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JOB SATISFACTION IS STEP TOWARDS SUCCESS: - A STUDY OF MAX LIFE INSURANCE Deepika Chaplot, Ph. D. AAAA Abstract The insurance sector performs an important role in a country„s economic development. It works like mobilize of savings, a promoter of investment activities, a stabilizer of the financial market, as well as a risk manager. One of the main challenges in management is to implement effective human development strategies continuously to improve organizational performance and accountability. A major problem confronted by Insurance sector today in increasing job dissatisfaction among its employees. Thus a research on “Job Satisfaction within the Insurance sector” is required, to spotlight the factors that have influenced the job satisfaction of an employee in the insurance sector. The most important focus of this research study has been to understand the factors that affect and influence the job satisfaction of employees in the Insurance sector, especially in Max Life Insurance and how much important they are. In this research paper author takes some major factors that influence the job satisfaction, like working hours, convenience, and good culture of working, growth opportunities and job security. Tests to be used in this research are Reliability test and ANOVA. Scholarly Research Journal's is licensed Based on a work at www.srjis.com
1.1
INTRODUCTION
Insurance has become one of the demanding financial products in India. Its fundamental motto is to protect the family from any uncertainty in life. Therefore it is a long term investment and people need to know about it. Indian life insurance is too old. It has been here since British Period and after independence; it has come completely under the control of Government. Recently there has been a convergence of interest on the efforts by organizations to look at the conditions that foster greater satisfaction to job. The basic reason behind this renewed interest is the perception that broadens even at global level; shifts in the internal structures as well as employment practices are inducing changes in the ties that unite employees to their job. Hence insurance sector is vital for the present scenario. In this article author analyzes the satisfaction level among the employees of Max Life Insurance because the job satisfaction is required in insurance sector to survive. Every insurance company greatly depends on man power if man power is not satisfactory, company not will survive in future. MAY-JUNE 2017, VOL- 4/31
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1.2
UNDERSTANDING INSURANCE
Insurance is basically a financial products and quite popular in India. It is simply a legal contract between insurer and insured. The insurer is the company and of course the insured are the customers. It compensates our financial loss as a consequence of any kind of uncertain death or any other circumstances. This long-term product needs a meticulous planning in both design and implementation. Insurance is broadly divided into two; life and general insurance. Afterward health insurance has originated from general insurance. The products of insurance are normally known as plans or policies (Barik & Patra, 2014). The money charged from customers is known as premiums and of course the duration is referred as term of plan. The products are of different types in nature starting from term insurance to unit linked plans. 1.3
JOB SATISFACTION
Job satisfaction explains how much comfortable a person is with his / her job. It is a relatively the latest term since in earlier centuries the jobs that were available to a particular person were often predetermined by the occupation of his parent. There are a number of factors which may influence a person’s level of job satisfaction. Some factors contain the level and measure of pay and benefits, the perceived fairness of the promotion system within a company, the overall quality of the working conditions, leadership as well as social relationships and the job itself (the various range of tasks involved, the interest and challenge the job generates, and of course the clarity of the job description). The happier the people are in their own job, the more satisfied they are actually said to be. Job design aims to enhance job satisfaction as well as performance methods include job rotation, job enlargement and job enrichment. Quite a few other factors of satisfaction include the management style, culture, employee’s involvement, empowerment and autonomous
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workgroups. Work Itself
Skill different
Task Identity
Pay Structure
Task significance
advancement opportunities
Factors
supervision co-workers environment compensation & benefits
tranning climate, city & neighbours ethics& principle
2. Pay Structure: - It should be more attractive and rewarding. Some individuals get satisfaction only because of the salary, compensation and other benefits so they remain stick to the organizations for a longer time. 3. Growth of Opportunities:-There should be a good scope as well as growth of opportunities. Opportunity should be provided to employees at regular interval for their growth and development. 4. Supervision: - Proper supervision should be there in each and every organization. It helps the employees and workers not to ever deviate from their path. Thus employees work in a most convenient and proper way. 5. Co-Workers:- It is a key factor. Employees feel comfortable when their colleagues and co-workers are cooperative and adjustable. They feel happy and contented basically because they can gain knowledge from each other and exchange ideas, thoughts, culture and a lot of things. MAY-JUNE 2017, VOL- 4/31
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6. Environment: - Company should be free from partiality, discrimination, dispute and politics. Employees prefer to work in a pleasant environment. 7. Compensation & Benefits: - Employees wish more compensation & benefits. Benefits attract employees more like perquisites, scripts benefits and also club memberships etc. 8. Training: - The nature of training given to employees according to their work profile. It also includes the benefits the employees can get from it. 9. Climate, City & Neighbors: - Employees like to work in good climatic conditions. In certain cases city also matters if it is not affordable to him according to the salary he gets and even the neighborhood influences the preference of work. 10. Ethics & Principle: - The principles, rules and methods a firm has adopted for doing business. Some individuals are stuck to their ethics. They never compromise with theirvalues and principles (Irshad & Priyanka, 2013). 1.3
OVERVIEW OF MAX LIFE INSURANCE
Max Life Insurance, the leading non-bank promoted private life insurer, is a joint venture of Max Financial Services Ltd. and Mitsui Sumitomo Insurance Co. Ltd. Max Financial Services Ltd. is part of the Max Group, a leading Indian multi-business corporation whereas Mitsui Sumitomo Insurance is a member of MS&AD Insurance Group, which is amongst the leading insurers on the planet. Max Life Insurance produces complete and comprehensive long-term savings, protection and also retirement solutions via its premium quality agency, distribution and multi-channel distribution partners. A financially stable company with a strong track record since last 15 years, Max Life Insurance offers superior investment expertise and also has the vision 'To be the most admired life insurance company by securing the financial future of customers'. The organization possesses a strong customer-centric approach geared toward advice-based sales and quality service delivered through its superior human capital. Max Life Insurance has positioned itself towards the quality platform and also has developed a strong corporate governance model based on the core values of caring, credibility, collaboration as well as excellence. At Max Life Insurance, providing a superior customer experience is central to its vision and of course the company is committed and dedicated to provide superior service experience to the customer. As a proactive step towards service MAY-JUNE 2017, VOL- 4/31
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excellence, Max Life Insurance has launched the "Treating Customer Fairly" (TCF) policy. The TCF policy strives to raise standards in the way the company interacts with customers at each and every touch point directly from the pre-sales engagement to the payment of benefits. The company values human capital and considers it to be its competitive advantage. Max Life Insurance believes that persons are its major organizational assets and therefore lays a strong emphasis on employee friendly practices, leading to a high level of employee engagement as well as motivation. This is often reflected in the recognition that the company has received from the Great Places to Work Institute, India, as one of the best work places in the industry. Max Life Insurance believes that being a corporate; it has a responsibility to get engaged with society. This engagement takes it a step beyond being merely ethical and honest in business but also practices with other association in providing the right products based on their needs. They believe in caring for society and also have made a decision to concentrate on providing a secure and safe future for under privileged children. Reasons For Joining Max Life 1. Abundant growth Opportunities 2. Flexibility of Time 3. Challenge in the Job 4. Goodwill of the Company 5. Work Environment of the Companya 6. Attractive Compensation and High Incentive Schemes 7. Low Entry Barriers
1.4
LITERATURE REVIEW
This research attempts to evaluate job satisfaction of MAX LIFE Insurance in Udaipur division. It focuses on the relative significance of job satisfaction factors and also their impacts on overall job satisfaction of Employees. Additionally it investigates the impacts of working hour convenience, good working culture, growth opportunities, job security and attitude towards the job satisfaction. The outcome shows that all these factors (working hour convenience, good working culture, growth opportunities and job security) are the MAY-JUNE 2017, VOL- 4/31
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important factors contributing to job satisfaction. Private MAX LIFE has higher levels of job satisfaction than those from public sectors as they enjoy better facilities and supportive work environment. Gender and age differences have relatively lower level of impact on it. The overall job satisfaction of the MAX LIFE is positive. Rahman, Raza Naqvi, and Ismail (2008) exposed that job satisfaction and organizational commitment has a negative effect on turnover intentions, conversely perceived alternative job opportunities has a significant positive correlation along with turnover intentions and is actually the major factor connected with turnover intention among its professionals in Pakistan. Van Dick et al. (2004) have also observed that job satisfaction being a predictor of turnover intention; nevertheless it is a mediating variable in between organizational identification and more than that turnover intention. In accordance with their Sales Force Turnover study, organizational identification feeds into job satisfaction which, in turn, predicts turnover intention. Zheng and Lamond (2009) noticed that training, size, duration of operation as well as the nature of the industry are significantly associated with turnover. Kreitner (2006) noticed that in recent times, most employees have little difficulty in satisfying basic needs. Since these needs are already satisfied, the employees and workers move on to various other (or higher) needs, which are concerned to safety needs. 1.5
RESEARCH METHODOLOGY
The methodology to be followed for conducting the research consists of the specification in design of research, sample design, survey questions asked to respondents design, data collection as well as statistical tools used for analyzing the collected data. Primary sources of data are to be used in the present article which is collected from Max Life Insurance, Udaipur. Primary data are those which are collected as first hand data and also for the first time. The data collected in this way are original in character. 1.5.1 Questionnaire Design Job satisfaction is a very important attribute which is frequently measured by organizations. The most common method of measurement is the use of rating scales where employees report their reactions to their jobs. Questions related to pay; work responsibilities, variety of tasks, promotional opportunities, the work itself and co-workers are asked. Several questions of yes or no answers are asked while others are asked to rate satisfaction level on 1 – 5 scale where 1 represents “not at all satisfied” and 5 represents “extremely satisfied”.
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1.5.2 Sampling The data are collected from the employees with the help of structured survey questions asked to respondents. A sample of 50 has been considered for this project through convenient sampling method. Several statistical tools for analyzing and interpreting the data will be used in this research for instance reliability test and ANOVA test. The research design of this study is empirical. 1.5.3 Objective To study the working environment of max life insurance. To study the factors of job satisfaction in Max Life Insurance. To Measure the satisfaction levels of employees on various factors. 1.5.4 Hypothesis H01:- There is no significant difference between male and female respondents towards the convenient working hours in Max Life Insurance. H02:- There is no significant difference between male and female respondents towards the growth opportunities in Max Life Insurance. H03:- There is no significant difference between male and female respondents towards the good culture of working in Max Life Insurance. H04:- There is no significant difference between male and female respondents towards the security of job in Max Life Insurance. H05:- There is no significant difference between educational qualification of male and female respondents towards the convenient working hours in Max Life Insurance. H06:- There is a significant difference between educational qualifications of respondents towards the growth opportunities in Max Life Insurance. H07:- There is a significant difference between educational qualifications of respondents towards the good culture of working in Max Life Insurance. H08:- There is a significant difference between educational qualifications of respondents towards the security of job in Max Life Insurance. 1.5.5 Data collection The primary data has been collected by using questionnaires. The questionnaire has 15 questions excluding marital status, age and factor incited of MAX Life Insurance Company. In this research paper researcher discusses only four dependent variables such as working hours, growth opportunities, good working culture and security of job. A five
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point scale will be used such as strongly disagree, disagree, neutral, agree and strongly agree. 1.6
DATA ANALYSIS Table: - 1 Frequency table of gender class Gender Frequency Male 12 Female 38 Valid Total 50
Percent 24 76 100
Valid Percent 24 76 100
Cumulative Percent 24 100
Graph 1:- Frequency graph of gender class 100 76
100 50
12
50
38
24
Frequency Percent
0 Male
Female
Total
As shown in table 1 and graph 1 first important demographic variable is gender. According to the table1 frequency of gender indicated that from 50 respondents 38 (76%) of respondents are females and remaining 12 (24%) are males. It displays that the number of female employees are higher as compared to male employees. It interprets that female employees feel more secured in working with a Max Life Insurance company. Table 2:- Frequency table of educational qualifications of respondents Educational qualification
Sr. secondary Diploma Graduate Valid Post graduate Professional degree Total
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Frequency 2 9 15 19
Percent 4 18 30 38
Valid Percent 4 18 30 38
Cumulative Percent 4 22 52 90
5 50
10 100
10 200
100
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Graph 2:-Frequency graph of educational qualifications of respondents 100 100 80 60 40 20 0
2 4
9
18
15
30
50
38 19
5 10
Frequency Percent
The second demographic variable is educational qualification as the qualification always matters when we talk about insurance sector. According to the table and graph 2 of frequency of qualification indicates that the total numbers of 50 respondents have been classified in five categories of qualification. Such as senior secondary, diploma, graduation, post graduation and professional degree. From this table it is clear that the most of the employees are post graduate representing 38%, graduate 30%, and 18% employees are diploma holder. Near about 10% employees possess professional degree. Only 4% employees in Max Life Insurance have qualification of senior secondary. Thus the data interpret that most of the employees in a Max Life Insurance are well educated. Table 3:-Frequency table of working hours convenience of respondents Working Hours Convenience
Valid
Strongly agree Agree Neutral Disagree Strongly disagree Total
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Frequency
Percent
Valid Percent
Cumulative Percent
17 15 9 7
34 30 18 14
34 30 18 14
34 64 82 96
2 50
4 100
4 100
100
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Graph 3:-Frequency graph of working hour’s convenience of respondents 100 100 80 60 40 20 0
34 17
30 15
50 9 18
7 14
2 4
Frequency Percent
According to the table and graph 3, total numbers of male and female respondents are 50, out of which 17 (34%) employees are extremely satisfied with their working hours and 15 (30%) employees are satisfied with their working hour. 9(18%) employees are neutral in their opinion about it. Further we find that 7 (14%) employees are dissatisfied with their working hours of job. Only 2 (4%) employees are strongly dissatisfied with their working hours. So considering the overall opinion of the respondents it can say that the majority of employees in a Max Life Insurance are satisfied with their working hours. It implies that working hours are convenient for the employees in Max Life Insurance. Table 4:-Frequency table of Growth opportunities of respondents Growth opportunities
Valid
Strongly Agree Agree Neutral Disagree Strongly Disagree Total
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Frequency 13 22 12 2
Percent 26 44 24 4
Valid Percent 26 44 24 4
1 50
2 100
2 100
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Cumulative Percent 26 70 94 98 100
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Graph 4:-Frequency graph of growth opportunities 100 100 80 60 40 20 0
13
26
50
44 22
12
24 2 4
Frequency
1 2
Percent
As the above table and graph shows that the total number of male and female respondents are 50, out of which 22 (44%) respondents that is the majority of respondents are agreed that growth opportunities in Max Life Insurance is good. 24% of the respondents are neutral in their opinion. Few of the respondents are disagree on growth opportunities. It indicates that opportunities of future growth are good in Max Life Insurance. Table 5:- Frequency table of good working culture Good work Culture
Strongly Agree Agree Neutral Valid Disagree Strongly Disagree Total
Frequency 17 12 2 14
Percent 34 24 4 28
Valid Percent 34 24 4 28
Cumulative Percent 34 58 62 90
5 50
10 100
10 100
100
Graph 5:- Frequency graph of good working culture 100 100 50
34 17
1224
2 4
28 14
50 5 10
0
Frequency Percent
As the above table and graph shows that the total number of male and female respondents are 50, out of which 17 (34%) respondents that is the majority of respondents are strongly agree that there is good working culture in Max Life Insurance. 24% of the respondents are agree with it. Few of the respondents are neutral on good working culture in Max Life Insurance and only 19 were disagree that it has a good working culture.
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Table 7:-Frequency table of Job Security Job Security
Strongly Agree Agree Neutral Valid Disagree Strongly Disagree Total
Frequency
Valid Percent Percent
Cumulative Percent
6 12 18 9
12 24 36 18
12 24 36 18
12 36 72 90
5 50
10 100
10 100
100
Graph 7:-Frequency graph of Job Security 100 100 50
6 12
24 12
36 18
50 9 18
5 10
0
Frequency Percent
According to the table shown above 18 (36%) employees out of 50 respondents are neutral about the job security in Max Life Insurance. 12 (24%) employees agree that their job is secure. Only 6 (12%) employees strongly agree that there job is totally secured. However 9 (18%) employees disagree on their opinion on job security and 5 (10%) strongly disagree about their security of job. So according to the data it can be concluded that majority of the respondents are not sure about their security of job because it is private sector. Table 8: - Reliability Statistics Reliability Statistics Cronbach's Alpha
Number of Respondents
.899
50
Source: Author’s Compilation Table shows the Reliability Statistics which is calculated on 50 respondents and found that the value of Cronbach Alpha is .899. Therefore it can be said that Cronbach alpha value for the 50 employees of Max Life Insurance under the study is found .899 which is an excellent representation of the quality of data that confirms approx 90 % reliability of the collected data. Hence the data are enough reliable for the research.
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Table 9: - ANOVA table for Gender ANOVA
Between Groups Convenient Working Within hours Groups Total Between Groups Growth Within Opportunities Groups Total Between Groups Good working Within culture Groups Total Between Groups Job security Within Groups Total
Sum of Squares df
Mean Square F
Sig.
2.063
1
2.063
2.308
0.11
47.937 50
48 49
0.894
2.481
1
2.481
2.612
0.24
47.519 50
48 49
0.95
2.182
1
2.182
3.554
0.022
47.818 50
48 49
0.614
1.984
1
1.984
3.386
0.067
48.016 50
48 49
0.586
In the table above the variation (Sum of Squares), the degrees of freedom (df), and the variance (Mean Square) are given within and between the groups, as well as the F value (F) and the significance of the F (Sig.). Sig. indicates whether the null hypothesis – the population means are all equal – has to be rejected or not. As it is clearly seen that there is good difference between the two Mean Squares (2.063 & 0.894, 2.481 & 0.95, 2.182 & .614 and 1.984 & .586), resulting in a non significant difference (F = 2.308; Sig. = 0.102, F = 2.481; Sig. = 2.612, F = 3.554; Sig. = 0.022, and F = 3.386; Sig. = 0.067). The Sig. value is higher than the significant level of 0.05. This means that H01, H02 and H04 must be accepted which states that there is no significant difference between male and female respondents towards the convenient working hours, growth opportunities & job security in Max Life Insurance. That means both male and female have the same and positive perception towards these all measures convenient working hours, growth opportunities & job security. Whereas, H03 must be rejected which states that there is a significant difference between male and female respondents with regards to their perceptions about good working culture which means that both male and female have different opinion towards this measure.
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Table 10:- Results of hypothesis S. No. 1.
Hypotheses
Difference
Status
H01
Accepted
2.
H02
3. 4.
H03 H04
Non Significant Non Significant Significant Non Significant
Accepted Rejected Accepted
Table 11: - ANOVA table of Education Qualufications ANOVA
Convenient working hours
Growth opportunities
Good Working culture
Job Security
Between Groups Within Groups Total Between Groups Within Groups Total Between Groups Within Groups Total Between Groups Within Groups Total
Sum of df Squares 1.098 1
Mean Square 1.098
48.902
48
0.89
50 2.498
49 1
2.498
47.502
48
0.879
50 0.325
49 1
0.325
49.675
48
0.676
50 2.598
49 1
2.598
47.402
48
0.85
50
49
F
Sig.
1.234
0.226
2.842
0.05
0.481
0.846
3.056
0.198
In the table above it is clear that there is good difference between the two Mean Squares (1.098 & 0.89, 2.498 & 0.879, 0.325 & 0.676 and 2.598 & 0.85), resulting in a non significant difference (F = 1.234; Sig. = 0.226, F = 2.842; Sig. = 0.05, F = 0.481; Sig. = 0.846, and F = 3.056; Sig. = 0.198). The Sig. value is higher than the Sig. level of 0.05. This means that H05, H06, H07 and H08 must be accepted which state that there is no significant difference amongst various educational qualifications of respondents towards the convenient working hours, growth opportunities, good working culture and job security in Max Life Insurance. That means according to qualification both male and female have the same
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and positive perception towards these all measures convenient working hours, growth opportunities, good working culture and job security. Table 12:- Results of hypothesis S. No. 1. 2. 3. 4.
1.7
Hypotheses
Difference
Status
H05 H06 H07 H08
Non Significant Non Significant Non Significant Non Significant
Accepted Accepted Accepted Accepted
CONCLUSION
Insurance sector is vital in the present scenario. In this article author analyzes the satisfaction level among the employees of Max Life Insurance because the job satisfaction is necessary in insurance sector to survive. Every insurance company is greatly dependent on man power. If man power is not satisfied, company will not grow and it cannot survive for long. After the analysis it can concludes that most of the employees in a Max Life Insurance are satisfied with their job which is a good sign for max life insurance. Also it is found that female employees are more comfortable with their working condition and culture in max life insurance. References Barik, B., & Patra, R. (2014). Emerging Trends in Insurance–A Study of Indian Life Insurance Industry. Abhinav National Monthly Refereed Journal of Research in Commerce and Management, 3(6). Irshad, S. K., & Priyanka, T. A Study on Job Satisfaction with Reference with Life Insurance. International Journal of Computer & organization Trends (IJCOT) i, 1(3), 478-481. Kreitner, R.(2006) Management. United States: Houghton Mifflin Harcourt (HMH). Van Dick, R., Christ, O., Stellmacher, J., Wagner, U., Ahlswede, O., Grubba, C., ... & Tissington, P. A. (2004). Should I stay or should I go? Explaining turnover intentions with organizational identification and job satisfaction. British Journal of Management, 15(4), 351-360. Zheng, C., & Lamond, D. (2009). A critical review of human resource management studies (1978– 2007) in the People's Republic of China. The International Journal of Human Resource Management, 20(11), 2194-2227.
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