hr%20policy of tata aig[1]

HR POLICIES OF TATA AIGHR POLICIES OF TATA AIG

By:Ashish BhargavDeepanjali ShuklaNandita KapoorSomiya SripriyaSweta BeheraRajat Mehrotra

TATA AIG INSURANCE COMPANYTATA AIG INSURANCE COMPANY

• Tata AIG Insurance Solutions is one of the leading insurance companies that provide both life insurance as well as general insurance.

• Joint collaboration between the American International Group, Inc. (AIG) and Tata Group.

• They own the company in the ratio of 26:74.

• It is a leading financial institution that has carved a niche for itself all over the world.

TATA AIG GENERAL INSURANCE TATA AIG GENERAL INSURANCE COMPANYCOMPANY

• Tata AIG General Insurance Company started its operations in India on January 22, 2001,

• Gaurav D. Garg is the Managing Director & CEO, Tata AIG General Insurance

Co. Ltd.

TATA AIG LIFE INSURANCE COMPANYTATA AIG LIFE INSURANCE COMPANY

• Tata AIG Life Insurance Company was licensed to operate in India on February 12, 2001 and started operations on April 1, 2001.

Mr. Suresh Mahalingam, (M. Suresh) , MD, Tata AIG Life Insurance Company.

Human Resource PoliciesHuman Resource PoliciesHuman resource policies are systems of codified decisions, established by an organization, to support administrative personnel functions, performance management, employee relations and resource planning.

Organizational Structure of TATA AIGOrganizational Structure of TATA AIG

Functions of the HR Department Functions of the HR Department of TATA AIGof TATA AIG

• Recruitment and Selection• Induction• Competence Development• Providing compensation and other

employee benefits• Performance Management• Talent and Career Management

Sources of RecruitmentSources of Recruitment

• Placement Agencies and Consultants• Campus Recruitments• Off-campus Recruitments• Internal Job Postings• Promotions(existing employees)• Moving across verticals(existing employees)

Selection ProcessSelection Process

• There is a screening process based on the resumes of applicants followed by group discussion and personal interview.

Types of EmployeesTypes of Employees

• TATA AIG has both permanent employees as well employees on contract basis.

• Both are on company pay rolls.• Company employs financial advisors who are

not on company pay roll but work on commission basis.

Career Options at TATA AIGCareer Options at TATA AIG• Sales & Distribution• Customer Service• Branch and Centralized Operations• Underwriting & Actuarial Functions• Claims• IT• Marketing & Communications• Finance & Accounts / Legal• Human Resources and Training & Development

Compensation of EmployeesCompensation of Employees

• Basic- 30% of annual salary• Bonus(yearly)• HRA• Medical Allowance• Conveyance Allowance• Other Allowance(Food, mobile phone bills,

etc.)

Benefits apart from salaryBenefits apart from salary

• Mediclaim• Superannuation benefits• Performance bonus• Incentives

Measuring Employee PerformanceMeasuring Employee Performance

• Goal Sheet• Target Achievement• Quality of work• Ethics used in target achievement• Customer satisfaction

Training and Development of Training and Development of EmployeesEmployees

• Company conducts on-the-job training(OJT) programs for its employees.– Functional programs- for expertise in respective domain.– Talent Acceleration programs- improving soft skills

• Eligibility Criteria: voluntarily by self nomination or when nominated by the branch managers.

• Duration: Monthly or Quarterly or Weekly depending upon product and requirement.

• E-learning courses and Insurance Institute of India courses.• Career progression programmes• Leadership Development ladder

Motivating EmployeesMotivating Employees

• Motivational training programmes• Providing Incentives• Recognition to employees• Providing sponsored holidays for employees

and their family• Helping them in converting a prospect into a

sale.

Special Motivational ProgrammesSpecial Motivational Programmes• Friday Movie Mania• Recharge zone• Sports Club• Annual Theme Party• Celebration Week• Town Hall• World of Work(WOW)

Rewards and Recognition for Rewards and Recognition for employeesemployees

• The Success Matrix is a programme where they recognize the performance and contribution of employees through timely measures. This was inspired by the mythological theme of Greek Gods combined with the blockbuster "The Matrix.”– consists of three categories for recognizing Individuals,

Teams on a Monthly, Quarterly & Annual basis as well as SPOT Recognition.

– recipients are acknowledged for their contribution though Awards and citations displayed on the "Wall of Fame" at all the branches.

Grievance RedressalGrievance Redressal

• There is no proper grievance cell but they have a Disputes Settlement Department within the organization which looks after settling issues among employees or any complaints of the employees.

Employee Health and Safety Employee Health and Safety MeasuresMeasures

• Fire Alarms and Extinguishers• Sprinklers• First-aid boxes• Mediclaim• Accident benefits• Insurance cover for whole family

Employee Retention StrategyEmployee Retention Strategy

• Career Progression Programmes• Various motivational measures and programmes

for employees as well as their family members.• Performance based appraisal• Performance based work culture• Provides work-life balance

Equal Opportunity EmployerEqual Opportunity Employer

• TATA AIG does not discriminate between men and women while employing people. Men as well as women are considered equally even if a particular job is very challenging and difficult.

• It also provides employment to physically disabled people.

ConclusionConclusionTata AIG offers exciting opportunities to learn, contribute and build careers. As a leading name in the fast-paced insurance industry, they are constantly growing and are always in search of bright talent across all levels. The Company's philosophy is strongly oriented to developing talent through larger and more enriching assignments. They recognize potential and consistent performance and their dynamic corporate culture can be summed up as “Work hard, play hard”.