hpims totu shimla by ishtiyak ahmad dar


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hpims totu shimla by ishtiyak ahmad dar

  2. 2. STRESS MANAGEMENT AT ICICI-PRUDENTIAL AKNOWLEDGEMENT I would like to thank H.P Institute of Management Studies, HOD MR.PRAVIN MISRA, ICICI Prudential, Friends and Family members for constant guidance to conduct the present arduous project and untiring cooperation which they extended to me throughout the duration of my survey. Getting a project ready requires the work and effort of many people. I would like all those who have contributed in completing this project. First of all, I would like to send my sincere thanks to MS. Sandeepa kaushal. for his helpful hand in the completion of my project. I would like to take an opportunity to thank all the people who helped me in collecting necessary information and making of the report. I am grateful to all of them for their time, energy and wisdom. Ishtiyak Ah. PREFACE Page 2
  3. 3. STRESS MANAGEMENT AT ICICI-PRUDENTIAL In today’s technology driven and competitive business environment learning new skills and upgrading to existing ones are very vital. Education should compromise not only book learning but also proper training of mind acquisition of practical knowledge in the secret of success. The challenges and opportunities emerging in the wake of globalization and liberalization of economics world, calls for a through understanding of the various factors of Management. Pursuing MBA in Hp.Institute Of Management Studies, Shimla provides me the opportunities to develop my skill of managerial aspect. For my purpose I had the privilege to have been associated with the India’s leading ICICI Prudential with a view to obtain practical exposure in corporate world. Page 3
  4. 4. STRESS MANAGEMENT AT ICICI-PRUDENTIAL Table of Content Serial No. Chapter No. Chapter Name Page Number 1 Chapter No. 1 Introduction 5-55 2 Chapter No. 2 Research Methodology 56-59 3 Chapter No. 3 Data Analysis & Interpretation 60-71 4 Chapter No. 4 Conclusions 72-73 Bibliography 74-75 Questionnaire 76-79 CHAPTER NO 1 Page 4
  6. 6. STRESS MANAGEMENT AT ICICI-PRUDENTIAL INTRODUCTION LIFE INSURANCE Life insurance is a contract providing for a payment of a sum of money to the person assured or failing him to the person entitled to receive the same on the happening of certain event. Uncertainty of death is inherent in human life. Ii is this risk, which gives rise to the necessity for some form of protection against the financial loss arising from death. Insurance substitutes this uncertainty by certainty. The objective of insurance is normally to provide: A Family Protection. B Provision for old age. INSURANCE INDUSTRY ORIGIN OF INSURANCE The origin of insurance dates back to the 12th century, the origin of insurance appeared first in marine and land fields. The ideas of insurance were made in Babylonia and India at quite an early period; the courts of Hammurabi and Mano recognized the provision for sharing the future losses. However there is no evidence that insurance in its present form was practiced prior to 12th century. Tracing the history of insurance to the present day, one can easily gauge the performance of industry both collectively as an industry as well as individually by the companies. In earlier times, travelers by sea and land were very much exposed to risk of losing their vessels and merchandise because piracy on the open seas and highway robbery of caravan were common. References to similar practices are also found in 'Manab Dharma Shastra' which contained rules for sea from contracts which was Page 6
  7. 7. STRESS MANAGEMENT AT ICICI-PRUDENTIAL observed by traders. Insurance conceived as method of sharing of the losses embodying the principal of co-operation existed in the early civilization. Many may not be aware that the life insurance industry of India is as old as it is in any other part of the world. The first Indian life insurance company was the Oriental Life Insurance 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 by some 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 two public sector companies, Life Insurance Corporation of India (LIC) and General Insurance Corporation of India (GIC). Reforms were initiated with the passage of Insurance Regulatory and Development Authority (IRDA) Bill in 1999. IRDA was set up as an independent regulatory authority, which has put in place regulations in line with global norms. So far in the private sector, 12 life insurance companies and 9 general insurance companies have been 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 protect the interest of holders of insurance policies, to regulate, to promote and ensure orderly growth of insurance industries. Insurance Regulatory and Development Authority (IRDA) has sought the comments of industry participants to finalize the guidelines for online agents' training institutes. These proposed guidelines are in addition to its standard instructions and guidelines applicable for approval/renewal of agents' training institutes. The guidelines would be applicable to all the online training institutes including in-house training institutes of the insurers. As per the draft guidelines, the applicant should undergo at least 120 hours practical training in life or general insurance business. The composite training should be Page 7
  8. 8. STRESS MANAGEMENT AT ICICI-PRUDENTIAL for at least 180 hours, where the applicant is seeking license for the first time to act as an insurance agent. The duration should be minimum of 24 days for 120 hours training and 36 days for 180 hours training with a maximum five hours per day. Stating that no product training/market survey should be included into this 120/180 hours training, the regulator said 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. Page 8
  9. 9. STRESS MANAGEMENT AT ICICI-PRUDENTIAL UTMOST GOOD FAITH: 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 the property 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 the contract of insurance will be void. Because of this legal requirement of insurable interest 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 INDIA Page 9
  10. 10. STRESS MANAGEMENT AT ICICI-PRUDENTIAL By any yardstick, India, with about 200 million middle class households, presents a huge untapped potential for players in the insurance industry. Saturation of markets in many developed economies has made the Indian market even more attractive for global insurance majors. Life insurance is mainly considered as a saving instrument rather than an investment avenue as it promotes compulsory savings besides reducing tax burden on the policyholder and protect the family of the policyholder in the event of unforeseen happening. It is t he only saving instrument, which covers the life risk besides giving tax concession both at entry (premium paid) and at exit HISTORY AND PRESENT STATUS OF INSURANCE MARKET IN INDIA The insurance sector in India has come a full circle from being an open competitive market to nationalization and back to a liberalized market again. Tracing the developments in the Indian insurance sector reviles the 360-degree turn witnessed over a period 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 in the 1818 with the establishment of Oriental Life Insurance Company in Calcutta. Some of the important milestones in the Life Insurance business in India are: 1912: The Indian Life Assurance Companies Act enacted as the first statue to regulate the life insurance business. 1928: The Insurance Companies Act enacted to enable the government to collect statistical information about both life and non-insurance business. 1938: Earlier legislation consolidated and amended to by the Insurance Act with the objective of protecting the interest of the insuring public. 1956: 245 Indian and foreign insurers and provident societies are taken over by the central government and nationalized. LIC found by an Act of Parliament, viz. LIC Page 10
  11. 11. STRESS MANAGEMENT AT ICICI-PRUDENTIAL Act 1956, with a capital contribution of rupees Five Crores from the Government of India. INSURANCE SECTOR REFORMS In 1993, Malhotra Committee, headed by former Finance Secretary and RBI Governor R.N. Malhotra, was formed to evaluate the Indian insurance industry and recommend its future direction. The Malhotra committee setup with the objective of complimenting the reforms initiated in the financial sector. The reforms where aimed at "creating a more efficient and competitive financial system suitable for the requirements of the economy keeping in mind the structural changes currently underway and recognizing that insurance is an important part of the overall financial system where it was necessary to address the need for similar reforms.." In 1994, the Committee submitted the report and some of the key recommendations included: Structure Government stake in the insurance companies to be brought down to 50%. Government should take over the holdings of GIC and its subsidiaries so that these subsidiaries can act as independent corporations. 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. No company should deal both the life insurance and general insurance through a single entity. c. Foreign companies may be allowed to enter the industry in collaboration with the domestic companies. Page 11
  12. 12. STRESS MANAGEMENT AT ICICI-PRUDENTIAL Postal Life Insurance should be allowed to operate in the rural market. Only one state level Life Insurance Company should be allowed to operated in each state. Regulatory body The Insurance Act should be changed. An Insurance regulatory body should be setup. Reforms in the insurance sector were initiated with the passage of the IRDA Bill in the Parliament in December 1999. The IRDA since its incorporation as statutory body in April 2000 has fastidiously stuck to its schedule of framing regulations and registering the private sector insurance companies. The other decisions taken simultaneously to provide the supporting systems to the insurance sector and in particular the life insurance companies was the launch of the IRDA's online service for issue and renewal of license to agents. The approval of institutions for imparting training to agents has also ensured that the insurance companies would have trained work force of insurance agents in place to sell 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 a framework of globally compatible regulations. In the private sector 12 life insurance and 6 general insurance companies have been registered. Insurance is an Rs 400 billion business in India, and together with banking services adds about 7% to India's GDP. Gross premium collection is about 2% of GDP and has been growing by 15 to 20% per annum. India also has the highest number of life insurance policies in force in the world, and total investable funds with the LIC are almost 8% of GDP. Yet more than three fourth of India's insurable population has no life insurance or pension cover. Health insurance of any kind is negligible and other forms of non life insurance are much below international standards. To tap the vast insurance potential and to mobilize long term savings we need reforms which include revitalizing and restructuring of the public sector companies, and Page 12
  13. 13. STRESS MANAGEMENT AT ICICI-PRUDENTIAL opening up the sector to private players. A statutory body needs to be made to regulate the market and to promote a Healthy market structure. Insurance Regulatory Authority (IRA) is one such body, which checks on these tendencies. IRA role comprises of following three functions: Protection of consumer's interest To ensure financial soundness and solvency of the insurance industry, To ensure healthy growth of insurance market. An insurance policy protects the buyer at some cost against the financial loss arising from a specified risk. Different situations and different people require a different mix of risk-cost combinations. Insurance companies provide these by offering schemes of different kinds. Unfortunately, the concept of insurance is not possible in our country. As per the latest estimates, the total premium income generated by life and general insurance in India is estimated at around 1.95% of GDP. How ever India's share of world insurance market has shown an increase of 10% from 0.31% in 1996-97 to 0.34% in 1997-98. India's market share in the life insurance business showed a real growth of 11% there by outperforming global average of 7.7%. Non life insurance business grew by 3.1% against global average of 0.20%. In India insurance pending per capita was among the last in the world 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 a significant portion of its population is in services and the life expectancy also increased over the years. The nationalized insurance industry has not offered consumers a variety of products. Opening of the sector to private firms will foster competition, innovation and variety of products. It would also generate greater awareness on the need for buying insurance as a service and not merely for tax exemption, which is currently done on the demand side, a strong correlation between demand for insurance and per capita income level suggests that high economic growth can spur growth in demand for insurance. Also there exists a strong correlation between insurance density and social indicators such as literacy. With social development, insurance demand will grow. Page 13
  14. 14. STRESS MANAGEMENT AT ICICI-PRUDENTIAL LIFE INSURANCE MARKET IN INDIA Life Insurance Statistics Indian Population I bn GDP as on 2000 ( Rs bn) 50000 bn Gross Domestic Saving as a % of GDP 32% NCAER estimate is Insurance Population 240 mn Estimated market 2010 950 mn India has an enormous middle class that can afford to buy life, health, and disability and pension plan products. The low level of penetration of life insurance in India compared to other developed nations can be judged by a comparison of per capita life premium. Country Life Premium per capita US $ in 1994 Japan 3817 UK 1280 USA 964 India 4 Clearly, there is considerable scope to raise per capita life premium in the market is effectively tapped. India has traditionally been a high savings oriented country often described as being on par with thrifty Japan. Insurance sector in the US is a big in the size as 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 India where infrastructure is said to be critical importance, this sector will bring the nations own money for the nation. In the three years time we would expect 10% of the population to be under some sort of an insurance cover. Thus assuming a premium of Rs 5000 on an average, 100 million Rs 5000 = Rs 500 billion. Page 14
  15. 15. STRESS MANAGEMENT AT ICICI-PRUDENTIAL This has made the sector the hottest one in India after IT. With social security and security to public at large being the agenda for opening the sector, the role of the regulator becomes all the more serious and one would be carefully watched at every step. The Insurance Regulator and Development bill is now an Act. With this India is now the cynosure of all the global insurance players. Numerous player, both Indian and foreign have announced their intention to start their insurance shops in India. IRDA, under chairman ship of Mr. RANGACHARI, opened the window for applying license in India. One of the main difference between the developed economies and the emerging economies is that insurance products are bought in the former while these are sold in later. Focus if insurance industry is changing towards providing a mix of both protection/risk cover and long-term investment opportunities. WHY LIFE INSURANCE? Life insurance cover is essential for it provides the following benefits: A lump sum payment to the nominees at the time of the death of the policyholder; A regular payment to the nominees in the event of the death of the policyholder; Tax benefits, as premium paid to reduce the liability of tax; Relieves economic hardships in the family on the uneventful death of the sole income holder; Inculcates the habit of saving. NEED FOR INSURANCE The need for life insurance comes from the need to safeguard our family. If you care for your family's needs you will definitely consider insurance. Today insurance has become even more important due to the disintegration of the prevalent joint family system, a system in which a number of generations co-existed in harmony, a system in which a sense of financial security was always there as there were more earning members. Page 15
  16. 16. STRESS MANAGEMENT AT ICICI-PRUDENTIAL Times have changed and the nuclear family has emerged. Apart from the other pitfalls of a nuclear family, a high sense of insecurity is observed in it today besides, the family has shrunk. Needs are increasing with time and fulfillment of these need is a big question 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 insurance helps you. Factors such as fewer numbers of earnings members, stress, pollution increased competition, higher ambitions etc are some of the reasons why insurance has gained importance and where insurance plays a successful role. An Overview Insurance business is divided into four classes: 1) Life Insurance business 2) Fire 3) Marine 4) Miscellaneous Insurance. Life Insurers transact life insurance business; the rest is transacted by General Insurers. No composites are permitted as per law. The business of Insurance essentially means defraying risks attached to any activity over time (including life) and sharing the risks 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 products are 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. Page 16
  17. 17. STRESS MANAGEMENT AT ICICI-PRUDENTIAL ICs receive, without much default, a steady cash stream of premium or contributions to pension plans. Various actuary studies and models enable them to predict, 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-cover to 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. The risk-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. The last 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 depends upon the laws of mortality and there lies the difference between life and general insurance businesses. Life has to extinguish sooner or later and the claim in respect of life is certain. In case of general insurance, however, there may never be a claim and the amount can never be ascertained in advance. Hence, Life Insurance includes, besides covering the risk of early happening of an event, an element of savings also for the beneficiaries. Pension business also derives from life insurance in as much as the pension outgo again depends upon the laws of mortality. The forays made by insurance companies in this area are, therefore, natural corollary of their business. TYPES OF INSURANCE POLICIES Broadly there are 3 types of life insurance policies: Term Insurance Plans Whole Life Insurance Endowment Insurance Plans Page 17
  18. 18. STRESS MANAGEMENT AT ICICI-PRUDENTIAL Term Insurance Plans: Pure life covers where you pay for risk cover and do not expect to receive anything else in return is now available in India. Opting for such policy will improve the efficiency 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 your premium amounts back with interest. This is a marketing policy to suit the general psychology and should normally involve higher premium cost. Whole life insurance plans: Whole life policies require you to pay premium through out your life and cover risk 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 policies involve paying highest premium. They give you maturity benefits (normally sum assured) and additional profit by way of bonus, guaranteed additions; loyalty bonus etc. money policies also provide partial payment back to you at pre-set time periods. DEFINITION OF SOME TYPES OF POLICIES ANNUITY An annuity is a steady stream of equal payments that one receives every year, or every month either for life or a fixed number of years, as return after making an investment either as a lump sum or through installments paid over a certain number of years, a specific sum. Upon the death of the annuitant, or at the expiry of the period fixed for annuity payments, the invested annuity fund is refunded usually along with a small bonus. 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 certain period or for life. Page 18
  19. 19. STRESS MANAGEMENT AT ICICI-PRUDENTIAL Typically annuities are bought to generate income during one's retired life, which is why they are also called pension plans. An annuity provides a solution to the biggest financial insecurity of old age retires and the income from salary ceases. ENDOWMENT Endowment policies cover the risk for a specified period at the end of which the sum assured is paid back to the policyholder along with the entire bonus accumulated during the term of the policy. It is this feature the payment of the endowment to the policyholder upon the completion of the policy's term, which rightly accounts for the popularity of endowment policies. Typically, one's responsibility for the financial protection of the family reduces significantly once the children are grown up and independently settled. The focus then shifts to managing a smaller family perhaps only oneself and one's spouse after retirement/ this is where the endowment the original sum assured and the accumulated bonus received back comes handy. You can either use the endowment amount for buying an annuity policy to generate a monthly pension for the whole life, or put it in any other suitable investment of your choice. This is the major benefit of an endowment policy over a whole life. MONEY BACK Unlike endowment plans, in money back policies the policyholder gets periodic "survivance payments" during the term of the policy and a lump sum amount on surviving its term. In the event of the death during the term of the policy, the beneficiary gets full sum assured without any deductions for the amount paid till date, and no further premiums are required to be paid. These types of policies are very popular, since they can be 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 be around Rs. 40000 billion covering just 250 mn people… Page 19
  20. 20. STRESS MANAGEMENT AT ICICI-PRUDENTIAL LIC had enjoyed the monopoly of the big life insurance market since 1956. LIC was in for a surprise now an then when it found that, among air crash casualties or rail accident victims, only very few had life insurance cover. In fact LIC did attempt to evaluate the size of the market and look at broad homogeneous segments of the market based on the data provided by Decennial Census Report relating to worker population categorized into groups based on occupations. However LIC's major segmentations were the urban, rural, male, female, medical and non-medical segments. The census of occupation 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 of the size of the market for life insurance assumes importance. The market size with its viable segments is to be identified and suitable products to meet the needs of these segments developed. Life insurance market covers the entire age range of the population of 1000 mn in India. However taking into account their economic conditions and their ability to pay the premium for some sort life insurance cover or an annuity, the number of eligible prospects for life insurance may be put around 30% of the total population viz, 300 mn. LIC has on its books as on date 125 mn policies. Research had shown, that each of these holders of the policies have on an average, 1.6 (as many policy holders have more than one policy). Thus the no of persons holding life insurance policies with LIC good work out to 75 mn. This means only 25% of the potential market has so far covered, leaving the remaining 75%- a vast market of 225 mn persons- to be covered. Market size ever expanding… This market size is dynamic and ever expanding. The growth is dictated by several factors such as: An addition of around 20 mn of new population each year. 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. 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 Page 20
  21. 21. STRESS MANAGEMENT AT ICICI-PRUDENTIAL 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 for life insurance in India is enormous. Assuming the number of persons who can be sold an insurance policy to be 250 mn, in terms of number of policies, this works out to 400 mn policies. In financial terms, taking the average size of the policy as Rs 1 lakh, the sum assured works out to Rs 40000 bn or $ 800 bn. The first year's premium income can be assume as Rs 6250 per annum per policy. The figures would keep increasing year by year due to the improvement in the economic conditions leading to increase in the number of potential prospects . INTRODUCTION ABOUT TOPIC What is Stress Page 21
  22. 22. STRESS MANAGEMENT AT ICICI-PRUDENTIAL Stress is the general term applied to the pressures people feel in life. The presence of 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 one person 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 physical condition. When stress becomes excessive, employees develop various symptoms of stress that can harm their job performance and health, and even threaten their ability to cope with the environment. Stress also leads to physical disorders, because the internal body system changes to try to cope with stress. It is important that stress, both on and off the job, be kept at a level low enough for most people to tolerate without developing either emotional or physical disorders. Stress can be either temporary or long-term, either mild or severe. The effects on an 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, most people can handle it or at least recover from its effects rather quickly. Stress is simply the body's non-specific response to any demand made on it. Stress is not by definition synonymous with nervous tension or anxiety. Stress provides the means to express talents and energies and pursue happiness; it can also cause exhaustion and illness, either physical or psychological; heart attacks and accidents. The important 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, certain predictable changes occur. These include increased heart rate, blood pressure (systolic and diastolic), and secretions of stimulatory hormones. These responses to stress will occur 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 body's ability to cope with additional forms of psychological or physiological stress. The results of continuing stress may cause disruption in one or more of the following areas of health: physical, emotional, spiritual and/or social. Stress is a process that builds. It's more effective to intervene early in the process rather than later. Try to become aware of the signs that suggest the process has begun Page 22
  23. 23. STRESS MANAGEMENT AT ICICI-PRUDENTIAL Stress 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 your ability to survive. Your body's response to stress can be hormonal, such as an adrenaline rush. It can also be a rise in blood pressure, blood sugar, or body temperature. These physical reactions can often make you more alert; give you more acute eyesight or greater strength. That's how your body gives you what you need to act. Ideally, your body automatically relaxes after you have handled the situation. Your physical responses normalize and you are able to return to a state of rest. This process allows you to gather physical and emotional energy which helps you deal with changes and challenges in your daily life. Your physical reaction to stress is the same for positive and negative stress; the difference is that with negative stress your body never returns to the "pre-stress" relaxed state. 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 some anxiety, some fear of whether the desirable things may happen, whether something may go 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 a felt need. When one is hungry and there is an urge to eat food, the body is in a state of stress, which disappears when the need is fulfilled. This definition suggests that stress is a desirable 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. This may sometimes, be not possible. In that case, there is no movement, the need remains unfulfilled and the stress condition does not disappear. Stress is identified as of two kinds. One is called EuStress, which is the condition in which there is drive and effort to fulfill the needs. Motivation is high. Achievement is seen as possible. The situation is challenging. Stress disappears when the need is fulfilled There is success. The other is DiStress, which is the condition when there is a sense of helplessness 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 stress condition remains. Page 23
  24. 24. STRESS MANAGEMENT AT ICICI-PRUDENTIAL If one were to chart the level of stress and the level of effort put in to work, it would be an inverted parabola. Eustress would be in the ascending left side of the parabola. The challenge would be maximum at the hump. The latter half on the right side represents 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 come into play to face the situation. For example, a goalkeeper in football or hockey, will be totally relaxed when the ball is at the other end of the ground, but becomes extremely alert as the ball moved towards him. His body stiffens, the eyes begin to bulge, focussing on the ball and the movement of the players, picking up the slightest of movements and every nerve and muscle ready to respond to those movements. That is Eustress, without which the goalkeeper cannot be at his best. So also, Eustress is experienced by the batsman in cricket when the bowler is on the run, and by the tennis player when the ball is 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 for accidental injury and serious illness. Maintaining an optimal level of stress is an ongoing challenge of everyday life. The stress response of the body is meant to protect and support us. To maintain stability or homeostasis, the body is constantly adjusting to its surroundings. When a physical or mental event threatens this equilibrium, we react to it. This process is often referred to as the "fight or flight response." We prepare for physical action in order to confront 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, your body automatically goes into overdrive, engaging the stress response. Immediately, you release 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. Like theirs, 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 of stress is generally related to how we respond to an event, not to the event itself. Page 24
  25. 25. STRESS MANAGEMENT AT ICICI-PRUDENTIAL The words 'positive' and 'stress' may not often go together. But, there are innumerable instances of athletes rising to the challenge of stress and achieving the unachievable, scientists stressing themselves out over a point to bring into light the most unthinkable secrets of the phenomenal world, and likewise a painter, a composer or a writer producing the best paintings, the most lilting of tunes or the most appealing piece of writing by pushing themselves to the limit. Psychologists second the opinion that some 'stress' 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 physical and social inadequacies gave her more impetus to carry on with her dance performances with the help of prosthetic legs rather than deter her spirits. Experts tell us that stress, in moderate doses, are necessary in our life. Stress responses are one of our body's best defense systems against outer and inner dangers. In a risky situation (in case of accidents or a sudden attack on life et al), body releases stress hormones that instantly make us more alert and our senses become more focused. The body is also prepared to act with increased strength and speed in a pressure situation. It is supposed to keep us sharp and ready for action. Research suggests that stress can actually increase our performance. Instead of wilting under stress, one can use it as an impetus to achieve success. Stress can stimulate one's faculties to delve deep into and discover one's true potential. Under stress the brain is emotionally and biochemically stimulated to sharpen its performance Stress is, perhaps, necessary to occasionally clear cobwebs from our thinking. If approached positively, stress can help us evolve as a person by letting go of unwanted thoughts and principle in our life. Very often, at various crossroads of life, stress may remind you of the transitory nature of your experiences, and may prod you to look for the true happiness of life. Page 25
  26. 26. STRESS MANAGEMENT AT ICICI-PRUDENTIAL Organizational and individual programs to help managers and employees cope up with stress have become increasingly popular, as the toll taken by stress has become more widely known. Methods are available to individuals and organizations for managing stress and reducing its harmful effects. Stress management refers to any program that reduces stress be helping people understand the stress response, recognize stressors, and use coping techniques to minimize the negative impact of stress. INDIVIDUAL METHODS Stress management by individuals includes activities and behaviors designed to eliminate or control the sources of stress and make the individual more resistant to or better able to cope with stress. The first step in individual stress management involves recognizing the stressors that are affecting the person’s life. Next, the individual needs to decide 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 of stress 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. Page 26
  27. 27. STRESS MANAGEMENT AT ICICI-PRUDENTIAL 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. As stress increases, performance tends to increase, because stress helps a person call up resources to meet job requirements. Constructive stress is a healthy stimulus that encourages employees to respond to challenges. Eventually, stress reaches a plateau that corresponds approximately with a person’s top day to day 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. Performance begins to decline at some point because excess stress interferes with performance. An employee loses the ability to cope: she or he becomes unable to make decisions and exhibits erratic behavior. If stress increases to a breaking point, performance becomes zero: the employee has a breakdown, becomes too ill to work, is fired, quits, or refuses to come to work to face the stress. STRESS MANAGEMENT Is the need of the hour. However hard we try to go beyond a stress situation, life seems 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 to overlook causes of stress and the conditions triggered by those. In such unsettling moments we often forget that stressors, if not escapable, are fairly manageable and treatable. Stress, either quick or constant, can induce risky body-mind disorders. Immediate disorders such as dizzy spells, anxiety attacks, tension, sleeplessness, nervousness and muscle cramps can all result in chronic health problems. They may also affect our immune, cardiovascular and nervous systems and lead individuals to habitual addictions, which are inter-linked with stress. Like "stress reactions", "relaxation responses" and stress management techniques are some of the body's important built-in response systems. As a relaxation response the body tries to get back balance in its homeostasis. Some hormones released during the Page 27
  28. 28. STRESS MANAGEMENT AT ICICI-PRUDENTIAL 'fight or flight' situation prompt the body to replace the lost carbohydrates and fats, and restore the energy level. The knotted nerves, tightened muscles and an exhausted mind crave for looseners. Unfortunately, today, we don't get relaxing and soothing situations without asking. To be relaxed we have to strive to create such situations Stress 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 become sharper. When one is under severe distress, as in the case of Arjuna in Kurukshetra, the person sweats, the body becomes weak and loses strength. Study of stress shows that the response is the same whether it is Eustress or Distress, except that the degree varies. The response is called the Fight or Flight response. When one senses danger, one is tempted to either stand and fight to ward off the danger or run away – Flight. The body conditions itself for either event, automatically, causing changes in the normal secretions of hormones and other chemicals, withdrawing from activities that are less important and diverting to activities that should have higher priority in that situation.. Food is less important. The muscles need more energy and therefore the blood carries substances to the muscles, diverting them from the stomach. More oxygen than normal is required. Therefore, the breathing becomes faster, the heart-beat rate increases, the blood vessels dilate to carry more oxygen. The liver releases more stored energy. The eyes and ears become more acutely sensitive to the sensations from outside. The body is programmed to reverse these changes, and revert to normal, when the threat disappears. If however, one remains in a continuous state of stress, without becoming normal, the changed conditions tend to remain permanent, like a rubber band loses its elasticity when held extended for a long time. These abnormal conditions manifest as diseases and one suffers from high blood pressure, cardiac disorders, peptic ulcers, insomnia, constipation, fatigue, colitis, kidney problems, etc. Behaviourally, they lead to absenteeism, alcoholism, use of drugs, marital disharmony and so on, which are both organisationally and socially, undesirable Stress is psychological Page 28
  29. 29. STRESS MANAGEMENT AT ICICI-PRUDENTIAL Stress is experienced when one perceives a threat and the fight or flight response is called for. This perception is an interpretation that one makes within oneself, of the external factors. When one sees a dog on the street baring its teeth, one may either get frightened or remain calm. Both fright and calmness are psychological reactions. The choice is one’s own and is not dictated by the dog. This choice is made, largely unconsciously, on the basis of one’s beliefs about dogs in general, what one has heard about rabies being caused by dog bites, what one sees about the characteristics of the dog in question at that time, one’s predilections towards animals, and so on. When one becomes anxious in a situation, the situation does not create any anxiety. What one thinks about the situation creates the anxiety. If one is confident of tackling the situation, there is no anxiety. Therefore, the level of stress is caused by one’s own perception of one’s capability to cope with the situation. Thus, stress is a psychological 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, the management of stress essentially is in the control one has on one’s emotions. Stressors Stress is not caused by any external factor. It is created by oneself, by the way one thinks about the external factors. Yet there are situations, in which most people tend to get stressed. These are called stressors. In personal life, death of a close relative is a stressor. 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; serious illness; likelihood of unpleasant secrets becoming revealed; are common stressors. Having to welcome and entertain important visitors or having to deliver a speech for the first 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) Page 29
  30. 30. STRESS MANAGEMENT AT ICICI-PRUDENTIAL 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 blamed 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 it internally as well as externally, we fail to realize that we are reacting under stress. This also happens when the causes of stress are there long enough for us to get habituated to them. 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 important to remain attentive to such symptoms and to learn to cope with the situations. We cope better with stressful situation, when we encounter them voluntarily. In cases of a relocation, promotion or layoff, adventurous sports or having a baby, we tend to respond positively under stress. But, when we are compelled into such situations against our will or knowledge, more often than not, we wilt at the face of unknown and Page 30
  31. 31. STRESS MANAGEMENT AT ICICI-PRUDENTIAL imagined threats. For instance, stress may mount when one is coerced into undertaking some work against one's will. Levels of Stress: There are four basic levels of stress symptoms. 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. 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. At the third level, there would be more headaches, stomachaches, diarrhea, sweating, insomnia, depression etc. The fourth level would be characterized by ulcers, stroke, alcoholism, drug addiction, psychosis etc. CAUSES OF STRESS An important first step in prevention is to examine the causes of stress. Conditions that tend to cause stress are called stressors. Although even a single stress may cause major stress, usually stressors combine to pressure an employee in a variety of ways until stress develops. Almost any job condition can cause stress, depending on an employee’s reaction to it. For example, one employee will accept a new work procedure and feel little or no stress, while another experiences overwhelming pressure from the same task. Part of the difference lies in each employee’s experiences, general outlooks, and expectations, frequently cause stress for employees. Work overload and time deadlines put employees under pressure can lead to stress. Often these pressures arise from management, and a poor quality of management can cause stress. Examples of stress producing factors related to management are an autocratic supervisor, an insecure job climate, lack of control over one’s own job, and inadequate authority to match one’s responsibilities. Many things can trigger the stress Page 31
  32. 32. STRESS MANAGEMENT AT ICICI-PRUDENTIAL reaction, including danger, threat, news, illness, as well as significant changes in one's self-identification as a Type A or as a Type B personality TYPICAL 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 support Signs of Stress Although perception is a part of stress, stress is real. There are more than a few ways 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 when you 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 Forgetfulness Emotional stress can cause a person to have feelings of anxiousness, fear, anger or even the “blues.” Page 32
  33. 33. STRESS MANAGEMENT AT ICICI-PRUDENTIAL Stress sometimes brings out unwanted behaviors too. The following is a list of stressful 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 refers to the way that the human body reacts chemically and physically to stress, can also cause problems. Stress can manifest itself mentally and physically. Following are some of the indicators of a stressed-out person: 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 illness Page 33
  34. 34. STRESS MANAGEMENT AT ICICI-PRUDENTIAL WHAT ARE THE SYMPTOMS OF STRESS? Physical symptoms Physical symptoms can be caused by other illnesses, so it is important to have a medical doctor treat conditions such as ulcers, compressed disks, or other physical disorders. Remember, however, that the body and mind are not separate entities. The physical 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 pain Emotional symptoms Like physical signs, emotional symptoms such as anxiety or depression can mask conditions other than stress. It is important to find out whether they are stress-related or not. In either case, the following emotional symptoms are uncomfortable and can affect your performance at work or play, your physical health, or your relationships with others: nervousness, anxiety depression, moodiness “butterflies” irritability, frustration memory problems lack of concentration Relational symptoms The antisocial behavior displayed in stressful situations can cause the rapid deterioration of relationships with family, friends, co-workers, or even strangers. A person under stress may manifest signs such as: increased arguments Page 34
  35. 35. STRESS MANAGEMENT AT ICICI-PRUDENTIAL isolation from social activities conflict with co-workers or employers frequent job changes road rage domestic or workplace violence overreactions STRESS AT WORKPLACE It is not possible to remove the pressures at work but one can definitely reduce pressure, which in turn takes form of stress and further shapes itself as ailments by enabling people Stress in the workplace is becoming a major concern for employers, managers and government agencies, owing to the Occupational Health and Safety legislations requiring employers to practice ‘duty of care’ by providing employees with safe working environments which also cover the psychological wellbeing of their staff. One of the costs, for employers, of work place stress is absenteeism, with the A.C.T.U. reporting that owing to stress, nearly fifty per cent of employees surveyed had taken time off work. Other negative effects were reductions in productivity, reduced profits, accidents, high rates of sickness, increased workers’ compensation claims and high 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 visits to doctors’ surgeries are for stress-related illnesses. Stress has been linked to headaches, backaches, insomnia, anger, cramps, elevated blood pressure, chronic fatigue syndrome, Page 35
  36. 36. STRESS MANAGEMENT AT ICICI-PRUDENTIAL fibromyalgia and lowered resistance to infection. For women, stress is a key factor in hormonal imbalances resulting in menstrual irregularities, PMS, fibroids, endometriosis and fertility problems. Stress can also be a factor in the development of almost all disease states including cancer and heart disease. Each profession has its own unique factors that may cause stress; below are some causes of stress that cross many professions: · Increased workload 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. Some estimate that 80% of health care costs are stress related, and these expenses go right to the 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 spends more than $26 billion each year for medical bills and disability payments with another $10 billion for executive's lost workdays, hospitalization, and early death. Page 36
  37. 37. STRESS MANAGEMENT AT ICICI-PRUDENTIAL In addition to these staggering figures, stress takes its toll through the added costs of quality control, legal challenges, lost opportunities, poor performance, bad attitudes, and training. We cannot do much about the skyrocketing costs of medical care and prescription drugs, but we can take immediate action to control the top ten causes of stress as identified by The Global Business and Economic Roundtable on Addiction and Mental Health. The Countdown is: 10. "Workload" – Employees report that they are often stressed when they have too little or too much to do. Managers need to divide responsibilities and help employees prioritize work that must be done. Make sure you understand the impact before shifting responsibilities. Take into account the cost of stress before you increase anyone’s workload or hire more people. 9. "Random interruptions" - Telephones, pagers, walk-in visits, and spontaneous demands from supervisors all contribute to increased stress. Time management, delegation of responsibilities, and clarification of expectations can reduce these stressors. 8. "Pervasive uncertainty" – Stress levels increase rapidly when people are confronted by new requirements and procedures. Keeping people informed controls stress and increases productivity. Put details in a memo so they can review the facts following your explanations. 7. "Mistrust and unfairness" - These situations keep everyone on edge, create bad attitudes, and lower productivity. It is important to keep an open line of communication to 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 and undermines confidence in management. You need more than a well-written policy manual. Enforcement of policies and clear communications are essential. Page 37
  38. 38. STRESS MANAGEMENT AT ICICI-PRUDENTIAL To make sure everyone gets the message, you can repeat your explanation in a variety of ways – 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, there is a feeling of helplessness and of being out of control. In addition to the trusted job descriptions and annual personnel reviews, people need to understand a broad range of issues that affect the company. News of mergers, consolidations, plant closings, and restructuring contribute to a feeling of helplessness. Management must keep people informed about situations that will affect their jobs, or the rumor mill will add to an already stressful situation. 4. "No feedback - good or bad” – People want to know whether they are meeting expectations. Consistent, written and verbal, personalized feedback is required. Some people need more attention than others, but everyone’s performance is enhanced if leaders frequently affirm individual efforts. 3. "No appreciation” - Failure to show appreciation generates stress that endangers productivity 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 and the company. 2. "Lack of communications" - Poor communication leads to decreased performance and increased stress. Management memos and announcements work well for distributing information, but two-way conversation improves communication and solicits ideas and suggestions while reducing stress and complaints. 1. “Lack of control” – Workplace stress is at its greatest when employees have no say regarding things that affect them. You can decrease sensitivity to all the other stressors and give a sense of being in control by involving employees in operating and administrative decisions are acting on their input. Frontline employees know what they are talking about. Listening to what they have to say reduces stress and increases productivity. How To Manage Stress Better? Identifying unrelieved stress and being aware of its effect on our lives is not sufficient for reducing its harmful effects. Just as there are many sources of stress, there Page 38
  39. 39. STRESS MANAGEMENT AT ICICI-PRUDENTIAL are 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. Don't ignore it. Don't 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? 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 if's." Page 39
  40. 40. STRESS MANAGEMENT AT ICICI-PRUDENTIAL 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. 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 reduce stress 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. Page 40
  41. 41. STRESS MANAGEMENT AT ICICI-PRUDENTIAL 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 day INTRODUCTION ABOUT COMPANY COMPANY PROFILE ICICI GROUP EMBED Word.Picture.8 EMBED Word.Picture.8 OVERVIEW OF ICICI BANK Page 41
  42. 42. STRESS MANAGEMENT AT ICICI-PRUDENTIAL ICICI Bank is India's second-largest bank with total assets of about Rs.146,214 crore at December 31, 2004 and profit after tax of Rs. 1,391 crore in the nine months ended December 31, 2004 (Rs. 1,637 crore in fiscal 2004). ICICI Bank has a network of about 530 branches and extension counters and over 1,880 ATMs. ICICI Bank offers a wide range of banking products and financial services to corporate and retail customers through a variety of delivery channels and through its specialized subsidiaries and affiliates in the areas of investment banking, life and non-life insurance, venture capital and asset management. ICICI Bank set up its international banking group in fiscal 2002 to cater to the cross-border needs of clients and leverage on its domestic banking strengths to offer products internationally. ICICI Bank currently has subsidiaries in the United Kingdom and Canada, branches in Singapore and Bahrain and representative offices in the United States, China, United Arab Emirates, Bangladesh and South Africa ICICI Bank's equity shares are listed in India on the Stock Exchange, Mumbai and the National Stock Exchange of India Limited and its American Depositary Receipts (ADRs) are listed on the New York Stock Exchange (NYSE). As required by the stock exchanges, ICICI Bank has formulated a Code of Business 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 the Indian stock exchanges. ICICI Bank was originally promoted in 1994 by ICICI Limited, an Indian financial institution, and was its wholly-owned subsidiary. ICICI's shareholding in ICICI Bank was reduced to 46% through a public offering of shares in India in fiscal 1998, an equity offering in the form of ADRs listed on the NYSE in fiscal 2000, ICICI Bank's acquisition of Bank of Madura Limited in an all-stock amalgamation in fiscal 2001, and secondary 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 India and representatives of Indian industry. The principal objective was to create a development financial institution for providing medium-term and long-term project financing to Indian businesses. In the 1990s, ICICI transformed its business from a development financial institution offering only project finance to a diversified financial Page 42
  43. 43. STRESS MANAGEMENT AT ICICI-PRUDENTIAL services group offering a wide variety of products and services, both directly and through a number of subsidiaries and affiliates like ICICI Bank. In 1999, ICICI become the first Indian company and the first bank or financial institution from non-Japan Asia to be listed on the NY After consideration of various corporate structuring alternatives in the context of the emerging competitive scenario in the Indian banking industry, and the move towards universal banking, the managements of ICICI and ICICI Bank formed the view that the merger of ICICI with ICICI Bank would be the optimal strategic alternative for both entities, and would create the optimal legal structure for the ICICI group's universal banking strategy. The merger would enhance value for ICICI shareholders through the merged entity's access to low-cost deposits, greater opportunities for earning fee-based income and the ability to participate in the payments system and provide transaction-banking services. The merger would enhance value for ICICI Bank shareholders through a large capital base and scale of operations, seamless access to ICICI's strong corporate relationships built up over five decades, entry into new business segments, higher market share in various business segments, particularly fee-based services, 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 two of its wholly-owned retail finance subsidiaries, ICICI Personal Financial Services Limited and ICICI Capital Services Limited, with ICICI Bank. The merger was approved by shareholders of ICICI and ICICI Bank in January 2002, by the High Court of Gujarat at Ahmedabad in March 2002, and by the High Court of Judicature at Mumbai and the Reserve Bank of India in April 2002. ICICI Bank is India's 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 and agricultural finance. The bank services a growing customer base of more than 7 mn customer accounts and five mn bondholders accounts through a multi channel access network. The includes about 450 branches and extension counters, 1675 ATMs, call centers and Internet banking. ICICI bank posted a net profit of Rs 1206 Crore for the year ended March 31, 2003. ICICI bank is the only Indian company to be rated above the country rating by the international rating agency Moody's and only the Indian company to Page 43
  44. 44. STRESS MANAGEMENT AT ICICI-PRUDENTIAL be awarded an investment grade international credit rating. The enjoys the highest rating from all Indian leading rating agencies. OVERVIEW OF ICICI VENTURE WING ICICI Venture, incorporated in 1988, is the most experienced and largest private equity and venture fund management company in India with funds currently under management in excess of Rs.20 billion (USD 400 million). Over the last 15 years, ICICI Venture has been successful in identifying trends well ahead of the curve; be it retail, media and entertainment, information technology, real estate or pharmaceuticals and biotechnology. During this period ICICI Venture launched 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 best known and managed companies in India in its portfolio. Herein ICICI Venture has followed the philosophy of being a multi-sector player ensuring an optimum balance of risk and return to its investors. ICICI Venture has the distinction of managing a large number of exits in the country. With over 100 liquidity events, the organization has reaped rich experience and is well positioned to handle IPOs, strategic sale and/or mergers. ICICI Venture has a wide network of third party investors, which include domestic investors such as public sector banks, financial institutions and insurance companies. A significant portion of the fund's corpus is also from international development financial institutions and international funds. The company has over 25 qualified professionals with experience across sectors and functions. The capabilities of the team, structure of the organization, emphasis on value creation and performance evaluation matrices enable ICICI Venture to extract superior returns from its investments. ICICI Venture has now launched the India Advantage Fund, with a corpus of Rs.10 Billion (USD 225 million). The Fund will invest in mid-sized growth companies for funding through expansions, acquisitions and restructuring. The Fund will also focus on mezzanine funding and buyouts. Page 44
  45. 45. STRESS MANAGEMENT AT ICICI-PRUDENTIAL ICICI PRUDENTIAL ICICI PRUDENTIAL Life Insurance was established in 2000 with a commitment to expand and reshape the life insurance industry in India. The company was amongst the first private sector insurance company to begin operations after receiving approval from Insurance Regulatory Development Authority (IRDA), and in the same time since, has taken several steps towards realizing its goal. THE COMPANY ICICI PRUDENTIAL Life Insurance Company is a joint venture between ICIC, a premier financial powerhouse and prudential plc; a leading international financial services group headquarters in the United Kingdom. ICICI Prudential was amongst the first private sector insurance company to begin operations in December 2000 after receiving approval from Insurance Regulatory Development Authority (IRDA). ICICI and PRUDENTIAL came together in 1993 to form prudential ICICI Asset Management Company, which has today emerged as one of the leading mutual funds in India. The two companies bring together two of the strongest financial service brands in Asia, known for their professionalism, excellent quality of service and long term commitment to customers. Riding on the success of this relationship, the two companies joined hands once more in 2000, to form ICICI PRUDENTIAL LIFE INSURANCE, with a 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 by world-class people and service. This we hope to achieve by: Page 45
  46. 46. 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 core values -- Integrity, Customer First, Boundaryless, Ownership and Passion. Each of the values describe what the company stands for, the qualities of our people and the way we work We do believe that we are on the threshold of an exciting new opportunity, where we can play a significant role in redefining and reshaping the sector. Given the quality of our 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 services company in UK with around US $ 250 bn funds under management, and more than 16 million customers worldwide. Prudential has brought to market an integrated range of financial services products that now includes: life assurance pensions mutual funds banking investment management general insurance In Asia Prudential is UK's largest life insurance company with a vast network of 22 life and mutual fund operations in 12 countries: China, Hong Kong, India, Indonesia, Japan, Korea, Malayasia, Philippines, Singapore, Taiwan, Thailand, Vietnam. Since 1923, prudential has championed customer centric products and services, supported by over 60000 staff and agents across the region. Page 46
  47. 47. STRESS MANAGEMENT AT ICICI-PRUDENTIAL SERVICE ICICI PRUDENTIAL has recruited and trained over 18000 insurance agents to interface with and advice customers, and has the highest number amongst private life insurers on the renowned Million Dollar Round table (MDRT). Further, it leverages its state-of-the-art IT infrastructure to provide superior quality of service to customers. MILESTONES ICICI PRUDENTIAL life insurance has crossed Rs 500 crore premium income mark on March 31, 2003 having issued nearly 350000 policies for a sum assured of Rs 8700 crore since its inception. The last fiscal had been significant growth for ICICI PRUDENTIAL across all segments, with 246827 policies issued in the period April 2002-March 2003, and Rs 348 Crore premium from new business in the same period, a 200 per cent growth over the previous fiscal (April 2001-March 2002). The company had also met all its rural and social sector obligations, said a press release. The growth been driven by pensions and unit linked products. It has garnered 23% of pensions premium amongst all players for the period April 2002-February 2003 and 34% in Feb alone. Today the company has established itself the number one private life insurer in the country. HISTORY: Incorporated on July 20, 2000 it is a 74:26, joint venture between ICICI and Prudential plc of U.K. in November 2000, ICICI Prudential Life Insurance was granted Certification of Registration for carrying out Life Insurance business by the insurance Regulatory & Development Authority of India. The company issued its first policy on December 12, 2000. Year of review 2002-2003: ICICI Prudential has consolidated its position as the leading private life insurer in India. ICICI Prudential's annualized premium grew more than three fold over the previous year. Continuing with its 'Customer First' philosophy, ICICI Prudential has Page 47
  48. 48. STRESS MANAGEMENT AT ICICI-PRUDENTIAL significantly expanded its presence to 29 operational Branches (2001-2002: 16), with the Advisor Force growing to over 18000. It has also strengthened its Alternate Distribution channels, i.e. Bancassurance, Corporate Agents and Direct Marketing, making purchase of insurance more accessible. Bancassurance and Direct Marketing channels have contributed to over 18% of the Annualized Premium. ICICI Prudential was amongst the first to identify the emerging opportunity in the Pension segment and launched two linked pension products Life time Pension and Life Link Pension, which have been well received in the market. MANAGEMENT BOARD OF DIRECTORS ICICI Prudential Life Insurance Company Limited Board comprises reputed people from the finance industry both from India and abroad. Mr. K.V. Kamath, Chaiman Mr. Mark Norbon Mrs. Lalita D. Gupte Mrs. Kalpana Morparia Mrs. Chanda Kochhar Mr. Kevin Holmgren Mr. M.P.Modi Mr. R Naryanan Ms Shikha Sharma MANAGEMENT TEAM Ms Shikha Sharma, Managing Director Mr. Sandeep Batra, Chief Financial Officer & Company Secretary Mr. Shubhro J. Mitra, Chief - Human Resources Page 48
  49. 49. STRESS MANAGEMENT AT ICICI-PRUDENTIAL Mr. Puneet Nanda, Head - Investments Ms. Anita Pai, Chief - Operations & Underwriting Mr. V. Rajagopalan, Appointed Actuary Mr. Shridhar Sethuram, Chief - Sales & Marketing Mr. Anil Tikoo, Head - Information Technology. VISION-MISSION VISION To make ICICI Prudential the dominant Life and Pensions player built on trust by world class people and service. This we hope to achieve by: 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 core values: Integrity Customer First Boundaryless Ownership Passion Each of the values describe what the company stands for, the qualities of our people and the way we work. We do believe that we are on the threshold of an existing new opportunity, where we can play a significant role in redefining and reshaping the Page 49
  50. 50. STRESS MANAGEMENT AT ICICI-PRUDENTIAL sector. Given the quality of our parentage and the commitment of our team, there are no limits to our growth. VISION-MISSION To be dominant life and pension players built on trust by world class people and service. INTEGRITY 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 partners BOUNDARYLESS 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 functions Page 50
  51. 51. STRESS MANAGEMENT AT ICICI-PRUDENTIAL OWNERSHIP 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 performance PASSION 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 excellence PRODUCTS PRODUCTS Insurance Solutions For Individuals: ICICI PRUDENTIAL Life Insurance offers a range of innovative, customer centric products that meet the needs of customer at every life stage. Its 13 products can be enhanced with up to four riders, to create a customized solution for each policyholder. Saving Solutions ICICI PRUDENTIAL Save and Protect is a traditional endowment savings plan that offers life protection along with adequate returns. Page 51
  52. 52. STRESS MANAGEMENT AT ICICI-PRUDENTIAL ICICI PRUDENTIAl CashBank is an anticipated endowment policy ideal for meeting milestone expenses like a child's marriage, expenses for child's education or purchase of an asset. Protection Solutions ICICI PRUDENTIAL Life Guard is a protection plan, which offers life covers at very low cost. It is available in three options - level term assurance, level assurance with return of premium and single premium. Child Solutions ICICI PRUDENTIAL Smart Kid provides guaranteed educational benefits to a child along with life insurance cover for the parent who purchases the policy. The policy is designed to provide money at important milestones in child's life. Market Linked Solutions ICICI PRUDENTIAL LifeLink is a single premium Market Linked Insurance Plan, which combines life insurance cover with the opportunity to stay, invested in the stock market. ICICI PRUDENTIAL LifeTime offers customers the flexibility and control to customize the policy to meet the changing needs at different life stages. It offers three investment options Growth Plan Income Plan Balanced Plan Retirement Solutions ICICI PRUDENTIAL Forever Life is retirement product targeted at individuals in their 30's Page 52
  53. 53. STRESS MANAGEMENT AT ICICI-PRUDENTIAL 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 companies seeking to enhance benefits to their employees. ICICI PRUDENTIAL Group Gratuity Plan: ICICI Pru's Group Gratuity Plan helps employers fund their statutory gratuity obligation in a scientific manner. The plan can also be customized to structure schemes that can provide benefits beyond the statutory obligations. ICICI PRUDENTIAL GROUP SUPERANNUATION PLAN: ICICI Pru offers a flexible defined contribution superannuation scheme to provide a retirement kitty for each member of the group. Employees have the option of choosing from various annuity options or opting for a partial commutation of the annuity at the time of retirement. ICICI PRUDENTIAL GROUP TERM PLAN: ICICI Pru's flexible group term solution helps to provide affordable cover to members of a group. The cover could be uniform or based designation or rank or a multiple of salary. The benefit the policy is paid to the beneficiary nominated by the member on his/her death. Page 53
  54. 54. STRESS MANAGEMENT AT ICICI-PRUDENTIAL ADVERTISING EFFECTIVENESS… ICICI Pru is a case study in the role of marketing in reshaping an industry. It highlights how an industry where "sell" and "push" were often used words and consumer was nothing more than a file number, has changed to one where "consumer preference" and "consumer pull" rule the roost. Here's a look at how ICICI Pru changed the rules of the games and emerged a leader in the process. BACKGROUND When the insurance sector was liberalized in 2000, the private players contend with a few issues. Ratio of premium to GDP was low: 1.3% of GDP was invested in insurance. Insurance penetration was at an abysmal 22% of insurable population. Besides the above the private players were faced with attitudinal barriers, perception of insurance has a tax saving tool and lack of a consumer centric approach in service and product offerings. THE MARKETING CHALLENGES FACING ICICI Pru: The challenge therefore was to change established category drivers (death payment and Tax saving) and to get the consumer to evaluated insurance on a more emotional plat form rather than a mere rational decision. (tax savings). THE CAMPAIGN OBJECTIVES: Reposition the category in the consumer's 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. Build credibility and trust. CREATIVE STRATEGY: Page 54
  55. 55. STRESS MANAGEMENT AT ICICI-PRUDENTIAL The essence of the creative strategy is to get the consumer to re look at insurance as a means to lead a worry free life and not as a necessary evil. To this effect the core brand insight highlighted was "As head of the family, it is my responsibility to take care of my loved ones and protect them from the uncertainties of life", summed up in the advertising idea: 'we cover you at every step in life' MARKET STRATEGY: In a market likely to be cluttered, we used multiple touch points to reach the consumer. The role for each medium was envisaged. The TV medium was used to enhance the emotional link with the brand. Strategic use of 15 sec. Edits facilitated high frequency levels. In print, the cost per response rather than the cost per thousand as responses were measured in form of call-ins. Radio FM, Cinema, Internet were used to create a media multiplier effect. THE RESULTS OF COMMUNICATION EFFORTS: Being number one in awareness and saliency. Awareness: ICICI Pru showed a significant jump in awareness between Feb and Sept 2001. Image: highest score among all insurance players including LIC, on image parameters like safety, modernity, service, good returns Etc. intention to invest: next only to LIC as per research Page 55
  57. 57. STRESS MANAGEMENT AT ICICI-PRUDENTIAL • RESEARCH MEANING AND DEFINATION :- Research comprises "creative work undertaken on a systematic basis in order to increase the stock of knowledge, including knowledge of man, culture and society, and the use of this stock of knowledge to devise new applications." It is used to establish or confirm facts, reaffirm the results of previous work, solve new or existing problems, support theorems, or develop new theories. A research project may also be an expansion on past work in the field. To test the validity of instruments, procedures, or experiments, research may replicate elements of prior projects, or the project as a whole. The primary purposes of basic research (as opposed to applied research) are documentation, discovery, interpretation, or the research and development (R&D) of methods and systems for the advancement of human knowledge. Approaches to research depend on epistemologies, which vary considerably both within and between humanities and sciences. There are several forms of research: scientific, humanities, artistic, economic, social, business, marketing, practitioner research, etc. 1. Observations and Formation of the topic: Consists of the subject area of ones interest and following that subject area to conduct subject related research. The subject area should not be randomly chosen since it requires reading a vast amount of literature on the topic to determine the gap in the literature the researcher intends to narrow. A keen interest in the chosen subject area is advisable. The research will have to be justified by linking its importance to already existing knowledge about the topic. 2. Hypothesis: A testable prediction which designates the relationship between two or more variables. 3. Gathering of data: Consists of identifying a population and selecting samples, gathering information from and/or about these samples by using specific research instruments. The instruments used for data collection must be valid and reliable. 4. Analysis of data: Involves breaking down the individual pieces of data in order to draw conclusions about it. 5. Data Interpretation: This can be represented through tables, figures and pictures, and then described in words. 6. Test, revising of hypothesis Page 57
  58. 58. STRESS MANAGEMENT AT ICICI-PRUDENTIAL Conclusion, reiteration if necessary Steps in conducting research:- Research is often conducted using the hourglass model structure of research. The hourglass model starts with a broad spectrum for research, focusing in on the required information through the method of the project (like the neck of the hourglass), then expands the research in the form of discussion and results. The major steps in conducting research are: • Identification of research problem • Literature review • Specifying the purpose of research • Determine specific research questions or hypotheses • Data collection • Analyzing and interpreting the data • Reporting and evaluating research • Communicating the research findings and, possibly, recommendations The steps generally represent the overall process, however they should be viewed as an ever-changing iterative process rather than a fixed set of steps. Most researches begin with a general statement of the problem, or rather, the purpose for engaging in the study. The literature review identifies flaws or holes in previous research which provides justification for the study. Often, a literature review is conducted in a given subject area before a research question is identified. A gap in the current literature, as identified by a researcher, then engenders a research question. The research question may be parallel to the hypothesis. The hypothesis is the supposition to be tested. The researcher(s) collects data to test the hypothesis. The researcher(s) then analyzes and interprets the data via a variety of statistical methods, engaging in what is known as Empirical research. The results of the data analysis in confirming or failing to reject the Null hypothesis are then reported and evaluated. At the end the researcher may discuss avenues for further research. Rudolph Rummel says, "... no researcher should accept any one or two tests as definitive. It is only when a range of tests are consistent over many kinds of data, researchers, and methods can one have confidence in the results." Page 58
  59. 59. STRESS MANAGEMENT AT ICICI-PRUDENTIAL Objectives of the study 1-Describe how stress affects the nutritional status. 2-Describe how to manage stress. 3-Describe behaviors or habits that unnecessarily rob you of time. 4-Describe at least two time management tools. 5- Understand the causes of stress. workplace.. 6- Describe what happens in your body when stress occurs (the physiological response) 7- Describe the effects of stress on the immune system Page 59
  61. 61. STRESS MANAGEMENT AT ICICI-PRUDENTIAL FINDINGS & ANALYSIS ANALYSIS OF THE QUESTIONNARIE OF THE EMPLOYEES 1. 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% SOCIAL ASPECTS 8% 4% 52% 36% 0% Never Occasionally Sometimes Frequently Very frequently Page 61
  62. 62. STRESS MANAGEMENT AT ICICI-PRUDENTIAL 2. Do you feel stagnant in your role Never 4% Occasionally 12% Sometimes 32% Frequently 52% Very 0% ROLE STAGNATION 4% 12% 32% 52% 0% Never Occasionally Sometimes Frequently Very frequently 3. Are you able to satisfy the conflicting demands of the various peer level people Never 12% Occasionally 24% Sometimes 24% Frequently 36% Very 4% Page 62
  63. 63. STRESS MANAGEMENT AT ICICI-PRUDENTIAL Role Expectation Conflict 12% 24% 24% 36% 4% Never Occasionally Sometimes Frequently Very frequently 4. Would you like to take more responsibility than at present Never 8% Occasionally 24% Sometimes 16% Frequently 36% Very 16% Page 63
  64. 64. STRESS MANAGEMENT AT ICICI-PRUDENTIAL Role Erosion 8% 24% 16% 36% 16% Never Occasionally Sometimes Frequently Very frequently 5. The amount of work you have to do interferes with the quality you want to maintain Never 4% Occasionally 4% Sometimes 48% Frequently 40% Very 4% Page 64
  65. 65. STRESS MANAGEMENT AT ICICI-PRUDENTIAL Role Overload 4% 4% 48% 40% 4% Never Occasionally Sometimes Frequently Very frequently 6. Is there not enough interaction between your role and other roles Never 8% Occasionally 8% Sometimes 32% Frequently 52% Very 0% Page 65
  66. 66. STRESS MANAGEMENT AT ICICI-PRUDENTIAL Role Isolation 8% 8% 32% 52% 0% Never Occasionally Sometimes Frequently Very frequently 7. Do you wish to acquire more skills to handle the responsibilities of your role Never 4% Occasionally 8% Sometimes 20% Frequently 32% Very 36% Page 66
  67. 67. STRESS MANAGEMENT AT ICICI-PRUDENTIAL Personal Inadequacy 4% 8% 20% 32% 36% Never Occasionally Sometimes Frequently Very frequently 10. Do you wish to have more financial resources for the work assigned to you Never 4% Occasionally 4% Sometimes 4% Frequently 28% Very 60% Page 67
  68. 68. STRESS MANAGEMENT AT ICICI-PRUDENTIAL Resource Inadequacy 4% 4% 4% 28% 60% Never Occasionally Sometimes Frequently Very frequently ANALYSIS SUMMARY OF ANALYSIS Page 68
  69. 69. STRESS MANAGEMENT AT ICICI-PRUDENTIAL The 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. 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. Page 69