SUMMER INTERNSHIP

PROGRAM

A PROJECT ON:-

RETENTION AFTER RECRUITMENT:

THE REAL SCENARIO AT RELIANCE LIFE
INSURANCE Co. Ltd.

By:
Sreeparna Ghosh
IBS Kolkata
 Objectives of the project
RECRUITMENT
• Recruiting Advisors for Reliance Life Insurance Co. Ltd.

RETENTION
• Analyze the Factors influencing retention of employees

ATTRITION
• Find out Causes for high Attrition rate in the insurance sector

COMPARISON
• Make a comparative analysis: Reliance Life vs. leading insurance co.
(LIC, Bajaj Allianz, Tata AIG, Birla Sun Life)
 Methodology
 To create a database of people belonging to agreed profile and
recruit advisors
 To gather primary data from employees and agents working in
different life insurance companies as well as customers by
conducting survey
 To collect secondary data from internet, newspapers and
various journals
 Analysis & Interpretation of collected data
 To give recommendations for benefit of the employees and
management of Reliance Life Insurance Co. Ltd.
 Potential Advisors
 Businessman: newspaper vendors, cable operators, dealers of
FMCG goods, etc.
 Professionals: CA, stockbrokers, mutual fund agents, tax
consultants, lawyers, etc.
 Members of different communities, clubs, NGO’s, etc.
 Wives of govt. employees, doctors, teachers, CA, other
professionals.
 Village/panchayat heads, trade union leaders, club secretary,
etc
 Retention: A Comparative Study
Retention (No. of years)
9

0
Reliance Life LIC TATA AIG BAJAJ ALLIANZ BIRLA SUN LIFE
 Principal constituents of
Job Satisfaction
ORGANIZATIONAL 
ORGANIZATIONAL  PERSONAL
PERSONAL

 Fringe
Fringe benefits
benefits 
Personal
Personal variables
variables

 Quality
Quality of
of supervision
supervision 
Status
Status and
and seniority
seniority

 Reward
Reward system
system 
Jobs
Jobs congruence
congruence withwith

 Work
Work and
and social
social interest 
interest 
stimulation
stimulation 
General
General life
life satisfaction
satisfaction

Pleasant
Pleasant working
working
condition
condition
 Factors affecting Retention

Recognition

Quality of
Fringe Benefits
supervision

Participation & Job

Job Security
Involvement Satisfaction

Work Monetary
environment: benefit/
Relation with Incentive
colleagues
Career
growth
 Effects of Job Satisfaction

Job Satisfaction

Motivated Workforce

Quality of work improves

Satisfied customers

Revenue of the company increases: Benefit for

organization
 Job Satisfaction cycle
Job
Satisfaction

Company
Motivated
invests more in
Workforce
employees

Revenue of the
company Quality of work
increases: Benefit improves
for organization

Satisfied
customers
 Maslow’s Pyramid
Self
Achievements &
Actu
alizat Accomplishments,
Recognition Career growth;
ion
(club Advisor  SM
membership)
Esteem Needs
Association
with a
strong
Job
Social Needs brand:
Security social
respect
Safety Needs
Basic salary
Physiological Needs
 Opportunities for Reliance Advisors

 Profit without heavy investment

 Benefit of residual income
 Flexible work hours
 Attractive commissions
 Exciting recognition programs
 Capitalize on growing insurance market
 Full time SALES MANAGER
 Associate with strong brand - RELIANCE
 Herzberg’s two-factor theory
MOTIVATORS: HYGIENE FACTORS:
Leading to satisfaction Leading to dissatisfaction

 Achievement  Company policy

 Recognition  Supervision
 Work itself  Relationship with boss
 Responsibility  Work conditions
 Advancement  Salary
 Growth  Relationship with peers
 Security
 High Attrition Rate: A challenge

Causes for attrition

 Bad work culture bad work culture 8

 Relocation relocation 3

 Job insecurity job insecurity 9

 No social or family life no social or family life 4

 Target pressure target pressures 23

 Better salary better salary 27

 Better job opportunity better job opportunity 26

0 5 10 15 20 25 30
 STRESS
A comparative study Stress: External stimulus which
positively or negatively affects
behavior of an individual
BIRLA 3.8

BAJAJ ALLIANZ 3.7

Moderate stress necessary for

TATA AIG 3.7 better performance

LIC 3.3

RELIANCE LIFE 3.4 High stress: psychological

effect, harmful, deteriorates
performance
 Factors causing stress

Organizational
• Organizational policy
• Relation with supervisor
• Task demands
• Interpersonal relations
• Career stage

Environmental
• Economic uncertainty
• Technological uncertainty

Individual
• Family problem
• Economic/financial problem
• Personality of the individual
 Recommendations :-

 Encourage
Encourage participative
participative management
management
 Organize
Organize workshops
workshops & & training
training programs
programs
 Salary/incentives
Salary/incentives based
based on
on the
the industry
industry standards
standards
 Recognition
Recognition program
program to
to motivate
motivate employees
employees
 Improve
Improve workplace
workplace environment:
environment: “fun
“fun at
at work”
work” concept
concept
 Encourage
Encourage interpersonal
interpersonal relationship:
relationship: maintain
maintain healthy
healthy
competition
competition
 Constant
Constant motivation:
motivation: Help
Help improve
improve performance
performance & & cope
cope with
with
stress
stress
 Constant
Constant interaction
interaction with
with employees
employees
 REFERENCES
Books referred:
 Human Resource Management by Gary Dessler
 Organizational behavior by Fred Luthans & Stephen Robbins
 Human Resource Management: Contemporary Issues, Challenges and
opportunities by Ronald R. Sims

Websites referred:
 www.wikipedia.org
 http://www.citehr.com/101668-managing-attrition-insurance-sector.html
 http://www.economywatch.com/indianeconomy/indian-insurance-sector.html
 http://www.reliancelife.com/rlic/index.aspx
 http://humanresources.about.com/od/retention/a/more_retention.htm