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Work Motivation Among Employees of Insur PDF
Work Motivation Among Employees of Insur PDF
Work Motivation Among Employees of Insur PDF
ABSTRACT
The present market for the insurance companies is forced to be competitive. Contemporary
companies must seek ways to become more efficient, productive, flexible and innovative,
under constant pressure to improve results. What makes a firm best is not just technology,
bright ideas, masterly strategy or the use of tools, but also the fact that the best firms are
better organized to meet the needs of their people, to attract better people who are more
motivated to do a superior job. This scenario has enabled us to take up this research on the
motivation and values of the employees of the insurance company. The present study is
undertaken with the objective of studying the level of work motivation among the
employees of public and private sector insurance company and to compare the level of work
motivation between public and private sector insurance company employees and also to
study the value system among the employees of public and private sector insurance
company. For this purpose a sample of 50 each from public and private sector insurance
company employees are chosen following the quota sampling procedure form Hubli and
Dharwad cities of Northern part of Karnataka. Employee Motivation Schedule Questionnaire
developed by A. K. Shrivastava along with the bio-data sheets were administered on the
sample. The obtained responses are scrutinized and converted to standard scores then
subjected to statistical analysis like t-test, using SPSS. The results of t-test reveal that
employees of private sector insurance company are having significantly higher need for
achievement-production and competition- (t=-3.110), self control at work (t= -3.557) ,
monetary gain (t=-2.746 ) and non-financial rewards (t=-2.473).No significant gender
difference is found.
.
KEYWORD:
INTRODUCTION:
Liberalization in the Indian insurance sector has opened the sector to private competition. A
number of foreign insurance companies have set up representative offices in India and have
also tied up with various asset management companies (Shanker 2006). All these
developments have forced the insurance companies to be competitive. Under present market
forces and strict competition, the insurance companies are forced to be competitive.
Contemporary companies must seek ways to become more efficient, productive, flexible and
innovative, under constant pressure to improve results (Subhash C. Kundu and Divya Malhan
2009). The traditional ways of gaining competitive advantage have to be supplemented with
organizational capability and the firm’s ability to manage people (Ulrich and Lake ,1990).
What makes a firm best is not just technology, bright ideas, masterly strategy or the use of
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International Journal of Marketing, Financial Services & Management Research__________ ISSN 2277- 3622
Vol.2, No. 11, November (2013)
Online available at www.indianresearchjournals.com
tools, but also the fact that the best firms are better organized to meet the needs of their
people, to attract better people who are more motivated to do a superior job (Waterman,
1994).
Motivation :
Motivation refers to “the reasons underlying behavior” (Guay et al., 2010, p. 712).
Paraphrasing Gredler, Broussard and Garrison (2004) broadly define motivation as “the
attribute that moves us to do or not to do something” (p. 106). Intrinsic motivation is
motivation that is animated by personal enjoyment, interest, or pleasure. As Deci et al. (1999)
observe, “intrinsic motivation energizes and sustains activities through the spontaneous
satisfactions inherent in effective volitional action. It is manifest in behaviors such as play,
exploration, and challenge seeking that people often do for external rewards” (p. 658).
Researchers often contrast intrinsic motivation with extrinsic motivation, which is motivation
governed by reinforcement contingencies. Traditionally, educators consider intrinsic
motivation to be more desirable and to result in better learning outcomes than extrinsic
motivation (Deci et al., 1999).
Motivation involves a constellation of beliefs, perceptions, values, interests, and actions that
are all closely related. As a result, various approaches to motivation can focus on cognitive
behaviors (such as monitoring and strategy use), non-cognitive aspects (such as perceptions,
beliefs, and attitudes), or both.
Work motivation:
Work motivation is a set of energetic forces that originate both within as well as beyond an
individual’s being, to initiate work-related behavior and to determine its form, direction,
intensity, and duration (Pinder 1998, p. 11). Thus, motivation is a psychological process
resulting from the interaction between the individual and the environment.
Adam M. Grant (2008) observed that prosocial motivation is most likely to predict these
outcomes when it is accompanied by intrinsic motivation. Two field studies support the
hypothesis that Intrinsic motivation moderates the association between prosocial motivation
and persistence, performance, and productivity. In Study 1, intrinsic motivation strengthened
the relationship between prosocial motivation and the overtime hour persistence of 58
firefighters. In Study 2, intrinsic motivation strengthened the relationship between prosocial
motivation and the performance and productivity of 140 fundraising callers. Callers who
reported high levels of both prosocial and intrinsic motivations raised more money 1 month
later, and this moderated association was mediated by a larger number of calls made.
Studies on work motivation seem to confirm that it improves workers' performance and
satisfaction. For example, Brown and Shepherd (1997) examine the characteristics of the
work of teacher-librarians in four major categories: knowledge base, technical skills, values,
and beliefs. He reports that they will succeed in meeting this challenge only if they are
motivated by deeply-held values and beliefs regarding the development of a shared vision.
Vinokur, Jayarantne, and Chess (1994) examine agency-influenced work and employment
conditions, and assess their impact on social workers' job satisfaction. Some motivational
issues were salary, fringe benefits, job security, physical surroundings, and safety. Certain
environmental and motivational factors are predictors of job satisfaction. While Colvin
(1998) shows that financial incentives will get people to do more of what they are doing,
Silverthrone (1996) investigates motivation and managerial styles in the private and public
sector. The results indicate that there is a little difference between the motivational needs of
public and private sector employees, managers, and non-managers. In the light of these
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International Journal of Marketing, Financial Services & Management Research__________ ISSN 2277- 3622
Vol.2, No. 11, November (2013)
Online available at www.indianresearchjournals.com
studies, an attempt is made here to understand the level of work motivation among public and
private sector insurance company employees.
Method
Objectives:
1. To study the level of work motivation among the employees of public and private
sector insurance Company
2. To compare the level of work motivation between public and private sector insurance
Company employees
3. To study the value system among the employees of public and private sector
insurance Company
Research Problems:
1. What are the sources and level of work motivation among employees of public and
private sector insurance Company?
2. Is there any significant difference in the level of work motivation among the employees of
Public and private sector insurance company?
Hypothesis:
H0 1: There is no significant difference in the work motivation level of employees of Public
and private sector Insurance company
H02: There is no significant gender difference in the work motivation level of employees of
Insurance Company
Tools:
Sample:
Includes 50 subjects from public sector Insurance company i.e. LIC of India and 50 from
private sector i.e. Birla Sunlife, Tata AIA Life Insurance Company, of Hubli and Dharwad.
They were selected following purposive sampling technique
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International Journal of Marketing, Financial Services & Management Research__________ ISSN 2277- 3622
Vol.2, No. 11, November (2013)
Online available at www.indianresearchjournals.com
Table No.1 Sample Description
SL.NO SECTOR N Mean AGE Mean length of service
1 Public 50 27.7 2 years and 1month
2 Private 50 26.9 2 years and 1month
Data Collection:
The investigator personally visited the manager of the company after obtaining the the
appointment for permission over the phone.
The purpose and the nature of the study were explained to them and the permission to
administer the test on the employees was sought. After establishing a good rapport with the
employees informed consent was obtained and then tools were administered on a group of 10
employees at a time. The instructions printed on the questionnaire were read out clearly in
English and Kannada depending upon the medium of the study. Doubts were clarified
whenever they arouse.
Data Analysis:
The obtained data will be scored according to the respective keys and scrutinized properly.
Then the scores were converted to standard scores and subjected to t- test (Independent
sample) using SPSS.
Work Motivation
From table no 2: We can observe that work motivation scale measures motivation
from 7 different dimensions i.e. Achievement(A) competence and self improvement,
Achievement(B) high production ,goal achievement and competition, Self control at work,
Monetary gain,Non-Financial Rewards (recognition,appreciation,status and prospectus),
Autonomy and Self actualization needs, Social relation and social control at work.
4. Monetary Gain:
Here Public Sector Employee have a mean score of 47.34 which is average & Private Sector
Employee have a mean score of 52.66 which is slightly above average. The t-value is 2.74
which is statistically not significant it shows that there is no much difference in the monetary
gains in Public & Private although, there is slight variation. Monetary Gain depends upon the
number of policy they sell during a target period the need is high for Private Sector
Employees because they have to face lot of competition & challenge where as for Public
Sector Employees the challenge is only within their company. Hence they sell more policies
which intern helps them for higher monetary gain.
5. Non-Financial Rewards.
The average score of Public Sector Employee is 47.59 which is average where as Private
Sector Employee is 52.41 which is slightly above average. The t-value is 2.47 which is
significant at 0.01 level. The need for Non Financial Reward is high for Private Sector
Employees. Private Sector Insurance Companies offer better Non financial Rewards like gifts
& incentives in the form of foreign tours allowance etc yet it is surprising to see that they
have higher need for Non Financial Rewards. Where as Public Sector Insurance Companys
do not offer any Non-financial Rewards to their employees yet there is a lower need for such
incentives among them.
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International Journal of Marketing, Financial Services & Management Research__________ ISSN 2277- 3622
Vol.2, No. 11, November (2013)
Online available at www.indianresearchjournals.com
Conclusions:
1. Employees of private sector insurance company are having significantly higher need
for achievement –production and competition-, self control at work, monetary gain
and non –financial rewards
2. No significant gender difference is found among the public and private sector
insurance company employees
Table 2. Showing the t value of Public and Private sector Employees on Work
Motivation
Variable Groups N Mean S.D Mean SEM. t- value Signific
differe Diff. ance
nce
Public 50 48.65 9.161
Achievement (A) -2.692 1.992 -1.351
Private 50 51.35 10.699 0.180
Public 50 47.02 10.702
Achievement (B) -5.966 1.919 -3.110
Private 50 52.98 8.337 0.002
Self control at Public 50 46.63 10.644
-5.966 1.895 -3.557
work Private 50 53.37 8.138 0.001
Public 50 47.34 10.863
Monetary gain -5.327 1.940 -2.746
Private 50 52.66 8.378 0.007
Non-financial Public 50 47.59 10.856
-4.825 1.951 -2.473
rewards Private 50 52.41 8.515 0.015
Autonomy & self Public 50 48.63 10.520
actualization -2.744 1.994 -1.376 0.172
Private 50 51.37 9.387
needs.
Social relation & Public 50 48.89 10.915
social control at -2.217 2.001 -1.108 0.271
Private 50 51.11 9.003
work.
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International Journal of Marketing, Financial Services & Management Research__________ ISSN 2277- 3622
Vol.2, No. 11, November (2013)
Online available at www.indianresearchjournals.com
53.37
54 52.98 52.66 52.41
51.35 51.37 51.11
52
50 48.65 48.89
48.63
Percentage
47.34 47.59
48 47.02
46.63
Public
46
Private
44
42
Achievement Achievement Self control at Monetary gain Non-financial Autonomy & Social relation
(A) (B) work rewards self & social
actualization control at
needs. work.
Variables
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