MBA Corner: A Project Report on EMPLOYEE WELFARE MEASURES for HDFC Insurance Standard Life, Coimbatore

A Project Report on EMPLOYEE WELFARE MEASURES for HDFC Insurance Standard Life, Coimbatore

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I - INTRODUCTION

1.1 ABOUT THE STUDY

EMPLOYEE WELFARE MEASURES –CONCEPT

“Welfare is a broad concept referring to a state of living of an individual or a group, in a desirable relationship with the total environment, ecological, economic, and social welfare includes both the social and economic contents.

IMPORTANCE

The industrial progress depends on a satisfied labor force, and the importance of employee welfare measures. After the placement of the employees, they should be given proper training and programmers’ to develop their efficiency so as to serve the organizations better. Welfare facilities are designed to take care of the well – being of the employees. They do not generally result only in monetary benefit. These welfare measures are provided by government Non – Government agencies and the employers.

DEFINITIONS OF ‘EMPLOYEE WELFARE’

The Oxford Dictionary defines employee Welfare as ‘Efforts to make life worth living for workmen’. The concept of ‘Labor welfare’ us flexible elastic and differs widely with time region, industry social values, customers’ degree of industrialization, the general socio – development of the people and the political ideologies prevailing at a particular moments.

The International Employee Organization defined Employee Welfare as such services, facilities and amenities as may be established in or in the vicinity of undertakings to enable the persons employed in them to perform their work in healthy, congenial surroundings and provided with amenities conducive to good health and high morale”.

The Encyclopedia of Social Science defines Employee Welfare as “The voluntary efforts of the employers to establish, within the existing industrial system, working and sometimes, living and cultural conditions of the employees beyond what is required by law, the custom of the country and the conditions of the market”.

AIMS OF EMPLOYEE WELFARE WORK

Labor welfare work aims at providing, such service facilities and amenities which enable the employees employed in industries / factories to perform their work in a healthy, congenial surrounding conducive to good health and morale.

Employee welfare aspects can be considered into negative and positive aspects. IN the negative side, employee welfare is concerned with counteracting the harmful effects of the large scale industrialization on the personal, family and social life of the worker. In its positive side, it deals with the provision of opportunities for the worker and his family for a socially and personally good life.

Types of employee Welfare Services

Employee welfare services can be classified into two

a) Intra – Mural

b) Extra – Mural

INTRA - MURAL

Activities consists of such welfare schemes provided within the factories as medical facilities, compensation for accidents, provision of crèches and canteens, supply of drinking water, washing and bathing facilities, provision of safety measures such as fencing and covering of machines, good layout of the machinery and plant, sufficient lighting, first aid appliances, fire extinguishers; activities relating to improving conditions of employment, recruitment, discipline and provision of provident fund, pension and gratuity, and maternity benefits etc.

EXTRA – MURAL

Activities cover the services and facilities provided outside the organization such as, housing accommodation, indoor and outdoor recreation facilities, amusement and sports, educational facilities for adults and children, provision for libraries and reading rooms.

WELFARE OF EMPLOYEE

The factories act contains provisions about welfare of employee, these are as follows;

Ø There shall be separate and adequately screened washing facilities for the use of male and female employee.

Ø There shall be suitable places provided for clothing not worn during working hours and for the drying of wet clothing.

Ø There shall be suitable arrangement for all employees to sit for taking rest if they are obliged to work in a standing position.

Ø There shall be provided the required number of first aid boxes or cupboards (at the rate of one for every 200 employees) equipped with the prescribed contents readily available during the working hours of the organization.

STATUTORY BENEFITS

Statutory benefits are contained as follows.

CLEANLINESS

Every organization shall keep by daily sweeping or washing the floors and work rooms and by using disinfectant where necessary. Walls, doors, and windows shall be repainted or revarnished at least once in every 5 years.

DISPOSAL OF WASTES AND EFFLUENTS

Effective arrangements shall be made for the disposal of wasted and or making them innocuous.

VENTILATION

Effective arrangements shall be made for ventilation. So as to provide comfort to the employee in there working environment

DRINKING WATER

There shall be effective arrangements for wholesome drinking water employees at convenient points. If their number is more than 250 then the arrangement shall be make fir cool drinking water during hot weather.

LATRINES AND URINALS

There shall be sufficient number of latrines and urinals, clean, well ventilated, conveniently situated and built according to prescribed standards separately for male and female employees.

EMPLOYEE WELFARE

The Oxford dictionary defines employee Welfare as” efforts to make life worth living for workmen”. These efforts have their origin either in some stature formed by the state of in some local customer or in a collective agreement or ion the employer’s own initiative. An employer may voluntarily initiate lab our welfare measures in his undertaking with the following objectives.

Ø To give expression to philanthropic and paternalistic feelings.

Ø To win over employees loyalty and increase their morale.

Ø To combat trade uniform and socialist ideas.

Ø To build up stable lab our force, to reduce lab our turnover and absenteeism.

Ø To develop efficiency and productivity among employees.

Ø To save oneself from heavy taxes on public image.

Ø To reduce the threat of further of government intervention.

Ø To make recruitment more effective.

It is, however, difficult to precisely define the scope of lab our welfare efforts, Different writers have defined it in different ways. Some writers say that only voluntarily efforts on the part of employers to improve.

FEATURES OF EMPLOYEE WELFARE

1. Employee welfare includes various facilities services and amenities provided to employees for improving their health, efficiency, economics betterment and social status.

2. Welfare measures are in addition to regular wages and other economic benefits available to employees due to legal provisions and collective bargaining.

3. Lab our welfare measures are flexible and ever – changing new welfare measures are added to the existing ones form time to time.

4. Welfare measures may be introduced by the Employers, Government, and Employees or by any Social or charitable agency.

5. The purpose of lab welfare is to bring about the development of the whole personality of the worker to make him a good worker and a good citizen.

BENEFITS OF WELFARE SERVICES

1. Services like housing schemes, medical benefits and education and recreation facilities for the worker’s family’s help to create better good will. This will help them devote mind towards their work to gain in terms of productivity and quality of work.

2. Welfare facilities provide better physical better physical and mental health to the employees.

3. Employee’s services serve to maintain some degree of peace with the employee union.

4. Employees secure the benefits of high efficiency, cordial industrial relations and low lab our absenteeism and turnover.

5. Employee welfare measures rate lab our productivity and bring industrial peace and cordial lab our absenteeism relation.

6. An employee is able to abstract talented works from the employee market by providing attractive welfare facilities.

It is felt that if they are properly looked after they will be loyal to the company.

NON STATUTORY BENEFITS

Non – statutory welfare has been perceived to bring allegiance to the organization that has bestowed facilities to bring allegiance to the organization that has bestowed facilities to the employees. The assumption generally has been that increased allegiance and loyally to the organization will result in high productivity.

WELFARE AND AMENITIES WITHIN THE ESTABLISHMENT

1. Latrines and urinals

2. Washing facilities

3. Crèche’s

4. Rest shelters and canteens

5. Arrangements for drinking water

6. Arrangements for prevention of fatigue

7. Health service including occupation safety

8. Administrative arrangements within a plant to look after welfare.

9. Health service including occupation safety

10. Administrative arrangements within a plant to look after welfare

WELFARE OUTSIDE THE ESTABLISHMENT

1. Maternity benefits

2. Social insurance measures, including gratuity, pension, provident fund and rehabilitation

3. Benevolent funds

4. Medical facilities, including programmers for physical fitness and efficiency; family planning and child welfare.

5. Education facilities including adult education

6. Housing facilities

7. Recreation facilities, including sport, cultural activities, library and reading room.

8. Holiday homes and leave travel facilities.

9. Employees co-operative, including consumer’s co-operative stores fair price shops and co-operative shrift and credit societies.

10. Vocational training for dependants of employees;

11. Other programmers for the welfare of women, youth and children

12. transport to and from the place of work

WORKING CONDITION

DEFINITION

According to May Smith “The modern concept of industrial healthy working condition refers to the health is the outcome of the interaction between the individual and his environment. The modern concept anticipates and recognizes potentially harmful situation and applies engineering control measures before series of injury results”.

According to Malhotra – Sharma and Nachnatler sign (1997) “The occupational health is a collective term used to characterize all the various activities and disciplines devote to maintaining and promoting the health, safety and productivity of wage earners. Occupational health employees give priority to preventing those illnesses and accidents, which are directly attributable to or associate with, the work performed”.

WORKING CONDITION

The change in physical working environment brings about a temporary improvement in morale leading to increase productivity. This is a response to change in general and should be taken as a response to specific change hence manager has to be careful in generalizing from the temporary increase in productivity.

SANITATION

Facilities for men and women like toilets, drinking water, rest room lockers, canteen lockers canteen etc have bearing or employee’s health and productivity some of these factor have been brought under statutory control and certain minimum facilities have to be provided for.

FATIGUE

Fatigue or decreased capacity to work can come either due to physiological reasons or environment / nature of work. It sometimes occurs owing to monotony to the work also fatigue also occurs because of accumulation of wastes like carbon dioxide, lactic acid etc in blood. Fatigue can generally be lessened by giving rest periods after certain hours of work.

SOCIAL SECURITY

International employee organization has defined the social security as “That security that society furnishes, through appropriate organizations, against certain risks to which its members are exposed”. These risks are ignorance, want, disease, squalor and unemployment. The man requires freedom from these contingencies and the provisions against these risks can be labeled as social security measures.

According to B.P. ADARKAR ‘Social security is the security that society furnishes through appropriate organization against certain risks to which its members are exposed”. Social security is that security which the society furnishes through appropri9ate organization against certain risks or contingencies to its members to which are exposed.

Some of the social security measures introduced in the company are;

a) Compensation in case of industrial accidents and injury

b) Protection against illness

c) Maternity benefits to women employees.

d) Provident funds

e) Old age pension and gratuity

f) Health insurance

The connotation of the term ‘Social Security” varies from country to country with different political ideologies. In socialist countries, the avowed goal is complete protection to every citizen from the cradle to the grave. In other nations it is a measure of protection offered to all needy citizens by means of schemes evolved by democratic process consistent with resources of the state.

According to the social security convention adopted by the ILO in 1952, following are the components of social security.

I. ESI

II. PF

III. Gratuity

IV. Bonus

V. Casual Leaves

VI. Sickness / Medical leaves

VII. Family security schemes

VIII. Insurance schemes

IX. Accident Benefits

X. Unemployment benefit

XI. Maternity benefit

Social security schemes may be of two types:

a. Social Assistance, under which the state finances the entire cost of the facilities and benefits provided. Here benefits are paid after testing the financial position of the beneficiary.

b. Social Insurance, under which the state organizes the facilities financed by contributions from the both the employees and employers with or without a subsidy from the state. Here, benefits are paid on the basis of the contribution record of the beneficiary without testing his means.

SCOPE OF THE STUDY

The study entitled “A STUDY ON EMPLOYEE WELFARE MEASURE PRACTICED IN HDFC STANDARD LIFE,COIMBATORE. The researcher has given insight into various organization environment factors.

This study will also help the management to reduce the job related problems, increase motivational activities and develop the employees in such a way that their career goals are achieved. This is an opportunity for the employees to give their feedback which aids the management will do some alteration in the future welfare and other further facilities.

The suggestions and recommendations are also given at the end of the report. The result of the study helps the management to know about the shortcoming in managing employees and that also encourage them to take action to reduce their shortcomings.

OBJECTIVES OF THE STUDY

PRIMARY OBJECTIVES

To determine the awareness and level satisfaction of the employees towards the welfare measures, working conditions and social security schemes provided by the organization to the employees.

SECONDARY OBJECTIVES

Ø To evaluate the level of employee satisfaction.

Ø To find out the employee welfare measures adopted by the company.

Ø To know the working environment of the employees.

Ø To find out the awareness among the employees about the employee welfare measures

1. 5 LIMITATIONS OF THE STUDY

Ø The study was purely based on the information given by the employees and there are chances for gave wrong data.

Ø The time period was not sufficient for the study

Ø The sample size is 50, so the employee’s opinion may not reflect the exact scenario.

Ø Employees are very busy in their work so they gave answers very much in the questionnaire method.

Ø Certain employees were biased in answering to the questions.

Ø Some employed are illiterate and may not be able to fill up the questionnaire themselves.

2.1INDUSTRY PROFILE

INTRODUCTION ABOUT INDUSTRY

INSURANCE IN GLOBAL SCENARIO

Insurance has been an institution of human society for thousands of years, having been practiced by Babylonian traders as long ago as the 2nd millennium BCE. Eventually it was given legal mention in the Code of Hammurabi, and practiced by early Mediterranean sailing merchants.

The story of insurance is probably as old as the story of mankind. The same instinct that prompts modern businessmen today to secure themselves against loss and disaster existed in primitive men also. They too sought to avert the evil consequences of fire and flood and loss of life and were willing to make some sort of sacrifice in order to achieve security. Though the concept of insurance is largely a development of the recent past, particularly after the industrial era – past few centuries – yet its beginnings date back almost 6000 years.

The earliest type of life insurance was started by the Greeks and Romans. Contributions were made by all surviving members for the burial cost of a member. In case of the death of a member the cost of burial was made out of the contributed fund.

Life insurance came into its own in England in the late 1600’s and become popular from that time on. During this time period Lloyd’s of London was growing. Lloyd’s whose name came from Lloyd’s Coffee House where insurance was transacted by ship owners with the backers who met to put together insurance contracts and other shipping and merchant related business.

In the 17th century, the Tontine Annuity system was introduced where associations of individuals were formed without any reference to age, and a fund was created by equal contributions from each member. The sum collected was invested, and at the end of each year the interest was divided among the survivors. The last remaining survivor received both the year's interest and the entire amount of the principle.

The first insurance company in the United States started in 1735. This company was started for the benefit of Presbyterian minister’s families. But first organized life insurance company was founded in 1759 in Philadelphia, in North America. Subsequently, over the past three centuries, numerous life insurance companies sprung up, making life insurance a popular tool for protection coupled with investment.

HISTRY OF LIFE INSURANCE IN INDIA

Life Insurance in its modern form came to India from England in the year 1818. Oriental Life Insurance Company started by Europeans in Calcutta was the first life insurance company on Indian Soil. All the insurance companies established during that period were brought up with the purpose of looking after the needs of European community and Indian natives were not being insured by these companies. However, later with the efforts of eminent people like Babu Muttylal Seal, the foreign life insurance companies started insuring Indian lives. But Indian lives were being treated as sub-standard lives and heavy extra premiums were being charged on them. Bombay Mutual Life Assurance Society heralded the birth of first Indian life insurance company in the year 1870, and covered Indian lives at normal rates. Starting as Indian enterprise with highly patriotic motives, insurance companies came into existence to carry the message of insurance and social security through insurance to various sectors of society. Bharat Insurance Company (1896) was also one of such companies inspired by nationalism. The Swadeshi movement of 1905-1907 gave rise to more insurance companies. The United India in Madras, National Indian and National Insurance in Calcutta and the Co-operative Assurance at Lahore were established in 1906. In 1907, Hindustan Co-operative Insurance Company took its birth in one of the rooms of the Jorasanko, house of the great poet Rabindranath Tagore, in Calcutta. The Indian Mercantile, General Assurance and Swadeshi Life (later Bombay Life) were some of the companies established during the same period. Prior to 1912 India had no legislation to regulate insurance business. In the year 1912, the Life Insurance Companies Act, and the Provident Fund Act were passed. The Life Insurance Companies Act, 1912 made it necessary that the premium rate tables and periodical valuations of companies should be certified by an actuary. But the Act discriminated between foreign and Indian companies on many accounts, putting the Indian companies at a disadvantage.

The first two decades of the twentieth century saw lot of growth in insurance business. From 44 companies with total business-in-force as Rs.22.44 crore, it rose to 176 companies with total business-in-force as Rs.298 crore in 1938. During the mushrooming of insurance companies many financially unsound concerns were also floated which failed miserably. The Insurance Act 1938 was the first legislation governing not only life insurance but also non-life insurance to provide strict state control over insurance business. The demand for nationalization of life insurance industry was made repeatedly in the past but it gathered momentum in 1944 when a bill to amend the Life Insurance Act 1938 was introduced in the Legislative Assembly. However, it was much later on the 19th of January, 1956, that life insurance in India was nationalized. About 154 Indian insurance companies, 16 non-Indian companies and 75 provident were operating in India at the time of nationalization. Nationalization was accomplished in two stages; initially the management of the companies was taken over by means of an Ordinance, and later, the ownership too by means of a comprehensive bill. The Parliament of India passed the Life Insurance Corporation Act on the 19th of June 1956, and the Life Insurance Corporation of India was created on 1st September, 1956, with the objective of spreading life insurance much more widely and in particular to the rural areas with a view to reach all insurable persons in the country, providing them adequate financial cover at a reasonable cost.

INSURANCE COMPANIES IN INDIA

Insurance companies may be classified as, Life insurance companies, who sell life insurance, annuities and pensions products. Non-life or general insurance companies, who sell other types of insurance.

In most countries, life and non-life insurers are subject to different regulations, tax and accounting rules. The main reason for the distinction between the two types of company is that life business is very long term in nature - coverage for life assurance or a pension can cover risks over many decades. By contrast, non-life insurance cover usually covers shorter periods, such as one year.

Companies may sell both life and non life insurance, in which case they are sometimes known as composite insurance companies.

Insurance companies are also often classified as either mutual or stock companies. This is more of a traditional distinction as true mutual companies are becoming rare. Mutual companies are owned by the policyholders, while stockholders, (who may or may not own policies) own stock insurance companies.

Reinsurance companies sell insurance cover to other insurance companies. This helps insurance companies to spread their risks, and protects them from very large losses. The reinsurance market is dominated by a few very large companies, with huge reserves.

MARKET SHARE (%)

S.NO	NAME OF THE COMPANY	MARKET SHARE IN PERCENTAGE
1	LIC	82.3
2	ICICI	5.63
3	BIRLA SUNLIFE	2.56
4	BAJAJ	2.03
5	SBI LIFE	1.80
6	HDFC STANDERD	1.36
7	TATA AIG	1.29
8	MAX NEW YORK	0.90
9	AVIVA	0.79
10	OM KOTAK	0.51
11	ING VYSYA	0.37
12	RELIANCE	0.26
13	MET LIFE	0.21

CURRENT SCENARIO OF INDIAN INSURANCE INDUSTRY

India with about 200 million middle class household shows a huge untapped potential for players in the insurance industry. Saturation of markets in many developed economies has made the Indian market even more attractive for global insurance majors. The insurance sector in India has come to a position of very high potential and competitiveness in the market. Innovative products and aggressive distribution have become the say of the day. Indians, have always seen life insurance as a tax saving device, are now suddenly turning to the private sector that are providing them new products and variety for their choice. Life insurance industry is waiting for a big growth as many Indian and foreign companies are waiting in the line for the green signal to start their operations. The Indian consumer should be ready now because the market is going to give them an array of products, different in price, features and benefits. How the customer is going to make his choice will determine the future of the industry.

2.2COMPANY PROFILE

HDFC STANDARD LIFE INSURANCE Co. Ltd

Established on 14th August 2000, HDFC Standard Life Insurance Co. Ltd. is a joint venture between Housing Development Finance Corporation Limited (HDFC Limited) - India's leading housing finance institution, and a Group Company of the Standard Life Plc, UK. The Company is one of leading private insurance companies, offering a range of individual and group insurance solutions, in India. Being a joint venture of top financial services groups, HDFC Standard Life has adequate financial expertise to manage long-term investments safely and resourcefully.

HDFC Standard Life Insurance offers a range of individual and group solutions, which can be easily personalized to specific needs. Its group solutions have been planned to offer complete flexibility, together with a low charging structure.

Our Vision & Values

Our Vision

'The most successful and admired life insurance company, which means that we are the most trusted company, the easiest to deal with, offer the best value for money, and set the standards in the industry'.

'The most obvious choice for all'.

Our Values

Values that we observe while we work:

· Integrity

· Innovation

· Customer centric

· People Care “One for all and all for one”

· Team work

· Joy and Simplicity

MISSION OF THE COMPANY IS,

1. Become one of the top 3 new Life Insurance Companies

2. Become a National Player - Dominant in North India.

3. Be the Brand of FIRST choice among all stakeholders

4. Become the employer of Choice.

5. Be the principal of Choice for Agents

KEY PLAYERS

Mr. Deepak S Parekh is the Chairman of the Company. He is also the Executive Chairman of Housing Development Finance Corporation Limited (HDFC Limited). He joined HDFC Limited in a senior management position in 1978. He was inducted as a whole-time director of HDFC Limited in 1985 and was appointed as its Executive Chairman in 1993. He is the Chief Executive Officer of HDFC Limited. Mr. Parekh is a Fellow of the Institute of Chartered Accountants (England & Wales).

Mr. Deepak M Satwalekar is the Managing Director and CEO of the Company since November, 2000. Prior to this, he was the Managing Director of HDFC Limited since 1993. Mr. Satwalekar obtained a Bachelors Degree in Technology from the Indian Institute of Technology, Bombay and a Masters Degree in Business Administration from The American University, Washington DC.

GROUP COMPANIES

HDFC Bank: World Class Indian Bank- among the top private banks in India.

HDFC AMC: One of the top 3 AMCs in India- Preferred investment manager.

Intelenet Global: BPO services for international customers.

CIBIL: Credit Information Bureau India Limited.

HDFC Chubb: Upcoming Private companies in the field of General Insurance.

HDFC Mutual Fund

HDFC reality.com: Helps to search properties in all major cities in India

HDFC securities

STANDARD LIFE

Standard Life is Europe’s largest mutual life assurance company. Standard Life, which has been in the life insurance business for the past 175 years is a modern company surviving quite a few changes since selling its first policy in 1825. The company expanded in the 19th century from kits original Edinburgh premises, opening offices in other towns and acquitting other similar businesses.

Standard Life Currently has assets exceeding over £ 70 billion under its management and has the distinction of being accorded “AAA” rating consequently for the six years by Standard and Poor.

SNAPSHO

Founded in 1875, company supporting generation for last 179 years.
Currently over 5 million Policy holders benefiting from the services offered.
Europe’s largest mutual life insurer.

JOINT VENTURE

HDFC Standard Life Insurance Company Limited was one of the first companies to be granted license by the IRDA to operate in life insurance sector. Reach of the JV player is highly rated and been conferred with many awards. HDFC is rated ‘AAA ’ by both CRISIL and ICRA. Similarly, Standard Life is rated ‘AAA’ both by Moody’s and Standard and Poor’s. These reflect the efficiency with which HDFC and Standard Life manage their asset base of Rs. 15,000 Cr and Rs. 600,000 Cr. respectively.

HDFC Standard Life Insurance Company Ltd was incorporated on 14th August 2000. HDFC is the majority stakeholder in the insurance JV with 81.4% staple and Standard of as a staple 18.6% Mr. Deepak Satwalekar is the MD and CEO of the venture.

HDFC Standard Life Insurance Company Ltd. Is one of India’s leading Private Life Insurance Companies, which offers a range of individual and group insurance solutions. It is a joint venture between Housing Development Finance Corporation Limited (HDFC Ltd.) India’s leading housing finance institution and the Standard Life Assurance Company, a leading provider of financial services from the United Kingdom. Both the promoters are will known for their ethical dealings and financial strength and are thus committed to being a long-term player in the life insurance industry- all important factors to consider when choosing your insurer.

PLANS THAT ARE OFFERED BY HDFC STANDARDS LIFE INSURANCE

Protection Plans
	A person can protect his family against the loss of his income or the burden of a loan in the event of his unfortunate demise, disability or sickness. These plans offer valuable peace of mind at a small price. Protection range includes our Term Assurance Plan & Loan Cover Term Assurance Plan.

Investment Plans

	HDFC SLIC’s Single Premium Whole of Life plan is well suited to meet long term investment needs. This provides attractive long term returns through regular bonuses.

Pension Plans
	Pension Plans help to secure financial independence even after retirement. Pension range includes Personal Pension Plan, Unit Linked Pension, Unit Linked Pension Plus.

Savings Plans

	Savings Plans offer a flexible option to build savings for future needs such as buying a dream home or fulfilling your children’s immediate and future needs. Savings range includes Endowment Assurance Plan, Unit Linked Endowment, Unit Linked Endowment Plus, Unit Linked Endowment Plus II, Money Back, Unit Linked Enhanced Life Protection II, Children's Plan, Unit Linked Young Star, Unit Linked Young Star Plus, Unit Linked Young Star Plus II.

3.1RESEARCH METHODOLOGY

Research Design

“Research design is the arrangement of activities for the collection and analysis of the data in a manner that aims to combine relevance to the purpose with economy in procedure.

For this study the design used was descriptive. Descriptive design as the name itself implies, is conducted to describe something. This study describes the factors that lead to the performance appraisal system existing in HDFC SATNDARD LIFE. Here the descriptive research was conducted to find out the information about the factor and to spot light the areas that need the management’s attention.

METHOD OF DATA COLLECTION

Source of Data

Both primary and secondary data were collected for this study.

Primary Data

The objective of the study has been accomplished with the help of primary data collected from 100 workers.

The pre-decided number of samples has been selected based on the (Probability Sampling) simple random sampling method. For the selection of samples from the personnel department, from the list of 1000 workers by name, department, and nature of duty have been collected and from this list 100 samples have been selected randomly for the present study.

The selected samples are met in person and the required data have been collected with the help of a structured questionnaire.

Secondary Data

Secondary data was collected from the company records and websites.

SAMPLING DESIGN

Sampling Method

The entire group from which a sample is chosen is known as sampling unit. The research data was collected from employees of HDFC SATNDARD LIFE.

Size of Population

Total population was 1000 workers. Out of the total population the researcher collected 10 percent i.e. 100 samples from the universe.

Sampling Technique

The technique used for the research is Probability Sampling because the population is finite. The Sampling technique selected for the study is Simple random sampling technique. It is one where respondents are selected from the total population.

Simple random sample is a group of subjects (a sample) chosen from a larger group (a population). Each subject from the population is chosen randomly and entirely by chance such that each subject has the same probability of being chosen at any stage during the sampling process. This process and technique is known as Simple Random Sampling.

STATISTICAL TOOLS AND TECHNIQUES

The collected data have been analyzed with the help of tools like simple percentage method.

a) Simple Percentage Method

Simple percentage analysis refers to a ratio. With the help of absolute figures it will be difficult to interpret any meaning from the collected data, but when percentages are found out then it becomes easy to find the relative difference between two or more attributes.

b) Chi-Square

Chi-Square Test is an important test among the several test of significance. Chi-Square symbolically written as c² (pronounced as Ki Square).

Chi square test enables to explain whether or not two attributes are associated. Chi- square is calculated as follows,

Oij = observed frequency of the cell in the i^th row and j^th column.

Eij = expected frequency of the cell in the i^th row and j^th column.

As a non parametric test it can be used to determine a categorical data. It is used to make comparison between theoretical population and actual data.

Degree of freedom plays an important part in using the chi-square distribution and tests are based on it. The degree of freedom is worked out as follows

d.f = (c-1) (r-1)

Where ‘c’ means number of columns and ‘r’ means number of rows.

4.1. ANALYSIS AND INTERPRETATION

ANALYSIS

The term analysis refers to the computation of certain measures along with searching for patterns or relationship that exist among data groups. After collection of data, the data has to be processed and analyzed in accordance with the outline laid down for the purpose at the time of developing the research plan.

INTERPRETATION

Interpretation refers to the task of drawing inferences from the collected facts after an after an analytical and / or experimental study in fact; it is a search for broader meaning or research findings. The tasks or interpretation has two major aspects they are.

1. The effort to establish continuity in research through linking the results of a given study with those of another.

2. The establishment of some explanatory concepts interpretation is essential for the simple reason that the usefulness and utility of research findings lie in Proper interpretation

Table No: 1

AGE GROUP OF THE RESPONDENTS

Age	No. of. Respondents	Percentage
Less than 30 years	24	24
30-40 years	36	36
41-50 years	18	18
Above 50 years	22	22
Total	100	100

INTERPRETATION

The above the table shows that 36% of the respondents age is between 30-40 years 24% of the respondents age is less than 30 years, 22% of the respondents age is above 50 years 18% of the respondents age is between 41-50 years

It infers that majority i.e. 36% of the respondents age is between 30-40 years.

Chart No: 1

AGE GROUP OF THE RESPONDENTS

Table No: 2

EDUCATIONAL QUALIFICATION

Education	No. of. Respondents	Percentage
SSLC	6	6
PLUS TWO	8	8
UG	10	10
PG	76	76
Total	100	100

INTERPRETATION

The above the table shows that76% of the respondents educational qualification above 10^th std. 10% of the respondents educational qualification is between the 8^th - 10^thstd,8% of the respondents educational qualification between the 5^th –8^th std and 6% of the respondents educational qualification is less than 5^th std,

It infers that majority i.e., 76% of the respondents educational qualification is above the 10^th std.

Chart No: 2

EDUCATIONAL QUALIFICATION

Table No: 3

WORK EXPERIENCE OF THE RESPONDENTS

Experience	No. of. Respondents	Percentage
Less than 10 years	36	36
10-15 years	26	26
15-20 years	24	24
Above 20 years	14	14
Total	100	100

INTERPRETATION

The above table shows that 36% of the respondents working experience is less than 10 years, 26% of the respondents working experience is between 10 -15years, 24% of the respondents working experience is between 15-20 years and 14% of the respondents working experience is above 20 years.

It infers that majority 36% of the respondents working experience is less than 10 years.

Chart No: 3

WORK EXPERIENCE OF THE RESPONDENTS

Table No: 4

MONTHLY SALARY OF THE RESPONDENTS

Monthly Salary	No. of. Respondents	Percentage
Less than Rs6000	14	14
Rs6000-Rs8000	18	18
Rs8001-Rs9000	10	10
Above Rs10000	58	58
Total	100	100

INTERPRETATION

The above table shows that 58% of the respondents monthly salary is above Rs10000. 18% of the respondents monthly salary is between the Rs6000-Rs80001,4% of the respondent’s monthly salary is less than Rs6000, 18% of the respondents monthly salary is between the Rs6000-Rs8000 and 10% of the respondents monthly salary is between the Rs8001-Rs9000

It infers that majority 58% of the respondents are monthly salary between above than Rs10000.

Chart No: 4

MONTHLY SALARY OF THE RESPONDENTS

Table No: 6

RESPONDENT’S LEVEL OF SATISFACTION WITH DRINKING WATER FACILITIES

Satisfaction level	No. of. Respondents	Percentage
Highly satisfied	56	56
Satisfied	32	32
Neutral	12	12
Dissatisfied	0	0
Highly satisfied	0	0
Total	100	100

INTERPRETATION

The above table shows that 56% of the respondents are highly satisfied with drinking water facilities, 32% of the respondents are satisfied with drinking Water facilities, 12% of the respondents are having neutral opinion, none of the respondent are dissatisfied, none of the respondents are highly dissatisfied.

The majority 56% of the respondents are highly satisfied with drinking water facilities

Chart No; 6

RESPONDENT’S LEVEL OF SATISFACTION WITH DRINKING WATER FACILITIES

WELFARE FACILITIES

Table No: 7.1

RESPONDENT’S LEVEL OF SATISFACTION WITH LAVATORY FACILITIES

Satisfaction level	No. of. Respondents	Percentage
Highly satisfied	34	34
Satisfied	30	30
Neutral	22	22
Dissatisfied	8	8
Highly Dissatisfied	6	6
Total	100	100

INTERPRETATION

The above table shows that 34% of the respondents are highly satisfied with lavatory facilities, 30% of the respondents are satisfied with lavatory facilities, 22% of the respondents are having neutral opinion, 8% of the respondents are dissatisfied with lavatory facilities, 6% of the respondents are highly dissatisfied with lavatory facilities.

The majority 34 % of the respondents are highly satisfied with lavatory facilities.

Chart No; 7.1

RESPONDENT’S LEVEL OF SATISFACTION WITH LAVATORY FACILITIES

Table No: 7.2

RESPONDENT’S LEVEL OF SATISFACTION WITH RESTROOM FACILITIES

Satisfaction level	No. of. Respondents	Percentage
Highly satisfied	36	36
Satisfied	24	24
Neutral	26	26
Dissatisfied	10	10
Highly Dissatisfied	4	4
Total	100	100

INTERPRETATION

The above table shows that 36% of the respondents are highly satisfied with restroom facilities,, 26% of the respondents are having neutral opinion, 24 % of the respondents are satisfied with restroom facilities 10 % of the respondents are dissatisfied with restroom facilities, 4 % of the respondents are highly dissatisfied with restroom facilities .

The majority 36% of the respondents are highly satisfied with restroom facilities.

Chart No: 7.2

RESPONDENT’S LEVEL OF SATISFACTION WITH RESTROOM FACILITIES

Table No: 7.3

RESPONDENT’S LEVEL OF SATISFACTION WITH TRANSPORTATION FACILITIES

Satisfaction level	No. of. Respondents	Percentage
Highly satisfied	34	34
Satisfied	46	46
Neutral	12	12
Dissatisfied	4	4
Highly Dissatisfied	4	4
Total	100	100

INTERPRETATION

The above table shows that 46% of the respondents are satisfied with transportation facilities, 34% of the respondents are highly satisfied with transportation facilities, 12% of the respondents are having neutral opinion, 4% of the respondents are dissatisfied with transportation facilities, 4 % of the respondents are highly dissatisfied with transportation facilities.

The majority i.e. 46 % of the respondents are satisfied with transportation facilities.

Chart No: 7.3

RESPONDENT’S LEVEL OF SATISFACTION WITH TRANSPORTATION FACILITIES

Table No: 7.4

RESPONDENT’S LEVEL OF SATISFACTION WITH HOUSING AND EDUCATION LOAN FACILITIES

Satisfaction level	No. of. Respondents	Percentage
Highly satisfied	36	36
Satisfied	34	34
Neutral	16	16
Dissatisfied	10	10
Highly Dissatisfied	4	4
Total	100	100

INTERPRETATION

The above table shows that 36% of the respondents are highly satisfied with housing and loan facilities, 34% of the respondents are satisfied with housing and loan facilities, 16% of the respondents are having neutral opinion, 10% of the respondents are dissatisfied with housing and loan facilities, 4% of the respondents are highly dissatisfied with housing and loan facilities.

The majority 36 % of the respondents are highly satisfied with Housing and education facilities.

Chart No: 7.4

RESPONDENT’S LEVEL OF SATISFACTION WITH HOUSING AND EDUCATION LOAN FACILITIES

Table No: 7.5

RESPONDENT’S LEVEL OF SATISFACTION WITH FINANCIAL HELP AND LOAN FACILITIES

Satisfaction level	No. of. Respondents	Percentage
Highly satisfied	20	20
Satisfied	42	42
Neutral	22	22
Dissatisfied	10	10
Highly Dissatisfied	6	6
Total	100	100

INTERPRETATION

The above table shows that 42 % of the respondents are satisfied with financial help and loan facilities, 22 % of the respondents are having neutral opinion, 20% of the respondents are highly satisfied with financial help and loan facilities 10% of the respondents are dissatisfied with financial help and loan facilities, 6% of the respondents are highly dissatisfied with financial and help facilities

The majority 42 % of the respondents are satisfied with Financial and loan Facilities.

Chart No: 7.5

RESPONDENT’S LEVEL OF SATISFACTION WITH FINANCIAL HELP AND LOAN FACILITIES

Table No: 7.6

RESPONDENT’S LEVEL OF SATISFACTION WITH INSURANCE FACILITIES

Satisfaction level	No. of. Respondents	Percentage
Highly satisfied	22	22
Satisfied	48	48
Neutral	18	18
Dissatisfied	8	8
Highly Dissatisfied	4	4
Total	100	100

INTERPRETATION

The above table shows that 48% of the respondents are satisfied with insurance facilities 22% of the respondents are highly satisfied with insurance facilities, 18% of the respondents are having neutral opinion, 8% of the respondents are dissatisfied with insurance facilities, and 4% of the respondents are highly dissatisfied with insurance facilities.

The majority 44% of the respondents are satisfied with Insurance facilities

Chart No: 7.6

RESPONDENT’S LEVEL OF SATISFACTION WITH INSURANCE FACILITIES

Table No: 8.1

RESPONDENT’S LEVEL OF SATISFACTION WITH FLEXIBILITY OF WORKING HOURS

Satisfaction level	No. of. Respondents	Percentage
Highly satisfied	20	20
Satisfied	28	28
Neutral	28	28
Dissatisfied	16	16
Highly Dissatisfied	8	8
Total	100	100

INTERPRETATION

The above table shows that 28% of the respondents are satisfied with flexibility of hours, 28% of the respondents are having neutral opinion, 20% of the respondents are highly satisfied with flexibility of hours, 16 % of the respondents are dissatisfied with flexibility of hours and 8% of the respondents are highly dissatisfied with flexibility of hours

The majority28 % of the respondent’s satisfied or neutral with flexibility of working hours.

Chart No: 8.1

RESPONDENT’S LEVEL OF SATISFACTION WITH FLEXIBILITY OF WORKING HOURS

Table No: 8.2

RESPONDENT’S LEVEL OF SATISFACTION WITH ESI

Satisfaction level	No. of. Respondents	Percentage
Highly satisfied	24	24
Satisfied	38	38
Neutral	20	20
Dissatisfied	12	12
Highly Dissatisfied	6	6
Total	100	100

INTERPRETATION

The above table shows that 38% of the respondents are satisfied with ESI, 24% of the respondents are highly satisfied with ESI, 20% of the respondent are having neutral opinion, 12% of the respondents are dissatisfied with ESI, 6% of the respondents are highly dissatisfied with ESI.

The majority 38% of the respondents are satisfied with ESI.

Chart No: 8.2

RESPONDENT’S LEVEL OF SATISFACTION WITH ESI

Table No: 8.3

RESPONDENT’S LEVEL OF SATISFACTION WITH VENTILATION FACILITIES

Satisfaction level	No. of. Respondents	Percentage
Highly satisfied	30	30
Satisfied	38	38
Neutral	22	22
Dissatisfied	6	6
Highly Dissatisfied	4	4
Total	100	100

INTERPRETATION

The above table shows that, 38 % of the respondents are satisfied with ventilation facilities, 30% of the respondents are highly satisfied with ventilation facilities, 22% of the respondents are having neutral opinion, 6% of the respondents are dissatisfied with ventilation facilities, 4% of the respondents are highly dissatisfied with ventilation facilities.

The majority38 % of the respondents are satisfied with Ventilation facilities.

Chart No: 8.3

RESPONDENT’S LEVEL OF SATISFACTION WITH VENTILATION FACILITIES

Table No: 8.4

RESPONDENT’S LEVEL OF SATISFACTION WITH MEDICAL CAMP

Satisfaction level	No. of. Respondents	Percentage
Highly satisfied	28	28
Satisfied	52	52
Neutral	14	14
Dissatisfied	4	4
Highly Dissatisfied	2	2
Total	100	100

INTERPRETATION

The above table shows that 52% of the respondents are satisfied with medical camp, 28% of the respondents are highly satisfied with medical camp, 14% of the respondents are having neutral opinion, 4% of the respondents are dissatisfied with medical camp, 2% of the respondents are highly dissatisfied with medical camp

The majority 52% of the respondents are satisfied with medical camp.

Chart No: 8.4

RESPONDENT’S LEVEL OF SATISFACTION WITH MEDICAL CAMP

Table No: 8.5

RESPONDENT’S LEVEL OF SATISFACTION WITH PLEASANT CONTITION LEVEL IN WORKING PLACE

Satisfaction level	No. of. Respondents	Percentage
Highly satisfied	20	20
Satisfied	32	32
Neutral	28	28
Dissatisfied	14	14
Highly Dissatisfied	6	6
Total	100	100

INTERPRETATION

The above table shows that 32% of the respondents are satisfied with PLEASANT CONTITION level in working place, 28% of the respondents are having neutral opinion, 20% of the respondents are highly satisfied with PLEASANT CONTITION level in working place, 14% of the respondents are dissatisfied with PLEASANT CONTITION level in working place, 6% of the respondents are highly dissatisfied with PLEASANT CONTITION level in working place.

The majority 32% of the respondents are satisfied with PLEASANT CONTITION level in working place.

Chart No: 8.5

RESPONDENT’S LEVEL OF SATISFACTION WITH PLEASANT CONTITION LEVEL IN WORKING PLACE

Table No: 8.6

RESPONDENT’S LEVEL OF SATISFACTION WITH CLEANLINESS

Satisfaction level	No. of. Respondents	Percentage
Highly satisfied	32	32
Satisfied	42	42
Neutral	18	18
Dissatisfied	6	6
Highly Dissatisfied	2	2
Total	100	100

INTERPRETATION

The above table shows that 42% of the respondents are satisfied with cleanliness, 32% of the respondents are highly satisfied cleanliness, 18% of the respondents are having neutral opinion, 6% of the respondents are dissatisfied with cleanliness, 2% of the respondents are highly dissatisfied with cleanliness.

The majority 42% of the respondents are satisfied with Cleanliness

Chart No: 8.6

RESPONDENT’S LEVEL OF SATISFACTION WITH CLEANLINESS

Table No: 9.1

RESPONDENT’S LEVEL OF SATISFACTION WITH LOCATION OF THE CANTEEN

Satisfaction level	No. of. Respondents	Percentage
Highly satisfied	22	22
Satisfied	38	38
Neutral	36	36
Dissatisfied	2	2
Highly Dissatisfied	2	2
Total	100	100

INTERPRETATION

The above table shows that 38% of the respondents are satisfied with location of the canteen , 36% of the respondents are having neutral opinion , 22% of the respondents are highly satisfied with location of the canteen, 2% of the respondents are dissatisfied, 2 % of the respondents are highly dissatisfied with location of the canteen.

The majority 38% of the respondents are satisfied with Location of canteen.

Chart No 9.1

RESPONDENT’S LEVEL OF SATISFACTION WITH LOCATION OF THE CANTEEN

Table No: 9.2

RESPONDENT’S LEVEL OF SATISFACTION WITH FURNITURE FACILITIES IN CANTEEN

Satisfaction level	No. of. Respondents	Percentage
Highly satisfied	30	30
Satisfied	38	38
Neutral	24	24
Dissatisfied	6	6
Highly Dissatisfied	2	2
Total	100	100

INTERPRETATION

The above table shows that 38 % of the respondents are satisfied with furniture facilities in canteen, 30% of the respondents are highly satisfied with furniture facilities in canteen, 24% of the respondents are having neutral opinion, 6% of the respondents are dissatisfied with furniture facilities in canteen, 2% of the respondents are highly dissatisfied with furniture facilities in canteen.

The majority 38% of the respondents are satisfied with Furniture facilities in canteen.

Chart No: 9.2

RESPONDENT’S LEVEL OF SATISFACTION WITH FURNITURE FACILITIES IN CANTEEN

Table No: 9.3

RESPONDENT’S LEVEL OF SATISFACTION WITH HOSPITALITY IN CANTEEN

Satisfaction level	No. of. Respondents	Percentage
Highly satisfied	22	22
Satisfied	42	42
Neutral	24	24
Dissatisfied	8	8
Highly Dissatisfied	4	4
Total	100	100

INTERPRETATION

The above table shows that 42% of the respondents are satisfied with hospitality in canteen, 24% of the respondents are having neutral opinion, 22% of the respondents are highly satisfied with hospitality in canteen, 8% of the respondents are dissatisfied with hospitality in canteen, 4 % of the respondents are highly dissatisfied with hospitality in canteen.

The majority 42% of the respondents are satisfied with Hospitality in canteen.

Chart No: 9.3

RESPONDENT’S LEVEL OF SATISFACTION WITH HOSPITALITY IN CANTEEN

Table No: 9.4

RESPONDENT’S LEVEL OF SATISFACTION WITH TASTE AND QUALITY OF FOOD IN CANTEEN

Satisfaction level	No. of. Respondents	Percentage
Highly satisfied	26	26
Satisfied	46	46
Neutral	18	18
Dissatisfied	6	6
Highly Dissatisfied	4	4
Total	100	100

INTERPRETATION

The above table shows that 46% of the respondents are satisfied with taste and quality food in canteen, 26% of the respondents are highly satisfied with taste and quality of food in canteen, 18% of the respondents are having neutral opinion, 6% of the respondents are dissatisfied with taste and quality food n canteen, 4% of the respondents are highly dissatisfied with taste and quality of food in canteen.

The majority 46% of the respondents are satisfied with Taste and quality of food.

Chart No: 9.4

RESPONDENT’S LEVEL OF SATISFACTION WITH TASTE AND QUALITY OF FOOD IN CANTEEN

Table No: 9.5

RESPONDENT’S LEVEL OF SATISFACTION WITH CLEANLINESS IN THE CANTEEN

Satisfaction level	No. of. Respondents	Percentage
Highly satisfied	24	24
Satisfied	42	42
Neutral	22	22
Dissatisfied	8	8
Highly Dissatisfied	4	4
Total	100	100

INTERPRETATION

The above table shows that 42% of the respondents are satisfied with cleanliness in the canteen, 24% of the respondents are highly satisfied with cleanliness in the canteen, 22% of the respondents are having neutral opinion, 8% of the respondents are dissatisfied with cleanliness in the canteen, 4% of the respondents are highly dissatisfied with cleanliness in the canteen.

The majority 42% of the respondents are satisfied towards Cleanliness in the canteen.

Chart No: 9.5

RESPONDENT’S LEVEL OF SATISFACTION WITH CLEANLINESS IN THE CANTEEN

MEDICAL FACILITIES

Table No: 10.1

RESPONDENT’S LEVEL OF SATISFACTION WITH PERIODIC MEDICAL EXAMINATION

Satisfaction level	No. of. Respondents	Percentage
Highly satisfied	26	26
Satisfied	40	40
Neutral	22	22
Dissatisfied	10	10
Highly Dissatisfied	2	2
Total	100	100

INTERPRETATION

The above table shows that 40% of the respondents are satisfied with periodic medical examination, 26% of the respondents are highly satisfied with periodic medical examination, 22% of the respondent are having neutral opinion, 10% of the respondents are dissatisfied with periodic medical examination, 2% of the respondents are highly dissatisfied with periodic medical examination.

The majority 40% of the respondents are satisfied with Periodic medical examination

Chart No: 10.1

RESPONDENT’S LEVEL OF SATISFACTION WITH PERIODIC MEDICAL EXAMINATION

Table No: 11.1

RESPONDENT’S LEVEL OF SATISFACTION WITH OVERALL WELFARE FACILITIES

Satisfaction level	No. of. Respondents	Percentage
Highly satisfied	24	24
Satisfied	46	46
Neutral	22	22
Dissatisfied	6	6
Highly Dissatisfied	2	2
Total	100	100

INTERPRETATION

The above table shows that 46 % of the respondents are satisfied with overall welfare facilities, 24% of the respondents are highly satisfied with overall welfare facilities, 22% of the respondents are having neutral opinion, 6% of the respondents are dissatisfied with overall welfare facilities,, 2% of the respondents are highly dissatisfied with overall welfare facilities,.

The majority 46% of the respondents are satisfied with overall welfare facilities.

Chart No: 11.1

RESPONDENTS LEVEL OF SATISFACTION WITH OVERALL WELFARE FACILITIES

Table No: 11.2

RESPONDENT’S LEVEL OF SATISFACTION WITH EMPLOYEES BENEFITS

Satisfaction level	No. of. Respondents	Percentage
Highly satisfied	22	22
Satisfied	42	42
Neutral	24	24
Dissatisfied	8	8
Highly satisfied	4	4
Total	100	100

INTERPRETATION

The above table shows that 42% of the respondents are satisfied with employee benefits, 24% of the respondents are having neutral opinion, 22% of the respondents are highly satisfied with employee benefits, 8 % of the respondents are dissatisfied with employee benefits, 4% of the respondents are highly dissatisfied with employee benefits.

The majority 42% of the respondents are satisfied with employee benefits.

Chart No: 11.2

RESPONDENT’S LEVEL OF SATISFACTION WITH EMPLOYEE BENEFITS

CHI SQUARE

H₀ : Null Hypothesis: There is no significant relationship between work experience and overall welfare satisfaction

H₁ : Alternative Hypothesis: There is a significant relationship between work experience and overall welfare satisfaction

Tables No.5.26: RELATIONSHIP BETWEEN WORK EXPERIENCE OF THE RESPONDENTS AND OVERALL WELFARE SATISFACTION

WORK EXPERIENCE

OVERALL WELFARE FACILITIES SATISFACTION	LESS THAN 10 YEAR	10-15 YEARS	15-20 YEARS	ABOVE 20 YEARS	GRANTDTOTAL
HIGHLY SATISFIED	5	5	6	8	24
SATISFIED	15	14	12	5	46
NUTRAL	12	6	3	1	22
DISSATISFIED	2	1	3	0	6
HIGHLY DISSATISFIED	2	0	0	0	2
COLUMN TOTAL	36	26	24	14	GRAND TOTAL 100

“0” OBSERVED	“E” Rtot * Ctot Grant Total	(O-E)	(O-E)²	(O-E)²/E
5	8.04	-3.64	13.2496	2.6499
5	6.24	-1.24	1.5376	0.3075
6	5.75	0.24	0.0576	0.0096
8	3.36	4.64	-21.5296	2.6912
15	16.56	1.56	2.4336	0.16224
14	11.96	2.04	4.1616	0.2972
12	11.04	0.96	0.9216	0.0768
5	6.44	-1.44	2.0736	0.41472
12	7.92	4.08	16.0464	1.3872
6	5.27	0.28	0.0784	0.0130
3	5.28	-2.28	5.1984	1.7328
1	3.08	-2.08	4.3264	4.3264
2	2.16	-0.16	0.0256	0.0128
1	1.56	-0.56	0.3136	0.3136
3	1.44	1.56	2.4336	0.8112
0	0.84	-0.84	0.7056	0
2	0.76	1.28	1.6384	0.8192
0	1.56	-1.56	2.4336	0
0	0.48	-0.48	0.2304	0
0	0.28	-0.28	0.7541	0

CALCULATED VALUE = 16.0253

Degree of Freedom = (c-1) (r – 1)

= (5-1) (4-1)

= 4 x 3

= 12

TABLE CHI-SQUARE VALUE = 21.03

INTERPRETATION

The result of the chi-square test reveals that the calculated chi-square value is less than the table chi-square value at 5% level of significance and therefore, there is no significant relationship between work experience and overall welfare satisfaction

FINDINGS

Ø It is found that majority 36% of the respondents age group is between 30-40 years

Ø It is found 76% of the respondents have educational qualification above 10^th std

Ø It is inferred that 36% of the respondents have work experience of less than 10 years

Ø 58% of the respondents are getting the income level is above Rs 10,000.

Ø It is found 56% of the respondents are satisfied with the water facilities.

Ø It is found 34% of the respondents are highly satisfied with the lavatory facilities.

Ø It is found 36% of the respondents are highly satisfied with the restroom facilities.

Ø It is found 46% of the respondents are satisfied with the transportation facilities.

Ø It is found 36% of the respondents are highly satisfied with the housing and education facilities.

Ø It is found 42% of the respondents are satisfied with the financial help and loan facilities.

Ø It is found 48% of the respondents are satisfied with the insurance facilities.

Ø It is found 28% of the respondents are satisfied with the flexibility of working hours.

Ø It is found 38% of the respondents are satisfied with the ESI.

Ø It is found 38% of the respondents are satisfied with the ventilation facilities.

Ø It is found 52% of the respondents are satisfied with the medical camp.

Ø It is found 32% of the respondents are satisfied with the pleasant condition level in the working place.

Ø It is found 42% of the respondents are satisfied with the cleanliness conditions

Ø It is found 38% of the respondents are satisfied with the location of canteen.

Ø It is found 38% of the respondents are satisfied with the furniture facilities in canteen.

Ø It is found 42% of the respondents are satisfied with the hospitality facilities in canteen.

Ø It is found 46% of the respondents are satisfied with the taste and quality of food in canteen.

Ø It is found 42% of the respondents are satisfied with the cleanliness in the canteen.

Ø It is found 40% of the respondents are satisfied with the periodic medical examinations.

Ø It is found 46% of the respondents are satisfied with the employee’s welfare facilities.

SUGGESTIONS

Most of the employees are satisfied with the existing welfare schemes provided by the company. The following recommendations will be helpful to the management to improve the awareness as well as to improve the satisfaction level of employees.

1. The Management shall arrange more programmes to improve the employee’s awareness about the welfare measures working conditions and social security schemes.

2.The Management can take necessary steps to provide job security to trainees. Also the Management shall consider providing welfare measures to the trainees.

3. The Management shall consider providing uniforms to all employees. Hence the employees can feel their belongingness towards the organization.

4. The company can improve the recreational facilities being offered to the employees.

5. The company can provide more extra mural welfare services.

6. The management shall conduct regular meetings and allow the employees to participate in it. It will help to improve the employee employer relationship.

7. The company may arrange more transport facilities to the employees, particularly to those are coming for night shifts.

8. A Co-operative society shall be provided for the employees so that they can purchase essential goods at reasonable price.

9. The Management can provide better quality and variety of food in the canteen. Also, they shall arrange filtered and chilled water.

10. Library facility should be provided to employees for improving their knowledge.

11. The company shall provide necessary lunch room and rest room facilities to all the employees.

CONCLUSION

The study entitled A STUDY ON EMPLOYEE WELFARE MEASURES PRACTICED IN HDFC STANDARD LIFE,COIMBATORE Aims to find out the employees awareness and satisfaction level with respect to the various welfare schemes, working condition and social security schemes provided by the company.

Though the company has started 10 years back the welfare measures, working conditions and social security schemes, which are provided for employees are satisfactory. The staff and employees need more friendly relationship with the management.

Suggestion and recommendations are also included in the project. It is concluded that this project will be very much helpful to the management to impart better welfare measures, working condition and social security schemes to the employees.

QUESTIONNAIRE

A STUDY ON LABOUR WELFARE MEASURE IN HDFC STANDARD LIFE,COIMBATORE

PERSONAL DATA

Name (Optional) :

Age : Less than 30 years b) 30-40 years c) 40-50 years d) Above 50 years.

Gender : Male / Female

Educational Qualification: SSLC / Degree / Engineering / Others

Salary: < 10000 / 10000 - 15000 / > 15000

QUESTIONNAIRE RELATED TO EMPLOYEE WELFARE

1. How do you rate the drinking water facilities?

[ ] Strongly Agree [ ]Agree [ ] Rarely