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HRM in Insurance Sector

HRM in Insurance Sector

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Published by Bhagyesh Dongare

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Published by: Bhagyesh Dongare on Jan 10, 2012
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BHAGYESH MACHHINDRA DONGARE. TYBMS .DIV- A .ROLL NO-36.SUB- HUMAN RESOURCES MANAGEMENT IN INSURANCE SECTOR.GUIDE- ARTI SHARMA.VIVA COLLEGE.
EXECUTIVE SUMMARY"If you want 10 days of happiness, grow grain. If you want 10 years of happiness, grow atree. If you want 100 years of happiness, grow people."OBJECTIVE OF THE STUDYThe phenomenal expansion of insurance sector:
The major insurance companies in our country have expanded their branches phenomally in the last few decades. Also, many newinsurance companies are being established all over the country.The objective of the study is therefore, to examine the insurance companies, their functioningand asses their viability.
IMPORTANCE OF THE STUDY
 
The need to make profits:
Profits are essential for the survival and growth of everycommercial organization.
Increasing emphasis on profitability:
The profitability aspect of the insurance companies hasgotten a lot of attention in the recent years.
Employee satisfaction:
Along with the increasing emphasis on profitability, employeesatisfaction has also been generating considerable interest.This study has thus been undertaken to examine the importance human resource management ininsurance companies.
HYPOTHESIS STAEMENT
 Investments in HRM practices can help a firm perform better.
INTRODUCTION
Competitive advantage of a company can be generated from human resources (HR) andcompany performance is influenced by a set of effective HRM practices. In this study, weintended to assess the HR practices in insurance companiesEvery organization is composed of people and utilizing their services, developing their skills,motivating them to enhance their levels of performance and ensuring that they remain committedto the organization are essential for the accomplishment of organizational objectives. This is truefor all types of organizations - government, business, education, health, recreation or socialaction. Organizations that can do this will be both effective as well as efficient. Inefficient or ineffective organizations face the danger of stagnating or going out of business.The emphasis on proper and effective human resource management has increased in the recent
 
times. It has come to be identified as an important factor in the successful management of anorganization. With the growing importance of knowledge workers to organizations and the risingexpectations of employees, it is essential to have a good human resource management system in place.
 Human Resource Management 
(HRM) consists essentially of four functions – acquiring,developing, motivating and retaining human resources. The acquisition function starts with planning for the number and categories of employees required, and end with staffing. Thedevelopment function has three dimensions – employee training, management development, andcareer development.The motivation function includes identifying the individual motivational needs of employees andfinding ways to motivate them. The retention function is concerned with providing a work environment conducive to the employees and nurturing them to make them feel committed andattached to the organization.Human resources are the most valuable and unique assets of an organization. The successfulmanagement of an organization's human resources is an exciting, dynamic and challenging task,especially at a time when the world has become a global village and economies are in a state of flux. The scarcity of talented resources and the growing expectations of the modern day worker have further increased the complexity of the human resource function. Even though specifichuman resource functions/activities are the responsibility of the human resource department, theactual management of human resources is the responsibility of all the managers in anorganization.It is therefore necessary for all managers to understand and give due importance to the differenthuman resource policies and activities in the organization.Human Resource Management outlines the importance of HRM and its different functions in anorganization.It examines the various HR processes that are concerned with attracting, managing, motivatingand developing employees for the benefit of the organization.

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