A project report on stress management at icici prudential

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A project report on stress management at icici prudential

A project report on stress management at icici prudential

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  • 1. STRESS MANAGEMENT AT ICICI-PRUDENTIAL TABLE OF CONTENTS PARTICULARS PAGE NUMBERS 1. Executive Summary 01-02 2. Introduction 03-14 3. Need for Insurance 15-22 4. Company Profile 23-32 5. Vision-Mission 33-36 6. Products 37-43 7. Stress Management 44-61 8. Stress Management at work place 62-82 9. Findings & Analysis 83-95 10. Suggestions 96-98 11. Limitations of the study 99-100 12. Conclusion 101-102 13. Annexure 103-106 14. Bibliography 107-108BABASAB PATIL PROJEC TREPORT ON HUMAN RESOURCE Page 1
  • 3. STRESS MANAGEMENT AT ICICI-PRUDENTIAL EXECUTIVE SUMMARY Insurance is the pooling of fortuitous losses by transfer of such risk to insurers, whoagreed to provide the pecuniary benefit on their occurance, or to render service connected withrisk. It is the transfer of financial responsibility for the risk at the point of occurance andconventionally involves the insurer in a commitment to pay. The insurance service lead toefficient and productive allocation of capital resources, facilitate growth of trade and commerce.Globalization will certainly increase insurance penetration and all professionals shall equipthemselves to exploit opportunities offered by this sector. ICICI PRUDENTIAL has maintained its lead amongst the private players of lifeinsurance with a market share of about 39%. The biggest achievement is in pension segment,where company introduced a slew of products and captured around 23% of the total pensionmarket. ICICI Prudential have a customer centric growth strategy and has taken a number ofstrategies against this. The consumers are the largest economic group in any country and the present daybusiness activities are because of consumers only. Thus, consumers are the pillars of theeconomy. The consumers are not only the heart of marketing system, but also the controller ofmarketing functions. But if the modern marketing system consumers sovereignty has become amyth on account of the variety of problems in the process of merchandising. The study ofconsumer behavior enables marketers to understand and predict consumer behavior in themarket place; It also promotes understanding of the role that consumption plays in the lives ofthe individual. This gives me an opportunity to work on with this endeavor focusing on the study ofconsumer behavior towards the insurance products with special reference to ICICIPRUDENTIAL. The primary objective of the study is to understand the attitude and perceptionof the respondents towards insurance products. The study gives an insight to the insurance industry. It briefly explains about the historyof life insurance sector. It also contains the organizational profile of ICICI PRUDENTIAL,stating about its mile stones, vision, products, protection, solutions, advertising effectiveness andfinally about its marketing strategies and challenges. The study ends up with the suggestions inorder to modify the current system for a higher growth and progress.BABASAB PATIL PROJEC TREPORT ON HUMAN RESOURCE Page 3
  • 5. STRESS MANAGEMENT AT ICICI-PRUDENTIAL INTRODUCTIONLIFE INSURANCE Life insurance is a contract providing for a payment of a sum of money to theperson assured or failing him to the person entitled to receive the same on the happeningof certain event. Uncertainty of death is inherent in human life. Ii is this risk, whichgives rise to the necessity for some form of protection against the financial loss arisingfrom death. Insurance substitutes this uncertainty by certainty. The objective ofinsurance is normally to provide: A Family Protection. B Provision for old age. INSURANCE INDUSTRYORIGIN OF INSURANCE The origin of insurance dates back to the 12th century, the origin of insuranceappeared first in marine and land fields. The ideas of insurance were made in Babyloniaand India at quite an early period; the courts of Hammurabi and Mano recognized theprovision for sharing the future losses. However there is no evidence that insurance in itspresent form was practiced prior to 12th century. Tracing the history of insurance to thepresent day, one can easily gauge the performance of industry both collectively as anindustry as well as individually by the companies. In earlier times, travelers by sea and land were very much exposed to risk oflosing their vessels and merchandise because piracy on the open seas and highwayrobbery of caravan were common. References to similar practices are also found inManab Dharma Shastra which contained rules for sea from contracts which wasobserved by traders. Insurance conceived as method of sharing of the losses embodyingthe principal of co-operation existed in the early civilization.BABASAB PATIL PROJEC TREPORT ON HUMAN RESOURCE Page 5
  • 6. STRESS MANAGEMENT AT ICICI-PRUDENTIAL Many may not be aware that the life insurance industry of India is as old as it is inany other part of the world. The first Indian life insurance company was the Oriental LifeInsurance Company, which was started in India in 1818 at Kolkata1. A number of players(over 250 in life and about 100 in non-life) mainly with regional focus flourished all across the country.However, the Government of India, concerned by the unethical standards adopted bysome players against the consumers, nationalized the industry in two phases in 1956 (life)and in 1972 (non-life). The insurance business of the country was then brought under twopublic sector companies, Life Insurance Corporation of India (LIC) and GeneralInsurance Corporation of India (GIC). Reforms were initiated with the passage of Insurance Regulatory andDevelopment Authority (IRDA) Bill in 1999. IRDA was set up as an independentregulatory authority, which has put in place regulations in line with global norms. So farin the private sector, 12 life insurance companies and 9 general insurance companies havebeen registered.INSURANCE REGULATORY AND DEVELOPMENT AUTHORITY ACT - 1999.(I.R.D.A) The object of this act is to provide for the establishment of an authority to protectthe interest of holders of insurance policies, to regulate, to promote and ensure orderlygrowth of insurance industries. Insurance Regulatory and Development Authority(IRDA) has sought the comments of industry participants to finalize the guidelines foronline agents training institutes. These proposed guidelines are in addition to its standard instructions andguidelines applicable for approval/renewal of agents training institutes. The guidelineswould be applicable to all the online training institutes including in-house traininginstitutes of the insurers. As per the draft guidelines, the applicant should undergo at least 120 hourspractical training in life or general insurance business. The composite training should befor at least 180 hours, where the applicant is seeking license for the first time to act as aninsurance agent.BABASAB PATIL PROJEC TREPORT ON HUMAN RESOURCE Page 6
  • 7. STRESS MANAGEMENT AT ICICI-PRUDENTIAL The duration should be minimum of 24 days for 120 hours training and 36 daysfor 180 hours training with a maximum five hours per day. Stating that no producttraining/market survey should be included into this 120/180 hours training, the regulatorsaid revision examination could form part of the training.DUTIES, POWERS AND FUNCTIONS OF AUTHORITY:• The powers and functions of the authority include registration of insurers, intermediaries and agents regulations of terms and conditions of contract of insurance, promoting and regulating professional organizations connected with the insurance, monitoring investment of funds and solvency margin of insurance companies.• The authority is to be advised by a committee to be known as the insurance advisory committee, which shall consists of not more than 25 members including ex-officio members in the insurance sector. The insurance advisory committee is expected to advice the authority on matters relating to making of the regulations• An Indian insurance company has been defined as a company incorporated under the Companies Act - 1956 and the paid capital of General Insurance business will have to be not less than Rs 100/- Crores and in case of companies wanting to transact reinsurance business the paid capital will have to not less than Rs 200/- Crores.• It has also been notified that every insurance company will have to appoint an Actuary to be approved by I.R.D.A. The duty of the Actuary is to insure that The assets are valued in appropriate manner The liabilities are evaluated as required The prescribed margin for maintaining solvency is complied with.• The I.R.D.A also issued regulations with regards to advertisement so as to include almost any public communication for a sale of insurance policy. THE FUNDAMENTAL / PRINCIPALS OF LAW OF INSURANCE.UTMOST GOOD FAITH:BABASAB PATIL PROJEC TREPORT ON HUMAN RESOURCE Page 7
  • 8. STRESS MANAGEMENT AT ICICI-PRUDENTIAL The parties to the commercial contract, according to the law are required to observe good faith. The seller cannot mislead the buyer in respect of transactions, but he has no subject of the contract, it is the buyer’s duty to be careful while entering into a contract. LET THE BUYER BE AWARE is a legal rule.INSURABLE INTEREST: The owner of the property has a right under law to effect insurance on theproperty if he is likely to suffer financially when property is lost or damaged.This legal right to insure is called insurable interest, without insurable interest thecontract of insurance will be void. Because of this legal requirement of insurableinterest the insurance contracts are not gambling transactions.INDEMNITY: The principal of indemnity arises under common law and requires that an insurance control should be a contract of indemnity only and nothing more. The object of principals to place the insured after a loss in the same financial position as far as possible, as he is occupied immediately before the loss. The effect of this principal is to prevent the insured from making the profit out of his loss or gaining any advantage or benefit. The object of a contract of insurance is to protect the financial interest of the insured in the subject matter of insurance.SUBROGATION: The principal of subrogation arises from the principal of indemnity. Subrogation may be defined as transfer of rights and remedies of the insured to the insurer who has indemnified the insured in respect of the loss. If the insured has any rights of action to be recovered the loss from any third party, who is primary responsible for the loss, the insurer having paid the loss is entitled to avail himself of these rights to recover the loss from the third party. The effect is that the insured does not receive more than actual amount of his loss and any recovery affected from the third party goes to the benefit of the insurer to reduce the amount of his loss INSURANCE MARKET IN INDIABABASAB PATIL PROJEC TREPORT ON HUMAN RESOURCE Page 8
  • 9. STRESS MANAGEMENT AT ICICI-PRUDENTIAL By any yardstick, India, with about 200 million middle class households, presentsa huge untapped potential for players in the insurance industry. Saturation of markets inmany developed economies has made the Indian market even more attractive for globalinsurance majors. Life insurance is mainly considered as a saving instrument rather thanan investment avenue as it promotes compulsory savings besides reducing tax burden onthe policyholder and protect the family of the policyholder in the event of unforeseenhappening. It is the only saving instrument, which covers the life risk besides giving taxconcession both at entry (premium paid) and at exitHISTORY AND PRESENT STATUS OF INSURANCE MARKET ININDIA The insurance sector in India has come a full circle from being an opencompetitive market to nationalization and back to a liberalized market again. Tracing thedevelopments in the Indian insurance sector reviles the 360-degree turn witnessed over aperiod of almost two centuries.A BRIEF HISTORY OF THE INSURANCE SECTOR The business of life insurance in India in its existing form started in India inthe 1818 with the establishment of Oriental Life Insurance Company in Calcutta. Someof the important milestones in the Life Insurance business in India are: 1912: The Indian Life Assurance Companies Act enacted as the first statue toregulate the life insurance business. 1928: The Insurance Companies Act enacted to enable the government tocollect statistical information about both life and non-insurance business. 1938: Earlier legislation consolidated and amended to by the Insurance Actwith the objective of protecting the interest of the insuring public.BABASAB PATIL PROJEC TREPORT ON HUMAN RESOURCE Page 9
  • 10. STRESS MANAGEMENT AT ICICI-PRUDENTIAL 1956: 245 Indian and foreign insurers and provident societies are taken overby the central government and nationalized. LIC found by an Act of Parliament, viz.LIC Act 1956, with a capital contribution of rupees Five Crores from the Government ofIndia.INSURANCE SECTOR REFORMS In 1993, Malhotra Committee, headed by former Finance Secretary and RBIGovernor R.N. Malhotra, was formed to evaluate the Indian insurance industry andrecommend its future direction. The Malhotra committee setup with the objective ofcomplimenting the reforms initiated in the financial sector. The reforms where aimed at"creating a more efficient and competitive financial system suitable for the requirementsof the economy keeping in mind the structural changes currently underway andrecognizing that insurance is an important part of the overall financial system where itwas necessary to address the need for similar reforms.."In 1994, the Committee submitted the report and some of the key recommendationsincluded:Structure a. Government stake in the insurance companies to be brought down to 50%. b. Government should take over the holdings of GIC and its subsidiaries so that these subsidiaries can act as independent corporations. c. All the insurance company should be given greater freedom to operate.Competition A Private companies with a minimum paid up capital of Rs. 1bn should be allowed to enter the industry. b. No company should deal both the life insurance and general insurance through a single entity.BABASAB PATIL PROJEC TREPORT ON HUMAN RESOURCE Page 10
  • 11. STRESS MANAGEMENT AT ICICI-PRUDENTIAL c. Foreign companies may be allowed to enter the industry in collaboration with the domestic companies. c. Postal Life Insurance should be allowed to operate in the rural market. d. Only one state level Life Insurance Company should be allowed to operated in each state.Regulatory body a. The Insurance Act should be changed. b. An Insurance regulatory body should be setup. Reforms in the insurance sector were initiated with the passage of the IRDA Billin the Parliament in December 1999. The IRDA since its incorporation as statutory bodyin April 2000 has fastidiously stuck to its schedule of framing regulations and registeringthe private sector insurance companies. The other decisions taken simultaneously to provide the supporting systems to theinsurance sector and in particular the life insurance companies was the launch of theIRDAs online service for issue and renewal of license to agents. The approval of institutions for imparting training to agents has also ensured thatthe insurance companies would have trained work force of insurance agents in place tosell their products, which are expected to be introduced by early next year. Since being set up as an independent statutory body the IRDA has put in aframework of globally compatible regulations. In the private sector 12 life insurance and6 general insurance companies have been registered. Insurance is an Rs 400 billion business in India, and together with bankingservices adds about 7% to Indias GDP. Gross premium collection is about 2% of GDPand has been growing by 15 to 20% per annum. India also has the highest number of lifeinsurance policies in force in the world, and total investable funds with the LIC arealmost 8% of GDP. Yet more than three fourth of Indias insurable population has no lifeinsurance or pension cover. Health insurance of any kind is negligible and other formsof non life insurance are much below international standards.BABASAB PATIL PROJEC TREPORT ON HUMAN RESOURCE Page 11
  • 12. STRESS MANAGEMENT AT ICICI-PRUDENTIAL To tap the vast insurance potential and to mobilize long term savings we needreforms which include revitalizing and restructuring of the public sector companies, andopening up the sector to private players. A statutory body needs to be made to regulatethe market and to promote a Healthy market structure. Insurance Regulatory Authority(IRA) is one such body, which checks on these tendencies. IRA role comprises offollowing three functions: a. Protection of consumers interest b. To ensure financial soundness and solvency of the insurance industry, c. To ensure healthy growth of insurance market. An insurance policy protects the buyer at some cost against the financial lossarising from a specified risk. Different situations and different people require a differentmix of risk-cost combinations. Insurance companies provide these by offering schemes ofdifferent kinds. Unfortunately, the concept of insurance is not possible in our country. As per thelatest estimates, the total premium income generated by life and general insurance inIndia is estimated at around 1.95% of GDP. How ever Indias share of world insurancemarket has shown an increase of 10% from 0.31% in 1996-97 to 0.34% in 1997-98.Indias market share in the life insurance business showed a real growth of 11% there byoutperforming global average of 7.7%. Non life insurance business grew by 3.1% againstglobal average of 0.20%. In India insurance pending per capita was among the last in theworld at $7.6 compared to $7 in the previous year . Amongst the emerging economies,India is one of the least insured countries but the potential for growth is phenomenal, as asignificant portion of its population is in services and the life expectancy also increasedover the years. The nationalized insurance industry has not offered consumers a variety ofproducts. Opening of the sector to private firms will foster competition, innovation andvariety of products. It would also generate greater awareness on the need for buyinginsurance as a service and not merely for tax exemption, which is currently done on thedemand side, a strong correlation between demand for insurance and per capita incomelevel suggests that high economic growth can spur growth in demand for insurance. AlsoBABASAB PATIL PROJEC TREPORT ON HUMAN RESOURCE Page 12
  • 13. STRESS MANAGEMENT AT ICICI-PRUDENTIALthere exists a strong correlation between insurance density and social indicators such asliteracy. With social development, insurance demand will grow.BABASAB PATIL PROJEC TREPORT ON HUMAN RESOURCE Page 13
  • 14. STRESS MANAGEMENT AT ICICI-PRUDENTIAL LIFE INSURANCE MARKET IN INDIA Life Insurance StatisticsIndian Population I bnGDP as on 2000 ( Rs bn) 50000 bnGross Domestic Saving as a % of GDP 32%NCAER estimate is Insurance Population 240 mnEstimated market 2010 950 mn India has an enormous middle class that can afford to buy life, health, anddisability and pension plan products. The low level of penetration of life insurance inIndia compared to other developed nations can be judged by a comparison of per capitalife premium.Country Life Premium per capita US $ in 1994Japan 3817UK 1280USA 964India 4 Clearly, there is considerable scope to raise per capita life premium in the marketis effectively tapped. India has traditionally been a high savings oriented country oftendescribed as being on par with thrifty Japan. Insurance sector in the US is a big in the sizeas the banking industry there. This gives us an idea of how important is the sector is.Insurance sector canalizes the saving of the people to long-term investments. In Indiawhere infrastructure is said to be critical importance, this sector will bring the nationsown money for the nation. In the three years time we would expect 10% of the population to be under somesort of an insurance cover. Thus assuming a premium of Rs 5000 on an average, 100million Rs 5000 = Rs 500 billion. This has made the sector the hottest one in India after IT. With social security andsecurity to public at large being the agenda for opening the sector, the role of theregulator becomes all the more serious and one would be carefully watched at every step.BABASAB PATIL PROJEC TREPORT ON HUMAN RESOURCE Page 14
  • 15. STRESS MANAGEMENT AT ICICI-PRUDENTIAL The Insurance Regulator and Development bill is now an Act. With this India isnow the cynosure of all the global insurance players. Numerous player, both Indian andforeign have announced their intention to start their insurance shops in India. IRDA,under chairman ship of Mr. RANGACHARI, opened the window for applying license inIndia. One of the main difference between the developed economies and the emergingeconomies is that insurance products are bought in the former while these are sold inlater. Focus if insurance industry is changing towards providing a mix of bothprotection/risk cover and long-term investment opportunities.BABASAB PATIL PROJEC TREPORT ON HUMAN RESOURCE Page 15
  • 16. STRESS MANAGEMENT AT ICICI-PRUDENTIAL WHY LIFE INSURANCE?WHY LIFE INSURANCE? Life insurance cover is essential for it provides the following benefits:a. A lump sum payment to the nominees at the time of the death of the policyholder;b. A regular payment to the nominees in the event of the death of the policyholder;c. Tax benefits, as premium paid to reduce the liability of tax;d. Relieves economic hardships in the family on the uneventful death of the sole income holder;e. Inculcates the habit of saving.BABASAB PATIL PROJEC TREPORT ON HUMAN RESOURCE Page 16
  • 17. STRESS MANAGEMENT AT ICICI-PRUDENTIALNEED FOR INSURANCE The need for life insurance comes from the need to safeguard our family. If youcare for your familys needs you will definitely consider insurance. Today insurance has become even more important due to the disintegration of theprevalent joint family system, a system in which a number of generations co-existed inharmony, a system in which a sense of financial security was always there as there weremore earning members. Times have changed and the nuclear family has emerged. Apart from the otherpitfalls of a nuclear family, a high sense of insecurity is observed in it today besides, thefamily has shrunk. Needs are increasing with time and fulfillment of these need is a bigquestion mark. How will you be able to satisfy all those needs? Better lifestyle, good education,and your long desired house. But again you just cannot fritter away all your earnings.You need to save a part of it for the future too a wise decision. This is where insurancehelps you. Factors such as fewer numbers of earnings members, stress, pollution increasedcompetition, higher ambitions etc are some of the reasons why insurance has gainedimportance and where insurance plays a successful role.An OverviewInsurance business is divided into four classes:1) Life Insurance business2) Fire3) Marine4) Miscellaneous Insurance. Life Insurers transact life insurance business; the rest is transacted by GeneralInsurers. No composites are permitted as per law. The business of Insurance essentiallyBABASAB PATIL PROJEC TREPORT ON HUMAN RESOURCE Page 17
  • 18. STRESS MANAGEMENT AT ICICI-PRUDENTIALmeans defraying risks attached to any activity over time (including life) and sharing therisks between various entities, both persons and organizations. Insurance companies (ICs)are important players in financial Markets as they collect and invest large amounts of premium. Insurance productsare multi purpose and offer the following benefits: 1. Protection to the investors 2. Accumulate savings 3. Canalize savings into sectors needing huge long term investments. ICs receive, without much default, a steady cash stream of premium orcontributions to pension plans. Various actuary studies and models enable them topredict, relatively accurately, their expected cash outflows. Liabilities of ICs being long-term or contingent in nature, liquidity is excellent and their investments are also long-term in nature. Since they offer more than the return on savings in the shape of life-coverto the investors, the rate of return guaranteed in their insurance policies is relatively low.Consequently, the need to seek high rates of returns on their investments is also low. Therisk-return trade off is heavily tilted in favour of risk. As a combined result of all this,investments of insurance companies have been largely in bonds floated by GOI, PSUs,state governments, local bodies, corporate bodies and mortgages of long term nature. Thelast place where Insurance companies are expected to be over-active is bourses. Lately ICs have ventured into pension schemes and mutual funds also. However,life insurance, constitutes the major share of insurance business. Life Insurance dependsupon the laws of mortality and there lies the difference between life and generalinsurance businesses. Life has to extinguish sooner or later and the claim in respect of lifeis certain. In case of general insurance, however, there may never be a claim and theamount can never be ascertained in advance. Hence, Life Insurance includes, besidescovering the risk of early happening of an event, an element of savings also for thebeneficiaries. Pension business also derives from life insurance in as much as the pensionoutgo again depends upon the laws of mortality. The forays made by insurancecompanies in this area are, therefore, natural corollary of their business.BABASAB PATIL PROJEC TREPORT ON HUMAN RESOURCE Page 18
  • 19. STRESS MANAGEMENT AT ICICI-PRUDENTIALTYPES OF INSURANCE POLICIES Broadly there are 3 types of life insurance policies: a. Term Insurance Plans b. Whole Life Insurance c. Endowment Insurance PlansTerm Insurance Plans: Pure life covers where you pay for risk cover and do not expect to receiveanything else in return is now available in India. Opting for such policy will improve theefficiency of policy premium and enable you for a bigger risk cover for the same cost.These are term insurance plans with maturity benefits; some term plans give yourBABASAB PATIL PROJEC TREPORT ON HUMAN RESOURCE Page 19
  • 20. STRESS MANAGEMENT AT ICICI-PRUDENTIALpremium amounts back with interest. This is a marketing policy to suit the generalpsychology and should normally involve higher premium cost.Whole life insurance plans: Whole life policies require you to pay premium through out your life and coverrisk for whole life. The policies without profit are cheaper.Endowment Insurance plans (with or without money back): Endowment policies are costliest and among this group, money back policiesinvolve paying highest premium. They give you maturity benefits (normally sum assured)and additional profit by way of bonus, guaranteed additions; loyalty bonus etc. moneypolicies also provide partial payment back to you at pre-set time periods.BABASAB PATIL PROJEC TREPORT ON HUMAN RESOURCE Page 20
  • 21. STRESS MANAGEMENT AT ICICI-PRUDENTIAL DEFINITION OF SOME TYPES OF POLICIES1. ANNUITY An annuity is a steady stream of equal payments that one receives every year, orevery month either for life or a fixed number of years, as return after making aninvestment either as a lump sum or through installments paid over a certain number ofyears, a specific sum. Upon the death of the annuitant, or at the expiry of the period fixedfor annuity payments, the invested annuity fund is refunded usually along with a smallbonus. Annuities differ from all other forms of life insurance in one fundamental way-they do not provide any insurance cover but offer a guaranteed income for a certainperiod or for life. Typically annuities are bought to generate income during ones retired life, whichis why they are also called pension plans. An annuity provides a solution to the biggestfinancial insecurity of old age retires and the income from salary ceases.2. ENDOWMENT Endowment policies cover the risk for a specified period at the end of which thesum assured is paid back to the policyholder along with the entire bonus accumulatedduring the term of the policy. It is this feature the payment of the endowment to thepolicyholder upon the completion of the policys term, which rightly accounts for thepopularity of endowment policies. Typically, ones responsibility for the financial protection of the family reducessignificantly once the children are grown up and independently settled. The focus thenshifts to managing a smaller family perhaps only oneself and ones spouse afterretirement/ this is where the endowment the original sum assured and the accumulatedbonus received back comes handy. You can either use the endowment amount for buyingan annuity policy to generate a monthly pension for the whole life, or put it in any othersuitable investment of your choice. This is the major benefit of an endowment policyover a whole life.3. MONEY BACKBABASAB PATIL PROJEC TREPORT ON HUMAN RESOURCE Page 21
  • 22. STRESS MANAGEMENT AT ICICI-PRUDENTIAL Unlike endowment plans, in money back policies the policyholder gets periodic"survivance payments" during the term of the policy and a lump sum amount onsurviving its term. In the event of the death during the term of the policy, the beneficiarygets full sum assured without any deductions for the amount paid till date, and no furtherpremiums are required to be paid. These types of policies are very popular, since they canbe tailored to get large amount at a specific periods as per the needs of the policyholder.FUTURE OF LIFE INSURANCE MARKET Even at modest estimates the size of life insurance market in India could bearound Rs. 40000 billion covering just 250 mn people… LIC had enjoyed the monopoly of the big life insurance market since 1956. LICwas in for a surprise now an then when it found that, among air crash casualties or railaccident victims, only very few had life insurance cover. In fact LIC did attempt toevaluate the size of the market and look at broad homogeneous segments of the marketbased on the data provided by Decennial Census Report relating to worker populationcategorized into groups based on occupations. However LICs major segmentations werethe urban, rural, male, female, medical and non-medical segments. The census ofoccupation data was used more as a framework for formulating the business plans. But,now with the entry of new player, very conscious of their market shares, the evaluation ofthe size of the market for life insurance assumes importance. The market size with itsviable segments is to be identified and suitable products to meet the needs of thesesegments developed. Life insurance market covers the entire age range of the population of 1000mn in India. However taking into account their economic conditions and theirability to pay the premium for some sort life insurance cover or an annuity, thenumber of eligible prospects for life insurance may be put around 30% of the totalpopulation viz, 300 mn. LIC has on its books as on date 125 mn policies. Researchhad shown, that each of these holders of the policies have on an average, 1.6 (asmany policy holders have more than one policy). Thus the no of persons holdinglife insurance policies with LIC good work out to 75 mn. This means only 25% ofBABASAB PATIL PROJEC TREPORT ON HUMAN RESOURCE Page 22
  • 23. STRESS MANAGEMENT AT ICICI-PRUDENTIALthe potential market has so far covered, leaving the remaining 75%- a vast market of 225mn persons- to be covered.Market size ever expanding…This market size is dynamic and ever expanding. The growth is dictated by severalfactors such as: 1. An addition of around 20 mn of new population each year. 2. More and more persons due to improvements in economic conditions move continuously into the zone of people with ability to pay premium for a life insurance policy. 3. Many among the existing policyholders are grossly under insured. They need and can afford additional insurance. These can be made to join the market as potential prospects for additional insurance. These form the creamy layers market capable of being very good source of high volume of business. Taking all these factors into account it can be seen that the size of the market forlife insurance in India is enormous. Assuming the number of persons who can be sold aninsurance policy to be 250 mn, in terms of number of policies, this works out to 400 mnpolicies. In financial terms, taking the average size of the policy as Rs 1 lakh, the sumassured works out to Rs 40000 bn or $ 800 bn. The first years premium income can beassume as Rs 6250 per annum per policy. The figures would keep increasing year by yeardue to the improvement in the economic conditions leading to increase in the number ofpotential prospects .BABASAB PATIL PROJEC TREPORT ON HUMAN RESOURCE Page 23
  • 25. STRESS MANAGEMENT AT ICICI-PRUDENTIAL COMPANY PROFILEICICI GROUP EMBED Word.Picture.8 EMBED Word.Picture.8OVERVIEW OF ICICI BANK ICICI Bank is Indias second-largest bank with total assets of about Rs.146,214crore at December 31, 2004 and profit after tax of Rs. 1,391 crore in the nine monthsended December 31, 2004 (Rs. 1,637 crore in fiscal 2004). ICICI Bank has a network ofabout 530 branches and extension counters and over 1,880 ATMs. ICICI Bank offers awide range of banking products and financial services to corporate and retail customersthrough a variety of delivery channels and through its specialized subsidiaries andaffiliates in the areas of investment banking, life and non-life insurance, venture capitaland asset management. ICICI Bank set up its international banking group in fiscal 2002to cater to the cross-border needs of clients and leverage on its domestic bankingstrengths to offer products internationally. ICICI Bank currently has subsidiaries in theUnited Kingdom and Canada, branches in Singapore and Bahrain and representativeoffices in the United States, China, United Arab Emirates, Bangladesh and South Africa ICICI Banks equity shares are listed in India on the Stock Exchange, Mumbaiand the National Stock Exchange of India Limited and its American Depositary Receipts(ADRs) are listed on the New York Stock Exchange (NYSE).BABASAB PATIL PROJEC TREPORT ON HUMAN RESOURCE Page 25
  • 26. STRESS MANAGEMENT AT ICICI-PRUDENTIAL As required by the stock exchanges, ICICI Bank has formulated a Code ofBusiness Conduct and Ethics for its directors and employees. At April 4, 2005, ICICI Bank, with free float market capitalization* of about Rs.308.00 billion (US$ 7.00 billion) ranked third amongst all the companies listed on theIndian stock exchanges. ICICI Bank was originally promoted in 1994 by ICICI Limited, an Indianfinancial institution, and was its wholly-owned subsidiary. ICICIs shareholding in ICICIBank was reduced to 46% through a public offering of shares in India in fiscal 1998, anequity offering in the form of ADRs listed on the NYSE in fiscal 2000, ICICI Banksacquisition of Bank of Madura Limited in an all-stock amalgamation in fiscal 2001, andsecondary market sales by ICICI to institutional investors in fiscal 2001 and fiscal 2002.ICICI was formed in 1955 at the initiative of the World Bank, the Government of Indiaand representatives of Indian industry. The principal objective was to create adevelopment financial institution for providing medium-term and long-term projectfinancing to Indian businesses. In the 1990s, ICICI transformed its business from adevelopment financial institution offering only project finance to a diversified financialservices group offering a wide variety of products and services, both directly and througha number of subsidiaries and affiliates like ICICI Bank. In 1999, ICICI become the firstIndian company and the first bank or financial institution from non-Japan Asia to belisted on the NY After consideration of various corporate structuring alternatives in thecontext of the emerging competitive scenario in the Indian banking industry, and themove towards universal banking, the managements of ICICI and ICICI Bank formed theview that the merger of ICICI with ICICI Bank would be the optimal strategic alternativefor both entities, and would create the optimal legal structure for the ICICI groupsuniversal banking strategy. The merger would enhance value for ICICI shareholdersthrough the merged entitys access to low-cost deposits, greater opportunities for earningfee-based income and the ability to participate in the payments system and providetransaction-banking services. The merger would enhance value for ICICI Bankshareholders through a large capital base and scale of operations, seamless access toICICIs strong corporate relationships built up over five decades, entry into new businesssegments, higher market share in various business segments, particularly fee-basedBABASAB PATIL PROJEC TREPORT ON HUMAN RESOURCE Page 26
  • 27. STRESS MANAGEMENT AT ICICI-PRUDENTIALservices, and access to the vast talent pool of ICICI and its subsidiaries. In October 2001,the Boards of Directors of ICICI and ICICI Bank approved the merger of ICICI and twoof its wholly-owned retail finance subsidiaries, ICICI Personal Financial ServicesLimited and ICICI Capital Services Limited, with ICICI Bank. The merger was approvedby shareholders of ICICI and ICICI Bank in January 2002, by the High Court of Gujaratat Ahmedabad in March 2002, and by the High Court of Judicature at Mumbai and theReserve Bank of India in April 2002. ICICI Bank is Indias second largest bank wit an asset base of Rs. 106812 crores.ICICI bank provides a broad spectrum of financial services to individuals and companies.This includes mortgages, car and personal loans, credit and debit cards and corporate andagricultural finance. The bank services a growing customer base of more than 7 mncustomer accounts and five mn bondholders accounts through a multi channel accessnetwork. The includes about 450 branches and extension counters, 1675 ATMs, callcenters and Internet banking. ICICI bank posted a net profit of Rs 1206 Crore for the yearended March 31, 2003. ICICI bank is the only Indian company to be rated above thecountry rating by the international rating agency Moodys and only the Indian company tobe awarded an investment grade international credit rating. The enjoys the highest ratingfrom all Indian leading rating agencies.BABASAB PATIL PROJEC TREPORT ON HUMAN RESOURCE Page 27
  • 28. STRESS MANAGEMENT AT ICICI-PRUDENTIALOVERVIEW OF ICICI VENTURE WINGICICI Venture, incorporated in 1988, is the most experienced and largest private equityand venture fund management company in India with funds currently under managementin excess of Rs.20 billion (USD 400 million). Over the last 15 years, ICICI Venture has been successful in identifying trendswell ahead of the curve; be it retail, media and entertainment, information technology,real estate or pharmaceuticals and biotechnology. During this period ICICI Venturelaunched and managed 8 funds with a corpus exceeding Rs. 20billion (USD 400 million).Each fund had a distinct investment theme and ICICI Venture today has some of the bestknown and managed companies in India in its portfolio. Herein ICICI Venture hasfollowed the philosophy of being a multi-sector player ensuring an optimum balance ofrisk and return to its investors. ICICI Venture has the distinction of managing a large number of exits in thecountry. With over 100 liquidity events, the organization has reaped rich experience andis well positioned to handle IPOs, strategic sale and/or mergers. ICICI Venture has a wide network of third party investors, which includedomestic investors such as public sector banks, financial institutions and insurancecompanies. A significant portion of the funds corpus is also from internationaldevelopment financial institutions and international funds. The company has over 25 qualified professionals with experience across sectorsand functions. The capabilities of the team, structure of the organization, emphasis onvalue creation and performance evaluation matrices enable ICICI Venture to extractsuperior returns from its investments. ICICI Venture has now launched the India Advantage Fund, with a corpus ofRs.10 Billion (USD 225 million). The Fund will invest in mid-sized growth companiesfor funding through expansions, acquisitions and restructuring. The Fund will also focuson mezzanine funding and buyouts.ICICI PRUDENTIALBABASAB PATIL PROJEC TREPORT ON HUMAN RESOURCE Page 28
  • 29. STRESS MANAGEMENT AT ICICI-PRUDENTIAL ICICI PRUDENTIAL Life Insurance was established in 2000 with a commitmentto expand and reshape the life insurance industry in India. The company was amongst thefirst private sector insurance company to begin operations after receiving approval fromInsurance Regulatory Development Authority (IRDA), and in the same time since, hastaken several steps towards realizing its goal.THE COMPANY ICICI PRUDENTIAL Life Insurance Company is a joint venture between ICIC, apremier financial powerhouse and prudential plc; a leading international financialservices group headquarters in the United Kingdom. ICICI Prudential was amongst thefirst private sector insurance company to begin operations in December 2000 afterreceiving approval from Insurance Regulatory Development Authority (IRDA). ICICI and PRUDENTIAL came together in 1993 to form prudential ICICI AssetManagement Company, which has today emerged as one of the leading mutual funds inIndia. The two companies bring together two of the strongest financial service brands inAsia, known for their professionalism, excellent quality of service and long termcommitment to customers. Riding on the success of this relationship, the two companiesjoined hands once more in 2000, to form ICICI PRUDENTIAL LIFE INSURANCE, witha commitment to provide leading -edge life insurance solutions. ICICI Bank has 74%stake in the company, and Prudential plc has 26%. To make ICICI Prudential the dominant Life and Pensions player built on trust byworld-class people and service.This we hope to achieve by:BABASAB PATIL PROJEC TREPORT ON HUMAN RESOURCE Page 29
  • 30. STRESS MANAGEMENT AT ICICI-PRUDENTIAL • Understanding the needs of customers and offering them superior products and service • Leveraging technology to service customers quickly, efficiently and conveniently • Developing and implementing superior risk management and investment strategies to offer sustainable and stable returns to our policyholders • Providing an enabling environment to foster growth and learning for our employees • And above all, building transparency in all our dealings. The success of the company will be founded in its unflinching commitment to 5core values -- Integrity, Customer First, Boundaryless, Ownership and Passion. Each ofthe values describe what the company stands for, the qualities of our people and the waywe work We do believe that we are on the threshold of an exciting new opportunity, wherewe can play a significant role in redefining and reshaping the sector. Given the quality ofour parentage and the commitment of our team, there are no limits to our growth.PRUDENTIAL PLC Established in 1848, Prudential Plc is a leading international financial servicescompany in UK with around US $ 250 bn funds under management, and more than 16million customers worldwide. Prudential has brought to market an integrated range offinancial services products that now includes:• life assurance• pensions• mutual funds• banking• investment management• general insurance In Asia Prudential is UKs largest life insurance company with a vast network of22 life and mutual fund operations in 12 countries: China, Hong Kong, India, Indonesia,BABASAB PATIL PROJEC TREPORT ON HUMAN RESOURCE Page 30
  • 31. STRESS MANAGEMENT AT ICICI-PRUDENTIALJapan, Korea, Malayasia, Philippines, Singapore, Taiwan, Thailand, Vietnam. Since1923, prudential has championed customer centric products and services, supported byover 60000 staff and agents across the region.DISTRIBUTION ICICI PRUDENTIAL has one of the largest distribution networks amongstprivate life insurance in India, having commenced operations in 28 cities and towns inIndia. These are: Ahmedabad, Bangalore, Chandigarh, Chennai, Coimbatore, Gurgaon,Hyderabad, Indore, Jaipur, Jalandhar, Kanpur, Cochin, Kolkotta, Kottaym, Lucknow,Ludhiana, Madurai, Mangalore, Meerut, Nagpore, Nasik, Nodia, New Delhi, Pune,Thane, Vododara, Vashi. The company has a largest number of banc assurance tie-ups, having agreementwith ICICI Bank, Citi Bank, Allahabad bank, Federal bank, South Indian Bank, Bank ofIndia, Lord Krishna Bank, Punjab and Maharashtra co-operative Bank, as well as somecorporate agents. It has also tied-up with organizations like Dahn for distribution ofSalaam Zindagi, a policy for the socially and economically under privilege sections ofsociety.SERVICE ICICI PRUDENTIAL has recruited and trained over 18000 insurance agents tointerface with and advice customers, and has the highest number amongst private lifeinsurers on the renowned Million Dollar Round table (MDRT). Further, it leverages itsstate-of-the-art IT infrastructure to provide superior quality of service to customers.MILESTONES ICICI PRUDENTIAL life insurance has crossed Rs 500 crore premium incomemark on March 31, 2003 having issued nearly 350000 policies for a sum assured of Rs8700 crore since its inception. The last fiscal had been significant growth for ICICI PRUDENTIAL across allsegments, with 246827 policies issued in the period April 2002-March 2003, and Rs 348Crore premium from new business in the same period, a 200 per cent growth over theprevious fiscal (April 2001-March 2002).BABASAB PATIL PROJEC TREPORT ON HUMAN RESOURCE Page 31
  • 32. STRESS MANAGEMENT AT ICICI-PRUDENTIAL The company had also met all its rural and social sector obligations, said a pressrelease. The growth been driven by pensions and unit linked products. It has garnered23% of pensions premium amongst all players for the period April 2002-February 2003and 34% in Feb alone. Today the company has established itself the number one privatelife insurer in the country.HISTORY: Incorporated on July 20, 2000 it is a 74:26, joint venture between ICICI andPrudential plc of U.K. in November 2000, ICICI Prudential Life Insurance was grantedCertification of Registration for carrying out Life Insurance business by the insuranceRegulatory & Development Authority of India. The company issued its first policy onDecember 12, 2000.Year of review 2002-2003: ICICI Prudential has consolidated its position as the leading private life insurer inIndia. ICICI Prudentials annualized premium grew more than three fold over theprevious year. Continuing with its Customer First philosophy, ICICI Prudential hassignificantly expanded its presence to 29 operational Branches (2001-2002: 16), with theAdvisor Force growing to over 18000. It has also strengthened its Alternate Distributionchannels, i.e. Bancassurance, Corporate Agents and Direct Marketing, making purchaseof insurance more accessible. Bancassurance and Direct Marketing channels havecontributed to over 18% of the Annualized Premium. ICICI Prudential was amongst the first to identify the emerging opportunity in thePension segment and launched two linked pension products Life time Pension and LifeLink Pension, which have been well received in the market. MANAGEMENTBOARD OF DIRECTORSBABASAB PATIL PROJEC TREPORT ON HUMAN RESOURCE Page 32
  • 33. STRESS MANAGEMENT AT ICICI-PRUDENTIAL ICICI Prudential Life Insurance Company Limited Board comprises reputed peoplefrom the finance industry both from India and abroad.Mr. K.V. Kamath, ChaimanMr. Mark NorbonMrs. Lalita D. GupteMrs. Kalpana MorpariaMrs. Chanda KochharMr. Kevin HolmgrenMr. M.P.ModiMr. R NaryananMs Shikha SharmaMANAGEMENT TEAMMs Shikha Sharma, Managing DirectorMr. Sandeep Batra, Chief Financial Officer & Company SecretaryMr. Shubhro J. Mitra, Chief - Human ResourcesMr. Puneet Nanda, Head - InvestmentsMs. Anita Pai, Chief - Operations & UnderwritingMr. V. Rajagopalan, Appointed ActuaryMr. Shridhar Sethuram, Chief - Sales & MarketingMr. Anil Tikoo, Head - Information Technology.BABASAB PATIL PROJEC TREPORT ON HUMAN RESOURCE Page 33
  • 34. STRESS MANAGEMENT AT ICICI-PRUDENTIAL VISION-MISSIONVISION To make ICICI Prudential the dominant Life and Pensions player built on trustby world class people and service.This we hope to achieve by:BABASAB PATIL PROJEC TREPORT ON HUMAN RESOURCE Page 34
  • 35. STRESS MANAGEMENT AT ICICI-PRUDENTIAL• Understanding the needs of customers and offering them superior products and service• Leveraging technology to service customers quickly, efficiently and conveniently.• Developing and implementing superior risk management and investment strategies to offer sustainable and stable returns to our policyholders.• Providing an enabling environment to foster growth and learning for our employees.• And above all, building transparency in all our dealings.The success of the company will be founded in its unflinching commitment to 5 corevalues:• Integrity• Customer First• Boundaryless• Ownership• Passion Each of the values describe what the company stands for, the qualities of ourpeople and the way we work. We do believe that we are on the threshold of an existingnew opportunity, where we can play a significant role in redefining and reshaping thesector. Given the quality of our parentage and the commitment of our team, there are nolimits to our growth.VISION-MISSION To be dominant life and pension players built on trust by world class peopleand service.BABASAB PATIL PROJEC TREPORT ON HUMAN RESOURCE Page 35
  • 36. STRESS MANAGEMENT AT ICICI-PRUDENTIALINTEGRITY • Stand up honestly and fearlessly for what they truly care about. • Always act in a consistent and equitable manner. • Don’t compromise the future to pay for the present.CUSTOMER FIRST • Own the customer: Deliver the promise. • Listen actively, stretch continually to add value to customers and channel partnersBOUNDARYLESS • Never say "its not my job" go beyond the call of duty. • Experiment- believe anything is possible • Seek new ideas regardless of source • Share ideas and thoughts freely across levels and functionsOWNERSHIP • If it is to be, it is up to me • Bias for action • Own mistakes. Learn from failures • Confront hard facts, pursue goals relentlessly • Accountable for team performancePASSIONBABASAB PATIL PROJEC TREPORT ON HUMAN RESOURCE Page 36
  • 37. STRESS MANAGEMENT AT ICICI-PRUDENTIAL • Winning instinct- transmit boundless energy and enthusiasm to drive results • Stand up and make a difference - challenge status quo and drive change • Demonstrate speed for competitive advantage • Passionately nurture and reward excellenceBABASAB PATIL PROJEC TREPORT ON HUMAN RESOURCE Page 37
  • 39. STRESS MANAGEMENT AT ICICI-PRUDENTIAL ICICI PRUDENTIAL Life Insurance offers a range of innovative, customer centricproducts that meet the needs of customer at every life stage. Its 13 products can be enhanced withup to four riders, to create a customized solution for each policyholder.Saving Solutions ICICI PRUDENTIAL Save and Protect is a traditional endowment savings planthat offers life protection along with adequate returns. ICICI PRUDENTIAl CashBank is an anticipated endowment policy ideal formeeting milestone expenses like a childs marriage, expenses for childs education orpurchase of an asset.Protection Solutions ICICI PRUDENTIAL Life Guard is a protection plan, which offers life covers atvery low cost. It is available in three options - level term assurance, level assurance withreturn of premium and single premium.Child Solutions ICICI PRUDENTIAL Smart Kid provides guaranteed educational benefits to achild along with life insurance cover for the parent who purchases the policy. The policyis designed to provide money at important milestones in childs life.Market Linked Solutions ICICI PRUDENTIAL LifeLink is a single premium Market Linked InsurancePlan, which combines life insurance cover with the opportunity to stay, invested in thestock market. ICICI PRUDENTIAL LifeTime offers customers the flexibility and control tocustomize the policy to meet the changing needs at different life stages. It offers threeinvestment options• Growth Plan• Income PlanBABASAB PATIL PROJEC TREPORT ON HUMAN RESOURCE Page 39
  • 40. STRESS MANAGEMENT AT ICICI-PRUDENTIAL• Balanced PlanRetirement Solutions• ICICI PRUDENTIAL Forever Life is retirement product targeted at individuals in their 30s• ICICI PRUDENTIAL LifeTime Pension is a regular premium market linked pension plan.• ICICI PRUDENTIAL LifeLink Pension is a single premium market linked pension plan.Single Premium Solutions• ICICI PRUDENTIAL Assure Invest is a single premium savings product with life cover for terms of 5, 7 or 10 years.• ICICI PRUDENTIAL Reassure is a retirement product for senior citizens who are on the verge of retirement or have just retired.• ICICI PRUDENTIAL also launched "salaam zindagi", a social sector group insurance policy targeted at the economically under privileged sections of the society.Group Insurance Solutions ICICI PRUDENTIAL also offers Group Insurance Solutions for companiesseeking to enhance benefits to their employees. ICICI PRUDENTIAL Group Gratuity Plan: ICICI Prus Group Gratuity Planhelps employers fund their statutory gratuity obligation in a scientific manner. The plancan also be customized to structure schemes that can provide benefits beyond thestatutory obligations.ICICI PRUDENTIAL GROUP SUPERANNUATION PLAN: ICICI Pru offers a flexible defined contribution superannuation scheme to providea retirement kitty for each member of the group. Employees have the option of choosingfrom various annuity options or opting for a partial commutation of the annuity at thetime of retirement.BABASAB PATIL PROJEC TREPORT ON HUMAN RESOURCE Page 40
  • 41. STRESS MANAGEMENT AT ICICI-PRUDENTIALICICI PRUDENTIAL GROUP TERM PLAN: ICICI Prus flexible group term solution helps to provide affordable cover tomembers of a group. The cover could be uniform or based designation or rank or amultiple of salary. The benefit the policy is paid to the beneficiary nominated by themember on his/her death.FLEXIBLE RIDER OPTIONS; ICICI PRUDENTIAL life offers for flexible riders, which can be added to thebasic policy at a marginal cost, depending on the specific needs of the customer.• Accident and disability benefit: if the death occurs as the result of an accident during the term of the policy the beneficiary receives an additional amount equal to the sum assured under the policy. If the death occurs while• Level Term Cover: This rider provides the option to increase the risk cover. It may be increased for an additional amount upto a maximum of the existing basics sum assured on your policy• Critical Illness Benefit: protects the insured against the financial loss in the event of 9 specified critical illnesses. Benefits are payable to the insured for medical expenses prior to death.• Major Surgical Assistance Benefit: provides financial support in the event of medical emergencies, ensuring that benefits are payable to the life assured for medical expenses incurred for surgical procedures. Cover is offered against 43 different surgical procedures.AWARENESS… According to Saugata Gupta Chief - Marketing of ICICI Pru lifescommunication strategies have been very successful in building the brand and drivingawareness of the company and the category. ORG-Margs Brand track survey undertakenlast year indicate that though awareness of LIC stands at 100%, ICICI Pru life stands notfar behind in the second place at 70%. Further the awareness scores for ICICI Pru lifedouble between February 2001 and September 2001.BABASAB PATIL PROJEC TREPORT ON HUMAN RESOURCE Page 41
  • 42. STRESS MANAGEMENT AT ICICI-PRUDENTIAL ORG Marg research also showed that the communication not only createdsaliency and awareness, but also succeeded in influencing the buying decision. ICICI Prulife emerged far ahead of other private players as far as share of wallet went, with 52% ofthe respondents saying that they intended to buy policy from ICICI Pru life.ADVERTISING EFFECTIVENESS… ICICI Pru is a case study in the role of marketing in reshaping an industry. Ithighlights how an industry where "sell" and "push" were often used words and consumerwas nothing more than a file number, has changed to one where "consumer preference"and "consumer pull" rule the roost. Heres a look at how ICICI Pru changed the rules ofthe games and emerged a leader in the process.BACKGROUND When the insurance sector was liberalized in 2000, the private players contendwith a few issues. Ratio of premium to GDP was low: 1.3% of GDP was invested ininsurance. Insurance penetration was at an abysmal 22% of insurable population. Besidesthe above the private players were faced with attitudinal barriers, perception of insurancehas a tax saving tool and lack of a consumer centric approach in service and productofferings.THE MARKETING CHALLENGES FACING ICICI Pru: The challenge therefore was to change established category drivers (deathpayment and Tax saving) and to get the consumer to evaluated insurance on a moreemotional plat form rather than a mere rational decision. (tax savings).THE CAMPAIGN OBJECTIVES:• Reposition the category in the consumers mind. Influence the consumer to view it as a protection instrument and not a tax saving product alone.• In the process, create differentiation for the ICICI Pru brand as a provider of social security and family protection.• Achieve leadership status in saliency, image and product parameters.BABASAB PATIL PROJEC TREPORT ON HUMAN RESOURCE Page 42
  • 43. STRESS MANAGEMENT AT ICICI-PRUDENTIAL• Build credibility and trust.CREATIVE STRATEGY: The essence of the creative strategy is to get the consumer to re look at insuranceas a means to lead a worry free life and not as a necessary evil. To this effect the corebrand insight highlighted was "As head of the family, it is my responsibility to take careof my loved ones and protect them from the uncertainties of life", summed up in theadvertising idea: we cover you at every step in lifeMARKET STRATEGY: In a market likely to be cluttered, we used multiple touch points to reach theconsumer. The role for each medium was envisaged. The TV medium was used toenhance the emotional link with the brand. Strategic use of 15 sec. Edits facilitated highfrequency levels. In print, the cost per response rather than the cost per thousand asresponses were measured in form of call-ins. Radio FM, Cinema, Internet were used tocreate a media multiplier effect.THE RESULTS OF COMMUNICATION EFFORTS: Being number one in awareness and saliency. Awareness: ICICI Pru showed asignificant jump in awareness between Feb and Sept 2001. Image: highest score amongall insurance players including LIC, on image parameters like safety, modernity, service,good returnsEtc. intention to invest: next only to LIC as per researchSUM UP In just over a year ICICI PRUDENTIAL has emerged as Indias # 1 private lifeinsurance company with almost 50% of the private players has sold highest number ofpolicies both in volume and value.BABASAB PATIL PROJEC TREPORT ON HUMAN RESOURCE Page 43
  • 46. STRESS MANAGEMENT AT ICICI-PRUDENTIALANALYSIS OF THE QUESTIONNARIE OF THE EMPLOYEES1. Do you have various other interests (social, religious), which remain neglected because you do not get time to attend to these Never 8% Occasionally 4% Sometimes 52% Frequently 36% Very 0%BABASAB PATIL PROJEC TREPORT ON HUMAN RESOURCE Page 46
  • 47. STRESS MANAGEMENT AT ICICI-PRUDENTIAL SOCIAL ASPECTS 0% 8% 4% 36% Never Occasionally Sometimes Frequently Very frequently 52%BABASAB PATIL PROJEC TREPORT ON HUMAN RESOURCE Page 47
  • 48. STRESS MANAGEMENT AT ICICI-PRUDENTIAL2. Do you feel stagnant in your role Never 4% Occasionally 12% Sometimes 32% Frequently 52% Very 0% ROLE STAGNATION 0% 4% 12% Never Occasionally 52% Sometimes Frequently 32% Very frequentlyBABASAB PATIL PROJEC TREPORT ON HUMAN RESOURCE Page 48
  • 49. STRESS MANAGEMENT AT ICICI-PRUDENTIAL3. Are you able to satisfy the conflicting demands of the various peer level people Never 12% Occasionally 24% Sometimes 24% Frequently 36% Very 4%BABASAB PATIL PROJEC TREPORT ON HUMAN RESOURCE Page 49
  • 50. STRESS MANAGEMENT AT ICICI-PRUDENTIAL Role Expectation Conflict 4% 12% Never 36% Occasionally 24% Sometimes Frequently Very frequently 24%BABASAB PATIL PROJEC TREPORT ON HUMAN RESOURCE Page 50
  • 51. STRESS MANAGEMENT AT ICICI-PRUDENTIAL4. Would you like to take more responsibility than at present Never 8% Occasionally 24% Sometimes 16% Frequently 36% Very 16% Role Erosion 8% 16% Never 24% Occasionally Sometimes Frequently 36% Very frequently 16%BABASAB PATIL PROJEC TREPORT ON HUMAN RESOURCE Page 51
  • 52. STRESS MANAGEMENT AT ICICI-PRUDENTIAL5. The amount of work you have to do interferes with the quality you want tomaintain Never 4% Occasionally 4% Sometimes 48% Frequently 40% Very 4%BABASAB PATIL PROJEC TREPORT ON HUMAN RESOURCE Page 52
  • 53. STRESS MANAGEMENT AT ICICI-PRUDENTIAL Role Overload 4% 4% 4% Never Occasionally 40% Sometimes Frequently 48% Very frequently6. Is there not enough interaction between your role and other roles Never 8% Occasionally 8% Sometimes 32%BABASAB PATIL PROJEC TREPORT ON HUMAN RESOURCE Page 53
  • 54. STRESS MANAGEMENT AT ICICI-PRUDENTIAL Frequently 52% Very 0% Role Isolation 0% 8% 8% Never Occasionally 52% Sometimes Frequently 32% Very frequently7. Do you wish to acquire more skills to handle the responsibilities of your roleBABASAB PATIL PROJEC TREPORT ON HUMAN RESOURCE Page 54
  • 55. STRESS MANAGEMENT AT ICICI-PRUDENTIAL Never 4% Occasionally 8% Sometimes 20% Frequently 32% Very 36% Personal Inadequacy 4% 8% 36% Never 20% Occasionally Sometimes Frequently Very frequently 32%BABASAB PATIL PROJEC TREPORT ON HUMAN RESOURCE Page 55
  • 56. STRESS MANAGEMENT AT ICICI-PRUDENTIAL8. If you had full freedom to define your role you would be doing some thingsdifferent from what you do now Never 0% Occasionally 16% Sometimes 44% Frequently 20% Very 20%BABASAB PATIL PROJEC TREPORT ON HUMAN RESOURCE Page 56
  • 57. STRESS MANAGEMENT AT ICICI-PRUDENTIAL Self-Role Distance 0% 20% 16% Never Occasionally Sometimes 20% Frequently Very frequently 44%BABASAB PATIL PROJEC TREPORT ON HUMAN RESOURCE Page 57
  • 58. STRESS MANAGEMENT AT ICICI-PRUDENTIAL9. Several aspects of your role are vague and unclear Never 40% Occasionally 16% Sometimes 12% Frequently 32% Very 0% Role Ambiguity 0% 32% Never 40% Occasionally Sometimes Frequently Very frequently 12% 16%BABASAB PATIL PROJEC TREPORT ON HUMAN RESOURCE Page 58
  • 59. STRESS MANAGEMENT AT ICICI-PRUDENTIAL10. Do you wish to have more financial resources for the work assigned to you Never 4% Occasionally 4% Sometimes 4% Frequently 28% Very 60% Resource Inadequacy 4% 4% 4% Never Occasionally 28% Sometimes 60% Frequently Very frequentlyBABASAB PATIL PROJEC TREPORT ON HUMAN RESOURCE Page 59
  • 61. STRESS MANAGEMENT AT ICICI-PRUDENTIALSUMMARY OF ANALYSISThe analysis of the project: • Most of the employees feel that their other social aspects remain neglected due to workload, which is incompatible with organizational role. • Most of the employees feel that their roles are stagnant • Some of the employees are not able to satisfy the conflicting demands of the various peer level people. • Most of the employees would like to take more responsibility than the present • Most of the employees feel that their work interferes with the quality they want to maintain in their job • Most of the employees feel that there is not enough interaction between their role and other roles because each one of them is working independently.BABASAB PATIL PROJEC TREPORT ON HUMAN RESOURCE Page 61
  • 62. STRESS MANAGEMENT AT ICICI-PRUDENTIAL • Most of the employees wish to acquire more skills to handle the responsibilities of their role • Some of the employees feel that if they are given full freedom to define their role they will do some things different from what they do now. • Most of the employees feel that they should be provided with more financial resources for the work assigned. •BABASAB PATIL PROJEC TREPORT ON HUMAN RESOURCE Page 62
  • 63. STRESS MANAGEMENT AT ICICI-PRUDENTIAL SUGGESTIONSSUMMARY OF SUGGESTIONS • When an individual occupies more than 1 role there are bound to be conflicts between the different roles that he occupies. Such inter-role conflicts are quite frequent in a modern society, where an individual is increasingly occupying multiple roles in various organizations and groups. So the organization should throw a light on their employees social aspects. The organization should improve the facilities for leisure and recreation; fact of people doing things for enjoyment, when they are not working. The organization should arrange programsBABASAB PATIL PROJEC TREPORT ON HUMAN RESOURCE Page 63
  • 64. STRESS MANAGEMENT AT ICICI-PRUDENTIAL for entertainment. Also a place for relaxation. Create a place for indoor games like carom, table tennis etc • As the individual grows older, he also grows in the role that he occupies in an organization of the individual that the role changes, and with this change in role, the need for taking up a new role becomes crucial. In order to be promoted the nit managers have to reach certain targets set to them. Reaching these targets sometimes becomes very difficult. This is bound to produce stress. Thus the organization should have a systematic strategy of manpower development. • When there are conflicting expectations or demands by different role senders, the role occupant may experience this stress. But most of the employees are able to satisfy the demands of the various peer level people. But some employees are not able to satisfy the expectations from the boss, subordinates, peers or clients. The organization should provide the employees with full information about the products so that they are able to satisfy the peers or clients. • A role occupant may feel that the functions, which he would like to perform, are being performed by some other role. The stress felt may be called role erosion. Some important role expectations of theBABASAB PATIL PROJEC TREPORT ON HUMAN RESOURCE Page 64
  • 65. STRESS MANAGEMENT AT ICICI-PRUDENTIAL employee are shared by other roles within the role set. So the organization should give a chance to employees who are willing to take more responsibilities to enhance their performance. And thus provide training, guidance and assistance to the employees • When the role occupant feels that there are too many expectations from the significant others in his role set, he experiences role overload. Some employees feel that they cannot possibly finish the work within the time limit. The employees should be given sufficient time to complete the work since it is an insurance industry, getting the policies is quite difficult • When a role occupant feels that he is not prepared to undertake the role effectively, he may experience this stress. Almost all the employees wish to acquire more skills because the organization is launching new products in the market for the clients and so the employees should posses enough knowledge, skills, training about theBABASAB PATIL PROJEC TREPORT ON HUMAN RESOURCE Page 65
  • 66. STRESS MANAGEMENT AT ICICI-PRUDENTIAL product because without enough preparation or orientation they are likely to experience this type of stress So the organization should prepare the employees for the assigned new role. • This stress arises out of the conflict between the self-concept and the expectations from the role, as perceived by the role occupant. Such conflicts are common, although they may not be so severe. Some employees are willing to do things different from what they do now. So the organization should support such employees so that they can generate good business, which in turn will benefit the employees and also the organization. • Resource Inadequacy stress is experienced when the resources required by the role occupant for performing the role effectively are not available, such as information, people, materials, finance or other facilities. The unit managers have to recruit 25 advisors to generate business from them. For this purpose they have to go for fieldwork and hunt for them. So in this process they have to spend the money in looking out for the efficient people. So the company so provides financial resources and transportation facilities to the employees. This will reduce the stress of the employees and thus they will be able to perform they role effectively with the availability of adequate resources.BABASAB PATIL PROJEC TREPORT ON HUMAN RESOURCE Page 66
  • 68. STRESS MANAGEMENT AT ICICI-PRUDENTIAL LIMITATIONS OF THE STUDY • Since private life insurance is the new theory in the Indian market, an in depth study was not possible. • Some of the Unit Managers were engaged in their work and were not able to give their opinion about their working process. • Time ConstraintBABASAB PATIL PROJEC TREPORT ON HUMAN RESOURCE Page 68
  • 70. STRESS MANAGEMENT AT ICICI-PRUDENTIAL CONCLUSION To conclude, I would like to say that working with ICICI Prudential for 2 monthswas a great experience. And I feel proud be an advisor of an esteemed company, as ICICIPrudential is known for its leadership in the private life insurance sector. The company should plan ahead and practice good time management. It shouldalso help the employees to develop a sound philosophy of life and maintain a positiveattitude.Stress Management by organization should be designed to reduce the harmful effects ofstress in a way • Help employees modify their perception and understanding of work stress • Help employees cope more effectively with the consequences of stress. • Help the employees to identify and then modify or eliminate work stressorsBABASAB PATIL PROJEC TREPORT ON HUMAN RESOURCE Page 70
  • 72. STRESS MANAGEMENT AT ICICI-PRUDENTIAL “A study on Stress Management at ICICI PRUDENTIAL”The information given by you will be used only for the academic purpose, will be ofimmense value and would assist me in this endeavor. Thus kindly co-operateName of employee :Age :Gender : Male FemaleMarital Status : Married UnmarriedOccupation :1.Do you have various other interests (social, religious), which remain neglected because you do not get time to attend to these Never Occasionally Sometimes Frequently Very Frequently (0) (1) (2) (3) (4)2. Do you feel stagnant in your role Never Occasionally Sometimes Frequently Very Frequently (0) (1) (2) (3) (4)BABASAB PATIL PROJEC TREPORT ON HUMAN RESOURCE Page 72
  • 73. STRESS MANAGEMENT AT ICICI-PRUDENTIAL3. Are you able to satisfy the conflicting demands of the various peer level people Never Occasionally Sometimes Frequently Very Frequently (0) (1) (2) (3) (4)4. Would you like to take more responsibility than at present Never Occasionally Sometimes Frequently Very Frequently (0) (1) (2) (3) (4)5. The amount of work you have to do interferes with the quality you want to maintain Never Occasionally Sometimes Frequently Very Frequently (0) (1) (2) (3) (4)6. Is there not enough interaction between your role and other roles Never Occasionally Sometimes Frequently Very Frequently (0) (1) (2) (3) (4)7. Do you wish to acquire more skills to handle the responsibilities of your role Never Occasionally Sometimes Frequently Very Frequently (0) (1) (2) (3) (4)BABASAB PATIL PROJEC TREPORT ON HUMAN RESOURCE Page 73
  • 74. STRESS MANAGEMENT AT ICICI-PRUDENTIAL8. If you had full freedom to define your role you would be doing some thingsdifferent from what you do now Never Occasionally Sometimes Frequently Very Frequently (0) (1) (2) (3) (4)9. Several aspects of your role are vague and unclear Never Occasionally Sometimes Frequently Very Frequently (0) (1) (2) (3) (4)10. Do you wish to have more financial resources for the work assigned to you Never Occasionally Sometimes Frequently Very Frequently (0) (1) (2) (3) (4)BABASAB PATIL PROJEC TREPORT ON HUMAN RESOURCE Page 74
  • 76. STRESS MANAGEMENT AT ICICI-PRUDENTIAL 1. Organizational behavior : John W. Newstrom Keith Davis 2. Managing Human Resources : Wayne. F. Cascio 3. Making Organizational Roles Effective : Udai Pareek 4. Web-Site : iciciprulife.com , google.com 5. Journals : Company Journals & MagazineBABASAB PATIL PROJEC TREPORT ON HUMAN RESOURCE Page 76
  • 78. STRESS MANAGEMENT AT ICICI-PRUDENTIALWhat is Stress Stress is the general term applied to the pressures people feel in life. The presenceof stress at work is almost inevitable in many jobs. However, individual differencesaccount for a wide range of reactions to stress, a task viewed as challenging by oneperson may produce high levels of anxiety in another. When pressure begins to build up,it can cause adverse strain on person’s emotions, thought processes, and physicalcondition. When stress becomes excessive, employees develop various symptoms ofstress that can harm their job performance and health, and even threaten their ability tocope with the environment. Stress also leads to physical disorders, because the internalbody system changes to try to cope with stress. It is important that stress, both on and offthe job, be kept at a level low enough for most people to tolerate without developingeither emotional or physical disorders. Stress can be either temporary or long-term, either mild or severe. The effects onan employee depend mostly on how long its causes continue, how powerful they are,and how strong the employee’s recovery powers are. If stress is temporary and mild, mostpeople can handle it or at least recover from its effects rather quickly. Stress is simply the bodys non-specific response to any demand made on it.Stress is not by definition synonymous with nervous tension or anxiety. Stress providesthe means to express talents and energies and pursue happiness; it can also causeBABASAB PATIL PROJEC TREPORT ON HUMAN RESOURCE Page 78
  • 79. STRESS MANAGEMENT AT ICICI-PRUDENTIALexhaustion and illness, either physical or psychological; heart attacks and accidents. Theimportant thing to remember about stress is that certain forms are normal and essential. As the body responds to various forms of physical or psychological stress, certainpredictable changes occur. These include increased heart rate, blood pressure (systolicand diastolic), and secretions of stimulatory hormones. These responses to stress willoccur whether the stress is positive or negative in nature. In lay terms, it is known as the"fight or flight" mechanism. Continual exposure lowers the bodys ability to cope withadditional forms of psychological or physiological stress. The results of continuing stressmay cause disruption in one or more of the following areas of health: physical, emotional,spiritual and/or social. Stress is a process that builds. Its more effective to intervene early in the processrather than later. Try to become aware of the signs that suggest the process has begunStress is the way your body responds to the demands placed on it. Positive or "good"stress can help you concentrate and focus. In some instances, it actually increases yourability to survive. Your bodys response to stress can be hormonal, such as an adrenalinerush. It can also be a rise in blood pressure, blood sugar, or body temperature. Thesephysical reactions can often make you more alert; give you more acute eyesight or greaterstrength. Thats how your body gives you what you need to act. Ideally, your bodyautomatically relaxes after you have handled the situation. Your physical responsesnormalize and you are able to return to a state of rest. This process allows you to gatherphysical and emotional energy which helps you deal with changes and challenges in yourdaily life. Your physical reaction to stress is the same for positive and negative stress; thedifference is that with negative stress your body never returns to the "pre-stress" relaxedstate. You remain tense or anxious, which drains you of emotional and physical energy.The common expression for stress is ‘tension’ One is said to be tense, when there is someanxiety, some fear of whether the desirable things may happen, whether something maygo wrong, etc. It is a state of discomfort felt in the mind and experienced by the body.When there is tension, the body may become weak. In management literature, ‘Stress’ is defined as a response of the human body to afelt need. When one is hungry and there is an urge to eat food, the body is in a state ofBABASAB PATIL PROJEC TREPORT ON HUMAN RESOURCE Page 79
  • 80. STRESS MANAGEMENT AT ICICI-PRUDENTIALstress, which disappears when the need is fulfilled. This definition suggests that stress is adesirable condition, making one move towards fulfillment of needs. This is partly true.Stress occurs also when the need arises out of fear and the urge is to run and escape. Thismay sometimes, be not possible. In that case, there is no movement, the need remainsunfulfilled and the stress condition does not disappear. Stress is identified as of two kinds. One is called EuStress, which is the conditionin which there is drive and effort to fulfill the needs. Motivation is high. Achievement isseen as possible. The situation is challenging. Stress disappears when the need is fulfilledThere is success. The other is DiStress, which is the condition when there is a sense ofhelplessness in being able to achieve. The feeling is of frustration. There is no success.May be, there is no attempt even, because success is seen as impossible. The stresscondition remains. If one were to chart the level of stress and the level of effort put in to work, itwould be an inverted parabola. Eustress would be in the ascending left side of theparabola. The challenge would be maximum at the hump. The latter half on the right siderepresents Distress. The problems of stress are caused by Distress, not by Eustress. Eustress is necessary for the person to be fully alert, for all his faculties to comeinto play to face the situation. For example, a goalkeeper in football or hockey, will betotally relaxed when the ball is at the other end of the ground, but becomes extremelyalert as the ball moved towards him. His body stiffens, the eyes begin to bulge, focussingon the ball and the movement of the players, picking up the slightest of movements andevery nerve and muscle ready to respond to those movements. That is Eustress, withoutwhich the goalkeeper cannot be at his best. So also, Eustress is experienced by thebatsman in cricket when the bowler is on the run, and by the tennis player when the ballis about to be served at the other end. Stress is a part of living. Too little stress and we become apathetic and ineffective.Too much stress and we live with anxiety, fatigue, and over time, increase our risk foraccidental injury and serious illness. Maintaining an optimal level of stress is an ongoingchallenge of everyday life. The stress response of the body is meant to protect and support us. To maintainstability or homeostasis, the body is constantly adjusting to its surroundings. When aBABASAB PATIL PROJEC TREPORT ON HUMAN RESOURCE Page 80
  • 81. STRESS MANAGEMENT AT ICICI-PRUDENTIALphysical or mental event threatens this equilibrium, we react to it. This process is oftenreferred to as the "fight or flight response." We prepare for physical action in order toconfront or flee a threat. Our ancestors responded to stressful ordeals in this fashion.Millions of years later, when you face a situation that you perceive as challenging, yourbody automatically goes into overdrive, engaging the stress response. Immediately, yourelease the same hormones that enabled cave people to move and think faster, hit harder,see better, hear more acutely, and jump higher than they could only seconds earlier. Liketheirs, your heartbeat speeds up; your blood pressure increases; your breathing quickens.Most modern stresses, however, do not call for either fight or flight. Our experience ofstress is generally related to how we respond to an event, not to the event itself.BABASAB PATIL PROJEC TREPORT ON HUMAN RESOURCE Page 81
  • 82. STRESS MANAGEMENT AT ICICI-PRUDENTIAL Stress has existed throughout the evolution. About 4 billion years ago, violentcollision of rock and ice along with dust and gas, led to the formation of a new planet.The planet survive more than 100 million years of meltdown to give birth to microscopiclife . These first organisms endured the harshest of conditions—lack of oxygen, exposureto suns UV rays and other inhospitable elements, to hang on to their dear life. Roughly300,000 years ago, the Neanderthals learnt to use fire in a controlled way, to survive theGlacial Age. And around 30,000 years, Homo sapiens with their dominant geneconstitutions and better coping skills, won the game of survival. Each step of evolution atest of survival, and survival, a matter of coping with the stress of changing conditions. Millions of trials and errors in the life process have brought men to this stage.Coping with events to survive has led men to invent extraordinary technologies,beginning with a piece of sharpened stone. From the viewpoint of microevolution, stress induction of transpositions is apowerful factor, generating new genetic variations in populations under stressfulenvironmental conditions. Passing through a bottleneck, a population can rapidly andsignificantly alters its population norm and become the founder of new, evolved forms. Gene transposition through Transposable Elements (TE)—jumping genes, is amajor source of genetic change, including the creation of novel genes, the alteration ofgene expression in development, and the genesis of major genomic rearrangements. In aresearch on the significance of responses of the genome to challenges, the Nobel Prizewinning scientist Barbara McClintock, characterized these genetic phenomena asgenomic shock’. This occurs due to recombination events between TE insertions (highand low insertion polymorphism) and host genome. But, as a rule TEs remainimmobilized until some stress factor (temperature, irradiation, DNA damage, theintroduction of foreign chromatin, viruses, etc.) activates their elements. The moral remains that we can work a stress condition to our advantage or protectourselves from its untoward follow-throughs subject to how we handle a stress situation.The choice is between becoming a slave to the stressful situations of life or using them toour advantageBABASAB PATIL PROJEC TREPORT ON HUMAN RESOURCE Page 82
  • 83. STRESS MANAGEMENT AT ICICI-PRUDENTIAL "Nothing gives one person so much advantage over another as to remain alwayscool and unruffled under all circumstances” In a challenging situation the brain prepares the body for defensive action—the fight orflight response by releasing stress hormones, namely, cortisone and adrenaline. These hormonesraise the blood pressure and the body prepares to react to the situation. With a concrete defensiveaction (fight response) the stress hormones in the blood get used up, entailing reduced stresseffects and symptoms of anxiety. When we fail to counter a stress situation (flight response) the hormones andchemicals remain unreleased in the blood stream for a long period of time. It results instress related physical symptoms such as tense muscles, unfocused anxiety, dizziness andrapid heartbeats. We all encounter various stressors (causes of stress) in everyday life, whichcan accumulate, if not released. Subsequently, it compels the mind and body to be in an almostconstant alarm-state in preparation to fight or flee. This state of accumulated stress can increasethe risk of both acute and chronic psychosomatic illnesses and weaken the immune system of thehuman body. Stress can cause headaches, irritable bowel syndrome, eating disorder, allergies,insomnia, backaches, frequent cold and fatigue to diseases such as hypertension, asthma,diabetes, heart ailments and even cancer. In fact, Sanjay Chugh, a leading Indianpsychologist, says that 70 per cent to 90 per cent of adults visit primary care physiciansfor stress-related problems. Scary enough. Just about everybody—men, women, children and even fetuses—suffer from stress.Relationship demands, chronic health problems, pressure at workplaces, traffic snarls, meetingdeadlines, growing-up tensions or a sudden bearish trend in the bourse can trigger stressconditions. People react to it in their own ways. In some people, stress-induced adverse feelingsand anxieties tend to persist and intensify. Learning to understand and manage stress can preventthe counter effects of stress. Methods of coping with stress are aplenty. The most significant or sensible wayout is a change in lifestyle. Relaxation techniques such as meditation, physical exercises,listening to soothing music, deep breathing, various natural and alternative methods,personal growth techniques, visualization and massage are some of the most effective ofthe known non-invasive stress bustersBABASAB PATIL PROJEC TREPORT ON HUMAN RESOURCE Page 83
  • 84. STRESS MANAGEMENT AT ICICI-PRUDENTIAL The words positive and stress may not often go together. But, there areinnumerable instances of athletes rising to the challenge of stress and achieving theunachievable, scientists stressing themselves out over a point to bring into light the mostunthinkable secrets of the phenomenal world, and likewise a painter, a composer or awriter producing the best paintings, the most lilting of tunes or the most appealing pieceof writing by pushing themselves to the limit. Psychologists second the opinion that somestress situations can actually boost our inner potential and can be creatively helpful.Sudha Chandran, an Indian danseus, lost both of her legs in an accident. But, the physicaland social inadequacies gave her more impetus to carry on with her dance performanceswith the help of prosthetic legs rather than deter her spirits. Experts tell us that stress, in moderate doses, are necessary in our life. Stressresponses are one of our bodys best defense systems against outer and inner dangers. In arisky situation (in case of accidents or a sudden attack on life et al), body releases stresshormones that instantly make us more alert and our senses become more focused. Thebody is also prepared to act with increased strength and speed in a pressure situation. It issupposed to keep us sharp and ready for action. Research suggests that stress can actually increase our performance. Instead ofwilting under stress, one can use it as an impetus to achieve success. Stress can stimulateones faculties to delve deep into and discover ones true potential. Under stress the brainis emotionally and biochemically stimulated to sharpen its performance Stress is, perhaps, necessary to occasionally clear cobwebs from our thinking. Ifapproached positively, stress can help us evolve as a person by letting go of unwantedthoughts and principle in our life. Very often, at various crossroads of life, stress mayremind you of the transitory nature of your experiences, and may prod you to look for thetrue happiness of life. Organizational and individual programs to help managers and employees cope upwith stress have become increasingly popular, as the toll taken by stress has become moreBABASAB PATIL PROJEC TREPORT ON HUMAN RESOURCE Page 84
  • 85. STRESS MANAGEMENT AT ICICI-PRUDENTIALwidely known. Methods are available to individuals and organizations for managingstress and reducing its harmful effects. Stress management refers to any program thatreduces stress be helping people understand the stress response, recognize stressors, anduse coping techniques to minimize the negative impact of stress.INDIVIDUAL METHODS Stress management by individuals includes activities and behaviors designed toeliminate or control the sources of stress and make the individual more resistant to orbetter able to cope with stress. The first step in individual stress management involvesrecognizing the stressors that are affecting the person’s life. Next, the individual needs todecide what to do about them.Practical suggestions for individual stress management include the following • Plan ahead and practice good time management • Get plenty of exercise • Develop a sound philosophy of life and maintain a positive attitude • Concentrate on balancing your work and personal life. • Learn a relaxation technique.ORGANIZATIONAL METHODS Stress management by organizations is designed to reduce the harmful effects ofstress in three ways • Identify and then modify or eliminate work stressors • Help employees modify their perception and understanding of work stress • Help employees cope more effectively with the consequences of stress.APPROACHES TO STRESS MANAGEMENTBABASAB PATIL PROJEC TREPORT ON HUMAN RESOURCE Page 85
  • 86. STRESS MANAGEMENT AT ICICI-PRUDENTIAL Both organization and individuals are highly concerned about stress and itseffects. In attempting to manage stress, they have three broad options • Prevent or control it, • Escape from it, • Learn to adapt it. Organizations can seek to improve managerial communication skills, empoweremployees through participation, redesign jobs to be more fulfilling, or implementorganization development programs. These steps are aimed at reducing or eliminatingstressors for employees. Some employees can escape stress by requesting job transfers,finding alternative employment, taking early retirement or acquiring assertiveness skillsallow them to confront the stressor. Some people experience stress because they are detached from the world aroundthem, they lack warm interpersonal relationships. Individuals with a driving ambition anda strong need for independence may fail to develop close attachments to friends andcolleagues. To achieve their success, they often sacrifice fulfillment to their social needs.Their lack of social attachments may result in anger, anxiety, and loneliness- allproducing stress in their lives.STRESS AND JOB PERFORMANCE Stress can be either helpful or harmful to job performance, depending on its level.When there is no stress, job challenges are absent and performance tends to be low. Asstress increases, performance tends to increase, because stress helps a person call up resources to meetjob requirements. Constructive stress is a healthy stimulus that encourages employees to respond tochallenges. Eventually, stress reaches a plateau that corresponds approximately with a person’s top day today performance capability. At this point additional stress tends to produce no more improvement. Finally, if stress becomes too great, it turns into a destructive force. Performancebegins to decline at some point because excess stress interferes with performance. Anemployee loses the ability to cope: she or he becomes unable to make decisions andexhibits erratic behavior. If stress increases to a breaking point, performance becomeszero: the employee has a breakdown, becomes too ill to work, is fired, quits, or refuses tocome to work to face the stress.STRESS MANAGEMENTBABASAB PATIL PROJEC TREPORT ON HUMAN RESOURCE Page 86
  • 87. STRESS MANAGEMENT AT ICICI-PRUDENTIAL Is the need of the hour. However hard we try to go beyond a stress situation, lifeseems to find new ways of stressing us out and plaguing us with anxiety attacks.Moreover, be it our anxiety, mind-body exhaustion or our erring attitudes, we tend tooverlook causes of stress and the conditions triggered by those. In such unsettlingmoments we often forget that stressors, if not escapable, are fairly manageable andtreatable. Stress, either quick or constant, can induce risky body-mind disorders. Immediatedisorders such as dizzy spells, anxiety attacks, tension, sleeplessness, nervousness andmuscle cramps can all result in chronic health problems. They may also affect ourimmune, cardiovascular and nervous systems and lead individuals to habitual addictions,which are inter-linked with stress. Like "stress reactions", "relaxation responses" and stress management techniquesare some of the bodys important built-in response systems. As a relaxation response thebody tries to get back balance in its homeostasis. Some hormones released during thefight or flight situation prompt the body to replace the lost carbohydrates and fats, andrestore the energy level. The knotted nerves, tightened muscles and an exhausted mindcrave for looseners. Unfortunately, today, we dont get relaxing and soothing situationswithout asking. To be relaxed we have to strive to create such situationsStress is physical When the goalkeeper or the batsman or the tennis player experiences Eustress,there are changes in the physical system. The muscles become tense. The eyes becomesharper. When one is under severe distress, as in the case of Arjuna in Kurukshetra, theperson sweats, the body becomes weak and loses strength. Study of stress shows that the response is the same whether it is Eustress orDistress, except that the degree varies. The response is called the Fight or Flightresponse. When one senses danger, one is tempted to either stand and fight to ward offthe danger or run away – Flight. The body conditions itself for either event,automatically, causing changes in the normal secretions of hormones and otherchemicals, withdrawing from activities that are less important and diverting to activitiesthat should have higher priority in that situation.. Food is less important. The musclesBABASAB PATIL PROJEC TREPORT ON HUMAN RESOURCE Page 87
  • 88. STRESS MANAGEMENT AT ICICI-PRUDENTIALneed more energy and therefore the blood carries substances to the muscles, divertingthem from the stomach. More oxygen than normal is required. Therefore, the breathingbecomes faster, the heart-beat rate increases, the blood vessels dilate to carry moreoxygen. The liver releases more stored energy. The eyes and ears become more acutelysensitive to the sensations from outside. The body is programmed to reverse these changes, and revert to normal, when thethreat disappears. If however, one remains in a continuous state of stress, withoutbecoming normal, the changed conditions tend to remain permanent, like a rubber bandloses its elasticity when held extended for a long time. These abnormal conditionsmanifest as diseases and one suffers from high blood pressure, cardiac disorders, pepticulcers, insomnia, constipation, fatigue, colitis, kidney problems, etc. Behaviourally, theylead to absenteeism, alcoholism, use of drugs, marital disharmony and so on, which areboth organisationally and socially, undesirableStress is psychological Stress is experienced when one perceives a threat and the fight or flight responseis called for. This perception is an interpretation that one makes within oneself, of theexternal factors. When one sees a dog on the street baring its teeth, one may either getfrightened or remain calm. Both fright and calmness are psychological reactions. Thechoice is one’s own and is not dictated by the dog. This choice is made, largelyunconsciously, on the basis of one’s beliefs about dogs in general, what one has heardabout rabies being caused by dog bites, what one sees about the characteristics of the dogin question at that time, one’s predilections towards animals, and so on. When one becomes anxious in a situation, the situation does not create anyanxiety. What one thinks about the situation creates the anxiety. If one is confident oftackling the situation, there is no anxiety. Therefore, the level of stress is caused by one’sown perception of one’s capability to cope with the situation. Thus, stress is apsychological response, depending upon one’s level of fear, confidence, anxiety, anger,hurt, etc. The physical response is an automatic sequel to one’s psychological condition.The physical changes depend on the extent of fear or confidence etc. Therefore, themanagement of stress essentially is in the control one has on one’s emotions.StressorsBABASAB PATIL PROJEC TREPORT ON HUMAN RESOURCE Page 88
  • 89. STRESS MANAGEMENT AT ICICI-PRUDENTIAL Stress is not caused by any external factor. It is created by oneself, by the way onethinks about the external factors. Yet there are situations, in which most people tend toget stressed. These are called stressors. In personal life, death of a close relative is astressor. An important test in life, like a final examination; a transfer of residence;separation due to marriage, divorce or change of job; difficult financial demands; seriousillness; likelihood of unpleasant secrets becoming revealed; are common stressors.Having to welcome and entertain important visitors or having to deliver a speech for thefirst time, also cause considerable stress. At work, the following may be stressors., • Needs not met. These could be needs for power, for fulfillment, for use of knowledge • Not being included by others as part of a group you want to belong to • Not being recognized or valued for one’s competence • Feeling that one is not adequate for the task, particularly when compared to some one else • Being denied what is due (rewards, work) • Monotony or boredom • Not having enough freedom at work, being closely supervised • Inequity in rewards, assignments • Very little opportunity for growth • Too much of work, overload • Too little work, boredom • Inadequate resources to do the assigned work, creating possibilities of failures • Conflict in values at work, being required to do what one does not like to do • Too many and conflicting demands at work from the role set • Responsibilities not clear, ambiguity on what is expected • Un understanding, unpredictable, temperamental boss • New unfamiliar work • Being blamedBABASAB PATIL PROJEC TREPORT ON HUMAN RESOURCE Page 89
  • 90. STRESS MANAGEMENT AT ICICI-PRUDENTIAL • On close analysis, it will be found that all of the above situations are, in some way or other, causing perceptions of possible failure at work or non-recognition and consequent loss of self-esteem. It is important to recognize whether you are under stress or out of it. Many times,even if we are under the influence of a stressful condition and our body reacts to itinternally as well as externally, we fail to realize that we are reacting under stress. Thisalso happens when the causes of stress are there long enough for us to get habituated tothem. The body constantly tries to tell us through symptoms such as rapid palpitation,dizzy spells, tight muscles or various body aches that something is wrong. It is importantto remain attentive to such symptoms and to learn to cope with the situations. We cope better with stressful situation, when we encounter them voluntarily. Incases of a relocation, promotion or layoff, adventurous sports or having a baby, we tendto respond positively under stress. But, when we are compelled into such situationsagainst our will or knowledge, more often than not, we wilt at the face of unknown andimagined threats. For instance, stress may mount when one is coerced into undertakingsome work against ones will.Levels of Stress: There are four basic levels of stress symptoms. 1. The first is the normal initial response and is characterized by increased heart beat rates, increased blood pressure, dilation of pupils, sweat in palms and reduced activity in the stomach. 2. At the second level, there is more irritability, stuttering and stammering, difficulty in concentrating, restlessness, lack of appetite and tendency to increased smoking or drinking for those so habituated. 3. At the third level, there would be more headaches, stomachaches, diarrhea, sweating, insomnia, depression etc. 4. The fourth level would be characterized by ulcers, stroke, alcoholism, drug addiction, psychosis etc.BABASAB PATIL PROJEC TREPORT ON HUMAN RESOURCE Page 90
  • 91. STRESS MANAGEMENT AT ICICI-PRUDENTIALCAUSES OF STRESS An important first step in prevention is to examine the causes of stress. Conditionsthat tend to cause stress are called stressors. Although even a single stress may causemajor stress, usually stressors combine to pressure an employee in a variety of ways untilstress develops. Almost any job condition can cause stress, depending on an employee’sreaction to it. For example, one employee will accept a new work procedure and feel littleor no stress, while another experiences overwhelming pressure from the same task. Part of the difference lies in each employee’s experiences, general outlooks, andexpectations, frequently cause stress for employees. Work overload and time deadlines put employees under pressure can lead tostress. Often these pressures arise from management, and a poor quality of managementcan cause stress. Examples of stress producing factors related to management are anautocratic supervisor, an insecure job climate, lack of control over one’s own job, andinadequate authority to match one’s responsibilities. Many things can trigger the stressreaction, including danger, threat, news, illness, as well as significant changes in onesself-identification as a Type A or as a Type B personalityTYPICAL CAUSES OF STRESS ON THE JOB • Work Overload • Time pressures • Poor quality of supervision • Insecure job climate • Lack of personal control • Inadequate authority to match responsibilities • Role conflict and ambiguity • Differences between company and employee values • Change of any type, especially when it is major or unusual • Frustration • Technology with training or supportBABASAB PATIL PROJEC TREPORT ON HUMAN RESOURCE Page 91
  • 92. STRESS MANAGEMENT AT ICICI-PRUDENTIALSigns of Stress Although perception is a part of stress, stress is real. There are more than a fewways a person can react to stress. The reactions fall into three categories: thoughts,feelings and behaviors. Stressful thoughts involve what’s going on in your head whenyou are stressed out. Some of the thoughts a person might have include the following: • Low self-esteem • Fear of failure • Inability to concentrate • Embarrassing easily • Worrying about the future • Preoccupation with thoughts/tasks • ForgetfulnessEmotional stress can cause a person to have feelings of anxiousness, fear, anger or eventhe “blues.” Stress sometimes brings out unwanted behaviors too. The following is a list ofstressful behaviors: • Acting on a whim • Being accident prone • Crying for no apparent reason • Grinding your teeth • Laughing in a high pitch and nervous tone of voice • Increasing smoking • Increasing use of drugs and alcohol • Stuttering and other speech difficulties In addition to stressful feelings, behaviors and thoughts, physiology, which refersto the way that the human body reacts chemically and physically to stress, can also causeproblems. Stress can manifest itself mentally and physically. Following are some of theindicators of a stressed-out person:BABASAB PATIL PROJEC TREPORT ON HUMAN RESOURCE Page 92
  • 93. STRESS MANAGEMENT AT ICICI-PRUDENTIAL • Perspiration /sweaty hand. • Increased heart beat • Trembling • Dryness of throat and mouth • Tiring easily • Urinating frequently • Sleeping problems • Diarrhea / indigestion / vomiting • Butterflies in stomach • Headaches • Premenstrual tension • Pain in the neck and or lower back. • Loss of appetite or overeating • Susceptibility to illnessWHAT ARE THE SYMPTOMS OF STRESS?Physical symptoms Physical symptoms can be caused by other illnesses, so it is important to have amedical doctor treat conditions such as ulcers, compressed disks, or other physicaldisorders. Remember, however, that the body and mind are not separate entities. Thephysical problems outlined below may result from or be exacerbated by stress: • sleep disturbances • back, shoulder or neck pain • tension or migraine headaches • irregular heartbeat, palpitations • asthma or shortness of breath • chest painBABASAB PATIL PROJEC TREPORT ON HUMAN RESOURCE Page 93
  • 94. STRESS MANAGEMENT AT ICICI-PRUDENTIALEmotional symptoms Like physical signs, emotional symptoms such as anxiety or depression can maskconditions other than stress. It is important to find out whether they are stress-related ornot. In either case, the following emotional symptoms are uncomfortable and can affectyour performance at work or play, your physical health, or your relationships with others: • nervousness, anxiety • depression, moodiness • “butterflies” • irritability, frustration • memory problems • lack of concentrationRelational symptoms The antisocial behavior displayed in stressful situations can cause the rapiddeterioration of relationships with family, friends, co-workers, or even strangers. Aperson under stress may manifest signs such as: • increased arguments • isolation from social activities • conflict with co-workers or employers • frequent job changes • road rage • domestic or workplace violence • overreactionsBABASAB PATIL PROJEC TREPORT ON HUMAN RESOURCE Page 94
  • 97. STRESS MANAGEMENT AT ICICI-PRUDENTIALSTRESS AT WORKPLACE It is not possible to remove the pressures at work but one can definitely reducepressure, which in turn takes form of stress and further shapes itself as ailments byenabling people Stress in the workplace is becoming a major concern for employers, managers andgovernment agencies, owing to the Occupational Health and Safety legislations requiringemployers to practice ‘duty of care’ by providing employees with safe workingenvironments which also cover the psychological wellbeing of their staff. One of the costs, for employers, of work place stress is absenteeism, with theA.C.T.U. reporting that owing to stress, nearly fifty per cent of employees surveyed hadtaken time off work. Other negative effects were reductions in productivity, reducedprofits, accidents, high rates of sickness, increased workers’ compensation claims andhigh staff turnover, requiring recruiting and training of replacement staff. While a certain amount of stress is needed to motivate individuals into action,prolonged stress can have a huge impact on overall health. More than two-thirds of visitsto doctors’ surgeries are for stress-related illnesses. Stress has been linked to headaches,backaches, insomnia, anger, cramps, elevated blood pressure, chronic fatigue syndrome,fibromyalgia and lowered resistance to infection. For women, stress is a key factor inhormonal imbalances resulting in menstrual irregularities, PMS, fibroids, endometriosisand fertility problems. Stress can also be a factor in the development of almost all diseasestates including cancer and heart disease. Each profession has its own unique factors that may cause stress; below are somecauses of stress that cross many professions:· Increased workloadBABASAB PATIL PROJEC TREPORT ON HUMAN RESOURCE Page 97
  • 98. STRESS MANAGEMENT AT ICICI-PRUDENTIAL· Organizational changes· Lack of recognition· High demands· Lack of support· Personal and family issues.· Poor work organization· Lack of training· Long or difficult hours· inadequate staff numbers and resources· Poor management communication· Lack of control or input Workplace stress is on the rise and its costing corporate America a fortune. Someestimate that 80% of health care costs are stress related, and these expenses go right tothe bottom line. According to CNN-Money.com, Americans spent more than $17 billion for anti-depressants and anti- anxiety drugs in 2002, up 10% from the year before and nearly 30%over a two-year period. The Institute for Management Excellence reports that American industry spendsmore than $26 billion each year for medical bills and disability payments with another$10 billion for executives lost workdays, hospitalization, and early death.In addition to these staggering figures, stress takes its toll through the added costs ofquality control, legal challenges, lost opportunities, poor performance, bad attitudes, andtraining. We cannot do much about the skyrocketing costs of medical care and prescriptiondrugs, but we can take immediate action to control the top ten causes of stress asidentified by The Global Business and Economic Roundtable on Addiction and MentalHealth.BABASAB PATIL PROJEC TREPORT ON HUMAN RESOURCE Page 98
  • 99. STRESS MANAGEMENT AT ICICI-PRUDENTIALThe Countdown is:10. "Workload" – Employees report that they are often stressed when they have too littleor too much to do. Managers need to divide responsibilities and help employees prioritizework that must be done. Make sure you understand the impact before shiftingresponsibilities. Take into account the cost of stress before you increase anyone’sworkload or hire more people.9. "Random interruptions" - Telephones, pagers, walk-in visits, and spontaneous demandsfrom supervisors all contribute to increased stress. Time management, delegation ofresponsibilities, and clarification of expectations can reduce these stressors.8. "Pervasive uncertainty" – Stress levels increase rapidly when people are confronted bynew requirements and procedures. Keeping people informed controls stress and increasesproductivity. Put details in a memo so they can review the facts following yourexplanations.7. "Mistrust and unfairness" - These situations keep everyone on edge, create badattitudes, and lower productivity. It is important to keep an open line of communicationto avoid misunderstanding and know what people are thinking about your decisions.Managers must consistently build trust and give equal treatment - just do the right thing.6. "Unclear policies and no sense of direction" - Lack of focus causes uncertainty andundermines confidence in management. You need more than a well-written policymanual. Enforcement of policies and clear communications are essential.To make sure everyone gets the message, you can repeat your explanation in a variety ofways – repetition and feedback are important. Reinforce policies through memos, articles,bulletin board postings, personal meetings, and small group discussions.5. "Career and job ambiguity" - If people are uncertain about their jobs and careers, thereis a feeling of helplessness and of being out of control. In addition to the trusted jobdescriptions and annual personnel reviews, people need to understand a broad range ofissues that affect the company.News of mergers, consolidations, plant closings, and restructuring contribute to a feelingof helplessness. Management must keep people informed about situations that will affecttheir jobs, or the rumor mill will add to an already stressful situation.BABASAB PATIL PROJEC TREPORT ON HUMAN RESOURCE Page 99
  • 100. STRESS MANAGEMENT AT ICICI-PRUDENTIAL4. "No feedback - good or bad” – People want to know whether they are meetingexpectations. Consistent, written and verbal, personalized feedback is required. Somepeople need more attention than others, but everyone’s performance is enhanced ifleaders frequently affirm individual efforts.3. "No appreciation” - Failure to show appreciation generates stress that endangersproductivity throughout the company. There are many ways to demonstrate appreciation,but the most effective is a sincere comment about how much the person means to you andthe company.2. "Lack of communications" - Poor communication leads to decreased performance andincreased stress. Management memos and announcements work well for distributinginformation, but two-way conversation improves communication and solicits ideas andsuggestions while reducing stress and complaints.1. “Lack of control” – Workplace stress is at its greatest when employees have no sayregarding things that affect them. You can decrease sensitivity to all the other stressorsand give a sense of being in control by involving employees in operating andadministrative decisions are acting on their input. Frontline employees know what theyare talking about. Listening to what they have to say reduces stress and increasesproductivity.BABASAB PATIL PROJEC TREPORT ON HUMAN RESOURCE Page 100
  • 101. STRESS MANAGEMENT AT ICICI-PRUDENTIALMANAGING STRESS Stress cannot be avoided. It should not be avoided. Without stress, there will beno attempt to try the difficult. One will give up much too easily. One will not succeed indoing even what one is easily capable of, because even the normal faculties will not comeinto play - like the goalkeeper, if he remained relaxed even at the last minute. There are two aspects to take care of in managing stress. One is that one shouldnot develop stress to the point that one becomes non-functional like Arjuna laying downhis arms. The second is to try to get back to normal as quickly as one can and notcontinue to be in a state of stress for too long. The former is achieved essentially by an attitude that is developed by rationalthoughts. The first is to realize that one’s perceptions often distort the reality. Thesituation may not be as bad as it may seem to be. The second is to understand that afailure is not an unmitigated disaster. It is not possible to succeed all the time. It is noteven necessary to succeed all the time. One failed effort does not mean that the person isno good. Nobody has succeeded without many losses. Even World champions sometimeslose a first round match to an unseeded player. Marconi and Thomas Alva Edisonsucceeded in their inventions after many attempts that failed. They saw failures asopportunities to learn. The third is to recognize that worry and anxiety will not modify the situation, butwill only disturb one’s peace of mind and health. If one watches passengers at airportsand railway stations, one will find how some of them remain quite relaxed and evensleeping while others are continuously making enquiries from officials about extent andcauses of delays. Such constant enquiries only irritate, but do not expedite solutions.They add to stress of self and of others.BABASAB PATIL PROJEC TREPORT ON HUMAN RESOURCE Page 101
  • 102. STRESS MANAGEMENT AT ICICI-PRUDENTIAL Another very valid concept is what is postulate in the Gita. You can only do. Theresults are not in your hands. The results, called failures or successes are in the future.One does not have control on the future. One can acquire some control on the present andthat is what one does. Also the success or failure does not depend only on what one does.Many other factors impinge. Therefore, the Gita proposes, do your duty and do not worryabout what the consequences or fruits may be. Only thoughts about the possibledesirability of the fruits cause anxieties. Mother Teresa had expressed the same thought,when she is reported to have said to the industrialist Mr J.R.D.Tata, " Why are youworrying about poverty? Your work is to open more industries, give more employment topeople and leave the rest to God.". A situation that causes stress is a problem situation. The solution needs generatingmanagerial options. People lose tempers and abuse officials as a result of stress. None ofthese solve the problems that may exist. Problem solving needs calm, clear, analyticalthinking. Clarity of thought and analysis improves with Eustress and deteriorates withDiStress. Managerial alternatives and options will be seen when one ‘is concerned’ withthe matter, not when one is ‘anxious’. An awareness that nothing will be perfect and that anything that can go wrongwill go wrong, helps to cope with the stress situations. People who demand of themselvesExcellence always, are likely to develop high stress. Perfection is not necessary. It mayalso not be possible. Satisfying is often the only available option. At work one must learn to delegate. Many people believe that they alone can docertain tasks. The golden rule is to make this statement invalid as quickly as possible.Stress is only one reason for doing so. The positive outcomes are many. As one rises inthe hierarchy, it would be impossible to do all the jobs that have to be done. One needs topass on to others. Time spent in making this happen, is good investment for the future. Getting back to normal is relatively easy. One only has to get one’s mind into acondition in which there is no stress. Any pleasant activity will make this possible.Hobbies help. The practice of Yoga is excellent to relax one’s body and mind. Stress isrelieved when one can share one’s thoughts and feelings with someone else. Good tunesand ragas, like in bhajans and ghazals, have the capacity to soothe one’s nerves, even ifone is not listening.BABASAB PATIL PROJEC TREPORT ON HUMAN RESOURCE Page 102
  • 103. STRESS MANAGEMENT AT ICICI-PRUDENTIALOutlines the individual and organizational impacts of stress Identifies variousinterventions designed to reduce stress Covers employee rehabilitation following long-term absence Explains employers legal duties and obligations Features six detailedcompany case studies setting out a variety of approaches to stress management Stress isthe largest single cause of long-term absence among white-collar workers in the UK. It isnot surprising, therefore, that considerable efforts are now being made to reduce itsimpact in the workplace. Employers also have a legal duty to conduct risk assessmentsand take action whenever employees are known to be experiencing stress. In many organizations, however, stress still remains a difficult issue to address. Itcan be hard to define and there continues to be scepticism in certain quarters over theauthenticity of some employees claims of feeling stressed at work. Securing topmanagement commitment by presenting a sound business case is therefore vital todelivering the necessary organizational infrastructure for a successful stress managementstrategy. Identifying the main sources of stress remains the most effective first step instress management. This provides a foundation for targeting interventions at both anindividual and organizational level, such as offering training and support for managersand employees or giving access to sources of help such as employee assistanceprogrammes. It is inevitable, however, that some employees will develop stress-relatedillnesses resulting in long-term absence from work. At this stage, having a well-structuredrehabilitation process in place is essential. A company practice section details how six organizations are tackling the issue ofstress management. The Study also reports on the Health and Safety Executives work todevelop a set of good practice stress management standards, while a separate four-pageStress and the law section summarizes employers legal obligations and duties. As the Manager: As the boss, one can ensure that subordinates are not put toundue stress and also that they are helped to get out of stress situations as quickly aspossible. The steps are • Recognize the stress levels • Show concern • Encourage talkingBABASAB PATIL PROJEC TREPORT ON HUMAN RESOURCE Page 103
  • 104. STRESS MANAGEMENT AT ICICI-PRUDENTIAL • Listen • Empathise • Explain and show how it can be done • Reassure • Provide support • Discuss and involve them in decisions • Show respect to the individuals • Avoid insult, denunciation, abuse, reprimand, particularly in public • Avoid manipulation, coercion, blaming • Avoid pressurizing too much • Provide social support All the above, render support and help to reduce anxieties. It is not suggested thatthe demands on people should be lowered. People like challenges. They must be givenchallenging assignments. That is the only way to growth. But if there is a sensing ofextreme stress, it should be managed through reassurance, not by withdrawing theassignment.Personality Types Studies on Stress have identified that Type A personalities tend to get stressedmuch faster than Type B personalities. The characteristics of a Type A personality are anintense urge to achieve, impatience and restlessness, always on the move, hurrying, doingmore than one task at a time. He keeps a heavy and tight schedule and dislikes waitingand relaxing. The Type B is exactly the opposite, takes things easy, finds time to relax, isnot impatient and is not obsessed with winning all the time. Instruments have been developed to identify the Type of any person. But no oneis fully Type A or fully Type B. It is possible to move from one type to another. It is notas if Type B is the more desirable personality, because stress is not the only factorrelevant for effectiveness. Achievement is equally important for effectiveness and therethe Type A has a better chance to win.BABASAB PATIL PROJEC TREPORT ON HUMAN RESOURCE Page 104
  • 105. STRESS MANAGEMENT AT ICICI-PRUDENTIALTime Management Inadequacy of resource is a common stressor. One needs resources to do a job andif the resource is not available, there could be stress. One important resource is Time.Many people find that they do not have enough time to do a job. Deadlines seem to bedifficult to meet. This is true of individuals as well as of collectives. We read ofcommittees asking for extension of time to do their jobs; of projects not being completedon time. Unfortunately, time is such a resource that nobody can give more or take away.Everybody has a definite amount of time available. Studies show that people are poorplanners in terms of usage of time as a resource. Time is wasted in a number of ways.Therefore, if one learns ways to manage one’s time better, there could be a better controlon stress.Time is wasted because of • Non-productive work like searching for files, papers and references. • Available information being inadequate or incomplete • Meetings and lengthy reports • Indecisiveness, unable to make up one’s mind • Correcting errors in instructions, assignments • Clarifying goals and roles • Too much routine, paperwork • Lack of prioritization nce the cause is known, the remedy should be obvious. The best way to know thecause is to keep a detailed log of how one is using his time over a period of a week or so.Some of the remedies will be in the nature of readjustments of personal habits, likeplanning on priorities, avoiding drift in meetings, not insisting on perfectionism etc.Some remedies will be in the nature of reorganizing work systems in the office so thatsearch and corrections are made minimal. Some will be in the nature of training others forbetter work practices, so that supervision can be less. Indecisiveness has been mentioned as a time waster. This may happen because oflack of clarity on objectives or because of fatigue and the mind not being able toconcentrate. Both are avoidable. Indecisiveness can also happen because of lack ofBABASAB PATIL PROJEC TREPORT ON HUMAN RESOURCE Page 105
  • 106. STRESS MANAGEMENT AT ICICI-PRUDENTIALknowledge on the subject. The time one takes to study a matter depends on one’s skill.Experienced people run through a 100 page file, without reading every page, but pickingup the important and relevant matter, while another may have to spend double the timereading every paper to determine its relevance. Thus, one way to manage time better is toimprove one’s skills at workRecognizing Stress: The following are indicators that you may be experiencing • General irritability • Elevated heart rate • Increased blood pressure • Increased accident proneness • Floating anxiety-anxious feeling for no specific reason • Trembling • Insomnia • Headaches • Indigestion • Pain in neck and/or lower back • Changes in appetite or sleep pattern Finally, if stress has become too much to handle, seek help. Dont let the fear ofwhat others might say or think stop you from doing whats best for you. If you think youmight be depressed, discuss your concern with your family doctor, minister, or a mentalhealth professional, who can listen and help you. If you’re afraid to go alone, take atrusted friend with you. You are not alone. Parents and friends may understand more thanyou think they might, and they certainly want you to feel better Treatment and medications are available that can provide relief sometimes in afew weeks. The most common forms of treatment for depression are psychotherapy,antidepressants or a combination of both. Your health provider will help determine thebest treatment for you.BABASAB PATIL PROJEC TREPORT ON HUMAN RESOURCE Page 106
  • 107. STRESS MANAGEMENT AT ICICI-PRUDENTIALWhen is stress a warning signal? When it is part of a natural reaction to challenge or danger, the body’s response iscalled positive stress. However, when you feel out of control or under intense pressure,you may experience the physical, emotional, or relational symptoms brought on bynegative stress. These are the signs of stress that you need to recognize and control. It is important to remain attentive to negative stress symptoms and to learn toidentify the situations that evoke them. When these symptoms persist, you are at risk forserious health problems because stress can exhaust your immune system. Recent researchdemonstrates that 90% of illness is stress-related. It is not possible to live without any stress. We can, however, learn ways tohandle the stress of daily life efficiently, and to manage our reactions to stress andminimize its negative impact.Why should you learn to cope with stress? In the best of all possible worlds, when a stressful situation ends, hormonalsignals switch off the stress response, and the body returns to normal. Unfortunately,stress doesnt always let up. If you tend to harbor anxiety, and you worry about dailyevents and relationships, your stress response never shuts down. Studies show that long-term activation of stress symptoms can have a hazardous, even lethal effect on your body.When the signs of stress persist, you are at risk for many health problems that peopleoften do not realize are, in large part, attributable to stress, such as: • Obesity • Heart disease • Cancer • Depression • Anorexia nervosa or malnutrition • Obsessive-compulsive or anxiety disorder • Substance abuseBABASAB PATIL PROJEC TREPORT ON HUMAN RESOURCE Page 107
  • 108. STRESS MANAGEMENT AT ICICI-PRUDENTIALHow To Manage Stress Better? Identifying unrelieved stress and being aware of its effect on our lives is notsufficient for reducing its harmful effects. Just as there are many sources of stress, thereare many possibilities for its management. However, all require work toward change:changing the source of stress and/or changing your reaction to it. How do you proceed? • Become aware of your stressors and your emotional and physical reactions. • Notice your distress. Dont ignore it. Dont gloss over your problems. • Determine what events distress you. What are you telling yourself about meaning of these events? • Determine how your body responds to the stress. Do you become nervous or physically upset? If so, in what specific ways?Recognize what you can change. • Can you change your stressors by avoiding or eliminating them completely? • Can you reduce their intensity (manage them over a period of time instead of on a daily or weekly basis)? • Can you shorten your exposure to stress (take a break, leave the physical premises)? Can you devote the time and energy necessary to making a change (goal setting, time management techniques, and delayed gratification strategies may be helpful here)?Reduce the intensity of your emotional reactions to stress. • The stress reaction is triggered by your perception of danger...physical danger and/or emotional danger. Are you viewing your stressors in exaggerated terms and/or taking a difficult situation and making it a disaster? • Are you expecting to please everyone?BABASAB PATIL PROJEC TREPORT ON HUMAN RESOURCE Page 108
  • 109. STRESS MANAGEMENT AT ICICI-PRUDENTIAL • Are you overreacting and viewing things as absolutely critical and urgent? Do you feel you must always prevail in every situation? • Work at adopting more moderate views; try to see the stress as something you can cope with rather than something that overpowers you. • Try to temper your excess emotions. Put the situation in perspective. Do not labor on the negative aspects and the "what ifs." • Learn to moderate your physical reactions to stress. • Slow, deep breathing will bring your heart rate and respiration back to normal. • Relaxation techniques can reduce muscle tension. Electronic biofeedback can help you gain voluntary control over such things as muscle tension, heart reate, and blood pressure. • Medications, when prescribed by a physician, can help in the short term in moderating your physical reactions. However, they alone are not the answer. Learning to moderate these reactions on your own is a preferable long-term solution.Build your physical reserves. • Exercise for cardiovascular fitness three to four times a week (moderate, prolonged rhythmic exercise is best, such as walking, swimming, cycling, or jogging). Eat well-balanced, nutritious meals. • Maintain your ideal weight. • Avoid nicotine, excessive caffeine, and other stimulants. • Mix leisure with work. Take breaks and get away when you can. • Get enough sleep. Be as consistent with your sleep schedule as possible. • Maintain your emotional reserves. • Develop some mutually supportive friendships/relationships. • Pursue realistic goals, which are meaningful to you, rather than goals others have for you hat you do not share.BABASAB PATIL PROJEC TREPORT ON HUMAN RESOURCE Page 109
  • 110. STRESS MANAGEMENT AT ICICI-PRUDENTIAL • Expect some frustrations, failures, and sorrows. Always be kind and gentle with yourself -- be a friend to yourself.SEVEN TIPS TO REDUCE STRESS AT WORK Here are some tips that will help you achieve success over stress. You can reducestress on the job.1. When making phone calls, as you pick up the phone and dial, take three slow deep breaths. Concentrate on pushing tension out of your lungs as you exhale.2. Sit down to eat. (Do not eat while standing or driving in your car) Focus on relaxing and enjoyable talk at lunchtime. If co-workers only insist on rehashing all of the negative stuff at work, insist on eating alone.3. When you drive your car to your business or your job, listen to something enjoyable or motivating.4. On the way home from your business or your job, listen to enjoyable or relaxing music.5. Take a few minutes each day to thank God, in whatever form is consistent with your belief system, for the glorious sunrise. At sunset, do the same. If you are at work while the sun is setting, take a quick break to watch the sun set and again, thank your concept of "God" for the glorious sunset.6. Take a few minutes at work to think of people who may have harmed you in any way. Breathe deeply, relax, and push out all of the tension surrounding those thoughts. Fill your hear and your lungs with forgiveness for the person or persons who have harmed you. Wish for them the same success and happiness you wish for yourself.7. Live today as if it where your last day. Make your last day, your best dayStress Management StrategiesThe following are tips on how to maintain a healthier lifestyle and to prepare you to copewith the stress of everyday living. • Structure each day to include a minimum of 20 minutes of aerobic exercise.BABASAB PATIL PROJEC TREPORT ON HUMAN RESOURCE Page 110
  • 111. STRESS MANAGEMENT AT ICICI-PRUDENTIAL • Eat well-balanced meals, more whole grains, nuts, fruits and vegetables. Substitute fruits for desserts. • Avoid caffeine. The substance may aggravate anxiety, insomnia, nervousness and trembling. • Reduce refined sugars. Excess sugars cause frequent fluctuation in blood glucose levels, adding stress to the bodys physiological functioning. • Reduce alcohol and drugs. These substances may add to headaches and swelling, decrease coping mechanisms and add to depression.Get a least 7 hours of sleep nightly. • Spend time each day with at least one relaxation technique - imagery, daydreaming, prayer, yoga or meditation. • Take a warm bath or shower. • Go for a walk.Seven Successful Stress Management Techniques Manage your stress and be a healthier, happier and more pleasant person to bearound. Let’s cut to the chase…1. Make stress your friend Acknowledge that stress is good and make stress your friend! Based on the body’s natural “fight or flight” response, that burst of energy will enhance your performance at the right moment. I’ve yet to see a top sportsman totally relaxed before a big competition. Use stress wisely to push yourself that little bit harder when it counts most.2. Stress is contagious Stressed people sneeze stress germs indiscriminately and before you know it, you are infected with stress germs too! Protect yourself from stress germs by recognizing stress in others and limiting your contact with them. Or if you’ve got the inclination, play stress doctor and teach them how to better manage their stress.BABASAB PATIL PROJEC TREPORT ON HUMAN RESOURCE Page 111
  • 112. STRESS MANAGEMENT AT ICICI-PRUDENTIAL3. Copy good stress managers When people around are losing their head, which keeps calm? What are they doing differently? What is their attitude? What language do they use? Are they trained and experienced? Figure it out from afar or sit them down for a chat. Learn from the best stress managers and copy what they do.4. Use heavy breathing. You can trick your body into relaxing by using heavy breathing. Breathe in slowly for a count of 7 then breathe out for a count of 11. Repeat the 7-11 breathing until your heart rate slows down, your sweaty palms dry off and things start to feel more normal.5. Stop stress thought trains It is possible to tangle yourself up in a stress knot all by yourself. “If this happens, then that might happen and then we’re all up the creek!” Most of these things never happen, so why waste all that energy worrying needlessly. Give stress thought-trains the red light and stop them in their tracks. Okay so it might go wrong – how likely is that, and what can you do to prevent it?6. Know your stress hot spots and trigger points Presentations, interviews, meetings, giving difficult feedback, tight deadlines… My heart rate is cranking up just writing these down! Make your own list of stress trigger points or hot spots. Be specific. Is it only presentations to a certain audience that get you worked up? Does one project cause more stress than another? Did you drink too much coffee? Knowing what causes you stress is powerful information, as you can take action to make it less stressful. Do you need to learn some new skills? Do you need extra resources? Do you need to switch to de-caffeinated coffee?7. Eat, drink, sleep and be merry! Lack of sleep, poor diet and no exercise wreaks havoc on our body and mind. Kind of obvious, but worth mentioning as it’s often ignored as a stress management technique. Listen to your mother and don’t burn the candle at both ends!BABASAB PATIL PROJEC TREPORT ON HUMAN RESOURCE Page 112
  • 113. STRESS MANAGEMENT AT ICICI-PRUDENTIAL Modern life is full of stress. As organizations become more complex the potentialfor, and the amount of stress increases. Urbanization, industrialization and the increase inscale of operations in the society are some of the reasons for rising stress. Stress is aninevitable consequence of socio-economic complexity, and to some extent, its stimulantas well. People experience stress, as they can no longer have a complete control overwhat happens in their lives. They’re being no escape from stress in modern life; we need to find ways of usingstress productively, and reducing dysfunctional stress. Even as stress is inevitable intoday’s complex life, so is it necessary for human progress. Stress is produced by severalhappenings in life. In general, every transition or change produces stress. People in newerstates experience a higher stress of transition. Young people between 20 and 30 years ofage have been found to report twice as much stress when, compared to older people.Stress disorders have been found more frequently amongst the urban population than therural, and are greater in the higher educational categories. Modern jobs are fraught with danger of stress. The motivational strategies like jobenrichment, incentives, rewards, awards, promotions may obtain superior performancefrom employee in short term but these are also potential sources of job stress, if notmanaged timely and appropriately. Sometimes they may have fatal consequences thatmake these motivational strategies not only irrelevant but also counter productive.Therefore, HR managers must conduct and coordinate the studies intended to understandthe sources, factors and implications of stress in organization. Broadly there are twokinds of stress: 1. Environment induced stress like economic recession, uncertainty in business environment, competition, changing technology, and changing products.BABASAB PATIL PROJEC TREPORT ON HUMAN RESOURCE Page 113
  • 114. STRESS MANAGEMENT AT ICICI-PRUDENTIAL 2. Organization induced stress like complexity of management, which demands high level of consistent performance, increasing pressure/targets, unstructured job profiles, enhanced responsibilities, employment insecurity, sharp reward and punishment measures. Studies prove that stress is becoming a major area of concern to managementsparticularly to HR managers. Unfortunately, avoiding or removing stress altogether fromworkplace is an impossible task. However, HR managers must make efforts to identifysources of stress, particularly organization induced in order to minimize them. If leftunassessed or unattained, it may become a formidable block in realizing the potential ofemployees apart from resulting in dysfunctional effects to the organization.METHODLOGY Defining the problem and Objective: The objective of the study is to useindicators to reduce stress among the employees for the purposes like understand theavoidable and unavoidable stress on the jobs faced by the employees and to draw plans toweed out the avoidable stress and to minimize the organization induced stresses. Developing the research plan: Once the problem is identified, the next step is toprepare a plan for getting the information needed for the research. The present study willadopt the exploratory approach wherein there is a need to gather large amount ofinformation before making a conclusion. If required, the descriptive and casualapproaches may also be used. Collection and Sources of data: Market research requires two kinds of data, i.e.,Primary data and secondary data. Being a firm in the Banking industry, data gatheringwill involve usage of both primary and secondary data though there will be an extensiveusage of primary data. Well-structured questionnaires will be prepared for both existingas well as non-existing clients. There will be personal interview, surveys. Thequestionnaires will contain close-ended questions. Secondary data will be collected fromvarious journals, books and web sitesBABASAB PATIL PROJEC TREPORT ON HUMAN RESOURCE Page 114
  • 115. STRESS MANAGEMENT AT ICICI-PRUDENTIAL Analyze the collected information: This involves converting raw data into usefulinformation. It involves tabulation of data, using statistical measures on them fordeveloping frequency distributions and calculating the averages and dispersions. Report research findings: This phase will mark the culmination of the marketingresearch effort. The report with the research findings is a formal written document. Theresearch findings and personal experience will be used to propose recommendationsSampling Size: 100 employeesSampling Units: The respondents, i.e., the Unit Mangers of ICICI Prudential.Random sampling is carried out This particular project has been developed by using Organizational RoleStress Scale (ORS Scale): It can be used to measure the role stresses. The ORS scale contains five items foreach role stress; it uses a 5-point scale (0 to 4)ROLE SPACE CONFLICTS Self-Role Distance: this stress arises out of the conflict between the self-conceptand the expectations from the role, as perceived by the role occupant. Such conflicts arecommon, although they may not be so severe.Role Stagnation: As the individual grows older, he also grows in the role that heoccupies in an organization of the individual that the role changes, and with this changein role, the need for taking up a new role becomes crucial. This is bound to produce somestress.Inter-Role Distance: When an individual occupies more than 1 role there are bound tobe conflicts between the different roles that he occupies. Such inter-role conflicts arequite frequent in a modern society, where an individual is increasingly occupyingmultiple roles in various organizations and groupsBABASAB PATIL PROJEC TREPORT ON HUMAN RESOURCE Page 115
  • 116. STRESS MANAGEMENT AT ICICI-PRUDENTIALROLE SET CONFLICTSRole Ambiguity: When the individual is not clear about the various expectations thatpeople have from his role, the conflict that he faces is called role ambiguity. This may bedue to lack of information available to role occupant, or lack of understanding of the cuesavailable to himRole Expectation Conflict: When there are conflicting expectations or demands bydifferent role senders, the role occupant may experience this stress. There may beconflicting expectations from the boss, subordinates, peers or clients.Role Overload: When the role occupant feels that there are too many expectations fromthe significant others in his role set, he experiences role overload. It is measured byasking questions about people’s feelings on whether they could possibly finish workgiven to them during a modified workday.Role Erosion: A role occupant may feel that the functions, which he would like toperform, are being performed by some other role. The stress felt may be called roleerosion. Role erosion is likely to be experienced in an organization, which is redefiningits role and creating new roles.Role Isolation: In a role set, the role occupant may feel that certain roles arepsychologically closer to him, while others are at a much greater distance. The maincriterion of distance is the frequency and ease of interaction. The gap between the desiredand the existing linkages will indicate the amount the role isolation.Personal Inadequacy: When a role occupant feels that he is not prepared to undertakethe role effectively, he may experience this stress. The role occupant may feel that hedoes not have enough knowledge, skills, or training, or has not had time to prepare for theassigned role. Persons who are assigned new roles without enough preparation ororientation are likely to experience this type of stressResource Inadequacy: Resource Inadequacy stress is experienced when the resourcesrequired by the role occupant for performing the role effectively are not available, such asinformation, people, materials, finance or other facilitiesBABASAB PATIL PROJEC TREPORT ON HUMAN RESOURCE Page 116