LIFE INSURANCE CORPORATION
OF INDIA LTD.
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. 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 • 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. 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
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.
Takes a micro-view on emphasising behaviour in organisation of individuals and small groups. Individual behaviour includes perception, values, learning, motivation, personality, while group behaviour includes group dynamics, communication, power and politics. PEOPLE MANAGEMENT
All about the skill in getting diverse workforces to work together towards achieving organisational goals and objectives. 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 hows and whys of training, right from an employee's induction to his exit in an organisation. Human Resource Management
Human resource (or personnel) management, in the sense of getting things done through people. It's an essential part of every manager's responsibilities, but many organizations find it advantageous to establish a specialist division to provide an expert service dedicated to ensuring that the human resource function is performed efficiently. "PEOPLE ARE OUR MOST VALUABLE ASSET" IS WHAT THE HR MANAGER OF LIC SAID TO US. FUNCTIONS OF HRM PLAYED BY LIC
"PEOPLE ARE OUR MOST VALUABLE ASSET"
Function 1: Manpower planning
The penalties for not being correctly staffed are costly.
• Understaffing loses the business economies of scale and specialization, orders, customers and profits. • Overstaffing is wasteful and expensive, if sustained, and it is costly to eliminate because of modern legislation in respect of redundancy payments, consultation, minimum periods of notice, etc. Very...
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