'Interim Report IDBI Federal Essay\r'

'Problem description: To study workmen compensation in IDBI and determine the rapture aim of employees. Description of the Project: Reward schema is a tool by which employee can attract, motivate, and throw employees. It commands e rattlingthing the employee perceives to be of value resulting from the employment relationship successful. The reenforcement schema contains of m whatever comp onenessnts out of which â€Å"Compensation” is one the most the important compute in employee satisfaction. nerve try to chthonicstand the type of compensation postulate for each of the employees and the one which has heights impact on the system.\r\nResearch Objective: Employee’s orientation towards bring proceedss system depends on one’s perceptual experience and the motivation level he has achieved in life. mingled theories have been incorporated to justify the preference. The theories argon explained in Literature review. Based on the problem definition, we develop our hypothesis.\r\n* Objectives of the Project: To study the workmen compensation in IDBI\r\n-Primary objectives: The briny task of the project is to identify: * The various compensations offered to workmen in IDBI and policies used to evaluate various compensations. * The satisfaction level of employees with their compensation at IDBI.\r\n-Secondary objectives: * Is there any preference given to compensation by employees at any level of choosing job. * How compensation help organization to support and attract employees.\r\n* Methodology: * Primary Data: the of import data collection pull up games be through with(p) by surveys on the present as closely as past employees if possible. * Secondary Data: the petty(a) data will be as provided by the company guides through their records and manuals.\r\nHypothesis 1: Employees argon satisfied by the apropos compensation provided to them under various circumstances by the IDBI. Hypothesis 2: Employees are non satisfied by the timely compensation provided to them under various circumstances by the IDBI.\r\nThe research is restricted to IDBI employees only, the population size consist of all the employees present in the organization. We shall try to involve the response of every employee. The various theories which help us to understand the satisfaction and retention level of employees in the organization are: The motivational theories which were crucial for this good-hearted of study were Maslow’s want Hierarchy and Herzberg’s two-factor theory\r\n* Maslow Need Hierarchy: People are move by inner needfully. Needs create a power structure from most basic to high order. The value of compensation will depend on the level of pyramid at which the person is residing. * Herzberg’s two factor theory: Employees are motivated by two ways of motivators: Hygiene factor and satisfiers. Hygiene factors in their absence prevent behaviors however their presence cannot motivate per devis eance. Satisfiers such as recognition, furtherance and achievement motivate performance.\r\nAccording to Maslow’s hierarchy of needs the person who has achieved the levels of physiological needs and recourse would be motivated by other factors. For the the great unwashed at level 3 may not consider monetary rewards as driving force. hence there are chances that employees will not compress compensation into matter for changing their jobs. Reward system is a tool by which employee can attract, motivate, and support employees. It involves everything the employee perceives to be of value resulting from the employment relationship successful. The reward system consists of many components out of which â€Å"Compensation” is one the most the important factor in employee satisfaction. boldness try to understand the type of compensation involve for each of the employees and the one which has high impact on the system.\r\nIntroduction * indemnity sector in India In India , restitution has a deep-rooted history. Insurance in various forms has been mentioned in the writings of Manu (Manusmrithi), Yagnavalkya (Dharmashastra) and Kautilya (Arthashastra). The fundamental cornerstone of the historical reference to damages in these antique Indian texts is the same i.e. pooling of resources that could be re-distributed in quantify of calamities such as fire, floods, epidemics and famine. The early references to Insurance in these texts have reference to marine trade loans and carriers’ contracts. The indemnity sector in India has grown at a fast rate post-liberalization in 1999. In the expiry decade, total allowance grew at a CAGR of 25% and reached a total of $67 billion in 2010.\r\nIndian Life redress industry (which contributes 88% of total Life and General insurance premium in India) has emerged as the 9th largest life insurance commercialize in the world. Yet, Insurance penet symmetryn (measured as ratio of premium underwritten to GDP) was only at 5.2 % in 2010 †significantly lower than Asian peers like South Korea, Taiwan, japan and Hong Kong which boast an insurance density greater than 10%. With low insurance penetration levels, offset capability remains promising. More importantly, the pace and nature of growth will likely see a transmit where new behaviors and dynamics of demand and supply will apply.\r\nOn the demand side, growth is being fuelled by the growing population base, raise purchasing power, change magnitude insurance awareness, increased domestic savings and rising financial literacy. The suppliers are correspondingly playing a market making role as disputation heightens and differentiation become necessary for profitable growth. The study insurance companies in India and their market share is as followsâ€\r\nInitially there were only two insurance companies that masterd the insurance sector in India, namely, Life Insurance slew of India (LIC) and the other General Insurance Co rporation of India (GIC). On December 2000, the subsidiaries were declared independent and began to operate as independent as independent insurance companies. According to statistics the life insurance premiums and general insurance premiums accounts to 2.5% and 0.65% of India’s GDP respectively\r\n* Role of HR in Insurance Industry The Human Resources black market in the insurance industry is of utmost important. The line of merc tip overise of acquiring clients, providing proper awareness and converting them into customers thoroughly depends on the sales force. India being a developing nation, legal age of households do not have disposable income. there is a shift in customer committal in no time owing to the digital revolution. The population that has enough disposable income at hand also requires proper financial advice.\r\nThe sales person, hence, need not only be well inner with the art of selling but also needs to be sound with financial knowl pass on close to t he products and its implications. Thus acquiring talent and retaining it is a major concern in this industry. The reason being a multifaceted personality is required to work for the company. The major compensation provided to these employees is often variable which keeps them on the edge of performing better every day.\r\n* Introduction (Company) IDBI federal official Life Insurance Company Ltd is a articulatio venture of IDBI Bank, Federal Bank and Fortis (Ageas) Insurance international holding 48%, 26% and 26% stake respectively. With the Insurance Regulatory and Developmental Authority (IRDA) cathode-ray oscilloscope regulations to protect the interest of the customers, the insurer companies need to keep abreast a capital structure in the form of solvency ratio. A higher solvency ratio will prevail to the company with a higher surplus.\r\nAs per the yearbook Report 2011-12 released by IRDA, IDBI Federal holds a high solvency rate of 6.61 in treat 2012. With a very high so lvency rate which is second among all the toffee-nosed and public life insurers of India IDBI Federal poses as a healthy and safe insurer. As on March 2013, there are 10 products in the squelch of IDBI federal. They are Bondsurance, Group Microsurance, Childsurance, Healthsurance, Homesurance, Incomesurance, Lifesurance, Loansurance, Termsurance, and Wealthsurance.\r\n'