"Employee Motivation at Bajaj Allianz Insurance": A Project Report ON
"Employee Motivation at Bajaj Allianz Insurance": A Project Report ON
PROJECT REPORT
ON
“EMPLOYEE MOTIVATION
AT BAJAJ ALLIANZ INSURANCE”
A Dissertation submitted in partial fulfillment of the academic
requirements for the award of the degree of
“BACHELOR OF BUSINESS ADMINISTRATION”
SUBMITTED BY
______________________
_________
Under the Esteemed Guidance of
1
CONTENT PAGE
15-20
COMPANY PROFILE
CHAPTER -2
21-30
INDUSTRY PROFILE
CHAPTER -3 31-42
LETERATURE REVIEW
CHAPTER-4 43-80
DATA ANALYSIS & INTERRETATION OF
THE STUDY
CHAPTER -5 81-83
FINDINGS OF THE STUDY
SUGGESTIONS
CHAPTER- 6 84
CONCLUSIONS
85
BIBLIOGRAPHY
ANNEXURE 86-87
2
ABSTRACT
Employee motivation shall be defined by Robbins (as cited in Ramlall, 2004) as: “the
willingness to exert high levels of effort toward organizational goals, conditioned by the
effort’s ability to satisfy some individual need.” To engage in the practice of motivating
employees, employers must understand the unsatisfied needs of each of the employee
groups. This study desires to provide practitioners in the restaurant industry the ability to
recognize motivators for these different employment groups and their relationship to
organizational commitment. The restaurant industry consists of two types of employees:
salaried and hourly. This study focuses on hourly employees, and their subdivision: tipped
employees. For the purpose of this research hourly employees shall be defined as
employees that depend on their hourly wage as their main source of income and tipped
employees shall be defined as employees that depend on the receipt of tips as their main
source of income. The purpose of this study desires to provide practitioners in the
restaurant industry a comparison and analysis of employee motivation between the two
employment groups and their level of organizational commitment. After formulating a
thorough research review, a questionnaire instrument was assembled. The sample for this
study was a convenience sample consisting of 104 restaurant hourly tipped and non-tipped,
front of the house personnel employed in a single branded, national restaurant chain located
in the metropolitan area of Orlando, Florida. The research instrument was a survey
questionnaire instrument comprised of three sections: 1.) twelve motivational factors
derived from Kovach (1995), 2.) nine questions from the reduced OCQ from Mowday,
Steers, and Porter (1979), and a section iv concerning demographic information of gender,
age, race, education level, marital status, job type and tenure in the industry
3
CHAPTER: 1
INTRODUCTION
4
INTRODUCTION
Human beings are a resource to an organization. Like another resource they
represent an investment whose development and utilization require proper managing. There
resource. The first two are inanimate; they are translated into “productivity” only when
will, violence or freedom of choice is introduced, and workers can increase or decrease
their productivity as they choose. This human quality gives rise to need for motivation.
Motivation not only affects other factors like perception and Learning but also affect the
At one time, employees were considered just another input into the production of
goods and services. What perhaps changed this way of thinking about employees was
reached, referred to as the Hawthorne studies, conducted by Elton Mayo from 1924 to
1932(Dickson, 1973). This study found employees are not motivated solely by money and
where by the needs and motivations of employees become the primary focus of managers
(Bedeian, 1993).
5
RESEARCH PROBLEM
The research problem in this study is associated with the motivation of employees
of BAJAJ ALLIANZ INSURANCE. There are a variety of factors that influence a person’s
5. Employee recognition
6. Job security
motivation and Job Satisfaction is clearly linked. Hence this study is focusing on the
6
NEED & IMPORTANCE OF THE STUDY
7
OBJECTIVES OF THE STUDY
INSURANCE.
8
SCOPE OF THE STUDY
1. The study is aimed at finding out the employees opinions of BAJAJ ALLIANZ
INSURANCE.
3. The information obtained from the primary and secondary data was limited to
9
METHODOLOGY
Sample Design
A sample design is a finite plan for obtaining a sample from a given population.
Simple
Sample Size
Number of the sampling units selected from the population is called the size of the
Sources of Information:
The secondary data mainly consists of data and information collected from records,
companywebsites and also discussion with the management of the organization. Secondary
Questionnaire:
A well defined questionnaire that is used effectively can gather information on both
overall performance of the test system as well as information on specific components of the
system. A defeated questionnaire was carefully prepared and specially numbered. The
10
LIMITATIONS
The project is done for the period of 45 days the information gathered may not be
1. This study covers those employees who are working at BAJAJ ALLIANZ
INSURANCE.
2. The understand and knowledge may vary from person to person. The replied gives
by the respondents are taken for granted, though they are not uniform.
answered favorable to the company. This might have led to wring finding in the
study.
11
CHAPTER: 2
LITERATURE REVIEW
12
LITERATURE REVIEW
effective instrument in the hands of the management in inspiring the work force .It is the
major task of every manager to motivate his subordinate or to create the will to work
among the subordinates. It should also be remembered that the worker may be immensely
capable of doing some work, nothing can be achieved if he is not willing to work .creation
Motivation is an important function which very manager performs for actuating the
conceived instructions and orders does not mean that they will be followed .A manager has
to make appropriate use of motivation to enthuse the employees to follow them. Effective
motivation succeeds not only in having an order accepted but also in gaining a
In order to motivate workers to work for the organizational goals, the managers
must determine the motives or needs of the workers and provide an environment in which
appropriate incentives are available for their satisfaction .If the management is successful
in doing so; it will also be successful in increasing the willingness of the workers to work.
This will increase efficiency and effectiveness of the organization .There will be better
13
The concept of motivation:
The word motivation has been derived from motive which means any idea, need or
emotion that promots a man into action. Whatever may be the behavior of man, there is
some stimulus behind it .Stimulus is dependent upon the motive of the person concerned.
There is no universal theory that can explain the factors influencing motives which
control mans behavior at any particular point of time. In general, the different motives
operate at different times among different people and influence their behaviors. The
process of motivation studies the motives of individuals which cause different type of
behavior.
Meaning of motivation:
Motivation has been variously defined by scholars. Usually one or more of these
words are included in the definition: desires, wants, aims, goals, drives, movies and
incentives. Motivation is derived from the Latin word ‘Move on’ which means “to move”.
state that energies activates, or moves and directs or channels behavior towards goals.
Definition:
Motivation is the complex forces starting and keeping a person at work in the
organization.
Motivation is the art of understanding motives satisfying them to direct and sustain
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1. Motivation is the process of operating organizational conditions which will impel
employees of any emotion or desire operation one’s will and prompting or driving at it
to action.
Needs:
psychological imbalance.
Drive or motives:
These are set to alleviate needs. These are action oriented and provide an
energizing thrust toward goal accomplishment. They are the very heart of the motivation
process.
Goal:
Goals are anything which will alleviate a need and reduce a drive.
Nature of motivation:
Following are some of the characteristics of motivation derive from the definitions
individual. These motives are in the form of feeling that the individual lacks something.
2. Goal directed behavior: Motivation Leads to goal directed behavior. A goal directed
behavior is one which satisfied the causes for which behavior takes place. Motivation has
15
3. Related to satisfaction: Motivation is related to satisfaction. Satisfaction is refers to the
nature if needs a types of behavior that need attempted to satisfied those needs.
Significance of Motivation:
Motivation involves getting the members of the group to pull weight effectively, to
give their loyalty to the group, to carry out properly the purpose of the organization. The
1. The workforce will be better satisfied if the management provides them with
will cooperate voluntarily with the management and will contribute their maximum
2. Workers will tend to be as efficient as possible by improving upon their skills and
knowledge so that they are able to contribute to the progress of the organization.
3. The rates of labor’s turnover and absenteeism among the workers will be low.
4. There will be good human relations in the organization as friction among the
workers themselves and between the workers and the management will decrease.
5. The number of complaints and grievances will come down. Accident will also be
low.
6. There will be increase in the quantity and quality of products. Wastage and scrap
will be less. Better quality of products will also increase the public image of the
business.
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Types of needs:
There are many needs which an individual may have and there are various ways in
these may develop over the period of time through learning. Thus, need may be grouped
into 3 categories:
1. Primary need
2. Secondary need
3. General needs
1) Primary needs: These are also known as physiological, biological, basic, or unclear
needs. These needs are common in human beings through their intensity differs.
2) Secondary needs: As contrast to primary needs, these are not natural but are learned by
the individual through experience and interaction. Emergency of these needs depends in
learning.
3) General needs: Through a separate classification for general needs is not always given,
such a category seems necessary because there are a number of needs which lie in the grey
area between the primary and secondary needs. In fact, there are certain needs such as need
Theories of Motivation:
Understanding what motivated employees and how they were motivated was the
focus of many researchers following the publication of the Hawthorne study results
(Terpstra, 1979). Six major approaches that have led to our understanding of motivation are
17
Mallows need hierarchy or Deficient theory of motivation. J.S. Adam’s Equity Theory,
This need is the strongest and lasting motivating factor. Particularly in case of
persons who satisfy the other needs. They are constantly pre occupied with a desire for
improvement and lack for situation in which successful outcomes are directly correlated
with their efforts. They set more difficult but achievable goals for themselves because
It is the desire to control the behavior of the other people and to manipulate the
It is the related to social needs and creates friendship. This results in formation of
unfavorable past circumstances. This theory is based on learning theory. Skinner conducted
his researches among rats and school children. He found that stimulus for desirable
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this relevance of this theory may be found in the installation of financial and non financial
incentives.
reward incase of low standard work may also produce the desired result. However,
researches show that it is generally more effective to reward desired behavior than to punish
undesired behavior. The water but you cannot force it to drink; it will drink only if it's
Human beings have wants and desires which influence their behavior; only
Since needs are many, they are arranged in order of importance, from the
The person advances to the next level of needs only after the lower Level
The further the progress up the hierarchy, the more individuality, humanness
The needs, listed from basic (lowest, earliest) to most complex (highest, Latest)
are as follows:
Self actualization
Self esteem
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Social
Physiological
Employee compares her/his job inputs outcome ratio with that of reference. If the
employee perceiv es inequity, she/he will act to correct the inequity: lower productivity,
Vroom’s theory is based on the belief that employee effort will lead to performance
and performance will lead to rewards (Vroom, 1964). Reward may be either positive or
negative. The more positive the reward the more likely the employee will be highly
motivated. Conversely, the more negative the reward the less likely the employee will be
motivated.
Douglas McGregor introduced the theory with the help of two views; X
assumptions are
X Theory
20
Y Theory
People will exercise self direction and control towards achieving objectives they are
Types of motivation:
1. Positive motivation.
2. Negative motivation.
through the possibility of gain or reward. Incentive motivation is the pull mechanism.
Negative motivation or fear motivation is based force or fear. Fear causes person to act
in a certain way because they are afraid of the consequences if they don’t Fear motivation
The objective of motivation is to create condition in which people are willingly to work
with zeal, initiative, interest and enthusiasm, with a high personal and group.
Moral satisfaction with a sense of responsibility, loyalty and discipline and with pride
and confidence in a most cohesive manner so that the goal of an organization are achieved
effectively.
The job of a manager in the workplace is to get things done through employees. To
do this the manager should be able to motive employees. To understand motivation one
must understand human nature itself. Human nature can be very simple, yet very complex
21
too. An understanding and appreciation of this is a prerequisite of effective employee
Ability in turn depends on education, experience and training and its improvement
is a slow and long process. On the other hand it can be improved quickly. As a guideline,
Positive reinforcement
Restructuring job
22
Basic principles to remember by manager for motivating employees:
3. Key to support the motivation of your employees understands what motivates each
of them.
1. Inner drive
A person’s inner drives push and propel him/her towards an employer, a particular
job, career, line of study, or other activity. The outer (external) motivators are the mirror
image the employer or outside world offers in response to the inner drives. In order to
attract the “cream of the crop” of available workers, same as in his/her dealings with
customers, the employer not only tries to satisfy these basic needs individual workers have.
1. Earn wages that will enable them to pay for basic necessities and additional luxuries
5. Win recognition
23
7. Be able to advance in life and career-wise
1. Employment
2. Adequate pay
3. Assistance to workers for their special needs (such as child care arrangements,
4. Job security
24
17. Information on customer feedback
It is important that the employer discover other extraordinary needs applicants have
before hiring them and know beforehand whether she/he can satisfy those needs or not. An
Heavy financial responsibilities which he/she can meet only by working at 2 jobs,
In addition to needs and drives, workers have expectations from their employer-they
expect:
Business integrity
Two-way communication
Positive discipline
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Good customer relations
Company survival
Company growth
Motivation that will lead to an environment of openness, cooperation, team work, and
Motivational methods:
1. Building confidence:
2. Team building:
Team unite and work together when they identify a common purpose whether the
aim is the tallest tower made out of newspaper, or a game of rounder’s on the park.
Games and activities provide a perfect vehicle for explaining the Motivation
process (‘train the trainer’ for example) to managers, team leaders and trainers.
Everyone is different. Taking part in new games and activities outside of the work
situation illustrates people’s different strengths and working style preferences. Mutual
26
respect develops when people see skills and attributes in others that they didn’t know
existed.
5. Continual development:
Introducing people, staff or employees to new experiences opens their minds to new
avenues of personal development, and emphasizes the opportunity for continuous learning
skills are right-side brain of the brain, which we use when we communicate and understand
others. Team activities and games promote communications and better mutual
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CHAPTER 3
INDUSTRY PROFILE
&
COMPANY PROFILE
28
INDUSTRY PROFILE
INDIAN INSURANCE INDUSTRY
The Insurance sector in India governed by Insurance Act, 1938, the Life Insurance
Corporation Act, 1956 and General Insurance Business (Nationalization) Act, 1972,
Insurance Regulatory and Development Authority (IRDA) Act, 1999 and other related
Acts. With such a large population and the untapped market area of this population
Insurance happens to be a very big opportunity in India.
Today it stands as a business growing at the rate of 15-20 per cent annually. Together with
banking services, it adds about 7 per cent to the country’s GDP .In spite of all this growth
the statistics of the penetration of the insurance in the country is very poor. Nearly 80% of
Indian populations are without Life insurance cover and the Health insurance.
This is an indicator that growth potential for the insurance sector is immense in India. It
was due to this immense growth that the regulations were introduced in the insurance
sector and in continuation “Malhotra Committee” was constituted by the government in
1993 to this immense growth that the regulations were introduced in the insurance sector
and in continuation “Malhotra Committee” was constituted by the government in 1993 to
examine the various aspects of the industry. The key element of the reform process was
Participation of overseas insurance companies with 26% capital. Creating a more efficient
and competitive financial system suitable for the requirements of the economy was the
main idea behind this reform. Since then the insurance industry has gone through many sea
changes .
The competition LIC started facing from these companies were threatening to the existence
of LIC .since the liberalization of the industry the insurance industry has never looked back
and today stand as the one of the most competitive and exploring industry in India. The
entry of the private players and the increased use of the new distribution are in the limelight
today. The use of new distribution techniques and the IT tools has increased the scope of
the industry in the longer run.
A BRIEF HISTOR OF THE INSURANCE SECTOR:
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The business of life insurance in India in its existing form started in India in the year 1818
with the establishment of the Oriental Life Insurance Company in Calcutta.
The story of insurance is probably as old as the story of mankind. The same instinct
that prompts modern businessmen today to secure themselves against loss and disaster
existed in primitive men also. They too sought to avert the evil consequences of fire and
flood and loss of life and were willing to make some sort of sacrifice in order to achieve
security. Though the concept of insurance is largely a development of the recent past,
particularly after the industrial era – past few centuries – yet its beginnings date back
almost 6000 years.
LIC had 5 zonal offices, 33 divisional offices and 212 branch offices, apart from its
corporate office in the year 1956. Since life insurance contracts are long-term contracts and
during the currency of the policy it requires a variety of services need was felt in the later
years to expand the operations and place a branch office at each district headquarter. Re-
organization of LIC took place and large numbers of new branch offices were opened. As a
result of re-organization servicing functions were transferred to the branches, and branches
were made accounting units. It worked wonders with the performance of the corporation. It
may be seen that from about 200.00 Crore of New Business in 1957 the corporation
crossed 1000.00 Crore only in the year 1969-70, and it took another 10 years for LIC to
cross 2000.00 Crore mark of new business. But with re-organization happening in the early
eighties, by 1985-86 LIC had already crossed 7000.00 Crore Sum Assured on new policies.
Today LIC functions with 2048 fully computerized branch offices, 100 divisional offices, 7
zonal offices and the corporate office. LIC’s Wide Area Network covers 100 divisional
offices and connects all the branches through a Metro Area Network. LIC has tied up with
some Banks and Service providers to offer on-line premium collection facility in selected
cities. LIC’s ECS and ATM premium payment facility is an addition to customer
convenience. Apart from on-line Kiosks and IVRS, Info Centers have been commissioned
at Mumbai, Ahmadabad, Bangalore, Chennai, Hyderabad, Kolkata, New Delhi, Pune and
many other cities. With a vision of providing easy access to its policyholders, LIC has
launched its SATELLITE SAMPARK offices. The satellite offices are smaller, leaner and
closer to the customer. The digitalized records of the satellite offices will facilitate
anywhere servicing and many other conveniences in the future.
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Some of the important milestones in the life insurance business in India are:
1818 British introduced the life insurance to India with the establishment of the Oriental
Life Insurance Company
1850 Non life insurance debuts with triton insurance company.
1870 Bombay mutual life assurance society is the first Indian owned life insurer
1912 The Indian Life Assurance Companies Act enacted as the first statute to regulate the
life insurance business.
1928 The Indian Insurance Companies Act enacted to enable the government to collect
statistical information about both life and non-life insurance businesses.
1938 Earlier legislation consolidated and amended to by the Insurance Act with the
objective of protecting the interests of the insuring public.
1956 245 Indian and foreign insurers and provident societies taken over by the central
government and nationalized. LIC formed by an Act of Parliament, viz. LIC Act, 1956,
with a capital contribution of Rs. 5 Crore from the Government of India.
1993 Malhotra committee was constituted under the chairmanship of former RBI chief R.
N. Malhotra to draw a blue print for insurance sector reforms.
1997 IRDA (Insurance Regulatory and Development Authority) was set up as a regulator
of the insurance market in India.
2000 IRDA started giving license to private insurers. ICICI Prudential ,HDFC were first
private players to sell insurance Policies.
2001 Royal Sundaram was the first non-life private player to sell an insurance policy.
2002 Bank allowed to sell insurance plans as TPAs enter the scene, insurers start setting
non-life claims in the cashless mode.
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HOW BIG IS THE INSURANCE MARKET?
The insurance sector was opened up for private participation. For years now, the private
players are active in the liberalized environment. The insurance market have witnessed
dynamic changes which includes presence of a fairly large number of insurers both life and
non-life segment. Most of the private insurance companies have formed joint venture
partnering well recognized foreign players across the globe.
There are now 29 insurance companies operating in the Indian market – 14 private life
insurers, nine private non-life insurers and six public sector companies. With many more
joint ventures in the offing, the insurance industry in India today stands at a crossroads as
competition intensifies and companies prepare survival strategies in a detariffed scenario.
There is pressure from both within the country and outside on the Government to increase
the foreign direct investment (FDI) limit from the current 26% to 49%, which would help
JV partners to bring in funds for expansion.
There are opportunities in the pensions sector where regulations are being framed. Less
than 10 % of Indians above the age of 60 receive pensions. The IRDA has issued the first
license for a standalone health company in the country as many more players wait to enter.
The health insurance sector has tremendous growth potential, and as it matures and
new players enter, product innovation and enhancement will increase. The deepening of the
health database over time will also allow players to develop and price products for larger
segments of society.
INDIAN SCENARIO:
Insurance is a big opportunity in a country like India with a large population and untapped
potential. The life insurance business (measured in the context of first year premium)
registered a growth of 23.88 per cent in 2007-08, (94.96 per cent achieved in 2006-07). The
general insurance business (gross direct premium) has registered a growth of 11.72 per cent
in 2007-08 (3.52 per cent achieved in 2006-07). This has resulted in increasing insurance
penetration in the country. Insurance penetration or premium volume as a ratio of GDP, for
the year 2007 stood at 4.00 per cent for life insurance and 0.60 per cent for non-life
insurance. The level of penetration, particularly in life insurance, tends to rise as income
levels increase. India, with its huge middle class households, has exhibited growth potential
for the insurance industry. Saturation of markets in many developed economies has made
32
the Indian market even more attractive for global insurance majors. The insurance market
in India has witnessed dynamic changes including entry of a number of global insurers in
both life and non-life segment.
Most of the private insurance companies are joint ventures with recognized foreign players
across the globe. Over the last eight years, consumer awareness has improved. Competition
has brought more product innovation and better customer servicing. This made a positive
impact on the economy in income generation and creating employment opportunities in this
sector.
Life Insurance
The total capital of the life insurers at end March 2008 stood at Rs.12296.42 crore. The
additional capital brought in by the existing private insurers during 2007-08 was
Rs.3787.01 crore and the two new entrants, brought in equity of Rs.385 crore making the
total additional capital brought in 2007-08 by the private insurers to Rs. 4172.01 crore. Of
this, the domestic and the foreign joint venture partners added Rs.3160.12 crore and
Rs.1011.88 crore respectively.
There has been no infusion of capital in the case of LIC which stood at Rs.5 crore.
33
TRENDS IN LIFE INSURANCE BUSINESS—UNIT LINKED INSURANCE
PLANS:
It wasn’t too long back when the good old endowment plan was the preferred way to insure
oneself against an eventuality and to set aside some savings to meet one’s financial
objectives. The traditional endowment policies were Investing funds mainly in fixed
interest Government securities and other safe investments to ensure the safety of capital.
Thus the traditional emphasis was always on security of capital rather than yield. However,
with the inflationary trend witnessed all over the world, it was observed that savings
through life insurance were becoming unattractive and not meeting the aspirations of the
policyholders.
The policyholder found that the sum assured guaranteed on maturity had really depreciated
in real value because of the depreciation in the value of money. The investor was no longer
content with the so called security of capital provided under a policy of life insurance and
started showing a preference for higher rate of return on his investments as also for capital
appreciation. It was, therefore found necessary for the insurance companies to think of a
method whereby the expectation of the policyholders could be satisfied. The object was to
provide a hedge against the inflation through a contract of insurance. Decline of assured
return endowment plans and opening of the insurance sector saw the advent of ULIPs on
the domestic insurance horizon. Today, the Indian life insurance market is riding high on
the unit linked insurance plans.
34
TRENDS IN LIFE INSURANCE BUSINESS—UNIT LINKED INSURANCE
PLANS:
It wasn’t too long back when the good old endowment plan was the preferred way to insure
oneself against an eventuality and to set aside some savings to meet one’s financial
objectives. The traditional endowment policies were Investing funds mainly in fixed
interest Government securities and other safe investments to ensure the safety of capital.
Thus the traditional emphasis was always on security of capital rather than yield. However,
with the inflationary trend witnessed all over the world, it was observed that savings
through life insurance were becoming unattractive and not meeting the aspirations of the
policyholders.
.
ULIPs and its Features:
Unit linked insurance plans (ULIPs) are insurance plans that combine the benefit of
investment with insurance. They give the investor an option to put a part of their premium
in various investment portfolios and derive the benefits depending upon the performance of
the funds chosen by them. ULIPs were launched at an opportune time when stock markets
had just taken off. Being market- linked, they were major beneficiaries of the secular
rise in stock markets. ULIPs have gained high acceptance due to the attractive features they
offer. These include:
1. Flexibility
1. Flexibility to choose Sum Assured.
2. Flexibility to choose premium amount.
3. Option to change level of Premium even after the plan has started (Top up facility).
4. Flexibility to change asset allocation by switching between funds.
2. Transparency
1. Changes in the plan & net amount invested are known to the customer.
2. Convenience of tracking one’s investment performance on a daily basis.
3. Liquidity
1. Option to withdraw money after few years (comfort required in case of exigency).
2. Low minimum tenure.
3. Partial / Systematic withdrawal allowed
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4. Fund Options
1. A choice of funds (ranging from equity, debt, cash or a combination).
2. Option to choose fund mix based on desired asset allocation.
Traditionally, endowment plans have invested in government securities, corporate bonds
and the money market. ULIPs however, have a broader choice. They invest across the
board in stocks, government securities, corporate bonds and money market instruments. Of
course, within a ULIP there are options wherein equity investments are capped. The
common types of funds available in ULIPs are Bond Fund, Protector Fund, Secure Fund,
Balanced Fund, Growth Fund, Index Fund, and Enhancer Fund. Depending on one’s risk
appetite one can choose the fund.
Insurance companies are required to declare the NAV of various ULIPs on a daily basis.
The movement of NAV enables the policy holder to assess the performance of his
investment and accordingly make intervention in the form of switches, withdrawal and top-
ups. After opening up of the insurance sector, Unit-linked insurance policies (ULIPs) have
become increasingly popular. Analysis of figures for the last three years indicates the
growth pattern of unit linked business.
COMPANY PROFILE
36
Bajaj Auto finance one of the largest auto finance cos. in India
Rs. 6,340 Cr. Turnover & Profits after tax of 767 Cr. in 2004-5
Allianz se is the Germany based insurance company. it also working 70 countries
and it Provide the insurance last 119 years
Incorporated on 12th march 2001.
Received certificate of Registration (No.116)for IRDA of India on 3th Aug 2001.
Bajaj Finsev
Associate Company of Bajaj incorporated on 30th April 2007.
Net profit as on 31-03-2008 Rs 4395 Lakh capital Base as on 31-03-2008 Rs 7234
lakhs.
ALLIANZ SE
Headquartered in Munich, Germany, established in 1890 has over 119 years of
Insurance experience.
One of the world's biggest insurers, Allianz SE offers a range of insurance products
and services -- including life, health, and property/casualty coverage for individuals
and businesses -- through some 100 subsidiaries and affiliates operating all over the
globe.
In addition to selling insurance, Allianz provides retail and institutional asset
management services through Allianz Global Investors and private equity
investment through Allianz Capital Partners. Other brands include Euler Hermes,
Fireman's Fund, and Mondial, all property insurance subsidiaries. Allianz has
transformed itself into a Societas Europaea, a joint stock company that operates
under European Union rules.
Worldwide 2nd by Gross Written Premiums – Rs 4,77,930 Cr (Euro 89 billion)
3rd largest Assets Under Management (AUM) & largest amongst Insurance cos. -
AUM of Rs 50,096,199 Cr (Euro 764621 million)
11th largest corporation in the world
50 % of global business from Life Insurance, close to 60 million lives insured
globally.
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Presence in more than More than 70 countries, 182865 employees worldwide
Who`s who @ Allianz Group
Argentina
Austria Australia
Belarus Brunei
Belgium Greece
Hungary China
Bermuda Hong Kong
Brazil Ireland
Italy India
Bulgaria Indonesia
Burkina Faso Lebanon
Liechtenstei Japan
Cameroon Laos
n Slovenia
Canada Malaysia
Luxembourg South Africa
Central African New Zealand
Mexico Spain
Rep. Pakistan
Morocco Sweden
Chile Philippines
Namibia Switzerland
Croatia Singapore
Netherlands Tunisia
Cyprus South Korea
Norway Turkey
Czech Republic South Pacific
Peru Ukraine
Denmark Islands
Poland United Arab
Egypt Taiwan
Portugal Emirates
Estonia Thailand
Russia United Kingdom
France Vietnam
Senegal USA
Gabon
Slovakia Uzbekistan
Germany
Venezuela
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Bajaj Allianz Life Insurance
Bajaj Allianz Life Insurance Company Limited is one of the private insurance companies in
India. Bajaj Allianz Life Insurance is a union between Allianz SE, one of the largest
Insurance Company and Bajaj Finserv. (Recently demerged from Bajaj Auto.). Bajaj Auto
Limited is 74% shared holder in the company with the remaining 26% being held by
Allianz SE.
On 2001, the Bajaj Allianz Life Insurance was given the IRDA (Insurance Regulatory and
Development Authority) certification of Registration for conducting the Life Insurance
business (which also included the Health Insurance business) in the country. Bajaj Allianz
India is headquartered in Pune. The company has its offices in 200 towns all over India.
Allianz SE is a leading insurance conglomerate globally and one of the largest asset
managers in the world, managing assets worth over a Trillion (Over INR. 55, 00,000
Crores). Allianz SE has over 115 years of financial experience and is present in over 70
countries around the world.
At Bajaj Allianz Life Insurance, customer delight is our guiding principle. Our business
philosophy is to ensure excellent insurance and investment solutions by offering
customized products, supported by the best technology.
Financial services arm's profit rises to Rs 42 crore
BS Reporter / Mumbai July 16, 2009, 0:40 IST
Bajaj Finserv, the financial services arm of the Bajaj Group, posted a net profit of Rs 42
crore for the quarter ended June 30, 2009. It had posted a loss of Rs 36 crore in the
corresponding period last year.
39
The group’s life insurance arm, Bajaj Allianz Life Insurance Company, was the biggest
contributor to the firm’s income. Bajaj Allianz has posted a profit of Rs 68 crore in the
June quarter. In the year-ago quarter, it had posted a loss of Rs 3 crore.Gross written
premium for the quarter rose 40 per cent to Rs 2,001 crore as against Rs 1,847 crore in the
corresponding period last year. Renewal premium, too, increased to Rs 1,423 crore as
against Rs 1,018 crore in the quarter ended June 30, 2008. However, new business
premium fell 42.28 per cent to Rs 577 crore
BALIC BALIC
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Bajaj Allianz Head of the Department: Details of the Company
ORGANISATION STRUCTURE OF
BAJAJ ALLIAN
BOARD OF DIRECTORS:
Mr. Rahul Bajaj (Chairman)
Dr. Werner Zedelius
Mr. Sanjay Asher
Mr. Niraj Bajaj
Mr. Sanjiv Bajaj
41
Mr. Heinz Dollberg
Mr. Ranjit Gupta
Mr. S. H. Khan
Mr. Suraj Mehta
Mr. Dietmar Raich
Mr. Manu Tandon
Mr. Kamesh Goyal (Alternate Director to Dr. Werner Zedelius)
Branch Address: Bajaj Allianz Life Insurance Co. Ltd.
Shalimar Towers, TC-57N Vibhuti Khand
Gomtinagar, Lucknow-226010.
Telephone: (+91 522) 6450751
Head Office Address:
Bajaj Allianz Life Insurance Company Limited
GE Plaza, Airport Road, Yerawada, Pune-411006 Maharashtra
42
CHAPTER: 4
DATA ANALYSIS
AND
INTERPRETATIONS
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1. Which type of incentives motivates you more?
(Table 4.1.1)
Particulars No. of Percentage
Respondents
Monetary incentives 15 30
Non-financial incentives 9 18
Both 26 52
Total 50 100
(Chart 4.1.a)
4.2.1 INTERPRETATION:
The table shows that 52% of the respondents are expressing that both financial and
non-financial incentives will equally motivate them, 18% are expressing non-financial
incentives motivates and 30% respondents says we only motivated through monetary
incentives only.
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2. What factor De-motives you at work place?
(Table 4.2)
Particulars No. of Respondents Percentage
Job profile 14 28
Company policy 16 32
Work environment 20 40
Total 50 100
INTERPRETATION:
The table shows that 40% of the respondents are de-motives with work environment
and 32% with company policy and 28% of the respondents are de-motives with job profile.
From this it can be concluded that work environment and company policy are de-motives at
work place.
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2.How far you are satisfied with the incentives provided by the organizations?
a) Highly satisfied
b) Satisfied
c) Neutral
d) Dissatisfied
e) Highly dissatisfied
(Table 4.3)
Particulars No. of Respondents Percentage
Highly satisfied 18 36
Satisfied 29 58
Neutral 3 6
Dissatisfied 0 0
Highly dissatisfied 0 0
Total 50 100
4.2.3 INTERPRETATION:
The table shows that 36% of the respondents are highly satisfied and 58% of the
respondents are satisfied with incentives provided by the organization so we can conclude
most of the employees are satisfied with the incentives provided by the organization.
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3. Does your Job improve your skills and abilities?
(Table 4.4)
Particulars No. of Respondents Percentage
Yes 32 64
No 10 20
Never 8 16
Total 50 100
3.2.4 INTERPRETATION:
64% of the respondents are agreed that their job improves their skills and abilities
and 20% of the respondents agreed that their skills and abilities are not improves. It can be
47
4. Do you think that the incentives and other benefits will influence your
performance?
(Table 4.5)
Particulars No. of Respondents Percentage
Influence 32 64
Does not influence 12 24
No opinion 6 12
Total 50 100
INTERPRETATION:
The table shows that 64% of the respondents those incentives and other benefits will
influence their performance,24% respondents says they are not influence their performance
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5. Management is really interested in motivating the employees?
(Table 4.6)
INTERPRETATION:
From the above table 50% of the employees are agreed that the management is really
interested in motivating the employees and 36% of the employees are disagreed and 14%
are neutral.So it can be concluded that management is really interested in motivate the
employees in organization.
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7. Does the management involve you in the decision making which are connected to your
department?
(Table 4.7)
INTERPRETATION:
The table shows 94% of the respondents agree that they the management involves
50
8. Do you enthusiastic about your work?
(Table4.8)
Particulars No. of Respondents Percentage
Always 15 30
Sometimes 30 60
Never 5 10
TOTAL 50 100
INTERPRETATION:
From the above table, we can conclude that 60% of the respondents agreed that
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9. Are you encouraged to come up with new and better ways of doing things?
(Table4.9)
Strongly agree 20 40
agree 10 20
Neutral 12 24
Disagree 8 16
Strongly disagree 0 0
TOTAL 50 100
INTERPRETATION:
From the above table we can conclude that 40% of the employees agreed that they
are encouraging to come up with new and better ways of doing things.
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10. Have you been promoted at work in the last six months?
(Table4.10)
INTERPRETATION:
The table shows that 64% of the employees are not promoted from the last six
months and 36% of the employees are promoted. From this we can conclude that most of
53
11. Are you adequately recognized for your good work?
(Table4.11)
INTERPRETATION:
The figure shows that 56% of the employees agreed that they are recognized for good
work and 20% are disagreed and 24% respondents are neutral.So it can conclude that most
54
12. Rank the following factors which motivates you the most?
Table4.12
Particulars No. of Respondents Percentage
Salary increase 21 42
Promotion 15 30
Leave 3 6
Motivational talks 5 10
Recognization 6 12
Total 50 100
INTERPRETATION:
The table shows that 42% of the respondents are responding that the increase in
55
13. Have you been nominated for training & development programmers for the last 6
months?
Table4.1.14
INTERPRETATION:
The table shows that 60% of the respondents are expressing that they are nominated for
training and development programme in the organization for the last 6 months.
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14. Does the management provide continuous feed back in solving work related problems?
(Table4.14)
Particulars Number of Respondents Percentage
Strongly agree 14 28
Agree 16 32
Neutral 9 18
Disagree 5 10
Strongly Disagree 6 12
TOTAL 50 100
INTERPRETATION:
The table shows that 28% of respondents strongly agreed and 32% agree that they
are getting feedback from management and 20% are neutral and 10% are disagree that they
57
15. Overall are you satisfied with your job?
(Table4.15)
Particulars Number of Respondents Percentage
Yes 28 56
No 22 44
TOTAL 50 100
INTERPRETATION:
The figure shows that 56% of the respondents are satisfied with their job and only
44% of the respondents agreed that they are not satisfied with their job.It can be concluded
58
CHAPTER: 5
FINDINGS,
SUGGESTIONS
59
FINDINGS
and management.
The employees are satisfied with the present incentive plan of the company
Most of the workers agreed that the company is eager in recognizing and
The study reveals that there is a good relationship exists among employees.
Majority of the employees agreed that there job security to their present job.
The company is providing good safety measures for ensuring the employees safety.
From the study it is clear that most of employees agrees to the fact that
performance
Appraisal activities and support from the coworkers in helpful to get motivated.
The study reveals that increase in the salary will motivates the employees more.
The incentives and other benefits will influence the performance of the employees
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SUGGESTIONS
The suggestions for the findings from the study are follows
Most of the employees agree that the performance appraisal activities are helpful to
get motivated, so the company should try to improve performance appraisal system,
Non financial plans should also be implemented; it can improve the productivity
Better carrier development opportunities should be given to the employees for their
improvement
there would be active and committed participation of staff for the success of the
organization
61
CONCLUSION
The study concludes that, the motivational program procedure in BAJAJ ALLIANZ
INSURANCE is found effective but not highly effective. The study on employee
motivation highlighted so many factors which will help to motivate the employees. The
study was conducted among 50 employees and collected information through structured
questionnaire. The Study helped to findings, which were related with employee
The performance appraisal activities really play a major role in motivating the
employees of the organization. It is a major factor that makes an employee feels good in his
work and results in his satisfaction too. The organization can still concentrate on specific
areas which are evolved from this study in order to make the motivational programs more
effective. Only if the employees are properly motivated- they work well and only if they
work well the organization is going to benefit out it. Steps should be taken to improve the
motivational programs procedure in the future. The suggestions of this report may help in
this direction.
62
BIBLIOGRAPHY
63
BOOKS REFFERED
University press.
HRM Review July 2010. by Dr.G C NAG Adjunct Professor, IBS – Mumbai
WEB REFERENCES:
www.google.com
www. motivationnaukrihub.com
www. humanresources.about.com
64
ANNEXURE
65
QUESTIONNAIRE
Employee Name:
Age:
Sex:
Designation:
Department/Branch:
Marital status:
Salary:
a) Monetary Incentives
c) Both
a) Job profile
b) Company policy
c) Work environment
3.How far you are satisfied with the incentives provided by the organisation.?
a) Highly satisfied
66
b) satisfied
c) neutral
a) Yes
b) No
c) Never
5. Do you think that the incentives and other benefits will influence your performance?
a) Influence
c) No opinion
a) Agree
b) Disagree
c) Neutral
7. Does the management involve you in the decision making which are connected to your
department?
a) Yes
b) No
c) Occasionally
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a) Always
b) Sometimes
c) Never
9. Are you encouraged to come up with new and better ways of doing things?
a) Strongly agree
b) Agree
c) Neutral
d) Disagree
e) Strongly disagree
10. Have you been promoted at work in the last six months?
a) Yes
b) No
a) Agree
b) Disagree
c) Neutral
12. Rank the following factors which motivates you the most?
(Rank 1, 2, 3, 4… respectively)
68
13. Have you been nominated for training & development programmes for the last 6
months?
a) Yes
b) No
14. Does the management provide continuous feed back in solving work related problems?
a) Strongly Agree
b) Agree
c) Neutral
d) Disagree
e) Strongly Disagree
a) Yes
b) No
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17 . What are the types of rewards practiced in the organization?
a. Membership & Seniority based rewards
c. Undecided d. Dissatisfactory
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24. Do you feel that the team rewards increases the efficiency of members?
a. Yes b. No
25. If yes, then to what extent does the team rewards helps in increasing the efficiency of
the members?
a. To full extent b. Partially c. Not known
d. Very little e. Not at all
26. Does the fringe benefits programme presently practiced promotes and protects your
well being?
a. Yes b. No
27. If the company wants to offer additional fringe benefits in either cash or kind, please
indicate your preference?
Cash Kind
28. Do you feel that the system of suggestion scheme adopted by the organization has
helped in deriving benefits?
a. Yes b. No
Thank You………
Signature
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