bajaj alians orignal
TRANSCRIPT
-
8/2/2019 Bajaj Alians Orignal
1/33
EXECUTIVE SUMMARY
This internship report consists of the overall experience of online working as a part of
HDFC Standard Life Insurance Co. Ltd. This experience helped me understand the
basic functioning of the organization where I was inducted.
My Internship program - Project Title: Job Satisfaction of HDFC SLIC.
The best learning experience was that I started from the very basics of getting to that
position and not from the position itself. This helped me get useful insight and
understanding of online marketing, the benefits to the members as well as the HDFC
Standard Life Insurance Company.
Training sessions were held to give me insights about How to create markets and write
comments on other members markets and to encourage and appreciate them for their
nice efforts and creative markets.
I also learnt how to work online for such a nice company HDFC Standard Life
Insurance Co. Ltd which enhanced my knowledge, writing skills and communication.
-
8/2/2019 Bajaj Alians Orignal
2/33
COMPANY PROFILE
-
8/2/2019 Bajaj Alians Orignal
3/33
AN OVERVIEW
Bajaj Allianz General Insurance Company Limited is a joint venture between Bajaj
Auto Limited and Allianz AG of Germany. Both enjoy a reputation of expertise,
stability and strength.
Bajaj Allianz General Insurance received the Insurance Regulatory and
Development Authority (IRDA) certificate of Registration (R3) on May 2nd, 2001
to conduct General Insurance business (including Health Insurance business) in
India. The Company has an authorized and paid up capital of Rs 147 crores. Bajaj
Auto holds 74% and the remaining 26% is held by Allianz, AG, Germany.
In its first year of operations, the company has acquired the No. 1 status among the
-
8/2/2019 Bajaj Alians Orignal
4/33
private non-life insurers. As on 31st March 2006 Bajaj Allianz General Insurance
maintained its leadership position by garnering the premium income of Rs.1285
crore. Bajaj Allianz has made a profit after tax ofRs.52 crores.
Bajaj Allianz today has a network presence in over 100 towns spread across the
length and breadth of the country. From Surat to Siliguri and Jammu toThiruvananthapuram, all the offices are interconnected with the Head Office at
Pune.
In the first half of the current financial year, 2006-07, Bajaj Allianz garnered a
premium income of Rs. 842 crores, achieving a growth of 35% and Net profits rose
to Rs.27 Crores.
-
8/2/2019 Bajaj Alians Orignal
5/33
BUSINESS ASSOCIATES
Bajaj Auto Limited
Bajaj Auto Limited is the largest manufacturer of two and three-wheelers in India
and also one of the largest manufacturers in the world. Bajaj Auto has been inoperation for over 55 years. As a promoter of Bajaj Allianz General Insurance
Company Ltd., Bajaj Auto has the following to offer: Vast distribution network.
Knowledge of Indian consumers.
Financial strength and stability to support the insurance business.
Visit Bajaj Auto's Website www.bajajauto.com
Allianz AG, Germany
Allianz AG is in the business of General (Property & Casualty) Insurance; Life &
Health Insurance and Asset Management and has been in operation for over 110
years. Allianz is one of the largest global composite insurers with operations in
over 70 countries. Further, the Group provides Risk Management and Loss
Prevention Services. Allianz has insured most of the world's largest infrastructure
projects (including Hongkong Airport and Channel Tunnel between UK and
France), further Allianz insures the majority of the fortune 500 companies, besides
being a large industrial insurer, Allianz has a substantial portfolio in the
commercial and personal lines sector, using a wide variety of innovative
distribution channels.
Allianz AG has the following to offer Bajaj Allianz General Insurance Company
Ltd. :
Set up and running of General insurance operations
New and improved international products
http://www.bajajauto.com/http://www.bajajauto.com/ -
8/2/2019 Bajaj Alians Orignal
6/33
One of the world's leading insurance companies
More than 700 subsidiaries and 2 lac employees in over 70 countries
worldwide
Provides insurance to almost half the Fortune 500 companies
Technology
Other similar businesses
The promoters have also incorporated a Life insurance Company in India, called
Bajaj Allianz Life Insurance Company Limited to provide life insurance solutions.
http://www.kvb.co.in/http://www.yesbank.in/index.phphttp://www.hdfcbank.com/http://www.unitedbankofindia.com/http://www.idbibank.com/http://www.karnatakabank.com/http://www.psbindia.com/http://www.utibank.com/http://www.jkbank.net/http://www.kvb.co.in/http://www.yesbank.in/index.phphttp://www.hdfcbank.com/http://www.unitedbankofindia.com/http://www.idbibank.com/http://www.karnatakabank.com/http://www.psbindia.com/http://www.utibank.com/http://www.jkbank.net/http://www.kvb.co.in/http://www.yesbank.in/index.phphttp://www.hdfcbank.com/http://www.unitedbankofindia.com/http://www.idbibank.com/http://www.karnatakabank.com/http://www.psbindia.com/http://www.utibank.com/http://www.jkbank.net/http://www.kvb.co.in/http://www.yesbank.in/index.phphttp://www.hdfcbank.com/http://www.unitedbankofindia.com/http://www.idbibank.com/http://www.karnatakabank.com/http://www.psbindia.com/http://www.utibank.com/http://www.jkbank.net/http://www.kvb.co.in/http://www.yesbank.in/index.phphttp://www.hdfcbank.com/http://www.unitedbankofindia.com/http://www.idbibank.com/http://www.karnatakabank.com/http://www.psbindia.com/http://www.utibank.com/http://www.jkbank.net/http://www.kvb.co.in/http://www.yesbank.in/index.phphttp://www.hdfcbank.com/http://www.unitedbankofindia.com/http://www.idbibank.com/http://www.karnatakabank.com/http://www.psbindia.com/http://www.utibank.com/http://www.jkbank.net/http://www.kvb.co.in/http://www.yesbank.in/index.phphttp://www.hdfcbank.com/http://www.unitedbankofindia.com/http://www.idbibank.com/http://www.karnatakabank.com/http://www.psbindia.com/http://www.utibank.com/http://www.jkbank.net/http://www.kvb.co.in/http://www.yesbank.in/index.phphttp://www.hdfcbank.com/http://www.unitedbankofindia.com/http://www.idbibank.com/http://www.karnatakabank.com/http://www.psbindia.com/http://www.utibank.com/http://www.jkbank.net/http://www.kvb.co.in/http://www.yesbank.in/index.phphttp://www.hdfcbank.com/http://www.unitedbankofindia.com/http://www.idbibank.com/http://www.karnatakabank.com/http://www.psbindia.com/http://www.utibank.com/http://www.jkbank.net/ -
8/2/2019 Bajaj Alians Orignal
7/33
VISION, MISSION, VALUES AND LEADERSHIP STYLE OF BAJAJ
ALLIANZ CO.
VISION
To be the first choice insurer for customers
To be the preferred employer for staff in the insurance industry.
To be the number one insurerfor creating shareholder value
Mission
As a responsible, customer focused market leader, we will strive to understand the
insurance needs of the consumers and translate it into affordable products that
deliver value for money.
Values
Meeting commitments made to external and internal customers. Foster Learning, Creativity and Speed of Response. Respect for Dignity and potential of individuals. Loyalty and pride in the company. Team playing. Zeal to Excel. Integrity and Fairness in all matters.
-
8/2/2019 Bajaj Alians Orignal
8/33
Leadership Style
To faster and sustain organized values. Empowering with responsibilities and accountability at all levels. Visionary. Courage, Credibility, Compassion and Visibility. Timely recognition, feedback and counseling. Communication, information sharing and consultations. To be role model.
A Partnership Based on Synergy
Bajaj Allianz General Insurance Company offers technical excellence in all areas
of General and Health Insurance as well as Risk Management. This partnership
successfully combines Bajaj Auto's in-depth understanding of the local market and
extensive distribution network with the global experience and technical expertiseof the Allianz Group. As a registered Indian Insurance Company and a capital base
of Rs. 147 crores, the company is
Fully licensed to underwrite all lines of general insurance business includinghealth
OBJECTIVES AND POLICIES
-
8/2/2019 Bajaj Alians Orignal
9/33
To maintain a leading position as supplier of systems, equipments andservices to National / International standards and to attain a high level of
customer confidence.
Design, procurement, supply and execution of systems and equipments forTransmission Projects to meet requirements of customers stated as well as
implied, statutory aspects and National / International standards.
To acquaint customers on operation and maintenance of the equipment andsystems.
Identification of new areas of business in which BAJAJ ALLIANZ CO. mayenter.
FUNCTIONS
Give suggestions to various departments whether to enter in collaboration ornot.
Arrangement of various Customer Appreciation Programmes.
EMPLOYEE SATISFACTION
CONCEPT OF EMPLOYEE SATISFACTION
-
8/2/2019 Bajaj Alians Orignal
10/33
Employee satisfaction is the end feeling of a person after performing a
task to the extent that a persons job fulfils his dominant needs and is
consistent with his expectations and values.
Employee satisfaction, like happiness, can be defined in terms of the
extent of positive rather than negative emotions experienced, in this
case at work, or as a reflective, cognitive state of satisfaction with the
work, the pay, and other aspects of the job (Argyle, 1987). A third
component of happiness and therefore of employee satisfaction, is the
absence of anxiety, depression or other signs of mental ill health. A
related concept is organizational commitment, that is the extent to
which a person is committed to work as such, his or her career isattached to the job loyal to the organization, or to the union.
MEASUREMENT OF EMPLOYEE SATISFACTION
The most widely used measure is a very simple. One overall job
satisfaction can be assessed by simple questions such as choose one of the
following statements, which best tells how well you like your job: I hate it.
I dislike it, I am enthusiastic about i t, I love it (Hoppock, 1935). A
number of similar general questions can be put together and the replies
-
8/2/2019 Bajaj Alians Orignal
11/33
averaged. This can be done by using four point or five point scale
depending upon various factors, the kinds of study undertaken nature of
respondents etc.
Another way of finding out how much people really like their jobs is to ask
them if they would work if it were financially unnecessary.
Later measures have used a series of scales to measure different
components of job satisfaction. Many scales have been devised for this
purpose: one book reviews no less than 249 scales of various kinds (cook
et al., 1981). However the most widely used is the job description index,
which contains five scales seventy-two items in all, which are answered
yes, no or uncertain (Smith et al., 1969). The five scales are designed
to measure satisfaction in the following areas: (I) work on present job e.g.,
fascinating; (2) present pay, e.g., income inadequate for normal expenses (-
); (3) opportunities for promotion e.g., fairly good chance for promotion;
(4) supervision on present job e.g., lazy (-); (5) people on present job e.g.,
talk too much (-). The minus signs show reversed items, i.e., those that
show dissatisfaction.
There has been a great deal of research on these scales. They predict
overall job satisfaction, especially the work on present job scale.
Additional scales have been devised for use with managers to measure
satisfaction with subordinates and with the firm (Qarr and routledge,
1969).
Work may produce other forms of satisfaction of which people are unaware
until they lose their jobs. Research on the employed has found a number
of hidden benefits of work: it structures and organizes time, provides
social contacts outside the family, links the individual to broader goals and
purposes gives status and sense of identity, provides a raised level of
activity etc.
-
8/2/2019 Bajaj Alians Orignal
12/33
JOB SATISFACTION AND JOB BEHAVIOUR
Vroom (1964) has done an excellent job of examining the relationship between job
satisfaction and varius aspects of job behaviour and perhaps summarizing his
findings is the best way of giving the reader an overview. Vroom categorizes
studies in terms of which job behaviours are correlated with job satisfaction.
Specifically, he groups them into studies of turnover, absenteeism, accidents, and
job performance.
Satisfaction and turnover
There is a consistent negative relationship between job satisfaction and the
probability of resignation.
Satisfaction and absentieem
Thre is a less consistent negative relationship beween job satisfaction and
absences.
Satisfaction and accidents
There is some indication of a negative relationship between job satisfaction and
accidents.
Satisfaction and job performance
There is no simple relationship between job satisfaction and job performance.
-
8/2/2019 Bajaj Alians Orignal
13/33
DETERMINANTS OF EMPLOYEE SATISFACTION
The work itself: This is a major cause of employee satisfaction as a
whole, and particularly of the component of it known as intrinsic job
satisfaction. Hockman (1980) suggested that five features of work produce
such satisfaction. Many studies have investigated this issue and the latest
meta-analysis found the following average correlation with job satisfaction
(a) task identity (completing a clear and identifiable piece of work (b) task
significance the degree to which the job has an impact on the lives of
others; (c) skill variety (d) autonomy (the degree to which the job
[provides freedom, independence and discretion (e) feedback the extent to
which information about effectiveness is available.
Different occupations: There are very large differences between
occupations and the job satisfaction they provide.
In some surveys it has been found that the most satisfied workers are
university teachers, scientists, the clergy and social workers is probably
because their work has the right job characteristics, such as challenge,
autonomy and skill variety. Some of the most discontented workers are
those on assembly lines. They use a fairly low level of skill have little skill
variety, have very little autonomy, and do not complete an identifiable
piece of work: they do badly on all the job characteristics needed for
intrinsic satisfaction.
Pay: In a number of studies people have been asked to rank various
sources of job satisfaction and pay has usually come out among the first. It
is more a source of dissatisfaction than satisfaction: in some studies as
many as 80 per cent of employees were discontented with their pay. In job
satisfaction scales, contentment with pay is always one of the main
components, and gives a reasonably good prediction of overall satisfaction.
-
8/2/2019 Bajaj Alians Orignal
14/33
Many people try so hard to increase their pay in one way or another that it
would be surprising if pay was not an important source of satisfaction
some go on strike some try to be promoted others do a second job.
However across the population pay has a surprisingly small correlation
with happiness or satisfaction. But within organizations there is acorrelation between job satisfaction and pay, after other variables have
been held constant although it is still small.
Relative pay is a better predictor of job satisfaction than the absolute
amount paid. People at work have a clear idea of what they ought to the
paid in comparison with others, and in relation to their skill, experience,
etc. it is widely believed that performance, seniority, age education etc.should be recognized and regarded by higher pay. If there is a discrepancy
between what employees think they should be paid and what they are paid.
They are dissatisfied. They were paid in the past, although inflation makes
accurate comparisons difficult and probably increases satisfaction with
current pay a little.
Security: Findings on the importance of security are contradictory. Theresults depend on the country and historical period in which studies have
been carried out .When people are worried about losing their jobs this is
found to spread to discontent with all other aspects of their. The people
who are most concerned about security are those in the lower income
group, and whose parents were in unskilled or semi-skilled jobs-
presumably because there is less security for less skilled workers. On the
other hand, it is also found that more intelligent people are also very
interested in long-term security. In Britain some of the elements of security
are provided by the state health and unemployment insurance and pensions.
What workers would really like is guaranteed employment; despite a
greatly improved employment situation.
-
8/2/2019 Bajaj Alians Orignal
15/33
Status: There is a strong correlation between status and job satisfaction,
both in terms of status within an organization and of the social class
generally believed to be associated with different occupations. On the
other hand the most highly paid people managers administrators and
doctors are less satisfied and more stressed than university teachers,scientist and the others. In they enjoy the use of skills and the company of
their coworkers for example. The main negative feature of high status jobs
is that they can be more stressful.
Promotion prospects : American surveys show that opportunity for
advancement is usually ranked first or second in importance. Herzberg et
al., (1959) found that achievement, recognition and advancement were themain causes of positive satisfaction and estimates of the likelihood and
promotion. On the other hand, if people expecting promotion do not get it
they will be discontented. The importance of promotion is quite different
for people in different social classes and at different skill levels. For
managerial and professional people work is part of a career and promotion
is of the highest importance. For unskilled and semi-skilled workers
promotion is less likely and is less sought after.
Working groups : Many studies have found that the working group is one
of the most important components of job satisfaction. The Human relations
movement emphasized the importance of social factors at work and while it
underestimated the importance of other factors, such as pay and the work
itself, the findings are still valid. Co-workers can be a major source of help
at work there is often a great deal of joking fun and gossip and they can
provide social support at times of stress. Coworkers produce job
satisfaction under the following conditions;
a. Cohesiveness: Satisfaction is greatest in cohesive groups. Theconditions for cohesiveness are discussed elsewhere frequent interaction
group members of similar background and values democratic leadership
-
8/2/2019 Bajaj Alians Orignal
16/33
skills, members brought together by the work flow in a cooperative
manner etc. a number of studies have shown that labour turnover is
much less in cohesive groups.
b. Popularity: There is a close correlation between popularity andsatisfaction and unpopular members usually leave.
c. Group size: Smaller groups have higher satisfaction than larger ones;the reason is probably that in smaller groups each members can exert a
lot of influence and talk as much as he or she likes while in large groups
the majority will be at the lower and of the dominance hierarchy.
d. Opportunities for interaction: Satisfaction is high when there areopportunities for interaction and reduced when noise or physical
separation makes this different.
Supervision: Satisfaction with superiors is the second source of social
satisfaction at work and is ranked as less important than that with co-
workers; tropically the two fall third and seventh in order of importance
supervision was mainly a source of periods of dissatisfaction in the
Herzberg studies, and another study found that there was a great deal of
conflict with supervisors. Supervisors may make demands for more or
better work may be felt to treat different subordinates unfairly, may be
seen as distant hostile or unsympathetic. On the other hand supervisors can
provide benefits that are partly material partly social they are a greater
source of instrumental tangible help than co-workers. They can help with
promotion pay rises and conditions of work: they can do more to solve
difficulties at work than either co-workers or spouses. The social rewards
which supervisors can provide include praise, encouragement and the
creation of a pleasant social atmosphere. Support from supervisors can
reduce the effects of stress on anxiety and depression. Most supervisors
feel that helping people in this way is part of the job. But the social side of
-
8/2/2019 Bajaj Alians Orignal
17/33
the relationship is made difficult by the difference in power, status and
salary.
Characteristics of organization: Several aspects of organizational
structure affect job satisfaction.
Size: Satisfaction is greater in smaller companies and absenteeism is much
less. Smaller size can be achieved by decentralization.
Levels: Satisfaction is greater when there are fewer levels in the hierarchy,
i.e., in organizations, which are smaller or have a larger spans on control.
Participation in decisions or administration produces higher job
satisfaction. There may be participation in formal works committees, it
may be used by supervisors, or it may be used by management when some
change is being introduced.
Other aspects of the company mentioned in surveys are managers their
training and skills the nature of contacts with them; personnel policies
appraisal schemes; relations with trade unions liberal or conservative
attitudes; pride in company and product based on public reputation social
importance etc.
Individual differences: Extroverts are happier than introverts and this is
partly because they have more favorable experiences at work; this in turn
is partly because they get on better with people and enjoy social contacts
more. Neuroticism is negatively correlated both with job satisfaction and
with happiness in general probably because neurotics find more things
stressful and cause of anxiety and distress. Individual lacking in social
skills, intelligence, physical attractiveness or other aspects of competence
and personal resources are also unhappier.
Job satisfaction depends on the fit between personality and job. If an
individuals profile of need matches the profile of rewards offered by the
job he or she will be more satisfied. The most obvious fit, which is needed,
-
8/2/2019 Bajaj Alians Orignal
18/33
is between employees knowledge and skills and those required by the job.
It does not matter from the organizations point of view if employees are
over qualified but it does matter for the employee. Those high in
achievement motivation prefer more challenging jobs, and show more
correlation between performance and satisfaction. Those with strong socialneeds are happier as members of close-knit, cooperative groups.
More highly educated and more intelligent people are generally more
satisfied because they usually do more interesting and challenging jobs.
However, if they are not doing jobs of this nature they are less satisfied.
Age and sex: It is usually found that older people are more satisfied with
their jobs. The effect is greatest for intrinsic satisfaction. It is partly
because older people have more rewarding and higher status jobs, but there
is still a correlation with age when such rewards have been held constant.
The most likely reason is that for older people aspirations and attainments
come closer so that they almost meet. In other words older people become
more adjusted to their work situation. They may also be able to adjust the
work situation to their needs for example by changing jobs or by alteringtheir conditions of work.
-
8/2/2019 Bajaj Alians Orignal
19/33
THE EFFECT OF EMPLOYEE SATISFACTION
Health and mental health: Low job satisfaction is correlated with high
rates of anxiety, depression, psychosomatic symptoms and coronary heart
disease. (PPR) mental health is more closely as societal with (low) job
satisfaction than it is with features of the job suggesting that job
satisfaction is an intervening state in the causal chain. However to some
extent job satisfaction and mental health are probably both affected by
similar features of work; repetitive, machine paced work bad supervision,
conflict with co-workers and other forms of stress. In particular the
combination of low status and low-grade work is associated with
dissatisfaction and with dissatisfaction and with poor health, but therecould be several reasons for this including a tendency from those in poor
health to gravitate to poor job.
Social support from co-workers and supervisors is a major source both
of job satisfaction and positive mental health. It can buffer the effects
of stress at work more effectively than core sources of social support.
People in stressful jobs are in particular need of support form cohesiveworking groups or socially skilled supervisors.
Life satisfaction: Job satisfaction is one of the main factors in overall life
satisfaction, although it is less important than marriage and family life.
Some attempts to clarify the direction of causation have found that both
direction operate others that it is job satisfaction which influences life
satisfaction. Another possibility is that areas of work and non-work have a
lot in common such as friendship status similar styles of behavior and that
they jointly affect satisfaction with life as a whole. Another study
concluded that we suspect that how one effectively evaluates various life
concerns relates to essentially one phenomenon at the global level.
Perceptions of general well begin. kinds of satisfaction is a top -to-bottom
one i.e., general well being affects job satisfaction
-
8/2/2019 Bajaj Alians Orignal
20/33
Individual needs and individual experience = Job
satisfaction
KNOWLEDGE
CONTRACT
Individual needs
For existing skill andknowledge to be used and
developed to the extent that
the individual wishes.
Individual experience
Skills and knowledge
adequately used. facilities for
knowledge development were
present in all firms although
there were some criticisms ofthere were some criticism of
these.
Fit
Good on use of skills
Quite good on development.
PSYCHOLOGICAL
CONTRACT
Individual needs
Opportunities for selfactualisation, the process by which
an individual achieves personal
growth, expressed by our
programmers and systems analysts
as a demand for self development
and responsibility individual
experience.
Opportunities for self development
existed (see knowledge contract).Opportunities for responsibility
good in present job.
Fit
Good on self development.
Good on responsibility in short
term.
TASK CONTRACTIndividual needs
For a set of tasks which fit
needs for
skill variety targets and feedback task identity work autonomyIndividual experience
Needs for skill variety, targetsand feedback, task identity and
work autonomy wee extremely
well catered for
Fit
Very good. This was seen as
the critical variable in the job
satisfaction of computer
specialties.
EFFICIENCY CONTRACTIndividual needs
For an equitable effort-rewardbargain
For acceptable workprocedures and controls
For acceptable supervisorycontrols
Individual experience
Pay acceptable Work procedures and controls
acceptable
Supervision acceptable Lack of positive guidance for
some
Fit
Good
-
8/2/2019 Bajaj Alians Orignal
21/33
ETHICAL (SOCIAL VALUE) CONTRACT
Individual needs
For an employer whose values do not conflict with the individual's own
values, particularly in the sphere of human relationships
Individual experience
Little conflict of values when the reference group of the computer man
was his own company or EDP department. A potential for conflict if he
identified too much with the user.
Fit
Good, given continuance of existing technical values.
-
8/2/2019 Bajaj Alians Orignal
22/33
Job Satisfaction and OCB
It seems logical to assume that job satisfaction should be a major determinant of
an employees organizational citizenship behaviour (OCB). Satisfied employees
would seen more likely to talk positively
About the organization, help others, and go beyond the normal expectations in
their job. Moreover, satisfied employees might be more prone to go beyond the
call of duty because they want to reciprocate their positive experiences. Consistent
with this thinking, early discussions of OCB assumed that it was closely linked
with satisfaction influences OCB but through perceptions of fairness.
There is a modest overall relationship between job satisfaction and OCB. But
satisfaction is unrelated to OCB when fairness is controlled for. What does this
mean? Basically, job satisfaction comes down to conceptions of fair outcomes,
treatment, and procedures. If you job satisfaction is likely to suffer significantly.
However, when you perceive organizational processes and outcomes to be fair,
Active
EXITVOICE
ConstructiveDestructive
NEGLECT LOYALTY
Passive
-
8/2/2019 Bajaj Alians Orignal
23/33
trust is developed. And when you trust your employer, youre more willing to
voluntarily engage in behaviors that go beyond your formal hob requirements.
Job Satisfaction and Customer Satisfaction
Employees in service jobs often interact with customers. Since the management of
service organizations should be concerned with pleasing those customers, it is
reasonable to ask: Is employees who have regular contract with customers, the
answer is Yes.
The evidence indicates that satisfied employees increase customer satisfaction and
loyalty. Why? In service organizations, customer retention and defection are
highly dependent on how front-line employees deal with customers. Satisfied
employees are more likely to be friendly, upbeat, and responsive- which customers
appreciate. And because satisfied employees are less prone to turnover, customers
are more likely to encounter familiar faces and receive experienced service. These
qualities build customer satisfaction and loyalty. In addition, the relationship
seems to apply in reverse: Dissatisfied customers can increase an employees job
dissatisfaction. Employees who have regular contact with customers report that
rude, thoughtless, or unreasonably demanding customers adversely effect the
employees job satisfaction.
A number of companies are acting on this evidence. Service- oriented businesses
such as FedEx, Southwest Airlines, American Express, and Office Depot obsess
about pleasing their customers. Toward that end, they also focus on building
employee satisfaction-recognizing that employee satisfaction will go a long way
toward a contributing to their goal of having happy customers. These firms seek to
hire upbeat and friendly employees, they train employees in the importance of
customer service, they reward customer service, they provide positive employee
work climates, and they regularly track employee satisfaction through attitudes
surveys.
-
8/2/2019 Bajaj Alians Orignal
24/33
BAJAJ ALLIANZ CO. GROUP SAVINGS LINKED INSURANCE
SCHEME
The BAJAJ ALLIANZ CO. Group Savings Linked Insurance Scheme provides an
insurance cover for all the regular employees and promotes savings to provide
financial assistance to the employees / beneficiaries at the time of retirement or
insurance cover in the event of death while in service.
Amount insured for different categories of employees is as under:
Category - Salary Grade wise Sum Assured(Rs.)
AI/BI to A VI/B VI grades, S-0, all temporary
employees recruited against regular vacancies
either on daily rated wages or on consolidated
wages SAI/SBI and equivalent categories.
10,000/-
AVII/BVII to AXI/BXI, SA1/SB1
to SA3/SB3, Jr. Executives20,000/-
E1 to E4 and other equivalent grades. 40,000/-
E5 and above. 80,000/-
PREMIUM P.M.( In Rs.)
Sum Assured Monthly
Premium
Risk Portion Savings Portion
10,000/- 13.50 5.00 8.50
20,000/- 27.00 10.00 17.00
40,000/- 54.00 20.00 34.00
80,000/- 108.00 40.00 68.00
-
8/2/2019 Bajaj Alians Orignal
25/33
ITS BENEFITS
On the death of the member while in service, the assurance benefit applicable to
the category together with the amount with interest due to the credit of member
employee in the running account shall become payable to the beneficiary.
On reaching superannuation or earlier cessation of service other than death, the
total amount of savings portion in the credit of the member employee during theperiod of membership together with the interest thereon shall become payable to
the member employee.
Contribution paid by the member employee towards the savings portion will
qualify for deduction under Income Tax.
GROUP INSURANCE SCHEME
The BAJAJ ALLIANZ Employees Group Insurance Scheme one year renewal
term assurance plan provides graded insurance cover.
The coverage commences from the time of joining service to the end of calendar
day of the cessation of service.
Category and Salary Grade Sum Assured (Rs.)
AI/BI to AVI/BVI grades, S-0, all temporary
employees recruited against regular vacancieseither on daily rated wages or on consolidated
wages
10,000/-
AVII/BVII to AXI/BXI & SAI/SBI to
SAIII/SBIII, Jr. Executives
20,000/
E1 to E4 and other equivalent Grades. 35,000/-
E5 and above 50,000/-
ITS BENEFITS
On the death of the employee while in service, the category wise assurance
benefit is paid to the beneficiary as appointed by the employee. The prescribed
form of appointment of Beneficiary(ies) is to be signed by the employee on the
-
8/2/2019 Bajaj Alians Orignal
26/33
date of entry to the scheme. In the event of the employee not having a family ordependents, he shall appoint legal personal representative to be his/her
BAJAJ ALLIANZ CO. EMPLOYEES HOUSING LOAN GROUP
INSURANCE SCHEME
This scheme provides for an insurance policy available upto Rs. 15 Lakhs tocover the outstanding housing loan of employees who are the members of the
scheme. In the event of death of the borrower employee covered under the
scheme, the housing loan and interest thereon outstanding as on the date of death
subject to a maximum of Rs.15 lakh will be paid by the insurer (currently LIC)
to the company which in turn will adjust it against HBA and interest thereon
outstanding on the date of death of employee or will pass on the same to the
lending agency in case the loan has been drawn by the borrower employee.
The insurance coverage is to the total loan outstanding at the beginning of the
policy year or subsequent enhancement subject to a ceiling of Rs. 15 lakhs.
In case of housing loans taken by the employees from housing finance agencies,
the interest does not remain outstanding. As it accrues it is recovered every month
and therefore in the event of death of the borrower, the interest does not remain
outstanding and hence coverage of interest portion of the borrowing does not arise
HOUSE BUILDING ADVANCE AND INTEREST SUBSIDY SCHEME
House Building Advance (HBA) will be granted to Company employees on
regular establishment with not less than five years of continuous service.
Employees working in BAJAJ ALLIANZ CO. Overseas Offices/Project Sites are
also eligible for the grant of HBA for construction/acquisition of a house,
ownership flat at any place of their choice in India .
Where both husband and wife are employees of the Company, the house building
advance shall be admissible to only one of them.
The flat rate of housing loan interest subsidy (HLIS) to employees whothemselves or whose spouses undergo sterilisation is Rs 42/- per ten thousand per
month on the qualifying amount subject to fulfillment of various conditions. This
will be admissible to the employees who are sanctioned interest subsidy on
housing loans as per company rules under BAJAJ ALLIANZ CO. Interest
Subsidy Scheme
http://10.23.30.241/pmanualtoday/SSF4-page-5.htm#6.2#6.2http://10.23.30.241/pmanualtoday/SSF4-page-5.htm#6.2#6.2 -
8/2/2019 Bajaj Alians Orignal
27/33
Other Employees Insurance Policies
It consists of:
1. Group Personal Accident Policy2. OVERSEAS MEDICAL INSURANCE SCHEME3. INDIVIDUAL PERSONAL ACCIDENT INSURANCE POLICY
DEATH RELIEF FUND SCHEME
The BAJAJ ALLIANZ CO. Employees Death Relief Fund Scheme gives
monetary assistance to the families of the members who die while in service of
the company. Scheme covers all categories of employees who have voluntarilyenrolled themselves as members of the scheme. The scheme is administered by a
committee formed by respective unit management.
Re. 1.00 per member collected, as contribution on death of the constituent member
will be paid to the next of the kin or to the provident fund nominee. Death of a
member will be notified by the Personnel Department and the payment will be
made within 45 days of the death.
-
8/2/2019 Bajaj Alians Orignal
28/33
BAJAJ ALLIANZ CO. RETIRED EMPLOYEES' CONTRIBUTORY
HEALTH SCHEME
The scheme is intended to extend medical cover to the retired BAJAJ
ALLIANZ CO. employee and his/her spouse and spouse of an employee who
dies while in service, subject to the certain conditions.
The beneficiaries will also be entitled to the medical attendance and treatment
from other panel Doctors, including Specialists to whom they are specially
referred for consultation/treatment by the Company Doctors. The medicines
prescribed by the outside Doctors in such cases will, however, be supplied to the
beneficiaries only from the Company hospitals/dispensaries, and no
reimbursement will be allowed for purchases of medicines or payment for
diagnostic tests etc.
However, expenditure incurred on consultations, diagnostics test and medicines in
emergencies/odd hours/problems of logistics will be reimbursed upto Rs.1,000/-
in a financial year on submission of prescriptions and cash memos. Thereimbursement of these charges will be done as per rates prescribed in BAJAJ
ALLIANZ CO. Schedule. This amount can be claimed on conclusion of the
financial year.
-
8/2/2019 Bajaj Alians Orignal
29/33
SPECIAL INCENTIVE PAYMENT
Employees who are not eligible for Bonus under the Payment of Bonus Act are
paid Special Incentive. The payment on this account is linked to the performance
under the MOU and is regulated as per the categorisation of the Company's
performance by the Government.
ANNUAL PAYMENT OF BONUS
Annual Payment of Bonus in the Company is regulated strictly in accordance with
the provisions of the Payment of Bonus Act, 1965, as amended from time to time.
The rates of bonus are computed with reference to and on the basis of the
statements of accounts maintained by the manufacturing units
FESTIVAL ADVANCE
The festival advance up to the limit of one month basic pay will be admissible
only for the following festivals:
1. Pongal
2. Republic Day
3. Id-ul-fitr
4. Holi
5. Ram Naumi
6. Id-ul-zuha
7. Vaikasi Visakam (for Tiruchy only)
-
8/2/2019 Bajaj Alians Orignal
30/33
8. Muharram
9. Independence Day
10. Janam Ashtami
11. Ganesh Chaturthi
12. Onam
13. Dussehra
14. Diwali
15. Guru Nanak's Birthday (in units other than Tiruchy)
16. Christmas
VEHICLE ADVANCE
FIRST ADVANCE
1. Motor Car:
The amount of advance is limited to 35 months basic pay or Rs.1,20,000 or the
anticipated cost of the motor car whichever is the least. The advance and interest
thereon is recoverable in not more than 200 equal monthly instalments or
remaining number of months available for recovery till superannuation whichever
is less.
2. Motor Cycle/Scooter:
The amount of advance is limited to Rs.15000/- or the anticipated cost of the
vehicle whichever is less . The amount of advance and interest thereon is
-
8/2/2019 Bajaj Alians Orignal
31/33
recoverable in not more than 90 equal monthly instalments or remaining number
of months available for recovery till superannuation whichever is less.
3. Moped (such as Luna/Suvega/Vicky etc.):
The amount of advance is limited to Rs.9000/-, or anticipated cost of the vehicle
whichever is less. The amount of advance and interest thereon is recoverable in
not more than 80 equal monthly instalments or remaining number of months
available for recovery till superannuation whichever is less.
SECOND OR SUBSEQUENT ADVANCE
1. Motor Car:
The amount of advance is limited to Rs.90,000/- or 25 months' basic pay or the
anticipated cost of the motor car whichever is the least. The amount of advance
and interest thereon is recoverable in not more than 150/-monthly instalments or
remaining number of months available for recovery till superannuation, whichever
is less.
2. Motor Cycle/Scooter:
The amount of advance is limited to Rs.11,500/- or the anticipated cost of the
vehicle whichever is less. The amount of advance and interest thereon is
recoverable in not more than 75 equal monthly instalments or remaining number
of months available for recovery till superannuation, whichever is less.
3. Moped :
The amount of advance is limited to Rs.7000/- or anticipated cost of the vehicle,
whichever is less. The amount of advance and interest thereon is recoverable in
not more than 60 equal monthly instalments or remaining number of months
available for recovery till superannuation whichever is less.
-
8/2/2019 Bajaj Alians Orignal
32/33
OTHER MISCLANEOUS BENEFITS
BAJAJ ALLIANZ CO. also provides various facilities to the members of BAJAJ
ALLIANZ CO. teams for participation in inter-unit events and National/State
level games. These facilities are as follows:
a) Scale of Kitb) Refreshmentsc) Prizesd) Travel/DA Entitlemente) Cash allowancef) Time-offg) Sports coordinators/Team managerh) Out of pocket expenses
-
8/2/2019 Bajaj Alians Orignal
33/33