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1. Major Project Report
On
Job Satisfaction of Employees at Reliance Life
Insurance Company limited
Submitted in partial fulfillment for the award of the degree
of
Bachelor of Business Administration (2008-11)
Submitted by: Aditi Saraswat
Enrollment no: 1157751102
Chandra Shekhar Azad
Institute of Science and Technology
Jhansi(U.P).
1
2. CERTIFICATE
This is to certify that the project titled “Job Satisfaction of Employees at
Reliance Life Insurance Company limited” is an academic work done by
“Aditi Saraswat” submitted in the partial fulfillment for the award of degree
of Bachelor of Business Administration from Maharaja Surajmal Institute,
under my guidance and direction. To the best of my knowledge and belief
the data and information presented by him in the project has not been
submitted earlier.
Project Guide
Mrs. Ekta Bhatia
Department of Business Administration
2
3. ACKNOWLEDGEMENT
A comprehensive listing of everyone entitled to my gratitude would
necessitate the supplement to my project work.
It is none other than “Almighty” that I would like to thank first for granting
me the perseverance and patience, which was quite essential in my endeavor.
I would like to thank Mrs. Ekta Bhatia for providing me continuous
support, guidance, encouragement and enlightening me with valuable
suggestions at every step of the project. It was a truly wonderful learning
experience.
3
5. Introduction
Job Satisfaction has been defined as a pleasurable emotional state resulting
from the appraisal of one’s job; an affective reaction to one’s job; and an
attitude towards one’s job. Weiss (2002) has argued that job satisfaction is
an attitude but points out that researchers should clearly distinguish the
objects of cognitive evaluation which are affect (emotion), beliefs and
behaviors. This definition suggests that we form attitudes towards our jobs
by taking into account our feelings, our beliefs, and our behaviors.
Job Satisfaction describes how content an individual is with his or her job.
The happier people are within their job, the more satisfied they are said to
be. Job satisfaction is not the same as motivation, although it is clearly
linked. Job design aims to enhance job satisfaction and performance;
methods include job rotation, job enlargement and job enrichment. Other
influences on satisfaction include the management style and culture,
employee involvement, empowerment and autonomous work groups. Job
satisfaction is a very important attribute which is frequently measured by
organizations. The most common way of measurement is the use of rating
scales where employees report their reactions to their jobs. Questions relate
to rate of pay, work responsibilities, variety of tasks, promotional
opportunities the work itself and co-workers. Some questioners ask yes or no
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6. questions while others ask to rate satisfaction on 1-5 scale (where 1
represents "not at all satisfied" and 5 represents "extremely satisfied").
OBJECTIVES OF THE STUDY
The study would focus on the collection of data from the desired sample size
with a view to attain the following stated objectives:
1. To study and analyze the present level of job satisfaction of the
employees in Reliance life insurance company ltd.
2. To study about factors relating to job satisfaction of employees.
3. To study about the Causes of job satisfaction/dissatisfaction
4. To study about the consequences of job satisfaction / dissatisfaction
5. To study about the strategies to improve your job satisfaction.
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7. RESEARCH METHODOLOGY
A research methodology defines what the activity of research is, how
to proceed, how to measure progress, and what constitutes success.
Research Design:
A research design is the arrangement of
conditions for collection and analysis of data in a manner that aims to
combine relevance to the research purpose with economy in
procedure. Research design is the conceptual structure within which
research is conducted, constitutes blue print for collection,
measurement and analysis of data.
The research design used here is descriptive research design.
Descriptive Research design
- Descriptive research is also
called Statistical Research. The main goal of this type of research is to
describe the data and characteristics about what is being studied. The
idea behind this type of research is to study frequencies, averages, and
other statistical calculations.
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8. Sources Of Information:
a)
Primary Data:
For collecting primary data an approved structure-questionnaire was used
which was a framework of various questions covering various aspects of job
satisfaction.
b)
Secondary Data:
Available published books, magazines, journals etc. has been used to better
understand the concept, nature and even application of the problem so as to
derive fruitful result. Even the literature, Pamphlets, past reports and the
website of the company provided valuable inputs.
Methods of Data Collection:
The following methods have been adopted for the purpose of research.
1. Discussion
In order to have a grasp over the subject, the investigator has had a
discussion with the management personnel.
2. Interview
After discussion, the investigator has interviewed the employees of Reliance
life insurance ltd for the collection of data.
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9. 3. Questionnaire
Most of the information was collected by the way of filling the questionnaire
by the employees of Reliance life insurance company ltd.
Sampling:
a.) Area Sampling Method: Convenience Sampling method
Areas covered: Rohini, Pitampura, Punjabi Bagh.
b.) Method of Customers Sample: Random Sampling method.
Sample Size:
A total of 40 employees comprising of both executives
and non-executives were selected on random basis and responses were
collected from them.
Tools used for Interpretation:
Bar diagrams:
A method of presenting data in which frequencies are
displayed along one axis and categories of the variable along the other, the
frequencies being represented by the bar lengths.
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10. LIMITATIONS OF THE PROJECT
Certain hindrances faced during the project work were:
1.
Many
employees
were
extremely
occupied
in
their
assignments/responsibilities and therefore could not spare time for
the interview/personal interaction.
2.
The time allotted for the study was limited.
3.
Some employees expressed their inability to come forward for
interviews.
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12. FounderFew men in history have made as dramatic a contribution to their country’s
economic fortunes as did the founder of Reliance, Shri. Dhirubhai H
Ambani. Fewer still have left behind a legacy that is more enduring and
timeless.
As with all great pioneers, there is more than one unique way of describing
the true genius of Dhirubhai: The corporate visionary, the unmatched
strategist, the proud patriot, the leader of men, the architect of India’s capital
markets, the champion of shareholder interest.
But the role Dhirubhai cherished most was perhaps that of India’s greatest
wealth creator. In one lifetime, he built, starting from the proverbial scratch,
India’s largest private sector enterprise.
When Dhirubhai embarked on his first business venture, he had a seed
capital of barely US$ 300 (around Rs 14,000). Over the next three and a half
decades, he converted this fledgling enterprise into a Rs 60,000 crore
colossus—an achievement which earned Reliance a place on the global
Fortune 500 list, the first ever Indian private company to do so.
Dhirubhai is widely regarded as the father of India’s capital markets. In
1977, when Reliance Textile Industries Limited first went public, the Indian
12
13. stock market was a place patronised by a small club of elite investors which
dabbled in a handful of stocks.
Undaunted, Dhirubhai managed to convince a large number of first-time
retail investors to participate in the unfolding Reliance story and put their
hard-earned money in the Reliance Textile IPO, promising them, in
exchange for their trust, substantial return on their investments. It was to be
the start of one of great stories of mutual respect and reciprocal gain in the
Indian markets.
Under Dhirubhai’s extraordinary vision and leadership, Reliance scripted
one of the greatest growth stories in corporate history anywhere in the world,
and went on to become India’s largest private sector enterprise.
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14. RELIANCE LIFE INSURANCE COMPANY LIMITED
Reliance Life Insurance Company Limited is a part of Reliance Capital Ltd.
of the Reliance - Anil Dhirubhai Ambani Group. Reliance Capital is one of
India’s leading private sector financial services companies, and ranks among
the top 3 private sector financial services and banking companies, in terms
of net worth.
Reliance Capital Ltd. has interests in asset management, life and general
insurance, private equity and proprietary investments, stock broking and
other financial services.
Reliance Life Insurance is another step forward for Reliance Capital Limited
to offer need based life insurance solutions to individuals and corporate in
India.
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15. Reliance Group Holdings
Company History:
Reliance Group Holdings has grown from a small office data-processing
equipment firm in 1961 into a major insurance and financial-services group
in one generation under one chief. The holding company is best known for
its insurance group, which includes separate subsidiaries for property and
casualty insurance, life insurance, and title and mortgage insurance.
Reliance's insurance operations constitute the nation's 27th-largest property
and casualty operation. The parent company also includes a development
subsidiary in commercial real estate. Reliance's international consulting
group contains several subsidiaries in energy, environment, and natural
resources consulting. A financial arm invests in other businesses, primarily
television stations.
By the time he received a bachelor of science degree in economics from the
University of Pennsylvania's Wharton School of Finance in 1959, Saul
Steinberg was already in the business of leasing computers, then a new
concept. In 1961, at age 22, Steinberg founded the Leasco Data Processing
Equipment Corporation. The company grew rapidly, expanded its
capabilities, and in 1965 went public.
By 1968, Leasco sought to diversify its fields of business. Among its major
purchases in the last two years of the 1960s was Reliance Insurance
Companies of Philadelphia, which included Reliance Insurance Company
and its subsidiaries. Leasco bought 91% of Reliance in September 1968, and
the balance in winter 1981. Reliance insurance had been writing insurance
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16. since 1817, officially incorporating in 1820, and became the company's
largest subsidiary.
Reliance Insurance started as the Fire Association of Philadelphia in 1817,
organized by 5 hose and 11 engine fire companies. It became the nation's
first association of volunteer fire departments. Its office was the front room
of Caleb Carmalt, one of the founders. The association first met in his house
on September 17, 1817. Michael Fox, president of Diligent Engine
Company, was elected chairman. The new group took the place of several
previous associations that had never succeeded because of internal squabbles
among members.
The association started with no money, and trustees pledged their property
as security. The founders agreed not to pay dividends until the company
accumulated $15,000 in capital. The original 13 trustees agreed that
dividends should go to the unpaid firemen. As a benefit, members received a
5% discount on their own property fire insurance. In addition to
underwriting fire insurance, the association served as mediator between its
member engine and hose companies; as rivals to get to a fire first to collect
the commission, fire companies often damaged each other's equipment and
assaulted each other.
The association adopted a fire mark with a fireplug attached to a hose and
the initials F.A. on both sides for homeowners to place on their facades to let
firefighters--and potential arsonists--know the houses were insured. Samuel
Bleight, a storeowner with a weaving business in his basement, bought the
first policy for his three-story building. The company took ten risks its first
year.
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17. The first time the association applied to the state legislature for a charter, it
failed after the representative from Philadelphia stated that "the petitioners
were men unworthy of public confidence and destitute alike of public spirit
and mental worth." Association members immediately launched a successful
campaign to defeat the representative in his next bid for reelection. Existing
insurance companies also fought the charter. They "may have feared the Fire
Association's influence on their own business, though they gave as their real
cause of opposition . . . the fact that the new organization was without cash
capital," according to The Fire Association of Philadelphia, a corporate
history published in 1917 to celebrate its first century. On March 27, 1820,
the governor of Pennsylvania signed a charter for The Trustees of the Fire
Association of Philadelphia.
The company wrote 29 risks the first year of its charter. Business grew
steadily, and by 1832, it wrote 583 policies. Although the first companies
joined the association without charge, it subsequently imposed an entrance
fee. By November 1829, 44 companies were members. By 1850, the
association amassed a surplus of $100,000.
That year, the Great Fire of Philadelphia started at a store and spread to a
warehouse where it caused an explosion and created panic. The fire spread
so fast that it could be seen across the Delaware River in Trenton, New
Jersey, and tremors were felt in Wilmington, Delaware. The largest fire in
Philadelphia history up to that time, it destroyed 367 buildings, killed
between 17 and 33 people, some drowning after jumping into the river.
More than 100 people were reported injured, and losses were valued at $1.5
million, of which the association owed about $100,000, enough to wipe out
the surplus it had accumulated.
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18. The trustees, however, promptly secured a loan based on their own personal
liability, and paid all claims. This step created so much goodwill that its
business expanded rapidly in the next few years.
During the Civil War, association members operated ambulances to
transport the wounded to hospitals when they arrived in Philadelphia. In
1871, the city of Philadelphia organized its own fire department. The
trustees voted to continue the association as a stock company under an
amended charter. The state legislature approved the new charter on May 5,
1871. Four of the previous trustees and nine other stockholders were elected
to the board of directors. At that time, the association became solely an
insurance company and started writing policies outside Philadelphia. Its
assets at the time totaled $1.71 million.
Business got a boost as a result of the Great Chicago Fire of 1871. The
association soon developed a field of agents to write policies across the
country. For the first two years, shareholders received dividends twice a year
of $5 a share, which increased gradually to $10 in 1876.
As the company history reported, the association was able to pay large
claims promptly when they came due. These included $309,000 after the
great Baltimore Fire in 1904 and $1.84 million following the 1906 San
Francisco Earthquake and Fire. By 1917, the association reported business
of $4 million a year. It had expanded its coverage to include marine, tourist
baggage, registered mail, explosion, sprinkler leakage, tornado, earthquake,
and automobile insurance.
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19. In 1919, the association started a subsidiary, Victory Fire Insurance
Company, which had the same officers as the parent company. In the 1920s,
it founded another subsidiary, Reliance Insurance Company and added riot
and civil commotion insurance to its offerings. The year of the 1929 stock
market crash, the association made $93,605 in underwriting profit, but this
sum was more than offset by its $410,000 losses in investments.
World War II took its toll on the insurance business, including the
association, which lost money between 1942 and 1946. By 1947, it broke
even, and 1949 "was by far the banner year in the company's long history,"
Best's Insurance Reports, 1950-1951 edition, stated. In 1950, the association
merged its subsidiaries into the parent company. The Fire Association of
Philadelphia changed its name to Reliance Insurance Company in 1958.
From then on, the insurance company grew both through acquisition and
establishment of subsidiaries. In the property and casualty field, it bought
General Casualty Company of Wisconsin in 1956--sold in 1990 to
Winterthur Swiss Insurance Company for $630 million--and United Pacific
Insurance Company in 1967.
Reliance also started Eureka Insurance Company in Wisconsin in 1959,
which changed its name to Planet Insurance Company in 1963. Since 1973,
Planet has written Reliance's commercial mass-marketing business. In 1976,
Planet took over Reliance's standard business in Texas. Another subsidiary,
Regent Insurance Company, also started in 1963 in Wisconsin, writes auto,
fire, inland marine, workers' compensation, and other insurance. Reliance
started General Casualty Company of Illinois, sold in 1990, and Reliance
Insurance Company of Illinois. The property and casualty operations
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20. evolved so that Reliance Insurance Company handled most eastern
operations; General Casualty was responsible for most midwestern business
until its sale; and United Pacific took care of the West.
The company's strategy was expansion in selected specialty lines. In 1971,
the parent company formed Reliance Financial Services Corporation, an
intermediate holding company for its insurance branches. The insurance
operations are governed by a complicated structure, in which Reliance
Group Holdings owns Reliance Group, Inc., which in turn owns Reliance
Financial Services Corporation, which in turn owns Reliance Insurance
Company and its subsidiaries.
In 1972, the Reliance insurance group divided its pool so that Reliance
Insurance Company and its subsidiaries handled most standard lines, while
United Pacific Insurance Company handled the nonstandard and other
operations. Other property and casualty subsidiaries included Reliance
Insurance Company of New York, founded in 1978, and Reliance Lloyds,
founded in 1980.
In December 1973 Leasco Corporation changed its name to Reliance Group,
Inc. The move represented corporate strategy to move away from computerrelated services and into financial ones in the early 1970s, and recognition
that insurance constituted the biggest part of the group. Three years later,
Reliance Group founded Commonwealth Land Title Insurance Company,
which would become the lead company in the group for mortgage and title
insurance.
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21. In 1981, Steinberg, still chairman of the board and chief executive officer
decided to make the company private. He founded Reliance Group
Holdings, Inc., a holding company for his and his family's stock that
acquired all outstanding shares of Reliance Group, Inc., through cash
purchase, debentures, or preferred shares of Reliance Group Holdings.
In 1982, Reliance insurance group expanded its life insurance business, as
United Pacific Life Insurance Company marketed annuities for savings and
retirements. The same year, the company incorporated Reliance Life
Insurance Company of Rhode Island. The next year, it founded United
Pacific Reliance Life Insurance Company of New York.
In 1986 the company went public again. Reliance Group Holdings, Inc. sold
slightly more than 20% of its stock with a 15 million-share offering.
Steinberg, his family and their trust retained the rest.
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22. Principal Subsidiaries:
Reliance Insurance Company
Reliance National Insurance Company
General Casualty Companies; Reliance Surety Company
Reliance Reinsurance Corporation
United Pacific Life Insurance Company
United Pacific Reliance Life Insurance Company of New York
United Pacific Financial Services
Commonwealth Land Title Insurance Company
Transamerica Title Insurance Company
Commonwealth Mortgage Assurance Company
Commonwealth Relocation Services, Inc.
Reliance Development Group, Inc.
RCG International, Inc.
RCG/Hagler Bailly
RCG/Moody-Tottrup
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23. RCG/Personnel Sciences
RCG/Vectron; Herbert W. Davis & Company
Werner International, Inc.
Telemundo Group, Inc.
23
24. Achievements
RLIC has been one of the fast gainers in market share in new
business premium amongst the private players with an incremental
market share of 4.1% in the Financial Year 2007-08 – from 3.9% in
April 07 to 8% in Feb 08. ( Source: IRDA)
Also continues to be amongst the fast growing Private Life
Insurance Companies with a YOY growth of 195% in new business
premium as of Mar’08.
A Company that has crossed 1.7 Million policies in just 2 years of
operation, post takes over of AMP Sanmar business.
Initiated Express Life – and Unique ’Over the Counter’ sales
process for Unit Linked Insurance Policies in the Industry.
Accomplished a large distribution ramp-up in the Industry in a short
span of time by opening 600 branches in 10 months taking the
overall branch network above 740.
RLIC continues to be one of the two Life Insurance companies in
India to be certified ISO 9001:2000 for all the processes.
Awarded the Jamnalal Bajaj Uchit Vyavahar Puraskar 2007Ceritificate of Merit in the Financial Services category by Council
for Fair Business Practices (CFBP). It’s largest private sector
enterprise
Vision & Mission
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25. Vision
Empowering everyone live their dreams.
Mission
Create unmatched value for everyone through dependable, effective,
transparent and profitable life insurance and pension plans.
Our Goal
Reliance Life Insurance would strive hard to achieve the 3 goals mentioned
below:
Emerge as transnational Life Insurer of global scale and standard
Create best value for Customers, Shareholders and all Stake holders
Achieve impeccable reputation and credentials through best business
practices
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26. About the products
Solutions for Individuals
Reliance Life Insurance is here with Solutions for Individuals, a series of
plans that will help customers make wise investments, protect their family,
secure child’s future and even chalk out a plan for customer’s retirement.
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27. PLANS
Protection
Plans
Protect the family even when the customer is not around by investing in
Reliance Protection Plans. Choose a limited period plan or a lifetime
protection plan depending on customers’ needs.
In today’s uncertain world, there could be calamity at every step of the life.
It is up to the customer to ensure that his family stays protected always.
Reliance Protection Plans helps customers do exactly the same. They have a
wide range of options to choose a plan from. Right from limited period plans
to lifetime protection plans, customers can opt for the one that suits their
lifestyle.
While co. understands that nothing can compensate for the loss of a life, we
intend to provide customers the peace of mind. Investing in Reliance
Protection Plans would mean family’s future is in safe hands.
Protection Plans
Reliance Term Plan
Reliance Simple Term Plan
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28.
Reliance Special Term Plan
Reliance Credit Guardian Plan
Reliance Special Credit Guardian Plan
Reliance Endowment Plan
Reliance Special Endowment Plan
Savings & Investment Plans
Reliance Savings & Investment Plans help customer to set aside some
money to achieve specific goals in life, which means that customer can
enjoy life and provide for his family’s daily needs.
In life, customer has always given his family whatever they have wanted.
Yet, there are some promises he has to fulfill, such as taking his family for a
vacation, or buying that dream house.
Set aside some money to achieve these specific goals with the help of
Reliance Savings & Investment Plans. The plan allows customer to
experience the joys of life and provide for their family’s needs.
Enjoy life without worrying about the promises cus has made—the co. is
here to fulfill them.
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29. Savings & Investment Plans
Reliance Super Invest Assure Plan
Total Investment Plan I - Insurance
Reliance Wealth + Health Plan
Reliance Automatic Investment Plan
Reliance Money Guarantee Plan
Reliance Cash Flow Plan
Reliance Market Return Plan
Reliance Endowment Plan
Reliance Golden Years Plan Value
Retirement Plans
Invest today in Reliance Retirement Plans and save money to enjoy life even
after retirement. Customer will never have to depend on another person or
make any compromises to maintain his current lifestyle.
The customer is a young and earning individual. The income he earns allows
him to enjoy life, his only worry being whether he will be able to continue
the same lifestyle after retirement.
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30. A Reliance Retirement Plan will help customer save money for his
retirement. It ensures that he continues to get some income after retirement
thereby ensuring that he does not have to depend on any other person or
make any compromises to maintain the same lifestyle.
Retirement Plans
Total Investment Plan II - Pension
Reliance Golden Years Plan
Reliance Golden Years Plan Value
Reliance Golden Years Plan Plus
Reliance Wealth + Health Plan
Reliance Automatic Investment Plan
Reliance Money Guarantee Plan
Child Plans
Save systematically and secure child’s future needs by investing in Reliance
Child Plans. Customer can always be there for his child when he or she
needs him.
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31. Being a parent is one of the joys of life. The child looks up to the parent and
depends on him for love, protection and support. Parents want to provide the
child with the best in life.
The Reliance Child Plan helps customer save systematically so that they can
secure their child’s future needs. Be it higher education, his or her first home
or any other requirement, customer will always be there for his child when
he or she needs him.
Child Plans
Reliance Super Invest Assure Plan
Reliance Child Plan
Reliance Secure Child Plan
Reliance Wealth + Health Plan
Benefits to employees
Opportunities for lateral growth within the company
Performance management system based on the balanced
scorecard model
Exposure to extensive learning and developmental initiatives
(that includes a state of the art e-learning platform and strategic
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32. partnerships with international leaders for special
developmental programs)
Annual awards in recognition of exemplary performance
A stimulating and high energy environment with regular
interactive, fun events and challenging contests
32
33. What is job satisfaction?
Job satisfaction is one’s attitude towards his job (positive or negative).
Satisfaction in work and the work environment is the basic constituent of
employee job satisfaction. Employee attitudes and values influence their
behaviour. Positive outlook and backup from HR helps modify behaviour
resulting in higher performance levels.
Crucial
HR must ensure pursuance of right assignment by the employee at the
recruitment and selection stage itself. HR should consider value systems as
key credentials along with abilities and experience to be compatible with
that of the organization.
Organizations, which give due recognition to the perceptions, attitudes,
motivation and learning abilities of employees, successfully create an
efficient workforce. Efficient workforces identify themselves with the
organization’s mission and aid in its success.
How to achieve?
Attitudes influence behaviour and are the indicators of potential problems an
organisation might encounter. HR must help employees to cope with
frustrations and sustain job satisfaction.
Motivated employees stay on for long to achieve their goals. Job
33
34. responsibilities, achievements, growth, self-fulfillment and recognition
enhance job satisfaction levels. A candid interaction of managers with
employees helps develop good relationships. Continuous coaching and
genuine appreciation by the managers also enhances job satisfaction.
To cultivate an attitude of excellence in their employees, managers must
provide a certain degree of autonomy. Organisations and managers desirous
of excelling must therefore, work toward ensuring employee job satisfaction.
‘A happy worker is a productive worker’. The Hawthorne studies conducted
at an electrical plant in Chicago from 1924-1932 revealed that employee
morale and satisfaction increase productivity. Since then, management has
pursued the topic of job satisfaction, as it is believed to enhance
performance, reduce absenteeism, retain qualified workers and establish
smooth employment relations.
Job satisfaction is a ‘pleasurable or emotional state resulting from the
appraisal of one’s job and experience. It is important to realize that these
attitudes vary according to individual experiences and expectations and
hence there is no single unitary concept of job satisfaction.
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35. TWO-FACTOR
THEORY
(MOTIVATOR-HYGIENE
THEORY)
Frederick Herzberg’s two factor theory (also known as Motivator Hygiene
Theory) attempts to explain satisfaction and motivation in the workplace.
This theory states that satisfaction and dissatisfaction are driven by different
factors – motivation and hygiene factors, respectively. Motivating factors
are those aspects of the job that make people want to perform, and provide
people with satisfaction, for example achievement in work, recognition,
promotion opportunities. These motivating factors are considered to be
intrinsic to the job, or the work carried out. Hygiene factors include aspects
of the working environment such as pay, company policies, supervisory
practices, and other working conditions.
While Hertzberg's model has stimulated much research, researchers have
been unable to reliably empirically prove the model, with Hackman &
Oldham suggesting that Hertzberg's original formulation of the model may
have been a methodological artifact. Furthermore, the theory does not
consider individual differences, conversely predicting all employees will
react in an identical manner to changes in motivating/hygiene factors. .
Finally, the model has been criticized in that it does not specify how
motivating/hygiene factors are to be measured.
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36. MEASURING JOB SATISFACTION
There are many methods for measuring job satisfaction. By far, the most
common method for collecting data regarding job satisfaction is the Likert
scale (named after Rensis Likert). Other less common methods of for
gauging job satisfaction include: Yes/No questions, True/False questions,
point systems, checklists, and forced choice answers. This data is typically
collected using an Enterprise Feedback Management (EFM) system.
The Job Descriptive Index (JDI), created by Smith, Kendall, & Hulin
(1969), is a specific questionnaire of job satisfaction that has been widely
used. It measures one’s satisfaction in five facets: pay, promotions and
promotion opportunities, coworkers, supervision, and the work itself. The
scale is simple, participants answer either yes, no, or can’t decide (indicated
by ‘?’) in response to whether given statements accurately describe one’s
job.
The Job in General Index is an overall measurement of job satisfaction. It
is an improvement to the Job Descriptive Index because the JDI focuses too
much on individual facets and not enough on work satisfaction in general.
Other job satisfaction questionnaires include: the Minnesota Satisfaction
Questionnaire (MSQ), the Job Satisfaction Survey (JSS), and the Faces
Scale. The MSQ measures job satisfaction in 20 facets and has a long form
with 100 questions (five items from each facet) and a short form with 20
questions (one item from each facet). The JSS is a 36 item questionnaire that
measures nine facets of job satisfaction. Finally, the Faces Scale of job
satisfaction, one of the first scales used widely, measured overall job
36
37. satisfaction with just one item which participants respond to by choosing a
face.
RELATIONSHIPS AND PRACTICAL IMPLICATIONS
Job Satisfaction can be an important indicator of how employees feel about
their jobs and a predictor of work behaviours such as organizational
citizenship, absenteeism, and turnover. Further, job satisfaction can partially
mediate the relationship of personality variables and deviant work behaviors.
One common research finding is that job satisfaction is correlated with life
satisfaction. This correlation is reciprocal, meaning people who are satisfied
with life tend to be satisfied with their job and people who are satisfied with
their job tend to be satisfied with life. However, some research has found
that job satisfaction is not significantly related to life satisfaction when other
variables such as network satisfaction and core self-evaluations are taken
into account. With regard to job performance, employee personality may be
more important than job satisfaction. The link between job satisfaction and
performance is thought to be a spurious relationship; instead, both
satisfaction and performance are the result of personality.
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38. Factors affecting job satisfaction
Job satisfaction can be influenced by a variety of factors, e.g. the quality of
one's relationship with their supervisor, the quality of the physical
environment in which they work, degree of fulfillment in their work, etc..
Numerous research results show that there are many factors affecting the job
satisfaction. There are particular demographic traits (age, education level,
tenure, position, marital status, years in service, and hours worked per week)
of employees that significantly affect their job satisfaction.
Satisfying factors motivate workers while dissatisfying ones prevent.
Motivating factors are achievement, recognition, the job conducted,
responsibility, promotion and the factors related to the job itself for personal
development. Motivating factors in the working environment result in the
job satisfaction of the person while protective ones dissatisfy him/her.
Maslow connects the creation of the existence of people's sense of
satisfaction with the maintenance of the classified needs. These are:
physiological needs (eating, drinking, resting, etc.), security needs (pension,
health insurance, etc.), the need to love (good relations with the
environment, friendship, fellowship, to love and to be loved), need to selfesteem (self-confidence, recognition, adoration, to be given importance,
status, etc.) need of self-actualization (maximization of the latent [potential]
power and capacity, development of abilities, etc.).
Insufficient education, inability to select qualified workers for the job, lack
of communications, lack of job definitions, all affect job satisfaction
38
39. negatively. It has been asserted that participating in the management, having
the decision making power, independence on the job and the unit where the
individual works, have positive impact upon the job satisfaction. The job
itself (the work conducted), and achievement and recognition at work result
in satisfaction while the management policy, relations with the managers
and colleagues result in dissatisfaction. Factors related to the job itself such
as using talents, creativity, responsibility, recognition have influence on the
job satisfaction.
Age is one of the factors affecting job satisfaction. Studies conducted in five
different countries prove that the elder workers are more satisfied. Kose has
also found a meaningful relation between the age and job satisfaction.
There is a strong connection between feeling secure and saying one is
satisfied with a job. People who state their job is secure have a much larger
probability of reporting themselves happy with their work.
Similarly, by some researchers, gender is also found to have an influence on
job satisfaction. Besides, Wahba has found out that male librarians give
more importance to personal development and free decision making in their
jobs than the female librarians, and the female librarians are more
dissatisfied than the male librarians.
Job satisfaction and devotion to the job, affected each other reciprocally, and
they have great impact upon performance. The most significant of the
factors affecting performance are economical, technical, socio-political,
cultural and demographical ones.
However, most efforts to improve performance seem to center on improving
the conditions surrounding the work. These are worthwhile efforts, but they
usually result only in short-term improvements in attitudes and productivity,
and the situation often returns quickly to normal.
39
40. There is no strong acceptance among researchers, consultants, etc., that
increased job satisfaction produces improve job performance -- in fact,
improved job satisfaction can sometimes decrease job performance. For
example, you could let workers sometime sit around all day and do nothing.
That may make them more satisfied with their "work" in the short run, but
their performance certainly doesn't improve. The individual's willingness to
get a result, his/her endeavour and expectation of maintaining the result will
push him/her to show the highest performance.
Job satisfaction varies a lot. (Researches suggests, the higher the prestige of
the job, the greater the job satisfaction). But, many workers are satisfied in
even the least prestigious jobs. They simply like what they do. Most workers
like their work if they have little supervision. The least satisfied workers are
those in service occupations and managers that work for others. Ethnic and
religious orientation is associated to work attitudes, and job satisfaction is
related to education.
The difference between the results that the individual desire and those s/he
maintained will affect his/her satisfaction. There is a consistent relationship
between the professional status and the job satisfaction. High levels of job
satisfaction are observed in those professions which are deemed of good
standing in the society.
The workers usually compare their working conditions with the conditions
of the society, under the variable of social conditions. If the social conditions
are worse than the individual's working conditions, then this will result in
satisfaction of the individual, as the workers deem themselves relatively in
good position.
No meaningful relationship between the job satisfaction and age,
professional experience, education level, level of wage, gender and
40
41. professional group was found. On the contrary, professional experience has
been claimed to increase job satisfaction.
In today’s competitive environment organizations thrive and survive on their
human resources. Values, attitudes, perceptions and behavior, which form
these resources, influence employee performance. It is a key factor in
realizing organizational and individual goals that in turn greatly depends on
individual’s self-motivation and job satisfaction.
Measures of job satisfaction
Unlike other psychometric tools, used to test a sample of behavior, measures
of job satisfaction are prone to subjectivity. However a battery of tests can
be conducted to make accurate predictions. One approach is the Global
Measure, which measures the overall satisfaction of the job. The second
approach is the Facet Measure where satisfaction is measured on each aspect
of the job.
Causes of job satisfaction/dissatisfaction
Since job satisfaction is subjective to individual experience and expectation,
personality often plays an influential role. Stable personality traits could
influence satisfaction or dissatisfaction at work. Type A’ personalities tend
to be more aggressive, set high standards for themselves and therefore are
more susceptible to job dissatisfaction. In contrast, Type B’s seem to be
41
42. more relaxed and, this may reflect on their attitudes towards work. Today,
there is an increasing interest in the concept of the ‘person –job- fit’ theory.
The managerial implications are that people who get themselves into the
right job that fit their attitudes and personalities seem to be more satisfied.
The characteristics of the job may also influence one’ is attitude towards it.
This could include the physical environment like lighting, temperature and
space. Work, when too difficult or easy can lead to dissatisfaction. Reward
is viewed as satisfactory only when it is equitable and is in line with
expectations. A friendly and supportive group at work is conducive to job
satisfaction.
Consequences of job satisfaction / dissatisfaction
Work Performance:
Though job satisfaction leads to efficiency, recent findings indicate that
other factors are responsible for work performance. Today, technological
and market forces play a major role in organizational efficiency.
Stockbrokers, for example, would depend on the results of the stock market
where a rise in share prices would probably lead to satisfaction.
42
43. Absenteeism and Turnover:
This causes tremendous cost and loss of investment. An interesting finding
is that absenteeism followed by negative feedback like, loss of pay might
lead to dissatisfaction and in turn a high rate of absenteeism.
Commitment:
Organizations today have expressed a lack of loyalty and commitment from
employees and hence are unable to retain qualified professionals.
Recent
Concepts
Of
Job
Satisfaction
There is a growing recognition that external environmental factors play an
influential role in job satisfaction. Another concept is that performance
depends
on
the
overall
effectiveness
of
the
organization.
In today’s competitive world, management needs to continuously emulate
practices that will attract and retain a highly qualified and skilled workforce.
Dissatisfied employees may be forced to work due to unemployment or
insecurity, but this is not in the interests of the long-term success of the
organization. Dissatisfaction may be expressed in other forms like internal
conflicts, poor interpersonal relations, low trust, and stress leading to
workplace
conflict,
violence
and
low
productivity.
Though job satisfaction is difficult to measure and is dependent on a number
43
44. of factors, management may reduce levels of dissatisfaction and control
workplace conflicts through common objectives like career development,
training, appropriate rewards and improvements in the quality of working
life.
Job Satisfaction: Strategies To Make Work More Gratifying
Stress mounts when work is no longer satisfying. Here's a look at the
underlying causes and ways you can boost your job satisfaction.
You dreamed about an ideal job in which you'd be motivated, inspired,
respected and well paid. And for a while, your job may have been all that.
But now it seems the honeymoon is over. You've lost your job satisfaction,
and you find it harder and harder to get through the workday. And that
means your stress is mounting. Learn what you can do to reignite your job
satisfaction and reduce your stress.
The link between work approach and job satisfaction
Work is often approached from three perspectives. Usually all three
perspectives are important for job satisfaction, but one is often the priority:
It's a job. If you approach work as a job, you focus primarily on the
financial rewards. In fact, the nature of the work may hold little
interest for you. What's important is the money. If a job with more pay
comes your way, you'll likely move on.
44
45.
It's a career. If you approach work as a career, you're interested in
advancement. You want to climb the career ladder as far as possible or
be among the most highly regarded professionals in your field. You're
motivated by the status, prestige and power that come with the job.
It's a calling. If you approach your job as a calling, you focus on the
work itself. You work less for the financial gain or career
advancement than for the fulfillment the work brings.
One approach isn't necessarily better than the others. But it's helpful to
reflect on why you work if you're unsatisfied with your job and are ready to
move on. Think about what originally drew you to your current job, and
whether it may be a factor in your lack of job satisfaction.
Strategies to improve your job satisfaction
Depending on the underlying cause of your lack of job satisfaction, there
may be several ways to increase your job satisfaction.
Set new challenges
If you're stuck in a job because of lack of education or a downturn in the
economy, it doesn't mean your work has to become drudgery. With a little
imagination, you can create new challenges and make the best of the job you
have. Here are some ideas that may help.
Improve your job skills. Imagining yourself in your dream job, you
might envision yourself as an excellent project manager — a
45
46. confident communicator and a highly organized person. Why not
work on these skills in your present job?
Develop your own project. Take on a project that can motivate you
and give you a sense of control. Start small, such as organizing a
work-related celebration, before moving on to larger goals. Working
on something you care about can boost your confidence.
Mentor a co-worker. Once you've mastered a job, you may find it
becoming routine. Helping a new co-worker or an intern advance his
or her skills can restore the challenge and the satisfaction you desire.
Beat the boredom
Does your job seem boring sometimes? Do you run out of things to do? If
so, your abilities may not match your responsibilities. Here are some
suggestions:
Break up the monotony. Take advantage of your work breaks.
Read. Listen to music. Go for a walk. Write a letter.
Cross-training. Does your work consist of repetitive tasks, such as
entering data or working on an assembly line? Talk with your boss
about training for a different task to combat boredom. Once you've
completed the training, you can switch back and forth.
Volunteer for something different. If you hear that your company
is launching a new project, volunteer for the work team.
Keep in mind that boredom can literally be deadly if your job involves
working with machinery or caring for people. If your mind wanders to the
46
47. point that you put your life or the lives of others in jeopardy, take action
now. Talk to your supervisor about new challenges you can take on or seek a
new position.
Stay positive
Use positive thinking to reframe your thoughts about your job. Changing
your attitude about work won't necessarily happen overnight or increase
your job satisfaction overnight. But if you're alert to ways your view of work
brings you down, you can improve your job satisfaction. Try these
techniques:
Stop negative thoughts. Pay attention to the messages you give
yourself. When you catch yourself thinking your job is terrible, stop
the thought in its tracks.
Put things in perspective. Remember, everyone encounters good
days and bad days on the job.
Look for the silver lining. "Reframing" can help you find the good
in a bad situation. For example, you receive a less than perfect
performance appraisal and your boss warns you to improve or move to
another job. Instead of taking it personally or looking for another job
right away, look for the silver lining. Depending on where you work,
the silver lining may be attending continuing education classes or
working closely with a performance coach and having the satisfaction
of showing your boss that you're capable of change.
Learn from your mistakes. Failure is one of the greatest learning
tools, but many people let failure defeat them. When you make a
47
48. mistake at work, learn from it and try again. It doesn't mean that
you're a failure.
Be grateful. Gratitude can help you focus on what's positive about
your job. Ask yourself, "What am I grateful for at work today?" If it's
only that you're having lunch with a friendly co-worker, that's OK.
But find at least one thing you're grateful for and savor it.
More job satisfaction can mean less stress
Whether your work is a job, a career or a calling, you can take steps to
restore meaning to your job. Make the best of difficult work situations by
being positive. Doing so will help you manage your stress and experience
the rewards of your profession.
48
50. 1. Are you satisfied with your salary?
Response: Yes 36
No 4
100
90
80
70
60
Series1
50
40
30
20
10
0
yes
no
Analysis–
Almost all employees agree that they are satisfied with their
salary. The employees disagreeing with the statement are
negligible.
50
51. 2. Is your salary adequate for fulfillment of basic
needs of your family?
Response: Yes 38
No 2
100
90
80
70
60
Series1
50
40
30
20
10
0
yes
no
AnalysisAlmost all the employees responded that their salary is adequate
for fulfillment of basic need of their family.
51
52. 3. Do you feel that your salary is according to your
merit?
Response: Yes 28
No 12
80
70
60
50
Series1
40
30
20
10
0
yes
no
AnalysisIt can be observed from the above data the percentage of
employees who feel that their salary is according to their merit
works out to 70% and who says no, works out to 30%.
52
53. 4. Do you save from your present salary for future needs?
Response: Yes 35
No 05
90
80
70
60
50
Series1
40
30
20
10
0
yes
no
AnalysisMajority of them responded that they save from their present
salary for future needs.
53
54. 5. Is there adequate opportunity for promotion?
Responses:
Yes-30
no-10
80
70
60
50
Series1
40
30
20
10
0
yes
no
Analysis- The data shows that 75% employees feel that there is
adequate opportunity for promotion.
54
55. 6. Are you sure that you will get promotion in time?
Responses:
Yes-26
No-14
70
60
50
40
Series1
30
20
10
0
yes
no
Analysis- 65% employees said that they were sure in getting
promotion on time, whereas 35% said that they were not sure.
55
56. 7. Whether seniority is the only basis for promotion in
your organization?
Responses:
Yes-20
N0-20
60
50
40
Series1
30
20
10
0
yes
no
Analysis- The response received was equal in number.50% of the
employees agreed seniority to be the only criteria and 50% of them
disagreed.
56
57. 8. Do you have some right in respect of the security of your
service?
Responses: Yes-40
no-0
120
100
80
Series1
60
40
20
0
yes
no
Analysis- All the employees responded that they have got some
right in respect of security of their service.
9. Do you feel that you may be retrenched any time?
57
60. 11. Do you want to join another job?
Responses- Yes-11
No-29
80
70
60
50
Series1
40
30
20
10
0
yes
no
Analysis - The data shows that 27.5% employees want to join
another job whereas 72.5% employees do not want to leave their
present job, as they are satisfied with present job.
60
61. 12. Does your work give prestige in society?
Responses:
Yes-40
No-0
120
100
80
Series1
60
40
20
0
yes
no
Analysis- All the employees responded that their work gives
them prestige in the society.
61
62. 13. Do you feel that besides salary, rewards/incentives are
necessary for job satisfaction?
Responses- Yes-37
no-3
90
80
70
60
50
Series1
40
30
20
10
0
yes
no
Analysis - Most of the employees agree that rewards/incentives
are necessary for job satisfaction apart from the salary they get.
62
63. 14. Is there adequate medical facility available to you and
your family member?
Responses: Yes-40
No-0
120
100
80
Series1
60
40
20
0
yes
no
Analysis- All the employees responded that there is adequate
medical facility available to them and their family members as
and when required.
63
64. 15. Does policy of pension exist in your organization?
Responses:
Yes-40
no-0
120
100
80
Series1
60
40
20
0
yes
no
Analysis - All respondents responded that pension facility is
prevailing in the organization.
64
65. 16. Do your seniors provide with regular feedback?
Responses- Yes-26
No-14
70
60
50
40
Series1
30
20
10
0
yes
no
Analysis - 65% employees responded positively whereas 35%
employees responded negatively regarding the feedback system
prevailing in their organization.
65
66. 17. Are officers of your organization pleased with buttering
rather than your ability?
Responses:
Yes-16
no-24
70
60
50
40
Series1
30
20
10
0
yes
no
Analysis- It can be observed from the above data that the
percentage of employees who feel that the officers are pleased
with buttering rather than ability works out to 40% and those
who disagree works out to 60%.
66
67. 18. Does your company have a culture that develops team
spirit?
Responses: Yes-26
no-14
70
60
50
40
Series1
30
20
10
0
yes
no
Analysis - 65% employees responded that the company has a
culture that develops team spirit whereas 35% responded that
the company does not inculcate such culture.
67
68. INTERPRETATION
As evident from the graphs depicted, the systematic interpretation can be
formulated in the following way with respect to each of the variables taken
into consideration for the survey.
1. Task Significance
Most of the employees feel that their performance determines the
performance of their colleagues as well.
2. Task Identity
The employees feel that the task performed by them needs dependent charge
for the successful completion of the task.
3. Skill Variety
The employees agree that the organization believes in developing a multiskill personality in then on continuous
4. Autonomy
With reference to the decision making the survey reveals that they enjoy
sufficient independence and freedom in their job.
5. Interest In Work
The employees are enthusiastic about the work they perform.
6. Growth Purpose/ Promotion
68
69. The employees feel that the organization has satisfactory promotion policy
as the promotion decisions are taken objectively and on good performance.
7. Recognition and Appreciation
The employees feel that their efforts are valued and appreciated in the
organization.
8. Feedback
The survey reveals that supervisors in the organization constantly provide
the feedback to improve the performance of down lines.
9. Monetary Benefits
This is one of the variables where the organization needs to focus on, as the
survey reveals that the employees feel that they do not get fair pay compared
to others in similar job in different companies.
They also feel that monetary rewards are not the only way to keep them
motivated for better productivity.
10. Security
The employees felt that there is no threat to their job.
11. Participation Management
Employees are satisfied by the way they are involved in the decision making
process and they can frankly express their views with their senior managers.
69
70. 12. Training
The employees are satisfied with the way the company imparts the training
process on a continuous basis to sustain growth.
13. Communication System
The employees are satisfied with the flow of information in the organization.
14. Reward
The reward based on the excellence in performance in the organization is
appreciated here along with knowledge and expertise.
15. Supervision
The employees are satisfied with the guidance and freedom provided by the
supervision for the execution of respective duties.
16. Working Groups
The employees feel that they work as team as the company provides
conducive environment (primarily and informally) and the people are
also friendly and supportive.
17. Working Environment-The employees are satisfied with the working
hours, lunch, transportation and other facilities provided by the
organization.
70
71. 18. Social Relations
The employees believe that healthy social relation beyond office hours
should exist that the company should facilitate through several activities.
19. Organizational Commitment
The employees feel pride to be associated with the organization like
RELIANCE LIFE INSURANCE but express the willingness to leave the
organization in case of financial crisis.
20. Grievance Handling
The organization also has to check on the efficiency of the effective
grievance handling process as the majority of employees are not satisfied
with its present state.
71
73. CONCLUSION
In a nutshell, the general perceptions of the employees have been put in
the balance sheet form. Here the liabilities are the areas of concern and
assets are the areas of which the company should be proud.
Liabilities
Assets
1. The salary provided to the 1. Employees are satisfied with their
employees is not according to salary.
their merit.
2. Promotion is not given at 2. There is adequate opportunity
certain duration.
available
for
promotion
in
RELIANCE LIFE INSURANCE.
3. The
employees
are
satisfied with their work.
not 3. They feel that their work gives
prestige in society.
73
74. RECOMMENDATIONS
1. Each and every employee should be provided proper training. The
person who needs training should be properly interviewed about the
kind of training he requires for his job. This would enable the
employees to perform better which will further lead to satisfaction.
2. A good promotion policy provides satisfaction because with every
promotion the social status and recognition of persons improves.
Therefore adequate opportunities should be given to each and every
employee for promotion and promotion should also be given after certain
duration.
3. While giving promotion a proper balance should be made between
seniority and merit that means while giving promotion seniority and
merit both should be taken into consideration.
4. Proper feedback should be given to the employees for their overall
development and better future prospects.
74
75. 5. The activity and potential of the employees should be given more
consideration rather than other factors.
6. Team spirit should be encouraged among the employees for better
coordination, to achieve individual as well as organizational goals.
75
76. QUESTIONNAIRE
Yes
No
Economic Factors
1. Are you satisfied with your salary?
2. Is your salary adequate for fulfillment of basic needs of your family?
3. Do you feel that your salary is according to your merit?
4. Do you save from your present salary for future needs?
Promotional Factors
5. Is there adequate opportunity for promotion?
6. Are you sure that you will get promotion in time?
7. Whether seniority is the only basis for promotion in your organization?
Job Security
8. Do you have some right in respect of the security of your service?
9. Do you feel that you may be retrenched any time?
Attitude towards Work
10. Is this job according to your choice?
11. Do you want to join another job?
12. Does your work give prestige in society?
76
77. Incentives and Other Facilities
13. Do you feel that besides salary, rewards/incentives are necessary for job
satisfaction?
14. Is there adequate medical facility available to you and your family
members?
15. Does policy of pension exist in your organization?
Others
16. Do your seniors provide with regular feedback?
17. Are officers of your organization pleased with buttering rather than your
ability?
18. Does your company have a culture that develops team spirit?
Please state here your name and designation:Name:
Designation:
77
78. BIBLIOGRAPHY
Books Luthans, Fred, 1995; Organizational behavior, McGraw Hill Book
Company, Singapore.
Memoria C.B., 1995, Personal Management, Himalaya Publishing
House, Bombay.
Robbins Stephen, P. 1993 Organizational Behavior, Prentice-Hall
of India Private Limited, New Delhi.
Davis, k., Organizational Behavior
Annual Report, Reliance Life Insurance (2009-10)
Websites www.google.com
www.Reliancelife.com
78