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Project report
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1
PREFACE
In this project exit interview was conducted to gather data for improving
working conditions and retaining employees. Though this is an attempt which
was made to know the reason of the employees behind leaving the
organization. The purpose of an exit interview is usually to gather data for
improving working conditions and other areas.
2
ACKNOWLEDGEMENT
NISHTHA PAREEK
3
Table of contents
1. Industry profile
2. Company profile
(c) HR hierarchy
(d) HR operations
(e) Business HR
(a) Introduction
(b) Expectations
4. Exit interview
(a) Introduction
4
5. Research Methodology
6. Limitations of study
8. Recommendations
9. Conclusion
10. Annexure
11. Bibliography
5
Industry profile
6
Industry profile-
All life insurance companies in India have to comply with the strict
regulations laid out by Insurance Regulatory and Development Authority of
India (IRDA). Therefore there is no risk in going in for private insurance
players. In terms of being rated for financial strength like international players,
only ICICI Prudential is rated by Fitch India at National Insurer Financial
7
Strength Rating of AAA (Ind) with stable outlook indicating the highest claims
paying ability rating.
Types of insurance-
• Fire Insurance
• Marine Insurance
• Accident Insurance
8
Life insurance
Term life insurance are the most popular in advance countries but
were not so popular in India. However, after the entry of the private operators
and aggressive marketing by few players this kind of policies are becoming
popular. The premium on such type of policies is comparatively quite low
when compared with other types of life insurance policies, mainly due to the
fact that these policies do not carry cash value.
9
PLUS OF MINUSES OF TERM
TERM LIFE LIFE INSURANCE
INSURANCE
If one survives the
period of the policy,
The premium
he / she does not get
payable on
any money at the
these policies
end of the policy.
is low as they
The premium on
do not carry
such policies keeps
any cash
on increasing with
value. One
age mainly because
can afford for
the risk of death of
quite high
older people is more.
value
Over the age of 60,
insurance
these policies
policies.
become difficult to
afford.
10
PERMANENT LIFE INSURANCE:
General insurance:-
Fire insurance:-
11
Marine insurance: -
Accident insurance:-
12
IRDA
13
IRDA (Insurance regulatory and development authority):-
Introduction-
Mission of IRDA
14
Expectations
iii. To ensure that insurance customers receive precise, clear and correct
information about products and services and make them aware of their
responsibilities and duties in this regard.
15
V To bring about optimum amount of self-regulation in day to day working of the
industry consistent with the requirements of prudential regulation.
Section 14 of IRDA Act, 1999 lays down the duties, powers and functions of
IRDA
1. Subject to the provisions of this Act and any other law for the time
being in force, the Authority shall have the duty to regulate, promote and
ensure orderly growth of the insurance business and re-insurance business.
16
e. Promoting efficiency in the conduct of insurance business.
g. Levying fees and other charges for carrying out the purposes of this
Act.8.
17
n. Supervising the functioning of the Tariff Advisory Committee.
1) Appointed Actuary
18
Advisory committee
Full force and utility of various institutions like Advisory Committee and self-
regulatory organizations are not yet realized as the regulator seems to be in a
long learning mode. Due to over delegations, Individual incumbents decide the
pace and extent of utilization of prudential and statutory bodies. Research is
limited to opinion seeking through legacy channels. Market waits for revision
of insurance act and establishment meaningfully functioning regulatory organs
devoid of excess delegation and subjective localization of development
agencies.
19
COMPANY PROFILE-
Company profile:-
20
Vision-
Introduction of company-
21
depth market knowledge and goodwill of Bajaj Auto.
Accelerated Growth
New
Fiscal No. of policies
Business
Year sold
in FY
22
2001-
2002(6 21,37 Rs. 7 Cr.
months)
2004- Rs 857
2,88,189
2005 Cr.
2005- Rs.
7,81,685
2006 2,717 Cr.
2006- Rs.
20,79,217
2007 4,302 Cr.
2007-
37,44,742 Rs.
2008
6,674 Cr.
2008- Rs.
25,90,765
2009 4,491 Cr.
2009- Rs.
22,30,686
2010 4,451 Cr.
23
Bajaj Auto Limited
Allianz AG
24
Founded in 1890 in Berlin, Allianz is now present in over
70 countries with almost 174,000 employees. At the top of the international
group is the holding company, Allianz AG, with its head office in Munich.
25
(Kamesh goyal, Country manager and CEO)
26
27
HR Hierarchy
HR Operations – Structure
28
BUSINESS HR HIERARCHY
29
Role of Business HR
• Compliments the HO HR team as representation at the ground level
catering to the HR needs of the vast spread of offices
• Extended arm of the various HR product teams from HO
• One stop for all HR needs across the country across all channels
• Implementation and feedback of all initiatives undertaken by HR
• Undertakes Branch visits, HR Induction, Attendance processing,
employee grievance management, Policy awareness, Talent Acquisition,
Talent Management, Performance management among a host of other HR
activities.
Customer Orientation-
At Bajaj Allianz, their guiding principles are customer service and client satisfaction.
All their efforts are directed towards understanding the culture, social environment
and individual insurance requirements - so that they can cater to all your varied
needs.
Employee Benefits
30
Employees Provident Fund
• Employee and Employer equal contribution, 12% of Basic Salary.
• New entrants could transfer the previous EPF & EPS through filling up
the form 13.
• EPF and EPS could be withdrawn through Form 19 and Form 10C,
provided there should be a non-employment declaration of 2 months.
• In case of death of an employee the nominee claims the Pension by
filling up form 10D.
• For any EPF and EPS Withdrawal / Transfer, a filled up SSN form is
preferred at the time of submission.
• All Specific Forms are available in HRIS (HR4U).
Gratuity
• We have a Group Gratuity Scheme policy for all employees.
• An employee who works for a complete 5yrs of continuous service is
entitled for Gratuity, as per the Payment of Gratuity Act.
• (Last drawn basic /26 * 15 * no. of months/12) served in the period of
service. Subject to the provision of 5 yrs continuous service.
• Gratuity shall be payable to an employee on: Retirement / Resignation,
Superannuation & Death or disablement due to accident or disease.
• In the event of death of an employee the gratuity amount goes to the
nominee as declared in the Form F a Nomination Form.
• The Gratuity claim gets settled and credited to the employee’s salary
account on line.
• To the limit of Rs 10, 00,000 is exempted from the taxable income in a
life time.
31
Group Term Life Insurance & ADB
• It’s a Group Life Insurance coverage extended to all employees from
the Date of Joining onwards.
• The coverage amount varies from employee to employee as it’s 60
times of the basic Salary and where the minimum coverage is 5 lacs and the
maximum is 30 lacs.
• The Premium is borne by the company.
• In case of an Accidental Death the GTL coverage gets doubled.
32
Exit interview
33
Introduction
Exit interview:-
34
You can ask following type of questions:
When you've had a few people quit, analyze the results of your exit
interviews. Try to figure out trends, such as the main reasons they give for
leaving, the typical length of time a person works for departments or groups
associated with particular managers. The idea is to identify changes you can you
before quitting, the type of jobs that have the most turnover, and patterns of
resignation in make to keep people from leaving. So the most important advice of
all about exit interview is that we have to make sure you're really listening and
that you actually do something, including making changes in your company, with
the insights you gain.
35
Exit interviews are interviews conducted with departing employees,
just before they leave. From the employer's perspective, the primary aim of
the exit interview is to learn reasons for the person's departure, on the basis
that criticism is a helpful driver for organizational improvement. Exit interviews
(and prior) are also an opportunity for the organization to enable transfer of
knowledge and experience from the departing employee to a successor or
replacement, or even to brief a team on current projects, issues and contacts.
Good exit interviews should also yield useful information about the employer
organization, to assess and improve all aspects of the working environment,
culture, processes and systems, management and development, etc.;
36
Purpose of exit interview-
5. A hidden purpose is to help employers avoid costly litigation down the road,
caused by "disgruntled" employees.
6. The interview is an opportunity for the employer to end the employee's time
with the company on a positive note.
8. Using the exit interview effectively can also provide the company with
valuable feedback concerning benefits and compensation. This can be both
negative and positive.
37
Exit interview provides:-
38
Objective of Exit interview:-
Retain the outgoing employee or analyzing the factors for which he/she
is going and try to overcome these for existing employees.
• The objective of an exit interview is usually to gather data for improving working
conditions and retaining employees.
39
Research
methodology
40
Title of Research
Research methodology:-
41
• To test a hypothesis of a casual relationship between variables,
(hypothesis testing research)
42
Objective of research-
1)
It assures that district property is either returned or accounted for or
the financial responsibilities are resolved before leaving the job site.
2)
3)
Valuable feedback concerning training and development can be
obtained during the exit interview.
4)
Using the exit interview effectively can also provide the company
with valuable feedback concerning benefits and compensation. This can
be both negative and positive.
43
7). It assures that district property is either returned or accounted for
or the financial responsibilities are resolved before leaving the job site.
Research Design
A plan for collecting and utilizing data so that desired information can
be obtained with sufficient precision or so that an hypothesis can be tested
properly.
There are different types of research design and depending on the purpose
we need to select the particular Research Design.
44
Discriptive research provides insights into and comprehension of an
issue or situation. It should draw definitive conclusions only with extreme
caution. Discriptive research is a type of research conducted because a
problem has not been clearly defined. Discriptive research helps determine
the best research design, data collection method and selection of subjects.
Given its fundamental nature, discriptive research often concludes that a
perceived problem does not actually exist
Sample size-
Sampling Design-
45
Data Sources-
1) Primary Source:-
2) Secondary Source:
1) Primary Method:-
Interview
Discussion
Observation
46
Interview:-
Observation:-
47
Tips -
DATA ANALYSIS-
The data has been analyzed through pie diagrams, shows the
percentage of the people interested in working for Bajaj alliance.
48
Limitations of
study
49
Limitations of the study:
50
Data analysis and
interpretation
51
Q.1. What is the reason of leaving BALIC?
Reasonfor leavingBALIC
Anyother reason Personal reason Better career prospectus
Higher education Health Problem Performance Based
4%
4%
4% 9%
47%
32%
52
INTERPRETATION-
4% 0%
18%
78%
53
INTERPRETATION-
Roleclarity
Yes No Average
0%
100%
54
INTERPRETATION-
Q.4 Did you get right support to perform your role clearly?
55
INTERPRETATION-
When I asked that did they get right support to perform their role
clearly then 87% people said they get right support to perform their role, 9%
said that they did not get right support and 4% were average.
Q.5 Were you happy with the company infrastructure- seating space, PC etc.?
Companyinfrastructure
0% Average
13%
No
8%
Yes
79%
INTERPRETATION-
56
79% people were happy with the company infrastructure , 8%
were not happy with the company infrastructure and 13% were average.
Q.6 Were you briefed on your targets clearly by your reporting manager?
57
INTERPRETATION-
INTERPRETATION-
58
When I asked that was there manager approachable then 92%
people said that their manager was approachable, 2% said no and 6% were
average.
Q.8 Could you discuss your problem and challenges with your reporting manager?
0%
4%
9%
87%
INTERPRETATION-
87% employees said that they discuss their problem with their
reporting manager, 4% said that they did not and 9% were average.
59
Q.9 Was your work life balance healthy?
Worklife balancehealthy
Yes No Average
2% 2%
0%
96%
INTERPRETATION-
When I asked that was their work life balance healthy then 96%
people said that their work life balance was healthy, 2% said their work life
balance was not healthy and 2% were average.
60
Q.10 Did you enjoy your work, role and responsibility?
INTERPRETATION-
61
Q.11 Did you find the company policies attractive?
Companypoliciesattractive
Yes No Average
0% 4%0%
96%
INTERPRETATION-
When I asked that did they find company policies attractive then
96% people find policies attractive, 4% were average and there is no one who
did not find company policies attractive.
62
Q.12 Did you enjoy working with your colleagues?
Yes
96%
INTERPRETATION-
63
96% people enjoyed working with their colleagues. 4% were
average and no one who did not enjoyed working with their colleagues.
Companytrainingin BALIC
Yes No Average
0%
9%
6%
85%
INTERPRETATION-
64
Q.14 Had you been provided enough opportunities of development?
INTERPRETATION-
65
opportunities of development and 24% employees said that they had not
provided any opportunities of development and 4% were average.
INTERPRETATION-
66
Q.16 Whether your knowledge and experience has been properly utilized?
INTERPRETATION-
There are 89% people those knowledge has been properly utilized ,
7% people those knowledge has been not utilized and 4% were average.
67
Q.17 Were your suggestions/opinion honored at BALIC?
INTERPRETATION-
When I asked that were their opinion honored at BALIC then 77%
employees said that their opinion were honored at BALIC, and 23%
employees said that their opinion were not honored at BALIC.
68
Q.18 Would you like to join BALIC again?
INTERPRETATION-
When I asked that would they like to join BALIC again then 68%
employees said that they would like to join BALIC again and 32% employees
said that they would not like to join BALIC again.
69
Facts and
Findings
70
Fact and findings:-
71
Recommendation
72
Recommendations
Improvement Areas:
1. Employee Retention-
B. Subordinates should be given proper time to settle in their new role and
new work culture after their induction training is over. They should not be
pressurized to show the best performance as soon as the training is over. I
would recommend that around 15 days time should be provided after
induction training to settle in the new role and new work culture environment.
2. HR functioning-
73
3. Recognition and reward system -
B. If quick promotions could not be provide than other reward system should
be introduced such as “Best Performer Certificate” and “Employee of the month”
award etc.
74
Conclusion
75
Conclusion
Exit interview should be done in every organization. Exit interview was
conducted to gather data for improving working conditions and retaining
employees. The information from each exit interview is used to provide
feedback on why employees are leaving, what they liked about their
employment and what areas of the company need improvement.
76
Annexure
77
Annexure
A) Yes
B) No
C) Average
A) Yes
B) No
C) Average
A) Yes
B) No
C) Average
78
Q.4 Did you get right support to perform your role clearly?
A) Yes
B) No
C) Average
Q.5 Were you happy with the company infrastructure- seating space, PC etc.?
A) Yes
B) No
C) Average
Q.6 Were you briefed on your targets clearly by your reporting manager?
A) Yes
B) No
C) Average
A) Yes
B) No
C) Average
79
Q.8 Could you discuss your problem and challenges with your reporting
manager?
A) Yes
B) No
C) Average
A) Yes
B) No
C) Average
A) Yes
B) No
C) Avarage
A) Yes
B) No
C) Average
80
Q.12 Did you enjoy working with your colleagues?
A) Yes
B) No
C) Average
A) Yes
B) No
C) Average
A) Yes
B) No
C) Average
A) Yes
B) No
C) Average
81
Q.16 Whether your knowledge and experience has been properly utilized?
A) Yes
B) No
C) Average
A) Yes
B) No
C) Average
A) Yes
B) No
82
BIBLIOGRAPH
Y
83
Bibliography
Website-
www.bajajallianzlife.co.in
www.scribd.com
www.citehr.co.in
Books-
Newspapers
Company Brouchers
84