TRAINING & DEVELOPMENT ANALYSIS OF MAX NEW YORK LIFE INSURANCE

Submitted in Partial Fulfilment for the Award of the Degree of Bachelor in Business Administration 2009-2012

Under the Guidance of: Mrs.Suman Dhawan Assistant Professor

Submitted By: Himani Bisht Enrolment No. 02990615109

Meera Bai Institute of Technology, Maharani Bagh New Delhi-110065

CERTIFICATE

This is to certify that HIMANI BISHT, Enrolment No. 02990615109 has proceeded under by supervision his Research Project Report on training and development at max new york life insurance. in the specialization area HUMAN RESOURCES.

The embodied work in the current report is original and is of the standard which is expected from a BBA student and has not been submitted in part or full of this or any other university for the award of any degree or diploma. All the requirements have been completed and complied with as per requirements of guidelines for Research Project Report and this work is fit for evaluation.

NAME

MRS. Suman Dhawan

STUDENT DECLARATION

This is to certify that I have completed the Project report titled TRAINING & DEVELOPMENT ANALYSIS OF Max new york life insurance under the guidance of Mrs.Suman Dhawan in partial fulfilment of the requirement for the award of Degree of Bachelor of Business Administration at Meera Bai Institute of Technology , Maharani Bagh Delhi. This is an original piece of work & I have not submitted it earlier elsewhere

Name: Himani Bisht Enrollment No.: 02990615109

ACKNOWLEDGEMENT
I owe my sincere thanks and gratitude to Mrs Suman Dhawan(Project guide) who inspired me by his able guidance and was a constant guiding light during the course of project study. The support and knowledge provided by her has been a great value addition for me and will go a long way in building a promising career. First of all I would like to thank Mrs Dony Tuolte (principle, MBIT)who gave me this golden opportunity to learn something new about project writing. I would also like to thank my friends and family members who supported me and gave me valuable suggestions in this project.

Executive Summary
The objective of the study is to analyses the training and development process in Max New York Life Insurance. The study on training and development highlights the need of training and development in Max New York Life Insurance.

Human resource is the most important asset in the organization. Organizations are made up of people and function through people. The effective utilization of all other resources of the organization depends upon the quality of human resource. It is necessary to achieve a best fit between individuals. Jobs, organization and the environment. Right man should be procured at right place in right time; otherwise their proper utilization may not be done. It is necessary to develop potential of employees so that they get maximum satisfaction from their work and give their best effort to the organization. It helps the organization to achieve its objective in the future. Max New York Life Insurance provide maximum individual development of members of the organization by providing opportunities for training and advancement; employ the skills and knowledge of employees efficiently and effectively. Human resource plays a vital role in environmental scanning so as to identify and analyses external opportunities and threats that may be crucial to the organizations success.

Table of Contents
Certificate from the institute guide Students Declaration Acknowledgements Executive Summary I II III IV

Chapter 1 -

Introduction to the topic

1-23

1.1About the company

Chapter 2 -

Methodology

2.1Research Design 2.2Data Collection Primary and Secondary data Instruments for Data Collection. 27-42 43-44 23-27

2.3Training & Development 2.4Objectives

Chapter 3 Findings & Analysis Chapter 4 Conclusions Chapter 5 Recommendations / Suggestions Chapter 6 Limitations of the Study
6.1Bibliography 6.2Annexure

45-52 53-54 55-56 57-58 59-61

Questionnaire

62-63

Chapter 1

INTRODUCTION OF THE TOPIC

The purpose of this training was to have practical experience of working within the organization, in the field of human resource and to have exposure to the important management practices in field of human resource. While writing this report the language has been keep simple and the entire discussion has been logical and has coherent outlines. The main motto of the project work was Analyses the training and development of New York Life India, Delhi. The project report is divided into two parts; first part consists training of employees, and second consists development of employees at Max New York Life Insurance.

COMPANY PROFILE
The industries, businesses and individuals are considerably by the services of insurance organization. A. The oldest form of insurance (12th century) is marine insurance. After wards in 16th century fire insurance is started in Germany. B. The first registered life office was Hand in Hand Society established in 1696. C. In India the first life insurance was started in the Bengal Presidency in 1818 knows as oriental life insurance company. D. Experiencing so many ups and downs the insurance business was found in changed shapes. Particularly after attaining independence and to the more specific after nationalizing in 1956. E. There was major change in the insurance sector after globalization in 2001. The private player in the insurance industry and ends the dominance of LIC. F. The different MNC s company of foreign country enters in the insurance industry with the joint venture with Indian companies. Today total 11 private life insurance companies are working in insurance industry.

HISTORY
1912: the Indian Life Assurance Companies Act enacted as the first stature to regulate the
life insurance business.

1928: the Indian Insurance Companies Act enacted to the government to collect statistical
information about both life and non life insurance businesses.

1938: Earlier legislation consolidated and amended to the insurance Act with the objective
of protecting the interests of the insuring public.

1956: 245 Indian and Foreign insurers and provident societies taken over by the central
government and nationalized. LIC formed by an Act of Parliament, viz. LIC Act, 1956, with a capital contribution of Rs. 5 core from the Government of India.

INSURANCE SECTOR REFORMS:

1) Structure
Government stake in the insurance companies to be brought down to 50%.

2) Competition
Private companies with a minimum paid up capital of Rs. 1bn should be allowed to enter the industry. No company should deal in both Life and General Insurance though a single entity. Foreign companies may be allowed to enter the industry in collection with the domestic companies. Postal Life Insurance Should be allowed to operate in the rural market. Only One State Life Insurance Company should be allowed to operate in each state.

3) Regulatory Body
- The Insurance Act should be changed - An Insurance Regulatory body should be set up - Controller of Insurance (Currently a part from the Finance Ministry) should be made independent.

4) Investments
Mandatory Investment of LIC Life Fund in government securities to be reduced from 75% to 50%.

5) Customer service
LIC should pay interest on delays in payments beyond 30 days. Insurance companies must be encouraged to set up unit linked pension plans. Computerization of operations and updating of technology to be carried out in the insurance industry. The committee emphasized that in order to improve the customer services and increase the coverage of the insurance; industry should be opened up to competition.

ENTRANCE OF PRIVATE PLAYERS IN INSURANCE SECTORS

India still has low insurance penetration of 1.95 percent, 51st in the world. Despite the fact that India boosts a saving rate of around 25 percent, less than 5 percent is spent on insurance. The insurance landscape in India is undergoing major changes. Close to foreign competition since nationalization in 1956, the life insurance industry had been protected from competitive pressures. Now, with the reopening of the sector, several new players have entered the scene. The acronym for the Insurance Regulatory and Development authority of India, it overseeing the insurance business in India. It protects the interests of the policyholders received and ensures orderly growth of the insurance industry and for matters connected there thereto. Beside Max New York Life Insurance there are other 11 private players working in life insurance sector, which are as follows.

Allianz Bajaj Life Insurance Company Ltd.

Allianz Bajaj Life Insurance Company Ltd. is a joint venture between Allianz AG (Largest insurer in Europe) and Bajaj Auto Ltd. incorporated on 12th march 2001.

AMP Sanmar Assurance Company Ltd.

AMP Sanmar Assurance Company Ltd. is a joint venture between AMP, largest life insurer in Australia and New Zealand, Sanmar is one of the largest industrial groups in South India dealing in chlorochemicals and shipping and Engineering.

Aviva Life Insurance Company Ltd.

Aviva Life Insurance Company Ltd. is a joint venture between Dabur India and CGU, is a wholly subsidiary of Aviva Plc. (UK).

BI Life Insurance Company Ltd.

India s largest bank SBI and Cardiff S.A, a leading insurer in France came together to from SBI Life.

Tata Life Insurance Company Ltd.

Tata Life Insurance Company Ltd. is capitalized at Rs. 185 crore; of which 74% has been brought in by TATA Sons and the American partner bring the balance 26%.

ICICI Prudential Life Insurance Company Ltd.

ICICI Prudential equity based stands at Rs. 675 Cr. With ICICI group and Prudential Plc holding 74% and 26% stake respectively.

Birla Sun Life Insurance Company Ltd.

Birla Sun Life Insurance Company is a 74:26 joint venture between Aditya Birla Group and sun life financial services of Canada.

HDFC Standard Life Insurance Company Ltd.

HDFC Standard Life Insurance Company Ltd. was one of the first companies to be granted license by the IRDA to operate in life insurance sector. It was incorporated on 14th august 2000. HDFC is the majority stakeholder in insurance JV with 81.4% stake and Standard life (largest

mutual assurance company in Europe) has a stake of 18.6%.

ING Vysya Life Insurance Company Ltd.

ING Vysya Life Insurance Company Ltd. is expected to be first bank assurance venture in the country. Together they have roped in GMR group, which has wide-ranging interests in field such as power generation infrastructure, manufacturing, software and banking. As per JV agreement Vysya bank would hold 49% stake, ING (Europe, Dutch origin) 26% and GMR group would hold 25% of the stake.

Met Life India Insurance Company Ltd.

It was incorporated in April 2001 as a joint venture between Met Life International Holding, Inc, Jammu & Kashmir bank, and M. Pallonji and company private Ltd.

Max New York Life (MNYL) Insurance Company Ltd is a 26:74 joint venture between New York Life, a Fortune 500 company and Max India Limited, one of Indias leading multibusiness corporations. New York Life had revenues of US$ 25.69 billion in 2003and was ranked 185th in the Fortune 500 list. It has over 12,100 employees. MNYL has a paid up capital of US$ 93.79 million, which makes MNYL one of the highest capitalized life insurers in India. MNYL has adopted prudent financial practices to ensure safety of policyholders funds and therefore invests only in debt instruments and meets both Indian and international disclosure norms. MNYL offers a suite of products comprising 14 life insurance products and 9 options and riders. These products and riders can be customised to over 400 product combinations. One of the leading private sector life insurance companies in India MNYL has emerged as one of the countrys leading private life insurance companies having recorded a sum assured of over US$ 3.37 billion through over 446,000 policies sold. MNYL has underwritten a premium of around US$ 45.7 million in 2004 with a premium income of US$ 77.3 million for the year 200405. MNYL had a premium income of US$ 48 million for FY 2003 04, an increase of over 123 per cent over FY 2002 03. In terms of the number of policies sold, MNYL has underwritten 145,581 policies, an increase of over 87 per cent over FY 200203. MNYL has a team of over 1,500 employees working at 48 offices across 34 cities in India. MNYL has also set up a Centre of Operational Excellence at its corporate office in Gurgaon, Haryana. After the liberalisation of the life insurance sector in 1990s, private players are garnering an increasing share of the life insurance market. MNYL has managed to capture an overall market share of 0.70 per cent and a share of 5.4 per cent among private life insurers in India.

MNYL voted as one of the top 25 companies to work for in India Max New York Life was among the top 25 companies to work for in India, according to a recent survey published in Businessworld magazine, Great Workplaces In India. There were around 120 companies that took part in the survey and MNYL was ranked at the 20th position. First life insurance company to be awarded ISO 9001 certification Max New York Life was the first life insurance company in India to be awarded the IS0 9001:2000 certification. ISO certification is internationally recognized as a quality standard that is critical to achieving success in the global marketplace. The certification process was conducted by Bureau Veritas (BVQi), the largest certification body in India.

Factors for Success Wide range of products MNYL was the first company to offer base products and riders. The company pioneered the introduction of Whole Life policies, which offer customers a permanent insurance cover from 91 days to 100 years. Whole Life policies provide a prudent balance between risk cover and investment with the centre of gravity towards protection. Max New York Life is also the first company to offer multiple bonus options and the first to offer cash, rather than reversionary, bonus.

Strong agency force MNYLs primary channel of distribution is the agency force of over 5,500 individual agents. Agents are selected using a carefully designed programme and are trained for over 152 hours, far in excess of the mandatory 100 hours stipulated by the Insurance Regulatory and Development Authority (IRDA). The highly trained agency force has amongst the highest productivity of the private life insurance companies. In FY 200304, 81 agents were selected for the Million Dollar Round Table (MDRT), an exclusive congregation of the worlds top selling life insurance agents. This is an 80 per cent increase over the number of agents selected in FY 2002-03. Strong support from parent companies MNYL enjoys strong support from parent companies and is one of the highest capitalised private insurance companies in India. The parent companies would also provide a significant portion of further investment requirements till 2008 for MNYL. High quality service The insurance market was a monopoly and therefore the services provided by the incumbent player were poor. However with the change in market scenario, customers now have a much higher service expectation which is being offered to customers through MNYLs highly trained employees and agents. For example, agents undertake a need analysis with every customer before suggesting a life insurance solution. A Personal Insurance Plan, which gives the customer complete details of his/her policy with a year-on-year summary, is presented even before he/ she buys the policy. Also, all policies are hand delivered by the agent and the customer understands the entire policy and its terms. Leveraging the India Advantage New York Life (NYL), apart from leveraging the low penetration Indian insurance market, is also taking advantage of the large investment opportunities Max New York Life Insurance Company Limited: AT A GLANCE Joint Venture between New York Life and Max India Limited. One of Indias leading insurance companies, 1500 employees, recorded a sum assured of over US $ 3.37 billion, sold over 446,000 policies Ranked 20th in Great Workplaces in India by a survey by Businessworld magazine Indias first insurance company to be awarded the ISO 9001:2000 certifications Factors for success: Wide product portfolio, strong agent force, high quality service

 For New York Life India is: A new market for the insurance business as well as an Investment opportunity in the infrastructure sector Future plans, India: Expand business in second rung towns and develop business through Banc assurance tie-ups provided by the Indian infrastructure sector. NYL has a 10 per cent stake in Gujarat Pipavav Port Ltd (GPPL). Maersk Sealand, part of the largest shipping lines and third largest port operator in the world and AP Moller, Denmark, are planning to develop the Pipavav port as a regional hub. NYL is a stakeholder in Bharti Tele-Ventures Limited (BTVL), which is a leading player in the Indian telecommunications infrastructure sector. Future Plans The global life insurance major is bullish in favour of India over China in its international business plans. The companys vision is to become Indias most admired life insurance company. Taking advantage of the freedom given to expand, MNYL now proposes to push its business to Second-rung towns. MNYL is also planning banc assurance tie-ups for expanding its network. MNYL has projected a capital requirement of over US$ 22 million every year for the next three to four years. The cumulative investment required to grow the business till FY 200708 is to the tune of US$ 133144 million. Of this, the joint venture partners would invest US$ 76.6 million. NYL plans to raise its stake in MNYL after Budget 2004 announced allowing a hike in foreign partners holdings from 26 per cent to 49 per cent. MNYL is in talks with a number of large banks which might want to forge an equity-based Partnership with the company. The insurance company is working at developing its business through banc assurance route. Various Plans of Max New York Life Insurance.

CHILD PLANS As parents you would never let money come in the way of fulfillment of your children's true potential. Our Child Plans allow your children to dream big and soar high.

RETIREMENT PLANS Let your golden years be the most precious of your life, full of freedom and choice. Our Retirement Plans will let you live the life you deserve.

GROWTH PLANS Luxury car, foreign hol- iday or dream house, create your own wish list and make it come true. Our Growth Plans will let you live the life you deserve.

PROTECTION PLANS As the primary earning member, make sure that your family is never lacking in anything even if you are not around. Explore our Protection Plans that guarantee maximum protection at a low cost.

HEALTH PLANS The health of every member of the family is precious and you need to safeguard it on priority. Use our Health Plans to make sure your family stays fit and fine.

SAVINGS PLANS Insurance acts as a secure tool to maximize your savings and offer that much-needed protection. Savings plan takes care of market conditions and secures your investments. It is a systematic and sure way of fulfilling dreams.

Training
Our training division provides customized solutions and trainings of global standards by utilizing the expertise we have gained over the years. Our training helps the organizations build the right skill set among workforce to support various projects. We cover a wide domain of topics to take care of your total training requirements in the financial services sector. We focus on giving your team members the opportunity to sharpen their knowledge and improve their performance in order to build positive, steady, and profitable results. We provide training to all levels of management. We ensure that our robust training framework would increase effectiveness and performance level in your organization. Our training can be a great asset to building the skill sets of corporate teams at various strategic levels in the financial services sector. Duration: Duration of the training program can vary as per requirements.

Office of Human Resource

The role of Human Resources department is to design, develop, and implement a comprehensive human resources program to serve the College community and attract, reward and retain high quality academic and non-academic professionals. The Office of Human Resources is committed to deliver programs and services that makes Max New York Life Insurance an employer of choice.

With a dynamic and diverse workforce, a great benefit package, Corporate work culture, various events and the, stability of a successful institution that has grown steadily since 2002, Max New

York Life Insurance offers an excellent opportunities for personal and career growth to all of its
employees.

Career and Talent Management

Talent management has been described as having the right people with the right skills in the right jobs at the right time.
Achieving this goal means aligning the interests and skills of individual employees with Max New

York Life Insurance organizational needs. Talent management is a systemic approach to

assessment, planning, and learning. It is an on-going process and a shared responsibility of the employee, manager, and organizational leaders.

Organizational Strategies
Organizations and departments play a key role in retaining and developing the workforce. There are three elements that contribute to a culture of development and performance:

Talent Management and work force planning Focuses on clarifying organizational priorities and goals as the basis for evaluating the knowledge and capabilities needed in the workplace.

Learning and Development Strategies Highlights the ways in which employees learn in the workplace through education, training, peers, mentors, and targeted development programs.

Managers As a department manager and leader, there are various talent management strategies you can use to promote development in the workplace. Each section below focuses on a different aspect of the development process

Retaining and Developing the Workforce Looks at the manager's role in development planning and conducting development discussions. It includes tips on understanding the development needs of different generations in the workforce

Learning and developing strategies Helps managers identify learning opportunities in the workplace including training, peer learning, and on-the-job assignments.

Talent management and workforce planning Provides an overview of how to manage talent by conducting a department needs assessment and inventorying the workforce capabilities in the department. Employees The Office of Career and Talent Management supports Max New York Life Insurance employees in realizing their learning and development goals. Each section reflects a different aspect of career and professional development:

Career Planning and Management Covers fundamental self-assessment, research, and planning skills.

Development and Learning Focuses on development planning, job enrichment, mentors, and training.

Exploring Opportunities at Max New York Life Insurance Provides information about job families, networking, and internal job search.

Training and Development

We believe that the professional development of Max New York Life Insurance employees is an investment by Max New York Life Insurance in its future.

We also believe that the professional development of employees is a shared responsibility and collaboration between an employee, his or her manager, and Max New York Life Insurance.

We give high priority to the trainings and encourage our employees to attend the training programs conducted on regular basis. We have a very robust training policy and employees are encouraged to take the benefit of the policy.

Trainings are done for skill enhancement, behavioural skills and as per departmental needs.

Employee Relations
This section advises supervisory personnel on the interpretation of Max New York Life Insurance policies, and procedures. H.R Representative assists departments in meeting their staffing goals and managing job performance. This section also acts as advisors to employees and supervisors to resolve conflicts, promote effective working relationships, and provide guidance regarding career advancement.

Compensation and Benefits

The mission of the Compensation Office is to establish and implement fair, equitable and competitive compensation programs for the Institute's faculty, administrative, and support staff, in accordance with the Institute's reward philosophy and strategy. We meet the industry benchmarks and among the best paymasters in the industry. Our compensation structure meets the necessary requirements and among the best employers of

choice. The Office conducts and participates in a variety of surveys and other information exchanges to keep informed of salary trends in the external market. The Compensation Office recommends salary review allocations for all payroll categories, salary review procedures, and adjustments to established salary ranges. Benefits Information at Your Fingertips

Benefit Updates - When changes are made to any of the benefit plans, those changes will be described in this section.

Life Events - If you have a change in your family, such as marriage or the birth of a new baby; refer to the Life Events section for information about how your benefits will be affected.

Reward and Recognition

Employee Recognition

Max New York Life InsuranceRewards and Recognition program serves to highlight the excellence that exists in all areas and job functions across the Institute. Employee recognition can be given in many waysthrough saying thank you, giving praise, providing opportunity, or showing respect and felicitating the achievers on achievers day. Many studies on the work place have shown that being recognized for achievements, knowing that one's contributions matter to the organization, and the opportunity for growth and professional development have a considerable impact on employee satisfaction and commitment.

Eligibility

We encourage all members of the Max New York Life Insurance to acknowledge the hard work and exceptional achievements of their peers, co-workers, and colleagues through quick, simple means, such as thank you notes, an appreciative email, or an announcement at a team meeting. Recognition that includes a tangible gift, celebration, or cash award may be given to teams and individuals in the faculty, administrative, service and support staff.

Criteria for Recognition

Each area of the Institute has determined its own criteria for receiving formal and informal recognition.

Milestones
With the dedication & support of the Staff Members, Students & Corporate MNYL has been able to successfully climb the ladder of success year on year. Based on a solid foundation, with every passing year we our making our presence felt stronger not only in the educational sector but across the finance industry.

Chapter 2

RESEARCH METHODOLOGY

INTRODUCTION
Research is an art of scientific investigation through search for new facts in any branch of knowledge. It is a moment from known to unknown. Research always starts with a question or a problem. Its purpose is to find answers to questions through the application of the scientific method. It is a systematic and intensive study directed towards a more complete knowledge of the subject studied. Traditionally, research methodologies are broadly classified into qualitative and quantitative thereby creating a huge divide amongst researchers. Methodology is a particular set of procedures followed to analyse data and reach to a particular conclusion. Here, in this particular project methodology is exploratory research. Where, exploratory research is often conducted because a problem has not been clearly defined as yet, or its real scope is as yet unclear. It allows the researcher to familiarize her/himself with the problem or concept to be studied, and perhaps generate hypothesis to be tested.

METHOD OF DATA COLLECTION

a) Primary Data
The data that is being collected for the first time or to particularly fulfill the objectives of the project is known as primary data. Data collection was done through: -Questionnaire survey by administering structured closed ended questionnaire. The above primary data were collected through responses of employees was conducted through questionnaires prepared for them.

b) Secondary Data
Secondary data are that type of data, which are already assembled and neednt to collected from outside. These types of data were i) Company Profile ii) Product Profile iii) Competitors Profile The aforesaid data were collected through Internet and companys report.

1) Data Collection Method

For given project, the primary data, which needed to collect for the first time, were much significant. This type of information gathered through Survey technique, which is the most popular and effective technique for correct data collection. The survey was completed with the use of questionnaires.

2) Data Evaluation
The data so collected were not simply accepted because it contained unnecessary information and over or under emphasized facts. Therefore only relevant data were included in the report, which helped in achieving the objectives of the project.

WHAT IS TRAINING ?
Training is the process of increasing the knowledge and skills for doing a particular job. It is an organised procedure by which people learn knowledge and skill for a definite purpose. The purpose of training is basically to bridge the gap between job requirements and present competence of an employee. Training is aimed at improving the behaviour and performance of a person. It is a never ending or continuous process.

NEED FOR TRAINING

1) JOB REQUIREMENT: employees selected for a job might lack the qualification required to perform the job effectively. New and inexperienced employees require detailed introduction for effective performance on-the-job. 2) TECHNOLOGICAL CHANGES: technology is changing very fast now automation mechanisations are began increasingly applied in office and service sector. Increasing use of fast changing techniques requires training into new technology. 3) ORGANISATIONAL VIABILITY: in order to survive grow; an organisation must continually adapt itself to the changing environment. With increasing economic, liberalisation

and globalisation in India. Existing employees need refresher training to keep them abreast of new knowledge. 4) INTERNAL MOBILITY: training becomes necessary when employee moves from one job to another due to promotion and transfer. Employee chosen for higher level jobs need to be trained before they are asked to perform the higher responsibilities.

IMPORTANCE OF TRAINING:
HIGHER PRODUCTIVITY BETTER QUALITY OF WORK COST REDUCTION REDUCED SUPERVISION LOW ACCIDENT RATE HIGH MORALE PERSONAL GROWTH

BENEFITS OF TRAINING TO EMPLOYEES :

SELF-CONFIDENCE HIGHER EARNINGS SAFETY ADAPTABILITY PROMOTION

TYPES OF TRAINING:
1) Orientation training: orientation training seeks to adjust newly appointed employees to the work environment. Every new employee needs to be made fully familiar with the job, his superior and subordinates and with the rules and regulation of the organisation. 2) Job training: it refer to the training provided with a view to increase the knowledge and skills of an employee for improving performance on-the-job. 3) Safety training: training provided to minimise accidents and damage to machinery is known as safety training. 4) Promotional training: it involves training of existing employees to enable them to perform higher level job. 5) Refresher training: when existing technique become obsolete due to the development of better techniques employees have to be trained in the use of new methods and technique. Refresher training is designed to revive and refresh the knowledge and to update the skills of employees. 6) Remedial training: such training is arranged to overcome the shortcomings in the behaviour and performance of old employees.

Objectives of Training
No matter what the industry, or the size of your business, training can have a positive effect on business performance and a measurable impact on the bottom line.

Research shows that productivity increases even while training takes place. Staff who have received formal training have been found to be up to 230 per cent more productive than untrained colleagues working in the same role. High labour productivity will increase your business output and can open a greater share of the market, or expand the market through an increase in quality and reputation.

1. Business Objectives.
Staff Retention Training increases staff retention as it gives employees an incentive to stay on. Staff retention is a significant cost saving. The loss of one competent person can cost the equivalent of at least a year's pay and benefits. In some companies, training programs have reduced staff turnover by 70 per cent and have led to a return on investment of 7,000 per cent.

Improved quality and productivity Training appropriate to worker and employer needs increases the quality and flexibility of your services by fostering:
Accuracy and Efficiency Good work safety practices Better customer service.

Most enterprises provide on-the-job training, particularly at induction. ongoing training almost always shows a positive return on investment.

However,

The flow-on effect The benefits of training in one area can flow to all levels of your organization. For some retail businesses, training store managers has increased profits with sales rising up to 10 per cent and staff turnover rates declining by 37 per cent. Over time, training will not only boost the bottom line, but reduce costs by decreasing:

Wasted time and materials Maintenance costs of machinery and equipment Workplace accidents which may result in lower future insurance premiums Recruitment costs such as advertising and induction, through the internal promotion of skilled staff

Absenteeism.

Staying competitive

Staying competitive in a global market place requires businesses to continually change their work practices and infrastructures. Training is used to manage and facilitate the implementation of new technology, work practices and strategies by delivering the necessary skills to your workforce. The training your staff receives will also act as benchmarks for future recruitment and quality assurance practices. There are a variety of benefits from training other than those that directly affect profit. Businesses, which have implemented training, have reported improvements in:

Staff morale and satisfaction 'Soft-skills' such as inter-staff communication and leadership Time management Customer satisfaction.

2. Employee benefits
Regular training and learning opportunities are an investment that will allow employees to prosper and develop their careers while giving your business a highly skilled workforce and a competitive advantage in the market.

Staff turnover and recruitment

Studies of training across developed nations reveal that organizations with lower staff turnover spend the most on training and education. Minimizing staff turnover will benefit the organization. Replacing staff is a costly process skills are lost, resources are disrupted and recruiting new personnel takes time and money. Staff who receive on-going training are more likely to commit to their employers because:

Completion of the training develops their careers The training enables them to take on greater responsibility and higher paid work.

Measuring potential candidates against competencies delivered in your training programs also streamlines the recruitment process and reduces the induction period.

Increase workforce flexibility

Training increases the skill-set of your workforce enabling it to engage in a wider range of tasks and responsibilities. Greater confidence and motivation leads staff to become less reliant on management and supervision. Training in skills specific to your industry does not necessarily limit the benefits of flexibility. Staff who receive such targeted training often achieve improvements in:

Communication skills Professionalism Conscientiousness Creativity and innovation.

The benefits of a trained workforce have been shown to flow through to customers who become more satisfied with the improved level of products and services.

Improved staff attitude and morale

People enjoy learning when the material is relevant to their interests and many will be eager to apply their new skills and knowledge in practical situations. Staff who possess diverse skills are generally more satisfied and positive in their jobs. This decreases the occurrence of work-related stress and improves the overall work environment. By investing in their training, staff often feels:

Company have confidence in them to do the job The business values them and is giving something back over and above wages.

As a result, they will become self-starters, develop further competencies such as leadership and teambuilding, and be more willing to undertake further training. Training is also a perfect opportunity for business to get to know its staff, and for them to get to know each other.

1. Staying competitive

To retain an edge over their competitors, organizations have to keep abreast of industry changes, technological advances and new industry legislation.

Nationally recognized training, which is continually reviewed and updated by industry and training experts, keeps your business up-to-date with the latest industry and global marketplace developments.

2. New business opportunities Trained and motivated staffs, who understand the specifics of your business operations, are a sustainable competitive advantage. They will give your business the competitive edge by:

Increasing productivity and standards in production, therefore boosting your business reputation

Being able to undertake a greater variety of work and therefore allow you to expand or open up new markets

Allowing you to bid for more specialized, high value contracts Assisting you to meet business objectives faster.

Take advantage of new technologies Training is vital to stay ahead and take advantage of new information technologies, which play a crucial role in many organizations. Trained staff will prevent your business from suffering skill shortages in IT and all other areas relevant to your industry. Training is flexible and can occur with little disruption to your business. Vocational education and training can be delivered when and where it suits your business - after hours, on or off-the-job, and even online.

A SYSTEMATIC APPROACH TO TRAINING

Identifying training needs

SETTING TRAINING OBJECTIVE AND POLICY

Designing training programme

Conducting the training

Follow up and evaluation

METHODS AND TECHNIQUES OF TRAINING

1) ON-THE-JOB TRAINING: in this method, the trainee is placed on a regular

job and taught skills necessary to perform it. The trainee learns under the guidance and supervision of superior. Its learning by doing.

2) OFF-THE JOB TRAINING: under this method the trainee learns outside the
job and devotes whole time on learning. The main technique used in off-the-job training are as follows i) Vestibule training: in this method a training centre called vestibule is set up and actual job condition are duplicated. ii) Apprenticeship training: in this method, theoretical instruction and practical learning are provided to trainees in training institute. Its an earn when you learn scheme. Iii) Classroom training: under this, training is provided in company classroom or in or in educational institute. Lecture, case studies, group discussion are used to explain knowledge and skills to the trainees. Classroom training is suitable for teaching concepts and problem solving skills. iv) Internship training: its a joint programme of training in which educational institution and business firms cooperate. Selected candidates carry on regular studies for the prescribed period. V) E-learning: business firms are increasingly using electronic technology for training. This method includes training through internet, satellite broadcast etc. This phenomenon is also known as long trait training

What is executive development?

Executive development consists of all the means by which executives learn to improve their behaviour and performance. It is designed to improve the effectiveness of managers in their present jobs and to prepare them for higher jobs in future.

Definition:
Management development includes the process by which manager and executive acquire not only skills and competency in their present jobs but also capabilities for future managerial task of increasing difficulty and scope.

Features:

It is a planned and organised process of learning. It is an on-going and never ending process. It is a long term process as managerial skills cannot be developed overnight. Its guided self-development. It aims at preparing manager for better performance and helping them to
realise their full potential.

Objectives:
To improve the performance of manager at all levels in their present jobs. To sustain good performance of manager throughout their careers by exploiting their full potential. To ensure availability of required number of manager with the needed skills. To provide opportunities to executive to fulfil their career aspiration. To replace elderly employees who have risen from the ranks by highly competent and qualified professionals.

Importance : executive development is necessary for the following reasons: Managers need to be developed to handle the problem of giant and complex organisation in the face of increasing competition. Executive development is required to broader the outlook of managers. The rapid rate of technological social change in society requires training of manager so that they are able to cope with these changes. Its required to train and develop professional managers.

Executive need education and training to understand and adjust to changes in

socio-economic forces.

Methods and techniques of development

1) On-the job techniques. Coaching Under study project assignment Position rotation Committees Multiple management Selected readings 2) Off-the- job techniques Lectures Case studies Group discussions Conferences Role playing Management games In basket exercise Sensitivity training Programmed instructions

Principles of development
Top management should accept responsibility of executive development. Every manager must accept direct responsibility for developing the executive under his control on the job. Executive development program must be geared to the needs of the company and the individual. Executive development begins with the selection of the right man for executive position. A definite strategy spelling out the objective, coverage and type of executive development programmes should be formulated. Feedback should be made available to the learner so that he can take steps to improve himself.

OBJECTIVES

Objective of the study

1) The main objective of the project was to analyse employees satisfaction of MNYL. 2) To determine whether the skills and knowledge of employees are used efficiently and effectively. 3) To determine the relationship of employees with the organisation. 4) To judge the effectiveness of the other human resource functions of the organization such as recruitment, selection, training and development
5) To determine the effect on the organisation when the employees are satisfied.

CHAPTER-3

CHAPTER 3 DATA INTERPRETATION AND ANALYSIS

Personal detail

Classes (Age)

No of Respondents

18-24 25-35 35-45 45-55 55-65

5 18 15 10 2

20 15 10 5 0 18-24 24-35 35-45 45-55 55-65

No. of response

ANALYSIS Above diagram consists five classes of different age group . Here 18 employees fall in 25-35 age groups, 15 employees fall in the age group 35-45 years. Other 10 employees comes are in the class 45-55 years the age group of 18-24 Consists 5 employees reaming employees is in age group 55-65 years. Here majority of belong to employees the group 25-35 years

Does the organization offer training courses for development of skills?

YES__________ Yes NO________________ No Total

No. of Respondents

45

50

% of Respondents

90

10

100

YES NO

ANALYSIS To this question 45 employees reported YES and 5 employees reported NO.

How will you rate the policies given by Max New York Life Insurance?

No of Respondents

% Of Respondents

Poor Average Good Excellent Total

16 28 6 50

32 56 12 100

poor Average Good Excellent

ANALYSIS Out of 50 respondents 57% have ratted Max New York Life Insurance org. planning as good and 32% have ratted as average. And remaining 12% have ratted as Excellent.

Does the organization offer exercises and opportunities for individuals and teams?

YES 80%

NO 20%

YES NO

80% Employees of our survey are satisfied and only 20% Employees are not satisfied.

ANALYSIS Out of 50 respondents 80% have ratted that Max New York Life Insurance org. offer exercises and opportunities for individuals and teams. And 20% employees ratted that Max New York Life Insurance org. not offer exercises and opportunities for individuals and teams.

Does the organization offers a work climate where employees support each other in achieving team targets?

YES 85%

NO 15%

YES NO

85% Employees of our survey are satisfied and only 15% Employees are not satisfied.

CHAPTER-4

CONCLUSION

After conducting human resource for Max New York Life Insurance we came to know different needs of employees, their valuable suggestions, responses to the different questions. With this information we can conclude that there are good human resource policies in the Max New York Life Insurance. Employees satisfaction level of most respondents is higher Max New York Life Insurance, which is provided by survey. Higher satisfaction level of International College of financial planning was monthly due to Max New York Life Insurance provides good human resource policies for the employees & security.

CHAPTER-5

RECOMMENDATIONS

SUGGESTIONS

Proper training and development programs should be there for the employees. It helps to motivate employees and improve performance level. The organisation should prepare the comprehensive and well conceived programs; it should be simple to understand. The organisation must understand the needs of the employees and provide proper incentives to increase the moral of employees. Organisation should increase the advertisement.

CHAPTER-6

LIMITATIONS

LIMITATION

During the course of survey some unfavourable errors are faced such as no response, inaccuracy in response etc. A very busy as well as hectic schedule was prevalent which an obstruction was. As the questionnaire was distributed amongst various employees few of the employees feels hesitant in answering the questionnaire

 Some of the higher grade employees were not approachable Some employees didnt respond few questions. Employees feel hesitant or wastage of time in filling the questions in which their suggestions have been asked as they think its useless giving any suggestions because they are never considered or discussed.

BIBLIOGRAPHY

BIBLIOGRAPHY
REFERENCES

BOOKS:
Kothari, C.R., Research Methodology- An Introduction, Research Methodology, Kothari, Methodology-An second Edition, Introduction, New Delhi, Research New Age

International Limited, 2011, Pg 1-20. C.R., Research Design, Research Methodology, Second Edition, New Delhi, New age International (P) Limited, 2011, Pg31-32. Kothari, C.R. Sampling Designer, 2011, Pg55-56. Kothari, C.R, Processing and Analysis of Data, Research Methodology, Second Edition, New Delhi, New Age International (P) Limited, 2011,Pg 122-131. Research Methodology, Second Edition, New Delhi, New Age Internation (P) Limited,

COMPUTER WEBSITE
http://www.max new york.org /html/index.php http://www.max .org/html/index.php?option=com_content&task=view&id=172&Itemid=219 http://www.pagalguy.com/forum/mat-state-level-cet-related http://educationeagle.blogspot.com/2011/02/max new york www.gogle.com

ANNEXURE

Questionnaire

1. Personal detail

Name of the employee: ________________________________ Age 18-24___________ 45-55___________ 25-35____________ 55 and above________ 35-45_______________

Employee Number: ______________ Department: ___________________ Phone No. Email.Joining Date: ____//____//_________

1). Do you feel that your organizations objectives are achievable? a) YES b) NO 2). Does the organization offer training courses for development of skills? a) Yes b) No 3). Do you feel that the organization offers the perfect environment for individual and team growth? a) YES

b) NO 4). Does the organization offer exercises and opportunities for individuals and teams? a) Yes b) No ________________________________________________________________ ______________________________________ 5). Do you feel value as an employee? a) Yes b) No