Employee satisfaction on compensation system of Jiban Bima Corporation: an analysis

Abstract

To understand and evaluate employee satisfaction on compensation system of Jiban Bima Corporation is the broad objective of this study. It also has some specific objective such as measuring which variable satisfies the most, measuring the satisfaction level based on basic salary, measuring each individual variable’s contribution to satisfaction and measuring employee’s desires related to compensation. Specific measures are used to meet the specific and broad objective of the study. First data is collected from primary and secondary sources. Primary sources are JBC employee’s survey and official records. Secondary sources are annual report of different years, online articles, and previous reports o this study. For research purposes, random sampling method has been taken. Based on the gathered data during the study period findings are summed up to meet objectives. This study investigates the employee’s satisfaction of Jiban Bima Corporation. A questionnaire was utilized to collect primary data from the employees working in JBC. The first part of the questionnaire comprises of the demographic profile of the respondent and the last part indicates the key measuring variables on a Likert scale ranging from 5 (strongly satisfied) to 1 (strongly dissatisfied) of employee satisfaction. The total Number of respondents for the study was 50. Among them, 84% of the total respondents were male and 16% of the total respondents were female. This study postulates that employees of JBC have positive as well as negative feelings. Many factors such as basic pay, bonuses, and various allowances determine their satisfaction. As employee satisfaction is an important concern in the world of professional commitments, so far it has undoubtedly believed, the outcome of the companies, to a large extent, depends on the employee’s satisfaction. When an employee finds his or her job rewarding and reliable- this state of the employee is that he or she is satisfied to that job. Thus employee satisfaction comprises of many factors. As a result, a lot of factors function to bring about satisfaction and at the same time lack of them is responsible for dissatisfaction. The main focus here is to measure satisfaction on the compensation system. To measure satisfaction level of the employees, average of the likert scale has been calculated and then their satisfaction level has been found. The influence of the individual variable on the overall satisfaction level has also determined in percentage. It is found that overall satisfaction level is above average of the employees of JBC.