HR policies and Guidelines for employees in Bajaj Allianz

A Project Report Submitted to Rayat Bahra Institute of Management, Hoshiarpur For the Partial Fulfillment of the Degree of Master of Business Administration

Supervised by Mr. Balkar Singh Sr. DM Bajaj Allianz Life Insurance Company limited

Submitted by: Heena Kaushal 104682276235 HR

Rayat Bahra Institute of Management Rayat Bahra Group of Institutions, Bohan, Hoshiarpur 2011

Declaration

This is to state that the project report titled A study of HR Policies and Guidelines for employees in Bajaj Allianz is based on original work carried out by me under the supervision of Ms. DAMANPREET KAUR towards Partial fulfillment of the Degree of Master of Business Administration of the Punjab Technical University.

University Roll No: 104682276235 Date: Place:

Signature

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Preface
Human Resource Management is concerned with people element in management. Since every organization is made up of people, acquiring their services, developing their skills / motivating to high level of performance and ensuring that they continue to maintain their commitments to the organization which are essential to achieve organizational objectives. This project is meant to know about the Human Resource Policies and Guidelines in the Organization. The HR Policies are tools to help an organization demonstrate, both internally and externally, that it meets requirements for ethics and training as well as its commitments in relation to regulation. HR policies can also be very effective at supporting and building the desired organizational culture. The HR Guidelines are helpful to the employees benefits and also helpful in employee development. In guidelines, there is service conditions and salary components which are necessary to follow it.

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ACKNOWLEDGEMENT

When emotions are profound, words sometimes are not sufficient to express out thanks and gratitude. With these words, I am trying to express my guide who have helped and provided the very much enthusiasm and consistent encouragement required for the completion of my project. I gratefully acknowledge and thanks to, THE DIRECTOR OF RBIM, RAYAT BAHRA PUNJAB, for their consistent appraisal and inspiration to move ahead. The successful completion of my research is the blessing of my teachers, parents and sincere advices of my friend.

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Chapter 1 INTRODUCTION OF ORGANISATION

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INTRODUCTION
Bajaj Allianz Life Insurance Company is a joint venture between two leading conglomerates, Bajaj Auto Limited, one of the largest manufacturers of motorcycles and scooters in the world, and Allianz AG of Germany one of the largest insurance companies. The company received the Insurance Regulatory and Development Authority (IRDA) certificate of Registration (R3) No.116 on 3rd August 2001 to conduct Life Insurance business in India. Bajaj Allianz shareholder capital base stands at Rs. 500 crore with Bajaj Auto Limited and Allianz AG of Germany holding 74% and 26% stake respectively. It is the largest private player in the insurance industry in India with a market share of around 34% amongst the private companies and second to LIC. The total market share of Bajaj Allianz as of 31st March 2006 is at 12%.During the financial year 2005-2006, Bajaj Allianz has sold over 13 lakh policies and collected about Rs. 4433 crore as premium income. Shopping growth of 216% for the FY 2005-06, Assets under management of Rs. 3324 crore. It has paid up Rs. 925 crore with IRDA as a caution deposit. Bajaj Allianz has insured lives for sum assure of over Rs. 8500 crore.

Bajaj Auto Limited

Bajaj Auto Ltd., the flagship company of the Rs. 8000 crore Bajaj group is the largest manufracturer of two wheelers and three- wheelers in India and one of the largest in the world. A household name in India, Bajaj Auto has a strong brand brand image & brand loyalty synonymous with quality & customer focus. With over 15,000 employees, the company is a Rs. 4000 crore auto giant, is the largest 2/3wheeler manufacturer in India and the 4th largest in the world. AAA rated by

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Crisil, Bajaj Auto has been in operation for over 55 years. It has joined hands with Allianz to provide the Indian customers with a distinct option in terms of life insurance products. As a promoter of Bajaj Allianz Life Insurance Co. Ltd., Bajaj Auto has the following to offer: Financial strength and stability to support the Insurance Business. A strong brand-equity. A good market reputation as a world class organization. An extensive distribution network. Adequate experience of running a large organization. A 10 million strong base of retail customers using Bajaj products. Advanced Information Technology in extensive use. Experience in the financial services industry through Bajaj Auto Finance Ltd.

Allianz AG
Founded in 1890 in Berlin, Allianz is now present in over 70 countries with almost 174,000 employees. At the top of the international group is the holding company, Allianz AG, with its head office in Munich. Allianz AG is in the business of General (Property & Casualty) Insurance; Life & Health Insurance and Asset Management and has been in operation for over 110 years. Allianz is one of the largest global composite insurers with operations in over 70 countries. Further, the group provides Risk Management and Loss Prevention Services. Allianz has insured most of the worlds largest infrastructure projects (including Hongkong Airport and Channel Tunnel between UK and France), further Allianz insures the majority of the fortune 500 companies, besides being a large industrial insurer, Allianz has a substantial portfolio in the commercial and personal lines sector, using a wide variety of innovative distribution channels. ALLIANZ AG A GLOBAL FINANCIAL POWERHOUSE Worldwide 2nd by Gross Written Premiums Rs. 4,46,654 cr. 3rd largest Assets under Management (AUM) & largest amongst Insurance cos. AUM of Rs. 51, 96,959 cr. 12th largest corporation in the world. 49.8% of global business from Life Insurance. Established in 1890, 110 yrs of Insurance expertise.

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National Network
BALIC has a Pan India presence with: The Head Office located at Pune. 8 Zonal Offices located at Delhi, Varanasi, Patna, Kolkotta, Indore, Pune, Banglore & Chennai. 700+ branches. Over 10,000 sales managers. Over 3, 00,000 Insurance consultants. More than 10 Bancassurance partners across country.

Culture @ Bajaj Allianz

Bajaj Allianz will be: Be a winning team. Be professional and socially committed. Focus everything we do on our customers. Have a passion for excellence and hate bureaucracy. Be open to ideas, sharing, transparent & trusting. Make BALIC a great place to work. Have a sense of humor.

The Bajaj Allianz Way:

Invest in people Pay / develop/ career planning. Dominate your market be decisive / communicate clear goals. Never sit still change continually / revolutionize. Think service; service; service continuous improvement Learn and lead be prepared to listen. Tell the facts as they are clear communication.

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Manage the business like a corner shop customer satisfaction / employee satisfaction / cash flow.

Internal Grading structure

GRADE
L5

DESCRIPTION
Department Heads

L4 L3 L2 L1

L4B L3A

Department Heads/ AVPs Sr. Managers /AVPs Managers / Supervisory Roles Executives / Customer Support Executives

L3B
L2A L2B L1A L1B

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Organizational Insight
Joint venture between Allianz SE and Bajaj Finserv (formerly known as Bajaj Auto Ltd). Incorporated on 12th March 2001. Received Certificate of Registration (No. 116) from Insurance Regulatory and Development Authority of India on 03rd August 2001.

Allianz SE

Established in 1890. Allianz SE has over 120 yrs of Insurance experience. One of the worlds largest Insurance Co. By revenue (2009) (Euro 97.4 million). 3rd largest Assets under Management (AUM) & largest amongst Insurance cos.-AUM of Euro 1,202 million. The group serves approximately 75 million customers in 70 countries. Approximately 1, 52,000 employees worldwide. Provides insurance to almost half of the fortune 500 cos.

Bajaj Finserv
An Associate Company of Bajaj Auto Ltd. Incorporated on 30th April 2007. Currently engaged in life insurance, general insurance, and consumer finance business, distribution of financial products and services and windenergy generation. Net profit as on 31st March 2010 Rs. 559 crores. Capital Base as on 31st March 2010 Rs, 7234 lakhs.

Vision

To be the BEST Life Insurance Company in India To Buy From, Work For & Invest In.

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Operations @ Bajaj Allianz

Decentralized operations at Hubs for quicker response. Nationwide network of 1100+ branches. Specialised Business Channels Bancassurance Rural Group Dedicated product teams for Pension Health

Customer Care Centre

Well networked Customer Care Centres (CCCs) with state of art IT systems. Highest standard of customer service & simplified claims process in the industry. Website for all kind of assistance and information on products and services. Online buying and renewals. Toll-free number 1800-233-7272

Agency

Total Offices = 835 Total Sales Managers = 9,000+ Insurance Consultants working on commission basis = >1.5 lakhs. Business contribution to BALIC = 52% (approx)

Alternate Channel
Largest Alternate Channel in the Industry. Bigger than combined channels of some of private life insurance companies. Total No. Of Employees:- 1500+ Overall contribution to BALIC business 22%

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Bancassurance
Bancassurance is the provision of insurance (assurance) products by a bank. Offices/Hubs: 13 No. Of employees: 800+ Overall contribution to BALIC New Business: 12%

Corporate Division
No. Of employees: 60+ Group Business: Deals with covering the Lives of Employer Employee and Non Employer Employee Groups and also manage funds under various employee benefit schemes run by organizations for their employees. Overall contribution to BALIC New Business: 6%

Business Procurement
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The newest distribution channel within the company, instituted in April 2007. Key Focus is to acquire third party relationships thereby ensuring financial inclusion on a pan India scale. Aim is to promote financial inclusion through a network of third party distributors in rural areas. Key channel partners acquired till date include SKS Microfinance 33 Regional Rural banks sponsored by BOB, Syndicate Bank, Union Bank of India, State Bank of India & PNB

Accolades
Rated 35th on the top 50 Most trusted Service Brands survey conducted by Economic Times. Amongst the most profitable private life insurance in the industry. First private insurer in the industry to offer online ULIP. 75% claims paid within 45 days. Declared as Centre of Competence in IT by Allianz SE. 13

CHAPTER 2 INTRODUCTION OF PROJECT

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Introduction of HRM HRM is a management function concerned with hiring, motivating and maintaining people in an organization. It focuses on the people in the organization. In other words, It is the art of procuring, developing and maintaining competent workforce to achieve the goals of an organization in an effective and efficient manner. Features of HRM: Pervasive in nature Action oriented People oriented Development oriented Continuous function Future oriented Individually oriented

Objective of HRM: To help the organization reach its goal. To employee the skills and abilities of the workforce effectively. To provide the organization with well trained and well- motivated employees. To communicate HR POLICIES to all employees.

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HR POLICIES
HR Policies are systems of codified decisions, established by an organization, to support administrative personnel functions, performance management, employee relations and resource planning. Each company has a different set of circumstances, and so develops an individual set of human resource policies. Purpose of HR Policies HR policies allow an organization to be clear with employees on: The nature of the organization. What they should expect from the organization. What the organization expects of them. How policies and procedures work. What is acceptable and unacceptable behavior The establishment of policies can help an organization demonstrate, both internally and externally, that it meets requirements for diversity, ethics and training as well as its commitments in relation to regulation and corporate governance. HR policies can also be very effective at supporting and building the desired organizational culture.

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Hr policies in Bajaj Allianz

Leave All Team members are eligible for following leaves: Earned leave:I. One day leave will be credited to employee after completion of 12 working days. Employees can get maximum 21 days leave in a year. II. Earned leave Balance can be carry forward in next year and it will be accumulated up to 65 days Max. III. Leaves more than 65 days will be lapsed. IV. We do not have procedure to en-cash available leave balance during tenure of employment. It will be paid to employee on exit i.e. with Full & Final settlement. Sick Leave:I. Employee is entitled for Max. 5 days Sick leave in a year. II. In case of New Joinees Sick leave will be credited on proportionate basis. III. Sick leave will be carrying forward and can be accumulated till 10 days. IV. Employees can avail maximum leaves accumulated till date. V. There is no encashment on sick leave. Maternity Leave:Female employees are entitled for 90 days maternity leave. Women shall be entitled to maternity benefit only, if she has actually worked in an establishment of the employer for a period of not less then 80 days in the 12 months immediately proceeding the date of her expected delivery. Weekly offs and paid holidays are not taken in to consideration while calculating leaves Availed. Employees need to get leaves sectioned on HR4U before going for leave.

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Visiting Cards & Employee Identity Cards All team members are eligible for visiting cards. After a member joins, the visiting card requisition must be filled up in the prescribed template and given to Admin for printing. Employee ID Card Format is also available with ADMIN. After getting the Emp code, this form needs to be filled up and the Emp ID Card is made available in the next 2 weeks.

Advance against Salary Team member shifting from an outside location are eligible to claim advance for house deposit. This amount will be recovered as per the term of the Leave and License agreement subject to a maximum of 36 installments (depending upon The lease agreement signed). Submission of a copy of the Leave and License agreement is a pre requisite to avail of the benefit. Brokerage Reimbursement The company will pay the House Brokerage fees for team members. This is a one time payment and subject to a maximum of one and a half months rental. Provident Fund All team members are eligible for Provident Fund as per statutory provision. The team member contributes 12% of his/ her basic salary, every month, to this fund, and the company makes an equivalent contribution. The Provident Fund is regulated by the RPFC Pune. For more details, you can log onto http://epfindia.nic.in/

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Gratuity All team members are eligible for gratuity as per provisions under the payment of Gratuity act, 1972(@ 15 days last drawn basic salary for every completed year of service). Gratuity payable to the limit of 10 lacs is exempted from tax deduction. Life Insurance All team members are covered for a sum assured of 60 times their monthly basic salary. This cover remains only as long as they remain in the services of the company, subject to the minimum limit of Rs 5 lacs and the maximum of Rs 30 lacs.

Employee Depository Linked Insurance (EDLI) This is an additional Life Insurance Coverage extended on behalf of the company in lieu of Insurance covered under Employees Provident Fund Act 1952. This is to the maximum limit of 1.5 lacs, payable only increase of employees death, to the legal heir. The premium for this policy is borne by the company. Medicare All team members are eligible to join the Medicare Hospitalization policy entered into with Medicare services Ltd. Please update your personal and family details through HR4U. HR4U > My profile > Personal Profile > Family Details > Enter Family Details Employees have an option to select a Family Floater Cover for self, spouse, 2 children and parents for a floater amount of Rs. 1, 2,3,5,7.5,10,15 or 20 lacs. Enrollment into this scheme is done only through HR4U. Increase an employee fails to do his enrollment within 10 days from the date of

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creation of his HR4U Id, the company gives him default coverage of Rs. 3 lacs for himself only. The coverage amount once selected or given by default cannot be changed during the policy period (1st September to 31st August). However, family members can be added at any time. There is a company subsidy of Rs. 5000/- towards medicare premium. Any premium amount exceeding Rs.5000/- is recovered from the employees salary. This is a one time deduction. Details arte uploaded on HR4U on the following path: HR4U > Medicare > Medicare Detail Personal Accident Policy Under this policy, employees are covered for disability arising out of accidents. It compensates for the employees loss of pay due to the disability. Death is not covered under this policy. The capital sum insured (CSI) for grade L1 and L2 is Rs. 5 lacs while it is Rs. 7.5 lacs for grades L3 to L5. the company pays the premium for this cover.

Separation policy
Registration / Termination Incase of registration or termination, the minimum period of notice or payment (@ basic pay) in lieu is as follows:

Status of Employment During Probation After Probation

Notice Period/ Payment in Lieu 1 months basic pay 3 months basic pay

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Retirement Age:

58 years

Full & Final Settlement On separation, the company gives the full & final clearance in maximum 15 days, subject to receiving the exit details required for the F & F processing. The details required are: 1. Date of resignation. 2. Last day of working. 3. Variable pay rating (if applicable).

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HR Guidelines
Formalities to be completed within first 15 days of joining HR4U Portal HR Catalyst ( HR I Track ) Salary Processing Formalities Service Conditions Period of Probation Salary and Attendance related facts Salary Components Important Policies Provident Fund Employees Benefits Policies for Resignation / Termination Company Expectations from You Performance Management Employee Development

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Formatting to be completed within first 15 days of joining

ACTIVITIES JIR ( To be filled on 1st Day of joining and submitted to Reporting Manager/ HR) Business The following in the JIR need to be filled o Joining Checklist o PF Nomination and Declaration form o Form 13 for PF transfer, available on HR4U(if employee wishes to transfer his PF from previous Co. to BALIC) o Gratuity Nomination Form o Group Life Insurance Form o Employee ID Card Format o Confidentially Form Submit a medical certificate Submit the following educational certificates(certified copy) o SSC mark sheet & school leaving certificate o HSC mark sheet & certificate o Graduation mark sheet & certificate o Post graduation mark sheet & certificate (If applicable) Submit the following previous employment proofs Previous employers salary slip Relieving letter/ resignation acceptance letter Submit the date of birth certificate (certified copy) Submit 3 passport size and 1 card size photographs (colored) Fill the letter of authorization Fill the reference check information sheet

Other formalities ( to be submitted to BHR)

o o

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Formatting to be completed within first 15 days of joining

ACTIVITIES Investment proofs Submit investment proofs within 15 days of DOJ Path for investment declaration on HR4U is -> HR4U> salary> investment declaration

PAN

and

Bank

Submit PAN details within 90 days after DOJ Submit bank details within 45 days after DOJ Upload details on HR4U

details (salary will be withheld if this is not updated)

HR4U

Activate the employee code by logging on to http://hris.balic.in/hr4u Change password after first login Make sure that the reporting authority is defined the same)

Performance management

o ( in case it is not uploaded/changed , update BHR on The reviewer needs to be defined Upload your targets on HR4U within 15 days of joining

Formatting to be completed within first 15 days of joining

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ACTIVITIES ESIC Form Fill the ESIC form and provide 1 passport size & 2 I - card size color photographs (applicable to those drawing salary less than Rs. 10,000) completely in addition to details in JIR

MEDICARE

Upload the family details and the medicare amount within 10 days. The same can be done through the following link:

For more details : HR4U> My profile> Personal details > Family details > Add details For medicare details: HR4U> Medicare> Medicare deatils

HR4U HR Portal
HR4U is a HR portal & acts as a link between the employees & the Human Resource Function. It is an information portal, which helps employees to know about the HR activities in the company. It facilitates Attendance, Leaves, Mediclaim, IT Declaration, and Performance Appraisal etc. HR4U Address: http://hris.balic.in/hr4u/

HR4U Login

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All employees are provided with HR4U login & have his/ her personal details in their ID. HR4U ID is created after the completion of joining formalities & creation of Employee code. The TAT for the same is three days after generation of employee code, ID details are provided to local HR representatives on daily basis. Username for Hr4U login is the employee code of the employee & default password is kept as password for the first login. Employee needs to change his/her password with the first login. HR4U Features My space My profile Salary Leaves Attendance Performance Management Mediclaim HR Forms & Formats Alerts Other features

HR Catalyst
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HR Catalyst (I Track) In order to enhance internal customer service, an IT enabled employee query management system called HR Catalyst was launched in October 2009. This system provides solutions of HR related queries to all employees of BALIC. Every query has been assigned a defined Turn-AroundTime (TAT). Some key Features of the Process are:This is an on-line system titled as HR Catalyst. The employee who wants to log in with his query goes to the Bajaj Allianz Life Insurance Corporation Home Page. Under the section of BALIC Trackers, a hyperlink to HR Catalyst has been provided. On clicking the GMT link, system asks user ID and password details. Employee is supposed to enter his/her employee code as User ID and use HR4U password as password to access HRT Catalyst. The following details are displayed on the screen: Category Sub category Employee Code No. Name of the employee Designation of the employee E mail ID Contact No. State Zone Query Description A space has been provided to an employee to describe his/her query in details. After writing his or her query, an employee needs to click on the option Register Query.

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Lastly, an employee also has an option to attach a file after registering query.

Salary processing formalities

All new BALIC employees need to open their salary accounts with standard chartered Bank (or ICICI Bank/ AXIS Bank if Stan chart bank doesnt operate in that region). The account & PAN details need to be updated on the HR4U. Path for updation of PAN/BANK details: HR4U -> My profile -> Corporate Details ->other.

Service Condition
Office timings Monday to Friday: Saturday: Or Alternate Saturday: Lunch Timings: Holidays Weekly offs: Paid Holidays: Earned Leaves: Sick Leave: Sunday 10 per annum 21 per annum 5 per annum 9 am to 6 pm 1 pm to 2 pm 9 am to 6 pm 9 am to 1 pm

Attendance
1. Period of attendance considered for payroll process: - From 19 th of Last month to 18th of current month. 2. Salary will be processed on the basis of HR4U attendance only. 3. To register your daily attendance, please ensure to log in HR4U on daily basis.

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4. Also ensure to regularize your absent days/ Leave Days before 18th of every month to avoid the salary deduction. 5. In case of difficulty in login HR4U, please contact to your Business HR/HR coordinators. 6. You may visit HR4U- > HR Induction -> HR4U Induction for HR4U guidelines. Attendance of New joinee In the first month, New Joinee will get salary from 1st to 18th of the month along with arrears from his Date of Joining (If Date of joining is prior to 1st of that month).

PAN No. & Bank Account Details Submission

1. We are considering BANK & PAN details updated only on HR4U. Please ensure to update correct PAN No. & Bank details on HR4U. We will consider it for salary payout. Path for upadation of PAN/Bank detail is: HR4U -> My Profile -> Corporation Details -> Corporation Details -> other 2. In case of change in bank details, please do inform to business HRs with the scan copy of cancelled cheque by separate mail. 3. If you want to open new bank account, you may open Salary Account in following banks: 1. Standard Chartered Bank 2. ICICI Bank 3. Axis Bank For HO employees Standard Chartered Bank is compulsory 4. Ensure that the name provided to company, should be match with Bank record.

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5. Salary will be put on hold if PAN isnt submitted within 90 days or if Bank account no. is not submitted within 45 days of date Joining. 6. Salary hold for non submission of PAN & Bank, will be released by 22 nd of every month, if details submitted before 15th. For New Joinees: - If bank account is not updated on HR4U, First month salary will be paid by cheque. Salary cheques will be distributed through regional HR by 7th of every month. Probation Fund You shall be on Probation for a period of six month; the period of probation may be extended further if necessary in writing. You shall be deemed to be on probation till you are issued a written order of confirmation. The decision of the company with regard to the extension of the probation shall be final and binding. Your conformation in the service of the company after the probation period will depend on your performance and conduct being as per the norms of the company. The decision of the company with regards to the extension of probation, conformation or otherwise shall be final and binding. Performance Management Performance Appraisal is a process in which you will receive feedback on your performance from your immediate supervisor/managers. The process helps you to recognize your strengths and areas of improvement, to utilize your talents and to overcome recognized shortcomings. The intention is to help you improve your performance. Regular performance appraisal and development interviews are conducted twice a year. The appraisal periods are April September October March

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In order to be appraised, a team member needs to have completed a minimum of 6 months service with the company. 1) Appraisal may also be conducted on the following occasions: Significant change of assignment, area of activity and / or transfer to Another business unit Change of supervisor, or Upon conclusion of the probation period. 2) Our performance culture involves o Setting of targets or Key Results Areas (KRAs) at the beginning of the appraisal period o Monitoring performance o Providing feedback and redirecting action plan if required and at the end of the appraisal period appraising individual contributions against the predetermined objectives or KRAs Results are then communicated and rewarded in relation to objectives achieved.

BRAVO- BALIC Awards for Excellence

Objectives: To recognize and build a strong culture for Excellence beyond Performance. To acknowledge & recognize accomplishments by our team members. To establish a transparent and effective reward mechanism

Scope and eligibility: Target group: Non sales employees in L1 and L2 grades who have completed 1 year as on 31st December. This scheme doesnt not extend to sales staff..

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Eligibility criteria: Tenure with the company: employees completing 1 year as on 31st December Performance Ratings: Minimum final rating of A or B i.e. (>=100%) in the last 2 appraisals cycles (including Mid Year) i.e. April and October. Note: Nominator Reporting Manager of the team member/s who qualify the above laid down criterias. Nominee all non sales employees in L1 and L2 grades who qualify the above laid down criterias. Nomination Parameters The nominator would evaluate/ rate each nominee on the following 4 Potential Parameters: Ambition and drive Ability and willingness to learn Customer orientation People orientation STAR Form (Open Ended Question) The nomination should describe a Critical Incident for each nominee as per the STAR format. Situation Task Action Result For each of the 4 Potential Parameters mentioned earlier, the nominator needs to describe a recent past incident (preferably within a year) wherein he/she defines the situation at hand, the Task required, the action taken by the nominee and the

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results derived by virtue of which he/she is nominating the employee for the award. Mandatorily, a minimum of 2 Critical Incident should be filled for every nominee by the nominator as per the STAR format. The critical incident should highlight the Potential Parameters wherever displayed in these critical incidences. Between the two critical incidents all 4 Potential parameters should be covered.

Talent Management Program (TMP)

The Talent Management Program (TMP) provides a unique platform that assesses the performance and potential of an employee and comes out with a balanced view of an individuals abilities and potential thereby enabling to identify key talent and nurture it. It helps an organization to develop a wide map of talent and gives a better understanding of its people and their abilities. Objectives: 1. To provide a holistic view of an individual: Current and Future 2. To help identify and prepare future leadership talent 3. To provide key resources with recognition and growth opportunities 4. To facilitate retention of high Performers 5. To help Identify and groom potential successors 6. To facilitate designing of Personal Development plans 7. To complement the rewards system Performance Appraisal 1. Performance Appraisal is done as per the following: Each employee would be assessed on his/her Performance and Potential ablities.

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Category

Description

Rating Range >100%

Exceeds expectations of the current assignment consistently

Meets expectations of the current position consistently and occasionally exceeds it 100%

Meets most expectations of the current assignment but still requires follow up at times 90% to 99%

Does not meet complete expectations of the assignment

< 90%

2. Potential is assessed on the following 4 areas: 34

I.

Ambition and drive: Enthusiasm, initiative, positive spirit and attitude, energy and hunger to push forward and improvise, result orientation, strategic vision, energy to motivate others, setting high standards for self etc.

II.

Ability and Willingness to learn: Problem solving and analytical skills, out of the box thinking, short learning experience, openness and flexibility to learn new things, willingness to adapt to new surroundings & relocate, etc.

III. IV.

Customer Orientation: Ability to listen to (internal/external) customers and have the attitude to do the best possible to deliver. People Orientation: Ability to develop good relationships with people to collaborate and work more effectively. Ability to develop people down the line, gender sensitivity, ethics and integrity, effectiveness in one on one and group interactions

Each of the potential areas is rated on the following scale:

Scale Best in Class

Description The person proactively grabbed every opportunity that presented itself and was found outstanding in this area. The person can be compared to the best in the industry and sets benchmark.

Rating

High

Whenever given an opportunity, the person always met expectations.

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Scale Satisfactory Y

Description Given an opportunity, the person often met expectations but needs to develop this area further.

Rating

Even on receiving opportunities, the Needs Improvement person displayed poor ability in this area. Needs significant improvement.

Score Range

Final Potential Rating

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13 to 16

9 to 12 5 to 8
Up to 4

3 2 1

An example of the potential rating has been illustrated below: classification Rating Score range Final Rating Potential

Ambition & drive Ability & willingness to learn Customer Orientation People orientation Total Score: 8

2 13 to 16 1 9 to 12 5 to 8
3

4 3 2 1

Up to 4

Final Potential rating: 2

This means that every person in a team will have two scores based on: Performance & Potential Thus, TMP Rating = Performance + Potential Rating 37

Scope of project The TMP is applicable to all employees in grade L2B and above who have completed 6 months tenure in the organization as an on-roll employee. Provident Fund All team members are eligible for provident fund as per statutory provision. The team member contributes 12% of his / her basic salary, every month, to this fund, and the company makes an equivalent contribution. The provident fund is regulated by the RPFC, Pune. For more details, you can log onto http://epfindia.nic.in/ Process for Provident Fund Transfer and Withdrawal PF Withdrawal: Employee can withdraw the PF Fund Ex Employees: Employee has to fill the form no 19, 10 C as per the sample form attached & submit it to BALIC after two months from the date of living on address given below. New Joiners: Employee has to fill the attached form no 19, 10 C as per the sample form attached & submit it to his previous employer after two months from the date of living. Please forward filled PF withdrawal forms to Pune HO on following address:HR Department Bajaj Allianz Life Insurance Co. Ltd. GE Plaza, Airport Road, Yerawada, Pune - 411006. These forms will be forwarded to the PF Office for settlement. Error free form on receipt by the PF office, the amount will be credited in your account after three

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months if the Bank Account belongs to Pune, outside Pune the amount will be credited afterfour months. Completed form (Sample) of Provident Fund- Transfer / Withdrawal and Pension Fund Withdrawal is attached. Requirement: 1. PAN card photography. 2. Cancelled Cheque or Bank Pass book photocopy for confirmation of Account, Bank Name, Bank Address and residential proof. 3. Please do not give bank details of your Salary Bank account on Form No. 19 & 10-C. Please provide personal bank account details. 4. Mention the Employee Number and the contact number on left hand corner of the Form. 5. If you have completed three years by leaving service. Hence P.F. office requires following document affidavit on 100/- hundred rupees stamp paper duly notarized regarding non receipt of payment & recovery (if excess payment made). PF TRANSFER FORM NO. 13 : Employee can Transfer the PF Fund New Joiners: After joining to organization employee can transfer the PF amount from previous organization to BALIC. Employee has to filled Form NO. 13 as per sample form attached. Transfer Form has to be filled up in original triplicate copy & submit it to present company mention the Employee Number and the contct number on left hand corner of the form on following address. HR Department Bajaj Allianz Life Insurance Co. Ltd. GE Plaza, Airport Road, Yerawada, Pune - 411006. Transfer process will take more than 5 months for transferring your PF amount to present company.

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Note: Please communicate all your PF related Queries to epf@balic.in Soft copy of withdrawal / transfer form is available on HR4U > My Space > Exit Form (1).

Employee Development
Bajaj Allianz believes in empowering its employees with knowledge. The company will provide you with the training required for effective performance at your work. Apart from on-the-job trainings, the company will ask you to participate in the required training programmes, as decided by the company. Broad categories of trainings offered are: DISCOVER workshop: Programs to bridge skill gaps identified by the managers/ ZMs/HODs will be held under broad category of Discover. Management Development Programmes Special Programmes conducted for the top performers in all grades. Professional Development Employees agree encouraged to acquire higher professional qualifications in their respective fields. Some of the programmes for which employees can qualify are: o III o Actuarial study scheme, o Audit Professional development scheme, o Certified Financial Advisor o LOMA Personal development: Employees will be provided an opportunity to develop themselves through

E- Learning Log on to site http://myLearning.balic.in to access various developmental courses

E-MBA TO be launched

40

What Companys expects from you?

Outside Employment You are not to engage in any other gainful occupation. You are also not permitted, at any time, to engage in any occupation, which is in conflict with the interests of the Company, or any of its subsidiaries.

Confidentiality You shall not under any circumstances or at any time whether during continuous employment or after the termination of employment impart any information regarding the business or affairs of the company (or of any subsidiary / associate of the company) to any person, firm or company except with the expressed consent of the company or in so far as may be required by a Court of Competent Jurisdiction. Personal Records The company will keep a record of your bio data, performance appraisal, etc. you are required to inform the Human Resource Department of any change in your bio data, such as address, contacts number, marital status, and educational and professional achievements. If there is a change in marital status, then you may opt to change the default nominee (mentioned at the time of joining). The forms are available in the JIR (Joining Information Report).

Scope of the study

41

In any organization human resource is the most important assets. In todays current scenario, Bajaj Allianz Life Insurance Company is good insurance company in market As most of the companys overall performance depends on its employees performance which depends largely on the HR Policies and Guidelines of the organization. So the project has wide scope to help the company to perform well in todays global competitions. The core of the projects is to design an HR Policies and Guidelines for the organization.

Objectives of the study

To study the HR Policies and guidelines for employees in Bajaj Allianz Life Insurance. The entire employees are satisfied with the HR policies and guidelines of the company. The entire employees are satisfied with special programs which are conducted for Performance Appraisal. To know about the views of employees regarding HR policies and guidelines.

Limitations of the study

42

Following limitations were faced during the study: 1. While designing the questionnaire it was kept in mind to gather more and more information from each target person. For the neither present nor descriptive questions could have served the purpose. Therefore the questionnaire contained in the open-ended questions. 2. The study was concluded in Bajaj Allianz in hoshiarpur city, which has 35 consultants only. The sample size was of 35 insurance care consultants only so that accuracy of data so collected could be absurd covered by circulation of questionnaire. 3. the accuracy of indications given by the respondents may not be consider adequate as whether the language used in the questionnaire is understood by the respondent cannot be taken for granted. 4. The study is based on the information gathered from the consultants. Therefore in such case it is possible that the information supplied might be biased because the consultants might have response about policies and guidelines. 5. Since the survey was limited to 35 consultants. I have tried to the best of my capability to give the conclusion on a comprehensive manner.

43

Chapter 3 Review of Literature

US sub-prime crisis makes India Inc review HR policies (Posted 16 October 2008 - 11:20 pm)

44

The combined pressure of global economic slowdown, the sub-prime crisis in the US and rising inflation is forcing India Inc to have a relook at their HR policies, increase productivity and redeploy their manpower. Though, companies have factored in the economic turmoil in their budgets for 2009, the average salary projections for the coming year are lower by only a percentage point at 13.9%. Despite the increased pressure, the year 2008 saw a strong salary increase of 14.8% according to a study by HR consultancy firm, Hewitt Associates. According to the survey across 150 companies, only 20% are resorting to a slowdown in hiring or a complete freeze. While the majority, 57% are looking to balance the effect of inflation and lower HR budgets by increasing productivity, 31% are deploying their manpower towards better efficiency. Many companies (30%) have also introduced performance linked pays to deal with fixed pay increases. As far as shaving off operating costs is concerned, travel and recreation seems to have received the maximum cuts. While only 9% of the companies are looking at reducing their training budgets, a good 25% are in favour of reducing staff budgets, largely in areas of travel and recreation. Contrary to expectations, there hasnt been any dramatic move to downbeat macro-economic factors on compensation. Instead, companies are looking at innovative ways to cut costs like travel and recreation without compromising on employee salaries or learning and development, said Sandeep Chaudhary, leader, Hewitt Rewards Consulting Practice India. There is a chunk of companies, however very small, that is also looking at increasing the work hours to manage rising costs of business. In our burgeoning economy there is a colossal waste of resources, from capcital to talent deployment. Organisations

Would need to take stock and enumerate various ways to improve efficiency and boost productivity, said Chaudhary.

45

Department of Human Resource Management Policies Manual Purpose : It is the Commonwealths objective to promote equitable and consistent human resource policies that specifically prohibit discrimination on the basis of race, sex, color, national origin, religion, sexual orientation, age, political affiliation, veteran status, or disability. This Policy manual addresses the rights and responsibilities of Executive Branch agency employees covered by the Virginia Personnel Act (classified employees). Additionally, certain policies address wage employees, At-Will employees and applicants for employment. Classified: Employees who are assigned to positions within the occupational families listed in the Commonwealth's Compensation Plan. These employees are covered by the provisions of the Virginia Personnel Act, once they have completed the probationary period.

Restricted Classified employees whose positions receive 10 percent or more of required funding from non-continuous or non-recurring funding sources, such as grants, donations, contracts, capital outlay projects, or higher education auxiliary enterprise revenues, are designated as restricted employees. Restricted employees have access to the provisions of Policy 1.30, Layoff, only if their immediate prior service was in a non-restricted, full-time classified position. Employees may have access to the provisions of Policy 1.57, Severance Benefits

General Provisions:

46

This policy manual contains general statements of policy but not detailed procedural guidelines for each policy. These policies do not constitute a contract of any kind, expressed or implied. DHRM may add to the policies in the manual, revoke or modify them from time to time. DHRM makes every effort to keep this manual current, but there may be times when policies will change before this material can be revised. Procedures for implementing particular policies may exceed the scope of this manual. In such cases, policies refer to specific sections of procedural manuals Such as the Human Resource Management Manual, the Employee Suggestion Program Manual, the PMIS Users Manual, etc. that set forth the relevant procedures. Interpretations: The Director of the Department of Human Resource Management is responsible for the official interpretation of this policy, in accordance with 2.2-1201 of the Code of Virginia. Questions regarding the application of this policy should be directed to the Department of Human Resource Management's Office of Agency Human Resource Services. The Department of Human Resource Management reserves the right to revise or eliminate this policy at any time.

47

Chapter 4 Research Methodology

Research Design
48

Research Methodology, which is followed by researcher, is Descriptive study. Research methodology constitutes of research methods, selection criterion of research methods, used in context of research study and explanation of using of a particular method or technique so that research results are capable of being evaluated either by researcher himself or by others. Why a research study has been undertaken, how the research problem has been formulated, why data have been collected and what particular technique of analyzing data has been used and a best of similar other question are usually answered when we talk of Research methodology concerning a research problem or study. Research Method Primary data: The primary data has been collected through the Questionnaire. The questionnaire has been properly prepared in order to cover all the Information required for the study. The primary data has been obtained by interaction with the officials and staff in the division in the organization and also obtained through the Questionnaire distributed to the persons in different departments in that particular division. Secondary data: The secondary data has been collected through the organization and the internet. Information is collected from various HRM books. Through policies of the companies.

Tools Used To know the response, I have used the questionnaire method.

49

In this method questionnaire were distributed to the respondents and they were asked to answer the questions in the questionnaire. The questionnaire were structured non disguised questionnaire because the question which the questionnaire contained, were arranged in a specific order besides every question asked were logical for the study, no question can be termed as irrelevant. The questionnaire was non-disguised because the questionnaire was constructed so that the objective is clear to the respondent. The respondents were aware of the objective. They knew why they were asked to fill the questionnaire. With the help of following techniques, which are using by Bajaj Allianz I analyse that the how hr Guidelines and policies are useful?

Area of study

50

The area of the study related with getting correct information of Hr policies and guidelines of different peoples in the region of Hoshiarpur. Sample design A sample design is a definite plan for obtaining a sample from a given population. It refers to the techniques or the procedure the researcher would adopt in selecting items for the sample. Sample design may as well be drawn from the population to be included in the sample i.e. the size of the sample. Sample design is determined before data are collected. Sample Size = 35.

51

Chapter 5 Data Analysis and Interpretations

Q: 1. how long you have been working in the organization?

52

Tabular Representations:

variables

No. of respondents

% 71 6

Less than 1 yr

25 2

1- 2 yr 2-5 yr 4 11

More than 5 yrs

11

53

80% 70% 60% 50% 40% 30% 20% 10% 0% less than 1 yr 1-2 yr 2-5 yrs more than 5 yrs

Interpretations: According to the study 71% consultants prefer less than 1 year, 11% consultants prefer 2-5 years and more than 5 years and 6% consultants prefer 1-2 years.

Q: 2 are you aware about the companys HR policy and Guidelines?

54

Tabular representations:

variables

No. of respondents

yes

30

85

No

14

55

90% 80% 70% 60% 50% 40% 30% 20% 10% 0% yes no

Interpretations: According to the study 85% consultants prefer yes and 14% consultants prefer no.

Q: 3. do you think HR policies and guidelines are flexible in your companies? 56

Tabular representations:

variables

No. of respondents

yes

29

82

No

17.14

57

90% 80% 70% 60% 50% 40% 30% 20% 10% 0% yes no

Interpretations: According to the study 82% consultants prefer yes and 17.14% consultants prefer no.

Q: 4 are you satisfied with the comforts that are given to you by the company? 58

Tabular representations:

variables

No. of respondents

yes

28

80

No

20

59

80% 70% 60% 50% 40% 30% 20% 10% 0% yes no

Interpretations: According to the study 80% consultants prefer yes and 20% consultants prefer no.

Q: 5 Talent Management

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a) Did you ever got reward for your talent?

Tabular representations:

variables

No. of respondents

yes

26

74.28

No

25.71

61

80% 70% 60% 50% 40% 30% 20% 10% 0% yes no

Interpretations: According to the study 74.28% consultants prefer yes and 25.71% consultants prefer no.

b) Are you satisfied with the growth plan given in TMP? 62

Tabular representations:

variables

No. of respondents

yes

30

88

14.28 No 5

63

90% 80% 70% 60% 50% 40% 30% 20% 10% 0% yes no

Interpretations: According to the study 88% consultants prefer yes and 14.28% consultants prefer no.

Q: 6 getting sufficients support in the department in which you are working. Tabular Representations:

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variable

No. of respondents

Strongly Agree

15

42.85

Agree

17

48.57

Neutral

8.57

Disagree

Nil

Nil

Nil Nil Strongly Agree

65

50% 45% 40% 35% 30% 25% 20% 15% 10% 5% 0% strongly agree agree neutral disagree strongly disagree

Interpretations: According to the study 42.85% consultants prefer strongly agree, 48.57% consultants prefer agree, 8.57% consultants prefer neutral and 0% consultants prefer disagree or strongly disagree.

Q: 7 LEAVE POLICIES: Satisfied with the privilege leave provided to you. 66

Tabular Representations:

variable

No. of respondents

Strongly Agree

14

40

Agree

20

Neutral

14

40

Disagree

Nil

Nil

Nil Strongly Agree

Nil

67

40% 35% 30% 25% 20% 15% 10% 5% 0% strongly agree agree neutral disagree strongly disagree

Interpretations: According to the study 40% consultants prefer strongly agree, 20% consultants prefer agree, 40% consultants prefer neutral and 0% consultants prefer disagree or strongly disagree.

Q:8 personal accident policy: Satisfied with contingencies cover under this policy.

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Tabular Representations:

variable

No. of respondents

Strongly Agree

25.71

Agree

10

28.57

Neutral

5.71

Disagree

11.42

Nil Strongly Agree

Nil

69

30% 25% 20% 15% 10% 5% 0%

strongly agree

agree

neutral

disagree

strongly disagree

Interpretations: According to the study 25.71% consultants prefer strongly agree, 28.57% consultants prefer agree, 5.71% consultants prefer neutral and 11.42% consultants prefer disagree and 0% consultants prefer strongly disagree.

Q:9. MEDICLAIM POLICY: Satisfied with the mediclaim services covered under this policy.

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Tabular Representations:

variable

No. of respondents

Strongly Agree

12

34.28

Agree 6 17.14

Neutral

10

28.57

7 Disagree

20

Nil Strongly Agree

Nil

71

35% 30% 25% 20% 15% 10% 5% 0% strongly agree agree neutral disagree strongly disagree

Interpretations: According to the study 34.28% consultants prefer strongly agree, 17.14% consultants prefer agree, 28.57% consultants prefer neutral and 20% consultants prefer disagree and 0% consultants prefer strongly disagree.

Q: 10. PERFORMANCE APPRAISAL: Satisfied with the feedback given to you by your organization.

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Tabular Representations:

variable

No. of respondents

15 Strongly Agree 8

42.85

Agree

22.85

Neutral

22.85

4 Disagree

11.42

Nil Strongly Agree

Nil

73

45% 40% 35% 30% 25% 20% 15% 10% 5% 0% strongly agree agree neutral disagree strongly disagree

Interpretations: According to the study 42.85% consultants prefer strongly agree, 22.85% consultants prefer agree, 22.85% consultants prefer neutral and 11.42% consultants prefer disagree and 0% consultants prefer strongly disagree.

Q: 11. EMPLOYEE DEVELOPMENT: Satisfied with the special programs which are conducted for performance appraisal.

74

Tabular Representations:

variable

No. of respondents

Strongly Agree

22

62.85

Agree

10

28.57

Neutral

8.57

Disagree

Nil

Nil

Nil Strongly Agree

Nil

75

70% 60% 50% 40% 30% 20% 10% 0% strongly agree agree neutral disagree strongly disagree

Interpretations: According to the study 62.85% consultants prefer strongly agree, 28.57% consultants prefer agree, 8.57% consultants prefer neutral and 0% consultants prefer disagree and 0% consultants prefer strongly disagree.

Q: 12. PROVIDEND FUND: Satisfied with the deduction of 12.5% of PF.

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Tabular Representations:

variable

No. of respondents

8 Strongly Agree

22.85

Agree

12

34.28

Neutral

15

42.85

Disagree

Nil

Nil

Nil Nil Strongly Agree

77

45% 40% 35% 30% 25% 20% 15% 10% 5% 0% strongly agree agree neutral disagree strongly disagree

Interpretations: According to the study 22.85% consultants prefer strongly agree, 34.28% consultants prefer agree, 42.85% consultants prefer neutral and 0% consultants prefer disagree and 0% consultants prefer strongly disagree.

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CHAPTER 7 SUGGESTIONS AND CONCLUSIONS

Suggestions
1. The organization should focus on the leave policy. 2. try to organize the talent management program for the employees

79

3. A flexible reward should be adopted by organization to improve the employee benefits and development.

Conclusions
1. The policy of builds the team and foster team work as the primary instrument in all activities.

80

2. The guidelines are very helpful in employee development and employee benefits. 3. The policies implement equitable, scientific and objective system of rewards, incentives and control. 4. With the help of guidelines, the employees understand how their work goals relate to companys goals. 5. With the help of guidelines, Company inspires the employees to do their best work every day. 6. The employees are not satisfied with the LEAVE Policy. 7. The employees agree on the part of their performance that they know what is expected from them. 8. The HR Policies of the company provides facilities for all round growth of individuals. 9. The employees are not agreeing with the feedback of performance appraisal given to them by the organization. 10. They are not satisfied with mediclaim policy..

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Chapter 8 Bibliography

Books
Human Resource Management by Ashwathapa. Human Resource Management by V S P Rao. Articles:

82

US sub-prime crisis makes India Inc review HR Policies http://www.financialexpress.com/news/us-subprime-crisis-makes-indiainc-review-hr-policie. Viewed on 30th July 2011.

Websites
www.bajajallianz.com www.scibed.com viewed on 27th july 2011. www.wikipedia.com viewed on 29th july 2011. www.dhrm.state.va.us viewed on 30th July, 2011.

Qustionnaire on Bajaj Allianz:

HR Policies and Guidelines for Employees in

Name of the employee: Name of the organization:

83

1. How long you have been working in the organization? Less than 1 yr 1-2 yrs 2-5 s More than 5 yrs 2. Are you aware about the Companys HR Policy and Guidelines? Yes No 3. Do you think HR policies and Guidelines are flexible in your companies? Yes No 4. Are you satisfied with the comforts that are given to you by the company? a)yes b)no

5. TALENT MANAGEMENT a) Did you ever got reward for your talent? a) yes b) no

b) Are you satisfied with the growth plan given in TMP? a) yes b) no

84

Sr. no 6.

Statement Getting sufficient support in the department in which you are working. LEAVE POLICY: Satisfied with the privilege leave provided to you. PERSONAL ACCIDENT POLICY: Satisfied with contingencies cover under this policy. MEDICLAIM POLICY: Satisfied with the mediclaim services covered under this policy PERFORMANCE APPRAISAL : Satisfied with the feedback given to you by your organization EMPLOYEE DEVELOPMENT: Satisfied with the special programs which are conducted for performance appraisal PROVIDEND FUND Satisfied with the deduction of 12.5% of PF

Strongl y Agree

Agree

Neutral

Disagree Strongly Disagree

7.

8.

9.

10.

11.

12.

85