CHAPTER-1INTRODUCTIONHDFC Standard Life is one of Indias leading
private life insurance companies, which offers a range of
individual and group insurance solutions. It is a joint venture
between HousingDevelopment Finance(HDFC), Indias leading housing
finance institution and Standard Life plc, a leading provider of
financial services in the United Kingdom. HDFC Standard Lifes
product portfolio comprises solutions, which meet various customer
needs such as Protection, Pension, Savings, Investment, and Health.
Customers have the added advantage of customizing their Plans, by
adding optional benefits called riders, at a nominal price. The
company currently has 25 retail and 4 group products in its
portfolio, along with five optional rider benefits catering to the
savings, investment, protection and retirement needs of customers.
HDFC Standard Life continues to have one of the widest reaches
among new insurance companies through a network of 595 offices
serving over 720 cities and towns across the country. The company
has also increased its depth in existing markets with a strong base
of more than 207,000 Financial Consultants.
1.1 HDFC Limited HDFC Limited has set benchmarks for the Indian
housing finance industry. Recognition for the service to the sector
has come from several national and international entities including
the World Bank that has lauded HDFC as a model housing finance
company for the developing countries. HDFC has undertaken a lot of
consultancies abroad assisting different countries including Egypt,
Maldives, and Bangladesh in the setting up of housing finance
companies. Customer Service and satisfaction has been the main stay
of the organization. HDFC Limited has assisted more than 3.3
million families own a home, since its inception in 1977 across
2400 cities and towns through its network of over 250 offices. It
has international offices in Dubai, London and Singapore with
service associates in Saudi Arabia, Qatar, Kuwait and Oman to
assist NRIs and PIOs to own a home back in India.
1.2 Business Objectives The primary objective of HDFC is to
enhance residential housing stock in the country through
the provision of housing finance in a systematic and
professional manner, and to promote home
ownership. Another objective is to increase the flow of
resources to the housing sector by
integrating the housing finance sector with the overall domestic
financial markets.
1.3 Organizational Goals
HDFC's main goals are to
a) Develop close relationships with individual households,b)
Maintain its position as the premier housing finance institution in
the country,c) Transform ideas into viable and creative
solutions,d) Provide consistently high returns to shareholders, and
e) To grow through diversification by leveraging off the existing
client base.
1.4 Standard Life Group The Standard Life Group has been looking
after the financial needs of customers for over 180 years. It
currently has a customer base of around 7 million people who rely
on the company for their insurance, pension, investment, banking
and health-care needs. Its investment manager currently administers
125 billion in assets. It is a leading pensions provider in the UK,
and rated by Standard & Poor as strong with a rating of A+ and
as good with a rating of A1 by Standard Life was awarded the Best
Pension Provider in 2004, 2005 and 2006 at the Money Marketing
Awards, and it was voted a 5 star life and pension provider at the
Financial Adviser Service Awards for the last 10 years running. The
5 Star accolade has also been awarded to Standard Life Investments
for the last 10 years, and to Standard Life Bank since its
inception in 1998. Standard Life Bank was awarded the Best Flexible
Mortgage Lender at the Mortgage Magazine Awards in 2006.
1.5 HDFC Standard Life HDFC Standard Life is one of Indias
leading private life insurance companies, which offers a range of
individual and group insurance solutions. It is a joint venture
between Housing Development Finance Corporation Limited(HDFC),
Indias leading housing finance institution and Standard Life plc, a
leading provider of financial services in the United Kingdom HDFC
Standard Lifes product portfolio comprises solutions, which meet
various customer needs such as Protection, Pension, Savings,
Investment, and Health. Customers have the added advantage of
customizing their Plans, by adding optional benefits called riders,
at a nominal price. The company currently has 25 retail and 4 group
products in its portfolio, along with five optional rider benefits
catering to the savings, investment, protection and retirement
needs of customers. HDFC Standard Life continues to have one of the
widest reaches among new insurance companies through a network of
595 offices serving over 720 cities and towns across the country.
The company has also increased its depth in existing markets with a
strong base of more than 207,000 Financial Consultants.
1.6 Vision & Values
(A) VisionThe most successful and admired life insurance
company, which means that we are the most trusted company, the
easiest to deal with, offer the best value for money, and set the
standards in the industry.The most obvious choice for all.
(B) Values Integrity Innovation Customer centric People Care One
for all and all for one Team work Joy and Simplicity
CHAPTER 2ORGANIZATIONAL STRUCTURE AND HIERARCHY2.1- Meaning of
Organizational structure
A hierarchical organization is an organizational structure where
every entity in the organization, except one, is subordinates to a
single other entity. This arrangement is a form of a hierarchy. In
an organization, the hierarchy usually consists of a singular/group
of power at the top with subsequent levels of power beneath them.
This is the dominant mode of organization among large
organizations; most corporations, governments, and organized
religions are hierarchical organizations with different levels of
management, power or authority. For example, the broad, top-level
overview of the general organization of the Catholic Church
consists of the Pope, then the Cardinals, then the Archbishops, and
so on.Members of hierarchical organizational structures chiefly
communicate with their immediate superior and with their immediate
subordinates. Structuring organizations in this way is useful
partly because it can reduce the communication overhead by limiting
information flow; this is also its major limitation2.2- Importance
of Organizational StructureSometimes this question arises as that
as to why an organization needs to have a structure? It is
necessary because it offers following advantages to have an
structure in organization rather than
leaving it as a haphazardly managed organization with no clear
structure.
Advantages of organization structure are:
1) More easy control over the resources because with it
resources can be rationed and allocated to different units to use
them to their most productive uses at micro level.
2) Clearly defined reporting lines make it easy for employees to
know to whom to report.
ORGANIZATIONAL STRUCTURE OF BAREILLY BRANCH CHAPTER-3PRODUCTS
& SERVICESProducts of HDFC standard life insurance Individual
Group Social(A) Individual ProductsWe at HDFC Standard Life realize
that not everyone has the same kind of needs. Keeping this in mind,
we have a varied range of Products that you can choose from to suit
all your needs. These will help secure your future as well as the
future of your family.1. Protection PlansYou can protect your
family against the loss of your income or the burden of a loan in
the event of your unfortunate demise, disability or sickness. These
plans offer valuable peace of mind at a small price. Our Protection
range includes our Term Assurance Plan & Loan Cover Term
Assurance Plan.2. Pension PlansOur Pension Plans help you secure
your financial independence even after retirement.Our Pension range
includes our Personal Pension Plan, Unit Linked Pension, Unit
Linked Pension Plus.
3. Savings PlansOur Savings Plans offer you flexible options to
build savings for your future needs such as buying a dream home or
fulfilling your children immediate and future needs.Our Savings
range includes Endowment Assurance Plan, Unit Linked Endowment,
Unit Linked Endowment Plus, Unit Linked Endowment Plus II, Money
Back Unit Linked Enhanced Life Protection II, Children's Plan, Unit
Linked Young Star, Unit Linked Young Star Plus, Unit Linked Young
Star Plus II.(B) Group ProductsHDFC Standard Life has the most
comprehensive list of products for progressive employers who wish
to provide the best and most innovative employee benefit solutions
to their employees. We offer different products for different needs
of employers ranging from term insurance plans for pure protection
to voluntary plans such as superannuation and leave encashment.We
now offer the following group products to our esteemed corporate
clients Group Term Insurance Group Variable Term Insurance Group
Unit-Linked PlanAn investment solution that provides funding
vehicle to manage corpuses with Gratuity, Defined Benefit or
Defined Contribution Superannuation or Leave Encashment schemes of
your company. Also suitable for other employee benefit schemes such
as salary saving schemes and wealth management schemes.
Development insurance planDevelopment Insurance plan is an
insurance plan which provides life cover to members of a
Development Agency for a term of one year. On the death of any
member of the group insured during the year of cover, a lump sum is
paid to those member beneficiaries to help meet some of the
immediate financial needs following their loss.
Eligibility Members of the development agency and their spouses
with: Minimum age at the start of the policy 18 years last birthday
Maximum age at the start of policy 50 years last birthday
Employees of the Development Agency are not eligible to join the
group. The group to be covered is only eligible if it contains more
than 500 members.
Channels of Distribution:To distribute the various insurance
products HDFC Standard Life broadly uses the following channel of
distribution:-
Financial consultant: - Financial Consultants are those sources
of a company who have their own relations and personal contacts
among common public that they use to generate business through.
Company has certain criteria to recruit these Financial
Consultants. The steps are as follows. He should be at least 12th
passed. He should complete IRDA training. He should clear the IRDA
exam. He should through successfully the exam and training.
Banc assurance : - Banc assurance is an innovative distribution
channel involving banks to sell insurance products of Insurance
Companies. Banc assurance simply means selling of insurance
products by banks. Banc assurance partner of HDFC SL are:-
Associate Companies:
Other Companies:
HDFC Trustee Company Ltd. HDFC Developers Ltd. HDFC Property
Ventures Ltd. COMPETITORSFollowing is the list of competitors of
HDFC SLIC: Life Insurance CorporationICICI Prudential Life
InsuranceMax New York Life Insurance Birla Sun Life InsuranceOM
Kotak Mahindra Life InsuranceReliance Life InsuranceBajaj Allianz
Life InsuranceING Vyasa Life InsuranceSBI Life InsuranceMetlife
InsuranceFuture Generali
BUSINESS PROCESS
1 PROSPECTING 2MEETING THE PROSPECT
3ANALYSING ANDPREPARING4PRESENTING AND CLOSING
CHAPTER 4
SWOT ANALYSIS
SWOT Analysis is a strategic planning method used to evaluate
the strengths ,weaknesses , opportunities ,and threats involve in a
project or in a business venture . it involve specifying the
objective of the business venture or project and identifying the
internal and external factor that are favorable and un favorable to
achieving that objective . the technique is credited by Albert
Humphrey who led a research project at Stanford university in 1960
and 1970 using dated from fortune 500 companies.The aim of SWOT
analysis is the identify the key internal and external factor that
are important to achieving the objective . SWOT analysis group key
pieces of information into two main categories:i) Internal Factor :
The strengths and weaknesses internal to the
organizationii)External Factor : The opportunities and threats
presented by external environmentstrength and weakness are relative
term . Resources available in plenty may appear to be strength but
if not utilized my cease to be a strength. Corporate strength is a
competencies, a company may exert change mechanisms in an industry.
A corporate weakness refer to constraints or hindrances that tend
to stop movement of a company in certain direction decided as
strategic direction for a company and also inhibit a company to
achieve core competenciesHDFC and Standard Life first came together
for a possible joint venture, to enter the life
Insurance market, in January 1995. It was clear from the outset
that both companies shared
similar values and beliefs and a strong relationship quickly
formed. In October 1995, the
companies signed a 3-year joint venture agreement.
STRENGTH:-
1. Strong and well spread network of qualified intermediaries
and sales person.
2. Customer focused .
3. Provide better facilities than other private insurance
companies.
4. Huge basket of product range which are suitable to all age
and income groups.
5.It is the first company, which firstly started with license
for IRDA 2000, 14 AUGUST.
6.1Million policies sold within 3 and half years.7.According to
the change in surrounding environment like change in customer
requirement.
WEAKNESS: - 1. Heavy management expenses and administrative
costs.
2. Low customer confidence on the private players.
3. Minimum advertisement.
4.Company does not penetrate on the rural market at a time
5.Fees for the advisor is high than the other company.
OPPORTUNITIES:-
1. Insurance market is very big. Where company can expand its
horizon in insurance industry.2.Through good investment and
insurance it is easy to top Indian customers.3.The huge insurance
market is left so company has opportunity to expand our
productsTHREATS:-1. Its still difficult task to win the confidence
of public towards private company.2. The company is facing major
threats from LIC which is an only government companies3. Plans for
all income groups are not available which can create adverse effect
later on the market share of the company.
CHAPTER- 5THEORITICAL BACKGROUNDA STUDY OF TRAINING AND
DEVELOPMENT IN HDFC( SLIC)TrainingTraining is defined as learning
that is provided in order to improve performance on the present
job.
Education is training people to do a different job. It is often
given to people who have been identified as being promotable, being
considered for a new job either lateral or upwards, or to increase
their potential. Development is training people to acquire new
horizons, technologies, or viewpoints. It enables leaders to guide
their organizations on to new expectations by being proactive
rather than reactive.
PURPOSE OF TRAINING 1. Focusing energy on issues. 2. Making work
and issues visible. 3. Supporting other intervention. 4.
Legitimizing issues. 5. Promoting change. 6. Reducing risk. 7.
Creating a community based on some shared experience. 8. Building
teams. 9. Indoctrinating new staff. 10.Communicating and
disseminating knowledge and information. 11.Certifying and
licensing. 12.Rewarding past performance. 13.Flagging "Fast
Tracker."
Importance of TrainingEvery company should be fully committed to
the continuous development of its staff, in the same ways as we
continuously develop our services. This will be achieved by helping
all staff identify and meet their own job and business related
development needs. This policy will ensure that we have the
adaptability and flexibility to thrive and succeed as a business.
To do this, all line managers, through the Performance Review
process, will 1. Ensure that staff have a level of knowledge and
skill to fully perform their role 1. Encourage staff to develop
within their current role1. Look for potential, and find ways for
staff to demonstrate potential1. Recognize and reward staff
development (utilizing it wherever possible) 1. Create a learning
culture by providing opportunities for learning
Should be trained Thus training requires1. Practice1. Feedback1.
Motivation to learnTraining has to be done on the basis of
identified resources in three phases :1. PRE TRAINING -Clear
understanding of the situation that calls for more effective
behavior2. TRAINING- - Implementing the effectiveness in behavior3.
POST TRAINING- -The management has to handle a person who is more
confident, post training A lot of adjustment is needed on both
sides.Once someone has experienced a training and development
activity or learning, we will measure its impact and effectiveness
on individual performance and the organization. Again, line
managers are expected to be part of this process by defining the
performance standards (or measures) when setting objectives and
deciding on the methods that they will use to evaluate the
learning. (Personnel Services will of course be available
throughout the process to provide guidance and support).There are
three key stages that will be used to evaluate training and
development: Reaction: At this level, evaluation provides
information on the attitudes of a participant to learning, but it
does not measure how much they have actually learned. That being
said, if a participant has a positive reaction to the learning
experience they are more likely to implement what they have
learned. Evaluation at this level will be measured by a
post-learning questionnaire, which will be completed immediately
after the learning activity has taken place. Normally, Personnel
Services will be responsible for issuing this type of
questionnaire.
Performance: Evaluation at this level looks at the impact of a
learning experience on individual performance at work. Key to this
area of evaluation will be the need to have established smart
learning objectives prior to the learning experience so that when
evaluation takes place there are measures to use. For example, an
important learning objective for a junior secretary attending a
Word training course may be to produce typed correspondence with no
spelling or typographical errors. In this example, a manager would
be able to evaluate the secretarys performance using a measure of
no spelling or typographical errors. Ideally, evaluation on
performance should take place approximately 3 4 months after the
learning activity. Line managers should undertake this evaluation
and send a copy of the results to Personnel Services.
Organizational impact: At this level evaluation assesses the
impact of learning on organizational effectiveness, and whether or
not it is cost-effective in organizational terms. Personnel
Services will undertake this evaluation as part of a wider training
and development evaluation process.
In summary then, Personnel Services will evaluate training and
development at the reaction and organizational levels, and line
managers will be responsible for evaluating the effectiveness of
training and development at the performance level. However, there
will be some types of learning activities, for example attending
conferences or seminars, where it may not be appropriate to
undertake any evaluation. If any doubt, please contact Personnel
Services. To assist line managers, there are a variety of methods
that can be used to measure the effectiveness of the learning. Some
of these include:1. Participant self-assessment1. Written or
practical tests1. Structured interviews1. Questionnaires1. Feedback
for example, internally from colleagues, peers, and managers and/or
externally from partners, customers or clients1. Qualifications
obtainedLine managers should contact Personnel Services, who will
be pleased to help set-up an evaluation method to use to measure
the effectiveness of a training activity.FundingFunding for
training and development will be paid from a central training
budget, therefore the Head of Personnel Services must approve any
training and development that involves a financial cost before any
financial commitment is made. Details of how to apply for a
training and development are explained under the section headed
Selecting a training provider and applying for training.In addition
to job-related training and development, company also recognises
the need to help individuals to improve within their chosen career
path by encouraging individuals to gain
professional/vocational/academic qualifications. With this in mind,
company has established a company sponsorship scheme whereby full
or partial sponsorship will provided. Information about the scheme
can be found under the section headed Company sponsorship.Where an
individual needs to attend a training course funded by company,
time off during working hours will be given to attend the course.
Individuals are expected to travel to and from a training venue
within the normal course of the day. Where company is providing
sponsorship towards a professional qualification, time off to
attend lectures/workshops/summer school will be agreed on an
individual basis, taking account of the business needs. The Head of
Personnel Services will approve any such requests, in full
consultation with line managers.Non-training course learning
activitiesTypically, a training course is designed to transfer new
skills or knowledge to an individual. Invariably new skills and
knowledge will be developed over time to improve performance.
However, not all learning has to be addressed through a training
course. There is a wide range of development methods available that
can be used without leaving the office. For example, being coached
by a fellow colleague or manager; using a computer aided training
package; on-the job training; reading books; undertaking research
or practicing a particular skill.Finding out about training courses
or alternative learning methods Personnel Services is building up a
range of literature from training suppliers and a selection of
books/videos/computer discs available for individual use. To find
out more, please contact Personnel ServicesSelecting a training
provider and applying for training before booking a training event,
individuals should research the costs and course availability with
possible training providers. Personnel Services will be happy to
help as they keep details of various training providers, so please
contact them for information/advice. Company organized training
programmers, for example Customer Service Training, Team Building
training, will be co-ordinate through Personnel Services (so
individuals do not have to complete any forms). All other training
and development activities must be authorized by Personnel Services
before any training is booked. Company sponsorship Company
recognizes the need for continuous professional development and is
pleased to be able to offer a sponsorship scheme to all permanent
and fixed-term employees (whose contracts are for at least one
year). The scheme covers professional, academic or NVQ (or
equivalent) qualifications. The following guidelines are designed
to give individuals an idea of the sort of funding that may be
available and how individuals may apply.
PHASE ONE: Needs IdentificationThe first phase is the
identification and analysis of an organization's training needs. As
a minimum, the organization should be able to accomplish the
following four things:1. Systematic review of each trade,
occupation or process by a team of knowledgeable individuals2.
Conduct verbal and/or written surveys of managers, supervisors,
leaders, technicians and workers3. Conduct a complete review of
legislated training requirements4. Review the results of Hazard
Analyses, Occupational Health surveys and other survey or process
analyses.METHODOLOGY OF TRAININGThere is various methodology of
training. No single technique is always best.The best method
depends on Cost effectiveness Desired program content Learning
principles Appropriateness of the facilities Trainee preferences
and capabilities Trainer preferences and capabilitiesThere is a
range of teaching methods available to trainer. The choice of a
method is a matter of experience and competence of the instructor
and his judgment of how much and what a particular group of
trainees would learn from using one method or another. Factors
which affect the choice of training method: The choice of methods
depends on the knowledge and experience of the teacher or trainer.
The choice of the methods should take into consideration the
intellectual level and educational background of the participants
and the participants age practical experience. Some methods are
more effective than others in achieving certain objective. Choice
methods depend on the social and cultural factors in the
environment. Now many participative methods are accepted and used
in management training. It also depends on the time and the
availability of resources and infrastructural facilities.
Types of training
Induction or Orientation training:Induction or orientation may
be defined as a process of guiding and counseling the employee to
familiarize him with job situations. The induction process
accomplishes several objectives including formation of a favorable
impression and attitude, development of the feeling of
belongingness and facilitation of learning and teamwork on the part
of the employees. The content of the induction program should be
predetermined in the form of a checklist specifying the topics to
be covered. Rank-and-File job training:This is based on
similarities in training on several specific jobs. This type of
training can be imparted in a classroom or on the job. It is
performed by a foreman or a group leader. Its advantages arise in
so far as it is realistic and economical.
Limitations of rank-and-file job training: The trainer may be an
incompetent teacher The shop floor may be busy There may arise
heavy production losses.Supervisory training:Supervisory training
needs reveal utmost divergence in view of divergent duties of
supervisors. Employee attitude surveys help in identifying area of
supervisory training. Likewise, supervisors themselves may be
requested to indicate the areas where they need training.
Frequently, these surveys indicate that supervisors need training
in human relations, production control, company policies and how to
instruct. Supervisory courses consist of job methods training (JMT)
and job relations training (JRT). ON THE JOB TRAINING:On the fob
techniques are conducted in the real job settings. On the job
methods usually involve training in the total job. These methods
are typically conducted by individuals, workers, supervisors. The
main advantage is that the trainees learn while actually performing
their work, which may minimize the training cost. They also learn
in the same physical and social environment in which they will be
working once the formal training period is completed. Types of on
the job techniques: Job instruction training Job rotation
Apprenticeship Coaching Vestibule trainingJob instruction
training:Job instruction training (JIT) is received directly on the
job and so it is called on the job training it is used primarily to
teach workers how to do their current jobs. The worker learns to
master the operation involved on the actual job situation under the
supervision of his immediate boss who has to carry the primary
burden of conducting the training. Usually no special equipment or
space is needed, since now employees are trained at the actual job
location. Steps of job instruction training: 1.The trainee receives
an overview of the job, its purpose and its desired outcomes with
an emphasis on the relevance of the training. Since the employee is
shown the action that the job requires, the training is
transferable to the job.2. The employee is allowed to mimic the
trainers example. Demonstration by the trainer and practice by the
trainee are repeated until the job is mastered. Repeated
demonstrations and practice provide repetition and feedback.
Finally the employee performs the job without supervision, although
the trainer may visit the employee to see if there are any
lingering questions.Advantages: Easy organized Realistic Stimulates
high motivation Speeds up workers adjustment Less costly
Disadvantages:The disadvantage of this method is that the
assigned instructor may be a poor teacher. The worker may haste for
immediate production, so the actual cost may increase.
JOB ROTATION: Some trainers move a trainee from job to job. Each
worker move normally is preceded by job instruction training. This
is a method of training wherein workers rotate through a variety of
jobs. Thereby providing them a wide exposure. Trainees are placed
in different jobs in different parts of the organization for a
specified period of time. They may spend several days or even years
in different company locations. In this way they get an overall
perspective of the organization. It is used with both blue-collar
production workers and white collar managers and it has many
organizational benefits. Job rotation creates flexibility, during
manpower shortages, workers have the skills to step in and fill
open slots. The method also provides new and different work on a
systematic basis, giving employees a variety of experiences and
challenges. Employees also increase their flexibility and
marketability because they can perform a wide array of
tasks.Limitation of job rotation:The major drawback of this, it is
time consuming and expensive too. Apprenticeship:An apprentice is a
worker who is learning a trade but who has not reached the state
where he is competent to work without supervision. It is
particularly common in the skilled trades. In organization a new
worker is tutored by an established worker for a long period of
time. An apprenticeship lasts from two to five years. Each
apprentice is usually given a workbook consisting of reading
materials, tests to be taken and practice problem to be solved.
This training is used in such trades, crafts and technical fields
in which proficiency can be acquired after a relatively long period
of time in direct association with the work and under the direct
supervision of experts. Training is intense, lengthy and usually on
a one to one basis.
Increasing national attention is being paid to workforce
preparation in the United States. This stems from the growing
realization that America's ability to occupy a leading competitive
position in the emerging global economy hinges, to a large degree,
on assuring that the nation's workforce is second to none. Today,
unfortunately, this is not the case. Employers frequently report
that significant numbers of young people and adults alike exhibit
serious educational deficiencies and are ill-equipped to perform
effectively in the workplace. As a consequence, leaders from
industry, labor, education, and government are all grappling with
how to design educational reforms and education/training strategies
that will improve the skills of America's current and future
workforce. In the spirit of this reform, one particular training
strategy -- apprenticeship -- has captured the interest of many
policy makers, educators, and others who are involved in the
national reform movement. Its growing appeal comes as no surprise
and, perhaps, is long overdue. Experience both in the U.S. and
growing abroad has repeatedly demonstrated that apprenticeship is a
highly effective strategy for preparing people for work. The bulk
of apprenticeship programs offered in the U.S. and its territories
are in the building trades and manufacturing industries, but there
is significant potential to develop apprenticeship programs in a
variety of other industries.
The rush to embrace apprenticeship, however, is leading to
efforts that could undermine the very pillars of its value. For
example, in some instances, apprenticeship is being viewed as a
generic concept -- one that can be loosely applied to a variety of
learning situations. Likewise, others have coined such terms as
"youth apprenticeship" to characterize various school-to-work
transition programs. Such thinking, while understandable in an
environment that begs for creativity and innovation, may be more
harmful than helpful to the cause. What Apprenticeship Is: The
Essential Components 1. Apprenticeship is a training strategy that
a) combines supervised, structured on-the-job training with related
theoretical instruction and b) is sponsored by employers or labor.
Management groups that have the ability to hire and train in a work
environment. 2. Apprenticeship is a training strategy that prepares
people for skilled employment by conducting training in a bona fide
and documented employment setting. The content of training, both
on-the-job and related instruction, is defined and dictated by the
needs of the industry, which refers to all types of
business/workplace settings. The length of training is determined
by the needs of the specific occupation within an industry. In the
building trades, for example, some apprenticeship programs are as
long as five years with up to 240 hours of related instruction per
year. 3. Apprenticeship is a training strategy with requirements
that are clearly delineated in Federal and State laws and
regulations. The National Apprenticeship Act of 1937 (also known as
the Fitzgerald Act) and numerous State laws provide the basis for
the operation of formal apprenticeship training programs in the
U.S.; regulations that implement these laws are in force today.
These laws and regulations establish minimum requirements for
protecting the welfare of the apprentice such as the length of
training, the type and amount of related instruction, supervision
of the apprentice, appropriate ratios of apprentices to
journeypersons, apprentice selection and recruitment procedures,
wage progression, safety, etc. a. Apprenticeship is a training
strategy that by virtue of a legal contract (indenture) leads to a
Certificate of Completion and official journeyperson status. These
credentials have explicit meaning, recognition and respect in the
eyes of Federal and State governments and relevant industries. b.
Apprenticeship is a training strategy that involves tangible and
generally sizable investment on the part of the employer or
labor/management program sponsor. c. Apprenticeship is a training
strategy that pays wages to its participants at least during the
on-the-job training phase of their apprenticeship and that
increases these wages throughout the training program in accordance
with a predefined wage progression scale. d. Apprenticeship is a
training strategy that involves a written agreement and an implicit
social obligation between the program sponsor and the apprentice.
The written agreement, which is signed by both the apprentice and
the program sponsor and is ratified by government, details the
roles and responsibilities of each party. The implicit social
obligation gives employers or program sponsors the right to expect
to employ the apprentice upon completion of training given the
investment in training and gives the apprentice a reasonable right
to expect such employment. Labor market conditions should guide the
size of training programs to enable each party to maintain his or
her side of the obligation.What Apprenticeship Is Not Unless they
conform to the essential components described previously,
apprenticeship is no cooperative education, vocational education,
tech prep, two plus two (three or four), summer or part-time work
experiences or any other myriad training strategies that many are
promoting as ways to assure adequate workforce preparation. Such
strategies undoubtedly have value in their own right, but they are
not apprenticeship. What distinguishes apprenticeship from most of
these other approaches are such fundamental qualities as training
program sponsorship and location, the skills required, the value
attached to the credential earned, curricula content that is
defined exclusively by the workplace, wage requirements, the
written agreement, and the implicit social contract that exists
between program sponsors and their participants. No other training
strategy provides for this unique combination of characteristics.
When a person completes a registered apprenticeship program, he or
she is prepared to go to work as a fully trained, competent
journeyperson whose skills enable him or her to perform effectively
in the workplace. Few, if any, other types of educational programs
can make this claim.COACHINGAt management levels Coaching of
immediate subordinates by their managers is common. A coach
attempts to provide a model for the trainee to copy it tends to be
less formal than an apprenticeship program. Coaching is almost
always handled by the supervisor or manager. It is likely not to be
as directive approaches such as nondirective counseling or
sensitivity training. If the trainees shortcomings are emotional or
personal. Coaching will be ineffective if relations between trainee
and coach are ambiguous in that the trainee cannot trust the
coach.Coaching thrives in a climate of confidence, a climate in
which subordinates respect the integrity and capability of their
superiors.
Vestibule training:Vestibule training is a type of instruction
often found in production work. A vestibule consists of training
equipment that is set up a short distance from the actual
production line. Trainees can practice in the vestibule without
getting in the way or slowing down the production line. These
special training areas are usually used for skilled and semiskilled
jobs, particularly those involving technical equipment.Vestibule is
small, so relatively few people can be trained at the same time.
The method is good for promoting practice a learning principle
involving the repetition of behavior
OFF-THE JOB TRAINING:Off the job method are those training and
development programs that take place away from the daily pressures
of the job and conducted by highly competent outside resource
people who often serve as trainers, which is one of the main
advantages of this method. The major drawback of this is the
transfer problem.Types of off the job training:Lectures consist of
meeting in which one small number of those present actually plays
an active part. The lecture method is a popular form of instruction
in educational institution. The lecturer may be a member of the
company or a guest speaker.Before preparing the lecture some points
should be considered. Who is your audience? What is your audience?
What is the time available? What is the subject matter?The lecture
should be brief and to the point, presenting the theme of the
subject in a manner that arouses the interest of the audience from
the start. The speaker should be poised, courteous and sincere. The
action should be spontaneous. The role of a lecturer is make
difficult things simple, not the reverse.Limitation of the lecture
method:It gives very little opportunity for active practice,
development, over learning, knowledge or results or transfer of
learning. In this method trainee himself or herself have to
understand and personalize the content of the lecture. It is not
suitable for courses where people with work experience are
participating. This method involves one-way communication, which is
not interaction of the audience. This method cant readily adopt
itself to individual differences, which may arise farthest from
reality.Audio-visual techniques:Audio-visual techniques cover an
array of tainting techniques, such as films, slides and videotapes.
It allows seeing while listening and is usually quite good at
capturing their interests. These methods allow a trainers message
to be uniformly given to numerous organizational locations at one
time and to be reused as often a required.Available devices used in
lecture techniques: Blackboard Flip chart Magnetic board Flannel
board Overhead projector
Conference or discussion method:This method encourages the
participation of all members of the group in an exchange of
opinions, ideas and criticisms. It is a small group discussion in
which the leader plays a neutral role providing guidance and
feedback. Inspire of the intention to encourage general
participation the conferences are frequently dominated by a few,
with the majority no more active than they would be at a lecture.
It is more effective than the lecture in changing adult behavior
and also modifying attitudes. The conference method can draw on the
learning principles of motivation and feedback. It is used to
enhance knowledge or attitudinal development.
Main objectives of conference method: Developing the decision
making and problem solving skills of personnel Changing or
modifying attitudes Presenting new and sometimes complicated
material
Role playing Active participation rather than passive reception
facilitate learning. Role-playing believes in active participation.
This is a training method often aimed at enhancing either human
relations skills or sales techniques. Role-playing can be defined
as an educational or therapeutic technique in which some problems
involving human interaction, real or imaginary is presented and
then spontaneously acted out. Participants suggest how the problem
should be handled more effectively in the future. This acting out
is followed by discussion and analysis to determine what happened
and why and, if necessary, how the problem could be better handled
in future. Role-playing is less tightly structured than acting;
where performers have to say set lines on sue. Participants are
assigned roles in the scenario to be enacted, so, in this way, it
is a device that forces trainees to assume different
identities.
Case Study MethodBy studying a case situation, trainees learn
about real of hypothetical circumstances and the actions others
take under those circumstances. Besides learning from the content
of the case, a person can develop decision making skills. Case
method is an excellent medium for developing analytical
skills.Cases are usually organized around one or more problems or
issues that are confronted by an organization. Cases can range from
one page to over fifty pages Feedback and repetition, are usually
lacking. One inherent difficulty is personal bias. This method
calls for skills with language. But many people are sent to case
study courses primarily because they lack communication skill When
cases are meaningful an similar to work related situations, there
is some transference. There also is the advantage of participation
through discussion of the case Simulation Simulation is an approach
that replicates certain essential characteristics of the real world
organization so that the trainees can react to it as if it were the
real thing and then consequently transfer what has been learned to
their job. Simulation training is based on a reproduction of some
aspect of job reality. Simulation usually enhances cognitive
skills, particularly decision making. A very popular training
technique for higher level hobs in which the employee must process
large amounts of information.Simulations have many forms- some use
expensive, technical equipment, while others are far less costly.
Some simulations need only one participant, others may involve as
many as 15-20 people working together as a team. Simulations are
broad based training techniques that can be adapted to suit a
companys need. By using the equipment simulators, workers can
practice new behaviors and operate certain complex equipments free
of danger to them. Equipment simulators can range from simple
mock-ups to computer based simulations of complete environments.
Some of them are utilized to train a single individual and the
others are used for team training.Programmed instruction is a
training approach which makes the advantages of private tutoring
available to large groups of students beings trained in new skills.
Programmed instruction is one of the innovations in teaching
technology developed in recent years. The methods involves an
actual piece of equipment, usually called The major advantage of
programmed instruction is that is reduces the training time. The
learning takes place at the students own pace. Participants get
immediate feedback. The participants are active learners; there is
constant exchange of information between themselves and the
program. Fast learners do not have to wait for slow ones to catch
up. Administrative simplicity and increased productivity in
training result in lower training cost per student.The biggest
disadvantage of this method is the absence of a teacher. The book
becomes the teacher. Hence it is absolutely essential that the
trainee is highly motivated to continue learning. The material has
to be broken down into a logical sequence, since there may be
several correct ways to perform the task. This method does not
appear to improve training performance in terms of immediate
learning of retention over a time compares with conventional
methods.
Syndicate MethodWorking in small group to achieve a particular
purpose is described as a syndicate method. The essence of this
method is that participants learn from each other and contribute
their own experience to the fullest. The syndicate method is
designed to provide the participant an environment that would help
him to reflect critically on his own work and experience; to update
his knowledge of new concepts and techniques with the help of other
co-participants; to develop sound judgment through greater insight
into human behavior. This method is suitable for training and
development students, without any experience.The participants are
divided into groups consisting of about eight to ten participants.
These groups are called syndicates. Each syndicate functions as a
team that can represent various functional as well as interest
areas. The syndicates are given assignments which have to be
finished and a report submitted by a specified date and time. By
rotation each member of the syndicate becomes the leader for
completing a specific task. Each assignment to a syndicate is given
in the form of a Brief. This is a carefully prepared document by
the faculty. Generally, each syndicate is required to submit a
report which is circulated to other syndicates for critical
evaluationThe advantages of these methods are that it secures a
very high level of involvement from the participants. Their own
experience is the starting point in this method. It is a process of
self business and development for participants. This method also
gives the participant a practice in communicating with his
colleagues and understanding them.If the syndicate is not
structured properly, it should lead to a lot of wastage of time and
cause frustration. In the absence of proper pressure on the
participants by trainers or participants themselves, some
participants might start dragging their feet. Differences of
opinion or viewpoint may be ignored to avoid action.
Counseling:It helps the trainees to observe their weaknesses and
involves measures to overcome them. It is related to periodic
appraisals of ratings. Specifically counseling purports to help the
subordinates to do a better job, provides a clear picture of how
they are doing, build strong personal relationships and eliminate,
of at least minimize anxiety.Understudies In this the trainees work
directly with individuals whom they are likely to replace. However,
it is disappointing as training because of a likelihood of an
imitation of weak as well as strong points of the seniors
CONCLUSION During the study of training and development in HDFC
SLIC we conclude that1.The performance of employee of positively
enhanced by the learning program.
2. Employees were satisfied.3. The employees wanted that
training should be implied to them regularly.4. Feedback should be
taken in order to improve the T&D program.
To conclude, it is very clear that training should be provided
but not at the loss of the company. It is very costly and time
taking affair. But it is most important for the development of the
company. So management cant avoid it at any company .This presents
the summary of the study and survey done in relation to the
TRAINING AND DEVELOPMENT in HDFC life insurance. The conclusion is
drawn from the study and survey of the company regarding the
process carried out there. The TRAINING process at HDFC life
insurance to some extent is not done objectively. Most of the
employees were satisfied but changes are required according to the
changing scenario as TRAINING process has a great impact on the
working of the company as a fresh blood, new idea enters in the
company.
BIBLIOGRAPHY
WEBSITES :
1) www.hdfcslic.com2) www.insuranceguide.com3)
www.economictimes.com4) www.wikianswer.com
BOOKS:
1) HUMAN RESOURCE MANAGEMENT: SHASHI K. GUPTA
2) PERSONNEL MANAGEMENT: C. B. MAMORIA
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