Factor discussion

1. Work culture:

This factor emerged out be the most important factor for job satisfaction in insurance sector. There are nine variables which correlate very high with this factor. It accounts for a total variance of 23.367.This factor highlights the fact that for job satisfaction an insurance company must have a very good work culture. Work culture comprises of the following attributes in order of their importance: Superiors encouragement of career development Helpful superiors Respectful treatment by management and peers Job security Open and friendly work atmosphere Work flexibility with respect to family responsibilities Free and frequent communication by superiors Good internal co-ordination between various departments Realistic targets

After analysis it was seen that in the entire insurance sector major emphasis is on encouragement given by superiors for the development of career of their subordinates.(Factor loading is .806) and minimum emphasis is on realistic targets (Factor loading is -.671) This may be due to the fact that in insurance sector major emphasis is given on business development.

This factor being one of the major factors that influence the job satisfaction level in insurance sector , It aims at satisfying the safety/security and self-esteem needs of individuals.It talks about job security, helpful superiors, respectful treatment, open and friendly work environment which is a safety an security need, then moving higher in the need hierarchy model self-esteem need is fulfilled by superiors encouragement of career development, free and frequent communication by superiors because this provided recognition from others in terms of career development and communication.

It was seen that superiors encourage the career development of their subordinates, they are helpful, they treat the subordinates with respect and there is good internal co-ordination among various departments of the organizations but on the other hand there is no job security in this sector, work atmosphere is also not very open and friendly moreover the companies do not provide work flexibility with respect to the family responsibility of their employees. Jobs are more stressful if they interfere with an employees personal life and are a source of continuous worry or concern.Despite being helpful the superiors are lacking in frequent and free communication with their subordinate which causes a major amount of job dissatisfaction among the employees. Another very important cause of dissatisfaction if unrealistic targets that are set by superiors which results in increasing the stress level as well as dissatisfaction among the employees.

Note: A negative factor loading implies that the variable has a negative implication on the factor. While considering the strength of each variable its absolute value is considered but while analyzing its impact the negative implication is taken into consideration.

1. Pay for performance:

This was the second most important factor which results in job satisfaction. This factor accounted for a total variance of 10.825. There are four variables that correlate high with this factor and they are given below in order of the importance given to them Salary according to competence Equitable salary when compared to competitors Availability of fringe benefits And job importance

This factor satisfies the safety and security needs of employees since it talks about economic security aspect (refer to figure 2.2)Though analysis it was seen that the salary structure in the entire insurance sector was competitive and equitable to competitors, fringe benefits like laptops, telephone facility, reimbursement of conveyance etc. were provided to keep the employees satisfied and motivated to work and this made the employees feel that their job is of importance and the business that they generate is of importance to the company.

Equitable salary structure and fringe benefits act as a buffer for employees who feel that they are being valued by the company and are getting something in return for the business that they generate. But on the darker side a major dis-satisfaction was in terms of salary when compared to the competence and ability of employees. Employees felt that their salary is not in compliance to their abilities and competencies. They felt that work load was often very much and their pay was not according to the work load that they had to handle. So it was concluded that though organizations provide fringe benefits which are being appreciated by the employees yet there is dis-satisfaction in terms of salary structure and since the structure is competitive so the entire insurance sector is facing problems associated with low salary package.

2. Growth and recognition:

The third important factor that determines the job satisfaction level in the insurance sector is the amount of growth opportunities that are available to the employees and the level of recognition that they receive for their efforts. The variables that correlate highly with this factor in terms of their importance are as follows: Periodical review of work for improvement Fair performance appraisal system Recognition and incentives (bonus) for personal accomplishments Frequent training for skill enhancement Opportunities to learn and grow

This factor highlights human beings unrelenting desire for being acknowledged for their achievements. It aims at satisfying self-esteem need of human beings (refer to figure 2.2).A successful employee is one who is in constant search for growth opportunities and it was found that in the insurance sector employees are given adequate growth opportunities.

Their performance is reviewed frequently and fairly, they receive incentives and bonus for their personal achievements, they are given frequent training for enhancing their skills and they get immense opportunities to learn and improve on their abilities and competencies.

So it can be fairly concluded that insurance sector provides good growth and learning opportunities to its employees which attracts job seekers towards this industry.

3. Authority:

Authority also plays an important role in defining job satisfaction level. It accounted for 7.972% of variance and ranked at fourth number in the analysis. The two variables that make up this factor in order of their role in determining job satisfaction are as follows: Participation in decision making Freedom to do job efficiently

This factor again talks about self-esteem need of human beings, according to Maslows need hierarchy theory (refer to figure 2.2)Participative management is one of the emerging trends that the organizations are utilizing to motivate their work force and to make them feel part of the organization. If a worker feels that he is in charge of things around him then he will be satisfied internally and will be motivated to make his workplace a better place.

But on a greyer note it was seen that in insurance sector decision making is still the prerogative of higher authorities and employees are secluded from decision making, though they are given freedom to do their jobs effectively but when it comes to decision making they are secluded from it.

4. Job clarity:

Fourth factor that determines job satisfaction is presence of job clarity. This factor accounts for 6.805% variance and it has three variables under it which as following: Clear understanding of goals and strategies Clarity about expectations from job and organization Availability of opportunities to understand interesting an challenging projects

It was seen that employees have a clear understanding of their job roles and also of the goals and strategies of the company. They also get good opportunities to undertake challenging projects and are able to handle these projects well because of their job clarity.So it seems that the main effort is on making job roles and duties clear, along with good understanding of strategies and goals of the organization so that employees can align their goals and targets with that of the organization and hence become capable of handling challenging projects.

5. Team work:

Team work among peers and subordinates is a factor that is the second last factor which has its say on job satisfaction in insurance sector. This factor accounted for 5.662% variance and it has two variables that highly correlate with it. The variables in order of their loading are: Team spirit among co-workers Good working relationship with peers

This factor clearly aims at satisfying the social needs of human beings since it talks about team work which necessitates from humans need to be part of a group and to be accepted as a part of that group. Team work creates an aura of healthy work environment. If employees work as a team rather than individuals then targets can be achieved in a better way. Good working relationships also act as stress suppressing factor. It creates harmony and stimulates growth of employees as well as the organization as a whole.

It was found that employees in insurance sector had relatively high team spirit among themselves and they also had good working relations between their co-workers .

6. Leadership:

The last but important factor that affects job satisfaction level in insurance sector is leadership of management. This factor accounts for total of 5.626% variance and its two variables in order of their importance are as following: Caring manager Competent manager

Though leadership has many attributes but in insurance sector it is determined by the attitude of superiors towards their subordinates. A good leader is one who is competent enough to care about his subordinates and not just treat them like insensitive beings.

This is again a psychological attribute which determines job satisfaction level. A caring manager satisfies the social need (according to Maslows need hierarchy model) of employees and it makes them realize that they are being cared and given importance as a human asset.

It was seen that the leadership in insurance sector needs to pay attention on this front. Employees felt that their managers are incompetent because they fail to care about them as person. This was a cause of dis-satisfaction among employees in the insurance sector