CHAPTER-1

INTRODUCTION

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
2

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 management processes Retention programs Promotion and transitioning
3

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:

TALENT DNA
D N A

Point of Departure

Navigation

Point of Arrival

Clear understanding of the Translating organizational varied Aligning roles within the and

vision into goals and mapping the required level of capacities and competencies to achieve goals

individual organization

values and vision with appreciation of the valueorganizational and vision values addition from self and

others leading to building a culture of trust, sharing and team orientation Individual growth to meet

Assessment of talent to profile Enhancing capacities to the level of capacities and set of learn, think relate and competencies possessed within act the organization through

and

accept

varied, and

incremental

transformational roles in an overall scenario need of for

development initiatives

acknowledged change

Helping Gap analysis and identification of development path realize potential learning development

individuals their full Developed through enabling and performance individuals breakthrough

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

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
7

TALENT PROCESS

MANAGEMENT

AS

1)workforce planning, recruitment, performance management

critical skills and gap analysis

job roles, job description, competency models

training and performance support

compensation and benefits

succession planning

Fig. 1.2- Process of Talent Management

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 move people 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 of peoples management. The last is gap analysis where we see the difference between the actual and desired performance and try to correct it.

1.2.1- Research objective

The objective of my study is not only limited to the techniques or the ways of talent management. 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

10

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.

11

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.

12

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) Questionnaire employees

Secondary data: Journals and Research Paper Newsletters HR websites STATISTICAL TOOLS: SPSS- (Mean and Chi Square) SAMPLING TECHNIQUES: Judgmental Sampling SAMPLE SIZE- 30

13

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

14

CHAPTER-2

PROFILE OF COMPANIES

15

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 and Fairfax 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.

16

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

17

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.

18

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 panIndia. 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 policy production 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

19

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 and Fairfax 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.

20

CHAPTER-3

LITERATURE REVIEW

21

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 factors includes 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 of talent. 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 talent at all 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

22

(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.
23

Cappilli (2009) states that talent management which is in process today was developed half a century ago and its not a new model. It talks about failures in management of talent which is an ongoing source of pain for most executives in present scenario. A new approach is required towards talent management that takes into account the greatest uncertainties faced by business today. It states supply chain perspective on talent management which focuses on four principles two that address the risk in managing talent demand anad two that address uncertainty in talent supply. The four principles are make and buy to manage risk, adapting to the uncertainty in talent demand, improving the return on investment in developing employees, preserve the investment by balancing employer employee interest. This model explains how to anticipate human capital in times in the environment of uncertainties. Hopper (2009) states that of the many various areas of business impacted by the current recession, the practice of talent management raises some particularly interesting challenges. Talent management at times like these is perhaps to be expected in some cases. When it comes to cutting costs, training budgets, bonuses and salary reviews are typically some of the first things to go under the spotlight. Present scenario requires the ability to provide your existing people with the tools and skills to perform at a higher standard can prove crucial during an economic downturn. By sharing knowledge across the company in this way the message is send out to staff that the business is committed to investing in them, which is crucial not only to motivation and ensuring ongoing loyalty, but also increases the likelihood of promoting from within - something that again keeps staff happy, but can also relieve the financial burden of having to recruit from elsewhere. Oracle White Paper (2008) talks about oracles integrated talent management framework which solves immediate problems like productivity, profitabilit5y, maintaining alignment with business objectives and optimizing overall organizational performance. Native integration and a single data source equip HR with consistent employee data and information, enterprise-wide line-of-sight visibility and insight for decision-making. Integrated talent management is an effective solution for today and an
24

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 on talent 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 forwards recommendations.

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
25

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 nonfamily 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
26

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 experiencebased 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.

27

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 management from 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.
28
1

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 Shaffer propounded that the purpose of this paper is to present a concise, robust talent development framework for summarizing and guiding the organizational activities 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,
29

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."

30

Many organizations believe that effective talent management practices can be a critical source of differentiation in todays highly competitive, globally integrated economy. At the same time, industries face their own set of unique challenges a situation that has led enterprises to focus on different pieces of the talent management puzzle. Our recently completed study highlights how knowledge- and service-intensive industries tend to spend significant time and attention on talent management activities, while not-for-profit organizations appear to struggle to make the most of their workforce.

A.Radha (2006)

states that Talent management is a set of competency-based human

resource management practices aimed at getting the best out of its high-value people and ensuring that right people are in place to do a particular job. A recent research by Success Factors and human capital expert Dr. Jac Fitz-enz has shown that smarter talent management leads to better financial performance of the company and the ways of aligning the HR practices of the organization with the talent management initiatives have been looked at.
NEWSLETTER Sriiddar S Preetham , (HRD Newsletter) states that focusing on the challenge of attracting and retaining talent faced by Indian HR mangers, the article outlines initiative that can be put in place to help organization retain nurture and retain the talent JOURNALS KARTHIKEYAN (NHRD journal) states that Organization need to have a vision and a well defined strategy on hiring for the future. Do we have the right talent within to attract and retain the best available talent? A number of measures for talent management are Suggested. oul;PANDIT Y V L (NHRD journal ) states that Focusing on the challenge of attracting and retaining talent faced by Indian HR mangers, the article outlines initiative that can be put in place to help organization retain nurture and retain the talent. It talks about talent retention strategies in a competitive environment.

31

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

32

CHAPTER-4 ANALYSIS

33

Analysis
Table 4.1- Roles are clearly reviewed and redesigned according to goals and strategy of organisation
Frequency Valid strongly disagree Disagree slightly disagree Neutral slightly agree Agree strongly agreed Total 1 1 8 5 7 6 2 30 Percent 3.3 3.3 26.7 16.7 23.3 20.0 6.7 100.0 Valid Percent 3.3 3.3 26.7 16.7 23.3 20.0 6.7 100.0 Cumulative Percent 3.3 6.7 33.3 50.0 73.3 93.3 100.0

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 %.
34

Table- 4.2- roles are regularly reviewed and redesigned according to availability of talent
Valid strongly disagree Disagree slightly disagree Neutral slightly agree Agree strongly agree Total 1 3 7 6 5 7 1 30 3.3 10.0 23.3 20.0 16.7 23.3 3.3 100.0 3.3 10.0 23.3 20.0 16.7 23.3 3.3 100.0 3.3 13.3 36.7 56.7 73.3 96.7 100.0

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 tho se who dont agree. This shows that there is a lot of disparity in the perception of employees regarding role clarity.

35

Table 4.3- Roles are clearly defined in terms of accountability

Valid sligihtly disagree Neutral slightly agree Agree strongly agree Total 1 7 9 7 6 30 3.3 23.3 30.0 23.3 20.0 100.0 3.3 23.3 30.0 23.3 20.0 100.0 3.3 26.7 56.7 80.0 100.0

Fig 4.3- roles are clearly defined in terms of accountability Accountability is high in insurance but it should be according to the rules. Accountability is embedded in the work of insurance industry. 30% of employees agree that accountability is high in this sector.

36

Table 4.4.- Internal applicant are considered first for recruitment

Valid

strongly disagree Disagree slightly disagree Neutral slightly agree Agree strongly agree Total

1 4 5 7 6 5 2 30

3.3 13.3 16.7 23.3 20.0 16.7 6.7 100.0

3.3 13.3 16.7 23.3 20.0 16.7 6.7 100.0

3.3 16.7 33.3 56.7 76.7 93.3 100.0

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

37

Table 4.5- Requirement for new employees are clearly defined

Valid strongly disagree Disagree slightly disagree Neutral slightly agree Agree strongly agree Total 1 1 6 5 5 9 3 30 3.3 3.3 20.0 16.7 16.7 30.0 10.0 100.0 3.3 3.3 20.0 16.7 16.7 30.0 10.0 100.0 3.3 6.7 26.7 43.3 60.0 90.0 100.0

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.

38

Table 4.6- Applicants are invited from wide resources

Valid Disagree slightly disagree Neutral slightly agree Agree strongly disagree Total 3 7 3 7 8 2 30 10.0 23.3 10.0 23.3 26.7 6.7 100.0 10.0 23.3 10.0 23.3 26.7 6.7 100.0 10.0 33.3 43.3 66.7 93.3 100.0

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 are used to invite applicants.

39

Table- 4.7- Different assessment tools are used for recruitment

Valid strongly disagree Disagree slightly disagree Neutral slightly agree Agree strongly agree Total 5 4 2 7 4 5 3 30 16.7 13.3 6.7 23.3 13.3 16.7 10.0 100.0 16.7 13.3 6.7 23.3 13.3 16.7 10.0 100.0 16.7 30.0 36.7 60.0 73.3 90.0 100.0

Fig.4.7- Different assessment tools are used for recruitment Different assessment tools should be used for recruitment so that we can screen them on different fronts. The opinion is mixed regarding assessment tools, more of the employees have given neutral reaction.

40

Table 4.8- Employees are encouraged to realize career plan

Frequency Valid strongly disagree Disagree slightly disagree Neutral slightly agree Agree strongly agree Total 5 4 4 7 5 4 1 30

Percent 16.7 13.3 13.3 23.3 16.7 13.3 3.3 100.0

Valid Percent 16.7 13.3 13.3 23.3 16.7 13.3 3.3 100.0

Cumulative Percent 16.7 30.0 43.3 66.7 83.3 96.7 100.0

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.

41

Table 4.9-Opportunities are given to support career of employees

Frequency Valid strongly disagree Disagree slightly disagree Neutral slightly agree Agree strongly agree Total 2 5 5 6 6 3 3 30 Percent 6.7 16.7 16.7 20.0 20.0 10.0 10.0 100.0 Valid Percent 6.7 16.7 16.7 20.0 20.0 10.0 10.0 100.0 Cumulative Percent 6.7 23.3 40.0 60.0 80.0 90.0 100.0

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.
42

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

Frequency Valid strongly disagree Disagree slightly disagree Neutral slightly agree Agree strongly agree Total 4 5 4 6 5 3 3 30

Percent 13.3 16.7 13.3 20.0 16.7 10.0 10.0 100.0

Valid Percent 13.3 16.7 13.3 20.0 16.7 10.0 10.0 100.0

Cumulative Percent 13.3 30.0 43.3 63.3 80.0 90.0 100.0

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.

43

Table 4.11 - competencies of each individual are comprehensively assessed

Frequency Valid strongly disagree Disagree slightly disagree Neutral slightly agree Agree strongly agree Total 3 4 8 4 7 2 2 30 Percent 10.0 13.3 26.7 13.3 23.3 6.7 6.7 100.0 Valid Percent 10.0 13.3 26.7 13.3 23.3 6.7 6.7 100.0 Cumulative Percent 10.0 23.3 50.0 63.3 86.7 93.3 100.0

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.

44

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

Frequency Valid strongly disagree Disagree slightly disagree Neutral slightly agree Agree strongly agree Total 1 4 2 7 6 7 3 30 Percent 3.3 13.3 6.7 23.3 20.0 23.3 10.0 100.0 Valid Percent 3.3 13.3 6.7 23.3 20.0 23.3 10.0 100.0 Cumulative Percent 3.3 16.7 23.3 46.7 66.7 90.0 100.0

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.
45

4.13- Quality of personal objective setting is good

Frequency Valid Disagree slightly disagree Neutral slightly agree Agree strongly agree Total 2 8 7 8 4 1 30

Percent 6.7 26.7 23.3 26.7 13.3 3.3 100.0

Valid Percent 6.7 26.7 23.3 26.7 13.3 3.3 100.0

Cumulative Percent 6.7 33.3 56.7 83.3 96.7 100.0

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.

46

Table 4.14-high performers are not easily identified through appraisal

Frequency Valid strongly disagree Disagree slightly disagree Neutral slightly agree Agree strongly agree Total 1 2 5 5 7 7 3 30 Percent 3.3 6.7 16.7 16.7 23.3 23.3 10.0 100.0 Valid Percent 3.3 6.7 16.7 16.7 23.3 23.3 10.0 100.0 Cumulative Percent 3.3 10.0 26.7 43.3 66.7 90.0 100.0

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

47

Table 4.15-Ratings are based on subjective assessments

Frequency Valid strongly disagree Disagree slightly disagree Neutral slightly agree Agree strongly disagree Total 2 5 2 7 8 3 3 30 Percent 6.7 16.7 6.7 23.3 26.7 10.0 10.0 100.0 Valid Percent 6.7 16.7 6.7 23.3 26.7 10.0 10.0 100.0 Cumulative Percent 6.7 23.3 30.0 53.3 80.0 90.0 100.0

se

Fig 4.15-Ratings are based on subjective assessments Subjective assessment in performance appraisal is a major flaw in performance appraisal system. 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

48

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

Frequency Valid strongly disagree Disagree slightly disagree Neutral slightly agree Agree strongly disagree Total 1 4 6 6 4 5 4 30 Percent 3.3 13.3 20.0 20.0 13.3 16.7 13.3 100.0 Valid Percent 3.3 13.3 20.0 20.0 13.3 16.7 13.3 100.0 Cumulative Percent 3.3 16.7 36.7 56.7 70.0 86.7 100.0

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.

49

Table 4.17-job skills, knowledge and abilities are considered to aseess training and development need
Frequency Valid strongly disagree Disagree slightly disagree Neutral slightly agree Agree Total 1 3 7 5 9 5 30 Percent 3.3 10.0 23.3 16.7 30.0 16.7 100.0 Valid Percent 3.3 10.0 23.3 16.7 30.0 16.7 100.0 Cumulative Percent 3.3 13.3 36.7 53.3 83.3 100.0

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.
50

Table 4.18- The result of training programme are monitored and evaluated
Frequency Valid strongly disagree Disagree slightly disagree Neutral slightly agree Agree strongly agree Total 2 4 8 7 5 3 1 30 Percent 6.7 13.3 26.7 23.3 16.7 10.0 3.3 100.0 Valid Percent 6.7 13.3 26.7 23.3 16.7 10.0 3.3 100.0 Cumulative Percent 6.7 20.0 46.7 70.0 86.7 96.7 100.0

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
51

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

Frequency Valid strongly disagree Disagree slightly disagree Neutral slightly agree agree strongly agree Total 1 3 4 9 8 4 1 30 Percent 3.3 10.0 13.3 30.0 26.7 13.3 3.3 100.0 Valid Percent 3.3 10.0 13.3 30.0 26.7 13.3 3.3 100.0 Cumulative Percent 3.3 13.3 26.7 56.7 83.3 96.7 100.0

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

52

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

Frequency Valid strongly disagree Disagree slightly disagree Neutral slightly agree Agree Total 3 3 6 10 5 3 30

Percent 10.0 10.0 20.0 33.3 16.7 10.0 100.0

Valid Percent 10.0 10.0 20.0 33.3 16.7 10.0 100.0

Cumulative Percent 10.0 20.0 40.0 73.3 90.0 100.0

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.
53

Table 4.21-seniors have full faith in me

Frequency Valid strongly disagree disagree slightly disagree neutral slightly agree agree strongly agree Total 1 1 1 5 5 7 10 30 Percent 3.3 3.3 3.3 16.7 16.7 23.3 33.3 100.0 Valid Percent 3.3 3.3 3.3 16.7 16.7 23.3 33.3 100.0 Cumulative Percent 3.3 6.7 10.0 26.7 43.3 66.7 100.0

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.

54

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

Frequency Valid Disagree slightly disagree Neutral slightly agree Agree strongly agree Total 2 3 7 6 10 2 30 Percent 6.7 10.0 23.3 20.0 33.3 6.7 100.0 Valid Percent 6.7 10.0 23.3 20.0 33.3 6.7 100.0 Cumulative Percent 6.7 16.7 40.0 60.0 93.3 100.0

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
55

Table 4.23- Seniors play an active role in resolving conflicts

Frequency Valid strongly disagree disagree slightly disagree neutral slightly agree agree strongly agree 1 1 3 7 8 6 4 Percent 3.3 3.3 10.0 23.3 26.7 20.0 13.3 Valid Percent 3.3 3.3 10.0 23.3 26.7 20.0 13.3 Cumulative Percent 3.3 6.7 16.7 40.0 66.7 86.7 100.0

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.

56

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

Frequency Valid strongly disagree disagree slightly disagree neutral slightly agree Agree strongly agree Total 2 4 4 6 4 7 3 30 Percent 6.7 13.3 13.3 20.0 13.3 23.3 10.0 100.0 Valid Percent 6.7 13.3 13.3 20.0 13.3 23.3 10.0 100.0 Cumulative Percent 6.7 20.0 33.3 53.3 66.7 90.0 100.0

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

57

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

Table no 4.25- chi-square test

Asymp. Sig. (2Value Pearson Chi-Square Likelihood Ratio Linear-by-Linear Association N of Valid Cases 42.079a 40.815 .045 30 Df 36 36 1 sided) .224 .267 .831

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.

58

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 in which 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.
59

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.

60

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.

61

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.

62

CHAPTER-5

REFERENCES

63

REFERENCES
REFRENCES Mathieu.D, Taylor.J,(2010), Benefits & Compensation International. London: Jan/Feb 2010. Vol. 39, Iss. 6; pg. 23

Do the Downshift: A Win-Win Workforce Strategy Hass.S, Vernon.S, Benefits & Compensation Digest. Brookfield: Jan 2010. Vol. 47, Iss. 1; pg. 1

Glen, C. (2006). Key skills retention and motivation: the war for talent still rages and retention is the high ground

Hausknecht, J.P.; Rodda, J.M. and Howard, M.J. (2008). Targeted Employee Retention: Performance-Based and Job-Related Differences in Reported Reasons for Staying. Hewitts Human Capital Consulting (2008) The State of Talent Management: Todays Challenges, Tomorrows Opportunities Hong, L. C. Kaur, S. (2008). A Relationship between Organizational Climate, Employee Personality and Intention to Leave Isukapally Jr, M. (2006). Employee Retention-Talent Management Kreisman, B. J. (2002). Insights Into Employee Retention, Commitment and Motivation McDonnell, A.; Hickey, C. and Gunnigle, P. (2010). More than New Bottles: Exploring the Who and How of Talent Management in Multinational Companies

Ong, K. L. (2008). Non-family Executives in Family Businesses: How to Identify, Attract & Retain Them?

64

Schuler, R.S.(2009) Global Talent Management Journal of World Business (Vol. 46, No2) Sinha, D. and Sinha, S. (2008). Research Paper On Talent Retention In Academics Suntharasaj, P.; Kocaoglu, D.F. (2008). Enhancing a countrys competitiveness through National Talent Management Framework

A talent development framework: tackling the puzzle Haskins.M.E, Shaffer.G.E, Development and Learning in Organizations. Bradford: 2010. Vol. 24, Iss. 1; pg. 13

Ten major HR trends to watch in 2010 Chan,S. Staff.C Hong Kong: Dec 2009/Jan 2010. Vol. 16, Iss. 1; pg. 2, 4 pgs

Talent management; A strategy for improving employee recruitment, retention and engagement within hospitality organizations Hughes.J.C, Rog.E, International Journal of Contemporary Hospitality Management. Bradford: 2008. Vol. 20, Iss. 7; pg. 743 Watson, S., Maxwell, G. and DAnnunzio -Green, N. What Does Talent Management Mean For The Hospitality And Tourism Industry? Key Challenges and Considerations

65

WEB REFERENCES

http://www.brazencareerist.com/2008/05/23/crystal-ball-10-ways-generation-y-will-changethe-workplace/ http://www.heidrick.com/IC/Published/Leadership/ http://www.sap.com/industries/insurance/pdf/BWP_Trends_in_Human_Capital_Management. pdf http://www.sap.com/industries/insurance/pdf/BWP_Trends_in_Human_Capital_Management. pdf http://agingandwork.bc.edu/documents/IB23_TalentMangmntStudy_2009-10-23.pdf http://www.hewittassociates.com/_MetaBasicCMAssetCache_/Assets/Articles/next_generation .pdf http://www.oracle.com/us/media/056894.pdf

http://ieeexplore.ieee.org/Xplore/login.jsp?url=http%3A%2F%2Fieeexplore.ieee.org%2Fiel5%2F 4591409%2F4599598%2F04599637.pdf%3Farnumber%3D4599637&authDecision=-203

http://www.oracle.com/media/peoplesoft/en/pdf/whitepapers/integrated-talent-managementwhite-paper.pdf

http://www.rci.rutgers.edu/~schuler/mainpages/GTM.pdf

http://www.iimk.ac.in/publications/WorkingPapers/Talent%20Management.pdf

http://be.hci.org/portal-upload/hci/hciLibraryPaper_79300.pdf

http://pc.parnu.ee/~htooman/EuroChrie/Welcome%20to%20EuroCHRIE%20Dubai%202008/pap ers/WHAT%20DOES%20TALENT%20MANAGEMENT%20MEAN%20FOR%20THE%20HO SPITALITY%20AND%20TOURISM%20INDUSTRY.pdf

http://www.familybusinessmagazine.com/Ong%20paper.pdf 66

http://www.workinfo.com/Free/Downloads/TalentMgt.pdf

http://nl.hudson.com/documents/EN_Public-Sector-White-Paper.pdf

http://papers.ssrn.com/sol3/papers.cfm?abstract_id=1431731

http://www.insightsvancouver.com/PDFs/Employee%20CommitmentRetention%20White%20Paper%5B1%5D.pdf

http://www.bizresearchpapers.com/Paper1.pdf

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

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

http://papers.ssrn.com/sol3/papers.cfm?abstract_id=948142

http://www.thetalentpool.co.uk/the-talent-pool/introduction http://www.buildingipvalue.com/05_SF/374_378.htm

http://www.entrepreneur.com/tradejournals/article/192352084_4.html http://hda.co.uk/corporate/hda-overview/documents/HDAIndustrialcommericialtrainingKeyskillsretention-ClaytonGlenJuly05.pdf

http://The talent management concept (definition, article, Melbourne, Australia).mht

67

http://proquest.umi.com/pqdweb?index=1&did=1950409581&SrchMode=1&sid=1&Fmt =2&VInst=PROD&VType=PQD&RQT=309&VName=PQD&TS=1269087365&clientI d=129893

http://proquest.umi.com/pqdweb?index=2&did=1972190101&SrchMode=1&sid=1&Fmt=2&VIn st=PROD&VType=PQD&RQT=309&VName=PQD&TS=1269087365&clientId=129893 http://proquest.umi.com/pqdweb?index=3&did=1933846931&SrchMode=1&sid=1&Fmt=2&VIn st=PROD&VType=PQD&RQT=309&VName=PQD&TS=1269087365&clientId=129893 http://proquest.umi.com/pqdweb?index=5&did=1935915411&SrchMode=1&sid=1&Fmt=2&VIn st=PROD&VType=PQD&RQT=309&VName=PQD&TS=1269087365&clientId=129893 http://proquest.umi.com/pqdweb?index=7&did=1938713011&SrchMode=1&sid=1&Fmt=3&VIn st=PROD&VType=PQD&RQT=309&VName=PQD&TS=1269087365&clientId=129893 http://proquest.umi.com/pqdweb?index=10&did=1935867581&SrchMode=1&sid=1&Fmt=2&VI nst=PROD&VType=PQD&RQT=309&VName=PQD&TS=1269088070&clientId=129893 http://proquest.umi.com/pqdweb?index=2&did=1656521711&SrchMode=1&sid=10&Fmt=2&VI nst=PROD&VType=PQD&RQT=309&VName=PQD&TS=1269089739&clientId=129893

68

CHAPTER-6 APPENDIX

69

QUESTIONAIRRE
This questionnaire is only for academic purpose Q- Roles are clearly reviewed and redesigned according to goals and strategy of organization? Strongly disagree-------1------2-------3------4-------5---------6---------7----------strongly agree

Q-Roles are regularly reviewed and redesigned according to availability of talent Strongly disagree-------1------2-------3------4-------5---------6---------7----------strongly agree

Q-Roles are clearly defined in terms of accountability? Strongly disagree-------1------2-------3------4-------5---------6---------7----------strongly agree

Q-internal applicants are considered first for recruitment? Strongly disagree-------1------2-------3------4-------5---------6---------7----------strongly agree

Q- Requirement for new employees are clearly defined? Strongly disagree-------1------2-------3------4-------5---------6---------7----------strongly agree

Q-Applicants are invited from wide resources Strongly disagree-------1------2-------3------4-------5---------6---------7----------strongly agree

Q different assessment tools are used for recruitment Strongly disagree-------1------2-------3------4-------5---------6---------7----------strongly agree

Q-Employees are encouraged to realize career plan Strongly disagree-------1------2-------3------4-------5---------6---------7----------strongly agree 70

Q-Opportunities are given to support career of employees? Strongly disagree-------1------2-------3------4-------5---------6---------7----------strongly agree

Q-Roles are modified to help employee realize career plan? Strongly disagree-------1------2-------3------4-------5---------6---------7----------strongly agree

Q-Competencies of each individual are comprehensively assessed? Strongly disagree-------1------2-------3------4-------5---------6---------7----------strongly agree

Q- Competencies are used to define focus area of an individual Strongly disagree-------1------2-------3------4-------5---------6---------7----------strongly agree

Q- Quality of personal objective setting is good? Strongly disagree-------1------2-------3------4-------5---------6---------7----------strongly agree

Q- High performers are not easily indentified through appraisal? Strongly disagree-------1------2-------3------4-------5---------6---------7----------strongly agree

Q- Ratings for appraisal are based on subjective assessment? Strongly disagree-------1------2-------3------4-------5---------6---------7----------strongly agree

Q- Key people are identified for succeeding to higher positions Strongly disagree-------1------2-------3------4-------5---------6---------7----------strongly agree Q- Job skills, knowledge and abilities are considered in assessing training and development need? 71

Strongly disagree-------1------2-------3------4-------5---------6---------7----------strongly agree

Q- The results of training programmes are monitored and evaluated? Strongly disagree-------1------2-------3------4-------5---------6---------7----------strongly agree

Q- I can easily balance my professional and personal life Strongly disagree-------1------2-------3------4-------5---------6---------7----------strongly agree

Q- There is a coach or mentor who regularly guides and motivates on work place Strongly disagree-------1------2-------3------4-------5---------6---------7----------strongly agree

Q- Seniors have full faith in me Strongly disagree-------1------2-------3------4-------5---------6---------7----------strongly agree

Q- Appropriate authority is given to me complete the task Strongly disagree-------1------2-------3------4-------5---------6---------7----------strongly agree

Q-Seniors play an active role in resolving conflict Strongly disagree-------1------2-------3------4-------5---------6---------7----------strongly agree

Q- Conflict is resolved as soon as it is observed by officials Strongly disagree-------1------2-------3------4-------5---------6---------7----------strongly agree Q-Resource, guidance and recognition are provided to promote and support development? Strongly disagree-------1------2-------3------4-------5---------6---------7----------strongly agree NAME-.. DESIGNATION-..

72

73