TITLE EMPLOYEE MOTIVATION AND JOB SATISFACTION IN RETAIL SECTOR WITH REFERENCE TO M/S TATA RETAIL ENTERPRISE A report

submitted to Ishan Institute of Management & Technology, Greater Noida as a partial fulfillment to full time Post Graduate Diploma in Management. Submitted To: Dr. D. K. Garg IIMT Gr. Noida Submitted By: Sumit Jaiswal ENR: RMR2017 15th Batch ISHAN INSTITUTE OF MANAGEMENT & TECHNOLOGY 2, Knowledge Park-1, Greater Noida, D ist.- G. B. Nagar (U.P.) Website: www.ishanfamily.com E-Mail: student@ishanfamil y.com ISHAN INSTITUTE OF MANAGEMENT & TECHNOLOGY Page 1

PREFACE This Project Report has been completed in Partial fulfill ment of m y management Program, Post Graduate Diploma in Retail Management (PGDRM) in the company M/s Tata Retail Enterprise. The title of m y project was EMPLOYEE MOTIVATION AND JOB SATISFACTION IN RETAIL SECTOR WITH REFERENCE TO M/S TATA RETAIL ENTERPRISE . Tra ining is a period in which a student can appl y his theoretical knowledge in pra ctical field. Basically practical knowledge and theoretical knowledge have a ver y broad difference. Theoretical knowledge is the fundamental weapon for any mana gement student. As a student of management, apart from theoretical studies we ne ed to get a deeper insight of the practical aspects of theories by working in an organization. The training session helps to know about the working process in t he organization. It hel ps to know about the organizational management and disci pline, which has its own importance. To achieve professional competence, manager ought to be full y occupied with theory and practical exposure of management. A comprehensive understanding of the princ iple increases their decision making a bilit y and sharpens their tools for this purpose. So, this training has high im portance as to know how both the aspects are applied together. Theoretical knowl edge of a person remains dormant until it is used and tested in the practical li fe. The training has given to me the chance to appl y m y theoretical knowledge that I have acquired in m y classroom to the real business world. I completed my summer training project in which I involved successful application of theorie s . In spite of few limitations and hindrance during the summer training, I found that the work was a challenge and fruitful. This summer training project has ena bled m y capability in order to manage business effectivel y. ISHAN INSTITUTE OF MANAGEMENT & TECHNOLOGY Page 2

CERTIFICATE This is to certify that the project work done on the title Employee motivation an d job satisfaction in retail sector with reference to Tata Retail Enterprise subm itted to Ishan Institute of Management and Technology, Greater Noida by SUMIT JA ISWAL in partial fulfillment of the requirement for the award of the degree of P ost Graduate Diploma in Business Management is a bonafide work carried out by hi m/her under my supervision and guidance. The project report is the original one and has not been submitted anywhere else for any other degree/diploma. Date: Seal/Stamp of the Guide Name of the Guide Address: ISHAN INSTITUTE OF MANAGEMENT & TECHNOLOGY Page 3

ACKNOWLEDGEMENT This project has been prepared as a part of an internship required during the co mpletion of PGDM programme at Ishan Institute of Management & Technology, Greate r Noida (U.P.). I was involved with Tata Retail Enterprise, Sector-18 Noida for a period of around 2 months, and I came across a lot of people who put in their time and effort towards acclimatizing me to the workings of their organization. I express my thanks to my company guide Mr. Rajesh Shrivastav, who was there to introduce me to the idea of retailing and what goes behind and inside it. Also u nder his guidance and leadership I was able to enhance my analytical as well as inter-personal skills and logical concepts behind store management. These past 2 months were of utmost importance as they added value towards my path of knowled ge. I would like to end this acknowledgement by thanking the customers, people a t large with whom I have interacted during the course of my training. I would li ke to thank respected Chairman Dr. D. K. Garg, who has been a source of motivati on and support to the students of Ishan Institute of Management & Technology. La st, but definitely not the least, I express my gratitude to the entire staff of Westside, Noida. I would like to express my feelings for my parents without thei r blessings the project work couldnt be possible, also the moral support of my fa mily members have worked a lot. SUMIT JAISWAL ISHAN INSTITUTE OF MANAGEMENT & TECHNOLOGY Page 4

DECLARATION The summer training project on the title Employee motivation and job satisfaction in retail sector with reference to Tata Retail Enterprise under the guidance of Mr. Rajesh Shrivastav is the original work done by me. This is the property of t he institute & use of this report without prior permission of the institute will be considered illegal & actionable. Date: Signature SUMIT JAISWAL ENRRMR2017 ISHAN INSTITUTE OF MANAGEMENT & TECHNOLOGY Page 5

TABLE OF CONTENT Preface Certificate Acknowledgement Declaration Executive summary 2 3 4 5 9 Chapter 1 Introduction to topic Employee motivation- An introduction Importance and challe nges of motivation Employee motivation theories 11 13 15 19 Chapter 2 Job satisfaction- An introduction Models of job satisfaction Role of employee sa tisfaction and moral boosting Modern methods of measuring job satisfaction Deter minants of job satisfaction Importance of job satisfaction Reason and effect of low job satisfaction 31 33 40 41 46 49 52 ISHAN INSTITUTE OF MANAGEMENT & TECHNOLOGY Page 6

Chapter 3 Employee benefits and welfare Stock take process and its effect on employees Dim ensions of job satisfaction 53 56 58 Chapter 4 Performance and appraisal of employees 59 Chapter 5 Job satisfaction and work satisfaction Common myths about employee motivation 67 69 Chapter 6 Stress management Theories of stress Stress cycle 79 84 87 Chapter 7 Overview of Indian retail sector Employment in retailing Evolution of the Indian retail industry 101 103 109 Chapter 8 Company profile History Vision and vision Head office and branch office Products of the Westside Tata code of conduct 111 117 122 ISHAN INSTITUTE OF MANAGEMENT & TECHNOLOGY Page 7

Chapter 9 HR policies Key staff Management hierarchy Staff at store level Duties and respo nsibilities of key staff 144 131 140 Chapter 10 Findings Learning Suggestions and recommendations Word of thanks Bibliography 148 149 151 152 153 ISHAN INSTITUTE OF MANAGEMENT & TECHNOLOGY Page 8

EXECUTIVE SUMMARY Motivation in simple terms may be understood as the set of forces that cause peo ple to behave in certain ways. A motivated employee generally is more quality or iented. Highly motivated worker are more productive than apathetic worker one re ason why motivation is a difficult task is that the workforce is changing. Emplo yees join organizations with different needs and expectations. Their values, bel iefs, background, lifestyles, perceptions and attitudes are different. Not many organizations have understood these and not many HR experts are clear about the ways of motivating such diverse workforce. Now days employees have been hired, t rained and remunerated they need to be motivated for better performance. Motivat ion in simple terms may be understood as the set or forces that cause people to behave certain ways. People are motivated rewards something they can relate to a nd something they can believe in. Times have changed People wants more. Motivate d employees are always looking for better ways to do a job. It is the responsibi lity of managers to make employees look for better ways of doing their jobs. Ind ividuals differ not only in their ability to do but also in their will to do, or motivation Managers who are successful in motivating employees are often provid ing an environment in which appropriate goals are available for needs satisfacti on. Retaining and motivating workers requires special attention and the responsi bility falls squarely on the shoulders of HR as well as managers and supervisors at all level. They have to create a work environment where people enjoy what th ey do, feel like they have a purpose and have pride in the mission of the organi zation. It requires more time, more skill, and managers who care about people. I t takes true leadership. By giving employees special tasks, you make them feel m ore important. When your employees feel like they are being trusted with added r esponsibilities, they are motivated to work even harder so they wont let the comp any down. Motivation is essential for any company because employee is Asset of c ompany. Motivation is important for the growth of employees as well as growth of the organization. Job Satisfaction is the favorableness or un-favorableness wit h which the employee views his work. It expresses the amount of agreement betwee n ones expectation of ISHAN INSTITUTE OF MANAGEMENT & TECHNOLOGY Page 9

the job and the rewards that the job provides. Job Satisfaction is a part of lif e satisfaction. The nature of ones environment of job is an important part of lif e as Job Satisfaction influences ones general life satisfaction. Job Satisfaction , thus, is the result of various attitudes possessed by an employee. In a narrow sense, these attitudes are related to the job under condition with such specifi c factors such as wages. Supervisors of employment, conditions of work, social r elation on the job, prompt settlement of grievances and fair treatment by employ er. However, more comprehensive approach requires that many factors are to be in cluded before a complete understanding of job satisfaction can be obtained. Such factors as employees age, health temperature, desire and level of aspiration sho uld be considered. Further his family relationship, Social status, recreational outlets, activity in the organizations etc. Contribute ultimately to job satisfa ction. ISHAN INSTITUTE OF MANAGEMENT & TECHNOLOGY Page 10

Chapter 1 INTRODUCTION TO TOPIC Management, observed Mary parker Follett is to get things done through people . Any business activity basically require four Ms, viz. Men, Material, Money and Mach inery. Of all these resources people is the most important resource of production. Today, the corporate world has started acknowledging the fact that i t is people and money, machinery or materials that run organizations. The burden of performance is no longer on mechanically advanced systems, but on the resour cefulness, initiative and responsibility of the people who are intrinsically the process owners. There has always been a gap between the corporate visions and t he ambitions of individuals. In the past, the human resource function did not tr y to bring about compatibility between corporate needs and that of individuals. employees aspirations. The task of coordinating all the other factors of producti on, except man is felt easier, because man cannot be controlled fully at all tim es. He can act according to his own desired. And most of the time human being wi ll be manipulated by the work But, todays the managements have to ensure congruence between organizational objectives and environment and by the group. Human behaviour is unpredictable. One will act acc ording to ones own. Hence, only by providing more facilities to human factor, we can motivate them to work. Then only it is possible to direct the combination of all factors towards the goal. There are numerous factors, which will influence the human factors. Among them the levels of human relations in the organization play a significant role. In ancient days it was felt that by using power and auth ority human relations in the organization could he improved. Through this concep t we cannot get workers co-operation and involvement at their level best. But, they will work because of fear not without involvement. ISHAN INSTITUTE OF MANAGEMENT & TECHNOLOGY Page 11

The second concept is, only by providing monetary increments and incentives, hum an relations can be improved in the organization. This concept also failed to ac hieve is goal but at certain level it increased human relations. Now, the recent human relations theory prescribes participatory management according to which al l are allowed to play their roles and the management will play a participatory r ole. By enhancing human relations we can improves the efficiency of the workers. If they are fully satisfied, then they will give their full efforts. As a resul t, the achievement of organizational goal becomes an easy one. Therefore employe e motivation and job satisfaction alone is responsible for the attainment organi zational goals. Hence, it is important to provide more facilities in the form of work environment, improved human relations, and fair wages and welfare measures . The management can improve them and satisfy the workers. By satisfying workers they will reach their goal. Thus is the individual and the organizational goals will reached simultaneously. People see organization as a means to help them to reach their goals while organization needs people to reach organizational objec tives. ISHAN INSTITUTE OF MANAGEMENT & TECHNOLOGY Page 12

EMPLOYEE MOTIVATION-AN INTRODUCTION In the organizational setting the word Motivation is used to describe the drive th at impels an individual to work. A truly motivated person is one who wants to work .Both employees and employers are interested in understanding motivation if emp loyees know what strengthens and what weakens their motivation, they can often p erform more effectively to find more satisfaction in their job. Employers want t o know what motivates their employees so that they can get them to work harder. When people speak of motivation or ask about the motives of person, they are rea lly asking Why the person acts, or why the person acts the way he does .The concep t of motivation implies that people choose the path of action they follow. When behavioral scientists use the word motivation, they think of its something steam ing from within the person technically, the term motivation has its origin in th e Latin word mover which means to move . Thus the word motivation stands for movement . One can get a donkey to move by using a carrot or a stick; with people one can use incentives, or threats or reprimands. However, these only have a limited ef fect. These work for a while and then need to be repeated, increased or reinforc ed to secure further movement. If a manager truly understands his subordinates mo tivation, he can channel their inner state towards command goals, i.e., goals, sha red by both the individual and the organization. It is a well-known fact that hu man being have great potential but they do not use it fully , when motivation is absent .Motivation factor are those which make people give more than a fair days work and that is usually only about sixty-five percent of a persons capacity .Ob viously , every manager should be releasing hundred percent of an individuals to maximize performance for achieving organizational goals and at the same to enabl e the individual to develop his potential and gain satisfaction. Thus every mana ger should have both interest and concern about how to enable people to perform task willingly and to the best of their ability. At one time, employees were con sidered just another input into the production of goods and services. What perha ps changed this way of thinking about employees was research, referred to as the Hawthorne Studies, conducted by Elton Mayo from 1924 ISHAN INSTITUTE OF MANAGEMENT & TECHNOLOGY Page 13

to 1932 (Dickson, 1973). This study found employees are not motivated solely by money and employee behavior is linked to their attitudes (Dickson, 1973). The Ha wthorne Studies began the human relations approach to management, whereby the ne eds and motivation of employees become the primary focus of managers Framework o f motivation The framework comprises six steps. (step1) Motivation process begin s with the individuals needs. Needs are telt deprivations which the individual ex periences at a given time and act as energizers. These needs may be psychologica l (e.g., the needs for recognition), physiological (e.g., the needs for water, a ir or foods) or social (e.g., the needs for friendship). (step2) Motivation is g oal directed. (step3) A goal is a specific result that the individual wants to a chieve .An employees goal are often driving forces and accomplishing those goals can significantly reduce needs. (step4) Promotions and raises are two of the way s that organizations seek to maintain desirable behavior. They are signals to em ployees that their needs for advancement and recognition and their behaviors are appropriate. (step5) Once the employee have received either rewards or punishme nts (step6) They reassess their needs. ISHAN INSTITUTE OF MANAGEMENT & TECHNOLOGY Page 14

IMPORTANCE AND CHALLENGES OF MOTIVATION IMPORTANCE Probably, no concept of HRM receives as much attention of academician s, researchers and practicing managers motivation. The increased attention toward s motivation is justified by several reasons 1. Motivated employees are always l ooking for better ways to do a job. This statement can apply to corporate strate gists and to production workers. It is the responsibility of managers to make em ployees look for better ways of doing their jobs. 2. A motivated employee genera lly is more quality oriented. This is true whether we are talking about a top ma nager spending extra time on data gathering and analysis for a report or a clerk taking extra care when filing important document. 3. Highly motivated worker ar e more productive than apathetic worker .The high productivity of Japanese worke r and the fever worker are needed to produce an automobile in Japan than elsewhe re is well known. An appreciation of the nature of motivation is highly useful m anager. 4. Every organization requires human resources in addition to financial and physical resources for it to function .Three behavioral dimensions of HR are significant to organizations (i) people must be attracted not only to join the organizations but also to remain it (ii) people must perform he tasks for which they are hired and must do so in a dependable manner and (iii) people must go be yond this dependable role per performance and engage in some form of creative, s pontaneous, and innovative behavior at work. 5. Motivation as a concept represen ts a highly complex phenomenon that affects. and is affected by .a multitude of factors in the organizational milieu .an understanding of the topic of motivatio n is thus essential in order to comprehend more fully the effects of variations in other reaction as they relate to the performance, satisfaction, and so forth . ISHAN INSTITUTE OF MANAGEMENT & TECHNOLOGY Page 15

6. Why increasing attention is paid towards motivation can be found in the prese nt and future technology required for production, as technology increases in com plexity, machines tend to become necessary, yet insufficient, vehicles of effect ive and efficient operation .Consider the example of the highly technology-based space programmed in our country. CHALLENGES The framework of motivation indicat es that motivation is a simple process. But in reality, the task is more dauntin g one reason why motivation is a difficult task is that the workforce is changin g. Employees join organizations with different needs and expectations. Their val ues, beliefs, background, lifestyles, perceptions and attitudes are different. N ot many organizations have understood these and not many HR experts are clear ab out the ways of motivating such diverse workforce. Motivating employees is also more challenging at a time when firms have dramatically changed the jobs that em ployees perform, reduced layers of hierarchy, and jettisoned large numbers of em ployees in the name of right-sizing or down-sizing. These actions have considera bly damaged the level of trust and commitment necessary for employee to put in e fforts above minimum requirements some organization have resorted to hire and fi re and pay for- performance strategies almost giving up motivational efforts. Su ch strategies may have some effects (both positive and negative) but fail to mak e and individual over reach him or her Third, motives can only be inferred, but not seen. The dynamic nature of needs offend poses challenge to any manager in m otivating his or her subordinate. An employee, at any given time, has a various needs, desire, and expectations. Employees who put in extra hours at work to ful fill their needs or accomplishment may find that these extra hours conflict dire ctly with needs for affiliation and their desire to be with their families Howev er, there is no shortage of models, strategies, and tactics for motivating emplo yees. As a result, firms constantly experiment with next motivational programmed and practice. ISHAN INSTITUTE OF MANAGEMENT & TECHNOLOGY Page 16

Work Motivation Craig Pinder echoing the basic definition of motivation, define i t as follows: Work motivation is a set of energetic force that originate both wit hin as well as beyond and individuals being, to initiate work related behavior, and to determine its form, direction, intensity, and duration. While general moti vation is concerned with effort towards any goal, Stephen Robbins narrow the foc us to organizational goals in order to reflect singular interest in work related behavior the effort element is a measure of intensity. The need means some inte rnal state that makes certain outcomes appear attractive. And unsatisfied need c reates tension that stimulates drives within the individual. This drives general a search behavior to find particular goals, if attend, will satisfied the needs and lead to the reduction of tension Mechanism of motivation Motivation is the process that starts with physiological or psychological deficiency or need that activate behavior or a drive that is aimed at a goal or incentive. Thus, the key to understanding motivation lies in the meaning of, and relationship between ne eds, drives and goals, Needs: Needs are created whenever there is a physiologica l or psychological imbalance For example: A need exists when cells in the body a re deprived of food and water or when the personality is deprived of other peopl e who serve friends or companions. Although psychological may be based on a defi ciency, sometimes they are not. For instant, and individuals with a strong need to get ahead may have a history of consistent success Drives: Drives (Or motives) are set up to alleviate needs. Psychological needs can be simply defined as a d eficiency with direction. Physiological or psychological drives are action orien ted and provide energizing thrust towards reaching an incentive or goals. They a re at the very heart of the motivational process. The needs for food and water a re translated into hunger and thrust drives, and the need for friend ISHAN INSTITUTE OF MANAGEMENT & TECHNOLOGY Page 17

becomes a drives affiliation. Thus, a drive is a psychological state which moves an individuals satisfying needs. Goals: At the end of the motivational cycle is the goal or incentive. It is anything that wills that will alleviate a need and reduce a drive. Thus, attaining a goal will tend to restore physiological or psy chological balance and will reduce or cut off the drive. Eating food, drinking w ater and obtaining friends will tend to restore the balance and reduce the corre sponding drives food, water and friends are the incentive are the goals. Concept ual clarification: (motives, motivation and motivating) The terms motives, motiv ation and motivating which are derived from the Latin word Mover (to move) are imp ortant concept which have distinct connotation. In order to steer the energies o f the employees towards organizational goals accomplishment, it is essential to grasp the meaning and significance of this concept and also to learn how to appl y them intelligently Motives: Motive is defined as a inner state that energizes, activates (Or moves) and directs (or channels) the behavior of individuals towa rds certain goals the strong motives or needs are fulfill. In order to minimize the restlessness, and keep it under control, the individual is propelled into ac tion. Thus motive induce individual to channel their behavior towards such type of actions as would reduce their state of restlessness are inner disequilibrium. Thus motives can be thought of as drives that energize people to action. Motiva tion: while motives are energizers of action, motivation is the actual action th at is work behavior itself. For instance, when a employee work hard, his level o f motivation may be consider as low. Thus, the level of motivation of employee i s judged by his actual work behavior Motivating: It is the term that implies one person induces another to engage in action or work, behaviour by ensuring that, a channel to direct the motive of the individuals become available and accessib le to the individual. ISHAN INSTITUTE OF MANAGEMENT & TECHNOLOGY Page 18

EMPLOYEE MOTIVATION THEORIES 1. NEED THEORY Introduction Need theories see motivation arising from individual needs or desires for things. These needs and desires can change over time and a re different across individuals. There are three popular perspectives on Need th eory: Maslows Hierarchy of Needs Alderfers ERG Theory Herzbergs Two-Factor Theory This lesson briefly highlights the distinctions of each perspective. A. Maslows H ierarchy of Needs Abraham Maslow proposes that motivation can be represented as a hierarchy of needs. As lower-level needs are satisfied, workers are likely to be motivated by higher-level needs. Maslow argues that there are five categories of needs: physiological, safety, love, esteem, and actualization. The crux of Maslows theor y is that human needs are arranged in hierarchy composed of five categories. The lowest level needs are physiological and the highest levels are the self-actual ization needs. Maslow starts with the formation that man is a wanting animal wit h a hierarchy of needs of which some are lower ins scale and some are in a highe r scale or system of values. As the lower needs are satisfied, higher needs emer ge. Higher needs cannot be satisfied unless lower needs are fulfilled. A satisfi ed need is not a motivator. This resembles the standard economic theory of dimin ishing returns. The hierarchy of needs at work in the individual is today a rout ine tool of personnel trade and when these needs are active, they act as powerfu l conditioners of behavior- as Motivators. ISHAN INSTITUTE OF MANAGEMENT & TECHNOLOGY Page 19

Hierarchy of needs; the main needs of men are five. They are physiological needs , safety needs, social needs, ego needs and self-actualization needs, as shown i n order of their importance. SelfActualization Ego Needs Social Needs Safety Needs Physiological Needs

Physiological needs - basic biological needs for things such as food, water, and sex

Safety needs - need for safety and a safe physical environment (e.g., shelter, a safe workplace)

Love needs - need for friendship and partnership Esteem needs - need for self-re spect and for the respect of others Self-actualization needs - need for self-imp rovement, fulfillment of personal life goals and of one_ potential Tension-reduction - According to Maslows tension-reduction hypothesis, an unmet n eed creates a tension to meet that need. For example, if you need food, you feel tension until the need is met. Maslow believed that needs were arranged hierarchically such that lower, more basic needs must be met before higher needs become the point of focus. ISHAN INSTITUTE OF MANAGEMENT & TECHNOLOGY Page 20

B. Alderfers ERG Theory Alderfers ERG Theory suggests that there are three classes of needs, not five as Maslow suggests: existence, relatedness, and growth. Anot her distinction is that Alderfer proposes that when low-level (existence) needs are not met, they grow. For example, when you are hungry and do not eat, your hu nger grows. On the other hand, higher-level (relatedness and growth) needs grow when they are met. For example, as you become more productive, your need to be p roductive may grow.

Existence needs - need for concrete, tangible things like food, water, and mater ial possessions.

Relatedness needs - social needs and the need to have relationships with other p eople (e.g., family, co-workers, and supervisors).

Growth needs - need for self-improvement or personal growth, expression of creat ivity and productivity. Frustration-regression - According to Alderfers frustration-regression hypothesis , when we have trouble meeting a particular need, we regress to meet needs at a lower level. When we are having trouble meeting growth needs, we are more motiva ted by relatedness needs. When we are having trouble meeting relatedness needs, we are motivated by existence needs. C. Herzbergs Two-Factor Theory In his Two-Fa ctor Theory of motivation, Frederick Herzberg argues that there are two types of factors involved in motivation: extrinsic and intrinsic. Extrinsic (or hygiene) factors include tangible outcomes and things that focus o n workers physical well-being such as pay and benefits, organizational ISHAN INSTITUTE OF MANAGEMENT & TECHNOLOGY Page 21

policies, quality of supervision, job security, job safety, administrative pract ices, and physical work conditions. Intrinsic factors include intangible outcomes such as recognition, responsibility, and respect. Motivational factors: Motivator factors - Workers a re satisfied and motivated when they are happy with the intrinsic factors (e.g., levels of responsibility and respect at work), which is why intrinsic factors a re also called motivator factors. When workers are not happy with intrinsic fact ors, argues Herzberg, they are not satisfied. However, when they feel respected and enjoy the responsibility, they are more likely to be truly satisfied with th eir jobs. This suggests that we should focus our attention on intrinsic factors if we want to motivate employees. Non-motivator factors - Herzberg argues that w orkers will be dissatisfied with their job when they are not happy with the job_ extrinsic factors (e.g., pay). An appropriate level of extrinsic factors is nece ssary to avoid job dissatisfaction, but even when employees are happy with their salary, bonus, vacation, and health benefits, they will not necessarily feel sa tisfied or motivated. With extrinsic factors, Herzberg argues, the best you can hope for is to keep your employees from feeling dissatisfied. The following char t summarizes these points: Extrinsic Factors Intrinsic Factors Dissatisfied Not Dissatisfied Not Satisfied Satisfied ISHAN INSTITUTE OF MANAGEMENT & TECHNOLOGY Page 22

Summary Need theory was once very popular, but none of the perspectives discusse d have shown much relation to on-the-job performance. One possible reason is tha t these theories are too general. The needs they describe could be satisfied in many different ways, and so are not necessarily associated with job behavior. On the other hand, Maslows Hierarchy of Needs, Alderfers ERG Theory, and Herzbergs Tw o-Factor Theory have contributed to our understanding of motivation by showing h ow people can vary in the rewards they want from work. 2. BEHAVIOURAL THEORY Int roduction Two important motivation theories that stem from behavioral psychology are reinforcement and expectancy theories. Both emphasize that behavior is shap ed by rewards and punishment. Behavioral theories of motivation advocate the use of behavior reinforcement schedules to shape on-the-job performance. A. Reinfor cement theory The central premise of reinforcement theory is that the consequenc es (or outcomes) of behavior influence the likelihood that people will behave th e same way again. For example, lets say you make a suggestion in a committee meet ing. If people respond positively, you are more likely to make other suggestions in other meetings. If people respond negatively, you are less likely to make ot her suggestions in other meetings. Behavior can be motivated in four ways: throu gh positive or negative reinforcement and by inflicting or removing a punishment . Positive reinforcement is a form of reward that involves giving the person som ething that is liked or wanted as a consequence of some behavior. For example, o rganizations give workers bonuses and bosses give praise for jobs well done. ISHAN INSTITUTE OF MANAGEMENT & TECHNOLOGY Page 23

Negative reinforcement is a form of reward that involves taking away something t hat is disliked as a consequence of some behavior. For example, the removal of t he sound of an alarm is a reward for waking up enough to turn off the alarm. Pun ishment - People can be punished for doing something inappropriate by the remova l of something they like or by the addition of something they dislike. For examp le, in response to bad behavior, some parents may take away things that their ch ildren like (e.g., the ability to use the car, talk on the phone, or watch TV). Other parents may instead give their children something they do not like to rece ive (e.g., a spanking, a lecture, or additional chores). B. Expectancy theory Wh ereas Reinforcement Theory explains how different types of reinforcement shape b ehavior, Expectancy Theory explains when and why reinforcement impacts behavior. The Motivation Formula - According to Expectancy Theory, motivation is a functi on of an individual_ confidence that he/she can perform a behavior successfully ( expectancy) and that performing successfully will lead to a desirable outcome (v alence and instrumentality). mathematical equation: Force = Expectancy x (Valenc es x Instrumentalities) Force is the amount of motivation a person has to engage in a particular behavior (e.g., motivation to be highly productive at work). Ex pectancy is the confidence an individual feels that he/she can perform the behav ior successfully. This is normally stated as a probability (e.g., 80% confident that I can be highly productive). Instrumentality is the confidence an individua l feels that performing the behavior will result in a particular outcome. Again this is expressed as a probability (e.g., 80% sure that high productivity will l ead to a raise or promotion). Motivation can be expressed as a ISHAN INSTITUTE OF MANAGEMENT & TECHNOLOGY Page 24

Valance is the value a person assigns to that outcome (e.g., a raise would be hi ghly desirable but a promotion would be even more desirable). This formula sugge sts that motivation (force) cannot exist unless the individual possesses at leas t some expectancy, instrumentality, and valance. Summary An overwhelming amount of research has shown two reliable trends. (1) When people are rewarded, they ar e more likely to repeat the behavior that resulted in the reward. (2) When peopl e are punished they are less likely to behave in the same way again. This sugges ts that organizations can use reinforcements or rewards to promote desired behav iors... and they do. For example, the Emery Freight Company used reinforcements to speed up employees responses to customer requests and to improve the quality of item packaging. These improvements saved the company 3 million dollars over 3 years. C. Self-efficacy theory Introduction Albert Banduras (1982) Self-efficac y Theory asserts that motivation and performance are in part dependent on the de gree to which the individual believes he/she can accomplish the task. Self-effic acy refers to a person_ belief in his/her ability to perform a given task. The te rm is similar in meaning to self-confidence and expectancy, though some argue th at there are differences among these terms. Self-efficacy is sometimes confused with self-esteem also. Self-efficacy and self-esteem - Self-efficacy is like self-esteem in the sense t hat it is related to a persons feelings of self-worth. Self-efficacy, however, re fers to ones ability to perform a certain task, whereas self-esteem reflects a mo re general belief about ones self-worth. You can have strong feelings of self-wor th while ISHAN INSTITUTE OF MANAGEMENT & TECHNOLOGY Page 25

still recognizing that you are not good at a particular task (e.g., crossword pu zzles). On the other hand, having low self-esteem may cause you to undervalue yo ur ability to perform a particular task. Self-efficacy and motivation Research h as found that self-efficacy does predict performance. Self-efficacy and the self-fulfilling prophecy - Those who have high selfefficac y are more likely to try hard and exhibit high levels of commitment (persistence ) on a given task. They are more likely to succeed as a result. Those who have l ow levels of self-efficacy feel that they are not good at the task and may not t ry very hard at all. They are less likely to succeed.

Self-efficacy and success - Self-efficacy may develop from prior good performanc e. Similarly, previous failures can lead to low self-efficacy.

Self-efficacy and goal-difficulty - Self-efficacy interacts with goal setting in sofar as people with higher self-efficacy tend to set more challenging goals.

Self-efficacy and goal-commitment _Commitment (or persistence) refers to one_ abil ity to overcome obstacles in the pursuit of a goal. With more demanding goals and higher levels of commitment, people with high self-efficacy put forth greater effort in performing the task (accomplishing the goal). D. Emp owerment theory Empowerment theory is an extension or application of self-effica cy theory. It has been used widely in organizational settings. According to empo werment theory, motivation will increase when one_ feelings of competence and sel f-determination increase. When people have high self-efficacy, they feel more co mpetent and more capable of self-determination. improving self-efficacy is a cri tical component of empowerment efforts. Therefore, ISHAN INSTITUTE OF MANAGEMENT & TECHNOLOGY Page 26

Empowerment strategy Common examples of empowerment strategies are participatory management practices and flextime. Participatory decision-making - Sometimes or ganizations empower employees by asking them to participate in making organizati onal decisions (e.g., what can we do to cut down on the number of accidents?). F lextime - Flextime is a program that allows workers to design their own work sch edule, within certain constraints. People can choose to work a 9 to 5 day, or an 8 to 4 day, or sometimes a 10 to 6 day. Flextime allows the worker to structure the workday, but usually requires workers to be at work during core hours (e.g. , 10 to 11 and 1 to 4) so that committees can meet and group work can be complet ed. Research has shown that participatory decision-making can increase commitmen t to the decision that is made and improve motivation. The research on flextime has shown that job performance and job satisfaction do benefit from flextime pro grams, but only sometimes. The most reliable benefit seems to be reduced absente eism. Flextime allows time for doctors and dentists visits, late mornings, early days, and midday engagements, and reduces work-family conflicts. Summary Self-ef ficacy can be useful in improving motivation to perform. Gradually increasing ta sk (or goal) difficulty enables the learner to improve while experiencing succes s, which in turn should improve self-efficacy. Providing training and performanc e supports (job aids, quick reference guides, etc.) may also improve self-efficacy . Empowering people, by increasing their levels of decision-making and control, can also motivate people to perform, assuming their self-efficacy is high enough to support feelings of competence and self-determination. Limitation - One poss ible limitation of self-efficacy theory is individual ability. People sometimes don_ believe in their ability to perform a task because they really may not be go od at the task and know this from previous experience. Training, ISHAN INSTITUTE OF MANAGEMENT & TECHNOLOGY Page 27

performance support, and graduated task difficulty strategies may not always be able to overcome a lack of ability. E. Equity theory Introduction J. Stacey Adam s (1965) Equity Theory (a.k.a., Social Exchange Theory) suggests that effort depe nds on ones perceptions of fairness. According to this theory, people compare the ir input/output ratio to those of similar others. When the ratio reflects an ine quity, tension is created and so people work to reduce that tension. Input/outpu t ration The critical element in this theory is the perceived ratio of ones input s (what I give) to outputs (what I get in return) with respect to others ratios ( what they receive and what they give). Inputs include what the person contributes - their qualifications, their past ex periences, seniority, their effort, and the time they spend on the job, and so o n.

Outputs include what the person is given in return - for example, pay, benefits, appreciation, and respect. Our notion of "equity" is closely linked with our perceptions of justice and fai rness. Adams asserts that as we act to satisfy our needs, we each assess the fai rness of the outcome. Each of us asks, Am I getting what I deserve in this exchan ge? Procedural justice Equity Theory was popular among industrial/organizational psychologists at one time, but interest in it began to decline in the mid-1980s. While research has found that employee perceptions of inequity correlates with intentions to quit and job search behavior, it is often difficult to tell what w orkers will perceive as inequitable and how they will respond to inequities. It may vary by individual even within a given context. Lacking the ability to use i t to predict motivation and performance, Equity Theory has fallen out of favor. However, in the 1990s, fairness research began to focus on the ISHAN INSTITUTE OF MANAGEMENT & TECHNOLOGY Page 28

idea of procedural justice, which deals with the perceived fairness of the distr ibution process. It may be more important to know if employees perceive the rewa rd distribution process as fair as whether or not they perceive the reward itself a s equitable. Summary Equity Theory emphasizes the importance of employee percept ions about input/output ratios. When employees believe that they are over or und erpaid, the resulting tension motivates them to eliminate the inequity. Limitati on - While this is helpful to know, in that it focuses our attention on potentia l inequities, it is not does not necessarily help managers predict when individu als will feel cheated. Without this predictive capability, the theory has limite d application. Procedural justice theories focus on reward processes, rather tha n the rewards themselves. Future equity research is likely to focus on both the equity of the reward distributions and the fairness of the distribution process. F. Goal setting theory Introduction Building on Banduras self-efficacy research, Edwin Locke and Gary Latham (1990) proposed Goal-setting Theory. According to G oal-setting Theory, goals direct our mental and physical actions. Goals serve tw o functions: Goals serve as performance targets that we strive to reach. Goals serve as stand ards against which we measure our own performance. Locke and Latham argue that the outcome of your performance can affect your futu re effort. In this way, goals provide us with a means of regulating our effort. Goal specificity Specific goals benefit motivation and performance more so than vague goals. Specific goals provide people with a sharper point of focus. For ex ample, the goal raise ISHAN INSTITUTE OF MANAGEMENT & TECHNOLOGY Page 29

profitability 10% this year able.

is likely to be more effective than Lets be more profit

Research has shown that people who have vague goals are more likely to be satisf ied with good performance even though they are capable of better performance.

People also tend to give more effort when they are trying to reach harder goals. One might think that people would prefer jobs with easy goals, but they usually do notjobs with easy goals are usually boring. Also, many organizations provide better rewards for meeting difficult goals than they do for meeting easier goals .

Performance feedback impacts future effort. By measuring performance against goa ls, organizations are able to provide workers with feedback that enables them to regulate their efforts. Given the right circumstances, failure to meet a goal c an motivate an individual to work harder. Circumstance Research has shown that specific and difficult goals do motivate pe ople toward their best performance. However, this happens only when the proper c ircumstances exist: Workers have the necessary qualifications to meet the goal Feedback is provided to assist the effort-regulation process Workers believe that they can meet the g oal (i.e., have high self-efficacy) Workers are committed to the goal ISHAN INSTITUTE OF MANAGEMENT & TECHNOLOGY Page 30

Chapter 2 JOB SATISFACTION- AN INTRODUCTION INTRODUCTION Job satisfaction is the amount of pleasure or contentment associated with a job. If you like your job intensely, you will experience high job satisf action. If you dislike your job intensely, you will experience job dissatisfacti on. By Andrew J DuBrins Job satisfaction is one part of life satisfaction. The en vironment influences the job. Similarly, since a job is important part of life, job satisfaction influences ones general life satisfaction. Manager may need to m onitor not only the job and immediate work environment but also their employees a ttitudes towards other part of life. Human life has become very complex and comp leted in now-a-days. In modern society the needs and requirements of the people are ever increasing and ever changing. When the people are ever increasing and e ver changing, when the peoples needs are not fulfilled they become dissatisfied. Dissatisfied people are likely to contribute very little for any purpose. Job sa tisfaction of industrial workers us very important for the industry to function successfully. Apart from managerial and technical aspects, employers can be cons idered as backbone of any industrial development. To utilize their contribution they should be provided with good working conditions to boost their job satisfac tion. Any business can achieve success and peace only when the problem of satisf action and dissatisfaction of workers are felt understood and solved, problem of efficiency absenteeism labour turnover require a social skill of understanding human problems and dealing with them scientific investigation serves the purpose to solve the human problems in the industry. a) Pay. b) The work itself. c) Pro motion d) The work group. e) Working condition. f) Supervision. ISHAN INSTITUTE OF MANAGEMENT & TECHNOLOGY Page 31

PAY Wages do play a significant role in determining of satisfaction. Pay is inst rumental in fulfilling so many needs. Money facilities the obtaining of food, sh elter, and clothing and provides the means to enjoy valued leisure interest outs ide of work. Moreover, pay can serve as symbol of achievement and a source of re cognition. Employees often see pay as a reflection of organization. Fringe benef its have not been found to have strong influence on job satisfaction as direct w ages. THE WORK ITSELF Along with pay, the content of the work itself plays a ver y major role in determining how satisfied employees are with their jobs. By and large, workers want jobs that are challenging; they do want to be doing mindless jobs day after day. The two most important aspect of the work itself that influ ence job satisfaction are variety and control over work methods and work place. In general, job with a moderate amount of variety produce the most job satisfact ion. Jobs with too little variety cause workers to feel bored and fatigue. Jobs with too much variety and stimulation cause workers to feel psychologically stre ssed and burnout. PROMOTION Promotional opportunities have a moderate impact on jo b satisfaction. A promotion to a higher level in an organization typically invol ves positive changes I supervision, job content and pay. Jobs that are at the hi gher level of an organization usually provide workers with more freedom, more ch allenging work assignments and high salary. SUPERVISION Two dimensions of superv isor style: 1. Employee centered or consideration supervisors who establish a su pportive personal relationship with subordinates and take a personal interest in them. 2. The other dimension of supervisory style influence participation in de cision making, employee who participates in decision that affect their job, disp lay a much higher level of satisfaction with supervisor an the overall work situ ation. WORK GROUP Having friendly and co-operative co-workers is a modest source of job satisfaction to individual employees. The working groups also serve as a social support system of employees. People often used their co-workers as sound ing board for their problem of as a source of comfort. ISHAN INSTITUTE OF MANAGEMENT & TECHNOLOGY Page 32

WORK CONDITION The employees desire good working condition because they lead to greater physical comfort. The working conditions are important to employees beca use they can influence life outside of work. If people are require working long hours and / or overtime, they will have very little felt for their families, fri ends and recreation outside work. MODELS OF JOB SATISFACTION There are various methods and theories of measuring job satisfaction level of em ployees in the organization given by different authors. List of all the theories and methods measuring job satisfaction level is given below: A MODEL OF FACET S ATISFACTION Affect theory(Edwin A. Locke 1976) Dispositional Theory( Timothy A. Judge 1988) Two-Factor Theory (Motivator-Hygiene Theory) (Frederick Herzbergs) Jo b Characteristics Model (Hackman & Oldham) Rating scale Personal interviews acti on tendencies Job enlargement Job rotation Change of pace Scheduled rest periods ISHAN INSTITUTE OF MANAGEMENT & TECHNOLOGY Page 33

MODEL OF FACET OF JOB SATISFACTION Skill Experience Training Perceived personal job inputs Efforts Age Seniority Level Difficulty Time span Amount of responsibility Perceived inputs & outcomes of referent others Perceived amount that should be received (a) a=b satisfaction Perceived job characteristics a>b dissatisfaction a<b guilt Perceived outcome of referent others Actual outcome received Inequity Perceived amount received (b) Edward E.lawler in 1973 propoed a model of facet satisfaction, this model is app licable to understand what determines a persons satisfaction with any facet of jo b. According to this model actual outcome level plays a key role in a persons per ception of what rewards he receives. His perception influenced by his perception of what his referent others recieves. The higher outcome level of his referent other the lower his outcome level will appear. This model also focuses on his pe rception on reward level. ISHAN INSTITUTE OF MANAGEMENT & TECHNOLOGY Page 34

AFFECT THEORY Edwin A. Lockes Range of Affect Theory (1976) is arguably the most famous job satisfaction model. The main premise of this theory is that satisfact ion is determined by a discrepancy between what one wants in a job and what one has in a job. Further, the theory states that how much one values a given facet of work (e.g. the degree of autonomy in a position) moderates how satisfied/diss atisfied one becomes when expectations are/arent met. When a person values a part icular facet of a job, his satisfaction is more greatly impacted both positively (when expectations are met) and negatively (when expectations are not met), com pared to one who doesnt value that facet. To illustrate, if Employee A values aut onomy in the workplace and Employee B is indifferent about autonomy, then Employ ee A would be more satisfied in a position that offers a high degree of autonomy and less satisfied in a position with little or no autonomy compared to Employe e B. This theory also states that too much of a particular facet will produce st ronger feelings of dissatisfaction the more a worker values that facet. DISPOSIT IONAL THEORY Another well-known job satisfaction theory is the Dispositional The ory it is a very general theory that suggests that people have innate dispositio ns that cause them to have tendencies toward a certain level of satisfaction, re gardless of ones job. This approach became a notable explanation of job satisfact ion in light of evidence that job satisfaction tends to be stable over time and across careers and jobs. Research also indicates that identical twins have simil ar levels of job satisfaction. A significant model that narrowed the scope of th e Dispositional Theory was the Core Self-evaluations Model, proposed by Timothy A. Judge in 1998. Judge argued that there are four Core Self-evaluations that de termine ones disposition towards job satisfaction: self-esteem, general self-effi cacy, locus of control, and neuroticism. This model states that higher levels of self-esteem (the value one places on his self) and general self-efficacy (the b elief in ones own competence) lead to higher work satisfaction. Having an interna l locus of control(believing one has control over her\his own life, as opposed t o outside forces having control) leads to higher job satisfaction. Finally, lowe r levels of neuroticism lead to higher job satisfaction ISHAN INSTITUTE OF MANAGEMENT & TECHNOLOGY Page 35

TWO-FACTOR THEORY (MOTIVATOR-HYGIENE THEORY) Frederick Hertzbergs Two-factor theo ry (also known as Motivator Hygiene Theory) attempts to explain satisfaction and motivation in the workplace. This theory states that satisfaction and dissatisf action are driven by different factors motivation and hygiene factors, respectiv ely. Motivating factors are those aspects of the job that make people want to pe rform, and provide people with satisfaction. These motivating factors are consid ered to be intrinsic to the job, or the work carried out. Motivating factors inc lude aspects of the working environment such as pay, company policies, superviso ry practices, and other working conditions. While Hertzbergs model has stimulat ed much research, researchers have been unable to reliably empirically prove the model, with Hackman & Oldham suggesting that Hertzbergs original formulation o f the model may have been a methodological artifact Furthermore, the theory does not consider individual differences, conversely predicting all employees will r eact in an identical manner to changes in motivating/hygiene factors. Finally, t he model has been criticized in that it does not specify how motivating/hygiene factors are to be measured. JOB CHARACTERISTICS MODEL Hackman & Oldham proposed the Job Characteristics Model, which is widely used as a framework to study how particular job characteristics impact on job outcomes, including job satisfactio n. The model states that there are five core job characteristics (skill variety, task identity, task significance, autonomy, and feedback) which impact three cr itical psychological states (experienced meaningfulness, experienced responsibil ity for outcomes, and knowledge of the actual results), in turn influencing work outcomes (job satisfaction, absenteeism, work motivation, etc.). The five core job characteristics can be combined to form a motivating potential score (MPS) f or a job, which can be used as an index of how likely a job is to affect an empl oyees attitudes and behaviors. ISHAN INSTITUTE OF MANAGEMENT & TECHNOLOGY Page 36

A meta-analysis of studies that assess the framework of the model provides some support for the validity of the JCM. Measuring job satisfaction There are many methods for measuring job satisfaction. By far, the most common m ethod for collecting data regarding job satisfaction is the Likert scale (named after Rensis Likert). Other less common methods of for gauging job satisfaction include: Yes/No questions, True/False questions, point systems, checklists, and forced choice answers. This data is typically collected using an Enterprise Feed back Management (EFM) system. The Job Descriptive Index (JDI), created by Smith, Kendall, & Hulin (1969), is a specific questionnaire of job satisfaction that h as been widely used. It measures ones satisfaction in five facets: pay, promotion s and promotion opportunities, coworkers, supervision, and the work itself. The scale is simple, participants answer either yes, no, or cant decide (indicated by ?) in response to whether given statements accurately describe ones job. itselfresponsibility, interest, and growth. Quality of supervisiontechnical help a nd social support. Relationships with co-workerssocial harmony and respect. Promo tion opportunitieschances for further advancement. Payadequacy of pay and perceive d equity vis--vis others. The Job in General Index is an overall measurement of job satisfaction. It is an improvement to the Job Descriptive Index because the JDI focuses too much on in dividual facets and not enough on work satisfaction in general. Other job satisf action questionnaires include: the Minnesota Satisfaction Questionnaire (MSQ), the Job Satisfaction Survey (JSS), and the Faces Scale. The MSQ measures job satisfaction in 20 facets and has a long form with 100 questio ns (five items from each facet) and a short form with 20 questions (one item fro m each facet). The JSS is a 36 item questionnaire that measures nine facets of j ob satisfaction. Finally, the Faces Scale of job satisfaction, one of the first scales used widely, ISHAN INSTITUTE OF MANAGEMENT & TECHNOLOGY Page 37

The wo

measured overall job satisfaction with just one item which participants respond to by choosing a face. Some general myths relating to Job Satisfaction Argument: Satisfaction Causes Performance -If job satisfaction causes high levels of perf ormance, the message to managers is quite simple: To increase employees work perf ormance, make them happy. Research, however, indicates that no simple and direct link exists between individual job satisfaction at one point in time and work p erformance at a later point. This conclusion is widely recognized among OB schol ars, even though some evidence suggests that the relationship holds better for p rofessional or higher level employees than for nonprofessionals or those at lowe r job levels. Job satisfaction alone is not a consistent predictor of individual work performance. Argument: Performance Causes Satisfaction: If high levels of performance cause job satisfaction, the message to managers is quite different. Rather than focusing first on peoples job satisfaction, attention should be given to helping people achieve high performance; job satisfaction would be expected to follow. Research indicates an empirical relationship between individual perfo rmance measured at a certain time period and later job satisfaction. A basic mod el of this relationship, based on the work of Edward E. Lawler and Lyman Porter, maintains that performance accomplishment leads to rewards that, in turn, lead to satisfaction. In this model rewards are intervening variables; that is, they l ink performance with later satisfaction. In addition, a moderator variableperceive d equity of rewardsfurther affects the relationship. The moderator indicates that performance will lead to satisfaction only if rewards are perceived as equitabl e. If an individual feels that his or her performance is unfairly rewarded, the performancecausessatisfaction relationship will not hold. Argument: Rewards Cause Both Satisfaction and Performance: This final argument in the job satisfactionper formance controversy is the most compelling. It suggests that a proper allocatio n of rewards can positively influence both performance and satisfaction. The key word in the previous sentence is proper. Research indicates that people who rec eive high rewards report higher job satisfaction. But research also indicates th at performance-contingent rewards influence a persons work Page 38 ISHAN INSTITUTE OF MANAGEMENT & TECHNOLOGY

performance. In this case, the size and value of the reward vary in proportion t o the level of ones performance accomplishment. Large rewards are given for high performance; small or no rewards are given for low performance, And whereas givi ng a low performer only small rewards initially may lead to dissatisfaction, the expectation is that the individual will make efforts to improve performance in order to obtain greater rewards in the future. The point is that managers should consider satisfaction and performance as two separate but interrelated work res ults that are affected by the allocation of rewards. Whereas job satisfaction al one is not a good predictor of work performance, well-managed rewards can have a positive influence on both satisfaction and performance. What kindles dissatisf action? Earnings or benefits Job quality or workplace support Lack of appreciati on Stagnation or no growth Lack of freedom Best Practices -Employee Satisfaction 1) Recruiting and Hiringit all starts with this 2) Provide a Career / Skill Path 3) Employee Development and Training 4) Stro ng Supervisors / Good Coaching 5) Work Environment / Company Culture 6) Rewardin g work / empowering employees. 7) Recognition (first) and Reward (second) ISHAN INSTITUTE OF MANAGEMENT & TECHNOLOGY Page 39

How to keep Employees Engaged and Happy? Strengthen work environment Make improv ements to mound the company as an employer of choice Treat employees as an impor tant part of the organization Encourage participation in various planning and de cision-making aspects Offer meaningful work and challenging assignments to effec tively utilize staff skills Empower employees and ensure them of job security. P rovide legitimate feedback, genuinely listen to staff concerns and make their in terests a management priority ROLE OF EMPLOYEE SATISFACTION & MORALE BOOSTING Seven social learning processes and strategies were identified that relate to Jo b Satisfaction and Morale. These are: _ Conditions of Service, _ Recognition & R eward, _ Organizational Loyalty to Workers, _ Workplace Design, _ Job Significan ce, _ Performance Management, and _ Loyalty to the Organization These seven elem ents of Job Satisfaction and Morale align with components of the Job Characteris tics Model (Hackman & Oldham, 1980) that are claimed to be necessary for job sat isfaction and the motivation to perform ones job well. For instance, Conditions o f Service, Recognition & Reward, Organizational Loyalty to Workers, and Workplac e Design all relate to ones satisfaction with the work context, ISHAN INSTITUTE OF MANAGEMENT & TECHNOLOGY Page 40

or to use Hackman and Oldhams (1980) terms, Job Context Satisfaction . Similarly, Jo b Significance Pascoe, Ali & Warne (your own belief that your work is important and has value) and Performance Management relate to Experienced Meaningfulness o f Work and Knowledge of Results , respectively, both of which are posited as necessa ry psychological states for high levels of motivation to work well. Whilst there appears to be no direct relationship between Loyalty to the Organization and el ements of the Job Characteristics Model, ones attitude to the organization for wh ich they work would influence their motivation to work well. MODERN METHOD OF MEASURING JOB SATISFACTION In this method of measuring job satisfaction the comparison between various orga nizational terms and conditions at managerial level and also the organization at a large Satisfaction with human resources management policies of the organizati on: 1. Management has a clear path for employees advancement 2. Decisions are mad e keeping in mind the good of the employees 3. Management is extremely fair in p ersonal policies 4. Physical working conditions are supportive in attaining targ ets 5. Innovativeness is encouraged to meet business problems. Satisfaction with supervision: 1. I feel I can trust what my supervisor tells me 2. My supervisor treats me fairly and with respect 3. My supervisor handles my work-related issu es satisfactorily 4. I get frequent appreciation of work done from supervisors ISHAN INSTITUTE OF MANAGEMENT & TECHNOLOGY Page 41

5. I get enough support from the supervisor 6. Individual initiative is encourag ed Satisfaction with compensation levels: 1. Overall I am satisfied with the com panys compensation package 2. I am satisfied with the medical benefits 3. I am sa tisfied with the conveyance allowance 4. I am satisfied with the retirement bene fits 5. I am satisfied with the reimbursement of the expenses as per the eligibi lity 6. I am satisfied with the holiday (vacation) eligibilities Satisfaction wi th task clarity: 1. Management decisions are Ad Hoc and lack professionalism (re verse scaled) 2. Rules and procedures are followed uncompromisingly 3. My job re sponsibilities are well defined and clear Satisfaction with career development: 1. I have adequate opportunities to learn and grow 2. I get opportunities to han dle greater responsibilities 3. My skills and abilities are adequately used at w ork From all above we can conclude level of job satisfaction of our employees. R ating scale: It is one of the most common methods of measuring job satisfaction. The popular rating scale used to measure Job satisfaction is to include: ISHAN INSTITUTE OF MANAGEMENT & TECHNOLOGY Page 42

Minnesota Satisfaction Questionnaires: It helps to obtain a clear picture of per tinent satisfactions and dissatisfactions of employees. Job Description Index: i t measures Job satisfaction on the dimension identified by Smith, Kendall, Hulli ng. Porter Need Identification Questionnaires: It is used only for management pe rsonnel and revolves around the problems and challenges faced by managers. Criti cal incidents: Fredrick Hertz berg and his Associates popularized this method of measuring Job satisfaction. It involves asking employees to described incidents on job when they were particularly satisfied or dissatisfied. Then the incident s are analyzed in terms of their contents and identifying those related aspects responsible for the positive and negative attitudes. Personal interviews: This m ethod facilitates an in-depth exploration through interviewing of job attitudes. The main advantage in this method is that additional information or clarificati ons can be obtained promptly. Action tendencies: By this method, Job satisfactio n can be measured by asking questions and gathering information on how they feel like behaving with respect to certain aspects of their jobs. This method provid es employees more opportunity to express their in-depth feeling. In his study on American employees, hop pock identified six factors that contributed to job sat isfaction among them. These are as follows: The way individual reacts to unpleas ant situations. The facilities with which he adjust himself to other persons. Hi s relatives status in the social & economic group with which he identifies himsel f. ISHAN INSTITUTE OF MANAGEMENT & TECHNOLOGY Page 43

The nature of work in relation to the abilities, interest & preparation of the w orkers. Security. Loyalty. Because human resource manager often serve as intermediaries between employees & management in conflict, they are concern with Job satisfaction or general job a ttitudes with the employees. Philip apple white has listed the five major compon ents of Job satisfaction. Attitude towards work group General working conditions . Attitude towards company. Monitory benefits & Attitude towards supervision Other components that should be added to this five are individuals state of mind about the work itself and about the life in general .the individuals health, age, level of aspiration. Social status and political & social activities can all co ntribute to the Job satisfaction. A persons attitude toward his or her job may be positive or negative. Job enlargement: The concept of job enlargement originate d after World War II. It is simply the organizing of the work so as to relate th e contents of the job to the capacity, actual and potential, of workers. Job enl argement is oblivious forerunner of the concept and philosophy of job design. St ephan offers three basic assumptions behind the concept of job enlargement. Job enlargement is a generic term that broadly means adding more and different tasks to a specialized job. It may widen the number of task the employee must do that is, add variety. When additional simple task are added to a job, the process is called horizontal job enlargement. This also presumably adds interest to the wo rk and reduces monotony and boredom. ISHAN INSTITUTE OF MANAGEMENT & TECHNOLOGY Page 44

To check harmful effects of specialization, the engineering factors involved in each individual job must be carefully analyzed. Perhaps, the assembly lines can be shortened so that there will be more lines and fewer workers on each line. Mo reover, instead of assigning one man to each job and then allowed to decide for himself how to organize the work. Such changes permit more social contacts and g reater control over the work process. Job rotation: Job rotation involves period ic assignments of an employee to completely different sets of job activities. On e way to tackle work routine is to use the job rotation. When an activity is no longer challenging, the employee is rotated to another job, at the same level th at has similar skill requirements. Many companies are seeking a solution to on-t he-job boredom through systematically moving workers from one job to another. Th is practice provides more varieties and gives employees a chance to learn additi onal skills. The company also benefits since the workers are qualified to perfor m a number of different jobs in the event of an emergency. Change of pace: Anyth ing that will give the worker a chance to change his pace when he wishes will le nd variety to his work. Further if workers are permitted to change their pace th at would give them a sense of accomplishment. Scheduled rest periods: Extensive research on the impact of rest periods indicates that they may increase both mor ale and productivity. Scheduled rest periods bring many advantages: They counter act physical fatigue They provide variety and relieve monotony They are somethin g to look forward to- getting a break gives a sense of achievement. They provide opportunities for social contacts. ISHAN INSTITUTE OF MANAGEMENT & TECHNOLOGY Page 45

DETERMINANTS OF JOB SATISFACTION While analyzing the various determinants of job satisfaction, we have to keep in mind that: all individuals do no derive the same degree of satisfaction though they perform the same job in the same job environment and at the same time. Ther efore, it appears that besides the nature of job and job environment, there are individual variables which affect job satisfaction. Thus, all those factors whic h provide a fit among individual variables, nature of job, and situational varia bles determine the degree of job satisfaction. Let us see what these factors are . Individual factors: Individuals have certain expectations from their jobs. If their expectations are met from the jobs, they feel satisfied. These expectation s are based on an individuals level of education, age and other factors. Level of education: Level of education of an individual is a factor which determines the degree of job satisfaction. For example, several studies have found negative co rrelation between the level of education, particularly higher level of education , and job satisfaction. The possible reason for this phenomenon may be that high ly educated persons have very high expectations from their jobs which remain uns atisfied. In their case, Peters principle which suggests that every individual tr ies to reach his level of incompetence, applies more quickly. Age: Individuals e xperience different degree of job satisfaction at different stages of their life . Job satisfaction is high at the initial stage, gets gradually reduced, starts rising up to certain stage, and finally dips to a low degree. The possible reaso ns for this phenomenon are like this. When individuals join an organization, the y may have some unrealistic assumptions about what they are going to drive from their work. These assumptions make them more satisfied. However, when these assu mptions fall short of reality, job satisfaction goes down. It starts rising agai n as the people start to assess the jobs in right perspective and correct their assumptions. At the last, particularly at ISHAN INSTITUTE OF MANAGEMENT & TECHNOLOGY Page 46

the far end of the career, job satisfaction goes down because of fear of retirem ent and future outcome. Other factors: Besides the above two factors, there are other individual factors which affect job satisfaction. If an individual does no t have favourable social and family life, he may not feel happy at the workplace . Similarly, other personal problems associated with him may affect his level of job satisfaction. Personal problems associated with him may affect his level of job satisfaction. Nature of job: Nature of job determines job satisfaction whic h is in the form of occupation level and job content. Occupation level: Higher l evel jobs provide more satisfaction as compared to lower levels. This happens be cause high level jobs carry prestige and status in the society which itself beco mes source of satisfaction for the job holders. For example, professionals deriv e more satisfaction as compared to salaried people: factory workers are least sa tisfied. Job content: Job content refers to the intrinsic value of the job which depends on the requirement of skills for performing it, and the degree of respo nsibility and growth it offers. A higher content of these factors provides highe r satisfaction. For example, a routine and repetitive lesser satisfaction; the d egree of satisfaction progressively increases in job rotation, job enlargement, and job enrichment. Situational variables: Situational variables related to job satisfaction lie in organizational context formal and informal. Formal organizat ion emerges out of the interaction of individuals in the ISHAN INSTITUTE OF MANAGEMENT & TECHNOLOGY Page 47

organization. Some of the important factors which affect job important factors w hich affect job satisfaction are given below: 1. Working conditions: Working con ditions, particularly physical work environment, like conditions of workplace an d associated facilities for performing the job determine job satisfaction. These work in two ways. First, these provide means job performance. Second, provision of these conditions affects the individuals perception about the organization. I f these factors are favourable, individuals experience higher level of job satis faction. 2. Supervision: The type of supervision affects job satisfaction as in each type of supervision; the degree of importance attached to individuals varie s. In employee-oriented supervision, there is more concern for people which is p erceived favourably by them and provides them more satisfaction. In job oriented supervision, there is more emphasis on the performance of the job and people be come secondary. This situation decreases job satisfaction. 3. Equitable rewards: The type of linkage that is provided between job performance and rewards determ ines the degree of job satisfaction. If the reward is perceived to be based on t he job performance and equitable, it offers higher satisfaction. If the reward i s perceived to be based on considerations other than the job performance, it aff ects job satisfaction adversely. 4. Opportunity: It is true that individuals see k satisfaction in their jobs in the context of job nature and work environment b y they also attach importance to opportunities for promotion that these job offe r. If the present job offers opportunity of promotion is lacking, it reduces sat isfaction. ISHAN INSTITUTE OF MANAGEMENT & TECHNOLOGY Page 48

Work group: Individuals work in group either created formally of they develop on their own to seek emotional satisfaction at the workplace. To the extent such g roups are cohesive; the degree of satisfaction is high. If the group is not cohe sive, job satisfaction is low. In a cohesive group, people derive satisfaction o ut of their interpersonal interaction and workplace becomes satisfying leading t o job satisfaction. IMPORTANCE OF JOB SATISFACTION Job satisfaction is an important indicator of how employees feel about their job and a predictor of work behavior such as organizational, citizenship, Absenteei sm, Turnover. Job satisfaction can partially mediate the relationship of persona lity variables and deviant work behavior. Common research finding is that job sa tisfaction is correlated with life style. This correlation is reciprocal meaning the people who are satisfied with the life tends to be satisfied with their job s and the people who are satisfied their jobs tends to satisfied with their life . This is vital piece of information that is job satisfaction and job performanc e is directly related to one another. Thus it can be said that, A happy worker is a productive worker. It gives clear evidence that dissatisfied employees skip wo rk more often and more like to resign and satisfied worker likely to work longer with the organization. Importance to worker and organization Job satisfaction a nd occupational success are major factors in personal satisfaction, self-respect , self-esteem, and self-development. To the worker, job satisfaction brings a pl easurable emotional state that can often leads to a positive work attitude. A sa tisfied worker is more likely to be creative, flexible, innovative, and loyal. ISHAN INSTITUTE OF MANAGEMENT & TECHNOLOGY Page 49

For the organization, job satisfaction of its workers means a work force that is motivated and committed to high quality performance. Increased productivity- th e quantity and quality of output per hour worked- seems to be a byproduct of imp roved quality of working life. It is important to note that the literature on th e relationship between job satisfaction and productivity is neither conclusive n or consistent. However, studies dating back to Herzbergs (1957) have shown at lea st low correlation between high morale and high productivity and it does seem lo gical that more satisfied workers will tend to add more value to an organization . Unhappy employees, who are motivated by fear of loss of job, will not give 100 percent of their effort for very long. Though fear is a powerful motivator, it is also a temporary one, and also as soon as the threat is lifted performance wi ll decline. Job satisfaction benefits the organization includes reduction in com plaints and grievances, absenteeism, turnover, and termination; as well as impro ved punctuality and worker morale. Job satisfaction is also linked with a health ier work force and has been found to be a good indicator of longevity. Although only little correlation has been found between job satisfaction and productivity , Brown (1996) notes that some employers have found that satisfying or delightin g employees is a prerequisite to satisfying or delighting customers, thus protec ting the bottom line . Workers role in job satisfaction If job satisfaction is a wo rker benefit, surely the worker must be able to contribute to his or her own sat isfaction and wellbeing on the job. The following suggestions can help a worker find personal job satisfaction: Seek opportunities to demonstrate skills and tal ents. This often leads to more challenging work and greater responsibilities, wi th attendant increases in pay and other recognition. Develop excellent communica tion skills. Employers value and rewards excellent reading, listening, writing an d speaking skills. Know more. Acquire new job related knowledge that helps you t o perform tasks more efficiently and effectively. This will relive boredom and o ften gets one noticed. ISHAN INSTITUTE OF MANAGEMENT & TECHNOLOGY Page 50

Demonstrate creativity and initiative. Qualities like these are valued by most o rganizations and often results in recognition as well as in increased responsibi lities and rewards. Develop teamwork and people skills. A large part of job succ ess is the ability to work well with others to get the job done. Accept the dive rsity in people. Accept people with their differences and their imperfections an d learn how to give and receive criticism constructively. See the value in your work. Appreciating the significance of what one does can lead to satisfaction wi th the work itself. This help to give meaning to ones existence, thus playing a v ital role in job satisfaction. Learn to de-stress. Plan to avoid burn out by dev eloping healthy stress management techniques. ISHAN INSTITUTE OF MANAGEMENT & TECHNOLOGY Page 51

REASONS AND EFFECT OF LOW JOB SATISFACTION Reasons why employees may not be completely satisfied with their jobs: Conflict between co-workers Conflict between supervisors Not being opportunity paid for w hat they do. Have little or no say in decision making that affect employees. Fea r of losing their job.

Effects of low job satisfaction High absenteeism Absenteeism means it is a habit ual pattern of absence from duty or obligation. If there will be low job satisfa ction among the employees the rate of absenteeism will definitely increase and i t also effects on productivity of organization. In the above diagram line AB sh ws inverse relationship between job satisfaction and rate of turnover and rate o f absenteeism. As the job satisfaction is high the rate of both turns over and a bsenteeism is low and vice versa. High turnover In human resource refers to char acteristics of a given company or industry relative to the rate at which an empl oyer gains and losses the staff. If the employer is said to be have a high turno ver of employees of that company have shorter tenure than those of other compani es. Training cost increases As employees leaves organization due to lack of job satisfaction. Then Human resource manager has to recruit new employees, So that the training expenditure will increases ISHAN INSTITUTE OF MANAGEMENT & TECHNOLOGY Page 52

Chapter 3 EMPLOYEE BENEFITS AND WELFARE Employee welfare is a comprehensive term including various services, benefits and facilities offered to employees & by the employers. Through such generous fring e benefits the employer makes life worth living for employees. Welfare includes a nything that is done for the comfort and improvement of employees and is provide d over and above the wages. Welfare helps in keeping the morale and motivation o f the employees high so as to retain the employees for longer duration. The welf are measures need not be in monetary terms only but in any kind/forms. Employee welfare includes monitoring of working conditions, creation of industrial harmon y through infrastructure for health, industrial relations and insurance against disease, accident and unemployment for the workers and their families. Employee welfare entails all those activities of employer which are directed towards prov iding the employees with certain facilities and services in addition to wages or salaries. The very logic behind providing welfare schemes is to create efficien t, healthy, loyal and satisfied labor force for the organization. The purpose of providing such facilities is to make their work life better and also to raise t heir standard of living. The important benefits of welfare measures can be summa rized as follows: They provide better physical and mental health to workers and thus promote a healthy work environment Facilities like housing schemes, medical benefits, and education and recreation facilities for workers families help in r aising their standards of living. This makes workers to pay more attention towar ds work and thus increases their productivity. Employers get stable labor force by providing welfare facilities. Workers take active interest in their jobs and work with a feeling of involvement and participation. Employee welfare measures increase the productivity of organization and promote healthy industrial relatio ns thereby maintaining industrial peace. ISHAN INSTITUTE OF MANAGEMENT & TECHNOLOGY Page 53

 The social evils prevalent among the labors such as substance abuse, etc. are re duced to a greater extent by the welfare policies. For example at Bajaj Electricals there are many welfare activities like long ser vice and retirement awards on 14th July every year for employees, to be categori zed into 15 years long service and 25 long service. There is also welfare trust which formed by Bajaj Electricals for providing loan to employees for housing ne eds and also for the reimbursement of medical expenses. They have created social responsibility of business fund to provide scholarship to employees and children for higher education and also there is emergency assistance in the form of finan cial assistance to the family in case of death of any employee in harness. Welfa re includes anything that is done for the comfort and improvement of employees a nd is provided over and above the wages. Welfare helps in keeping the morale and motivation of the employees high so as to retain the employees for longer durat ion. The welfare measures need not be in monetary terms only but in any kind/for ms. Employee welfare includes monitoring of working conditions, creation of indu strial harmony through infrastructure for health, industrial relations and insur ance against disease, accident and unemployment for the workers and their famili es. Labor welfare entails all those activities of employer which are directed to wards providing the employees with certain facilities and services in addition t o wages or salaries. Labor welfare has the following objectives: To provide bett er life and health to the workers To make the workers happy and satisfied To rel ieve workers from industrial fatigue and to improve intellectual, cultural and m aterial conditions of living of the workers The basic features of labor welfare measures are as follows: ISHAN INSTITUTE OF MANAGEMENT & TECHNOLOGY Page 54

Labor welfare includes various facilities, services and amenities provided to wo rkers for improving their health, efficiency, economic betterment and social sta tus. Welfare measures are in addition to regular wages and other economic benefi ts available to workers due to legal provisions and collective bargaining Labor welfare schemes are flexible and ever-changing. New welfare measures are added t o the existing ones from time to time. Welfare measures may be introduced by the employers, government, employees or by any social or charitable agency. The pur pose of labor welfare is to bring about the development of the whole personality of the workers to make a better workforce. The very logic behind providing welf are schemes is to create efficient, healthy, loyal and satisfied labor force for the organization. The purpose of providing such facilities is to make their wor k life better and also to raise their standard of living. The important benefits of welfare measures can be summarized as follows: They provide better physical and mental health to workers and thus promote a healthy work environment Facilit ies like housing schemes, medical benefits, and education and recreation facilit ies for workers families help in raising their standards of living. This makes wo rkers to pay more attention towards work and thus increases their productivity. Employers get stable labor force by providing welfare facilities. Workers take a ctive interest in their jobs and work with a feeling of involvement and particip ation. Employee welfare measures increase the productivity of organization and p romote healthy industrial relations thereby maintaining industrial peace. The so cial evils prevalent among the labors such as substance abuse, etc. are reduced to a greater extent by the welfare policies. ISHAN INSTITUTE OF MANAGEMENT & TECHNOLOGY Page 55

STOCK TAKE PROCESS AND ITS EFFECTS ON EMPLOYEES Stock take is process to check the shrinkage in the stock. Earlier it was conduc ted once in the three month but now this time it was decided to conduct every mo nth. In this process complete stock is counted and recounted to find out the exa ct figure of shrinkage. Following are the steps taken during the STOCK PROCESS. 1. All the merchandise kept in bin and carton of the ware house is segregated on the basis of price tag .If Proper price tag is not found in the product then it is kept for the Dumping. This process starts 4-5 days earlier than the scheduled stock take day. 2. On the same time Scanning process is done in the ware house. In the scanning process all the merchandises price tag is scanned by the scanner with their respective fixture number. 3. This scanned data is stored in the syst em it gives the correct figure of merchandise present in the ware house. 4. Simi larly on the stock take day all the dump items from the floor are removed. 5. No w stock take process goes for whole night. In this night employees are asked to scan all the items of the floor .After complete scanning i.e. both in the ware h ouse and on the floor Recounting process starts. 6. In the Recounting process all the scanned items have to be recounted and note it down on the format provided by the company. 7. Here associates responsibility is over but till this time comp lete night is passed. Now its turn for the managers to compare the data stored i n the computer and that is written on the paper and accordingly a report has to be sent to the head office informing the correct status of the stock in the stor e. In the last stock approximately worth Rs 1.75 lakhs of the stock was missing and it is a serious concern for the store. Stock management: The range of items and materials - stocks - which might be held in Stores is huge. The variety and quantity of items and materials held in the Store of a particular enterprise wil l depend on its size and on its range of activities. ISHAN INSTITUTE OF MANAGEMENT & TECHNOLOGY Page 56

What we refer to as stock Management comprises mainly the clerical and administr ative functions of stores work. It involves: ensuring that the right types and q ualities of items needed for production, sale and distribution, are always avail able when required; ensuring that stock is issued in the correct sequence, that is, first in first out , so that older stock is not allowed to deteriorate by being k ept too long in the Store, for instance because it has been hidden from view by more recently received stock; maintaining records showing the movement of items in to and out of the Store, controlling and monitoring those movements and maintain ing full records of the items in the Store; ensuring that the correct stock level s of the various items are set and are maintained that orders and reorders are ma de (or requested to be made) in good time, and that what is ordered is received; checking, counting or otherwise measuring stock to ensure that records are accu rate and that no losses are occurring due to pilfering, theft, damage or poor st orage; pricing and valuing the items in the Store; What is involved in stock management? The term storekeeping covers the actual ha ndling of the items or materials received into, held in and issued from the Stor e. The work involves: receiving items and materials, including the inspection of them; storing the various stock items in the most appropriate fashion, binning and/or racking them by the best methods, and placing them in such a way that any item or material in the Store can be located quickly and easily when it is requ ired; ensuring the safety of all items and materials whilst in the Store - that is, protecting them from pilfering, theft, damage and deterioration; ensuring, w hen necessary, that items issued from the Store are so packed that they will not be damaged or caused to deteriorate whilst in transit to their destinations. ISHAN INSTITUTE OF MANAGEMENT & TECHNOLOGY Page 57

DIMENSIONS OF JOB SATIFACTION Job satisfaction is a complex concept and difficult to measure objectively. The level of job satisfaction is affected by a wide range of variables relating to i ndividual, social, cultural, organizational factors as stated below:DIMENSIONS INDIVIDUAL SOCIAL FACTORS ORGANIZATIONAL FACTOR ENVIRONMENTAL FACTORS CULTURAL FACTOR Individual: Personality, education, intelligence and abilities, age, marital sta tus, orientation to work. Social factors: Relationship with co-workers, group wo rking and norms, opportunities for interaction, informal relations etc. Organiza tional factors: Nature and size, formal structure, personnel policies and proced ures, industrial relation, nature of work, technology and work organization, sup ervision and styles of leadership, management systems, working conditions. Envir onmental factors: Economic, social, technical and governmental influences. Cultu ral factors: Attitudes, beliefs and values. These factors affect job satisfactio n of certain individuals in a given set of circumstances but not necessarily in others. Some workers may be satisfied with certain aspects of their work and dis satisfied with other aspects .Thus, overall degree of job satisfaction may diffe r from person to person. ISHAN INSTITUTE OF MANAGEMENT & TECHNOLOGY Page 58

Chapter 4 PERFORMANCE AND APPRAISAL OF EMPLOYEES The history of performance appraisal is quite brief. But this is not very helpfu l for the same may be said about almost everything in the field of modern Human resource management. As a distinct and formal management procedure in the evalua tion of work performance, appraisal really dates from the time of the Second Wor ld War not more than 60 years ago. Yet in a border sense the practice of perform ance appraisal is a very ancient art. In the scale of things historical, it migh t well lay claim to being the worlds second oldest profession. DEFINITION Randell : Organizations attempting to develop their staff appraisal and development proc edures are strongly advised to keep the activities of performance, not only but also in paperwork, procedure and responsibility. All employing organizations car ry out some form of performance with their implications for design and conduct o f appraisal schemes and emphasis appropriate training of staff involved. Heyel: I t is the process of evaluation of the performance and qualifications of the empl oyees in terms of the requirements of the job for which he is employed, for purp ose of administration including placements, selection for promotion, providing f inancial rewards and other action which require differential treatment among the members of a group as distinguished from action affecting all members equally. N ature of Performance Appraisal: The Managerial personnel analyses the assessment of employee performance. The appraisal mainly based on employee performance. ISHAN INSTITUTE OF MANAGEMENT & TECHNOLOGY Page 59

THEORETICAL PERSPECTIVE OF THE STUDY Performance appraisal are considered to be the vital tool, to measure the performance of an employee and use the informatio n collected, to optimize the resource of individuals in an organization. It is s ystematic evaluation of individuals with respect to their task performance and t heir potential for development individually and collectively. It refers to the a ssessments of an employees actual performance, behaviour on jobs and his/her potential for further performance. The main purpos es of appraisal are to assess training need to effect promotion and to give high pay. We may say that appraising the performance of an individual has been known as merit rating, but in recent years, we may closure different terminologies ha ve been used to denote this process such as performance appraisal, performance r eview, performance evaluation, employee appraisal, progress appraisal report, pe rsonal preview and so on. ESSENTIALS OF GOOD APPRAISAL SYSTEM: It must be easily understandable. If the sy stem is too complex or time consuming it may be anchored to the ground by its ow n dead weight of complicated forms which nobody but the experts understand. It m ust have the support of all the people who administer the process of performance of sales, service evaluation. The system should be open and participate. Not on ly should it provide feedback to the employees on their performance. It should a lso involve then in the goal setting process. This helps in planning performance better. The system should be both valid and reliable. The validity of ratings i s the degree to which they are truly indicative of the tonic merit of employees. The reliability of ratings is the consistency with which the ratings are made, either by different raters at different times. Both validity and reliability res ult from objective database. The system should have built-in-incentive that is a reward should follow satisfactory performance. Many authors, however, advocate against a direct linkage between appraisal and rewards. In their opinion, such a connection throttles downward Page 60 ISHAN INSTITUTE OF MANAGEMENT & TECHNOLOGY

communication of performance appraisal because superiors do not like being quest ioned by disgruntled subordinate in the event of an adverse appraisal. The syste ms have genuine follow-up mechanism to identify employees growth needs. In the ab sence of such mechanism, every employee would view the post appraisal interviews , as a more eyewash or as an exercise by meet to force its views on him. The sys tem should make the employee fell that has been treated in a supportive manner, some authors hold the view that even the best conducted performance appraisal an d review interview do not make the interviewee feel that he has been treated in a supportive manner. In a study, it was revealed that for 82% of subordinate per sonnel involved, the performance review was an ego-deflating experience. The sys tem should be periodically evaluated to be sure that is continuing to meet its g oals. Not only there is the danger that subjective criteria may become more sali ent than the objective standards originally established, there is the further da nger that the system may become rigid in a tangle of rules and procedures, many of which are no longer useful. PURPOSE OF APPRAISAL: Helps promotions. Ai raining and development program Develop international relationship Wages or sala ries administration Employees development Employees effectiveness Identifying the strength and weakness Serves as an feedback to the employee It provides rationa l foundation for the payment of piece-work wages, bonus and so on Helps manageme nt to do planning such as fixing targets, responsibilities. ISHAN INSTITUTE OF MANAGEMENT & TECHNOLOGY Page 61

APPRAISAL PROCESS: Objectives of Performance Appraisal Establish job expectations Design an appraisal programme Appraise performance Performance interview Use appraisal data of appropriate purpose ISHAN INSTITUTE OF MANAGEMENT & TECHNOLOGY Page 62

CRITERIA OF PERFORMANCE APPRAISAL: Performance criteria for objective: Quantity and quality of output in a given period Amount of training necessary Ratings by supervisors Number of achievements reached in a given period Performance criteri a for sales targets: Every sales executive should give a minimum output designed by company. Performance criteria for service technicians targets: Every service executive should perform a minimum output designed by the company. The service e xecutive should do installation with a minimum output of quantum as designed by the company. Performance criteria for Service Engineers: They should see the eff ective loading of the software parameters in the installations of machines Perfo rmance criteria for Branch Managers: Return on capital employed Gain or loss in sales volume Effective rendering of service to the customers PRINCIPLES OF PERFO RMANCE APPRAISAL: Any activity off task can be measured by; some combination of cost, time and quality indices. Measurement systems provide productivity. Profes sional work is measured in a group. Managers are appraised by effectiveness of t heir managerial compliance. The ultimate measurement is the measurement of effec tiveness. ISHAN INSTITUTE OF MANAGEMENT & TECHNOLOGY Page 63

METHODS OF PERFORMANCE APPRAISAL TRADITIONAL 1. Rating Scales 2. Check list 3. F orced Choice Method 4. Critical Incident Method 5. Forced Distribution Method 6. Behavioral anchored rating scales 7. Field review method 8. Performance test an d observations 9. Annual confidential reports 10. Essay method 11. Cost accounti ng approach 12. Comparative evaluation approach MODERN 1. Assessment center 2. M anagement by objectives 3. Psychological appraisal 4. The 360o appraisal techniq ue 5. Human asset accounting method ISHAN INSTITUTE OF MANAGEMENT & TECHNOLOGY Page 64

PROBLEM IN PERFORMANCE APPRAISAL The problem with subjective measure is the rati ng which is not verifiable by others and has the opportunity for bias. The rate biases include: (a) halo effect (b) the error of central tendency, (c) the lenie ncy and strictness biases (d) personal prejudice, and (e) the recent performance effect (a) Halo Effect: It is the tendency of the raters to depend excessively on the rating of one trait or behavioral consideration in rating all others trai ts or behavioral considerations. One way of minimizing the halo effect is apprai sing all the employees by one trait before going to rate on the basis of another trait. (b) The error of Central Tendency: Some raters follow play safe policy i n rating by rating all the employees around the middle point of the rating scale and they avoid rating the people at both the extremes of the scale. They follow play safe policy because of answerability to management or lack of knowledge ab out the job and person he is rating or least interest in his job. (c) The Lenien cy and Strictness: The leniency bias crops when some raters have a tendency to b e liberal in their rating by assigning higher rates consistently. Such ratings d o not serve any purpose. Equally damaging one is assigning consistently low rate s. (d) Personal Prejudice: If the rater dislikes any employee or any group, he m ay rate them at the lower end, which may distort the rating purpose and affect t he career of these employees. (e) The Recent performance Effect: The raters gene rally remember the recent actions, of the employee at the time of rating and rat e on the basis of these recent actions favorable or unfavorable than on the whol e activities. Other factors that are considered as problems are: Failure of the superiors in conducting performance appraisal and post-performance appraisal int erview is based on subjectivity and less reliability and validity of the perform ance appraisal techniques. Negative ratings affect interpersonal relations and i ndustrial relations system. Influence of external environmental factors and unco ntrollable internal factors. Feedback and post appraisal interview may have a ISHAN INSTITUTE OF MANAGEMENT & TECHNOLOGY Page 65

setback on production. Management emphasizes on punishment rather than developme nt of an employee in performance appraisal. Some ratings particularly about the potential appraisal are purely based on guess work. The other problems of perfor mance appraisal reported by various studies are: 1. Relationship between apprais al rates and performances after promotions was not significant. 2. Some superior s completed appraisal reports within a few minutes. 3. Absence of inter-rater re liability 4. The situation was unpleasant in feedback interview. 5. Superiors la ck that tact of offering the suggestions constructively to subordinates. 6. Supe rvisors were often confused due to too many objectives of performance appraisal. Advantages of Performance Appraisal through Computers: There will be an objecti ve analysis of traits of both the superior and subordinate and a chance to subor dinate to express his views even after performance appraisal. An employee shall express his emotional needs and his value system which may not be possible direc t face to face with superior. Communication through computer overcomes the commu nication barrier between the superior and subordinate. Computer based appraisal will remove the inherent weakness of the appraisal system that is subjective ass essment of vague and abstract performance targets, unclear guidelines for apprai sal etc. ISHAN INSTITUTE OF MANAGEMENT & TECHNOLOGY Page 66

Chapter 5 JOB SATISFACTION AND WORK SATISFACTION Many of us labor under the misconception that job satisfaction and work satisfac tion are one and the same. When the job sucks, we start thinking, that we are in the wrong profession and frustration starts building up. A job is a role, and w ork is the means to fulfill that role. Job satisfaction can only come if the rol e is clear, and the person is guided and developed to fulfill that role. Work sa tisfaction pertains more to the work environment, people, boss, and everyday act ions. Put simply a job is the bigger strategic picture and work is the tactical element of delivering that strategy. These two elements cannot be de-linked a job satisfaction cannot exist without work satisfaction. A clear and fulfilling job role is not enough without the means to deliver a supportive boss, a positive w ork environment, interesting everyday work, and a balanced work-life. A person d on t see anything wrong but there are a mundane routine and feels nothing towards work life and is just hanging on because he is confused about doing something e lse, now that he has spent so much time and effort into the existing vocation. T hese are signs that there is something not right about his career. The solution is the person needs to take a stock of his situation, sit back alone with a pape r and pen and list the things that he dont like about his work life. He can write beginning with the things that he is mildly disappointed about and end the list with things that he truly hates in his career. Then he must go through the list again and mark the things that are unsatisfactory in his job (his current place of employment) and those that have to do with his work the skills and the thing s that he has to do. Adding up the things he has labeled in job and work whichev er is higher, is the culprit. There are four aspects to one career: one is profe ssion or work, and then is his industry and organization and then his job profil e. What one needs to do is find out which of these is making you unhappy. For in stance A is an accountant in an advertising firm (the industry) working with XYZ Ltd and she has to do payroll ISHAN INSTITUTE OF MANAGEMENT & TECHNOLOGY Page 67

processing, feeding data into computers, employee reimbursements and so on (the job profile). One needs to find out which of these are problem areas. If he is u nhappy with his profession then he should try to change it, which may not be a p ractical solution for many. But it has to be done if it really gives the person in the job a sense of fulfillment. Then see if it is the industry that is the pr oblem due to high pressure or any other reason. If that is so, change it and loo k for an industry switch but keeping the same profession. If it is the company t hat is a problem, then find out what is it in that makes one unhappy at the coll eagues, the money, the vision? If the person cannot see any way of adjusting the n he must look out for a change. However if it is the job profile he is unhappy about he may try to talk to his superior of the HR and see that he can be change d or if he feels he needs a transfer to a different department. ISHAN INSTITUTE OF MANAGEMENT & TECHNOLOGY Page 68

COMMON MYTHS ABOUT EMPLOYEE MOTIVATION The topic of motivating employees is extremely important to managers and supervi sors. Despite the important of the topic, several myths persist -- especially am ong new managers and supervisors. Before looking at what management can do to su pport the motivation of employees, its important first to clear up these common myths. 1. Myth #1 -- "I can motivate people" Not really -- they have to motivat e themselves. You cant motivate people anymore than you can empower them. Emplo yees have to motivate and empower themselves. However, you can set up an environ ment where they best motivate and empower themselves. The key is knowing how to set up the environment for each of your employees. 2. Myth #2 -- "Money is a goo d motivator" Not really. Certain things like money, a nice office and job securi ty can help people from becoming less motivated, but they usually dont help peo ple to become more motivated. A key goal is to understand the motivations of eac h of your employees. 3. Myth #3 -- "Fear is a damn good motivator" Fear is a gre at motivator -- for a very short time. Thats why a lot of yelling from the boss wont seem to "light a spark under employees" for a very long time. 4. Myth #4 -- "I know what motivates me, so I know what motivates my employees" Not really. Different people are motivated by different things. I may be greatly motivated by earning time away from my job to spend more time my family. You might be moti vated much more by recognition of a job well done. People are not motivated by t he same things. Again, a key goal is to understand what motivates each of your e mployees. 5. Myth #5 -- "Increased job satisfaction means increased job performa nce" ISHAN INSTITUTE OF MANAGEMENT & TECHNOLOGY Page 69

Research shows this isnt necessarily true at all. Increased job satisfaction do es not necessarily mean increased job performance. If the goals of the organizat ion are not aligned with the goals of employees, then employees arent effective ly working toward the mission of the organization. 6. Myth #6 -- "I cant compre hend employee motivation -- its a science" Not true. There are some very basic steps you can take that will go a long way toward supporting your employees to m otivate themselves toward increased performance in their jobs. (More about these steps is provided later on in this article.) Basic Principles to Remember 1. Mo tivating employees starts with motivating yourself Its amazing how, if you hate your job, it seems like everyone else does, too. If you are very stressed out, it seems like everyone else is, too. Enthusiasm is contagious. If youre enthusi astic about your job, its much easier for others to be, too. Also, if youre do ing a good job of taking care of yourself and your own job, youll have much cle arer perspective on how others are doing in theirs. A great place to start learn ing about motivation is to start understanding your own motivations. The key to helping to motivate your employees is to understand what motivates them. So what motivates you? Consider, for example, time with family, recognition, a job well done, service, learning, etc. How is your job configured to support your own mo tivations? What can you do to better motivate yourself? 2. Always work to align goals of the organization with goals of employees As mentioned above, employees can be all fired up about their work and be working very hard. However, if the r esults of their work dont contribute to the goals of the organization, then the organization is not any better off than if the employees were sitting on their hands -- maybe worse off! Therefore, its critical that managers and supervisors know what they want from their employees. These preferences should be worded in terms of goals for the organization. Identifying the goals for the organization is usually done during strategic planning. Whatever steps you take to support t he motivation of your employees (various steps are suggested below), ensure ISHAN INSTITUTE OF MANAGEMENT & TECHNOLOGY Page 70

that employees have strong input to identifying their goals and that these goals are aligned with goals of the organization. 3. Key to supporting the motivation of your employees understands what motivates each of them Each person is motiva ted by different things. Whatever steps you take to support the motivation of yo ur employees, they should first include finding out what it is that really motiv ates each of your employees. You can find this out by asking them, listening to them and observing them. 4. Recognize that supporting employee motivation is a p rocess, not a task Organizations change all the time, as do people. Indeed, it i s an ongoing process to sustain an environment where each employee can strongly motivate themselves. If you look at sustaining employee motivation as an ongoing process, then youll be much more fulfilled and motivated yourself. 5. Support employee motivation by using organizational systems (for example, policies and p rocedures) -- dont just count on good intentions Dont just count on cultivatin g strong interpersonal relationships with employees to help motivate them. The n ature of these relationships can change greatly, for example, during times of st ress. Instead, use reliable and comprehensive systems in the workplace to help m otivate employees. For example, establish compensation systems, employee perform ance systems, organizational policies and procedures, etc., to support employee motivation. Also, establishing various systems and structures helps ensure clear understanding and equitable treatment of employees. Steps You Can Take The foll owing specific steps can help you go a long way toward supporting your employees to motivate them in your organization. 1. Do more than read this article -- app ly what youre reading here This maxim is true when reading any management publi cation. ISHAN INSTITUTE OF MANAGEMENT & TECHNOLOGY Page 71

2. Briefly write down the motivational factors that sustain you and what you can do to sustain them This little bit of "motivation planning" can give you strong perspective on how to think about supporting the motivations of your employees. 3. Make of list of three to five things that motivate each of your employees Re ad the checklist of possible motivators. Fill out the list yourself for each of your employees and then have each of your employees fill out the list for them. Compare your answers to theirs. Recognize the differences between your impressio n of what you think is important to them and what they think is important to the m. Then meet with each of your employees to discuss what they think are the most important motivational factors to them. Lastly, take some time alone to write d own how you will modify your approaches with each employee to ensure their motiv ational factors are being met. (NOTE: This may seem like a "soft, touchy-feely e xercise" to you. If it does, then talk to a peer or your boss about it. Much of whats important in management is based very much on "soft, touchy-feely exercis es". Learn to become more comfortable with them. The place to start is to recogn ize their importance.) 4. Work with each employee to ensure their motivational f actors are taken into consideration in your reward systems For example, their jo bs might be redesigned to be more fulfilling. You might find more means to provi de recognition, if that is important to them. You might develop a personnel poli cy that rewards employees with more family time, etc. 5. Have one-on-one meeting s with each employee Employees are motivated more by your care and concern for t hem than by your attention to them. Get to know your employees, their families, their favorite foods, names of their children, etc. This can sound manipulative -- and it will be if not done sincerely. However, even if you sincerely want to get to know each of your employees, it may not happen unless you intentionally s et aside time to be with each of them. 6. Cultivate strong skills in delegation ISHAN INSTITUTE OF MANAGEMENT & TECHNOLOGY Page 72

Delegation includes conveying responsibility and authority to your employees so they can carry out certain tasks. However, you leave it up to your employees to decide how they will carry out the tasks. Skills in delegation can free up a gre at deal of time for managers and supervisors. It also allows employees to take a stronger role in their jobs, which usually means more fulfillment and motivatio n in their jobs, as well. 7. Reward it when you see it A critical lesson for new managers and supervisors is to learn to focus on employee behaviors, not on emp loyee personalities. Performance in the workplace should be based on behaviors t oward goals, not on popularity of employees. You can get in a great deal of trou ble (legally, morally and interpersonally) for focusing only on how you feel abo ut your employees rather than on what youre seeing with your eyeballs. 8. Rewar d it soon after you see it This helps to reinforce the notion that you highly pr efer the behaviors that youre currently seeing from your employees. Often, the shorter the time between an employees action and your reward for the action, th e clearer it is to the employee that you highly prefer that action. 9. Implement at least the basic principles of performance management Good performance manage ment includes identifying goals, measures to indicate if the goals are being met or not, ongoing attention and feedback about measures toward the goals, and cor rective actions to redirect activities back toward achieving the goals when nece ssary. Performance management can focus on organizations, groups, processes in t he organization and employees. 10. Establish goals that are SMARTER SMARTER goal s are: specific, measurable, acceptable, realistic, timely, extending of capabil ities and rewarding to those involved. 11. Clearly convey how employee results c ontribute to organizational results ISHAN INSTITUTE OF MANAGEMENT & TECHNOLOGY Page 73

Employees often feel strong fulfillment from realizing that theyre actually mak ing a difference. This realization often requires clear communication about orga nizational goals, employee progress toward those goals and celebration when the goals are met. 12. Celebrate achievements This critical step is often forgotten. New managers and supervisors are often focused on a getting "a lot done". This usually means identifying and solving problems. Experienced managers come to und erstand that acknowledging and celebrating a solution to a problem can be every bit as important as the solution itself. Without ongoing acknowledgement of succ ess, employees become frustrated, skeptical and even cynical about efforts in th e organization. 13. Let employees hear from their customers (internal or externa l) Let employees hear customers proclaim the benefits of the efforts of the empl oyee . For example, if the employee is working to keep internal computer systems running for other employees (internal customers) in the organization, then have other employees express their gratitude to the employee. If an employee is prov iding a product or service to external customers, then bring in a customer to ex press their appreciation to the employee. 14. Admit to yourself (and to an appro priate someone else) if you dont like an employee -Managers and supervisors are people. Its not unusual to just not like someone who works for you. That someo ne could, for example, look like an uncle you dont like. In this case, admit to yourself that you dont like the employee. Then talk to someone else who is app ropriate to hear about your distaste for the employee, for example, a peer, your boss, your spouse, etc. Indicate to the appropriate person that you want to exp lore what it is that you dont like about the employee and would like to come to a clearer perception of how you can accomplish a positive working relationship with the employee. It often helps a great deal just to talk out loud about how y ou feel and get someone elses opinion about the situation. As noted above, if y ou continue to focus on what you see about employee performance, youll go a lon g way toward ensuring that your treatment of employees remains fair and equitabl e. ISHAN INSTITUTE OF MANAGEMENT & TECHNOLOGY Page 74

Quantity and quality of output in a given period Amount of training necessary Ra tings by supervisors Number of achievements reached in a given period Performanc e criteria for sales targets: Every sales executive should give a minimum output designed by company. Performance criteria for service technicians targets: Every service executive should perform a minimum output designed by the company. The service executive should do installation with a minimum output of quantum as des igned by the company. Performance criteria for Service Engineers: They should se e the effective loading of the software parameters in the installations of machi nes Performance criteria for Branch Managers: Return on capital employed Gain or loss in sales volume Effective rendering of service to the customers PRINCIPLES OF PERFORMANCE APPRAISAL: Any activity off task can be measured by; some combin ation of cost, time and quality indices. Measurement systems provide productivit y. Professional work is measured in a group. Managers are appraised by effective ness of their managerial compliance. The ultimate measurement is the measurement of effectiveness. METHODS OF PERFORMANCE APPRAISAL TRADITIONAL ISHAN INSTITUTE OF MANAGEMENT & TECHNOLOGY Page 75

1. Rating Scales 2. Check list 3. Forced Choice Method 4. Critical Incident Meth od 5. Forced Distribution Method 6. Behavioral anchored rating scales 7. Field r eview method 8. Performance test and observations 9. Annual confidential reports 10. Essay method 11. Cost accounting approach 12. Comparative evaluation approa ch MODERN 6. Assessment center 7. Management by objectives 8. Psychological appr aisal 9. The 360o appraisal technique 10. Human asset accounting method ISHAN INSTITUTE OF MANAGEMENT & TECHNOLOGY Page 76

PROBLEM IN PERFORMANCE APPRAISAL The problem with subjective measure is the rati ng which is not verifiable by others and has the opportunity for bias. The rate biases include: (a) halo effect (b) the error of central tendency, (c) the lenie ncy and strictness biases (d) personal prejudice, and (e) the recent performance effect (a) Halo Effect: It is the tendency of the raters to depend excessively on the rating of one trait or behavioral consideration in rating all others trai ts or behavioral considerations. One way of minimizing the halo effect is apprai sing all the employees by one trait before going to rate on the basis of another trait. (b) The error of Central Tendency: Some raters follow play safe policy i n rating by rating all the employees around the middle point of the rating scale and they avoid rating the people at both the extremes of the scale. They follow play safe policy because of answerability to management or lack of knowledge ab out the job and person he is rating or least interest in his job. (c) The Lenien cy and Strictness: The leniency bias crops when some raters have a tendency to b e liberal in their rating by assigning higher rates consistently. Such ratings d o not serve any purpose. Equally damaging one is assigning consistently low rate s. (d) Personal Prejudice: If the rater dislikes any employee or any group, he m ay rate them at the lower end, which may distort the rating purpose and affect t he career of these employees. (e) The Recent performance Effect: The raters gene rally remember the recent actions, of the employee at the time of rating and rat e on the basis of these recent actions favorable or unfavorable than on the whol e activities. Other factors that are considered as problems are: Failure of the superiors in conducting performance appraisal and post-performance appraisal int erview is based on subjectivity and less reliability and validity of the perform ance appraisal techniques. Negative ratings affect interpersonal relations and i ndustrial relations system. Influence of external environmental factors and unco ntrollable internal factors. Feedback and post appraisal interview may have a ISHAN INSTITUTE OF MANAGEMENT & TECHNOLOGY Page 77

setback on production. Management emphasizes on punishment rather than developme nt of an employee in performance appraisal. Some ratings particularly about the potential appraisal are purely based on guess work. The other problems of perfor mance appraisal reported by various studies are: 7. Relationship between apprais al rates and performances after promotions was not significant. 8. Some superior s completed appraisal reports within a few minutes. 9. Absence of inter-rater re liability 10. The situation was unpleasant in feedback interview. 11. Superiors lack that tact of offering the suggestions constructively to subordinates. 12. S upervisors were often confused due to too many objectives of performance apprais al. Advantages of Performance Appraisal through Computers: There will be an obje ctive analysis of traits of both the superior and subordinate and a chance to su bordinate to express his views even after performance appraisal. An employee sha ll express his emotional needs and his value system which may not be possible di rect face to face with superior. Communication through computer overcomes the co mmunication barrier between the superior and subordinate. Computer based apprais al will remove the inherent weakness of the appraisal system that is subjective assessment of vague and abstract performance targets, unclear guidelines for app raisal etc. ISHAN INSTITUTE OF MANAGEMENT & TECHNOLOGY Page 78

Chapter 6 STRESS MANAGEMENT Since the origin of the term stress it is ambiguous stress began life as a v ariant on distress in the 14th century. It meant the experience of physical ha rdship, starvation, torture, and pain. These days, however, the term revolves ar ound the medieval definition, in which stress simply meant hardship. The rec ent scientific developments inform us that stress is actually good for us. Str ess is derived from the Latin word stranger, meaning to draw tight, and was used in the 17th century to describe hardships or affliction. During the late 18th c entury stress denoted "force, pressure, strain or strong effort," referring prim arily to an individual or to an individuals organs or mental powers (Hinkle, 19 73). As has already been noted, stress has been defined as a stimulus, a respons e, or the result of an interaction between the two, with the interaction describ ed in terms of some imbalance between the person developed, particularly that su rrounding the person-environment (P-E) interaction, researches have considered t he nature of that interaction and, more importantly, the psychological processes which it takes place (Dewey, 1992). Stress is a physiological and psychological imbalance. It arises due to the demands on a person and that persons inability t o meet these demands. Stress is the bodys way of reacting to any situation and it can have serious repercussions on an individuals life. Yet, people fail to reali ze the importance of stress management in their lives. Effective managers can st ay in control of life, without panicking even under stressful situations. They h andle stress by planning work, taking regular breaks, and rejuvenating them. Str ess: Meaning and Definitions The term stress has a different meaning for resea rchers in various disciplines. In the biological literature, it is used in relat ion to single organisms, populations of organisms, and ecosystems. Biologists re fer to things such as heat, cold and inadequate food supply as being sources of stress. Human biologists add to this ISHAN INSTITUTE OF MANAGEMENT & TECHNOLOGY Page 79

microbial infection and taking toxic substances. Social scientists, for their pa rt, are more concerned about peoples interaction with their environment and the resulting emotional disturbances that can sometimes accompany it (Hinkle, 1987) . The term stress has many definitions (Lazarus & Folk man, 1984). We all define stress as an internal state which can be caused by physical demands on the body ( disease conditions, exercise, extremes of temperature, and the like) or by en vironmental and social situations which a evaluated as potentially, harmful, unc ontrollable, or exceeding resources for coping. The physical, environmental, and social causes of the stress state are termed stressors. Stress is a big problem in our society (Allen, 1983). Some75 percent of bodily disease is said to be st ress-related. For example, stress is often a factor in heart disease. Furthermor e, stress-related diseases cost American industry billions of dollars a year; se veral billion tranquilizer pills are prescribed in the United. Stress in individ uals is defined as anything that disrupts the normal persons physical or mental w ell-being. It occurs when the body performs activities outside its capabilities or when a person faces extraordinary demands. A simple display of stress may be a bad mood while an extreme display may be an act of violence. The process of st ress has a stressor or a stimulus. A stressor is a factor or stimulant that crea tes stress. A stressor is not in itself either positive or negative or good or b ad, it is how one reacts to it that determines its positivity or negativity. For example, one person may perceive stressor as a motivator, whereas another perso n may perceive it as a constraint. One individual may perceive it as a challenge , another as a threat. Stress can be positive or negative. Positive stress is ca lled estruses and negative stress is called distress. There is a difference betw een the ways in which estruses and distress affect the body. Estruses triggers t he body alarm, enhances attention, performance, and creativity. It has temporary effects. For instance, a person applying for a visa to the US may be under estr uses, and once he/she obtains the visa his/her stress levels come back to normal . Distress has a negative effect on the body. For instance, an individual who ha s lost his/her job may become depressed, which is a result of distress. Distress , if left unchecked, can have a serious effect on the body over a period of time . The bodys nonspecific response to the external situation results ISHAN INSTITUTE OF MANAGEMENT & TECHNOLOGY Page 80

in stress and stress can create a number of health problems both mental and phys ical. Some of these problems are sleeplessness, eating disorders, heart problems , and suicidal tendencies. Stress represents the wear and tear of the human body . Hens Selye, developed a model called the General Adaptive Syndrome model to ex plain the stress phenomenon and the stress levels. This model has three stages. The first stage, which is the alarm reaction stage, involves the bodys response t o or familiarizing itself with the new situation or stressor. In this stage, an individual is under estruses. The second stage is the resistance stage, which in volves resisting and reacting to the situation. In this stage, an individual is in a flight or fight situation (the bodys reaction to control stress situation). In this situation, the body prepares to either escape from the situation or to s urvive in it. The third stage is the exhaustion stage, which is the aftermath of resistance. If the resistance stage goes on for a long period, then the person becomes distressed. A certain level of stress can act as a motivator. Without st ress, a person becomes lethargic and dull. Good stress encourages a person to pe rform better. However, if this stress exceeds the resistance level of the indivi dual, it can turn into distress. The perception of stress varies from person to person and each person has his/her own stress limit. There are many reasons and sources of stress for every person. Also, while some people tend to work better under pressure, there are others who cannot bear the last minute syndrome. They pa nic when faced with even the most minor of stressful situations. Most of the str ess situations people encounter in everyday life are minor and relatively easy t o cope with. When one feels hungry he/she may stop what he/she is doing and go t o the cafeteria for lunch; when he/she feels cold he/she puts on a sweater or co at. A serious illness requiring major surgery, a broken engagement, marital disc ard or divorce, the death of a loved one, flunking out of college, being arreste d, financial pressures or losses, social disapproval, severe guilt feelings and value conflicts are example of such stressful situation. Stress may involve biol ogicalor-psychological-level processes. Pneumonia viruses produces stress on a bi ological level and the basic adjective reaction involves defense on the biologic al level. (1) The basic types of stress we encounter and some of the particular stress that characterize ISHAN INSTITUTE OF MANAGEMENT & TECHNOLOGY Page 81

our time and place in history, (2) factors influencing the severity of stress, a nd (3) other key aspects of stress including its cost to the organism. There are a wide range of environmental obstacles, both physical and social, which can le ad to the frustration of our needs. Earthquakes, famines, fires, accidents, and the death of loved ones are major sources of the warning in the physical environ ment. Pens we are in a hurry, rain when we want to play golf or tennis, advertis ements that make us want things we cannot have, red tape that prevents us from t aking a desired course, and long years of study before we can enter professional field are examples of the counter less environmentally caused frustrations that plague us in everyday life. Stress is term which the biological and social scie nce have taken over with only imperfect success from the physical sciences. In e ngineering usage a force directed at an object is said to place it under stress. The resulting distortion or deformation caused in the object by the stress is c alled strain. For example a small amount of weight placed on a bridge would crea te a mild stress and the resulting strain would be minimal. Increasing the weigh t and hence the level of stress. Living systems-particularly human beings have a dvantages over nonliving ones in meeting stress for they can anticipate and prep are for it change their strategies for coping with it, and sometimes leave the f ield when it is too severe. Response Based Definitions of Stress The origins of response-based definitions can be found in medicine and are usually viewed from a physiological perspective a logical stance for a discipline trained to diagnos e and treat symptoms but not necessarily their causes. The work of Hans Selye in the 1930s and 1940s marks the beginning of this approach to the study of stress . In 1936, Selye introduces the notion of stress-related illness in terms of the general adaptation syndrome (GAS), suggesting that stress is a non-specific res ponse of the body to any demand made upon it (Selye, 1956). Selyes focus was medi cal: general malaise was characterized by loss of motivation, appetite, weight, and strength. Evidence from animal studies also indicated internal physical dege neration and deterioration. Responses to stress were considered to be invariant to the nature of the stressor and therefore to follow a universal pattern. ISHAN INSTITUTE OF MANAGEMENT & TECHNOLOGY Page 82

Although the word stress usually has negative connotations, selye (1976) emphasi zed that stress reactions are not automatically bad and that they cannot be avoi ded because being alive is synonymous with responding to stress. In fact, a cert ain level of stress is necessary for motivation, growth, development, and change has been referred to as stress. However, unwanted, unmanageable stressor situat ions are damaging and can lead to distress. In a similar manner, any condition t hat makes an addictive demand on the organism places it may undergo degree of st ress. Mild stress usually causes little pain or strain, for the individual has a mple resources for coping with in and is not likely to see it as a threat. Stres s as an Interaction The interaction approach to defining stress focuses on the s tatistical interaction between the stimulus and the response. This approach is e ssentially static (cause and effect), with any consideration of process being li mited to inferential explanations when the interaction fails to materialize or i s different from that predicted. This is where, according to Lazarus and Launier (1978), description has taken a back seat to simple cause-effect formulations. ISHAN INSTITUTE OF MANAGEMENT & TECHNOLOGY Page 83

THEORIES OF STRESS A. Biological theories of stress 1. Somatic-weakness theory 2. Specific-reaction theory B. Psychological Theories A. Biological Theories of Stress These theorie s explain psychological disorders in terms of specific weakness or hyper activit y of an individual organic system as and when she or he responds to a stressful experience. The Stress is explained as a responds either the paucity or abundanc e requisite quantum of bio-chemical material. 1. Somatic-weakness Theory The fun damental assumption of somatic-weakness theory is that weak bodily organs are pr e-disposed to generate a specific kind of stress, leading to a particular physio logical disorder. A particular organ system may remain weak in view of several f actors vis--vis genetic deficiency, undetected juvenile illness or diet imbalance deficiency etc. these factors may cumulatively disrupt a particular organ syste m making it weak and vulnerable to stress e.g., severe ulcers might be generated owing to a weak digestive system, which ulcers in their true may lead to seriou s stressful events and consequent psychological disorders. 2. Specific-reaction Theory According to specific-reaction theory, no hard and fast explanation can b e categorically branded as the prime mover or shaker of stress. Different indivi duals respond to stress differently and every organic system has its own idiosyn crasies way to cope up with ongoing situational pressures. This theory maintains that the body system that is the most responsive may most likely become the loc us of a particular psycho-physiological disorder e.g., high blood-pressure may b e more amenable to hypertension. ISHAN INSTITUTE OF MANAGEMENT & TECHNOLOGY Page 84

B. Psychological Theories These theories explain the development of various psyc ho-physiological disorders in terms of such factors as: unconscious emotional st ates, personality traits, cognitive appraisal and specific styles of coping with stress. 1. Psychoanalytic theory Psychoanalytic theories explaining the develop ment of stress undermine the role of conscious-emotional states specific to each disorder. According to Alexander (1950) various psycho-physiological disorders can be explained as a function of our unconscious emotional states. Alexander ha s further argued that repressed hostile impulses invariably lead to chronic emot ional states. Such states, in turn, are responsible for hypertension, anxieties and worries and depression. "The damming up of such hostile impulses if continue s might develop stronger defensive measures in order to keep pent-up aggression in check-because of the marked degree of their inhibition. These patients are le ss effective in their occupational activities and for that reason tend to fail i n competition and.hostile feeling towards more successful, less inhibited, compet itors are further intensified" 2. Cognitive and behavioral theory Cognitive and behavioral theories explained stress as a function of cognitive and behavioral f actors. The perceptions and experiences stimulate sympathetic system activity. H owever, psychological resentments and regrets are too embedded to be easily toss ed out of ones system. They are not as readily escapable as are the perceived o r real external threats. Nor can they be readily explained away, often they keep our sympathetic system aroused. Such an arousal keeps the body in a continuous state of emergency. It is unbearable to sustain a balanced behavioral pattern fo r long in such circumstances. The necessary balancing of sympathetic and parasym pathetic action are so gets tougher by the day. More often than not, the equilib rium is lost and one is overtaken by distress, such a bodily changes that can la st longer that they were meant to. This further contributes to an imbalance betw een sympathetic and parasympathetic activity going on in our system. Some psycho logists have assumed ISHAN INSTITUTE OF MANAGEMENT & TECHNOLOGY Page 85

that mans higher mental faculties out-compete his physiological endowments. Thi s is the inbuilt dichotomy operating in humans albeit, very subtly and silently . Moral, valuation or attitudinal changes may be experienced at very higher or d eeper levels of consciousness and our bodies may not be attuned to such experien ces easily and readily. In fact, it is pointed out that our bodies are not desig ned to cope up with the outgoing pressures of our higher mental faculties. They are not built to withstand the storms brought about by our mental capacities. Th us, life-experience of human beings seems continuously to be exceeding their res ources or capacities to cope with them. Such a dichotomous state of affair is in herently germane to the fructification of chronic stresses and conducive to the development of psycho-physiological disorder. Therefore, most humans are prone t o this or that kind of stress-related disorder. STRESSORS Almost any change in t he environmenteven a pleasant change, such as a vacationdemands some coping; and a little stress is useful in helping us adapt. ISHAN INSTITUTE OF MANAGEMENT & TECHNOLOGY Page 86

STRESS CYCLES Change Stressors Disease Stressors Emotional Stressors Environmental Stressors F amily Stressors Phobic Stress Physical Stress Social Stress Work Stress Where stress come s from Chemical Stressors Commuting Stressors Decision Stressors Stress Overloading Immediate effects Behavioral (e.g. over eating and excessive alcohol consumption Physiological (e.g. heightened muscle tension, elevated blood pressure and rapid heart beat) Emotional (e.g. heightened anxiety, depression and anger) Cognitive (e.g. increased distraction and decreased concentration Long term effects Behavioral disorders (e.g. obesity and alcoholism) Medical disorders (e.g. headaches, hypertension and heart disease) Emotional disorders e.g. chronic anxiety and depression, phobias, personality ch anges mental illness) Cognitive disorders (e.g. many problems, obsessive thoughts and sleep disorder). Decreased Productivity Over all costs Decreased Enjoyment Decreased Intimacy ISHAN INSTITUTE OF MANAGEMENT & TECHNOLOGY Page 87

DISTRESS Change Stressors Where stress come sfrom Disease Stressors Emotional Stressors Phobic Stress Physical Stress Chemical Stressors Commuting Stressors Environmental Stressors Social Stress Stress Overloading Immediate effects Behavioral (e.g. over eating and excessive alcohol consumption Physiological (e.g. heightened muscle tension, elevated blood pressure and rapid heart beat) Medical disorders (e.g. headaches, hypertension and heart disease) Emotional (e.g. heightened anxiety, depression and anger) Cognitive (e.g. increased distraction and decreased concentration Long term effects Behavioral disorders (e.g. obesity and alcoholism) Emotional disorders e.g. chronic anxiety and depression, phobias, personality ch anges mental illness) Cognitive disorders (e.g. many problems, obsessive thoughts and sleep disorder). Over all costs Decreased Productivity Decreased Enjoyment Stress has a number of immediate effects and, if the stressors are maintained, l ongterm behavioral physiological, emotional, and cognitive (thinking) effects oc cur. If these effects hinder adaptation to the environment or create discomfort and distress, they themselves be- come stressors and, as shown by the dotted arr ow in tend to perpetuate a cycle of distress, On the other hand, many people hav e developed ways of coping with stressors so that they are able to respond adapt ively. This is the wellness cycle of. Teaching people adaptive ways of handling stress so as to promote the wellness. ISHAN INSTITUTE OF MANAGEMENT & TECHNOLOGY Page 88

Cause of stress There are several factors causing stress. Recently, Desai (1999) classified stressors into three major categories viz., (1) Physiological, (2) P sychological, and (3) Environmental. Physiological Causes: The physiological cat egory includes genetic and congenital factors, life experience, biological rhyth ms, sleep, posture, diet, fatigue, muscular tension, and disease of adaptation. Environmental Causes: This category of stressors consists of those factors which originate from the environment like ambient environment, physical events, psych ological sub-systems, physiological sub-systems, Social events and biotic events . Eysenck (1996) also divided stressors into three broad categories: Stressful l ife events: This situation usually occurs mainly as a result of our relationship with other people; Environmental stressors: The stressors of this category are like noise, vibration, electric shock and heat; Technological threat: This type of threat posed by nuclear power advances sophisticated technology (automated de vices) and the sick building syndrome. Major causes of stress include illness, j ob changes, boredom, separation and divorces, deaths in the family and financial difficulties. However, the arrival of a baby, or entertaining guests, can be st ressful. In his popular book, Future shock (1970), Alvin Toffler, attributes the future shock to too much change in too short as the shattering stress and disori entation that we induce in individuals by subjecting them to too much change in too short a time. The major job conditions that cause stress for employees includ e: (1) work-overload (2) time pressure; (3) poor quality and supervision; (4) ro le conflict and ambiguity; (5) change of nay type, especially when it is major o r unusual, and (6) frustration. ISHAN INSTITUTE OF MANAGEMENT & TECHNOLOGY Page 89

Factors in the severity of stress In General stress is more severe more importan t the motives blocks the needs deprived. The longer the stress situation continu es. The greater the number of adductive demands placed on the individual at once or during a short interval of time. The more unfamiliar and unexpected the prob lem the less adequate the individuals resources, including personal resources and social supports The stronger and more equal the opposing forces in conflict sit uation. The closer one gets to the goal in approach avoidance conflict the great er the perceived threat and the more imminent the threat. The less tolerance the individual has for this type and degree of stress. The more the individual sees the threat as imposed on him and beyond his control. In addition to type source and severity of stress three additional aspects of stress are of immediate inte rest. First is the individual nature of our stress. Patterns, however similar li fe situation may appear. Second is the finding that as in the case of motives, w e may be only partially aware or even unaware of stress. And third is the proble m that adaptation. And third is the problem that adaptation to stress may be exp ensive both physically and psychologically. Stress may have positive effects Alt hough severe stress may lead to lowered adaptive efficiency and to wear and tear on the system, stress can also have positive consequences. The following are so me of the possible positive effects of stress: An individual may get a cheaper p icture of his assets liabilities, and adaptive potential. Increased competencies after flunking a test an individual may find more effective methods of study an d learn to put more efforts into his work. If he acknowledges past approaches ha ve not worked well an individual may find more effective strategies. Persistent failure or frustration may lead an individual to a more realistic appraisal of t he alternatives actually open to him. ISHAN INSTITUTE OF MANAGEMENT & TECHNOLOGY Page 90

Increased to and living with difficult stresses, an individual may increase his ab ility to meet stress as well as his confidence in his ability to do so. The conc ept of stress is elusive because it is poorly defined. There is no single agre ed definition in existence. It is a concept which is familiar to both layman and professional alike. It is understood by all when used in a general context but by very few when more precise account is required and this seems to be the centr al problem (Cox, 1985). Stress to us is a very general term that means somewhat different though related things at different levels of analysis. Each of the lev els of stress analysis is partially independent in that it refers to different c onditions, and processes (Lazarus & Launier, 1978). Stress a term borrowed from physics by W. Canon and H. Selye and set to mean the mutual action of force that takes place across any section of the body is a state of threatened homeostasis (Stratakis & Chorusos, 1995). Stress is a subset of emotion (Lazarus, 1993). St ress is caused by a multitude of demands (stressors), such as an inadequate fit between what we need and what we are capable of, and what our environment offers and what it demands of us (Levi, 1996). Stress is the external pressures and te nsions the internal pressures (Saunders, 1997). In the 1950s stress was describ ed by researchers as a "response to internal or external processes which reach t hose threshold levels that strain its physical and psychological integrative cap acities to, or beyond, their limit" (Basowitz, Persky, Korchin, & Grinkler, 1955 ). In the 1970s, Lazarus (1976) suggested that an individuals stress reaction " depends on how the person interprets or appraises (Consciously or unconsciously) the significance of a harmful, threatening or challenging event." Lazaruss wor k disagrees with that of others who see stress simply as environmental pressure. Instead, "the intensity of the stress experience is determined significantly by how well a person feels he or she can cope with an identified threat. If a pers on is unsure of his/her coping abilities, they are likely to feel helpless and o verwhelmed. Cummings and Cooper (1979) have designed and explained a way of under standing the stress process that can be put in the following points. ISHAN INSTITUTE OF MANAGEMENT & TECHNOLOGY Page 91

Individuals, for the most part, try to keep their thoughts, emotions, and relati onships with the world in a steady state . Each factor of a persons emotional and ph ysical state has a range of stability, in which that person feels comfortable. On the other hand, when disrupt one of these factors beyond the range of stability, the individual must act or cope to restore a feeling of comfort. An individuals behavior aimed at maintaining a steady sate makes up his or her adjustment proces s or coping strategies. A stress is any force that puts a psychological or physic al function beyond its range of stability, producing a strain within the individ ual. Knowledge that a stress is likely to occur constitutes a threat to the indi vidual. A threat can cause a strain because of what it signifies to the person ( Cummings & Cooper, 1979). Stress at work is a relatively new phenomenon of moder n lifestyles. The nature of work has gone through drastic changes over the last century and it is still changing at whirlwind speed. They have touched almost al l professions, starting from an artist to a surgeon, or a commercial pilot to a sales executive. With change comes stress, inevitably. Professional stress or jo b stress poses a threat to physical health. Work related stress in the life of o rganized workers, consequently, affects the health of organizations. Job stress is a chronic disease caused by conditions in the workplace that negatively affec t an individuals performance and/or overall well-being of his body and mind. On e or more of a host of physical and mental illnesses manifests job stress. In so me cases, job stress can be disabling. In chronic cases a psychiatric consultati on is usually required to validate the reason and degree of work related stress. Working on a project on stress at work, Andy Ellis, Ruskin College, Oxford, UK, has shown in a chart how stress can adversely affect an employees performance. In the early stages job stress can rev up the body and enhance performance in the workplace, thus the term I perform better under pressure. However, if thi s condition is allowed to go unchecked and the body is revved up further, the pe rformance ultimately declines and the persons health degenerates. ISHAN INSTITUTE OF MANAGEMENT & TECHNOLOGY Page 92

Symptoms The signs of job stress vary from person to person, depending on the pa rticular situation, how long the individual has been subjected to the stressors, and the intensity of the stress itself. Typical symptoms of job stress can be: Insomnia Loss of mental concentration, Anxiety, stress Absenteeism Depression, S ubstance abuse, Extreme anger and frustration, Family conflict Physical illnesse s such as heart disease, migraine, headaches, stomach problems, and back problem s. Causes of Work Place Job stress may be caused by a complex set of reasons. So me of the most visible causes of workplace stress. Job Insecurity Organized workplaces are going through metamorphic changes under intense economi c transformations and consequent pressures. Reorganizations, takeovers, mergers, downsizing and other changes have become major stressors for employees, as comp anies try to live up to the competition to survive. These reformations have put demand on everyone, from a CEO to a mere executive. High Demand for Performance Unrealistic expectations, especially in the time of corporate reorganizations, w hich, sometimes, puts unhealthy and unreasonable pressures on the employee, can be a tremendous source of stress and suffering. Increased workload, extremely lo ng work hours and intense pressure to perform at peak levels all the time for th e same pay, can actually leave an employee physically and emotionally drained. E xcessive travel and too much time away from family also contribute to an employe es stressors. ISHAN INSTITUTE OF MANAGEMENT & TECHNOLOGY Page 93

Technology The expansion of technology - computers, pagers, cell phones, fax mac hines and the Internet - has resulted in heightened expectations for productivit y, speed and efficiency, increasing pressure on the individual worker to constan tly operate at peak performance levels. Workers working with heavy machinery are under constant stress to remain alert. In this case both the worker and their f amily members live under constant mental stress. There is also the constant pres sure to keep up with technological breakthroughs and improvisations, forcing emp loyees to learn new software all the times. Workplace Culture Adjusting to the w orkplace culture, whether in a new company or not, can be intensely stressful. M aking one self-adapt to the various aspects of workplace culture such as communi cation patterns, hierarchy, dress code if any, workspace and most importantly wo rking and behavioral patterns of the boss as well as the co-workers, can be a le sson of life. Maladjustment to workplace cultures may lead to subtle conflicts w ith colleagues or even with superiors. In many cases office politics or gossips can be major stress inducers. Personal or Family Problems Employees going throug h personal or family problems tend to carry their worries and anxieties to the w orkplace. When one is in a depressed mood, his unfocused attention or lack of mo tivation affects his ability to carry out job responsibilities. Stress in the Wo rk Place: Work plays a powerful role in peoples lives and exerts an important o n their wellbeing. Since the l960s paid work has occupied an increasing proporti on of most peoples. Although employment can be an exciting challenge for many i ndividuals, it can also be a tremendous source of stress. Consequently, as work makes more and more demands on time and energy, Individuals are increasingly exp osed to both the positive and negative aspects of employment. The relationship b etween work and mental and physical health may also contribute to career adjustm ent as well as to the ISHAN INSTITUTE OF MANAGEMENT & TECHNOLOGY Page 94

productivity and economic viability of companies. Three concepts are important t o understanding this relationship: Stress an interaction between individuals and any source of demand (stressor) within their environment. A stressor is the obj ect or event that the individual perceives to be disruptive. Stress results from the perception that the demands exceed ones capacity to cope. The interpretati on or appraisal of stress is considered an intermediate step in the relationship between a given stressor and the individuals response to it. Appraisals are de termined by the values, goals, individual commitment, as personal resources (e.g . income, family, self-esteem) and coping strategies that employees bring to the situation. Newspaper headlines worldwide have heralded an unprecedented concern about the detrimental effects of work stress. The United Nations World Labor Re port attributes the source of stress to work places that are unstable, impersona l, and hostile. Since the early 1960s, researchers have been examining the psych osocial and physical demands of the work environment that trigger stress. Resear ch has identified many organizational factors contributing to increased stress l evels: (a) job insecurity; (b) shift work; (c) long work hours; (d) role conflic t; (e) physical hazard exposures; and (f) interpersonal conflicts with coworkers or supervisors. Reciprocally, elevated stress levels in an organization are ass ociated with increased turnover, absenteeism; sickness, reduced productivity, an d low morale. At a personal level, work stressors are related to depression, anx iety, general mental distress symptoms, heart disease, ulcers, and chronic pain (Sauter, Hurrell, & Cooper, 1989). In addition, many people are distressed by ef forts to juggle work and family demands, such as caring for sick or aging parent s or children (Wiersma & Berg, 1991). Therefore, any exploration of the relation ship between work conditions and mental distress must take into account individu al factors such as sex, age, race, income, education, marital and parental statu s, personality, and ways of coping. To have a balanced approach to understanding work stress, it is necessary to recognize that employment provides rewards that are both internal (intrinsic) and external (extrinsic) ISHAN INSTITUTE OF MANAGEMENT & TECHNOLOGY Page 95

(Locke & Taylor, 1990), (e.g., skill development, self-esteem, money, variety fr om domestic surroundings, social contacts, and personal identity). Job control L ack of control over work, the work place, and employment status have been identi fied X both as sources of stress and as a critical health risk for some workers. Employees who are unable to exert control over their lives at work are more lik ely to experience work stress and are therefore more likely to have impaired hea lth. Many studies have found that heavy job demand, and low control, or decrease d decision latitude lead to job dissatisfaction, mental strain, and cardiovascul ar disease. In general, job control is the ability to exert influence over ones environment so that the environment becomes more rewarding and less threatening . Individuals who have job control have the ability to influence the planning an d execution of work tasks. Research has found that it is the influence resulting from participation, rather than participation per se, which affects job stress and health (Israel, House, Schurman, Heaney, & Mero, 1989). For example, Jackson (1983) found that participation (attendance at staff meetings) had a negative e ffect on perceived job stress, and a positive effect on perceived influence. Thi s, in turn, influenced emotional strain, job satisfaction, absenteeism, and turn over intention. Similarly, Israel et al., (1989) concluded that the ability to c ontrol or influence work factors (e.g., speed and pacing of production) is linke d to incidence of cardiovascular disease as well as to psychosomatic disorders, job dissatisfaction, and depression. Lazarus (1991) has identified three main st rategies for reducing work-related stress. Alter the working conditions so that they are less stressful or more conducive to effective coping. This strategy is most appropriate for large numbers of workers working under severe conditions. E xamples include altering physical annoyances such as noise levels, or changing o rganizational decision-making processes to include employees. Help individuals a dapt by teaching them better coping strategies for conditions that are impossibl e or difficult to change. A limitation to this strategy is that it is costly to deal with each individuals unique transaction with the environment. Interventio n strategies could include individual counseling services for employees, Employe e ISHAN INSTITUTE OF MANAGEMENT & TECHNOLOGY Page 96

Assistance Programs, or specialized stress management programs, such as cognitiv e behavioral interventions. Individuals vary greatly in their capacity to endure stressful situations, and there is, undoubtedly, self-selection in the kinds of jobs and stressors that individuals choose. Because sources of stress may vary from worker to worker, providing a solution for one worker may create stress for another worker. For example, if the organization provides more opportunity for influence over the work process, the change in control may be experienced positi vely by some but negatively by others. A partial solution to this problem may in volve intervening with groups of workers that are formed based on person-environ ment relationships, and which contribute to the generation or reduction of stres s. Sources of stress Stress is unavoidable and has become an inherent part of hu man life. As mentioned earlier, it arises as a result of the imbalance between t he demands placed on an individual and his/her capacity to meet those demands. F or instance, if the demands are way below his/her capacity, then the individual may feel bored and disinterested. Conversely, if demands are way above his/her c apacity, then the individual may feel overwhelmed and thus feel the pressure. On e way to handle such a situation is find a balance between the demands and capac ities. An individual must, therefore, try to reduce demands from the environment and simultaneously increase his/her internal capacity. To achieve this balance people must identify the sources of stress. There are various sources of stress both at home and at work. The common ones can be classified into internal and ex ternal stress. Internal Stress Human beings have a tendency to worry about actio ns that may or may not take place. Internal stress generally happens when indivi duals worry about things outside their control. The personality of an individual plays a vital role in stress management. Every individual can be categorized in to Type A and Type B personalities. An individual of Type A personality has a co ntinual sense of urgency and has an excessive competitive drive. He/she is alway s in a hurry and is impatient. People with Type A personality are obsessive abou t winning and do not have the ability to spend ISHAN INSTITUTE OF MANAGEMENT & TECHNOLOGY Page 97

leisure time productively. These people are likely to be under stress even in mi nor situations. People with Type B personality never sense the urgency of time. They work at their own pace, with no need to prove their achievements. These peo ple are less likely to be under stress. Studies suggest that people with Type A personality are at greater risk of getting heart attacks than people with Type B personality. External Stress This type of stress is the result of environmental influence on an individual. External stress is a result of stress from the envi ronment. This can be stress from family, work, peers, and friends. Physical cond itions such as poor lighting, loud noise, poor seating arrangements, and extreme workplace temperatures (a too hot or too cold cabin) are also stressors. Even t he climate where one resides can be a significant contributor to ones stress leve l. In particular, living in extreme climates can heighten an individuals stress l evel. Temperature extremes and the amount of sunshine that exists on a daily, we ekly, or monthly basis can affect the level of stress experienced. Types of Stre ss Types of stress that are personal and work related are discussed below. Perso nal stress: This is extra-organizational stress. Individuals play many roles in life like that of a father, brother, friend or mother, wife, sister, etc. In thi s process, various factors cause stress. Family stress: Family stress may arise from conflict of ideas or relationships with spouse, children, siblings, parents . This stress may also be caused by the ill-health of a family member, financial problems, a divorce, or the death of a dear one. Health related stress: This ma y be a result of undetected or neglected health problems. For example, a person may neglect minor ill health, which over a period may develop into a serious hea lth problem that may require immediate attention. Often people ignore health and give importance to work. This results in loss of health and in stress. Society related stress: Society related stress occurs due to the influence of the societ y on an individual. Here friends, colleagues, and neighbors are the influencing factors. ISHAN INSTITUTE OF MANAGEMENT & TECHNOLOGY Page 98

For example attending a community meeting after a long workday may seem very str essful. Work-related stress This is organizational stress. Work-related stress r elates to the working environment and policies of the organization. Work related stress can be further classified into organizational stress and job stress. Org anizational stress: The stress resulting from the conflict of organizational goa ls with personal goals is called organizational or work place stress. Lack of or ganization skills: Poor organization skills lead to confusion over Delegation of authority and responsibility: For instance, an employee may be given many respo nsibilities without sufficient authority. This would result in stress in perform ing the duties and responsibilities. Long work hours: Everyone has a natural bod y clock. Working against this clock can create stress. Attempts to alter the bod y clock result in stress. Studies on call center executives show clearly the tol l long work hours take in terms of stress-related illness. A person regularly wo rking long hours without taking a break will be stressed. Job Insecurity: Job in security is a major stress factor. This kind of insecurity and lack of growth or promotions act as stressors. The higher the uncertainty, higher is the stress. A sudden change in management and work policies can also result in stress. For i nstance, a manager who has not been promoted for a long period may feel insecure about his/her future prospects in the organization and feel stressed. Job stres s: Stress that occurs due to lack of resources or scarce resources at the workpl ace is called job stress. Some of the common job stressors are: Difficult client s/ Subordinates/ Superiors/ Colleagues: Every employee has to handle a difficult client at some point of time. A difficult or dissatisfied client is a stress cr eator. Uncooperative colleagues and subordinates too can build up high stress le vels at the workplace. Superiors often feel that putting pressure on subordinate s brings out the best in them, but this is not always true. Some employees feel overwhelmed under stress and cannot work efficiently. ISHAN INSTITUTE OF MANAGEMENT & TECHNOLOGY Page 99

Personal Inadequacy: This can be a lack of knowledge or skills to handle a parti cular task or job. This can create stress. Role conflicts: This is a conflict be tween a persons likes, values, and job requirements. For instance, a manager may have to take a decision regarding firing a subordinate keeping the organizations interest in mind even though he/she may like the subordinates work. This creates a conflict between his/her likes and job responsibilities, resulting in stress. Setting high goals: Setting high goals for oneself is a major stressor. For exam ple, a sales manager may fix some high sales target for himself/herself in a mon th. Not achieving the target may result in stress and in extreme cases may even lead to depression. Overwork and deadlines: Extended periods of work or continuo us work can lead to extreme stress situations. Employees, especially those in th e BPO industry are required to work in shifts that result in irregular rest hour s that create stress. Strict deadlines and rigid plans create stress in employee s. Time and Stress: Stress is a result of doing things at the wrong times. It is a result of mismanaging time and striving hard to stick to deadlines. By develo ping the art of time management, people can reduce stress. Effective time manage ment and stress management are inter-dependent. Time management includes plannin g, delegating, organizing, and performing tasks as per schedule. Working against deadlines can start to create stress in a persons life over a period of time. St ress management deals indirectly with time management, as time management is a m easure to keep stress under control. Effects of stress The human bodys reaction t o stress is natural. It results from the need to resist a stressful situation. F or example, when a person is nervous, there is an increase in his/her pulse rate . This is a fight or flight response. However, things can go out of control if too much stress is present. The person can have a heart attack or a nervous breakdo wn. Too much of stress can tell upon a persons health. If neglected, it can lead to serious health disorders at a later stage. Stress has both physical and psych ological effects on an individual. ISHAN INSTITUTE OF MANAGEMENT & TECHNOLOGY Page 100

Chapter 7 OVERVIEW OF INDIAN RETAIL SECTOR Indian retail industry at a glance Organized retailing has finally emerged from the shadows of unorganized retailin g and is contributing significantly to the growth of Indian retail sector. Some facts about the Indian retail sector: Retail is Indias largest industry, accounti ng for over 10% of the countrys GDP and around 8% of the employment. This sector is expected to increase three fold from the present Rs 5 billion. Organized reta il will form 10% of total retailing by the end of this decade (2010). From 2006 to 2010, the organized sector will grow at the CAGR (Cumulative Annual Growth Ra te) of around 49.53% per annum. Hypermarket is emerging as the most favorable fo rmat for the time being in India. The Indian retailing sector is at an inflexion point where the growth of organized retailing and growth in the consumption by the Indian population is going to take a higher growth trajectory. The Indian po pulation is witnessing a significant change in its demographics. A large young w orking population with median age of 24 years, nuclear families in urban areas, along with increasing working-women population and emerging opportunities in the services sector are going to be the key growth drivers of the organized retail sector in India. Indian Retail industry, the industry which stands second in ter ms of employment generation after agriculture is undoubtedly characterized by th e widely dispersed retail outlet situated at each nook and corner whether its ur ban India or rural. It is the industry which is unlikely known for its unorganiz ed formats. Paanwalas and kiranawallas, street hawkers present everywhere are th e various firms operating hither and thither; and meeting the basic needs of the general public and creating a means of ISHAN INSTITUTE OF MANAGEMENT & TECHNOLOGY Page 101

earning livelihood for many. In India, the retail industry is broadly divided in to the organized and unorganized sectors. The total market in 2005 stood at Rs. 10,000 billion, accounting for about 9-10% of the country s gross domestic produ ct (GDP). Of this total market, the organized sector accounted for Rs. 350 billi on (about 3.5 % of the total) of the total revenues. According to AT Kearney, th e organized retailing industry is expected to cross Rs. 1000 billion revenue mar k by 2010. Traditionally, the retail industry in India comprised of large, mediu m and small grocery stores and drug stores which could be categorized as unorgan ized retailing. Most of the organized retailing in India had recently started an d was mainly concentrated in metropolitan cities. Within a short span of five ye ars retail sector in India has witnessed great changes mainly on account of a gr adual increase in the disposable incomes of the middle and upper-middle class ho useholds. In order to reap the benefit of growing economy more and more corporat e houses including large real estate companies are coming into the retail busine ss, directly or indirectly, in the form of mall and shopping center builders and managers, hence the sea change in retail secto is highly evident. ANTICIPATED G ROWTH Current market size is roughly US$ 286 bn 96% of the 12 Mil less than 500 Sq. ft. Forecast Growth rate for the retailing industry is roughl y 8.3% for 2003-2008 Sales from large format stores would rise by 24-49% Formal and modern format retailing would enjoy rapid growth Industry dynamics Low domes tic competition Because of fragmented nature of industry Lack of exposure to glo bal best practices Low entry barriers for unorganized retailing Moderate entry b arriers for organized retailing Wholesale system under-invested leading to 20-40 % wastage Non level playing field issues Wide differences in treatment of small and large retailers ISHAN INSTITUTE OF MANAGEMENT & TECHNOLOGY Page 102

EMPLOYMENT IN RETAILING Em ploym ent in Retail and w holesale (M n) Employment in Retailing 60 50 40 30 20 10 8.00% 7.00% 6.00% 5.00% 4.00% 3.00%

2.00% 1.00% Indian retail industry has always played an important role in 0 0.00 % improving 91 GDP growth95 96 97lifestyle of the country. The the 92 93 94 rate and 98 99 00 01 90 industry which traditionall y comprised on mom and pop store s Year spread hither and thither is in the revolutionary phase in the Employment % present era. The way retailing is done has come a long way with The emergence of organized or modern retail outlets, there are big players like Big Bazaar, Spencers and Vishal Mega Mart to name a few who have changed the face of retailing in India. These modern retail support outlets as have enormous to the financial traditional and and technological compared unorganized retail outlets. An attempt is made in this paper to study the evolvi ng formats of modern retail and to know their impact on the traditional d istrib ution partners like retailers and distributors. The paper also delves in to the application of various suppl y chain management tools used by the modern retail outlets. The study is conducted by using primary data analysis and case-study ap proach. ISHAN INSTITUTE OF MANAGEMENT & TECHNOLOGY Page 103 % of Total Labor force

EMPLOYMENT IN RETAILING IS INCRAESING Indian retail industry has always played a n important role in improving the GDP growth rate and lifestyle of the country. The industry which traditionally comprised on mom and pop stores spread hither a nd thither is in the revolutionary phase in the present era. The way retailing i s done has come a long way with the emergence of organized or modern retail outl ets. There are big players like Big Bazaar, Spencers and Vishal Mega Mart to name a few who have changed the face of retailing in India. These modern retail outl ets have enormous financial and technological support as compared to the traditi onal and unorganized retail outlets. An attempt is made in this paper to study t he evolving formats of modern retail and to know their impact on the traditional distribution partners like retailers and distributors. The paper also delves in to the application of various supply chain management tools used by the modern retail outlets. The study is conducted by using primary data analysis and case-s tudy approach. UNORGANIZED RETAIL Contributes 96% to total Retailing in India Ty pically small retailers. Evasion of taxes Difficulty in enforcing tax collection mechanisms No monitoring of labor laws ORGANIZED RETAIL Contributes only 4% to total Retailing in India Typically large retailers Greater enforcement of taxation mechanisms High level of labor usage monitoring ISHAN INSTITUTE OF MANAGEMENT & TECHNOLOGY Page 104

THE CHANGING INDIAN CONSUMER Greater per capita income Increase in disposable in come of middle class households 20.9% growth in real disposable income in 99-03. GROWING HIGH AND MIDDDLE INCOME POPULATION Growing at a pace of over 10% per ann um over last decade Falling interest rates Easier consumer credit Greater variet y and quality at all price points THE URBAN CONSUMERS Getting exposed to international lifestyles Inclined to acqu iring asset More discerning and demanding than ever No longer need-based shoppin g Shopping is a family experience CHANGING MINDSET Increasing tendency to spend Post Liberalization children comin g of age100 mn 17-21 year olds. Tend to spend freely. Greater levels of educatio n EMERGING RETAIL FORMATS IN INDIA India is watching resurgence of Retail sector w hereby it has grown from the traditional Mom and Pop stores present here and the re in the neighborhood catering to the convenience of the consumers to the emerg ence of shopping centers mainly in urban centers with facilities like car parkin g and finally growth of modern retail formats like hyper and super markets tryin g to provide customer with 3 V s- Value, Variety and Volume (Lakshmi Narayanaswa my, Mudit Sharma,). A brief description of the various modern formats of retaili ng emerging in India: ISHAN INSTITUTE OF MANAGEMENT & TECHNOLOGY Page 105

MALLS Malls are an upcoming trend in retail market. They form largest share of o rganized retailing today. Located mainly in metro cities, in proximity to urban outskirts. Ranges from 60,000 sq ft to 7,00,000 sq ft and above. They lend an id eal shopping experience with an amalgamation of product, service and entertainme nt; all under a common roof. Examples include DLF City Center, The Metropolitan and Big Bazaar around Delhi, Crossroads and R-Mall in Mumbai and Spencer s in Ch ennai are revolutionizing the way middle class Indian consumers shop. These mall s have very efficient and effective supply chains which ensure product availabil ity and tracking of the product is feasible easily. SPECIALITY STORES A specialt y store concentrates on a limited number of complementary merchandise categories and provides a high level of service in an area typically under 8,000 square fe et (Levy, Michael 2006); Chains such as the Bangalore based Kids Kemp, the Mumba i books retailer Crossword, RPGs Music World and the Times Groups music chain Planet M, are focusing on specific market segments and have established themselv es strongly in their sectors. Since this format has less diverse product range t hus it is comparatively easy to manage supply chains. DISCOUNT STORES According to Levy and Weitz a Discount Store is a retailer that offers a broad variety of merchandise, limited service, and low prices. Discount stores offer both private labels and national brands, but these brands are typically less fashion-oriente d than brands in department stores. The discount stores or factory outlets, offe r discounts on the MRP through selling in bulk reaching economies of scale or ex cess stock left over at the season. The product category can range from a variet y of perishable/ nonperishable goods. The coverage of products in this kind of f ormat is quite extensive and the demand fluctuation is also high thus if offers challenges in managing supply chains effectively. ISHAN INSTITUTE OF MANAGEMENT & TECHNOLOGY Page 106

DEPARTMENT STORES Department stores as the retailers that carry a broad variety and deep assortment, offer some customer services, and are organized into separa te departments for displaying merchandise. These are the large stores ranging fr om 20000-50000 sq. ft, catering to a variety of consumer needs. They can be furt her classified into localized departments such as clothing, toys, home, grocerie s, etc. Departmental Stores are expected to take over the apparel business from exclusive brand showrooms. Among these, the biggest success is K Rahejas Shoppe rs Stop, which started in Mumbai and now has more than seven large stores (over 30,000 sq. ft) across India and even has its own in store brand for clothes call ed Stop!. It is one of the most complicated retail formats catering to the most diversified set of consumer needs. It becomes very difficult to manage the inven tory of so many products and brands. SUPER MARKET As defined by Food Marketing I nstitute Supermarket is self-service food store with grocery, meat and produce d epartment and minimum annual sales of 2 million . In India, there is growing num ber of such stores especially in metros and big cities (Anjali, Gupta 2006). The se are located in or near residential high streets. These stores today contribut e to 30% of all food & grocery organized retail sales. Super Markets can further be classified in to mini supermarkets typically 1,000 sq ft to 2,000 sq ft and large supermarkets ranging from of 3,500 sq ft to 5,000 sq ft. having a strong f ocus on food & grocery and personal sales. HYPERMARKET Combination food and drug stores average 4,600 square meters of selling space. Hyper markets are even lar ger, ranging between 7,400 and 20,400 square meters. The Hyper markets combines supermarket, discount warehouse retailing principles. Its product assortment goe s beyond routinely purchased goods and includes furniture, large and small appli ances, clothing and many items. The basic approach is bulk display and minimum h andling by stores personnel, with discounts offered to customers who are willing to carry heavy appliances and furniture out of the stores. Pantaloon Retail Ind ia Ltd. (PRIL) is now emerging as India s first Hyper Market ISHAN INSTITUTE OF MANAGEMENT & TECHNOLOGY Page 107

chain. Modeled along the lines of global Hyper Market Chains like Wal-Mart, the Big Bazaar will stock several product categories. CONVINIENCE STORES These are r elatively small stores 400-2,000 sq. feet located near residential areas. They s tock a limited range of high-turnover convenience products and are usually open for extended periods during the day, seven days a week. Prices are slightly high er due to the convenience premium. MBOs Multi Brand outlets, also known as Categ ory Killers, offer several brands across a single product category. These usuall y do well in busy market places and Metros. ISHAN INSTITUTE OF MANAGEMENT & TECHNOLOGY Page 108

EVOLUTION OF THE INDIAN RETAIL INDUSTRY The Indian retail industry is evolving in line with changing customer aspiration s across product groups, with modern formats of retailing emerging. This is in l ine with what has been observed in other developed markets. Organized retailing in most economies has typically passed through four distinct phases in its evolu tion cycle. In the first phase, new entrants create awareness of modern formats and raise consumer expectations. In the second phase, Consumers demand modern fo rmats as the market develop - thereby leading to strong growth. As the market ma tures, intense competition forces retailers to invest in backend operating effic iency. In the final phase, retailers explore new markets as well as inorganic op portunities as growth tapers off. India is currently in the second phase of this evolution, with Indian customers becoming more demanding with their rising stan dard of living and changing lifestyles. Change in customers focus from just buy ing to shopping (buying, entertainment and experience) has led to a pickup in th e momentum of organized formats of retailing. As the sector enters the third pha se of evolution, supply chain management will attain top priority. Fierce compet ition will force retailers to quickly respond to changes in the market - bringin g forth the importance of supply chain management in managing stock availability , supplier relationships, new value added services and cost cutting. Traditional retailers are expected to enhance their investments in supply chain, whilst new entrants are likely to look at supply chain first before rolling out their nati onal reach. Foreign Direct Investment (FDI) if allowed will help bring in world class retail practices and also provide boost to the supply chain infrastructure , which is at not as responsive to the changing and flexible demands of the cust omers. Growth in Organized Retail: Indian Retail Market is by large unorganized. Organized retailing constitutes ju st 3% of Rs. 9,30,00,000 Lakhs Indian retail market. However, the scale of organ ized activity is not equally spread out across all sectors. The Watches sector i s the most organized of all with almost 40 percent of the market being controlle d by branded and organized players. ISHAN INSTITUTE OF MANAGEMENT & TECHNOLOGY Page 109

The next most organized segment is that of Footwear (25%) followed by Clothing ( 13.6%). Of all the retail sectors, the least organized one are Food & Grocery (1 %), Jewellery (2%) and Health & Beauty (2%). All three sectors are huge in size. F&G is the largest of all sectors (worth Rs.6,15,00,000 Lakhs); India is the wo rlds biggest market for gold and jewellery though there is hardly any retailer with a national presence in this sector other than a few; Health and beauty cons ciousness among Indian consumers, especially the urban youth, is on the rise and consumers will readily accept any quality offering in this context, service as well as product. There exists huge potential in these and all other sectors. Org anized retail sector has been growing at 28% per annum but has only 3% market sh are in the highly fragmented retail industry in India. AT Kearney has ranked Ind ia as the second most attractive retail market after Russia, in its Global Retai l Development Index 2004 Report. The top ten cities account for 96% of total org anized retail, of which the top six cater to 82%. The retailing industry in Indi a, estimated at Rs. 9,30,00,000 Lakhs (2003-04) is expected to grow at 5 percent per annum. The size of the organized retailing market in 2004 stood at Rs. 28,0 0,000 Lakhs, thereby making up a mere 3% of the total retailing market. In line with predictions made by the first IMAGES-KSA Retail Report 2002, organized reta iling is well on its way to become a Rs. 35,00,000 Lakhs market by end- 2005. Mo ving forward, organized retailing is projected to grow at the rate of 2530 perce nt per annum and is estimated to reach an astounding Rs. 1,00,00,000 Lakhs by 20 10. Further, its contribution to total retail sales is likely to rise to 9 perce nt by the end of the decade. Within the organized retail sector, clothing & text ile dominate with a 39% share of the pie followed by Food & Grocery, which have an 11% market share. Going forward watches, jewellery and footwear will also inc rease their share of the pie with increasing number of super & hypermarkets. ISHAN INSTITUTE OF MANAGEMENT & TECHNOLOGY Page 110

Chapter 8 COMPANY PROFILE History: Our Company was incorporated as Lakme Limited (Lakme) on 5th December, 1952. It was promoted by The Tata Oil Mills Company Limited (TOMCO) as its wholly owned s ubsidiary. Lakme was in the business of manufacturing, sale and export of cosmet ics, toiletries and perfumery products. The name of Lakme was changed from Lakme Limited to Lakme Private Limited in December 07, 1954. In 1981, Lakme set up a separate pharmaceutical division called Tata Pharma for the manufacture, sale an d export of drugs and pharmaceutical products. In 1982, Lakme became a listed pu blic company, pursuant to the public issue of equity shares and divestment by TO MCO of part of its stake in Lakme. In 1989, Lakme set up Lakme Exports Limited ( Lakme Exports) a 100% exportoriented unit in the Kandla Free Trade Zone. Lakme E xports was a 100% subsidiary of Lakme. In 1990, Lakme, through its Subsidiary La kme Exports, acquired control and management of a company called Miaami Pharma a nd Chemicals Private Limited (MPCL), which was engaged in the manufacture and sa le of intravenous fluids. In 1993, Tata Oil Mills Company Limited was acquired b y Hindustan Lever Limited (HLL). The shares of Lakme held by TOMCO were acquired by Tata Sons Limited (TSL) by virtue of which TSL became Promoter of Lakme. In the year 1994, MPCL amalgamated with Lakme. Tata Pharma, the pharmaceutical divi sion of Lakme, was transferred, as a going concern to a separate Company called Tata Pharma Limited, with effect from 1st April 1995. However, Lakme retained th e MPCL operations. With effect from 1st January 1996, the sales and marketing in frastructure of Lakme and its subsidiary were transferred to a joint venture com pany called Lakme Lever Limited (Lakme Lever), which was a joint venture between Lakme and Hindustan ISHAN INSTITUTE OF MANAGEMENT & TECHNOLOGY Page 111

Lever Limited (HLL), with each party holding 50% of the equity capital of the jo int venture company. At the same time, Lakme also transferred its brands, techno logies and related intellectual properties to its 100% subsidiary called Lakme B rands Limited (Lakme Brands). With effect from 1st September 1996, the MPCL Divi sion was transferred to Bal Pharma Limited, as a going concern. In 1998, Lakme d ecided to divest from its cosmetics business and accordingly transferred its ent ire holding in the capital of Lakme Lever to HLL. Lakme also transferred its man ufacturing facilities situated at Deonar, Mumbai to HLL. Lakme Exports transferr ed its manufacturing activities situated at the Kandla Free Trade Zone to HLL. T he trademarks and other intellectual properties held by Lakme Brands were also t ransferred to HLL. Having divested from the cosmetic business, the management of Lakme saw a huge opportunity in the area of apparel retailing, given the absenc e of established brands in areas like ladies wear, kids wear, and household and gift articles. It was therefore decided that Lakme would establish a strong pres ence in the apparel and soft goods retailing market by opening a chain of Depart mental Stores across the country, while catering to requirements of customers in mens wear, ladies wear, kids wear, play shop, household, gift shop and lingeri e. With this objective, in March 1998, Lakme acquired 100% Equity Shares of Litt lewoods International (India) Private Limited (LIIPL) from Littlewoods Internati onal Limited, U.K. LIIPL was in the business of retailing of readymade garments for men, ladies and children, household and gift items, accessories etc. With ef fect from 1st January 1998, Lakme Exports was amalgamated with LIIPL and the mer ged entity was named as Trent Limited. Trent Limited, formerly known as Littlewo ods International (India) Limited was amalgamated with Lakme, with effect from 1 st July 1998, and the name of Lakme Limited was changed to Trent Limited. ISHAN INSTITUTE OF MANAGEMENT & TECHNOLOGY Page 112

In September 2002, our Company along with its subsidiary, Trent Brands Limited a cquired shares in the capital of Fiora Services Limited (FSL), thereby making FS L a subsidiary of our Company. FSL is engaged in the business of sourcing, wareh ousing and clearing and forwarding services. In October, 2004 our Company entere d the mass-retailing segment by opening a hypermarket store under the name and s tyle of STAR INDIA BAZAAR, at Ahmedabad. In September 2004, our Company acquired 100% of the share capital of Satnam Developers & Finance Private Limited (SDFPL ). SDFPL is engaged in the business of development of commercial property. In Au gust 2005, Fiora Link Road Properties Limited (FLRP) was formed. Entire share ca pital of FLRP is held by our Company. FLRP is engaged in the business of develop ment of commercial property. In September 2005, our Company acquired 100% of the share capital of Nahar Theatres Private Ltd (Nahar). Nahar is engaged in the bu siness of development of commercial property. In August 2005, our Company entere d the books and music retail market with the acquisition of 75% share in Landmar k, a partnership firm and further acquired a 3% share in March 2006. With effect from March 31, 2006, Landmark was converted into limited company- Landmark Limi ted (Landmark). During February 2007, Landmark acquired 2,40,000 equity shares ( 52.18%) of East West Books (Madras) Private Limited (East West) for a total cons ideration of Rs. 1,14,76,800 making it a subsidiary of Landmark. Landmark is a l eading book and music retailer in the country and is poised for rapid expansion. Landmark operates 9 stores located in various cities. Landmark has over 100,000 book titles and is a treasure trove for avid readers. Besides this it has a str ong presence in toys and furnishings. Currently, our Company is carrying on the business of retailing of readymade garments for men, ladies and children, househ old and gift items, footwear, ISHAN INSTITUTE OF MANAGEMENT & TECHNOLOGY Page 113

accessories, toys etc., under the name "Westside" and mass retailing under the n ame "STAR INDIA BAZAAR". Since the takeover of LIIPL, our Company has grown from one store to twenty six stores of Westside, which are located at various places in India and one store of STAR INDIA BAZAAR at Ahmedabad. One of the distinguis hing features of our Company is that it sells the products under its own exclusi ve brand names. Our Companys brands "Westside", "Trent", "SRC", "Richmond", "Sa ssy", "Street Blues", "Gia", "2 Fast 4 U", "Asscot" and "West sport" have been w ell accepted and are fast gaining popularity. Our Company provides quality produ cts at reasonable prices to its customers. Value for money, styling, and a pleas ant and comfortable shopping ambience, accompanied by courteous service has cont ributed to our Companys products being well accepted and well recognized. Our C ompany has adopted the Tata Business Excellence Model in order to enhance the qu ality of our Companys service and products. Our Company has also adopted the Ta ta Code of Conduct and adheres to good corporate practices vide a Tata Brand Equ ity and Business Promotion Agreement dated December 23, 1999. Our Company vide t he said agreement, can use and is associated with the Tata name, Mark and Market ing Indicia in respect of our Companys products and services or other uses as a pplicable. Westside is established in 1998 as part of the Tata Group, Trent Ltd. And is one of the Indias largest and fastest growing chains of retail stores. St yle, affordable prices, quality these are the factors that have shaped Westside success story in the retail fashion stores business. Launched in 1998 in Bangalo re, the Westside chain has, ever since, been setting the standards for other fas hion retailers to follow. The Westside story really began in 1997, when the Tatas sold Lakme, their cosmetics business, to Hindustan Lever and acquired the Brita in-based Littlewoods retail chain. A new entity called Trent Limited emerged fro m this move and Littlewoods was renamed Westside. ISHAN INSTITUTE OF MANAGEMENT & TECHNOLOGY Page 114

Vision and Mission: At Westside our mission is to be regarded by our customers as the most relevant retailer in the country. In order to achieve this goal, we shall develop a compr ehensive understanding of their need, strive to win their confidence, and offer them best-in-class products and services at affordable price. We shall always ob ey in the forefront of fashion and services by anticipating and exceeding the ex pectation of our customers. Our leadership will be the product of our styling, q uality and service consciousness. We will continue to scale new heights of excel lence through teamwork, in an atmosphere that encourages creativity and innovati veness. It is our policy to satisfy our customers with the large, quality and va lue of the products we offer. However, if they are dissatisfied with any item th at they might have purchased we would take the necessary measures to assist them . We expect our customers to return unused merchandise along with its receipt wi thin 30 days; we would exchange the returned items or give our customers a compl ete refund. In the event that they do not have the receipt we would offer them a n exchange or provide them a gift voucher to current or last known selling price . We have complete confidence in the quality of our merchandise however should o ur customers have any grievances, we would be happy to address them once they ar e brought to our attention. ISHAN INSTITUTE OF MANAGEMENT & TECHNOLOGY Page 115

Head office and Branch office: Registered office: Bombay House 24, Homi Mody Street Mumbai 400001, Maharashtra, India Contact No.: +91-22-66658282 Fax No.: +91-22-22042081 Trent Limited Trent House G Block, Plot No. C- 60, Beside Citibank Bandra Kurla Complex, Bandra (East), Mumbai 51 Board no. 67009000 reception: 67009026/6700902 7 E-mail of the company: mywestside@trent-tata.com Contact No. Fax no.: +91-02266767575 +91-022-26106193 ISHAN INSTITUTE OF MANAGEMENT & TECHNOLOGY Page 116

PRODUCTS OF THE WESTSIDE Ladies wearLadies wear is displayed on the ground floor as well as on the first floor .Ground floor is fully dedicated to Ladies western wear and first floor is for the Indian Ethnic wear. During my 2 month program I was asked to look after the sale and stock of ladies wear. Apart from apparel it also includes toiletri es items. Ladies wear contain only in-house brands. Nuon: Nuon is the in house b rand targeting to the TEENAGERS of the age between 13-18 years. It includes latest merchandise of latest fashion. Which is easily taken by the young girls? Nuon i s the brand which has good sense of latest fashion .It includes Sorts, Single pi eces dress, Party wear dress, and designer dress. Gia: Gia is unique collection is very good example of market segmentations. It is targeted to plus sizes women who rarely find their dress at any stores. I personally found that Gia has thei r own customer who regularly to check whether is there any new stock in the disp lay. Gia manages to achieve its target quite easily due to latest collection and unique target customer. Western Formal: Western formal includes corporate dress es and is targeted to office going women and girls. It has wide range of collect ion of formal suitings .Now a days formal cloths are in need for corporate societ y so it is easily purchased by the people. Western Casual: Western Casual is mea nt for every on and it has widest range of collection. Its price starts from 199 to 799 and size varying from extra-small to extralarge. It has large collection and selected by the customer on one glimpse. Ethnic Section: Ethnic section has the good collection of Indian wear i.e. salwar suit and traditional kurta. That was most preferred by the women. Toiletries: Toiletries includes cosmetic which comprises different outside brand such as LAKME, REVELON, and CHAMBOR. It also includes hand bags which is from both in-house and outside. Outside brand is Fir oolee. Jewellery section is located at center area of the ground floor which has 2 outside brand i.e. Gili and Cygnus. ISHAN INSTITUTE OF MANAGEMENT & TECHNOLOGY Page 117

House hold sectionHouse hold section is divided into two parts soft goods and ha rd goods. Soft good: it includes all these, Towels: Towels are of two types Luxu ry and Friendly. Both contain Bath towel (70 by 140), Hand towel (40 by 60) and Face towel (35 by 35). The main difference between these two towels are, that Lu xury towel is made of large GSM (Grand Square Meter).Which can absorb 1 drop of water in 1 second. Bed linen section: Which include Bed cover single (60by90) an d double (90 by108). Pillow cover (17 by 27), Cushion cover (12by12) and (16 by 16).Bed linen are also of two types Luxury and Friendly. Table linen: Rectangle table cover is of two type friendly and luxury (60by100). Square table cover is of two type friendly and luxury. Round table cover are of two type friendly and luxury (60by60), Runner (14by72), Napkin (16by16) 2 pieces set, Mat (13 by 19) 2 pieces set, filler, pillow, cushion, booster. Foot wear sectionFootwear section is occupying the least floor space but it can easily achieve its target. Foot we ar section is the only section having no authorized departmental manager and sal es officer. It is being taken by the senior sales associates. Male: In-house bra nds Azzurro, David jones, Wespores Outside brands- Id, Lee cooper, Provogue Fema le: In-house brands- Boho (Light weight), Head Over Hills (khola puri), and its Sholes are of different material- Polyurethen, PVC, TRP (Tarry Rubber Plastic), Sweat Leather. ISHAN INSTITUTE OF MANAGEMENT & TECHNOLOGY Page 118

Kids wear sectionKids wear department is further divided into four sub departmen t. Boys: In-house brand-Street Blues Outside brand- Harry porter Girls: In-house brand-Girls rule Outside brand-Hanna Montanna Infants: Includes new born and tu rny born Play shop: Play shop has all outside brand some of them are as follow 1 . Fisher price 2. My baby excel 3. Maesto 4. World republic 5. Toy craft 6. Barb ie 7. Match box 8. Funskool 9. Hot wheel 10. Nuby ISHAN INSTITUTE OF MANAGEMENT & TECHNOLOGY Page 119

Entry into Retail The operating store in Bangalore and the knowledge of the retail industry in LII PL provided our Company with a sound foundation and the foray into the apparel r etail business was made under a brand name "Westside". In a short span of 8 year s Westside has positioned itself as one of the leading organized apparel retaile rs in India taking the shortest time to break even in the organized apparel reta il sector in India. Our company has expanded its Westside Stores in the major me tros and mini-metros of India, and has its presence in 20 cities and is spread a cross all the 5 regions. Our Company in a short span of over 8 years has carved out a name for itself using a different business model of uniquely positioning W estside as a chain of stores offering own label products. This business model is not only a difficult model to implement successfully but is also difficult to r eplicate thereby giving our Company a unique advantage. Our competitors are now trying to change their business strategy to increase the share of own labels. Af ter having established its name in the apparel sector our Company has expanded i ts focus to food and grocery business as a part of its strategy. This was done t o tap the huge potential lying in the food and grocery business with its target segment being the SEC B /C. In 2004 we opened our first Hypermarket store under the brand name - "Star India Bazaar" The company has already established 36 West side departmental stores (measuring 15,000 - 30,000 square feet each) in Ahmedab ad, Bangalore, Chennai, Delhi, Gurgaon, Ghaziabad & Noida (to be considered as 1 city), Hyderabad, Indore, Jaipur, Kolkata, Ludhiana, Lucknow, Mumbai, Mysore, N agpur, Pune, Rajkot, Surat, Vadodara and Jammu. The company hopes to expand rapi dly with similar format stores that offer a fine balance between style and price retailing. Trent ventured into the hypermarket business in 2004 with Star Bazaa r, providing an ample assortment of products made available at the lowest prices , aptly exemplifying its Chota Budget, Lambi Shopping motto. At present Star Bazaa r has 4 stores in 3 cities located in Ahmedabad, Mumbai and Bangalore. This stor e offers customers an eclectic array of products that include staple foods, beve rages, health and beauty ISHAN INSTITUTE OF MANAGEMENT & TECHNOLOGY Page 120

products, vegetables, fruits, dairy products, consumer electronics and household items at the most affordable prices. Star Bazaar also includes a larger range o f fashionable in-house garments for men, women and children, exclusively availab le at the store. In addition, Trent recently acquired a 76% stake in Landmark, o ne of the largest books & music retail chains in the country. Landmark began ope rations in 1987 with its first store in Chennai with a floor space of 5500 sq. f t. At present Landmark have 10 stores, varying in size from 12,000 sq. ft. to 45 ,000 sq. ft, 3 in Chennai and 1 each in Bangalore, Gurgaon, Mumbai, Vadodara, Gu rgaon, Pune, Lucknow and Ahmedabad. Until 1996, Landmarks product portfolio compr ised books, stationery, and greeting cards. It was later that music was added to it. Landmark also sparked the trend of stocking curios, toys and other gift ite ms. What separates Landmark from other stores of its kind is the range and depth of its stock. ISHAN INSTITUTE OF MANAGEMENT & TECHNOLOGY Page 121

TATA CODE OF CONDUCT 1. National Interest A Tata company shall be committed in all its actions to ben efit the economic development of the countries in which it operates. It shall no t engage in any activity that adversely affects such an objective. It shall not undertake any project or activity to the detriment of the nations interests, or those that will have any adverse impact on the social and cultural life pattern s of its citizens. A Tata company shall conduct its business affairs in accordan ce with the economic, development and foreign policies, objectives and prioritie s of the nations government, and shall strive to make a positive contribution t o the achievement of such goals at the international, national and regional leve l, as appropriate. 2. Financial Reporting and Records A Tata company shall prepa re and maintain its accounts fairly and accurately in accordance with the accoun ting and financial reporting standards which represent the generally accepted gu idelines, principles, standards, laws and regulations of the country in which th e company conducts its business affairs. Internal accounting and audit procedure s shall fairly and accurately reflect all of the companys business transactions and disposition of assets. All required information shall be accessible to comp any auditors and other authorized parties and government agencies. There shall b e no willful omissions of any company transactions from the books and records, n o advance income recognition, and no hidden bank account and funds. Any willful material misrepresentation of and/or misinformation on the financial accounts an d reports shall be regarded as a violation of this code, apart from inviting app ropriate civil or criminal action under the relevant laws. 3. Competition A Tata company shall fully strive for the establishment and support of a competitive, open market economy in India and abroad, and shall cooperate in efforts to promo te the progressive and judicious liberalization of trade and investment by a cou ntry. ISHAN INSTITUTE OF MANAGEMENT & TECHNOLOGY Page 122

Specifically, a Tata company shall not engage in activities that generate or sup port the formation of monopolies, dominant market positions, cartels and similar unfair trade practices. A Tata company shall market its products and services o n its own merits and shall not make unfair and misleading statements about compe titors products and services. Any collection of competitive information shall b e made only in the normal course of business and shall be obtained only through legally permitted sources and means. 4. Equal - Opportunities Employer A Tata co mpany shall provide equal opportunities to all its employees and all qualified a pplicants for employment, without regard to their race, caste, religion, colour, ancestry, marital status, sex, age, nationality and disability. Employees of a Tata company shall be treated with dignity and in accordance with the Tata polic y of maintaining a work environment free of sexual harassment, whether physical, verbal or psychological. Employee policies and practices shall be administered in a manner that ensures that in all matters equal opportunity is provided to th ose eligible and that decisions are based on merit. 5. Gifts and donations A Tat a company and its employees shall neither receive nor offer or make, directly or indirectly, any illegal payments, remuneration, gifts, donations or comparable benefits which are intended to or perceived to obtain business or uncompetitive favours for the conduct of its business. However, a Tata company and its employe es may accept and offer nominal gifts, which are customarily given and are of a commemorative nature, for special events. 6. Government Agencies A Tata company and its employees shall not offer or give any company funds or property as donat ion to any government agencies or their representatives, directly or through int ermediaries, in order to obtain any favourable performance of official duties ISHAN INSTITUTE OF MANAGEMENT & TECHNOLOGY Page 123

7. Political Non-Alignment A Tata company shall be committed to and support a fu nctioning democratic constitution and system with a transparent and fair elector al system in India. A Tata company shall not support, directly or indirectly, an y specific political party or candidate for political office. The company shall not offer or give any company funds or property as donations, directly or indire ctly, to any specific political party, candidate or campaign. 8. Health, Safety and Environment A Tata company shall strive to provide a safe and healthy workin g environment and comply, in the conduct of its business affairs, with all regul ations regarding the preservation of the environment of the territory it operate s in. A Tata company shall be committed to prevent the wasteful use of natural r esources and minimize any hazardous impact of the development, production, use a nd disposal of any of its products and services on the ecological environment. 9 . Quality of Products and Services A Tata company shall be committed to supplyin g goods and services of the highest quality standards, backed by efficient after -sales service consistent with the requirements of the customers to ensure their total satisfaction. The quality standards of the companys goods and services s hould meet the required national standards, and the company should endeavour to achieve international standards. 10. Corporate Citizenship A Tata company shall be committed to be a good corporate citizen, not only in compliance with all rel evant laws and regulations, but also by actively assisting in the improvement of the quality of life of the people in the communities in which it operates, with the objective of making them self-reliant. Such social responsibility would com prise: initiating and supporting initiatives in the field of community health an d family welfare, water management, vocational training, education and literacy, and encouraging the application of modern scientific and ISHAN INSTITUTE OF MANAGEMENT & TECHNOLOGY Page 124

managerial techniques and expertise. This will be reviewed periodically in conso nance with national and regional priorities. The company shall also not treat th ese activities as optional ones, but shall strive to incorporate them as integra l part of its business plan. The company shall also encourage volunteering among its employees and help them to work in the community. Tata companies are encour aged to develop social accounting systems and to carry out social audits of thei r operations. 11. Cooperation of Tata Companies A Tata company shall cooperate w ith other Tata companies by sharing physical, human and management resources as long as this does not adversely affect its business interests and shareholder va lue. In the procurement of products and services, a Tata company shall give pref erence to another Tata company as long as it can provide these on competitive te rms relative to third parties. 12. Public representation of the company and the Group A Tata company shall honour the information requirements of the public and its stakeholders. In all its public appearance with respect to disclosing compa ny and business information to public constituencies such as the media, the fina ncial community, employees and shareholders, a Tata company or the Tata Group sh all be represented only by specifically authorized directors and employees. It w ill be the sole responsibility of these authorized representatives to disclose i nformation on the company or the group. 13. Third-Party Representation Parties w hich have business dealings with the Tata Group but are not members of the group , such as consultants, agents, sales representatives, distributors, contractors, suppliers, etc. shall not be authorized to represent a Tata company if their bu siness conduct and ethics are known to be inconsistent with this code. ISHAN INSTITUTE OF MANAGEMENT & TECHNOLOGY Page 125

14. Use of the Tata Brand The use of the Tata name and trademark owned by Tata S ons shall be governed by manuals, codes and agreements issued by Tata Sons. The use of the Tata brand is defined in and regulated by the Tata Brand Equity & Bus iness Promotion Agreement. 15. Ethical Conduct Every employee of a Tata company, including whole-time directors and the managing director, shall deal on behalf of the company with professionalism, honesty and integrity, as well as high mora l and ethical standards. Such conduct shall be fair and transparent and be perce ived to be as such by third parties. 16. Group Policies A Tata company shall rec ommend to its board of directors the adoption of policies and guidelines periodi cally formulated by Tata Sons. 17. Shareholders A Tata company shall be committe d to enhance shareholder value and comply with all regulations and laws that gov ern shareholders rights. The board of directors of a Tata company shall duly an d fairly inform its shareholders about all relevant aspects of the companys bus iness, and disclose such information in accordance with the respective regulatio ns and agreements. Every employee shall be responsible for the implementation of and compliance with this code in his or her professional environment. Failure t o adhere to the code could attract the most severe consequences, including termi nation of employment. 8. Regulatory Compliance Every employee of a Tata company shall, in his or her business conduct, comply with all applicable laws and regul ations, both in letter and in spirit, in all the territories in which he or she operates. If the ethical and professional standards set out in the applicable la ws and regulations are below that of the code, then the standards of the code sh all prevail. ISHAN INSTITUTE OF MANAGEMENT & TECHNOLOGY Page 126

19. Concurrent Employment An employee of a Tata company shall not, without the p rior approval of the managing director of the company, accept employment or a po sition of responsibility (such as a consultant or a director) with any other com pany, nor provide freelance services to anyone. In the case of a whole-time di rector or the managing director, prior approval must be obtained for providing s uch services from the board of directors of the company. 20. Conflict of Interes t An employee of a Tata company shall not engage in any business, relationship o r activity, which might detrimentally conflict with the interest of his company or the Group. A conflict of interest, actual or potential, may arise where, dire ctly or indirectly: An employee of a Tata company engages in a business, relatio nship or activity with anyone who is party to a transaction with his or her comp any; An employee is in a position to derive a personal benefit or a benefit to a ny of his or her relatives by making or influencing decisions relating to any tr ansaction; An independent judgment of the companys or Groups best interest can not be exercised. The main areas of such actual or potential conflicts of interest would include t he following: Financial interest of an employee of a Tata company or his relativ es, including the holding of an investment in the subscribed share capital of an y company or a share in any firm which is an actual or potential competitor, sup plier, customer, distributor, joint venture or other alliance partner of the Tat a company. (The ownership of up to 1 per cent of the subscribed share capital of ISHAN INSTITUTE OF MANAGEMENT & TECHNOLOGY Page 127

a publicly held company shall not ordinarily constitute a financial interest for this purpose.) An employee of a Tata company conducting business on behalf of h is or her company, or being in a position to influence a decision with regard to his or her companys business with a supplier or customer of which his or her r elative is a principal, officer or representative, resulting in a benefit to him /her or his/her relative. Award of benefits such as increase in salary or other remuneration, posting, promotion or recruitment of a relative of an employee of a Tata company, where such an individual is in a position to influence the decis ion with regard to such benefits. Acceptance of gifts, donations, hospitality an d/or entertainment beyond the customary level from existing or potential supplie rs, customers or other third parties which have business dealings with the compa ny. Notwithstanding that such or other instances of conflict of interest exist d ue to any historical reasons, adequate and full disclosure by the interested emp loyees should be made to the companys management. It is also incumbent upon eve ry employee to make a full disclosure of any interest which the employee or the employees immediate family, which would include parents, spouse and children, m ay have in a company or firm which is a supplier, customer, distributor of or ha s other business dealings with his or her company. Every employee who is require d to make a disclosure as mentioned above shall do so, in writing, to his or her immediate superior, who shall forward the information along with comments to th e person designated for this purpose by the MD/CEO, who in turn will place it be fore the MD/CEO and/or the board of directors/executive committee appointed by t he board and, upon a decision being taken in the matter, the employee concerned will be required to take necessary action as advised to resolve/avoid the confli ct. If an employee fails to make a disclosure as required herein, and the manage ment of its own accord becomes aware of an instance of conflict of interest that ought to have ISHAN INSTITUTE OF MANAGEMENT & TECHNOLOGY Page 128

been disclosed by the employee, the management shall take a serious view of the matter and consider suitable disciplinary action against the employee. 21. Secur ities transactions and confidential information An employee of a Tata company an d his or her immediate family shall not derive any benefit or assist others to d erive any benefit from access to and possession of information about the company or the Group, which is not in the public domain and thus constitutes insider in formation. An employee of a Tata company shall not use or proliferate informatio n which is not available to the investing public and which therefore constitutes insider information for making or giving advice on investment decisions on the securities of the respective Tata company on which such insider information has been obtained. Such insider information might include the following: Acquisition and divestiture of businesses or business units; Financial information such as profits, earnings and dividends; Announcement of new product introductions or de velopments; Asset revaluations; Investment decisions/plans; Restructuring plans; Major supply and delivery agreements; raising finances. 22. Protecting Company Assets The assets of a Tata company shall not be misused but shall be employed f or the purpose of conducting the business for which they are duly authorized. Th ese include tangible assets such as equipment and machinery, systems, facilities , materials and resources as well as intangible assets such as proprietary infor mation, relationships with customers and suppliers, etc. ISHAN INSTITUTE OF MANAGEMENT & TECHNOLOGY Page 129

23. Citizenship An employee of a Tata company shall in his or her private life b e free to pursue an active role in civic or political affairs as long as it does not adversely affect the business or interests of the company or the Group. 24. Integrity of Data Furnished Every employee of a Tata company shall ensure, at a ll times, the integrity of data or information furnished by him or her to the co mpany. 25. Reporting Concerns Every employee of a Tata company shall promptly re port to the management any actual or possible violation of this code, or an even t he or she becomes aware of that could affect the business or reputation of his /her or any other Tata company. ISHAN INSTITUTE OF MANAGEMENT & TECHNOLOGY Page 130

Chapter 9 HR POLICIES As we know that for production there are four Ms required. These are Man, Machi ne, Material, and Money. These all resources have equal importance in the organi zation. To run the all other resources we need Man, broadly called as Human Reso urces. To operate this large human resource effectively and efficiently we have Human Resource Management. HRM is a process of acquiring, developing, maintain a nd retaining the human resources. These days we see that every economy is in era of Liberalization, Privatization and Globalization. These trends have entered i nto retail market also. In India itself we see that, FDI in Retail Sector is inc reasing. As in job distribution in India, Retail Sector is the second largest em ployer after the agriculture (8%). In china this sector accounts for 50 % of tot al jobs and growing at 15 % constantly. These developments have been reflected i n terms of increase in GDP, NI and other indicators. But as its size has been in creasing, tasks of HRM has also become too complex. Acquiring, developing and re taining the human resources have become a challenge. Consumers habits are chang ing as media and advertisement trends. It is going more difficult to deal with v arious customers. So, the challenges OF HRM have become challenging in the retai l sector, in India as well in whole world. Human Resource Management Human Resou rce Management deals with the man power of any organization. It concerns about t heir procurement, developing and how to retain them. Its all how to get the best of the human resources. It focuses on the working people. It is the effective us e of people to achieve both organizational and individual goals. HRM consists of mainly two functions. i. ii. Managerial. Operational. Page 131 ISHAN INSTITUTE OF MANAGEMENT & TECHNOLOGY

In all it includes the following activities: i. ii. iii. iv. Procurement. Develo pment. Compensation. After retirement. As the organizations are expanding their scale the importance of human resources has been increasing. Now a days we see that companies are going global, not in only home country they are operating in other countries also, so the role of Hum an Resource Management has become more crucial. Acquiring labor and getting work from them is very difficult, because of cultural differences. In the meanwhile the HRM is playing a vital role in any organization. HR Policies related to the compensation system Compensation Management is an integral part of the management of the organizatio n. Compensation Management contributes to the overall success of the organizatio n in several ways. To be effective, the managers must appreciate the value of co mpetitive pay, their human resources, and have an investment view of payroll cos ts. It is of prime importance for an organization to maintain pay levels that at tract and retain quality employees while recognizing the need to manage payroll costs. About compensation The compensation management policy and the reward syst em of an organization are viewed by the employees as indicators of the managemen t attitude and concern for them. A good compensation management system should be able to attract and retain employee, give them a fair deal, keep the organizati on competitive and motivate employees to perform their best. Scope of compensati on In todays world organizations tries more to assess the worth of an individual in terms of his performance and contribution to the organizations. With the grow ing demand of workforce and constant challenges in the business environment, org anizations have to evolve and accurate system for evaluating jobs and assessing their worth. ISHAN INSTITUTE OF MANAGEMENT & TECHNOLOGY Page 132

Compensation helps to determine the relative worth of a job in an organization i n a systematic, consistent and accurate manner. It also helps in estimating the basic pay for each job in accordance with the importance of the job in the organ izational hierarchy. Once a basic pay is determined, the rewards, incentives and benefits attached worth the pay, positions and performance are also determined. The basic wages, incentives and rewards and benefits, together form the compens ation package of an employee. A generalized compensation package across the indu stries: Base pay Base pay is the fixed compensation paid to an employee for perf orming specific job responsibilities. It is typically paid as a salary, hourly o r piece rate. In the State, employee base pay is first determined when hired. Ch anges to an employees base pay can be made as he/she go through his/her career in these ways: Change in job When an employee changes job responsibilities, he/s he may receive a: Promotion - a change in duty assignment of an agency employee in one job class to another job class in a salary group with a higher minimum sa lary rate. A promotion to a higher level job class requires higher qualification s such as greater skills or more experience and involves more responsibility. Em ployees promoted to positions in Salary Schedules A or B will receive at least a one increment increase in salary (or 3.4 percent) or the minimum salary rate of their new salary group, whichever is higher. Demotion - a change in duty assign ment of an agency employee in one job class to another job class that is in a sa lary group with a lower minimum salary rate. The salary of a demoted employee in Schedule A or B must be reduced at least one step (or 3.4 percent) below the em ployees salary prior to the demotion. However, an agency is not required to red uce an employees salary if the employee accepts a demotion in lieu of a layoff or is selected for a position in a lower salary group because of applying for th e position. ISHAN INSTITUTE OF MANAGEMENT & TECHNOLOGY Page 133

Lateral transfer - a change in duty assignment of an agency employee that moves to another job class in the same salary group. Pay for performance An employee m ay also receive a change in base pay for their performance in the same job: Meri t increase - a movement in a Schedule A or B employees salary to a higher rate in his/her same salary group. The employee must demonstrate job performance and productivity that are consistently above what is normally expected or required. To receive a merit, employees must have been with the agency for six continuous months and six months must have elapsed since their last promotion, merit, or on e-time merit. One time merit increase - a lump sum payment to an employee in a c lassified position. The same rules for merit increases apply to these increases. Salary reduction - an employees salary can be reduced based on poor performanc e. The disciplinary reduction in pay can go no lower than the minimum rate of th e employees current salary group. Employees may have their pay restored to any rate in the same salary group, up to and including their prior rate, as their pe rformance improves. Differential pay Differential pay is non-performance based p ay usually given to accommodate a specific working condition. The State offers s everal types of differential pay to employees. There are both state and federal requirements on how to address employee overtime. The Overtime Management Guide addresses most questions regarding this subject. I. FLSA Overtime - federal guid elines for paying employees who work overtime. II. State Comp Time - state guide lines for paying employees who work overtime. III. Longevity Pay - state guideli nes for paying employees based on state service time. ISHAN INSTITUTE OF MANAGEMENT & TECHNOLOGY Page 134

IV. Shift Differential - state guidelines for paying employees that work shifts different than a normal schedule. V. Hazardous Duty Pay - state guidelines for p aying employees based on performing work that could be hazardous to their health . VI. On-Call Pay - state guidelines for paying employees for being on-call. VII . Benefits Replacement Pay - state guidelines for paying employees the employer s portion of Social Security taxes. Variable pay Variable pay is compensation th at is contingent on discretion, performance or results. It may be referred to as "pay at risk." Enhanced Compensation Award - Agencies that meet certain perform ance criteria may grant awards to employees who directly contribute to these per formance successes. Retention Bonus - Bonuses paid in order to retain employees in state government. Employee Recognition Award - Awards given to employees for recognition. Indirect compensation: Pay for time at work Breaks - Rest periods o f short duration, running from 5 minutes to about 20 minutes, they are used to p romote the efficiency of the employee and are customarily paid for as working ti me. They must be counted as hours worked. Within the State of Texas, these benef its are a matter of agreement between the employer and the employee. Agency Even ts - Special events or programs planned by an agency to foster and develop an ag encys culture planned during an agencys work hours. Training Hours - The time that employees are allowed for training activities and for which they receive pay. ISHAN INSTITUTE OF MANAGEMENT & TECHNOLOGY Page 135

Not at work: Sick leave State employees are entitled eight hours of sick leave p er month. Sick leave with pay may be taken when an employee is prevented from pe rforming duties because of sickness, injury, or pregnancy and confinement. Sick leave may also be taken if an employee needs to care for a member of his or her immediate family who is actually ill. Sick leave may be taken to care for member s of an employees family who do not reside in the same household only if the ti me taken is necessary to provide care to a spouse, child, or parent of the emplo yee who needs such care as a direct result of a documented medical condition. To be eligible for accumulated sick leave with pay for a continuous period of more than three working days, an employee must send the administrative head of his o r her agency a doctors certification, or an acceptable written statement of fac ts, showing the nature of the illness. Agency heads may grant employees extended sick leave if they believe it is warranted. Each agency may establish a sick le ave pool where employees donate hours to the pool to be used by other employees who experience a catastrophic illness or injury that forces an employee to use a ll of their sick leave time. Holiday State agency employees are entitled to a pa id day off from work on national and state holidays observed by the state. These holidays are specified by the Legislature each session. A state agency must hav e enough state employees on duty during a state holiday to conduct the public bu siness of the agency except for those state holidays that fall on a Saturday or Sunday, the Friday after Thanksgiving Day, December 24th, or December 26th. Empl oyees who actually work on a national holiday or a state holiday will be allowed compensatory time off during the 12-month period following the date of the holi day worked. ISHAN INSTITUTE OF MANAGEMENT & TECHNOLOGY Page 136

Admin leave Agency heads are allowed to grant 32 hours of administrative leave p er fiscal year to employees for outstanding performance. Vacation Employees rece ive vacation leave based on length of their service. Jury Service A state employ ee is entitled to serve on a jury without any deduction from wages. Officers or employees of the Senate, the House of Representatives, or any organization in th e legislative branch of state government establish exemption from state jury ser vice. Emergency leave State employees are entitled to time off with pay for a de ath in the family. An employees family is defined as the employees spouse, the employees and the spouses parents, and children, brothers, sisters, grandpare nts, and grandchildren of the employee. An agency head may also grant emergency leave for other reasons determined to be for good cause. Income protection progr am Mandated income protection programs There are some federally mandated income protection programs. Workers Compensation - A benefit paid to an employee who s uffers a work-related injury or illness. Unemployment Insurance - A program desi gned to provide a financial safety net for individuals who become unemployed thr ough no fault of their own. Social Security and Medicare Taxes (FICA) - Taxes in tended to help the elderly with retirement and health care costs. ISHAN INSTITUTE OF MANAGEMENT & TECHNOLOGY Page 137

Voluntary income protection programs The State of Texas also offers some income protection programs for state employees: Health Insurance - insurance against lo ss by illness or bodily injury Life Insurance - insurance to be paid to a benefi ciary when the insured dies Retirement - program designed to provide an income f or your retirement and other future financial needs. Deferred Compensation Plans - employer deduction from pay where employee does not pay tax until they receiv e the distributions at a later date. Non-financial compensation Non-financial co mpensation is different incentives given to employees that are not in the form o f direct pay. Alternative Work Schedules - there are many alternatives to a trad itional 5 day, 8 hour work schedule. On-the-Job Training- showing workers how to perform tasks by observing others. Work/Life Balance - when an employer underst ands the needs employees have to juggle in their lives. Developmental Opportunit ies - training and other opportunities for employees to expand their knowledge a nd improve their skills. Casual Dress - allowing employees to relax their dress code at work. Types of incentive compensation Two types of incentives are commis sions and bonuses. A commission is a compensation based on a fixed formula such as 2 percent of sales. For example many retail sales people compensation is base d on a fix percentage of the merchandise they sale. A bonus is additional compen sation awarded periodically base on an evaluation of the employees performance. For example store managers often receive bonus at the ISHAN INSTITUTE OF MANAGEMENT & TECHNOLOGY Page 138

end of the year based on their stores performance relative to its budgeted sales and profit. Besides incentives based on individual performance, retail managers often receive additional income based on their performance, these profit sharin g arrangements can be offered as cash bonus based on firms profit or as a grant of stock option that link additional income to performance of the firms stock A number of retailer such as Walmart and home depot use stock incentives to motiva te and reward all employees, including sales associates. Employees are encourage d to buy shares in their companies at discounted price through pay role deductio n plans. These stock incentives align employees interest with those of companies and can be very rewarding when company does well. However if growth of the compa ny stock price declines, employees morale declines too, corporate culture is thr eatened, and demand for higher wages and more benefit develops. ISHAN INSTITUTE OF MANAGEMENT & TECHNOLOGY Page 139

KEY STAFF Managerial hierarchy: Sales associate Sales officer Trainee department manager Department manager Assi stant manager operation Deptu manager operation Manager operation (store) Area m anager Regional manager Operation head Vice president Operation and HR head Mana ging director Chairperson Board of directors Board of directors of the company: Name Mr. Farrokh K. Kavarana Mr. Noshir A. Soonawala Mr. Bakhtiar S. Bhesania Mr . Aspy D. Cooper Mr. Khushroo N. Suntook Mr. Zubin S. Dubash Mr. Noel N. Tata De signation Chairman Director Independent Director Independent Director Independen t Director Independent Director Managing Director ISHAN INSTITUTE OF MANAGEMENT & TECHNOLOGY Page 140

Brief Description of the Chairman and Managing Director: Chairman: Upon retirement of Mrs. S. N. Tata as the Chairman, Mr. Farrokh K. Kav arana has been appointed as the Chairman of the Board of Director of our Company , with effect from October 31, 2006. Mrs. S. N. Tata has been appointed as the C hairman Emeritus with effect from the same date. Mr. Farrokh K. Kavarana is also a Special Director on the Board of Director of our Company, appointed by Tata S ons Limited, Promoter of our Company in terms of Article 124 of the Article of A ssociation of our Company. A Director appointed as a Special Director shall not be liable to retire by rotation or subject to the provision of the Act be remove d from the office except by Tata Sons Limited or its nominees or its successors. Mr. Farrokh K. Kavarana is also the Chairman on the Board of other companies vi z., Trent Brands Limited, Tata Projects Limited, Tata AIG Life Insurance Company Limited, Tata AIG General Insurance Company Limited, Tata Asset Management Limi ted, Tata Tea Inc., Tatatech Inc., Exegenix Canada Inc. and Inter Consumer Goods AG. Managing Director: Mr. Noel N. Tata was appointed on the Board of Directors with effect from. December 18, 1997. He has been appointed as the Managing Director of our Company with effect from June 15, 1999. Mr. Noel N. Tata, is a Graduate o f Sussex University (U.K.) and IEP (INSEAD). He has worked for two years with Ne stle, U.K., as a product manager. He has also worked as senior general manager w ith Tata Exports Limited (now Tata International Limited) for 13 years. Mr. Noel N. Tata possesses the necessary experience and expertise in the retail business . Company Secretary & Compliance Officer: Mrs. H.R. Wadia Company Secretary Taj Bu ilding, 2nd floor, 210, Dr. D.N. Road Mumbai 400001, India ISHAN INSTITUTE OF MANAGEMENT & TECHNOLOGY Page 141

Tel. No. : +91-22- 2207 7205; +91-22-2207 1464 Fax No. : +91-22-2207 0216 Email: hr.wadia@trent-tata.com Website: www.mywestside.com Domestic Legal Advisors to the Lead Manager M/s. Crawford Bayley & Co State Bank Buildings, 4th floor N.G.N Vaidya Marg, Mumbai 400 023 IndiaTel.: +91-22-2266 3713 Fax. : +91-22-2266 3978 Email: sanjay.asher@crawfordbayley.com ISHAN INSTITUTE OF MANAGEMENT & TECHNOLOGY Page 142

Key people at store level: Store Manager (Mr. Rajesh Shrivastav ) Assistant Manager Operation (Mr. Sudhir Gupta Store manager (Mr. Rajesh Shrivastav ) Department Manager Ladies Wear Mr. Naveen Kinds Wear Mr. Biswajit Mens Wear Household Mr.Rakesh Foot Wear Sales officers Rahis Khan Alok Bhatt Minjan Pal Rohit Chopra Anand Kumar Trilok Krishna Deepu Sales associate ISHAN INSTITUTE OF MANAGEMENT & TECHNOLOGY Page 143

DUTIES AND RESPONSIBILITIES OF KEY STAFF I have joined the Westside as a Sales Associate. Duties and responsibilities of a S ales Associate is as follow JOB TITLE: Sales Associates REPORT TO Sales Officers, Department Manager, Assistant Manager-Operation manager and other Authorized pe rson. JOB CONTEXT: 1. Each store has a number of departments, which consist of M enswear, Ladies wear, Childrens wear, Household, gift shop, play shop, coffee sho p, etc. it includes all types of merchandise. There will typically be a number o f jobholders within the department, each of whom will tend to specialize in a sect ion or more from one department as sales volumes allow. In addition to this sect ion/s on which the job holder concentrates, in case of exigencies of work requir ement, the service of the job holder would be utilized in other departments, sto ckroom, customer service desk, other stores at the same location or any other lo cation etc. also. 2. The sales associate attends to the customer effectively and efficiently. 3. Ensures stock level on sales floor is maintained. JOB CONTENT: The main duties are summarized below: Filling up on stock: 1. The job holder kee ps a check on the levels of stock in his/her section. The jobholder brings the s tock from the stock room to the shop floor. 2. Where stock room stock levels are low, the jobholder will inform the Dept. Manager/Assistant Manager Operations. 3. To bring/take merchandise from/to the delivery van to the stockroom/store. ISHAN INSTITUTE OF MANAGEMENT & TECHNOLOGY Page 144

4. Stock is placed on the racks in the correct position. Where items are not pri ced, the jobholder will check, process and price the Merchandise before placing stock on sale. 5. The jobholder shall ensure that merchandise is laid out as per display principle, i.e. sizes & ration are maintained. Till operations: 1. The job holder operations tills, accepting cash, credit cards and vouchers. When nec essary, change will be obtained from cash office under instruction from DM/AMO o f his her department. 2. The job holder shall ensure that efficient and correct billing is done. He/she is responsible for any till discrepancies. 3. The job ho lder has to ensure that he/she always has enough carry bags, stationary, audit r olls and wrapping paper at the till point. Customer service: 1. The job involves sales assistance to customers. The jobholder is expected to be polite and helpf ul when dealing with customer queries or complaints- referring them to DM/AMO wh en necessary. 2. To take responsibility for customer follow up. 3. The jobholder should try and maximize sales through multiple purchases without inconveniencing the customer. Cleaning/Tidying: 1. This involves the maintenance of an excellen t standard of presentation and tidiness of the sales floor and till areas in whi ch the jobholder works. To clean and maintain all fixtures and fittings/bins so that they are dust/stain free at all times. 2. The merchandise should be tidy an d presentable at all times. ISHAN INSTITUTE OF MANAGEMENT & TECHNOLOGY Page 145

Other duties: 1. When necessary, the jobholder may undertake duties such as, ass isting with layout changes-including moving, assembling fixtures and counters, p roviding sales assistance to other departments of the store. 2. The jobholder sh all always remain alert to ensure that shop lifting/internal shrinkage in minima l. 3. The jobholder shall assist in visual merchandising/promotions inside and o utside the store. 4. To carry out all other duties ancillary and incidental ther eto as well as other duties assigned from time to time. JOB ACCOUNTABILITIES: 1. Customer service 2. Replenishment 3. Till operation 4. Cleaning/Tidying 5. Stoc k take RELATIONSHIPS: External: Customers- Serving or answering queries-Daily In ternal: 1. Assistant ManagerOperation and Departmental ManagerInstructions/constant interaction and working contacts. 2. Other sales staff-Wor king contacts-Daily SKILLS, KNOWLEDGE AND EXPERIENCE: 1. The jobholder must have at least passed SSC or possess equivalent qualifications, must be able to speak English fluently and must have good interpersonal/communication skills besides possessing a pleasant and presentable personality. ISHAN INSTITUTE OF MANAGEMENT & TECHNOLOGY Page 146

2. Knowledge of one of the local languages would be advantageous and experience of at least one year in a reputed retail organization, though not essential woul d be considered as an asset. JOB CHALLENGES: 1. Catering to the varied needs of vast range of the customers, sometimes under intense pressure at crowded counter s and on the shop floor. 2. Has to be mentally alert and physically agile throug hout working hours. 3. Act as the first and best interface between the organizat ion and customers and help the organization reach its prime target of CUSTOMER DE LIGHT. To ensure that stock levels on the shop floor are maintained, stock is cor rectly organized, the department is kept clean and tidy and to provide exception al service to our customers. 4. Dull sessions can be demotivating, countering th is can be a big challenges. ISHAN INSTITUTE OF MANAGEMENT & TECHNOLOGY Page 147

Chapter 10 FINDINGS After doing of two months job, I can say that Westsides policies are very well mi x of theoretical and practical knowledge. If I have been asked for the USP of We stside, I would say that Westsides promotion is very much focused on world of mou th and publicity One another fact I also find that Westside 80% to 90% target ma rket is only 2% population of India who are having more than 50000 per month inc ome Westsides staff training is one of the best training in industry. There was a concept of coach. In every one section there is a coach and they are provided w ith coaching material. ISHAN INSTITUTE OF MANAGEMENT & TECHNOLOGY Page 148

LEARNING It was a great experience for me to start my career from TATA, a globally recogn ized company. As I was working as an employee I have been treated as a member of Tata family. I learnt some of the important thing which I cannot learn if I wou ld have done summer training. This is the USP of my last two months of hard work . Other concerned factor of my training is I have to carry cartons and other sim ilar work as it was the part of job. There were total 5 departments ladies wear, menswear, household, children wear and footwear. I was working in ladies wear d epartment but I have been trained in every field so that I can be transferred an ywhere in store. I have been trained in 1. induction 2. Customer service 3. Prod uct knowledge 4. Till operation Billing (service as a cashier) 5. Inventory mana gement 6. First aid and fir safety training 7. Manager opening closing 8. On the job training My first week was totally devoted to understanding the environment of store I ha ve been giving training under the head of induction. In this I have been given k nowledge about company structure, in-house brand, outside brand, shop in shop in store, section in store subsection in store, customer service desk and about cu stomer service. In second week I have been explored to other modules of customer service and pro duct knowledge. I have been trained in different qualities, aspects, clothes mak ing process and other things. In customer service training I have been explored to different need of customer and how can I satisfy them. I have been also taugh t on job about handling customer queries product knowledge etc. ISHAN INSTITUTE OF MANAGEMENT & TECHNOLOGY Page 149

On the job I have learned lot of things as visual merchandising, handling custom er complaints, register maintenances etc. this time I have learnt most significa nt part of training that is till operation in this I have been explored to do bi lling, convincing for membership, paid membership and other programmers. Since a fter attacking on Tata in Bombay training for any emergency condition become ver y significant. There were more than five mock drills for handling situations of fire and bomb threat etc. This time another experience happen; company changes i ts vision because of recession It was a great time to learn because sale was jus t going to start from 2nd of July 2009 I did pricing of stock, category manageme nt other significant work to learn. I have been also trained in how to start a d ay and how to close it (manager opening closing) Hard schedules, big public and target pressure, and lot of experience but these 40 days was great great learnin g I have been totally explored to practical culture of retail industry, it was m y fortune that I am doing my summer training from TATA. My designation was sales associate, my division was retail operation. ISHAN INSTITUTE OF MANAGEMENT & TECHNOLOGY Page 150

SUGGESTIONS AND RECOMMENDATIONS One of the lacking factors of Westside is their timing schedules of workers. I h ave to work for 12 to 14 hours daily. Due to this our effectiveness goes slow an d we do not provide perfect service to our customer. Another factor is that no g ood distribution of job. In management it is important to assign jobs, responsib ilities but their a sales associate also does a work of manger as well as a work of house keeping Lack of promotion is another factor on that Westside managemen t should work. There is a very much lack of promotion, most of the population do es not know about Westside and its offer. As a Tata enterprise this organization is not able to give a stereo effect. Even most of the people do not know that t his a TATA enterprises Their most of the top level employees are from internal p romotion. They are not explored to management theories because of this they are unable to work effectively. There was a problem of security tag, sometime at the time of billing some products were missed to remove tags thats why at the exit g ate beep were siren then it was a very embarrassing for the customer as well as employee of that store and I think that employee should do the tags it in a prop er manner. ISHAN INSTITUTE OF MANAGEMENT & TECHNOLOGY Page 151

WORD OF THANKS I take the opportunit y to pay heart y regards to Dr. D. K. GARG (Chairman), Mr. M. K. VERMA (Dean) and placement head Mr. T. K. GUHA for lending me their kind support for completion of m y project. I thank all those who directl y or indire ctl y supported me morall y, financiall y and through provi ding knowledge by wh ich I could complete m y summer training. Last but not the least I a m thankful to the management of Westside team & especiall y to m y guide Mr. Rajesh Shrivas tav whose cooperation and guidance was a milesto ne in completion of m y project . ISHAN INSTITUTE OF MANAGEMENT & TECHNOLOGY Page 152

BIBLIOGRAPHY Books: Marketing Management Marketing management Retail marketing Retail marketi ng Business magazines: Business Today Business World 4Ps India today Newspapers: The Times Of India Economics Time Web sites: http://www.mywestside.com http://ww w.en.wikipedia.org http://www.about.com : : : : By Philip Kotler By Ramaswami By Swapna Pradhan By Chetan & Bajaj ISHAN INSTITUTE OF MANAGEMENT & TECHNOLOGY Page 153