ICFAI NATIONAL COLLEGE

A study on the employee satisfaction

with regard to training program provided
by Max New York
HUMAN RESOURCE MANAGEMENT

Submitted to Submitted by

Vinitha V.U Devidas.C

INC Malappuram 8NBML005

Table of contents

S/N Contents Page No

1 Introduction 3
2 Objective of study 4
3 Methodology 4
4 Limitations of study 4
5 Company Profile 5
6 Scope of the study 6
7 Data analysis and interpretation 7
8 Major Findings 11
9 Conclusion 12

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Introduction
The term training refers to the acquisition of knowledge, skills, and
competencies as a result of the teaching of vocational or practical skills and knowledge that
relate to specific useful competencies. It forms the core of apprenticeships and provides the
backbone of content at technical colleges and polytechnics. In addition to the basic training
required for a trade, occupation or profession, observers of the labor-market[who?]
recognize today[update] the need to continue training beyond initial qualifications: to
maintain, upgrade and update skills throughout working life. People within many
professions and occupations may refer to this sort of training as professional development.

Some commentators use a similar term for workplace learning to improve performance:
training and development. One can generally categorize such training as on-the-job or off-
the-job. The need for training are as follows.

• Optimum Utilization of Human Resources

• Development of Human Resources
• Development of skills of employees
• Productivity
• Team spirit
• Organization Culture
• Organization Climate

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Objective of the study
The study aimed at analyzing the employee satisfaction towards the training programe.
More specifically the study is intended:

 To under stand employee satisfaction with regard to training programe

conducted by Max New York life insurance

Research Methodology
For this study, the following methodology has been adopted in drawing the sample
respondents-

• Convenient sampling method is used to collect data. For this purpose I had
taken a sample size of 20 respondents from Max new York life insurance.
• Data Collection included both collecting primary and secondary data. To collect
the primary data questionnaire with closed ended questions
• Secondary data collected from internet, and some magazines

Limitations of Study:
1. Time duration of the study was limited and hence in-depth study could not be done.
2. The sample size is restricted to 20 respondents. These 20 peoples are belonging to
the different categories of the society.

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Company Profile
Max New York Life Insurance Company Ltd. is a joint venture between New
York Life; a Fortune 100 company and Max India Limited; one of India's leading multi-
business corporations. The company has positioned itself on the quality platform. In line
with its vision to be the Most Admired Life Insurance Company in India, it has developed a
strong corporate governance model based on the core values of excellence, honesty,
knowledge, caring, integrity and teamwork. The strategy is to establish itself as a Trusted
Life Insurance Specialist through a quality approach to business.

Incorporated in 2000, Max New York Life started commercial operation in 2001. In line with
its values of financial responsibility, Max New York Life has adopted prudent financial
practices to ensure safety of policyholder's funds. The Company's paid up is Rs. 1,782 crore
.

Having set a Best in Class Agency Distribution Model in place, the company is spearheading
a major thrust into additional distribution channels to further grow its business. The
company has multi-channel distribution that includes the agency distribution, partnership
distribution, bancassurance, distribution focused on emerging markets and alliance
marketing through employed sales force. The company currently has 33 bancassurance
relationships, 14 corporate agency tie-ups and direct sales force at 14 locations. Max New
York Life has put in place a unique hub and spoke model of distribution to deepen rural
penetration. The company has 139 (13 hub office, 126 spoke offices) offices dedicated to
emerging markets in Punjab and Haryana. Max New York Life offers a suite of flexible
products. It now has 35 products covering both life and health insurance and 8 riders that
can be customized to over 800 combinations enabling customers to choose the policy that
best fits their need. Besides this, the company offers 6 products and 4 riders in group
insurance business.
Max New York is a Fortune 100 company and America's largest life insurance
provider and Max India Limited one of the leading multi-business corporations in India. Max
New York Life Insurance Co Ltd is a Rs. 250 crore joint venture with a paid up capital of Rs.

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807 crore.The insurance agents employed at Max New York Life Insurance Co Ltd are trained
in-house with a rigorous training program of over 152 hrs, much higher than the standard
100 hrs of mandatory training laid down by the IRDA. Around 345 Max New York Agent
Advisors qualified for Million Dollar Round table (MDRT) membership in 2006. It is an
internationally renowned congregation of world's top insurance agents.

Scope of the study

The main aim of this study is to find out the employee satisfaction towards the
traing programme.So this study could help to find the satisfaction of customers towards the
training programme.

 This study very helpful to the organization

 It is very helpful to the employees of the organization.

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Data analysis and interpretation
Data has been analyzed by using the simple statistical tools. Data has been analyzed
by constructing cross tables and percentages have been calculated. The sample size of
respondent was 20. Out of which 7 were women and 13 men.

Employee satisfaction:- Type of training

Table 1. Table showing employee satisfaction towards different types of training

Types of training No of person %

On the job 8 40
Off the job 12 60
Total 20 100

Chart 1 employee satisfaction towards different types of training

From the above table we can see that 60% employees are satisfied with the off the
job training and 40% employees are satisfied with on the job training.

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Employee satisfaction :- Benefit received

Table 2. Table showing employee satisfaction towards benefit received

Benefit No of person %
Knoweldge 4 20
Responsibility 2 10
Confidance 5 25
Skill 9 45
Total 20 100

Chart 2 Benefit received

From the above table it can see that 45% of employees are satisfied with the
improvements in their skill and 25% employees are satisfied with their improvements in
their confidence level.

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Employee satisfaction:- Salary wise result

Table 3. Table showing employee satisfaction towards the salary

Salary received No of person %

satisfied 11 55
Non satisfied 4 20
Nutral 5 25
Total 20 100

Chart 3 Salary received

From the above table it can see that 55% of employees are satisfied with the salary received
on their training period and 20% are non satisfied with the salary received in the training
period.

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Employee satisfaction:- Priority wise result

Table 4. Table showing employee satisfaction towards priority

No of
Priority person %
High 13 65
Low 2 10
Medium 5 25
Total 20 100

From the above table it can see that 65% of people give high priority to training and 25% of
people give medium priority to the training.

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Major findings of the study
The following are the major observations made in the present study:

 Max New York give high importance to the training program

 Employees are satisfied with the training program.
 Most of the employees like off the job training
 Employees consider training as a base for improving their skill
 Employees give high priority to the training.

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Conclusion
This study is conducted for studying the employee satisfaction in Max New
York Life insurance. Max new York life insurance Keen to provide training to employees that
help them to do the job. The employees in the organization think that they are well trained
for the work they are do. Training will helps to improve their overall performance.
Employees believe that training will help to develop their career.

Appendix
Websites

www.maxnewyorklife.com

www.wikipedia.org

Books

Human resource management - ICFI NATIONAL COLLEGE

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 Questionnaire
I am DEVIDAS.C, in connection with the project undertaken by to me to study the employees
satisfaction on training in Max New York Life Insurance , I Would like to have some data from you
which I assure you that the data given by you will be kept confidential and used for the purpose the
study only. Please tick mark on options for which you agree,

Questionnaire
Name :

Department :

Age :

Gender :

1. How long have you been working in the company?

<1year 1-2year 2-5 years >5 years

2. What is your work status in the organization?

Full time part time

3. Which type of training program you received?

On the job training off the job training

4. Which type of training you like more

On the job training off the job training

5. What are the qualities you acquired through training program?

Improving job skill improving job knowledge

confidence responsibility others

6. Do you think your organization is providing more priority for training?

Yes No

7. I feel I am well trained now for the work I do

Yes No

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8. Do you think training help you to improved your performance

Yes No

9. Do you think that this training program help you for your career development.

Yes No

10. Have you received regular salary during training period?

Yes No

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