Description
The bank has subsidiaries in the United Kingdom, Russia, and Canada; branches in United States, Singapore, Bahrain, Hong Kong, Sri Lanka, Qatar and Dubai International Finance Centre; and representative offices in United Arab Emirates, China, South Africa, Bangladesh, Thailand, Malaysia and Indonesia.
A STUDY ON EMPLOYEE JOB SATISFACTION AT ICICI SECURITIES PVT LTD
PROJECT REPORT Submitted to the SRM SCHOOL OF MANAGEMENT
In partial fulfillment of the requirement For the award of the degree of MASTER OF BUSINESS ADMINISTRATION
UNDER THE GUIDENCE OF Ms. R. RAMAA (ASST. PROFFESOR OF SRM SCHOOL OF MANAGEMENT) Submitted By: MANIKANDAN.K (REG 35080295) (2ND year MBA, SectionE) MAY 2010
BONAFIDE CERTIFICATE
This is to certify that the project titled “A STUDY ON EMPLOYEE JOB SATISFACTION AT ICICI SECURITIES PVT LTD” is a bonafide record of work carried out by Mr. MANIKANDAN.K during the final semester, under my guidance, in partial fulfillment of the requirements for the award of the degree of MASTER OF BUSINESS ADMINISTRATION UNDER SRM UNIVERSITY.
PROJECT GUIDE
HEAD OF DEPARTMENT
Ms. R.RAMAA
Dr. JAYSHREE SURESH
College Seal
DECLARATION
I, MANIKANDAN.K hereby declare that this project titled “A STUDY ON EMPLOYEE JOB SATISFACTION AT ICICI SECURITIES PVT LTD” submitted in partial fulfillment of the requirement for the degree of MASTER OF BUSINESS ADMINISTRATION, SRM UNIVERSITY is my original work and it has formed the basis for the award of any degree.
MANIKANDAN.K
PLACE: Chennai DATE: _______________
ACKNOWLEDGEMENT
First of all I thank the ALMIGHTY NATURE who showered me with all her blessings to accomplish this project. The successful completion of any task would be incomplete without mentioning of the people who made it possible. I take the pleasure to express my great indebtedness and deep sense of gratitude to Dr.JAYSHREE SURESH Dean, SRM SCHOOL OF MANAGEMENT for their support. My deep sense of obligation to my guide Ms. R. RAMAA, for her consistent encouragement and valuable guidance. I take this opportunity to express my deep sense of gratitude and sincere thanks to Mr. Sushanto Patro (Cluster Manager), Mr. Madhu Sivasubramaniam (Centre Manager) for providing me an opportunity to do this project. I would also like to thank Mr. Arun Kumar (HR EXECUTIVE) helping me in my project and providing me with valuable information. Lastly I would like to thank my family, my family members and all of my friends who have helped me whenever I needed, they were my true inspiration and encouragements in seeing me go through this project.
PLACE: Chennai DATE:
TABLE OF CONTENTS CHAPTER 1
o o o o Need of the study Scope of the study Objective of the study -- Primary/ Secondary Statement of the problem
INTRODUCTION
PAGE NO. 1-4
CHAPTER 2
o o o o
REVIEW OF LITERATURE
Industry Profile Company Profile Product Profile Thories Related to the Study 5-45
CHAPTER 3
o o
RESEARCH METHODOLOGY
Research Approach Sample 46-61
a) Sample Size
b) Sampling Procedure
o Instruments used a) Percentage Analysis
b) Chi Square CHAPTER 4 FORMULATION OF HYPOTHESIS, DATA ANALYSIS AND INTERPRETATION SUMMARY AND CONCLUSION
o o o o o Findings Suggestions Limitations Bibliography Annexure a)Questionnaire 82-97 62-81
CHAPTER 5
LIST OF TABLES S.NO 1 2 3 4 5 6 7 8 9 10 11 12 13 14 PARTICULARS TABLE SHOWING THE JOB SECURITY IN ICICI SECURITIES TABLE SHOWING THE PERFORMANCE IN LINE WITH ROLES AND RESPONSIBILITIES TABLE SHOWING FOLLOWED WORK ATMOSPHERE RELATIONSHIP IN PAGE NO. 63 64 65 66 67 68 69 70 71 72 73 74 75 76
TABLE SHOWING CORDIAL WITH CO WORKERS TABLE SHOWING THE TRAINING PROVIDED
SUFFECIENCY
TABLE SHOWING THE SATISFACTION LEVEL OF WORKING HOURS TABLE SHOWING THE WORKLOAD ASSIGNED WITH TABLE SHOWING THE MANAGING STRESS ARISING FROM WORK TABLE SHOWING THE LEADERSHIP FOLLOWED BY THE SUPERIORS TABLE SHOWING THE COMMUNICATION FLOW INSIDE THE ORGANIZATION TABLE SHOWING THE SATISFCATION LEVEL OF SALARY PROVIDED TABLE SHOWING THE SATISFACTON LEVEL OF INCENTIVES PROVIDED TABLE SHOWING THE GRADING FOLLWED IN THE ORGANIZATION SLAB
TABLE SHOWING HOW FAR THE EMPLOYEES ARE SATISFIED WITH CAREER GROWTH FOLLOWED IN ICICI SECURITIES TABLE SHOWING THE FEEDBACK PROVIDED BY THE SUPERIORS TABLE SHOWING HOW FAR EMPLOYEES ARE HAPPY WITH THE HR FOLLOW UP
15 16
77 78
17
TABLE SHOWING PROMOTION FOLLOWED IN ICICI SECURITIES
PROCESS
79
18
TABLE SHOWING THE SATISFACTION LEVEL OF AMENITIES PROVIDED TABLE SHOWING WILL THE EMPLOYEES REFER THEIR FRIENDS TO WORK IN ICICI SECURITIES CHI SQUARE TEST SHOWING THE RELATION BETWEEN THE PERFORMANCE IN LINE WITH THEIR ROLES AND RESPONSIBILITIES CHI SQUARE TEST SHOWING THE RELATION BETWEEN THE SATISFACTION LEVEL TOWARDS WORKING HOURS AND WITH THE WORKLOAD ASSIGNED CHI SQUARE TEST SHOWING THE RELATION BETWEEN THE WORK ATMOSPHERE AND THE LEADERSHIP STYLE FOLLOWED BY THE SUPERIORS CHI SQUARE TEST SHOWING THE RELATION BETWEEN THE SALARY PROVIDED AND THE GRADING SLAB FOLLOWED CHI SQUARE TEST SHOWING THE RELATION BETWEEN THECAREER GROWTH OF THE EMPLOYEES AND THE PROMOTION PROCESS FOLLOWED
80
19
81
20
57
21
58
22
59
23
60
24
61
LIST OF CHARTS S.NO PARTICULARS PAGE NO. 1 2 3 4 5 6 7 8 9 10 11 12 13 14 CHART SHOWING THE JOB SECURITY IN ICICI SECURITIES CHAR TSHOWING EMPLYEES PERFORMANCE IN LINE WITH ROLES AND RESPONSIBILITIES CHART SHOWING WORK ATMOSPHERE FOLLOWED CHART SHOWING CORDIAL RELATIONSHIP WITH WORKERS CHART SHOWING PROVIDED THE SUFFECIENCY IN CO 63 64 65 66 67 68 69 70 71 72 73 74 75 76
TRAINING
CHART SHOWING THE SATISFACTION LEVEL OF WORKING HOURS CHART SHOWING THE WORKLOAD ASSIGNED WITH CHART SHOWING THE MANAGING STRESS ARISING FROM WORK CHART SHOWING THE LEADERSHIP FOLLOWED BY THE SUPERIORS CHART SHOWING THE COMMUNICATION FLOW INSIDE THE ORGANIZATION CHART SHOWING THE SATISFCATION LEVEL OF SALARY PROVIDED CHART SHOWING THE INCENTIVES PROVIDED SATISFACTON LEVEL OF
CHART SHOWING THE GRADING SLAB FOLLWED IN THE ORGANIZATION CHART SHOWING HOW FAR THE EMPLOYEES ARE SATISFIED WITH CAREER GROWTH FOLLOWED IN ICICI SECURITIES CHART SHOWING THE FEEDBACK PROVIDED BY THE SUPERIORS CHART SHOWING HOW FAR EMPLOYEES ARE HAPPY WITH THE HR FOLLOW UP
15 16
77 78
17 18 19
CHART SHOWING PROMOTION PROCESS FOLLOWED IN ICICI SECURITIES CHART SHOWING THE AMENITIES PROVIDED SATISFACTION LEVEL OF
79 80 81
CHART SHOWING WILL THE EMPLOYEES REFER THEIR FRIENDS TO WORK IN ICICI SECURITIES
CHAPTER-1 INTRODUCTION
• Need of the study • Scope of the study • Objective of the study i. ii. Primary objective Secondary objectives
• Statement of problem
EMPLOYEE JOB SATISFACTION 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 questions while others ask to rate satisfaction on 1-5 scale (where 1 represents "not at all satisfied" and 5 represents "extremely satisfied"). Job personality 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
NEED FOR THE STUDY
¾ The purpose of doing this project is mainly to make a thorough study of employee job satisfaction at ICICI SECURITIES with reference to human resource management.
¾ The study will help to make the work atmosphere more conductive ¾ The study is intended to analyze the work timings which appears to very high of the employees ¾ To nullify the high level of attrition prevails in the organization
SCOPE OF THE STUDY
¾ The research is done on satisfaction level among employees of ICICI SECURITIES, Chennai. Scope is extended to all levels of the employees of organization. ¾ This study may enables the company to taking initiative in improve the new and existing recreational facilities. Since the relaxation and recreation helps the employees to be active in their work. ¾ In this study efforts are made to explore the existing degree of satisfaction prevailing among the employees. ¾ This study may enable the higher authorities in giving more support to increase the employee productivity. ¾ In addition to this, it is intended to study the employees attitude towards the factors like work timings, work atmosphere, training, job security.
OBJECTIVES OF THE STUDY
1. PRIMARY OBJECTIVE ? To study the level of satisfaction of the employees at ICICI SECURITIES
2. SECONDARY OBJECTIVES ? ? ?
?
To identify the involvement of job satisfaction of employees in the organization To identify the involvement of employees relationship in the organization
To suggest the possible measures to the company for improving the job satisfaction level among the employees. To identify the employees’ expectation from the company towards maintaining the employees satisfaction level in their job.
STATEMENT OF PROBLEM
1. Time constraint: The defined time limit passed a constraint for increasing the sample size due to which sample size was restricted to 150. 2. The respondent’s response cannot be taken completely as free from bias. 3. The survey was restricted to Chennai 2 Cluster Branches only.
CHAPTER -2 REVIEW OF LITERATURE
• Industry profile • Company profile
• Product profile • Theories related to the study
INDUSTRY PROFILE: THE BROKERAGE INDUSTRY: The stock-broking business has undergone a sea change over the last decade. The three main factors behind the changes in the stock-broking business are: First, the shift from floor-based to screen-based trading in 1994. This brought transparency into trade execution and raised the confidence of investors. The result has been lower transaction charges and increased convenience. This has helped both the investors and the brokers.
The second change was dematerialization. Dematerialization is a process of converting physical share certificates into electronic shares. This saves time and money.
The introduction of futures and options was the third major factor that has changed the face of the stockbroking business as it is a new avenue for revenue.
In actuality the brokerage industry continues to develop rapidly. Many of the traditional restrictions against banking activities within the brokerage industry are being eliminated and the barriers are disappearing. Due to this, some commercial banks have as subsidiaries, brokerage houses that offer discounts and some of them have available accounts that offer all of the services that are offered by a checking account. “The basic function of a brokerage firm is to execute buy and sell orders for clients”. Traditionally these firms have offered the investigation of the quality and the
Possibilities of investing in a variety of investment products. It is still accustomed for Brokerage firms to offer information about possible investments free of charge.
This activity of bringing free of charge stock investment report is one of the main tools that are utilized by brokerage houses to compete against other firms and to investors it continues to be an important service. In order to capture this vast diverse clientele, the brokerage industry has segmented itself. After the restrictions in commissions were eliminated, several brokerages began to open up their doors as discount brokerage firms. In actuality, brokerage firms may be classified into full service brokers and discount brokers. Full service brokerage firms continue to offer informative stock reports and a level of service much higher than other brokerage houses. Discount brokerage houses only dedicate themselves to execute orders for clients. Full service brokers are sellers looking for purchasing and selling for clients and offering more customer service than is available from discount brokers. HISTORY: In 1790, the country's first stock exchange was founded and Chestnut Street was home to the nation's most powerful financial institutions. However, in the 1820s a shift to New York City began and for more than one hundred and fifty years Wall Street has been synonymous with the stock brokerage business. Since the 1980s stock broking firms have also been allowed to be market makers as long as the appropriate Chinese walls are put in place.
With the advent of automated stock broking systems on the Internet the client often has no personal contact with his/her stock broking firm. The stockbroker's system performs all the stock broking functions: it obtains the best price from the market, executes and settles the trade. ORIGIN OF STOCK BROKING IN INDIA: The origin of stock broking in India goes back to a time, when shares, debentures and bonds representing title to property were first issued on the condition of transfer from one person to another. The earliest record of dealings in securities in India is the East India Company’s loan securities. The advent of the companies Act 1850 and subsequent introduction of the principle of limited liability, made investments in stocks and shares popular. Though stock broking was practiced in Calcutta as early as 1836, the members of the broking profession had neither any code of conduct for their guidance, nor any permanent place for congregation. Ever since the Securities and Exchange Board of India (SEBI) assumed the monitoring function of brokers, stock broking is emerging as a professional service in tune with the requirements of mature and sophisticated stock exchanges in the country, replacing its traditional closed character as inherited family business. To act as a broker, certificate of registration from the SEBI is mandatory.
STOCK BROKER: Investor requires a Stock Broker to buy and sell shares in stock exchanges (BSE, NSE etc.). Stock Broker is registered member of stock exchange. A stock broker can register to one or more stock exchanges. Only stock brokers can directly buy and sell shares in Stock Market. An investor must contact a stock broker to trade stocks. Broker charges commissions (brokerages) for their service. Brokerage is usually a percent of total amount of trade and varies from broker to broker.
A stock broker is a person or a firm that trades on its client behalf, the customer tells the broker what they want to invest in and they will issue the buy or sell order. Some stock brokers also give out financial advice.
STOCK BROKING SERVICES: A transaction on a stock exchange must be made between two members of the exchange an ordinary person may not walk into the Bombay Stock Exchange (for example), and ask to trade stock. Such an exchange must be done through a broker. There are three types of stock broking service. • • Execution-only, which means that the broker will only carry out the client's instructions to buy or sell. Advisory dealing, where the broker advises the client on which shares to buy and sell, but leaves the final decision to the investor. • Discretionary dealing, where the stockbroker ascertains the client's investment objectives and then makes all dealing decisions on the client's behalf.
MAJOR PLAYERS IN THE FIELD OF STOCK BROKING 1. ICICI DIRECT 2. SHARE KHAN LTD 3. INDIA BULLS 4. HDFC SECURITIES 5. RELIGARE 6. RELIANCE MONEY 7. ANGEL TRADE 8. GEOJIT BNP PARIBAS
1.SHARE KHAN
Types of Account
1. Share Khan Classic account
2. Share Khan Speed Trade account
Brokerage: Some stock trading companies charge direct percentage while others charge a fixed amount per Rs 100. Sharekhan charges 0.5% for inter day shares and 0.1% for intra day or you could say Sharekhan charges 50 paisa per Rs 100.
2. INDIABULLS
Types of Account
1. Indiabulls Equity Trading Account 2. Power Indiabulls
Brokerage and fees: 1. Account : Rs 1200/(One time non-refundable) as below:
opening
fees
250/- Equity Trading Account opening charge, 200/- Demat Account opening charge, 750/- Software changes
3.HDFC SECURITIES
Brokerage and fees: 1. Rs. 799/(Including trading account, bank account and DP account with HDFC)
Please note: HDFC Bank savings account required a quarterly minimum balance of Rs. 2,500/-. If you already have Saving account or DP account with HDFC, you could link them with trading account.
4.RELIGARE
TYPES OF ACCOUNTS 1. R-ACE (Basic) 2. R-ACE Lite (Advanced) 3. R-ACE Pro (Professional)
Brokerage and Account opening fees: Religare offers three kinds of accounts as above. Below are detail about fees and activation charges for each account: 1. R-ACE Account activation charges Rs.299/-. Minimum margin of Rs.5000/- required. 2. R-ACE Lite Account activation charges Rs.499/-. Minimum margin of Rs.5000/- required.
3. R-ACE Pro Account activation charges Rs.999/-. Minimum margin of Rs.10,000/- required.
6.RELIANCE MONEY
TYPES OF ACCOUNTS 1. Insta Trade 2. Fast Trade 3. Easytrade
Reliance Money Brokerage and fees:
DP Fee Head Charges Annual Services Charges - For Individuals / HUFs / Trust Annual Services Charges - For NRIs / Foreign Nationals, Corporates / Others Transaction Charges - SELL (Market & Off Market) Rs. 25/For instructions given in physical form. Transaction Charges - SELL (Market & Off Market) For instructions received through Internet/ online trading through Reliance Securities Ltd. Rs. 12/Rs. 50/Rs. 1000/-
7.ANGEL TRADE
TYPES OF ACCOUNTS 1. Angel investor 2. Angel Trade 3. Angel Diet 4. Angel Anywhere
Brokerage and fees: 1. Account opening fees: Stock trading account - Rs 575/Demat account - Rs 200/Commodity trading - Rs 625/2. Brokerage: For trade up to the range of Rs 1 - 3 Crore: Cash Based: 0.50% Day trading: 0.05% Derivatives: 0.05% For trade more than Rs 3 Crore, brokerage is about 0.03%.
8.GEOJIT BNP PARIBAS
1. Gold Platform 2. Platinum Platform
Brokerage and Account opening fees: Account opening fees: Rs 600/- one time non refundable Brokerage: 1. For delivery based trading, Geojit brokerage is from 0.10% to 0.30%. 2. For Intra-day trading, Geojit brokerage is 0.01% to 0.03%. 3. For F&O trading, Geojit brokerage is Rs 30 to Rs 75 per lot.
COMPANY PROFILE:
VISION OF THE COMPANY: “To empower the investor with quality advice and superior service to help them take better decisions. We believe that ICICI SECURITIES’ growth depends on client satisfaction”
MISSION OF THE COMPANY: ¾ Continuous up gradation with changing technology while maintaining human values. ¾ Respond to progressive globalization and achieving international standard. ¾ Efficiency and effectiveness built on ethical practices. ¾ To provide the best customer service and product innovation tuned to diverse needs of clientele.
OBJECTIVES OF THE COMPANY: ¾ To enable its clients to do a paperless on line transactions and investments services. ¾ To enable its clients to maximize their returns and plan for their future. ¾ To retain its position in the market in terms of services, turnover, expansion and joint ventures.
QUALITY POLICY OF THE COMPANY:
¾ Establishing and maintaining a quality management system in the Bank, based on international quality standards ¾ Continually reviewing our products and services, feedback from employees (internal customers) and our customers to ensure that there is continual improvement ¾ Offering our clients excellent service, innovative products and value-added banking while developing with them a mutually beneficial association
¾ Demonstrating vision, professionalism transparency and integrity in the conduct of our business and service ¾ Achieving disciplined growth and reasonable profitability while operating on a sound financial base ¾ Creating value for our shareholder ¾ Encouraging, motivating and developing our human resources our most valuable asset and the cornerstone of the Bank ¾ Working towards the successful implementation of government objectives applicable to us.
ORGANIZATION STRUCTURE OF ICICI SECUTRITES
ROLES AND RESPONSIBILITIES
CHIEF EXECUTIVE OFFICER: Duty of the CEO is to direct the partners and to frame the policies of the organization. The CEO communicates with managing director and regional heads once in a month over conference call.CEO’s
responsibility is to check whether the organization is moving in the right direction as per the policies framed. Also to check the annual turnover of the company. MANAGING DIRECTOR: MD ensures whether the all categories of managers of ICICI SECURITIES are strictly adhered to the policies framed by the CEO. MD communicates with regional heads once in fortnight over phone. Responsibility of the MD is to come up with innovative strategies competing with the other competitors in the market. EXECUTIVE DIRECTOR: Executive Director’s responsibility is to ensure that the ICICI SECURITIES’ associates are following the process implemented by the top authorities and to check the performances of every individual and decides the promotion of an individual. HEAD OF PRODUCTION AND DISTRIBUTION: The level of contribution in terms of business by every region is reviewed by the head and feedbacks are circulated across the regions.
RETAIL HEAD: Any new contest for the month is decided by the head of production. Asset allocation is also decided by the retail head. Retail head communicates with the entire regional managers once in a week to give the report to top authorities. REGIONAL HEAD: Regional heads are the key persons for the business generated for ICICI SECURITIES. Every manager is allocated with different region to ensure that business is generated effectively and efficiently. Regional heads communicates with the team once in a week via conference call with cluster managers and in form of conference meetings once in a month.
CLUSTER HEAD: Cluster manager’s major responsibility is to check whether the process implemented inside the organization is followed by the branch managers, senior relationship managers and relationship managers. Cluster manager communicates with the entire team twice in a week through conference call and by visiting personally to the branches since they are mapped with 7 to 8 branches under them. Cluster manager reports regional head once in a fortnight about the performance of every branch and every individual. BRANCH MANAGER: Centre head’s role is to guide the Srm’s and Rm’s in all parameters. Branch managers work on target basis and communicates with their cluster heads simultaneously. Majorly concentrating in revenue generating by implementing different strategies. Also counseling their
team on everyday basis before the day starts. Providing training of all the products once in a week to ensure the product knowledge continuity. SRM’s & RM’s: The major key players for the branch head and cluster head in terms of all aspects. Role is to meet the clients and educate them on products they deal with and to convince the clients to stick on with ICICI SECURITIES. Product selling is the major task for all the SRM’s & RM’s on target basis. Daily reports are submitted to their branch managers at the end of the day.
ABOUT ICICI SECURITIES ICICI Securities, Ltd. operates as an investment banking company in India. It offers corporate finance services, including advisory services related to joint ventures, mergers, acquisitions, divestitures, spin-offs, and leveraged buyouts; equity capital markets services, such as initial public offerings, rights offerings, convertible offerings, and private placement and international offerings for unlisted and listed entities; private equity/venture capital services; and infrastructure advisory services. The company also provides services related to fixed income
and money markets, which include designing instruments, pricing, structuring, documentation, and placing the issue with institutional investors; debt trading, including corporate bond trading and derivatives trading; and debt research services. In addition, ICICI Securities provides research, sale, and trading services related to equities markets. Further, the company deals in securities markets transactions in the United States, as well as provide research and investment advice to the U.S. investors. Additionally, it offers corporate advisory services in the United Kingdom and Singapore. The company is based in Mumbai, India. ICICI Securities, Ltd. operates as a subsidiary of ICICI Bank Limited.
Present Scenario: ICICI Bank has its equity shares listed in India on Bombay Stock Exchange and the National Stock Exchange of India Limited. Overseas, its American Depositary Receipts (ADRs) are listed on the New York Stock Exchange (NYSE). As of December 31, 2008, ICICI is India's second-largest bank, boasting an asset value of Rs. 3,744.10 billion and profit after tax Rs. 30.14 billion, for the nine months, that ended on December 31, 2008. ICICIdirect recently launched the concept of 'financial superstores' across the country. These stores offer a variety of financial products and services under one roof. It is a one-stop shop that facilitates existing and potential customers to be able to talk to us and help us understand their financial plans and goals.
To enable our customers to maximize their returns and plan for their future, ICICIdirect has also started financial planning services at these stores. Customized financial plans can be created for our customers by dedicated Relationship Managers who will understand the customer's requirements and future goals. Based on this information, the Relationship Manager works on creating a comprehensive and easy-to-read financial plan. This will enable ICICIdirect to move from just a transactional based relationship to a meaningful and value-added long-term relationship with our customers. As customer's requirements and goals continue to evolve, so will ICICIdirect's services and offerings.
Customers can walk-in to our financial superstores for products like ICICIdirect 3-in-1 online trading account, equities, mutual funds, IPO, Life and General insurance, Home loans, personal loans and other financial products. The stores also conduct periodic training sessions on markets and demo sessions of our website. The primary objective of ICICIdirect.com is to empower the individual to take complete control of his investments and offer the entire basket of investment options by giving him a democratic medium of investment with a seamless structure that integrates his bank account; his demat account and the trading account. It is also meant to allow the investor to imbibe self-discipline and take control of the investments made by him. ICICIdirect.com offers a convenient and easy to use platform to invest in equity and various other products. Buying and selling shares are just a click away. Our powerful 3-in-1 concept enables our customers to tie in their savings bank, demat and brokerage accounts electronically and seamlessly.high-volume traders, derivatives trading etc. ICICIdirect.com is one of the first companies to offer seamless access to US markets by tying up with a leading US based broker. This service enables Indian customers to invest upto $200,000 in US stocks and options. All this can be done through the customer's existing ICICIdirect.com brokerage login id. ICICIdirect.com brings the same convenience while investing in almost all prominent Mutual funds. One can invest in any of the leading Mutual Funds without the hassles of filling application forms or any other paperwork. There is no need for any signatures or proof of identity for investing. Once a request is placed for investing in a particular fund, there are no manual processes involved. Bank funds are automatically debited or credited while simultaneously crediting or debiting the unit holdings.
ICICIdirect.com uses the most advanced commercially available 128-bit encryption technology enabled Secure Socket Layer (SSL), to ensure that the information transmitted between the client and ICICIdirect.com across the Internet is safe and cannot be accessed by any third party. SSL has been universally accepted on the World Wide Web for authenticated and encrypted communication between clients and servers.
ICICIdirect.com is the first broker in India to introduce `Digitally Signed Contract Note' to its customers. At present, apart from trading in Equity Cash and derivatives segments, we offer • • • • Equity / IPOs Mutual Funds / NFOs Insurance - General & Life ICICI Securities is a SEBI registered Category I Merchant Banker and a pioneer of numerous innovative practices in Indian Investment banking space. It takes immense pride for having played an instrumental role of facilitating explosive growth of the Indian economy • For the year ended March 31, 2010, ICICI Securities Ltd handled 15 issues and raised INR 383.3 Billion covering 73.4% of the total fund raising activity in FY10 and leading the merchant banking league table. • The Corporate Finance/Investment Banking practice offers Equity Capital Market and Advisory services in India and overseas to a wide variety of clients including corporations, financial institutions, financial sponsors and government.
•
Equity Capital Market practice comprises IPO, Rights, Convertible Offerings, Qualified Institutional Placement (QIP), Private Placement and International offerings. Advisory services comprise Mergers and Acquisitions (M&A), Private Equity, Infrastructure Advisory, Corporate Restructuring and Joint Ventures.
•
ICICI Securities has established its dominance in ECM and Advisory spaces. It has offered superior services across-the-spectrum corporate finance activities in sectors as diverse as Infrastructure, IT, Media, Telecom, Pharma, Banking etc.
•
Our team comprises professionals with expertise across various industries. Our unique understanding of the corporate sector and a profound relationship with all relevant stakeholders makes us the ideal advisor to consistently offer quality advice and service to our clients in identifying and successfully executing transactions. The entire team of investment banking works in unison with a single goal of `facilitating clients' success'.
BROKERAGE: Some stock trading companies charge direct percentage while others charge a fixed amount per Rs 100. ICICI DIRECT charges 0.55% for delivery trading and 0.05% for intra day ICICI DIRECT’S equity related services include trade execution on BSE, NSE, Derivatives, commodities, depository services, online trading and investment advice. Trading is available in BSE and NSE. Along with ICICIDIRECT.com website, ICICI DIRECT has around 715 offices (branches) in 234 cities around the country.
MARKET COVERAGE:
Ground Network – Largest in India
• • • • • 122 Franchisees and 28 branches Covers 234 cities in 23 states across India Trade execution facility on BSE and NSE for Cash as well as Derivatives Depository/Demat account services Personalized ICICI DIRECT research advice
• Uniform service standards
FUTURE PLAN:
ICICI DIRECT is all set to launch each branch in five kilometer radius in the next financial year and
promises to continue delivering on time excellent service to their customers.
BENEFITS OF ICICI DIRECT: 1. Online trading is very user friendly and one doesn't need any software to access. 2. They provide good quality of services like daily SMS alerts, mail alerts, stock recommendations etc. 3. ICICI DIRECT has ability to transfer funds from most banks. Unlike Sharekhan, HDFC Sec, etc., so investor not really needs to open an account with a particular bank as it can establish link with most modern banks.
4. Encourages paperless transactions to all the clients.
PRODUCT PROFILE
1. EQUITY : Trading in shares : ICICIdirect.com offers you various options while trading in shares. Cash Trading : This is a delivery based trading system, which is generally done with the intention of taking delivery of shares or monies. Margin Trading : You can also do an intra-settlement trading upto 3 to 4 times your available funds, wherein you take long buy/ short sell positions in stocks with the intention of squaring off the position within the same day settlement cycle. MarginPLUS Trading : Through MarginPLUS you can do an intra-settlement trading upto 25 times your available funds, wherein you take long buy/ short sell positions in stocks with the intention of squaring off the position within the same day settlement cycle. MarginPLUS will give a much higher leverage in your account against your limits. Spot Trading : This facility can be used only for selling your demat stocks which are already existing in your demat account. When you are looking at an immediate liquidity option, 'Cash on Spot' may work the best for you, On selling shares through "cash on spot", money is credited to your bank a/c the same evening & not on the exchange payout date. This money can then be withdrawn from any of the ICICIBank ATMs. BTST : Buy Today Sell Tomorrow (BTST) is a facility that allows you to sell shares even on 1st and 2nd day after the buy order date, without you having to wait for the receipt of shares into your demat account.
CallNTrade® : CallNTrade® allows you to call on a local number in your city & trade on the telephone through our Customer Service Executives. This facility is currently available in over 11 major states across India. Trading on NSE/BSE : Through ICICIdirect.com, you can trade on NSE as well as BSE. Market Order : You could trade by placing market orders during market hours that allows you to trade at the best obtainable price in the market at the time of execution of the order. Limit Order : Allows you to place a buy/sell order at a price defined by you. The execution can happen at a price more favorable than the price, which is defined by you, limit orders can be placed by you during holidays & non market hours too.
2. DERIVATIVES : FUTURES Through ICICIdirect.com, you can now trade in index and stock futures on the NSE. In futures trading, you take buy/sell positions in index or stock(s) contracts having a longer contract period of up to 3 months. Trading in FUTURES is simple! If, during the course of the contract life, the price moves in your favour (i.e. rises in case you have a buy position or falls in case you have a sell position), you make a profit. Presently only selected stocks, which meet the criteria on liquidity and volume, have been enabled for futures trading.
OPTIONS An option is a contract, which gives the buyer the right to buy or sell shares at a specific price, on or before a specific date. For this, the buyer has to pay to the seller some money, which is called premium. There is no obligation on the buyer to complete the transaction if the price is not favorable to him.
To take the buy/sell position on index/stock options, you have to place certain % of order value as margin. With options trading, you can leverage on your trading limit by taking buy/sell positions much more than what you could have taken in cash segment. The Buyer of a Call Option has the Right but not the Obligation to Purchase the Underlying Asset at the specified strike price by paying a premium whereas the Seller of the Call has the obligation of selling the Underlying Asset at the specified Strike price. 3.GENERAL INSURANCE [LOMBARD]: General Insurance products cover Health, Home, Motor and Travel, and help protect your financial health unforeseen events strike close to home. ICICI Lombard is the leading private general insurance company and has one of the best products. Our partnership with ICICI Lombard enables us to bring to you the entire range of insurance offerings for your personal and professional needs, with minimal paperwork and at the comfort of your home or office. Select products can be entirely bought online on ICICIdirect.com with instant policy issuance. Health Insurance (popularly known as Mediclaim) offers protection in case of unexpected medical emergencies. In case of a sudden illness or accident, the health insurance policy takes care of the hospitalization, medical and other cost incurred.
Overseas Travel Insurance covers unexpected and emergency medical expenses incurred when a person is in overseas. In addition to the medical cover, there are non-medical covers like baggage loss / delay, trip cancellation / interruption / delay, passport loss, personal accident cover and financial emergency.
• • •
Pay on a per day basis for your overses travel. Choose from a wide range of product. No medical check-up upto 70 years, cashless hospitalization available worldwide.
Motor Insurance A comprehensive package for your two-wheelers and four-wheelers, securing them against damage caused by natural and man-made calamities.
•
Access to over 2700 network garages across the country for cashless claims across India.
•
Transfer your full benefits of No Claim Bonus when you shift your motor insurance policy from any another company to ICICI Lombard *
•
Get EMI facility through credit card without any interest.
Home Insurance Our Home Insurance policy secures the structure as well as the contents of your home against natural and man-made disasters. Secure your most prized possession against terrorist activities by opting for a Terrorism Cover. NRI Section Buy Health Insurance to secure your family's health in India. Buy online and pay premiums with your ICICI Bank Credit Card at EMI without any extra charges. Parent's Health A comprehensive health plan that takes care of your family's hospitalization expenses with additional features like airfare reimbursement to visit dependents (in specific cases) and nursing care benefits for the insured.
5. LOANS HOME LOAN The No. 1 Home Loans Provider in the country, ICICI Bank Home Loans offers some unbeatable benefits to its customers- Doorstep Service, Simplified Documentation and Guidance throughout the Process. It's really easy! CAR LOAN
ICICI Bank is the most preferred financer for car loans in the country with a network of more than 1000 channel partners in over 200 locations. Tie-ups with all leading automobile manufacturers to ensure the best deals. Flexible schemes & quick processing. Hassle-free application process on the click of a mouse. LOAN AGAINST SECURITIES
Loans Against Securities is an overdraft facility from ICICI Bank, given by way of a current account against pledge of securities that you hold. Not only do you get to hold on to your securities, but you are also able to generate funds without selling your hard-earned assets.
6.FIXED DEPOSITS At ICICIdirect Investment Account we offer you a wide variety of fixed income products like fixed deposits, bonds and non convertible debentures (NCD). We offer a range of Fixed Deposits with Non-banking Financial Companies(NBFCs) and the Government of India, ranging in maturity from 12 months to 84 months, to suit various
investment horizons. The deposit schemes have been specially chosen from high-safety options to ensure that you enjoy the twin benefits of returns and protection. Extra for Sr. Fixed Deposits No. Citizen DHFL (Dewan Housing Finance) FD 1 Yr 2 Yr 3 Yr 4 Yr 5 Yr 7 Yr Senior Option Online
1
9.00% 9.10% 9.25% 9.00% 9.00% 9.00%
0.25%
-
2 ICICI Home Finance FD 3 Tata Motors FD 4 Mahindra Finance FD 5 LIC Home Finance FD 6 Shriram Transport Finance FD 7 HDFC Ltd. FD
7.00% 7.35% 7.70% 7.70% 8.25% 8.25% 8.00% 8.75% 8.00% -
0.25% 0.25% 0.25% 0.10% 0.25%
Buy Online Buy Online Buy Online Buy Online
8.00% 8.50% 9.00% 6.75% 7.25% 7.50%
8.00% 8.50% 9.00% 9.00% 9.00%
7.00% 7.25% 7.60% 7.60% 8.25% 8.25%
Note : Interest Rate are as on March 26, 2010.
7. e LOCKER ICICIdirect.com helps you to manage your documents efficiently:
Documents have always been crucial to your world - legal papers, banking documents like statements, cheques etc.; investment documents like NSC, KVP, GoI Bonds etc.; property documents, election cards, ration cards, PAN Cards, driving license, health records etc. It can be a harrowing experience if you misplace or lose an important document from storage. While bank lockers provide a feasible solution, access to your locker is not as easy Key Benefits:
• • •
as
needed,
at
times.
• •
Secure and Accessible - Your eLocker ensures that your documents are secure and accessible only via a secure login. Anywhere, anytime access - Your eLocker is available to you from anywhere, via an Internet connection Durability and Longevity - Your precious documents are prone to wear and tear in the long run, if physically stored. Your eLocker lets you store your documents online, which ensures durability of the documents No storage Hassles - Since your documents are stored in a digital format, you can stop worrying about storage costs and space constraints. This service will be launched soon.
8.LIFE INSURANCE [PRUDENTIAL] ICICI DIRECT’s core product is Life Insurance. As Prudential has multi number of industry with a wide range of flexible products that meet the needs of the Indian customer at every step in life. With a growing product range to match the complex needs of the demanding customers in a growing economy, the organization also has a history of successful.
During 2007-08, the organization's focus on rural business has proved its complex project execution capability and strong partnerships for customer servicing. In June, 2009 ICICI Prudential Life Insurance has decided to snap its tie up with TTK Healthcare to settle insurance claims of its users.
MARKETING MIX
PRODUCT ¾ The core product of ICICI Direct is Equity. ¾ The expected product is Equities plus some other investment plans for short period of time. ¾ The augmented product is what ICICI Direct famous for. Apart from their core product they also deal with loans,bonds,debuntures, mutual funds etc. ¾ The potential products are investment plans with tax benefits and promising service to their clients on time. PRICE ¾ Price in terms of brokerage plans based on the volume of trading for retailers and corporates. ¾ Once in quarter the brokerage plans are revised by the ICICI Securities. PROMOTION ¾ Promotional activities for few tax saving products are done through media during main events happening. ¾ Associates from ICICI Direct advertise through word of mouth. ¾ Mails too are sent to the existing clients for sustaining a rapport by announcing discounts for their loyalty with ICICI Direct.
PLACE ¾ At present there are 18 branches located in Chennai and have spreaded with 45 branches across TN. ¾ Chennai is partly divided into two clusters namely Chennai-1 and Chennai-2 with 8 and 10 branches respectively. ¾ ICICI Directs’ motto is to open new branches every five kilometers in near future.
PEOPLE ¾ As employees working in the service organization, they are the contact people with the customers. Every branch is filled with 7-11 employees well groomed to handle the clients in an affective and efficient way.
PHYSICAL EVIDENCE ¾ As there is more number of walk ins at the branches the neighborhood people tend to visit ICICI Direct branches for their financial queries. PROCESS ¾ The process followed in the organization gives a wider openings and scope for every individual at ICICI Direct. Clients have given excellent feedback for sustaining top quality and quick process followed by ICICI Direct.
FINANCIAL PERFORMANCE FINANCIAL YEAR 2007-2008 2008-2009 2009-2010 2010-2011 PROFITS (Rs. In Millions) 1556.30 2721.24 4012.32 is expected to grow more
THEORIES RELATED TO THE STUDY DEFINITION OF EMPLOYEE JOB SATISFACTION: Employee Job satisfaction is the terminology used to describe whether employees are happy and contented and fulfilling their desires and needs at work. Many measures purport that employee satisfaction is a factor in employee motivation, employee goal achievement, and positive employee morale in the workplace. Employee satisfaction, while generally a positive in your organization, can also be a downer if mediocre employees stay because they are satisfied with your work environment.
HISTORY One of the biggest preludes to the study of job satisfaction was the Hawthorne studies. These studies (1924-1933), primarily credited to Elton Mayo of the Harvard Business School, sought to find the effects of various conditions (most notably illumination) on workers’ productivity. These studies ultimately showed that novel changes in work conditions temporarily increase productivity (called the Hawthorne Effect). It was later found that this increase resulted, not from the new conditions, but from the knowledge of being observed. This finding provided strong evidence that people work for purposes other than pay, which paved the way for researchers to investigate other factors in job satisfaction. Scientific management (aka Taylorism) also had a significant impact on the study of job satisfaction. Frederick Winslow Taylor’s 1911 book, Principles of Scientific Management, argued that there was a single best way to perform any given work task. This book contributed to a change in industrial production philosophies, causing a shift from skilled labor and piecework towards the more modern approach of assembly lines and hourly wages. The initial use of scientific management by industries greatly increased productivity because workers were forced to work at a faster pace.
However, workers became exhausted and dissatisfied, thus leaving researchers with new questions to answer regarding job satisfaction. It should also be noted that the work of W.L. Bryan, Walter Dill Scott, and Hugo Munsterberg set the tone for Taylor’s work. Some argue that Maslow’s hierarchy of needs theory, a motivation theory, laid the foundation for job satisfaction theory. This theory explains that people seek to satisfy five specific needs in life – physiological needs, safety needs, social needs, self-esteem needs, and
self-actualization. This model served as a good basis from which early researchers could develop job satisfaction theories.
MODELS OF JOB SATISFACTION:
1. Affect Theory Edwin A. Locke’s Range of Affect Theory (1976) is arguably the most famous job satisfaction model. The main premise of this theory is that satisfaction is determined by a discrepancy between what one wants in a job and what one has in a job. Further, the theory states that how much one values a given facet of work (e.g. the degree of autonomy in a position) moderates how satisfied/dissatisfied one becomes when expectations are/aren’t met. When a person values a particular facet of a job, his satisfaction is more greatly impacted both positively (when expectations are met) and negatively (when expectations are not met), compared to one who doesn’t value that facet. To illustrate, if Employee A values autonomy in the workplace and Employee B is indifferent about autonomy, then Employee A would be more satisfied in a position that offers a high degree of autonomy and less satisfied in a position with little or no autonomy compared to Employee B. This theory also states that too much of a particular facet will produce stronger feelings of dissatisfaction the more a worker values that facet.
2.Dispositional Theory Another well-known job satisfaction theory is the Dispositional Theory It is a very general theory that suggests that people have innate dispositions that cause them to have tendencies toward a certain level of satisfaction, regardless of one’s job. This approach became a notable explanation of job satisfaction in light of evidence that job satisfaction tends to be stable over time and across careers and jobs. Research also indicates that identical twins have similar levels of job satisfaction. A significant model that narrowed the scope of the Dispositional Theory was the Core Self-evaluations Model, proposed by Timothy A. Judge in 1998. Judge argued that there are four Core Self-evaluations that determine one’s disposition towards job satisfaction: self-esteem, general self-efficacy, locus of control, and neuroticism. This model states that higher levels of self-esteem (the value one places on his/her self) and general self-efficacy (the belief in one’s own competence) lead to higher work satisfaction. Having an internal locus of control (believing one has control over her\his own life, as opposed to outside forces having control) leads to higher job satisfaction. Finally, lower levels of neuroticism lead to higher job satisfaction
3.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. An employee’s motivation to work is continually related to job satisfaction of a
subordinate. Motivation can be seen as an inner force that drives individuals to attain personal and organization goals (Hoskinson, Porter, & Wrench, p.133). 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 Motivators
4.Job Characteristics Model Hackman & Oldham proposed the Job Characteristics Model, which is widely used as a framework to study how particular job characteristics impact on job outcomes, including job satisfaction. The model states that there are five core job characteristics (skill variety, task identity, task significance, autonomy, and feedback) which impact three critical psychological states (experienced meaningfulness, experienced responsibility for outcomes, and knowledge of the actual results), in turn influencing work outcomes (job satisfaction, absenteeism, work motivation, etc.)
5.Communication Overload and Communication Underload One of the most important aspects of an individual’s work in a modern organization concerns the management of communication demands that he or she encounters on the job (Krayer, K. J., & Westbrook, L., p. 85). Demands can be characterized as a communication load, which refers to “the rate and complexity of communication inputs an individual must process in a particular time frame (Faraca, Monge, & Russel, 1977).” Individuals in an organization can experience communication over-load and communication under- load which can affect their level of job satisfaction. Communication overload can occur when “an individual receives too many messages in a short period of time which can result in unprocessed information or when an individual faces
more complex messages that are more difficult to process (Farace, Monge, & Russel, 1997).” Due to this process, “given an individual’s style of work and motivation to complete a task, when more inputs exist than outputs, the individual perceives a condition of overload (Krayer, K. J., & Westbrook, L., p. 86) which can be positively or negatively related to job satisfaction. In comparison, communication under load can occur when messages or inputs are sent below the individual’s ability to process them (Farace, Monge, & Russel, 1997).” According to the ideas of communication over-load and under-load, if an individual does not receive enough input on the job or is unsuccessful in processing these inputs, the individual is more likely to become dissatisfied, aggravated, and unhappy with their work which leads to a low level of job satisfaction.
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).
Superior-Subordinate Communication Superior-subordinate communication is an important influence on job satisfaction in the workplace. The way in which subordinate’s perceive a supervisor’s behavior can positively or negatively influence job satisfaction. Communication behavior such as facial expression, eye contact, vocal expression, and body movement is crucial to the superior-subordinate relationship (Teven, p. 156). Nonverbal messages play a central role in interpersonal interactions with respect to impression formation, deception, attraction, social influence, and emotional expression (Burgoon, Buller, & Woodall, 1996). Nonverbal immediacy from the supervisor helps to increase interpersonal involvement with their subordinates impacting job satisfaction. The manner in which supervisors communicate their subordinates may be more important than the verbal content (Teven, p. 156). Individuals who dislike and think negatively about their supervisor are less willing to communicate or have motivation to work where as individuals who like and think positively of their supervisor are more likely to communicate and are satisfied with their job and work environment. The relationship of a subordinate with their supervisor is a very important aspect in the workplace. Therefore, a supervisor who uses nonverbal immediacy, friendliness, and open communication lines is more willing to receive positive feedback and high job satisfaction from a subordinate where as a supervisor who is antisocial, unfriendly, and unwilling to communicate will naturally receive negative feedback and very low job satisfaction from their subordinate’s in the workplace.. Motions == Mood and emotions while working are the raw materials which cumulate to form the affective element of job satisfaction. (Weiss and Cropanzano, 1996).Moods tend to be longer lasting but often weaker states
of uncertain origin, while emotions are often more intense, short-lived and have a clear object or cause. There is some evidence in the literature that state moods are related to overall job satisfaction.
Positive and negative emotions were also found to be significantly related to overall job satisfaction Frequency of experiencing net positive emotion will be a better predictor of overall job satisfaction than will intensity of positive emotion when it is experienced.
Emotion regulation and emotion labor are also related to job satisfaction. Emotion work (or emotion management) refers to various efforts to manage emotional states and displays. Emotion regulation includes all of the conscious and unconscious efforts to increase, maintain, or decrease one or more components of an emotion. Although early studies of the consequences of emotional labor emphasized its harmful effects on workers, studies of workers in a variety of occupations suggest that the consequences of emotional labor are not uniformly negative.It was found that suppression of unpleasant emotions decreases job satisfaction and the amplification of pleasant emotions increases job satisfaction. The understanding of how emotion regulation relates to job satisfaction concerns two models: 1. emotional dissonance. Emotional dissonance is a state of discrepancy between public displays of emotions and internal experiences of emotions that often follows the process of emotion regulation. Emotional dissonance is associated with high emotional exhaustion, low organizational commitment, and low job satisfaction. 2. Social interaction model. Taking the social interaction perspective, workers’ emotion regulation might beget responses from others during interpersonal encounters that subsequently impact their own job satisfaction. For example: The accumulation of favorable responses to displays of pleasant emotions might positively affect job satisfaction performance of emotional labor that produces desired outcomes could increase job satisfaction.
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 no work satisfaction and core self-evaluations are taken into accountAn important finding for organizations to note is that job satisfaction has a rather tenuous correlation to productivity on the job. This is a vital piece of information to researchers and businesses, as the idea that satisfaction and job performance are directly related to one another is often cited in the media and in some non-academic management literature. A recent meta-analysis found an average uncorrected correlation between job satisfaction and productivity to be r=.18; the average true correlation, corrected for research artifacts and unreliability, was r=.30.Further, the meta-analysis found that the relationship between satisfaction and performance can be moderated by job complexity, such that for high-complexity jobs the correlation between satisfaction and performance is higher (?=.52) than for jobs of low to moderate complexity (?=.29). In short, the relationship of satisfaction to productivity is not necessarily straightforward and can be influenced by a number of other workrelated constructs, and the notion that "a happy worker is a productive worker" should not be the foundation of organizational decision-making.
RESEARCH METHODOLOGY
RESEARCH METHODOLOGY Research methodology is a way to systematically solve the research problem. It is a science of studying how research is done scientifically. The research cannot be preceded abruptly. The researchers also need to understand the assumptions underlying various technique and they need to know the criteria by which they can decide that certain techniques and procedures will be applicable to certain problems and others will not. The research methodology adopted for the present study has been systematic and was done in accordance to the objectives set, which has been discussed in the earlier pages.
RESEARCH DESIGN: The research design taken for the study is Descriptive study, which is concerned with describing the characteristics of a particular individual or of a group.
DESCRIPTIVE RESEARCH: Descriptive research includes surveys and fact-finding enquiries of different kinds. The major purpose of descriptive research is description of the state of affairs as it exists at present .The main characteristics of this method is that researcher has no control over the variables; he can only report what has happened or what is happening. The methods of research utilized in Descriptive research are survey method of all kinds, including comparative and correlation methods.
SOURCES OF DATA: Data refers to information or facts. The main sources of data for the present study are, A) Primary Data: Primary data consist of original information collected for specific purpose. This project relied on the response of the Investors. Structured undisguised questionnaire was used to collect the Primary data.
B) Secondary Data
Secondary data marks the beginning of the research process. Information gathered from both internal and
external sources. Secondary data is required to analyze the primary data. Secondary data gathered through journals, books and websites. SAMPLING PLAN:
PopulationPopulation or Universe can be defined as the complete set of items, which are of interest in any particular situation .In case of population data is collected from each and every unit. Sampling UnitThis answers who is to be surveyed. The researcher must define target population that will be sampled; once this is determined a sampling frame is developed so that everyone in the target population has an
equal Sample-
chance
of
being
selected.
Sample denotes the entire part of the universe, which is studied and conclusions are drawn on this basis for the entire universe.
Sample sizeSize of the sample means the number of sampling units selected from the population for investigation. It answers “how many people should be surveyed.” Here the sample size is fixed as 150 by using the formula as given below...
DETERMINATION OF SAMPLE SIZE N=z2*p*q E2
• Are you planning to Invest in the Stock market for the next One year ( yes , no )
P= No of yes = 23/25 Q=No of no = 2/25 E=1.96 Applying the above formula the sample size arrived is 113. Approximately it is taken to 150.
Data collection procedure: Primary data was collected using the Questionnaire A survey was done by the researcher by meeting the respondents in their respective places. The respondent’s response to each question was carefully noted in the Questionnaire. Their responses and suggestions were carefully observed and registered.
Tools used for Data Collection:
QUESTIONNAIRE DEVELOPMENT The main tool used for the purpose of study has been a well-constructed Questionnaire .Questionnaire is Short and Simple, Personal and intimate questions are showed at the end. The forms of questions contained in this questionnaire are as follows: • Multiple choice questions i.e. alternative answers presented. Example-‘IS TRAINING PROVIDED SUFFICIENT-How far you agree with the statement? a) Strongly agree c) Disagree b) Agree d) strongly disagree
e) Neither agrees nor disagrees • Open-ended i.e. inviting free responses. ExampleSuggestions if any, ____________________________
___________________________________________
METHODOLOGY Research design Sample Size Sampling procedure : Descriptive : 150 : Convenient sampling
Wording and sequencing of the questions: Once the type of question was decided upon effort was taken to word them approximately, so that they have clarity in the meaning and are easily understandable by the respondents. Care was taken to avoid leading and loaded questions. It was also ensured, that the questions are in proper sequence.
DETERMINATION OF SAMPLE SIZE:
The sample size for the project is 150 from the total population 300.
SAMPLE JUSTIFICATION:
Sample was chosen 150 numbers due to time restriction and was not allowed to visit any other branches
except Chennai cluster. PILOT STUDY: Pilot study was conducted to find out the feasibility of the questionnaire. Based on the necessity of information the questionnaire was prepared and questionnaire was given to 25 employees. Based on the response the questionnaire was modified and finalized for the survey. FIELD SURVEY: ¾ Field survey was done for couple of days. ¾ The number of employees surveyed was 150.
SAMPLE DESIGN: Sample Design is method of selecting the samples. It consists of two types. They are
a) Random Sampling
By which, each and every member of the population or universe has an equal chance or probability of being included in the sample.
b) Non-Probability Sampling
In which the sample subject is chosen on the basis of the individual’s ability to provide the type of special
information needed by the researcher.
c) Judgmental Sample
A Purposive Sample, non-probability sampling design in which the sample subject is chosen on the basis of the individual’s ability to provide the type of special information needed by the researcher.
STATISTICAL ANALYSIS AND INTERPRETATIONS:
The data collected was tabulated and analyzed with the help of SIMPLE PERCENTAGE ANALYSIS and
CHI-SQUARE TEST. This enabled the researcher to acquire findings and interpretations of the study and to give appropriate suggestions. The collected data was edited consolidated by using simple Percentage Analysis Method and it is presented in the form of tabular columns and charts. After the data have been collected, the researcher turns to the task of analyzing them using Percentage Method and Chi-Square Test.
The INTERPRETATIONS refer to the task of drawing inference from the collected facts an analytical and or experimental study. It is essential for the simple reason that the usefulness and utility of research findings lie in proper interpretation. STATISTICAL TOOLS USED 1) SIMPLE PERCENTAGE ANALYSIS: Percentage Analysis shows the entire Population on terms of percentages. It reveals the number of belonging in a particular category or the number of people preferring a particular thing in terms of percentage. In this study, the number of people who responded in a particular manner is interpreted in forms of percentages. Each table has been calculated on the basis of percentage. It refers to a special kind of rates, percentage are used in making comparison between two or more series of data. A percentage is used to determine relationship between the series. Percentage = No. of Respondents Total no. of Respondents X 100
2) CHI-SQUARE TEST OF INDEPENDENCE: The Chi-Square test a fairly, simple and definitely the most popular of all the other tools, the ChiSquare test is most widely used non-parametric test in Statistical work. It makes no assumption about being sampled, The Chi-Square describe the magnitude of discrepancy between theory and observation.
? =?
2 i =1
n
(Oi ? Ei )2
Ei
Uses of chi-square: a) To test independence of attributes. b) To test homogeneity, c) To test goodness of fit. Formula: (O¡ - E¡) ²/ E¡
The calculated valued of ? 2 is compared with the table value of ? 2 for a given degree of freedom at a specified value of significance. If the calculated value is more then tabulated value, the difference between theory and observation is considered to be significance. If the calculated value of ? 2 is less than the table value the difference between theory and observation is considered as insignificance.
Tools used for Data Analysis
For doing the analysis, arrange the data in a logical sequence from the raw data collected. After the tabulation of data the tools provide a scientific and mathematical solution to a complex problem. The Statistical tools used for Data analysis are: -Charts &Tables - Percentage Analysis & Chi Square test
CHARTS USED Mostly Bar Charts and Pie Charts are used for analysis to get a idea about the tabulated data.
STATISTICAL TOOL
CHI SQUARE TEST
1. A chi square test is conducted to find out the association between performance in line with roles and responsibilities and with the training provided.
Ho: there is no association between performance of employees and the training given H1: There is association between performance of employees and the training given
Chi-Square Tests
Pearson Chi-Square Continuity Correction Likelihood Ratio Fisher's Exact Test Linear-by-Linear Association N of Valid Cases
Value .439 .249 .440 df 1 1 1 Asymp. Sig. (2-sided) .507 .618 .507
.437 150
1
.509
INFERENCE: Since Pearson chi square co efficient .429 and the asymptotic significance (P) value is .507 which is greater than 0.05. Hence Ho is accepted that is there is no association between the above two given questions.
2. A chi square test is conducted to know the association satisfaction towards working hours and with the workload assigned.
Ho: there is no association between working hours of the job and the workload assigned H1: There is association between working hours of the job and the workload assigned
Chi-Square Tests
Value df Asymp. Sig. (2sided) .116
Pearson Square
Chi-
4.311
2
Likelihood Ratio Linear-by-Linear Association N of Valid Cases
5.107 3.402
2 1
.078 .065
150
a 2 cells (33.3%) have expected count less than 5. The minimum expected count is .19.
INFERENCE Since Pearson co efficient 4.311 and the asymptotic significance (P) value is .116 which is grater than .05. Hence Ho is accepted that is there is no association between the given two questions.
3. A Chi square test is conducted to know the association between the work atmosphere and the type of leadership followed inside the organization.
Ho: there is no association between working hours of the job and the workload assigned H1: There is association between working hours of the job and the workload assigned
Chi-Square Tests
Value
df
Asymp. sided) .038 .020 .484
Sig.
(2-
Pearson Chi-Square Likelihood Ratio Linear-by-Linear Association N of Valid Cases
8.452 9.832 .490
3 3 1
150
a 0 cells (.0%) have expected count less than 5. The minimum expected count is 5.60.
INFERENCE Since Pearson co efficient 8.452 and the asymptotic significance (P) value is .038 which is less than 0.05. Hence H1 is accepted that is there is association between the two given questions.
4. A Chi square test is conducted to know the association between the salary provided and about the grading slab followed
H0-There is no association between salary package and grading slab H0-There is association between salary package and grading slab
Chi-Square Tests
Value
df
Asymp. sided) .012 .011 .003
Sig.
(2-
Pearson Chi-Square Likelihood Ratio Linear-by-Linear Association
8.770 8.968 8.557
2 2 1
N of Valid Cases a.
150
1 cells (16.7%) have expected count less than 5. The minimum expected count is 2.13.
INFERENCE Since Pearson co-efficient 8.770 and the asymptotic significant (p) value is .012 which is less than 0.05.Hence H1 is accepted that is there is association between the two given questions.
5. A Chi square test is conducted to know the association between career growth inside the organization and the promotion process followed
H0-There is no association between career growth and promotion process followed by the organization H1-There is association between career growth and promotion process followed by the organization
Chi-Square Tests
Value
df
Asymp. sided) .279 .158 .439
Sig.
(2-
Pearson Chi-Square Likelihood Ratio Linear-by-Linear Association N of Valid Cases a.
7.480 9.284 .598
6 6 1
150
5 cells (41.7%) have expected count less than 5. The minimum expected count is 1.96.
INFERENCE Since Pearson co-efficient 7.480 and the asymptotic significant (p) value .279 which is greater than 0.05.Hence the H0 is accepted that is there is no association between the two given questions.
CHAPTER 4 DATA ANALYSIS AND INTERPRETATION
TABLE :1 TABLE SHOWING JOB SECURITY AT ICICI SECURITIES
JOB SECURITY Cumulative Frequency Valid HIGHLY SATISFIED SATISFIED Total 84 66 150 Percent 56.0 44.0 100.0 Valid Percent 56.0 44.0 100.0 Percent 56.0 100.0
CHART 1
INFERENCE: Out of 150 respondents 84 were highly satisfied and 66 were satisfied with the job security at ICICI SECURITIES.
TABLE:2 TABLE SHOWING THE PERFORMANCE IN LINE WITH ROLES AND RESPONSIBILITIES
PERFORMANCE IN LINE Cumulative Frequency Valid HIGHLY SATISFIED SATISFIED Total 76 74 150 Percent 50.7 49.3 100.0 Valid Percent 50.7 49.3 100.0 Percent 50.7 100.0
CHART 2
INFERENCE Out of 150 respondents 49.33% of them were satisfied and 50.67% were highly satisfied with the performance in line with their roles and responsibilities.
TABLE: 3 TABLE SHOWING THE ORGANIZATION CLIMATE
ATMOSPHERE Cumulative Frequency Valid HIGHLY SATISFIED SATISFIED Total 70 80 150 Percent 46.7 53.3 100.0 Valid Percent 46.7 53.3 100.0 Percent 46.7 100.0
CHART 3
INFERENCE It is shown that 53.33% of the respondents are satisfied with the atmosphere and the rest 46.67% are highly satisfied with the atmosphere followed inside the organization
TABLE: 4 TABLE SHOWING THE SATISFACTION LEVEL OF THE EMPLOYEES
TRAINING Cumulative Frequency Percent Valid Percent Percent
Valid
HIGHLY SATISFIED SATISFIED Total
71 79 150
47.3 52.7 100.0
47.3 52.7 100.0
47.3 100.0
CHART 4
INFERENCE: Out of 150 respondents 79 were satisfied and 71 were highly satisfied with the training provided inside the organization.
TABLE 5 TABLE SHOWING RESPONDENTS’ RELATIONSHIP WITH PEERS
RELATIONSHIP WITH PEERS Cumulative Frequency Valid YES NO Total 145 5 150 Percent 96.7 3.3 100.0 Valid Percent 96.7 3.3 100.0 Percent 96.7 100.0
CHART 5
INFERENCE Out of 150 respondents 96.7% of them are having a heakthy relationship with their peers and the rest 3.3% of them are not having a good rapport with their peers.
TABLE 6 TABLE SHOWING THE SATISFACTION LEVEL OF WORKING HOURS OF THE EMPLOYEES
WORKING HOURS Cumulative Frequency Valid SATISFIED DISSATISFIED Total 121 29 150 Percent 80.7 19.3 100.0 Valid Percent 80.7 19.3 100.0 Percent 80.7 100.0
CHART 6
INFERENCE Out of 150 respondents 121 of them are satisfied with the working hours and the rest 29 of the employees are not happy with the working hours.
TABLE 7 TABLE SHOWING THE WORKLOAD AT ICICI SECURITIES
WORKLOAD Cumulative Frequency Valid HIGHLY SATISFIED SATISFIED DISSATISFIED Total 37 112 1 150 Percent 24.7 74.7 .7 100.0 Valid Percent 24.7 74.7 .7 100.0 Percent 24.7 99.3 100.0
CHART 7
INFERENCE: Out of 150 respondents 24.7% of them are highly satisfied with the workload assigned, 74.7% of them are satisfied and the rest .7 % are dissatisfied with the workload assigned to the employees.
TABLE 8 TABLE SHOWING MANAGING STRESS ARISING FROM WORK
RELAX Cumulative Frequency Valid CUP OF TEA RELAX CHATTING WITH PEERS LISTENING TO MUSIC Total 36 48 27 39 150 Percent 24.0 32.0 18.0 26.0 100.0 Valid Percent 24.0 32.0 18.0 26.0 100.0 Percent 24.0 56.0 74.0 100.0
CHART 8
INFERENCE
Out of 150 respondents, 32%% of respondents relax for managing stress arising from work, 24% of respondents prefer a cup of tea for managing stress arising from work, 26% of respondents engage in music for managing stress arising from work, 18% of respondents engage in chatting with their peers for managing stress arising from work
TABLE 9 TABLE SHOWING LEADERSHIP TYPE FOLOEWED BY THE SUPERIORS
LEADERSHIP Cumulative Frequency Valid AUTOCRATIC DEMOCRATIC PATERNALISTIC LAISSEZ FAIRE Total 12 64 17 57 150 Percent 8.0 42.7 11.3 38.0 100.0 Valid Percent 8.0 42.7 11.3 38.0 100.0 Percent 8.0 50.7 62.0 100.0
CHART 9
INFERENCE: Out of 150 respondents 42.67% of their superiors follow democratic leadership folowed by their superiors, 38% of them feel that their superiors follow Laissez Faire leadership, 11.33% of the superiors follow Paternalistic leadership and the rest 8% of the superiors follow Autocratic lesdership.
TABLE 10 TABLE SHOWING COMMUNICATION FLOW IN THE ORGANIZATION
COMMUNICATION FLOW Cumulative Frequency Valid HIGHLY SATISFIED SATISFIED Total 83 67 150 Percent 55.3 44.7 100.0 Valid Percent 55.3 44.7 100.0 Percent 55.3 100.0
CHART 10
INFERENCE Out of 150 respondents 53.33% of the employees are highly satisfied with communication flow inside ICICI DIRECT and the rest 44.67% of them are just satisfied with the communication flow inside the organization.
TABLE 11 TABLE SHOWING RESPONDENTS’ SATISFACTION LEVEL IN TERMS OF SALARY
SALARY Cumulative Frequency Valid YES NO Total 136 14 150 Percent 90.7 9.3 100.0 Valid Percent 90.7 9.3 100.0 Percent 90.7 100.0
CHART 11
INFERENCE: Out of 150 respondents, 136 of them are very happy with the salary package provided at ICICI DIRECT and the rest 14 employees are not happy.
TABLE 12 TABLE SHOWING INCENTIVE PROVIDED AT ICICI SECURITIES
INCENTIVES Cumulative Frequency Valid HIGHLY SATISFIED SATISFIED Total 117 33 150 Percent 78.0 22.0 100.0 Valid Percent 78.0 22.0 100.0 Percent 78.0 100.0
CHART 12
INFERENCE Out of 150 respondents 78% of them are highly satisfied with the incentives provided, and 22% of them are satisfied with the incentive slab followed at ICICI DIRECT.
TABLE 13 TABLE SHOWING GRADING SLAB FOLLOWED
GRADING Cumulative Frequency Valid HIGHLY SATISFIED SATISFIED DISSATISFIED Total 54 49 47 150 Percent 36.0 32.7 31.3 100.0 Valid Percent 36.0 32.7 31.3 100.0 Percent 36.0 68.7 100.0
CHART 13
INFERENCE Out of 150 respondents, 36% of the employees are highly satisfied with the grading slab, 32.67% of them are just satisfied and the rest 31.33% of the employees are not satisfied with the grading slab followed at ICICI DIRECT.
TABLE 14 TABLE SHOWING CAREER GROWTH FOLLOWED AT ICICI SECURITIES
CAREER GROWTH Cumulative Frequency Valid HIGHLY SATISFIED SATISFIED DISSATISFIED Total 48 60 42 150 Percent 32.0 40.0 28.0 100.0 Valid Percent 32.0 40.0 28.0 100.0 Percent 32.0 72.0 100.0
CHART 14
INFERENCE Out of 150 respondents 40% of the respondents are satisfied with the career growth polocy followed at ICICI DIRECT, 32% of them are highly satisfied and the rest 28% of the respondents are not satisfied with the career growth process followed.
TABLE 15 TABLE SHOWING SUPERIOR’S CONSTANT FEEDBACK
SUPERIOR FEEDBACK Cumulative Frequency Valid YES NO Total 133 17 150 Percent 88.7 11.3 100.0 Valid Percent 88.7 11.3 100.0 Percent 88.7 100.0
CHART 15
INFERENCE: Out of 150 respondents 133 of the respondents are happy with their superiors feedback and he rest 17nrespondents are not happy with their superior feedback.
TABLE 16 TABLE SHOWING HR FOLLOW UP
HR FOLLOW UP Cumulative Frequency Valid HIGHLY SATISFIED SATISFIED DISSATISFIED Total 25 108 17 150 Percent 16.7 72.0 11.3 100.0 Valid Percent 16.7 72.0 11.3 100.0 Percent 16.7 88.7 100.0
CHART 16
INFERENCE: Out of 150 respondents 72% of the employees are satisfied with the HR follow up, 16.67% of the employees are highly satisfied, and the rest 11.33% of the respondents are not satisfied with the HR follow up.
TABLE 17 TABLE SHOWING PROMOTION POLICIES FOLOWED AT ICICI SECURITIES
PROMOTION Cumulative Frequency Valid GOOD FAIR Total 91 59 150 Percent 60.7 39.3 100.0 Valid Percent 60.7 39.3 100.0 Percent 60.7 100.0
CHART 17
INFERENCE: Out of 150 respondents 60.67% of the respondents feel that the promotion policy folowed is good and the rest 39.33% of the respondents feel fair about the promotion policy followed at ICICI DIRECT.
TABLE 18 TABLE SHOWING AMENITIES FACILITIES PROVIDED
AMENITIES Cumulative Frequency Valid STRONGLY AGREE AGREE DISAGREE Total 32 90 28 150 Percent 21.3 60.0 18.7 100.0 Valid Percent 21.3 60.0 18.7 100.0 Percent 21.3 81.3 100.0
CHART 18
INFERENCE: Out of 150 respondents 60% of the respondents agree that amenities facilities is good, 32% of the respondents feel very strong about the amenities facilities provided and the rest 18.67% of the respondents are not satisfied with the amenities failities provided.
TABLE 19 TABLE SHOWING WILL THE EMPLOYEES REFER THEIR FEIENDS TO WORK IN ICICI SECURITIES
REFER FRIEND Cumulative Frequency Valid STRONGLY AGREE AGREE DISAGREE Total 90 31 29 150 Percent 60.0 20.7 19.3 100.0 Valid Percent 60.0 20.7 19.3 100.0 Percent 60.0 80.7 100.0
CHART 19
INFERENCE: Out of 150 respondents 90 employees strongly agree that they will refer their friends to work at ICICI DIRECT, also 31 respondents will refer their friends and the rest 29 respondents will not refer their friends to work at ICICI DIRECT.
CHAPTER 5 SUMMARY AND CONCLUSION
FINDINGS
1. It was found that majority (56%) of the employees at ICICI DIRECT are highly satisfied with job security and (44%) of them are satisfied. Hence, there is no problem with job security at ICICI DIRECT. 2. It was found that (50.67%) of the employees working at ICICI DIRECT are happy enough with the performance in line with roles and responsibilities and (49.33%) of the employees are just satisfied. 3. It is understood that the majority of the employees (53.33%) are highly satisfied with the work atmosphere followed and the rest (46.67%) of the respondents feel they experience a fair work atmosphere at ICICI Securities. 4. It was found that (52.67%) of the employees are more happy with the training provided and the rest (47.33%) of the employees are just satisfied With this it as found that quality training program is the major factor for the excellent services provided by the ICICI Securities’ employees to the customers. 5. From the result it is found that 97% of the employees have a good rapport with their peers and friends inside the organization. But 3% of the employees fail to have good relationship with their peers few reasons. This had an impact on team spirit. 6. Majority of the respondents with 81% are satisfied with the office timings and the rest (19%) were dissatisfied and mentioned that they aren’t spending much time with their family.
7. Majority of (74.7%)% of the respondents are just satisfied with the work load they are assigned with, (24.7%) of the employees are highly satisfied with the workload assigned to them and the rest (1%) of the employees are not happy with the load of jobs they are assigned with 8. It was found that 32% of the employees prefer relaxing when they face work pressure,(24%) of them prefer to have a cup of tea and the rest of the respondents(26%) and (18%) considerably chose to listen to music and gossip with their peers. This actually interrupts other’s work. It was also found that few of the respondents wanted to be relax inside office and rest when they face job pressure. 9. From the study, majority of the respondents (42.67%) experience democratic type of leadership from their superiors. The rest (38%) of the employees enjoyed laissez faire and (11.33%) of the employees experience paternalistic leadership but (8%) of the employees faced autocratic leadership due to work pressure. 10. It was found that ICICI Securities follows an excellent communication process across the organization. It shows that (55.33%) of the employees are highly satisfied and the rest (44.67%) of them are just happy. As per the study none of the respondents gave a negative feed back on communication patter experienced by the employees. 11. From the study, it was found that 91% of the respondents were extremely happy with the salary package offered to the ICICI Securities employees and the rest (9%) were not satisfied since they felt that salary was less when compared to workload assigned to them.
12. From the study it was found that almost every individual working in ICICI Securities is very happy with the incentives provided. It was also found that (78%) of the employees are highly satisfied and (22%) of them are satisfied. It is said in the organization that huge incentive is equal to huge contribution from the employees in terms of target achievement.
13. The study found that (31%) of the people are not happy with the grading system followed at ICICI Securities, the rest (36%) were highly satisfied and (33%) of the employees were somewhat happy with the grading system. Grading system was the major issue faced by the ICICI HR team. 14. From the study, it was found that (32%) of the employees were very happy with the process followed for career growth of an every individual, (40%) of them were happy and the rest (28%) were highly dissatisfied. 15. It was found that the (11.3%) of the employees are not happy with the superior feedback and (88.7%) of the employees get constant feedback from their superiors and thus it motivates them to work with full interest and to do their job better in an efficient and effective way. Very few are not happy with their superiors as they experience autocratic leadership. 16. From the study it was found that (72%) of the employees at ICICI Securities were happy with the HR follow up (11.33%) of the employees were not satisfied with the HR follow up on any individual issue.
17. From the study it was found that (60.7%) of the employees feel that the promotion policy followed is fair enough and the (39.3%) of the employees feel happy with the promotion process followed inside the organization. 18. From the study it was found that (60%) of the employees agree that the amenities facility provided are good, (21.3%) of them are just satisfied and (18.7%) of the employees are not satisfied with the amenities facilities provided at ICICI DIRECT. 19. From the study it was found that (81%) of the employees are ready to refer their friend to work at ICICI DIRECT, and (19%) of the employees are not ready.
SUGGESTIONS
1.
Since almost all the employees of ICICI DIRECT are satisfied with the job security inside the organization
it has to be sustained in the future as well. 2. Though all the employees are happy enough with their performance in line with their roles and
responsibilities, organization has to follow up their employees to ensure things move on smoothly. 3. Since almost all the employees are experiencing a good work atmosphere, it is suggested to sustain in the
future too. 4. Though most of the employees are satisfied with the training provided, it is recommended to improve
further by conducting special training on monthly basis. 5. Though most of the employees are having cordial relationship with peers, it is suggested to conduct group
activities very often who are not having a good rapport with colleagues.
6.
Since few employees are not happy with the office timings it is suggested that the organization can provide
flexible work timings. 7. Though almost all the employees are quiet satisfied with the work load that they are assigned with, few
efforts has to be made to remove the dissatisfaction thought from the employees. 8. Though most of the employees manage stress by engaging in others the organization should reduce stress
in work so that it will not affect the employee.
9.
As all the employees are happy with the leadership style followed by the superiors, it is suggested to
sustain the same in future. 10. Since every individual is happy with the communication process followed inside the organization, it is
suggested to sustain the same in future too. 11. As almost all the employees are satisfied with the salary structure, grading system and the incentives
provided, it is suggested to sustain the same in the future as well. 12. As few employees are not happy with the superior feedback, it is suggested to take few efforts to avoid the
unnecessary consequences in future. 13. Though almost all the employees are happy with the HR follow up, it is recommended to improve HR
follow up on individual issues. 14. Since few of the employees are not happy with the amenities facility provided, it is suggested to take few
efforts in implementing some additional facilities.
LIMITATIONS
¾ The study has the following constraints ¾ The sample size is restricted to150 respondents due to time limit. The study is conducted considering the prevailing conditions, which are likely to change in future. ¾ Due to time and cost constraints the study was limited to Chennai 2 cluster branches only.
CONCLUSION
The study has been undertaken at “ICICI SECURITIES” on “EMPLOYEES JOB SATISFACTION”. The project was completed successfully with the help of HR Manager of M/S ICICI SECURITIES LIMITED. All the findings and recommendations for a good job satisfaction level among the employees were discussed with the HR Manager. The recommendations have been appreciated and accepted and they promised to implement the same in the near future.
BIBLIOGRAPHY
BOOKS REFERRED
y Research Methodology , By Kothari -2004 Edition-New age international Pvt Ltd. chapter- methods and techniques (page no.146-150) y Statistical Tools and Techniques, By S.P.Gupta-2007 Edition- GK publications. y J.Jayasankar - ‘Human Resources Management” Margham Publication-2004 First Edition. y S.Riasudeen – ‘Human Resources Management’ Madras University distance education -2009 Edition JOURNALS • • Marketing master mind (ICFAI)-June 2009, Indian journal of marketing, June 2009,
WEBSITES y www.wikipedia.com y www.investopedia.com y www.nseindia.com y www.bse.com y www.ICICI DIRECT.com
ANNEXURE
A STUDY ON EMPLOYEE JOB SATISFACTION AT ICICI SECURITIED
NAME:
AGE:
GENDER:
QUALIFICATION:
DESIGNATION:
QUESTIONNAIRE
1. How do you feel about your job security at ICICI SECURITIES? Highly satisfied Satisfied Dissatisfied Highly dissatisfied
2. Are you satisfied with the performance in line with your roles and responsibilities? Highly satisfied Satisfied Dissatisfied Highly dissatisfied
3. Are you satisfied with the work atmosphere followed inside the organization? Highly satisfied Satisfied Dissatisfied Highly dissatisfied
4. Are you having cordial relationship with your co workers? Yes No
5. Do you think that training provided is sufficient for you to do your role effectively? Highly satisfied Satisfied Dissatisfied Highly dissatisfied
6. How far are you satisfied with working hours of your job? Highly satisfied
Satisfied Dissatisfied Highly dissatisfied
7. Are you satisfied with the workload you are assigned with? Highly satisfied Satisfied Dissatisfied Highly dissatisfied
8. How do you relax yourself when you are under pressure? Cup of tea Relax Chatting with peers Listening to music
9. Which type of leadership is followed by your superior? Autocratic Democratic Paternalistic Laissez faire
10. How do you feel about the communication flow inside the organization? Highly satisfied Satisfied Dissatisfied Highly dissatisfied
11. Are you happy with the salary package provided to you? Yes No
12. Are you satisfied with the incentives provided by the organization? Highly satisfied Satisfied Dissatisfied Highly dissatisfied
13. How do you feel about the grading slab followed in organization? Highly satisfied Satisfied Dissatisfied Highly dissatisfied
14. Are you satisfied about the career growth followed inside the organization? Highly satisfied Satisfied Dissatisfied Highly dissatisfied
15. Do you get constant feedback from your superior to improve your performance? Yes No
16. How far are you satisfied with the follow up provided by the HR team? Highly satisfied Satisfied Dissatisfied Highly dissatisfied
17. How do you rate the promotion process followed inside the organization? Good Fair Neutral
Poor
18. Are you happy with the amenities provided by the organization? Strongly agree Agree Disagree Strongly disagree
19. Will you refer your friend to work in this organization? Strongly agree Agree Disagree Strongly disagree
20. Any areas of improvement do you feel inside the organization?
Please suggest_____________________________________________________ ________________________________________________________________.
THANK YOU FOR YOUR TIME
doc_883248493.pdf
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A STUDY ON EMPLOYEE JOB SATISFACTION AT ICICI SECURITIES PVT LTD
PROJECT REPORT Submitted to the SRM SCHOOL OF MANAGEMENT
In partial fulfillment of the requirement For the award of the degree of MASTER OF BUSINESS ADMINISTRATION
UNDER THE GUIDENCE OF Ms. R. RAMAA (ASST. PROFFESOR OF SRM SCHOOL OF MANAGEMENT) Submitted By: MANIKANDAN.K (REG 35080295) (2ND year MBA, SectionE) MAY 2010
BONAFIDE CERTIFICATE
This is to certify that the project titled “A STUDY ON EMPLOYEE JOB SATISFACTION AT ICICI SECURITIES PVT LTD” is a bonafide record of work carried out by Mr. MANIKANDAN.K during the final semester, under my guidance, in partial fulfillment of the requirements for the award of the degree of MASTER OF BUSINESS ADMINISTRATION UNDER SRM UNIVERSITY.
PROJECT GUIDE
HEAD OF DEPARTMENT
Ms. R.RAMAA
Dr. JAYSHREE SURESH
College Seal
DECLARATION
I, MANIKANDAN.K hereby declare that this project titled “A STUDY ON EMPLOYEE JOB SATISFACTION AT ICICI SECURITIES PVT LTD” submitted in partial fulfillment of the requirement for the degree of MASTER OF BUSINESS ADMINISTRATION, SRM UNIVERSITY is my original work and it has formed the basis for the award of any degree.
MANIKANDAN.K
PLACE: Chennai DATE: _______________
ACKNOWLEDGEMENT
First of all I thank the ALMIGHTY NATURE who showered me with all her blessings to accomplish this project. The successful completion of any task would be incomplete without mentioning of the people who made it possible. I take the pleasure to express my great indebtedness and deep sense of gratitude to Dr.JAYSHREE SURESH Dean, SRM SCHOOL OF MANAGEMENT for their support. My deep sense of obligation to my guide Ms. R. RAMAA, for her consistent encouragement and valuable guidance. I take this opportunity to express my deep sense of gratitude and sincere thanks to Mr. Sushanto Patro (Cluster Manager), Mr. Madhu Sivasubramaniam (Centre Manager) for providing me an opportunity to do this project. I would also like to thank Mr. Arun Kumar (HR EXECUTIVE) helping me in my project and providing me with valuable information. Lastly I would like to thank my family, my family members and all of my friends who have helped me whenever I needed, they were my true inspiration and encouragements in seeing me go through this project.
PLACE: Chennai DATE:
TABLE OF CONTENTS CHAPTER 1
o o o o Need of the study Scope of the study Objective of the study -- Primary/ Secondary Statement of the problem
INTRODUCTION
PAGE NO. 1-4
CHAPTER 2
o o o o
REVIEW OF LITERATURE
Industry Profile Company Profile Product Profile Thories Related to the Study 5-45
CHAPTER 3
o o
RESEARCH METHODOLOGY
Research Approach Sample 46-61
a) Sample Size
b) Sampling Procedure
o Instruments used a) Percentage Analysis
b) Chi Square CHAPTER 4 FORMULATION OF HYPOTHESIS, DATA ANALYSIS AND INTERPRETATION SUMMARY AND CONCLUSION
o o o o o Findings Suggestions Limitations Bibliography Annexure a)Questionnaire 82-97 62-81
CHAPTER 5
LIST OF TABLES S.NO 1 2 3 4 5 6 7 8 9 10 11 12 13 14 PARTICULARS TABLE SHOWING THE JOB SECURITY IN ICICI SECURITIES TABLE SHOWING THE PERFORMANCE IN LINE WITH ROLES AND RESPONSIBILITIES TABLE SHOWING FOLLOWED WORK ATMOSPHERE RELATIONSHIP IN PAGE NO. 63 64 65 66 67 68 69 70 71 72 73 74 75 76
TABLE SHOWING CORDIAL WITH CO WORKERS TABLE SHOWING THE TRAINING PROVIDED
SUFFECIENCY
TABLE SHOWING THE SATISFACTION LEVEL OF WORKING HOURS TABLE SHOWING THE WORKLOAD ASSIGNED WITH TABLE SHOWING THE MANAGING STRESS ARISING FROM WORK TABLE SHOWING THE LEADERSHIP FOLLOWED BY THE SUPERIORS TABLE SHOWING THE COMMUNICATION FLOW INSIDE THE ORGANIZATION TABLE SHOWING THE SATISFCATION LEVEL OF SALARY PROVIDED TABLE SHOWING THE SATISFACTON LEVEL OF INCENTIVES PROVIDED TABLE SHOWING THE GRADING FOLLWED IN THE ORGANIZATION SLAB
TABLE SHOWING HOW FAR THE EMPLOYEES ARE SATISFIED WITH CAREER GROWTH FOLLOWED IN ICICI SECURITIES TABLE SHOWING THE FEEDBACK PROVIDED BY THE SUPERIORS TABLE SHOWING HOW FAR EMPLOYEES ARE HAPPY WITH THE HR FOLLOW UP
15 16
77 78
17
TABLE SHOWING PROMOTION FOLLOWED IN ICICI SECURITIES
PROCESS
79
18
TABLE SHOWING THE SATISFACTION LEVEL OF AMENITIES PROVIDED TABLE SHOWING WILL THE EMPLOYEES REFER THEIR FRIENDS TO WORK IN ICICI SECURITIES CHI SQUARE TEST SHOWING THE RELATION BETWEEN THE PERFORMANCE IN LINE WITH THEIR ROLES AND RESPONSIBILITIES CHI SQUARE TEST SHOWING THE RELATION BETWEEN THE SATISFACTION LEVEL TOWARDS WORKING HOURS AND WITH THE WORKLOAD ASSIGNED CHI SQUARE TEST SHOWING THE RELATION BETWEEN THE WORK ATMOSPHERE AND THE LEADERSHIP STYLE FOLLOWED BY THE SUPERIORS CHI SQUARE TEST SHOWING THE RELATION BETWEEN THE SALARY PROVIDED AND THE GRADING SLAB FOLLOWED CHI SQUARE TEST SHOWING THE RELATION BETWEEN THECAREER GROWTH OF THE EMPLOYEES AND THE PROMOTION PROCESS FOLLOWED
80
19
81
20
57
21
58
22
59
23
60
24
61
LIST OF CHARTS S.NO PARTICULARS PAGE NO. 1 2 3 4 5 6 7 8 9 10 11 12 13 14 CHART SHOWING THE JOB SECURITY IN ICICI SECURITIES CHAR TSHOWING EMPLYEES PERFORMANCE IN LINE WITH ROLES AND RESPONSIBILITIES CHART SHOWING WORK ATMOSPHERE FOLLOWED CHART SHOWING CORDIAL RELATIONSHIP WITH WORKERS CHART SHOWING PROVIDED THE SUFFECIENCY IN CO 63 64 65 66 67 68 69 70 71 72 73 74 75 76
TRAINING
CHART SHOWING THE SATISFACTION LEVEL OF WORKING HOURS CHART SHOWING THE WORKLOAD ASSIGNED WITH CHART SHOWING THE MANAGING STRESS ARISING FROM WORK CHART SHOWING THE LEADERSHIP FOLLOWED BY THE SUPERIORS CHART SHOWING THE COMMUNICATION FLOW INSIDE THE ORGANIZATION CHART SHOWING THE SATISFCATION LEVEL OF SALARY PROVIDED CHART SHOWING THE INCENTIVES PROVIDED SATISFACTON LEVEL OF
CHART SHOWING THE GRADING SLAB FOLLWED IN THE ORGANIZATION CHART SHOWING HOW FAR THE EMPLOYEES ARE SATISFIED WITH CAREER GROWTH FOLLOWED IN ICICI SECURITIES CHART SHOWING THE FEEDBACK PROVIDED BY THE SUPERIORS CHART SHOWING HOW FAR EMPLOYEES ARE HAPPY WITH THE HR FOLLOW UP
15 16
77 78
17 18 19
CHART SHOWING PROMOTION PROCESS FOLLOWED IN ICICI SECURITIES CHART SHOWING THE AMENITIES PROVIDED SATISFACTION LEVEL OF
79 80 81
CHART SHOWING WILL THE EMPLOYEES REFER THEIR FRIENDS TO WORK IN ICICI SECURITIES
CHAPTER-1 INTRODUCTION
• Need of the study • Scope of the study • Objective of the study i. ii. Primary objective Secondary objectives
• Statement of problem
EMPLOYEE JOB SATISFACTION 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 questions while others ask to rate satisfaction on 1-5 scale (where 1 represents "not at all satisfied" and 5 represents "extremely satisfied"). Job personality 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
NEED FOR THE STUDY
¾ The purpose of doing this project is mainly to make a thorough study of employee job satisfaction at ICICI SECURITIES with reference to human resource management.
¾ The study will help to make the work atmosphere more conductive ¾ The study is intended to analyze the work timings which appears to very high of the employees ¾ To nullify the high level of attrition prevails in the organization
SCOPE OF THE STUDY
¾ The research is done on satisfaction level among employees of ICICI SECURITIES, Chennai. Scope is extended to all levels of the employees of organization. ¾ This study may enables the company to taking initiative in improve the new and existing recreational facilities. Since the relaxation and recreation helps the employees to be active in their work. ¾ In this study efforts are made to explore the existing degree of satisfaction prevailing among the employees. ¾ This study may enable the higher authorities in giving more support to increase the employee productivity. ¾ In addition to this, it is intended to study the employees attitude towards the factors like work timings, work atmosphere, training, job security.
OBJECTIVES OF THE STUDY
1. PRIMARY OBJECTIVE ? To study the level of satisfaction of the employees at ICICI SECURITIES
2. SECONDARY OBJECTIVES ? ? ?
?
To identify the involvement of job satisfaction of employees in the organization To identify the involvement of employees relationship in the organization
To suggest the possible measures to the company for improving the job satisfaction level among the employees. To identify the employees’ expectation from the company towards maintaining the employees satisfaction level in their job.
STATEMENT OF PROBLEM
1. Time constraint: The defined time limit passed a constraint for increasing the sample size due to which sample size was restricted to 150. 2. The respondent’s response cannot be taken completely as free from bias. 3. The survey was restricted to Chennai 2 Cluster Branches only.
CHAPTER -2 REVIEW OF LITERATURE
• Industry profile • Company profile
• Product profile • Theories related to the study
INDUSTRY PROFILE: THE BROKERAGE INDUSTRY: The stock-broking business has undergone a sea change over the last decade. The three main factors behind the changes in the stock-broking business are: First, the shift from floor-based to screen-based trading in 1994. This brought transparency into trade execution and raised the confidence of investors. The result has been lower transaction charges and increased convenience. This has helped both the investors and the brokers.
The second change was dematerialization. Dematerialization is a process of converting physical share certificates into electronic shares. This saves time and money.
The introduction of futures and options was the third major factor that has changed the face of the stockbroking business as it is a new avenue for revenue.
In actuality the brokerage industry continues to develop rapidly. Many of the traditional restrictions against banking activities within the brokerage industry are being eliminated and the barriers are disappearing. Due to this, some commercial banks have as subsidiaries, brokerage houses that offer discounts and some of them have available accounts that offer all of the services that are offered by a checking account. “The basic function of a brokerage firm is to execute buy and sell orders for clients”. Traditionally these firms have offered the investigation of the quality and the
Possibilities of investing in a variety of investment products. It is still accustomed for Brokerage firms to offer information about possible investments free of charge.
This activity of bringing free of charge stock investment report is one of the main tools that are utilized by brokerage houses to compete against other firms and to investors it continues to be an important service. In order to capture this vast diverse clientele, the brokerage industry has segmented itself. After the restrictions in commissions were eliminated, several brokerages began to open up their doors as discount brokerage firms. In actuality, brokerage firms may be classified into full service brokers and discount brokers. Full service brokerage firms continue to offer informative stock reports and a level of service much higher than other brokerage houses. Discount brokerage houses only dedicate themselves to execute orders for clients. Full service brokers are sellers looking for purchasing and selling for clients and offering more customer service than is available from discount brokers. HISTORY: In 1790, the country's first stock exchange was founded and Chestnut Street was home to the nation's most powerful financial institutions. However, in the 1820s a shift to New York City began and for more than one hundred and fifty years Wall Street has been synonymous with the stock brokerage business. Since the 1980s stock broking firms have also been allowed to be market makers as long as the appropriate Chinese walls are put in place.
With the advent of automated stock broking systems on the Internet the client often has no personal contact with his/her stock broking firm. The stockbroker's system performs all the stock broking functions: it obtains the best price from the market, executes and settles the trade. ORIGIN OF STOCK BROKING IN INDIA: The origin of stock broking in India goes back to a time, when shares, debentures and bonds representing title to property were first issued on the condition of transfer from one person to another. The earliest record of dealings in securities in India is the East India Company’s loan securities. The advent of the companies Act 1850 and subsequent introduction of the principle of limited liability, made investments in stocks and shares popular. Though stock broking was practiced in Calcutta as early as 1836, the members of the broking profession had neither any code of conduct for their guidance, nor any permanent place for congregation. Ever since the Securities and Exchange Board of India (SEBI) assumed the monitoring function of brokers, stock broking is emerging as a professional service in tune with the requirements of mature and sophisticated stock exchanges in the country, replacing its traditional closed character as inherited family business. To act as a broker, certificate of registration from the SEBI is mandatory.
STOCK BROKER: Investor requires a Stock Broker to buy and sell shares in stock exchanges (BSE, NSE etc.). Stock Broker is registered member of stock exchange. A stock broker can register to one or more stock exchanges. Only stock brokers can directly buy and sell shares in Stock Market. An investor must contact a stock broker to trade stocks. Broker charges commissions (brokerages) for their service. Brokerage is usually a percent of total amount of trade and varies from broker to broker.
A stock broker is a person or a firm that trades on its client behalf, the customer tells the broker what they want to invest in and they will issue the buy or sell order. Some stock brokers also give out financial advice.
STOCK BROKING SERVICES: A transaction on a stock exchange must be made between two members of the exchange an ordinary person may not walk into the Bombay Stock Exchange (for example), and ask to trade stock. Such an exchange must be done through a broker. There are three types of stock broking service. • • Execution-only, which means that the broker will only carry out the client's instructions to buy or sell. Advisory dealing, where the broker advises the client on which shares to buy and sell, but leaves the final decision to the investor. • Discretionary dealing, where the stockbroker ascertains the client's investment objectives and then makes all dealing decisions on the client's behalf.
MAJOR PLAYERS IN THE FIELD OF STOCK BROKING 1. ICICI DIRECT 2. SHARE KHAN LTD 3. INDIA BULLS 4. HDFC SECURITIES 5. RELIGARE 6. RELIANCE MONEY 7. ANGEL TRADE 8. GEOJIT BNP PARIBAS
1.SHARE KHAN
Types of Account
1. Share Khan Classic account
2. Share Khan Speed Trade account
Brokerage: Some stock trading companies charge direct percentage while others charge a fixed amount per Rs 100. Sharekhan charges 0.5% for inter day shares and 0.1% for intra day or you could say Sharekhan charges 50 paisa per Rs 100.
2. INDIABULLS
Types of Account
1. Indiabulls Equity Trading Account 2. Power Indiabulls
Brokerage and fees: 1. Account : Rs 1200/(One time non-refundable) as below:
opening
fees
250/- Equity Trading Account opening charge, 200/- Demat Account opening charge, 750/- Software changes
3.HDFC SECURITIES
Brokerage and fees: 1. Rs. 799/(Including trading account, bank account and DP account with HDFC)
Please note: HDFC Bank savings account required a quarterly minimum balance of Rs. 2,500/-. If you already have Saving account or DP account with HDFC, you could link them with trading account.
4.RELIGARE
TYPES OF ACCOUNTS 1. R-ACE (Basic) 2. R-ACE Lite (Advanced) 3. R-ACE Pro (Professional)
Brokerage and Account opening fees: Religare offers three kinds of accounts as above. Below are detail about fees and activation charges for each account: 1. R-ACE Account activation charges Rs.299/-. Minimum margin of Rs.5000/- required. 2. R-ACE Lite Account activation charges Rs.499/-. Minimum margin of Rs.5000/- required.
3. R-ACE Pro Account activation charges Rs.999/-. Minimum margin of Rs.10,000/- required.
6.RELIANCE MONEY
TYPES OF ACCOUNTS 1. Insta Trade 2. Fast Trade 3. Easytrade
Reliance Money Brokerage and fees:
DP Fee Head Charges Annual Services Charges - For Individuals / HUFs / Trust Annual Services Charges - For NRIs / Foreign Nationals, Corporates / Others Transaction Charges - SELL (Market & Off Market) Rs. 25/For instructions given in physical form. Transaction Charges - SELL (Market & Off Market) For instructions received through Internet/ online trading through Reliance Securities Ltd. Rs. 12/Rs. 50/Rs. 1000/-
7.ANGEL TRADE
TYPES OF ACCOUNTS 1. Angel investor 2. Angel Trade 3. Angel Diet 4. Angel Anywhere
Brokerage and fees: 1. Account opening fees: Stock trading account - Rs 575/Demat account - Rs 200/Commodity trading - Rs 625/2. Brokerage: For trade up to the range of Rs 1 - 3 Crore: Cash Based: 0.50% Day trading: 0.05% Derivatives: 0.05% For trade more than Rs 3 Crore, brokerage is about 0.03%.
8.GEOJIT BNP PARIBAS
1. Gold Platform 2. Platinum Platform
Brokerage and Account opening fees: Account opening fees: Rs 600/- one time non refundable Brokerage: 1. For delivery based trading, Geojit brokerage is from 0.10% to 0.30%. 2. For Intra-day trading, Geojit brokerage is 0.01% to 0.03%. 3. For F&O trading, Geojit brokerage is Rs 30 to Rs 75 per lot.
COMPANY PROFILE:
VISION OF THE COMPANY: “To empower the investor with quality advice and superior service to help them take better decisions. We believe that ICICI SECURITIES’ growth depends on client satisfaction”
MISSION OF THE COMPANY: ¾ Continuous up gradation with changing technology while maintaining human values. ¾ Respond to progressive globalization and achieving international standard. ¾ Efficiency and effectiveness built on ethical practices. ¾ To provide the best customer service and product innovation tuned to diverse needs of clientele.
OBJECTIVES OF THE COMPANY: ¾ To enable its clients to do a paperless on line transactions and investments services. ¾ To enable its clients to maximize their returns and plan for their future. ¾ To retain its position in the market in terms of services, turnover, expansion and joint ventures.
QUALITY POLICY OF THE COMPANY:
¾ Establishing and maintaining a quality management system in the Bank, based on international quality standards ¾ Continually reviewing our products and services, feedback from employees (internal customers) and our customers to ensure that there is continual improvement ¾ Offering our clients excellent service, innovative products and value-added banking while developing with them a mutually beneficial association
¾ Demonstrating vision, professionalism transparency and integrity in the conduct of our business and service ¾ Achieving disciplined growth and reasonable profitability while operating on a sound financial base ¾ Creating value for our shareholder ¾ Encouraging, motivating and developing our human resources our most valuable asset and the cornerstone of the Bank ¾ Working towards the successful implementation of government objectives applicable to us.
ORGANIZATION STRUCTURE OF ICICI SECUTRITES
ROLES AND RESPONSIBILITIES
CHIEF EXECUTIVE OFFICER: Duty of the CEO is to direct the partners and to frame the policies of the organization. The CEO communicates with managing director and regional heads once in a month over conference call.CEO’s
responsibility is to check whether the organization is moving in the right direction as per the policies framed. Also to check the annual turnover of the company. MANAGING DIRECTOR: MD ensures whether the all categories of managers of ICICI SECURITIES are strictly adhered to the policies framed by the CEO. MD communicates with regional heads once in fortnight over phone. Responsibility of the MD is to come up with innovative strategies competing with the other competitors in the market. EXECUTIVE DIRECTOR: Executive Director’s responsibility is to ensure that the ICICI SECURITIES’ associates are following the process implemented by the top authorities and to check the performances of every individual and decides the promotion of an individual. HEAD OF PRODUCTION AND DISTRIBUTION: The level of contribution in terms of business by every region is reviewed by the head and feedbacks are circulated across the regions.
RETAIL HEAD: Any new contest for the month is decided by the head of production. Asset allocation is also decided by the retail head. Retail head communicates with the entire regional managers once in a week to give the report to top authorities. REGIONAL HEAD: Regional heads are the key persons for the business generated for ICICI SECURITIES. Every manager is allocated with different region to ensure that business is generated effectively and efficiently. Regional heads communicates with the team once in a week via conference call with cluster managers and in form of conference meetings once in a month.
CLUSTER HEAD: Cluster manager’s major responsibility is to check whether the process implemented inside the organization is followed by the branch managers, senior relationship managers and relationship managers. Cluster manager communicates with the entire team twice in a week through conference call and by visiting personally to the branches since they are mapped with 7 to 8 branches under them. Cluster manager reports regional head once in a fortnight about the performance of every branch and every individual. BRANCH MANAGER: Centre head’s role is to guide the Srm’s and Rm’s in all parameters. Branch managers work on target basis and communicates with their cluster heads simultaneously. Majorly concentrating in revenue generating by implementing different strategies. Also counseling their
team on everyday basis before the day starts. Providing training of all the products once in a week to ensure the product knowledge continuity. SRM’s & RM’s: The major key players for the branch head and cluster head in terms of all aspects. Role is to meet the clients and educate them on products they deal with and to convince the clients to stick on with ICICI SECURITIES. Product selling is the major task for all the SRM’s & RM’s on target basis. Daily reports are submitted to their branch managers at the end of the day.
ABOUT ICICI SECURITIES ICICI Securities, Ltd. operates as an investment banking company in India. It offers corporate finance services, including advisory services related to joint ventures, mergers, acquisitions, divestitures, spin-offs, and leveraged buyouts; equity capital markets services, such as initial public offerings, rights offerings, convertible offerings, and private placement and international offerings for unlisted and listed entities; private equity/venture capital services; and infrastructure advisory services. The company also provides services related to fixed income
and money markets, which include designing instruments, pricing, structuring, documentation, and placing the issue with institutional investors; debt trading, including corporate bond trading and derivatives trading; and debt research services. In addition, ICICI Securities provides research, sale, and trading services related to equities markets. Further, the company deals in securities markets transactions in the United States, as well as provide research and investment advice to the U.S. investors. Additionally, it offers corporate advisory services in the United Kingdom and Singapore. The company is based in Mumbai, India. ICICI Securities, Ltd. operates as a subsidiary of ICICI Bank Limited.
Present Scenario: ICICI Bank has its equity shares listed in India on Bombay Stock Exchange and the National Stock Exchange of India Limited. Overseas, its American Depositary Receipts (ADRs) are listed on the New York Stock Exchange (NYSE). As of December 31, 2008, ICICI is India's second-largest bank, boasting an asset value of Rs. 3,744.10 billion and profit after tax Rs. 30.14 billion, for the nine months, that ended on December 31, 2008. ICICIdirect recently launched the concept of 'financial superstores' across the country. These stores offer a variety of financial products and services under one roof. It is a one-stop shop that facilitates existing and potential customers to be able to talk to us and help us understand their financial plans and goals.
To enable our customers to maximize their returns and plan for their future, ICICIdirect has also started financial planning services at these stores. Customized financial plans can be created for our customers by dedicated Relationship Managers who will understand the customer's requirements and future goals. Based on this information, the Relationship Manager works on creating a comprehensive and easy-to-read financial plan. This will enable ICICIdirect to move from just a transactional based relationship to a meaningful and value-added long-term relationship with our customers. As customer's requirements and goals continue to evolve, so will ICICIdirect's services and offerings.
Customers can walk-in to our financial superstores for products like ICICIdirect 3-in-1 online trading account, equities, mutual funds, IPO, Life and General insurance, Home loans, personal loans and other financial products. The stores also conduct periodic training sessions on markets and demo sessions of our website. The primary objective of ICICIdirect.com is to empower the individual to take complete control of his investments and offer the entire basket of investment options by giving him a democratic medium of investment with a seamless structure that integrates his bank account; his demat account and the trading account. It is also meant to allow the investor to imbibe self-discipline and take control of the investments made by him. ICICIdirect.com offers a convenient and easy to use platform to invest in equity and various other products. Buying and selling shares are just a click away. Our powerful 3-in-1 concept enables our customers to tie in their savings bank, demat and brokerage accounts electronically and seamlessly.high-volume traders, derivatives trading etc. ICICIdirect.com is one of the first companies to offer seamless access to US markets by tying up with a leading US based broker. This service enables Indian customers to invest upto $200,000 in US stocks and options. All this can be done through the customer's existing ICICIdirect.com brokerage login id. ICICIdirect.com brings the same convenience while investing in almost all prominent Mutual funds. One can invest in any of the leading Mutual Funds without the hassles of filling application forms or any other paperwork. There is no need for any signatures or proof of identity for investing. Once a request is placed for investing in a particular fund, there are no manual processes involved. Bank funds are automatically debited or credited while simultaneously crediting or debiting the unit holdings.
ICICIdirect.com uses the most advanced commercially available 128-bit encryption technology enabled Secure Socket Layer (SSL), to ensure that the information transmitted between the client and ICICIdirect.com across the Internet is safe and cannot be accessed by any third party. SSL has been universally accepted on the World Wide Web for authenticated and encrypted communication between clients and servers.
ICICIdirect.com is the first broker in India to introduce `Digitally Signed Contract Note' to its customers. At present, apart from trading in Equity Cash and derivatives segments, we offer • • • • Equity / IPOs Mutual Funds / NFOs Insurance - General & Life ICICI Securities is a SEBI registered Category I Merchant Banker and a pioneer of numerous innovative practices in Indian Investment banking space. It takes immense pride for having played an instrumental role of facilitating explosive growth of the Indian economy • For the year ended March 31, 2010, ICICI Securities Ltd handled 15 issues and raised INR 383.3 Billion covering 73.4% of the total fund raising activity in FY10 and leading the merchant banking league table. • The Corporate Finance/Investment Banking practice offers Equity Capital Market and Advisory services in India and overseas to a wide variety of clients including corporations, financial institutions, financial sponsors and government.
•
Equity Capital Market practice comprises IPO, Rights, Convertible Offerings, Qualified Institutional Placement (QIP), Private Placement and International offerings. Advisory services comprise Mergers and Acquisitions (M&A), Private Equity, Infrastructure Advisory, Corporate Restructuring and Joint Ventures.
•
ICICI Securities has established its dominance in ECM and Advisory spaces. It has offered superior services across-the-spectrum corporate finance activities in sectors as diverse as Infrastructure, IT, Media, Telecom, Pharma, Banking etc.
•
Our team comprises professionals with expertise across various industries. Our unique understanding of the corporate sector and a profound relationship with all relevant stakeholders makes us the ideal advisor to consistently offer quality advice and service to our clients in identifying and successfully executing transactions. The entire team of investment banking works in unison with a single goal of `facilitating clients' success'.
BROKERAGE: Some stock trading companies charge direct percentage while others charge a fixed amount per Rs 100. ICICI DIRECT charges 0.55% for delivery trading and 0.05% for intra day ICICI DIRECT’S equity related services include trade execution on BSE, NSE, Derivatives, commodities, depository services, online trading and investment advice. Trading is available in BSE and NSE. Along with ICICIDIRECT.com website, ICICI DIRECT has around 715 offices (branches) in 234 cities around the country.
MARKET COVERAGE:
Ground Network – Largest in India
• • • • • 122 Franchisees and 28 branches Covers 234 cities in 23 states across India Trade execution facility on BSE and NSE for Cash as well as Derivatives Depository/Demat account services Personalized ICICI DIRECT research advice
• Uniform service standards
FUTURE PLAN:
ICICI DIRECT is all set to launch each branch in five kilometer radius in the next financial year and
promises to continue delivering on time excellent service to their customers.
BENEFITS OF ICICI DIRECT: 1. Online trading is very user friendly and one doesn't need any software to access. 2. They provide good quality of services like daily SMS alerts, mail alerts, stock recommendations etc. 3. ICICI DIRECT has ability to transfer funds from most banks. Unlike Sharekhan, HDFC Sec, etc., so investor not really needs to open an account with a particular bank as it can establish link with most modern banks.
4. Encourages paperless transactions to all the clients.
PRODUCT PROFILE
1. EQUITY : Trading in shares : ICICIdirect.com offers you various options while trading in shares. Cash Trading : This is a delivery based trading system, which is generally done with the intention of taking delivery of shares or monies. Margin Trading : You can also do an intra-settlement trading upto 3 to 4 times your available funds, wherein you take long buy/ short sell positions in stocks with the intention of squaring off the position within the same day settlement cycle. MarginPLUS Trading : Through MarginPLUS you can do an intra-settlement trading upto 25 times your available funds, wherein you take long buy/ short sell positions in stocks with the intention of squaring off the position within the same day settlement cycle. MarginPLUS will give a much higher leverage in your account against your limits. Spot Trading : This facility can be used only for selling your demat stocks which are already existing in your demat account. When you are looking at an immediate liquidity option, 'Cash on Spot' may work the best for you, On selling shares through "cash on spot", money is credited to your bank a/c the same evening & not on the exchange payout date. This money can then be withdrawn from any of the ICICIBank ATMs. BTST : Buy Today Sell Tomorrow (BTST) is a facility that allows you to sell shares even on 1st and 2nd day after the buy order date, without you having to wait for the receipt of shares into your demat account.
CallNTrade® : CallNTrade® allows you to call on a local number in your city & trade on the telephone through our Customer Service Executives. This facility is currently available in over 11 major states across India. Trading on NSE/BSE : Through ICICIdirect.com, you can trade on NSE as well as BSE. Market Order : You could trade by placing market orders during market hours that allows you to trade at the best obtainable price in the market at the time of execution of the order. Limit Order : Allows you to place a buy/sell order at a price defined by you. The execution can happen at a price more favorable than the price, which is defined by you, limit orders can be placed by you during holidays & non market hours too.
2. DERIVATIVES : FUTURES Through ICICIdirect.com, you can now trade in index and stock futures on the NSE. In futures trading, you take buy/sell positions in index or stock(s) contracts having a longer contract period of up to 3 months. Trading in FUTURES is simple! If, during the course of the contract life, the price moves in your favour (i.e. rises in case you have a buy position or falls in case you have a sell position), you make a profit. Presently only selected stocks, which meet the criteria on liquidity and volume, have been enabled for futures trading.
OPTIONS An option is a contract, which gives the buyer the right to buy or sell shares at a specific price, on or before a specific date. For this, the buyer has to pay to the seller some money, which is called premium. There is no obligation on the buyer to complete the transaction if the price is not favorable to him.
To take the buy/sell position on index/stock options, you have to place certain % of order value as margin. With options trading, you can leverage on your trading limit by taking buy/sell positions much more than what you could have taken in cash segment. The Buyer of a Call Option has the Right but not the Obligation to Purchase the Underlying Asset at the specified strike price by paying a premium whereas the Seller of the Call has the obligation of selling the Underlying Asset at the specified Strike price. 3.GENERAL INSURANCE [LOMBARD]: General Insurance products cover Health, Home, Motor and Travel, and help protect your financial health unforeseen events strike close to home. ICICI Lombard is the leading private general insurance company and has one of the best products. Our partnership with ICICI Lombard enables us to bring to you the entire range of insurance offerings for your personal and professional needs, with minimal paperwork and at the comfort of your home or office. Select products can be entirely bought online on ICICIdirect.com with instant policy issuance. Health Insurance (popularly known as Mediclaim) offers protection in case of unexpected medical emergencies. In case of a sudden illness or accident, the health insurance policy takes care of the hospitalization, medical and other cost incurred.
Overseas Travel Insurance covers unexpected and emergency medical expenses incurred when a person is in overseas. In addition to the medical cover, there are non-medical covers like baggage loss / delay, trip cancellation / interruption / delay, passport loss, personal accident cover and financial emergency.
• • •
Pay on a per day basis for your overses travel. Choose from a wide range of product. No medical check-up upto 70 years, cashless hospitalization available worldwide.
Motor Insurance A comprehensive package for your two-wheelers and four-wheelers, securing them against damage caused by natural and man-made calamities.
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Access to over 2700 network garages across the country for cashless claims across India.
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Transfer your full benefits of No Claim Bonus when you shift your motor insurance policy from any another company to ICICI Lombard *
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Get EMI facility through credit card without any interest.
Home Insurance Our Home Insurance policy secures the structure as well as the contents of your home against natural and man-made disasters. Secure your most prized possession against terrorist activities by opting for a Terrorism Cover. NRI Section Buy Health Insurance to secure your family's health in India. Buy online and pay premiums with your ICICI Bank Credit Card at EMI without any extra charges. Parent's Health A comprehensive health plan that takes care of your family's hospitalization expenses with additional features like airfare reimbursement to visit dependents (in specific cases) and nursing care benefits for the insured.
5. LOANS HOME LOAN The No. 1 Home Loans Provider in the country, ICICI Bank Home Loans offers some unbeatable benefits to its customers- Doorstep Service, Simplified Documentation and Guidance throughout the Process. It's really easy! CAR LOAN
ICICI Bank is the most preferred financer for car loans in the country with a network of more than 1000 channel partners in over 200 locations. Tie-ups with all leading automobile manufacturers to ensure the best deals. Flexible schemes & quick processing. Hassle-free application process on the click of a mouse. LOAN AGAINST SECURITIES
Loans Against Securities is an overdraft facility from ICICI Bank, given by way of a current account against pledge of securities that you hold. Not only do you get to hold on to your securities, but you are also able to generate funds without selling your hard-earned assets.
6.FIXED DEPOSITS At ICICIdirect Investment Account we offer you a wide variety of fixed income products like fixed deposits, bonds and non convertible debentures (NCD). We offer a range of Fixed Deposits with Non-banking Financial Companies(NBFCs) and the Government of India, ranging in maturity from 12 months to 84 months, to suit various
investment horizons. The deposit schemes have been specially chosen from high-safety options to ensure that you enjoy the twin benefits of returns and protection. Extra for Sr. Fixed Deposits No. Citizen DHFL (Dewan Housing Finance) FD 1 Yr 2 Yr 3 Yr 4 Yr 5 Yr 7 Yr Senior Option Online
1
9.00% 9.10% 9.25% 9.00% 9.00% 9.00%
0.25%
-
2 ICICI Home Finance FD 3 Tata Motors FD 4 Mahindra Finance FD 5 LIC Home Finance FD 6 Shriram Transport Finance FD 7 HDFC Ltd. FD
7.00% 7.35% 7.70% 7.70% 8.25% 8.25% 8.00% 8.75% 8.00% -
0.25% 0.25% 0.25% 0.10% 0.25%
Buy Online Buy Online Buy Online Buy Online
8.00% 8.50% 9.00% 6.75% 7.25% 7.50%
8.00% 8.50% 9.00% 9.00% 9.00%
7.00% 7.25% 7.60% 7.60% 8.25% 8.25%
Note : Interest Rate are as on March 26, 2010.
7. e LOCKER ICICIdirect.com helps you to manage your documents efficiently:
Documents have always been crucial to your world - legal papers, banking documents like statements, cheques etc.; investment documents like NSC, KVP, GoI Bonds etc.; property documents, election cards, ration cards, PAN Cards, driving license, health records etc. It can be a harrowing experience if you misplace or lose an important document from storage. While bank lockers provide a feasible solution, access to your locker is not as easy Key Benefits:
• • •
as
needed,
at
times.
• •
Secure and Accessible - Your eLocker ensures that your documents are secure and accessible only via a secure login. Anywhere, anytime access - Your eLocker is available to you from anywhere, via an Internet connection Durability and Longevity - Your precious documents are prone to wear and tear in the long run, if physically stored. Your eLocker lets you store your documents online, which ensures durability of the documents No storage Hassles - Since your documents are stored in a digital format, you can stop worrying about storage costs and space constraints. This service will be launched soon.
8.LIFE INSURANCE [PRUDENTIAL] ICICI DIRECT’s core product is Life Insurance. As Prudential has multi number of industry with a wide range of flexible products that meet the needs of the Indian customer at every step in life. With a growing product range to match the complex needs of the demanding customers in a growing economy, the organization also has a history of successful.
During 2007-08, the organization's focus on rural business has proved its complex project execution capability and strong partnerships for customer servicing. In June, 2009 ICICI Prudential Life Insurance has decided to snap its tie up with TTK Healthcare to settle insurance claims of its users.
MARKETING MIX
PRODUCT ¾ The core product of ICICI Direct is Equity. ¾ The expected product is Equities plus some other investment plans for short period of time. ¾ The augmented product is what ICICI Direct famous for. Apart from their core product they also deal with loans,bonds,debuntures, mutual funds etc. ¾ The potential products are investment plans with tax benefits and promising service to their clients on time. PRICE ¾ Price in terms of brokerage plans based on the volume of trading for retailers and corporates. ¾ Once in quarter the brokerage plans are revised by the ICICI Securities. PROMOTION ¾ Promotional activities for few tax saving products are done through media during main events happening. ¾ Associates from ICICI Direct advertise through word of mouth. ¾ Mails too are sent to the existing clients for sustaining a rapport by announcing discounts for their loyalty with ICICI Direct.
PLACE ¾ At present there are 18 branches located in Chennai and have spreaded with 45 branches across TN. ¾ Chennai is partly divided into two clusters namely Chennai-1 and Chennai-2 with 8 and 10 branches respectively. ¾ ICICI Directs’ motto is to open new branches every five kilometers in near future.
PEOPLE ¾ As employees working in the service organization, they are the contact people with the customers. Every branch is filled with 7-11 employees well groomed to handle the clients in an affective and efficient way.
PHYSICAL EVIDENCE ¾ As there is more number of walk ins at the branches the neighborhood people tend to visit ICICI Direct branches for their financial queries. PROCESS ¾ The process followed in the organization gives a wider openings and scope for every individual at ICICI Direct. Clients have given excellent feedback for sustaining top quality and quick process followed by ICICI Direct.
FINANCIAL PERFORMANCE FINANCIAL YEAR 2007-2008 2008-2009 2009-2010 2010-2011 PROFITS (Rs. In Millions) 1556.30 2721.24 4012.32 is expected to grow more
THEORIES RELATED TO THE STUDY DEFINITION OF EMPLOYEE JOB SATISFACTION: Employee Job satisfaction is the terminology used to describe whether employees are happy and contented and fulfilling their desires and needs at work. Many measures purport that employee satisfaction is a factor in employee motivation, employee goal achievement, and positive employee morale in the workplace. Employee satisfaction, while generally a positive in your organization, can also be a downer if mediocre employees stay because they are satisfied with your work environment.
HISTORY One of the biggest preludes to the study of job satisfaction was the Hawthorne studies. These studies (1924-1933), primarily credited to Elton Mayo of the Harvard Business School, sought to find the effects of various conditions (most notably illumination) on workers’ productivity. These studies ultimately showed that novel changes in work conditions temporarily increase productivity (called the Hawthorne Effect). It was later found that this increase resulted, not from the new conditions, but from the knowledge of being observed. This finding provided strong evidence that people work for purposes other than pay, which paved the way for researchers to investigate other factors in job satisfaction. Scientific management (aka Taylorism) also had a significant impact on the study of job satisfaction. Frederick Winslow Taylor’s 1911 book, Principles of Scientific Management, argued that there was a single best way to perform any given work task. This book contributed to a change in industrial production philosophies, causing a shift from skilled labor and piecework towards the more modern approach of assembly lines and hourly wages. The initial use of scientific management by industries greatly increased productivity because workers were forced to work at a faster pace.
However, workers became exhausted and dissatisfied, thus leaving researchers with new questions to answer regarding job satisfaction. It should also be noted that the work of W.L. Bryan, Walter Dill Scott, and Hugo Munsterberg set the tone for Taylor’s work. Some argue that Maslow’s hierarchy of needs theory, a motivation theory, laid the foundation for job satisfaction theory. This theory explains that people seek to satisfy five specific needs in life – physiological needs, safety needs, social needs, self-esteem needs, and
self-actualization. This model served as a good basis from which early researchers could develop job satisfaction theories.
MODELS OF JOB SATISFACTION:
1. Affect Theory Edwin A. Locke’s Range of Affect Theory (1976) is arguably the most famous job satisfaction model. The main premise of this theory is that satisfaction is determined by a discrepancy between what one wants in a job and what one has in a job. Further, the theory states that how much one values a given facet of work (e.g. the degree of autonomy in a position) moderates how satisfied/dissatisfied one becomes when expectations are/aren’t met. When a person values a particular facet of a job, his satisfaction is more greatly impacted both positively (when expectations are met) and negatively (when expectations are not met), compared to one who doesn’t value that facet. To illustrate, if Employee A values autonomy in the workplace and Employee B is indifferent about autonomy, then Employee A would be more satisfied in a position that offers a high degree of autonomy and less satisfied in a position with little or no autonomy compared to Employee B. This theory also states that too much of a particular facet will produce stronger feelings of dissatisfaction the more a worker values that facet.
2.Dispositional Theory Another well-known job satisfaction theory is the Dispositional Theory It is a very general theory that suggests that people have innate dispositions that cause them to have tendencies toward a certain level of satisfaction, regardless of one’s job. This approach became a notable explanation of job satisfaction in light of evidence that job satisfaction tends to be stable over time and across careers and jobs. Research also indicates that identical twins have similar levels of job satisfaction. A significant model that narrowed the scope of the Dispositional Theory was the Core Self-evaluations Model, proposed by Timothy A. Judge in 1998. Judge argued that there are four Core Self-evaluations that determine one’s disposition towards job satisfaction: self-esteem, general self-efficacy, locus of control, and neuroticism. This model states that higher levels of self-esteem (the value one places on his/her self) and general self-efficacy (the belief in one’s own competence) lead to higher work satisfaction. Having an internal locus of control (believing one has control over her\his own life, as opposed to outside forces having control) leads to higher job satisfaction. Finally, lower levels of neuroticism lead to higher job satisfaction
3.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. An employee’s motivation to work is continually related to job satisfaction of a
subordinate. Motivation can be seen as an inner force that drives individuals to attain personal and organization goals (Hoskinson, Porter, & Wrench, p.133). 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 Motivators
4.Job Characteristics Model Hackman & Oldham proposed the Job Characteristics Model, which is widely used as a framework to study how particular job characteristics impact on job outcomes, including job satisfaction. The model states that there are five core job characteristics (skill variety, task identity, task significance, autonomy, and feedback) which impact three critical psychological states (experienced meaningfulness, experienced responsibility for outcomes, and knowledge of the actual results), in turn influencing work outcomes (job satisfaction, absenteeism, work motivation, etc.)
5.Communication Overload and Communication Underload One of the most important aspects of an individual’s work in a modern organization concerns the management of communication demands that he or she encounters on the job (Krayer, K. J., & Westbrook, L., p. 85). Demands can be characterized as a communication load, which refers to “the rate and complexity of communication inputs an individual must process in a particular time frame (Faraca, Monge, & Russel, 1977).” Individuals in an organization can experience communication over-load and communication under- load which can affect their level of job satisfaction. Communication overload can occur when “an individual receives too many messages in a short period of time which can result in unprocessed information or when an individual faces
more complex messages that are more difficult to process (Farace, Monge, & Russel, 1997).” Due to this process, “given an individual’s style of work and motivation to complete a task, when more inputs exist than outputs, the individual perceives a condition of overload (Krayer, K. J., & Westbrook, L., p. 86) which can be positively or negatively related to job satisfaction. In comparison, communication under load can occur when messages or inputs are sent below the individual’s ability to process them (Farace, Monge, & Russel, 1997).” According to the ideas of communication over-load and under-load, if an individual does not receive enough input on the job or is unsuccessful in processing these inputs, the individual is more likely to become dissatisfied, aggravated, and unhappy with their work which leads to a low level of job satisfaction.
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).
Superior-Subordinate Communication Superior-subordinate communication is an important influence on job satisfaction in the workplace. The way in which subordinate’s perceive a supervisor’s behavior can positively or negatively influence job satisfaction. Communication behavior such as facial expression, eye contact, vocal expression, and body movement is crucial to the superior-subordinate relationship (Teven, p. 156). Nonverbal messages play a central role in interpersonal interactions with respect to impression formation, deception, attraction, social influence, and emotional expression (Burgoon, Buller, & Woodall, 1996). Nonverbal immediacy from the supervisor helps to increase interpersonal involvement with their subordinates impacting job satisfaction. The manner in which supervisors communicate their subordinates may be more important than the verbal content (Teven, p. 156). Individuals who dislike and think negatively about their supervisor are less willing to communicate or have motivation to work where as individuals who like and think positively of their supervisor are more likely to communicate and are satisfied with their job and work environment. The relationship of a subordinate with their supervisor is a very important aspect in the workplace. Therefore, a supervisor who uses nonverbal immediacy, friendliness, and open communication lines is more willing to receive positive feedback and high job satisfaction from a subordinate where as a supervisor who is antisocial, unfriendly, and unwilling to communicate will naturally receive negative feedback and very low job satisfaction from their subordinate’s in the workplace.. Motions == Mood and emotions while working are the raw materials which cumulate to form the affective element of job satisfaction. (Weiss and Cropanzano, 1996).Moods tend to be longer lasting but often weaker states
of uncertain origin, while emotions are often more intense, short-lived and have a clear object or cause. There is some evidence in the literature that state moods are related to overall job satisfaction.
Positive and negative emotions were also found to be significantly related to overall job satisfaction Frequency of experiencing net positive emotion will be a better predictor of overall job satisfaction than will intensity of positive emotion when it is experienced.
Emotion regulation and emotion labor are also related to job satisfaction. Emotion work (or emotion management) refers to various efforts to manage emotional states and displays. Emotion regulation includes all of the conscious and unconscious efforts to increase, maintain, or decrease one or more components of an emotion. Although early studies of the consequences of emotional labor emphasized its harmful effects on workers, studies of workers in a variety of occupations suggest that the consequences of emotional labor are not uniformly negative.It was found that suppression of unpleasant emotions decreases job satisfaction and the amplification of pleasant emotions increases job satisfaction. The understanding of how emotion regulation relates to job satisfaction concerns two models: 1. emotional dissonance. Emotional dissonance is a state of discrepancy between public displays of emotions and internal experiences of emotions that often follows the process of emotion regulation. Emotional dissonance is associated with high emotional exhaustion, low organizational commitment, and low job satisfaction. 2. Social interaction model. Taking the social interaction perspective, workers’ emotion regulation might beget responses from others during interpersonal encounters that subsequently impact their own job satisfaction. For example: The accumulation of favorable responses to displays of pleasant emotions might positively affect job satisfaction performance of emotional labor that produces desired outcomes could increase job satisfaction.
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 no work satisfaction and core self-evaluations are taken into accountAn important finding for organizations to note is that job satisfaction has a rather tenuous correlation to productivity on the job. This is a vital piece of information to researchers and businesses, as the idea that satisfaction and job performance are directly related to one another is often cited in the media and in some non-academic management literature. A recent meta-analysis found an average uncorrected correlation between job satisfaction and productivity to be r=.18; the average true correlation, corrected for research artifacts and unreliability, was r=.30.Further, the meta-analysis found that the relationship between satisfaction and performance can be moderated by job complexity, such that for high-complexity jobs the correlation between satisfaction and performance is higher (?=.52) than for jobs of low to moderate complexity (?=.29). In short, the relationship of satisfaction to productivity is not necessarily straightforward and can be influenced by a number of other workrelated constructs, and the notion that "a happy worker is a productive worker" should not be the foundation of organizational decision-making.
RESEARCH METHODOLOGY
RESEARCH METHODOLOGY Research methodology is a way to systematically solve the research problem. It is a science of studying how research is done scientifically. The research cannot be preceded abruptly. The researchers also need to understand the assumptions underlying various technique and they need to know the criteria by which they can decide that certain techniques and procedures will be applicable to certain problems and others will not. The research methodology adopted for the present study has been systematic and was done in accordance to the objectives set, which has been discussed in the earlier pages.
RESEARCH DESIGN: The research design taken for the study is Descriptive study, which is concerned with describing the characteristics of a particular individual or of a group.
DESCRIPTIVE RESEARCH: Descriptive research includes surveys and fact-finding enquiries of different kinds. The major purpose of descriptive research is description of the state of affairs as it exists at present .The main characteristics of this method is that researcher has no control over the variables; he can only report what has happened or what is happening. The methods of research utilized in Descriptive research are survey method of all kinds, including comparative and correlation methods.
SOURCES OF DATA: Data refers to information or facts. The main sources of data for the present study are, A) Primary Data: Primary data consist of original information collected for specific purpose. This project relied on the response of the Investors. Structured undisguised questionnaire was used to collect the Primary data.
B) Secondary Data
Secondary data marks the beginning of the research process. Information gathered from both internal and
external sources. Secondary data is required to analyze the primary data. Secondary data gathered through journals, books and websites. SAMPLING PLAN:
PopulationPopulation or Universe can be defined as the complete set of items, which are of interest in any particular situation .In case of population data is collected from each and every unit. Sampling UnitThis answers who is to be surveyed. The researcher must define target population that will be sampled; once this is determined a sampling frame is developed so that everyone in the target population has an
equal Sample-
chance
of
being
selected.
Sample denotes the entire part of the universe, which is studied and conclusions are drawn on this basis for the entire universe.
Sample sizeSize of the sample means the number of sampling units selected from the population for investigation. It answers “how many people should be surveyed.” Here the sample size is fixed as 150 by using the formula as given below...
DETERMINATION OF SAMPLE SIZE N=z2*p*q E2
• Are you planning to Invest in the Stock market for the next One year ( yes , no )
P= No of yes = 23/25 Q=No of no = 2/25 E=1.96 Applying the above formula the sample size arrived is 113. Approximately it is taken to 150.
Data collection procedure: Primary data was collected using the Questionnaire A survey was done by the researcher by meeting the respondents in their respective places. The respondent’s response to each question was carefully noted in the Questionnaire. Their responses and suggestions were carefully observed and registered.
Tools used for Data Collection:
QUESTIONNAIRE DEVELOPMENT The main tool used for the purpose of study has been a well-constructed Questionnaire .Questionnaire is Short and Simple, Personal and intimate questions are showed at the end. The forms of questions contained in this questionnaire are as follows: • Multiple choice questions i.e. alternative answers presented. Example-‘IS TRAINING PROVIDED SUFFICIENT-How far you agree with the statement? a) Strongly agree c) Disagree b) Agree d) strongly disagree
e) Neither agrees nor disagrees • Open-ended i.e. inviting free responses. ExampleSuggestions if any, ____________________________
___________________________________________
METHODOLOGY Research design Sample Size Sampling procedure : Descriptive : 150 : Convenient sampling
Wording and sequencing of the questions: Once the type of question was decided upon effort was taken to word them approximately, so that they have clarity in the meaning and are easily understandable by the respondents. Care was taken to avoid leading and loaded questions. It was also ensured, that the questions are in proper sequence.
DETERMINATION OF SAMPLE SIZE:
The sample size for the project is 150 from the total population 300.
SAMPLE JUSTIFICATION:
Sample was chosen 150 numbers due to time restriction and was not allowed to visit any other branches
except Chennai cluster. PILOT STUDY: Pilot study was conducted to find out the feasibility of the questionnaire. Based on the necessity of information the questionnaire was prepared and questionnaire was given to 25 employees. Based on the response the questionnaire was modified and finalized for the survey. FIELD SURVEY: ¾ Field survey was done for couple of days. ¾ The number of employees surveyed was 150.
SAMPLE DESIGN: Sample Design is method of selecting the samples. It consists of two types. They are
a) Random Sampling
By which, each and every member of the population or universe has an equal chance or probability of being included in the sample.
b) Non-Probability Sampling
In which the sample subject is chosen on the basis of the individual’s ability to provide the type of special
information needed by the researcher.
c) Judgmental Sample
A Purposive Sample, non-probability sampling design in which the sample subject is chosen on the basis of the individual’s ability to provide the type of special information needed by the researcher.
STATISTICAL ANALYSIS AND INTERPRETATIONS:
The data collected was tabulated and analyzed with the help of SIMPLE PERCENTAGE ANALYSIS and
CHI-SQUARE TEST. This enabled the researcher to acquire findings and interpretations of the study and to give appropriate suggestions. The collected data was edited consolidated by using simple Percentage Analysis Method and it is presented in the form of tabular columns and charts. After the data have been collected, the researcher turns to the task of analyzing them using Percentage Method and Chi-Square Test.
The INTERPRETATIONS refer to the task of drawing inference from the collected facts an analytical and or experimental study. It is essential for the simple reason that the usefulness and utility of research findings lie in proper interpretation. STATISTICAL TOOLS USED 1) SIMPLE PERCENTAGE ANALYSIS: Percentage Analysis shows the entire Population on terms of percentages. It reveals the number of belonging in a particular category or the number of people preferring a particular thing in terms of percentage. In this study, the number of people who responded in a particular manner is interpreted in forms of percentages. Each table has been calculated on the basis of percentage. It refers to a special kind of rates, percentage are used in making comparison between two or more series of data. A percentage is used to determine relationship between the series. Percentage = No. of Respondents Total no. of Respondents X 100
2) CHI-SQUARE TEST OF INDEPENDENCE: The Chi-Square test a fairly, simple and definitely the most popular of all the other tools, the ChiSquare test is most widely used non-parametric test in Statistical work. It makes no assumption about being sampled, The Chi-Square describe the magnitude of discrepancy between theory and observation.
? =?
2 i =1
n
(Oi ? Ei )2
Ei
Uses of chi-square: a) To test independence of attributes. b) To test homogeneity, c) To test goodness of fit. Formula: (O¡ - E¡) ²/ E¡
The calculated valued of ? 2 is compared with the table value of ? 2 for a given degree of freedom at a specified value of significance. If the calculated value is more then tabulated value, the difference between theory and observation is considered to be significance. If the calculated value of ? 2 is less than the table value the difference between theory and observation is considered as insignificance.
Tools used for Data Analysis
For doing the analysis, arrange the data in a logical sequence from the raw data collected. After the tabulation of data the tools provide a scientific and mathematical solution to a complex problem. The Statistical tools used for Data analysis are: -Charts &Tables - Percentage Analysis & Chi Square test
CHARTS USED Mostly Bar Charts and Pie Charts are used for analysis to get a idea about the tabulated data.
STATISTICAL TOOL
CHI SQUARE TEST
1. A chi square test is conducted to find out the association between performance in line with roles and responsibilities and with the training provided.
Ho: there is no association between performance of employees and the training given H1: There is association between performance of employees and the training given
Chi-Square Tests
Pearson Chi-Square Continuity Correction Likelihood Ratio Fisher's Exact Test Linear-by-Linear Association N of Valid Cases
Value .439 .249 .440 df 1 1 1 Asymp. Sig. (2-sided) .507 .618 .507
.437 150
1
.509
INFERENCE: Since Pearson chi square co efficient .429 and the asymptotic significance (P) value is .507 which is greater than 0.05. Hence Ho is accepted that is there is no association between the above two given questions.
2. A chi square test is conducted to know the association satisfaction towards working hours and with the workload assigned.
Ho: there is no association between working hours of the job and the workload assigned H1: There is association between working hours of the job and the workload assigned
Chi-Square Tests
Value df Asymp. Sig. (2sided) .116
Pearson Square
Chi-
4.311
2
Likelihood Ratio Linear-by-Linear Association N of Valid Cases
5.107 3.402
2 1
.078 .065
150
a 2 cells (33.3%) have expected count less than 5. The minimum expected count is .19.
INFERENCE Since Pearson co efficient 4.311 and the asymptotic significance (P) value is .116 which is grater than .05. Hence Ho is accepted that is there is no association between the given two questions.
3. A Chi square test is conducted to know the association between the work atmosphere and the type of leadership followed inside the organization.
Ho: there is no association between working hours of the job and the workload assigned H1: There is association between working hours of the job and the workload assigned
Chi-Square Tests
Value
df
Asymp. sided) .038 .020 .484
Sig.
(2-
Pearson Chi-Square Likelihood Ratio Linear-by-Linear Association N of Valid Cases
8.452 9.832 .490
3 3 1
150
a 0 cells (.0%) have expected count less than 5. The minimum expected count is 5.60.
INFERENCE Since Pearson co efficient 8.452 and the asymptotic significance (P) value is .038 which is less than 0.05. Hence H1 is accepted that is there is association between the two given questions.
4. A Chi square test is conducted to know the association between the salary provided and about the grading slab followed
H0-There is no association between salary package and grading slab H0-There is association between salary package and grading slab
Chi-Square Tests
Value
df
Asymp. sided) .012 .011 .003
Sig.
(2-
Pearson Chi-Square Likelihood Ratio Linear-by-Linear Association
8.770 8.968 8.557
2 2 1
N of Valid Cases a.
150
1 cells (16.7%) have expected count less than 5. The minimum expected count is 2.13.
INFERENCE Since Pearson co-efficient 8.770 and the asymptotic significant (p) value is .012 which is less than 0.05.Hence H1 is accepted that is there is association between the two given questions.
5. A Chi square test is conducted to know the association between career growth inside the organization and the promotion process followed
H0-There is no association between career growth and promotion process followed by the organization H1-There is association between career growth and promotion process followed by the organization
Chi-Square Tests
Value
df
Asymp. sided) .279 .158 .439
Sig.
(2-
Pearson Chi-Square Likelihood Ratio Linear-by-Linear Association N of Valid Cases a.
7.480 9.284 .598
6 6 1
150
5 cells (41.7%) have expected count less than 5. The minimum expected count is 1.96.
INFERENCE Since Pearson co-efficient 7.480 and the asymptotic significant (p) value .279 which is greater than 0.05.Hence the H0 is accepted that is there is no association between the two given questions.
CHAPTER 4 DATA ANALYSIS AND INTERPRETATION
TABLE :1 TABLE SHOWING JOB SECURITY AT ICICI SECURITIES
JOB SECURITY Cumulative Frequency Valid HIGHLY SATISFIED SATISFIED Total 84 66 150 Percent 56.0 44.0 100.0 Valid Percent 56.0 44.0 100.0 Percent 56.0 100.0
CHART 1
INFERENCE: Out of 150 respondents 84 were highly satisfied and 66 were satisfied with the job security at ICICI SECURITIES.
TABLE:2 TABLE SHOWING THE PERFORMANCE IN LINE WITH ROLES AND RESPONSIBILITIES
PERFORMANCE IN LINE Cumulative Frequency Valid HIGHLY SATISFIED SATISFIED Total 76 74 150 Percent 50.7 49.3 100.0 Valid Percent 50.7 49.3 100.0 Percent 50.7 100.0
CHART 2
INFERENCE Out of 150 respondents 49.33% of them were satisfied and 50.67% were highly satisfied with the performance in line with their roles and responsibilities.
TABLE: 3 TABLE SHOWING THE ORGANIZATION CLIMATE
ATMOSPHERE Cumulative Frequency Valid HIGHLY SATISFIED SATISFIED Total 70 80 150 Percent 46.7 53.3 100.0 Valid Percent 46.7 53.3 100.0 Percent 46.7 100.0
CHART 3
INFERENCE It is shown that 53.33% of the respondents are satisfied with the atmosphere and the rest 46.67% are highly satisfied with the atmosphere followed inside the organization
TABLE: 4 TABLE SHOWING THE SATISFACTION LEVEL OF THE EMPLOYEES
TRAINING Cumulative Frequency Percent Valid Percent Percent
Valid
HIGHLY SATISFIED SATISFIED Total
71 79 150
47.3 52.7 100.0
47.3 52.7 100.0
47.3 100.0
CHART 4
INFERENCE: Out of 150 respondents 79 were satisfied and 71 were highly satisfied with the training provided inside the organization.
TABLE 5 TABLE SHOWING RESPONDENTS’ RELATIONSHIP WITH PEERS
RELATIONSHIP WITH PEERS Cumulative Frequency Valid YES NO Total 145 5 150 Percent 96.7 3.3 100.0 Valid Percent 96.7 3.3 100.0 Percent 96.7 100.0
CHART 5
INFERENCE Out of 150 respondents 96.7% of them are having a heakthy relationship with their peers and the rest 3.3% of them are not having a good rapport with their peers.
TABLE 6 TABLE SHOWING THE SATISFACTION LEVEL OF WORKING HOURS OF THE EMPLOYEES
WORKING HOURS Cumulative Frequency Valid SATISFIED DISSATISFIED Total 121 29 150 Percent 80.7 19.3 100.0 Valid Percent 80.7 19.3 100.0 Percent 80.7 100.0
CHART 6
INFERENCE Out of 150 respondents 121 of them are satisfied with the working hours and the rest 29 of the employees are not happy with the working hours.
TABLE 7 TABLE SHOWING THE WORKLOAD AT ICICI SECURITIES
WORKLOAD Cumulative Frequency Valid HIGHLY SATISFIED SATISFIED DISSATISFIED Total 37 112 1 150 Percent 24.7 74.7 .7 100.0 Valid Percent 24.7 74.7 .7 100.0 Percent 24.7 99.3 100.0
CHART 7
INFERENCE: Out of 150 respondents 24.7% of them are highly satisfied with the workload assigned, 74.7% of them are satisfied and the rest .7 % are dissatisfied with the workload assigned to the employees.
TABLE 8 TABLE SHOWING MANAGING STRESS ARISING FROM WORK
RELAX Cumulative Frequency Valid CUP OF TEA RELAX CHATTING WITH PEERS LISTENING TO MUSIC Total 36 48 27 39 150 Percent 24.0 32.0 18.0 26.0 100.0 Valid Percent 24.0 32.0 18.0 26.0 100.0 Percent 24.0 56.0 74.0 100.0
CHART 8
INFERENCE
Out of 150 respondents, 32%% of respondents relax for managing stress arising from work, 24% of respondents prefer a cup of tea for managing stress arising from work, 26% of respondents engage in music for managing stress arising from work, 18% of respondents engage in chatting with their peers for managing stress arising from work
TABLE 9 TABLE SHOWING LEADERSHIP TYPE FOLOEWED BY THE SUPERIORS
LEADERSHIP Cumulative Frequency Valid AUTOCRATIC DEMOCRATIC PATERNALISTIC LAISSEZ FAIRE Total 12 64 17 57 150 Percent 8.0 42.7 11.3 38.0 100.0 Valid Percent 8.0 42.7 11.3 38.0 100.0 Percent 8.0 50.7 62.0 100.0
CHART 9
INFERENCE: Out of 150 respondents 42.67% of their superiors follow democratic leadership folowed by their superiors, 38% of them feel that their superiors follow Laissez Faire leadership, 11.33% of the superiors follow Paternalistic leadership and the rest 8% of the superiors follow Autocratic lesdership.
TABLE 10 TABLE SHOWING COMMUNICATION FLOW IN THE ORGANIZATION
COMMUNICATION FLOW Cumulative Frequency Valid HIGHLY SATISFIED SATISFIED Total 83 67 150 Percent 55.3 44.7 100.0 Valid Percent 55.3 44.7 100.0 Percent 55.3 100.0
CHART 10
INFERENCE Out of 150 respondents 53.33% of the employees are highly satisfied with communication flow inside ICICI DIRECT and the rest 44.67% of them are just satisfied with the communication flow inside the organization.
TABLE 11 TABLE SHOWING RESPONDENTS’ SATISFACTION LEVEL IN TERMS OF SALARY
SALARY Cumulative Frequency Valid YES NO Total 136 14 150 Percent 90.7 9.3 100.0 Valid Percent 90.7 9.3 100.0 Percent 90.7 100.0
CHART 11
INFERENCE: Out of 150 respondents, 136 of them are very happy with the salary package provided at ICICI DIRECT and the rest 14 employees are not happy.
TABLE 12 TABLE SHOWING INCENTIVE PROVIDED AT ICICI SECURITIES
INCENTIVES Cumulative Frequency Valid HIGHLY SATISFIED SATISFIED Total 117 33 150 Percent 78.0 22.0 100.0 Valid Percent 78.0 22.0 100.0 Percent 78.0 100.0
CHART 12
INFERENCE Out of 150 respondents 78% of them are highly satisfied with the incentives provided, and 22% of them are satisfied with the incentive slab followed at ICICI DIRECT.
TABLE 13 TABLE SHOWING GRADING SLAB FOLLOWED
GRADING Cumulative Frequency Valid HIGHLY SATISFIED SATISFIED DISSATISFIED Total 54 49 47 150 Percent 36.0 32.7 31.3 100.0 Valid Percent 36.0 32.7 31.3 100.0 Percent 36.0 68.7 100.0
CHART 13
INFERENCE Out of 150 respondents, 36% of the employees are highly satisfied with the grading slab, 32.67% of them are just satisfied and the rest 31.33% of the employees are not satisfied with the grading slab followed at ICICI DIRECT.
TABLE 14 TABLE SHOWING CAREER GROWTH FOLLOWED AT ICICI SECURITIES
CAREER GROWTH Cumulative Frequency Valid HIGHLY SATISFIED SATISFIED DISSATISFIED Total 48 60 42 150 Percent 32.0 40.0 28.0 100.0 Valid Percent 32.0 40.0 28.0 100.0 Percent 32.0 72.0 100.0
CHART 14
INFERENCE Out of 150 respondents 40% of the respondents are satisfied with the career growth polocy followed at ICICI DIRECT, 32% of them are highly satisfied and the rest 28% of the respondents are not satisfied with the career growth process followed.
TABLE 15 TABLE SHOWING SUPERIOR’S CONSTANT FEEDBACK
SUPERIOR FEEDBACK Cumulative Frequency Valid YES NO Total 133 17 150 Percent 88.7 11.3 100.0 Valid Percent 88.7 11.3 100.0 Percent 88.7 100.0
CHART 15
INFERENCE: Out of 150 respondents 133 of the respondents are happy with their superiors feedback and he rest 17nrespondents are not happy with their superior feedback.
TABLE 16 TABLE SHOWING HR FOLLOW UP
HR FOLLOW UP Cumulative Frequency Valid HIGHLY SATISFIED SATISFIED DISSATISFIED Total 25 108 17 150 Percent 16.7 72.0 11.3 100.0 Valid Percent 16.7 72.0 11.3 100.0 Percent 16.7 88.7 100.0
CHART 16
INFERENCE: Out of 150 respondents 72% of the employees are satisfied with the HR follow up, 16.67% of the employees are highly satisfied, and the rest 11.33% of the respondents are not satisfied with the HR follow up.
TABLE 17 TABLE SHOWING PROMOTION POLICIES FOLOWED AT ICICI SECURITIES
PROMOTION Cumulative Frequency Valid GOOD FAIR Total 91 59 150 Percent 60.7 39.3 100.0 Valid Percent 60.7 39.3 100.0 Percent 60.7 100.0
CHART 17
INFERENCE: Out of 150 respondents 60.67% of the respondents feel that the promotion policy folowed is good and the rest 39.33% of the respondents feel fair about the promotion policy followed at ICICI DIRECT.
TABLE 18 TABLE SHOWING AMENITIES FACILITIES PROVIDED
AMENITIES Cumulative Frequency Valid STRONGLY AGREE AGREE DISAGREE Total 32 90 28 150 Percent 21.3 60.0 18.7 100.0 Valid Percent 21.3 60.0 18.7 100.0 Percent 21.3 81.3 100.0
CHART 18
INFERENCE: Out of 150 respondents 60% of the respondents agree that amenities facilities is good, 32% of the respondents feel very strong about the amenities facilities provided and the rest 18.67% of the respondents are not satisfied with the amenities failities provided.
TABLE 19 TABLE SHOWING WILL THE EMPLOYEES REFER THEIR FEIENDS TO WORK IN ICICI SECURITIES
REFER FRIEND Cumulative Frequency Valid STRONGLY AGREE AGREE DISAGREE Total 90 31 29 150 Percent 60.0 20.7 19.3 100.0 Valid Percent 60.0 20.7 19.3 100.0 Percent 60.0 80.7 100.0
CHART 19
INFERENCE: Out of 150 respondents 90 employees strongly agree that they will refer their friends to work at ICICI DIRECT, also 31 respondents will refer their friends and the rest 29 respondents will not refer their friends to work at ICICI DIRECT.
CHAPTER 5 SUMMARY AND CONCLUSION
FINDINGS
1. It was found that majority (56%) of the employees at ICICI DIRECT are highly satisfied with job security and (44%) of them are satisfied. Hence, there is no problem with job security at ICICI DIRECT. 2. It was found that (50.67%) of the employees working at ICICI DIRECT are happy enough with the performance in line with roles and responsibilities and (49.33%) of the employees are just satisfied. 3. It is understood that the majority of the employees (53.33%) are highly satisfied with the work atmosphere followed and the rest (46.67%) of the respondents feel they experience a fair work atmosphere at ICICI Securities. 4. It was found that (52.67%) of the employees are more happy with the training provided and the rest (47.33%) of the employees are just satisfied With this it as found that quality training program is the major factor for the excellent services provided by the ICICI Securities’ employees to the customers. 5. From the result it is found that 97% of the employees have a good rapport with their peers and friends inside the organization. But 3% of the employees fail to have good relationship with their peers few reasons. This had an impact on team spirit. 6. Majority of the respondents with 81% are satisfied with the office timings and the rest (19%) were dissatisfied and mentioned that they aren’t spending much time with their family.
7. Majority of (74.7%)% of the respondents are just satisfied with the work load they are assigned with, (24.7%) of the employees are highly satisfied with the workload assigned to them and the rest (1%) of the employees are not happy with the load of jobs they are assigned with 8. It was found that 32% of the employees prefer relaxing when they face work pressure,(24%) of them prefer to have a cup of tea and the rest of the respondents(26%) and (18%) considerably chose to listen to music and gossip with their peers. This actually interrupts other’s work. It was also found that few of the respondents wanted to be relax inside office and rest when they face job pressure. 9. From the study, majority of the respondents (42.67%) experience democratic type of leadership from their superiors. The rest (38%) of the employees enjoyed laissez faire and (11.33%) of the employees experience paternalistic leadership but (8%) of the employees faced autocratic leadership due to work pressure. 10. It was found that ICICI Securities follows an excellent communication process across the organization. It shows that (55.33%) of the employees are highly satisfied and the rest (44.67%) of them are just happy. As per the study none of the respondents gave a negative feed back on communication patter experienced by the employees. 11. From the study, it was found that 91% of the respondents were extremely happy with the salary package offered to the ICICI Securities employees and the rest (9%) were not satisfied since they felt that salary was less when compared to workload assigned to them.
12. From the study it was found that almost every individual working in ICICI Securities is very happy with the incentives provided. It was also found that (78%) of the employees are highly satisfied and (22%) of them are satisfied. It is said in the organization that huge incentive is equal to huge contribution from the employees in terms of target achievement.
13. The study found that (31%) of the people are not happy with the grading system followed at ICICI Securities, the rest (36%) were highly satisfied and (33%) of the employees were somewhat happy with the grading system. Grading system was the major issue faced by the ICICI HR team. 14. From the study, it was found that (32%) of the employees were very happy with the process followed for career growth of an every individual, (40%) of them were happy and the rest (28%) were highly dissatisfied. 15. It was found that the (11.3%) of the employees are not happy with the superior feedback and (88.7%) of the employees get constant feedback from their superiors and thus it motivates them to work with full interest and to do their job better in an efficient and effective way. Very few are not happy with their superiors as they experience autocratic leadership. 16. From the study it was found that (72%) of the employees at ICICI Securities were happy with the HR follow up (11.33%) of the employees were not satisfied with the HR follow up on any individual issue.
17. From the study it was found that (60.7%) of the employees feel that the promotion policy followed is fair enough and the (39.3%) of the employees feel happy with the promotion process followed inside the organization. 18. From the study it was found that (60%) of the employees agree that the amenities facility provided are good, (21.3%) of them are just satisfied and (18.7%) of the employees are not satisfied with the amenities facilities provided at ICICI DIRECT. 19. From the study it was found that (81%) of the employees are ready to refer their friend to work at ICICI DIRECT, and (19%) of the employees are not ready.
SUGGESTIONS
1.
Since almost all the employees of ICICI DIRECT are satisfied with the job security inside the organization
it has to be sustained in the future as well. 2. Though all the employees are happy enough with their performance in line with their roles and
responsibilities, organization has to follow up their employees to ensure things move on smoothly. 3. Since almost all the employees are experiencing a good work atmosphere, it is suggested to sustain in the
future too. 4. Though most of the employees are satisfied with the training provided, it is recommended to improve
further by conducting special training on monthly basis. 5. Though most of the employees are having cordial relationship with peers, it is suggested to conduct group
activities very often who are not having a good rapport with colleagues.
6.
Since few employees are not happy with the office timings it is suggested that the organization can provide
flexible work timings. 7. Though almost all the employees are quiet satisfied with the work load that they are assigned with, few
efforts has to be made to remove the dissatisfaction thought from the employees. 8. Though most of the employees manage stress by engaging in others the organization should reduce stress
in work so that it will not affect the employee.
9.
As all the employees are happy with the leadership style followed by the superiors, it is suggested to
sustain the same in future. 10. Since every individual is happy with the communication process followed inside the organization, it is
suggested to sustain the same in future too. 11. As almost all the employees are satisfied with the salary structure, grading system and the incentives
provided, it is suggested to sustain the same in the future as well. 12. As few employees are not happy with the superior feedback, it is suggested to take few efforts to avoid the
unnecessary consequences in future. 13. Though almost all the employees are happy with the HR follow up, it is recommended to improve HR
follow up on individual issues. 14. Since few of the employees are not happy with the amenities facility provided, it is suggested to take few
efforts in implementing some additional facilities.
LIMITATIONS
¾ The study has the following constraints ¾ The sample size is restricted to150 respondents due to time limit. The study is conducted considering the prevailing conditions, which are likely to change in future. ¾ Due to time and cost constraints the study was limited to Chennai 2 cluster branches only.
CONCLUSION
The study has been undertaken at “ICICI SECURITIES” on “EMPLOYEES JOB SATISFACTION”. The project was completed successfully with the help of HR Manager of M/S ICICI SECURITIES LIMITED. All the findings and recommendations for a good job satisfaction level among the employees were discussed with the HR Manager. The recommendations have been appreciated and accepted and they promised to implement the same in the near future.
BIBLIOGRAPHY
BOOKS REFERRED
y Research Methodology , By Kothari -2004 Edition-New age international Pvt Ltd. chapter- methods and techniques (page no.146-150) y Statistical Tools and Techniques, By S.P.Gupta-2007 Edition- GK publications. y J.Jayasankar - ‘Human Resources Management” Margham Publication-2004 First Edition. y S.Riasudeen – ‘Human Resources Management’ Madras University distance education -2009 Edition JOURNALS • • Marketing master mind (ICFAI)-June 2009, Indian journal of marketing, June 2009,
WEBSITES y www.wikipedia.com y www.investopedia.com y www.nseindia.com y www.bse.com y www.ICICI DIRECT.com
ANNEXURE
A STUDY ON EMPLOYEE JOB SATISFACTION AT ICICI SECURITIED
NAME:
AGE:
GENDER:
QUALIFICATION:
DESIGNATION:
QUESTIONNAIRE
1. How do you feel about your job security at ICICI SECURITIES? Highly satisfied Satisfied Dissatisfied Highly dissatisfied
2. Are you satisfied with the performance in line with your roles and responsibilities? Highly satisfied Satisfied Dissatisfied Highly dissatisfied
3. Are you satisfied with the work atmosphere followed inside the organization? Highly satisfied Satisfied Dissatisfied Highly dissatisfied
4. Are you having cordial relationship with your co workers? Yes No
5. Do you think that training provided is sufficient for you to do your role effectively? Highly satisfied Satisfied Dissatisfied Highly dissatisfied
6. How far are you satisfied with working hours of your job? Highly satisfied
Satisfied Dissatisfied Highly dissatisfied
7. Are you satisfied with the workload you are assigned with? Highly satisfied Satisfied Dissatisfied Highly dissatisfied
8. How do you relax yourself when you are under pressure? Cup of tea Relax Chatting with peers Listening to music
9. Which type of leadership is followed by your superior? Autocratic Democratic Paternalistic Laissez faire
10. How do you feel about the communication flow inside the organization? Highly satisfied Satisfied Dissatisfied Highly dissatisfied
11. Are you happy with the salary package provided to you? Yes No
12. Are you satisfied with the incentives provided by the organization? Highly satisfied Satisfied Dissatisfied Highly dissatisfied
13. How do you feel about the grading slab followed in organization? Highly satisfied Satisfied Dissatisfied Highly dissatisfied
14. Are you satisfied about the career growth followed inside the organization? Highly satisfied Satisfied Dissatisfied Highly dissatisfied
15. Do you get constant feedback from your superior to improve your performance? Yes No
16. How far are you satisfied with the follow up provided by the HR team? Highly satisfied Satisfied Dissatisfied Highly dissatisfied
17. How do you rate the promotion process followed inside the organization? Good Fair Neutral
Poor
18. Are you happy with the amenities provided by the organization? Strongly agree Agree Disagree Strongly disagree
19. Will you refer your friend to work in this organization? Strongly agree Agree Disagree Strongly disagree
20. Any areas of improvement do you feel inside the organization?
Please suggest_____________________________________________________ ________________________________________________________________.
THANK YOU FOR YOUR TIME
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