LIC HR POLICIES
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HR policies and strategy in LIC
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LIC HR POLICIES
- 2. • IN 1956, THE LIFE INSURANCE BUSINESS OF ALL COMPANIES WAS NATIONALIZED AND A SINGLE MONOLITHIC ORGANIZATION, THE LIFE INSURANCE CORPORATION OF INDIA (LIC), WAS SET UP. TODAY, LIFE INSURANCE IS ALMOST ENTIRELY IN THE HANDS OF THE LIC. THE POST AND TELEGRAPH DEPARTMENT CONDUCT SOME BUSINESS IN THIS AREA FOR ITS EMPLOYEES, BUT THE VOLUME OF THAT BUSINESS IN RELATION TO THAT OF LIC, IS NEGLIGIBLE AND DECLINING.
- 3. THE OBJECTIVES OF THE LIC ARE TO: • Spread life insurance and provide life insurance protection to the masses at reasonable cost. • Mobilize peoples' saving through insurance-linked savings schemes. • Invest the funds to serve the best interests of both the policy holders and the nation. • Conduct business with maximum economy, always remembering that the money belongs to the policy holders .
- 4. THE OBJECTIVES OF THE LIC ARE TO (CONT.) • act as trustees of the policy holders and protect their individual and collective interests. • Innovate and adapt to meet the changing life insurance needs of the community. • Involve all the people working in the corporation to ensure efficient and courteous service to the insured public. • Promote amongst all agents and employees of the corporation a sense of pride and job satisfaction through dedicated service to achieve the corporate objective
- 5. Managing People To Succeed In Today’s Highly Competitive Global Environment Is Important. They Offer The Key Ingredients For Making Human Resources An Active Contributor For Their Organizational Success. The areas which their virtual university focuses on are: • HR practices • organizational behaviors • people management • performance management • recruitment and retention • training and development
- 6. • HR PRACTICES these have a continuing and significant influence on employment productivity. And look at the best practices in the industry to cope with an increasing number of employees encountering new working environments, cultures, restructuring and the pervasive and often deleterious effects of technology. • ORGANIZATIONAL BEHAVIOR takes a micro-view on emphasizing behavior in organization of individuals and small groups. Individual behavior includes perception, values, learning, motivation, personality, while group behavior includes group dynamics, communication, power and politics. • PEOPLE MANAGEMENT all about the skill in getting diverse workforces to work together towards achieving organizational goals and objectives.
- 7. • PERFORMANCE MANAGEMENT future-oriented continuous process to which managers and employees need to devote time, all the time. It encompasses performance appraisal, self-assessment, reward systems and total quality management. • RECRUITMENT & RETENTION the key area of focus here is getting the right person for the job. This has an important part in achieving strategic goals and has an impact on employment stability and turnover. • TRAINING AND DEVELOPMENT provides an insight into the how's and whys of training, right from an employee's induction to his exit in an organization
- 8. HRD IN LIC • The human resource development plays a very important role in every public/private organization. It enhances the performance of the employee of every organization i.E., Public as well as private sector. It maintains the competitive environment and prepares the employee for better work. In the life insurance corporation of India the training imparted through various programs to upgrade the skill and knowledge of employee. It has prepared the employee for alternate growth of the organization. • Thus, life insurance corporation has a largest chain of field worker and these field workers are the backbone of lic's business.
- 9. 1. TRAINING OF FIELD PERSONALS IN LIC INDIA Life insurance corporation provides the special training to their personals. The focus of F.P.T is to develop the professionalism in the field of personnel. It focuses to prepare the field personnel to compete in the market. It develops skills in personnel according the need of insurance market. The corporation has their own training center. The corporation has zonal training center and sales training center where some special officer posts as faculty, who provides the training and update them as per the demand of the market. It also updates the field personnel about the market change and present scenario of life business. There are two types of training program in life insurance corporation of India.
- 10. • In-house training center The corporation conducts in-house training program all over the country. The corporation conducts the program at their in- house training center. Corporation has, zonal training center (ZTC), divisional training center (DTC), sales training center (STC), and agent training center (ATC). • External training centers The corporation also provides the training to their personnel outside of the corporation. The corporation collaborated with the following institution for the training. It attached with the following institutes in their training program as external training centers. During the year 2012-13 following institutes conducted the training for corporation’s personnel's. 1. Indian Institute Of Management, Lucknow. 2. Management Development Institute, Gurgaon. 3. IAIFM 4. L I Global Services (Limra) 5. IIST, Pune 6. TMI Group 7. DATA Comp 8. Insurance Guru
- 11. Training For Administrative Human Resources The life insurance corporation of India also provides the training their employees who worked as administrative officers. The training of these employees is very important to maintain the healthy environment in the corporation. The corporation has also conducted one year eradicates escalation program in the collaboration of IIM, Ahmedabad. In the year 2012-13 fifteen officers successfully completed program. The corporation is conducting a training program on 'business leadership for senior divisional manager with the collaboration of ISB' Hyderabad. the corporation is providing the better training in house as well as external. It is collaborating with the best institute of repute in India for training of their administrative and field personals.
- 12. PROMOTION POLOCIES IN LIFE INSURANCE COMPANIES Promotions of the employees are done on the various classes, which are as follows • Class 1: this class comprises of officials at the highest ranks in the organization. Class 1 includes the chairman, the managing directors, the executive directors, the zonal managers, seniors divisional managers, branch managers or administrative officers to assistant branch managers or assistant administrative officers. • Class 2: this class comprises of development officers. These development officers have agents under them who work on commission and not on salary. This class brings in the business for LIC.
- 13. • Class 3: this class comprises of all the administrative staff. Tyhey are higher- grade assistants (HGA), assistants, record clerks (RC), cashiers and machine operators. • Class 4: this class comprises of the sub-staff. They are the peons, watchmen, sweepers, drivers, etc.
- 14. POLICICES REGARDING EMPLOYEE CONDUCT AND DISCIPLINE Given Here Below Are Some Rules And Regulation Regarding Employee Conduct And Discipline. • OBLIGATION TO MAINTAIN SECRECY - an employee should not communicate directly or indirectly and official documents or information to any employee or other person to whom he is not authorized to communicate. • PARTICIPATION IN DEMONSTRATION - an officer of LIC is expected not to participate in any kind of demonstration, resort nor abet to any kind of a strike. • PRIVATE TRADING - employees of LIC are not allowed to engage directly or indirectly in any kind of trade or business. They are not allowed to be involved in the promotion or management of any other company registered under the Indian companies act
- 15. • PARTLY-TIME WORK - no employee is allowed to take any kind of part-time work for a private or public body. • ACCEPTANCE OF GIFT - an employee of LIC is not allowed to accept nor permit his wife or any family member to accept any gift of more than a trifling value.