A

Project report

On

Study of exit interview

Carried on at

Bajaj Allianz life insurance co ltd.

Submitted in partial fulfillment of

Master of Business administration

Jaipur engineering collage

Submitted to:-

Manish Sharma Nishtha Pareek

(HOD) MBA 2nd year

1
 PREFACE

In this project exit interview was conducted to gather data for improving
working conditions and retaining employees. Though this is an attempt which
was made to know the reason of the employees behind leaving the
organization. The purpose of an exit interview is usually to gather data for
improving working conditions and other areas.

From this project I have come to know that common

questions include reasons for leaving, job satisfaction, frustrations and
feedback concerning company policies or procedures. The information from
each survey is used to provide feedback on why employees are leaving, what
they liked about their employment and what areas of the company need
improvement.

The real reason businesses conduct exit interviews is to get

information about an employee’s work experience with the company. This
information could be valuable all on its own or used with other exit interview
data.

2
 ACKNOWLEDGEMENT

With regard to my project with Bajaj Allianz life insurance co ltd., I

would like to thank each and every person who helped me to prepare this
project. This project report could not have been prepared, if not for the help
and encouragement from various people.

First, I would like to thank Mr. Ashwin Divakaran whose support

and proper guidelines were there for preparing this project. I would also like to
thank Mr. Hirak kundu and Ms. Shweta kapoor for their valuable guidelines
and timely suggestions.

I would like to express my gratitude to all those employees who

have given their response during the project work and to complete it
successfully

Lastly, I would thank my friends for their support and help in

completion of the project.

NISHTHA PAREEK

3
 Table of contents

1. Industry profile

(a) Introduction of insurance

(b) Types of insurance

2. Company profile

(a) Introduction of company

(b) BALIC structure

(c) HR hierarchy

(d) HR operations

(e) Business HR

3. IRDA (Insurance regulatory development authority)

(a) Introduction

(b) Expectations

(c) Duties, power and function of IRDA

4. Exit interview

(a) Introduction

(b) Purpose of Exit Interview

(c) Objective of Exit Interview

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 5. Research Methodology

(a) Title of Study

(b) Meaning of Research Methodology

(c) Review of Literature

(d) Objective of Study

(e) Research Design

(f) Sample size

(g) Sample design

6. Limitations of study

7. Data Analysis and Interpretation

8. Recommendations

9. Conclusion

10. Annexure

11. Bibliography

5
 Industry profile

6
 Industry profile-

With largest number of life insurance policies in force in the

world, Insurance happens to be a mega opportunity in India. It's a business
growing at the rate of 15-20 per cent annually and presently is of the order of
Rs 450 billion. Together with banking services, it adds about 7 per cent to the
country's GDP. Gross premium collection is nearly 2 per cent of GDP and
funds available with LIC for investments are 8 per cent of GDP.

Yet, nearly 80 per cent of Indian population is without life

insurance cover while health insurance and non-life insurance continues to be
below international standards. And this part of the population is also subject to
weak social security and pension systems with hardly any old age income
security. This it is an indicator that growth potential for the insurance sector is
immense.

Life Insurance is the fastest growing sector in India since 2000 as

Government allowed Private players and FDI up to 26%. Life Insurance in
India was nationalized by incorporating Life Insurance Corporation (LIC) in
1956. All private life insurance companies at that time were taken over by
LIC. In 1993 the Government of Republic of India appointed RN Malhotra
Committee to lay down a road map for privatization of the life insurance
sector.

All life insurance companies in India have to comply with the strict
regulations laid out by Insurance Regulatory and Development Authority of
India (IRDA). Therefore there is no risk in going in for private insurance
players. In terms of being rated for financial strength like international players,
only ICICI Prudential is rated by Fitch India at National Insurer Financial

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 Strength Rating of AAA (Ind) with stable outlook indicating the highest claims
paying ability rating.

Life Insurance Corporation of India (LIC), the state owned behemoth,

remains by far the largest player in the market. Among the private sector
players, ICICI Prudential Life Insurance is the largest followed by Bajaj Allianz
Life Insurance Company Limited. Among others, Kotak Life Insurance
emerging as a one of the best product provider in the current market.

It has been estimated that customer growth of Kotak Life

Insurance is better than any private insurance company in India. The private
companies are coming out with better products which are more beneficial to
the customer. Among such products are the ULIPs or the Unit Linked
Investment Plans which offer both life cover as well as scope for savings or
investment options as the customer desires.

Types of insurance-

(A) LIFE INSURANCE:

• Term Life Insurance

• Permanent Life Insurance

(B) GENERAL INSURANCE

• Fire Insurance
• Marine Insurance
• Accident Insurance

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 Life insurance

TERM LIFE INSURANCE:

Under a Term Life contract, the insurance company pays a specific

lump sum to the designated beneficiary in case of the death of the insured.
These policies are usually for 5, 10, 15, 20 or 30 years.

Term life insurance are the most popular in advance countries but
were not so popular in India. However, after the entry of the private operators
and aggressive marketing by few players this kind of policies are becoming
popular. The premium on such type of policies is comparatively quite low
when compared with other types of life insurance policies, mainly due to the
fact that these policies do not carry cash value.

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 PLUS OF MINUSES OF TERM
TERM LIFE LIFE INSURANCE
INSURANCE
If one survives the
period of the policy,
The premium
he / she does not get
payable on
any money at the
these policies
end of the policy.
is low as they
The premium on
do not carry
such policies keeps
any cash
on increasing with
value. One
age mainly because
can afford for
the risk of death of
quite high
older people is more.
value
Over the age of 60,
insurance
these policies
policies.
become difficult to
afford.

10
 PERMANENT LIFE INSURANCE:

In a Permanent Life contract, a portion of the money paid as

premiums is invested in a fund that earns interest on a tax-deferred basis.
Thus, over a period of time, this policy will accumulate certain "cash value"
which you will be able to get back either during the period of the policy or at
the end of the policy.

This type of policy not only provides protection for your

dependents by paying a death benefit to your designated beneficiary upon
your death, but it also allows you to use some part of the money while you are
alive or at the end of the policy. Some examples of such policies are : Whole
Life, Universal Life and Variable-Universal Life.

General insurance:-

Fire insurance:-

Fire Insurance is governed by All India Fire Tariff effective from

31.3.2001 issued by Tariff Advisory Committee, a Statutory Body. It is a
commercial policy covering building, offices, machinery, contents and
personal belongings of the office. It mitigates the risk of loss of customers
arising from fire breakout. The insured should take all possible steps to
minimize the loss.

11
 Marine insurance: -

Marine insurance falls under commercial insurance. The policy

is taken to reduce business risks. It caters to small scale business
organizations to large corporates. Policy does not cover loss or damage due
to willful misconduct, ordinary leakage, improper packing, delay, war, strike,
riot and civil commotion.

Accident insurance:-

Accident insurance covers the risk of bodily injuries arising directly

from an accident that was caused by external, violent and visible means and
results in death or disablement.

12
 IRDA

13
 IRDA (Insurance regulatory and development authority):-

Introduction-

The Insurance Regulatory and Development Authority (IRDA) is

a national agency of the Government of India, based in Hyderabad. It was
formed by an act of Indian Parliament known as IRDA Act 1999, which was
amended in 2002 to incorporate some emerging requirements. Mission of
IRDA as stated in the act is "to protect the interests of the policyholders, to
regulate, promote and ensure orderly growth of the insurance industry and for
matters connected therewith or incidental thereto."

In 2010, the Government of India ruled that the Unit Linked

Insurance Plans (ULIPs) will be governed by IRDA, and not the market
regulator Security and exchange board of India.

Mission of IRDA

" To Protect the interests of the policyholders, to regulate,

promote and
ensure orderly growth of the insurance industry and
for matters connected therewith or incidental thereto. "

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 Expectations

The law of India has following expectations from IRDA :-

i. To protect the interest of and secure fair treatment to policyholders.

ii To bring about speedy and orderly growth of the insurance industry

(including annuity and superannuation payments), for the benefit of the
common man, and to provide long term funds for accelerating growth of the
economy.

ii. To set, promote, monitor and enforce high standards of integrity,

financial soundness, fair dealing and competence of those it regulates.

iii. To ensure that insurance customers receive precise, clear and correct
information about products and services and make them aware of their
responsibilities and duties in this regard.

iv. To ensure speedy settlement of genuine claims, to prevent insurance

frauds and other malpractices and put in place effective grievance redressal
machinery.

vi To promote fairness, transparency and orderly conduct in financial

markets dealing with insurance and build a reliable management information system to
enforce high standards of financial soundness amongst market players.

Vii To take action where such standards are inadequate or ineffectively

enforced.

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 V To bring about optimum amount of self-regulation in day to day working of the
industry consistent with the requirements of prudential regulation.

Duties, Powers and Functions of IRDA :-

Section 14 of IRDA Act, 1999 lays down the duties, powers and functions of
IRDA

1. Subject to the provisions of this Act and any other law for the time
being in force, the Authority shall have the duty to regulate, promote and
ensure orderly growth of the insurance business and re-insurance business.

2. Without prejudice to the generality of the provisions contained in sub-

section the powers and functions of the Authority shall include-

a. Issue to the applicant a certificate of registration, renew, modify,

withdraw, suspend or cancel such registration.

b. Protection of the interests of the policy holders in matters

concerning assigning of policy, nomination by policy holders, insurable
interest, settlement of insurance claim, surrender value of policy and other
terms and conditions of contracts of insurance.

c. Specifying requisite qualifications, code of conduct and practical

training for intermediary or insurance intermediaries and agents.

d. Specifying the code of conduct for surveyors and loss assessors.

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 e. Promoting efficiency in the conduct of insurance business.

f. Promoting and regulating professional organizations connected with

the insurance and re-insurance business.

g. Levying fees and other charges for carrying out the purposes of this
Act.8.

h. Calling for information from, undertaking inspection of, conducting

inquiries and investigations including audit of the insurers, intermediaries,
insurance intermediaries and other organizations connected with the
insurance business.

I. Control and regulation of the rates, advantages, terms and

conditions that may be offered by insurers in respect of general insurance
business not so controlled and regulated by the Tariff Advisory Committee
under section 64U of the Insurance Act, 1938 (4 of 1938).

j. Specifying the form and manner in which books of account shall be

maintained and statement of accounts shall be rendered by insurers and
other insurance intermediaries.

k. Regulating investment of funds by insurance companies.

l. Regulating maintenance of margin of solvency.

m. Adjudication of disputes between insurers and intermediaries or

insurance intermediaries.

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 n. Supervising the functioning of the Tariff Advisory Committee.

o. Specifying the percentage of premium income of the insurer to finance

schemes for promoting and regulating professional organizations referred to in
clause (f).

p. Specifying the percentage of life insurance business and general

insurance business to be undertaken by the insurer in the rural or social
sector.

q. Exercising such other powers as may be prescribed.

The following Regulations have been notified in the Gazette of India:

1) Appointed Actuary

2) Actuarial Report and Abstract

3) Assets, Liabilities, and Solvency Margin of Insurers

4) Licensing of Insurance Agents

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 Advisory committee

IRDA consists of a Chairman and some permanent as well as part time

members. The regulations, however, are enacted under the guidance of a
statutory advisory committee. The advisory committee consists of following
individuals and ex-officio authorities:

 Chiarman: Hari Narayana is the current Chairman of IRDA.

 Full-time Members: Currently, they are Mr K K Srinivasan (Nonlife
Member), Sri G Prabhakara (Life Member), Dr R Kannan(Member, Actuary)
and Sri R.K. Nair (Member, F & I). There is provision for a panel of other
members and part time members. IRDA formed a high powered Insurance
Law Reforms Committee known as KPN Committee with important insurance
advisors like Mr N Govardhanand Dr K C Mishra as its members. There were
also a few non-advisory committee members like Mr Liaquat Khan and Mr T
Viswanathan etc.

Full force and utility of various institutions like Advisory Committee and self-
regulatory organizations are not yet realized as the regulator seems to be in a
long learning mode. Due to over delegations, Individual incumbents decide the
pace and extent of utilization of prudential and statutory bodies. Research is
limited to opinion seeking through legacy channels. Market waits for revision
of insurance act and establishment meaningfully functioning regulatory organs
devoid of excess delegation and subjective localization of development
agencies.

19
 COMPANY PROFILE-

Company profile:-

20
 Vision-

TO BE THE BEST LIFE INSURANCE COMPANY IN INDIA TO

BUY FROM, WORK FOR, AND INVEST IN.

Introduction of company-

Bajaj Allianz, one of the top private insurance companies in

India, is a joint venture between Bajaj Finserv Limited (recently demerged
from Bajaj Auto Limited) and Allianz SE, one of the world’s largest
insurance companies with 115 years of financial experience, is present in
more than 700 subsidiaries across 70 countries around the world. Finserv
Limited is one of the biggest two and three wheeler (motorcycles and
scooters) manufacturers in the world. Allianz SE is leading Insurance
Corporation globally and one of the largest asset managers in the world
that manage asset worth over a Trillion. Bajaj Allianz is into both life
insurance and general insurance. And Bajaj Auto is one of the most
trusted names in Indian auto for over 55 years.

This joint venture company incorporates global expertise

with local experience. The company comprehensive, innovative solutions
combine the technical expertise of the 110 years old Allianz SE and in

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 depth market knowledge and goodwill of Bajaj Auto.

Bajaj Allianz Life Insurance Co. Ltd. was incorporated on 12th

March 2001. The company received the Insurance Regulatory and
Development Authority (IRDA) certificate of Registration (R3) No 116 on
3rd August 2001 to conduct Life Insurance Business in India.

Accelerated Growth

New
Fiscal No. of policies
Business
Year sold
in FY

22
 2001-
2002(6 21,37 Rs. 7 Cr.
months)

2002- Rs. 63.3

1,15,965
2003 Cr.

2003- Rs. 180

1,86,443
2004 Cr.

2004- Rs 857
2,88,189
2005 Cr.

2005- Rs.
7,81,685
2006 2,717 Cr.

2006- Rs.
20,79,217
2007 4,302 Cr.

2007-
37,44,742 Rs.
2008
6,674 Cr.

2008- Rs.
25,90,765
2009 4,491 Cr.

2009- Rs.
22,30,686
2010 4,451 Cr.

Bajaj Allianz Shareholder Capital Base stands at Rs. 500 crore

with Bajaj Auto Limited and Allianz AG of Germany holding 74% and 26%
stake respectively. It is the largest private player in the Insurance Industry in
India with a market share of around 34% amongst the private companies and
second to LIC. The total market share of Bajaj Allianz as of 31st March 2006
is at 12%

23
 Bajaj Auto Limited

Bajaj Auto Ltd, the flagship company of the Rs.

8000 crore Bajaj group is the largest manufacturer of two-wheelers and three-
wheelers in India and one of the largest in the world.

A household name in India, Bajaj Auto has a strong brand

image & brand loyalty synonymous with quality & customer focus. With over
15,000 employees, the company is a Rs. 4000 crore auto giant, is the largest
2/3- wheeler manufacturer in India and the 4th largest in the world. AAA rated
by Crisil, Bajaj Auto has been in operation for over 55 years. It has joined
hands with Allianz to provide the Indian consumers with a distinct option in
terms of life insurance products.

As a promoter of Bajaj Allianz Life Insurance Co. Ltd., Bajaj

Auto has the following to offer –

•Financial strength and stability to support the Insurance Business.

•A strong brand equity.
•A good market reputation as a world class organization.
•An extensive distribution network.

•Adequate experience of running a large organization.

•A 10 million strong base of retail customers using Bajaj products.
•Advanced Information Technology in extensive use.

•Experience in the financial services industry through Bajaj Auto Finance

Ltd.

Allianz AG

24
 Founded in 1890 in Berlin, Allianz is now present in over
70 countries with almost 174,000 employees. At the top of the international
group is the holding company, Allianz AG, with its head office in Munich.

Allianz AG is in the business of General (Property &

Casualty) Insurance; Life & Health Insurance and Asset Management and has
been in operation for over 110 years. Allianz is one of the largest global
composite insurers with operations in over 70 countries. Further, the Group
provides Risk Management and Loss Prevention Services. Allianz has insured
most of the world's largest infrastructure projects (including Hongkong Airport
and Channel Tunnel between UK and France), further Allianz insures the
majority of the fortune 500 companies, besides being a large industrial insurer,
Allianz has a substantial portfolio in the commercial and personal lines sector,
using a wide variety of innovative distribution channels.

25
 (Kamesh goyal, Country manager and CEO)

26
27
 HR Hierarchy

HR Operations – Structure

28
 BUSINESS HR HIERARCHY

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Role of Business HR
• Compliments the HO HR team as representation at the ground level
catering to the HR needs of the vast spread of offices
• Extended arm of the various HR product teams from HO
• One stop for all HR needs across the country across all channels
• Implementation and feedback of all initiatives undertaken by HR
• Undertakes Branch visits, HR Induction, Attendance processing,
employee grievance management, Policy awareness, Talent Acquisition,
Talent Management, Performance management among a host of other HR
activities.

Customer Orientation-
At Bajaj Allianz, their guiding principles are customer service and client satisfaction.
All their efforts are directed towards understanding the culture, social environment
and individual insurance requirements - so that they can cater to all your varied
needs.

Employee Benefits

• Employees Provident Fund

• Gratuity
• Group Term Life Insurance & Additional Death Benefits
• Employee Deposit Linked Insurance (EDLI)
• Employees State Insurance Corporation (ESIC)
• Group Personal Accident (GPA)
• Medicare

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 Employees Provident Fund
• Employee and Employer equal contribution, 12% of Basic Salary.
• New entrants could transfer the previous EPF & EPS through filling up
the form 13.
• EPF and EPS could be withdrawn through Form 19 and Form 10C,
provided there should be a non-employment declaration of 2 months.
• In case of death of an employee the nominee claims the Pension by
filling up form 10D.
• For any EPF and EPS Withdrawal / Transfer, a filled up SSN form is
preferred at the time of submission.
• All Specific Forms are available in HRIS (HR4U).

Gratuity
• We have a Group Gratuity Scheme policy for all employees.
• An employee who works for a complete 5yrs of continuous service is
entitled for Gratuity, as per the Payment of Gratuity Act.
• (Last drawn basic /26 * 15 * no. of months/12) served in the period of
service. Subject to the provision of 5 yrs continuous service.
• Gratuity shall be payable to an employee on: Retirement / Resignation,
Superannuation & Death or disablement due to accident or disease.
• In the event of death of an employee the gratuity amount goes to the
nominee as declared in the Form F a Nomination Form.
• The Gratuity claim gets settled and credited to the employee’s salary
account on line.
• To the limit of Rs 10, 00,000 is exempted from the taxable income in a
life time.

31
 Group Term Life Insurance & ADB
• It’s a Group Life Insurance coverage extended to all employees from
the Date of Joining onwards.
• The coverage amount varies from employee to employee as it’s 60
times of the basic Salary and where the minimum coverage is 5 lacs and the
maximum is 30 lacs.
• The Premium is borne by the company.
• In case of an Accidental Death the GTL coverage gets doubled.

Employees State Insurance Corporation (ESIC)

• Coverage of employees drawing wages up to Rs.15000/-per month
engaged either directly or through contractor.
• Rate of Contribution of the wages Employers’ 4.75% Employees’1.75%
• Benefits: To the employees under the Act-Medical, sickness, extended
sickness for certain diseases, enhanced sickness, dependents maternity,
besides funeral expenses, rehabilitation allowance, medical benefit to insured
person and his or her spouse.
• WAGES FOR ESI CONTRIBUTIONS To be deemed as wages: Basic
pay Dearness allowance House rent allowance, City compensatory allowance,
Overtime wages (but not to be taken into account for determining the
coverage of an employee), Payment for day of rest, Production incentive,
Bonus other than statutory bonus Night shift allowance Heat, Gas & Dust
• Allowance Payment for unsubstantiated holidays, Meal/food allowance,
Suspension allowance, lay off compensation, Children education, allowance
(not being reimbursement for actual tuition fee).
Most of the above Benefits have been taken care from the Insurer with
enhanced options.

32
 Exit interview

33
 Introduction

Exit interview:-

An exit interview is an interview conducted by an employer

of a departing employee. They are generally conducted by a relatively
neutral party, such as a human resources and other staff members. It is an
interview between a staff member of the organization and an employee who is
leaving, to ascertain the reasons for the employee leaving the organization.

Final formal between the management and an employee

leaving the firm. It is used as a learning opportunity for the executive
concerned who seeks candid views on work places related problems .

The formal conversation that takes place between an

employee and an HR or other manager to determine the reason(s) the
employee is leaving. Exit interviews are prime opportunities to figure out why
someone is leaving your organization. (If you're firing someone, of course you
don’t need to know why they're leaving, so exit interviews aren't necessary in
this case.)
Effective exit interviews can help improve your bottom line
by reducing turnover and the associated costs of hiring and training new
employees. You may get some important tips about the problems and issues
that are causing your employees to leave.

To help you prepare for the exit interview, give a

questionnaire to the people who are resigning to be completed before their
final day on the job. You can also give a form to the employee on their way out
and ask them to complete and mail it back. Finally, have a face-to-face or
phone meeting the final day.

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 You can ask following type of questions:

• What is the reason of leaving the company?

• What was your favorite part about being an employee here?

• Have you had complaints? Were they handled fairly?

Do you feel you had a clear career path here?

• What could we do better?

• What, if anything, would convince you to continue here?

When you've had a few people quit, analyze the results of your exit
interviews. Try to figure out trends, such as the main reasons they give for
leaving, the typical length of time a person works for departments or groups
associated with particular managers. The idea is to identify changes you can you
before quitting, the type of jobs that have the most turnover, and patterns of
resignation in make to keep people from leaving. So the most important advice of
all about exit interview is that we have to make sure you're really listening and
that you actually do something, including making changes in your company, with
the insights you gain.

35
 Exit interviews are interviews conducted with departing employees,
just before they leave. From the employer's perspective, the primary aim of
the exit interview is to learn reasons for the person's departure, on the basis
that criticism is a helpful driver for organizational improvement. Exit interviews
(and prior) are also an opportunity for the organization to enable transfer of
knowledge and experience from the departing employee to a successor or
replacement, or even to brief a team on current projects, issues and contacts.
Good exit interviews should also yield useful information about the employer
organization, to assess and improve all aspects of the working environment,
culture, processes and systems, management and development, etc.;

Exit interviews are interactions employers hold with employees who

have submitted their resignation. The basic purpose of these interviews is to
find out the reason for an employee's departure and improve working
conditions, if that is what triggered the action.

Exit interviews also act as a medium of knowledge transfer from the

departing employee to the replacement or the management. Such interviews
are more valuable when the departing employee has spent long time with the
organization.

36
 Purpose of exit interview-

1. To retain the outgoing employee or analyzing the factors for which

he/she is going and try to overcome these for existing employees.

2. On What time this interview be scheduled at the final day of outgoing

employee or when he/she serves his notice period?

3. It is used to obtain information that will result in better selection. Placement,

development and training practice as well as improved supervision.

4. It assures that district property is either returned or accounted for or the

financial responsibilities are resolved before leaving the job site.

5. A hidden purpose is to help employers avoid costly litigation down the road,
caused by "disgruntled" employees.

6. The interview is an opportunity for the employer to end the employee's time
with the company on a positive note.

7. Valuable feedback concerning training and development can be obtained

during the exit interview.

8. Using the exit interview effectively can also provide the company with
valuable feedback concerning benefits and compensation. This can be both
negative and positive.

9. Understanding why people voluntarily leave the company can provide an

opportunity for the firm to make changes to reduce turnover rates -- and
reduce the associated costs.

10. It is helpful to know negative and positive aspects about the

organization by the view of the employee who is leaving.

37
 Exit interview provides:-

1. Gathering and collating the data in a structured manner.

2. Aggregating the results for the organization as a whole .

3. Analyzing the findings to identify consistent trends, patterns and

themes.
4. Using the results to determine and implement strategies to increase
retention and reduce turnover.

An exit interview is an interview conducted by an

employer of a departing employee. They are generally conducted by a
relatively neutral party, such as a human resources staff member, so that the
employee will be more inclined to be candid, as opposed to worrying about
burning bridges. For this reason, some companies opt to employ a third party
to conduct the interviews and provide feedback. The purpose of an exit
interview is usually to gather data for improving working conditions and
retaining employees. [1] Common Questions include reasons for leaving, job
satisfaction, frustrations and feedback concerning company policies
procedures.

38
 Objective of Exit interview:-

 Retain the outgoing employee or analyzing the factors for which he/she
is going and try to overcome these for existing employees.

 It is helpful to know negative and positive aspects about the

organization by the view of the employee who is leaving.

• The objective of an exit interview is usually to gather data for improving working
conditions and retaining employees.

 Exit interviews provide valuable information as to how to improve

recruitment and induction of new employees.

 It is used as a learning opportunity for the executive concerned who

seeks views on work places related problems.

39
 Research
methodology

40
 Title of Research

“Study of exit interview conducted at BAJAJ ALLIANZ”

Research methodology:-

Research refers to search for knowledge. It is a scientific way

to solve the problem. Research is an art of scientific investigation. It is a
careful investigation or inquiry through search for new facts in any branch of
knowledge. Research comprising defining and redefining problems,
formulating hypothesis or suggested solutions. Research refers to systematic
methods consisting of enunciating problem formulating a hypothesis,
collecting facts or data, analyzing the facts and reaching certain conclusion.

The purpose of research is to discover answer of questions.

According to Clifford Woody research is defining

problems, formulating hypothesis or suggested solutions, collecting,
organizing and evaluating data, making deductions and reaching conclusions.

The purpose of research is to discover answers to

questions through the applications of scientific procedures. The main aim of
research is to find out the truth which is hidden and which has not been
discovering as yet. Research study may has its own specific purposes in the
form of objectives like

• To gain familiarity with a phenomenon or to achieve new insights into it.

(formulative research)
• To portray accurately the characteristic of a particular individual,
situation or a group, (descriptive research)

41
 • To test a hypothesis of a casual relationship between variables,
(hypothesis testing research)

D. Slesinger and M. Stephenson in the encyclopedia of social science

define research as the manipulations of thing, concept, and symbol. For the
purpose of generalizing to extend correct or verify knowledge whether the
knowledge aids in construction of theory or in the practice of an art. Research
is thus n original contribution to the existing stock of knowledge making for its
advancement. It is the pursuits of truth with the help of studies, observation,
and comparisons and experiments. In short the search for knowledge through
objective and systematic method of finding solutions to a problem is research.

Review of concerned Literature-

During my training period when I was searching for the concerned

literature I went through many books refered on topics relating to Exit
Interview.

I was helped by my seniors to understand the purpose behind

conducting this special kind of interview, in the initial stages I was guided by
sum higher officials to understand Exit interview from journals and magazines.

They had showed me some videos too give me a clearer view.

42
 Objective of research-

1)
It assures that district property is either returned or accounted for or
the financial responsibilities are resolved before leaving the job site.

2)

The interview is an opportunity for the employer to end the employee's

time with the company on a positive note. A new relationship with the
departing employee may be created.

3)
Valuable feedback concerning training and development can be
obtained during the exit interview.

4)
Using the exit interview effectively can also provide the company
with valuable feedback concerning benefits and compensation. This can
be both negative and positive.

5) Understanding why people voluntarily leave the company can

provide an opportunity for the firm to make changes to reduce turnover
rates -- and reduce the associated costs.

6). It is used to obtain information that will result in better selection,

Placement, development and training practice as well as improved
supervision.

43
 7). It assures that district property is either returned or accounted for
or the financial responsibilities are resolved before leaving the job site.

These objectives are very important by conductive an exit

interview. Effective exit interviews can help improve your bottom line by
reducing turnover and the associated costs of hiring and training new
employees. You may get some important tips about the problems and
issues that are causing your employees to leave.

Research Design

A plan for collecting and utilizing data so that desired information can
be obtained with sufficient precision or so that an hypothesis can be tested
properly.

A plan outlining how information is to be gathered for an

assessment or evaluation that includes identifying the data gathering
method(s), the instruments to be used/created, how the instruments will be
administered, and how the information will be organized and analyzed.

Such statements can be termed as Research Design.

There are different types of research design and depending on the purpose
we need to select the particular Research Design.

For my project I following Discriptive Research design.

44
 Discriptive research provides insights into and comprehension of an
issue or situation. It should draw definitive conclusions only with extreme
caution. Discriptive research is a type of research conducted because a
problem has not been clearly defined. Discriptive research helps determine
the best research design, data collection method and selection of subjects.
Given its fundamental nature, discriptive research often concludes that a
perceived problem does not actually exist

The research is used to measure what impact a specific change will

have on existing norms and allows market researchers to predict hypothetical
scenarios upon which a company can base its business plan.

Sample size-

The sample size which I have taken or followed is 47.

Sampling Design-

Convenience sampling (sometimes known as grab or opportunity

sampling) is a type of non probability sampling which involves the sample
being drawn from that part of the population which is close to hand. That is, a
sample population selected because it is readily available and convenient

So for this reason I had selected CONVENIENCE SAMPLING TECHNIQUE.

45
 Data Sources-

1) Primary Source:-

Primary data is collected interview of HR head, senior personnel

of Technical staff, Administration, Accounts, Library and documents, store and
purchase and IT department.

Primary data is collected through interviews of responsible

personnel of various departments. Observation for this research instruments
used by me were questionnaires. Discussion & Observation plays important
role in primary source of data collection.

2) Secondary Source:

Secondary data is collected from the selection and recruitment

records of this organization. HR magazines, newspaper, company’s literature,
magazines journals and legal documents also from management books
related to recruiting methods.

DATA COLLECTION METHOD-

In this project both the Primary methods of data collection were
applied. In primary method,

1) Primary Method:-

 Interview

 Discussion

 Observation

46
 Interview:-

By interviewing candidates through exit interview one can ask the

questions systematically and step by step. Due to this one can easily get
positive as well as negative response from the employees. In exit interview,
telephonic interviews of candidates are taken by the employee.

In exit interview, this means the leveraging of techniques (primarily

the phone) to identify candidates with limited to no presence of these
individuals in any easily accessible public forum (the Internet, published list,
etc). It requires the uncovering of candidate information via a primary means
of calling directly into organizations to uncover data on people, their role, title
and responsibilities.

Observation:-

Observation in ordinary language means the formulation of certain

believes on the basis of the impression i.e. gathered by looking or observing
certain person object or process, it records the behavior as it occurs. While
conducting exit interview I observed that mostly people doesn’t want to join
the insurance sector.

47
 Tips -

• An employee should smile when he/she talk on the phone.

• An employee should make his speech quick and to the point.
• An employee should never ever talk back to a candidate if he/she is
being rude to him. It isn't the time to teach them manners.
• An employee should convey the right message to the candidate.
• An employee should have complete knowledge about the job profile
offered.
• An employee should not make use of any harsh language or wrong
words with the candidate.

DATA ANALYSIS-

Data collected, if not subjected to analysis is meaningless. For the

purpose, data after collection has to be presented in the form of tables,
diagrams and graphs. It is only after presentation that data can be analyzed,
interpreted and inferences can be drawn.

The data has been analyzed through pie diagrams, shows the
percentage of the people interested in working for Bajaj alliance.

48
 Limitations of
study

49
 Limitations of the study:

As the project requires interviewing the candidates on telephone it

requires a lot of time with a sense of seriousness so it becomes difficult for me
to convince them to answer the questions instantly because many of them
were very busy and don’t easily give time for these things.

50
 Data analysis and
interpretation

51
 Q.1. What is the reason of leaving BALIC?

Reasonfor leavingBALIC
Anyother reason Personal reason Better career prospectus
Higher education Health Problem Performance Based

4%
4%
4% 9%
47%

32%

52
 INTERPRETATION-

According to my survey, 4% employees said that they had health

problem, 9% said for higher education, 4% said performance based, 4% said
that for better career prospectus, 32% had personal problem and 47% had
any pther reasons.

Q.2 Did you go through the company induction?

Go through the companyinduction

Yes No Average

4% 0%

18%

78%

53
 INTERPRETATION-

When I asked employees that did they go through the company

induction then 78% employees said that they go through the company
induction , 18% said they did not go through the company induction and 4%
were average.

Q.3 Did you have role clarity?

Roleclarity
Yes No Average
0%

100%

54
 INTERPRETATION-

According to my survey, all employees were clear about their role.

Q.4 Did you get right support to perform your role clearly?

55
 INTERPRETATION-

When I asked that did they get right support to perform their role
clearly then 87% people said they get right support to perform their role, 9%
said that they did not get right support and 4% were average.

Q.5 Were you happy with the company infrastructure- seating space, PC etc.?

Companyinfrastructure
0% Average
13%

No
8%

Yes
79%

INTERPRETATION-

56
 79% people were happy with the company infrastructure , 8%
were not happy with the company infrastructure and 13% were average.

Q.6 Were you briefed on your targets clearly by your reporting manager?

57
 INTERPRETATION-

According to my survey, 94% employee were briefed about

their target, 6% were not aware and there was no one who was not clear
about his target.

Q.7 Was your manager approachable?

INTERPRETATION-

58
 When I asked that was there manager approachable then 92%
people said that their manager was approachable, 2% said no and 6% were
average.

Q.8 Could you discuss your problem and challenges with your reporting manager?

Discussyour problemwith your manager

Yes No Average

0%
4%
9%

87%

INTERPRETATION-

87% employees said that they discuss their problem with their
reporting manager, 4% said that they did not and 9% were average.

59
 Q.9 Was your work life balance healthy?

Worklife balancehealthy
Yes No Average

2% 2%
0%

96%

INTERPRETATION-

When I asked that was their work life balance healthy then 96%
people said that their work life balance was healthy, 2% said their work life
balance was not healthy and 2% were average.

60
 Q.10 Did you enjoy your work, role and responsibility?

INTERPRETATION-

In my survey 96% enjoyed their role and responsibility, 4% were

average and there is no one who has not enjoy their role and responsibility.

61
 Q.11 Did you find the company policies attractive?

Companypoliciesattractive
Yes No Average

0% 4%0%

96%

INTERPRETATION-

When I asked that did they find company policies attractive then
96% people find policies attractive, 4% were average and there is no one who
did not find company policies attractive.

62
 Q.12 Did you enjoy working with your colleagues?

Workingwith your colleagues

No Average
0% 4%

Yes
96%

INTERPRETATION-

63
 96% people enjoyed working with their colleagues. 4% were
average and no one who did not enjoyed working with their colleagues.

Q.13 Have you undergone any company training in BALIC?

Companytrainingin BALIC
Yes No Average

0%

9%
6%

85%

INTERPRETATION-

85% people have undergone a company training in BALIC, 6%

people have not undergone any company training in BALIC and 9% have
average.

64
 Q.14 Had you been provided enough opportunities of development?

INTERPRETATION-

When I asked that had they provided enough opportunities of

development then 72% employees said that they had provided enough

65
 opportunities of development and 24% employees said that they had not
provided any opportunities of development and 4% were average.

Q.15 Were you aware about the career growth in BALIC?

INTERPRETATION-

96% employees were aware about the career growth in BALIC ,

2% were not aware and 2% were average.

66
 Q.16 Whether your knowledge and experience has been properly utilized?

INTERPRETATION-

There are 89% people those knowledge has been properly utilized ,
7% people those knowledge has been not utilized and 4% were average.

67
 Q.17 Were your suggestions/opinion honored at BALIC?

INTERPRETATION-

When I asked that were their opinion honored at BALIC then 77%
employees said that their opinion were honored at BALIC, and 23%
employees said that their opinion were not honored at BALIC.

68
 Q.18 Would you like to join BALIC again?

INTERPRETATION-

When I asked that would they like to join BALIC again then 68%
employees said that they would like to join BALIC again and 32% employees
said that they would not like to join BALIC again.

69
 Facts and
Findings

70
 Fact and findings:-

Exit interview is conducted for those employees who are

part of the channel of the organization.

Total number of respondents is 47. Out of which 22 are of agency

channel, 14 are of direct marketing, 6 are of business procurement, 2 are of
strategic initiative, 1 is of operation, and 2 is of alternate.

Exit interview is taken all of the employees of all departments. It is

done by HR department. It is a way to know that what type of improvement
needs that particular department.

To help you prepare for the exit interview, give a questionnaire to

the people who are resigning to be completed before their final day on the job.
You can also give a form to the employee on their way out and ask them to
complete and mail it back.

71
 Recommendation

72
 Recommendations

Improvement Areas:

Improvement areas can be following-

1. Employee Retention-

A. Superiors, especially the reporting authorities should behave in calm

and a polite way with their subordinates. They should not use harsh words
and abusive language while dealing with subordinates

B. Subordinates should be given proper time to settle in their new role and
new work culture after their induction training is over. They should not be
pressurized to show the best performance as soon as the training is over. I
would recommend that around 15 days time should be provided after
induction training to settle in the new role and new work culture environment.

2. HR functioning-

A. Around 10 percent respondents believed that HR department

functioning is slow and needs to be increased. HR department do not
responds to the grievances of departed employees properly and in timely
manner.

B. Some employees faced a problem of untimely remuneration.

73
 3. Recognition and reward system -

A. Proper career opportunities needed to be provided and quick promotions of

the employees who have performed well should be their so that they will be kept
motivated for performing well and stay in the job.

B. If quick promotions could not be provide than other reward system should
be introduced such as “Best Performer Certificate” and “Employee of the month”
award etc.

74
 Conclusion

75
 Conclusion
Exit interview should be done in every organization. Exit interview was
conducted to gather data for improving working conditions and retaining
employees. The information from each exit interview is used to provide
feedback on why employees are leaving, what they liked about their
employment and what areas of the company need improvement.

To gather relevant information, there are a few things to

keep in mind when structuring the exit interview process. It is an interview
between a staff member of the organization and an employee who is leaving,
to ascertain the reasons for the employee leaving the organization.

Effective exit interviews can help improve your bottom

line by reducing turnover and the associated costs of hiring and training new
employees. You may get some important tips about the problems and issues
that are causing your employees to leave.

It is used to obtain information that will result in better

selection. Placement, development and training practice as well as improved
supervision. Using the exit interview effectively can also provide the company
with valuable feedback concerning benefits and compensation. This can be
both negative and positive.

It is helpful to know negative and positive aspects about the

organization by the view of the employee who is leaving.

76
 Annexure

77
 Annexure

Q.1 What is the reason of leaving BALIC?

A) Yes

B) No

C) Average

Q.2 Did you go through the company induction?

A) Yes

B) No

C) Average

Q.3 Did you have role clarity?

A) Yes

B) No

C) Average

78
 Q.4 Did you get right support to perform your role clearly?

A) Yes

B) No

C) Average

Q.5 Were you happy with the company infrastructure- seating space, PC etc.?

A) Yes

B) No

C) Average

Q.6 Were you briefed on your targets clearly by your reporting manager?

A) Yes

B) No

C) Average

Q.7 Was your manager approachable?

A) Yes

B) No

C) Average

79
 Q.8 Could you discuss your problem and challenges with your reporting
manager?

A) Yes

B) No

C) Average

Q.9 Was your work life balance healthy?

A) Yes

B) No

C) Average

Q.10 Did you enjoy your work, role and responsibility?

A) Yes

B) No

C) Avarage

Q.11 Did you find the company policies attractive?

A) Yes

B) No

C) Average

80
 Q.12 Did you enjoy working with your colleagues?

A) Yes

B) No

C) Average

Q.13 Have you undergone any company training in BALIC?

A) Yes

B) No

C) Average

Q.14 Had you been provided enough opportunities of development?

A) Yes

B) No

C) Average

Q.15 Were you aware about the career growth in BALIC?

A) Yes

B) No

C) Average

81
 Q.16 Whether your knowledge and experience has been properly utilized?

A) Yes

B) No

C) Average

Q.17 Were your suggestions/opinion honored at BALIC?

A) Yes

B) No

C) Average

Q.18 Would you like to join BALIC again?

A) Yes

B) No

82
 BIBLIOGRAPH
Y

83
 Bibliography

 Website-

www.bajajallianzlife.co.in

www.scribd.com

www.citehr.co.in

Books-

Kothari C.R, Research Methods in Management, New Delhi, New Age

International (P) Ltd. 2nd Revised Edition 2004

 Newspapers

 Company Brouchers

 Manuals of the Company

84