep Singh Hayer
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Acknowledgements
This project report could not have been completed without the guidance of our Training
Mentor Mr.Rajeev Sharma & project mentor Mr. Mandeep Singh Hayer. Their constant
support and practical approach helped in making the project more meaningful.
The entire staffs of Metlife helped in making the study comfortable and thus focus on the
necessities of the project. I would like to thank my parents and friends who have supported
me throughout this project.
I can say that this work is a collaborative achievement.
I express my gratitude towards staff of Metlife, those who have helped me directly or
indirectly in completing the training.
Place : Jalandhar Amrit Singh
Date :06/07/2010 BBA-MBA HONS
LOVELY INSTITUTE OF MANAGEMENT
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Contents
1. Introduction
i. Overview of Metlife
ii. Executive summary
2. Company Profile
i. Name of organization (Full name, registered address, and website)
ii. Key Executives
iii. History
iv. Key Facts
v. Vision and Values
vi. Mission
vii. Business Philosophy
viii. Corporate Social Responsibility
ix. Product range in MetLife
x. Sales process
xi. Reasons of success
3. Theoretical Background
I. Performance Appraisals
a. Meaning
b. Aims
c. Methods
d. Process of Performance Appraisal
II. Employee satisfaction
a. Meaning
b. Factors influencing
c. Measuring job Satisfaction
d. Methods
4. Research Methodology
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Research Objective
Research Design
Objectives Of The Study
Scope Of The Study
Significance Of The Study
Source Of The Data Collection
5. SWOT analysis
6. Research Done in Field
i. Performance Appraisal
a. Goal Sheet
ii. Employee Satisfaction
a. Questionnaire
b. Analysis and Interpretation
7. Bibliography
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1. Introduction
i. Overview of MetLife: The MetLife companies are a leading innovator and a
recognized leader in protection planning and retirement and savings solutions
around the world. We have established a strong presence in the Americas, Europe
and Asia Pacific through organic growth, acquisitions, joint ventures and other
partnerships. We are strengthening our global brand MetLife by extending core
product and competencies to markets around the world – an important driver of
growth for the enterprise.
With over 140 years of success and experience, the MetLife companies include
the largest life insurers in the United States and Mexico and serve over 90 of the
top one hundred FORTUNE 500 companies. MetLife, Inc. was named as
America’s best-managed insurance company by Forbes magazine in January 2008
as part of its list of 400 Best Big Companies for 2008.
Around the world, the MetLife companies offer life, accident, health insurance,
retirement and savings and reinsurance products through agents, third-party
distributors, such as banks and brokers, and direct marketing channels. We work
with families, corporations and governments to provide them with solutions that
offer financial guarantees. We have the experience, global resources and vision to
provide financial certainties for an uncertain world.
ii. Executive Summary
MetLife is a leading global provider of insurance, annuities and employee benefit
programs throughout the United States ("U.S."), Japan, Latin America, Asia Pacific,
Europe and the Middle East. Through its subsidiaries and affiliates, MetLife offers life
insurance, annuities, auto and homeowners insurance, mortgage and deposit products and
other financial services to individuals, as well as group insurance and retirement &
savings products and services to corporations and other institutions. MetLife is organized
into six segments: Insurance Products, Retirement Products, Corporate Benefit Funding
and Auto & Home (collectively, "U.S. Business"), and Japan and Other International
Regions (collectively, "International"). In addition, the Company reports certain of its
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results of operations in Banking, Corporate & Other, which includes MetLife Bank,
National Association ("MetLife Bank") and other business activities.
On November 1, 2010 (the "Acquisition Date"), MetLife, Inc. completed the acquisition
of American Life Insurance Company ("American Life") from AM Holdings LLC
(formerly known as ALICO Holdings LLC) ("AM Holdings"), a subsidiary of American
International Group, Inc. ("AIG"), and Delaware American Life Insurance Company
("DelAm") from AIG, (American Life, together with DelAm, collectively, "ALICO") (the
"Acquisition"). ALICO's fiscal year-end is November 30. Accordingly, the Company's
interim condensed consolidated financial statements reflect the assets and liabilities of
ALICO as of February 28, 2011 and the operating results of ALICO for the quarter ended
February 28, 2011.
Objectives:
To study and analyse the various methods of performance appraisals in Metlife
To analyse the various perceptions and responses on job satisfaction of employees
2. Company Profile
i. Name of organization (Full name, registered address, and website)
Name: Metlife
Head Office
MetLife India Insurance Company Limited.No.5 Brigade Seshmahal Vani Vilas Road BasavanagudiBangalorePhone : 080 - 66006969 / 26438638Fax : 080-22421970Pin : 560004
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Registered Office
Metlife India Insurance Company Limited.5th Floor Orchid Centre Golf Course Road Sector 53GurgaonPhone : 0124-4179000Fax : 2572748Pin : 122002
Headquarters: New York City, New York, U.S
Financial Highlights Fiscal Year End:
Revenue (2010): 52717.00 Million
Revenue Growth (1 yr): 28.40%
Employees (2010): 66,000
Employee Growth (1 yr): 22.20%
Website:- http://www.metlife.co.in/
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ii. Key Executives
KEY EXECUTIVES - METLIFE INC (MET)Name Board Relationships Title
Age
Steven A. Kandarian J.D.
13 Relationships Chief Executive Officer, President and Director
59
William J. Wheeler No Relationships
Chief Financial Officer, Executive Vice President, Chief Financial Officer of Metropolitan Life and Executive Vice President of Metropolitan Life
49
Maria R. Morris 12 Relationships Executive Vice President of Technology and Operations
48
Eileen C. McDonnell
40 Relationships President of New England Financial 48
William D. Moore No RelationshipsPresident of MetLife Auto & Home and Senior Vice President of Eastern Zone - Individual Business
--
Collapse Detail
Board Members - METLIFE INC (MET)Name Board Relationships Primary Company
Age
C. Robert Henrikson
178 Relationships Metropolitan Life Insurance Company 64
Steven A. Kandarian J.D.
13 Relationships MetLife, Inc. 59
Kenton J. Sicchitano
38 Relationships MetLife, Inc. 66
Cheryl W. Grisé 70 Relationships FirstLight Hydro Generating Company 58
James M. Kilts 157 Relationships Centerview Partners Management LLC 62
View All MET Board Members
EXECUTIVE COMMITTEES* - METLIFE INC (MET)Committee Name Chairperson Board Relationships Members
Audit Committee Kenton J. Sicchitano 38 Relationships 6
Executives
Compensation Committee James M. Kilts 157 Relationships 6
Executives
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Corporate Governance Committee
Cheryl W. Grisé 70 Relationships 5
Executives
Executive Committee C. Robert Henrikson 178 Relationships 4
Executives
Finance Committee Alfred F. Kelly Jr. 13 Relationships 5
Executives
iii. History
The first MetLife Company was established in New York in 1868 offering life
insurance solutions to the middle class. Over the years, the MetLife companies have
made difference in the communities where they operate, and the organization’s social
commitment and its commitment to the security of its policyholders have proven to be
good business.
Here are few highlights in our 140 years of history:
1868 – Metropolitan Life Insurance Company is established
1912 – In partnership with American Red Cross, transforms the corporate
headquarters into an administrative relief and support center for Titanic survivors and
their families.
1930 – Helps thousands of farmers buy back their foreclosed farms and restores them
to productivity during Great Depression
1931 – Provides financing for the construction of the Empire State Building and
Rockefeller Center
1974 – Auto and home insurance are added to our product offerings
1989 – First operations outside of the U.S. are established in Korea and Taiwan.
1991 - Becomes the first insurer in North America to surpass $1 trillion of life
insurance in force
1992 – Establishes the first Latin American operation
2000 – Becomes a publicly owned stock company with MetLife, Inc. listed on the
New York Stock Exchange
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2001 – Enters the banking sector with establishment of MetLife Bank. Responds to
9/11 by paying claims immediately, awarding grants and investing over $1 billion in
publicly traded stocks.
2002 – Acquires Aseguradora Hidalgo, S.A., becoming the largest life insurer in
Mexico.
2005 – Acquires Traveler’s Life & Annuity and substantially all of Citigroup’s
international insurance business, strengthening our leadership in the U.S. and
expanding its distribution capabilities worldwide.
iv. Key Facts
MetLife’s trusted brand, capital strength and existing relationships with millions of
individual and institutional customers around the globe uniquely position us among
our competitors.
Here are few facts that highlight our leadership in the global insurance industry:
The MetLife companies’ competitive positioning
• #1 life insurer in the United States
• #1 life insurer in Mexico
• #2 combined life and annuity in Chile
• #1 life sales via telemarketing in Taiwan
• #1 commercial dental carrier in the United States
• #2 variable annuity sales in Japan
MetLife, Inc.’s financial highlights
• $501.7 billion USD in total assets under
management as of 2008 YE
• $51.0 million USD in total revenues as of 2008 YE
v. Vision and Values
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"Coming into your own", performing as a Leader to
be really effective and successful by acting and
making decisions independently to get
results.
It's all about People, MetLife's key resource. MetLife will succeed
because we are winning from within.
Functioning productively in teams towards a common
purpose; realising the collective power of diverse
work-groups.
vi. Mission Statement
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Operating with an intense dedication to managing monetary resources for strong business results.
Continuously creating and introducing new and
original ideas and ways of doing things.
Conducting all business endeavours with truth, sincerity and fairness.
We are committed to maintaining the highest standards of integrity and professionalism in
our relationship with you, our client. We endeavour to know and understand your financial
situation and provide you with only the information, services, and products to help you reach
your goals.
vii. Business Philosophy
"The gratification of wealth is not found in mere possession or in lavish expenditure, but in its wise application." Miguel De Cervantes (1587)
Today's clients are looking for security, knowing that they have enough money, and that their needs are taken care of. Freedom to do what they want, when they want. As a Financial Professional with over 20 years of knowledge and experience in the financial service industry, clients who gain the most benefit from my areas of focus have the following characteristics:
They want a trusting relationship with a financial professional. They are financially motivated and serious about personal financial success. They are active professionals, business owners, or retirees that are accustomed to
delegating their financial matters to competent, trustworthy professionals. They are not influenced by the daily ups and downs reported by the financial media. They are sharing people, who like to help others and who are influential. They enjoy the simplicity of having all of their assets in one place. They understand that having a strategy is important, and sticking to that strategy is
what makes it work.
viii. 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.
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ix. Product range in MetLife
In Broad sense these are the various types/categories of life insurance policies
available:-
•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.
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•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.
•Unit linked insurance plan: LIP 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 (NAV).
Met Bhavishya: MetLife offers 'Met Bhavishya' - a guaranteed money back plan that
pays out funds to help you meet the education and career milestones of your 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 you 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.
Reasons to Buy:
1. Guaranteed payouts at critical milestones of the child’s life.
2. Guarantee of policy continuance in case of the untimely demise of parent.
3. Guaranteed payouts of 250%* of the chosen Sum Assured.
4. *Tax Benefits as applicable.
Met Junior Endowment: MetLife offers 'Met Junior' - a flexible endowment plan
that combines savings and security. Your children's well-being is your highest
priority. So we offer a plan which offers both timely and efficient "Return on
Investment". All with a guarantee. Met Junior is available in both participating
(UIN:117N010V01) as well as non-participating versions(UIN:117N005V01). Death
Benefit
Reasons to Buy:
1. An endowment plan that offers both savings and life insurance.
2. Different premium paying options to suit various income cycles.
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3. Available in both par and non par versions.
4. A plan which participates in the bonuses declared by the company (par).
5. *Tax Benefits as applicable.
Met Easy Super: "IN THIS POLICY, THE INVESTMENT RISK IN THE
INVESTMENT PORTFOLIO IS BORNE BY THE POLICYHOLDER"
While you plan to secure the happiness and future of your loved ones, give wings to
your dreams of wealth creation. Security for your family and your need of wealth
creation should work together as you move ahead in life. We understand that at
MetLife, and hence we bring you Met Easy Super – an Easy Protection, Super wealth
creation plan. While you ensure security for your loved ones, we work towards your
goals of wealth creation - because you and your family deserve the very best.
Reasons to choose this:
1. Affordable investment with annual premium starting from Rs.12,000 p.a.
2. A unique Auto rebalancing# option to help you capitalize on volatile market
conditions
3. Enhanced protection with ADB rider.
4. Liquidity with Partial Withdrawals & Policy Loans
5. *Tax Benefits as applicable.
Met Monthly Income Plan - 7 Pay: MetLife offers 'Met Monthly Income Plan-7 Pay'
where you are required to pay premium only for 7 years and get back the Guaranteed
Monthly Income that you choose at inception for 8 years. At the end of the term you
will also get the accrued bonuses as a lump sum. A Monthly Income Plan that
guarantees income to add to your income every month because these days growing
needs demand more than one income.
Reasons to buy:
1. Get chosen Guaranteed Regular Monthly Income for 8 years i.e., 96 months.
2. You will get accrued bonuses as a lumpsum at maturity of the plan, if any.
3. In addition to the death benefit your family will continue to get guaranteed monthly
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income as scheduled.
4. Tax benefits* on both the amount invested and the benefits received under Section
80C and Section 10 (10)D.\
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.
Reasons to buy:
1. Guaranteed Survival Benefit: Payment of 20% of the Sum Assured every year
starting from the 5th year till maturity.
2. Guaranteed Maturity Benefit:
Guaranteed payment of 40% of Sum Assured.
Guaranteed Addition of 10% of Sum Assured every year up to maturity.
3. Guaranteed Death Benefit: Guaranteed payment of Sum Assured along with
Guaranteed Additions (accrued till that time). This is paid over and above the survival
benefit payments already made.
4. Comprehensive protection by way of 4 riders.
5. *Tax Benefits as applicable.
Met Health Care: Health problems strike unexpectedly. In addition to causing ill health,
it can also scar financial health. One needs to protect himself against such a situation
through a health insurance plan. In order to ensure you are well protected to face any
health condition that could befall you, MetLife presents - Met Health Care, a simple
health insurance policy with unique and smart advantages for you and your family#.
(# Family means spouse and two children. Every additional family member shall be
underwritten as per the underwriting conditions laid by the Company from time to time.)
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Met Health Care is a long term health insurance plan from MetLife.
This plan covers
1. Hospitalization expenses by providing a Daily Cash benefit as chosen by you.
2. 10 major Critical Illnesses by providing a lump sum benefit.
3. Total & Permanent Disability due to accident by providing a lump sum benefit.
All the above benefits can be availed without the hassle of undergoing any medical
examination. Just fill up the simple application form and start enjoying the unmatched
benefits of Met Health Care.
Minimum/Maximum age of entry
18 years-55 years (At first entry, for the Principal insured)
3 months-55 years (For Secondary Insured lives)
Cover ceasing age 65 years
Benefits Offered
(a) Daily Hospitalisation Cash Benefit
(b) Daily ICU Cash Benefit
(c) Recuperation Benefit
(d) Critical Illness Benefit
(e) Accidental Total & Permanent Disability Benefit
Met Mortgage Protector Plus: MetLife presents 'Met Mortgage Protector Plus' – a
plan which provides you life cover for home loans taken for any period above 5 years.
It is a decreasing term insurance with single and limited premium options. The plan
covers you for an amount equal to the outstanding amount as per the policy schedule.
It ensures the asset that you have created stays with your family.
Reasons to buy:
1. It protects the family against the burden of a loan.
2. It is an affordable insurance plan that covers the risk of life.
3. It provides protection for all kind of loans taken for a period above 5 years.
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4. Limited and Single premium paying terms.
5. *Tax Benefits as applicable.
Other Services and Products:
Stocks and Bonds Charitable Giving Strategies IRA Consolidation/Rollovers Mortgage Protection (through life insurance and disability income insurance) Lump Sum Pension Distribution Medicare Supplement Coverage Pension Payout Alternatives Pension Transer/Rollovers Tax Sheltered Annuities, 403(b) Plans Variable Universal Life Insurance Over 20 Years Experience
x. Sales Process at Metlife
1. Prospecting
Generally, the first stage of the technical sales cycle is prospecting. Prospecting is a process
of gathering the names of people you would like to contact. Here, your objective should be to
decide which sources to use for building sales contact lists. Often, the best place to start is
with your existing clients because chances are they already know your product and have an
established history of purchasing from your company. You may also consider re-establishing
contact with past and inactive clients for the same reasons. You can retrieve names of old,
inactive and active clients just by looking through your own company's sales records.
However, developing new lists is also important, to maintain growth and market position.
There are a variety of sources you can use to develop new lists.
Directories - Whether they are for general businesses or specialized industries,
directories are an excellent source for gathering new contacts.
Customized mailing lists - If directories are too general or not organized in ways that
make it easy for you to extract prospect names, you can order your own customized
mailing list from a mailing list broker. Mailing lists can be generated for different
types of information, i.e. by region, industry, position/title, company size, etc.
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Industry trade magazines and other industry news sources - These sources are
excellent, not only for providing new contacts, but also background information on
their companies, which is often provided in the stories, news releases, and editorials
published. Even advertisements placed by companies reveal helpful information about
their product lines, mission, and location - all of which can help you when initiating a
sales call.
Internet searches - The Internet can assist you in finding the names of potential sales
leads, however the process can be clumsy. The more specific you are with the
parameters you put into the popular search engines (e.g., Google, Yahoo, etc.), the
more likely you will be in isolating organizations and contacts that accurately fit your
prospecting requirements.
Seminars and conventions - These live events are a great way to meet potential leads,
especially if they cater to the specific industries and types of business that can use
your product. Seminars and conventions allow for live interaction: opportunities for
hand-shaking, discussions, and friendliness that are not available through mail,
telephone or e-mail.
Company leads - Your prospecting should begin right in your own organization. If
your company is like most companies, not every sales lead enters directly into the
sales department. Often, leads come from other parts of the company and even from
vendors who do business with it. Many word-of-mouth referrals may reach you in this
way.
2. Qualifying Sales Leads
It's one thing to compile lists of sales leads, but it's another process altogether to qualify
them. The process of qualification is perhaps the most important part of the technical sales
cycle because it acts as a filter, sorting contacts based upon a variety of characteristics and
factors. In the technical sales process, it helps to divide qualifications into two broad
categories: general business factors and technical factors. The general business category is
concerned with basic questions such as:
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Are they pre-qualified (former clients) or non-qualified (new leads)?
Is company size relevant? If so, determine the number of employees, sales volume,
regional coverage, and retail presence.
Are purchasing patterns relevant? If so, qualifications can be made by studying
seasonal purchasing patterns, average purchase quantities, or other demands, such as
new product launches, current news developments, or other internal activities.
Is the type of contact (professional type) relevant? If so, what type of professional is
responsible for making purchasing decisions? How many different types of decision-
makers are involved? What are their professional specializations?
The technical category of qualifying is concerned with a more advanced set of questions that
attempt to assess whether (and to what extent) your product meets one or more of the client's
needs. In the realm of technical products, there can be many different criteria:
Is this potential client in the ideal industry for your product? If so, has your product
been used in this type of industry and for these types of applications for long? Is this a
new industry or market? How much is known about your product's performance in
this industry?
Is your product compatible with your prospect's equipment? If so, what type of
machinery works best with it? What types of supplies can be used to maintain it?
Is your product compatible with your prospect's environment? If so, what type of
climate is ideal for your product? What other environmental conditions will your
product create or affect? What about concerns regarding noise, pollution, and waste
management?
Is your product compatible with your prospect's usage requirements? If so, how many
hours per year will they use it?
Can your product be retrofitted to the client's equipment?
3. Individual Contact Research
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Once you have determined a potential client, you must focus further on exactly who to
contact. There may be more than one individual involved, each with different backgrounds
and specializations. Developing a personal rapport is one of the most important aspects of the
sales process. In order to do this, you need to acquire some basic information in advance of
your meeting. This information should be about both the contact and his organization. It
includes:
Company's mission
What markets it serves and its market share
Company's primary product or service
Contact individual(s) and title(s)
Contact's job description: What do they do? What objectives are they responsible for?
Are they technical (i.e., engineers) or non-technical professionals?
Company information: printed literature, website, annual report (if public and
available), and news stories.
The most appropriate and effective medium for contacting this person: by telephone,
in person (i.e., at a convention), e-mail, mail, etc.
4. Formulating Sales Context
Once you have determined the most appropriate and effective medium for contacting your
potential client, you must formulate a sales context for your approach. Every client has his
own unique challenges. These challenges are organizational, environmental and sometimes
legal in nature. As a salesperson, you must be equipped to address each and every situation.
When formulating sales context, consider the following questions:
What type of greeting and first impression should you make?
What are your main objectives in making this contact? What is your primary offering?
What product features and benefits are most important in this context? How do these
tie in with the client's most immediate and critical objectives?
What words or key phrases will help bolster your communications?
What specific questions do you plan to ask the contact? Which questions will be most
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helpful in guiding your own sales strategies?
After considering these questions, you can decide which presentation materials will be ideal
for your first contact. If it is an e-mail or mailing, you may want to include only certain
materials that help bring your product into focus. If you have secured an appointment to meet
with a contact(s), then you may want to consider doing a formal sales presentation using aids
such as Microsoft PowerPoint or other interactive software.
What resources, whether as information or a demonstration, should you bring to
engage the contact?
What sales sheets, spec sheets, or product literature most accurately applies to the
client's needs?
What news clippings, articles or press releases about your product from industry trade
magazines will awaken his interest?
What other individuals or organizations can you mention that your company has
recently sold to that will impress them?
Can you actually bring your product (or parts thereof) to show the client a hands-on
demonstration?
5. First Meeting
Your first sales meeting can be either the direct result of a phone call, informal meeting, e-
mail, or mail solicitation. Here, you will put into action all of the things previously discussed.
You will already have a basic sales strategy in mind, as well as the materials and background
knowledge to put it all into place. There are several different approaches you can use in the
first meeting:
APPROACHDESCRIPTION
Structured The structured approach is highly formulaic. Here, you employ a fairly
standard presentation that is used again and again. It usually includes
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features such as company overview, product overview, case studies, and
other general information. The structured approach is conservative and
attempts to keep the topics, pacing, and questions of the presentation strictly
under the control of the salesperson.
Needs
Satisfaction
This is a more consultation-based style that uses an open-ended presentation
based more on soliciting questions and answers. Here, the salesperson
attempts to determine the prospect’s primary problems, seek the prospect’s
confirmation of those problems, and then offer a solution (in the form of the
product itself) to the problem.
Hybrid
The hybrid approach consists of a mixture of the Structured and Needs
Satisfaction styles. Here, a formulaic presentation is customized to fit the
prospect’s unique needs and requirements. Yet the presentation is open-
ended enough to invite questions and discussion at all points.
Strictly
Informal
This approach is less about the product and the prospect’s needs and more
about building interpersonal relationships. Here, the salesperson’s objective
is to build a working rapport with the prospect.
It is likely that your first meeting will not end in a sales decision, but rather in some form of
follow-up action. Studies reveal that on 70% of sales calls, salespeople do not end first
meetings with requests for customers to buy (Sandhusen). Frequently, prospects are left to
consider the information presented, and a second meeting or follow-up type of response is
requested. You should never close a first meeting with ambiguity or vagueness. Try to define
a next step: a follow up call date, the promise of delivering further information (at their
request), or an appointment with the next group of decision-makers.
6. Securing Purchase Orders and Contracts
At the apex of the sales cycle is the actual sales transaction. Here, you secure a purchase
order, negotiate contract terms (if they apply), and close the sale. By this time, all differences
and concerns of the customer have been ironed out and you are ready to move forward.
Consider the following:
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Make a list to reinforce the agreed-upon terms of sale and review it with the customer.
This list will provide him with the necessary information he will require in drafting a
purchase order for your product.
Prepare the sales contract with diligence. There is nothing more time-consuming and
frustrating than having to re-do a contract because of misinformation and sloppy
information-gathering practices.
Point out any legal exceptions, added product specifications, or servicing terms that
the customer demanded in advance.
Express confidence in your customer's decision and reinforce the idea that you are
embarking on a mutually rewarding relationship.
7. Follow-Up
The sales cycle does not end with contracts and purchase orders. In fact, the cycle continues
with a series of follow-up procedures that should demonstrate your desire to provide
exceptional customer service and product support. Both of these are seeds for future sales and
positive business relationships. Consider doing the following:
Placing a call at the time of product shipment and delivery to ensure that the client
received it in a timely, convenient basis and to check on all other terms specified in
sales agreement.
Placing calls (on a regular basis) to all those involved with the sale and who are using
your product to ensure that they are satisfied with its performance and to inquire
whether there is any more you can do to serve their needs.
Conducting customer satisfaction surveys or using feedback forms.
xi. Factors For Success
(a) Strong Parental Support
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(b) MetLife benefit from parent Company’s Global presence
(c) Proven Track Record
(d) International Standard of Customer Service
(e) Using Technology as Business Enabler
(f) Uses a Software Module called AURA which automatically process an insurance proposal
and issue the policy. It ensures quick turnaround time and accuracy
(g) Using Full Time Agents on Commission basis
(h) Agents are Full Time Working on Commission basis
(i) Reduce Fixed Cost
(j) Major Advertisement Campaign
(k) Internet
(l) Television and other Audio Mediums
(m) Telemarketing
(n) Referrals
(o) Personalization of Product and Services
(p) Penetrating untapped Semi urban and rural market
3. Theoretical Background
i. Performance Appraisals
a. Meaning
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A performance appraisal, employee appraisal, performance review, or (career) development
discussion is a method by which the job performance of an employee is evaluated (generally
in terms of quality, quantity, cost, and time) typically by the corresponding manager or
supervisor. A performance appraisal is a part of guiding and managing career development. It
is the process of obtaining, analyzing, and recording information about the relative worth of
an employee to the organization. Performance appraisal is an analysis of an employee's recent
successes and failures, personal strengths and weaknesses, and suitability for promotion or
further training. It is also the judgement of an employee's performance in a job based on
considerations other than productivity alone.
Performance appraisal is the process of obtaining, analyzing and recording information about
the relative worth of an employee. The focus of the performance appraisal is measuring and
improving the actual performance of the employee and also the future potential of the
employee. Its aim is to measure what an employee does.
According to Flippo, a prominent personality in the field of Human resources, "performance
appraisal is the systematic, periodic and an impartial rating of an employee’s excellence in
the matters pertaining to his present job and his potential for a better job." Performance
appraisal is a systematic way of reviewing and assessing the performance of an employee
during a given period of time and planning for his future.
It is a powerful tool to calibrate, refine and reward the performance of the employee. It helps
to analyze his achievements and evaluate his contribution towards the achievements of the
overall organizational goals.
By focusing the attention on performance, performance appraisal goes to the heart of
personnel management and reflects the management's interest in the progress of the
employees.
b. Aims and Objectives
Generally, the aims of a performance appraisal are to:
Give employees feedback on performance
Identify employee training needs
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Document criteria used to allocate organizational rewards
Form a basis for personnel decisions: salary increases, promotions, disciplinary
actions, bonuses, etc.
Provide the opportunity for organizational diagnosis and development
Facilitate communication between employee and employer
Validate selection techniques and human resource policies to meet federal Equal
Employment Opportunity requirements.
To improve performance through counselling, coaching and development.
To review the performance of the employees over a given period of time.
To judge the gap between the actual and the desired performance.
To help the management in exercising organizational control.
Helps to strengthen the relationship and communication between superior –
subordinates and management – employees.
To diagnose the strengths and weaknesses of the individuals so as to identify the
training and development needs of the future.
To provide feedback to the employees regarding their past performance.
Provide information to assist in the other personal decisions in the organization.
Provide clarity of the expectations and responsibilities of the functions to be
performed by the employees.
To judge the effectiveness of the other human resource functions of the organization
such as recruitment, selection, training and development.
To reduce the grievances of the employees.
c. Methods
A common approach to assessing performance is to use a numerical or scalar rating system
whereby managers are asked to score an individual against a number of objectives/attributes.
In some companies, employees receive assessments from their manager, peers, subordinates,
and customers, while also performing a self assessment this is known as a 360-degree
appraisal and forms good communication patterns.
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The most known and generic methods used in the performance appraisal process in MetLife
include the following:
Management by objectives: The concept of ‘Management by Objectives’ (MBO)
was first given by Peter Drucker in 1954. It can be defined as a process whereby the
employees and the superiors come together to identify common goals, the employees
set their goals to be achieved, the standards to be taken as the criteria for measurement
of their performance and contribution and deciding the course of action to be
followed.
The essence of MBO is participative goal setting, choosing course of actions and
decision making. An important part of the MBO is the measurement and the
comparison of the employee’s actual performance with the standards set. Ideally,
when employees themselves have been involved with the goal setting and the
choosing the course of action to be followed by them, they are more likely to fulfil
their responsibilities.
.
Advantages of MOB:
The principle behind Management by Objectives (MBO) is to create empowered employees
who have clarity of the roles and responsibilities expected from them, understand their
objectives to be achieved and thus help in the achievement of organizational as well as
personal goals.
Some of the important features and advantages of MBO are:
Clarity of goals – With MBO, came the concept of SMART goals i.e. goals that are:
1. Specific
2. Measurable
3. Achievable
4. Realistic
5. Time bound.
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The goals thus set are clear, motivating and there is a linkage between organizational
goals and performance targets of the employees.
The focus is on future rather than on past. Goals and standards are set for the performance
for the future with periodic reviews and feedback.
Motivation – Involving employees in the whole process of goal setting and increasing
employee empowerment increases employee job satisfaction and commitment.
Better communication and Coordination – Frequent reviews and interactions between
superiors and subordinates helps to maintain harmonious relationships within the
enterprise and also solve many problems faced during the period.
360-degree appraisal: In human resources or industrial/organizational psychology,
360-degree feedback, also known as multi-rater feedback, multisource feedback, or
multisource assessment, is feedback that comes from all around an employee. "360"
refers to the 360 degrees in a circle, with an individual figuratively in the centre of the
circle. Feedback is provided by subordinates, peers, and supervisors. It also includes a
self-assessment and, in some cases, feedback from external sources such as customers
and suppliers or other interested stakeholders. The results from 360-degree feedback
are often used by the person receiving the feedback to plan training and development.
Results are also used by some organizations in making administrative decisions, such
as pay or promotion.
Behavioural observation scale: Behaviourally Anchored Rating Scales (BARS) is a
relatively new technique which combines the graphic rating scale and critical
incidents method. It consists of predetermined critical areas of job performance or sets
of behavioural statements describing important job performance qualities as good or
bad (for eg. the qualities like inter personal relationships, adaptability and reliability,
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job knowledge etc). These statements are developed from critical incidents.
In this method, an employee’s actual job behaviour is judged against the desired
behaviour by recording and comparing the behaviour with BARS. Developing and
practicing BARS requires expert knowledge.
There is some consideration in making an effective BOS such as
The behaviours on the job must be JOB EVALUATION based analysis.
Critical Incident Technique (CIT) should be performed to minimize the bias of
performance measurement
BOS should be performed by better qualification of supervisor
Behaviourally anchored rating scales: Behaviourally Anchored Rating Scales
(BARS) are scales used to rate performance. BARS are normally presented vertically
with scale points ranging from five to nine. It is an appraisal method that aims to
combine the benefits of narratives, critical incidents, and quantified ratings by
anchoring a quantified scale with specific narrative examples of good, moderate, and
poor performance. BARS are rating scales that add behavioural scale anchors to
traditional rating scales. In comparison to other rating scales, BARS are intended to
facilitate more accurate ratings of the target person's behaviour or performance.
Human Resource Accounting Method: Human resources are valuable assets for
every organization. Human resource accounting method tries to find the relative worth
of these assets in the terms of money. In this method the Performance appraisal of the
employees is judged in terms of cost and contribution of the employees.
The cost of employees include all the expenses incurred on them like their
compensation, recruitment and selection costs, induction and training costs etc
whereas their contribution includes the total value added (in monetary terms). The
difference between the cost and the contribution will be the performance of the
employees. Ideally, the contribution of the employees should be greater than the cost
incurred on them.
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Trait-based systems, which rely on factors such as integrity and conscientiousness, are
also commonly used by businesses. The scientific literature on the subject provides evidence
that assessing employees on factors such as these should be avoided. The reasons for this are
twofold:
1) Because trait-based systems are by definition based on personality traits, they make it
difficult for a manager to provide feedback that can cause positive change in employee
performance. This is caused by the fact that personality dimensions are for the most part
static, and while an employee can change a specific behaviour they cannot change their
personality. For example, a person who lacks integrity may stop lying to a manager because
they have been caught, but they still have low integrity and are likely to lie again when the
threat of being caught is gone.
2) Trait-based systems, because they are vague, are more easily influenced by office politics,
causing them to be less reliable as a source of information on an employee's true
performance. The vagueness of these instruments allows managers to fill them out based on
who they want to/feel should get a raise, rather than basing scores on specific behaviours
employees should/should not be engaging in. These systems are also more likely to leave a
company open to discrimination claims because a manager can make biased decisions
without having to back them up with specific behavioural information.
The most effective, practical and easy method used by Metlife is called the goal sheet
method. This is a performance chart which helps both supervisors as well as employees to
monitor the extent of effort they have put into their work and also helps them to recognise
their distance from a certain target and promotions. So in a way it also acts as a motivation
tool as it keeps the encouragement of the employees high as their goals get simplified. It is
totally free from biasness as there is no involvement of favouring.
d. Process of Performance Appraisal
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Establishing Performance Standards: The first step in the process of performance appraisal
is the setting up of the standards which will be used to as the base to compare the actual
performance of the employees. This step requires setting the criteria to judge the performance
of the employees as successful or unsuccessful and the degrees of their contribution to the
organizational goals and objectives. The standards set should be clear, easily understandable
and in measurable terms. In case the performance of the employee cannot be measured, great
care should be taken to describe the standards.
Communicating The Standards: Once set, it is the responsibility of the management to
communicate the standards to all the employees of the organization
The employees should be informed and the standards should be clearly explained to them.
This will help them to understand their roles and to know what exactly is expected from
them. The standards should also be communicated to the appraisers or the evaluators and if
required, the standards can also be modified at this stage itself according to the relevant
feedback from the employees or the evaluators.
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Measuring The Actual Performance: The most difficult part of the Performance appraisal
process is measuring the actual performance of the employees that is the work done by the
employees during the specified period of time. It is a continuous process which involves
monitoring the performance throughout the year. This stage requires the careful selection of
the appropriate techniques of measurement, taking care that personal bias does not affect the
outcome of the process and providing assistance rather than interfering in an employees
work.
Comparing The Actual performance With The Desired Performance: The actual
performance is compared with the desired or the standard performance. The comparison tells
the deviations in the performance of the employees from the standards set. The result can
show the actual performance being more than the desired performance or, the actual
performance being less than the desired performance depicting a negative deviation in the
organizational performance. It includes recalling, evaluating and analysis of data related to
the employees’ performance.
Discussing Results: The result of the appraisal is communicated and discussed with the
employees on one-to-one basis. The focus of this discussion is on communication and
listening. The results, the problems and the possible solutions are discussed with the aim of
problem solving and reaching consensus. The feedback should be given with a positive
attitude as this can have an effect on the employees’ future performance. The purpose of the
meeting should be to solve the problems faced and motivate the employees to perform better.
Decision Making: The last step of the process is to take decisions which can be taken either
to improve the performance of the employees, take the required corrective actions, or the
related HR decisions like rewards, promotions, demotions, transfers etc.
ii. Employee Satisfaction
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a. Meaning
Employee satisfaction is a measure of how happy workers are with their job and working
environment. Keeping morale high among workers can be of tremendous benefit to any
company, as happy workers will be more likely to produce more, take fewer days off, and
stay loyal to the company. There are many factors in improving or maintaining high
employee satisfaction, which wise employers would do well to implement.
Employee Satisfaction is a prerequisite for the customer satisfaction. Enhanced
employee satisfaction leads to higher level of employee retention. A stable and committed
workforce ensures successful knowledge transfer, sharing, and creation --- a key to
continuous improvement, innovation, and knowledge-based total customer satisfaction.
When companies are committed with providing high quality products and services; when
companies set high work standards for their employees; and when employees are empowered
through training and development, provided with knowledge and information, permitted to
make mistakes without punishment, and trusted; they will experience an increase in their
level of satisfaction at work. This level of satisfaction can be enhanced further if teamwork
and visionary leadership are introduced.
Continuous improvement comes from the efforts of the empowered employees motivated by
visionary leadership. This is supported by the findings that empowerment and visionary
leadership both have significant correlation with employee satisfaction. Teamwork is also
supported by the findings. In addition, the study found significant correlation between
employee satisfaction and employee’s intention to leave.
The success of a corporation depends very much on customer satisfaction. A high level of
customer service leads to customer retention, thus offering growth and profit opportunities to
the organization. There is a strong relationship between customer satisfaction and employee
satisfaction. Satisfied employees are more likely to stay with company and become
committed and have more likely to be motivated to provide high level of customer service, by
doing so will also further enhance the employee’s satisfaction through feeling of
achievement. Enhanced employee satisfaction leads to improved employee retention; and
employee stability ensures the successful implementation of continuous improvement and
customer satisfaction. Customer satisfaction will no doubt lead to corporate success and
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greater job security. These will further enhance employee satisfaction. Therefore, employee
satisfaction is a prerequisite for customer satisfaction.
To measure employee satisfaction, many companies will have mandatory surveys or face-to-
face meetings with employees to gain information. Both of these tactics have pros and cons,
and should be chosen carefully. Surveys are often anonymous, allowing workers more
freedom to be honest without fear of repercussion. Interviews with company management can
feel intimidating, but if done correctly can let the worker know that their voice has been
heard and their concerns addressed by those in charge. Surveys and meetings can truly get to
the centre of the data surrounding employee satisfaction, and can be great tools to identify
specific problems leading to lowered morale.
b) Factors Influencing
Some of the important factors that contribute to employee satisfaction may include the
following:
1. Working Environment.
2. Convenient Work Location.
3. Recognition for the Work Done.
4. Friendly Working Environment.
5. Opportunities for Flexible Working.
6. Working in a ‘Dynamic’ Organization.
7. Working in a Reputed Organization.
8. Interesting & Enjoyable Work.
9. Work that gives a sense of Achievement.
10. Working with Young People.
11. Job Security.
12. Opportunities for Personal Development.
13. Opportunities for Promotion/Career Prospects.
14. Fair Payment for the Work Done.
15. Good Policies.
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c) Measuring job satisfaction
There are many methods for measuring job satisfaction. By far, the most common method for collecting data regarding job satisfaction is the Likert scale (named after Rensis Likert). Other less common methods of for gauging job satisfaction include: Yes/No questions, True/False questions, point systems, checklists, and forced choice answers. This data are sometimes collected using an Enterprise Feedback Management (EFM) system.
The Job Descriptive Index (JDI), created by Smith, Kendall, & Hulin (1969), is a specific questionnaire of job satisfaction that has been widely used. It measures one’s satisfaction in five facets: pay, promotions and promotion opportunities, co workers, supervision, and the work itself. The scale is simple, participants answer either yes, no, or can’t decide (indicated by ‘?’) in response to whether given statements accurately describe one’s job.
The Job in General Index is an overall measurement of job satisfaction. It is an improvement to the Job Descriptive Index because the JDI focuses too much on individual facets and not enough on work satisfaction in general.
Other job satisfaction questionnaires include: the Minnesota Satisfaction Questionnaire (MSQ), the Job Satisfaction Survey (JSS), and the Faces Scale. The MSQ measures job satisfaction in 20 facets and has a long form with 100 questions (five items from each facet) and a short form with 20 questions (one item from each facet). The JSS is a 36 item questionnaire that measures nine facets of job satisfaction. Finally, the Faces Scale of job satisfaction, one of the first scales used widely, measured overall job satisfaction with just one item which participants respond to by choosing a face..
d) Methods
1. Job Descriptive Index (JDI)
Job Descriptive Index is a scale used to measure five major factors associated with job satisfaction: Work itself, Supervision, Pay, Promotion, Co-workers. The JDI was first introduced in 1969 and since then has been used by over 1,000 organizations in many sectors.
2. Job In General Scale (JIG)
Job In General Scale is a method of employee satisfaction and developed as a global measure of job satisfaction. JIG is similar to JDI, it introduced 1969 by Smith, Kendall, & Hulin, was modified in 1985 by the JDI Research Group.
3. Minnesota Satisfaction Questionnaire (MSQ)
The Minnesota Satisfaction Questionnaire (MSQ) is designed to measure an employee’s satisfaction with their particular job. This Method includes 100 items measuring 20 facets of job satisfaction.
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There are three version are available: two long forms (1977 version and 1967 version) and a short form.
4. Satisfied / dissatisfied method
In this method, you just send a question form that includes:
• What is good thing in our company?• What is not good one in our company?
This method is suitable for “emergency events” and you need result in a short time.
5. Interview method
This method is used for:
• Review all data collected from other method..• Review key person.
4. Research Methodology
RESEARCH OBJECTIVE
Research methodology is a way to systematically solve the research problem. It may be
understood as a science of studying how research is done scientifically. It involves data
collection techniques, the method of analysis of data, their interpretation and final
summarization.
(a) The basic objective is to know the process of recruiting Financial Advisors in the
company.
(b) Identifying key areas which need improvement
RESEARCH DESIGN:
Explorative Research as well as Descriptive type of Research has been used.
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i. Explorative Research: The explorative research has helped to determine the best research
design, data collection and selection of subjects. The reliance of exploratory research on
secondary research, such as qualitative approaches: informal discussions with employees,
management and more formal approaches through in-depth interviews, questionnaire has
given a significant insight into the given situation.
ii. Descriptive research: On the other hand descriptive research has helped to determine how, where,
when and what of the situation. Therefore descriptive research has been used here to get the
maximum amount of the information.
OBJECTIVES OF THE STUDY:
1) To find the level of satisfaction of the employees regarding their jobs
2) To evaluate the various methods of performance appraisals
SCOPE OF THE STUDY
By this study the company will come to know:-
(a)The issues related to new business processing at branch office.
(b) The limitations regarding the working of MetLife staff.
(c) Company image and acceptability of the products in the market
(d) About the market position of Company in comparison with other Insurance companies.
(e) About the availability of its products in the Market and services at the time same.
SIGNIFICANCE OF THE STUDY
(A) The project directly deals with interaction with the staff and few customers of the customers of
MetLife Jalandhar. So this project helps me to understand the corporate communication system.
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(B) This study is helpful to find out the sales trends of the MetLife products and its effect on consumers value.
(C) This study makes me understand how the challenging situations are handled. This study provides an
insight to the company that what kind of strategy must be adopted in order to increase the sales,
reduce the OTCR rejection rates and ultimately how to increase the market position of the company
(D) This study also helps in understanding the various factors in which the employees are
satisfied and the ones that they aren’t.
SOURCE OF THE DATA COLLECTION
The data was collected by meeting the respondents. The purpose of this study was explained to
them in brief and then the questionnaire was administered to them. There are two types of data
collection methods:
Primary Data: In research primary data is collected from all respective areas. In my report
the primary data are collected from questionnaire and personal interview of the employee. Other
sources were
Communication with the employees of the department through interviews
Getting information by observations e.g. in manufacturing processes.
Secondary Data: In my report the secondary data are collection Internet and journals. Other
sources were
Annual Reports of the company.
Office manuals of the department.
Magazines, Reports in the company.
Policy documents of various departments.
LIMITATIONS OF THE STUDY
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Psychological Constraints: Most of the persons who were interviewed felt disturbed
while responding to questions during their work hours; hence they made it a point to
finish off answering the questionnaire as soon as possible. Had they spent a little more
time on introspecting on each question the result would have been better.
Constraints regarding confidential Issues : Most of the interviewed persons were
reluctant to give information.
5. SWOT ANALYSIS
Strength
With over 139 years of experience MetLife have approximately US $ 3.3 trillion of life insurance in force.
(a) Brands image, Business Experience and Innovate products.
(b) Has tie up bands like Axis, J&K, Barclays,, Karnataka Bank.
(c) Service quality which is the crux of their mission.
(d) Paid-up capital of RS 1500 cr as on 2008 which shows company dependability.
(e) Very less charge on ULIP plans as compare to other insurance players.
Weakness
Many competitors in the market offer the same products by the title and difference
in premium and offerings.
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a. Sustainable to risk associated with investments in money market
.
b. Very less network branches due to which it difficult for customer to make payment easily
c. Not focusing on consumer awareness mainly concentrating on personal selling.
d. More focusing in urban areas not touching rural area which has a very good potential
market for insurance sector.
e. Lacking in advertisement due to which they are not able to cover large area or large number of customer.
Opportunities
a. Huge market is vastly untapped out of estimated 320 million insurable markets only 20% of the population
insured.
b. Death insurance & pension schemes ; an estimated market potential of approximately $ 15 billon
c. Nearly 70% of the Indian population is without life health and non insurance.
d. Per capital life insurance premium in India in 2004 was $16 as compared to the world
average $292.
e. Strong economic growth with increase in affluence and rising risk awareness leading to rapid
growth in the insurance sector.
Threats
a. Entry of many other private companies with equally strong experience and financial strength of
foreign partners making the competition difficult and saturating the urban market .(e.g
idbi ,fortis insurance and more.)
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b. Current government policies do not encourage gross domestic saving ,if thetax liability of the
service ,the customer will have little money to invest
c. LIC has woken up from sleep and following : competitive strategies its ,hugesurplus in life funds gives a
capability to lodge price was
6. Research Done in Field
i. Performance Appraisal
a. Goal Sheet: A goal sheet is basically a tool which is provided to the employees
at various levels to keep track and create better strategies regarding their performance.
Through the performance results from this goal sheet, various awards, promotions etc take
place. Below are given a few goal sheets for different levels of hierarchy in the company.
ADDENDUM: SM-PO and ASM-PO Goal Sheet and Incentive Program -(Aug to Dec
2011)
Goal Sheet for ASM-PO and SM-PO during probation period M1 to M6:
Changes to Goal Sheet:
1. AFYP target replaced with New Business Premium (NBP) Target and Achievement.
2. Active License definition changed to NBP. Only FA's with Cumulative New Business
Premium (NBP) of more than or equal to Rs. 5,000 (as per the applicable Product
Weightage for Sales Team) in a month to be considered Active. (Reallocated FA will
not be considered as New License).
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New Business Premium (NBP)
Regular and Limited Pay New Policy Premium to have 100% Weightage on New
Business Premium (NBP)
Single Pay policies to have the following weightages as per the Case Size:
o Less Than 25k Case = 10% Weightage to NBP
o More than or equal to 25k Case = 20% Weightage to NBP
o More than or equal to 50k Case = 40% Weightage to NBP
o More than or equal to 99k Case = 50% Weightage to NBP
o More than or equal to 2 lac Case = 100% Weightage to NBP
Transition to New Business Premium (NBP) from AFYP
o NBP Target will be equivalent to the AFYP Targets allocated. The AFYP
Target and Achievement will be replaced by NBP Target and Achievement
from August 2011.
o YTD AFYP/ NBP Achievement Calculation Illustration:
o Subsequent Premium Collected on Monthly, Quarterly and Half Yearly
Policies placed after 1 August 2011 to be considered in NBP. Subsequent
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Premium received on policies places before 1 August 2011 will NOT be
considered in NBP.
Incentive Programs for ASM-PO and SM-PO
ii. Employee Satisfaction
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a. Questionnaire:
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b. Analysis and Interpretation
The above questionnaire was designed to ensure that the employees give an accurate
and honest reply as the box at the beginning states that all the information would be kept
confidential and is merely being collected for research.
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The questionnaire was distributed among all employees in the office and was filled
out. Apart from just the questionnaire I had one on one time with the employees to gather
more qualitative information regarding their job satisfaction.
The questionnaire was divided into various sub parts which I thought were most likely
to be connected with job satisfaction. They were Communication and planning, The role of
the individual, corporate culture, relations with other workers, environment and hygiene, pays
and benefit, work life (stress and balance) etc. I wanted to ensure that all aspects are covered
and one could have a clear cut observation of where that particular employee feels
disadvantaged at.
It was observed that the communication and planning of Metlife was outstanding. The
reason may be the system that is followed in the firm. An employee is to submit a progress
report daily before 7 PM. This report helps in communication between the superior and
employees and through this process the superior is able to adjust and modify the goals of the
week. The workers are also pleased with such system as it helps them in checking on where
their progress/target stands.
The workers were fairly satisfied with their role in the firm. This was the result of the
firm being a target based company. The senior subordinate doesn’t put too much pressure on
the methods that the employees get their job done. i.e. an employee may have zero progress
in the first two weeks but as long as by the end of the month, the target gets achieved there is
no problems. The employees are given credit for the various milestones that they achieve and
the employees are given full freedom of doing their job in or out of the office.
As far as corporate culture is concerned, the employees were pretty strong regarding
Metlife as a corporate body. Metlife has a very strong corporate culture and some of the
factors ensuring it include
Acceptance and appreciation for diversity
Regard for and fair treatment of each employee as well as respect for each employee’s
contribution to the company
Employee pride and enthusiasm for the organization and the work performed
Equal opportunity for each employee to realize their full potential within the company
Strong communication with all employees regarding policies and company issues
Strong company leaders with a strong sense of direction and purpose
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Ability to compete in industry innovation and customer service, as well as price
Lower than average turnover rates
Investment in learning, training, and employee knowledge
All the employees were unanimously in positive favour for their relations with immediate
supervisor. The Branch manager at our firm is of a very friendly yet goal oriented nature. So
he has ways of getting the job done without hurting the employees either. Everyone is
assisted at the time of doubts or when needed. Even when it comes to achieving certain
milestones like trips to foreign countries, in case one or the other employee is lacking by a
small margin the full support and resources are given to ensure that the milestone is achieved
Not a single employee was dissatisfied with Metlife’s workplace environment and
resources. They all felt as if the office area was well maintained and clean. All the employees
are provided with their individual computers as well as scanning, printing etc facilities. There
are guards to ensure safety as well as other workers specifically hired to facilitate for water,
tea, coffee etc.
When it comes to pays and benefits, a lot of the employees had mixed replies. In the
questionnaire the reply was average but in the face to face interview some of the employees
felt that the pay was merely based the performance of the individual. This is somewhat true
though. Usually the sales managers have a fixed salary but they have a target to achieve every
month, and failure to do so will add the remainder to the next month and so on. SO by the end
of the year one has to achieve the target assigned making it burdensome at times. Despite that
all employees believed that with contrast to the pay and benefits in other companies, Metlife
is better. Metlife also provides free insurance cover to the employees to a certain extent and
also pays for phone charges incurred due to usage for the workplace hence keeping the
employees satisfied regarding resource availability and safety.
Again when it comes down to stress and work life the employees had mixed replies.
Most of the employees felt that the target versus timeframe was a little unfair and a bit of a
load. Despite that all employees were satisfied with the fact that they had sufficient time to
spend with their families too. The employees did however feel a bit competitive regarding
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their safety of their job as Metlife is very strict regarding non performers and will fire
employees that either go out of guidelines (unethical work, dishonesty etc) or are not up to
par with their performance.
On being asked for further suggestions on improving the job satisfaction the employees
suggested that more contests should be launched to promote competiveness among the
employees. In these contests a target is given and however gets the first, second and third
position among the office is rewarded in one way or the other. Other than that increase in
compensation was also suggested. The reason was that no doubt Metlife is paying more than
an average insurance firm in the market but the targets and goals are also much higher hence
creating a really busy working environment for the employees. Another factor was better
Reimbursement as some expenses are directly linked to the profit of the firm but the expense
goes out of the employees pocket eg. The expenses incurred for performing sales like
transportation etc.
7. References
http://www.hr.com/en/articles/all_articles/metlife-benefits-benchmarking-
report_eb2a770k.html
http://www.metlife.co.in/MetLifeIndPlans_Child_MetBhavishya.aspx
http://www.metlife.co.in/
MetLifeIndPlans_Child_MetJuniorEndowment.aspx
http://www.metlife.co.in/MetLifeIndPlans_Monthly_MMIP_7.aspx
http://www.metlife.co.in/MetLifeIndPlans_Savings_MetSukh.aspx
http://www.metlife.co.in/
MetLifeIndPlans_Child_MetJuniorEndowment.aspx#
http://appraisals.naukrihub.com/mbo.html
http://appraisals.naukrihub.com/process.html
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