Sdm Report 1

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CERTIFICATE

This to certify that above statement made by the students is true to the best of my knowledge and

the matter has not been copied from any source.

Prof. Timira Shukla

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TABLE OF CONTENT

S.NO TOPIC PAGE NO

1 Objective of the study 6

2 Justification of the study 7

3 Introduction 8

4 Training process 9

5 Companies under study 21

6 Various programmes to

increase motivation level

23

7 Company profile- HDFC 24

8 Standard Life 24

9 Theory of employee

satisfaction

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10 Max New York Life Insurance 33

11 Conclusion 35

12 Recommendation 36

13 Limitation 37

OBJECTIVE OF THE STUDY

1. To select ten insurance sellers and to find out what are the factors that contribute to the

sources of highest demotivation in their job.

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2. To find out what kind of motivational programmes can be organized to reduce their level of

demotivations.

JUSTIFICATION OF THE STUDY

Insurance sector in one of the most competitive sector in the resent scenario. Many players are

already available in this sector and many new entrants are coming. One of the major objectives of

the insurance sellers in this sector is to sell as many as insurance policies and for that purpose theinsurance sellers had to work very hard to achieve the targets. Due to this they have to go through

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lots of mental pressure. So it becomes important to study that what are the important factors that

contribute to the source of highest demotivation in their job. Also it is important to study that what

kind of motivation programmes the companies are running to increase the motivation level.

INTRODUCTION

SOCIAL SECURITY FOR MEDICAL EMERGENCIES IS NOT NEW TO THE INDIAN

ETHOS.

It is a common practice for villagers to take a piruvu (a collection) to support a house- hold with a

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sick patient. However, health insurance, as we know it today, was introduced only in 1912 when the

first Insurance Act was passed (Devadasan 2004). The current version of the Insurance Act was

introduced in 1938. Since then there was little change till 1972 when the insurance industry was

nationalized and 107 private insurance companies were brought under the umbrella of the General

Insurance Corporation (GIC). Private and foreign entrepreneurs were allowed to enter the market

with the enactment of the Insurance Regulatory and Development Act (IRDA) in 1999. The

penetration of health insurance in India has been low. It is estimated that only about 3% to 5% of

Indians are covered under any form of health insurance. In terms of the market share, the size of the

commercial insurance is barely 1% of the total health spending in the country. The Indian health

insurance scenario is a mix of mandatory social health insurance (SHI), voluntary private health

insurance and community-based health insurance (CBHI). Health insurance is thus really a minor

player in the health ecosystem.

Three underpinning concepts

People by themselves, especially those living in rural areas and the poor, are unlikely to

be able to raise enough money for such schemes to be fully self-financing, necessitating

public subsidy;

Even if financing could somehow be organized, there is the issue of how services are to

be delivered, since existing services are neither efficient nor effective in terms of quality;

Issues related to governance and management: how is one to organize and manage such

schemes and who will perform the stewardship (or oversight) functions? These include

overseeing the financial functioning and health of such schemes, the functioning of

medical care providers, contracting (if any) with providers.

With almost two dozen players fighting for new customers, life insurance market in India has

become extremely competitive. The customers now understand that agents are working for

commission. In India, insurance is still a push product. We have not reached that level of financial

literacy where customers will buy policies on their own. Policies still have to be sold. And the

intermediary needs some remuneration for selling the product.

Agents still contribute a large chunk of this business, more than 90 per cent comes from agents.

Alternate channels are picking up. The bank assurance contributes hardly three per cent. Insurance

companies like LIC have tie-ups with banks and corporate agents. Contribution of alternate

channels should grow to 5-7 per cent.

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transparently interjecting inspired words by a skilled authority.

5.Motivational tapes - Motivational tapes and interviews with achievers are one of the best ways

to kick start day. Agents can play them in your car while driving to the office or meetings

with clients. As, enthusiasm is infectious - get infected and spread it further.

6.Finding the right motivational strategy starts with choosing up to three corporate-level goals

the contact center can deliver, for example, customer acquisition, customer retention, or

cross-selling products.

Next is to find the metrics--such as call duration, first-time problem resolution, or number of

sales per hour--that will align the contact center with those company objectives. What's key,

experts say, is for managers to revise these metrics every quarter or so to reflect a company's

changing strategies. And because the goals are strategic to the company, the budget to support

these motivational programs must be set at the controller or CFO level, at the very least.

Finally come the incentives themselves. Here, variety is the spice of life--with incentives

delivered in a great bounty of forms (from cash payouts to gifts, trips, and public recognition),

goals (short- and long-term), focus (individual, team, and supervisor) and frequency

(spontaneous recognition mixed with weekly, monthly, quarterly, and annual programs).

"Contests are best used for a short-term focus on things important inside the company, like

warranting a new product line or increasing penetration in a new market," says Ted Briggs, a

compensation expert with Sibson Consulting, a division of the Segal Company, in Los Angeles.

"They're important, but not enough to build into your metrics for use day in, day out. Contests

are intended for incremental results, and should never be used to reward something you already

measure such as decreasing average call time."

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ASSIGN ROLES ACCORDING TO APTITUDE

Understanding innate human needs/ universal needs. It is important to know the basic

human needs and make effort to fulfill these needs in the sales executive in order to

have a fit and dedicated sales force. As manager one should talk to ones employees

and discuss with them their natural inclinations. Accordingly, suggest for that

individual a new or modified role. This is a useful exercise as this way one will not

only fill in the talent voids in ones company but also open job title. Moreover, ones

employees will perform much better for the company.

PROPER COMMUNICATIONP

In order to motivate a sales team, a sales manager needs to learn the communication

skills that keep a team focused and successful. One of the major causes of the failure

of a sales team is that employees are clueless about what is expected of due to proper

communication by their leader. Make it a point to have a clear understanding about

what you need. Just like emails, status report and meetings, meeting and talking with

team members is necessary and important especially when they are not performing

and falling short of goals set for them.

CELEBRATE AND PROVIDE POSITIVE FEEDBACK

Positive feedback is crucial to keeping a sales team motivated, and maintains an

encouraging work environment in which all sales people will be able to thrive.

Achieving of goals or surpassing any milestone for your sales employee deserves

credit. Celebrating this accomplishment highlights the value that each person brings

to the company and also motivates other team members to achieve such a milestone.

For positive feed back or pat on the back is also necessary for primarily achieving

such a feat. Many managers speak to their sales personnel only when they fall short or

commit a blunder. Appositive feedback from one once in a while wont hurt one will

motivate ones sales team to do wonders for oneself. Through training, a sales manager

learns the techniques in giving effective feedback that works, resulting in a highly

motivated sales team.

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COMPENSATION SYSTEM

Design the company's compensation plan before one hires anyone. A commission-

based approach usually works best, but it should include a base salary. That way, a

salesperson is guaranteed a minimum income which can help morale during slow

times. One can find compensation standards by contacting your industry's trade

association. Generally people appoint a sales person on commission basis that creates

a high level of stress and thus leads to quick burnout of the employee. However, if

you appoint your sales team on a salary basis in addition to their commission it helps

you to retain talent and along with it the obtain work solely for your company instead

of from the person in question rather than have him working for two companies at the

same time which is the normal trend in the case of commission basis work. Apart

from this, Sales team will concentrate on activities that will lead to a higher sales rate

rather than spending more time pursuing stronger leads than your company.

Make the most of non-financial motivators. Employees like to be recognized for good

work, and to feel that their supervisors listen to and act to solve problems. It's also

important to make your employees feel as though they're part of a team. And don't

forget the power of benefits paid holidays, or a good maternity leave package, or

medical and dental benefits can go a long way toward retaining the best people.

When the tide comes in, all the boats in the harbor go up! The long-term benefit of an

incentive program is to coax your sales force out of their production comfort zone.

Once a salesperson stretches to a new level of personal production, their self-

confidence and expectations skyrocket. Traditionally, sales managers have relied

primarily on commission to motivate their sales force. Unfortunately, a compensation

structure based solely on commission does not address separate motivational factors

and therefore, commission alone will not motivate your sales force to peak

performance.

The challenge of designing an effective sales incentive contest is that it should not

only appeal to ones top producers, but it must also excite average to below average

salespeople as well. A successful incentive program is a mixture of awards,

recognition, and peer pressure. To encourage salespeople to reach their full potential,

successful managers personalize incentives. The secret to motivating a salesperson

lies in discovering their "hot buttons" and designing an incentive program that

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showcases them. One can identify ones salespeople's hot buttons by getting to know

their interests, hobbies, and recreational activities. While money is certainly an

important ingredient in any incentive program, it should by no means be the only tool

in a manager's motivational toolbox. If money by itself were a sufficient motivation,

salespeople would simply sell more without additional enticement. Once one has

identified meaningful hot button incentives, one is now ready to develop a written

program that is understandable, measurable, and achievable. Any program that does

not take these three critical components into consideration during the design phase

will be confusing and more than likely counter-productive.

In order for ones program to be financially self-sustaining, one must reward

productivity, not activity. In other words, don't pay on attempt, pay on measurable

results. One of the biggest mistakes a manager can make is to water down the

incentives by under funding the program. A well-structured incentive program pays

for itself from increased revenue. In my opinion, the most effective incentive

programs are those that create the environment for multiple award winners so that

everyone believes they have an opportunity to win something. For example, in a golf

tournament, in addition to the lowest score, there are often awards for best putt,

longest drive, and closest to the hole. In addition to highest total sales production,

potential categories you might wish to consider would include most improved

production and market share growth. To maintain interest it is recommended that the

contest be of a relatively short duration, such as a ninety-day period. Once the

groundwork has been laid, it is now time to promote and launch the contest. Consider

a business luncheon to generate excitement and kick-off your contest with style.

Display the actual prizes whenever possible. Keep the enthusiasm building by

publishing individual and team standings frequently. It is an excellent idea toacknowledge achievement during the course of the contest. There is tremendous

power behind a timely word of praise or a handwritten note acknowledging

achievement. Always remember that people are the greatest asset!

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SET ACHIEVABLE GOALS WITH COMPETITIVE BENEFITS

Spell out the expectations. Be sure to discuss sales goals. It might help to draft a

contract that lists what the company will do for the salesperson, and vice versa.

If setting goals is important for success, then setting up achievable goals is even more

important. One might be the cause for the failure of the sales team by setting lofty

goals for them. Concrete goals are essential everywhere be it sales or any other genre

of work. To achieve these goals the sales person should feel that ones support him and

value his inputs. One of the best ways to do this is by providing all the employees

with competitive benefits. In the benefits one can include nothing like from health

insurance to retirement plan or give them a generous vacation with family if they

were amongst outstanding performers.

MOTIVATION THROUGH TEAM BUILDING ACTIVITIES

Motivational methods are wide-ranging, from inspirational quotes and poems, to team

building games and activities and training in sales techniques as a means of enhancing

continual development Motivational and inspirational quotes, poems, posters,

motivational speakers and stories, team building games and activities, all develop

employee motivation for sales and business staff in all kinds of organizations.

Motivational and inspirational experiences improve employees' attitudes, confidence

and performance. Powerful positive imagery encourages self-motivation,

developmental behavior, confidence and belief. Playing games enables people to

experience winning and achieving in a way that their normal work might not. People

become motivated to achieve and do better when they have experienced the feelingsof success and achievement, regardless of context. These contribute to improving

motivation, inspiration and performance. People often enjoy events that include new

non-work activities, especially when bosses and superiors take part in the same teams

as their junior staff, which also helps cohesiveness.

Using activities and references that take people out of their normal work environment

creates new opportunities for them to experience winning, achievement, team-

working, learning and personal development, in ways that are often not possible in

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their usual work context. Experiencing these positive feelings is vital for visualization

of success and achievement which are essential in broadening people's horizons,

raising their sights, setting new personal standards and goals, and increasing

motivation.

The economy has taken its toll on employment screening firms, companies, families,

and individuals alike; no one seems to be immune to its ravages. This coming year,

though the economy is not predicted to completely turn around, there are some

actions one can take now, that will motivate ones employees and raise morale.

Create sub-goals for each employee with clear rewards for accomplishing

them. For example, if your employment screening staff is able to turn around

10 lost client accounts in one month, take them out for pizza for lunch one

day.

Provide monetary rewards wherever possible. Though the economy has

tanked, your budgets dont have to be completely drained of employee

incentives. Offer a $5 Starbucks coffee card to the salesperson that makes the

most calls in one hour. Another enticing reward is a $5 iTunes credit for

achieving the highest number of sales within the hour.

Encourage employees to make the rules. This may sound crazy, but when

employees are handed the reins and asked to look over company policies and

offer suggestions for improvement, morale goes way up. Though there is no

promise that upper management will approve the suggested changes to policy,

giving the power to the people goes a long way towards improving the way

they feel about the company.

Bring breakfast in once a week. For example, if the employment screening

company doesnt offer an expense reimbursement for things like this, ask

management to create a monthly budget for it. Especially on Monday

mornings, breakfast helps set a mood of community and renews peoples

commitments to get even more criminal background searches completed and

to do a good job for the week.

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Ask the boss to budget in lunch for the team once a month or bi-weekly. For

example, offer to make it a working lunch with a formal agenda where

everyone is brought up to date on current events in the company. If one has an

employment-screening firm, one could even provide them with some newindustry-related learning opportunities.

Ask employees to participate in a monthly potluck to bring everyone together.

People love to share their family recipes and it is a great time for everyone to

connect on an entirely different level than can be achieved with a working

lunch where everyone is eating and having a business meeting.

Offer to start a monthly birthday celebration. Though that sitcom The Office

portrays this type of celebration as something annoying for both the party

organizer and the employees, it is something that people truly appreciate. Ask

for a small budget from management, say $20, and then have everyone pitch

in an additional $2 or $3 to cover the cost of the cake, drinks, plastic forks,

and paper plates.

Put together a yearly Mission Statement that is department specific. For

example, if one had an employment-screening firm, ones gather each

department, based on their specific goals and interests, and have them plan out

what is most important to them as a group.

Take suggestions from each employee and add it to the Mission Statement so

that each person is a part of the activity. Then, have it printed on paper in

fancy lettering so that one is posted in each workspace.

Allow the staff in each department to interview prospective new hires andhave a say in who gets hired. Though they cant help with the criminal

background searches portion of the hiring process, their opinions will be

invaluable.

Develop a system whereby employees can submit anonymous suggestions for

improvements to the company policies, etc. Follow-through with upper

management and do your best to make those suggestions a reality!

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Some of the things employers could be paying for:

Time;

Productivity;

Quality of work;

Customer service;

Creativity and new ideas;

New skills development;

Vision;

Commitment;

Flexibility;

Ability to work as part of a team; and

Ability to work on own account.

Monetary rewards

Selecting the appropriate rewards is vital to any programs success. The goal in

choosing rewards is to select items that will spark the participants interest or feelings,

and support the programs objectives. Effective rewards will both motivate short-term

behavior and provide motivation over time. There are several types of rewards.

Cash

While incentive program participants often state that they prefer cash to non-cash

rewards, research has shown that cash is a poor motivator due to its lack of trophy

value. In a recent study conducted by the Center for Concept Development, three of

five respondents agree that a cash payment is perceived to be part of an employees

total compensation package and not as part of an incentive program. Additionally,

cash is quickly forgotten, as many participants tend to spend it on everyday items or

use it to pay bills. Given that most people do not generally talk about cash awards,

cash programs do little to generate the interest required to create an effective incentive

program.

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Non-cash rewards

Merchandise and other non-cash rewards are more often perceived as separate from

compensation. Accordingly, non-cash rewards tend to stand out as rewards for

performance, which enhances their long-term effect. Branded merchandise and othernon-cash rewards have high trophy value, bringing greater recognition to the recipient

at the time of the award and possessing a long-term lasting effect that can result in

increased engagement in the organizations goals.

Gift cards/certificates

Gift cards/certificates are prepaid retail cards or certificates that are redeemed at a

later time at checkout. In general, they are available in two types: (1) cards which

carry a major credit card brand, commonly referred to as universal gift cards (UGC),

and are redeemable at all merchants accepting the credit card brand; and (2) retailer-

specific cards, issued by well-known merchants, redeemable only through the issuing

retailer. In the 2005 Incentive Federation Study of Motivation and Incentive

Applications, gift cards were ranked as the most frequently used type of corporate

reward.

Merchandise

Merchandise rewards can range anywhere from small branded key chains to high-end

electronics. In a 2005 study conducted by the Center for Concept Development, 73%

of respondents agreed that more stimulating, memorable incentive programs can be

built around merchandise as opposed to cash rewards.

Travel

Travel rewards can best be defined as a face-to-face event designed to motivate, either

directly or indirectly. In a 2005 study conducted by the Center for Concept

Development, 51% of respondents perceived that travel is remembered longer than

other incentive rewards.

Experiential

Experiential rewards provide program participants with an experience. This form of

reward gives organizations the ability to offer their employees and customers

interesting experiences as incentives. Examples might include a seaplane flight and

lunch, a two-hour horse ride on the beach, a day of sailing for two, a chance to meet a

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star athlete, or the use of a party planner for an occasion of the recipients choice.

Experiential rewards allow participants to share their experiences with others and

reinforce the reward and the behavior that led to the giving of the reward.

Non-monetary rewards

Non-monetary incentives are used to reward participants for excellent behavior

through opportunities. Non-monetary incentives may include flexible work hours,

payroll or premium contributions, training, health savings or reimbursement accounts,

or even paid sabbaticals. If it comes to environmental behavior, often labeling and

recognition certificates are used. This may include stickers, T-shirts with banner logo

etc.

Another concept is that of senior business associates. They are development officers

who work at very low costs. To those who are working at less than 3 per cent of the

costs, there should be an offering of reimbursements of certain office costs and other

support.

In-depth review of the a value of follow-up

All successful sales agents understand that consumers need to be contacted again andagain in order to make a vital connection. Also, great follow-up protocol lets the

potential customer know that good, solid customer service will be part of the over-all

package. Follow-up says to a consumer that they are important, thought of, and that

their business would be greatly appreciated. The consumer today not only wants a

product at a great price, they also want a personal relationship, especially when it

comes to financial system sales, such as various insurances. Letters and phone calls

are gentle reminders that the salesperson intends to serve with his or her whole heart.

And, once a sale is secured, a thank you call is strongly advised.

Those in this industry will also want to keep constant contact with existing customers,

too. The competition is fierce today, and no one wants to loose a customer to the next

guy or service to come along. Clients that have had no contact for a period of time

loose loyalty. Keep birthday and anniversary postcards going into the home on a

regular basis. Keeping a name before a consumer will keep a name in their

conscience. A small gift or token of appreciation is also a means for keeping

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customers loyal. Christmas goody packages or dinner out certificates will leave

lastingimpressions.

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COMPANIES UNDER STUDY

1. ICICI Prudential

2. HDFC Standard life

3. Tata AIG

4. Bajaj Allianz

5. ING Vysaya

6. Kotak Mahindra

7. Reliance life insurance

8. MetLife

9. LIC

10. Easy loan assistance

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VARIOUS MOTIVATIONAL PROGRAMMES:

1. MDRT Night: It is a unique program conducted by ICICI Prudential for the

advisors who reach at a benchmark and then they are awarded in a special night and

they are termed as MDRT Advisors. In this night the Regional Head of ICICI

Prudential himself acknowledge and praised the MDRT advisors and a dinner and

motivational speech for all the advisors are organized. The MDRT advisors are

awarded with a trophy and cash reward and their name is displayed on their respective

branches.

2. Deccan plateau program: It is a program where all the advisors and their

respective Unit Managers are called for a meeting by the Branch Manager and there

all advisors are asked to put up their problems they are facing in selling the products

of ICICI Prudential and then a 15 days training program is organized which is termed

as Deccan Plateau training and there advisors and Unit managers are trained with

various motivational programmes and specialized training is provided them to

overcome with their demotivational factors.

3. Grievance Redressal forum: A special grievance redressal forum is formed by

ICICI Prudential where advisors come and share their problems with the industryexperts and the industry experts sought out their problems.

4. IPRU Vijeta night: It is specialized night where the top performers either

Insurance advisors or Unit managers are awarded by the Branch manager.

5. Point based reward system: In this program each insurance advisor gets certain

points on fulfilling certain target and at each stage of combined points they get gifts

and cash rewards like Ipru sprint, Ipru Maximiser.

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COMPANY PROFILE

HDFC Standard life insurance ltd is a joint venture company of HDFC bank and

Standard Life. HDFC STANDARD Life Insurance is a 74:26 joint venture between

HDFC Bank Ltd. and Standard Life. HDFC STANDARD Life Insurance is one of the

fastest growing insurance companies in India and has shown remarkable growth since

its inception in 2000.

HDFC

HDFC is one of the India s leading institutions, offering complete financial solutions

that encompass every sphere of life. From commercial banking to stock broking, to

mutual funds, to life insurance, to investment banking, the group to the financial

needs of individuals and corporate.

The group has a personal worth of Rs.100000 crore and employees in its various

businesses with presence in 216 cities in India and offices in New York, London,

Dubai and Mauritius, it services a customer base over 1400000.

HDFC enjoys leadership position in most of the businesses including stock broking,

investment banking and retail lending. With a brand slogan of CUSTOMERSATISFACTION , HDFC enjoys a particularly strong franchise in the arena of

investment and capital markets. HDFC is also known for the values of trust, integrity

and financial prudence with which entire business and franchise is developed .Not

only they are the one of the most preferred company to do business with, they are also

one of the most preferred employers in the financial services industry.

STANDARD LIFE

Standard Life has used its broad and well-established U.K. base to create a

multinational business and is building businesses in the US and Europe that focus on

sectors of the market with good fundamentals and where its skills can add value. As at

31 December 2005, 72% of funds under management are in the United States; 24% in

South Africa and 4% in United Kingdom .On the embedded value bases the

geographic split is 66% Africa, 25% the US and 9% rest of world.

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INTRODUCTION

Satisfaction is an important goal for organizations to reach as it has been shown that

profitability, productivity, employee retention, and customer satisfaction are linked to

employee satisfaction.

JOB SATISFACTION

The term Job satisfaction refers to an individual's general attitude towards his or her

job. A person with a high level of job satisfaction holds positive attitude towards the

job, while a person who is dissatisfied with his or her job holds negative attitude

about the job.

In simple words job satisfaction is: -

Job Satisfaction describes how content an individual is with his or her job. There are a

variety of factors that can influence a person's level of Job satisfaction; some of these

factors are: -

Include the level of pay and benefits,

The perceived fairness of the promotion system within a company,

The level of pay and benefits,

Leadership and social relationships,

The job itself.

Why to study about employee satisfaction?

In my point of view, study of "Employee satisfaction" helps the company to maintain

a standard & increase productivity by motivating the employees. This study tells us

how much the employees are capable & their interest at wok place? What are the

things still to be satisfy to the employees. Although "human resource" are the most

important resources for any organization, so to study on employees satisfaction helps

to know the working conditions & what are the things that affects them not to work

properly. Always majority of done by the machines/equipments but without any

manual moments nothing can be done. so to study on employee satisfaction is

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necessary.

THE STATE OF EMPLOYEE SATISFACTION

Although committed and loyal employees are the most influential factor to becoming

an employer of choice, it's no surprise that companies and organizations face

significant challenges in developing energized and engaged workforces. However,

there is plenty of research to show that increased employee commitment and trust in

leadership can positively impact the company's bottom line. In fact, the true potential

of an organization can only be realized when the productivity level of all individuals

and teams are fully aligned, committed and energized to successfully accomplish the

goals of the organization.

As a result, the goal of every company should be to improve the desire of employees

to stay in the relationship they have with the company. When companies understand

and manage employee loyalty - rather than retention specifically - they can reap

benefits on both sides of the balance sheet i.e., revenues and costs.

On the revenue side of the balance sheet, loyal and committed employees are more

likely to go "above and beyond" to meet customer needs and are highly motivated to

work to the best of their ability. Both of these traits are crucial for continued customer

commitment and ongoing revenue and growth for the company.

On the cost side, loyal employees stay longer, resist competitive job offers, do not

actively look for other employment and recommend the company to others as a good

place to work. These four behaviors positively influence the cost side of the balance

sheet because they are leading indicators of employee retention. The longer

companies keep their employees, the longer they can avoid having to pay to replace

them.

In other words, rather than focusing only on retention (that is, trying to retain

employees who have already decided to leave), organizations should proactively

recognize the benefits of understanding, managing and improving employee loyalty.

The most successful organizations are those that can adapt their organizational

behavior to the realities of the current work environment where success is dependent

upon innovation, creativity and flexibility. Additionally, the dynamics of the work

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environment have to reflect a very diverse population comprised of individuals whose

motivations, beliefs and value structures differ vastly from the past and from each

another. Arguably, the most valuable, but also volatile, corporate asset is a stable

workforce of competent, dedicated employees, since such an employee base gives

companies a powerful advantage; depth of knowledge and organizational strength.

One of the key steps to understanding and improving employee loyalty is by

acknowledging the importance of the following factors in building loyalty and

satisfaction:

Broadly-defined responsibilities rather than narrowly-defined job functions

Effective and regular performance evaluations, both formally and informally A corporate emphasis on employee learning, development and growth

Wide-ranging employee participation in the organization as a whole Typically, a

combination of factors influences employees' decisions to stay at their current job.

Contributing factors include satisfying work, a sense of job security, clear

opportunities for advancement, a compelling corporate mission combined with the

ability to contribute to the organization's success, and a feeling that their skills are

being effectively used and challenged. Specifically, employees who enjoy their work,

identify themselves with their employer and perceive that the company is flexible

regarding work and family issues also intend to stay with the organization.

Today, employee loyalty needs to be earned, rather than assumed, and must be

specific, rather than general - employees are looking at their employment as a means

of achieving personal goals rather than simply being the "good corporate soldier" of

the past. This means that companies need to express and act on a commitment todevelop employees' career objectives by introducing initiatives that make employees

believe that their current job is the best path to achieving their career goals.

In particular, consider the following elements of effective strategies designed to build

loyalty and retain key employees:

Include opportunities for personal growth and invest heavily in the

professional development of the best people in the organization.

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Provide employees with well-defined career paths (including a succession

plan), mentors and tuition reimbursement for job-related education.

Train employees, even if it makes them more attractive to the competition.

Without seeing an opportunity on the horizon, few high potential employees

will stay with a company and allow themselves to grow stagnant.

Acknowledge non-work priorities by recognizing and responding to

employees' needs for greater balance in their lives, since employees will

develop loyalty for organizations that respect them as individuals, not just as

workers.

Another approach to the issue of loyalty is to consider the value of the five "I's":

Interesting work. No one wants to do the same boring job over and over, day after

day. Although any job will require some repetitive tasks, all jobs should include at

least some parts that are of high interest to employees.

Information. Information is power and employees want to have the information they

need to know to do their jobs better and more effectively. And, more than ever,

employees want to know how they are doing in their jobs and how the company is

performing overall. It is vitally important to open the channels of communication in

an organization to allow employees to be informed, ask questions, and share

information and to inspire them to share the vision of the company.

Involvement. Managers today are faced with an incredible number of opportunities

and problems and, as the speed of business continues to increase, the amount of time

that they have to make decisions continues to decrease. Involving employees in

decision-making, especially when the decisions affect them directly, is both respectfuland practical. Not only do those closest to the problem typically have the best insight

as to what to do, involving them in decision-making will increase their commitment

and improve the success of implementing new ideas or change. Similarly,

management needs to follow through on promises and live the values they preach.

Independence. Few employees want their every action to be closely monitored. Most

employees appreciate having the flexibility to do their jobs as they see fit. Giving

employees latitude increases the chance that they will perform as desired, as well as

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bringing additional initiative, ideas, and energy to their jobs. Employees also need to

be encouraged to achieve their best potential.

THEORIES OF EMPLOYEE SATISFACTION ARE:

1) NEED FULFILLMENT THEORY:

According to this theory a person is satisfied when he gets training from his Job what

he wants. The more he wants something or the more important it is to him, the more

satisfied he is when he received it. In other words, Job Satisfaction will vary directly

with the extend to which those needs of an individual which can be satisfied are

actually satisfied. Vroom views satisfaction in terms of the positively valued

outcomes that a job provides to a person. Thus, job satisfaction is positively related to

the degree to which ones needs are fulfilled. The fulfillment theory suffers from a

major drawback. Satisfaction is a function of not only what a person receives but what

he feels he should receive.

2) EQUITY THEORY:

Under this theory, it is believed that a persons job satisfaction depends upon his

perceived equity as determined by his input- output balance in comparison with the

input-output balance of others. Every individual compares his rewards with those of a

reference group. If he feels his rewards are equitable in comparison with others

doing similar work, he feels satisfied. Job Satisfaction is thus a function of the degree

to which job characteristics meet the desires of the reference group. For example, one

study of the effects of community features on job satisfaction revealed that workers

living in a well to a neighborhood felt less satisfied than those living in poor

neighborhood.

3) TWO FACTOR THEORY:

Frederick Herzberg and his colleagues developed the Two-factor theory satisfaction.

According to this theory satisfaction and dissatisfaction are interdependent of each

other and exist on a separate continuum. One set of factors known as hygiene factors

(Company policy, administration, supervision, pay, working conditions and

interpersonal relations) act as dissatisfies. Their absence cause dissatisfaction but their

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present does not result in positive satisfaction. The other set of factors known as

satisfiers (achievements, advancement, recognition, work itself and responsibility)

lead to satisfaction.

Several studies designed to test the two-factor theory provide little support to this

theory. The same factor may serve as a satisfier for one but a dissatisfier for another.

It appears from this theory that a person can be satisfied and dissatisfied at the same

time.

4) DISCREPANCY THEORY:

According to this theory job satisfaction depends upon what a person actually

receives from his job and what he expects to receive. When the reward actually

received are less than the expected rewards it causes dissatisfaction. In the words of

Locke, Job Satisfaction and dissatisfaction are function of perceived relationship

between what one wants from ones job and what one perceive it is actually offering.

In other words, satisfaction is the difference between what one actually received and

what he feels he should receive. This theory fails to reveal whether over-satisfaction

is or is not a dimension of dissatisfaction and if so, how does it dissatisfaction arising

out of the situation when received outcomes are less than the outcomes one feels he

should receive.

5) EQUITY DISCREPANCY THEORY:

This is a combination of equity and discrepancy theories. Lawlers hs adopted the

difference approach of discrepancy theory rather than the ratio approach of equity

theory. From equity theory the concept of comparision has been selected to serve as

an intervening variable. Under this theory satisfaction is defined as the difference

between the outcomes that one perceives he actually received and outcomes that one

feels he should receives in comparision with others. When the individual feels that

what he actually received is equal what he perceives he should receive there is

satisfaction. Thus an individuals reception of his reward is influenced by more than

just the objective amount of that factor. Because of this psychological influence the

same amount of reward aften can be seen quite differently by two people, to one it can

be a large amount, while to another person it can be a small amount.

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6) SOCIAL REFERENCE GROUP THEORY:

Reference group defines the way an individual looks at the world. According to this

theory job satisfaction occurs when the job meet the interest, desires and requirements

of a persons reference group. In other words, job satisfaction is a function of the

degree to which the job meets the approval of the group to which the individual looks

for guidance in evaluating the world and defining social reality.

The social reference group theory is similar to the need fulfillment theory except than

it takes into account not the desires, needs and interests of the given individual but

rather the point of view and the opinion of the groups to whom the individual looks

for guidance.

INCREASE EMPLOYEE SATISFACTION AND PRODUCTIVITY

By providing amenities that make your building a healthier and more comfortable

place to work, you can reduce employee absenteeism and turnover while increasing

productivity. Even small workplace improvements, such as installing individual

temperature and ventilation controls, improving the flow of natural light and

providing access to a roof garden, can have a big impact on your company's bottom

line.

The EPA estimates that building-related illnesses account for $60 billion in annual

productivity lost nationwide. And according to a University of Wisconsin study,

tangible costs of hiring and retaining a new employee typically range between

$10,000 and $50,000 -- plus less quantifiable, but no less real, productivity costs as

employees adapt to the new work environment and cultivate relationships with

clients, coworkers, contractors, etc. With less absenteeism and greater employee

retention, your investments in green building features will quickly pay for themselves.

In a 2004 survey of 719 building owners, developers, architects, engineers and

consultants, Turner Construction found that 91 percent of executives involved

with green buildings believed that the health and well-being of their building

occupants was greater.

By installing skylights, fluorescent light fixtures and additional insulation to

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improve lighting and temperature control, VeriFones credit card verification

facility in Costa Mesa, California, decreased its energy consumption 59

percent, reduced employee absenteeism by 47 percent and boosted

productivity by 5 percent to 7 percent.

At the headquarters of the West Bend Mutual Insurance Company in West

Bend, Wisconsin, green features including individual workstation controls for

temperature, airflow, lighting and noise contributed to a 15 percent increase in

claims processing per employee.

TRAINING SECESSION IN MAX NEWYORK LIFE INSURANCE

Training is must for every individual when he enters into the organization. Even

though the candidate has experience he also should get training. Why because the

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organization culture, values and beliefs are different from one organization to other.

Thats why the training program plays a key role in every organization.

Training program following by Max New York Life Insurance is different at various

levels. Mainly in training program the company concentrates on sales managers,

agents, operations executives and tele callers.

Training program for sales managers:

The training program duration is 15 20 days

They get training on product knowledge.

Motivating and encouraging Advisors

Training program for Advisors:

The training program duration is 15 20 days

They get training on product knowledge

How to convince the people.

Objection Handling

Training program for operations executives:

They will get training on customer database files

Taking care of the customer files

Well trained in product information and documentation

Renewals will be informed periodically.

BONUS

Bonus is a function of surplus funds available after adjusting for future liabilities and

current assets. This is based on actuarial experience. Therefore, based on actuarialexperience, the company believes that bonuses will be announced not before three

years of operations. This is in line with their plans and international standards.

Max New York Life offers innovative and immediate (not reversionary) bonus

options, which add value to customers. Bonuses can be received in cash, employed to

offset premium, left on deposit with interest, used to buy additional insurance by way

of paid-up additions or term insurance.

Max New York Life presents one such solution to facilitate employee well being and

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retention. A single master policy for all employees, Group Term Life is the mainstay

of our employee benefit platform. This easy and convenient policy is valid for one

year and can be renewed annually. In case of death of an employee, due to natural or

accidental reasons, the entire sum assured amount is paid to the employer.

CONCLUSION

After the detail study it can be said that there are many demotivation factors that

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contribute to the source of highest demotivation in the job of insurance sellers. These

factors include payment, incentives, lack of communication, over burden targets etc.

To reduce these motivation factors companies are running different training

programmes to increase the motivation level. Providing different rewards like

monetary (cash) and non-monetary rewards (gifts, holidays) are provided by different

companies. Also different training programmes at different levels are being organized

by the companies to increase the motivation levels.

RECOMMENDATIONS

1. To increase satisfaction and retention of employees.

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2. It will help in reducing the factors leading to absenteeism and staff turnover.

3. It will help in generating factors, which can defuse tension and improve working

condition, which will ultimately lead to job satisfaction.

4. The method of recruitment should be improved.

5. Select the right person for the right job.

6. Promotion policy should be improved

7. Management should check the performance of their employees time to time.

8. Overall work environment should also be improved.

LIMITATION

There are various limitation faced during the study as the study bis related to the human

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psychology and behavior basically. Some of the problems faced during the study are: -

1. While collecting the data it was noticed that most of the respondents were getting struck

at statement, they were actually related to make out whether the statement is related to

their job or routine life.

2. Another major obstruction found the study was respondents were quite reluctant in

giving their original details.

Sdm Report 1

Documents

Transcript of Sdm Report 1