Professional Documents
Culture Documents
HR Practices at Reliance Life Insurance
HR Practices at Reliance Life Insurance
Executive summary
This report is a culmination of my project conducted during the period
01.06.2009 to 31.07.2009 as a part of my Summer Training. This report is
based on human resource practices in life insurance at Reliance Life Insurance
New Delhi.
Reliance Life Insurance is an associate company of Reliance Capital Ltd., a
part of Reliance - Anil Dhirubhai Ambani Group. Reliance Capital is one of
Indias leading private sector financial services companies, and ranks among
the top 3 private sector financial services and banking companies, in terms of
net worth. Reliance Capital has interests in asset management and mutual
funds, stock broking, life and general insurance, proprietary investments,
private equity and other activities in financial services.
PEOPLE is the most important and valuable resource every organization
has in the form of its employees. Dynamic people can make dynamic
organizations. Effective employees can contribute to the effectiveness of the
organization. Competent and motivated people can make things happen and
enable an organization to achieve its goals.
Organizations have now started realizing that the systematic attention to
human resources is the only way to increase organizational efficiency in terms
productivity, quality, profits and better customer orientation.
HR can help deliver organizational excellence by focusing on learning,
quality, teamwork, and through various employee friendly strategies.
Today with a lot of MNCs coming in India, the amount of competition has
increased to such an extent that organizations have further aggrieved their
stress on proper man management.
but this was the experience of actually implementing it. Working in the field
gave me the idea about the intricacies of the market and corporate culture of
the company.
Research Methodology
There are two types of data collection method use in my project report.
Primary data
Secondary data.
For my project, I decided on primary data collection method for observing
working of company and approaching customers directly in the field,
telecalling, interviews, and through references to know their interest in
business with company.
Secondary data collection method was used by referring to IRDA and all other
various websites, magazines and daily newspapers for collecting information
regarding project under study.
Industry Profile
turn
witnessed
over
period
of
almost
190
years.
The business of life insurance in India in its existing form started in India in
the year 1818 with the establishment of the Oriental Life Insurance Company,
Calcutta.
Some of the important milestones in the life insurance business in India
are:
1912 - The Indian Life Assurance Companies Act enacted as the first
statute to regulate the life insurance business.
1956 - 245 Indian and foreign insurers and provident societies taken
over by the central government and nationalized. LIC formed by an Act
of Parliament, viz. LIC Act, 1956, with a capital contribution of Rs. 5
crore from the Government of India.
LIC
Bajaj Alliance
ICICI Prudential
Kotak Mahindra
Company profile
About Reliance
Founder
Few men in history have made as dramatic a contribution to their countrys
economic fortunes as did the founder of Reliance, Shri. Dhirubhai Ambani.
Fewer still have left behind a legacy that is more enduring and timeless.
As with all great pioneers, there is more than one unique way of describing
the true genius of Dhirubhai: The corporate visionary, the unmatched
strategist, the proud patriot, the leader of men, the architect of Indias capital
markets, and the champion of shareholder interest.
But the role Dhirubhai cherished most was perhaps that of Indias greatest
wealth creator. In one lifetime, he built, starting from the proverbial scratch,
Indias largest private sector enterprise.
When Dhirubhai embarked on his first business venture, he had a seed capital
of barely US$ 300 (around Rs.14,000). Over the next three and a half decades,
he converted this fledgling enterprise into a Rs 60,000 crore colossusan
achievement which earned Reliance a place on the global Fortune 500 list, the
first ever Indian private company to do so.
Dhirubhai is widely regarded as the father of Indias capital markets. In 1977,
when Reliance Textile Industries Limited first went public, the Indian stock
market was a place patronised by a small club of elite investors which dabbled
in a handful of stocks.
Undaunted, Dhirubhai managed to convince a large number of first-time retail
investors to participate in the unfolding Reliance story and put their hardearned money in the Reliance Textile IPO, promising them, in exchange for
their trust, substantial return on their investments. It was to be the start of one
of great stories of mutual respect and reciprocal gain in the Indian markets.
Under Dhirubhais extraordinary vision and leadership, Reliance scripted one
of the greatest growth stories in corporate history anywhere in the world, and
went on to become Indias largest private sector enterprise.
Through out this amazing journey, Dhirubhai always kept the interests of the
ordinary shareholder uppermost in mind, in the process making millionaires
out of many of the initial investors in the Reliance stock, and creating one of
the worlds largest shareholder families.
Growth of Reliance
Reliance was started from scratch in the year 1906 by Dhirubhai Ambani
From here we start the journey of Reliance
1906
1971
1977
1993
Sales cross 4000 crore & it became largest pvt. Sector co. in India
1997
market
1998 Total assets cross 3500 crore & revenues cross 14000 crore
2000
Group Profit Cross 2500 crores. Revenues cross 2000 crore. Total
Group revenues cross 60000 crore & it became largest business group
in India
2003
2008
2008
After tolerating many hardships Reliance is now ranked 4th among top
financial services providers.
Enterprise Services,
Reliance Infrastructure
Formerly known as Reliance Energy and prior to that as Bombay Suburban
Electric Supply (BSES), is a company under the Reliance - Anil Dhirubhai
Ambani Group banner, one of India's largest conglomerates. The company is
headed by Anil Ambani. The company's corporate headquarters is situated in
growing general insurance company and among the top 3 private sector
insurers. Reliance Money is the largest brokerage and distributor of financial
products in India with over 2.7 million customers and has the largest
distribution network. Reliance Consumer finance has a loan book of over Rs.
8,900 crore at the end of December 2008.
Reliance Capital has a net worth of Rs. 7,250 crore (US$ 1.5 billion) and total
assets of Rs. 22,340 crores (US$ 4.6 billion) as of December 31, 2008.
Reliance Capital is a constituent of S&P CNX Nifty and MSCI India and also
features in the Forbes list of Worlds largest 2000 public companies.
Reliance Entertainment
It is a wholly owned subsidiary of the Reliance Anil Dhirubhai Ambani Group
spearheading the Groups foray into the media and entertainment space.
Reliance Entertainments core focus is to build significant presence for
Reliance in the Entertainment eco-system: across content and distribution
platforms.
The key content initiative are across Movies, Music, Sports, Gaming, Internet
& mobile portals, leading to direct opportunities in delivery across the
emerging digital distribution platforms: digital cinema, IPTV, DTH and
Mobile TV.
Reliance ADA Group acquired Adlabs Films Limited in 2005, one of the
largest entertainment companies in India, which has interests in film
processing, production, exhibition & digital cinema.
Reliance Health
It is a company in the Reliance Anil Dhirubhai Ambani Group, headed by the
Indian businessman Anil Ambani.
Its first partner health care facility will be the Kokilaben Dhirubhai Ambani
Hospital & Medical Research Institute, a tertiary care facility in Versova near
Mumbai.
The 730 bed multi-speciality hospital underwent a 'soft' launch in early 2008
for employees and doctors that had accepted offers with KDAH, and became
operational in the first week of 2009.
The hospital is named after the wife of Dhirubhai Ambani who was the
founder of the Reliance group of companies.
Reliance Life Insurance offers you products that fulfil your savings and
protection needs. Our aim is to emerge as a transitional Life Insurer of global
scale and standard.
Reliance Life Insurance is an associate company of Reliance Capital Ltd., a
part of Reliance - Anil Dhirubhai Ambani Group. Reliance Capital is one of
Indias leading private sector financial services companies, and ranks among
the top 3 private sector financial services and banking companies, in terms of
net worth. Reliance Capital has interests in asset management and mutual
funds, stock broking, life and general insurance, proprietary investments,
private equity and other activities in financial services.
Reliance Life Insurance is a subsidiary company of Reliance Capital Ltd. It is
owned by the Anil Dhirubhai Ambani Group. The innovative products and
services of Reliance Life Insurance have enabled it to become one of the
respected insurance firms in India. In the year 2007, the Council for Fair
Business Practices awarded a Certificate of Merit to Reliance Life Insurance
for its excellence in the financial services sector.
Important facts
Reliance Life Insurance has more than 740 branches located in different
parts of the country.
Energy,
Natural
Resources,
Media,
Entertainment,
Vision
Mission
Create unmatched value for everyone through dependable, effective,
transparent and profitable life insurance and pension plans.
Our Goals
Reliance Life Insurance would strive hard to achieve the 3 goals mentioned
below:
Create best value for Customers, Shareholders and all Stake holders
RLIC closed the last financial year with a New Business Premium of
Rs.3513 Crores.
For 3 successive years, since inception, the Company has been amongst
the fastest growing Companies in the Life Insurance Industry achieving
a growth rate of 28% in the last financial year against a market growth
of 6%. In the Individual Business segment, the company achieved a
growth rate of 59% in terms of WRP against the private industry growth
of 1%.
RLIC has been one of the fast gainers in market share in new business
premium amongst the private players with an incremental market share
of 4.1% in the Financial Year 2007-08 from 3.9% in April 07 to 8% in
Feb 08. ( Source: IRDA)
Reliance Life has been one of the fastest gainers in market share
growing from 1.9% amongst private players in Mar'06 to 10.3% as of
Mar'09. This has resulted in the Company growing to becoming the 4th
largest private player in just two years starting at position of 11.
The Company has been the fastest company to reach the 3 million
policy mark and was the 3rd largest private insurer in terms of Policy
count in 2008-09.
Initiated Express Life an Unique Over the Counter sales process for
Unit Linked Insurance Policies in the Industry.
The Company has also won the DL Shah Quality Council of India
Commendation Award in the services category in Feb. 2008 for its work
on promoting 'self help channels for service'
Introduction to Topic
Features
Its features include:
Organizational management
Personnel administration
Manpower management
Industrial management
But these traditional expressions are becoming less common for the
theoretical discipline. Sometimes even industrial relations and employee
relations are confusingly listed as synonyms, although these normally refer to
the relationship between management and workers and the behavior of
workers in companies.
The theoretical discipline is based primarily on the assumption that employees
are individuals with varying goals and needs, and as such should not be
thought of as basic business resources, such as trucks and filing cabinets. The
field takes a positive view of workers, assuming that virtually all wish to
contribute to the enterprise productively, and that the main obstacles to their
endeavors are lack of knowledge, insufficient training, and failures of process.
HRM is seen by practitioners in the field as a more innovative view of
workplace management than the traditional approach. Its techniques force the
managers of an enterprise to express their goals with specificity so that they
can be understood and undertaken by the workforce, and to provide the
resources needed for them to successfully accomplish their assignments. As
such, HRM techniques, when properly practiced, are expressive of the goals
and operating practices of the enterprise overall. HRM is also seen by many to
have a key role in risk reduction within organizations.
Synonyms such as personnel management are often used in a more restricted
sense to describe activities that are necessary in the recruiting of a workforce,
providing its members with payroll and benefits, and administrating their
work-life needs. So if we move to actual definitions, Torrington and Hall
(1987) define personnel management as being:
a series of activities which: first enable working people and their employing
organisations to agree about the objectives and nature of their working
relationship and, secondly, ensures that the agreement is fulfilled"
While Miller (1987) suggests that HRM relates to:
".......those decisions and actions which concern the management of
employees at all levels in the business and which are related to the
implementation of strategies directed towards creating and sustaining
competitive advantage"
Functions
The District's human resource management policies and practices pose the
greatest potential for illegal discrimination. Human resources policies and
practices normally are not intended to discriminate or somehow have a
disparate impact on women, people of colour, people with disabilities, or other
protected groups. It should be noted, however, that systemic discrimination,
while unintentional, is most often the major barrier to equal employment
opportunity; yet, it is the most difficult to detect. That is the reason human
resource policies and practices must be reviewed and corrective actions taken
when they are found to inadvertently discriminate or offer less than equal
opportunity to women, people of colour, or people with disabilities.
Responsibility for human resource management includes all officials,
administrators, and supervisors in addition to the staff of the Human
Resources Department.
2.2.1 If the vacancy is not in a focus job group, the HR administrator will
approve the request and initiate the vacancy announcement process.
2.2.2 If the vacancy is in an identified focus job group for which there is not a
pre-established targeted recruitment plan, the HR administrator will notify the
hiring administrator that it is necessary to jointly develop a targeted
recruitment plan for the vacant position.
2.3 HR Initiates Targeted Recruitment
The targeted recruitment plan developed in conjunction with the hiring
administrator(s), or the appropriate components of the pre established plan are
implemented.
2.4 Elements of Targeted Recruitment Plan
The targeted recruitment plan will be developed in conjunction with the hiring
administrator(s) and will include, but not be limited to, the following
elements:
a) Selective recruitment sources identified and personally contacted by HR or
appropriate administrator
b) Establishment of internet recruitment sources
c) Extended timeframe for posting of positions
d) Identification and use of supplemental factors related to cultural
competency or bilingual/ bicultural factors
f) Definition and clarification of "essential functions" of the position
g) Ongoing review and monitoring of applications by HR
h)
Use
of
community
persons
and/or
current
and
retired
and
qualification
requirements.
The
need
for
job
Department of Labour continues to report pay gaps between men and women,
and racial/ethnic minorities and non-minorities.
It provides that all benefits and conditions of employment shall be equally
available without discrimination to all employees - male and female. This
includes medical, hospital, accident and life insurance, retirement benefits,
leaves and other terms or conditions of employment.
6.1 The Human Resources Department will periodically review and monitor
on an ongoing basis the wage and salary distribution to identify discrepancies
in pay between men and women and racial/ethnic minorities and nonminorities.
6.2 The Human Resources Department will ensure that all benefits and
conditions of employment are equally available without discrimination to all
employees, including opportunities for transfer or reassignment that may
affect an employee's compensation and benefits.
7. Training and Development
Training helps to equip employees for higher responsibilities or to diversify
their skills. Administration and employees share responsibility for the learning
experiences that are presumed to develop from training. As the demographics
of the district and community continue to change, it is important that all
employees, but especially those in supervisory and managerial roles, be
provided training in cultural competence, and combating prejudice, racism
and harassment.
7.1 The district will continually explore and design training and internship
programs directed towards preparing minority and women candidates for
higher level positions.
7.2 All supervisors and managers will be provided cultural competency and
diversity training that focuses on awareness and skill development, as well as
prejudice reduction.
8. Promotion and Advancement
Promotion is generally defined as a move to a position or classification having
a higher pay grade or salary range. Equal opportunity for promotion and
advancement applies to all aspects of employment and to all levels of the
organizational hierarchy. This means that people of colour, women and people
with disabilities must be considered for higher level administrative and
supervisory jobs for which they are trained or are otherwise qualified.
8.1 The district will review its policies and practices pertaining to internal
promotions and take actions to correct any "glass ceiling" barriers which
inhibit advancement of women and people of colour.
8.2 In considering supervisors and managers for promotion and advancement,
consideration will be given to the supervisor's or manager's record in
promoting and supporting the District's workforce diversity policy. The
Human Resources Department will establish a process for acquiring and
documenting information related to this provision.
9. Retention and Attrition
9.1 In addition to taking steps to ensure that racial/ethnic minorities, women,
and people with disabilities are provided equal opportunities for hiring and
promotion, it is equally important that as individuals from these groups move
into areas where they are unrepresented or significantly underrepresented that
their experience in the workplace is a positive one.
9.2 Schools and departments will ensure that employees from diverse
backgrounds are not subjected to behaviours or attitudes that send the message
they are unwelcome or that they do not belong. This is particularly true as
persons from underrepresented groups move into job categories from which
they traditionally have been excluded or discouraged from pursuing.
What is Attrition?
Attrition has been a major concern for most of the companies in the current
competitive scenario.
The word Attrition means, a reduction in the number of employees through
resignation or separation at the employees will. Retirement, VRS and
employee leaving due to end of contract are not considered as attrition.
Attrition rate is the rate of shrinkage in size or number. It is the mathematical
representation of the attrition in a particular organization or an institution.
Attrition leads to dual loss to an organization:
Firstly, company loses on a talent and thus costs incurred on them are a
waste.
Secondly, it employees a new employee and thus needs to incur costs
on them.
Thus the following costs:
A. Recruitment cost
The cost to the business when hiring new employees includes the
following six factors plus 10 percent for incidentals such as background
screening:
Background/reference screening
Recruitment cost for the new recruit to replace the employee leaving
B. Training and development cost
To estimate the training and development costs, the expenses incurred on
training of the employee who is leaving should be taken as well as that to
be incurred to train the new employee is also to be considered.
To estimate the cost of training and developing new employees, cost of
new hires must be taken into consideration. This will mean direct and
indirect costs, and can be largely classified under the following heads:
Training materials
Technology
Trainers Time
C. Administration cost
They include:
Thus it can be clearly evident from the above that loosing an employee causes
an organization a large amount of expenses. An organization thus tries to
retain its work force.
When the rejections start and the doors start getting banged in the face, new
agents confront failure. The dropouts begin.
You might have heard of high job attrition rates of between 15 per cent and 20
per cent in the software sector.
But even these pale in comparison to the kind of turnover that the insurance
industry witnesses with its agency force.
Conservative estimates put the attrition rates at 35-40 per cent.
The opening up of the sector five years ago provided insurance agents with
new opportunities and an image makeover as "life insurance advisors".
But little has changed in the basic nature of the business - insurance still needs
to be sold to a reluctant populace.
Most agents or advisors who join in enthusiastically, spurred by dreams of
"working at one's own hours, getting full reward for the hard work" and other
such motivational spiel, meet reality soon enough.
Once the initial list of potential customers such as close relatives, friends and
neighbours is exhausted, the climb for an agent is uphill.
Even meeting the minimum requirement of bringing in two viable insurance
proposals every month proves daunting. For some companies, the target in
terms of sum assured is Rs. 1 lakh. For some others, it is as low as Rs. 10,000.
Mr. Lalit Kumar Dash, Executive Director (Marketing), LIC, says, "The
attrition rate is about 35 per cent in the first year of recruitment. This goes
down to about 18 per cent by the fourth year. Most of those who drop out are
non-performers".
Attrition
Rate
Major
Challenge
in
HRM
is not happy at all due to one of the aspect (as mentioned aforesaid) which is
not fulfilled while working in an organization which caused higher attrition
rate.
In broad terms, attrition is a situation which employer faces when employee
leaves the organization due to job dissatisfaction, new opportunity in the
market, retirement & natural cause (death/illness). Now a days this is one of
the most important question which is asked by higher authority to HR
people."Why our attrition rate is higher than other company?". Earlier it
wasn't important for the organization, whether their employees are committed
or not, but now the time has been changed. The company cannot afford to lose
its best employee to competitors. Therefore, HR team conducts EXIT
interview when an employee leaves the job to get the information about one's
decision to leave an organization. It is a paramount consideration for a HR
team to think, why people are vacating their positions. Still
Human Resource team face the challenge due to wrong information provided
during EXIT interview.
No career growth
No role clarity
Attrition due to competition
Lack of support from Superiors.
Based on the above five points, a retention strategy can be framed after
understanding the reasons for attrition in a particular organization.
INDIVIDUAL
ORGANIZATION
AL
Below is a representation of the reasons of Attrition at Reliance in the form of
a chart:
BETTER
PROSPECTS
PARENTS /
SPOUSE
ROLE RELATED
OTHERS
LACK OF
FREEDOM
STYLE OF
BOSS
NO LEARNING
CULTURAL
MISMATCH
MONOTONOUS
JOB
NO GROWTH/
STAGNATION
NO ROLE
CLARITY
PAY PACKAGE
HIGHER
EDUCATION
ROLE
DIFFERENT
THAN
DEFINED
JOB/ROLE
STRESS
The seniors in all the divisions should try to create an environment of learning
in their division/department. Knowledge gained should be shared with others.
E.g. If an individual from the HR department has gone for a training program
on Interpersonal Skills, he should be encouraged to share the contents of the
program with his colleagues through a presentation on the same. The same
kind of environment should be created in the whole organization.
Career Graphs for employees:
Many of the employees in their exit interviews form have mentioned that they
do not see any personal growth in the organization. Thus it is recommended
that the superiors of employees should take the responsibility to show his
subordinate a career graph projecting his growth in the next 5 years. This
would bring enough confidence in the employee to stay with the company and
motivate him to achieve the targets placed before him.
Inculcate Team Work:
All the employees need to trained and motivated to work as teams and not
individuals. This can be done with the help of the division heads. They need to
bring all the employees in the particular division together and show them the
ultimate goal for which they all are working. When a combined vision is
shown, it plays an important role in motivating the employees to work
together.
Making employees accountable:
There should be fairness in the working of the company. If an individual has
made a mistake he should be made accountable for it irrespective of his
relations with the seniors. The HR can play a role here by bringing in rules of
punishing the offenders.
Fun at work:
All work and no play makes Jack a dull boy. Employees spend almost 8-9
hours of the day at their work place. It is very important that the employees
are given opportunities to have fun at work. For this, HR can organize gaming
events between the various departments as well as within the various
departments. They can have events like chess tournament, table tennis
tournament, quiz competition, best of waste competition etc. these can be
done first at the departmental level and then at the organizational level.
This will enhance their sense of belongingness for their division/function as
well as increase the interaction between and within the departments/divisions.
may not realize that their coercive style, excessive task centeredness, and the
way they assign tasks including the clarity with which they give instructions,
respect etc. to employees have tremendous impact on their staying with the
company. Thus a 3600 feedback system can be implemented for the senior
level managers and corrective actions can be taken to improve the problem
areas.
The supervisors must be prepared to be collaborative, supportive, and
nurturing of their people. The old style of "my-way-or-the-highway" style of
management is a thing of the past. Most new supervisors need training to
understand what it really takes to retain employees.
Periodic rewards or gifts for work done:
If an employee is appreciated for the work he does, it acts as a motivating
factor for him to perform well at his work. This ultimately benefits the
organization. Thus the employees should be motivated by appreciation from
the senior level. His work can also be acknowledged by giving him/her a
small token of appreciation for the work done.
Measuring employee satisfaction:
Obsessed with catering to the demands of their external customers, companies
ignore their internal customers. Periodic employee satisfaction surveys can
highlight the potential flash-points, and enable the company to take corrective
action.
Stress Management:
The employees face a lot of stress in their day to day personal and
professional life. If the employees remain stressed out, their efficiency is
reduced. So HR can take measures to reduce this stress level and improve the
efficiency. This can be done by organizing seminars on stress reduction, yoga,
one day camps, picnics etc.
Employees should be taught as to how they themselves can fight the stress
that they are experiencing. This would bring a dual advantage to the company.
Firstly, the employees will realize that the company is taking the responsibility
of the stress that are experiencing due to the companys work. Secondly, their
productivity will increase which will again benefit the company.
Todays employees are different:
They are the ones who have ample of opportunities. So if the company wants
to retain its employees it has to start taking responsibility of its employees.
HR needs to make the employees realize that they are an important part of the
company. The employees cannot be retained only by giving them high pay
packages. They need to see their own growth and have a feeling of
belongingness in the company.
Employee retention takes effort, energy, and resources. But the results are
worth it.
and innovation. And to retain these valuable assets is one of the surest ways to
build an organization rather than just to go in global markets. And this is the
only way an organization can lower its attrition rate.
Innovative HR Practices
Introduction
Innovative HR practices build competencies and capabilities for superior and
winning performances today and simultaneously create long term fertility for
innovation of business ideas and strategies for future.
Employees who go the extra mile by performing spontaneous behaviors that
go beyond their role prescriptions are especially valued by the management.
This phenomenon is critical for organizational effectiveness because managers
cannot foresee all contingencies or fully anticipates the activities that they
may desire or need employees to perform (Katz & Kahn 1978, Organ 1988).
Work behavior that goes beyond the reach of organizational measures of job
performance holds promise for long term organizational success (Van Dyne,
Graham & Dienesch 1994) because these types of action are purported to
improve organizational efficiency, effectiveness and adaptability (Organ
1988). Doing jobs beyond what is required without expecting to be rewarded
is what is referred to in this study as Organizational Citizenship Behavior
(OCB).
Enhancing an organizations competitive ability is increasingly critical and
behaviors which may improve individual and organizational efficiency,
become more valuable. Although there have been many studies of OCB in
organizations, no known studies have examined the linkage of individual
innovativeness with OCB where the effect of superiorsubordinate as a
mediator, is included.
Innovative hr practices
All managers have heard and read countless times how to build teams,
empower your workforce and develop trust. The common place human
resource practices prevalent across the entire business world are just as
relevant to this business as any other. The HR policies must be integrated with
business policies. The HR Professionals must have balance in terms of
centralization or decentralization of HR practices are ethnocentric while
others management be geocentric or regiocentric.
Tomorrow HR practices
In turn trends like these are changing the way firms are managed.
Organizations today must grapple with revolutionary trends accelerating
product and technological change, globalizes competition, deregulation,
demographic changes and trends towards a service society and the
information. These trends have dramatically increased the degree of
competition in virtually all industries, while forcing firms to cope with
unprecedented product innovation and technological change. Companies in
such an environment either become competitive high performers or they die.
A strong team needs individuals who are dedicated to giving their best at
work. Highly self-motivated, committed, ambitious employees give the most
to their company and get the most from their work. But if you are lacking
employee motivation in the workplace the effects can be dramatic. Low team
morale, lack of initiative, lack of energy, mistakes and high staff turnover are
just some of the clues that motivation is an issue.
One of the simplest ways to get motivated is to create a Self-Motivation
Action Plan.
By following this simple three-step process you can create an action plan that
will get you motivated again.
Make a list on your Self-Motivation Action Plan of all the obstacles standing
in the way of you achieving your goal.
STEP 3: Handle each Obstacle
The third step of your Self-Motivation Action Plan is the most challenging.
Go through each obstacle and handle it. If the obstacle is lack of time, ask
yourself "How can I create time for this? What do I need to stop doing, start
doing or delegate in order to create time?"
If the obstacle is lack of confidence, ask yourself "What am I afraid of? What
is the worst thing that could happen?" Often the worst-case scenario is not as
bad as you feared. But if it is serious, how can you reduce the risk of it
occurring?
What
resources
do
you
have
that
will
help
you?
A clear Self-Motivation Action Plan will help you complete projects without
adrenalin, willpower or unhealthy stress.
Competency Mapping
With the growth of the industries in the `knowledge-verticals', human talent is
undoubtedly the most important asset today. To make sure that a company
selects the right person for the right job, and manages him/her carefully,
processes like competency mapping are gaining ground. Competency
mapping is a process of identifying key competencies for a particular position
in an organisation, and then using it for job-evaluation, recruitment, training
and development, performance management, and succession planning. In
conjunction with the balanced scorecard, this can be an extremely robust tool
to manage an organisation's performance. Despite the growing level of
awareness, however, in India, competency development and mapping still
remains in the nascent stages of implementation.
As far as the HR function is concerned, the time has perhaps come where it
needs to be treated as a line function with every manager having HR activities
as part of his line responsibilities, rather than treating HR as a separate,
support-providing activity only. Today's manager is expected to wear multiple
hats that of a leader, internal change agent, coach, counsellor, mentor in
addition to his/her `technical' responsibilities. This would entail that every
manager, irrespective of his/her functional area of specialisation, would have
to have a thorough grounding in concepts and processes of HR.
At the IIT-Madras Department of Management Studies, the curriculum
followed in the HR area of specialisation reflects a response to these changing
trends, where, in addition to incorporating the newest trends and best practices
in the traditional HR course curriculum, newer courses in cross-cultural
management, change management, and international HRM attempt to
familiarise the students with new concepts.
It has become fashionable among organisations to use terms such as HRD
(Human Resource Development) and HCM (Human Capital Management) as
being representative of the changing trends in HR practices. Merely renaming
the function is however not going to be sufficient. The need of the hour is for
premier institutes such as the IIMs, IITs as well as other professional
institutions to rise to the occasion and re-design their curriculum and
pedagogical methods in consultation with the industry, in order to train their
students to meet the changed expectations of the industry.
The appointment letter is issued upon joining which clearly specifies the
conditions of employment. The original copy is retained by the employee and
one signed copy is handed over to HR for personal file and pay roll.
On receiving the appointment letter, the HR makes sure that the candidate is
completely aware about his job profile and his reporting line. If not he is given
a clear idea of the same.
The HR dept. maintains personnel file for all the employees. These files
consist of all the documents relating to the employees starting from his resume
till his check in form. All the other documents given by him to the HR during
the course of his employment are also maintained along with all the
communication through mails. These can be used by the organization for any
further references.
On joining the organization, the employee is given a 6 digit unique number
which is called the employee no. This becomes his identity in the
organizations database. An e-mail ID is created for all the management
employees by the IT department which can be used by the employee.
The last financial year has been an unprecedented one. With the economy
slowing down in first half of 2008-09 and slipping further in the second half,
Reliance Life Insurance have had to initiate necessary measures to navigate
the environment. While the Indian economy remains a growth economy, it is
impossible for anyone to remain insulated from this global phenomenon. As
part of its ongoing process of reviewing our Human Resources policies &
aligning them with external market realities, Reliance Life Insurance is
announcing the following changes to our HR Policies in the Employee
handbook.
1. Leave policy
The objective of this policy is to describe the leave entitlements and the terms
and conditions governing the same to all employees of Reliance Capital.
General Availing Leave should be done in a planned manner.
Leave shall be taken with prior approval as per the provisions. Wherever prior
approval is not mandated, the concerned employee shall keep the sanctioning
authority informed of his/her absence and regularize the administrative
procedures immediately on resumption of duties.
Leave calendar shall run from 1st January to 31st December.
Intervening holidays will not be treated as part of leave in the case of Earned,
and Sick Leave, Absence from duty, except on account of leave or holiday,
shall be dealt with by the management at its discretion and in the best interests
of the organization.
An employee will not be granted leave once he/she submits his/her
resignation. Such absence will be considered as leave on loss of pay.
2. Encashment:
For all employees, only EL balance as on 1st January 2009 will be considered
for encashment, in future. Any EL accrued / earned post 1st January 2009,
subject to the clauses mentioned above on carry forward of EL, will not be
encashed but employees may avail of the same in a planned manner.
Subject to the above, encashment of Earned leave can be opted by an
employee subject to the availability of a clear balance of 30 days as on 1st
January 2009 and retention of minimum 15 days balance in the Earned Leave
Account. Encashment will be calculated on CTC basis (gross of Base and
Choice Pay). No leave encashment will be allowed for employees separating
from the services of the Company prior to Confirmation.
Unapproved leave or Leave availed in excess of the available balance will be
on loss of pay.
Earned Leave shall be taken only with the prior approval of the Sanctioning
authority. EL in excess of 5 days shall be granted only if applied with a
minimum notice of 15 days.
Intervening weekends or holidays shall not be treated as Earned Leave.
An employee will not be granted earned leave once he/she submits his/her
resignation. Such absence will be considered as leave on loss of pay.
Encashment of earned leave will be subject to tax as applicable.
Leave Travel Allowance (LTA):
In order to avail LTA, an employee will have to avail at least 5 days of EL at a
stretch. In the event of an employee not availing the said leave, LTA amount
shall be paid to him/her towards the end of the Financial Year net of tax if
he/she does not exercise the option of carrying it forward to the next Financial
Year at the end of which the entire amount shall be mandatory paid net of tax
if LTA facility is not availed as per rules.
of the Company & you will not be entitled to any claim, damage,
compensation or any other payment on that account.
On satisfactory completion of the probation period and after confirmation,
except for reasons mentioned in the appointment letter, your services can be
terminated by giving notice of forty five days or payment of salary (CTC) in
lieu thereof on either side. In the event of an earlier relieving than the
stipulated date as per notice served, either side shall pay to the other
compensation in lieu thereof calculated on the basis of Cost To Company.
5. Medical Insurance
Employee & Immediate Family Coverage
All employees and immediate family members (spouse and 2 children) shall
be covered under the Group Mediclaim Policy of the Company. The Policy is
meant to cover expenses towards any medical emergencies that may arise
resulting in hospitalization.
The Policy shall cover the employee, spouse and dependant children up to a
total hospitalization expense of Rs.1.50 Lakhs per annum only on floater
basis. Additionally, there will be a corporate buffer which may enable
extension of Hospitalization expenses subject to management discretion and
availability of buffer.
Dependant Parent Coverage
There will be a separate policy for coverage of dependant parents as follows:
Employees will have an option to cover their dependent parents upto a sum
assured of Rs.1.50 lacs per annum on floater basis under the new policy, upon
payment of an all inclusive premium of Rs.3,600 per annum (inclusive of
Service Tax). This Premium shall be realizable from the employee in a single
installment from the salary falling due immediately after the option is
exercised.
All dependent parents covered under the existing Mediclaim Policy shall be
migrated to the new Policy with effect from April 01, 2009 and the cost of
such premium (mentioned below) will be deducted from the April Salary.
Should any employee, who has already covered their dependent parents in
existing policy, wish to de-list his/her parents from the new policy, he/she will
be required to specify the same in writing to the Human Resources
Department.
The process of enlisting dependent parents, who have not been covered under
the existing policy but employees choose to enlist them in the new Policy,
shall be done at the time of inception of the Policy only, which is in April each
year. Employees joining the organization thereafter can exercise the option
only at the time of joining subject to realization of pro rata premium. They
may do so through the shared services website (https://www.rclhrssg.com/). A
detailed process note on this shall be communicated shortly. Mid year
inclusion of dependent parents of existing employees will not be allowed.
Employees who have covered their parents for an additional cover of 1.5 / 2.5
lacs under the existing policy for dependant parents (valid till 30th September
09) would, however, be allowed to opt for inclusion of their dependant
parents under the new policy w.e.f 1st October 09 subject to realization of pro
rata premium
Premium paid to cover dependent parents shall not be refundable under any
circumstances, including separation of employment.
Income tax benefits arising out of payment of such premium shall be given to
the
required to retain the bills. Fuel & Maintenance expenses after 7th March
would be admissible in the next financial year. Based on the submission of
bills and the resultant tax liability, the installment for March and the retention
amount shall be released Illustration: Mr.X has opted for an amount of Rs.1.20
lacs for the period April to March. After retention of 20%, an amount of
Rs.8000/- shall be paid to him on a monthly basis. In March Mr.X would have
to submit the bills in support of Rs.1.20 lacs. Based on the submission of bills
and acceptance thereof, the March installment and retention amount shall be
released subject to TDS, if any.
In the case of resignation cases the employee would have to submit the bills
prior to him/her being relieved from the services of the Company. The
installment amount as applicable for the last month along with the pro rated
retention amount shall be included in the full and final settlement subject to
TDS, as applicable.
I would also like to conclude that human resource practices followed by all
insurance companies are almost same.
Reliance Life Insurance has now started realizing that the systematic attention
to human resources is the only way to increase organizational efficiency in
terms of productivity, quality, profits and better customer orientation.
HR can help deliver organizational excellence by focusing on learning,
quality, teamwork, and through various employee friendly strategies.
Bibliography
Websites visited:
www.irdaindia.com
www.google.com
www.reliancelife.com
www.wikipedia.com