Strategic Human Resource Management (HRM) Practices Adopted By Indian Insurance Companies

Abstract

In today’s scenario only well organized HR practices are able to achieve the organizational objective. Set of HR practices affects the performance of the company. Nowadays, HR is considered as an important factor and recognized to enhance productivity and quality management of the organization. Banking and insurance sector is playing an important role in the growth of Indian economy. Due to higher range of world’s population is living in India and China the potential market for banking and financial services is higher. To grow the industries with the same pace, banking and insurance companies have to come up with innovative ideas and strategies to retain and motivate their talented employees. Human resource is known as a key factor to increase the performance of the company. In this new era, lifestyle of human being has changed significantly, as a result their working style, taste, job preferences, and career cycles also changed. All the organizations should focus towards the current and future needs of employees. Retention is concerned with the trust and commitment of the employees. It is more concerned with a perceived sense of security, satisfaction and recognition of the workforce. In the present era all the organizations should be careful regarding all these requirements/needs of the employees. Today firm’s working trends is more focused on attracting, motivating and retaining their best employees for long-term period. This paper tries to examine the best HR practices and trends in the insurance sectors to retain, motivate and feel them more comfortable during their working hour. Present study has collected data from various secondary sources such as journals, magazines, and websites and newspapers articles.