Employee’s preference towards total rewards system depends on one’s perception and the motivation level he has achieved in life. Various theories have been incorporated to justify the preference. The theories are explained in Literature review. Based on the problem definition, we formulated our hypothesis.
* Objectives of the Project: To study the workmen compensation in IDBI
-Primary objectives: The main task of the project is to identify: * The various compensations offered to workmen in IDBI and policies used to evaluate various compensations. * The satisfaction level of employees with their compensation at IDBI.
* Is there any preference given to compensation by employees at any level of choosing job. * How compensation help organization to retain and attract employees.
* Primary Data: the main data collection will be done by surveys on the present as well as past employees if possible. * Secondary Data: the secondary data will be as provided by the company guides through their records and manuals.
Hypothesis 1: Employees are satisfied by the timely compensation provided to them under various circumstances by the IDBI. Hypothesis 2: Employees are not satisfied by the timely compensation provided to them under various circumstances by the IDBI.
The research is restricted to IDBI employees only, the population size consist of all the employees present in the organization. We shall try to involve the response of every employee. The various theories which help us to understand the satisfaction and retention level of employees in the organization are: The motivational theories which were crucial for this kind of study were Maslow’s need Hierarchy and Herzberg’s two-factor theory
* Maslow Need Hierarchy: People are motivated by inner needs. Needs form a hierarchy from most basic to higher order. The value of compensation will depend on the level of pyramid at which the person is residing. * Herzberg’s two factor theory: Employees are motivated by two ways of motivators: Hygiene factor and satisfiers. Hygiene factors in their absence prevent behaviors but their presence cannot motivate performance. Satisfiers such as recognition, promotion and achievement motivate performance.
According to Maslow’s hierarchy of needs the person who has achieved the levels of physiological needs and safety would be motivated by other factors. For the people at level 3 may not consider monetary rewards as driving force. Therefore there are chances that employees will not take compensation into matter for changing their jobs. Reward system is a tool by which employee can attract, motivate, and retain employees. It involves everything the employee perceives to be of value resulting from the employment relationship successful. The reward system consists of many components out of which “Compensation” is one the most the important factor in employee satisfaction. Organization try to understand the type of compensation required for each of the employees and the one which has high impact on the system.
* Insurance sector in India
In India, insurance has a deep-rooted history. Insurance in various forms has been mentioned in the writings of Manu (Manusmrithi), Yagnavalkya (Dharmashastra) and Kautilya...