Interim Report IDBI Federal Essay Example for Free

Interim Report IDBI Federal Essay Problem statement: To study workmen compensation in IDBI and determine the satisfaction level of employees. Description of the Project: Reward system is a tool by which employee can attract, motivate, and retain employees. It involves everything the employee perceives to be of value resulting from the employment relationship successful. The reward system consists of many components out of which â€Å"Compensation† is one the most the important factor in employee satisfaction. Organization try to understand the type of compensation required for each of the employees and the one which has high impact on the system. Research Objective: Employee’s preference towards total rewards system depends on one’s perception and the motivation level he has achieved in life. Various theories have been incorporated to justify the preference. The theories are explained in Literature review. Based on the problem definition, we formulated our hypothesis. * Objectives of the Project: To study the workmen compensation in IDBI -Primary objectives: The main task of the project is to identify: * The various compensations offered to workmen in IDBI and policies used to evaluate various compensations. * The satisfaction level of employees with their compensation at IDBI. -Secondary objectives: * Is there any preference given to compensation by employees at any level of choosing job. * How compensation help organization to retain and attract employees. * Methodology: * Primary Data: the main data collection will be done by surveys on the present as well as past employees if possible. * Secondary Data: the secondary data will be as provided by the company guides through their records and manuals. Hypothesis 1: Employees are satisfied by the timely compensation provided to them under various circumstances by the IDBI. Hypothesis 2: Employees are not satisfied by the timely compensation provided to them under various circumstances by the IDBI. The research is restricted to IDBI employees only, the population size consist of all the employees present in the organization. We shall try to involve the response of every employee. The various theories which help us to understand the satisfaction and retention level of employees in the organization are: The motivational theories which were crucial for this kind of study were Maslow’s need Hierarchy and Herzberg’s two-factor theory * Maslow Need Hierarchy: People are motivated by inner needs. Needs form a hierarchy from most basic to higher order. The value of compensation will depend on the level of pyramid at which the person is residing. * Herzberg’s two factor theory: Employees are motivated by two ways of motivators: Hygiene factor and satisfiers. Hygiene factors in their absence prevent behaviors but their presence cannot motivate performance. Satisfiers such as recognition, promotion and achievement motivate performance. According to Maslow’s hierarchy of needs the person who has achieved the levels of physiological needs and safety would be motivated by other factors. For the people at level 3 may not consider monetary rewards as driving force. Therefore there are chances that employees will not take compensation into matter for changing their jobs. Reward system is a tool by which employee can attract, motivate, and retain employees. It involves everything the employee perceives to be of value resulting from the employment relationship successful. The reward system consists of many components out of which â€Å"Compensation† is one the most the important factor in employee satisfaction. Organization try to understand the type of compensation required for each of the employees and the one which has high impact on the system. Introduction * Insurance sector in India In India, insurance has a deep-rooted history. Insurance in various forms has been mentioned in the writings of Manu (Manusmrithi), Yagnavalkya (Dharmashastra) and Kautilya (Arthashastra). The fundamental basis of the historical reference to insurance in these ancient Indian texts is the same i.e. pooling of resources that could be re-distributed in times of calamities such as fire, floods, epidemics and famine. The early references to Insurance in these texts have reference to marine trade loans and carriers contracts. The insurance sector in India has grown at a fast rate post-liberalization in 1999. In the last decade, total premium grew at a CAGR of 25% and reached a total of $67 billion in 2010. Indian Life insurance industry (which contributes 88% of total Life and General insurance premium in India) has emerged as the 9th largest life insurance market in the world. Yet, Insurance penetration (measured as ratio of premium underwritten to GDP) was only at 5.2 % in 2010 – significantly lower than Asian peers like South Korea, Taiwan, Japan and Hong Kong which boast an insurance density greater than 10%. With low insurance penetration levels, growth potential remains promising. More importantly, the pace and nature of growth will likely see a change where new behaviors and dynamics of demand and supply will apply. On the demand side, growth is being fuelled by the growing population base, rising purchasing power, increased insurance awareness, increased domestic savings and rising financial literacy. The suppliers are correspondingly playing a market making role as competition heightens and differentiation become necessary for profitable growth. The major insurance companies in India and their market share is as follows– Initially there were only two insurance companies that operated the insurance sector in India, namely, Life Insurance Corporation of India (LIC) and the other General Insurance Corporation of India (GIC). On December 2000, the subsidiaries were declared independent and began to operate as independent as independent insurance companies. According to statistics the life insurance premiums and general insurance premiums accounts to 2.5% and 0.65% of India’s GDP respectively * Role of HR in Insurance Industry The Human Resources function in the insurance industry is of utmost important. The business of acquiring clients, providing proper awareness and converting them into customers thoroughly depends on the sales force. India being a developing nation, majority of households do not have disposable income. There is a shift in customer loyalty in no time owing to the digital revolution. The population that has enough disposable income at hand also requires proper financial advice. The sales person, hence, need not only be well versed with the art of selling but also needs to be sound with financial knowledge about the products and its implications. Thus acquiring talent and retaining it is a major concern in this industry. The reason being a multifaceted personality is required to work for the company. The major compensation provided to these employees is often variable which keeps them on the edge of performing better every day. * Introduction (Company) IDBI Federal Life Insurance Company Ltd is a joint venture of IDBI Bank, Federal Bank and Fortis (Ageas) Insurance International holding 48%, 26% and 26% stake respectively. With the Insurance Regulatory and Developmental Authority (IRDA) setting regulations to protect the interest of the customers, the insurer companies need to maintain a capital structure in the form of solvency ratio. A higher solvency ratio will lead to the company with a higher surplus. As per the Annual Report 2011-12 released by IRDA, IDBI Federal holds a high solvency rate of 6.61 in March 2012. With a very high solvency rate which is second among all the private and public life insurers of India IDBI Federal poses as a healthy and safe insurer. As on March 2013, there are 10 products in the rack of IDBI federal. They are Bondsurance, Group Microsurance, Childsurance, Healthsurance, Homesurance, Incomesurance, Lifesurance, Loansurance, Termsurance, and Wealthsurance.

Rasputin Essay -- essays research papers

Gregory Efimovich Rasputin is one of the most debated characters of the 20th Century. Thousands have discussed whether Rasputin was a holy man who came to the aide of the royal family or more simply, a cheat who thrived in womanising and in truth, a man who had a debauched sexual appetite. After all the word "Rasputin" in Russian mean "the debauched one". But in the following pages, I will try to explore a better side of Rasputin; I will attempt to give an accurate analysis of Rasputin and let the facts prove who Rasputin was. On 10 January 1869, in the midst of a harsh winter, Gregory Efimovich Rasputin was born in the Siberian village of Pokrovskoye. Little is known of his background. His father, Efimy, was a farmer of moderate success, married to a wife, Anna, who had already provided him with an older son, Dimitri. Although later enemies were to allege that Rasputin's surname was in fact an insult meaning "debauched" in Russian, it had been the family name for years, derived from the word for a fork in the road. Pokrovskoye perched on the banks of the Tura River in Tobolsk Province; Pokrovskoye was a typical Russian peasant village where few if any were educated and town’s people were religious, narrow minded and fearful. When Rasputin was eight years old, he suffered his first tragedy. He was playing with his older brother along the banks of the Tura when Dimitri fell and was drowned. Shortly thereafter, Rasputin began to startle his fellow-villagers by making amazing predictions. In one incident, Rasputin correctly identified a horse thief. As a teenager, Rasputin paid a visit to the local Verkhoturye Monastery. Here he encountered not only the Orthodox Church he had known from his childhood but also a number of heretical sects. Principals among these were the Khlysty and the Skopsty. The first group held that only through sin could one truly repent and receive God's grace, while the second believed that if a penitent studied long enough, it was possible to attain a semi-divine nature and escape earthly judgment. When Rasputin returned to Pokrovskoye, he was a changed man: he impressed his fellow villagers with his impressive religious exhortations, spiced up with half-understood bits of doctrine he had picked up at Verkhoturye. Contrary to common belief, the "monk" Rasputin was in... ...holas had set a path to glory for Nicholas, who himself is man of poor intellect. Tsarevich Nicholas Alexandrovich. At the time of his father's death in late 1894, Nicholas was an inexperienced youth wholly unprepared for the great task destiny had placed on his shoulders. Nicholas II was barely twenty-six years old at the time of his accession. During his son's golden youth, Alexander III did not allow his son Nicholas much participation in affairs of government. It is likely that Alexander III feared that his eldest son was not intellectually capable of handling the inheritance that was rightfully his. Therefore, the father kept postponing the son's introduction in to the daily running of Russia. Not one person, most of all Alexander III, ever imagined that this young and inexperienced Romanov would ascend the throne as early in life as he did. Czar Nicholas II’s mother Czarina Maria-Feodorovna was nortorouis as a mother who did not allow her children to grow. Therefor a ltering the young Czar’s behaviour to that all would regret. As Leon Trotsky once said: "His ancestors did not bequeath him one quality which would have made him capable of governing an empire"

Reparations: African Americans Justice Essay

The United States government should pay reparations to African Americans as a means of admitting their wrong-doing and making amends. The damages African Americans have sustained from White America’s policy of slavery have been agonizing and inhumane. Therefore, I am in favor of reparations for African Americans. The effect of slavery has been an enduring issue within the African American community. Many of us are cognizant of the harm racism brought to the African American race, conveyed through slavery, racial segregation and discrimination. African Americans suffered many atrocities, but the greatest damage done to them was the destruction of they’re original identity. African Americans no longer have a native language or any African customs to connect them to Africa. Today, African Americans are connected together because they all share a common foundation-the horrendous experience of slavery-and the great effort to conquer its lingering result. (www. AcedemicLibrary. com) Americans should realize the magnitude of slavery’s consequences on African Americans as a whole. Blacks were brainwashed and stripped of self-esteem and taught to be ashamed of dark color of their skin. Many African Americans have effortlessly tried to advocate â€Å"Black Pride†, trying to re-instill self-worth and being proud of our distinct facial and body features, and darker complexions. African Americans had zilch to begin with after the abolishment of slavery in 1865. Slaves were promised a â€Å"mule/ and 40 acres† and they didn’t live to receive it nor did generations to follow; because the American government has yet to live up to its word. The fruit of the slaves’ labor was stolen from the â€Å"land of the free†. The victims of the White people’s African slave trade never experienced such freedom. This race deserves compensation for the mistreatment Pongee Bryant it has suffered and continues to endure. Paying reparations to the descendants of African American slaves would bring about a tremendous improvement for the advancement of Black America. (Douglass, Fredrick, 1845, Narrative of the life of Fredrick Douglass). White Americans have profited from education, life experiences, riches that were handed down by their ancestors. As well, African Americans have been handed down the hardship of race-related issues, poverty, and the unknown history of their past. African Americans have constantly been inflicted with the social status of their low-income level in contrast with that of White Americans. America should be ashamed for their mistreatment of a race that did not ask or even desire to reside in this country. Yet, they still wear their ugly face of racism, and discrimination, and only seek to segregate African Americans, as if they were at fault. Americans may argue Blacks shouldn’t be complaining, whining, and to pull themselves up by their boot straps. Well, Martin Luther King once said â€Å"White America wants us to pull ourselves up from our boot straps, but we don’t have any boots†. (Shuttlesworth, Fred, 1999, A Fire You Can’t Put Out). The U. S. government has a moral responsibility to this race of people to compensate, African American’s because they were denied their heritage, religion, family, and culture. America alleges it is a religious-based country and their faith resides in God. The bible says: â€Å"If a man steal an ox, or a sheep, and kill it, or sell it; he shall restore five oxen for an ox, and four sheep for a sheep. † This country consistently contradicts itself in the way it wants to be perceived. If America has any belief in God, they should feel an obligation to compensate the African American descendants of slave ancestors. (Exodus 22, Bible). Pongee Bryant White Americans may argue that the country did enough when it passed the Civil Rights Act in 1960. They may also state America has enough resources and equal opportunity for each individual of every race to succeed. However, there is a huge wealth gap in social status among blacks and whites mostly because of oppression, discrimination and racism toward the modern day contemporary black. Whether anybody wants to admit it, there is still a glass ceiling (i. e. ,a status barrier) against African Americans. Reparations would bring African Americans justice and economic power in this country. There are numerous black reparation organizations which could receive the money and distribute it evenly among African Americans, to incorporate black-owned businesses, home ownership, and better education selective for young and old blacks. These reparation organizations could also invest money into smaller black-owned businesses, and other industries that would further the African American race, and ensure a rapid growth of African American middle-class and beyond. (Robert J. Brym/ John Lie, Sociology) The exploitation of African Americans in this country took on many forms through decades. The centuries of slavery in this country laid the foundation of our current relationship to America. From cotton fields to building America’s most significant buildings African Americans have helped build the wealth in this country. Yet, the African American race has endured the most terrorism from the Ku Klux Klan, lynchings, plantation jails, police torture and murder, and poverty. Slavery was a crime against humanity; and it still is in existence in many other ways and forms. America has created a system with, voter discrimination, drugs, and drug sentences to keep the African Pongee Bryant American man enslaved. The government should compensate the African American race and put an end to a never-ending oppression cycle. The government of the United States of America was instrumental in having pressured the German and Japanese governments into the payments of reparations to the people who suffered and survived the crimes and legacy of slavery endured during World War II. The government of the United States has also already paid reparations to the Japanese-Americans who were detained in concentration camps during World War II. America calls herself a fair nation: a civilized country which respects civil and human rights, encourages opportunity for and well-being of all her people, and can be trusted by other nations as a county whom honors her word. Well, America promised African Americans 40 acres and a mule and didn’t live up to her promise. America’s attitude and silence on reparations reeks of hypocrisy. (X, Malcolm, Biography of Malcolm X). America should also pay reparations to African Americans because they consistently want us to labor for their work and take all the credit. For instance America is at fault for African American dead and injured men who served and were drafted in the Vietnam War. America put young black men on the front-line of a war they had nothing to do with nor helped contribute to. America wanted a race that was not yet â€Å"capable† of voting but was competent enough to fight in a war. A race that did not have the option of drinking from any fountain, sitting anywhere on a bus, using any bathroom, however we were fit for fighting. The point is America constantly benefits from African Americans, but refuses to compensate African Americans for their contributions to this country. (www. AcedemicLibrary. com).

The Death Of A Boy - 874 Words

One afternoon, I watched over a group of toddlers playing in a nursery. I noticed a little boy playing with a jack-in-the-box. He kept turning the crank on the box and giggling when the lid popped open and jack sprang out. He’d eagerly stuff jack back into the box and start turning the crank again. I kept hearing the melody of â€Å"Pop goes the Weasel† over and over. I noticed another little boy gawking out of the corner of my eye. He was sitting a few feet away from the jack-in-the-box. I could tell he desired to play with it. Two of the other toddlers started crying and distracted the boy with the jack-in-the-box. While he was distracted, the gawking toddler grabbed it and started turning the crank. This toddler was confronted with temptation and he gave into it. Temptation is the desire to do something sinful. Temptation is something every man, woman and child confront. A toddler might be tempted to steal a toy away from another child. A teenager might be tempted to drink alcohol. A husband might be tempted to commit adultery. We deal with temptation from the time we come into this world and throughout our lives. If you are a Christian, you should know there is a way to overcome temptation. 1 Corinthians 10:13 says, â€Å"There hath no temptation taken you but such as is common to man: but God is faithful, who will not suffer you to be tempted above that ye are able; but will with the temptation also make a way to escape, that ye may be able to bear it† (The Open Bible KingShow MoreRelatedThe Death Of The Boy1252 Words   |  6 Pageslong time ago, a boy lived happily with his mother. The boy was chubby and small; he had very dark hair and extremely large glasses; he seemed to be a flibbertigibbet, an oddball child with a very introverted outlook on life along with knowledge beyond his years. He and his mother were but simple Dysart folk that brought no harm to anyone, but harm unfortunately came their way in the form of the mother bec oming very ill with a stroke. 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