A

PROJECT REPORT
ON

“A DETAILED STUDY OF IMPACT OF EMPLOYEE ENGAGEMENT ON

PERFORMANCE AND SATISFACTION LEVEL OF EMPLOYEES AT BAJAJ
ALLIANZ PVT LTD.”

A PROJECT REPORT SUBMITED IN PARTIAL FULFILLMENT OF THE

REQUIREMENTS FOR THE MASTERS DEGREE IN BUSINESS
ADMINISTRATION

SUBMITTED TO: SUBMITTED TO:

MS. KOMAL TWINKLE KADIAN
2103104084

RAYAT BAHRA UNIVERSITY

MOHALI

BATCH 2021-2023

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 Student Declaration

I “Twinkle Kadian” declare that I myself worked on the topic “A DETAILED STUDY OF IMPACT OF
EMPLOYEE ENGAGEMENT ON PERFORMANCE AND SATISFACTION LEVEL OF
EMPLOYEES AT BAJAJ ALLIANZ PVT LTD.” The data and the information are collected by myself
and no third party has helped me in doing so. I myself have conducted all the surveys and research analysis.

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 Faculty Declaration

I hereby declare that the student Twinkle Kadian of MBA (4) has undergone his Project Report under my
periodic guidance on the project titled “A DETAILED STUDY OF IMPACT OF EMPLOYEE
ENGAGEMENT ON PERFORMANCE AND SATISFACTION LEVEL OF EMPLOYEES AT
BAJAJ ALLIANZ PVT LTD.” Further I hereby declare that the student was periodically in touch with
me during preparation of report.

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 Acknowledgement

First, I would like to thank my institution- “Rayat Bahra University” where I am pursuing the course of Master
of Business Administration. Second, I would like to express my gratitude to “Dr. Meetika Sharma” for expert
guidance, support and encouragement that helped me in the completion of this project. I would like to give
special thanks to all respondents whose precious response helped me to complete my project and my friends and
family for the help and kind support.

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 INDEX

S.no. Particulars Page no.

1 Introduction 6-22

2 Review of literature 23-24

3 Research Study 25-29

Problem Definition 26

Objectives of study 27

Hypothesis 28

Scope of study 29

4 Research Methodology 30-32

5 Data analysis and Interpretation 33-45

6 Recommendation and Suggestions 46-47

7 Conclusion 48-49

8 Bibliography 50-51

9 Annexure 52-55

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INTRODUCTION

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 INTRODUCTION TO HUMAN RESOURCE MANAGEMENT

Human resource management (HRM) is the strategic approach to the effective management of people in a
company or organization such that they help their business gain a competitive advantage. It is designed to
maximize employee performance in service of an employer's strategic objectives. Human resource management
is primarily concerned with the management of people within organizations, focusing on policies and systems.
HR departments are responsible for overseeing employee-benefits design employee recruitment, training and
development, performance appraisal, and reward management, such as managing pay and benefit systems.HR
also concerns itself with organizational change and industrial relations, or the balancing of organizational
practices with requirements arising from collective bargaining and governmental laws.

The overall purpose of human resources (HR) is to ensure that the organization can achieve success through
people. HR professionals manage the human capital of an organization and focus on implementing policies and
processes. They can specialize in finding, recruiting, training, and developing employees, as well as maintaining
employee relations or benefits. Training and development professionals ensure that employees are trained and
have continuous development. This is done through training programs, performance evaluations, and reward
programs. Employee relations deal with the concerns of employees when policies are broken, such as cases
involving harassment or discrimination. Managing employee benefits includes developing compensation
structures, parental leave programs, discounts, and other benefits for employees. On the other side of the field
are HR generalists or business partners. These HR professionals could work in all areas or be labor relations
representatives working with unionized employees.

HR is a product of the human relations movement of the early 20th Century, when researchers began
documenting ways of creating business value through the strategic management of the workforce. It was initially
dominated by transactional work, such as payroll and benefits administration, but due to globalization, company
consolidation, technological advances, and further research, HR as of 2015 focuses on strategic initiatives like
mergers and acquisitions, talent management, succession planning, industrial and labour relations, and diversity
and inclusion. In the current global work environment, most companies focus on lowering employee turnover
and on retaining the talent and knowledge held by their workforce.

Human Resource Management (HRM) is the term used to describe formal systems devised for the management
of people within an organization. The responsibilities of a human resource manager fall into three major areas:
staffing, employee compensation and benefits, and defining/designing work. Essentially, the purpose of HRM is
to maximize the productivity of an organization by optimizing the effectiveness of its employees. This mandate
is unlikely to change in any fundamental way, despite the ever-increasing pace of change in the business world.
As Edward L. Gubman observed in the Journal of Business Strategy, "the basic mission of human resources will

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always be to acquire, develop, and retain talent; align the workforce with the business; and be an excellent
contributor to the business. Those three challenges will never change."
Until fairly recently, an organization's human resources department was often consigned to lower rungs of the

corporate hierarchy, despite the fact that its mandate is to replenish and nourish what is often cited; legitimately-
as an organization's greatest resource, its work force. But in recent years recognition of the importance of human
resources management to a company's overall health has grown dramatically. This recognition of the importance
of HRM extends to small businesses, for while they do not generally have the same volume of human resources
requirements as do larger organizations, they too face personnel management issues that can have a decisive
impact on business health. As Irving Bur Stiner commented in The Small Business Handbook, "Hiring the right
people-; and training them well-; can often mean the difference between scratching out the barest of livelihoods
and steady business growth'¦. Personnel problems do not discriminate between small and big business. You find
them in all businesses, regardless of size."
Business consultants note that modern human resource management is guided by several overriding principles.
A third guiding principle, similar in scope, holds that it is the HR's responsibility to find, secure, guide, and
develop employees whose talents and desires are compatible with the operating needs and future goals of the
company.

Human resource department responsibilities can be subdivided into three areas: individual, organizational, and
career. Individual management entails helping employees identify their strengths and weaknesses; correct their
shortcomings; and make their best contribution to the enterprise. These duties are carried out through a variety
of activities such as performance reviews, training, and testing. Organizational development, meanwhile, focuses
on fostering a successful system that maximizes human (and other) resources as part of larger business strategies.
This important duty also includes the creation and maintenance of a change program, which allows the
organization to respond to evolving outside and internal influences. Finally, there is the responsibility of
managing career development. This entails matching individuals with the most suitable jobs and career paths
within the organization.

Main Functions of Human Resource Management

1. Employee Recruitment

Recruitment is the process of identifying talent gaps in a company and finding the right people to fill the roles.
There are four stages in the employee recruitment process:

 Job analysis – This involves defining the various aspects of a job through job description and
specification. Through job description, the HRM department identifies the tasks required for a specific
job while the latter defines the requirements an individual needs to fulfill that job.
 Sourcing – This encompasses the different techniques a company employs to attract potential
candidates to fill a given position. This can be achieved through internal and external advertisements.
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  Screening and selection – This is the process of evaluating the candidates who apply for the job. The
evaluation is performed to determine the skills, qualifications, competency, and job-related experience
that potential candidates bring to the table.
 Selection of the right candidates – Once the best candidate has been selected, the next process that
follows is onboarding. This is simply helping the new recruits become productive members of the
company.
2. Employee Orientation

Another core function of human resource management is employee orientation. Also known as onboarding, it
is the process of teaching new recruits the necessary skills, knowledge, and behaviors so that they can transition
to the new company effectively.

Employee orientation is a broad process conducted by the HR department, and it’s done through different
methods, including lectures, meetings, videos, mentoring, and team-building exercises. The main objective of the
orientation is to provide new recruits with adequate information regarding the company’s targets, rules, policies,
and activities.

3. Employee Development

Employee development refers to all the efforts for improving personal, team, and organizational effectiveness.
One aspect the human resource department tackles is talent development. This involves aligning the employees’
skills with the company’s needs. In addition to hiring, training, and orienting employees, HRM should also
improve their career opportunities.

Essentially, it is more economical to improve a company’s current workforce than to hire new employees in the
future. So, employee development is a trade-off through which human resource management saves money by
avoiding the potential costs of hiring new employees.

Summary

Human resource management refers to the process of recruiting and developing a company’s workforce. The
HR department is concerned with identifying talent gaps in a company, advertising for positions, evaluating
potential candidates, and hiring top talent.

Human resource management does not just handle the recruitment of new employees; it also oversees
redundancy for companies that want to downsize. HR management also oversees orientation programs to
introduce new employees to the company’s goals, objectives, and policies. Overall, human resource
management guarantees the smooth running of employees within a company.

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 INTRODUCTION- EMPLOYEE ENGAGEMENT

Employee engagement called worker engagement is a business management concept. An "engaged employee"
is one who is fully involved in, and enthusiastic about their work, and thus will act in a way that furthers their
organization's interests.

According to Scarlett Surveys, "Employee Engagement is a measurable degree of an employee's positive or

negative emotional attachment to their job, colleagues and organization which profoundly influences their
willingness to learn and perform at work".

Thus engagement is distinctively different from employee satisfaction, motivation and organizational culture
Engagement at work was conceptualized by Kahn, (1990) as the ‘harnessing of organizational members’ selves
to their work roles. In engagement, people employ and express themselves physically, cognitively, and
emotionally during role performances.

The second related construct to engagement in organizational behaviour is the notion of flow advanced by
Csikszentmihalyi (1975, 1990). Csikszentmihalyi (1975) defines flow as the ‘holistic sensation’ that, people feel
when they act with total involvement. Flow is the state in which there is little distinction between the self and
environment. When individuals are in Flow State little conscious control is necessary for their actions.

Employee engagement is the thus the level of commitment and involvement an employee has towards their
organization and its values. An engaged employee is aware of business

Context, and works with colleagues to improve performance within the job for the benefit of the organization.
The organization must work to develop and nurture engagement, which requires a two-way relationship between
employer and employee.’ Thus, Employee engagement is a barometer that determines the association of a person
with the organization.

Engagement is most closely associated with the existing construction of job involvement (Brown 1996) and flow
(Csikszentmihalyi, 1990). Job involvement is defined as ‘the degree to which the job situation is central to the
person and his or her identity (Lawler & Hall, 1970). Kanungo (1982) maintained that job involvement is a
‘Cognitive or belief state of psychological identification. Job involvement is thought to depend on both need
saliency and the potential of a job to satisfy these needs. Thus, job involvement results form a cognitive judgment
about the needs satisfying abilities of the job. Jobs in this view are tied to one’s self-image.

Engagement differs from job in as it is concerned more with how the individual employees his/her self during

the performance of his / her job. Furthermore, engagement entails the active use of emotions.

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HR practitioners believe that the engagement challenge has a lot to do with how employee feels about the about
work experience and how he or she is treated in the organization. It has a lot to do with emotions which are
fundamentally related to drive bottom line success in a company. There will always be people who never give
their best efforts no matter how hard HR and line managers try to engage them. “But for the most part employees
want to commit to companies because doing so satisfies a powerful and a basic need in connect with and
contribute to something significant.”

Aspects of Employee Engagement

Three basic aspects of employee engagement according to the global studies are: -

The employees and their own unique psychological makeup and experience

• The employers and their ability to create the conditions that promote employee engagement
• Interaction between employees at all levels.
• Thus, it is largely the organization’s responsibility to create an environment and culture conducive to this
partnership, and a win-win equation.

Categories of Employee Engagement

According to the Gallup the Consulting organization there are there are different types of people: -

Engaged--"Engaged" employees are builders. They want to know the desired expectations for their role so they
can meet and exceed them. They are naturally curious about their company and their place in it. They perform
at consistently high levels. They want to use their talents and strengths at work every day. They work with
passion and they drive innovation and move their organization forward.

Not Engaged- Not-engaged employees tend to concentrate on tasks rather than the goals and outcomes they are
expected to accomplish. They want to be told what to do just so they can do it and say they have finished. They
focus on accomplishing tasks vs. achieving an outcome. Employees who are not-engaged tend to feel their
contributions are being overlooked, and their potential is not being tapped. They often feel this way because they
do not have productive relationships with their managers or with their co-workers. Actively Disengaged-The
"actively disengaged" employees are the "cave dwellers." They are "Consistently against Virtually Everything."
They are not just unhappy at work; they are busy acting out their unhappiness. They sow seeds of negativity at
every opportunity. Every day, actively disengaged workers undermine what their engaged co-workers
accomplish. As workers increasingly rely on each other to generate products and services, the problems and
tensions that are fostered by actively disengaged workers can cause great damage to an organization's
functioning.

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Factors Leading to Employee Engagement-

Studies have shown that there are some critical factors which lead to Employee engagement. Some of them
identified -

Career Development- Opportunities for Personal Development

Organizations with high levels of engagement provide employees with opportunities to develop their abilities,
learn new skills, acquire new knowledge, and realize their potential. When companies plan for the career paths
of their employees and invest in them in this way their people invest in them.

Career Development – Effective Management of Talent

providing opportunities for personal development. Leadership – Respectful Treatment of Employees Successful
organizations show respect for each employee’s qualities and contribution – regardless of their job level.

Leadership – Company’s Standards of Ethical Behaviours

A company’s ethical standards also lead to engagement of an individual

Empowerment
Employees want to be involved in decisions that affect their work. The leaders of high engagement workplaces
create a trustful and challenging environment, in which employees are encouraged to dissent from the prevailing
orthodoxy and to input and innovate to move the organization forward.

Image

How much employees are prepared to endorse the products and services which their company provides its
customers depends largely on their perceptions of the quality of those goods and services. High levels of
employee engagement are inextricably linked with high levels of customer engagement.

Equal Opportunities and Fair Treatment

The employee engagement levels would be high if their bosses (superiors) provide equal opportunities for growth
and advancement to all the employees.

Performance appraisal Fair evaluation of an employee’s performance is an important criterion for determining
the level of employee engagement. The company which follows an appropriate performance appraisal technique
(which is transparent and not biased) will have high levels of employee engagement.

Pay and Benefits

The company should have a proper pay system so that the employees are motivated to work in the organization.
In order to boost his engagement levels, the employees should also be provided with certain benefits and
compensations.

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Health and Safety

Research indicates that the engagement levels are low if the employee does not feel secure while working.
Therefore, every organization should adopt appropriate methods and systems for the health and safety of their
employees. Job Satisfaction

Only a satisfied employee can become an engaged employee. Therefore, it is very essential for an organization
to see to it that the job given to the employee matches his career goals which will make him enjoy his work and
he would ultimately be satisfied with his job.

Communication

The company should follow the open-door policy. There should be both upward and downward communication
with the use of appropriate communication channels in the organization. If the employee is given a say in the
decision making and has the right to be heard by his boss than the engagement levels are likely to be high.

Family Friendliness

A person’s family life influences his wok life. When an employee realizes that the organization is considering
his family’s benefits also, he will have an emotional attachment with the organization which leads to
engagement.
Co-operation

If the entire organization works together by helping each other i.e., all the employees as well as the supervisor’s
co-ordinate well than the employees has been engaged.

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 Importance of Employee Engagement
An organization’s capacity to manage employee engagement is closely related to its ability to achieve high
performance levels and superior business results. Some of the advantages of Engaged employees are Engaged
employees will stay with the company, be an advocate of the company and its products and services, and
contribute to bottom line business success. They will normally perform better and are more motivated. There is
a significant link between employee engagement and profitability. They form an emotional connection with the
company. This impacts their attitude towards the company’s clients, and thereby improves customer satisfaction
and service levels. It builds passion, commitment and alignment with the organization’s strategies and goals
Increases employees’ trust in the organization. Creates a sense of loyalty in a competitive environment

THE 10 C’S OF EMPLOYEE ENGAGEMENT

How can leaders engage employees’ heads, hearts, and hands? the literature offers several avenues for action;
we summarize these as ten c’s of employee engagement, which are supposed to be essential for employee
engagement.

Connect

Leaders must show that they value employees. employee engagement is a direct reflection of how employees
feel about their relationship with the boss. employees look at whether organization and their leader walk the talk
when they proclaim that,” our employees are most valuable asset.”

Career
Leader should provide challenging and meaningful work with opportunities for career advancement. Most of the
people want to do new thing in their job. Good leader challenge employee; but at the same time, they must instil
the confidence that the challenge can be made.

Clarity

Leader must communicate a clear vision. people want to understand the vision that senior leadership has for the
organization, and the goals that leaders or department heads have for the division, unit, or team. success in life
and organizations, to a great extent, determined by how clear individuals are about their goals and what they
really want to achieve.

Convey
Leaders clarify their expectations about employees and provide feedback on their functioning in the organization.
Good leaders establish processes and procedures that help people master important tasks and facilitate goal
achievement.

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Congratulate

Survey shows that, over and over, employees feel that they receive immediate feedback when their performance
is poor, or below expectations. these same employees also report that praise and recognition for strong
performance is much less common. exceptional leaders give recognition, they do so a lot; they coach and convey.

Contribute People want to know that their input matters and that they are contributing to the organization’s
success in a meaningful way. in sum, good leaders help people see and feel how they are contributing to the
organization’s success and future.

Control

Employees value control over the flow and pace of their jobs and leaders can create opportunities for employees

to exercise this control. a feeling of “being in on thing” and of being given opportunities to participate in decision
making often reduces stress; it also create trust and culture where people want to take ownership of problem and
their solution

Collaborate

Studies show that, when employees work in teams and have the trust and cooperation of their team members,
they outperform individuals and teams which lack good relationships. great leader are team builders; they create
an environment that fosters trust and collaboration. surveys indicate that being cared about by colleagues is a
strong predictor of employee engagement. thus, a continuous challenge for leaders is to rally individuals to
collaborate on organizational, departmental, and group goals , while excluding individuals pursuing their self-
interest.

Credibility

Leaders should strive to maintain a company’s reputation and demonstrate high ethical standards. People want
to be proud of their jobs, their performance, and their organization.

Confidence

Good leaders help create confidence in a company by being exemplars of high ethical and performance standards.
Leaders should actively try to identify the level of engagement in their organization.

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COMPANY PROFILE

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Bajaj Allianz Life Insurance is a joint venture between Bajaj FinServ Limited (formerly part of Bajaj

Auto Limited) owned by the Bajaj Group of India and Allianz SE, a European financial services company. Being
one of the private insurance companies in India, it offers insurance products for financial planning and security.
It is led by Tapan Singhal who is the Managing director and CEO of the company.

Bajaj Allianz Life Insurance began operations on 12 March 2001 and today has a pan-India presence of more
than 759 branches. It is headquartered in Pune, India. Bajaj Allianz Life Insurance received the Insurance
Regulatory and Development Authority (IRDA) certificate of Registration on 3 August 2001 to conduct Life
Insurance business in India.

Bajaj Allianz received the Insurance Regulatory and Development Authority (IRDA) certificate of

Registration on 2nd May, 2001 to conduct various businesses (including Health Insurance business) in India.
The Company has an authorized and paid up capital of Rs 110 crores. Bajaj FinServ Limited holds 74% and the
remaining 26% is held by Allianz, SE.

As on 31st March 2017, Bajaj Allianz continues to be one of the most financially robust insurers in the industry
by maintaining its growth as well as profitability. The company has made a profit before tax of Rs. 1,078 crore
and emerged as the most profitable insurer recording a profit after tax of Rs. 728 crores. The company reported
a GWP of Rs. 7,687 crores, which has grown by 30.3% compared to the last fiscal year. Bajaj Allianz life
insurance offers a range of insurance services, operating through participating, Nonparticipating, and linked
segments. Bajaj FinServ a part of Bajaj Auto, has established itself as a financial power house with interests in
insurance, lending, asset management and wealth management. The company through its joint ventures and
subsidiaries employs over 20,000 employees and has established a nationwide presence across over 1400
locations in the country servicing the protection, lending, and investment needs of over 10 million customers.

The company is currently engaged in life insurance; general insurance and consumer finance businesses and has
plans to expand its business by offering a wide array of financial products and services in India. Apart from
financial services, BFS is also active in wind–energy generation.

The financial services and wind energy businesses were transferred to Bajaj FinServ Limited (BFS) as part of
the recently concluded demerger of Bajaj Auto Limited, approved by the High Court of Judicature at Bombay
by its order dated December 18, 2007. The demerger is effective from the Appointed Date i.e., closing hours of
business on March 31, 2007.

BFS is engaged in life and general insurance businesses through its joint ventures with Allianz SE namely Bajaj
Allianz Life Insurance Company Limited and Bajaj Allianz General Insurance Limited. Both these companies

17
have established themselves as industry leaders by being number two among the private players in their
respective businesses.

In 2010 Bajaj FinServ announces new brand identity and new businesses.

In 2012 the company launched 0% interest Lifestyle Finance

– Flex saver launches another innovative product for Small and Medium Enterprise customers

– Bajaj FinServ Lending launches online personal loan service

– Tie up with CPP India for card protection services

– Bajaj FinServ Ltd created the first EMI (Existing Member Identification) card and created Flex saver. '

Business:

Bajaj Finance: The company offers loans for Bajaj Auto Two Wheelers under the name of Bajaj Auto Finance.
The company offers Consumer Durable Loans, Personal Loans, Loan Against Property, Small Business Loans,

Construction Equipment Loans, Loan Against Securities and Insurance Services under the name of Bajaj FinServ
Lending. Bajaj Allianz Life Insurance: It is a union between Allianz SE, one of the largest Insurance Company
and Bajaj FinServ. Allianz SE is a leading insurance conglomerate globally and one of the largest asset managers
in the world, managing assets worth over a Trillion (Over Rs 55, 00,000 crore). Allianz SE has over 119 years
of financial experience and is present in over 70 countries around the world. Bajaj Allianz General Insurance: It
is a joint venture between Bajaj FinServ Limited (recently demerged from Bajaj Auto Limited) and Allianz SE.
Both enjoy a reputation of expertise, stability, and strength.

Bajaj Allianz General Insurance received the Insurance Regulatory and Development Authority (IRDA)
certificate of Registration on 2nd May, 2001 to conduct General Insurance business (including Health Insurance
business) in India. The Company has an authorized and paid-up capital of Rs 110 crores. Bajaj FinServ Limited
holds 74% and the remaining 26% is held by Allianz, SE.

As on 31st March 2010, Bajaj Allianz General Insurance maintained its premier position in the industry by
achieving growth as well as profitability. Bajaj Allianz has made a profit before tax of Rs 180 crore and has
become the only private insurer to cross the Rs 100 crore mark in profit before tax in the last four years. The
profit after tax was Rs 121 crore, 27% higher than the previous year.

Bajaj Auto: The group's flagship company, Bajaj Auto, is ranked as the world's fourth largest two– and three–
wheeler manufacturer and the Bajaj brand is well–known across several countries in Latin America, Africa,
Middle East, South and South East Asia.

Bajaj Holdings & Investment Limited [(BHIL) – erstwhile Bajaj Auto Limited] was de–merged as per Order
dated 18 December 2007 of the Bombay High Court, whereby its manufacturing undertaking has been
18
transferred to the new Bajaj Auto Limited (BAL) and its strategic business undertaking consisting of wind farm
business and financial services business has been vested with Bajaj FinServ Limited (BFS). All the businesses
and all properties, assets, investments, and liabilities of erstwhile Bajaj auto Ltd, other than the manufacturing
undertaking and the strategic business undertaking, now remain with BHIL. (For details of the scheme refer
Demerger News)

With the focused commitment and drive towards the mission to be India’s life goals enabler, Bajaj Allianz
Life (the Company) is today one of the leading private life insurers in the country. The Company is a
partnership between two household names and powerful entities in their own right – Bajaj Finserv Limited of
the Bajaj Group, and Allianz SE, the world’s leading insurance conglomerate.

Bajaj Allianz Life commenced its operations in 2001. In less than two decades, it has expanded its presence
across the country, serving large sets of customers through its 582 branches spread across India, 80,000+ agents,
a large set of partners and strong presence within the online category. It has been able to do so because the
Company innovates, develops, and offers a diverse portfolio of life insurance solutions that are comprehensive,
customised, and cater to every segment in the market. The immense trust earned by the Bajaj Allianz Life brand
in India, combined with competitive pricing and technical expertise, has allowed the Company to position itself
as a one of the market leaders among private life insurer.

Over the past year, Bajaj Allianz Life has continued to nurture this position, while adding more feathers to its
cap. The Company also aims to be at the forefront of tech-enabled services and digital disruptions in this space.
It has embraced the latest technologies in order to expand presence digitally by enhancing mobility solutions,
analytics, and cloud services amongst other tech innovations. It is moving towards the automation of processes
in order to foster a competitive edge and impetus for its intermediaries, employees and partners, with a goal to
ensure a holistic, enhanced customer experience.

As a life insurer, Bajaj Allianz Life continues to be committed to stand by its customers at their time of need.
It’s enhanced processes and automation has helped customers also during the claim process. The Company has
paid more than 2 lakh individual claims between FY 2006-07 and FY 2018-19, with the total claim amount
exceeding INR 3,600 crores, and has significant Claim Settlement Ratio, which stood at 95.01% for FY 2018-
19.

Bajaj Allianz Life is consistently recognized for the value that it generates for the industry and for its customers.
In 2018, it was featured amongst the Top 75 Most Valuable Indian Brands in a report by WPP Plc. and Kantar
Millward Brown. In the 2019 Nielson and ET Brand Equity’s Most Trusted Brands survey, Bajaj Allianz Life
ranked #3 amongst the most trusted private life insurers.

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Vision

• To be the first-choice insurer for customers

• To be the preferred employer for staff in the insurance industry

• To be the number one insurer for creating shareholder value

Mission

As a responsible, customer focused market leader, we will strive to understand the insurance needs of the
consumers and translate it into affordable products that deliver value for money.

A Partnership Based on Synergy. Bajaj Allianz offers technical excellence in all areas of General and Health
Insurance, as well as Risk Management. This partnership successfully combines Bajaj FinServ’s in-depth
understanding of the local market and extensive distribution network with the global experience and technical
expertise of the Allianz Group. As a registered Indian Insurance Company and a capital base of Rs. 110 crores,
the company is fully licensed to underwrite all lines of insurance business including health insurance.

Objectives

 Objectives Primary objective The primary objective of the study is to find out the “study on the
customer satisfaction level of Bajaj Allianz life insurance” Secondary objective
 To study the socio economic variables that influences the insuring public to take up the policies.

Bajaj Allianz offers a wide range of insurance plans such as Term Insurance, Unit-Linked Insurance Plans,
Child, Retirement, Investments, Savings and Health Insurance plans. Furthermore, to provide enhanced
protection, Bajaj Allianz Life Insurance provides riders as well. Bajaj Allianz Life Insurance offers following
benefits to its customers

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Our Achievements

We owe our success to the faith you have showed in us. For the 13th consecutive year, Bajaj Allianz General
Insurance has received Iaai rating from ICRA, indicating the highest claims paying ability and a
fundamentally strong position in the industry. The first accreditation was received in 2005-06 and the
company has maintained this rating since then.
To enhance the quality of your user experience and to make it as seamless as possible, the Company has
embraced digitalization as a primary enabler and has been working continuously on automation and
digitization of its service offerings. Our world class systems and processes offer real time solutions to both,
our customers and partners via mobile applications and dedicated portals. The industry first initiatives by the
company like cashless claim settlements, in-house health management team (HAT) and image-based policy
as well as claim processing, digital offices, and mobile applications such as Eaze Tab and Insurance Wallet
have set a benchmark in the industry. We are the first insurance company in the country to lay the foundation
for usage-based insurance through its telemetric offering, Drive Smart. Our latest innovation, Cyber
Insurance, protects individuals from fast emerging threats in the digital domain. This is the first product of its
kind to have been launched in the Indian market.
The organization received the prominent Domestic General Insurer of the Year – India at Insurance Asia

Awards 2019; General Insurance Company of the Year at 4th Annual Insurance Summit & Awards 2019;
Digital Insurer Award twice at the prestigious Asia Insurance Industry Awards 2017 & 2018. The company
was also recognized as The Iconic Brand of India 2018 by The Economic Times and received the prestigious
National Award for Excellence in Cost Management from the premier cost and management accounting body,
Institute of Cost Accountants of India (ICAI). The company was also honoured as India’s Leading Private
General Insurance Company by Dun & Bradstreet and won the prestigious Money Today Awards for the Best
Motor Insurance Provider of the Year.
Our employees are the driving force that translate our brand vision into reality. They create the reason why
our customers continue to choose Bajaj Allianz as their preferred insurance provider. To provide an
inclusive, growth-oriented working environment, Bajaj Allianz has benchmarked the best human capital
management practices from across the industry and integrated them into our operations. This simulates our
employees to develop innovative products that deliver value and exceed your expectations. Our high-
performance culture that rewards merit and innovation has led to our employees evolving into customer
advocates that put your needs at the centre of all that they do. We are proud of the engagement this approach
has helped build, both with our customers as well as employees! The accolades have continued to flow! Bajaj
Allianz General Insurance was recognized as the Aon Best Employers twice in 2018 and in 2016 highlighting
the company's excellence in promoting a transparent culture and healthy work environment along with

21
designing employee friendly policies. The organization was also honoured among the Top 15 Great
Workplaces to Work in BFSI in India 2018 by the esteemed Great Place to Work Institute.

22
REVIEW OF LITERATURE

23
 Review of Literature

T. Hymavathi Kumari(2013) made performance evaluation of Indian life insurance industry in post
liberalization by using various ratios. The study concluded that since opening up of Indian insurance sector
for private players, India has reported increase in both insurance penetration and density. There is huge scope
for life insurance in India. The total assets to earned premium ratio, investment income to earned premium
ratio and investment income to total investment ratio expresses the financial solidity of an insurer and
discloses the efficiency in investment decisions. Krishna (2015) made a comparative study of public and
private life insurance companies in India. For the purpose market share, fresh business premium, number of
new policies issued and total life insurance premium compared. In terms of all parameters LIC is dominating.
The study concluded that the insurance companies have to ensure quality products at a competitive price,
companies can lower the price of the product by reducing the cost.Their survival depends upon their
performance in profitability, productivity, efficiency and service quality. Dr.Parmasivan (2015) made a
comparative study of public and private life insurance companies in India. To measure financial performance
solvency ratio, current ratio and debt equity ratio have been calculated. The study indicates that LIC
continues to dominate the sector. Private sector insurance companies used the new business channels of
marketing when compared with LIC. Selling more unit-linked plans helps private insurers grab market share
from LIC. Solvency ratio and lapsation ratio of private insurers was much better than LIC. Servicing of death
claims was better in case of LIC as compared to private life insurers. Dr. Vikas Gairola (2016) compared
public and private life insurance companies in post liberalization era. The study compares public and private
sector life insurance companies in terms of new policies issued, total premium income and market share.
The study shows that private life insurers put efforts to improve its performance year after year and affected
the LIC in many ways. To overcome and compete with this situation LIC introduced new and attractive
insurance plans, put efforts for better customer relationship management and effective advertising. There is
very huge potential in life insurance sector as the population of India is very huge and still there is untapped
life insurance market. Sumit (2017) analysed profitability performance of life insurance companies in India
using seven variables. Net Premium, income from investments, underwriting income, return on assets,
combined ratio, solvency ratio and profit after tax were taken as variables.ANOVA was used to test the
significance of variance in profitability of various insurers. The study found that among the private sector
life insurance companies, the average net premium for the last 5 years was found highest in case of ICICI
prudential.The CAGR of investment income was found the highest in case of ICICI prudential during the
recent 5years.The CAGR of underwriting income has declined in case of every private sector life insurance
company during recent 5 years .The study concluded that many of the life insurers in India are required to
improve their underwriting income for sustainable development.They need to have control on expense ratio
and other outflows so as to register profits.

24
RESEARCH STUDY

25
 Problem definition

Bajaj Allianz is a well-known, established Insurance Company. Having a history of about 17 years

Bajaj Allianz is carrying a great company is awarded and “Best Employer choice to Work”.

As it is said People make or break organizations, a study has been done at Bajaj Allianz to know the Employee
Engagement practices at such an organization. In this study emphasis has been given to know the
Employees’ Opinion, who are working with Bajaj Allianz, and to know how far the Employee Engagement
practices at Bajaj Allianz have been effective

26
 Objectives of Study

• To analyse the Employees’ Engagement practices in Bajaj Allianz.

• To find out the satisfaction levels of the employees with the current system.
• To evaluate the effectiveness of the Employees’ Engagement.
• To determine the problems and solutions provided by Bajaj Allianz during the gap between different
departments by creating an alignment through fun activities.
• To find the Employees’ Engagement status in Bajaj Allianz and the improvements required for improving
the already implemented policies

27
 HYPOTHESIS

A hypothesis in a scientific context, is a testable statement about the relationship between two or more
variables or a proposed explanation for some observed phenomenon. In a scientific experiment or study,
the hypothesis is a brief summation of the researcher's prediction of the study's findings, which may be
supported or not by the outcome. Hypothesis testing is the core of the scientific method.

• Hypothesis 1 (Ho): There is no significant relationship between employee engagement and

employee performance and satisfaction.

• Alternate hypothesis 1 (H1): There is a significant relationship between employee engagement

and employee performance and satisfaction

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 SCOPE OF STUDY

• This project gives the ample scope to know about various aspects of HR especially regarding
Employees’ Engagement.
• The scope of the project is applicable to all the employees working in the organization at the
middle management level.
• This project allows the researchers to learn the various aspects, tools and policies which can be
applied for making the employee more engaged with the organization.

29
RESEARCH METHODOLOGY

30
Research Methodology

Research methodology is a way to systematically show the research problem. It may be understood as a
science of studying how research is done scientifically. It is necessary for the researcher to know not only
the research methods but also the methodology.

This Section includes the methodology which includes. The research design, objectives of study, scope of
study along with research methodology and limitations of study etc.

- SAMPLING:-

Sampling refers to the method of selecting a sample from a given universe with a view to draw
conclusions about that universe. A sample is a representative of the universe selected for study.

SAMPLE SIZE:-

Large sample gives reliable result than small sample. However, it is not feasible to target entire population
or even a substantial portion to achieve a reliable result. Sample size is the number of items to be selected
from population to constitute the sample for the research.

• The study has been conducted at Bajaj Allianz, Nagpur with a sample size of 50
Employees of Bajaj Allianz
SAMPLING TECHNIQUE:-

Stratified random sampling technique is used in the survey conducted.

Stratified Random Sampling is a method of sampling from a population which can be partitioned into
subpopulations. In statistics surveys, when subpopulations within an overall population vary, it could be
advantageous to sample each subpopulation independently.

31
TOOLS OF ANALYSIS:-

Data has been presented with the help of bar graph, pie charts, line graphs etc.

PLAN OF ANALYSIS:-

Tables were used for the analysis of the collected data. The data is also neatly presented with the help of
statistical tools such as graphs and pie charts. Percentages and averages have also been used to represent
data clearly and effectively.

32
DATA ANALYSIS AND INTERPRETATION

33
1) Are you clearly aware of your role in this organization?
Aware Percentage
Strongly Disagree 0%

Disagree 0%
Neither Agree nor Disagree 0%

Agree 11%
Strongly Agree 89%

Total 100%

ROLE AWARENESS
0% 0% 0%

11% Strongly disagree

Disagree

neither agree nor

disagree
Agree

89% Strongly agree

INTERPRETATION

100% of employees aware of their role in BAJAJ ALLIANZ. It means every employees of BAJAJ
ALLIANZ aware about their job what they have to do actually.

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2) Does the mission/purpose of your company make you feel that your job is important?

Aware Percentage
Disagree 0%
Neither Agree nor Disagree 0%

Agree 18%
Strongly Agree 82%
Total 100%

MISSION AWARENESS
0% 0% 0%

18%

strongly disagree
disagree
neithe agree nor disagree
agree
strongly agree

82%

INTERPRETATION

100% of employees feel that according to mission and purpose of the company, their job is important
for the company as well as for themselves.

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3) Do you feel the organization’s problem as your own?

Feel Percentage

Strongly Disagree 0
Disagree 0
Neither Agree nor Disagree 0

Agree 3
Strongly Agree 97

PROBLEMS

Strongly disagree
Disagree
Neither Agree nor Disagree
Agree
Strongly Agree

INTERPRETATION

100% of employees feel that organization’s problem as their own. This shows that every employee of this
organization is fully dedicated and loyal to the company.

36
37
5) Do you feel company treat equally to all employees?
Feel Percentage
Yes 95
No 5

Equal Treatment

5%

Yes
No
95%

INTERPRERATION

70% of employees feel that company treat equally to all employees. Whereas = 20% of employees feel that
company do biasness among skilled and non-skilled employees. And treat good to those employees who are
concern with union.

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6) Do you feel that your colleagues are supportive?
Feel Percentage
Strongly Disagree 0

Disagree 0
Neither Agree nor Disagree 5

Agree 0
Strongly Agree 95

INTERPRETATION

95% of employees feel that their colleagues are supportive and 5% are neither agree nor disagree

39
. 7) Do you feel that your managers are helpful?
Feel Percentage
Strongly Disagree 0

Disagree 5
Neither Agree nor Disagree 5

Agree 10
Strongly Agree 80

INTERPRETATION

80% of employees feel that managers are helpful and 10% of employees feel that managers are not helpful.
It means maximum employees have healthy relationship with managers.

40
8) Do you feel that your supervisors guide when you needed?

Feel Percentage
Strongly Disagree 0
Disagree 10
Neither Agree nor Disagree 20
Agree 0
Strongly Agree 80

Supervisor's Guidance

0%
10%
10% 0% strongly disagree
disagree
neither agree nor disagree
80%
agree
strongly agree

INTERPRETATION

80% of employees feel that their supervisors or superiors guide them when they needed. And 10% of
employees feel that they are not good guide. They can work with their own mind. They do not need any help
from supervisors and superiors.

41
9) Do you enjoy small group activities (SGA) carried out in the organisation?
Feel Percentage

Yes 70
No 30

Enjoy Small Group Activity

30%

Yes
No
70%

INTERPRETATION

About 70% of employees enjoy Small Group Activity (SGA) whereas 30% are disagree to it. It means 30%
of employees do not enjoy or take part in small group activity carried out in the organization.

42
10) How many improvements in Bajaj Allianz are contributed by you yearly?

Feel Percentage
2-4 5%
4-6 10%

6-8 25%

More than 8 10%

Nil 30%

INTERPRETATION

5% of employees give 2-4 suggestions yearly. 20% gives 4-6, 25% gives 6-8, 20% gives more than 8
suggestions, and 30% gives no idea. It means 70% of employees are of creative mind and rest 30% are busy
in their job not any extra activity.

43
11) Do you think Bajaj Allianz supports employee engagement activities?

Feel Percentage
Strongly Disagree 0
Disagree 20

Neither Agree nor Disagree 5

Agree 5

Strongly Agree 70

Involvement

0%

20%
strongly disagree
disagree
5%
neither agree nor disagree
5%
agree
70% strongly agree

INTERPRETATION

About 15% of employees don’t think that the company is a part of involvement. And 65% think it is the part
of involvement. It means 80% of employees give importance to involvement where as rest 20% think it is
unnecessary thing.

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12) Do you think quality circle tools are problem solving tools?

Feel Percentage
Strongly Disagree 0

Disagree 0
Neither Agree nor Disagree 5
Agree 15

Strongly Agree 80

Quality Circle Tools Are Helpful

0% 0%

5%

15%

strongly disagree
disagree
neither agree nor disagree
agree
strongly agree

80%

INTERPRETATION
About 80% of employees think quality circle tools are problem solving tools where as 5% of employees
neither agree nor disagree. 85% wants their workplace good.

45
SUGGESTIONS AND RECOMMENDATIONS

46
 SUGGESTIONS AND RECOMMENDATIONS

 Supervisors and Managers should meet at regular intervals with the employees to discuss about the
improvement in the company, at work place and in their living of standard, family problems etc.

 Gap between managers and the employees should be reduced by raising the level of engagement. For
example: by conducting extra co-curricular activities like social and cultural programs.

 Very few employees feel that their ideas or work aren’t being recognized / appreciated. So they can be
encouraged by giving importance to their ideas.

 Create good and healthy environment at work place by increasing interactions, credibility, confidence
etc.

 Some of the employees find their job boring and monotonous. Encourage them to take part in the job
rotation, job enrichment and other activities being carried out in the organization.

 Conduct more of employee engagement activities like mentorship programs, collaborations, cross
trainings, fun work day etc.

47
CONCLUSION

48
• By participating in various engagement activities they are able to form a connection with the
organization that makes them feel an important part of it and makes them feel satisfied.

• Employees in the organization not only actively show participation in the on ground activities
but also participate in the online contests that happen through company’s intranet.

• Through the coffee sessions with the leaders in the organization are very knowledgeable and
interactive and helps them knowing their organization better, however most of the employees
feel that they should happen on a large scale so that each and every employee gets a chance to
attend them.

• When talked about the company’s intranet, it was observed that the majority wanted to have
an open blog like Facebook where they could connect with the employees in the organization
and simultaneously form groups and share their personal experiences.
• Through the activities done in the organization employees are encouraged to work with greater
efficiency and obtain maximum satisfaction that motivates them to continue with the
organization

49
BIBLIOGRAPHY

50
 BIBLIOGRAPHY

Books

1. C.R Kothari- Research Methodology.

2. Stephin Robbins- Organizational Behaviour.

Websites:

1. www.bajajallianz.com
2. www.google.co.in
3. Glassdoor app

51
ANNEXURE

52
1) Are you clearly aware of your role in this organization?

• Yes
• No

2) Does the mission/purpose of your company make you feel that your job is important?

• Strongly Disagree
• Disagree
• Neither Agree nor Disagree
• Agree
• Strongly Agree

3) Do you feel the organization’s problem as your own ?

• Strongly Disagree
• Disagree
• Neither Agree nor Disagree
• Agree
• Strongly Agree

4) Do you have opportunities at work to learn and grow?

• Strongly Disagree
• Disagree
• Neither Agree nor Disagree
• Agree
• Strongly Agree

5) Do you feel company treat equally to all employees?

• Yes
• No

53
 6) Do you feel that your managers are helpful?

Strongly Disagree
Disagree

Neither Agree nor Disagree

Agree

Strongly Agree

7) Do you feel that your supervisors guide you when you needed?

Strongly Disagree
Disagree

Neither Agree nor Disagree

Agree

Strongly Agree

8) Are you member of small group activities (SGA)?

Yes
No

9) How many improvements Bajaj Allianz is contributed by you yearly?

2-4
4-6

6–8

More than 8

Nil

10) Do you think Bajaj Allianz is a part of employee involvement?

Strongly Disagree
Disagree

Neither Agree nor Disagree

Agree

Strongly Agree

11) Do you think quality circle tools are problem solving tools?

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Strongly Disagree
Disagree

Neither Agree nor Disagree

Agree

55