“Employee Satisfaction”

ACKNOWLEDGEMENT

On this occasion, I would like to thank to all those people who have helped me directly or
indirectly during my project work.
I am very thankful to Anand Rathi Securities Ltd. for giving me the opportunity to

undergo training in their esteemed organization. It is my greatest pleasure to acknowledge my

sincere gratitude towards Mr. Kapil Dev Singh Sambyal (Branch Manager), Anand Rathi
Securities Ltd., Jammu, for this opportunity.
I would like to thank our project guide Mr. Suresh Sadotra, and Anand Rathi RM Mr.
Rakesh Padha for providing me full guidance in this project work.
Last but not the least, I also express my sincere thanks to all my respondents. Without
their cooperation and help, I would not have been able to complete my study.

Pranav Jain

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“Employee Satisfaction”

PREFACE

This project has been a great learning experience for me. Apart from the general
theoretical knowledge, practical knowledge is also very important to understand the various
concepts of management. Internship training at Anand Rathi has helped a lot to impart these
practical skills in me. It also gave me enough scope to implement my analytical ability.
The study is basically about the Human Resource Management topic “Employee
Satisfaction” at Anand Rathi. Through this project, I have tried to analyse, how happy workers
are with their job, working environment and their organisation, as a whole. Also, various factors
leading to dissatisfaction among the employees with their job have also been ascertained, and
likewise, various suggestions and recommendations have been given to the company.
This research was conducted, using both primary and secondary sources of data.
Questionnaire was prepared to collect data regarding the satisfaction level of employees from
their job, which was then analysed and based on this analysis, the conclusion to the study was
interpreted. A sample size of 30 employees was taken. Various books and internet was also
consulted to find crucial information regarding the company and the topic.
Through this study, it is found out that a decent level of job satisfaction is there in the
organisation. However, there are various factors that lead to dissatisfaction among employees.
Thus, by working to eradicate these negative factors, the employee satisfaction can be increased
and maintained.

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CONTENTS

Chapter Particulars Page No.

1. Introduction 4

Introduction to the topic 5

Company Profile 19

2. Objectives of the Study 32

3. Research Methodology 34

4. Data Analysis & Interpertation 44

5. Limitations, Conclusion & Suggestions 64

Bibliography 68

Annexure 70

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“Employee Satisfaction”

1. INTRODUCTION

INTRODUCTION TO THE TOPIC

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“Employee Satisfaction”
Employee Satisfaction

Employee Satisfaction is a measure of how happy workers are with their job and working
environment. Keeping morale high among workers is of tremendous benefit to any company, as
satisfied workers are more likely to be more productive, to take fewer days off, and to stay loyal
to the company. There are many factors in improving or maintaining high employee satisfaction,
which wise employers should implement. Various factors that lead to satisfaction of employees
may include-

 Good Working Conditions

 Full appreciation of work done
 Fair Remuneration
 Promotion and Growth within the company
 Sympathetic understanding of personal problems
 Job Security
 Interesting Work
 Healthy employer-employee relationship

Employee satisfaction can be gained by the company, when the employees are motivated
by the management by using various financial and non-financial motivational techniques. Wages
and salary, profit-sharing, leave with pay, medical reimbursement, etc. are included under
financial motivation. At the first glance, money would seem to be one of the “lower level” needs,
a need that can be quickly satisfied. But in reality this is not true. The reason is that money is
more than just a medium of exchange. It may be regarded as a symbol of one’s achievements,
status, and prestige. Money can be used to satisfy some of high order needs- Self actualization,
ego and social needs besides safety and physiological needs. For this reason, money is
sometimes regarded as the most reliable motivator to satisfy personnel needs.
Besides money, there are other motivators, which deal with personal development of the
employee and his relation to the environment in which he works. The examples of such
motivators are- Appraisal and prestige, competition, delegation of authority, job security, quality
of work life etc.

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“Employee Satisfaction”
To measure employee satisfaction, many companies have mandatory surveys or face-to-
face meetings with employees to gain information. Both these tactics have certain pros and cons
and should be chosen carefully. Surveys are often anonymous, allowing workers more freedom
to be honest without fear of repercussion. Interviews with company management can feel
intimidating, but if done correctly can let the worker know that their voice has been heard and
their concerns addressed by those in charge. Surveys and meetings can truly get to the center of
the data surrounding employee satisfaction, and can be great tools to identify specific problems
that may lead to lowered morale of employees.

The State of Employee Satisfaction

Although committed and loyal employees are the most influential factor to becoming an
employer of choice, it's no surprise that companies and organizations face significant challenges
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“Employee Satisfaction”
in developing energized and engaged workforces. However, there is plenty of research to show
that increased employee commitment and trust in leadership can positively impact the company's
bottom line. In fact, the true potential of an organization can only be realized when the
productivity level of all individuals and teams are fully aligned, committed and energized to
successfully accomplish the goals of the organization.
As a result, the goal of every company should be to improve the desire of employees to
stay in the relationship they have with the company. When companies understand and manage
employee loyalty, rather than “retention” specifically, they can reap benefits on both sides of the
balance sheet i.e., revenues and costs.
On the revenue side of the balance sheet, loyal and committed employees are more likely
to go "above and beyond" to meet customer needs and are highly motivated to work to the best
of their ability. Both of these traits are crucial for continued customer commitment and ongoing
revenue and growth for the company.
On the cost side, loyal employees stay longer, resist competitive job offers, do not actively look
for other employment and recommend the company to others as a good place to work. These
four behaviors positively influence the cost side of the balance sheet because they are leading
indicators of employee retention. The longer companies keep their employees, the longer they
can avoid having to pay to replace them.
In other words, rather than focusing only on retention (that is, trying to retain employees
who have already decided to leave), organizations should proactively recognize the benefits of
understanding, managing and improving employee loyalty. The most successful organizations
are those that can adapt their organizational behavior to the realities of the current work
environment where success is dependent upon innovation, creativity and flexibility.
Additionally, the dynamics of the work environment have to reflect a very diverse population
comprised of individuals whose motivations, beliefs and value structures differ vastly from the
past and from each another. Arguably, the most valuable, but also volatile, corporate asset is a
stable workforce of competent, dedicated employees, since such an employee base gives
companies a powerful advantage; depth of knowledge and organizational strength.
One of the key steps to understanding and improving employee loyalty is by acknowledging the
importance of the following factors in building loyalty and satisfaction:

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“Employee Satisfaction”
 Broadly-defined responsibilities rather than narrowly-defined job functions
 Effective and regular performance evaluations, both formally and informally
 A corporate emphasis on employee learning, development and growth
 Wide-ranging employee participation in the organization as a whole

Typically, a combination of factors influences employees' decisions to stay at their

current job. Contributing factors include satisfying work, a sense of job security, clear
opportunities for advancement, a compelling corporate mission combined with the ability to
contribute to the organization's success, and a feeling that their skills are being effectively used
and challenged. Specifically, employees who enjoy their work, identify themselves with their
employer and perceive that the company is flexible regarding work and family issues also intend
to stay with the organization.
Today, employee loyalty needs to be earned, rather than assumed, and must be specific,
rather than general - employees are looking at their employment as a means of achieving
personal goals rather than simply being the "good corporate soldier" of the past. This means that
companies need to express and act on a commitment to develop employees' career objectives by
introducing initiatives that make employees believe that their current job is the best path to
achieving their career goals.
In particular, consider the following elements of effective strategies designed to build loyalty
and retain key employees:

 Include opportunities for personal growth and invest heavily in the professional
development of the best people in the organization.
 Provide employees with well-defined career paths (including a succession plan), mentors
and tuition reimbursement for job-related education.
 Train employees, even if it makes them more attractive to the competition. Without
seeing an opportunity on the horizon, few high potential employees will stay with a
company and allow themselves to grow stagnant.
 Acknowledge non-work priorities by recognizing and responding to employees' needs for
greater balance in their lives, since employees will develop loyalty for organizations that
respect them as individuals, not just as workers.

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Four I’s of Employee Satisfaction

Interesting work

No one wants to do the same boring job over and over, day after day. Although any job
will require some repetitive tasks, all jobs should include at least some parts that are of high
interest to employees.

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Information

Information is power and employees want to have the information they need to know to
do their jobs better and more effectively. And, more than ever, employees want to know how
they are doing in their jobs and how the company is performing overall. It is vitally important to
open the channels of communication in an organization to allow employees to be informed, ask
questions, and share information and to inspire them to share the vision of the company.

Involvement

Managers today are faced with an incredible number of opportunities and problems and,
as the speed of business continues to increase, the amount of time that they have to make
decisions continues to decrease. Involving employees in decision-making, especially when the
decisions affect them directly, is both respectful and practical. Not only do those closest to the
problem typically have the best insight as to what to do, involving them in decision-making will
increase their commitment and improve the success of implementing new ideas or change.
Similarly, management needs to follow through on promises and live the values they preach.

Independence

Few employees want their every action to be closely monitored. Most employees
appreciate having the flexibility to do their jobs as they see fit. Giving employees latitude
increases the chance that they will perform as desired, as well as bringing additional initiative,
ideas, and energy to their jobs. Employees also need to be encouraged to achieve their best
potential.

Theories of Employee Satisfaction

Need Fulfillment Theory

       According to this theory, a person is satisfied when he gets training from his Job what he
wants. The more he wants something or the more important it is to him, the more satisfied he is
when he received it. In other words, “Job Satisfaction will vary directly with the extent to which

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“Employee Satisfaction”
those needs of an individual which can be satisfied are actually satisfied.” Vroom views
satisfaction in terms of the positively valued outcomes that a job provides to a person. Thus, job
satisfaction is positively related to the degree to which one’s needs are fulfilled. The fulfillment
theory suffers from a major drawback. Satisfaction is a function of not only what a person
receives but what he feels he should receive.

Equity Theory

     Under this theory, it is believed that a person’s job satisfaction depends upon his
perceived equity as determined by his input- output balance in comparison with the input-output
balance of others. Every individual compares his rewards with those of a ‘reference group’. If he
feels his rewards are equitable in comparison with others doing similar work, he feels satisfied.
Job Satisfaction is thus a function of the degree to which job characteristics meet the desires of
the reference group. For example, one study of the effects of community features on job
satisfaction revealed that workers living in a well to a neighbourhood felt less satisfied than those
living in poor neighbourhood.

Two Factor Theory

        Frederick Herzberg and his colleagues developed the Two factor theory satisfaction.
According to this theory satisfaction and dissatisfaction are interdependent of each other and
exist on a separate continuum.  One set of factors known as hygiene factors (Company policy,
administration, supervision, pay, working conditions and interpersonal relations) act as
dissatisfiers. Their absence cause dissatisfaction but their present does not result in positive
satisfaction. The other set of factors known as satisfiers (achievements, advancement,
recognition, work itself and responsibility) lead to satisfaction.

        Several studies designed to test the two factor theory provide little support to this theory.
The same factor may serve as a satisfier for one but a dissatisfier for another. It appears from this
theory that a person can be satisfied and dissatisfied at the same time.

Discrepancy Theory

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    According to this theory job satisfaction depends upon what a person actually receives
from his job and what he expects to receive. When the reward actually received are less than the
expected rewards it causes dissatisfaction. In the words of Locke, “Job Satisfaction and
dissatisfaction are function of perceived relationship between what one wants from one’s job and
what one perceive it is actually offering. In other words, satisfaction is the difference between
what one actually received and what he feels he should receive. This theory fails to reveal
whether over-satisfaction is or is not a dimension of dissatisfaction and if so , how does it
dissatisfaction arising out of the situation when received outcomes are less than the outcomes
one feels he should receive.                 

Equity Discrepancy Theory

     This is a combination of equity and discrepancy theories. Lawler has adopted the
difference approach of discrepancy theory rather than the ratio approach of equity theory. From
equity theory the concept of comparison has been selected to serve as an intervening variable.
Under this theory satisfaction is defined as the difference between the outcomes that one
perceives he actually received and outcomes that one feels he should receives in comparison with
others. when the individual feels that what he actually received is equal  what he perceives he
should receive there is satisfaction. Thus an individual’s reception of his reward is influenced by
more than just the objective amount of that factor. Because of this psychological influence the
same amount of reward often can be seen quite differently by two people, to one it can be a 
large amount , while to another person it can be a small amount.

Social Reference Group Theory

Reference group defines the way an individual looks at the world. According to this
theory job satisfaction occurs when the job meet the interest , desires and requirements of a
person’s reference group. In other words, job satisfaction  is a function of the degree to which the
job meets the approval of the group to which the individual looks for guidance in evaluating the
world and defining social reality.

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The social reference group theory is similar to the need fulfillment theory except than it
takes into account not the desires, needs and interests of the given individual but rather the point
of view and the opinion of the groups to whom the individual looks for guidance.

Relation Between Employee Satisfaction and Motivation

“Satisfaction leads to motivation.” This statement can be easily understood by the following
theory of Abraham Maslow.

Maslow's Hierarchy of Needs

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Self-Actualization

Esteem Needs

Social Needs

Safety Needs

Physiological Needs

Maslow's Hierarchy of Needs

If motivation is driven by the existence of unsatisfied needs, then it is worthwhile for a

manager to understand which needs are more important for individual employees. In this regard,
Abraham Maslow developed a model in which basic, low-level needs such as physiological
requirements and safety must be satisfied before higher-level needs such as self-fulfillment are
pursued. In this hierarchical model, when a need is mostly satisfied it no longer motivates and
the next higher need takes its place.

 Physiological Needs

Physiological needs are those required to sustain life, such as:

 air
 water

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 nourishment
 sleep

According to Maslow's theory, if such needs are not satisfied then one's motivation will
arise from the quest to satisfy them. Higher needs, such as social needs and esteem are not felt
until one has met the needs basic to one's bodily functioning.

 Safety Needs

Once physiological needs are met, one's attention turns to safety and security in order to
be free from the threat of physical and emotional harm. Such needs might be fulfilled by:

 Living in a safe area

 Medical insurance
 Job security
 Financial reserves

According to Maslow's hierarchy, if a person feels that he or she is in harm's way, higher
needs will not receive much attention.

 Social Needs

Once a person has met the lower level physiological and safety needs, higher level needs
become important, the first of which are social needs. Social needs are those related to
interaction with other people and may include:

 Need for friends

 Need for belonging
 Need to give and receive love

 Esteem Needs

Once a person feels a sense of "belonging", the need to feel important arises. Esteem
needs may be classified as internal or external. Internal esteem needs are those related to self-

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esteem such as self respect and achievement. External esteem needs are those such as social
status and recognition. Some esteem needs are:

 Self-respect
 Achievement
 Attention
 Recognition
 Reputation

Maslow later refined his model to include a level between esteem needs and self-
actualization: the need for knowledge and aesthetics.

 Self-Actualization

Self-actualization is the summit of Maslow's hierarchy of needs. It is the quest of

reaching one's full potential as a person. Unlike lower level needs, this need is never fully
satisfied; as one grows psychologically there are always new opportunities to continue to grow.

Self-actualized people tend to have needs such as:

 Truth
 Justice
 Wisdom
 Meaning

Self-actualized persons have frequent occurrences of peak experiences, which are

energized moments of profound happiness and harmony. According to Maslow, only a small
percentage of the population reaches the level of self-actualization.

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Implications of Maslow’s Theory for Management

If Maslow's theory holds, there are some important implications for management. There
are opportunities to motivate employees through management style, job design, company events
and compensation packages, some examples of which follow:

Physiological needs: Providing lunch breaks, rest breaks, and wages that are sufficient to
purchase the essentials of life.

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Safety Needs: Providing a safe working environment, retirement benefits and job security.

Social Needs: Creating a sense of community via team-based projects and social events.

Esteem Needs: Recognizing achievements to make employees feel appreciated and valued
and offering job titles that convey the importance of the position.

Self-Actualization: Providing employees a challenge and the opportunity to reach their full
career potential.

However, not all people are driven by the same needs - at any time different people may
be motivated by entirely different factors. It is important to understand the needs being pursued
by each employee. To motivate an employee, the manager must be able to recognize the needs
level at which the employee is operating, and use those needs as levers of motivation.

COMPANY PROFILE

About Anand Rathi

Anand Rathi is a leading full service investment bank founded in 1994 offering a wide
range of financial services and wealth management solutions to institutions, corporations, high–
net worth individuals and families. The firm has rapidly expanded its footprint to over 350
locations across India with international presence in Hong Kong, Dubai & London. Founded by

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Mr. Anand Rathi and Mr. Pradeep Gupta, the group today employs over 2,500 professionals
through out India and its international offices.
The firm’s philosophy is entirely client centric, with a clear focus on providing long term
value addition to clients, while maintaining the highest standards of excellence, ethics and
professionalism. The entire firm activities are divided across distinct client groups: Individuals,
Private Clients, Corporates and Institutions. AnandRathi has been named The Best Domestic
Private Bank in India by Asiamoney in their Fifth Annual Private Banking Poll 2009. The firm
has emerged a winner across all key segments in Asiamoney’s largest survey of high net worth
individuals in India.
In year 2007, Citigroup Venture Capital International joined the group as a financial
partner.

Anand Rathi - Board of Directors

Mr. Anand Rathi

Group Chairman

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Mr. Pradeep Gupta

Vice Chairman

Mr. Amit Rathi

Managing Director

Anand Rathi - Key Business Heads

Mr. Rakesh Rawal

Head -Wealth Management

Mr. P. P Jain
Executive Director -Investment Banking

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Anand Rathi Vision

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Milestones
1994:

Started activities in consulting and Institutional equity sales with staff of 15.

1995:

Set up a research desk and empanelled with major institutional investors.

1997:

Introduced investment banking businesses. Retail brokerage services launched.

1999:

Lead managed first IPO and executed first M & A deal.

2001:

Initiated Wealth Management Services.

2002:

Retail business expansion recommences with ownership model.

2003:

Wealth Management assets cross Rs1500 crores. Insurance broking launched. Launch of

Wealth Management services in Dubai. Retail Branch network exceeds 50.

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2004:

Commodities brokerage and real estate services introduced. Wealth Management assets

cross Rs. 3000crores. Institutional equities business re-launched and senior research team

put in place. Retail Branch network expands across 100 locations within India.

2005:

Real Estate Private Equity Fund Launched .Retail Branch network expands across 200

locations within India 

2006:

AR Middle East, WOS acquires membership of Dubai Gold & Commodity Exchange

(DGCX). Ranked amongst South Asia's top 5 wealth managers for the ultra-rich by Asia

Money 2006 poll. Ranked 6th in FY2006 for All India Broker Performance in equity

distribution in the High Net-worth Individuals (HNI) Category. Ranked 9th in the Retail

Category having more than 5% market share. Completes its presence in all States across

the country with offices at 300+ locations within India

2007:

Citigroup Venture Capital International picks up 19.9% equity stake. Retail customer

base crosses 200 thousand. Establishes presence in over 450 locations.

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Anand Rathi Philosophy

Wealth Management needs to be far more holistic than just investment advisory. We
believe that separation of advisory from product manufacturing is critical to offering a conflict-
free and truly objective advice to our clients. We therefore offer only third-party products and do
not manufacture any in-house products. As an extension to this philosophy, we do not hold any
proprietary stake in the markets.

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Service offerings of Anand Rathi

Capital Markets

Anand Rathi is a leading underwriter of public offerings and private placements for
middle–market companies in India. We’re known for our innovative financing solutions that
support complex corporate strategies, as well as our long–standing client relationships. Our
capital markets business seeks to leverage our operational expertise and world class institutional
and retail distribution platforms to partner with existing owners and management to maximize
value at the time of a public or secondary market offering. Over the course of their careers,
members of our senior team have raised over $20 billion in equity and debt capital for companies
around the world. Trough our offices in Hong Kong, Dubai and through our association with
Arbuthnot Securities in London we are able to access the major investment institutions in these
major financial centers on behalf of our capital markets clients.

 Assessing a company’s optimal capitalization and sources of incremental capital.

 Developing a target investor group and effectively positioning the company’s story to the
investor community.
 Preparing all investor materials and managing all communications with potential investors.
 Managing the due diligence process and all investor inquiries.
 Assisting with necessary documentation to expeditiously execute a successful capital raising.
 Assessing the most appropriate group of investors to assist the company in its long–term plan.

Debt Capital Markets

Anand Rathi Debt Capital Markets (DCM) team strives to advise clients in raising capital
through a combination of debt instruments by offering full fledged services in Debt Capital
Markets. 

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 “Employee Satisfaction”
The Anand Rathi DCM team’s objective is to provide the clients comprehensive and
optimal debt solutions. DCM solutions would be based on understanding of the capital structure,
strategic plans, capital requirements and flexibilities like tenors, securities, market conditions,
etc. 
The Anand Rathi DCM team comprises of reputed DCM practitioners with global
experience. The team has been hand picked from the leading banks and financial institutions. 

Product Suite 

1) Loan Syndications: Loans Syndications is the key focus area in the DCM business. We have
strengths in :

 Loans for General Corp Purposes, Capex, Project Financing, Refinancing & restructuring, etc
 External Commercial Borrowing (ECBs) and FC Loans
 Structured Loans including ECA financing Capital Goods import and Capex, Loan against
Shares etc.
 Unsecured Term Loan – General Corporate Purpose, Bridging, etc.
 Working Capital and Non fund based Limits.

2) Trade Finance Syndications: LCs , Buyers Credit / suppliers credit.

3) Structured finance: Convertibles with put options. CCDs with promoters buyback option,
Structured Loans for Acquisition/Project Financing, Capex. Loan against SBLC or credit
support, CDS, etc.

4) Non Convertible Debentures (NCD or INR Bonds): Secured INR bonds, generally issued by
rated companies. Strong market for corporates rated ‘AA-’ or better. For corporates rated below
the threshold, issuances can be structured with credit support, guarantee, over-collateralization,
etc. termed as ‘Structured Obligation’ issuance.

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 “Employee Satisfaction”
5) Commercial Papers: Typically an unsecured short-term paper of tenure upto 364 days.
Generally used for financing working capital requirements.

Advisory

Anand Rathi advisory business serves as an independent sounding board and advisor on
every strategic, financial and operational issue its clients face in the daily management of their
businesses. The focus and dedication extends far beyond that of traditional investment banking
advisory services – and includes a commitment to senior level focus. Over the course of their
careers, members of the senior team have advised on over $30 billion in transactions.

 Exploring, evaluating and recommending financial and strategic alternatives

 Assessing potential acquirers and targets and providing valuation analyses.
 Negotiating and Consummating transactions.
 Advising on transaction structuring, timing, pricing and potential financing.
 Providing Fairn opinions.

Private Equity

Extensive knowledge and coverage of the private equity community not just in India but
around the world allows AnandRathi to bring strong proprietary investment ideas to financial
sponsors and to optimize outcome through identifying high–quality financial buyers for our
middle–market clients. It has built a specialized practice in advising private equity firms that
want to invest in India but do not have a presence here. 

 Exploring value maximization strategies.

 Developing company positioning and all documentation for potential buyers.

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 “Employee Satisfaction”
 Developing buyers lists and managing all communications with potential buyers.
 Managing due diligence, data rooms, site visits and all buyer investigations.
 Evaluating bids and negotiating and executing final transactions and documentation.

Restructuring

The dedicated, experienced Corporate Restructuring team can assist debtors and creditors
with restructuring leverage in a dynamic, global economy by drawing on deep industry
knowledge and broad network of commercial bankers, private equity leadership and hedge fund
managers.

 Developing the comprehensive restructuring and reorganization plans and assisting in the court
administered approval process.
 Advising on the ultimate structuring of a potential sale or recapitalization.

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“Employee Satisfaction”
Core Strengths of Anand Rathi

Breadth of Services

In line with its client-centric philosophy, the firm offers to its clients the entire spectrum
of financial services ranging from brokerage services in equities and commodities, distribution of
mutual funds, IPOs and insurance products, real estate, investment banking, merger and
acquisitions, corporate finance and corporate advisory. Clients deal with a relationship manager
who leverages and brings together the product specialists from across the firm to create an
optimum solution to the client needs.

Management Team

Anand Rathi brings together a highly professional core management team that comprises
of individuals with extensive business as well as industry experience.

In-Depth Research 

The research expertise is at the core of the value proposition offered to clients. Research
teams across the firm continuously track various markets and products. The aim is, however
common - to go far deeper than others, to deliver incisive insights and ideas and be accountable
for results.

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Client Testimony

Anand Rathi has been ranked for the second consecutive year as the No.1 Private
Bank(Domestic) and No.2 Private Bank(Overall) by it’s clients in an International Private
Banking Poll (2009 & 2010) conducted by the Asiamoney magazine.

Client-centric Ethos

The belief of the organisation is that there is a spark in every person that distinguishes
him as an individual, and defines his aspirations and goals. A Wealth Management solution for
every individual is, therefore, unique.

Evolution of Wealth Management 

*Courtesy World Wealth Report 2008 by Capgemini & Merril Lynch

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Strong Research Capabilities

Anand Rathi’s advisory process is rooted in the strength of our research team, giving it
expertise across various asset classes. Its Economic Research team has been ranked among the
top 20 in Asia by Institutional Investor and is one among the only 2 teams from India to feature
in this list.

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2. OBJECTIVES OF THE
STUDY

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“Employee Satisfaction”
Objectives of the study

1. To check the level of employee satisfaction in the organization.

The main objective of the project was to analyze employee satisfaction of Anand Rathi.

2. To study the attitude of employees towards their work and organization.

Based on the response of employees to the questions stated in the questionnaire, the attitude
of the employees towards their work and organization is to be studied.

3. To find motivational factors of employees.

Major factors of motivation for employees, such as- job security, fair remuneration etc. are to
be ascertained.

4. To find out the level of participation in decision-making among the employees.

Through data analysis, the employees’ perception about their participation in the decision-
making process of the company is to be ascertained.

5. To find out how much employees are satisfied with their salary level.
It is to be found out, whether or not the employees are fully satisfied with their salary level.
Also, how many employees are not satisfied by the remuneration they get.

6. To study the employer-employee relations existing in the organization.

The congeniality of the relations between the employer-employee/superior-subordinate is to
be studied.

7. To provide feedback to the organization regarding employee satisfaction.

The objective of the research was not only to find out the problem, but also to provide
feedback to the organization after the identification of solutions or suggestions of the
problems.

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3. RESEARCH
METHODOLOGY

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“Employee Satisfaction”
Research

Research is a systematic and continuous method of defining a problem, collecting the

facts and analyzing them, reaching conclusion forming generalizations. It is the systematic and
objective identification, collection, analysis, dissemination, and use of information for the
purpose of assisting management in decision making, by the identification of solutions to
problems and opportunities.
The study of research methods provides manager the knowledge and skills needed to
solve the problems and meet the challenges of a fast-paced decision-making environment. Three
factors that stimulate an interest of managers in research study are-

 The manager’s increased need for more and better information.

 The availability of increased techniques and tools to meet this need.

 The resulting information overload, if discipline is not employed in the managerial

process.

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“Employee Satisfaction”
Research Methodology

Research methodology is a way to systematically solve the problem. It may be

understood as a science of studying how research is done scientifically. In it, we study the
various steps that are generally adopted by a researcher in studying his research problem along
with the logic behind them.
The scope of research methodology is wider than that of research method. Thus when we
talk of research methodology, we not only talk of research methods but also consider the logic
behind the method we use in the context of our research study and explain why we are using a
particular method.

So we should consider the following steps in research methodology:

 Problem statement
 Objective of study
 Research design
 Data collection
 Sample design
 Statistical tools
 Limitation of study

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“Employee Satisfaction”
Research Design

It is the framework or blueprint for conducting the research project. It specifies the details
of the procedures necessary for obtaining the information needed to structure and/or solve
research problems. A good research design lays the foundation for conducting the project. A
good research design will ensure that the research project is conducted effectively and
efficiently. Typically, a research design involves the following components, or tasks:

 Defining the information needed.

 Designing the research.

 Specifying the measurement and scaling procedures.

 Constructing and presenting a questionnaire or an appropriate form for data collection.

 Specifying the sampling process and sampling size.

 Developing a plan of data analysis.

Exploratory Research Design

Explorative studies are undertaken with a view to know more about the problem. These
studies help in a proper definition of the problem, and development of specific hypothesis is to
be tested later by more conclusive research designs. Its basic purpose is to identify factors
underlying a problem and to determine which one of them need to be further researched by using
rigorous conclusive research designs.

Descriptive Research Design

Descriptive research is more rigid than exploratory research. As opposed to exploratory

research, descriptive research defines questions, people surveyed, and the method of analysis
prior to beginning data collection. In other words, the who, what, where, when, why and how

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“Employee Satisfaction”
aspects of the research are defined in advance. Such preparation allows the opportunity to make
any required changes before the costly process of data collection has begun.

The research undergone in this project is Descriptive Research.

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“Employee Satisfaction”
Data Collection

The task of data collection is begins after a research problem has been identified and
research design/plan has been chalked out. Data collection is done to gather the data from the
population. The data can be collected of two types:

 Primary Data
 Secondary Data

Primary Data

The Primary Data is that data, which is collected afresh and for the first time, and thus is
original in character. Forms of Primary data:

 Observation
 Personal Interviews
 Telephonic interviews
 Questionnaires
 Schedules

Secondary Data

The Secondary Data is that data, which has already been collected by someone else
and have already been passed on through the statistical tools. Methods of collection of Secondary
data:

 Newspapers
 Magazines
 Journals
 Internet
 Books

In this project, both the methods of data collection (given in bold) have been used.

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Questionnaire

A Questionnaire, whether it is called a schedule, interview form, or measuring

instrument, is a structured technique for data collection that consists of series of question, written
or verbal, that a respondent answers.

Objectives of a Questionnaire

 It must translate the information needed into a set of specific questions that the
respondents can and will answer.

 A questionnaire must uplift, motivate, and encourage the respondent to become involved
in the interview, to cooperate, and to complete the interview.

 A questionnaire should minimize response error.

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“Employee Satisfaction”
Sample Design

A Sample design is a definite plan for obtaining a sample from a given population. It
refers to the technique or the procedure, that the researcher adopts in selecting items of sample.
Sample design may lay down a number of items to be included in the sample, such as- size of the
sample. Sample design is determined before data are collected. Before going trough sampling
design, let us learn some terms.

Population
It is the aggregate of all the elements, sharing some common set of characteristics, which
comprises the universe for the purpose of the research problem.
In this project, population size is ‘42’.

Sample
Sample is a subgroup of the elements of the population selected for participation in the
study.
In this project, sample size is ‘30’.

Sampling Unit
It is the basic unit containing the elements of the population to be sampled.
In this project, sampling unit is ‘employees’.

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“Employee Satisfaction”
Sampling Technique used in Survey

In our survey, we have used non-probabilty sampling technique, because there is no

way of determining the probability of selecting any particular element for inclusion for the
sample, and the estimates obtained are not statistically projectable to the population.
Among non-probability sampling techniques, the sampling technique applied here is
Convenience sampling. Convenience Sampling attempts to obtain a sample of convenient
elements. The selection units is left primarily to the inerviewer. Convenience Sampling is the
least expensive and least time consuming of all sampling techniques. The sampling units are
accessible, easy to maesure, and cooperative. In spite of these advantages, this form of sampling
has seroius limitations. Many potential sources of selection bias are present, including
respondent self-selection. Convenience Samples are not representative of any definable
population.

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Statistical Tools used

Bar Graphs
6

Series 1
3
Series 2
Series 3
2

0
Category 1 Category 2 Category 3 Category 4

Pie Diagrams

1st Qtr
2nd Qtr
3rd Qtr
4th Qtr

Tabulated Form

Letter name Uppercase Lowercase Letter name Uppercase Lowercase

Alpha Α α Nu Ν ν
Beta Β β Xi Ξ ξ
Gamma Γ γ Omicron Ο ο
Theta Θ θ Upsilon Υ υ
Iota Ι ι Phi Φ φ
Kappa Κ κ Chi Χ χ
Lambda Λ λ Psi Ψ
Mu Μ μ Omega Ω ω

*The figures displayed here are specimens.

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“Employee Satisfaction”

4. DATA ANALYSIS &

INTERPRETATION

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Data Analysis & Interpretation

Managers need information, not raw data. Research helps in generating information by
analyzing data after its collection. Data analysis usually involves reducing accumulated data to a
manageable size, developing summaries, looking for patterns and applying statistical techniques.
Scaled responses on questionnaires and experimental instruments often require the analyst to
derive various functions, as well as to explore relationships among variables.
In various cases when we deal with statistics we find that the variables are related to each
other or we can also say two variables seem to move in the same direction such as both are
increasing or decreasing or even some factors tend to move in the opposite direction also means
one is increasing and the other is decreasing. Analysis has been done by applying various
statistical tools to study the basic factors that lead to Job satisfaction among Job Work Assignees.

The analysis of this project is done with the analysis of each question.

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1. Respondents by Gender
Male 21
Female 9
Total 30

Gender of Respondents

Female
30%

Male
70%

Analysis

Here, we can see that the maximum number of respondents (70%) are male, while female
respondents are only 30%. This helps us to know that most of the employees working for Anand
Rathi are male.

2. Department of Respondents
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“Employee Satisfaction”

Department Number of Respondents

Marketing 11
Human Resource 3
Finance 8
Operations 8
Total 30

Department of Respondents
12

10

6 Department of Respondents

0
Marketing Human Finance Operations
Resource

Analysis
Here, we can see that the maximum number of employees in Anand Rathi are in Marketing
department, while the least number of employees are in Human Resource Department.

3. Work Experience at Anand Rathi

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“Employee Satisfaction”

Number of Years Number of Employees

Less than one year 8
1-3 years 11
3-5 years 5
Five years and above 6
Total 30

Work Experience at Anand Rathi

12

11
10

8
8
Work Experience at Anand Rathi
6
6
5
4

0
Less than 1 1-3 years 3-5 years 5 years and
year above

Analysis
Here, we can see that most of the employees in Anand Rathi have less than 3 years of work
experience, while only 11 employees out of 30 have the work experience of more than 3 years.

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“Employee Satisfaction”
4. Do you feel proud to work for Anand Rathi?

Response Number of Employees

Strongly Agree 8
Agree 12
Undecided 5
Disagree 4
Strongly Disagree 1
Total 30

Do you feel proud to work for Anand Rathi?

Strongly Agree Agree Undecided Disagree Strongly Disagree

3%
13%
27%

17%

40%

Analysis

Here, we can see that most (67%) of the employees feel proud to work for Anand Rathi and only
16% seem to disagree, while 17% remain undecided to voice their opinion.

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“Employee Satisfaction”
5. Do you think that the company is concerned with the long term welfare
of the employees?

Response Number of Employees

Strongly Agree 6
Agree 5
Undecided 2
Disagree 7
Strongly Disagree 5
Total 30

Do you think that the company is concerned

with the long term welfare of the employ-
ees?
Strongly Agree Agree Undecided Disagree Strongly Disagree

20% 24%

28% 20%

8%

Analysis

Here, we can see that the opinion of the employees regarding their long term welfare by Anand
Rathi is mixed. 44% of the employees agree with the statement, while 48% don’t.
8% (2 employees) remain undecided.

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“Employee Satisfaction”
6. Do you feel secure about being able to work for the company as long
as you do good job?

Response Number of Employees

Strongly Agree 10
Agree 9
Undecided 1
Disagree 6
Strongly Disagree 4
Total 30

Do you feel secure about being able to work

for the company as long as you do good job?
Strongly Agree Agree Undecided Disagree Strongly Disagree

13%
33%

20%

3% 30%

Analysis

Here, we can see that most of the employees (64%) feel secure about their jobs at Anand Rathi.
However, there is also a section of employees (33%), that does not feel the motivation of Job
Security.

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“Employee Satisfaction”
7. Do you feel that your immediate superior is technically competent?

Response Number of Employees

Strongly Agree 3
Agree 13
Undecided 6
Disagree 5
Strongly Disagree 3
Total 30

Do you feel that your immediate superior is

technically competent?
Strongly Agree Agree Undecided Disagree Strongly Disagree

10% 10%

17%

43%
20%

Analysis

Here, we can see that nearly half of the employees consider their superior as “Technically
Competent”. However, of these most of these employees don’t “Strongly Agree” to this. Also,
some 20% of them are undecided regarding this and nearly one-third of the employees don’t
consider their immediate bosses technically competent enough.

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“Employee Satisfaction”
8. Do you like your job, i.e. the work you do?

Response Number of Employees

Strongly Agree 9
Agree 14
Undecided 0
Disagree 5
Strongly Disagree 2
Total 30

Do you like your job, i.e. the work you do?

Strongly Agree Agree Undecided Disagree Strongly Disagree

17% 7% 30%

47%

Analysis

Here, we can see that a huge majority of employees surveyed like the job they are doing. Only
24% (7 out of 30 employees) of them don’t like their job.

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“Employee Satisfaction”
9. Do you feel that you get the opportunity to participate in the decision-
making process of the company?

Response Number of Employees

Strongly Agree 0
Agree 6
Undecided 3
Disagree 12
Strongly Disagree 9
Total 30

Do you feel that you get the opportunity to

participate in the decision-making process of
the company?
Strongly Agree Agree Undecided Disagree Strongly Disagree

20%
30%

10%

40%

Analysis

Here, we can see that most of the employees surveyed disagree that they get enough opportunity
to participate in the decision-making process of the company.

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“Employee Satisfaction”

10. How do you rate the safety and health standard of your workplace?

Rating Number of Employees

Excellent 9
Good 11
Typical 4
Fair 5
Poor 1
Total 30

Rating of safety and health standard of

workplace
Excellent Good Typical Fair Poor
3%
17% 30%

13%

37%

Analysis

Here, we can see that employees have a favourable opinion regarding the safety and health
standard of workplace. Only one employee has rated it as poor.

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“Employee Satisfaction”

11. How do you rate the overall relationship between the company and its
employees?

Rating Number of Employees

Excellent 4
Good 9
Typical 12
Fair 2
Poor 3
Total 30

Rating of the overall relationship between

the company and its employees
Excellent Good Typical Fair Poor

10% 13%
7%

30%

40%

Analysis

Here, we can see that the employee opinion about the relations between them and the company is
just average.

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“Employee Satisfaction”

12. How do you rate the company’s salary structure?

Rating Number of Employees

Excellent 2
Good 8
Typical 11
Fair 4
Poor 5
Total 30

Rating of the company’s salary structure

Excellent Good Typical Fair Poor

7%
17%

27%
13%

37%

Analysis

Here, we can see that the majority (66%) of the employees feel that the salary structure of the
company is average or below average. Only 34% feel that it is excellent or good.

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“Employee Satisfaction”

13. How do you rate the total compensation you receive compared to
what you could receive for similar work from another company in
this area?

Rating Number of Employees

Excellent 1
Good 8
Typical 13
Fair 2
Poor 5
Total 30

Rating of total compensation received in

comparison with other companies
Excellent Good Typical Fair Poor

3%
17%

28%
7%

45%

Analysis

Here, we can see that most of the employees feel the compensation provided to them by the
company is just typical, i.e. - nearly half of them feel that its similar to what they could get for
the same work in another company. 31% of them feel that’s its better, while 24% feel that its
below average, when compared to other companies.
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“Employee Satisfaction”
14. How do you rate the career enhancement and growth opportunities in
your job?

Rating Number of Employees

Excellent 5
Good 9
Typical 6
Fair 6
Poor 4
Total 30

Rating of career enhancement and growth

opportunities
Excellent Good Typical Fair Poor

13% 17%

20%

30%

20%

Analysis

Here, we can see that mixed reaction is received from the employees surveyed regarding their
rating of career and growth opportunities in their job.

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“Employee Satisfaction”
15. How do you rate the work-timings of your job?

Rating Number of Employees

Excellent 1
Good 7
Typical 10
Fair 5
Poor 7
Total 30

Rating of Job work-timings

Excellent Good Typical Fair Poor

23% 3%
23%

17%

33%

Analysis

Here, we can see that a large number of employees consider their job work-timings as average or
below-average. Only about one-fourth of them rate their job timings highly.

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“Employee Satisfaction”
16. How do you rate the grievance handling mechanism of the company?

Rating Number of Employees

Excellent 1
Good 4
Typical 11
Fair 9
Poor 5
Total 30

Rating of grievance handling mechanism of

the company
Excellent Good Typical Fair Poor
3%

17% 13%

30%
37%

Analysis

Here, we can see that most of the employees don’t seem to be much satisfied with the grievance
handling mechanism of the company.

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“Employee Satisfaction”
17. All things considered, how do you rate the company?

Rating Number of Employees

Excellent 6
Good 12
Typical 7
Fair 4
Poor 1
Total 30

Overall rating of the company

Excellent Good Typical Fair Poor

13% 3% 20%

23%

40%

Analysis

Here, we can see that most of the employees(60%) rate the company highly. 37% of them feel
that its just about average, while a mere 3%(1 employee) give it a ‘poor’ rating.

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“Employee Satisfaction”
18. Which factor motivates you the most?

Factors Points
Promotion and Growth 12
Job Security 16
Appreciation of the work done 24
Adequate Compensation 27
Good Working Conditions 14
Interesting Work 19
*Points are based on the number of ‘ticks’ per factor in the questionnaires.

Preferred factors of motivation

Preferred factors of motivation

24 16 14 27 14 19

Analysis

Here, we can see that “Adequate Compensation” and “Promotion and Growth” have been chosen
as the most preferred factors of motivation by the employees.

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5. Limitations, Conclusion
& Suggestions

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“Employee Satisfaction”
Limitations of the Study

The various limitations faced during the study were:

 The respondents were quite reluctant in giving their original details and could not provide
their views openly.
 The study has been completed in a very short period, which is not enough to gain all the
practical knowledge and awareness regarding the organization and its management.

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“Employee Satisfaction”
Conclusion
It was found that the most important factors conducive to job satisfaction are the
motivational factors:

 Promotion and Growth

 Job Security
 Appreciation for the work done
 Adequate Compensation
 Good Working Conditions
 Interesting Work

It was also found that the primary source of job satisfaction among employees was
promotion and growth opportunities and an adequate compensation.
However, in this study, feelings of dissatisfaction were also found among employees.
Some of the major factors leading to dissatisfaction were:

 Inadequate Compensation
 Inconvenient Work-timings
 Inefficient Grievance handling mechanism
 Lack of opportunity to participate in decision-making process

Employees tend to prefer jobs that give them opportunities to use their skills and
abilities and offers them freedom and feedback-giving opportunities. They want fair rewards-
system and promotion policies. When compensation is seen as fair, that is based on job and
individual skills, satisfaction is likely to result. Employees are also concerned with their work
environment for both personal as well as professional life.

Thus, finally it is concluded that a decent level of job satisfaction is there in the
organisation, but it needs to be increased and maintained.

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“Employee Satisfaction”
Suggestions and Recommendations

 Organisation should work on general satisfaction and retention of employees

 Overall working condition and organizational environment should be improved

 Management should check the performance of their employees time to time

 Overall work environment should also be improved

 There should be free communication between superior and subordinate

 The views of employees should be taken into consideration while taking decision

 The grievance mechanism should be improved

 Promotion and transfer policy should be reviewed

 There should be more coordination in the departments

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“Employee Satisfaction”

Bibliography

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“Employee Satisfaction”
Bibliography

Reference Books

 Human Resource Management by T.N.Chhabra

 Personnel Management by Mamoria & Gavankar

Websites

 www.google.com

 www.rathi.com

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Annexure

70