As part of this assignment we look forward to know of how Human Resource Planning HRP is implemented in ICICI Prudential Life Insurance Company.
Here we discuss by anticipating the usefulness of Human Resource of ICICI Prudential in present and future strategic management and its importance. It also tells us about the impact of HR planning on strategic plans of ICICI Prudential. Besides discussing of how evaluation process of present legal requirements, it also describes the ICICI Prudential's process of recruitment, selection of employees from external sources depending upon the company requirements and legislations. ICICI Prudential has got its own style of organizing the business process representing a specific kind of cultures and sub-cultures within the organization. This in turn affects the recruitment and retention processes of employees of the organization. Various Issues were taken in to consideration to maintain the 'work life balance' and also different kinds of practices in work that keep changing often. As it an insurance company which deals with huge financials handlings there might be many grievance situations pertaining to the staff and customer as well. Many issues like fraudulent, Malpractices and other issues of disciplinary may lead to dismissals. These may further lead complex issues; ICICI prudential has taken necessary actions against such obligations with the help of external agencies like 'ACAS, Employment Tribunals'.
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Apart from all the above we are also going know how effectively HRP of ICICI Prudential has managed in performing well at all levels using external resources and technological & Cultural benefits that made the work practices easier.
Sourced from: http://www.iciciprulife.com/public/about-us/
ICICI PRUDENTIAL'S STRATEGIC HUMAN RESOURCES:
'STRATEGIC CAPABILITY' OF ICICI PRUDENCIAL:
ICICI Prudential Life has got excellent strategic capabilities in terms of Resource-based, Dynamic Capabilities and was successful in developing the strategic capabilities.
'Resource Based Strategy' in ICICI Prudential: It has got various kinds of physical sources such the building and branches of ICICI Prudential are spread across the world. In India there are about 1900 branches and advisor base of 210,000 which are well equipped with all infrastructures furnished for effective running of organization. Moreover enough utilities are provided for the efficiency of service providing to the customers as well as the employees of the organization. 'Raw materials' like broachers and product portfolios are well designed to maintain the strategic pathway in 'production processes'. As it is a service based company employees are the key asset to the organization. Financial resources of ICICI Prudential are organized with Capital investments and enough flow of funds in terms of cash through Creditors and debtors of the organization.
'Intellectually' the company has a good reputation and brand image in the market and they have got patents of their products along with systems and data storage devices. ICICI's employees play a vital role in business process linked with many advisors and franchises that have thorough knowledge & skills servicing the customers.
'Types of Resources and competencies' in ICICI Prudential:
'Threshold resources' of ICICI had appropriate logistics which satisfy the minimum requirements of the customers and there by survive in the market. ICICI Prudential has 'Unique resources' yet provide unique product with exceptional services gaining competitive advantage adding value & inimitable thus 'Winning Core Competencies' against the competitors. The company rarely but has got the 'Redundancy competencies' in solving issues of timing fulfilling the need of customers.
According to Hamel, and Prahalad, 1994, ICICI Prudential has gained 'Core competency with their skills and expertise products and they designed benefits to customers moving from core products of Life Insurance to Health Insurance segment where they could find target customers and satisfy them by providing benefits at the end products.'
'DYNAMIC CAPABILITIES' OF ICICI PRUDENTIAL:
ICICI Prudential showed its dynamic capability by renovating its products and services at a wide range. It enhanced features of its services using innovation considering environmental aspects and technological changes.
ICICI Prudential on the other hand has Perceived Strategic Management roles extensively to match the requirements along with internal and external organizational skills and competences.
The dynamic approach of ICICI Prudential has a concept called Learning which is a ongoing process of implementation of tasks and work performances that are improvised by knowing loops from past experiences and retrieving it with new developments to it move on faster.
'Developing Strategic Capability' in ICICI Prudential:
Always on Time
Marked to Standard
With the change in environment and market structure ICICI prudential always kept identifying the customer's specifications regarding the services and the products. The company has enhanced its work process through a strategic approach and developed it capabilities in a systematic format to gain strategic advantage.
'STRATEGIC CAPABILITY AND HUMAN RESOURCE' OF ICICI PRUDENTIAL:
According to Johnson, Scholes., and Whitting., 2008, Human Resource of ICICI Prudential had chosen 4 ways of improvising employees performance strategically enhancing organizational capability.
'Targeted training and development' in ICICI Prudential: Here the training must be like an added value to the existing skills so as to perform well thus attaining competence.
Staffing policies of ICICI Prudential are designed in such a way that the people are developed and promoted so as to reach the targets at a faster pace as compared to the others.
'Organizational Learning' of ICICI Prudential: ICICI Prudential gives facts and figures of experiences, knowledge of approach and services and measures to encourage the skills under common culture to achieve a common goal.
ICICI Prudential's way of 'Developing People awareness': ICICI train every individual within the organization to know the roles and responsibilities there by work according with a purpose of strategy.
'PUTTING TOGETHER AN HR STRATERGY' OF ICICI PRUDENTIAL:
The human resource strategies of ICICI are distinguished by 'hard and soft ways where in competences and resources comes under and a kind of approach that motivates to gain competitive advantage'.
'Linking ICICI Prudential and HR Strategies' of it:
In ICICI Prudential the HR strategy acts as a medium between the resource based and the Business processes of the organization.
Johnson, Scholes, and Wittington., 2008 stated that 'Resource strategies are inter-related both between the strategies of business and with every departments pertaining to every individual in each divisions like Staff oriented, technology, information system, finance related matters of organization like ICICI Pru'.
Apart from this ICICI Prudential has also set Long term and Short term strategies for the improvement of the organization and the people in it.
Long term goals mainly comprise of future goals pertaining to leaders, building up the workforce and the organization on the whole. Whereas short term goals are those which are analyzed through 'GAP Analysis' which mostly deals with current skills and abilities and people, performance appraisals, recruitment and reward system also with improvement in HR practices and also bringing new practices within the organization.
To fulfill the future needs of the organization strategies like recruitment and training & development, renovating and restructuring, outsourcing and other join collaborations helped ICICI Prudential reach its future goals successfully.
'Components of HR Strategy' in ICICI Prudential:
The main key components of ICICI's HR strategy are given as follows:
ICICI's 'People as a Resource': This is a hard approach which comprise of various functions of audit that involve people oriented core competency for future policies, targets and goals are set here along with performance appraisals, recruitment, retentions and training & development in the workforce take place in this resource.
'People and Behavioral approach' of ICICI: This is a soft based approach that deals with cultural aspects and issues of changing people behavioral aspects along with changing style and environment.
ICICI Pru's way of organizing people: In this Hr functions play a vital role and indulge in various functions such as regulatory, service providing managerial roles along with structure of ICICI and its processes.
ICICI PRUDENTIAL'S 'ORGANIZATIONAL DESIGN':
It is the major part of Human resource strategies where in it deals with cultural issues like 'norms, values and organizational paradigm. Besides this it has regulates the responsibilities with linkages. ICICI Pru' has got a non-complex structure of cultures showing their uniqueness in it.
TYPES OF 'ORGANISATIONAL DESIGN IN ICICI Pru':
'Task Culture' in ICICI deals with various issues and problems from all the departments of the company. This culture has working bodies and group committees where in research and developmental activities take part. It gather the whole of information from all the resources and departmental functions to work on it specializes task teams are involved for a short period of time who need work on a common task to meet future requirements.
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'Power Culture' is not much related to ICICI Prudential because this kind of culture is one person based control who likes to take control and react to situations.
'Role Culture' in ICICI: It is such a kind of culture where work roles an organization are segregated to different levels and functions and assigned to employees where they need to perform on their particular. ICICI Prudential follows the role culture in operating its functions. This improved not only the productivity but also the stability in performing the roles increasing the revenues to the organization. Though role culture states the weakness in adapting to changes in generating but ICICI Prudential was even successful in it.
Apart from this there is also Person culture which mostly deals with charities and this culture no way related with ICICI Prudential Life Insurance.
'ROLES OF DIFFERENT WORKER GROUPS' IN ICICI PRUDENTIAL:
There are 3 different worker groups in ICICI and are stated below;
'Core Workers' in ICICI: This group consists of different functional departments like sales, finance and human resource that are knowledge based which directly contribute to the core business of ICICI.
'Insource Workers' in ICICI: This group of work deals with temporary contractors, part-time employees and brokerage agents of ICICI Prudential.
'Outsource Work' of ICICI: The IT related work, payroll processing and taxation based work is outsourced to other companies which specialized in those fields.
ICICI PRUDENTIAL METHOD OF 'ATTRACTING TALENT':
The recruitment is nothing but choosing the right candidate for the right job considering specific skills and requirements of the organization.
In ICICI Prudential the basic task of HR is to know what exactly the organization is looking out for and perfectly designing the job description mentioning the roles and responsible.
Moving further the Human resource department should attract the qualified candidates through diversified methods.
The Human Resource choose various sources of attracting people like giving demos in the colleges and universities to pool out the talented candidates and attract them by coding the success rates of the company and winning stories of existing employees and also code the benefits and growth within the company. The other mode of attracting experienced talent is by showing the exciting working environment with a challenging position along with good pay package and also hierarchal growth in position of employees and many other benefits that are offered by the company.
In attracting these relevant candidates ICICI Prudential does advertise using Marketing methods internal and external means. The internal means of attracting the candidates is through the referral forum set in company's web page where in all the existing employees who are willing to relocation or move to other department operating other functional roles can look at that forum and know about vacant positions in the company. They employees can even refer their friends or network group who suit to that position.
External means such as Media & Paper advertisements, holding at the public places and at times the company even approach consultancies who supply manpower. Rewards were given to the prospective workers motivating them to work efficiently and make them active in fulfilling the requirements of the organization.
This can also quoted as a Marketing Exercise of the ICICI Prudential through Recruitment process with which the company gets attention of public towards it.
'Recruiting Process of Talent hunt' in ICICI Prudential:
The process of Recruitment is done through various factors and the process is divided into 2 types:
'Internal Recruitment' Process in ICICI has referral forum in company's web-page called 'ATLAS' where in job requirements are posted. And for few particular positions like Managerial roles in the organization they trace out the performances of the existing employees and conduct a review of selection process.
'External Recruitment' Process in ICICI has diversified methods such as souring from Manpower suppliers, conducting interviews for the candidates at university campuses.
ICICI Prudential often conducts walk-in interviews which is a time and cost saving method. It had also tied-up with few online portals where they can post the job requirements at a regular basis. Apart from these ICICI prudential also pull out candidates from various sources like Media & communication, advertisements and cross communication sources.
'Job Description and Person Specification' in ICICI Prudential:
The job description comprises of roles and responsibilities of an individual who is supposed to perform after getting a specific job using skills and abilities. The candidate should be suitable enough to apply for the required post. The person should be able to produce relevant documental proofs of qualification and experiences. They need to health enough to perform the job under pressures and flexible to work and shouldn't have any criminal offenses in the past. Effective communicational skills are must to perform any kind of job to understand and interpret the work. Positive driven attitudes gives positive results of the work.
'Reviewing the Effectiveness of Recruitment' in ICICI Prudential, the HR department play major role in recruitment process. The effective process of recruitment starts from screening the profile of the candidates and filter them which are much suitable for the requirement. The selected profiles were considered and called for preliminary interview which will taken by the HR consultant. The candidates must fill the application form furnishing their details. These details are stored in the database of ICICI Prudential's called as 'PACE' which consists of all the details of the candidates who applied for the job. This help in easy tracking candidate information.
SELECTION AND INDUCTING TALENT:
According to Torrington, et al derived '7 criteria for Selection process; it is sure that ineffective selection process affects the organization in terms of money, time and poor performances.''
In ICICI the selection method has assessment centers for selecting professionals like managers and Technicians, Developers etc., Acceptable and appropriate test is conducted in ICICI Prudential to entry level and senior manager posts. In the process of selection the application forms and CV are considered with which they are shortlisted for the interview. ICICI has self-assessment form where candidate assess themselves to the post. Interview for selection can be done through different ways depending upon the post and the requirement. Managers in ICICI use 'stereotypic and halo-horn effects' while selecting the candidates.
After the selection process the selected candidates are inducted which tells about the ICICI Prudential's Mission vision and what is their limitation and what is the new employee's role in performing work.
ICICI PRUDENTIAL 'CULTURE AND WORKING PRACTICES':
According to Edger S., and Hofstede, Keuning, 1998; Culture is defined as "The method of shared 'basic assumptions and beliefs' with internal as well as external values, by the employees of the organization to move forward positively avoiding problems by restricting the taking for granted environment".
Cultures are diversified in ICICI Prudential depending the location, work pattern and the geographically into many sub-cultures. The Marketing and sales department cultural approach is different from finance department these are called as 'Sub- Cultures'. As the company has spread worldwide they follow different cultures for different cultures but the goal stands the same. It has become important for the company to organize cultures depending upon the hierarchy levels and working areas and departments.
The environmental changes also made ICICI prudential to change their cultural approach towards the customers. This made ICICI Prudential receive award as 'Best cultural company of the year 2008'.
According to Dobson, 1988, 'analyzing and changing Culture of ICICI Prudential in terms of stories and rituals, formal activities avoiding informal gossips that may affect the company. They undergo change in 'recruitment process and redundancy policies of ICICI Prudential there reorganize the things and communications methods, systems, procedure and policies are even changed considering environmental and technological effects.'
'CHANGING OF WORK PRACTICES' OF ICICI PRUDENTIAL shown a positive as well as a negative effect with which the reputation of company changed going ups and down, employees were deprived with marketing challenges and sales targets change made employees to leave the organization frequently with which there was cost effectiveness. All the factors like 'demographic, diversifying issues, market position and place, customers perception and demand in the market and even skills shortages'.
The Work-Life Balance in ICICI Prudential:
According to David Clutterbuck, considering 'the culture and the work practices the work-life balance will be affecting where employees need to be satisfied with the job and maintain a equal balance between given time and effort to work which gives life into other aspects.'
Employees have to manage their work in a systematic manner so as to benefit him as well as the organization. Social and economic changes show the impact on work-life balance.
LEGAL REQUIREMENTS AND EXTERNAL AGENCIES OF ICICI PRUDENTIAL:
There should be proper fairness in recruiting and selection process by choosing the right candidates for the right post and documenting the information of selection process effectively to avoid irrelevance in selection. Proper protection also is given to employees of the organization giving them insurance coverage and Medical benefits. The information of all employment patterns is correctly maintained.
Proper guidelines and procedure are to be followed to with the help of 'Equal Opportunities Commission (EOC)', 'Commission for Racial Equality (CRE)' and also with 'ACAS-Advisory Conciliation and Arbitration Services' are linked to ICICI Pru'.
Grievance in ICICI: According to Ankur, chabra., 2009 " grievance are the symptoms of enterprise conflicts. This is done when an employee does any in disciplinary or fraudulent actions but at times if there any unfair dismissal then this may lead to conflicts.
'Role of ACAS':
The role of ACAS is:
'Arbitration' - 'Both the parties are called for third party investigation about dispute'.
'Conciliation' -'Communication gaps are cleared bringing both together and assisting them'
'Meditation' - 'Same as arbitration but mediator has major in solving the problem'.
ICICI Prudential Life Insurance has effective implemented it Human Resource strategies in HR planning going out with an outstanding resource based strategy and also shown dynamic capability and developing them. Human resource strategies are well linked to the Business process of ICICI Prudential and designed the organization in such way that goes with well worker groups. Practices like Attracting, Recruitment and selection procedures of ICICI Prudential have diversified means fulfilling the requirements of the company perfectly. The different cultures with different sub cultures are implemented within various functions and departments of the ICICI Prudential LIFE. ICICI had Strong legal requirements and tie-ups with external agencies to handle the conflicts in the Organization.