Human Resource Management Practices In Life Insurance Corporation of India

The terms ‘human resource management’ (HRM) and ‘human resources’ (HR) have largely replaced the term ‘personnel management’ as a description of the processes involved in managing people in organizations. The concept of HRM underpins all the activities to provide a framework for what follows by defining the concepts of HRM and an HR system, describing the various models of HRM and discussing its aims, characteristics, HRM and the relationship between HRM and personnel management and the impact HRM can make on organizational performance.

Human resource management is defined as a strategic and coherent approach to the management of an organization’s most valued assets – the people working there who individually and collectively contribute to the achievement of its objectives. Storey (1989) believes that HRM can be regarded as a ‘set of interrelated policies with an ideological and philosophical underpinning’. He suggests four aspects that constitute the meaningful version of HRM: 1. A particular constellation of beliefs and assumptions; 2. A strategic thrust informing decisions about people management; 3. The central involvement of line managers; and 4. Reliance upon a set of ‘levers’ to shape the employment relationship

Training refers to the method used to give new or present employees the skills they need to perform their job and development is a long term educational process utilizing a systematic and organized procedure by which managerial personnel learn conceptual and theoretical knowledge. Training plays a key role in performance management. The process employers use to make sure employees are working towards organizational goals. It means taking an integrated, goal oriented approach to assigning, training, assessing and rewarding employees performance. Training is a process of learning a sequence of programme of behavior. It is application of knowledge. It attempts to improve their performance on the current job or prepare them for an intended job. Training programme available now for developing a variety of skills starting from memory improvements, leadership, motivation, team building, rational decisions making human resources development, computer programming corporate planning to entrepreneurship development. Training can be made very useful for organization if the training function is managed well.

Training is the corner stone of sound management for its makes employees more effective and productive. It is actively and intimately connected with all the personnel or managerial activities. It is an integral part of the whole management programme, with all its many activities functionally interrelated. There is a need for training men so that new changed techniques may be taken advantaged of and improvement affected in the old method, which are more fully inefficient.

1. To increase productivity 2. To improve quality 3. To help a company fulfill its future personnel need 4. To improve organizational climate 5. Personnel growth

_ Identifying training needs _ Implementation _ Evaluation

It is of following types : 1) On the job training (OJT) : Training a person to learn a job while working on it. 2) Off the job training : It is of following types a) Lectures – it has several advantages. It is quick and simple way to provide knowledge to large group of trainees. b) Case study – a development method in which the manager is presented with a written description of an organizational problem to diagnose an solve.

The Notion behind carrying out this study focused on having an in-dept analysis of the prevailing training and development programmes at LIC with the help of a survey of the HR Practices. Training refers to the method used to give new or present employees the skills they need to perform their job. Training is the process of increasing the knowledge and skills for doing a particular job. It is an organized procedure by which people learn knowledge and development is a long term educational process utilizing a systematic and organized procedure by which managerial personnel learn conceptual and theoretical knowledge.

_ To understand attitude of employees towards training programmes. _ To know the effect of training on the employees performance. _ To understand the attitude of top level management towards implementation of training programme. _ To know about the effectiveness of training policy towards the achievement of organization’s objectives and vision.

1) Training must contribute in keeping people abreast of latest information, technical knowledge in specialized areas and develop 2) Training must also prepare an individual to understand and assesses his job content so that he can perform with confidence and suggest improvements in processes involved. 3) Training must help to acquire required supervisory and management skills in keeping with the position and improve decision making and problem solving skills. Better engagement and productivity must be quantified from time to time. 4) Training must focus on assisting an individual in managing change. Liberalization in the Indian insurance sector has opened the sector to private competition. A number of Foreign insurance companies have set up representative offices in India and have also tied up with various asset management companies . All these developments have forced the insurance companies to be competitive. What makes a firm best is not just technology, bright ideas, masterly strategy or the use of tools, but also the fact that the best firms are better organized to meet the needs of their people, to attract better people who are more motivated to do a superior job . In this manner the management of human resources becomes very crucial. Thus, this study on HRM Practices in insurance companies was taken up. The main objective of the study was to assess the human resource management Practices being implemented in insurance companies operating in India. To achieve the main objective, the following sub objectives were set: 1. To assess Practices regarding human resource planning and recruitment. 2. To identify selection and socialization Practices in insurance companies. 3. To assess the Practices regarding training in insurance companies. 4. To assess Practices of performance appraisal in insurance companies. 5. To assess the compensation and benefits related Practices in insurance companies. 6. To identify the workforce diversity and contemporary hr Practices being implemented in insurance companies. 7. To assess and compare the hr Practices being implemented in Indian and Multinational insurance companies.

companies.

The assumption underpinning the practice of HRM is that people are the organization’s key resource and organizational performance largely depends on them. If, therefore, an appropriate range of HR policies and processes are developed and implemented effectively, then HR will make a substantial impact on firm performance. The Holy Grail sought by many commentators on human resource management is to establish that a clear positive link between HRM Practices and organizational performance exists.

1) The Training policy is formulated at the Central Office and the Central Office reserves the right to make any modifications required. However the implementation of the training policy will come under the purview of Principals of Zonal Training Centres in each zone. 2) Training modules must be designed differently so as to suit the specific needs of a target group-e.g. Functional Topics must concentrate on theoretical aspects and case studies. 3) Ideally training sessions for management cadre (ADM and above) should be conducted at MDC, so that along with functional and theoretical inputs, some managerial leadership and decision making are also included. 4) Training inputs for clerical staff and officers up to A.O can be conducted at the Zonal Training Centers, Divisional and Employees Training Centers. Here the emphasis would be on subject specific. Knowledge, use of relevant FEAP modules etc. 5) Whenever an employees is posted to a new department he must undergo a technical training session to give him required inputs. 6) That apart each employee must attend at least one training session each year to update his knowledge.

problem along with the logic behind using them.

The highly effective research methodology used can both be Quantitative and Qualitative in employee esearch. It is necessary to ensure that correct methodology is used for the type of research to be conducted.

All the items under consideration in any field of enquiry constitute a ‘universe’. In our case it is the employees of LIC

A sample design is a definite plan determined before any data are actually collected for obtaining a sample from a given population. In this case I have used convenient sampling.

* Primary methods Observational methods : observation is a way to look at the things, as they exist. It involves the use of various senses and drawing meanings to the things we see or hear. There are a number of things that can be observed by an evaluation. These may be classified under the following categories _ Physical facilities and living conditions _ Meetings, discussion and other transactions _ Celebrations and other events related to organization life and culture _ Training and other HR related facilities _ Forms and formats, reports, manuals etc. Interview methods : Interview methods is quick and adequate for comprehensive HR audit. Interviewing the various stakeholders can give considerable data about the current areas and directions for the improvements. The main advantage of the interviews is its capacity to capture the primary concern of the people under study. Interview makes the assessment dynamic. In interviewed people in office and thus collected relevant information. The critical scientific study lies in framing the questions rather than in finding the answers. Thus to reach the correct perspective, it is imperative to go through the right

Analysis of secondary data can give a lot of insight into HR assets and liabilities of the company published literature of the company such as annual report, marked handouts issued also helped in assessing the strengths and weakness.

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