CHAPTER-4 IMPACT OF SOFT SKILLS ON GROWTH AND PRODUCTIVITY IN SERVICES

CHAPTER-4 IMPACT OF SOFT SKILLS ON GROWTH AND PRODUCTIVITY IN SERVICES The job related technical skills are important, there are certain basic eligibility criteria to get the job and to give performance in the service sector, but they are incomplete without Soft skills. The present chapter makes an analysis of how Soft skills are complementing technical skills in influencing the growth and productivity in selected services In service sector industries like General Insurance, Life insurance and Equity the individuals are working at various levels of hierarchy with the job profile of relationship managers, team leaders, branch heads or cluster heads. Most of the job profiles are directly dealing with the customers and the team members. Therefore they need communication skills, convincing skills, listening skills, problem solving skills etc to perform their jobs. To sell intangible products like services, insurance, investment etc Soft skills play an important role. This study analyze the impact of employees' Soft skills on his productivity (the revenue he generate for 97

the company) and growth. Growth in terms of increase in salary, promotion, reward etc. This research study is confined to Jaipur city, Rajasthan. Service sector industries have been selected for this study. An in-depth analysis is done on the impact of Soft skills specifically in General Insurance, Life Insurance and Equity industry. The research study is based on industry wise analysis of the Soft skills impact on productivity and growth. The mentioned industries are among the fastest growing industries of service sector, they are been selected for the study because the involvement of Soft skills in performing the job in these industries is very high. Industries selected for this research study are : 1. General Insurance 2. Life Insurance 3. Equity (Broking and investment). This research study is on retail financial services of service sector. The finance industry encompasses a broad range of organizations that deal with the management of money. Among these organizations are 98

banks, credit card companies, insurance companies, consumer finance companies, stock brokerages, investment funds and some government sponsored enterprises. Under retail financial services these organization give their services directly to the retail client; the definition of retail clients includes individuals, families and small businesses. Larger clients are called institutions/corporate. Insurance Industry Insurance of any type is all about managing risk. The insurance company attempts to manage mortality (death) rates among its clients. The insurance company collects premiums from policy holders, invests the money (usually in low risk investments), and then reimburses this money once the person passes away or the policy matures. A person called an actuary constantly crunches demographic data to estimate the life of a person. Therefore characteristics such as age/sex/smoker/etc. all affect the premium that a policy holder must pay. The greater the chance that a person will have a shorter life span than the average, the higher the premium that person will have to pay. This process is virtually the same for every other type of insurance, including automobile, health and property. 99

Types of Insurance- Life Insurance includes : Insurance guaranteeing a specific sum of money to a designated beneficiary upon the death of the insured, or to the insured if he or she lives beyond a certain age. General Insurance includes : 1. Health Insurance - Insurance against expenses incurred through illness of the insured. 2. Liability Insurance - Motor Insurance and miscellaneous category. This insures property such as home, shop/office insurance, property and professional/business mishaps. Over the years, there has been a big shift in the life insurance industry. Instead of offering straight insurance, the industry now tends to sell customers on more investment type products like annuities. As a result, insurance companies have been able to compete more directly with other financial services companies such as mutual funds and investment advisory firms. To capitalize on this, many insurance companies even offer services such as tax and estate planning. 1 1 www.investopedia.com 100

Equity Industry The Public/Private Equity Industry consists of specially finance companies and alternative investment managers. Firms operating in this industry invest in other companies, fixed income securities, and various assets, usually collecting management and advisory fees, interest income, and investment gains. Competition is keen, as private equity funds, hedge funds, asset managers, and other financial institutions search for attractive investments and seek to retain top talent. 2 The face of financial services institutions is changing rapidly in this era of globalization and international deregulation. New competition from highly-specialized niche players and ever-progressing technological advancements are challenges for this industry. Emerging global trends like international expansion, industry consolidation, end-to-end risk management and the war for talent are forcing financial institutions to be customer-centric. Customer service occupies great importance in the above mentioned industries. For these industries, the after sales services, follow up is important. Companies require candidates with flexible attitude who follow the company procedure and give favourable business to them. 2 www.valueline.com 101

The individuals working in these retail financial services are directly dealing with the customers. To deal with the customers; to handle a team and sell services as a product, Soft skills are highly required. To generate business (revenue) in these industries the behavioral competencies like positive attitude, patience, listening skills, self motivation, situational handling, interpersonal skills, flexibility etc are needed. For selling life insurance policies, health insurance, auto insurance, renewal of insurance policies, handling claims, convincing the customer for investments in financial products like shares, mutual funds, suggesting and guiding the investors in opening Demat accounts etc. Soft skills play an important role. These service sector industries are selling products like ideas, physical and financial security; for this sufficient people skills that is Soft skills are required. The research study analysis has been done on the national and international companies operational at Jaipur level in the Rajasthan region. Some of the companies branches where this research study has been conducted among them are : 1. IFFCO -TOKIO General Insurance company limited. 2. SBI General Insurance company limited. 3. ICICI Lombard General Insurance company limited. 102

4. CHOLA MS General Insurance company limited. 5. BHARTI AXA General Insurance company limited. 6. TATA AIG General Insurance company limited. 7. SBI LIFE Insurance company limited. 8. HDFC LIFE Insurance company limited. 9. THE IIFL (INDIA INFOLINE) GROUP 10. SHERKHAN 11. ANANDRATHI The research survey has been conducted on the employees with minimum of 1 year of experience. The employees with the job profile related to sales and customer services are selected for the research study. As the focus of the study is to do analysis of Soft skills impact, the respondents' selection criteria was -the job profile having the direct interaction with the customer and the team members. The demographic factors like age, gender etc. and experience of the employees are kept constant. Each selected company has been divided in three levels according to the hierarchy in Management. 1. Entry level Management (with minimum of 1year of experience and sales profile.) 103

2. Middle level Management (team leaders/sales managers having at least a team under them) 3. High Level Management (handling entire sales of the branch ) The employees of every hierarchy have been categorized into two groups high Soft skills group and low Soft skills group. The categorization of the employees have been done on the basis of their Average Soft skills score. The Maximum Soft skills score is five in this research study. The employee with the average Soft skills score more than equal to four is categorized under the high Soft skills group with High level of Soft skills. The employee with the average Soft skills score less than four is categorized under the Low Soft skills group with Low level of Soft skills. The Soft skills score is achieved by assessing the employee on the Soft skills indicators. The Soft skills indicators have been set with the help of industry experts, the experienced high level management employees of the selected companies and after the analysis of research studies on the Soft skills. 104

The indicators determining the independent variable: Soft skills are defined according to the level of hierarchy. The determining indicators in various level of hierarchy are :- 1. Entry level Management Soft skills indicators for entry level management 1. Customer Service Orientation and Selling skills 2. Communication skills and interpersonal skills 3. Professional Etiquette 4. Organizing skills 5. Product Knowledge /General Business Awareness 6. Attitude towards work 2. Middle level Management Soft skills indicators for middle level management 1. Team Management and Training skills 2. Decision Making skills and Problem solving skills 3. Business development and Target orientation 4. Social Networking skills 5. Stress Management 6. Product Knowledge /General Business Awareness 105

3. High Level Management Soft skills indicators for higher level of management 1. Leadership skills 2. Planning skills and coordination skills 3. People management skills 4. Business development skills and Target orientation 5. Creativity 6. Personality management 7. Product Knowledge /General Business Awareness The impact of the high level of Soft skills and low level of Soft skills on productivity and the growth of the employee have been analysed. The Operational definition of the for this research study has been set with the guidance of industry experts and the experienced high level management employees of the selected companies. According to them productivity of the employee is : the revenue he generates for the company. Every company sets certain revenue targets for achievement. These revenue generation targets are different for every level of hierarchy. These targets vary from company to company and industry wise as well. The average monthly revenue generated 106

through sales by the employee over the last one year has been defined as the productivity of the employee. The Operational definition of the growth for this research study has been set with the guidance of industry experts and the experienced high level management employees of the selected companies. According to them the determining indicators of the growth of the employee are: A. Significant increase in salary B. Good promotion C. Up gradation in the designation D. Additional responsibility given E. Awarded /rewarded for the performance The Average Growth score has been achieved by assessing the employees on the above mentioned growth indicators. The Maximum Growth Score is five in this research study. In this research study The Soft skills is an independent variable and the productivity and growth are the dependent variables. The impact of Soft skills score on the average monthly revenue generated by the employee (productivity) and on his growth score has been analysed by using statistical tools Correlation and ANOVA. 107

Correlation: Correlations analysis is statistical tool used to describe the degree to which variable is linearly related to another. Correlation is used to measure degree of association between two variables. Measure used for describing the correlation between the two variables in this research study is coefficient of correlation r. 3 ANOVA: A one-way analysis of variance (ANOVA) is used when there is a categorical independent variable (with two or more categories) and a normally distributed interval dependent variable is to be tested for differences in the means of the dependent variable broken down by the levels of the independent variable. 4 An index of effect size suitable for a one way ANOVA is eta squared ( 2 ), this coefficient has a range of 1-0 with high values indicating a higher proportion of variance among values of the dependent variable that can be accounted for or explained by variation among values of the independent variable. Eta squared ( 2 ) is given by the following formula: 5 3 4 5 I. Levin, Richard & S.Rubin, Davis (1998): Statistics for Management Seventh Edition. Published by Pearson Education. The Institute for Digital Research and Education, http://www.ats.ucla.edu/stat/spss/whatstat/ whatstat.htm D. Stern, Leonard (2008) ''A visual Approach to SPSS for windows '' Published by Pearson Education. 108

2 = Sum of Squares Between Groups Sum of Squares Total Equation 4.1 The value.01,.06 and.14 roughly correspond to a small medium and large effect size. The null hypothesis in one way ANOVA for this research study is: There is same impact of different Soft skills levels on growth and productivity of the employees in selected services. The alternative hypothesis in one way ANOVA for this research study is: There is significant impact of different Soft skills levels on growth and productivity of the employees in selected services. The analyses have been done of : The impact of Soft skills on growth and productivity of Entry level Management in- 1) General Insurance Industry 2) Life Insurance Industry 3) Equity Industry 109

The impact of Soft skills on growth and productivity of Middle level Management in- 1) General Insurance Industry 2) Life Insurance Industry 3) Equity Industry The impact of Soft skills on growth and productivity of High level Management in- 1) General Insurance Industry 2) Life Insurance Industry 3) Equity Industry In this research study in order to define the tables the following short forms has been used for the various terms. ELM - Entry level of Management MLM - Middle level of Management HLM - High level of Management GI - General Insurance Industry LI - Life Insurance Industry EI - Equity Industry 110

4.1 Impact of Soft skills on growth and productivity of Entry level Management 4.1.1 Entry Level Management(ELM) in General Insurance (GI) industry TABLIE 4.1 ELM, GI : Descriptive Statistics N Minimum Maximum Mean Std. Deviation Entry Level Management General Insurance Industry Soft skills 21 3.29 4.78 4.0246 0.39837 Growth 21 2 4.8 3.4857 0.62473 (Revenue generated) 21 300000 1000000 576190.48 163262.8614 The statistical analysis reveals that at the Entry level management of the General Insurance industry the minimum Soft skills score was 3.29 and the maximum was 4.78. The balance point of the distribution that is mean of Soft skills score was 4.0 and the standard deviation was.39. The minimum growth score was 2.0 and maximum was 4.80 of the employees of entry level management in General insurance industry. 111

The mean value of the growth score was 3.4 and the standard deviation was.62. The study finds out the minimum average monthly revenue generated by the employees of entry level of management in General insurance industry was 300000.00 (Three lakh rupees) and maximum average monthly revenue generated was 1000000.00 (Ten lakh rupees). The mean value of the average monthly revenue was 576190.47with the standard deviation was 163262.86. (Table 4.1) TABLE 4.2 ELM, GI: Correlations between Soft skills, Growth and Soft skills Growth (Revenue generated) Soft skills Pearson Correlation 1.684 **.737 ** Sig. (2-tailed).001.000 **. Correlation is significant at the 0.01 level (2-tailed).Source: (On the basis of calculations on SPSS) The relation between the Soft skills score, growth and productivity was examined with correlation analysis. The strong linear correlation was found between the Soft skills score, growth and productivity of the employees of entry level management of General insurance industry. The 112

r value for growth, and productivity was found.68 and.73 respectively that was highly significant. (Table 4.2) TABLE 4.3 ELM, GI : Descriptive Statistics for ANOVA N Mean Std. Deviation High Level of Soft skills 12 3.7167.52194 Growth Low Level of Soft skills 9 3.1778.64377 (Revenue generated) Total 21 3.4857.62473 High Level of Soft skills 12 658333.3333 144337.56730 Low Level of Soft skills 9 466666.6667 119895.78808 Total 21 576190.4762 163262.86138 The impact of independent variable Soft skills on dependent variables growth and productivity was statistically analysed. One Way Analysis of variance (ANOVA) test was applied in order to find out the impact of high level of Soft skills and low level of Soft skills on growth and productivity of the employees of entry level management in General insurance industry. The analysis reveals that the employees with high level of Soft skills have higher mean value for growth score and productivity than employees with Low level of Soft skills of entry level of management in General insurance industry.(table 4.3) 113

TABLE 4.4 ELM, GI : Test of Homogeneity of Variances Levene Statistic df1 df2 Sig. Growth.602 1 19.447 (Revenue generated).195 1 19.664 A Levene test of homogeneity of variance conducted prior to the ANOVA did not indicate the assumption of homogeneity of variance was significantly violated, (p>.05) p value for growth and productivity was.44 &.66 respectively. (Table 4.4) TABLE 4.5 ELM, GI : ANOVA Sum of Squares df Mean Square F Sig. Growth Between Groups 1.493 1 1.493 4.495.047 (Revenue generated) Within Groups 6.312 19.332 Total 7.806 20 Between Groups 188928571428.571 1 188928571428.571 10.430.004 Within Groups 344166666666.667 19 18114035087.719 Total 533095238095.238 20 The ANOVA was significant for growth, F (1,19) = 4.49, p<.05, 2 =.19. The Soft skills level had a significant and large size effect on 114

growth of the employees at entry level management in General insurance industry. The Soft skills level had a significant and large size effect on the productivity of the employees at entry level management in General insurance industry. The ANOVA was significant, F (1,19)=10.43, p<.05, 2 =.35.(Table 4.5) This research study found the effect of Soft skills more significant on the productivity than the growth of the employee at entry level management in General Insurance Industry. 4.1.2 Entry Level Management (ELM) in Life Insurance (LI) industry TABLE 4.6 ELM, LI : Descriptive Statistics Entry Level Management Life Insurance Industry N Minimum Maximum Mean Std. Deviation Soft skills 13 3.95 4.55 4.1774.17328 Growth 13 3.40 4.00 3.6462.16641 (Revenue generated) 13 100000.00 300000.00 171153.8462 53857.59952 115

The statistical analysis reveals that at the Entry level management of the Life insurance industry the minimum Soft skills score was 3.95 and the maximum was 4.55. The balance point of the distribution that is mean of Soft skills score was 4.1 and the standard deviation was.17328. The minimum growth score was 3.40 and maximum was 4.00 of the employees of entry level management in Life insurance industry. The mean value of the growth score was 3.6 and the standard deviation was.16641. The study finds out the minimum average monthly revenue generated by the employees of entry level of management in life insurance industry was 100000. 00 (one lakh rupees) and maximum average monthly revenue generated was 300000.00 (three lakh rupees). The mean value of the average monthly revenue was 171153.84 with the standard deviation was 53857.59.(Table 4.6) 116

TABLE 4.7 ELM, LI : Correlations between Soft skills, Growth and Soft skills Soft skills Growth (Revenue generated) Pearson Correlation 1.874 **.975 ** Sig. (2-tailed).000.000 N 13 13 13 **. Correlation is significant at the 0.01 level (2-tailed). Source: (On the basis of calculations on SPSS) The relation between the Soft skills score, growth and productivity was examined with correlation analysis. The strong linear correlation was found between the Soft skills score, growth and productivity of the employees of entry level management of Life insurance industry. The r value for growth, and productivity was found.87 and.97 respectively that was highly significant.(table 4.7) TABLE 4.8 ELM, LI : Descriptive Statistics for ANOVA N Mean Std. Deviation High Level of Soft skills 10 3.7000.14142 Growth Low Level of Soft skills 3 3.4667.11547 Total 13 3.6462.16641 (Revenue generated) High Level of Soft skills 10 190000.0000 45946.82917 Low Level of Soft skills 3 108333.3333 14433.75673 Total 13 171153.8462 53857.59952 117

The impact of independent variable Soft skills on dependent variables growth and productivity was statistically analysed. One Way Analysis of variance(anova) test was applied in order to find out the impact of high level of Soft skills and low level of Soft skills on growth and productivity of the employees of entry level management in Life insurance industry. The analysis reveals that the employees with high level of Soft skills have higher mean value for growth score and productivity than employees with Low level of Soft skills of entry level of management in Life insurance industry. (Table 4.8) TABLE 4.9 ELM, LI : Test of Homogeneity of Variances Levene Statistic df1 df2 Sig. Growth.631 1 11.444 (Revenue generated) 1.258 1 11.286 A Levene test of homogeneity of variance conducted prior to the ANOVA did not indicate the assumption of homogeneity of variance was significantly violated, (p>.05) p value for growth and productivity was.44 &.28 respectively. (Table 4.9) 118

TABLE 4.10 ELM, LI : ANOVA Sum of Squares Df Mean Square F Sig. Growth Between Groups.126 1.126 Within Groups.207 11.019 6.687.025 (Revenue generated) Total.332 12 Between Groups 15391025641.026 1 15391025641.026 Within Groups 19416666666.667 11 1765151515.152 8.719.013 Total 34807692307.692 12 The ANOVA was significant for growth, F (1,11)= 6.68, p<.05, 2 =.37. The Soft skills level had a significant and large size effect on growth of the employees at entry level management in Life insurance industry. The Soft skills level had a significant and large size effect on the productivity of the employees at entry level management in Life insurance industry. The ANOVA was significant, F (1,11)=8.71, p<.05, 2 =.44. (Table 4.10) This research study found the effect of Soft skills more significant on the productivity than the growth of the employee at entry level management in Life insurance industry. 119

4.1.3 Entry Level Management (ELM) in Equity Industry (EI) TABLE 4.11 ELM,EI: Descriptive Statistics N Minimum Maximum Mean Std. Deviation Entry Level of Management 0 Equity Industry 0 Soft skills 68 3.17 4.79 3.9435.38153 Growth 68 1.90 4.80 3.1868.87313 (Revenue generated) 68 18750.00 70000.00 38519.6078 14363.31267 Valid N (list wise) 0 The statistical analysis reveals that at the Entry level management of the Equity industry the minimum Soft skills score was 3.17 and the maximum was 4.79.The balance point of the distribution that is mean of Soft skills score was 3.9 and the standard deviation was.38. The minimum growth score was 1.90 and maximum was 4.80 of the employees of entry level management in Equity industry. The mean value of the growth score was 3.1 and the standard deviation was.87. The study finds out the minimum average monthly revenue generated by the employees of entry level of management in Equity 120

industry was 18750.00 (Eighteen Thousand Seven Hundred and Fifty rupees) and maximum average monthly revenue generated was 70000.00 (Seventy Thousand rupees). The mean value of the average monthly revenue was 38519.60 with the standard deviation was 14363.31. (Table 4.11) TABLE 4.12 ELM, EI: Correlations between Soft skills, Growth and Soft skills Soft Growth skills (Revenue generated) Pearson Correlation 1.273 *.333 ** Sig. (2-tailed).024.005 N 68 68 68 *. Correlation is significant at the 0.05 level (2-tailed). **.Correlation is significant at the 0.01 level (2-tailed). Source: (On the basis of calculations on SPSS) The relation between the Soft skills score, growth and productivity was examined with correlation analysis. The positive linear correlation with medium magnitude was found between the Soft skills score, growth and productivity of the employees of entry level management of Equity industry. The r value for growth, and productivity was found.27 and.33 respectively that was highly significant. (Table 4.12) 121

TABLE 4.13 ELM, EI: Descriptive Statistics for ANOVA N Mean Std. Deviation Growth High Level of Soft skills 32 3.4406.80996 (Revenue generated) Low Level of Soft skills 36 2.9611.87579 Total 68 3.1868.87313 High Level of Soft skills 32 43023.4375 12530.82640 Low Level of Soft skills 36 34516.2037 14859.97900 Total 68 38519.6078 14363.31267 The impact of Independent variable Soft skills on dependent variables growth and productivity was statistically analysed.one Way Analysis of variance (ANOVA) test was applied in order to find out the impact of high level of Soft skills and low level of Soft skills on growth and productivity of the employees of entry level management in Equity industry. The analysis reveals that the employees with high level of Soft skills have higher mean value for growth score and productivity than employees with Low level of Soft skills of entry level of management in Equity industry. (Table 4.13) 122

TABLE 4.14 ELM, EI : Test of Homogeneity of Variances Levene Statistic df1 df2 Sig. Growth 1.884 1 66.174 (Revenue generated) 1.354 1 66.249 A Levene test of homogeneity of variance conducted prior to the ANOVA did not indicate the assumption of homogeneity of variance was significantly violated, (p>.05) p value for growth and productivity was.17 &.24 respectively. (Table 4.14) The ANOVA was significant for growth, F (1,66) = 5.44, p<.05, 2 =.076. The Soft skills level had a significant and Medium size effect on growth of the employees at entry level management in Equity industry. The Soft skills level had a significant and medium size effect on the productivity of the employees at entry level management in Equity industry. The ANOVA was significant, F (1,66)=6.42, p<.05, 2 =.088. (Table 4.15) 123

TABLE 4.15 ELM, EI: ANOVA Sum of Squares df Mean Square F Sig. Growth Between Groups 3.895 1 3.895 5.449.023 Within Groups 47.183 66.715 Total 51.078 67 (Revenue generated) Between Groups 1226084219.828 1 1226084219.828 6.424.014 Within Groups 12596334080.826 66 190853546.679 Total 13822418300.654 67 This research study found the effect of Soft skills more significant on the productivity than the growth of the employee at entry level management in Equity industry. 124

4.2 Impact of Soft skills on Growth and of Middle Level Management 4.2.1 Middle Level Management(MLM) in General Insurance (GI) industry Middle Level Management General Insurance Industry TABLE 4.16 MLM,GI : Descriptive Statistics N Minimum Maximum Mean Std. Deviation Soft skills 21 3.11 4.86 4.1013.45760 Growth 21 3.00 4.80 3.8381.47590 (Revenue generated) 21 1500000.00 5000000.00 3380952.3810 1059537.18558 The statistical analysis reveals that at the Middle level management in the General insurance industry the minimum Soft skills score was 3.11 and the Maximum was 4.86. The balance point of the distribution that is mean of Soft skills score was 4.1 and the standard deviation was.45760. The minimum growth score was 3.00 and maximum was 4.80 of the employees of Middle level management in General insurance 125

industry. The mean value of the growth score was 3.8 and the standard deviation was.47590. The study finds out the minimum average monthly revenue generated by the Middle level Management employees in General insurance industry was 1500000.00 (Fifteen lakh rupees) and maximum average monthly revenue generated was 5000000.00 (Fifty lakh rupees). The mean value of the average monthly revenue was 3380952.38 with the standard deviation was 1059537.18. (Table 4.16) TABLE 4.17 MLM,GI : Correlations between Soft skills, Growth and Soft Skills Soft Growth skills (Revenue generated) Pearson Correlation 1.781 **.757 ** Sig. (2-tailed).000.000 N 21 21 21 **.Correlation is significant at the 0.01 level (2-tailed). Source: (On the basis of calculations on SPSS) The relation between the Soft skills score, growth and productivity was examined with correlation analysis. The strong linear correlation was found between the Soft skills score, growth and productivity of the employees of Middle level management of General Insurance industry. The r value for growth, and productivity was found.78 and.75 respectively that was highly significant. (Table 4.17) 126

TABLE 4.18 MLM,GI : Descriptive Statistics for ANOVA N Mean Std. Deviation Growth High Level of Soft skills 12 4.1167.37618 (Revenue generated) Low Level of Soft skills 9 3.4667.31623 Total 21 3.8381.47590 High Level of Soft skills 12 3875000.0000 801277.38926 Low Level of Soft skills 9 2722222.2222 1034139.471 Total 21 3380952.3810 1059537.186 The impact of Independent variable Soft skills on dependent variables growth and productivity was statistically analysed. One Way Analysis of variance(anova) test was applied in order to find out the impact of high level of Soft skills and low level of Soft skills on growth and productivity of the employees of Middle level management in General Insurance industry. The analysis reveals that the employees with high level of Soft skills have higher mean growth score and higher mean value for productivity than employees with Low level of Soft skills of Middle level of management in General Insurance industry. (Table 4.18) 127

TABLE 4.19 MLM,GI : Test of Homogeneity of Variances Levene Statistic df1 df2 Sig. Growth.562 1 19.462 (Revenue generated).155 1 19.698 A Levene test of homogeneity of variance conducted prior to the ANOVA did not indicate the assumption of homogeneity of variance was significantly violated, (p>.05) p value for growth and productivity was.46 and.69 respectively. (Table 4.19) TABLE 4.20 MLM,GI : ANOVA Sum of Squares df Mean Square F Sig. Growth Between Groups 2.173 1 2.173 17.518.001 Within Groups 2.357 19.124 Total 4.530 20 (Revenue generated) Between Groups Within Groups 6834325396825.400 1 6834325396825.400 8.314.010 15618055555555.600 19 822002923976.608 Total 22452380952381.000 20 The ANOVA was significant for growth, F (1,19)=17.51, p<.05, 2 =.47. The Soft skills level had a significant and large size effect on 128

growth of the employees at Middle level management in General Insurance industry. The Soft skills level had a significant and large size effect on the productivity of the employees at Middle level management in General Insurance industry. The ANOVA was significant, F (1,19)=8.31, p<.05, 2 =.30. (Table 4.20) This research study found the effect of Soft skills more significant on the Growth than the of the employees at Middle level management in General Insurance industry. 4.2.2 Middle Level Management(MLM) in Life Insurance (LI) Industry TABLE 4.21 MLM, LI: Descriptive Statistics N Minimum Maximum Mean Std. Deviation Middle Level Management Life Insurance Industry Soft skills 6 3.51 4.55 4.0319.44854 Growth 6 2.80 4.40 3.8333.63770 (Revenue generated) 6 200000.00 800000.00 516666.6667 285773.80332 129

The statistical analysis reveals that at the Middle level management in the Life Insurance industry the minimum Soft skills score was 3.51 and the Maximum was 4.55. The balance point of the distribution that is mean of Soft skills score was 4.03 and the standard deviation was.44854. The minimum growth score was 2.80 and maximum was 4.40 of the employees of Middle level management in Life Insurance industry. The mean value of the growth score was 3.8 and the standard deviation was.63770. The study finds out the minimum average monthly revenue generated by the Middle level Management employees in Life Insurance industry was 200000.00 (Two lakh rupees) and maximum average monthly revenue generated was 800000.00 (Eight lakh rupees). The mean value of the average monthly revenue was 516666.66 with the standard deviation was 285773.80.(Table 4.21) TABLE 4.22 MLM, LI: Correlations between Soft skills, Growth and Soft Skills Soft skills Growth (Revenue generated) Pearson Correlation 1.861 *.974 ** Sig. (2-tailed).028.001 N 6 6 6 *. Correlation is significant at the 0.05 level (2-tailed). **. Correlation is significant at the 0.01 level (2-tailed). Source: (On the basis of calculations on SPSS) 130

The relation between the Soft skills score, growth and productivity was examined with correlation analysis. The strong linear correlation was found between the Soft skills score, growth and productivity of the employees of Middle level management of Life Insurance industry. The r value for growth, and productivity was found.95 and.90 respectively that was highly significant. (Table 4.22) TABLE 4.23 MLM, LI: Descriptive Statistics for ANOVA N Mean Std. Deviation Growth High level of Soft skills 3 4.3333.11547 (Revenue generated) Low Level of Soft skills 3 3.3333.50332 Total 6 3.8333.63770 High level of Soft skills 3 766666.6667 57735.02692 Low Level of Soft skills 3 266666.6667 115470.05384 Total 6 516666.6667 285773.80332 The impact of Independent variable Soft skills on dependent variables growth and productivity was statistically analysed.one Way Analysis of variance (ANOVA) test was applied in order to find out the impact of high level of Soft skills and low level of Soft skills on growth and productivity of the employees of Middle level management in Life Insurance industry. 131

The analysis reveals that the employees with high level of Soft skills have higher mean growth score and higher mean value for productivity than employees with Low level of Soft skills of Middle level of management in Life Insurance industry.(table 4.23) TABLE 4.24 MLM, LI: Test of Homogeneity of Variances Levene Statistic df1 df2 Sig. Growth 3.273 1 4.145 (Revenue generated) 3.200 1 4.148 A Levene test of homogeneity of variance conducted prior to the ANOVA did not indicate the assumption of homogeneity of variance was significantly violated, (p>.05) p value for growth and productivity was.145 and.148 respectively. (Table 4.24) Growth (Revenue generated) Between Groups TABLE 4.25 MLM, LI: ANOVA Sum of Squares df Mean Square F Sig. 1.500 1 1.500 11.250.028 Within Groups.533 4.133 Total 2.033 5 Between Groups 375000000000.00 1 375000000000.00 45.000.003 Within Groups 33333333333.333 4 8333333333.333 Total 408333333333.333 5 132

The ANOVA was significant for growth, F (1,4) =11.25, p<.05, 2 =.73. The Soft skills level had a significant and large size effect on growth of the employees at Middle level management in Life Insurance industry. The Soft skills level had a significant and large size effect on the productivity of the employees at Middle level management in Life Insurance industry. The ANOVA was significant, F (1,4)=45.0, p <.05, 2 =. 91.(Table 4.25) This research study found the effect of Soft skills more significant on the than the Growth of the employees at Middle level management in Life Insurance industry. 4.2.3 Middle Level Management (MLM) in Equity Industry (EI) Middle Level Management Equity Industry TABLE 4.26 MLM, EI : Descriptive Statistics N Minimum Maximum Mean Std. Deviation Soft skills 9 3.69 4.50 4.1362.29476 Growth 9 2.60 4.80 3.9556.81104 (Revenue generated) 9 250000.00 550000.00 377777.7778 100346.62149 133

The statistical analysis reveals that at the Middle level management in the Equity Industry the minimum Soft skills score was 3.69 and the Maximum was 4.50. The balance point of the distribution that is mean of Soft skills score was 4.1 and the standard deviation was.29. The minimum growth score was 2.60 and maximum was 4.80 of the employees of Middle level management in Equity industry. The mean value of the growth score was 3.9 and the standard deviation was.81. The study finds out the minimum average monthly revenue generated by the Middle level Management employees in Equity industry was 250000.00 (Two Lakh Fifty Thousand rupees) and maximum average monthly revenue generated was 550000.00 (Five Lakh Fifty Thousand rupees). The mean value of the average monthly revenue was 377777.77 with the standard deviation was 100346.62. (Table 4.26) TABLE 4.27 MLM, EI : Correlations between Soft skills, Growth and Soft Skills Soft skills Growth (Revenue generated) Pearson Correlation 1.959 **.908 ** Sig. (2-tailed).000.001 N 9 9 9 **Correlation is significant at the 0.01 level (2-tailed). Source: (On the basis of calculations on SPSS) 134

The relation between the Soft skills score, growth and productivity was examined with correlation analysis. The strong linear correlation was found between the Soft skills score, growth and productivity of the employees of Middle level management of Equity industry. The r value for growth, and productivity was found.95 and.90 respectively that was highly significant. (Table 4.27) TABLE 4.28 MLM, EI : Descriptive Statistics for ANOVA N Mean Std. Deviation Growth High Level of Soft skills 7 4.2857.53984 (Revenue generated) Low Level of Soft skills 2 2.8000.28284 Total 9 3.9556.81104 High Level of Soft skills 7 414285.7143 80178.37257 Low Level of Soft skills 2 250000.0000.00000 Total 9 377777.7778 100346.62149 The impact of independent variable Soft skills on dependent variables growth and productivity was statistically analysed. One Way Analysis of variance(anova) test was applied in order to find out the impact of high level of Soft skills and low level of Soft skills on growth and productivity of the employees of Middle level management in Equity industry. 135

The analysis reveals that the employees with high level of Soft skills have higher mean growth score and higher mean value for productivity than employees with Low level of Soft skills of Middle level of management in Equity industry.(table 4.28) TABLE 4.29 MLM, EI : Test of Homogeneity of Variances Levene Statistic df1 df2 Sig. Growth 4.540 1 7.071 (Revenue generated) 4.130 1 7.082 A Levene test of homogeneity of variance conducted prior to the ANOVA did not indicate the assumption of homogeneity of variance was significantly violated, (p>.05) p value for growth and productivity was.07 and.08 respectively. (Table 4.29) TABLE 4.30 MLM, EI : ANOVA Sum of Squares df Mean Square F Sig. Growth Between Groups 3.434 1 3.434 13.144.008 (Revenue generated) Within Groups 1.829 7.261 Total 5.262 8 Between Groups 41984126984.127 1 41984126984.127 7.619.028 Within Groups 38571428571.429 7 5510204081.633 Total 80555555555.556 8 136

The ANOVA was significant for growth, F (1,7) =13.14 p<.05, 2 =.65.The Soft skills level had a significant and large size effect on growth of the employees at Middle level management in Equity industry. The Soft skills level had a significant and large size effect on the productivity of the employees at Middle level management in Equity industry. The ANOVA was significant, F (1,7) = 7.61, p<.05, 2 =.52. (Table 4.30) This research study found the effect of Soft skills more significant on the Growth than the of the employees at Middle level management in Equity Industry. 137

4.3 Impact of Soft skills on Growth and of High Level Management 4.3.1 High Level Management (HLM) in General Insurance industry (GI) TABLE 4.31 HLM,GI :Descriptive Statistics N Minimum Maximum Mean Std. Deviation High Level Management 0 General Insurance Industry 0 Soft skills 6 3.28 3.69 3.4661.17315 Growth 6 2.80 4.00 3.4667.48442 (Revenue generated) 6 5000000.00 20000000.00 10916666.6667 6560614.80859 The statistical analysis reveals that at the High level management in the General Insurance industry the minimum Soft skills score was 3.28 and the Maximum was 3.69.The balance point of the distribution that is mean of Soft skills score was 3.4 and the standard deviation was.17315. The minimum growth score was 2.80 and maximum was 4.00 of the employees of High level management in General Insurance industry. The mean value of the growth score was 3.4 and the standard deviation was.48442. 138

The study finds out the minimum average monthly revenue generated by the High level Management employees in General Insurance industry was 5000000 (Fifty lakh rupees) and maximum average monthly revenue generated was 20000000 (Two Crore rupees). The mean value of the average monthly revenue was 10916666.66 with the standard deviation was 6560614.80. (Table 4.31) TABLE 4.32 HLM,GI :Correlations between Soft skills, Growth and Soft Skills Soft Growth skills (Revenue generated) Pearson Correlation 1.966 **.952 ** Sig. (2-tailed).002.003 N 6 6 6 **Correlation is significant at the 0.01 level (2-tailed). Source: (On the basis of calculations on SPSS) The relation between the Soft skills score, growth and productivity was examined with correlation analysis. The strong linear correlation was found between the Soft skills score, growth and productivity of the employees of High level management of General Insurance industry. The r value for growth, and productivity was found.96 and.95 respectively that was highly significant. (Table 4.32) 139

TABLE 4.33 HLM,GI :Descriptive Statistics for ANOVA N Mean Std. Deviation Growth High Level of Soft skills 3 3.8667.23094 (Revenue generated) Low Level of Soft skills 3 3.0667.23094 Total 6 3.4667.48442 High Level of Soft skills 3 16000000.0000 5291502.62213 Low Level of Soft skills 3 5833333.3333 1443375.67297 Total 6 10916666.6667 6560614.80859 The impact of independent variable Soft skills on dependent variables growth and productivity was statistically analysed. One Way Analysis of variance(anova) test was applied in order to find out the impact of high level of Soft skills and low level of Soft skills on growth and productivity of the employees of High level management in General Insurance industry. The analysis reveals that the employees with high level of Soft skills have higher mean growth score and higher mean value for productivity than employees with Low level of Soft skills of High level of management in General Insurance industry.(table 4.33) 140

TABLE 4.34 HLM,GI :Test of Homogeneity of Variances Levene Statistic df1 df2 Sig. Growth.000 1 4 1.000 (Revenue generated) 5.917 1 4.072 A Levene test of homogeneity of variance conducted prior to the ANOVA did not indicate the assumption of homogeneity of variance was significantly violated, (p>.05) p value for growth and productivity was. 1.0 and respectively. 07. (Table 4.34) TABLE 4.35 HLM,GI :ANOVA Sum of Squares df Mean Square F Sig. Growth Between Groups.960 1.960 18.000.013 Within Groups.213 4.053 (Revenue generated) Total 1.173 5 Between Groups 155041666666666.700 1 155041666666666.700 10.307.033 Within Groups 60166666666666.664 4 15041666666666.666 Total 215208333333333.340 5 The ANOVA was significant for growth, F (1,4) = 18.0, p <.05, 2 =.81. The Soft skills level had a significant and large size effect on growth of the employees at High level management in General Insurance industry. The Soft skills level had a significant and large size effect on 141

the productivity of the employees at High level management in General Insurance industry. The ANOVA was significant, F (1,4) =10.30, p <.05, 2 =.72( Table 4.35) This research study found the effect of Soft skills more significant on the Growth than the of the employees at High level management in General Insurance Industry. 4.3.2 High Level Management (HLM) in Life Insurance industry (LI) TABLE 4.36 HLM, LI : Descriptive Statistics N Minimum Maximum Mean Std. Deviation High Level Management Life Insurance Industry 0 0 Soft skills 4 3.31 4.49 3.9606.48930 Growth 4 3.00 4.30 3.6000.64807 (Revenue generated) 4 2000000.00 4000000.00 2925000.0000 977667.29174 The statistical analysis reveals that at the High level management in the Life Insurance industry the minimum Soft skills score was 3.31 and the Maximum was 4.49.The balance point of the distribution that is mean of Soft skills score was 3.9 and the standard deviation was.48. 142

The minimum growth score was 3.00 and maximum was 4.3 of the employees of High level management in Life Insurance industry. The mean value of the growth score was 3.6 and the standard deviation was.64807. The study finds out the minimum average monthly revenue generated by the High level Management employees in Life Insurance industry was 2000000 (Twenty Lakh rupees) and maximum average monthly revenue generated was 4000000 (Forty lakh rupees). The mean value of the average monthly revenue was 2925000.00 with the standard deviation 977667.29.( Table 4.36) TABLE 4.37 HLM, LI : Correlations between Soft skills, Growth and Soft Skills Soft skills Growth (Revenue generated) Pearson Correlation 1.859.872 Sig. (2-tailed).141.128 N 4 4 4 The relation between the Soft skills score, growth and productivity was examined with correlation analysis. The strong linear correlation was found between the Soft skills score, growth and productivity of the 143

employees of High level management of Life Insurance industry. The r value for growth, and productivity was found.85 and.87 respectively.(table 4.37) TABLE 4.38 HLM, LI : Descriptive Statistics for ANOVA N Mean Std. Deviation Growth High Level of Soft skills 2 4.1500.21213 (Revenue generated) Low Level of Soft skills 2 3.0500.07071 Total 4 3.6000.64807 High Level of Soft skills 2 3750000.00 353553.39059 Low Level of Soft skills 2 2100000.00 141421.35624 Total 4 2925000.00 977667.29174 The impact of Independent variable Soft skills on dependent variables growth and productivity was statistically analysed. One Way Analysis of variance(anova) test was applied in order to find out the impact of high level of Soft skills and low level of Soft skills on growth and productivity of the employees of High level management in Life Insurance industry. The analysis reveals that the employees with high level of Soft skills have higher mean growth score and higher mean value for productivity than employees with Low level of Soft skills of High level of management in Life Insurance industry.(table.38) 144

TABLE 4.39 HLM, LI : Robust Tests of Equality of Means Statistic a df1 df2 Sig. Growth Brown-Forsythe 48.400 1 1.220.063 (Revenue generated) Brown-Forsythe 37.552 1 1.312.064 a. Asymptotically F distributed. The sample size was very small at high level management in life insurance industry. According to, 2008, Stern. D Leonard, book ''A visual Approach to SPSS for windows''. To avoid Type I errors, in place of the levene test of homogeneity of variance the Brown-Forsythe test was conducted to test the equality of group means. Brown-Forsy the test was conducted prior to the ANOVA did not indicate the assumption of homogeneity of variance was significantly violated, (p>.05) p value for growth and productivity was.063 and respectively.064. (Table 4.39) TABLE 4.40 HLM, LI : ANOVA Sum of Squares Df Mean Square F Sig. Growth Between Groups Within Groups 1.210 1 1.210 48.400.020.050 2.025 Total 1.260 3 (Revenue generated) Between Groups Within Groups 2722500000000.000 1 2722500000000.000 37.552.026 145000000000.000 2 72500000000.000 Total 2867500000000.000 3 145

The ANOVA was significant for growth, F (1,2) = 48.40, p <.05, 2=.96. The Soft skills level had a significant and large size effect on growth of the employees at High level management in Life Insurance industry. The Soft skills level had a significant and large size effect on the productivity of the employees at High level management in Life Insurance industry. The ANOVA was significant, F (1,3) =37.55, p<.05, 2 =. 94.(Table 4.40) This research study found the effect of Soft skills more significant on the Growth than the of the employees at High level management in Life Insurance Industry. 4.3.3. High Level Management (HLM) in Equity Industry (EI) High Level Management TABLE 4.41 HLM, EI : Descriptive Statistics N Minimum Maximum 0 Equity Industry 0 Mean Std. Deviation Soft skills 2 3.89 4.14 4.0153.18200 Growth 2 3.80 4.50 4.1500.49497 (Revenue 2 1500000.00 2000000.00 1750000.0000 353553.39059 generated) 146

The statistical analysis reveals that at the High level management in the Equity industry the minimum Soft skills score was 3.89 and the Maximum was 4.14.The balance point of the distribution that is mean of Soft skills score was 4.0 and the standard deviation was.18200. The minimum growth score was 3.80 and maximum was 4.50 of the employees of High level management in Equity industry. The mean value of the growth score was 4.15 and the standard deviation was.49497. The study finds out the minimum average monthly revenue generated by the High level Management employees in Equity industry was 1500000.00 (Fifteen lakh rupees) and maximum average monthly revenue generated was 2000000.00 (Twenty Lakh rupees). The mean value of the average monthly revenue was 1750000.00 with the standard deviation was 353553.39. (Table 4.41) TABLE 4.42 HLM, EI : Correlations between Soft skills, Growth and Soft skills Growth (Revenue generated) Pearson Correlation 1 1.000 ** 1.000 ** Sig. (2-tailed).. N 2 2 2 **. Correlation is significant at the 0.01 level (2-tailed). 147

The relation between the Soft skills score, growth and productivity was examined with correlation analysis. The strong linear correlation was found between the Soft skills score, growth and productivity of the employees of High level management of Equity industry. The r value for growth, and productivity was found 1.0 and 1.0 respectively that was highly significant.( Table 4.42) The analysis of descriptive statistics reveals the growth and productivity of the employee with high level of Soft skills was higher than the employee with low level of Soft skills of High level management of Equity industry. This research study found the effect of Soft skills more on the Growth than the of the employees at High level management in Equity Industry. At high level of management in equity industry the sample size was very small therefore One Way Analysis of variance(anova) test could not be applied to find out the impact of high level of Soft skills and low level of Soft skills on growth and productivity of the employees of High level management in equity industry. 148