Introduction.docx

Competitive advantage of a company can be generated from human resources (HR) andcom pany performance is influenced by a set of effective HRM practices. In this study, weintende d to assess the HR practices in insurance companiesEvery organization is composed of peopl e and utilizing their services, developing their skills,motivating them to enhance their levels of performance and ensuring that they remain committedto the organization are essential f or the accomplishment of organizational objectives. This is truefor all types of organizations - government, business, education, health, recreation or socialaction. Organizations that can do this will be both effective as well as efficient. Inefficient or ineffective organizations face the danger of stagnating or going out of business.The emphasis on proper and effective hum an resource management has increased in the recent times. It has come to be identified as an important factor in the successful management of a norganization. With the growing importance of knowledge workers to organizations and the risingexpectations of employees, it is essential to have a good human resource managemen t system in place. Human Resource Management (HRM) consists essentially of four functions – acquiring,developing, motivating and retaining human resources. The acquisition function starts with planning for the number and categori es of employees required, and end with staffing. Thedevelopment function has three dimen sions – employee training, management development, andcareer development.The motivati on function includes identifying the individual motivational needs of employees andfinding ways to motivate them. The retention function is concerned with providing a work environ ment conducive to the employees and nurturing them to make them feel committed andatt ached to the organization.Human resources are the most valuable and unique assets of an o rganization. The successfulmanagement of an organization's human resources is an exciting, dynamic and challenging task,especially at a time when the world has become a global villa ge and economies are in a state of flux. The scarcity of talented resources and the growing e xpectations of the modern day worker have further increased the complexity of the human r esource function. Even though specifichuman resource functions/activities are the responsi bility of the human resource department, theactual management of human resources is the responsibility of all the managers in anorganization.It is therefore necessary for all managers to understand and give due importance to the differenthuman resource policies and activiti es in the organization.Human Resource Management outlines the importance of HRM and it s different functions in anorganization.It examines the various HR processes that are concer ned with attracting, managing, motivatingand developing employees for the benefit of the o rganization.

The insurance sector employers are indulging into aggressive recruitments. With around 15 million new policies being sold every year, the insurance sector is picking up fast in India. Du eto its robust growth there is a need of skilled professionals in the sector. The employers are

looking forward to hire fresher’s at junior levels as they are quite flexible and ready to work as part time employees as well. Apart from hiring actuaries and underwriters, the industry is focusing on hiring agents. These agents represent the front end of the customer chain and a reresponsible for bringing in new business