Makkar Fin Dessertation

7/28/2019 Makkar Fin Dessertation

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CHAPTER-1

INTRODUCTION


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1.1-INTRODUCTION

This new age economy, with its attendant paradigm shifts in relation to the human

capital, in terms of its acquisition, utilization, development and retention, has placed a

heavy demand on todays HR professionals. Today HR is expected to identify potential

talent and also comprehend, conceptualize and implement relevant strategies to

contribute effectively to achieve organizational objectives. Hence a serious concern of

every HR manager in order to survive this War for Talent, is to fight against a limited

and diminishing pool of qualified available candidates to replace valuable employees

when they leave, dramatically underscoring the difficulty to attract, motivate and retain

the best employees in an organization

Today, companies have become fiercely competitive when it comes to attracting and

retaining talent. 75 per cent of the senior executives admit that employee retention is a

major concern today, the obvious reason being the increasing rate of turnover. It is an

accepted truth that turnover will happen and companies need to devise a strategy to curb

unprecedented turnover from affecting organizational success.

Despite intense competition being the key to market development and success,

organizations have failed to identify some of the major reasons which highlight why

good performers leave. In his study,oner major reason why people leave their

organization is because of the organizations failure to bring about a correlation between

pay and performance. Human Resource experts in the industry believe matching the right

blend of talent with the right job profile can lead to superior performance.

By focusing on productivity, organizations are realizing that it is imperative to hire

employees who can do the job and be successful at it. The organization no longer wants

to just hire to hire, in fact they are striving to find the right people, bring them into the

organization and retain their services. One of the critical functions of HR is a sound

Human Resource Planning through which they are able to project the demand for human

resource and thereafter formulate strategies for acquiring them. As the leading HR heads

of the country point out, the solution is not just about finding the correct retention


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mechanisms, but it starts from the very beginning by devising ways to acquire the right

people for the right jobs.

Talent management

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.

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. Companies that have put into practice talent management have done so

to solve an employee retention problem. The issue with many companies today is that

many organizations put tremendous effort into attracting employees to their company, but

spend little time into retaining and developing talent. A talent management system must

be worked into the business strategy and implemented in daily processes throughout the

company as a whole. It cannot be left solely to the human resources department to attract

and retain employees, but rather must be practiced at all levels of the organization.

The business strategy must include responsibilities for line managers to develop the skills

of their immediate subordinates. Divisions within the company should be openly sharing

information with other departments in order for employees to gain knowledge of the

overall organizational objectives. Companies that focus on developing their talent

integrate plans and processes to track and manage their employee talent, including the

following:

Sourcing, attracting and recruiting qualified candidates with competitive

backgrounds

Managing and defining competitive salaries

Training and development opportunities

Performance managementprocesses

Retention programs

Promotion and transitioning
http://en.wikipedia.org/wiki/Skilled_workerhttp://en.wikipedia.org/wiki/Employee_retentionhttp://en.wikipedia.org/wiki/Sourcing_(personnel)http://en.wikipedia.org/wiki/Training_and_developmenthttp://en.wikipedia.org/wiki/Performance_managementhttp://en.wikipedia.org/wiki/Promotion_(marketing)http://en.wikipedia.org/wiki/Promotion_(marketing)http://en.wikipedia.org/wiki/Performance_managementhttp://en.wikipedia.org/wiki/Training_and_developmenthttp://en.wikipedia.org/wiki/Sourcing_(personnel)http://en.wikipedia.org/wiki/Employee_retentionhttp://en.wikipedia.org/wiki/Skilled_worker


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Talent management is also known as HCM (Human Capital Management), HRIS (HR

Information Systems), HRMS (HR Management Systems)

Talent DNA

Traditional HR systems approach people development from the perspective of developing

competencies in the organization. This can actually be a risk-prone approach, especially

for companies operating in fast evolving industries, since competencies become

redundant with time and new competencies need to be developed. Talent management on

the other hand focuses on enhancing the potential of people by developing capacities.

Capacities are the basic DNA of an organization and also of individual potential. In fact,

the following appropriately describes the role of talent management:
http://en.wikipedia.org/wiki/HRIShttp://en.wikipedia.org/wiki/HRMShttp://en.wikipedia.org/wiki/HRMShttp://en.wikipedia.org/wiki/HRIS


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TALENT DNA

D N A

Point of Departure Navigation Point of Arrival

Translating organizational

vision into goals and mapping

the required level of capacities

and competencies to achieve

goals

Aligning individual

values and vision with

organizational values

and vision

Clear understanding of the

varied roles within the

organization and

appreciation of the value-

addition from self and

others leading to building a

culture of trust, sharing and

team orientation

Assessment of talent to profile

the level of capacities and set of

competencies possessed within

the organization

Enhancing capacities to

learn, think relate and

act through

development initiatives

Individual growth to meet

and accept varied,

incremental and

transformational roles in an

overall scenario of

acknowledged need for

change

Gap analysis and identification

of development path

Helping individuals

realize their fullpotential through

learning and

development

Developed individualsenabling breakthrough

performance


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Measuring Talent

1. Capacity to learn (measured as learning quotient LQ)

Enhancing an individuals capacity to learn improves the persons awareness. It adds to

the persons quest to know more and delve into newer areas. This capacity is developed

by holistic education that teaches how to learn, an enabling environment and good

mentoring

2. Capacity to think (measured as conceptual quotient CQ)

An individuals quest to know more leads his mind to create images. Enhancing an

individuals capacity to think helps the person not only takes learning to a higher level of

intellect but also improves creativity

3) Capacity to relate (measured as relationship quotient RQ)

It is important for an individual to be able to relate to his learning and thoughts. This

leads the person to be able to relate to other individuals and the environment around him.

The outcome is indeed a sense of belongingness and an environment of trust at the

organizational level and team spirit at the individual level

4. Capacity to act (measured as action quotient AQ)

Action is how the above three capacities of an individual are manifested. It is the

individuals ability to enact his intention. The individuals values help in discriminating

amongst alternatives and act as the bedrock for decisions. They act as multipliers in

enhancing the individuals capacities, a sigma of which reflects the individuals true

talent.

Thus:

(LQ + CQ + RQ + AQ) X Values = Talent


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EVOLUTION OF TALENT MANAGEMENT

Fig 1.1- evolution of talent management

It explains the evolution of HR function from simple personnel management in the past to

the strategic role in the present scenario. The trend is shifting towards more management

of employees in terms of talent. Competency mapping, performance management are

some of the tools being used for overall integration into the system. Organizations are

giving more authority to employees these days and developing leadership qualities in

them. 3M is a known organization whose main focus is on developing leadership in

employees and constant innovation which helps them build on their leadership. Earlier

the human resource was only a business function, developed into business partner later,

but now is into business integration. It is becoming more integrated with the business

processes. More challenging problems require new processes and systems. It requires

more integration with the different processes in human resource and finally with the

business processes


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TALENT MANAGEMENT AS A

PROCESS

Fig. 1.2- Process of Talent Management

job roles, jobdescription,competency

models

1)workforceplanning,

recruitment,performancemanagement

training andperformance

support

successionplanning

compensationand benefits

critical skillsand gapanalysis


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This figure is talking about talent management which is a an integrated process using

different HR processes. Workforce planning is deciding on the hiring target required for

the year. Then is the process of Recruitment, assessment, evaluation and bringing the

people together. On boarding is when employees are given training and enabled to be

more productive and integrated into the company.

Performance Management in the next step where employer evaluates the employee

performance throughout a period. After this training is provided and their performance is

evaluated. Succession planning is then the next step.There is a continuous need to movepeople into new positions. Succession planning, a very important function, enables

managers and individuals to identify the right candidates for a position. Compensation is

then another vital component and an integral part ofpeoples management. The last is

gap analysis where we see the difference between the actual and desired performance and

try to correct it.


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1.2.1- Research objective

The objective of my study is not only limited to the techniques or the ways of talentmanagement. The study is about knowing how the talent is being managed these days

which is an area of great concern these days especially in service sector. My study

includes insurance sector where managing talent is a challenge these day.

1) To study the relationship between career development and retention of best talent in

the organization.

2) To study the impact of performance appraisal in the talent management in the

organization.

3) To analyze how the following factors impacts the talent management in insurance

industry.

a) Job analysis

b) Recruitment sources

c) Succession planning

d) Organizational culture

e) Performance appraisal

f) Quality of work life

g) Training and development

h) Grievance handling

i) Employee empowerment

j) career development


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1.2.2-Need of the study

There is a constant pressure on companies to attract the best talent and ensure that

employees join the company and choose to stay in the organization rather than look for

opportunities elsewhere. This study is supposed to find out the existing talent scenario in

insurance sector so as to analyze its emerging challenges and trends.

In an organization, there is nothing more crucial than fitting the right employee in the

right position.. When people do jobs that just don't suit their liking, inclination or

temperament, the results, or rather the lack of them will be disastrously obvious. Low

productivity, dissatisfaction, low morale, absenteeism and other negative behavior will

become obvious in the organization. Or perhaps, there is another option - Talent

Management

Talent management is a wide area to retain different employees in the organization.

Retaining talent is challenge these days. This study will show the relationship of talent

management with different HR practices of organization. It will find how factors like

recruitment, appraisal, and role analysis are effecting the management of talent in an

organization.

Insurance sector faces the challenges of retaining talent these days. As the business

environment is changing, there is more competition in the market and having the best

human resource is a requirement these days. Finding and retaining individuals with right

skill set and competencies placed at right place is a necessity for the achievement of the

objective of organization. So the study of different factors effecting talent management of

organization is important.


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1.2.3-Scope Of The Study

The scope of the study is very wide. As it studies the insurance sector, where managing

the talent is a great challenge today , the scope is related to the service sector. Indias

biggest problem is that qualified graduates are becoming scarce. Despite the large

population, the supply of engineers cannot keep up with the sharply increased demand. It

is important to have right set of competent people in the organization at the right place.

Current scenario explains the importance of managing talent in the organization. Hence

the scope of the study is very wide as it determines different factors effecting the talent

management in an organization. Every organization around the world is adopting best

ways to retain and manage the talent which defines the scope of this study.


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RESERCH METHODOLOGY

The basic purpose of research is to find out solutions to certain questions by making use

of scientific and systematic techniques. Before finding an appropriate solution to a

Problem, the researcher has to decide the way in which he wants to proceed (work) in

future.

This refers to the development of a proper Research Design. Research Design is

concerned With the methods and ways in which the investigator manages the situation to

study the Selected problem. I have tried to explore the trend of talent management in

insurance sector using following guidelines.

Primary data:-

1) Questionnaireemployees

Secondary data:-

Journals and Research Paper

Newsletters

HR websites

STATISTICAL TOOLS:SPSS- (Mean and Chi Square)

SAMPLING TECHNIQUES:Judgmental Sampling

SAMPLE SIZE- 30


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conclusion

This chapter explains the introduction about talent management which is an emerging

trend to retain manage and develop on the competencies possessed by the employees.

talent management is impacted by number of factors in organization. It has come into

play with the evolution of strategic HRM these days. The objective is to study the trend

of talent management in insurance sector. Insurance is going through number of

challenges and is a part of service industry where there is a need to identify different

strategies that effect talent management. Scope of the study is very wide and research

methodology used is on the sample size of 30 employees. Respondents are of managerial

level and chi- square, mean has been used as the tool to analyze questionnaire


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CHAPTER-2

PROFILE

OF

COMPANIES


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2.1-ICICI LOMBARD

ICICI Lombard GIC Ltd. is a 74:26 joint venture between ICICI Bank Limited, Indias

second largest bank with consolidated total assets of over USD 100 billion at March 31,

2010 andFairfax Financial Holdings Limited, a Canada based USD 30 billion diversified

financial services company engaged in general insurance, reinsurance, insurance claims

management and investment

The company has 4,634 employees and 350 branches as on March 31, 2010.

The company has been assigned a domestic rating of iAAA by ICRA (an associate of

Moodys Investors Service) for highest claim paying ability and a fundamentally strong

position, for the fourth consecutive year. ICICI Lombard Auto Insurance has been rated

highest in customer satisfaction by J.D. Power Asia Pacific in India among 11 auto

insurance providers.

The company has been conferred the Golden Peacock- Eco Innovation Award of 2009

for weather insurance and the Customer and Brand Loyalty award in the Insurance

Sector - Non-Life at the 3rd Loyalty awards, 2010.It was awarded the General

Insurance Company of the Year at the 11th Asia Insurance Industry Awards.

ICICI Lombard Corporate Highlights

Strong Parentage: ICICI Lombard leverages ICICI Bank's strong brand equity,extensive distribution network and sound technological infrastructure to service

customer needs. Lombard Canada assists on domain knowledge, product innovation,

business processes based on cutting edge technology and international best practices in

the insurance business.
http://www.fairfax.ca/http://www.fairfax.ca/http://www.fairfax.ca/http://www.fairfax.ca/


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Resourceful Customer Service: ICICI Lombard services a wider foot-print o

customers with its offices located in 127 cities across India. With a network of 3500

hospitals in 200 cities and around 1500 garages in 255 cities, ICICI Lombard offers

cashless claim settlement to its customers. It also has an online customer support

system which allows customers to track their claim status and facilitate quick response

to service requests. security and privacy for costumers remains the highest concern

As the ICICI Lombard General Insurance Company Limited is a joint venture between

ICICI Bank Limited, India's second largest bank and Lombard Canada Limited, one of

the oldest property and casualty insurance companies in Canada.

ICICI Lombard has the guidance of Lombard, Canada, on domain knowledge, product

innovation, business processes based on cutting-edge technology and international best

practice in the insurance business. The company offers a wide range of retail and

corporate general insurance products for today's challenging business environment.

Product range of company

General Insurance ICICI Lombard has a major presence in the following insurance

segments:-

Personal solutions - Motor, Home, and Personal Accident cover, Business solutions -

Fire, Inland transit, Engineering, Performance Guarantee, and Merchant cover, Marine

and Aviation Hull, etc. It has also been in the area of Travel and health solutions, project

solution, and liability solution export solutions. It also offers rural insurance products,

such as tractor and weather. In addition, the company provides claim services, including

health, home, motor, overseas travel, and students claims, as well as online services. It

offers its products through a network of branches.


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2.2- BAJAJ ALLIANZ

Bajaj Allianz General Insurance Company Limited is a joint venture between Bajaj

Finserv Limited and Allianz SE. Both enjoy a reputation of expertise, stability and

strength.

Bajaj Allianz General Insurance received the Insurance Regulatory and Development

Authority (IRDA) certificate of Registration on 2nd May, 2001 to conduct General

Insurance business (including Health Insurance business) in India. The Company has

an authorized and paid up capital of Rs 110 crores. Bajaj Finserv Limited holds 74%

and the remaining 26% is held by Allianz, SE.

As on 31st March 2009, Bajaj Allianz General Insurance maintained its premier

position in the industry by achieving growth as well as profitability.. For a copy of

our Annual Report 2008-2009,. Bajaj Allianz today has a countrywide network

connected through the latest technology for quick communication and response in

over 200 towns spread across the length and breadth of the country.

They want to be the first choice insurer for costumers and the most preferred

employer by the employees. They are one of the costumer focused market leader who

strives to understand the insurance needs of the consumers and translate it into

affordable product that can provide

Synergy

Bajaj Allianz General Insurance offers technical excellence in all areas of General and

Health Insurance as well as Risk Management. This partnership successfully

combines Bajaj Finserv's in-depth understanding of the local market and extensive

distribution network with the global experience and technical expertise of the Allianz

Group. As a registered Indian Insurance Company and a capital base of Rs. 110

crores, the company is fully licensed to underwrite all lines of general insurance

business including health insurance.


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2.3-Reliance General Insurance

Reliance General Insurance is one of Indias leading private general insurance

companies with over 94 customized insurance products catering to the corporate,

SME and individual customers. The Company has launched innovative products like

Indias first Over-The-Counter health & home insurance policies. Reliance General

Insurance has an extended network of over 200 offices spread across 173 cities in 22

states, a wide distribution channel network, 24x7 customer service assistance and a

full fledged website. It is also Indias first insurance co mpany to be awarded the ISO

9001:2000 certification across all functions, processes, products and locations pan-

India.

To achieve business success by improving operational efficiencies, Reliance General

Insurance realizes the need to tighten up and streamline both channel partner

relationships and back office operations. The brokers and channel partners are the

interface to end customers. They play a vital role in helping sustain existing

customers as well as attract new customers through better and diverse services. So it

is imperative that they are well connected with brokers / channels partners as well as

meet their needs. Improvement in back office operations can happen if policyproduction and billing are automated; overall claims expenses are reduced, and claims

settlement is made faster

General Insurance is one of Indias leading general insurance companies possessing

over 94 customized insurance products and services that caters for the corporate

houses, small and medium sized enterprises and individuals. It has launched

innovative products and services such as Indias first Over-the-counter health and

home insurance policies.

Their major focal point is to make affordable insurance accessible to all and

consumer satisfaction is important to them. To protect the interest of policy holder is

one of the other goal of company and to adopt best international practices in


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underwriting, claims and policy service to beat competition. innovation is an

important consideration for them

Conclusion

This chapter explains the profile of 3 different companies i.e. ICICI Lombard, Bajaj

Allianz and Reliance. All the three companies are well known in insurance sector in

India. ICICI Lombard GIC Ltd. is a 74:26 joint venture between ICICI Bank Limited,

Indias second largest bank andFairfax Financial Holdings Limited. The company has

more than 4000 employees and 350 branches. Reliance is also known in this sector

and believes in innovation to track market in India. Bajaj Allianz is also a known

company which is joint venture and growing at a fast rate.
http://www.fairfax.ca/http://www.fairfax.ca/http://www.fairfax.ca/http://www.fairfax.ca/


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CHAPTER-3

LITERATURE REVIEW


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Literature survey

Patil (2008) states that sustainable competitive will come through investing in people to

build organizational capabilities. he talks from the perspective of Infosys that HR is not

only a support function. HR needs to a spring board to drive business. solving the talent

paradox is not an easy task. but it requires an integrated approach towards talent

management, from planning and sourcing to training, development and retention. Talent

management not only overcomes talent problems but will also win the approval of all

stakeholders with achievement of better results. Infosys Leadership Institute states the

importance of leadership. There is a scramble in market for talent management which

means retaining the best of best employees with the organization. Contributing factorsincludes growing number of retirees, changing business requirement, and competing job

offers. Companies are required to innovate to attain global talent sourcing strategy. right

skill Set and competencies are necessary to face globalised emerging markets.

WHITE PAPER

Richard et al (2009) the nine best practices in talent management. Organizations know

that they must have the best talent in order to succeed in the hypercompetitive and

increasing complex global economy. Few organizations today have an adequate supply oftalent. gap exist at the top of the organization, in the first to midlelevel ranks and at the

front lines. Talent is increasingly a scarce resource. so it must be arranged to the fullest

effect now, talent management is an organizational function that is taken far more

seriously. The ability to effectively hire, retain, deploy, and engage talentatall levels

is really the only true competitive advantage an organization possesses. It talks about

different key components of a highly effective talent management process. It states that a

clear understanding of the organization current and future business strategies is necessary

and then identifying the gaps in talent in place and talent requirement


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(2005) states the role of CEO in talent management this study reveals the increased

participation OF CEO in managing talent of the organization. Different CEOs talk about

their ways of managing the people and the increasing importance of employee

empowerment, placing right people at right job. Strong talent management leads to

greater workforce productivity and other benefits. Indeed, companies are increasingly

realizing that they cannot be successful unless they have a good strategy for developing

talent. Talent management has become important because of the growing recognition that

it helps in driving performance, even though the exact impact is hard to quantify. Many

CEO mentor executives which is an additional part of program and good talent

management is possible with comprehensive development program

Randall (2009) propounded that the environment for most organizations today is global,

complex, dynamic, highly competitive, and extremely volatile, and is likely to remain so

for years to come. In addition to these external conditions, most organizations are also

facing several global challenges including those related to: talent flow; the managing of

two generations of employees, viz., older or mature workers and younger workers; and a

shortage of needed competencies. One major result of these challenges for organizations

is that they have to be global and that they have to be systematic in managing their

human capital if they wish to have any hope of gaining and sustaining a competitive

advantage in the years ahead. Many human resource practitioners and consultants (HR

professionals) are now recognizing this, especially those that operate globally, the

multinational enterprises. Academics are also showing a strong interest as evidenced by

their work in the new area referred to as global talent management. In this article we

review that academic work and attempt to organize that literature by creating an

integrative framework for understanding and advancing further research in global talent

management. To guide this research our framework highlights several selected challenges

in global talent management, and several drivers of those challenges. It also highlights

the potential role of IHRM activities in addressing those selected challenges. A

discussion of possible criteria of global talent management effectiveness completes the

framework. Hopefully this integrative framework may guide further academic research

on global talent management and might also inform the work of HR professionals.


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extensible solution for tomorrow through which HR can now establish lasting solutions

and build credible, long-term strategies that support desired business outcomes.

(2009) states that this downturn in the economy has created an environment of mistrust

between employers and employees. But visionary organizations carefully reassessed their

talent management strategy to ensure their biggest asset, their team, was being used as

effectively as possible. It explains the need of talent management, employee engagement

and empowering them to maintain an effective team during such times.

Watson et al focuses ontalent management through the examination of research articles

and primary data to present the scope and definitions of talent management. The paper

discusses issues around the theories and key challenges that materialise in the use and the

scope of the term talent management for hospitality and tourism providers. The paper

presents strategic and operational talent management implications faced by hospitality

and tourism organisations, by exploring the findings from eight interviews and one focus

group with hospitality and tourism providers in Scotland. The conclusions drawn together

key challenges, implications and actions in addressing talent management and forwardsrecommendations.

Liew Chai Hong and Sharan Kaur (2008) stated that employees intention to leave,

however, is zooming in at the organizational and individual levels. One of the

organizational variables used is organizational climate which potentially correlates to

turnover while employees personality is selected in this study as a moderating variable

associated to intention to leave. Employees tend to leave organizations that endure

unfavorable organizational culture. However, organizational culture is something

cemented to the organizations and it is not easy to change. Implementing employee

retention strategies by changing organizational culture could be time-consuming and it

would not probably show significant results in the short term. The process is further

complicated by various types of employees personalities that resist changes. On the


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other hand, it would be easier for an organization to improve the organizational climate

that share personalities of the employees which consequently will change the overall

impression and perception of employees towards their work. Over time, positive

organizational culture could be developed and changed based on the stretched norms and

assumptions.

Kang Lin Ong (2008) the importance of non-family executives in family businesses

cannot be over-emphasized as family businesses get passed through generations and

begin to expand in scale. Unless there is a presence of qualified, competent and dedicated

family members willing to fill the management roles within the family business, there

would inevitably come a time when the family business needs to turn to external

professionals to fill the shoes of senior management. Using current literature on non-

family management in family businesses, this paper explained the reasons why highly

talented non-family executives would consider joining family businesses as well as their

grounds for leaving. By integrating the findings from recent studies, this paper also

formulated a basic framework on the hiring and retention issues pertaining to non-family

executives.

Dan Emerson(2007) The article says that the work of HR department has widened today

from employee retention to succession planning, its not just related to hiring and firing or

recruitments and selection, the challenges before hr departments has increased today to a

great extent. Succession planning is a big task and a big challenge. Retirement is also a

major issue to be planned. it talks about three things that are important in present scenario

i.e. developing leadership, developing managerial competencies, and increasing

partnership with costumer through intercultural teams. hiring and firing is a primary

function but the horizons of strategic human resource has widened.

Ellisa Tucher et al (2009) states that it is imperative that orgaisations should manage

people well and the rules for managing the people is changing. most organizations are not

prepared to manage this new generation of talent. Many organization are already

struggling to manage to effectively manage next generation computer. This report reveals

five trends that are shaping the workforce and outlines the unavoidable implications that


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these workforce changes will have for the practice of talent management. The effort to

counter next generation threats to employees engagement by building a unifying and

compassionate culture will stave off what could be ahuge drain on corporate business

lines- disengaged workers often star performers withholding talent due to mounting

dissatisfaction.

Glen(2006) propounded that, for many organizations, key skills retention, employee

motivation and attendance are key operational, or even strategic issues in that they impact

directly on organization costs, productivity and business performance. Taking a holistic

view of the key elements of the business most likely to impact team engagement,

motivation, attendance and retention (e.g. organizational process, role challenge, values,

work-life balance, information, stake/leverage/reward/recognition, management, work

environment and product/service); linking individual assessment directly to the key

drivers of the business; and recognizing that key talent is likely to thrive on experience-

based career leverage opportunities. A recent Personnel Today employer branding

survey, which included responses from 1,900 senior respondents in the UK, indicated that

employee retention initiatives are foremost in the minds of people tasked with developing

their organizations as an employer of choice Retaining key organizational talent

requires joined-up thinking, a clear business-driver link, and a good deal of thought and

energy.

Judy klein and Stephen A. Miles (2005) states that the dimension around which talent

management revolves has increased and that the organizations which applies talent

management strategies today are only successful and they need to be flexible

accordingly. Talent management has taken on a new dimension in the present

competitive market. It requires an understanding of corporate strategic goals and of the

roles talent plays in reaching them.


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A Knowledge Infusion White Paper, (2006) states that as organizations continue to

pursue high performance and improved results through HCM practices, they are taking a

holistic approach to talent managementfrom attracting and selecting wisely, to

retaining and developing leaders, to placing employees in positions of greatest impact.

Meeting this organizational supply and demand requires the right Talent DNA and

supporting technology solutions.

Bersin (2006) states that Talent Management" has become one of the most important

buzzwords in Corporate HR and Training today. In this article we will explain the

history, principles, and processes of talent management and help readers understand our

research agenda in this important area. It explains the shift in human resource arena from

personnel management to strategic human resource and finally talent management is into

the play. Organizations are made up of people: people creating value through proven

business processes, innovation, customer service, sales, and many other important

activities. As an organization strives to meet its business goals, it must make sure that it

has a continuous and integrated process for recruiting, training, managing, supporting,

and compensating these people. Talent Management is a powerful and important trend

across HR. It changes the way things are organized, how one uses technology, how the

resources are allocated, and how it measure what you do.

Kliedman(2005) states the role of CEO in talent management This study reveals the

increased ways of managing the people and the increasing importance of employee

empowerment, placing right people at right job. Strong talent management leads to

greater workforce productivity and other benefits. Indeed, companies are increasingly

realising that they cannot be successful unless they have a good strategy for developing

talent.

Bill Miller (2007) that senior executives often claim that people drive the value of the

business. They are right. According to a recent survey conducted by the Economist

Intelligence Unit for Oracle, senior executives at corporations worldwide judge the ability

to attract and retain people as one of the most critical enablers of growth.1


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But they have to be the right people. Every organization relies on key clusters of critical

talent in order to be able to execute its business strategy. These employees drive a

disproportionate share of revenue and earnings. They generate high value for customers

and shareholders. They have strong skills and deep knowledgenot just of the work

itself, but of how to make things happen in the organization. Without such employees,

senior executives would be pushing on a string rather than executing their strategies.

Moreover, the skills and knowledge of such employees ensure that they are in great

demand. They are valuable to their current employers. They may be even more valuable

to their current employers competitors. Without a talent management strategy focused on

keeping critical people engaged including talent maps, targeted training, clear career

paths, job rotation and other development tools critical employees may be sending out

rsums rather than executing the organizations strategy.

Chan (2008) said as signs of economic recovery come into view, HR will be looking

forward to making an even stronger contribution to business success in the coming year.

This article presents ten points of focus for 2010 that no HR practitioner in Hong Kong

and mainland China can afford to miss. These are: 1. putting talent attraction back on

center stage, 2. achieving executive compensation without the controversy, 3. turning the

quest for talent inward, 4. providing greater supply of the right information, 5.

communicating through structured procedures, 6. returning engagement surveys, 7.

Balancing restraint with ambition, 8. fitting in with the regulatory landscape, 9. ruling of

elasticity, and 10. keeping the "grey population" in the business

Haskins and Shafferpropounded that the purpose of this paper is to present a concise,

robust talent development framework for summarizing and guiding the organizationalactivities pertaining to having the right people, at the right time, getting the right type of

talent development experiences. This paper is the result of over 40 combined years of

advising and working with executive education corporate clients on the assessment of

talent development needs and plans. Four challenges underpin any approach taken to

develop an organization's talent. Talent building endeavors should be business driven,


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future focused, integrated, and deliver measurable results. In response to these

challenges, and based on our work with a number of corporate clients, we have created

the talent development framework (TDF). It provides a lens through which to view,

organize, and monitor talent development activities. The experience-based framework

presented here is immediately useful to those responsible for developing and enhancing

organizational talent. The organizational endeavors pertaining to the monitoring,

managing, and motivating of talent development are numerous and varied in their foci,

timing, and purpose. This article presents an organizing framework for seeing all the

pieces and how they fit together, and apply to various organizational populations for

different purposes. As such, it provides a codified, organized approach to talent

development.

Lynch and Whalley ( 2007) states that the present scenario, and employers responding

to the current economic crisis and how are they responding to the changing demographics

profiles. In todays challenging economic climate, employers need to position their

businesses for recovery and growth. Even though business leaders may have a good sense

of the impact that the economic downturn and the aging of the workforce have had (and

will have) on their businesses. Talent management is not an easy task.

William J. Rothwell (2004) ignites the imagination, expands the possibilities, and offers

practical strategies any organization can use to effectively develop, retain and utilise

talent for the benefit of an organization and enter the fluid, flexible future. Managers at

all levels will cheer the sanity Rothwell suggests."

Lance A. Berger(2003) states how organization develops excellence by identifying, developing

and promoting the best people "This is an outstanding reference work that succinctly explains a

simple and practical approach to the identification, assessment and management of talent in the

current, dynamic operating business environment. The book plainly gives advice on how to avoid

high staff turnover, poor morale, and poor performance."


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CONCLUSION

Talent management is a powerful and important trend across human resource.

Organization should ensure that talent management is an integrated process for

recruitment, training, managing, supporting and compensating employees. Organizations

are made up of people and people create value. Earlier there was personnel management

where employees were not considered the asset the of organization and it has now shifted

into strategic human resource system with emergence of numerous HR practices. Now

the trend focuses on talent management from strategic human resource management.

Literature review focuses on this emerging trend and the policies to make to make it

successful throughout organization. it talks about how it should be implemented into the

organization so that it emerges as a productive return for the company. Holistic approach

and correct strategies is required for successful talent management practices in

organization


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CHAPTER-4

ANALYSIS


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Analysis

Table 4.1- Roles are clearly reviewed and redesigned according to goals and strategy of

organisation

Frequency Percent Valid Percent Cumulative Percent

Valid strongly disagree 1 3.3 3.3 3.3

Disagree 1 3.3 3.3 6.7

slightly disagree 8 26.7 26.7 33.3

Neutral 5 16.7 16.7 50.0

slightly agree 7 23.3 23.3 73.3

Agree 6 20.0 20.0 93.3

strongly agreed 2 6.7 6.7 100.0

Total 30 100.0 100.0

Fig. 4.1- Roles are clearly reviewed and redesigned according to goals and strategy of

organization

Reviewing the roles and redesigning them is important and should according to the

strategy and goals of the organization. As shown in the graph it shows the trend of role

clarity in insurance industry. frequency shows the sample size of 30. 27 % of employees

slightly disagree and the number of employees who strongly agree to this is only 10 %.


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Table- 4.2- roles are regularly reviewed and redesigned according to availability of talent


Disagree 3 10.0 10.0 13.3


Neutral 6 20.0 20.0 56.7


Agree 7 23.3 23.3 96.7

strongly agree 1 3.3 3.3 100.0

Total 30 100.0 100.0

Fig. 4.2.- Roles are regularly reviewed and redesigned according to availability of talent

This graph shows that the trend is mixed. The employees are given a mixed feedback.half of the employees are those who agree and half those who dont agree. This shows

that there is a lot of disparity in the perception of employees regarding role clarity.


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Table 4.4.- Internal applicant are considered first for recruitment


Disagree 4 13.3 13.3 16.7


Neutral 7 23.3 23.3 56.7


Agree 5 16.7 16.7 93.3


Total 30 100.0 100.0

Fig. 4.4- Internal applicants are considered first for recruitment

There are 30 % of employees which are neutral about the internal applicants

consideration for a position. Other 70% of employees gave a mixed opinion regarding

this statement. This questions aims at finding that what is the source of recruitment in

insurance industry and this statement has not given any clear view about the source


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Table 4.5- Requirement for new employees are clearly defined


Disagree 1 3.3 3.3 6.7


Neutral 5 16.7 16.7 43.3


Agree 9 30.0 30.0 90.0


Total 30 100.0 100.0

Fig 4.5- Requirements for new employees are clearly defined

Defining clear requirement of employee in terms of knowledge, skills and abilities is

important, so that a clear view comes out and it supports the strategy of organisation.

30% of employees agree that clear requirement for new employees is there in insurance

industry which is represented by three major companies here.


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Table 4.6- Applicants are invited from wide resources

Valid Disagree 3 10.0 10.0 10.0


Neutral 3 10.0 10.0 43.3


Agree 8 26.7 26.7 93.3

strongly disagree 2 6.7 6.7 100.0

Total 30 100.0 100.0

Fig 4.6.- Applicants are invited from wide resources

It is important to invite employees from wide resources so that there is availability of

wide talent around in the organization. 30% of employees agree that wide resources areused to invite applicants.


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Table- 4.7- Different assessment tools are used for recruitment


Disagree 4 13.3 13.3 30.0


Neutral 7 23.3 23.3 60.0


Agree 5 16.7 16.7 90.0


Total 30 100.0 100.0

Fig.4.7- Different assessment tools are used for recruitment

Different assessment tools should be used for recruitment so that we can screen them ondifferent fronts. The opinion is mixed regarding assessment tools, more of the employees

have given neutral reaction.


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Table 4.8- Employees are encouraged to realize career plan



Disagree 4 13.3 13.3 30.0


Neutral 7 23.3 23.3 66.7


Agree 4 13.3 13.3 96.7


Total 30 100.0 100.0

Fig.4.8.1- Employees are encouraged to realize career plan.

Realizing career plan is important and gives motivation to employees. Career plan has to

be given importance and it increases motivation among the employees. Career plan is

something has to be encouraged. There is very little trend of encouraging employees an

organization for career development. The response is more neutral as employees have

given a mixed response.


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Table 4.9-Opportunities are given to support career of employees



Disagree 5 16.7 16.7 23.3


Neutral 6 20.0 20.0 60.0


Agree 3 10.0 10.0 90.0


Total 30 100.0 100.0

Fig 4.9.1-Opportunities are given to support career of employees.

Neither anybody strongly agrees nor strongly disagrees. Giving opportunities are

important to employees that make them more engaged in organization. Hence this is part

of growing trend.


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Table 4.10 -roles are modified to help employees realize career plan



Disagree 5 16.7 16.7 30.0


Neutral 6 20.0 20.0 63.3


Agree 3 10.0 10.0 90.0


Total 30 100.0 100.0

Fig 4.10- Roles are modified to help employees realize career plan

Modification of roles is sometimes important so that right person is at the right job

doing right work. the trend is more towards disagreement in employees. organizations

are not ready to modify their roles actually to meet the nedds of talent in organization.


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Table 4.11 - competencies of each individual are comprehensively assessed



Disagree 4 13.3 13.3 23.3


Neutral 4 13.3 13.3 63.3


Agree 2 6.7 6.7 93.3


Total30 100.0 100.0

Fig 4.11- Competencies of each individual are comprehensively assessed

Assessing competencies of individual comprehensively is important as the response is.25% slightly agree and other 25% slightly disagree. Nobody gives a complete

comprehensive assessment of competencies as nobody strongly agrees or disagrees.


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Table 4.12- competencies are used to define focus area of an individual



Disagree 4 13.3 13.3 16.7


Neutral 7 23.3 23.3 46.7


Agree 7 23.3 23.3 90.0


Total 30 100.0 100.0

Fig 4.12- Competencies are used to define focus area of an individual

The result is more on positive side which says that employees are given according to the

competencies they have and they possess, the employees agree with this view largely.

Comprehensive assessment of competencies not only improves productivity but saves

cost as well.


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4.13- Quality of personal objective setting is good




Neutral 7 23.3 23.3 56.7


Agree 4 13.3 13.3 96.7


Total 30 100.0 100.0

Fig 4.13- Quality of personal objective setting is good

Quality of personal objective setting is more at the middle with no strong emphasis on

proper setting of objective. Nobody agrees or disagrees completely again on this view.

Objective setting is important especially in the insurance sector which suffers from the

problem of talent management in present scenario.


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Table 4.14-high performers are not easily identified through appraisal



Disagree 2 6.7 6.7 10.0


Neutral 5 16.7 16.7 43.3


Agree 7 23.3 23.3 90.0


Total 30 100.0 100.0

Fig. 4.14-high performers are not easily identified through appraisal

There is more agreement on this view, appraisals are conducted in industry, but the major

objective is to identify the difference between high performers and low performers which

is not visible according to this graph. There is more bent towards agreement side. 56% of

the people moves on the other side


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Table 4.15-Ratings are based on subjective assessments



Disagree 5 16.7 16.7 23.3


Neutral 7 23.3 23.3 53.3


Agree 3 10.0 10.0 90.0


Total 30 100.0 100.0

se

Fig 4.15-Ratings are based on subjective assessments

Subjective assessment in performance appraisal is a major flaw in performance appraisalsystem. Subjectivity is a major issue in the appraisal system and responsible for the less

effectiveness of the system. Response is more on agreement side which means that

subjectivity affects ratings. there are 8 respondants means 26% slightly agree with the

statement


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Table 4.16-key people are identified for succeding to higher positions



Disagree 4 13.3 13.3 16.7


Neutral 6 20.0 20.0 56.7


Agree 5 16.7 16.7 86.7


Total 30 100.0 100.0

Fig 4.16-key people are identified for succeding to higher positions

The response is varied; key people are identified who can take higher positions in

organization. Agreement is again less in this case there is more disagreement in the to the

statement. This shows the trend in moving towards higher position is less. Succession

planning is one of the factor affecting talent management in organizations.


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Table 4.17-job skills, knowledge and abilities are considered to aseess training and

development need



Disagree 3 10.0 10.0 13.3


Neutral 5 16.7 16.7 53.3


Agree 5 16.7 16.7 100.0

Total 30 100.0 100.0

Fig 4.17-job skills, knowledge and abilities are considered to asesss training and

development need.

There is more bent towards agreement side, which means the knowledge, skills and

abilities are considered to assess training and development need. KSAs are right criteria

which can define more clarity towards training needs. If we know what type of skill is

lacking then only we can improve upon it.


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Table 4.18- The result of training programme are monitored and evaluated



Disagree 4 13.3 13.3 20.0


Neutral 7 23.3 23.3 70.0


Agree 3 10.0 10.0 96.7


Total 30 100.0 100.0

Tables 4.18- The result of training program are monitored and evaluated

There is more disagreement on this statement. If the results are not evaluated properly

monitored and evaluated, there is no use of conducting such programmes. It decreases

morale of employees of organization. Decreased morale can lead to difficulties and

decreased productivity and the trend is towards negative which is not a good sign.4


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Table 4.19- I can easily balance my personal and professional life



Disagree 3 10.0 10.0 13.3


Neutral 9 30.0 30.0 56.7


agree 4 13.3 13.3 96.7


Total 30 100.0 100.0

Fig 4.19- I can easily balance my personal and professional life

Work life is an important consideration especially in insurance industry where the stress

level is very high. high stress level requires more balance in work life and activities that

can promote work life balance. the response is neutral and a mixed


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Table 4.20- There is a coach or mentor who regularly guides or motivates employee



Disagree 3 10.0 10.0 20.0


Neutral 10 33.3 33.3 73.3


Agree 3 10.0 10.0 100.0

Total 30 100.0 100.0

Fig 4.20- There is a coach or mentor who regularly guides or motivates employee

The response is more on negative and neutral side of the employees. It is important to

have a mentor that can constantly guide an employee. Guiding an employee to keep him

motivated is important. one third of employees have given neutral as their response. this

means that insurance industry is not following this trend carefully.


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Table 4.21-seniors have full faith in me



disagree 1 3.3 3.3 6.7


neutral 5 16.7 16.7 26.7


agree 7 23.3 23.3 66.7

strongly agree 10 33.3 33.3 100.0

Total 30 100.0 100.0

Fig 4.21-seniors have full faith in me

Having faith in the employee improves motivation of employees as well as improves the

work culture in an organization. This graph shows trend towards agreement and 33% of

employees strongly agree.


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Table 4.22-appropriate authority is given to me to complete tha task




Neutral 7 23.3 23.3 40.0


Agree 10 33.3 33.3 93.3


Total 30 100.0 100.0

Fig 4.22-appropriate authority is given to me to complete tha task

Giving authority to employees is necessary to some extent so that they can become more

creative and innovative towards in their work. Here the trend is more towards agreement

by the employees. This means that they agree with the statement to great extent.

insurance industry is full of challenges and giving authority is important to make them

more competitive


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Table 4.23- Seniors play an active role in resolving conflicts



disagree 1 3.3 3.3 6.7


neutral 7 23.3 23.3 40.0


agree 6 20.0 20.0 86.7


Fig 4.23- Seniors play an active role in resolving conflicts

A clear result is given in the graph where trend is towards agreement which says that

seniors are playing major role in conflict management. Managing conflicts is important

as employees should get agood work culture to work in.


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Table 4.24- Conflict is resolved as soon as it is observed by the official



disagree 4 13.3 13.3 20.0


neutral 6 20.0 20.0 53.3


Agree 7 23.3 23.3 90.0


Total 30 100.0 100.0

Table 4.24- Conflict is resolved as soon as it is observed by the official

This question explains the immediate reactions by the employer to manage the conflict.

Conflict management is important and the trend is towards agreement which says that

officials take required step to resolve the conflict


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chi- square

Hypothesis- There is no relation between role clarity and career development.

Table no 4.25- chi-square test

Value Df

Asymp. Sig. (2-

sided)

Pearson Chi-Square 42.079a

36 .224

Likelihood Ratio 40.815 36 .267

Linear-by-Linear Association .045 1 .831

N of Valid Cases 30

a. 49 cells (100.0%) have expected count less than 5. The minimum

expected count is .07.

Value suggest that the hypothesis is accepted and there exist no relation between career

development and role clarity.

This hypothesis clearly suggest that according to this study there exist no impact of role

clarity and career development on each other. This hypothesis can be rejected only if

employees start understanding how the role clarity makes them move up in career ladder.

Mooreover insurance is sector where employees generally shift from one industry to

another like an insurance employee moves in banking sector.

This shows that employees does not agree with this hypothesis. insurance industry is still

developing in india going for consolidation and talent management is an emerging

concept there. Developments in this sector is not on the peak regarding talent

management. Mixed opinion of employees shows that still talent management has to

grow in this sector and can add more efficiency in the employees and their knowledge,

skills and abilities.


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Findings

Role clarity is important in any organization. Roles are clearly defined in an insurance sector

to the employees. but the employees generally know about their target that they have to

achieve and they are not much linked to strategy or goal of an organization.

Recruitment is an important step as it determines the quality of employees working in the

organization. Not very wide sources are used for recruitment and not very different tools are

used for assessment. this shows a lack in the recruitment process of the insurance

organizations. referrals are generally used and overall process is poor in organization.

Accountabilty is high only in terms of work and their work is defined according to that.

Career development is missing in organizations these days except few good companies.

Insurance sector has not developed the human resource practices very efficiently in India.

The response is mixed as this consideration of career development is new in India and

insurance sector has still not developed HR practices efficiently and finally talent

management.

Training program are given to the employees in which more of the case studies are used inwhich employee analyze different cases of insurance. Training program is not very

comprehensive and exploring to improve upon the skills and abilities of employees.

Moreover evaluations done are not very effective and analyzing the performance of

individuals. there is lack in training design of the companies and final evaluation after

training as well

Work life balance is an important factor and tuff as well especially these days. work life

balance

is a challenge these day because recession has placed more demands on the industry to

perform well and finally employees have to work hard. Foreign players entering into the

market has made it more competitive. moreover the industry is growing, Therefore

employees have to work hard and no major policies are made for them to maintain this work

life balance as done in Google and Microsoft.


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Conflict management is good in the organization as the problems are solved whenever

occurs. conflict are solved timely and therefore problems does not come up.

Good performers are not easily identified which means that appraisal system is not very

efficient and has flaws in it. Subjective assessments in the appraisal creates problem for

the employees. There is no clear line drawn between high performers and average

performers.


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RECOMMENDATION

Insurance industry is facing number of challenges, Employee have to managed well.

Talent Management is an emerging concept these days and organisation are using it, but

insurace sector is still far behind. The quality of talent management is not very good and

policies applied are not very well equiped with the new methods of talent management.

appraisal system should be refined so that we can draw a clear line between high

performers and low performers.worklife balance has to be improved as it wil increase

productivity of employees. different seesion should be organised

Training programmes should be made more comprehensive. More techniques should be

used to evaluate and improve on their knowledge, skills and abilities. Evaluation after the

programme is must and should focus on how much is the impact on their performance

employees should be more aware of of the strategies of the organisation and should work

accordingly and set their objectives. feedbacks should be arranged properly

Career Development is again important in every organisation, as this is growing trend.

Employees should be given personel attention and more grooming of the employees

should be done.

The hypothesis is accepeted that there is no realation between role clarity and career

development. This means that there is lack of awareness as well as lack of firmness in a

particular field. People joining insurance sector should be given induction and orientation

sessions so that they can relate their role and responsibilties to their career path. It will

make them understand how their role in present situation can help them move up career

ladder.


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CONCLUSION

The study aims at finding the current trends of talent management in organization. Talent

management aims at developing and integrating new workers, developing and retaining

current workers, and attracting highly skilled workers to work for a company. Insurance

industry is undergoing consolidation and has faced numerous challenges due to recession.

Recession has lead to increased competition and more work is being required for them. It

is important that talent should be managed accurately to meet current situation. Numbers

of steps are required to be taken to manage employees. this study has revealed the trend

of talent management in insurance sector. Mixed opinion has came out which says that all

these trends are at growing stage either we talk about appraisal or training and

development. Employees will work efficiently if they feel themselves a part and parcel of

organization. The questionnaires are filled from different corporate offices and their

perception are different which shows that there is no uniform system. More uniformity in

the policies of organization is required. The tool of investigation has been a questionnaire

filled by the respondents in our survey. The information so obtained was analyzed with

the help of statistical techniques to test the hypothesis formulated in this study. As

hypothesized, it has been found that there is no relation between career growth and role

clarity which is being accepted.

LIMITATIONS

There are number of constraints in the study in terms of time, money and resources

available.

Talent management is a vast topic and it was not possible to study each and every factor

impacting it in detail.

The data is taken from different corporate offices so there was wide diversity in views

and there was no clear finding towards agreement and disagreement.
http://en.wikipedia.org/wiki/Skilled_workerhttp://en.wikipedia.org/wiki/Skilled_workerhttp://en.wikipedia.org/wiki/Skilled_worker


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CHAPTER-5

REFERENCES


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Retention%20White%20Paper%5B1%5D.pdf

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http://www.sherwoodindia.in/Management/Doc/PDF_Management_Today/Talent%20Retention

%20in%20Academics.pdf

http://www.publicsafetyleadership.net/files/PSLDC-Employee%20Retention%20Paper.pdf

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http://www.thetalentpool.co.uk/the-talent-pool/introduction

http://www.buildingipvalue.com/05_SF/374_378.htm

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