I would like to convey my sincere thanks and gratitude to one of the Directors of the Board, Mr. Chirag Jewria, for giving me the opportunity and permission to investigate his private company – MyMoneySeva.Com along with all the managers and employees for consistent cooperation through the interview process which resulted in completion of a successful survey that has made the exploration coherent and error free.
MyMoneySeva is a platform “http://www.mymoneyseva.com” where the company is primarily in Bill Payments, Recharges, Flight Booking and Domestic Money Transfer which faces significantly high turnover of the employees. The proposal of research has framed the overview for this exploration, methodology, and the discrepancies and limitations that may incur in the report.
As a whole, this report would offer Jewria Service Club India Private Limited with some way outs to cut down their employee turnover using the ‘Maslow’s Motivation Theory’ to build a more efficient management of human resource in the light of structuring the organization as well as leadership.
One of the most important aspect, that runs not only business but also every service-oriented application, is human resource. Out of many reasons, the most important one is human resource is the only resource that physically does the work and make any objective possible; secondly, they are the one that are in direct contact with the customers. They are the first line of a corporate or a business that contributes to the revenue of the company. Hence, the skills and the attributes required for the human resource makes the company frame work for productive and efficient.
There are many service-based companies that offers services like MyMoneySeva however, all of these are running and growing in current day market. This has implanted a question in my mind. How can similar companies survive in a market offering same product? After a thorough research, I came to a conclusion that every company has their own way of dealing business and which makes each of them unique. However, there are few companies which face difficulties due to the question that I have raised. Few companies could not survive as they could not balance the earning to expense ratio. During my research, I came across one of such company which is stated in the research question. MyMoneySeva has come across a significantly high employee turnover rate in 2020 and also faced significant losses due to COVID – 19 pandemics in the same year as travelling was almost shut down in the country. As one of the prime features of this company is online ticket booking, the company faced significant losses at the end of the financial year.
Hence, I have chosen MyMoneySeva to work with in this exploration, to identify the loopholes of the company and to offer ways to cut down the employee turnover. The concepts and theories that I have learnt in Business Management should be able to help the management of the company to work on their faults to stand in the market by cutting down the limitations.
A primary survey has been done in order to gather information about the work culture to identify the limitations of the working organization. This involves collection of answers of a questionnaire from the thirty employees of the company. The primary survey also includes personal interview of a manager and the chairman of the organization. Apart from a primary survey, several secondary data were collected to investigate the quantitative aspect of the business to offer precise ways to evolve from the limitation. Few of such data are – employee turnover rate, records of human resource, balance sheet, profit loss statement and many more.
MyMoneySeva has built the platform “www.mymoneyseva.com” where the company is primarily in Bill Payments, Recharges, Flight Booking and Domestic Money Transfer. The company has 100+ employees and has the presence of Pan India. mymoneyseva.com is a platform that anyone in the world can use through phones, the web, WAP as well as SMS. “mymoneyseva.com” helps sellers to improve the efficiency of their marketing channels and provides the right information about products and services to the buyers. The platform mymoneyseva.com provides services related to bill payments, mobile recharge, DTH recharge, Domestic money transfer, Shopping and other services.
Our vision is to build a secured and easily accessible B2B platform for various services with a click. Multi-function approach and a clear focus on each business. Upholding the value of customers is our primary objective.
Our Mission- We strive to break the financial barriers on life and make worthy for family and nation of any individual who is associated with us.
A high number of employees are unsatisfied with their salary. Furthermore, several complaints have been lodged by the employees regarding the meal that has been served at the office canteen. The accommodation allowance provided by the company is no way relevant with the accommodation cost of an apartment near or within a radius of 12 kilometers from the office location at Malad West in Mumbai.
No on the job trainings were provided to the employees by the company official. This has led to face technical problems whenever there is any upgrade in the system (website). Furthermore, no motivation seminar or extracurricular activity sessions were organized which boosts and inspires the employee to work in a corporate environment for a long time.
A confusion in the structure of the organization has been observed through the survey as well as the interview sessions with the manager. The manager has admitted the fact that often times, it is confusing as well as challenging to deal with such a high number of subordinates in the company. Moreover, a manager has to deal with multiple teams which decreases the efficiency of the manager in the organizational framework. Furthermore, it has been observed in the survey that the number of employees in each team is significantly high which offers contradiction in thought process and working style.
During the interview with the manager, it has been observed that there is a significant dissatisfaction of his with the higher authority as the manager has been allotted a lot of responsibilities which is significantly more than that of other corporates which is significantly observed in the previous reason as well. It was conveyed by the manager that responsibilities and works of higher associates are distributed amongst the managers without any hike in salary. On the other hand, the chairman without denying the fact, poses a different approach. His observation is it would allow the managers to frame and design the work in a more independent way without any obligation or seeking permission from superiors.
Due to COVID – 19 pandemics in India, the tour and travelling industry has faced a significant threat in the year of 2020. Due to lockdown, operation of flight, bus and train were closed which has stopped earning revenue from the ticket booking services provided by the company MyMoneySeva. Moreover, due to the COVID – 19 norms and protocols, no social gathering or events could be organized. This has led declining in relationship with the tie ups such as airlines, hotel owners, and many more. Moreover, this has also restricted the opportunity of new tie ups with new hotels and other airlines or bus operators with MyMoneySeva as corporate event and parties is one of the major gateways of building such relationships. This has led to downfall of revenue and a negative customer growth of the company in 2020.
There is a confusion in the leadership policy of the company. The chairman and the board of directors executes a democratic leadership style by offering more authorities and responsibilities to the managers of the company. However, the managers are unsatisfied and stressed with such responsibilities. They use laissez faire leadership style. Moreover, decline in revenue has impacted in development of a system which incurs less monetary expense which requires trained and skilled resources. However, due to lack of training in the organizational framework, that is a significant challenge for the employees to cope up with the requirement.
Moreover, despite giving significant authorities to the manager, any requisition placed by the managers to the Board of Directors are often rejected which demotivates the managers. Such requisition is recruitment of new employee, upgradation of computers in which the employees are working, and many more.
The reasons for the confusion that are identified are as follows:
SOLUTION: Firstly, the Board of Directors should clearly instruct the managers regarding the leadership style they want to follow. While doing so, the leadership style that fits best for the business and the policies should be identified. Secondly, the managers should offer on the job training to the employees in order to efficiently apply laissez faire leadership methodology. Furthermore, autocratic leadership style may improve the service of the company as the revenue of the company is decreasing due to the pandemics.
The company currently follows a three leveled flat organization structure. In this organizational structure, the employees would not be able to reach the higher authorities and vice versa. Furthermore, due to high number of subordinates, it is a significant issue for the managers to organize the work. And finally, in order to apply autocratic leadership, the following organizational structure should be followed:
In the above-mentioned organization structure, employees could be appointed the work in which he is skilled at. Furthermore, each technical team should have a team lead who will contact with the assistant manager. This would solve the issue of the managers of having a lot of subordinates. Furthermore, with the introduction of financial department, all the business strategies could be built and implemented by the department and hence work load on managers would decrease. Human Resource Development would conduct seminars and motivational speeches along with workshops and trainings to improve efficiency of the employees. A separate unit for building new technical upgradations could be done under the domain of Research and Development where professors as well as scholars of required domain could be hired. This would even cut down the cost of training the entire team to build something new. As the floor manager has very limited employees under his supervision, the issues raised by the employees regarding quality of food and other amenities should be addressed with care.
According to the Maslow’s Motivation Theory, employees have a number of demands and needs from their workplace. If such demands are fulfilled by the employer, then the productivity of the company exponentially increases. According to Abraham Maslow, the demands of the employees could be arranged in a triangle according to their importance.
In Figure 3, the graphical representation of rating of accommodation and food provided by the company by the employees in the survey is shown. It has been observed that 50% of the employees have rated the food provided by the company only 2 out of 5 and only 6% of the employees have rated above 4 out of 5. This indicates that most of the employees are not satisfied by the food and accommodation allowance provided by the company. This has a negative impact in productivity of the employees.
In Figure 4, the graphical representation of rating of safety and security provided by the company by the employees in the survey is shown. It has been observed that 66% of the employees have rated the food provided by the company only 2 or 3 out of 5 and only 10% of the employees have rated above 5 out of 5. This indicates that most of the employees are not satisfied by the job security as well as the financial stability offered by the company. This has a negative impact in productivity of the employees.
According to Maslow’s Model of Motivation, employees who are seeking for companionship, and overcoming from loneliness, depression or anxiety, often feel demotivated and stressed in an environment which lacks bonding amongst people. Due to ill structural organization, there were significant stress applied on employees of the company. Hence, such employees who are recovering from loneliness would feel demotivated this organizational structure. It has been further notified by the employees in the survey that the organization lacks bonding amongst employee. However, the new organizational structure shown in this report would help to overcome such situation.
There are a lot of companies offering similar services and also there are a few companies which has done remarkable work in the same service industry. However, MyMoneySeva has not been able to light up their name in the market so far. This might be due to lack of promotion done by the authorities. It was stated by the manager that whenever he has placed a requisition for a promotion to the Board of Directors, it has been rejected. This has a negative impact on the employees as they do not get the recognition in the society as most of the people did not heard the name of the company in which they are working.
In Figure 5, the graphical representation of employee’s eagerness for training is shown. It has been observed that 66% of the employees have are likely to participate in a training as they want to seek for improvement of their skills. This indicates that as the company do not conduct any training, it creates a negative impact amongst the employees as they are not being able to develop their skill and increase their productivity.
What strategies may Jewria Service Club India Private Limited incorporate in their business namely, MyMoneySeva to reduce the turnover of their employee?
There are significant flaws in the organization which has led to increase in employee turnover. A massive lack of communication has been observed in this exploration amongst the employee of the organization. The company should train the employees in order to apply laissez faire leadership technique. However, as the revenue has decreased, the company should follow autocratic leadership policy to improve the current situation of the company. The company should provide training to the employees and the work culture should be developed by reducing work load and motivating the employees by various means to reduce employee turnover. Lastly, due to increased competition as the service offered by the company is already there in the market, the company should improve the quality of the product for which research and development team is important.
As the entire report is based on the survey and interview of the manager and chairman of the company, the certain sources of discrepancies in the exploration are noted down:
Question 1 - Age group
A. Before 1980
B. Between 1980 and 1990
C. Between 1990 and 2000
Question 2 - How long have you been working here?
A. Less than one year
B. Between 1 and 2 years
C. Between 2 and 3 years
D. More than 3 years
Question 3 - Department?
A. Technical Department
D. None of these
Question 4 - What do you think the working condition of the company? Please rate from 1 to 5 (5: Best, 1: Worst)
Question 5 - What do you think regarding the meal provided by the company? Please rate from1 to 5 (5: Best, 1: Worst)
Question 6 - What do you think regarding the accommodation provided by the company? Please rate from 1 to 5 (5: Best, 1: Worst)
Question 7 - If there are group activities conducted by the company?
Question 8 - Would you like to receive higher level of training?
Question 9 - Which training would you prefer?
A. On the Job
B. Training in professional organisations
C. Industrial Visit
Question 10 - Do you get on well with your colleague?
Question 11 - Are you satisfied with your wage? Please rate from 1 to 5 (5: Best, 1: Wrost)