International Journal of Pure and Applied Mathematics

Volume 119 No. 7 2018, 1225-1233

ISSN: 1311-8080 (printed version); ISSN: 1314-3395 (on-line version)
url: http://www.ijpam.eu
Special Issue
ijpam.eu

A STUDY ON SATISFACTION LEVEL OF EMPLOYEES’ WELFARE SCHEMES

IN SELECTED PRIVATE BANKS – CHENNAI CITY

R.Vimaladevi
Assistant professor
Vels University
Pallavaram, Chennai-117
devivimalai.r@gmail.com

A.Meenakshi
Assistant professor
Vels University
Pallavaram, Chennai-117

Communication address
R.Vimaladevi
No.3/39, Vathala Kundu Arumugam Nagar, 4th street,
Arumbakkam, Chennai-600 106.

ABSTRACT
The study explores on satisfaction level of employees’ welfare schemes in selected
private banks in Chennai city. The researcher has taken four private banks such as
ICICI, HDFC, Kotak Mahindra and Axis banks. The researcher has directly visited the
branches for collecting the primary data through well structured questionnaire. The
researchers used stratified random sampling method for collecting data from 300
respondents; 273 questionnaires are correctly completed in all respects. The data were
analyzed using Percentage analysis, one sample T test and Anova test. The result inferred
that employees are satisfied with the welfare schemes offered by the selected private sector
banks. The study recommends that the private banks are needed to concentrate on social
security schemes, intramural and extramural facilities aspects with which help to satisfy the
employees. Thus, satisfied employees can be easily retained.
Key words: satisfaction level, employee, welfare schemes, private banks
INTRODUCTION
Human resource are the most valuable assets of any organization while all other
resources merely exist as inanimate but, human resource alone can be creative, emotional,
dedicative and can be motivated for the better performance. If any organization has properly
motivated, satisfied staff, there will be better inter personnel relationship, reduction in labour
turn over, and employees can put maximum efforts in discharging the duty. The organization
by offering a competitive salary with benefits can provide improved work habit and reducing

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employees turn over. Benefits tend to drive employee engagement while providing a sense of
security, encouraging worker to stay on the job, even during tough time. Thus, the study aims
to know what extent the employees are satisfied with employee welfare schemes such as
intramural, extramural facilities, social insurance and social security schemes provided by the
employees in the selected banks.
OBJECTIVES
 To analyze the level of satisfaction of employees on the following aspects such as
intramural ,extramural facilities, social insurance and social security scheme provided
by selected private banks

METHODOLOGY
In securing the most effective results from present study a methodology has been
framed in relation to the area of the study, aims covered in the study, data collection,
sampling, hypothesis and statistical tools.
HYPOTHESIS
There is no relationship between gender and level of satisfaction of employees on
welfare schemes.
There is a no relationship between designation of the employee and level of
satisfaction of employees on welfare schemes.
DATA OF THE STUDY
The data comprises of two vital parts such as primary and secondary. The primary
data is devoted to gather opinion from the employees of the selected private banks. The data
collected from the selected private banks such as ICICI Bank, HDFC Bank, Kotak Mahindra
and Axis bank. The researchers used simple random sampling method for collecting data
from 300 respondents 273 questionnaires are correctly completed in all respects.
ANAYSIS TOOLS
Percentage analysis, one sample T test and Anova test has been used for analyzing the
data.
LIMITATION
 The number of respondents is restricted to 300 samples imposed by time and cost
factors.
 The questionnaires are distributed to employees of the selected Private Banks.
 The duration of project is limited to 6months.

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REVIEW OF LITERATURE

CONVENTIONS AND RECOMMENDATIONS OF ILO (1949) set forth a fundamental

principle at its 26th conference held in Philadelphia recommended some of the measures in
the area of welfare measures which includes adequate protection for life and health of
workers in all occupations provision for child welfare and maternity protection, provision of
adequate nutrition, housing and facilities for recreation and culture, the assurance of equality
of educational and vocational opportunity etc.
COCKMAN (1963) viewed employee benefits as “those benefits which are supplied by an
employee to or for the benefits of an employee, and which are not in the form of wages,
salaries and time- rated payments”.
ALLAN, P.BLOSTIN (1981) noted life insurance as declined in relation to other benefits
offered by the organization. A study published in the monthly labour review indicated that
“fewer workers were concerned about life insurance and more interested in health and
retirement benefits.”
KISHORE BABU (1994) in his thesis, “Social Security Measures in Public Sector-A Study
of Selected Industries in Visakhapatnam” discussed the various social security measures
provided by HPCL, BHPV and Hindustan Shipyard Limited to their employees. The study
showed that all these three public sector enterprises have been highly employee-oriented in
terms of the provision of social security measures.
TRIPATHI (1998) in his book, “Personnel Management & Industrial Relations” explained
the principles of labour welfare services, types of labour welfare services, different
legislations and Acts. He also discussed the social security measures in terms of medical care,
sickness benefit, unemployment benefit, maternity benefit etc., besides explaining the social
security system in
India.
DAVID, A. DECENZO, STEPHEN P. ROBBINS (2001) in their book, “Personnel /
Human Resource Management explained the various benefits and services provided by the
companies to their employees. According to them, the legally required benefits and services
include social security premiums, unemployment compensation, workers compensation and
state disability programs. They felt that the cost of the voluntary benefits offered appears to
be increasing.
DATA ANALYSIS AND INTERPRETATION
The demographic profile reveals that about 55.3% of the respondents are males and

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44.7% of the respondents are females from the total of 273 respondents. In the age wise
analysis shows that 31.9% of the respondents are from the age group below 30 yrs, 26.4% of
the respondents are from the age group of 31-35 yrs, 17.6% of the respondents are from the
age group of 36-40 yrs, 12.8% of the respondents are from the age group of 41-45 yrs and
11.4% of the respondents are from the age group of 46-50 yrs. Next, the analysis shows that
37% of them are undergraduates, 28.9% of them of postgraduates, 34.1% of the respondents
are professionals. It indicates slightly higher responses are from the undergraduates and
professionals. 26.7% of the respondents are earning up to Rs.40,000, 39.9% of the
respondents are earning monthly Rs.40,001-60,000, 19.4% of the respondents are earning
60,001-80,000, 13.9% of them earning more than Rs 80,000. It shows that 27.5% of the
respondents are from the ICICI Banks, 23.4% of the respondents are from the HDFC Bank,
24.9% of the respondents are from the Kotak Mahindra Bank, 24.2% of the respondents are
from the Axis banks. The data shows that about 24.2% of the respondents are having 4 yrs
experience, 41.8% of the respondents are having 4-8 yrs experience, 18.3% of the
respondents are having 8-10 Yrs experience, and 15.8% of the respondents are having above
10 yrs experience. It indicates that most of the respondents are having at least more than 4 yrs
experience.

Null Hypothesis
The employees of selected private sector banks are not satisfied with the welfare
schemes offered by selected private sector banks in Chennai city.

Table 1
One-Sample t-test for whether there are employees are satisfied with welfare schemes
offered by selected private banks
Welfare schemes N Mean Std. Deviation t value P value

Over all Intramural 273 3.29 0.723 75.363 0.000**

Over all Extramural 273 3.25 0.410 131.112 0.000**
Over all Social Insurance 273 3.35 0.725 76.467 0.000**
Over all Social Security 273 3.28 0.584 92.820 0.000**
Employee Welfare
Source: Computed from primary survey
Note: **denotes significant at 1% level

The above table shows the results of One-Sample t-test for whether there are
employees are satisfied with welfare schemes offered by selected private sector banks. It is
identified from the above table; all factors p values are 0.000 which is less than 0.01.

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Therefore, the null hypothesis is rejected at 1% level of significant. Hence, it is concluded

that employees are satisfied with the welfare schemes offered by selected private banks in
Chennai. It is identified from the above table; all the welfare schemes mean values are greater
than 3, which means all factors are agreed by the respondents. The most significant factor of
welfare schemes is “Over all Social Insurance” (3.35), followed by “Over all Social Security
Employee Welfare” (3.28), Over all Intramural (3.29) and Over all Extramural (3.25).

Null Hypothesis
There is no significant difference between male and female respondents with respect to
welfare schemes offered by selected private sector banks in Chennai city.

Table 2
Independent t-test for male and female respondents with respect to welfare schemes
offered by selected private banks
Gender N Mean Std. t value p value
Deviation
Male 151 3.3868 .73088 2.240 0.026*
Overall Intramural
Female 122 3.1910 .70183
Male 151 3.2403 .41449 -.721 0.472
Overall Extramural
Female 122 3.2763 .40603
Overall Social Male 151 3.4393 .70382 2.111 0.036*
Insurance Female 122 3.2541 .74110
Overall Social Security Male 151 3.2034 .57010 -2.482 0.014*
Employee Welfare Female 122 3.3782 .58914
Source: Computed from primary survey
Note: *denotes significant at 5%level

The above table shows the results of Independent t –test for male and female category
towards the employee welfare schemes. It is identified from the above table, the factors of
overall intramural, extramural facilities, social security schemes p values are less than 0.05.
Therefore, the null hypothesis is rejected at 5% level of significant. Hence, it is concluded
that there is significant difference between male and female respondent’s opinion with
respect to employee welfare schemes such as intramural, extramural facilities and social
security schemes. Over all extramural factors p values are 0.472 which is greater than 0.01.
Therefore, the null hypothesis is accepted at 1% level of significant. Hence, it is concluded
there no significant difference between male and female respondents with respect to
extramural facilities offered by selected private banks.

Null Hypothesis

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There is no significant difference among the age group of the respondents with respect
to welfare schemes offered by selected private sector banks in Chennai city.

Table 3
ANOVA test for Age group of the respondents with respect to welfare schemes offered

Welfare schemes Age group N Mean Std. F value P value

Deviation
Below 30 years 87 3.52 0.773 3.844 0.005**
31-35 years 72 3.18 0.666
Overall Intramural 36-40 years 48 3.29 0.685
41-45 years 35 3.06 0.641
46-50 years 31 3.20 0.718
Below 30 years 87 3.29 0.445 4.805 0.001**
31-35 years 72 3.15 0.405
Overall Extramural 36-40 years 48 3.23 0.345
41-45 years 35 3.28 0.363
46-50 years 31 3.38 0.432
Below 30 years 87 3.41 0.588 2.438 0.047*
31-35 years 72 3.33 0.750
Overall Social
36-40 years 48 3.57 0.696
Insurance
41-45 years 35 2.91 0.809
46-50 years 31 3.40 0.787
Below 30 years 87 3.27 0.728 3.844 0.005**
31-35 years 72 3.15 0.401
Overall Social Security
36-40 years 48 3.35 0.410
Employee Welfare
41-45 years 35 3.24 0.556
46-50 years 31 3.51 0.685
Source: Computed from primary survey
Note: **denotes significant at 1% level, *denotes significant at 5%level

The above table shows the results of ANOVA test for Age group of the respondents
with respect to welfare schemes offered by selected private sector banks in Chennai city.
The factors of overall intramural, overall extramural, and overall social security schemes p
values are less than 0.01 and statistically significant. Therefore, it could be concluded that the
there is significant difference among the age group of the respondents with respect to factors
such as overall intramural, overall extramural, and overall social security schemes. The
factors of overall social insurance p value 0.047 are less than 0.05. Therefore, the null
hypothesis is rejected. So, it is concluded that there is significant difference between age
group with respect to factor overall social insurance.
SUMMARY OF FINDINGS AND CONCLUSION

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 55.3% of the respondents are males and 44.7% of the respondents are females from
the total of 273 respondents. It shows that male respondents are slightly higher than
the female respondents.
 41.8% of the respondents are having 4-8 yrs experience; it indicates that most of the
respondents are having at least more than 4 yrs experience.
 One sample t-test shows that employees are satisfied with the welfare schemes offered
by selected private banks in Chennai.
 Employees are highly satisfied with overall social insurance mean value (3.35),
followed by “Over all Social Security Employee Welfare” (3.28), Over all Intramural
(3.29) and Over all Extramural (3.25)
 Independent t –test identified that there is significant difference between male and
female respondent’s opinion with respect to employee welfare schemes such as
intramural, extramural facilities and social security schemes and there no significant
difference between male and female respondents with respect to extramural facilities
offered by selected private banks.
 ANOVA test shows that there is significant difference among the age group of the
respondents with respect to factors such as overall intramural, overall extramural, and
overall social security scheme and there is significant difference between age group
with respect to factor overall social insurance.
It has inferred from the data analysis that employees are highly satisfied with the welfare
schemes offered by the selected private sector bank with respect to following aspects such as
over all intramural facilities, overall extramural facilities, overall social insurance schemes,
overall social security scheme. Among the various employees welfare schemes,employees of
the selected private banks are highly satisfied with overall social insurance followed over all
social security employee welfare, over all intramural and over all extramural facilities. Thus,
the private banks are needed to concentrate on social security schemes , intramural and
extramural facilities aspects with which help to satisfy the employees. Hence, satisfied
employees can be easily retained, which ensure the flawless development.
REFERENCE
26 TH CONFERENCE OF ILO (1949) Retrieved June 11, 2010, from
http://www.workinfo.com/free/sub_for_legres/ILO/index.htm
COCKMAN (1963) “Employee Benefits for manager and executive”, in Farey, A.M (ed)
Hand Book of Salary and Wage, Grower Press, Epping, p.73

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ALLAN, P.BLOSTIN (1981) “ Is employee- sponsored life insurance declining relative to

other benefits” monthly labour review, p.3
KISHORE BABU (1994) “Dissertation: Social Security Measures in public sector - A Study
of Selected Industries in Visakhapatnam”, Andhra University, Visakhapatnam.
TRIPATHI P.C. (1998) “Labour Welfare and Social Security”, Personnel Management and
Industrial Relations”, Sultan Chand & Sons, New Delhi, 1998 pp 325-363.
DAVID, A. DECENZO, STEPHEN P. ROBBINS (2001), “Benefits and Services”
Personnel / Human Management, Prentice Hall of India Private Limited, New
Delhi, 2001, pp. 451-475.

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