Motivation theory and practice in hdfc standard life


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Motivation theory and practice in hdfc standard life

  2. 2. Definitions Motivation Motivation is a process that starts with a physiological or psychological deficiency or need that activates behaviour or a drive that is aimed at a goal or incentive. Work motivation Work motivation is defined as the willingness to exert high levels of efforts toward organizational goals, conditioned by the effort’s ability to satisfy some individual need.
  3. 3. Motivational factorsMany different factors can motivate Financial• Pay, bonus• Benefits for e.g: holidays, pension Non financial Sense of achievement Responsibility and empowerment Opportunities for advancement Challenge and enjoyment
  4. 4. Motivational Theories Maslow’s hierarchy of needs Herzberg’s two factor theory Alderfer’s ERG theory McClelland’s theory
  5. 5. Introduction to HDFC SLSecond largest private life insurance company in IndiaLeading retail service across Indiao Over 567 branches across Indiao Over 15000 employees all over the countryContinued growth relies on satisfied customerso Depends on motivated, flexible and well trained staffListed amongst the 100 top companies to work for according to Economic Timeso Ranked 37 in India
  6. 6. HDFC SL’s motivation activities HDFC SL’s financial reward of package Relevant and targeted financial and non financial benefits Effective communication Intranet, newsletter, daily team meetings, 1 to 1 discussion. Regular staff satisfaction survey highlights view. Value awards Recognition of staff effort by themselves. Strategic career planning Personal development plans Training and learning opportunities
  7. 7. HDFC induction program : SPARSHEmployee and administration engagement programThis program covers all the aspects of strengths and weaknesses within the organisation.Employee feedbacks are taken into account for the betterment of the organisation.Through this program employees get more motivated to increase the productivity of the organisation
  8. 8. THE CASECase: Work motivation for HDFC SL employeesAbhishek Bhattacharya completed his MBA with specialization in HR from ICFAI, Hyderabad in 2009.Hegot employed in Coca Cola in Mumbai as an executive HR trainee. But his Father died on Nov.2009 and as aresult he left Coca Cola and came back to Kolkata. He decided to stay back in Kolkata to support his familyand joined HDFC Standard Life as a Sales Manager.After joining he realized he is nothing but a salesman, selling insurance policies to people. Having aspecialization in HR he disliked this job of a salesperson. For every failure in achieving the targets set downhe got rebuked by his boss, Mr. Ashutosh Tripathy. His boss did not listen to his problems and stressed onachieving his target by hook or crook. Abhishek started looking down upon himself and was very low inconfidence. He was totally demoralized by his boss’s behavior and also dissatisfied with his job profile, thesigns of which showed prominently in his performance. He surfed the internet visiting various websites insearch of a new job. During this troubled times all his colleagues constantly helped him in his job and theoffice environment was the only thing on his side. This included personal workstation, air-conditioned rooms,pure drinking water, clean toilets, large canteen where he could relax with his colleagues and discuss hisproblems. Beside this the security of the job interested him which included pension of Rs.3000 p.m. DeathClaim of Rs.19 lakhs, Family Insurance of 16 lakhs, family medical check-up at AMRI, Appolo Glenneagles,Columbia Asia.The company comes to know about his dissatisfaction in March 2010 when was asked by his boss to organizea drama for the program Umang. In spite of being an expert in this field as he had been involved in dramasfrom his school days his venture turned out to be a big flop. It was later noticed that he copied the concept ofthe drama from a movie. His boss realized something was terribly wrong with Abhishek as he could not relatehis performance to his qualifications. His boss realized that Abhishek was somehow dissatisfied with his joband hence could not perform. Mr. Tripathy observed Abhishek from March to June and concluded that hecould not perform no matter how much he tried to help him. By June he could not fulfill any target set downfor him. Mr. Tripathy sent Abhishek to regional HR-head Probal Moitra for personal counseling but Abhishekwas not satisfied with the meeting.
  9. 9. WHAT ARE THE REASONS BEHINDABHISHEK’S DEMOTIVATION ?According to Herzberg’s theory the following criterias were not satisfied: HYGIENE FACTORS MOTIVATORS •Level and quality of •Sense of achievement supervision •Recognition •Inter-personal •Responsibility relationships •Nature of the work itself •Advancement
  10. 10. WHY ABHISHEK DID NOT LEAVE HISJOB? According to Herzberg’s Theory the following criterias were satisfied: HYGENE FACTORS: • Work environment • Job security • Company policies & administrative procedures • Inter personal relationships at work
  11. 11. HOW DOES THE RM DECIDES TOMOTIVATE ABHISHEK ?Steps taken by HDFC SL to solve the problemMr. Tripathy then informed Aparajit Bhattacharya, the regional manager, HDFCSL, Kolkata-I. Mr. Bhattacharya started monitoring Abhishek and also helped him inevery task. Mr. Bhattacharya appreciated Abhishek when he did well and even whenhe did not, to his surprise. During this period he got training for any difficultiesthrough the learning and development programs organized by HDFC SL such asUtkarsh(different levels). This lead to enhancement and sharpening of his skill setwhich gradually increased his work performance. Personalized counseling by Mr.Tirthankar Bhattacharya appointed RM was also of great help to Abhishek.On 5th of August, 2010 another program Tarang was organized where the regionalmanager asked Abhishek to direct a drama and even permitted him to take a leavefor a week so that he could solely concentrate on his new project. The drama wasaccepted as the best all over the country in HDFC SL circle. Abhishek was floodedwith congratulatory remarks from HDFC SL employees from different parts of thecountry. In fact Amitav Choudhary, CEO of HDFC SL, India personally appreciatedhis work and congratulated him.
  12. 12. Highlights of RM’s Action Counseling Programs Responsibility Sense of achievement
  13. 13. A New Dawn…Abhishek became a famous employee in HDFC SL circle overnight and his skills gothighlighted much to his liking. This slowly changed his outlook towards the companyas he realized that his company has a lot of expectations from him. This motivated hima lot and he created a bond between him and the company. He started workingindustriously for the company as a sense of responsibility, belongingness and pridegrew in him. He started liking his job and the main features that interested him were :Customer interaction- Interacting with the customers ,sharing their emotions andproblems in money matters and a sense of satisfaction in solving their monetarymatters by suggesting various insurance policies.Challenging nature of the job- Once he started performing he faced the challenges inhis stride, developed innovative strategies and solutions to attack the problems andliked the fact that he had to perform there every day and would be appreciated for hisefforts.He soon got a promotion in the month of September to the position of SalesDevelopment Manager which was a result of his high performance. He then got tosupervise new employees under him who were his financial advisors. Theseconsultants were paid commission on the basis of insurance policies they sold.Abhishek started motivating them to nurture their dedication towards the job to getbetter performance. He provided non monetary benefits like:•Foreign trips•Continuous recognition of their efforts through appreciation
  14. 14. WHAT ARE THE REASONS THAT BROUGHTCHANGE IN ABHISHEK’s BEHAVIOUR ANDHIS ENTIRE OUTLOOK ON THE JOB ?According to McClelland’s theory the three factors that were responsible are:AchievementAffiliationPower
  15. 15. Maslow’s theory
  16. 16. Alderfer’s ERG needs
  17. 17. What were the positive effects ofmotivation on Abhishek ?The positive effects of motivation on Abhishek were:• Award for the Best Drama in Tarang in August.• Promotion to Sales Development Manager in September.• Collects premium worth Rs.15 lakhs for which that branch of HDFCshot to the numero uno position among the other branches in Kolkata.• Got awarded the Medal of Honour in October and Parambir Chakra inNovember• After that he got promoted to the post of Assistant Branch Manager.
  18. 18. Why work motivation is so important?Motivated employees achieve more because they Are less likely to be absent Have greater loyalty Take more pride in workMotivated employees result in:Greater productivityBetter quality products or servicesLower staff turnoverReduced absenteeism
  19. 19. Abhishek Bhattacharya