ICICI Project

CHAPTER I

INTRODUCTION

INTRODUCTION Human resource should be utilized to maximum possible extent, in order to achieve individual and organizational goals. How ever the employee performance is to a large extent, influenced by motivation and job satisfaction.

Attitudes are significant because they influence behavior at work either directly or indirectly. Few concepts in the field of organizational behavior and human resource management have attracted as much attention among both managers and researchers as the specific employee attitude called as job satisfaction.

Definitions:1. Job satisfaction as an individuals overall attitude toward his/her job.

2. Job satisfaction defines as a pleasurable or positive emotional state resulting from the appraisal of ones job or job experience.

3. Job satisfaction refers to a persons feeling of satisfaction on the job, which acts as a

motivation to work. It is not the self satisfaction, happiness or self-contentment but the

satisfaction on the job.

4. Job satisfaction defined as the pleasurable/un pleasurable emotional state resulting from the appraisal of ones job as achieving or facilitating the achievement of ones job values.

5. Job satisfaction is the favorableness or unfavourableness with which employees view their work.

Job satisfaction has been regarded both as a general attitude as well as satisfaction with specific dimensions of the job such as pay, the work it self, promotion opportunities, supervision, co-workers. These may interact in different ways to create the feeling of satisfaction with the job.

Job satisfaction in two ways. First, in terms of the fit between what the organization requires and what the employee is seeking and second, in terms of the fit between what the Employee is seeking and what he/she is actually receiving.

Historical overview of job satisfaction:1. While systematic attempts to study the nature and cause of job satisfaction did not Begin until the 1930s, the important role played by a workers attitude in determining his actions in the job situation was recognized long before. The interpretations of the Hawthorne studies stressed the role of the informal work group and supervisory practices in shaping employee satisfaction and performance

2. Hop pock published the first intensive study of job satisfaction; his result emphasized the multiplicity of factors that could affect job satisfaction, which include fatigue, monotony, working conditions, supervision and achievement.

3. In retrospect, three major schools of thought or historical trends can be identified concerning the factors believed to be the most conducive to employee Job satisfaction. The human relations school, which began in the 1930s, emphasized the role of good supervisor, cohesive workgroups and good employee_ management relations.

4. In recent years, the attitude of job satisfaction has become closely associated with broader approaches to improve job design and work organization and the quality of work life movement.

Determinants of job satisfaction: These factors can be classified into two categories those relating to the organization and those relating to the personal characteristics of the employees them selves. They are

a) ORGANIZATIONAL FACTORS

Reward system

Work it self

Perceived quality of super vision

Working conditions

b) INDIVIDUAL DETERMINENTS

Status &seniority

Age

Gender

Marital status

Years of experience Need & Importance of the Study :1. Understanding the employee is for an organization in assisting management with the People component of the organization and assist in gaining and maintaining a competitive Advantage.

2. Study on employees opinion towards job satisfaction in various aspects in ICICI help the company to know how and contributes maximum benefits to the organization.

3. There is a need & importance for the study, as it will help the company to know about the employees opinion and can modify the changes in the organization for human resource development and future utility.

4. The present study is a micro level study confined to the study of motivation, job satisfaction and can be attempted from various dimensions of personal feelings, perceptions, desires, motives, attitudes, values etc. Further, the depth in analysis is confined to employees in ICICI.

Objective of the study:

To know the objectives of the company. To gather the nformation about profile of the ICICI company. To know the job satisfaction level in employees of ICICI company (or) that company. To identify what are the measures and techniques adopted by the company in order to keep employees satisfied by the job. To give suggestions to improve the satisfaction levels in the workplace.Objectives of the Job Satisfaction :The study aims at finding the information regarding job satisfaction of employees in general and specific in ICICI.

The objectives are;

To ensure the availability of a competent and will and willing workforce to an Organization.

To meet the needs, aspirations, values and dignity of individual employees.

To assist employees to function more effectively in their present position by

exposing them to the latest concepts and techniques by developing the skills.

To enable the employees to develop and make them ready to meet the future Challenges.

To reduce employee dissatisfaction and turnover.

To improve motivation and moral by providing good working condition.

SCOPE OF THE STUDY :

Scope of the study is confined to, what are the various facets and incentives of the organization which are motivating the employees to stay with the organization. To find out what aspects are satisfied and dissatisfied by the employees of the organization and the difference in the satisfaction level of executives of Non-executives.

Discusses the research design, important of the study scope and signification of the study, sources of data, need of the study, objectives of the study and limitation of the study.

RESEARCH METHODOLOGY: The project job satisfaction is done at Electronic Corporation of India ltd, Hyderabad,

Follows the following methodology.

DATA COLLECTION: PRIMARY DATA: For the purpose of the study the necessary data has been collected from the primary and secondary sources. The primary data are those which are collected afresh and for the first time. The data regarding the opinion, on JOB SATISFACTION for employees and workers at various levels of the organization. A questionnaire was prepared about 100 members as sample group concerned were gathered through discussion and separate questionnaire.

THE SECONDARY DATA:

The secondary data, on the other hand, are those which have already collected by someone else and which have already been assed through the statistical process. The secondary data that is establishment, location and capacity, staff information, organization charts etc, where collected from the management annual reports, circulars, journals, information brochures etc.Data Analysis :Statistical Tool :

In data analysis I used mean in orders to find out the percentage.

No. of Respondents

Mean = ------------------------------------ x 100

Total No. of repondents.

Limitations of the study:

The study will bring the general opinion of the employees but it will not reflect the exact Opinion of all.

As the study will be conducted in ICICI, in ISD (instrument system division) division it indicates the perception of the employees in that division only.

The study restricts up to 100 samples. It will not consider all the employees in the Organization.

The study focuses on the attitudes and perceptions of employees only, it will not cover the financial growth of the employees.

Main constraint is time is very less i.e. 45 days, so we not gather more information from employees.

Organization did not give permission to meet all the employees

CHAPTER IIORGANIZATION PROFILEABOUT ICICI BANK LIMITED

Securities and Exchange Board of India, vide its letter no. MFD/PM/567/02 dated June 4,2002, has accorded its approval recognizing ICICI Bank Ltd. as a cosponsor consequent to the merger of ICICI Ltd. with ICICI Bank Ltd.

ICICI Bank is India's second-largest bank with total assets of Rs. 3,562.28 billion (US$ 77 billion) at December 31, 2009 and profit after tax Rs. 30.19 billion (US$ 648.8 million) for the nine months ended December 31, 2009. The Bank has a network of 1,694 branches and about 4,883 ATMs in India and presence in 18 countries. ICICI Bank offers a wide range of banking products and financial services to corporate and retail customers through a variety of delivery channels and through its specialised subsidiaries and affiliates in the areas of investment banking, life and non-life insurance, venture capital and asset management. The Bank currently has subsidiaries in the United Kingdom, Russia and Canada, branches in United States, Singapore, Bahrain, Hong Kong, Sri Lanka, Qatar and Dubai International Finance Centre and representative offices in United Arab Emirates, China, South Africa, Bangladesh, Thailand, Malaysia and Indonesia. Our UK subsidiary has established branches in Belgium and Germany.

ICICI Bank's equity shares are listed in India on Bombay Stock Exchange and the National Stock Exchange of India Limited and its American Depositary Receipts (ADRs) are listed on the New York Stock Exchange (NYSE).

As required by the stock exchanges, ICICI Bank has formulated a code of business conduct and Ethics for its directors and employees. (Click here to view a copy of the code).

ICICI Bank was originally promoted in 1994 by ICICI Limited, an Indian financial institution, and was its wholly-owned subsidiary. ICICI's Shareholding in ICICI Bank was reduced to 46% through a public offering of shares in India in fiscal 1998, an equity offering in the form of ADRs fisted on the NYSE in fiscal 2000, ICICI Bank's acquisition of Bank of Madura Limited in ail-stock amalgamation in fiscal 2001, and secondary market sales by ICICI to institutional investors in fiscal 2001 and fiscal 2002. ICICI was formed in 1955 at the initiative of the world bank, the Government of India and representatives of Indian industry. The principal objective was to create, a development financial institution for providing medium-term and long-term project financing to Indian businesses. In the 1990s, ICICI transformed its business from a development financial institution offering only project finance to a diversified financial services group offering a wide variety of products and services, both directly and through a number of subsidiaries and affiliates like ICICI Bank. In 1999, ICICI become the first Indian company and the first bank or financial institution from non-Japan Asia to be listed on the NYSE.

After consideration of various corporate structuring alternatives in the context of the emerging competitive scenario in the Indian banking industry, and the move towards universal banking, the management ICICI and ICICI Bank formed the view that the merger of ICICI with ICICI Bank would be the optiomal strategic alternative for both entities, and would create the optimal legal structure for the ICICI group's universal banking strategy. The merger would enhance value for ICICI shareholders through the merged entity's access to low-cost deposits, greater opportunities for earning fee-based income and the ability to participate in the payments system and provide transaction banking services. The merger would enhance value for ICICI Bank shareholders through a large capital base and scale of operations, seamless access to ICICI's strong corporate relationships built up over five decades, entry into new business segments, higher market share in various business segments, particularly fee-based services, and access to the vast talent pool of ICICI and its subsidiaries In October 2001, the Boards of Directors of ICICI and ICICI Bank approved the merger of ICICI and two of its wholly owned retail finance subsidiaries, ICICIC Personal Financial Services Limited and ICICI Capital Services Limited, with ICICI Bank. The merger was approved by shareholders of ICICI and ICICI Bank in January 2002, by the High Court of Gujarat at Ahmedabad in March 2002, and by the High Court of Judicature at Mumbai and the Reserve Bank of India i April, 2002. Consequent to the merger, the ICICI group's financing and banking operations, both wholesale and retail, have been integrated in a single entity. Free float holding excludes ail promoter holdings, strategic investments and cross holdings among public sector entities.HISTORY OF THE COMPANY

Overview:

ICICI Bank is India's second-largest bank with total assets of Rs. 3,562.28 billion (US$ 77 billion) at December 31, 2009 and profit after tax Rs. 30.19 billion (US$ 648.8 million) for the nine months ended December 31, 2009. The Bank has a network of 1,694 branches and about 4,883 ATMs in India and presence in 18 countries. ICICI Bank offers a wide range of banking products and financial services to corporate and retail customers through a variety of delivery channels and through its specialised subsidiaries and affiliates in the areas of investment banking, life and non-life insurance, venture capital and asset management. The Bank currently has subsidiaries in the United Kingdom, Russia and Canada, branches in United States, Singapore, Bahrain, Hong Kong, Sri Lanka, Qatar and Dubai International Finance Centre and representative offices in United Arab Emirates, China, South Africa, Bangladesh, Thailand, Malaysia and Indonesia. Our UK subsidiary has established branches in Belgium and Germany.

ICICI Bank's equity shares are listed in India on Bombay Stock Exchange and the National Stock Exchange of India Limited and its American Depositary Receipts (ADRs) are listed on the New York Stock Exchange (NYSE).

ICICI Bank has formulated a Code of Business Conduct and Ethies for its directors and employees (click here to view a copy of the Code). At September 20, 2005, ICICI Bank, with free float market capitalization of about Rs.400.00 billion (US$ 9.00 billion) ranked third amongst all the companies listed on the Indian stock exchanges. ICICI BANK was originally promoted in 1994 by ICICI Limited, an Indian financial institution, and was its wholly - owned subsidiary. ICICI's shareholding in ICICI Bank was reduced to 46% through a public offering of shares in India in fiscal 1998, an equity offering in the form of ADRs listed on the NYSE in fiscal 2000. ICICI Bank's acquisition of Bank of Madura Limited in an all-stock amalgamation in fiscal 2001, and secondary market sales by ICICI to institutional investors in fiscal 2001 and fiscal 2002.

ICICI was formed in 1955 at the initiative of the World Bank, the Government of India and representatives of Indian industry. The principal objective was to create a development financial institution for providing medium-term and long-term project financing to Indian businesses. In the 1990s, ICICI transformed its business from a development financial institution offering only project finance to a diversified financial services group offering a wide variety of products and services, both directly and through a number of subsidiaries and affiliates like ICICI Bank. In 1999, ICICI become the first India Company and the first bank or financial institution from non-Japan Asia be listed on the NYSE. After consideration of various corporate structuring alternatives in the context of the emerging competitive scenario in the Indian banking industry, and the move towards universal banking, the management's of ICICI and ICICI Bank formed the view that the merger of ICICI with ICICI Bank would be the optimal strategic alternative for both entities, and would create the optimal legal structure for the ICICI group's universal banking strategy. The merger would enhance value for ICICI shareholders through the merged entity's access to low-cost deposits, greater opportunities for earning fee-based income and the ability to participate in the payments system and provide transaction-banking services. The merger would enhance value for ICICI Bank shareholders through a large capital base and scale of operations, seamless access to ICICI's strong corporate relationships built up over five decades, entry into new business segments, higher market share in various business segments, particularly fee-based services, and access to the vast talent pool of ICICI and its subsidiaries.

In October 2001, the Boards Directors of ICICI and ICICI Bank approved the merger of ICICI and two of its wholly-owned retail finance subsidiaries, ICICI Bank. The merger was approved by shareholders of ICICI and ICICI Bank in January, 2002, by the High Court of Gujarat at Ahmedabad in March 2002, and by the High Court of Judicature at Mumbai and the Reserve Bank of India in April 2002 Consequent to the merger, the ICICI group's financing and banking operations, both wholesale and retail, have been integrated in a single entity. Free float holding excludes all promoter holdings, strategic investments and cross holdings among public sector entities.

ICICI BANK GROUP:

BOARD OF DIRECTORS:MS.Chanda D kochhar

Mr.k.ram kumar

Mr.v.sridhar

Mr.v.prem watsa

Mr.sanjoy chattarjee

Mr.marti g.subrahmanyam

Mr.p.sinha

Mr.l.n.mittal

Mr.sandeep bakshi

Mr anupam puri

Mr.m.s.ram chandran

Mr.homi r khusrokhar

Mr.sridar iyengar

Mr.mk.sharma

Mr.ns kannan

Mr.narendra murkumbi

Mr.k.v kamanth

1. Mutual FundA mutual fund is a pool of money contributed by individuals who have similar financial goals. The money collected is then invested in various securities such as equities, debentures/bonds and/or money market instruments.

2. Net Asset Value (NAV)Net Asset value (NAV) denotes the performance of a particular scheme of a mutual fund. Mutual funds invest the money collected from the investors in securities markets. In simple words, NAV is the market value of the securities held by the scheme. Since the Market value of securities changes every day, NAV of a scheme also varies on day-to-day basis. The NAV per unit is the market value of the securities of a scheme divided by the total number of units of the scheme on any particular date. NAV is required to be disclosed by the mutual funds on a regular basis-daily or weekly-depending on the type of scheme.

3. Load

It is a charge collected by a mutual fund when it sells units. It can be either front-end load (i.e., the charge collected when an investor buys the units) or back-end load (i.e., the charge collected when the investor sells back the units). Some schemes do not charge any load and are called No Load Schemes.

4. Net AssetsThe total value of a funds cash and securities less its liabilities or obligations.

5. PortfolioA portfolio comprises investments in a variety of securities and asset classes. This diversification reduces the overall risk. Portfolio risk depends on the nature of each investment in the portfolio and the overall impact (favorable or unfavorable) of the various risk factors on each security. A mutual fund scheme states the kind of portfolio it seeks to construct as well as the risks involved under each asset class.

6. Ex-dividend DateNormally, one business day after the record date. Investors purchasing unit on or after the ex-dividend date are not entitled to collect dividends or bonus units. The NAV falls by the amount of the dividend distributed and/or bonus issued. The terms ex-bonus and ex-dividend often are used synonymously. For instance, if the record dates for dividend is January 20, then investors who dont have their names in the list of unit holders as on that day, will not receive the dividend. This works very similar to dividend and bonus declarations in the case of stocks.

7. Expense RatioThe expense ration for a fund is the annual expenses of a fund 9at the end of the financial year), including the management fee, administrative costs divided by the number of units on that day.

BANK DEPOSITS

Bank deposits are fairly safe because banks are subject to control of the Reserves Bank of India (RBI) with regard to several policy and operation parameters. The minimum deposits amount varies each bank. It can range from as low as Rs.100 to an unlimited amount with some bank. Deposits can be made in multiples of Rs.100.

People who want to take less risk i.e., want some guarantee or security of their at least principle amount and interest may vary and also may not be very high prefer to deposits in banks. Bank deposits are safest investment after post office savings because all bank deposits are insured under the Deposits Insurance and Credit Guarantee Scheme of India. It is possible to get 75-90% of the deposits amount from banks against fixed deposit receipts.

The basic four of accounts that can be opened in the bank by an individual are as fallows:

1.FIXED DEPOSIT:

A fixed deposit is meant for those who want to deposit a lump sum of money for a fixed period say for a minimum period of 15 days to five years and above, thereby earning a higher rate of interest kin return. Investor gets a lump sum (Principle + Interest) at the maturity of the deposit.

2.SAVINGS BANK ACCOUNT:

A saving bank account (SB account) is meant to promote the habit of saving among the people. It also facilitates safekeeping of money. In this scheme fund is allowed to be withdrawn whenever required, without any condition. Hence a saving account is a safe, convenient and affordable way to save your money. The minimum amount to open an account in a nationalized bank is Rs.100. If chequebooks are also issued, the minimum balance of Rs.500 has to be maintained. However in some private or foreign bank the minimum balance is Rs.500 or more and can be up Rs.10,000. One cheque book is issued to a customer at a time.

3.RECURRING DEPOSITS:

The recurring deposits in bank is meant for someone who want to invest a specific sum of money on a monthly basis for a fixed rate of return. At the end, you will get the principle sum as well as the interest earned during that period. The scheme, a systematic way for long term savings, is one of the best investment option for the low income group investment of Recurring Deposits varies from bank to bank but usually it begins from Rs.100. There is no upper limit in investing.

4.CURRENT ACCOUNT:

Current account is running account supporting unlimited withdrawals and deposits meant for convenience and not to save money. The account is generally opened by businessman, joint stock companies, institutions, public corporations, and any business, which has banking transaction.

CHAPTER IIITHEORETICAL FRAMEWORK Consequences of job satisfaction:

The effect of job satisfaction on some key organization and individual factors is presented below.

1).PERFORMANCE

The association between job satisfaction and performance has been an issue of continuous debate and controversy among researchers. There are essentially three perspectives on the relationship between performance and job satisfaction. They are

a) The traditional human relations approach suggests that satisfaction leads to exerting more effort by employees and subsequently results in higher levels of performance.

b) The second approach suggests that performance levels affect the reward employees receive. If employees feel their rewards are unfair, they will be dissatisfied. It has been concluded that performance and satisfaction will most strongly be correlated when rewards are made contingent upon performance than when they are not.

c) Yet another alternative view is that there is no specific relationship between job satisfaction and performance. Offering hardly any comfort to those seeking to confirm that a satisfied employee is a productive employee.

2). TURNOVER

a) Most researcher studies indicate that satisfied workers are in general less likely to leave the organization. These studies find a little over 15percentage of variance in turnover to be associated with variance in satisfaction.

b) Thus, they reveal only a moderate association between satisfaction and turnover because it is perhaps only one of the many factors responsible for an individuals decision to quit.

c) One can safely conclude that satisfaction is better predictor of turnover in good economic times than in bad. Job dissatisfaction may also indirectly affect turnover in terms of thoughts of quitting, intention to search for a new job, and intention to quit or stay.

d) Besides, turnover is also influenced by other factors like wishes of family members, community, and resistance to change, and so on.

3). ABSENTEESIM

a) It is widely known that absenteeism causes costly interruptions at the work place. Since temporary workers replace regular workers it can also result in poor quality products.

b) Hence there is an inverse relationship between satisfaction and absenteeism. The moderating variable here is the degree to which the individuals that their work is important.

c) Besides, while job satisfaction will not necessarily lead to low absenteeism, low job satisfaction is included to bring about an increase in absenteeism. Meta analysis has shown that little more than 2 percent of variance in job satisfaction is associated with variance in absenteeism.

4).CREATIVITY

a) Zhou and George in an appearing study focused on the conditions under which job dissatisfaction will lead to creativity as an expression of voice. They concluded, that employees with high job dissatisfaction exhibited the highest creativity when continuance commitment was high, and when feed back from coworkers, or coworker help and support, or perceived organizational support for creativity was high.

b) Bruckner et al had pointed out that individuals who have high self esteem are more likely to express voice, because they tend to believe that their actions will be influential and effective. Thus, an exciting implication for managing job dissatisfaction is to treat it as an opportunity for encouraging new and useful ideas rather than viewing it only as a problem.

5).ORGANISATIONAL CITIZENSHIP BEHAVIOUR a) As discussed earlier satisfied employees are more inclined to exhibit prosocial organizational citizenship behaviors which go beyond their prescribed jobs. These behaviors include actions that improve social relationship and cooperation within an organization. It is a willingness to work for the good of the organization even without reward.

6). MENTAL HEALTH a) Studies have reported that high job satisfaction is associated to better mental health. Employees with good mental health have been found to learn job related tasks faster, have less on the job accidents, and report fewer grievances.

b) Another aspect of mental health could be the degree of frustration experienced on the job and its impact on the work and life of employees. In order to deal with the threats of violence, some organizations are training managers to recognize and effectively deal with aggressive behaviors.

7) .CULTURE

a. Research has uncovered that executives in less industrialized countries have lower job satisfaction. Japanese workers were reported to have significantly lower job satisfaction than US workers. In a comparison of employees in the US and India, factors that lead to job satisfaction were found to differ greatly.

b) While leadership style, pay, and security influenced job satisfaction for the Americans, for Indians recognition, innovation, and the absence of conflict led to job satisfaction. There is some evidence. To suggest improved job satisfaction and changing attitudes of staff arising from the introduction of empowerment.

8) NON WORK LIFE

a) Researchers have reported that there is a spillover of job satisfaction to other spheres of life too. In other words, satisfaction in job seems to increase satisfaction in spheres of life or what is called satisfaction in general. Balancing the demands of career and family has become a major challenge for employees particularly so for dual career couples.

b) A Meta analysis by Kossek AND Ozeki of fifty studies with fifty groups found a negative relationship between all forms of work family conflict and job and life satisfaction. Women were found to be more adversely affected by work family conflict than men because of their double responsibilities of work and home.

DIMENSIONS OF JOB SATISFACTION

Job satisfaction is itself a complex concept and difficult to measure objectively. A wide range of variables relation to individual, social, cultural, organizational and environmental factors affects the level of job satisfaction.

Individual factors include: Personality, education, intelligence, abilities, and age,

marital status and orientation to work.

Social factors include: Relationship with coworkers group working and norms,

opportunities for interaction and informal organization.

Cultural factors include: Attitudes, beliefs and values.

Organizational factors include: Nature and size, formal structure, personal policies and Procedures, industrial relations, nature of work, technology

and work organization, supervision and style of leadership,

management system and working conditions.

Environmental factors include: Economic, social, technical and Governmental influences.

FACTORS INFLUENCES ON JOB SATISFACTION:

There a number of factors that influence job satisfaction among them the major ones observed in Indian context are:

a. Pay

b. The work itself

c. Promotions

d. Work groups

e. Working conditionsa. Pay: Wages are a significant factor for job satisfaction. Money, not only helps people fulfill their basic wages but, also acts as an instrument for satisfying the upper level needs. Employees of ten consider pay as a reflection of how management views their contribution to the organization. Fringe benefits are also important and influential as pay.b. The work itself: The content of work itself is another major source of satisfaction. The factors related to the satisfaction with the job itself are the attainment of success and recognition, status and pride, compensation, participation, application delegation of authority, the feeling of doing something worth while and involvement in ones job. Praise seems to have its greatest value when given and received as a token of recognition and is not, perceived by either parties as an attempt to control the behavior of the recipient. Recognition satisfies human need for esteem by other and self-esteem. Status refers to the social rank of a person, and satisfies social and egoistic needs. Good products, dynamic leadership, fair treatment, service to the community ethical conduct and such other things serve to simulate an employees pride in his work and organization. The delegation of a substantial amount of authority to executive a given task often proves to be a strong motivating force. Participation satisfies ones ego and self-esteem, and the needs of creativeness and initiative.c. Promotion: Promotional opportunities seem to have a variety affect on job satisfaction. This is because promotion takes a number of different forms and a variety of accompanying rewards.d. Supervision: There seems to be two dimensions of supervisory style that effect job satisfaction, another is employee centeredness. This is measured by the degree to which a superior takes personal interest in the employees welfare. It is commonly manifested many ways such as checking to see how well the subordinate is doing, providing advice and assistance to the individual and communicating with the worker on a personal as well as official level. The other dimension is participation or influence, as illustrated by managers who allow their people to approach leads to the higher job satisfaction. A participative climate created by the supervisor has a more substantial effect on workers satisfaction then does participation in a specific decision.e. work group: The nature of the work group will have an effect on the job satisfaction. Friendly, cooperative workers are a modest source of job satisfaction to individual employees. The work group serves as a source of support and comfort advice and assistance to the individual worker. Individuals find work groups attractive for a number of reasons. Satisfactory gained from interaction with others as a pleasure in its own right friendship.f. working conditions: Working conditions is another factor that have a modest effect on job satisfaction. The employees should be provided with good validation facilities and a space free of noise and other pollutants. If the working conditions are poor, personnel will find it more difficult to get things done. If things are good, the problem of job satisfaction can be eliminated but if the things are bad it result in the problem of job dissatisfaction.MEASURING JOB SATISFACTION:

There are a number of ways of measuring job satisfaction. Some of the most common include:

Rating scales

Critical incidents

Interviews

Action tendencies

Rating scales:

One of the most popular is the Minnesota Satisfaction Questionnaire (MSQ). This instrument provides the Picture of the specific satisfaction and dissatisfaction of the employees. Another popular rating scale is the job Descriptive Index (JDI). This rating scale offers a number of important advantages in measuring job satisfaction. One is that they are usually short and can be filled out quickly and easily.

Another is that they tend to be worked in general language, so that they can be used with employees in different types of organization.

On the Negative side, these instructions are based on the assumption that persons are willing to respond honesty and that they are to describe their feelings accurately. Another problem is the underlying assumptions that the questionnaire items are valid and reliable.

Critical Incidents:

The critical approach to the measurement of job satisfaction is very popular. Employees were asked to describe the incidents on their job when they were particularly satisfied and dissatisfied. These incidents where, then contents analyzed in determining which aspects were most benefits of this approach is that it allows the respondents say what ever they want. On the other hand, the approach is time consuming and there is a chance that both response and interpretations are biased.Interview: Another method of assessing job satisfaction is through the use of personal interviews. It is an exploratory device to identify relations or verity information collected and to capture information, as it exists. Its flexibility makes the interview a superior technique for exploring areas where not much is known about what questionnaire to ask or how to formulate Questions. It offers a better opportunity that the questionnaire to evaluate the validity of the information gathered. The interviewer can observe, not only what subject say about complex subjects and for probing the sentiments underlying expressed opinions. On the negative side responses can be misinterpreted and thus lead to erroneous conclusions. There is the possibility of interviewer bias. Interviews are relatively time consuming and thus expensive way of gathering information.

Action Tendencies:

Action tendencies are the inclinations people have to approach or avoid certain things. By gathering information about how they feel like acting with respect to their jobs, the job satisfaction can be measured. There are a number of advantages associated with this approach in measuring attitudes. One is that, less self-insight is required by the respondent. Thus, the chance of self-bias is reduced. Secondly the approach produces greater opportunity for people to express their inner feeling in depth, when compared to other instrument used for measuring job satisfaction of a person. Feeling of doing something worthwhile and involvement in ones job. Praise seems to have its greatest value when given and received as a token of recognition and is not, perceived by either parties as an attempt to control the behavior of the recipient. Recognition satisfies human need for esteem by other and self-esteem. Status refers to the social rank of person, and satisfies social and egoistic needs. Good products, dynamic leadership, fair treatment, service to the community ethical conduct and such other things serve to simulate an employees pride in his work and organization. The delegation of a subordinate amount of authority to execute a given task often proves to be a strong motivating force. Participation satisfies ones ego and self-esteem, and the needs of creativeness and initiative.

It is observed that Human beings wants, seek responsibility, infant to know what they are responsible for and what is expected of them and having participated in establishing the result they should achieve, like to be treated as mature, trust people capable of directing and controlling themselves to be measured and assessed objectively while satisfaction with working conditions and remuneration is important the motivated and creative input of people is brought but largely by providing satisfaction for them in their job, a challenge to their ability and an opportunity for achievement followed by fair recognition as a reward. That job satisfaction is aided by individuals seeing their part in the whole and identifying their own objectives and growth with those of the company and its progress.

Theories of work motivation and job satisfaction have influenced management systems, styles of leadership and development in personal policies and procedures. The personnel management has influenced management systems and styles of leadership and development function is centered on people needs while working in an organization any ways in which their work promotes or frustrates the fulfillment of these needs. The providing conditions under which people work willingly and effectively and to the success of the organization. This involves concern for employees motivation and job satisfaction.Job Satisfaction: Putting Theory into Practice:

Herzberg's theory: In the late 1950s, Frederick Herzberg, considered by many to be a pioneer in motivation theory, interviewed a group of employees to find out what made them satisfied and dissatisfied on the job. He asked the employees essentially two sets of questions.

1. Think of a time when you felt especially good about your job. Why did you feel that way?

2. Think of a time when you felt especially bad about your job. Why did you feel that way?

From these interviews Herzberg went on to develop his theory that there are two dimensions to job satisfaction: motivation and "hygiene" hygiene issues, according to Herzberg, cannot motivate employees but can minimize dissatisfaction, if handled properly. In other words, they can only dissatisfy if they are absent or mishandled. Hygiene topics include company policies, supervision, salary, interpersonal relations and working conditions. They are issues related to the employee's environment. Motivators, on the other hand, create satisfaction by fulfilling individuals' needs for meaning and personal growth. They are issues such as achievement, recognition, the work itself, responsibility and advancement. Once the hygiene areas are addressed, said Herzberg, the motivators will promote job satisfaction and encourage production.Applying the theory

To apply Herzberg's theory to real-world practice, let's begin with the hygiene issues. Although hygiene issues are not the source of satisfaction, these issues must be dealt with first to create an environment in which employee satisfaction and motivation are even possible.Company and administrative policies. An organization's policies can be a great source of frustration for employees if the policies are unclear or unnecessary or if not everyone is required to follow them. Although employees will never feel a great sense of motivation or satisfaction due to your policies, you can decrease dissatisfaction in this area by making sure your policies are fair and apply equally to all. Supervision. To decrease dissatisfaction in this area, you must begin by making wise decisions when you appoint someone to the role of supervisor. Be aware that good employees do not always make good supervisors. The role of supervisor is extremely difficult. It requires leadership skills and the ability to treat all employees fairly. Salary. The old adage "you get what you pay for" tends to be true when it comes to staff members. Salary is not a motivator for employees, but they do want to be paid fairly. If individuals believe they are not compensated well, they will be unhappy working for you.Interpersonal relations. Remember that part of the satisfaction of being employed is the social contact it brings, so allow employees a reasonable amount of time for socialization (e.g., over lunch, during breaks, between patients). This will help them develop a sense of camaraderie and teamwork. At the same time, you should crack down on rudeness, inappropriate behavior and offensive comments. If an individual continues to be disruptive, take charge of the situation, perhaps by dismissing him or her from the practice.Working conditions. The environment in which people work has a tremendous effect on their level of pride for themselves and for the work they are doing. Do everything you can to keep your equipment and facilities up to date. Even a nice chair can make a world of difference to an individual's psyche. Also, if possible, avoid overcrowding and allow each employee his or her own personal space, whether it is a desk, a locker, or even just a drawer. If you've placed your employees in close quarters with little or no personal space, don't be surprised that there is tension among them.Work itself. Perhaps most important to employee motivation is helping individuals believe that the work they are doing is important and that their tasks are meaningful. Emphasize that their contributions to the practice result in positive outcomes and good health care for your patients. Share stories of success about how an employee's actions made a real difference in the life of a patient, or in making a process better.Achievement. One premise inherent in Herzberg's theory is that most individuals sincerely want to do a good job. To help them, make sure you've placed them in positions that use their talents and are not set up for failure. Set clear, achievable goals and standards for each position, and make sure employees know what those goals and standards are. Individuals should also receive regular, timely feedback on how they are doing and should feel they are being adequately challenged in their jobs. Recognition. Individuals at all levels of the organization want to be recognized for their achievements on the job. Their successes don't have to be monumental before they deserve recognition, but your praise should be sincere. If you notice employees doing something well, take the time to acknowledge their good work immediately. Publicly thank them for handling a situation particularly well. Write them a kind note of praise.Responsibility. Employees will be more motivated to do their jobs well if they have ownership of their work. This requires giving employees enough freedom and power to carry out their tasks so that they feel they "own" the result. As individuals mature in their jobs, provide opportunities for added responsibility. Advancement. Reward loyalty and performance with advancement. If you do not have an open position to which to promote a valuable employee, consider giving him or her a new title that reflects the level of work he or she has achieved.

THE VALUE THEORY:

A second significant theory of job satisfaction is the value theory of job satisfaction is the value theory proposed by Locke (1984). He proposed that job satisfaction occurs when job outcomes or the reward that the employee receives matches with outcomes that are desired by him. The theory focuses on any outcome that people value regardless of their quality or quantity. Thus the value attached to outcomes is more important.

The better the outcome that they get the more satisfied they will be; and the less valuable outcome they receive, the less satisfied they will be. Essential to Lockes theory is, therefore, the discrepancy between the present aspects of the job and those that an employee desires such as pay, learning opportunities, promotion, and so on. One of the valuable implications of the theory is that it focuses attention on those aspects of the jobs that need to be changed for employees to experience satisfaction. People perceive serious discrepancies between job and job satisfaction. But is also suggests that these factors may not be the same for all

In addition to these two theories of job satisfaction, there are quite a few others. Some of the significant ones are briefly presented below.

THE MET EXPECTATION THEORY:

This approach is based on the expectations that new employees have about the job and how far these expectations are met. It suggests that the employees will work to achieve the outcomes they expect to follow after successful performance. Workers become dissatisfied if their expectations about their job are not met. Review of the theory suggests that the correlation between job satisfaction and met expectations. One of the implications of the Met expectation theory is that one way of reducing potential dissatisfaction among employees is to bring their expectations in line with the reality. The idea of met expectations suggests that the processes undergoing with in the person influence job dissatisfaction. A critical view point of this notion is that it ignores the social context of the individual, and this is the basis of the equity theory.

THE EQUITY THEORY: Adams (1963) equity theory argues that people compare the ratio of their out come over input with the ratio of others outcome over input. If their ratio is greater than or less than that of the others, they feel dissatisfied because inequity has occurred. However to feel satisfied with the job, the ratio should be equal to the significant others. Though the basis of their comparison is ones perception, the fact remains that organization must attempt to bring about equity to avoid the feelings of dissatisfaction. One of the criticisms of the theory is that it is imprecise because there are alternate ways of dealing with feelings of inequity. However, an important implication of this theory is that employees need to feel that they are fairly dealt with in order to feel satisfied.

CHAPTER IVDATA ANALYSIS & INTERPRETATIONDATA ANALYSIS & INTERPRETATIONTABLE 1How hard their work in Job Employees view

DesignationHard work in jobTotal

Strongly DisagreeDisagreeNANDAgreeStrongly Agree

Executives71587239

%183821185100

Source : Field StudyGRAPH 1

Interpretation:

Data presented in table 3 reveals that 38 percent of executives are disagree with the statement that how hard their work in this job their will not certain that their will get ahead were as 18 percent of workman were disagree with the statement given and 18 percent of workman were agree with it, so majority of employees were disagree with the given statement.

TABLE 2Job Require Skills Employees view.Job require SkillsTotal


Respondent 1311410139

%332811262100


Interpretation:

Data presented in Table 1 reveals that Majority 28 percent of employees are disagree with that the Job requires Skills that their have not completely mastered in it and 33 percent of employees are strongly disagree with the statement given were as 11 percent of employees agree with it overall 28 percent of employees are disagree with that the job requires Skills that their have not completely mastered.TABLE 3Deal of conflict in organization Employees view.

DesignationDeal of conflictTotal


Executives111384339

%283321108100


Interpretation:

Data presented in table 2 reveals that overall 33 percent of workman are Disagree with that there is a great deal of conflict in their organization and 28 percent of executives are strongly disagree with the statement given and were as 10 percent as Supervisor and workman are agree with that the conflict occurs in the organization.

TABLE 4time spent with other people Employees view

DesignationSpend timeTotal


Executives511713339

%132818338100


Interpretation:

Data presented in table 4 reveals that overall 33 percent of executives are agree with that their spend most of their time with other people in the course of doing their job were as 8 percent of workman agree with it and 13 percent of Supervisor are strongly disagree with the statement given, So majority of Employees are strongly disagreeing with the statement given, So majority of Employees are strongly disagreeing with the statement given.

TABLE 5Deal of Competition in Job Employees view

DesignationDeal of CompetitionTotal


Executives79416339

%182310418100

Source : Field Study

GRAPH 5

Interpretation:

Data presented in table 5 reveals that overall 41 percent of executives are agree with that there is a great deal of competition in their job and were as 8 percent of workman were strongly agree with the statement were as Majority of employees were strongly agreed with that there is great deal of competition in job.

TABLE 6Work Place are Clear in Current Duties Employees view

DesignationCurrent Duties and Future DirectTotal


Executives17920239

%31823515100


Interpretation:

Data presented in table 6 reveals that 51 percent of executives are agree with that people in work place are clear about their current duties and future directions and were as 23 percent of workman were agree with the statement and 5 percent of supervisor were agree with it, So majority of employees were strongly agree with the statement given.

TABLE 7Whether the job is repetitive, tedious and boring Employees view

Job is RepetitiveFrequencyPercentCumulative Percent

Strong Disagree 1616.016.0

Disagree3636.052.0

NAND2929.081.0

Agree1212.093.0

Strongly Agree 77.0100.0

Total100100.0


Interpretation:

Data presented in table 10 reveals that 36 percent of employees were Disagree with that the job is repetitive, tedious and boring were as 29 percent of employees were Neither agree nor Disagree with the statement given and 16 percent of employees were strongly Disagree with the statement.

TABLE 8The Development of the Organization Depends on Satisfaction of Employees Employees view

Depend on SatisfactionFrequencyPercentCumulative Percent

Strong Disagree 44.04.0

Disagree99.013.0

NAND88.021.0

Agree4848.069.0

Strongly Agree 3131.0100.0

Total100100.0

Source : Field Study.GRAPH 8

Interpretation:

Data presented in table 8 reveals that 48 percent of employees are Agree with that the Development of the organization depends largely open the satisfaction of the employees and were as 31 percent of employees were strongly agree with it and 9 percent of employees are disagree with the statement given.

TABLE 9 Support and Guidance from Supervisor Employees view

DesignationSupport from SupervisorTotal

Extremely DissatisfiedDissatisfied NeutralSatisfiedExtremely Satisfied

Executives01727439

%03186910100


Interpretation:

Data presented in table 9 reveals that 69 percent of executives are satisfied with the amount of support and guidance their received from their Supervisor and 18 percent of work man are satisfied with the statement given and were as 10 percent of supervisor are satisfied with it overall majority of Employees are satisfied with the support and guidance receive from their Supervisor.

TABLE 10Job Security Employees view

Job SecurityFrequencyPercentCumulative Percent

Extremely Dissatisfied000

Dissatisfied22.02.0

Neutral1515.017.0

Satisfied5252.069.0

Extremely Satisfied 3131.0100.0

Total100100.0


Interpretation:

Data presented in table 10 reveals that 52 percent of employees are satisfied with the amount of job security their have and 31 percent of employees are extremely satisfied with the statement given were as 15 percent are Neutral with the statement given, So Majority of employees are satisfied with the job security.

TABLE 11Fringe Benefits They Receive

Fringe BenefitsFrequencyPercentCumulative Percent


Dissatisfied22.02.0

Neutral1414.016.0

Satisfied6363.079.0

Extremely Satisfied2121.0100.0

Total100100.0


Interpretation:

Data presented in table 20 reveals that 63 percent of employees are satisfied with the amount of pay and fringe benefits their receive from the organization and were as 21 percent of employees are extremely satisfied with the statement given and 14 percent are Neutral with the fringe benefits, so majority of employees are extremely satisfied with it.

TABLE 12Respect and fair treatment receive from management Employees view

Respect from BossFrequencyPercentCumulative Percent

Extremely Dissatisfied11.01.0

Dissatisfied66.07.0

Neutral1010.017.0

Satisfied6868.085.0


Total100100.0


Interpretation:

Data presented in table 12 reveals that 68 percent of employees are satisfied with the degree of respect and fair treatment their receive from their management, and 15 percent are extremely satisfied with the statement given, so majority of employees are highly satisfied with the respect from the boss.

TABLE 13Contributes to this Organization Employees view

Contributes FrequencyPercentCumulative Percent


Dissatisfied1111.014.0

Neutral1212.026.0

Satisfied6262.088.0


Total100100.0


Interpretation:

Data presented in table 13 reveals that 62 percent of employees are satisfied with the degree to which their fairly paid for what their contributes to this organization, and 12 percent were having two respondents there are extremely satisfied and Neutral with this contribution to this organization, so majority of employees are satisfied with it.

TABLE 14Secure things in the Organization Employees view

Secure Things FrequencyPercentCumulative Percent


Dissatisfied33.04.0

Neutral2222.026.0

Satisfied5959.085.0


Total100100.0


Interpretation:

Data presented in table 14 reveals that 59 percent of employees are satisfied with the secure things look for their in the future in the organization, were as 22 percent of employees are Neutral with the statement given and 15 percent are extremely satisfied with it, so majority of employees are satisfied with it.

TABLE 15Chances of help to other People in job Employees view

Chance to HelpFrequencyPercentCumulative Percent


Dissatisfied88.08.0

Neutral1616.024.0

Satisfied6262.086.0


Total100100.0


Interpretation:

Data presented in table 15 reveals that 62 percent of employees are chance to help other people while doing the work, and 16 percent are Neutral with the statement given and 14 percent are extremely satisfied with it, so majority of employees are satisfied with this statement given.

CHAPTER VCONCLUSIONS & SUGGESTIONS

CONCLUSIONSFinally, it is concluded that job according to the employee meant more authority, recognition and status.1. The working environment was very much adopted by the employees and it is one of the key factors of job satisfaction.

2. The standard working hours enforced in the organization is statutory and hence the employees are satisfied with it.

3. There was a high satisfaction among the employees in case of salary provided to them.

4. The key human resources functions like recruitment, selection, induction, training policies are quite satisfactory.

5. The encouragement given by the superiors is good.

6. As the workers satisfaction is very important to the organizational success, the superiors or managers should play an important role in identifying the performance of employees which ultimately helps in designing pay scales according to their work.

7. The employees are good in maintaining harmonious interpersonal relations.

8. The employees feel that their work is being recognized by strictly following promotion policies.

9. The facilities provided by the organization are satisfactory.

10. Motivation of employee performance at work place is good.

11. The employee participation in the management activities is quite positive.

SUGGESTIONS

1. In certain areas, especially in manufacturing field the employees felt that they need job rotation.

2. Some employees expressed that they are feeling bore to perform routine job skills.

3. It is suggested redeployment to be considered in ICICI to meet the company requirements on day to day basis.

4. Mobility of employees from one area to another area will give much encouragement and morale boosting to the employees.

5. The ratio of executive and employee proportion to be maintained in ICICI 6. The performance appraisal of the employees should be more scientific than the existing.

7. For higher productivity individual / team incentive schemes may be encouraged in place of the existing group/corporate incentive schemes.

8. Profit sharing, bonus may give encouragement at corporate level.

9. More and more in-house training programmers to be designed to update technological changes.

QUESTIONNAIRE1)Your job requires skills that you have not Completely mastered.

a)Strongly Disagree

b) Disagree

c)Neither Agree not Disagree

d) Agree e) Strongly Agree

2)There is a great deal of conflict in your Organization.

a)Strongly Disagree

b) Disagree



3)No matter how hard you work in this job you will not certain that you will get ahead.

a)Strongly Disagree

b) Disagree



4)You spend most of your time with other People in the course of doing job. (Subordinates, peers, Supervisors, Customers)

a)Strongly Disagree

b) Disagree



5)There is a great deal of competition in your job.

a)Strongly Disagree

b) Disagree



6)People in work place are clear about their current duties and future directions.

a)Strongly Disagree

b) Disagree



7)In your opinion, your job is repetitive, tedious and boring.

a)Strongly Disagree

b) Disagree



8)Development of the organization depends largely Open the Satisfaction of the employees.

a)Strongly Disagree

b) Disagree



9)The amount of support and guidance you receive from your supervisor.

a)Strongly Disagree

b) Disagree



10) The amount of job security you have.

a)Extremely Dissatisfiedb) Dissatisfied

c)Neutral

d) Satisfied e) Extremely Satisfied

11)The amount of pay and fringe benefits you receive.


c)Neutral


12)The degree of respect and fair treatment You receive from your boss.


c)Neutral


13)The degree to which you fairly paid for what you contribute to this organization.


c)Neutral


14)How secure thins look for you in the Future in the organization.


c)Neutral


15)The chance to help other people while doing the work.


c)Neutral


BIBLIOGRAPHYBooks Referred:

P. SUBBA RAO

- Human Resource Management

Himalaya Publications (2007)

Websites: www.icici.co.in

www.alfreeessays.net www.ericdigets.org

PRUDEN

ICICI AMC & TRUST.

ICICI PRUDN

LIFE INS.

ICICI BANK LTD.

ICICI SECU

ICICI

LAMLARD

ICICI

VENTURE

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