INTRODUCTION

People have the greatest potential and energy of any resource, but unless they are managed well, they will never reach their full potential or accomplish their full usefulness. No matter how much money and supplies are available, they will only provide results if human resource management is implemented correctly. According to Renis Likert, "the primary and most essential task being to manage its human component, because everything else depends on how successfully the business is carried out," the competence, motivation, and general affectivity of a company's human organization are crucial. Human resource management is the practice of methodically designing, implementing, and monitoring a set of interdependent processes that have an impact on and include all of an organization's workers (1). Human resource management, job analysis and design, staffing, learning and development, performance evaluation, and compensation and benefits were all part of the process. All managers and human resources professionals, and typically all workers, work together to plan, develop, and implement an organization's human resources system (2). Human resource management, or HRM, is an apparently all-encompassing and multidimensional strategy for overseeing an organization's general operations and its most valuable assets, namely its people and their development (3).

The Team Building Concept

Assisting a group in meeting its goals and gratifying its members' needs is what team building is all about. As said above, a great way to strengthen a team is to "iron out" the kinks in their organizational structure at all levels, from the top down to the bottom up and side to side. The analogue might be used by any team sport, including football and hockey (4). A group of athletes who have a common goal of triumphing in competition. If everyone on the team pulls together, they just might be able to do this. In addition, this is a new kind of activity group formed to improve the effectiveness of the system team as a whole. It might have to do with aspects of the job, such as how things are done, required work talents, resources, or the nature and quality of the relationship between members and leaders (5).

Simply said, a team is a group of people who cooperate to achieve a common goal. Formation of effective teams is based on the means through which their objectives may be met. It consists of steps including defining the team's aims, finding roadblocks, solving the challenges identified, and completing the tasks set forth for the team. The partnership entails pooling resources and combining efforts to achieve common goals while sharing burdens and gaining new opportunities (6). Those that work together toward a common goal might be thought of as a team. The goal is for groups to be cooperative and for everyone to work together to reach their objectives. All team members must take responsibility for their contributions and the results they produce.

HRM Practices and Team Building

Human resources have a major part in shaping business culture and play an essential function in formalizing and informal interactions among managers and workers. Human resources in many businesses have a significant entertainment budget, not for human resources (7), but they are utilized for an informal activity that contributes to strengthening the culture of companies. In team building, HR plays a major role. For an effective company, team building is very essential. The informal links between managers accelerate the processes without any efficiency initiatives since managers prefer to have confidence when they know one another. The knowledge is spreading and management prefers to work together. They don't incline to assist another department in the company because they wish to aid the buddy (8).

Team building may play a major role in creating a company culture and being a wonderful tool for an effective organization. It can balance a productive team with five essential elements: leadership, roles, objectives, policies, practices, and relationships (9). In every company and how it may contribute to simplifying HR management, team development can play an essential role.

·        Uniting Teams

·        Build it into Your Companies Objectives

·        Engaged Workforce

·        Removing Conflict

·        Communication

·        Develops Problem-Solving Skills

·        Increases Trust

·        Meeting New People

·        Builds Responsibility

·        Improving Results

·        Reinforcing Work Culture

Organizational development

Organizational development is used to support companies in their growth of behavioral knowledge and practice through improving work quality and productivity. It focuses on the use and integration of human resources inside the company. The structures and procedures of organizational strategies to improve the effectiveness of an organization (10);

·        Organizational development aims to increase the effectiveness of the organization.

·        Organizational development covers the framework of the strategy and changes in the process.

·        Organizational development is not a blueprint for how things should be done, but a method for planning and making changes.

·        Corporate growth is founded on knowledge and the application of behavioral science.

·        The whole methodology applies to organizational growth.

·        Organizational growth is more adaptable than a blueprint to the way things should be done to plan and execute changes.

OBJECTIVES OF THE STUDY

·        To identify the socio-economic factors that influences the team effectiveness in the selected insurance companies in Sagar district.

·        To examine the various HR practices followed by the Insurance service organizations in the study area.

RESEARCH METHODOLOGY

In the business sector and the economy as a whole, the role of research has significantly grown. The study of techniques of research gives us the information and abilities we need to address these issues and to face contemporary development challenges. The utility and significance of research in management support choices are so critical that a new area, known as the 'research methodology has been opened up. Research refers to a quest for information in a shared environment. It may also be described as a scientific and methodical quest for information and knowledge about a certain subject or event. It needs a solid research foundation and leads to both trustworthy and accurate conclusions. The research technique serves as a foundation of any research in this respect. A qualitative research study is conducted in the natural environment, by understanding or interpreting events in terms of their meanings.

Sources of Data Used

In the current research, both kinds of data, i.e. secondary and primary data, was utilized. Initially, secondary information is gathered from textbooks, websites, journals, and other secondary sources. The main data would be gathered from the 1000 workers of the chosen insurance firms for the research and tested appropriately.

Area of the Study

Sagar district, Madhya Pradesh.

Population and Sampling Procedure

The population of the study accounts for the insurance organizations of the Sagar district that bestows its implications on the whole of Madhya Pradesh while considering the sample size of respondents. Sagar district is determined as the potential representative population for this study. The study consists of employees from five insurance companies in the Sagar district. The research study takes up five insurance companies, namely LIC, HDFC Standard Life, ICICI Prudential, Tata AIA, and Bajaj Alliance in the selected Sagar district. In the process of study, the objectives are pre-determined. The methodology has been designed to fulfill the objectives of the study. The research covers a sample of 862 staff in the broad population of staff working in various managers in chosen insurance firms. A comfort sampling method is used to collect the sample.

Population size: 862 employees were taken for sample size.

The margin of error: A percentage that says how much you may anticipate representing the opinions of the whole population in your survey findings. The less the margin of error, the closer the precise response to a certain degree of confidence is to be received.

Where N = Population size e = Margin of error z = Z – Score

From these large size populations, 862 employees have been taken totally with the help of a sample size calculator. The sampled respondents taken for the study came to 862 employees. The researchers will personally monitor the surveys for the workers sampled. Only 23 percent will reply to this quiz. Hence the included employees as respondents for the present study came to 862 as the sample size.

Questionnaire

To get primary data from the sample responders a structured questionnaire is designed. It contains a socio-economic profile of staff and all other research aspects. The research is based mostly on primary data. The data are gathered through the questionnaires created. Quests with their organizational features in the research will get the questionnaires produced. The questionnaire for respondents consists of six important parts including the demographic profile of the employees and information about the organization. The first part includes the information about the employees and the organization, the second part includes the employee's attitude towards the HR practices and Team building effectiveness, the third consists of the sub-dimensions of HR practices adopted in the selected insurance companies, the fourth part includes the Team building practices followed in the organization, the fifth part includes the Team effectiveness towards team building and the final aspect is the performance of the employees towards the team building effectiveness.

Framework of Analysis

The questionnaire questions were considered in chronological order in the analysis section. The answers to all questions are tabled and evaluated thereafter. Two main parts of the analysis chapter are percentage analysis and statistic analysis. For each question, the answers are evaluated using percentages in the percentage analysis. The percentages are the usual instruments used to analyze the data. And the percentage is the right tool for determining the categorization of majority and minority answers. The results may be produced on a logical basis using the percentage analysis. This was the first % analysis. The part of statistical analysis has 62 hypothesis tests. The analytical techniques include Chi-square, Friedman, Multiple Regression, the neural network, Variance Analysis (ANOVA), and Factor Analysis.

Analytical Tools Used

Analysis of data is a critical part of social science researches. Successful analysis of data mainly depends on the reliability of data as well as the usage of appropriate statistical tools. These two aspects of the statistical analysis result in logical interpretation and conclusion. The present research has paid attention to these two aspects carefully. The choice of suitable analytical tools relies on the nature and objectives of the study. The following statistical instruments for data processing are included in the current study:

·        Mean and standard deviation

·        F test or Analysis of Variance (ANOVAs)

·        Friedman test

·        Factor analysis

·        Multiple regression analysis

·        Tree-structured analysis

·        Neural Network (NN) method

·        Wilcoxon signed-rank test

·        Structural Equation Modeling

RESULT ANALYSIS

Data analysis and interpretation are the cornerstones of any inquiry. It may operate as a filter, filtering through massive amounts of data to find relevant results. In order to eliminate any bias from study findings, data analysis is very helpful when used correctly. In this study, we looked at how several standard HRM practices affect the effectiveness of team building, with the goal of identifying and implementing those practices that yield the best results.

Table 1: Frequency analyses for socio-demographic profile of the employees

Table 1 summarizes the demographic and socioeconomic data from the study's 826 respondents, revealing that both men (54.6% of respondents) and women (45.4% of respondents) regard teamwork highly. The respondents selected for the survey are largely under the age range of 31-40 (36.6%) and the next majority is from the age group 41-50 (25.8%). It may be inferred that the respondents' ages range from 31 to 50 from this sample's demographic characteristics.

Regarding the literacy level, most of the respondents are educated and a majority of 44.4% qualified with Post graduate. According to this metric of socioeconomic status, it's clear that the employees who made up the study's sample group of respondents had a high level of education.

The bulk of workers have between 6 and 10 years of experience (28.9%), with another large group having between 11 and 15 years of experience (27.5%). In the case of the yearly income, majority of the employees earn 2,00,001 – 3,00,000 (41.5%) and 1,00,001- 2,00,000 (40.3%). The majority of the employees who were randomly chosen to participate in this survey (44.8%) live in either an urban or semi-urban location. Agents (34.7%) and Supervisors (30.4%) made up the bulk of the randomly chosen responders.

Table 2: Mean and standard deviation for attitudes of the employees

Based on the data presented in table 2, we can conclude that the identified mean for all eight attributes of employees' attitude toward the impact of HRM practices on the effectiveness of team building is "Confident with organization growth, Believe in organizations HR practices, Competent HR management, No act of exploitation of the employees, Respects each employees' ability, Employees perform their duty sincerely, Confidence with the competencies of HR management, and HR management keeps up the pro" Only the confidence in the organization's future expansion indicates a significant variation from the "neither agree nor disagree" scale, as measured by the standard deviation of the individual qualities. However, without other information to provide context, the standard deviation by itself is not especially helpful. According to the analysis presented above, the qualities of employees' attitude towards the HRM practices on Effectiveness of Team building are suitable and pleasant aspects.

Table 3: ANOVA test for gender of the employee and attitudes of the employees

Based on the result generated by SPSS 20, the significant values of all the variables related to the attitudes of the employees are greater than 0.05. So the null hypothesis is accepted in all cases. Therefore, there is no significant relationship between the mean score of gender of the employee and attitudes of the employees. The above table determines the fact that out of the eight factors considered under employee attitude towards the HRM practices on Effectiveness of Team building considered for the selected insurance companies, no factor had implications on the gender of the employees. This may be because all the opinion statements of the employees towards HRM practices on Effectiveness of Team building do not differ based on gender of the employees. Thereby all the attributes under employees attitudinal opinion towards HRM practices on Effectiveness of Team building in insurance industry does not have impact.

Table 4: Friedman test for significant difference between mean ranks towards attitudes of the employees

From the above table, it is found out that all the variables related to the attitudes of the employees had significance value less than 0.05 at 1 Per cent significance, thus the null hypothesis is rejected. Thus, it is concluded that there is significant difference between mean ranks towards attitudes of the employees. Out of the eight employee attitude variables, the “HR management keeps up the promises” has the highest rank (4,93). So, that employee attitude is influenced by HR management keeps up the promises. The result determines the fact that almost all the attributes under employee attitude towards the HRM practices on Effectiveness of Team building considered for the selected insurance companies are important and the most influencing factor is identified as ‘HR management keeps up the promises’ of the respondents. This may be due to the employee’s attitudinal opinion towards the HR management that abides and holds on its promises to the employees are felt significant. Hence among all other attributes under employee attitude towards the HRM practices on Effectiveness of Team building considered for the selected insurance companies, the above said factor alone is the most influencing variable.

Table 5: KMO and Bartlett's Test of attitudes of the employees

High value of KMO (0.731> .05) of indicates that factor analysis is useful for the present data. The significant value for Bartlett’s test of Sphericity is 0.000 and is less than 0.05 which indicates that there exists significant relationships among the variables. The resultant value of KMO test and Bartlett’s test indicates that the present data is useful for factor analysis.

Table 6: Total variance explained for attitudes of the employees

All the statements of the attitudes of the employees are loaded on the two factors. The total variance accounted for, by all the three factors with Eigen value greater than 1 is 65.584 percent and the remaining variance is explained by other variables. Among the three factors, the first factor accounts for around 27.297 percent of variance which is the prime criteria considered in attitudes of the employees.

Table 7: Rotated Component Matrix of attitudes of the employees

CONCLUSION

An organization is a group of people who are linked together in some way. A corporation cannot afford to overlook the importance of training to enhance a team-building activity. It is more efficient in doing its work and satisfying the needs of its constituents. To make meaningful progress, we need to alter the system as whole, not just a few details. While the system as a whole is quite stable, there are still troubled people and loosely organized organizations whose sole goal is to protect that stability. The extent to which insurance sector workers' productivity is boosted by HR measures that encourage a culture of collaboration. Recent research from the Lowe Institute suggests that putting an emphasis on basic ideas of collaboration might boost team performance. Investigating the factors that contribute to the effectiveness of team building and the extent to which these characteristics may lead to productive team performance will help take this problem ahead more swiftly. The insurance industry has been chosen as the focus of this study in an effort to define what "team effectiveness" means to individuals who work in the field. The key to succeeding in any Endeavour that requires considerable group effort is to form and maintain effective teams.