Employee Job Satisfaction A Study at ICICI Prudential Life Insurance Co Ltd

OBJECTIVES

The main objective of this Employee Job Satisfaction A Study MBA HR Project at ICICI Prudential Life Insurance Co Ltd is to describe the various expectations that determine the satisfaction level of employee.

To identify the factors concerning employee job satisfaction and to analyze and interpret the collected data.

LIMITATIONS

  1. Due to the constraint of time and resources, the study was conducted in ICICI Prudential Life Insurance Co. Ltd and the results of the study cannot be generalized.
  2. The accuracy of the analysis and conclusion drawn entirely depends upon the reliability of the information provided by the employees.
  3. Sincere efforts were made to cover maximum departments of the employees, but the study may not fully reflect the entire opinion of the employees.
  4. In the fast moving/changing employee’s behavior, many new and better things may emerge in the near future, which cannot be a safeguard in this report.
  5. Confidential matters restricted to an in-depth study.

FINDINGS

  • 78% of employees are receiving regular job performance feedback in the organization, remaining 22% of employees specified that the organization needs to take regular job performance feedback.
  • 80% of the employees said that they are satisfied with the employee welfare programmes
  • 80% of employees felt that they are treated fairly by the superiors as well as by the organization members
  • 74% of respondents satisfied with the employee policies at the company remaining 6% are neutral and 20% of respondents are dissatisfied.
  • 62% of respondents are satisfied with the salary structure, 18% of respondents are extremely satisfied, 7% of the respondents are neutral, 13% of the respondents are dissatisfied that the company offers a salary structure.
  • 50% of respondents said good about the safety and health standard of the company.
  • 55% of respondents are giving very important towards the recognition and 35% of respondents are giving importance remaining 10% respondents are neutral towards the recognition.
  • 20% of the respondents are highly satisfied with their position in the company and 30% of respondents are satisfied 10% are neither or nor 40% of respondents are dissatisfied with their position.
  • 62% of the respondents satisfied with the vision & values of management, 18% of the respondents are highly satisfied.
  • 28% of the respondents felt relaxed, 58% are felt normal, and remaining 14% of the respondents felt the work is burdened for them.
  • 80% of respondents give more importance to training & development provided by the company,10% are neutral, 10% of respondents have not given importance.
  • 72% of the respondents have expressed satisfaction towards existing career plan & growth opportunities in ICICI Prudential Life Insurance.
  • 65% of employees are receiving cooperation from all other departments remaining 35% of employees are not receiving cooperation from all other departments.
  • 40% of respondents are satisfied with the company’s quality management system.
  • 71% of the respondents are satisfied with the reward system which is provided by the company.
  • 80% of the employees agree the organization environment is suitable for developing their self-esteem
  • 63% of respondents are satisfied with the appraisal system of the company, 27% of respondents are dissatisfied, 10% of respondents are neutral.
  • 65% of respondents felt duty timings schedule is convenient remaining 35% of respondents felt duty timings schedule is inconvenient.

SUGGESTIONS

  • The organization should try to maintain the same level of satisfaction among employees through better recognition & reward system mechanism.
  • The organization may further try to create a healthy competitive environment through its Programs like employee meeting.
  • An organization may go for facilitating the security for the employees and create awareness about the safety measures provided by the company.
  • For improving the employee’s problem-solving abilities company HR Manager has to take training sessions through the Case study Methods.
  • The company has to provide some better packages like Target achieve incentives, Cash Awards.
    The company has to give the salaries through their performances and provide better positions to best workers.
  • Mainly company has to decentralize the authority to make decisions for better growth and Provide all above-mentioned benefits to the employees.

Marketing plan to expand services in a private hospital and to be the provider of choice in the region

Marketing plan to expand services in a private hospital and to be the provider of choice in the region.-Analytical Business report Format-5000 words excluding references.

The assignment is to construct an initial marketing plan, in the capacity of a newly created role of a marketing manager in a private healthcare organisation. The marketing manager reports to the director responsible for organisational strategy, who herself has been recently appointed from a private healthcare provider.

The plan will review the current situation for the organisation, with special regard for the provider role the organisation plays and then specify the services that will be included in the scope of the marketing plan for submission to the board. The organisation has current deficit and you have been tasked to generate additional income for the organisation, meanwhile other parts of the organisation are managing to cost cutting exercises.

Your challenge is to produce an initial marketing plan for a range of services you have defined.

It should include:

1. Executive summary
2. Background
2.1. Summary of preconditions and assumptions.
2.2 Defined objectives
2.3 Defined budget
2.4 Past performance against plan
2.5 Resource allocation cascade
3. Analysis
3.1. Corporate vision, corporate strategy
3.2. Internal market research
3.3. SWOT analysis
3.4. External market research
3.4.1. Demography
3.4.2 Target market and target customer
3.4.3 Customer segmentation
3.4.4. Reasons for diversion of referrals to other providers
3.4.5. External market competition
3.4.6. Risk analysis for the option of NOT introducing promotion to the expansion of services
3.5. Analytical Tools
3.5.1. STEEPLE
3.5.2. Analysis using Boston matrix (Boston consulting group)
3.6. Growth Strategy
3.7. Resource allocation cascade for the marketing
3.8. Performance analysis
3.9. Forecasting
3.10. Return On Investments
3.11. Risks
3.12. Contingencies
4. Marketing strategy
4.1. Major programmes
4.2. Measures of success
5. Conclusions-marketing execution / call to action.
6. References

Role of Joint Ventures in Profitability Strategies

From this case study, we can understand the Importance of Joint Ventures for two different countries to keep their brand reputation and earn profits rather than competing in line with their business objectives.

Abstract

The logistics operations in India is gearing up in India due to many reasons like FDI, Increase in Manufacturing inline with Make in India Initiatives etc., which has created a tremendous demand for trucks, tippers with wide range of capacities, models etc., In this case study Eicher which is an Indian Company based out of Gurgaon which has a strategic alliance with Swedish based truck manufacturer Volvo in capturing business demand in India with technological and strategically aspects by protecting their individual business objectives and profitability getting ahead of competition.

Introduction:

Objectives of the case study:

To understand the Logistics & Supply Chain Management Industry trend in India.

How Indian companies are trying to come up with the Increasing demand in line with increasing the market share.

How strategically the foreign companies are entering into Indian markets either Individually or in association with Indian companies.

The Association of Eiche and Volvo (VE Commercial vehicles) in meeting the demand of trucks in India and how it leads to mutual benefits.

Need of the Study:

Any business if it has to grow irrespective of Industry or the nation is purely based on the trends in the industry and increase in economy of the particular country/nation. Indian GDP, Per Capita Income is increasing as the Industrialization is growing as a part of Make in India or the Government initiatives like foreign policy, Industrial Policy, Foreign Direct Investment etc., lead to tremendous change and demand in Indian Supply Chain, Warehouse Management, Logistics and allied  segments and Industries and Heavy and Normal commercial Vehicles and one of the key components in transportation etc.,  Based on above mentioned reasons I felt there is need and because of my interest I have selected this case study for assessment on how Volvo has streamlined their business in India after series of concerns, issues and damages etc.,

The scope of the Study:

The Scope of the study is confined to Eicher which is one of the leading truck manufacturers in India and the Volvo which is a Swedish truck manufacturing company and the scopes here is further confined to the trends in the market and their business growth etc., which will not speak about the key strategies and decision-making, key points in alliance and the financials.

Limitations:

The major limitation is the data availability. The major data analysis is purely based on the strengths, weakness, opportunities, and threats of Volvo and Eicher inline of their association to tap Indian Market as per increasing demand.  The financials, top line, bottom line, legal terminologies, etc, were not discussed or not evaluated which is a limitation while arriving for the conclusion and writing suggestions and recommendations. The time is one more constraint along with the getting the data from companies associates and even from the market.

Research Methodology:

The case taken in this study is how Volvo has resolved its issues while entering into Indian market which came with a plan of penetrating into the Indian market and the methodology used in this study is:

Primary data & Secondary data was collected from the websites of the Volvo & Eicher Companies. The merging business-related data is been collected from different articles and the theoretical part of data pertaining to business metrics has been collected from academic and other books. The SWOT analysis was the technique used in this case study to arrive at a conclusion and to give suggestions and recommendations.

Data Analysis & Interpretation:

SWOT Analysis & PESTLE Analysis:

Strengths:

Eicher:

Eicher is an Indian Company which has its presence in the automobile business since 1948 which entered into Heavy trucks business in 1986 with vast experience on Market.

Infrastructure facilities:  Recently Eicher has built world-class facility at Gurgaon which is built on green concepts where there are maximum resources which are renewable. It’s based on Mantra “Maximum utilization of available resources”

Availability of resources: There is the availability of wide range of resources like Manpower, Infrastructure, Government subsidies etc., which will help them to expand.

Volvo:

Financially Strong: Volvo has Invested Rs.1083 Crore in India on VECV (Volvo Eicher Commercial Vehicles) which has given a boost to Eicher to get set and go.

Technology: It took 7 years for Eicher to build a truck and the cost Implication is Rs 25 Crore after association with Volvo Eicher has Managed to produce trucks with the very low process. The technology and changing demands and needs of the market helped Eicher and Volvo to capture the market. The vehicles from 6 ton capacity to 40 ton capacity with the latest technology were made to cater the needs of the Industry in India.

Weakness:

Eicher:

Technology: Eicher has got experience in service and retail model business of Automobile and it has no R & D facility and even the latest technology to build high-end commercial vehicles.

Expansion: The commercial truck manufacturing and selling business are viable only if the business is carried out in more than one country whereas Eicher don’t have operations other than India.

Financial: Eicher cannot afford to build high-end trucks and sell them within India and even expanding business across the horizons which is an obstructive aspect of Eicher.

Volvo:

They don’t have an understanding of the needs of the logistics, warehousing, Supply Chain, Manufacturing, power etc. in India which is a demand.

The cost Implications will be more if they have to start from scratch.

The government policies on FDI & may change because it is a political area and the Investment etc., will go on the toss.

Opportunities:

Eicher:

Eicher can improve technologically as they are associated with world No. 2 truck manufacturer Volvo and the strategies and the mode of operandi can also be Improvised.

Eicher can expand its business in other parts of the world as they have expertise in maintaining retail business in Automobile Industry along with service centers.

Volvo:

Volvo can get exposure and expertise in Indian Market.

Volvo can sell its vehicles like trucks and buses in India with low cost in India.

It can have trusted service centers in India as it is in association with Eicher.

Threats:

Eicher:

If Volvo gets market leader position in India it will have a wide range of opportunities and which may affect the market presence of Eicher.

As Volvo is Investing on Eicher in terms of technology, etc. and Eicher is providing only Infrastructure facility may lead to misperceptions.

Volvo:

Eicher can adopt the technology, mode of operandi etc., from Volvo and can Start its own manufacturing and produce high-end commercial vehicles at low cost.

Volvo has already Invested Rs. 1083 Crore in India as a part of Joint Venture / Strategic Alliance and if anything goes wrong there may be so many legal consequences which will lead to stake of Brand Reputation etc.,

PESTLE Analysis:

Political:

The Political stability and if the government is firm on its policy on foreign direct investment etc. will give a positive wave to this alliance.

The legalities and the inconsistency in Politics and the governments at the state level and central level may lead to unnecessary obligations.

Economical:

As the economy, GDP & Per Capita Income grows the earning capacity Increases which lead to business transactions at various levels which is a boost to Industry.

Social:

The people in India are emotional and sentimental and as Volvo is a foreign company it always has to ensure that the emotion of Indians is been taken care of Business at various levels like Promotional activities, designing the product etc.

Technological:

Volvo may be very strong in Technology but the Roads and Infrastructure challenge any technology which means the technology has to be customized as per the requirements and Infrastructure of India and the locations.

Legal:

The constitution of Indian and the legal framework of India is a typical framework which will give results often after postmortem of the issue.

Volvo & Eicher has to focus more on a legal framework which has to be in long-term relationship in line with their respective business needs and objectives.

Environmental:

The Eicher Plant at Gurgaon is strategically located where the climatically it is a cool place and the chance of natural calamities are low. The connectivity to different parts of the country and logistically to the ports and other means of transport is good.

Findings:

Swedish based company Volvo is the second largest manufacturer of trucks in the world after Daimler which is from Germany has tied up with Indian truck manufacturer Eicher to expand their Business in India by Investing Rs. 1083 Crore which is equal to 50% share.

Volvo has contributed and brought their advances technology in Manufacturing, Warehousing, Retail and after-sales service in Eicher in India.

Volvo is clear in Expanding its business India and on the other hand, Eicher is keen on and working towards expanding its business through exports to other nations keeping India as a base.

VECV Volvo Eicher Commercial Vehicles has Invested Rs. 1300 Crore on New facility which is been set up in Pithanpur, Madhya Pradesh which has got the capacity of making 100000 Engines/ Year out of which the target is to export 30% of the engines to Europe. The VEVC has also Invested Rs. 1200 Crore on Body Shop plant to make closed body trucks.

The growth rate of VEVC is consistent by recording 27 % growth every year. The VEVC has crossed the turnover of Rs. 5443 Crore with a cash surplus of Rs. 700 Crore recording net profit of Rs. 366 Crore.

The exports of 4% were recorded for neighboring countries like Srilanka, Nepal, Bangladesh & Bhutan whereas 12% exports were to Southeast Asia, West Asia & Africa.

Conclusion & Recommendations:

Joint venture will always have tricky issues as there will be an alliance of two businesses with two philosophies. VEVC has to concentrate more on Management principles: Convergence, Complementaries, Compatability, and the Commitment. Now VEVC stood as 5th Largest commercial Vehicle manufacturer at the Global level and they have to strive hard to keep this alliance alive and expand strategically t other locations as they have reached only 50% of the targeted exports.

Direct Marketing Campaign of Human Resource Consulting firm

Thousand Projects Technologies is a start up Human Resource Consulting firm at Hyderabad, India. They are into Providing all types of like Personnel & Strategic HR services under one roof including staffing etc.,

The another wing of Thousand Projects technologies is Learning & Development for corporate employees and core & Practical training for graduates from different streams with placement assistance.

 Objective:

 “Thousand Projects Technologies” Taking this brand into masses of Non – IT set ups of Hyderabad.

  • Creating Brand Awareness among corporates of IT segment through Direct and In direct Marketing
  • Taking the credibility and the brand loyalty to the young graduates who are looking for opportunities and challenges in corporates.
  • Bridging the gap between the companies requirements from the fresh graduates and the academics, like bridging the gap between theory and the practical. This strategy is targeting the educational Institutes through direct Marketing.

Plan of Action:

  1. Dividing The Business Into 3 Segments like Non – IT, IT & Educational Institutes.
  2. Preparation of Marketing Materials like Catalogues, Pamphlets, Brochures, Business Cards, Kiosk, Info Desks, Presentations etc.,
  3. Dividing topography of Hyderabad into 10 regions and putting 3 Marketing Executives in every region which is equal to 30 field marketing staff.
  4. In House 10 Technical Team Members who will send emails, contents etc.,
  5. Tele calling team of 5 Members who will be following up with the clients visited by the Marketing teams.

 The Marketing Strategy is been divided into 4 segments:

  1. Non – IT Companies: Direct Marketing
  2. Non – IT Companies: Digital Marketing & Tele Marketing
  3. IT Companies: Direct Marketing
  4. IT Companies: Digital Marketing & Tele Marketing
  5. Educational Institutes: Direct Marketing
  6. Educational Institutes: Digital & Tele Marketing

The Mode of Marketing is divided into Four models:

  1. Sending Marketing executives to every door step of IT, Non – IT & Educational Institutes.
  2. Collecting the data base of the required HRs and the Academic heads and following up them by tele callers.
  3. Digital Marketing by 10 Internal technical teams who will be focusing completely on promoting the brand in social media, etc., through content writing, articles, search engine optimization, increasing traffic to the website.
  4. Event Management: Again here the strategy is getting associated with NHIRD, MHIRD, HRD, APITCO, FAPCCI, CII etc., government and independent organizations and organizing events with their partner ships.
  5. Funding students events related to Management fests etc.,
  6. Free sessions on latest improvements in engineering and the management etc., targeting the young talent/ fresh graduates from different streams.

Strategic Importance & Business Importance: 

  • There are many consultancies in Hyderabad who struggling to meet the client’s expectations, there is the wide range of scope in Pharmaceutical, Manufacturing, Engineering, Construction, ITES, Tourism, Health Care, Hospitality, service sectors as more than 90% of the existing consultancies are focusing on only IT.
  • There are many consultancies who are cheating job seekers by collecting lakhs of rupees in the name of placing them in good and reputed companies.
  • There is been a lot of gap between the companies expectations and the academic content and the objective of starting educational wing parallel to consulting is to train the candidates as per the requirement of organizations requirements which not been done at colleges.
  • There HR related compliance related to statutory in India is hectic. There are many companies who are looking for standard and ethical consultancies who can take care of their statutory compliance as the same is being done by Individual consultants in a traditional way even after a lot of technical changes and the amendments.
  • Staffing is the another challenge which is being faced by IT start-ups as they don’t want to put all employees on their rolls as the business depends on the technicalities and the Projects.
  • There are many Companies in India and Hyderabad who have started their business long back and were successful but as there is growing FDI and MNC companies are ruling the business in India, all the traditionally managed companies in India has understood the importance of Talent Management, talent development, talent retention, Standard Operating Procedures, Systems, Policies etc., there is a huge scope of setting up HR department, HR Restructuring etc.,
  • The mind set and the strategy of the leaders of the company are changing and they want to focus on the key area and the key function of the business and rest they are ready to out the source. The payroll systems, Talent Acquisition, On Boarding, Record Management, Staffing, Statutory Compliances etc.,
  • Based on above-mentioned facts and figures the Thousand Projects technologies management has framed the Marketing Model as they want to penetrate deep into the targeted market and the customers aggressively. The Marketing team may take the maximum of three months to meet all the targeted customers and after that their role will be delivering the services as per service level agreements and even retaining the customers. This will be an ongoing activity.

Desired Results:

  • The plan is 30 Marketing Executives will meet minimum 5 Clients in a day for 26 days and in a Month they will cover 3900 Clients in Month and in a quarter 11700 clients which are huge.
  • Maximum 12000 Companies and Institutes will be aware of Thousand Projects technologies and their services.
  • Through associations and events, the HRs of companies will be aware of the services provided by Thousand Projects technologies and they will contact immediately if they need any assistance related to HR.
  • Generating revenue by conducting training sessions to corporates, as well as students and Job seekers.
  • Generating revenue by other HR services to corporate clients from IT, Non – IT Clients.
  • Promoting and highlighting Brand in every possible way with in 3 Months and they believed the tie ups and business will come definitely after 3 Months of promotion.

Outcome:

  • Marketing Executives were not able to reach targets as it was a Herculean task for them to enter into company with out an appointment and they can’t get an appointment unless they know anyone in that company.
  • The business is exclusively into HR related services, it is not that easy to describe the product and the services to HRs of the company by Marketing executives.
  • Many of the educational institutes were reluctant and they have not agreed that there is a gap between academics and the industry needs.
  • They were successful and they got to break even business but the strategy planned earlier got modified as per the challenges and they took things under control.

Critics:

  1. 30 Field Marketing executives, 20 Back end team and they will work on the same agenda which will take things for loss as 2 – 3 associates contact the same customer and if the deal close and to whose basket it has to go????
  2. Taking HR services brand to corporates and their door steps by executives might not be the strategy, in fact, it will defame the brand.
  3. Spending money on events and funding management fests, how can we measure the brand penetrating and the revenue generated through this strategy.

Recommendations: 

Rather than taking the brand in a massive and aggressive way, they can focus on below-mentioned strategies:

Getting the Contact details of HRs/Business Heads through:

  1. The HR Name and contact numbers from Job Portals adds posted by companies in different websites, paper ads etc.,
  2. Bank executives who give salary accounts to new joiners of companies.
  3. Telecom: SIM cards providers who deal with corporate clients etc.,

If they would have invested money, time in above-mentioned strategy etc., they would have got the exact contact person name and the contact details based on which the target for the tele caller is to fix an appointment with the concerned person and the  responsibility of the marketing executive to close the deal as per the fixed appointment. In this strategy, we can clearly see the performance. The phase may be slow but we can get an exact desired result. It will definitely take times but it will work out.