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ACKNOWLEDGEMENT
RETENTION PRACTICES IN INSURANCE SECTOR
I would like to express my sincere thank for Miss Silky sehdev & all the class
friends, in the University for giving me relevant information and support
required to complete my study.
Introduction
The best way to improve employee retention is to understand what
employees want and need from the workplace and provide it. Companies
must meet employee demands within limits, of course. Management cannot
just dish out indiscriminate amounts of money to employees or give them a
four day work week in many cases. Yet surprisingly, many employee
retention practices do not have to cost a cent.
The best employee retention practice of all may be to take the time to hire
the right person for the job in the first place. But when employees do resign,
conducting exit interviews can help in future employee retention. Employers
find out useful information during exit interviews, allowing them to make
changes that may retain other employees thinking of leaving for similar
reasons.
RETENTION PRACTICES IN INSURANCE SECTOR
Of course, some employees do leave simply because of low pay and/or a lack
of benefits. However, companies can be competitive in these areas and still
stay within budget constraints. Allow employees to choose between the
benefits the company is considering. Staying competitive in wages is an
excellent employee retention practice as it helps one get and keep the top
employees in their fields. These employees are likely to stay if they would get
less money in similar firms of the same size.
Insurance business in India is divided into four classes: Life Insurance, Fire
Insurance, Marine Insurance, and Miscellaneous Insurance. The Life Insurers
transact life insurance business while General Insurers transact the rest. The
market size of the insurance sector is estimated to reach a size of Rs 2000
billion by 2009-10. The domestic insurance industry in India is estimated to
be around US$ 60.5 billion by 2010, of which US$ 35 billion will come from
rural and semi-urban areas. The life insurance market is expected to grow to
RETENTION PRACTICES IN INSURANCE SECTOR
US$ 35 billion while non-life insurance market will touch an estimated US$ 25
billion. The entry of foreign players has attracted an FDI of US$ 543 million.
There are rural and non-metropolitan markets that are yet to b tapped by
private insurance players. The key players in Life Insurance business are Life
Insurance Corporation of India, HDFC Standard Life Insurance, Max New York
Life Insurance, ICICI Prudential Life Insurance, ING Vysya, Bajaj Allianz Life
Insurance, Metlife India Insurance, Aviva Life Insurance, Bharti AXA Life
Insurance and Reliance Life Insurance. In General Insurance business some
major players are Oriental Insurance, New India Assurance, National
Insurance Company Limited, Royal Sundram Alliance Insurance, IFFCO Tokio
General Insurance, ICICI Lombard General Insurance and Cholamandalam
General Insurance.
6. No personal life
7. Physical strains
Lets also see as what are the various benefits…that have been extended to
people working in this sector.
A part from the legal and mandatory benefits such as provident-fund and
gratuity, below is a list of other benefits…insurance/BPO professionals are
entitled to the following:
The main purpose of the corporate credit card is enable the timely and
efficient payment of official expenses which the employees undertake for
purposes such as travel related expenses like Hotel bills, Air tickets etc.
Cellular Phone / Laptop: Cellular phone and / or Laptop are provided to the
employees on the basis of business need. The employee is responsible for the
maintenance and safeguarding of the asset.
8. Loans:
Many BPO/Insurance companies provide loan facility on three different
occasions: Employees are provided with financial assistance in case of a
medical emergency. Employees are also provided with financial assistance at
the time of their wedding. And, the new recruits are provided with interest
free loans to assist them in their initial settlement at the work location.
9. Educational Benefits:
Many BPO/Insurance companies have this policy to develop the personality
and knowledge level of their employees and hence reimburse the expenses
incurred towards tuition fees, examination fees, and purchase of books
subject, for pursuing MBA, and/or other management qualification at India's
top most Business Schools
11. Flexi-time:
The main objective of the flextime policy is to provide opportunity to
employees to work with flexible work schedules and set out conditions for
availing this provision. Flexible work schedules are initiated by employees and
RETENTION PRACTICES IN INSURANCE SECTOR
Invest the funds to serve the best interests of both the policy holders
and the nation.
Act as trustees of the policy holders and protect their individual and
collective interests.
Innovate and adapt to meet the changing life insurance needs of the
community.
Involve all the people working in the corporation to ensure efficient and
courteous service to the insured public.
HR Practices
RETENTION PRACTICES IN INSURANCE SECTOR
Organizational Behaviors
People Management
Performance Management
HR PRACTICES
These have a continuing and significant influence on employment
productivity. And look at the best practices in the industry to cope with an
increasing number of employees encountering new working environments,
cultures, restructuring and the pervasive and often deleterious effects of
technology.
ORGANISATIONAL BEHAVIOUR
Takes a micro-view on emphasising behaviour in organisation of individuals
and small groups. Individual behaviour includes perception, values, learning,
motivation, personality, while group behaviour includes group dynamics,
communication, power and politics.
PEOPLE MANAGEMENT
All about the skill in getting diverse workforces to work together towards
achieving organisational goals and objectives.
PERFORMANCE MANAGEMENT
Future-oriented continuous process to which managers and employees need
to devote time, all the time. It encompasses performance appraisal, self-
assessment, reward systems and Total Quality Management.
Provides an insight into the hows and whys of training, right from an
employee's induction to his exit in an organisation.
Advertising (often via agents for specialist posts) or the use of other
local media (e.g. commercial radio)
Attainments
General intelligence
Basic financial rewards and conditions of service (e.g. working hours per
week) are determined externally (by national bargaining or government
minimum wage legislation) in many occupations but as much as 50 per cent
of the gross pay of manual workers is often the result of local negotiations
and details (e.g. which particular hours shall be worked) of conditions of
RETENTION PRACTICES IN INSURANCE SECTOR
service are often more important than the basics. Hence there is scope for
financial and other motivations to be used at local levels.
As staffing needs will vary with the productivity of the workforce (and the
industrial peace achieved) so good personnel policies are desirable. The latter
can depend upon other factors (like environment, welfare, employee benefits,
etc.) but unless the wage packet is accepted as 'fair and just' there will be no
motivation.
And what can be done to improve his or her performance in the year
to come?
review takes place about three months later and is kept quite separate
from 1. and 2. but is based on the same assessment).
Introducing self-assessment;
Publicizing the purposes of the exercise and explaining to staff how the
system will be used.
Monitoring the scheme - ensuring it does not fall into disuse, following up on
training/job exchange etc. recommendations, reminding managers of their
responsibilities.
From time to time meet special needs arising from technical, legislative, and
knowledge need changes. Meeting these needs is achieved via the 'training
loop'. (Schematic available in PDF version.)
Designing training is far more than devising courses; it can include activities
such as:
METHODOLOGY
The insurance sector is marked with a high level of attrition and therefore
recruitment process becomes a crucial function of the organization. At ICICI
Prudential Life Insurance, recruitment is all time high during May-June and
Oct-Nov. The attrition is high among the sales managers, unit mangers
mostly in the sales profile. The recruitment is high during these months due
to the fact that March and September are half year closing and business is
high during Jan-Mar. Thus it is only after March that people move out of the
companies.
RETENTION PRACTICES IN INSURANCE SECTOR
The first task was to understand the various job profiles for which
recruitment...
Articles No.01
Healthy Environments
Abstract (Summary)
Articles No.02
RETENTION PRACTICES IN INSURANCE SECTOR
Abstract (Summary)
Articles No.03
Abstract (Summary)
Articles No.04
Abstract (Summary)
Articles No.05
RETENTION PRACTICES IN INSURANCE SECTOR
Abstract (Summary)
The aim of this research was to explore relations between work and family
demands and resources, work-to-family conflict (WFC), and work and family
outcomes in a cross-cultural comparative context involving Taiwanese and
British employees. Two-hundred and sixty-four Taiwanese employees and
137 British employees were surveyed using structured questionnaires. For
both Taiwanese and British employees, work and family demands were
positively related to WFC, whereas work resources were negatively related to
WFC. Furthermore, WFC was negatively related to family satisfaction. More
importantly, we found that nation moderated relationships between work
resources and WFC, WFC and work, and family satisfaction. Specifically, work
resources had a stronger protective effect for Taiwanese than British in
reducing WFC, whereas WFC had a stronger detrimental effect on role
satisfaction for British than Taiwanese. It is recommended that both culture-
general and culture-specific effects should be taken into consideration in
designing future WFC research and family-friendly managerial practice
Articles No.06
Abstract (Summary)
A robust economy
Corporate cocooning
Life balance
Concurrent with these trends, the emerging work force is developing very
different attitudes about their role the workplace. Today's employees place a
high priority on the following:
RETENTION PRACTICES IN INSURANCE SECTOR
1. Family orientation
3. Autonomy
To hold onto your people, you have to work counter to prevailing trends
causing the job churning. Smart employers make it a strategic initiative to
understand what their people want and need -- then give it to them.
Retention Strategies
This is not an exhaustive list, one can add or delete any of the below
mentioned strategies. Secondly, the need of the hour is to have "right
basics". Every individual is different, his needs are different, and his
emotions, his problems are different. So, dear HR-Professionals…sit down and
concentrate on your basics. I have classified retention strategies into two
parts: Main and Ancillary.
Clarity.
Expectations should focus on outcomes, not activities. In other words, you
achieve clarity when you identify the expected results rather than the
method for achieving them. Managers often make the mistake of attempting
to direct the process that an employee will use rather than being clear about
results. The advantage of identifying the outcome is that you, the manager,
RETENTION PRACTICES IN INSURANCE SECTOR
focus only on the goal; after all, the employee will develop the method for
achieving the desired results.
Defining the objective often requires some thought on the part of the
manager because it is easy to fall into the "activities trap." While developing
a strategic plan for a department or division is a worthy activity, it does not
represent an outcome. In the activities trap, developing a plan is the goal,
rather than increasing your market share.
Proper Rewarding
A research reports says that in today's scenario,
1. 70% of your employees are less motivated today than they used to be.
3. 50% of your employees only put enough effort into their work to keep
their job.
As you might be aware of Employee Reward covers how people are rewarded
in accordance with their value to an organization. It is about both financial
RETENTION PRACTICES IN INSURANCE SECTOR
Build a high degree of recognition value into every reward you offer.
Recognition is the most cost-effective motivator there is. While the high cost
of other rewards forces us to give them sparingly, recognition can be given
any time, at very little cost.
Some very ordinary items and events can be imbued with extraordinary
motivational significance, far in excess of their monetary value. I am
constantly amazed at how motivating a pizza or movie tickets can be if is
given with sufficient appreciation. A sincere thank you can be delivered at
any place and at any time, costs absolutely nothing and can be more
motivationally powerful than a substantial monetary bonus. Organizations
can provide innovative recognition in an infinite number of ways.
Financial times are tough. In the insurance industry, competition has never
been fiercer. Customer retention has become a primary concern for insurance
companies, and these leading insurance providers are looking for new ways
to increase customer retention. Otherwise, they face the real prospect of
outright failure. Those insurance organizations with the greatest forethought
are bolstering their customer service offerings at the tactical level of contact
center operations, applying corporate customer retention strategies.
SUGGESTIONS:-
1. Employee should be provided with proper training.
Recommendations:-
3. Be Flexible:-
Conclusion:-
RETENTION PRACTICES IN INSURANCE SECTOR
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