This is the sole and exclusive property of HDFC Life January 31, 2012 Developing People Manager
This is the sole and exclusive property of HDFC Life
January 31, 2012
Developing People Manager
Inflation continues to remain high
US Debt downgrade
Volatile Equity Market
Interest rate continue to rise
Currency Depreciation Fixed Deposits gone-up
Markets have turned choppy and customer confidence is rock bottom
Impact of Macro Economics on Insurance Industry
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Agent Productivity
Direct Tax Code
Charges (Allocation & Surrender)
5 yrs locking period
Agent Commission
Multi Tied Bancassurance
“It compelled companies to think of „Cost Efficiency‟ overnight”
Regulatory changes continue to push the industry into a state of flux, disrupting growth
It is not a stand alone action but part of the overall organization strategy
4
Continual Communication
Infrastructure & Resources'
Leadership Change
Management
5
Managing critical Talent
Shortage
Identifying the Future Leader
Developing the Existing Talent
Retaining Talent
Build capabilities and develop leaders
Selling insurance is becoming challenging by the day. This in turn increases the complexity of building the right talent pool
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Hence it becomes strategically imperative to create a robust leadership pipeline
Mantra 10
Sourcing and Induction
Develop
Senior
Management
Up to Mid
Level
PRP Assessment
Centre
Potential Review Process (PRP)
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• AVP and Above
• Approx 120 candidates experienced the PRP in FY 10-11
Target Audience
• CMS rating of 3 and above
• 6 months in the organisation Eligibility Criteria
• Annual Frequency
• Executive Committee Panel
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Potential Review Process (PRP)
Self Application
1
Immediate Superiors feedback on the candidate
2
3
Panel Review
Talent Bucketing
4
Feedback
IDP
5
1. Step Up
2. Broaden Laterally
3. Stay in the Job
4. Review Fit
5. Too Soon to be Rated
Review Panel: The
executive committee
Case Presentation:
The respective HOD
Based on the talent category, a
development plan is designed to
further enhance the competencies
9
Assessment Centre (AC) Process
Building capabilities and developing leaders
10
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Forum and Field Approach
Feedback,
reflections
and closure
RM
forum 1
2 days 12 days
RM2
+
CHs
…
RM3
0 +
CHs
RM1
+
CHs
Forum 3
2 days 30 days 30 days
▪ For all RMs
(30)
▪ ZMs to
participate
▪ Change
Leader to
lead the
forum with
external
facilitators
▪ 3-4
modules to
be covered
CH
forum 1
RM
forum 2
2 days 12 days
▪ For all RMs
(30)
▪ ZMs to
participate
▪ Change
Leader to
lead the
forum with
external
facilitators
▪ Covering
next set of 3-
4 modules
CH
forum 2
▪ For all CHs (
~200
participants)
▪ 2 day forum
to be
conducted
for each
zone
▪ Change
Leader to
deliver the
forum with
L&D, ZMs
and RMs
▪ HDFCL
trainers to
get trained
for field
▪ For the
second set
of modules
▪ Change
Leader to
deliver with
RMs, ZMs
and L&D
RM + CH field 1
RM2
+
CHs
…
RM3
0 +
CHs
RM1
+
CHs
RM + CH field 2
For second set of
modules –
▪ One day live
interaction for each
RM and CHs
mapped to him/her
driven by Change
Leader and external
facilitators
▪ On-going phone
conversations with
each RM
For first set of
modules -
▪ One day live
interaction for each
RM and CHs
mapped to him/her
driven by Change
Leader and external
facilitators
▪ On-going phone
conversations with
each RM
Communication
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Communication
CEO Communicat
ion
Sparsh
CEO Blog/ Newsletter
Coffee with Leadership
E- Sparsh
Morning Huddles
This is the sole and exclusive property of HDFC Life
THANK YOU
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