Summer Training Project Report

ON

“ Training and Development in LIC

Mutual
Fund”

Submitted in partial fulfilment of the

Requirement for the degree of

Master of Business Administration

Dr.A.P.J. Abdul Kalam Technical
University,Lucknow
(Collage Code: 107)

Submitted By
SAKSHI KUMARI
Roll.No.1810770016
MBA 3th Semester

INSTITUTE OF COMPUTER SCIENCE &

TECHNOLOGY SHEPA CAPUS NIBIA BACHCHAON
VARANASI-221011
 IS A BETTER INVESTMENNT PLAN

(Bhelupur Varanasi)
JUNE-JULY 2019

(Session 2018-2020)

Under supervision of BY
Mr.SASHANK GUPTA SAKSHI KUMARI
 DECLARATION

I SAKSHI KUMARI, student of INSTITUDE OF COMPUTER SCIENCE

AND TECHNOLOGY, VARANASI

MBA course (2018-2020) declared this project report is outcome of the

original research work done by me. The date is collected from both the
primary as well as secondary source, analysis from which produces this
valuable report.

DATE:
SIGNATURE (Student)
PLACE:
 ACKNOWLEDGEMENT

It is really a matter of pleasure for me to get an opportunity to

thank all the persons who contributed or indirectly for the

successful completion of the project report, “ TRAINING AND

DEVELOPMENT IN LIC MUTUAL FUND.”

I wish to express my gratitude to the Manager Mr.Shasank Gupta of

LIC MUTUAL FUND Bhelupur Varansi for giving me an opportunity to

be a part of their esteem organisation and enhance my knowledge by

granting permission to do a summer training Project. They provided

me with their assistance and support whenever needed, which has

been instrument in completion of this project. I also thank Mrs. Priti

Mishra. During the entire period of study, they were always available

to shows the right direction and advice in spite their heavy hectic work

schedule

SAKSHI KUMARI

2
 CONTENTS
NO. Title Page No

1. INTRODUCTION 5

2. OBJECTIVE OF STUDY 7

3. IMPORTANCE of HRM 9

4. EVALUATION OF THE CONCEPT 11

5. TRAINING AND DEVELOPMENT 17

6. COMPANY PROFILE 57

7. RESEARCH METHODOLOGY 61

8. DATA ANALYSIS 64

9. CONCLUSION 75

10. SUGGESTION 76

11. RECOMMENDATION 77

12. LIMITATION 78

13. BIBLIOGRAPHY 79

14. ANNEXURE 80
4
 INTRODUCTION

LIC MUTUAL FUND

LIC Mutual Fund was established on 20th April 1989 by LIC of India.
Being an associate company of India's premier and most trusted brand,
LIC Mutual Fund is one of the well-known players in the asset
management sphere. With a systematic investment discipline coupled
with a high standard of financial ethics and corporate governance, LIC
Mutual Fund is emerging as a
Preferred Investment Manager amongst the investor fraternity.
 MUTUAL FUND

It is a trust that collects money from a number of investors

who share a common investment objective. Then, it
invests the money in equities, bonds, money market
instruments and/or other securities. Each investor owns
units, which represent a portion of the holdings of the
fund. The income/gains generated from this collective
investment is distributed proportionately amongst the
investors after deducting certain expenses, by calculating a
scheme’s net assets value or NAV.

A Mutual Fund is one of the most viable investment

options for the common man as it offers an opportunity to
invest in a diversified, professionally managed basket of
securities at a relatively low cost.

THE MUTUAL FUND INDUSTRY IN INDIA:

The mutual fund industry in India started in 1963 with the formation
of Unit Trust of India (UTI) at the initiative of the Reserve Bank of India
(RBI) and the Government of India. The objective then was to attract
small investors and introduce them to market investments. Since then,
the history of mutual funds in India can be broadly divided into six
distinct phases.

How to invest in LIC Funds

  Investing in LIC Funds is made very simple, regardless of
whether you are a seasoned investor or a novice in this
area.

 Plan to serve various risk profiles and investment objective.

 Enjoy a hassle-free process of selecting any product from

your favourite fund house.

 Complete one KYC formality that will take you not more than
7 minute

a. Process and documents required to invest in LIC mutual

funds

In order to keep money launching and corruption at bay may

understands the need from know your customer (KYC) and
In-person verification (IPV).However, we do not subscribe to
the idea of inconveniencing our investors. We have
therefore enabled a way to do KYC in a quick and simple
way.

b. One time KYC

KYC is mandatory for all fund houses but if you are investing one time KYC
is all you need to do. The same KYC will be used for all your future
investments.

KYC Verification quick and simple process:

Using OTP sent to your Aadhaar-registered mobile number
By uploading photo/scans of the required document

ID Proofs you can submit:

o PAN Card
o Passport
o Aadhaar card
o Voter ID
o Driving License
o Photo
 HUMAN RESOURCE MANAGEMENT

The most significant resource of any organization is said to be its

people who are associated with the organization and meet
organizational objectives in a planned & with coordination manner.
An organization that exists to produce goods & services has a good
chance to survive and prosper if it consists of the right people. In a
similar manner people need organization to work to support
themselves and their families and to develop themselves so that
people have their own identity.
 To meet these multifarious needs people and organizations join
together and a relationship is formed which we called HUMAN
RESOURCE MANAGEMENT.
Human Resource Management is a process of bringing people
and organizations together so that the goals of each are met. It is a
part of the Management process which is concerned with the
management of Human resources. It tries to secure the best from the
people by winning their wholehearted cooperation.
So, Human Resource Management is the art of procuring
developing & maintaining competent work force to achieve the
organizational goal in a best possible Manner.
Human being are heterogeneous every individual have unique
personality different emotions, values, attitude, motives, learning
ability skills. Knowledge, perception which made them differ and

VISION

To become a world-class leader in Human Resource

Management through
 Our commitment to reach excellence in providing
reliable Human Resource services of consistent high
quality to our employees.
 Our passion towards learning and continuous
improvement.
 Our focus towards adopting global Human Resource
best practices and technologies.
 MISSION
 Become a valuable strategic partner for the
University by aligning and integrating all service
areas of Human Resource Management to the overall
vision and mission of LUMS
 Reinforce and promote LUMS leadership by our
dedication to help it become an Employer of Choice
for high quality academicians and professionals
 Deliver most efficient and innovative Human
Resource services to ensure development,
enrichment and success of our people
 Promote a culture of trust, tolerance, knowledge
sharing and teamwork
 Develop a professional environment founded on the
principles of fairness, equity and mutual respect
 Cherish excellence and shun mediocrity by creating a
dynamic and challenging work environment
 Inspire excellence through effective Human Resource
practices

SWOT Analysis

Strengths
When you’re looking at your HR’s strengths, you’ll
consider
  How well your hiring strategy fits your branding,
 If your compensation and benefit packages are well
received,
 how low your turnover rates are,
 Your hr staff’s knowledge and experience, and
 Anything else you think is a strength.

Weaknesses
When you’re looking at your weaknesses, consider
 whether your company has a bad reputation in the
job market,
 any budget constraints,
 whether your employees have low morale,
 if you have high turnover rates,
 Anything else you consider a weakness.

Remember, when you’re looking at your company’s

weaknesses, don’t just compare yourself to other
companies. You have your own standards, so make sure
your HR practices are held up to those standards.

Opportunities
When you’re looking at potential opportunities for your
company’s HR department, consider
 any new technology available,
 beneficial changes in federal, state, and local
employment laws,
 the possibility of workforce growth due to company
growth,
 the possibility of higher wages due to company
growth (making you a more appealing company to
work for), and
 Community growth (allowing you to have a larger
talent pool to choose from).
Threats
Of course, during an SWOT analysis, you also have to
consider the threats to your company so you can have
action plans in place and be prepared. When looking into
threats, consider
 stricter federal, state, and local employment laws,
 whether any other companies in the area are hiring
for similar positions and skills, and
 Any market reduction that could lead to layoffs in the
company.

Then What?

After you’ve listed your strengths, weaknesses,

opportunities, and threats, you can’t just pat yourself on
the shoulder, put the HR SWOT analysis on the shelf, and
never think about it again. That doesn’t do anyone any
good.
Instead, use what you learned to create an action plan.
 Figure out how you can use your strengths to take
advantage of opportunities.
 Create contingency plans in case any of your threats
become a reality.
 Figure out how to improve on your weaknesses to
turn them into strengths.
 Discover ways that you (as the owner of your
company) can better support your HR department to
help them build an engaged and productive
workforce.
 OBJECTIVE OF HUMAN RESOURCE
MANAGEMENT

As it is very known that human resource is a nervous system of

every organization without which organization became
handicapped or not able to sustain in the market among its
competitors. So, to complete the competitor organization must
implement its Human Resource activities properly so that it can
fulfil the following criteria
 To help the organization to reach its goals
 To employ the skills and abilities of the workforce results or give
benefits to various customers, shareholders, and employees.
 To provide the organization with well-trained & well-motivated
employees.
 To increase to the fullest employee’s job satisfaction and self-
actualization by the way of designing the better quality of work
life programmes and by realizing the employees potential.
 To communicate various HR policy Mutual Funding to all
employees.
 To help maintain ethical policy Mutual Fund & behaviour.

Thus, HRM is short way to attain economically and effectively the

organizational goals, serve to the highest possible degree the
individual goals and preserve and advance the general welfare of
the community which ultimately lead to employee ’s satisfaction &
fulfilment and reduce employee turnover.
7
 OBJECTIVE
The objectives of this study are as follows:

1 - To know the history of Human Resource Management in the past

period.
2 - To know the basic concept followed in the present scenario.
3 - To determine the changes in the welfare of employees as well as for
the organization.
4 - To examine the implementation of new HR practices for the
Employees as well as for the organization.

5 - To evaluate the value of concept in the modern system.

TRAINING AND DEVELOPMENT

OBJECTIVES
The principal objective of training and development division is to make sure
the availability of a skilled and willing workforce to an organization. In
addition to that, there are four other objectives: Individual, Organizational,
Functional, and Societal.
 Individual Objectives – help employees in achieving their personal
goals, which in turn, enhances the individual contribution to an
organization.

 Organizational Objectives – assist the organization with its primary

objective by bringing individual effectiveness.

 Functional Objectives – maintain the department’s contribution at a

level suitable to the organization’s needs.

 Societal Objectives – ensure that an organization is ethically and

socially responsible to the needs and challenges of the society.

In the field of human resource management, training and development is

the field concerned with organizational activity aimed at bettering the
performance of individuals and groups in organizational settings. It has
been known by several names, including employee development, human
resource development, and learning and development.
To be synonymous. However, to practitioners, they encompass three
separate, although interrelated, activities Training and development
encompasses three main activities: training, education, and development.
Training
This activity is both focused upon, and evaluated against, the job that
an individual currently holds.

Education
This activity focuses upon the jobs that an individual may potentially
hold in the future, and is evaluated against those jobs.
Development
This activity focuses upon the activities that the organization
employing the individual, or that the individual is part of, may partake
in the future, and is almost impossible to evaluate.

The "stakeholders" in training and development are categorized into

several classes. The sponsors of training and development are
senior managers. The clients of training and development are
business planners. Line managers are responsible for coaching,
resources, and performance. The participants are those who
actually undergo the processes. The facilitators are Human
Resource Management staff. And the providers are specialists in
the field. Each of these groups has its own agenda and motivations,
which sometimes conflict with the agendas and motivations of the
Other.
 IMPORTANCE OF HRM
Human Resource along with financial resource and material
resource contribute to the production of goods and services in
 organization physical and monetary resources, by themselves,
cannot improve efficiency or contribution to an increased rate of
return on investment. It is through combined and concerted efforts
of people that monetary or material resources are harnessed to
achieve organizational goals and this can be possible by
sharpened from time to time to optimize the effectiveness of
human resource and to enable to meet greater LIC MUTUAL
FUND.
So, Human Resource Management plays a crucial role which
helps an organization and individual in multifarious ways:



At the organizational level.
Good human resource practices can help in affecting and
detaining the best people in the organization. Planning
alerts the company to the types of people it will need in the
short, medium and long run.


At the individual level :
HRM promotes team work and team spirit among
employees.

It offers excellent growth opportunity to the people who have
the potential to rise.


It allows people to work with diligence and commitment.

At society level :

Employment opportunities multiply.
Scarce talent are put to best use companies that pay and
treat people well always race ahead of others and deliver
excellent results.
So, in this way HRM plays important role in organization at
various level.

EVOLUTION OF THE CONCEPT HRM

The early part of the century saw a concern for improved efficiency
through careful design of work. During the middle part of the century
emphasis shifted to the availability of managerial personnel and
employee productivity. Recent decades have focused on the demand
for technical personnel.
Following are step by step evolution of concept of HRM till present
year:

In the early decade human resource were treated merely as a
commodity to be bought and sold and their wages were depend
and supply and no protection were given to workers and people
were consider only factor of production like other machines, tools
and equipment to produce goods & services.

With the revolution among the workers in the organization welfare
measures like safety, first aid, lunchroom etc. were adopted for the
welfare of workers and they were consider as factor of production.

In the middle era the concept of paternalism were adopted in the
organization by the employer toward its employees in which
management assume or adopt a fatherly and productive approach
and attitude towards its employees which includes not only
providing benefits but also satisfying various needs of the
employees as parents meet the requirement of the their children.

Just after that decade Humanitarian concept came into existence
in which emphasis is given to the employees to improve the
productivity physical, social & psychological needs of workers
must be met.

GROWTH OF HRM IN INDIA


Early phase: It is said that HRM is a discipline of recent growth, it
has had its origin dating back to 1800 B.C.

Legal Phase: The early roots of HRM in India could be traced back
to the period after 1920. The Royal commission on labour in 1931
suggested the appointment of labour officers to protect workers
 interests and act as a spokesperson of labour. After
Independence, The factories act 1948 made it obligatory for
factory employing 500.

Welfare phase: During the 1960‟s the scope of personnel
function has expanded a bit covering labour welfare,
participative management, industrial harmony etc. “In this
period, the human relation movement of west had also had its
impact on Indian organizations.” The legalistic preoccupations
slowly gave to harmonious industrial relations & good HRD
practices.

Development phase: In 1960s and 70s the HR professionals
focused more on developmental aspects of human resources. The
emphasis was on striking a harmonious balance between
employee demands and organizational requirements. HRD has
come to occupy a centre stage and a focal point of discussion in
Seminars, conferences and academic meets. The two professional
bodies, IIPM and NILM were merged to form the National Institute
of Personnel Management (NIPM) at Calcutta.

HUMAN RESOURCE MANAGEMENT IN PAST

As, it is find that in the later year the human resource were merely
treated only as a commodity or factor of production they were
compared with machines, equipment’s, tools, land which are helpful
in production. Workers emotions, their feelings, talent, knowledge
were not explored the only thing was consider how can they produce
more n more.
The basic human resource activities that take place in various
organizations include only:
1-Selection of employee according to his/her talent and
according to the job.
2-Proper training was given to the employees after the selection
so that they can improve and can increase their efficiency and
can produce more efficiently in a right manner so that maximum
can be achieved from them.
3-Compensation were given according to their grade & scale
not on their abilities only compensation means payment in
return of performing some work is given for their survival only
not extra is being paid to them only on occasions in some
organization bonus (extra benefit in either monetary or non-
monitory form) were paid to the workers.
4-Their performance is being evaluated and was told to improve
it not according to employer but they were not rewarded for
their better performance.

But as the time passes and competition increase

employees became more educated the trends also changes and as
technologies improves day by day the activities also changes to day
by day which concentrate more on employee interest that on
organization. So,
That the employees are more loyal and devotee to the
organization which helps to achieve in organizational task in more &
satisfactory manner.
 CURRENT HR SCENARIO

Now, the concept of Human Resource Management have been

changed and the concept of Human Resource Development came
into existence as Human Resource Management deals with people
and organization relationship together to achieve organizational goals
in an effective manner.
While Human Resource Development is the process of bringing
people & organization together to achieve organizational target but
also acquiring & sharpen the employees capabilities required to
perform various function which are associated with their present &
future role to explore their hidden talent and inner potential for their
overall development and also develops an environment & culture in
which employer employees relationship, teamwork take place.
So, in short changes from part HRM converts into HRD whose main
aim is to overall development of human resources in order to
contribute to the wellbeing of the employees, organization and society
by developing & trapping the hidden qualities in people.
 TRAINING AND DEVELOPMENT

Training is the process of increasing the knowledge and skills of an

employee from doing a particular job which made employees to learn
and upgrade themselves according to the environment.
In the previous years the training were given to the employees when
they join organisation so that they can understand about the work
which are to be performed by them.
But now a days need of training have emerged out differently not only
new recruiter require training for performing their task but also for the
existing employees so that can also be upgrade their knowledge and
skill but also can prepare themselves for higher job performance.
Similarly the methods are also changed now a days different training
methods adopted according to the nature of job like Job rotation,
virtual training, Apprentice training, vestibule training, Role playing
etc. which helps the employees to learn and upgrade themselves side
by side doing their job at regular interval of time.
For that most of organisation has their own training centres which are
full with new technologies and techniques which helps employees in
training.
 10 HR TRENDS WHICH ARE CHANGING

1. The Changing Role of the HR Professional

We need to put the “human” back into human resources. Employees
are humans, not commodities, and HR departments have to start
seeing them differently. With the current push towards strategies that
engage employees, attract top talent, and contribute to the bottom
line, this change is imperative.
We need to stop whining about being at the table. These days,
almost every book or article you read about the role of HR talks about
HR needing to be „at the table‟ or to be more strategic.
For most HR leaders, the question is not „how do you get to the
table‟. It is „now that you are at the table, how do you best contribute
to the success of our organization? ‟ „How can you be taken seriously
at the table? ‟
HR people need to be a lot more creative in the way they do things.
The “one size fits all” approach doesn’t work anymore. HR
departments of today need to be the talent departments of tomorrow.

2 - The War for Talent

The most important corporate resource over the next 20 years will be
talent: smart, sophisticated business-people who are technologically
literate globally astute, and operationally agile. Talent really does
matter – for example “top software developers are more productive
than an average software developer not by 10x, 100x, or even 1000x
… but 10,000 x” (Nathan Myhrvold, former Chief Scientist, and
Microsoft)
Most candidates will not get jobs – but they might be current or
future customers, hence the importance of handling the rejection
process effectively.

3. Outsourcing of HR Functions: The Virtual HR

Organization
If you are an HR professional I doubt that you got hired for your ability
to process employee information changes, sort resumes or process
the payroll every other week.
CEOs‟ expectations of their senior HR people have changed
significantly. The HR executive is expected to deliver value in areas
like organizational effectiveness, talent management, change
management, leadership development, succession planning, merger
integration, strategic compensation. If you read job postings for senior
HR positions, these items are listed time and time again as the key
expectations for HR leaders.
The primary benefit of HR outsourcing is that it will allow you to keep
your job because it will enable you to tackle these more strategic
issues!

4. The Healthy Workplace: Wellness, Work-Life Balance

There is no competitive advantage in exhausted, sick and stressed-
out workers.
There is growing recognition that there is a definite link between the
work environment and the health and well-being of its employees.
Further, employers are now recognizing the connection between
employee health and the bottom line . Health predicts that by 2020
depression will rank second to heart disease as the leading cause of
disability worldwide, and the cost of mental illness in lost productivity.

5. The Diverse Workforce

What does diversity mean? Canada has a reputation for embracing
people of varied ethnicity, religion, culture, language and beliefs. But
our multicultural mix does not make us immune to the LIC MUTUAL
FUND lunges of managing a diverse workforce.
Diversity goes far beyond the traditional employment equity criteria of
gender, visible minority or aboriginal status, or disability. Diversity is
not employment equity. Diversity is a business strategy.
The reality is that today’s workforce and the workforce of the future
will be made up of a diverse, complex collection of employees, all
with different needs and experiences. And this is good, because an
organization with a broad variety of people with a diverse range of
perspectives is better able to do business with a variety of people, to
solve a variety of problems and to make a variety of decisions.

6. The Impact of Technology

Resistance is futile! Eventually technology is going to eliminate most
HR jobs as they exist today. Which is another reason for HR
professionals to become more strategic.
Technology, with all its self-service and anytime-anywhere
communications capabilities, coupled with outsourcing, guarantees
there will be fewer HR people in corporations.
Technology continues to impact us profoundly, both in our personal
lives and in the workplace, and it will continue to evolve. While most
of its impact has been overwhelmingly progressive and positive, there
are some downsides to its effect on our personal and work lives.
7. Talent Management: Leadership Development
Leadership skills are not built through courses. Management is a
function of what you do; leadership is a function of what you are.
When planning leadership development initiatives, the tendency is to
first look for courses.
One of the scarcest capabilities, now and for the foreseeable future,
is leadership. As organizations, their customers, their employees and
their environment become more global, more complex, more
competitive and more subject to rapid and radical change.

8. Talent management: Succession Planning

We now live in a world where the jobs, the job requirements and the
organizations are constantly changing – acquisitions, divestitures,
downsizing, mergers, and technology changes and on and on.
Many of us are in jobs that did not exist three years ago. Three years
from now, many of us will be in jobs that do not exist today.

9. Corporate Values and Culture

We are entering the third wave of public Mutual Fund mistrust about
corporations,
According to Market and social trend analyst Daniel Yankelovich. The
first, set off by the Great Depression, continued until World War II; the
second, caused in part by economic stagflation and the Vietnam War,
lasted from the early 1960s until the early 1980s. In each of these
periods companies tended to be reactive, blaming a few bad apples,
dismissing values as “not central to what we do,” or ignoring
opportunities to improve because “we don’t have to make major
changes.”
10. Impact of Legal and Compliance Issues
Today’s legislative and regulatory requirements surrounding data
privacy, security, etc., are a bureaucratic nightmare that Kafka would
have been proud of.
Highly public Mutual Fund zed instances of poor corporate
governance, combined with growing consumer concerns about
security and privacy, have led us to an era of interventionist and
regulatory government involvement in many facets of our business.
 TRAINING AND DEVELOPMENT

HR POLICY MUTUAL FUNDY MANUAL

The HRSG HR Policy Mutual Fundy Manual contains up-to-date,

thoroughly researched best practices, arising from more than 15 years
of experience in the effective management of human resources.

This manual is a comprehensive policy Mutual Fundy and procedure

manual that combines current best practice approaches with
legal and ethical considerations, to effectively guide the
management of human resources in an organization.

The manual complies with all relevant Canadian* Provincial and

Federal Codes and Acts, such as the Employment Standards Act,
Human Rights Code, etc. and has been extensively vetted by
Employment lawyers.

HR TRAINING PROGRAMS

HR Training Division

HRSG's Training division - hr-On Course - specializes in knowledge

management and adult learning services.

We offer a number of Training Programs and Public Mutual Fund

Workshops, many of which are available in both classroom and e-
learning formats.
Training Programs

All of our Training Programs are designed to be tailored to the needs

of specific clients or organizations. Most programs can be provided in
both seminar and workshop formats and can be delivered in both
official languages. All of our trainers have extensive experience in
workshop and/or focus group facilitation, and consistently receive
excellent feedback from workshop participants.

POLICY Mutual Fund Workshops

We also offer a number of our programs in a public Mutual Fund

workshop format, including our very popular Competency-based
©
Selection Interviewing Workshop.

Facilitation

A number of our Consulting and Associate staff have extensive

experience in facilitation and coaching. Our Consultants are often

engaged specifically to facilitate focus groups or team meetings, and

are well-known for their emphasis on group interactivity and
engagement.

E-Learning Capabilities

HRSG can provide your organization with design and development

services to support distance and self-directed learning programs, with
a particular emphasis on computer-based and web-based learning
strategies. Within this context, HRSG can embed a number of media
within these technologies including video/audio clip demonstrations
for web/computer-based training delivery

TRAINING AND DEVELOPMENT PROCESS

Training is the process of learning a sequence of programmed

behaviour. It is app LIC Mutual Foundation of knowledge. It gives
people an awareness of the rules and procedures to guide their
behaviour. It attempts to improve their performance on the current job
or prepare them for an intended job. Development is a related
process. It covers not only those activities, which improve job
performance, but also those, which bring about growth of the
personality; help individuals in the progress towards maturity and
actualization of their potential capacities so that they become not only
good employees but also better men and women. In organizational
terms, it is intended to equip persons to earn promotion and hold
greater responsibilities. Training a person for bigger and higher job is
development. And this may well include not only imparting specific
skills and knowledge but also inculcating certain personality and
mental attitudes. In this sense development is not much different from
education.
 NEEDS OF TRAINING

Most of the organizations prefer internal manning of positions than

external hiring for obvious for motivational benefits and cost
effectiveness. Even though training emphasizes on increasing the
performance level of an employee, a continuous training function
enables the performance level of an employee, a continuous training
function enables the organization to develop employees for future
responsible positions in the organization itself.
The need for manpower training in the organization may be
categorized as follows:
1. Updating Knowledge: technological advancement, business
environmental changes and new management philosophies have
now made it imperative for the organization to renew and update
the knowledge and skills of the employees so that they do not
become redundant for obvious functional incompetence.
2. Avoiding obsolescence: Recent economic liberalization
programmes of Government of India are necessitating
organizational restriction, which inter alia, calls for training the
employees, irrespective of their functional level, for their
redeployment in restructured jobs. Therefore the second important
need of training is to avert functional obsolescence.
3. Improving performance: continuous training been required to
renew and update knowledge and skills of employees, it makes
them functionally effective. The third need is therefore, to make
employees effective in their performance through continuous
training.
4. Developing Human skills: Apart from emphasizing from
emplacing on technical and conceptual skills new training
programmes also emphasise on developing human skills of
employees. Such human skill is necessary for effective
interpersonal relations and sustain healthy work environment. This
need for training therefore, also cannot be ignored.
5. Imparting trade specific skills: in industrial employment, the
convention is to recruit workers and employees through
compulsory apprenticeship training. Such apprenticeship training
enables an organization to impart industry and trade specific skills
to workers. This also, therefore, is an important need for
manpower training.
6. Stabilizing the workforce: throughout the world the importance of
training is now increasingly felt for stabilizing the workforce to
withstand the technological change and for making the
organization dynamic in this change process.
 RESPONSIBILITY OF TRAINING

Training is a responsibility of four main groups:

1. The top management, which frames the training policy Mutual
Fundy.
2. The personnel department, which plans, establishes and
evaluates instructional programmes.
3. Supervisors, who implement and apply developmental
procedures; and
4. Employees, who provide feedback, revision and suggestions for
Corporate educational endeavours.
According to Proof John Me, the work of training should be done at
two levels:
1. The training department should assume the primary
responsibility for the instruction of trainers in methods of
teaching.
2. Line supervisors and employees should carry the bulk of the
teaching load in the following areas; On – the – job instruction
of employees; instruction in the technical and professional
aspect of a business; daily development of supervisors and
executives through counselling.
 TYPES OF NEED ANALYSES

Many needs assessments are available for use in different

employment contexts. Sources that can help you determine which
needs analysis is appropriate for your situation are described below.

 Context Analysis. An analysis of the business needs or other

reasons the training is desired. The important questions being
answered by this analysis are who decided that training should
be conducted, why a training program is seen as the
recommended solution to a business problem, what the history
of the organization has been with regard to employee training
and other management interventions.
 User Analysis. Analysis dealing with potential participants and
instructors involved in the process. The important questions
being answered by this analysis are who will receive the
training and their level of existing knowledge on the subject,
what their learning style is, and who will conduct the training.
 Work analysis. Analysis of the tasks being performed. This is
an analysis of the job and the requirements for performing the
work. Also known as a task analysis or job analysis, this
analysis seeks to specify the main duties and skill level
required. This helps ensure that the training which is developed
will include relevant links to the content of the job.
 Content Analysis. Analysis of documents, laws, procedures
used on the job. This analysis answers questions about what
knowledge or information is used on this job. This information
 comes from manuals, documents, or regulations. It is important
that the content of the training does not conflict Mutual Fund or
contradict job requirements. An experienced worker can assist
(as a subject matter expert) in determining the appropriate
content.
 Training Suitability Analysis. Analysis of whether training is
the desired solution. Training is one of several solutions to
employment problems. However, it may not always be the best
solution. It is important to determine if training will be effective in
its usage.

PRINCIPLE OF ASSESSMENT: use assessment instruments for

which understandable and comprehensive documentation is
available.
Checklist for Training Needs Analysis
It is helpful to have an organized method for choosing the right test
for your needs. A checklist can help you in this process. Your
checklist should summarize the kinds of information discussed
above. For example, is the test valid for your intended purpose? Is
it reliable and fair? Is it cost-effective? Is the instrument likely to be
viewed as fair and valid by the test takers? Also consider the ease
or difficulty of administration, scoring, and interpretation given
available resources. A sample checklist that you may find useful
appears on the following page. Completing a checklist for each
test you are considering will assist you in comparing them more
easily.
 PREPRATION OF LEARNER

This step consists:

1. In putting the leader at ease (so that he does not feel nervous
because of the fact he is on the new job.
2. In stating the importance and ingredients of the job, and its
relationship to work flow.
3. In explaining he is being taught.
4. Increasing interest and encouraging questions, finding out what
the learner already knows about his job or other jobs.
5. In explaining the why of the whole job and relating it to some
job the worker already know.
6. In placing as close to his normal working position as possible;
and
7. In familiarizing him with the equipment, material, tool and trade
terms.

45
 PREPERATION OF OPERATION

This is the most important step in the training programme. The trainer
should clearly tell, show, illustrate and question in order to put over
the new knowledge and operations. The learner should be told of the
sequence of the entire job, and why each step in its performance is
necessary. Instructions should be given clearly, completely and
patiently; there should be an emphasis on key points, and one point
should be explained at a point. For this purpose, the trainer should
demonstrate or make use of audio/ video aids and should ask
questions in order to indicate that he really knows and understands
the job.
 INDUCTION AND ORIENTATION

These terms are interchangeably used to give a friendly welcome

to the new employees as members of the organization so also to
introduce the new employees the employees with the available
installations, work norms organizational objectives and the job
positions of the employees. Some organizations make available
programmed instruction materials to new employees to help them
to get acquainted with the departmental rules and regulations, their
entitlement for leave, pay, overtime, retirement benefits and other
miscellaneous privileges, which affect their whole service. Tata
iron and steel company circulate to all their new employees, a brief
booklet under the name and style of Write your future in steel‟ to
illustrate their career prospects. However such documented
materials cannot be made available by all organizations. They try
to supplement it through a brief induction programme.
 CLASSIFICATION OF TRAINING
PROGRAMMES

LEVEL NO. TYPES OF TRAINING

1.Workers 1. Introduction
2. Job training
3. Craft training
4. Special purpose training

2. Supervisors 1 Induction
2 Foremanship / shop floor
3 supervision
4 Manpower management
3. Staff members 1 Introduction
2 Professional
3 Technical
4 Human relations
4. Managers & Executives 1 Induction
2 Executive training
3 Training in executive
4 Development
A part from the routine training programmes for different levels,
training on total quality awareness and training encompassing all
aspects of total quality management have now become almost
compulsory for all functional levels.
 METHODS OF TRAINING

Broadly speaking, there are two methods of training i.e., on-the-job

training and off the job training.
A. on – the- job training in this method, the employee learns by
doing. He is exposed to the real work situation. An experienced
employee will act as a friend, philosopher and guide. The new
employee follows the orders, carries out instructions and adopts
the right technique while doing the job. In this way he is able to
learn the work practically. While doing so, he can ask questions,
seek clarifications on various job related matters and obtain
guidance from his senior employee. Some of the widely used on
the job training methods are discussed below:
Job instruction training (JIT):
The JIT method is a four step instructional process involving
preparation, presentation, performance try out and follow up. It is
used primarily to teach workers how to do their current jobs. A
trainer, supervisor or commitment – worker act as the coach. The
four step followed in JIT methods are:
 The trainee receives an overview of the job, its purpose and
its desired outcomes with a clear focus on the relevance of
training.
 The trainer demonstrates the job to give the employee a
model to follow. The trainer shows a right way to handle the
job.
 Next, the employee is permitted to copy the trainer ’s way
  Finally, the employee does the job independently without
supervision.
2. Coaching and mentoring: Coaching is one-on-one relationship
below trainees and supervisors which offer workers continued
guidance and feedback on how well they are handling their tasks.
Mentoring is a particular form of coaching used by experienced
executives to groom their junior employees. Normally, mentoring
involve one coaching for a period of several years until the individual
is eventually capable of replacing the mentor.
1. Merits of coaching and mentoring
2. Demerits of coaching and mentoring
3. APPRENTICESHIP TRAINING: apprenticeship training dates back
to Mutual Fund times and is frequently to train personnel in some
skilled trades such as electricians, mechanics, tailors, bricklayers and
carpenters. The period of training ranges from two to five years
depending on the occupation in which the trainee is engaged.
Apprenticeship refers to a combined on the job as well as off the job
training approach, in the sense that the trainee agrees to work for a
salary below that a fully qualified employee gets, in exchange for a
specified number of formal training hours in the organization. One
advantage of apprenticeship training is its success; because
apprenticeship employs many of the principles of learning – such as
modelling, feedback, classroom training etc., and is often quite
effective. The principal drawbacks of apprenticeship training include
the period of training at which the employees are underpaid may be
quite long. Also, the uniform period of training is not suitable
to all. People have different abilities and, learn at varied rates. Those
who learn fast may quit the program in frustration. Slow learners may
require additional training time. It is also likely that in these days of
rapid changes in technology, old skills may get outdated quickly.
Trainees who spend years learning specific skills may find, upon
completion of programmes that the job skills they acquired are no
longer required in the market place.
 COMPANY PROFILE

Every day we wake up to the fact that more than 250 million lives are
part of our family called LIC MUTUAL FUND.
We are humbled by the magnitude of the responsibility we carry and
realise the lives that are associated with us are very valuable indeed.
Though this journey started over five decades ago, we are still
conscious of the fact that, while insurance may be a business for us,
being part of millions of lives every day for the past 52 years has
been a process called TRUST.
A true saga Of Trust.

Objective

 Spread Life Insurance widely and in particular to the rural areas

and to the socially and economically backward classes with a
view to reaching all insurable persons in the country and
providing them adequate financial cover against death at a
reasonable cost.

 Maximize mobilization of people's savings by making

insurance-linked savings adequately attractive.

 Bear in mind, in the investment of funds, the primary obligation

to its LIC Mutual Fund holders, whose money it holds in trust,
without losing sight of the interest of the community as a whole;
the funds to be deployed to the best advantage of the investors
 As well as the community as a whole, keeping in view national
priorities and obligations of attractive return.

 Conduct business with utmost economy and with the full

realization that the moneys belong to the policy Mutual Fund
holders.

 Act as trustees of the insured public Mutual Fund in their

individual and collective capacities.

 Meet the various life insurance needs of the community that

would arise in the changing social and economic environment.

 Involve all people working in the Corporation to the best of their

capability in furthering the interests of the insured public Mutual
Fund by providing efficient service with courtesy.

 Promote amongst all agents and employees of the Corporation a

sense of participation, pride and job satisfaction through discharge of
their duties with dedication towards achievement of Corporate
Objective.
 RESEARCH METHODOLOGY

REASEARCH METHODOLOGY is a way to systematically solve

the research problem. It may be understood as a science of
studying how research is done. In it we study the various steps
that are generally adopted by a researcher in studying his
research problem. It is necessary for a researcher to design the
methodology for the problem as the method may differ from
problem – problem.

RESEARCH PROCESS:
Before embarking on the details of research methodology &
techniques, it seems appropriate to present a brief overview of the
research process. Research process consists of series of actions
or steps necessary to effectively carry out research and the
desired sequencing of these steps. One should remember that the
desired sequencing of these steps. One should remember that the
various steps involved in a research process are not mutually
exclusive; nor are they separate and distinct. They do not
necessarily follow each other in any specific order and the
researcher has to be constantly anticipating at each step in the
research process. However, the following order concerning various
steps provide a useful procedural guideline regarding the research
process.
DEFINING THE PROBLEM:
The objective of the project was to undertake a study on training
and development of the employees working in every day, with a view to
know the improvement in performance after the training programme was
imparted to them.

DEVELOP A RESEARCH DESIGN:

Research design is the conceptual structure within which research
is conducted; it is basically the blueprint for the collection of data,
measurement it analysis of data. A research design is the
arrangement of conditions for collection and analysis of data in a
manner that aims to combine relevance to the research purpose
with economy in procedure.
My research design is of descriptive type. A descriptive research
includes survey fact – finding & enquiries of different kinds, with a
major purpose of description of affairs as it exists at present.

DATA COLLECTION: I have used primary and secondary data for

which a comprehensive questionnaire was prepared and was got
filled up by the employees of the organization.
PRIMARY
QUESTIONNAIRES:
A formal list of the questions answered by the employees of LIC
MUTUAL FUND and later analysing the responses.
We have used structured questionnaire as a formal list of
questions produces more reliable results.
Direct personal:
Personal interview is the most versatile and flexible.

INTERVIEW:
Direct face to face conversation helps in getting accurate data.

SECONDARY:
Internet
Books

SAMPLING:
Sampling procedure includes finite type of universe with random
sampling which comes under probability method of sampling
because under this method every item of the universe has an
equal chance of being selected & no place for biases.

SAMPLING DESING:
A sampling design is a definite plan for obtaining a sample from a
given population. It refers to the technique or the procedure the
researcher would adopt in selecting items for the sample. Sample
design is determined before data are collected.
The sample size should also be ascertained before starting the
research program. The larger the sample sizes the better and
accurate will be the result. I have chosen a sample size of 25
employees although I wished that it had been larger if the time
would not have been the limiting factor.

SAMPLE SIZE- 30
DATA COLLECTION:
The task of data collection begins after a research problem has
been defined and research design / plan LIC MUTUAL FUND.
While deciding about the method of data collection to be used for
the study, two types of data are used:
a) PRIMARY DATA are those which are collected a fresh and for
the first time, and thus happen to be original in character.

b) SECONDARY DATA on the other hand are those which have

already been collected by someone else and which have
already been passed on.
c) The methods of collecting primary and secondary data differ
since primary data are to be originally collected, while in case of
secondary data the nature of data collection work is merely that
of compilation.
d) PROCESSING & ANALYSIS OF DATA: The data, after
collection, has to be processed and analysed in accordance
with the outline laid down for the purpose at the time of
developing the research plan. This is essential for a scientific
study and for ensuring that we have all relevant data for making
Comparisons and analysis.
The term ANALYSIS refers to the computation of certain measures
along with searching for patterns of relationship that exist among
the data – groups. The term PROCESSING technically speaking
implies editing, coding, classification, and tabulation of collected
data.
DATA ANALYSIS
 1. Were you trained during the time of joining in organization
Experienced 10
Fresher 20

According to this chart out of 30 candidate most are fresher i.e. 67% and
least are experienced i.e. 33% only.
 If fresher:
2. What was the training procedure?
Job training 17
Craft Training 3
Induction 4
Training
Refresh Training 3
Promotion 3
training

According to this chart out of 30 candidate most are fresher. Most from job
training i.e. 57%, second most are induction training i.e. 13% and least are
craft training, refresh training and promotion training i.e. 10% each only.
 3. What was the duration of the training?
3 months 0

6 Months 8

One year 22

According to this chart out of 30 candidate most are one year candidate i.e.
73% and second most are 6 months i.e. 27% and least are belong to 3
months i.e. 0%.
 If experienced:
4. Were you internally trained
Yes 24

No 6

According to this chart out of 30 candidate most are internally trained i.e.
80% and least are trained from other company i.e. 20% only.
 5. What was the duration of the training?
1 day 0

Less than a 4
Week

More than a 26
Week

According to this chart out of 30 candidate most are more than a week i.e.
87% and second most are less than a week i.e. 13% only and least are 1
day i.e. 0%.
6. Have you attended any training programme outside the organization?
Yes 15
No 15

According to this chart out of 30 candidate, 50% are attend training

programme from outside of the organisation and 50% are not.
7. Have you attended special training programme inside the organization
Yes 30
No 0

According to this chart out of 30 candidate, all candidate have attend

special training programme inside the organization.

8. How far the training programme help you in your job profile
 Effective 9
Very effective 21

According to this chart out of 30 candidate most are very effective i.e. 70%
and least are effective i.e. 30% only
9. Has the training programme help you in promotion and job
satisfaction
Yes 30
No 0

According to this chart out of 30 candidate, all candidate has say yes to the
training programme help him in the promotion and job.
 CONCLUSION

This project deals with training and development of employees. It

main focus is on the activities of LIC MUTUAL FUND. I have also
tried to analyse the level of satisfaction achieved by the employees
through these activities.
To achieve my aim I conducted an exhaustive search into the various
training and development programmes conducted by LIC MUTUAL
FUND during the period. I have tried to examine the process adopted
for introduction and conduction of such programmes.
I also prepared questionnaire to obtain the training & development of
LIC MUTUAL FUND. An analysis of the results was conducted to get
an insight into the level of satisfaction achieved through this training
programme by the trainees.
 SUGGESTION

 There should be an increase in number of training programme

for workers and employees of different departments so that
apart from improving their output they start believing the
organization is making an effort to improve their condition on
the whole.
 A regular pre –employment training has to be a part of
comprehensive programme of employee's education.
 More interaction between the managerial staff and employees
to be encouraged and each supervision to give a report on the
employees under his supervision.
 The personnel department should give more consideration on
the lowest employee cadre for their social and economic
development.

 Start of monetary and non – monetary regards to be given to

improve better cordial relation between the management and
workers.
 LIMITATIONS

The survey has been done with full efforts and utter car but still there
are some limitations beyond control which might make the findings
and conclusion in the report a little of beam.
Although we attained success in our dissertation to a great extent but
still could not provide the ideal state of current HR trends prevailing in
private sectors due to certain reasons which are :-
1- The time is assumed that the information given by the
respondents are authentic and to the best of their
knowledge.
2- Information provided by the respondents might be biased
and have variation with their actual action.
3- Subjective nature of the study the perception of the viewers
change and different conclusion can be drawn by different
viewers.
4- It is assumed that the information given by the respondent by
authentic and to the best of their knowledge
 BIBILIOGRAPHY

1- Research Methodology CR Kothari

2 Magazines:
Business Today
Business world

3- RAO VSP, Human Resource Management

4- Newspaper
Times of India
Economic Times

5- Website:
www.LIC MUTUAL FUND.com
WWW.Google.com
 ANNEXURE
QUESTIONNAIRE

Name:-
Designation:
Department:

1. Were you trained during the time of joining in organization?

 Experienced
 Fresher
If fresher:

2. What was the training procedure?

 Job training
 Craft Training
 Refresh Training
 Promotion training

3. What was the duration of the training?

 3 months
 6 Months
 One year
If experienced
4. How far the training programme has been effective for your job profile
 Less Effective
 Effective
 Very Effective

5. Have you attended any training programmer outside the organization?

 Yes
 No


6 .Have you Attended special training programme inside the

organization
 Yes
 No

. How far the training programme help you in your job profile
 Less effective
 Effective
 Very effective

8. Has the training programme help you in promotion and job

satisfaction
 Yes
 No