Talent Management Program In Relation To Performance And Potential Of Employees

In Bajaj Allianz Life Insurance Co. Ltd. Railway Road, Hoshiarpur Hardeep Kaur 104862276231

Introduction About Company

 

Bajaj Allianz Life Insurance Company Limited is a joint venture between two leading companies of the world. Allianz AG(one of the world's largest insurance companies). Bajaj Auto(one of the biggest 2 and 3 wheeler manufacturers in the world). Bajaj Allianz Life Insurance Co. Ltd. was incorporated on 12th March 2001. The company received the Insurance Regulatory and Development Authority (IRDA) certificate of Registration (R3) No.116 on 3rd August 2001 to conduct Life Insurance business in India. During the financial year 2005-2006, Bajaj Allianz has sold over 13 lakh policies and collected about Rs. 4433 crore as premium income.

Vision

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

INTRODUCTION ABOUT TALENT MANAGEMENT PROGRAM

What Is Talent Management Program

 Talent management is a process that emerged in the 1990s and continues to be
adopted, as more companies come to realize that their employees talents and skills drive their business success.  Talent management refers to the process of developing and integrating new workers, developing and retaining current workers, and attracting highly skilled workers to work for your company.

TMP According To The Organization

 TMP is a unique platform that assesses the Performance and Potential of an
employee and hence comes out with a more balanced view of individuals' abilities.

Why Talent Management Program Used

Talent management implies recognizing: Person's inherent skills  Traits, personality  Offering him A matching job.  Towards having the right talent doing the right work at the right time, so that higher business performance.

Importance Of Talent Management

Workforce planning Retention Employee development Leadership and "high potential employee" development Performance management Recruitment Culture

Traditional &Current Application Of Talent Management

Purpose Of Talent Management Program

 Identifying star performers at various levels.  Developing and retaining them.  Developing the internal skills of employees.

Benefits Of Talent Management Program

 Organization Benefits  Employee Benefits

Source of Talent

Talent management Program/Sys

Internal talent

Hidden Talent

Talent from market

Objectives Of Study
 To know about TMP in Bajaj Allianz.  To check the relation between performance and

potential of employees.  To know about whether employees are satisfied with TMP.  To study whether TMP in Bajaj Allianz are dynamic(changeable) or not, and TMP is which nature.

Performance Appraisal
 Performance appraisal is a universal phenomenon in which

the organization is making judgment about one is working with and about oneself.  It aims to improve the organizational performance as well as individual development.

A. Performance Appraisal is done as per the following:

 Each employee would be assessed on his/her performance and potential

abilities.
Category Description

Rating range

Exceeds expectation of the current assignment consistently

>100%

Meets expectation of the current position consistently and occasionally exceeds it

100%

Meets most expectation of the current assignment but still requires follow up at times

90% to 99%

Does not meet complete expectation of the assignment

<90%

Potential is assessed on the following 4 areas:

 Ambition and drive:  Ability and willingness to learn:  Customer orientation:  People orientation:

B.potential is assessed on the following 4 areas:

Scale Description Rating

Best in class

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

High

Whenever given an opportunity, the person met expectation.

Satisfactory Y

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

Needs improvement

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

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

Scale Description Rating

Best in class

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

High

Whenever given an opportunity, the person met expectation.

Satisfactory Y

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

Needs improvement

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

The total score can then be looked up in the potential assessment table to arrive at the final potential rating:
Score range Final potential rating 4

13 to 16

9 to 13

5 to 8 Up to 4

2 1

An example of the potential rating has been illustrated below:

Classification
Ambition and drive

Rating
2

Score Range
13 to 16

Final potential Ranting

4

Ability and willingness to learn Customer orientation

9 to 12

5 to 8

People orientation

1 Up to 4

Total Score:

8
Final Potential Rating:2

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

C. Once the performance and potential rating are finalized, each employee falls in the following grid.

The percentage mentioned in the grid show the quota of employees in each department.

Scope Of The Study

 The TMP process is applicable to all employees in grade L2B and who

completed 6 months tenure in the organisation as on-roll employee.

Limitation Of The Study

 This study was done in the organization and the respondents were busy. The

respondents filled up the questionnaire in between their busy schedule.  Employees responded according to their own perceptions.  The number of employees was less in number. They were only 35 in number so the sample size was limited and less.  Some of the employees are diplomatic in nature, when they fill the questionnaire.

RESEARCH

METHODOLOGY

Research Methodology
 Research Design
The study is descriptive in nature as it attempts to know the employees opinion regarding the Talent Management Program in Bajaj Allianz.  Research Methods 1. Primary Data 2. Secondary Data  Sampling Plan
Sample Design

The method of sampling used was Universal sampling.  Sample Size

Total Size: 35 Sample Size: 35

STATISTICAL TOOLS
 Pie charts  Averages  Chart table

SAMPLING TECHNIQUES
 Sampling techniques Used in this project was non probability

convenient sampling techniques.  The survey was conducted through questionnaire with in the organization

DATA ANALYSIS & INTERPRETATIONS

1. How long you have been working in the organization?

Variables No of respondents Less than 1 yr 13 No of respondents in % 26%

1-2 yrs

10

20%

Time period of employees in this organisation

2-5 yrs 9 18%

More than 5 yrs

6%

less than 1 yrs

16% 38% 2 %

1-2 yrs

2-5 yrs
more than 5 yrs

22%

2.Do you think Talent Management Program helps to identify the strength and weakness of employees?
Variables No of respondents Strongly agree Agree 13 No of respondents in % 37.14%

13

37.14%

Neither both strongly agree and agree Disagree

17.14%

5.71%

Strongly disagree

1 2.85%

Q3.What changes have taken place in the organization as a result of Talent Management Program?
Variables No of respondents No of respondents in % Change in motivating strategy 12 34.28%

Restructure of organizati on or individual objectives Improvem ent in the manageme nt employees relationshi p Making changes in dissatisfac tion areas No decision taken

8.57%

14

40%

8.57%

8.57%

4.How important is Talent Management Program for your performance?

Variables No of respondents No of respondents in %

Not at all important

6%

Less important

14

40%

Very important

13

37%

Most important

17%

5. According to you what are the areas improved due to Talent Management Program?
Variables No of respondents No of respondents in %

Standa rds

25.71%

Moneta ry incenti ves Apprai sal

11.42%

14.28%

Employ ee Develo pment

17

48.57%

Q6.How effective is Talent Management Program to identify employees potential for advancement?
Variables No of respondents No of respondents in %

Highly effectively

17.14%

Effectively

15

42.85%

Neutral

25.71%

In effectively

14.28%

7.To what extent is Talent Management Program motivating the work environment.
Variables No of respondents No of respondents in % 9 Extremely motivating 25.71%

Fairly motivating

18

51.42%

Neither motivating

17.14%

Demotivating

5.71%

Q8. In your opinion does Talent Management Program helps to win co-operation and team work?
Variables No of respondents No of respondents in %

Frequently

12

34.28%

Occasional ly

14

40%

Rarely

20%

Never

5.71%

Q9.Who is responsible for Talent Management Program and its employee engagement in your organization?
variables No of respondents No of respondents in % Human Resource Department 9 25.71%

Senior leadership

17.14%

Supervisor/ manager

17

48.57%

Everyone

8.57%

Q10. What are the areas of your organization needs to improve the most in terms of Talent Management Program? (Choose Any One)
Variables Aligning employees with the mission and vision of your organization Creating a culture that makes employees want to stay with the organization Creating a culture that values employees work Creating an environment where employees are excited to come to work each day Creating an environment where employees ideas are listened to and valued Identifying gaps in current employees and candidate competency levels No of respondents 6 No of respondents in % 17.14%

14.28%

14.28%

22.85%

25.71%

5.71%

Finding, Suggestions

& Conclusion

FINDINGS
      

 

In Bajaj Allianz life insurance Co. LTD, HR staffs as well as the department heads are responsible for talent management program in the organization. In Baja Allianz most of the talent identify by the performance and potential of the employees. Training room, education, mentoring and coaching are usually used by the organization to carry out talent development activities. Most the employees have a clear knowledge about the companys vision, mission and objectives. And they know how to achieve these objectives. They are clear about their role and responsibility. Almost all of the respondents are satisfied with the result of the talent management program (changes in the organisation). Almost all the employees are agreed that due talent management program, creating a good work culture as well as increase the values of employees, decrease in turnover of employees. Most of the employees are satisfied that talent management program helps to identify the strength and weakness of employees. Improvement in personal skills of employees, employees relationship in the organisation.

SUGGESTION
 

  

 

Based on the analysis conducted in the organization the following are the recommendations made to the organization. Some of the employees are not agreed with results of the talent management program. Talent management program is very important for developing the employees skills, so the organization has to take some more steps to improve the job environment and working conditions. Some of employees get de-motivated with the result of talent management program, so organization should undertake those activities so that employees can not be getting demotivated. Some times with the results of the talent management program conflicts are created b/w employees. Divisional manager of the organization should create the full confidence in the agents/employees of the organization. Some times quite difficult to identify the talent of number of employees in the organization, so divisional manager/supervisor of that organization should divide the employees/agents into the groups so that they can easily identify exact talent of the employees. Manager should undertake interesting activities so that hidden talent of employees can be improved. The relationship b/w agents/employees and manager with in the organization should be clear, so that agents can easily transfer the employees problems to manager without hesitation.

CONCLUSIONS
 As organizations continue to pursue high performance and improved results

through TALENT MANAGEMNT PROGRAM, they are taking a holistic approach to talent managementfrom attracting and selecting wisely, to retaining and developing personal skills of employees, to increase the confidence of employers, to placing employees in positions of greatest impact.  By implementing an effective talent management program, including integrated data, importance, processes and analytics, organizations can help ensure that the right people are in the right place at the right time, as well as organizational readiness for the future.  Bajaj Allianz starts with recruiting and retaining talented people and continues by sustaining the knowledge and competencies across the entire management.  Finally, we can conclude that Bajaj Allianz is providing good practices to employees, which influence their performance and potential as well as increase in growth of organization.

THANKS