Employee satisfaction and performance appraisals

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Summer Training on Metlife Insurance on the topic Employee satisfaction and performance Appraisal

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Employee satisfaction and performance appraisals

  1. 1. LOVELY PROFESSIONAL UNIVERSITY BBA-MBA HONS INTEGRATED REPORT ON SUMMER TRAINING AT METLIFETopic: Employee satisfaction and performance appraisals at MetLife UNDER THE GUIDANCE OF Mr. Mandeep Singh Hayer Submitted to Lovely Professional University In partial fulfilment of the Requirements for the award of degree of Business Administration Submitted by: Amrit Singh RQ1901A18, 10902636 LOVELY PROFESSIONAL UNIVERSITY JALANDHAR, NEW DELHI (1), GT ROAD PHAGWARA, PUNJAB 1
  2. 2. LOVELY PROFESSIONAL UNIVERSITY Under Section 2(f) of UGC Act 1956 BONAFIDE CERTIFICATECertified that this is a Bonafide record of work done by Amrit Singh (10902636) of BBA-MBA HONS Degree in Summer Project at Metlife (Jalandhar) of LOVELY HONORS OFMANAGEMENT, LOVELY PROFESSIONAL UNIVERSITY, NEW DELHI (1), GTROAD, JALANDHAR, PHAGWARA (PUNJAB) during the academic year 2011-2012. Internal guide Mr. Mandeep Singh Hayer 2
  3. 3. AcknowledgementsThis project report could not have been completed without the guidance of our TrainingMentor Mr.Rajeev Sharma & project mentor Mr. Mandeep Singh Hayer. Their constantsupport and practical approach helped in making the project more meaningful.The entire staffs of Metlife helped in making the study comfortable and thus focus on thenecessities of the project. I would like to thank my parents and friends who have supportedme throughout this project.I can say that this work is a collaborative achievement.I express my gratitude towards staff of Metlife, those who have helped me directly orindirectly in completing the training.Place : Jalandhar Amrit SinghDate :06/07/2010 BBA-MBA HONS LOVELY INSTITUTE OF MANAGEMENT 3
  4. 4. Contents1. Introduction i. Overview of Metlife ii. Executive summary2. Company Profile i. Name of organization (Full name, registered address, and website) ii. Key Executives iii. History iv. Key Facts v. Vision and Values vi. Mission vii. Business Philosophy viii. Corporate Social Responsibility ix. Product range in MetLife x. Sales process xi. Reasons of success3. Theoretical Background I. Performance Appraisals a. Meaning b. Aims c. Methods d. Process of Performance Appraisal II. Employee satisfaction a. Meaning b. Factors influencing c. Measuring job Satisfaction d. Methods4. Research Methodology 4
  5. 5.  Research Objective  Research Design  Objectives Of The Study  Scope Of The Study  Significance Of The Study  Source Of The Data Collection 5. SWOT analysis 6. Research Done in Fieldi. Performance Appraisal a. Goal Sheetii. Employee Satisfaction a. Questionnaire b. Analysis and Interpretation 7. Bibliography 5
  6. 6. 1. Introductioni. Overview of MetLife: The MetLife companies are a leading innovator and a recognized leader in protection planning and retirement and savings solutions around the world. We have established a strong presence in the Americas, Europe and Asia Pacific through organic growth, acquisitions, joint ventures and other partnerships. We are strengthening our global brand MetLife by extending core product and competencies to markets around the world – an important driver of growth for the enterprise. With over 140 years of success and experience, the MetLife companies include the largest life insurers in the United States and Mexico and serve over 90 of the top one hundred FORTUNE 500 companies. MetLife, Inc. was named as America‟s best-managed insurance company by Forbes magazine in January 2008 as part of its list of 400 Best Big Companies for 2008. Around the world, the MetLife companies offer life, accident, health insurance, retirement and savings and reinsurance products through agents, third-party distributors, such as banks and brokers, and direct marketing channels. We work with families, corporations and governments to provide them with solutions that offer financial guarantees. We have the experience, global resources and vision to provide financial certainties for an uncertain world.ii. Executive SummaryMetLife is a leading global provider of insurance, annuities and employee benefitprograms throughout the United States ("U.S."), Japan, Latin America, Asia Pacific,Europe and the Middle East. Through its subsidiaries and affiliates, MetLife offers lifeinsurance, annuities, auto and homeowners insurance, mortgage and deposit products andother financial services to individuals, as well as group insurance and retirement &savings products and services to corporations and other institutions. MetLife is organizedinto six segments: Insurance Products, Retirement Products, Corporate Benefit Fundingand Auto & Home (collectively, "U.S. Business"), and Japan and Other InternationalRegions (collectively, "International"). In addition, the Company reports certain of its 6
  7. 7. results of operations in Banking, Corporate & Other, which includes MetLife Bank, National Association ("MetLife Bank") and other business activities. On November 1, 2010 (the "Acquisition Date"), MetLife, Inc. completed the acquisition of American Life Insurance Company ("American Life") from AM Holdings LLC (formerly known as ALICO Holdings LLC) ("AM Holdings"), a subsidiary of American International Group, Inc. ("AIG"), and Delaware American Life Insurance Company ("DelAm") from AIG, (American Life, together with DelAm, collectively, "ALICO") (the "Acquisition"). ALICOs fiscal year-end is November 30. Accordingly, the Companys interim condensed consolidated financial statements reflect the assets and liabilities of ALICO as of February 28, 2011 and the operating results of ALICO for the quarter ended February 28, 2011.Objectives: To study and analyse the various methods of performance appraisals in Metlife To analyse the various perceptions and responses on job satisfaction of employees2. Company Profile i. Name of organization (Full name, registered address, and website)Name: MetlifeHead OfficeMetLife India Insurance Company Limited.No.5 Brigade Seshmahal Vani Vilas RoadBasavanagudiBangalorePhone : 080 - 66006969 / 26438638Fax : 080-22421970Pin : 560004 7
  8. 8. Registered OfficeMetlife India Insurance Company Limited.5th Floor Orchid Centre Golf Course Road Sector 53GurgaonPhone : 0124-4179000Fax : 2572748Pin : 122002Headquarters: New York City, New York, U.SFinancial Highlights Fiscal Year End:Revenue (2010): 52717.00 MillionRevenue Growth (1 yr): 28.40%Employees (2010): 66,000Employee Growth (1 yr): 22.20%Website:- http://www.metlife.co.in/ 8
  9. 9. ii. Key ExecutivesKEY EXECUTIVES - METLIFE INC (MET)Name Board Relationships Title AgeSteven A. Chief Executive Officer, President and 13 Relationships 59Kandarian J.D. Director Chief Financial Officer, Executive Vice President, Chief Financial Officer ofWilliam J. Wheeler No Relationships 49 Metropolitan Life and Executive Vice President of Metropolitan Life Executive Vice President of Technology andMaria R. Morris 12 Relationships 48 OperationsEileen C. 40 RelationshipsPresident of New England Financial 48McDonnell President of MetLife Auto & Home and SeniorWilliam D. Moore No Relationships Vice President of Eastern Zone - Individual -- Business Collapse DetailBoard Members - METLIFE INC (MET)Name Board Relationships Primary Company AgeC. Robert 178 RelationshipsMetropolitan Life Insurance Company 64HenriksonSteven A. 13 Relationships MetLife, Inc. 59Kandarian J.D.Kenton J. 38 Relationships MetLife, Inc. 66SicchitanoCheryl W. Grisé 70 Relationships FirstLight Hydro Generating Company 58James M. Kilts 157 RelationshipsCenterview Partners Management LLC 62 View All MET Board MembersEXECUTIVE COMMITTEES* - METLIFE INC (MET)Committee Name Chairperson Board Relationships Members 6Audit Committee Kenton J. Sicchitano 38 Relationships Executives 6Compensation Committee James M. Kilts 157 Relationships Executives 9
  10. 10. Corporate Governance 5 Cheryl W. Grisé 70 RelationshipsCommittee Executives 4Executive Committee C. Robert Henrikson 178 Relationships Executives 5Finance Committee Alfred F. Kelly Jr. 13 Relationships Executivesiii. History The first MetLife Company was established in New York in 1868 offering life insurance solutions to the middle class. Over the years, the MetLife companies have made difference in the communities where they operate, and the organization‟s social commitment and its commitment to the security of its policyholders have proven to be good business. Here are few highlights in our 140 years of history: 1868 – Metropolitan Life Insurance Company is established 1912 – In partnership with American Red Cross, transforms the corporate headquarters into an administrative relief and support center for Titanic survivors and their families. 1930 – Helps thousands of farmers buy back their foreclosed farms and restores them to productivity during Great Depression 1931 – Provides financing for the construction of the Empire State Building and Rockefeller Center 1974 – Auto and home insurance are added to our product offerings 1989 – First operations outside of the U.S. are established in Korea and Taiwan. 1991 - Becomes the first insurer in North America to surpass $1 trillion of life insurance in force 1992 – Establishes the first Latin American operation 2000 – Becomes a publicly owned stock company with MetLife, Inc. listed on the New York Stock Exchange 10
  11. 11. 2001 – Enters the banking sector with establishment of MetLife Bank. Responds to 9/11 by paying claims immediately, awarding grants and investing over $1 billion in publicly traded stocks. 2002 – Acquires Aseguradora Hidalgo, S.A., becoming the largest life insurer in Mexico. 2005 – Acquires Traveler‟s Life & Annuity and substantially all of Citigroup‟s international insurance business, strengthening our leadership in the U.S. and expanding its distribution capabilities worldwide. iv. Key Facts MetLife‟s trusted brand, capital strength and existing relationships with millions of individual and institutional customers around the globe uniquely position us among our competitors. Here are few facts that highlight our leadership in the global insurance industry:The MetLife companies‟ competitive positioning • #1 life insurer in the United States • #1 life insurer in Mexico • #2 combined life and annuity in Chile • #1 life sales via telemarketing in Taiwan • #1 commercial dental carrier in the United States • #2 variable annuity sales in JapanMetLife, Inc.‟s financial highlights • $501.7 billion USD in total assets under management as of 2008 YE • $51.0 million USD in total revenues as of 2008 YE v. Vision and Values 11
  12. 12. "Coming into your own", Operating with an intense performing as a Leader to dedication to managing be really effective and monetary resources for successful by acting and strong business results. making decisions independently to get results. Its all about People, Continuously creating and MetLifes key resource. introducing new and MetLife will succeed original ideas and ways of because we are winning doing things. from within.Functioning productively in Conducting all business teams towards a common endeavours with truth, purpose; realising the sincerity and fairness.collective power of diverse work-groups. 12
  13. 13. vi. Mission StatementWe are committed to maintaining the highest standards of integrity and professionalism inour relationship with you, our client. We endeavour to know and understand your financialsituation and provide you with only the information, services, and products to help you reachyour goals.vii. Business Philosophy"The gratification of wealth is not found in mere possession or in lavish expenditure, but inits wise application." Miguel De Cervantes (1587) Todays clients are looking for security, knowing that they have enough money, and thattheir needs are taken care of. Freedom to do what they want, when they want. As a FinancialProfessional with over 20 years of knowledge and experience in the financial serviceindustry, clients who gain the most benefit from my areas of focus have the followingcharacteristics: They want a trusting relationship with a financial professional. They are financially motivated and serious about personal financial success. They are active professionals, business owners, or retirees that are accustomed to delegating their financial matters to competent, trustworthy professionals. They are not influenced by the daily ups and downs reported by the financial media. They are sharing people, who like to help others and who are influential. They enjoy the simplicity of having all of their assets in one place. They understand that having a strategy is important, and sticking to that strategy is what makes it work.viii. Corporate Social Responsibility MetLife has always been committed to making a positive difference in the lives of theindividuals and communities. Today, that commitment drives volunteer work andphilanthropy across the globe. Working with non-profit organizations, MetLife supportsprograms that provide young people with the skills they need to succeed in life and createopportunities for people of all ages. 13
  14. 14. MetLife‟s core values are personal responsibility, people count, partnership, integrity andhonesty, innovation and financial strength. These values also shape the responsibility to thecommunities where the organization conducts its business. ix. Product range in MetLife In Broad sense these are the various types/categories of life insurance policies available:- •Endowment policies: This type of policy covers risk for a specified period, and at the end of the maturity sum assured is paid back to policyholder with the bonuses during the term of the policy. •Money back policies: This type of policy is for periodic payments of partial survival benefits during the term of the policy as long as the policy holder is alive. •Group insurance: This type of insurance offers life insurance protection under group policies to various groups such as employers-employees, professionals, co-operatives etc it also provides insurance coverage for people in certain approved occupations at the lowest possible premium cost. •Term life insurance policies: This type of insurance covers risk only during the selected term period. If the policy holder survives the term, risk cover comes to an end. These types of policies are for those people who are unable to pay larger premium required for endowment and whole life policies. No surrender, loan or paid up values are in such policies. •Whole life insurance policies: This type of policy runs as long as the policyholder is alive and is covered for the entire life of the policyholder. In this policy the insured amount and the bonus is payable only to nominee on the death of policy holder. 14
  15. 15. •Joint life insurance policies: These policies are similar to endowment policies in maturitybenefits and risk cover, but joint life policies cover two lives simultaneously such asmarried couples. Sum assured is payable on the first death and again on the death ofsurvival during the term of the policy.•Pension plan: a pension plan or annuity is an investment over a certain number of yearsbut does not provide any life insurance cover. It offers a guaranteed income either for alife or certain period.•Unit linked insurance plan: LIP is a kind of insurance plan which provides life cover aswell as return on premium paid over a certain period of time. The investment is denotedas units and represented by the value called as net asset value (NAV). Met Bhavishya: MetLife offers Met Bhavishya - a guaranteed money back plan that pays out funds to help you meet the education and career milestones of your children. With this plan, the Life Insured is that of the parent. The plan also has inbuilt guaranteed additions to add value to the policy over its term. There are two options to choose from and fixed term benefits, periodic additions & terminal additions are payable based on the option that you select. The policy is suitable for parents with children between the ages 0-12 and parents in the age group of 20-50 years old. Reasons to Buy: 1. Guaranteed payouts at critical milestones of the child’s life. 2. Guarantee of policy continuance in case of the untimely demise of parent. 3. Guaranteed payouts of 250%* of the chosen Sum Assured. 4. *Tax Benefits as applicable. Met Junior Endowment: MetLife offers Met Junior - a flexible endowment plan that combines savings and security. Your childrens well-being is your highest priority. So we offer a plan which offers both timely and efficient "Return on Investment". All with a guarantee. Met Junior is available in both participating (UIN:117N010V01) as well as non-participating versions(UIN:117N005V01). Death 15
  16. 16. BenefitReasons to Buy:1. An endowment plan that offers both savings and life insurance.2. Different premium paying options to suit various income cycles.3. Available in both par and non par versions.4. A plan which participates in the bonuses declared by the company (par).5. *Tax Benefits as applicable.Met Easy Super: "IN THIS POLICY, THE INVESTMENT RISK IN THEINVESTMENT PORTFOLIO IS BORNE BY THE POLICYHOLDER"While you plan to secure the happiness and future of your loved ones, give wings toyour dreams of wealth creation. Security for your family and your need of wealthcreation should work together as you move ahead in life. We understand that atMetLife, and hence we bring you Met Easy Super – an Easy Protection, Super wealthcreation plan. While you ensure security for your loved ones, we work towards yourgoals of wealth creation - because you and your family deserve the very best.Reasons to choose this:1. Affordable investment with annual premium starting from Rs.12,000 p.a.2. A unique Auto rebalancing# option to help you capitalize on volatile marketconditions3. Enhanced protection with ADB rider.4. Liquidity with Partial Withdrawals & Policy Loans5. *Tax Benefits as applicable.Met Monthly Income Plan - 7 Pay: MetLife offers Met Monthly Income Plan-7 Paywhere you are required to pay premium only for 7 years and get back the GuaranteedMonthly Income that you choose at inception for 8 years. At the end of the term youwill also get the accrued bonuses as a lump sum. A Monthly Income Plan thatguarantees income to add to your income every month because these days growingneeds demand more than one income. 16
  17. 17. Reasons to buy: 1. Get chosen Guaranteed Regular Monthly Income for 8 years i.e., 96 months. 2. You will get accrued bonuses as a lumpsum at maturity of the plan, if any. 3. In addition to the death benefit your family will continue to get guaranteed monthly income as scheduled. 4. Tax benefits* on both the amount invested and the benefits received under Section 80C and Section 10 (10)D. Met Sukh: MetLife offers Met Sukh - a guaranteed Money-Back Policy which provides guaranteed periodic survival benefits at the end of 5, 10, 15 & 20 years and guaranteed additions of 10% of the Sum Assured for the entire term. It not only covers your life, but also guarantees you cash payments at various milestones along with guaranteed growth of your savings. Reasons to buy: 1. Guaranteed Survival Benefit: Payment of 20% of the Sum Assured every year starting from the 5th year till maturity. 2. Guaranteed Maturity Benefit: Guaranteed payment of 40% of Sum Assured. Guaranteed Addition of 10% of Sum Assured every year up to maturity. 3. Guaranteed Death Benefit: Guaranteed payment of Sum Assured along with Guaranteed Additions (accrued till that time). This is paid over and above the survival benefit payments already made. 4. Comprehensive protection by way of 4 riders. 5. *Tax Benefits as applicable.Met Health Care: Health problems strike unexpectedly. In addition to causing ill health,it can also scar financial health. One needs to protect himself against such a situationthrough a health insurance plan. In order to ensure you are well protected to face any 17
  18. 18. health condition that could befall you, MetLife presents - Met Health Care, a simplehealth insurance policy with unique and smart advantages for you and your family#.(# Family means spouse and two children. Every additional family member shall beunderwritten as per the underwriting conditions laid by the Company from time to time.)Met Health Care is a long term health insurance plan from MetLife.This plan covers1. Hospitalization expenses by providing a Daily Cash benefit as chosen by you.2. 10 major Critical Illnesses by providing a lump sum benefit.3. Total & Permanent Disability due to accident by providing a lump sum benefit.All the above benefits can be availed without the hassle of undergoing any medicalexamination. Just fill up the simple application form and start enjoying the unmatchedbenefits of Met Health Care.Minimum/Maximum age of entry18 years-55 years (At first entry, for the Principal insured)3 months-55 years (For Secondary Insured lives)Cover ceasing age 65 yearsBenefits Offered(a) Daily Hospitalisation Cash Benefit(b) Daily ICU Cash Benefit(c) Recuperation Benefit(d) Critical Illness Benefit(e) Accidental Total & Permanent Disability Benefit Met Mortgage Protector Plus: MetLife presents Met Mortgage Protector Plus – a plan which provides you life cover for home loans taken for any period above 5 years. It is a decreasing term insurance with single and limited premium options. The plan covers you for an amount equal to the outstanding amount as per the policy schedule. 18
  19. 19. It ensures the asset that you have created stays with your family. Reasons to buy: 1. It protects the family against the burden of a loan. 2. It is an affordable insurance plan that covers the risk of life. 3. It provides protection for all kind of loans taken for a period above 5 years. 4. Limited and Single premium paying terms. 5. *Tax Benefits as applicable.Other Services and Products: Stocks and Bonds Charitable Giving Strategies IRA Consolidation/Rollovers Mortgage Protection (through life insurance and disability income insurance) Lump Sum Pension Distribution Medicare Supplement Coverage Pension Payout Alternatives Pension Transer/Rollovers Tax Sheltered Annuities, 403(b) Plans Variable Universal Life Insurance Over 20 Years Experiencex. Sales Process at Metlife 1. ProspectingGenerally, the first stage of the technical sales cycle is prospecting. Prospecting is a processof gathering the names of people you would like to contact. Here, your objective should be todecide which sources to use for building sales contact lists. Often, the best place to start iswith your existing clients because chances are they already know your product and have anestablished history of purchasing from your company. You may also consider re-establishingcontact with past and inactive clients for the same reasons. You can retrieve names of old,inactive and active clients just by looking through your own companys sales records.However, developing new lists is also important, to maintain growth and market position.There are a variety of sources you can use to develop new lists. Directories - Whether they are for general businesses or specialized industries, directories are an excellent source for gathering new contacts. 19
  20. 20. Customized mailing lists - If directories are too general or not organized in ways that make it easy for you to extract prospect names, you can order your own customized mailing list from a mailing list broker. Mailing lists can be generated for different types of information, i.e. by region, industry, position/title, company size, etc. Industry trade magazines and other industry news sources - These sources are excellent, not only for providing new contacts, but also background information on their companies, which is often provided in the stories, news releases, and editorials published. Even advertisements placed by companies reveal helpful information about their product lines, mission, and location - all of which can help you when initiating a sales call. Internet searches - The Internet can assist you in finding the names of potential sales leads, however the process can be clumsy. The more specific you are with the parameters you put into the popular search engines (e.g., Google, Yahoo, etc.), the more likely you will be in isolating organizations and contacts that accurately fit your prospecting requirements. Seminars and conventions - These live events are a great way to meet potential leads, especially if they cater to the specific industries and types of business that can use your product. Seminars and conventions allow for live interaction: opportunities for hand-shaking, discussions, and friendliness that are not available through mail, telephone or e-mail. Company leads - Your prospecting should begin right in your own organization. If your company is like most companies, not every sales lead enters directly into the sales department. Often, leads come from other parts of the company and even from vendors who do business with it. Many word-of-mouth referrals may reach you in this way.2. Qualifying Sales LeadsIts one thing to compile lists of sales leads, but its another process altogether to qualifythem. The process of qualification is perhaps the most important part of the technical salescycle because it acts as a filter, sorting contacts based upon a variety of characteristics and 20
  21. 21. factors. In the technical sales process, it helps to divide qualifications into two broadcategories: general business factors and technical factors. The general business category isconcerned with basic questions such as: Are they pre-qualified (former clients) or non-qualified (new leads)? Is company size relevant? If so, determine the number of employees, sales volume, regional coverage, and retail presence. Are purchasing patterns relevant? If so, qualifications can be made by studying seasonal purchasing patterns, average purchase quantities, or other demands, such as new product launches, current news developments, or other internal activities. Is the type of contact (professional type) relevant? If so, what type of professional is responsible for making purchasing decisions? How many different types of decision- makers are involved? What are their professional specializations?The technical category of qualifying is concerned with a more advanced set of questions thatattempt to assess whether (and to what extent) your product meets one or more of the clientsneeds. In the realm of technical products, there can be many different criteria: Is this potential client in the ideal industry for your product? If so, has your product been used in this type of industry and for these types of applications for long? Is this a new industry or market? How much is known about your products performance in this industry? Is your product compatible with your prospects equipment? If so, what type of machinery works best with it? What types of supplies can be used to maintain it? Is your product compatible with your prospects environment? If so, what type of climate is ideal for your product? What other environmental conditions will your product create or affect? What about concerns regarding noise, pollution, and waste management? Is your product compatible with your prospects usage requirements? If so, how many hours per year will they use it? 21
  22. 22. Can your product be retrofitted to the clients equipment?3. Individual Contact ResearchOnce you have determined a potential client, you must focus further on exactly who tocontact. There may be more than one individual involved, each with different backgroundsand specializations. Developing a personal rapport is one of the most important aspects of thesales process. In order to do this, you need to acquire some basic information in advance ofyour meeting. This information should be about both the contact and his organization. Itincludes: Companys mission What markets it serves and its market share Companys primary product or service Contact individual(s) and title(s) Contacts job description: What do they do? What objectives are they responsible for? Are they technical (i.e., engineers) or non-technical professionals? Company information: printed literature, website, annual report (if public and available), and news stories. The most appropriate and effective medium for contacting this person: by telephone, in person (i.e., at a convention), e-mail, mail, etc.4. Formulating Sales ContextOnce you have determined the most appropriate and effective medium for contacting yourpotential client, you must formulate a sales context for your approach. Every client has hisown unique challenges. These challenges are organizational, environmental and sometimeslegal in nature. As a salesperson, you must be equipped to address each and every situation.When formulating sales context, consider the following questions: What type of greeting and first impression should you make? What are your main objectives in making this contact? What is your primary offering? 22
  23. 23. What product features and benefits are most important in this context? How do these tie in with the clients most immediate and critical objectives? What words or key phrases will help bolster your communications? What specific questions do you plan to ask the contact? Which questions will be most helpful in guiding your own sales strategies?After considering these questions, you can decide which presentation materials will be idealfor your first contact. If it is an e-mail or mailing, you may want to include only certainmaterials that help bring your product into focus. If you have secured an appointment to meetwith a contact(s), then you may want to consider doing a formal sales presentation using aidssuch as Microsoft PowerPoint or other interactive software. What resources, whether as information or a demonstration, should you bring to engage the contact? What sales sheets, spec sheets, or product literature most accurately applies to the clients needs? What news clippings, articles or press releases about your product from industry trade magazines will awaken his interest? What other individuals or organizations can you mention that your company has recently sold to that will impress them? Can you actually bring your product (or parts thereof) to show the client a hands-on demonstration?5. First MeetingYour first sales meeting can be either the direct result of a phone call, informal meeting, e-mail, or mail solicitation. Here, you will put into action all of the things previously discussed.You will already have a basic sales strategy in mind, as well as the materials and backgroundknowledge to put it all into place. There are several different approaches you can use in thefirst meeting: 23
  24. 24. APPROACH DESCRIPTION The structured approach is highly formulaic. Here, you employ a fairly standard presentation that is used again and again. It usually includes features such as company overview, product overview, case studies, andStructured other general information. The structured approach is conservative and attempts to keep the topics, pacing, and questions of the presentation strictly under the control of the salesperson. This is a more consultation-based style that uses an open-ended presentation based more on soliciting questions and answers. Here, the salespersonNeeds attempts to determine the prospect‟s primary problems, seek the prospect‟sSatisfaction confirmation of those problems, and then offer a solution (in the form of the product itself) to the problem. The hybrid approach consists of a mixture of the Structured and Needs Satisfaction styles. Here, a formulaic presentation is customized to fit theHybrid prospect‟s unique needs and requirements. Yet the presentation is open- ended enough to invite questions and discussion at all points. This approach is less about the product and the prospect‟s needs and moreStrictly about building interpersonal relationships. Here, the salesperson‟s objectiveInformal is to build a working rapport with the prospect.It is likely that your first meeting will not end in a sales decision, but rather in some form offollow-up action. Studies reveal that on 70% of sales calls, salespeople do not end firstmeetings with requests for customers to buy (Sandhusen). Frequently, prospects are left toconsider the information presented, and a second meeting or follow-up type of response isrequested. You should never close a first meeting with ambiguity or vagueness. Try to definea next step: a follow up call date, the promise of delivering further information (at theirrequest), or an appointment with the next group of decision-makers.6. Securing Purchase Orders and Contracts 24
  25. 25. At the apex of the sales cycle is the actual sales transaction. Here, you secure a purchaseorder, negotiate contract terms (if they apply), and close the sale. By this time, all differencesand concerns of the customer have been ironed out and you are ready to move forward.Consider the following: Make a list to reinforce the agreed-upon terms of sale and review it with the customer. This list will provide him with the necessary information he will require in drafting a purchase order for your product. Prepare the sales contract with diligence. There is nothing more time-consuming and frustrating than having to re-do a contract because of misinformation and sloppy information-gathering practices. Point out any legal exceptions, added product specifications, or servicing terms that the customer demanded in advance. Express confidence in your customers decision and reinforce the idea that you are embarking on a mutually rewarding relationship. 7. Follow-UpThe sales cycle does not end with contracts and purchase orders. In fact, the cycle continueswith a series of follow-up procedures that should demonstrate your desire to provideexceptional customer service and product support. Both of these are seeds for future sales andpositive business relationships. Consider doing the following: Placing a call at the time of product shipment and delivery to ensure that the client received it in a timely, convenient basis and to check on all other terms specified in sales agreement. Placing calls (on a regular basis) to all those involved with the sale and who are using your product to ensure that they are satisfied with its performance and to inquire whether there is any more you can do to serve their needs. 25
  26. 26. Conducting customer satisfaction surveys or using feedback forms.xi. Factors For Success(a) Strong Parental Support(b) MetLife benefit from parent Company‟s Global presence(c) Proven Track Record(d) International Standard of Customer Service(e) Using Technology as Business Enabler(f) Uses a Software Module called AURA which automatically process an insurance proposaland issue the policy. It ensures quick turnaround time and accuracy(g) Using Full Time Agents on Commission basis(h) Agents are Full Time Working on Commission basis(i) Reduce Fixed Cost(j) Major Advertisement Campaign(k) Internet(l) Television and other Audio Mediums(m) Telemarketing(n) Referrals(o) Personalization of Product and Services(p) Penetrating untapped Semi urban and rural market 26
  27. 27. 3. Theoretical Backgroundi. Performance Appraisalsa. MeaningA performance appraisal, employee appraisal, performance review, or (career) developmentdiscussion is a method by which the job performance of an employee is evaluated (generallyin terms of quality, quantity, cost, and time) typically by the corresponding manager orsupervisor. A performance appraisal is a part of guiding and managing career development. Itis the process of obtaining, analyzing, and recording information about the relative worth ofan employee to the organization. Performance appraisal is an analysis of an employees recentsuccesses and failures, personal strengths and weaknesses, and suitability for promotion orfurther training. It is also the judgement of an employees performance in a job based onconsiderations other than productivity alone.Performance appraisal is the process of obtaining, analyzing and recording information aboutthe relative worth of an employee. The focus of the performance appraisal is measuring andimproving the actual performance of the employee and also the future potential of theemployee. Its aim is to measure what an employee does.According to Flippo, a prominent personality in the field of Human resources, "performanceappraisal is the systematic, periodic and an impartial rating of an employee‟s excellence inthe matters pertaining to his present job and his potential for a better job." Performanceappraisal is a systematic way of reviewing and assessing the performance of an employeeduring a given period of time and planning for his future.It is a powerful tool to calibrate, refine and reward the performance of the employee. It helpsto analyze his achievements and evaluate his contribution towards the achievements of theoverall organizational goals.By focusing the attention on performance, performance appraisal goes to the heart ofpersonnel management and reflects the managements interest in the progress of theemployees. 27
  28. 28. b. Aims and ObjectivesGenerally, the aims of a performance appraisal are to: Give employees feedback on performance Identify employee training needs Document criteria used to allocate organizational rewards Form a basis for personnel decisions: salary increases, promotions, disciplinary actions, bonuses, etc. Provide the opportunity for organizational diagnosis and development Facilitate communication between employee and employer Validate selection techniques and human resource policies to meet federal Equal Employment Opportunity requirements. To improve performance through counselling, coaching and development. To review the performance of the employees over a given period of time. To judge the gap between the actual and the desired performance. To help the management in exercising organizational control. Helps to strengthen the relationship and communication between superior – subordinates and management – employees. To diagnose the strengths and weaknesses of the individuals so as to identify the training and development needs of the future. To provide feedback to the employees regarding their past performance. Provide information to assist in the other personal decisions in the organization. Provide clarity of the expectations and responsibilities of the functions to be performed by the employees. To judge the effectiveness of the other human resource functions of the organization such as recruitment, selection, training and development. To reduce the grievances of the employees. 28
  29. 29. c. MethodsA common approach to assessing performance is to use a numerical or scalar rating systemwhereby managers are asked to score an individual against a number of objectives/attributes.In some companies, employees receive assessments from their manager, peers, subordinates,and customers, while also performing a self assessment this is known as a 360-degreeappraisal and forms good communication patterns.The most known and generic methods used in the performance appraisal process in MetLifeinclude the following:  Management by objectives: The concept of „Management by Objectives‟ (MBO) was first given by Peter Drucker in 1954. It can be defined as a process whereby the employees and the superiors come together to identify common goals, the employees set their goals to be achieved, the standards to be taken as the criteria for measurement of their performance and contribution and deciding the course of action to be followed. The essence of MBO is participative goal setting, choosing course of actions and decision making. An important part of the MBO is the measurement and the comparison of the employee‟s actual performance with the standards set. Ideally, when employees themselves have been involved with the goal setting and the choosing the course of action to be followed by them, they are more likely to fulfil their responsibilities.. Advantages of MOB:The principle behind Management by Objectives (MBO) is to create empowered employeeswho have clarity of the roles and responsibilities expected from them, understand theirobjectives to be achieved and thus help in the achievement of organizational as well aspersonal goals.Some of the important features and advantages of MBO are:  Clarity of goals – With MBO, came the concept of SMART goals i.e. goals that are: 29
  30. 30. 1. Specific 2. Measurable 3. Achievable 4. Realistic 5. Time bound. The goals thus set are clear, motivating and there is a linkage between organizational goals and performance targets of the employees. The focus is on future rather than on past. Goals and standards are set for the performance for the future with periodic reviews and feedback.  Motivation – Involving employees in the whole process of goal setting and increasing employee empowerment increases employee job satisfaction and commitment.  Better communication and Coordination – Frequent reviews and interactions between superiors and subordinates helps to maintain harmonious relationships within the enterprise and also solve many problems faced during the period.  360-degree appraisal: In human resources or industrial/organizational psychology, 360-degree feedback, also known as multi-rater feedback, multisource feedback, or multisource assessment, is feedback that comes from all around an employee. "360" refers to the 360 degrees in a circle, with an individual figuratively in the centre of the circle. Feedback is provided by subordinates, peers, and supervisors. It also includes a self-assessment and, in some cases, feedback from external sources such as customers and suppliers or other interested stakeholders. The results from 360-degree feedback are often used by the person receiving the feedback to plan training and development. Results are also used by some organizations in making administrative decisions, such as pay or promotion. 30
  31. 31.  Behavioural observation scale: Behaviourally Anchored Rating Scales (BARS) is a relatively new technique which combines the graphic rating scale and critical incidents method. It consists of predetermined critical areas of job performance or sets of behavioural statements describing important job performance qualities as good or bad (for eg. the qualities like inter personal relationships, adaptability and reliability, job knowledge etc). These statements are developed from critical incidents. In this method, an employee‟s actual job behaviour is judged against the desired behaviour by recording and comparing the behaviour with BARS. Developing and practicing BARS requires expert knowledge.There is some consideration in making an effective BOS such as The behaviours on the job must be JOB EVALUATION based analysis. Critical Incident Technique (CIT) should be performed to minimize the bias of performance measurement BOS should be performed by better qualification of supervisor Behaviourally anchored rating scales: Behaviourally Anchored Rating Scales (BARS) are scales used to rate performance. BARS are normally presented vertically with scale points ranging from five to nine. It is an appraisal method that aims to combine the benefits of narratives, critical incidents, and quantified ratings by anchoring a quantified scale with specific narrative examples of good, moderate, and poor performance. BARS are rating scales that add behavioural scale anchors to traditional rating scales. In comparison to other rating scales, BARS are intended to facilitate more accurate ratings of the target persons behaviour or performance. Human Resource Accounting Method: Human resources are valuable assets for every organization. Human resource accounting method tries to find the relative worth of these assets in the terms of money. In this method the Performance appraisal of the employees is judged in terms of cost and contribution of the employees. 31
  32. 32. The cost of employees include all the expenses incurred on them like their compensation, recruitment and selection costs, induction and training costs etc whereas their contribution includes the total value added (in monetary terms). The difference between the cost and the contribution will be the performance of the employees. Ideally, the contribution of the employees should be greater than the cost incurred on them. Trait-based systems, which rely on factors such as integrity and conscientiousness, arealso commonly used by businesses. The scientific literature on the subject provides evidencethat assessing employees on factors such as these should be avoided. The reasons for this aretwofold:1) Because trait-based systems are by definition based on personality traits, they make itdifficult for a manager to provide feedback that can cause positive change in employeeperformance. This is caused by the fact that personality dimensions are for the most partstatic, and while an employee can change a specific behaviour they cannot change theirpersonality. For example, a person who lacks integrity may stop lying to a manager becausethey have been caught, but they still have low integrity and are likely to lie again when thethreat of being caught is gone.2) Trait-based systems, because they are vague, are more easily influenced by office politics,causing them to be less reliable as a source of information on an employees trueperformance. The vagueness of these instruments allows managers to fill them out based onwho they want to/feel should get a raise, rather than basing scores on specific behavioursemployees should/should not be engaging in. These systems are also more likely to leave acompany open to discrimination claims because a manager can make biased decisionswithout having to back them up with specific behavioural information.The most effective, practical and easy method used by Metlife is called the goal sheetmethod. This is a performance chart which helps both supervisors as well as employees to 32
  33. 33. monitor the extent of effort they have put into their work and also helps them to recognisetheir distance from a certain target and promotions. So in a way it also acts as a motivationtool as it keeps the encouragement of the employees high as their goals get simplified. It istotally free from biasness as there is no involvement of favouring.d. Process of Performance AppraisalEstablishing Performance Standards: The first step in the process of performance appraisalis the setting up of the standards which will be used to as the base to compare the actualperformance of the employees. This step requires setting the criteria to judge the performanceof the employees as successful or unsuccessful and the degrees of their contribution to theorganizational goals and objectives. The standards set should be clear, easily understandableand in measurable terms. In case the performance of the employee cannot be measured, greatcare should be taken to describe the standards.Communicating The Standards: Once set, it is the responsibility of the management to 33
  34. 34. communicate the standards to all the employees of the organizationThe employees should be informed and the standards should be clearly explained to them.This will help them to understand their roles and to know what exactly is expected fromthem. The standards should also be communicated to the appraisers or the evaluators and ifrequired, the standards can also be modified at this stage itself according to the relevantfeedback from the employees or the evaluators.Measuring The Actual Performance: The most difficult part of the Performance appraisalprocess is measuring the actual performance of the employees that is the work done by theemployees during the specified period of time. It is a continuous process which involvesmonitoring the performance throughout the year. This stage requires the careful selection ofthe appropriate techniques of measurement, taking care that personal bias does not affect theoutcome of the process and providing assistance rather than interfering in an employeeswork.Comparing The Actual performance With The Desired Performance: The actualperformance is compared with the desired or the standard performance. The comparison tellsthe deviations in the performance of the employees from the standards set. The result canshow the actual performance being more than the desired performance or, the actualperformance being less than the desired performance depicting a negative deviation in theorganizational performance. It includes recalling, evaluating and analysis of data related tothe employees‟ performance.Discussing Results: The result of the appraisal is communicated and discussed with theemployees on one-to-one basis. The focus of this discussion is on communication andlistening. The results, the problems and the possible solutions are discussed with the aim ofproblem solving and reaching consensus. The feedback should be given with a positiveattitude as this can have an effect on the employees‟ future performance. The purpose of themeeting should be to solve the problems faced and motivate the employees to perform better.Decision Making: The last step of the process is to take decisions which can be taken either 34
  35. 35. to improve the performance of the employees, take the required corrective actions, or therelated HR decisions like rewards, promotions, demotions, transfers etc.ii. Employee Satisfaction a. MeaningEmployee satisfaction is a measure of how happy workers are with their job and workingenvironment. Keeping morale high among workers can be of tremendous benefit to anycompany, as happy workers will be more likely to produce more, take fewer days off, andstay loyal to the company. There are many factors in improving or maintaining highemployee satisfaction, which wise employers would do well to implement. Employee Satisfaction is a prerequisite for the customer satisfaction. Enhancedemployee satisfaction leads to higher level of employee retention. A stable and committedworkforce ensures successful knowledge transfer, sharing, and creation --- a key tocontinuous improvement, innovation, and knowledge-based total customer satisfaction.When companies are committed with providing high quality products and services; whencompanies set high work standards for their employees; and when employees are empoweredthrough training and development, provided with knowledge and information, permitted tomake mistakes without punishment, and trusted; they will experience an increase in theirlevel of satisfaction at work. This level of satisfaction can be enhanced further if teamworkand visionary leadership are introduced.Continuous improvement comes from the efforts of the empowered employees motivated byvisionary leadership. This is supported by the findings that empowerment and visionaryleadership both have significant correlation with employee satisfaction. Teamwork is alsosupported by the findings. In addition, the study found significant correlation betweenemployee satisfaction and employee‟s intention to leave.The success of a corporation depends very much on customer satisfaction. A high level ofcustomer service leads to customer retention, thus offering growth and profit opportunities to 35
  36. 36. the organization. There is a strong relationship between customer satisfaction and employeesatisfaction. Satisfied employees are more likely to stay with company and becomecommitted and have more likely to be motivated to provide high level of customer service, bydoing so will also further enhance the employee‟s satisfaction through feeling ofachievement. Enhanced employee satisfaction leads to improved employee retention; andemployee stability ensures the successful implementation of continuous improvement andcustomer satisfaction. Customer satisfaction will no doubt lead to corporate success andgreater job security. These will further enhance employee satisfaction. Therefore, employeesatisfaction is a prerequisite for customer satisfaction.To measure employee satisfaction, many companies will have mandatory surveys or face-to-face meetings with employees to gain information. Both of these tactics have pros and cons,and should be chosen carefully. Surveys are often anonymous, allowing workers morefreedom to be honest without fear of repercussion. Interviews with company management canfeel intimidating, but if done correctly can let the worker know that their voice has beenheard and their concerns addressed by those in charge. Surveys and meetings can truly get tothe centre of the data surrounding employee satisfaction, and can be great tools to identifyspecific problems leading to lowered morale.b) Factors Influencing Some of the important factors that contribute to employee satisfaction may include thefollowing:1. Working Environment.2. Convenient Work Location.3. Recognition for the Work Done.4. Friendly Working Environment.5. Opportunities for Flexible Working.6. Working in a „Dynamic‟ Organization.7. Working in a Reputed Organization.8. Interesting & Enjoyable Work.9. Work that gives a sense of Achievement. 36
  37. 37. 10. Working with Young People.11. Job Security.12. Opportunities for Personal Development.13. Opportunities for Promotion/Career Prospects.14. Fair Payment for the Work Done.15. Good Policies.c) Measuring job satisfaction There are many methods for measuring job satisfaction. By far, the most commonmethod for collecting data regarding job satisfaction is the Likert scale (named after RensisLikert). Other less common methods of for gauging job satisfaction include: Yes/Noquestions, True/False questions, point systems, checklists, and forced choice answers. Thisdata are sometimes collected using an Enterprise Feedback Management (EFM) system.The Job Descriptive Index (JDI), created by Smith, Kendall, & Hulin (1969), is a specificquestionnaire of job satisfaction that has been widely used. It measures one‟s satisfaction infive facets: pay, promotions and promotion opportunities, co workers, supervision, and thework itself. The scale is simple, participants answer either yes, no, or can‟t decide (indicatedby „?‟) in response to whether given statements accurately describe one‟s job.The Job in General Index is an overall measurement of job satisfaction. It is an improvementto the Job Descriptive Index because the JDI focuses too much on individual facets and notenough on work satisfaction in general.Other job satisfaction questionnaires include: the Minnesota Satisfaction Questionnaire(MSQ), the Job Satisfaction Survey (JSS), and the Faces Scale. The MSQ measures jobsatisfaction in 20 facets and has a long form with 100 questions (five items from each facet)and a short form with 20 questions (one item from each facet). The JSS is a 36 itemquestionnaire that measures nine facets of job satisfaction. Finally, the Faces Scale of jobsatisfaction, one of the first scales used widely, measured overall job satisfaction with justone item which participants respond to by choosing a face..d) Methods1. Job Descriptive Index (JDI)Job Descriptive Index is a scale used to measure five major factors associated with jobsatisfaction: Work itself, Supervision, Pay, Promotion, Co-workers. The JDI was firstintroduced in 1969 and since then has been used by over 1,000 organizations in many sectors. 37
  38. 38. 2. Job In General Scale (JIG)Job In General Scale is a method of employee satisfaction and developed as a global measureof job satisfaction. JIG is similar to JDI, it introduced 1969 by Smith, Kendall, & Hulin, wasmodified in 1985 by the JDI Research Group.3. Minnesota Satisfaction Questionnaire (MSQ)The Minnesota Satisfaction Questionnaire (MSQ) is designed to measure an employee‟ssatisfaction with their particular job. This Method includes 100 items measuring 20 facets ofjob satisfaction.There are three version are available: two long forms (1977 version and 1967 version) and ashort form.4. Satisfied / dissatisfied methodIn this method, you just send a question form that includes:• What is good thing in our company?• What is not good one in our company?This method is suitable for “emergency events” and you need result in a short time.5. Interview methodThis method is used for:• Review all data collected from other method..• Review key person.4. Research Methodology  RESEARCH OBJECTIVEResearch methodology is a way to systematically solve the research problem. It may beunderstood as a science of studying how research is done scientifically. It involves datacollection techniques, the method of analysis of data, their interpretation and finalsummarization. 38
  39. 39. (a) The basic objective is to know the process of recruiting Financial Advisors in thecompany.(b) Identifying key areas which need improvement  RESEARCH DESIGN:Explorative Research as well as Descriptive type of Research has been used.i. Explorative Research: The explorative research has helped to determine the best researchdesign, data collection and selection of subjects. The reliance of exploratory research onsecondary research, such as qualitative approaches: informal discussions with employees,management and more formal approaches through in-depth interviews, questionnaire hasgiven a significant insight into the given situation.ii. Descriptive research: On the other hand descriptive research has helped to determine how, where,when and what of the situation. Therefore descriptive research has been used here to get themaximum amount of the information.  OBJECTIVES OF THE STUDY: 1) To find the level of satisfaction of the employees regarding their jobs 2) To evaluate the various methods of performance appraisals  SCOPE OF THE STUDYBy this study the company will come to know:-(a)The issues related to new business processing at branch office.(b) The limitations regarding the working of MetLife staff.(c) Company image and acceptability of the products in the market(d) About the market position of Company in comparison with other Insurance companies.(e) About the availability of its products in the Market and services at the time same. 39
  40. 40.  SIGNIFICANCE OF THE STUDY(A) The project directly deals with interaction with the staff and few customers of the customers ofMetLife Jalandhar. So this project helps me to understand the corporate communication system.(B) This study is helpful to find out the sales trends of the MetLife products and its effect on consumers value.(C) This study makes me understand how the challenging situations are handled. This study provides aninsight to the company that what kind of strategy must be adopted in order to increase the sales,reduce the OTCR rejection rates and ultimately how to increase the market position of the company(D) This study also helps in understanding the various factors in which the employees aresatisfied and the ones that they aren‟t.  SOURCE OF THE DATA COLLECTIONThe data was collected by meeting the respondents. The purpose of this study was explained tothem in brief and then the questionnaire was administered to them. There are two types of datacollection methods:Primary Data: In research primary data is collected from all respective areas. In my reportthe primary data are collected from questionnaire and personal interview of the employee. Othersources were Communication with the employees of the department through interviews Getting information by observations e.g. in manufacturing processes. 40
  41. 41. Secondary Data: In my report the secondary data are collection Internet and journals. Othersources were Annual Reports of the company. Office manuals of the department. Magazines, Reports in the company. Policy documents of various departments.  LIMITATIONS OF THE STUDY Psychological Constraints: Most of the persons who were interviewed felt disturbed while responding to questions during their work hours; hence they made it a point to finish off answering the questionnaire as soon as possible. Had they spent a little more time on introspecting on each question the result would have been better. Constraints regarding confidential Issues : Most of the interviewed persons were reluctant to give information.5. SWOT ANALYSISStrengthWith over 139 years of experience MetLife have approximately US $ 3.3 trillion of life insurance in force.(a) Brands image, Business Experience and Innovate products.(b) Has tie up bands like Axis, J&K, Barclays,, Karnataka Bank.(c) Service quality which is the crux of their mission.(d) Paid-up capital of RS 1500 cr as on 2008 which shows company dependability. 41
  42. 42. (e) Very less charge on ULIP plans as compare to other insurance players.WeaknessMany competitors in the market offer the same products by the title and differencein premium and offerings.a. Sustainable to risk associated with investments in money market.b. Very less network branches due to which it difficult for customer to make payment easilyc. Not focusing on consumer awareness mainly concentrating on personal selling.d. More focusing in urban areas not touching rural area which has a very good potentialmarket for insurance sector.e. Lacking in advertisement due to which they are not able to cover large area or large number of customer.Opportunitiesa. Huge market is vastly untapped out of estimated 320 million insurable markets only 20% of the populationinsured. b. Death insurance & pension schemes ; an estimated market potential of approximately $ 15 billonc. Nearly 70% of the Indian population is without life health and non insurance.d. Per capital life insurance premium in India in 2004 was $16 as compared to the world average$292. 42
  43. 43. e. Strong economic growth with increase in affluence and rising risk awareness leading to rapidgrowth in the insurance sector.Threatsa. Entry of many other private companies with equally strong experience and financial strength offoreign partners making the competition difficult and saturating the urban market .(e.g idbi,fortis insurance and more.)b. Current government policies do not encourage gross domestic saving ,if thetax liability of theservice ,the customer will have little money to investc. LIC has woken up from sleep and following : competitive strategies its ,hugesurplus in life funds gives acapability to lodge price was6. Research Done in Fieldi. Performance Appraisal a. Goal Sheet: A goal sheet is basically a tool which is provided to the employeesat various levels to keep track and create better strategies regarding their performance.Through the performance results from this goal sheet, various awards, promotions etc takeplace. Below are given a few goal sheets for different levels of hierarchy in the company. ADDENDUM: SM-PO and ASM-PO Goal Sheet and Incentive Program -(Aug to Dec 2011) Goal Sheet for ASM-PO and SM-PO during probation period M1 to M6: Changes to Goal Sheet: 43
  44. 44. 1. AFYP target replaced with New Business Premium (NBP) Target and Achievement. 2. Active License definition changed to NBP. Only FAs with Cumulative New Business Premium (NBP) of more than or equal to Rs. 5,000 (as per the applicable Product Weightage for Sales Team) in a month to be considered Active. (Reallocated FA will not be considered as New License).New Business Premium (NBP) Regular and Limited Pay New Policy Premium to have 100% Weightage on New Business Premium (NBP) Single Pay policies to have the following weightages as per the Case Size: o Less Than 25k Case = 10% Weightage to NBP o More than or equal to 25k Case = 20% Weightage to NBP o More than or equal to 50k Case = 40% Weightage to NBP o More than or equal to 99k Case = 50% Weightage to NBP o More than or equal to 2 lac Case = 100% Weightage to NBP Transition to New Business Premium (NBP) from AFYP o NBP Target will be equivalent to the AFYP Targets allocated. The AFYP Target and Achievement will be replaced by NBP Target and Achievement from August 2011. o YTD AFYP/ NBP Achievement Calculation Illustration: 44
  45. 45. o Subsequent Premium Collected on Monthly, Quarterly and Half Yearly Policies placed after 1 August 2011 to be considered in NBP. Subsequent Premium received on policies places before 1 August 2011 will NOT be considered in NBP. Incentive Programs for ASM-PO and SM-PO 45
  46. 46. ii. Employee Satisfaction 46
  47. 47. a. Questionnaire: 47
  48. 48. 48
  49. 49. 49
  50. 50. b. Analysis and Interpretation The above questionnaire was designed to ensure that the employees give an accurateand honest reply as the box at the beginning states that all the information would be keptconfidential and is merely being collected for research. 50
  51. 51. The questionnaire was distributed among all employees in the office and was filledout. Apart from just the questionnaire I had one on one time with the employees to gathermore qualitative information regarding their job satisfaction. The questionnaire was divided into various sub parts which I thought were most likelyto be connected with job satisfaction. They were Communication and planning, The role ofthe individual, corporate culture, relations with other workers, environment and hygiene, paysand benefit, work life (stress and balance) etc. I wanted to ensure that all aspects are coveredand one could have a clear cut observation of where that particular employee feelsdisadvantaged at. It was observed that the communication and planning of Metlife was outstanding. Thereason may be the system that is followed in the firm. An employee is to submit a progressreport daily before 7 PM. This report helps in communication between the superior andemployees and through this process the superior is able to adjust and modify the goals of theweek. The workers are also pleased with such system as it helps them in checking on wheretheir progress/target stands. The workers were fairly satisfied with their role in the firm. This was the result of thefirm being a target based company. The senior subordinate doesn‟t put too much pressure onthe methods that the employees get their job done. i.e. an employee may have zero progressin the first two weeks but as long as by the end of the month, the target gets achieved there isno problems. The employees are given credit for the various milestones that they achieve andthe employees are given full freedom of doing their job in or out of the office. As far as corporate culture is concerned, the employees were pretty strong regardingMetlife as a corporate body. Metlife has a very strong corporate culture and some of thefactors ensuring it include Acceptance and appreciation for diversity Regard for and fair treatment of each employee as well as respect for each employee‟s contribution to the company Employee pride and enthusiasm for the organization and the work performed Equal opportunity for each employee to realize their full potential within the company Strong communication with all employees regarding policies and company issues Strong company leaders with a strong sense of direction and purpose 51
  52. 52. Ability to compete in industry innovation and customer service, as well as price Lower than average turnover rates Investment in learning, training, and employee knowledge All the employees were unanimously in positive favour for their relations with immediatesupervisor. The Branch manager at our firm is of a very friendly yet goal oriented nature. Sohe has ways of getting the job done without hurting the employees either. Everyone isassisted at the time of doubts or when needed. Even when it comes to achieving certainmilestones like trips to foreign countries, in case one or the other employee is lacking by asmall margin the full support and resources are given to ensure that the milestone is achieved Not a single employee was dissatisfied with Metlife‟s workplace environment andresources. They all felt as if the office area was well maintained and clean. All the employeesare provided with their individual computers as well as scanning, printing etc facilities. Thereare guards to ensure safety as well as other workers specifically hired to facilitate for water,tea, coffee etc. When it comes to pays and benefits, a lot of the employees had mixed replies. In thequestionnaire the reply was average but in the face to face interview some of the employeesfelt that the pay was merely based the performance of the individual. This is somewhat truethough. Usually the sales managers have a fixed salary but they have a target to achieve everymonth, and failure to do so will add the remainder to the next month and so on. SO by the endof the year one has to achieve the target assigned making it burdensome at times. Despite thatall employees believed that with contrast to the pay and benefits in other companies, Metlifeis better. Metlife also provides free insurance cover to the employees to a certain extent andalso pays for phone charges incurred due to usage for the workplace hence keeping theemployees satisfied regarding resource availability and safety. Again when it comes down to stress and work life the employees had mixed replies.Most of the employees felt that the target versus timeframe was a little unfair and a bit of aload. Despite that all employees were satisfied with the fact that they had sufficient time tospend with their families too. The employees did however feel a bit competitive regarding 52
  53. 53. their safety of their job as Metlife is very strict regarding non performers and will fireemployees that either go out of guidelines (unethical work, dishonesty etc) or are not up topar with their performance.On being asked for further suggestions on improving the job satisfaction the employeessuggested that more contests should be launched to promote competiveness among theemployees. In these contests a target is given and however gets the first, second and thirdposition among the office is rewarded in one way or the other. Other than that increase incompensation was also suggested. The reason was that no doubt Metlife is paying more thanan average insurance firm in the market but the targets and goals are also much higher hencecreating a really busy working environment for the employees. Another factor was betterReimbursement as some expenses are directly linked to the profit of the firm but the expensegoes out of the employees pocket eg. The expenses incurred for performing sales liketransportation etc. 7. References http://www.hr.com/en/articles/all_articles/metlife-benefits-benchmarking- report_eb2a770k.html http://www.metlife.co.in/MetLifeIndPlans_Child_MetBhavishya.aspx http://www.metlife.co.in/MetLifeIndPlans_Child_MetJuniorEndowment. aspx http://www.metlife.co.in/MetLifeIndPlans_Monthly_MMIP_7.aspx http://www.metlife.co.in/MetLifeIndPlans_Savings_MetSukh.aspx http://www.metlife.co.in/MetLifeIndPlans_Child_MetJuniorEndowment. aspx# http://appraisals.naukrihub.com/mbo.html http://appraisals.naukrihub.com/process.html 53

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