A Project Report On Evaluation of Effectiveness of Training in ICICI Prudential Life Insurance, Hyd.

By SYEDA TASNEEM FATIMA

Hall ticket no: 140310672088 2012)

(Year 2010-

Project Submitted in partial fulfillment of the requirement for the award of the Degree of Master of Business Administration

Anwarululoom College of Business Management Affiliated to Osmania University, Hyd, A.P, India.

ANWARUL ULOOM COLLEGE OF BUSINESS MANAGEMENT

New Mallepally, Hyderabad-500 001 Ph.no 23340208, 64509223, 23343170

CERTIFICATE
This is to certify that, the project work entitled Evaluation of Effectiveness of Training in an organization in ICICI Prudential Life Insurance Corporation, Hyderabad has been accomplished by SYEDA TASNEEM, Roll no. 140310672088 submitted in partial fulfillment of the requirement for the award of the Degree of Master of Business Administration by Osmania University, Hyderabad. This is a bonafide work completed under my guidance and supervision.

PROJECT GUIDE

DIRECTOR

DECLARATION

I hereby declare that this Project Report titled Evaluation of Effectiveness of training in ICICI Prudential, Hyd. submitted by me to the Department of Business Management, O.U., Hyderabad, is a bonafide work undertaken by me and it is not submitted to any other University or Institution for the award of any degree diploma / certificate or published any time before.

Name and Address of the Student

Signature of the Student

ACKNOWLEDGEMENT

I would like to express my sincere gratitude to SHAIK SHAFEEQ UR REHMAN HOD, Anwarululoom College of Business Management for providing me an opportunity to work on this project. It has been a rewarding and enriching experience for me and the valuable guidance, encouragement and moral support at every phase of this dissertation has helped me to enjoy and learn more.

I am thankful to all my lecturers and especially HR department and my project guide Mrs.Shaheen sultana, for her valuable assistance, support and suggestions throughout the period of project work.

I would also like to thank the Agency Manager and employees of ICICI Prudential for their cooperation in the completion of my project.

I express my heartfelt gratitude to my family and friends for their timely support and encouragement without which it would not have been possible for me to complete this project.

ABSTRACT
The project entitled Evaluation of effectiveness of training in ICICI Prudential, Hyd was taken up with the objective to study the various practices adopted for the training and development of employees of the organization. The study employed exploratory type of research design as it was felt that it is best suited. The design of exploratory studies is characterized by great amount of flexibility and adhoc versatility. ICICI Prudential is already having training and development programs for its employees based on the need of the hour, so the secondary data available was utilized in this project. The project attempts to study the effectiveness of the existing system and suggest changes for improvement.

The researcher adopted random sampling method for the analytical study and both the primary and secondary data were collected. For collecting primary data, a questionnaire framed with 25 questions was used and the responses were recorded. The questionnaire was given to the employees to elicit their views with regard to implementation and to gear up for future requirements. Appropriate statistical tools were used to supplement the analysis and data interpretation. Percentage analysis and charts are the statistical techniques used. Suggestions were given on the bias of collected data analysis. The suggestions included proper time management in conducting the training sessions, maintaining the standard of the training sessions throughout the employees career and evaluating the effectiveness of the sessions in order to improve in future.
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Table of Contents
S. No Contents Chapter I 1 2 3 4 5 Introduction to the study Objectives Significance and scope of the project Research Methodology Limitations of the study Chapter II Literature Review 6 7 8 9 10 11 Training in banking and insurance sector Training and development objectives & Importance of training and development Benefits of training to the organization and its employees Importance of training objectives Principles of training Methods of training Chapter III Company Profile 12 13 History of insurance in India ICICI Prudential overview Page No. 9-15 10 11 12 13 15 16-33 17 19 20 21 23 25-33 34-46 35 36

14 15 16 17 18

Distribution and Vision Range of Products Awards and recognitions Latest news Latest information regarding ICICI Prudential from IRDA anuual report 2011-12 Chapter IV Data Analysis and Interpretation

37 39 42 44 46

47-73 48-73 74-78 75 76 77 78

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Employees questionnaire (No. of questions 25) Chapter V Summary and Conclusions

20 21 22 23

Findings Conclusions Suggestions and Recommendations Bibliography Appendices

24 25

Appendix A Organization structure Appendix B - Questionnaire

80 81-86

Chapter I Introduction

Introduction to the study

Human Resource Management is the organizational function that deals with issues related to people such as compensation, hiring, performance management, organization development, safety, wellness, benefits, employee motivation, communication, administration, and training. Education is not a sufficient index or metrics to gauge employees competence. While education provides the basic cognitive skills to prepare one for work, it is not necessarily sufficient to predict his or her behavior in the workplace. Skills and knowledge, or competency(more appropriately) has to be developed. This can only happen when the HRM (Human Resource Management) Department takes it mandate of developing people to become competitive. Thus training initiative is imperative. TRAINING AND DEVELOPMENT is a subsystem of an organization. It ensures that randomness is reduced and learning or behavioral change takes place in structured format.

TRADITIONAL AND MODERN APPROACH OF TRAINING AND DEVLOPMENT

Traditional Approach Most of the organizations before never used to believe in training. They were holding the traditional view that managers are born and not made. There were also some views that training is a very costly affair and not worth. Organizations used to believe more in executive pinching. But now the scenario seems to be changing. The modern approach of training and development is that Indian Organizations have realized the importance of corporate training. Training is now considered as more of retention tool than a cost. The training system in Indian Industry has been changed to create a smarter workforce and yield the best results.

Training is an essential part of the human resource development in an organization. The objectives of the organization can be achieved through trained and efficient workforce employed in it. It wont be wrong to say that the human resources are the lifeblood of any organization.

When the organization has invested in some training, how do we know if it has a success? Our gut feeling might be that skills and practice have improved. But in what ways and by how much has it improved, and did organization get value of money? Answers to these questions can be found by doing evaluation. The evaluation of training forms the remaining part of the training cycle which starts with the identification of training needs, establishing objectives and continues through to the design and delivery of the training course itself. It is the function of evaluation to assess whether the learning objectives originally identified have been satisfied and any deficiency rectified. It is part of a continuing management process consisting of planning, implementation and evaluation; ideally with each following the other in a continuous cycle until successful completion of the activity. Evaluation process must start before the training begins and continue throughout the whole learning process. Donald Kirkpatrickdeveloped four level models to assess training effectiveness. According to him, evaluation always begins with level first and should move through other levels in sequence. Reaction Level: The purpose is to measure the individuals reaction to the training activity. The benefit of Reaction level evaluation is to improve Training and Development activity efficiency and effectiveness. Learning Level: The basic purpose is to measure the learning transfer achieved by the training and development activity. Another purpose is to determine to what extent the individual increased their knowledge, skills and changed their attitudes by applying quantitative or qualitative assessment methods. Behavior Level:The basic purpose is to measure changes in behavior of the individual as a result of the training and development activity and how well the enhancement of knowledge, skill, attitudes has prepared them for their role. Result Level: The purpose is to measure the contribution of training and development to the achievement of the businesss operational goals. There are three possible opportunities to undertake the evaluation process:
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1) Pre-training evaluation: It is the method of judging the worth of a program before the activities begin. The objective is to determine the appropriateness of the context of training activity and to help in defining relevant training objectives. 2) Context and input evaluation: It is a method of judging the worth of a program while the program activities are happening. The objectives of this evaluation are (a) To assess a training course or workshop as it progress (b) To find out the extent of program implementation and (c) To determine improvement and adjustments needed to attain the training objectives. 3) Post Training Evaluation: It is method of judging the worth of a program at the end of the program activities. The focus is on the outcome. It tries to judge whether the transfer of training to the job has taken place or not. The onus to decide on the effectiveness of the training program should primarily be on the employee and through his performance and quality of output, the organization should form impressions. Three major approaches to training evaluation: quality ascription, quality assessment and quality control are highlighted. In order to enhance the effectiveness of training, evaluation should be integrated with organizational life. (Phillip C. Wright, 1992), Reports on a study of current and past training literature which suggests that, to be effective and to isolate both training needs and those problems having other, non-trainable solutions, training must be preceded by a needs analysis.

Objectives:
1)To study the methods of training followed in the organization. 2)To evaluate the effectiveness of training in an insurance company. 3) To determine the major area of focus of the training and development in the organization. 4)To study and evaluate the various training sessions undertaken by the employees. 5)To study and evaluate the various training programmes conducted by the organization.

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6)To know the impact and effectiveness of training sessions on the employees and the application of the learnt information in their daily job. 7)To know the importance of training and development programmes in the organization. Significance of the project. In this project, a study has been conducted on the evaluation of effectiveness of the training and development programmes conducted in the organization that is ICICI Prudential.Training and development in todays competitive environment plays a crucial role in the success of the organization. It is necessary to study and analyse the effectiveness of the programs conducted for the training and development of the employees in an organization in order to stay ahead in the market race. Scope of the project: The scope of the study of this project is limited to the evaluation of the effectiveness of training and development programs conducted in ICICI Prudential, Hyderabad, Andhra Pradesh, India.

Research Methodology
The research includes defining and redefining of the problems, formulating hypothesis, collecting, organizing and evaluating the data, making deductions after careful thinking and finally reaching conclusions of the study. Title of the study: The title of the study is Evaluation of Effectiveness of the training in ICICI Prudential. Research Design: Research design consists of important aspects of plan, structure and strategy. It is the summary of all research activities from the initial stage of formulation of problem to the final stage of analysis of data. The most suitable design is the one that minimizes bias and maximizes the reliability of data collected and analysis. A research design is like a roadmap, we can see where we currently are, where we want to be at the completion of our journey, and can determine the best or the most efficient and effective route to take to get to our destination. Our research purpose and objectives suggest which design might
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be best to get us where we want to go. Successfully completing a research project consists of making those choices that will fulfill the research purpose and obtain answers to the research questions in an efficient and effective manner. Exploratory Research is used: i) To define the problem more precisely ii) To identify relevant courses of action i.e. find the most likely alternatives, which are then turned into hypotheses. iii) Isolate key variables and relationships for further examinations. iv) Gain insights for developing an approach to a problem. v) Establish priorities for further research. The employees are exposed to a questionnaire to elicit their views with regard to implementation of the learnt information and skills for future requirements. Exploratory type of research design is characterized by great amount of flexibility and versatility. It is adopted in the research of this project as the secondary data available is utilized.

Methodology
The study depended on both primary and secondary sources of data. Primary data source: It was collected through i) indirect oral investigation, ii) questionnaires iii) observation iv) by contacting the branch manager and trainer of the organization.

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Questionnaire was prepared and circulated among the employees of the organization. It consisted of close ended questions.

Secondary data source: The secondary data is the available data and refers to the documents, records, books, journals, newspapers, internet etc. The relevant secondary data for the project was collected from: i) ii) iii) iv) v) vi) Training and development programmes of ICICI Prudential Books Journals Website of the company Brochures Other reports

Limitations of the study:

The limitations of the study are as follows: 1) Accuracy of the study is based on the information given by the respondents. 2) Time constraint was an important factor . 3) Some of the facts are not disclosed in the report due to the restrictions and other formalities of the company. 4) The study mostly being exploratory in nature might not accurately represent the exact conditions prevailing in the organization.

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5) Data collected cannot be asserted to be free from error as the sample size was small. 6) The study cannot be generalized for all the companies as different companies follow different approaches, procedures and systems. 7) In this case study, a moderate attempt was made to examine the evaluation of effectiveness of training in ICICI Prudential for 45 days, though this period is insufficient to study the long term outcomes of the effectiveness of training programs.

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Chapter II
LITERATURE REVIEW

Training and development

Customer relationship plays a major role in insurance business. Therefore adequate training is required for the employees to understand the customer needs and communicate the suitable product details according to their requirements. A company will be successful if the intermediaries interacting with the customers have a sound knowledge of the products available and are able to convey the same to the end users. Insurance expert Dale S Beach defined training as the organized procedure by which the employees learn knowledge and skills for a definite purpose. The organization has to conduct
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training programs to educate the staff about the various products available, to improve their communication skills and also to equip them to handle different types of customers. Training in Banking and Insurance Sector Favorable economic climate and number of other factors such as, growing urbanization, increasing consumerism, rise in the standard of living, increase in financial services for people living in rural areas, etc has increased the demand for wide range of financial products that has led to mutually beneficial growth to the banking sector and economic growth process. This was coincided by technology development in the banking operations. Today most of the Indian cities have networked banking facility as well as Internet banking facility. Some of the major players in the banking sector are State Bank of India, HDFC Bank, Citibank, ICICI Bank, Punjab National Bank, etc. In the Insurance sector also, rapid expansion has created about 5 lakh job opportunities approximately in the past five years. These openings are mainly in the field of insurance advisors or marketing agents. The eligibility criteria for these jobs is graduation with some experience in marketing or become insurance agents after completing school but this needs some relevant training. Earlier there were no training programs as such for insurance agents but on-the-job training only that was given once the new agent was appointed. But now the scenario has been changed, with the coming up of big players like ICICI Life Insurance, ICICI Lombard, HDFC Life Insurance, Tata AIG General Insurance, etc in this sector, people who've had some formal training are preferred while recruitment because it can be helpful in the insurance field. However, only the insurance degree in this field does not guarantee success. To be successful an agent must have strong interpersonal, networking, and communication skills. Number of opportunities in Banking and Insurance sector has increased than ever before. With this rapid expansion and coming up of major players like ICICI, HDFC, UTI, Bajaj Allianz, etc in the sector, the need of human resource development has increased. As a part of on-the-job training, companies are tying with training institutions to upgrade the employee knowledge on the latest technology and novel techniques in the industry to improve his performance. Strong academia-industry partnerships are also witnessed. United India Insurance Company in partnership with Dr. Ambedkar Law University in Tamil Nadu provides a post graduate diploma course in general insurance law and practice. A survey reveals that the training

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sensitivity among the private insurers stands at 3 on the scale of 0 to 5, where 0 represents not sensitive and 5 represents highly sensitive. The focus of the training during the last decade has shifted from training for survival to training for success. Training, therefore, has to serve as a vehicle for change. To satisfy the curiosity of agents, the faculty members will have to become real coaches and not mere cheerleaders. The training system has to develop wings to fly towards greater heights. All this is possible only when the organizations evaluate the effectiveness of the existing training programs on performance improvement of the employees and thereafter make suitable changes in the training policy to bridge the performance gaps in the employees. Evaluation of the effectiveness of training is done to ensure that it is cost effective, to identify needs to modify or extend what is being provided, to reveal new needs and redefine priorities and most of all to ensure that the objectives of the training are being met. The latter may not be easy to ascertain where results cannot be measured mathematically. In the case of attitude and behavioral changes sought, leadership abilities, drive and ambition fostered, etc., achievement is a matter of the judgment of senior staffs. Exact validation might be impossible but unless on the whole the judgments are favorable the cooperation of managers in identifying needs, releasing personnel and assisting in training ventures will cease. In making their judgments senior managers will question whether the efforts expended have produced:

More effective, efficient, flexible employees; Faster results in making newcomers knowledgeable and effective than would follow from experience; More effective or efficient use of machinery, equipment and work procedures; Fewer requirements to implement redundancy (by retraining); Fewer accidents both personal and to property; Improvements in the qualifications of staff and their ability to take on tougher roles; Better employee loyalty to the organization with more willingness to innovate and accept change.

TRAINING AND DEVELOPMENT OBJECTIVES

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The principal objective of training and development division is to make sure the availability of a skilled and willing workforce to an organization. In addition to that, there are four other objectives: Individual, Organizational, Functional, and Societal.

Individual Objectives help employees in achieving their personal goals, which in turn, enhances the individual contribution to an organization.

Organizational Objectives assist the organization with its primary objective by bringing individual effectiveness.

Functional Objectives maintain the departments contribution at a level suitable to the organizations needs.

Societal Objectives ensure that an organization is ethically and socially responsible to the needs and challenges of the society.

Importance Of Training and Development

Optimum Utilization of Human Resources Training and Development helps in optimizing the utilization of human resource that further helps the employee to achieve the organizational goals as well as their individual goals. Development of Human Resources Training and Development helps to provide an opportunity and broad structure for the development of human resources technical and behavioral skills in an organization. It also helps the employees in attaining personal growth. Development of skills of employees Training and Development helps in increasing the job knowledge and skills of employees at each level. It helps to expand the horizons of human intellect and an overall personality of the employees.

Benefits of Training to the organization and its employees.

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1)Productivity Training and Development helps in increasing the productivity of the employees that helps the organization further to achieve its long-term goal. 2)Team spirit Training and Development helps in inculcating the sense of team work, team spirit, and inter-team collaborations. It helps in inculcating the zeal to learn within the employees. 3)Organization Culture Training and Development helps to develop and improve the organizational health culture and effectiveness. It helps in creating the learning culture within the organization. 4) Organization Climate Training and Development helps building the positive perception and feeling about the organization. The employees get these feelings from leaders, subordinates, and peers. 5)Quality Training and Development helps in improving upon the quality of work and worklife. 6)Healthy work environment Training and Development helps in creating the healthy working environment. It helps to build good employee, relationship so that individual goals aligns with organizational goal. 7)Health and Safety Training and Development helps in improving the health and safety of the organization thus preventing obsolescence. 8)Morale Training and Development helps in improving the morale of the work force. 9)Image Training and Development helps in creating a better corporate image. 10)Profitability Training and Development leads to improved profitability and more positive attitudes towards profit orientation. 11) Training and Development aids in organizational development i.e. Organization gets more effective decision making and problem solving. It helps in understanding and carrying outorganisational policies 12) Training and Development helps in developing leadership skills, motivation, loyalty, better attitudes, and other aspects that successful workers and managers usually display.

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Importance Of Training Objectives

Training objectives are one of the most important parts of training program. While some people think of training objective as a waste of valuable time. The counterargument here is that resources are always limited and the training objectives actually lead the design of training. It provides the clear guidelines and develops the training program in less time because objectives focus specifically on needs. It helps in adhering to a plan. Training objective tell the trainee that what is expected out of him at the end of the training program. Training objectives are of great significance from a number of stakeholder perspectives, 1.Trainer 2.Trainee 3.Designer 4. Evaluator Trainer The training objective is also beneficial to trainer because it helps the trainer to measure the progress of trainees and make the required adjustments. Also, trainer comes in a position to establish a relationship between objectives and particular segments of training.

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Trainee The training objective is beneficial to the trainee because it helps in reducing the anxiety of the trainee up to some extent. Not knowing anything or going to a place which is unknown creates anxiety that can negatively affect learning. Therefore, it is important to keep the participants aware of the happenings, rather than keeping it surprise. Secondly, it helps in increase in concentration, which is the crucial factor to make the training successful. The objectives create an image of the training program in trainees mind that actually helps in gaining attention. Thirdly, if the goal is set to be challenging and motivating, then the likelihood of achieving those goals is much higher than the situation in which no goal is set. Therefore, training objectiveshelps in increasing the probability that the participants will be successful in training. Designer The training objective is beneficial to the training designer because if the designer is aware what is to be achieved in the end then hell buy the training package according to that only. The training designer would then look for the training methods, training equipments, and training content accordingly to achieve those objectives. Furthermore, planning always helps in dealing effectively in an unexpected situation. Consider an example; the objective of one training program is to deal effectively with customers to increase the sales. Since the objective is known, the designer will design a training program that will include ways to improve the interpersonal skills, such as verbal and non verbal language, dealing in unexpected situation i.e. when there is a defect in a product or when a customer is angry. Therefore, without any guidance, the training may not be designed appropriately. Evaluator It becomes easy for the training evaluator to measure the progress of the trainees because the objectives define the expected performance of trainees. Training objective is an important to tool to judge the performance of participants.

Employee Training is Worth the Investment A recent survey indicates that 40 per cent of employees who receive poor job training leave their positions within the first year. They cite the lack of skills training and development as the principal reason for moving on. Despite the initial monetary costs, staff training pays back investment. Some of the reasons to take

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on development initiatives:

Training helps business run better. Trained employees will be better equipped to handle customer inquiries, make a sale or use computer systems. Training is a recruiting tool. Today's young workers want more than a paycheque. They are geared toward seeking employment that allows them to learn new skills.

Training promotes job satisfaction. Nurturing employees to develop more rounded skill sets will help them contribute to the company. The more engaged and involved they are in working for your success, the better your rewards. Training is a retention tool, instilling loyalty and commitment from good workers. Staff looking for the next challenge will be more likely to stay if you offer ways for them to learn and grow while at your company. Don't give them a reason to move on by letting them stagnate once they've mastered initial tasks. Training adds flexibility and efficiency. They can be cross-trained to be capable in more than one aspect of the business. Teach them to be competent in sales, customer service, administration and operations. This will help keep them interested and will be enormously helpful to you when setting schedules or filling in for absences. Cross-training also fosters team spirit, as employees appreciate the challenges faced by co-workers. Training is essential for knowledge transfer. It's very important to share knowledge among staff. If only one person has special skills, it will be a tough time recouping their knowledge if they suddenly leave the company. Spread knowledge around it's like diversifying investments. Training gives seasonal workers a reason to return. Let seasonal employees know there are more ways than one to contribute. Instead of hiring someone new, offer them a chance to learn new skills and benefit from their experience.

Principles of training:

1) Clear objectives: the objectives and scope of a training program should be clearly defined.

A comparison of operational requirements and existing human resource skills will help to
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determine the specific training needs of employees. Operational requirements depend on the performance needed to achieve organizational objectives. A well defined set of performance standards should be created.

2) Training policy: A clearly defined training policy served as the guide for designing and

implementing training programmes. Such a policy should specify who is responsible for training what is to be spent in training.

3) Motivation: Employees tend to be most responsive to training programmes when they feel

the need to learn. Therefore, training must be related to the needs and the problems of the trainees as well as to their abilities and aptitudes. Information provided in the training material should be meaningful.It should be presented in a sequential manner from the simple to the more complex. Audio- visual aids should be used to avoid boredom and fatigue of the lecture method.

4) Reinforcement: According to B.F Skinners behavior modification model, when a behavior

is repeatedly rewarded, it becomes a permanent part of ones personality. Learning is more effective when there is reinforcement in the form of rewards and punishments. Rewards or positive reinforcements are more effective in changing behavior than punishments or negative reinforcements. 5) Pay raise, promotions and praise should therefore, be used to reward trainees who learn and apply the knowledge and skills. Rewards should quickly follow the desired behavior and performance, Trainees should encouraged to participate , discuss and discover the desirable patterns of behaviour.

6) Organized material: Training material should be properly organized. A complete outline of

the whole course should be distributed in advance so that the trainees can prepare themselves before coming to the class. Training material should be prepared by the training section in consultation with line supervisors.

7) Learning periods:Learning takes time and teaching in segments is better than in one go.

Several short sessions spread over a long period, enable the trainee to learn.

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8) Preparing the instructor:The instructor or trainer is the key figure in a training program.

The trainer should not only be a good teacher but must know the subject and also the job.

9) Feedback: Trainees should be provided information on how much well they are doing.

Every trainee should know what aspect of his performance is not up to the mark. The feedback should be positive, fast and frequent. Self-graded test and programmed learning can be used to provide feedback.

Methods of training
Training is a process of learning a sequence of programmed behavior. It is the application of knowledge and gives people an awareness of rules and procedures to guide their behavior. It helps in bringing about positive change in the knowledge, skills and attitudes of employees. Since training involves time, effort and money by an organization, so an organization should to be very careful while designing a training program. The objectives and need for training should be clearly identified and the method or type of training should be chosen according to the needs and objectives established. Once this is done accurately, an organization should take a feedback on the training program from the trainees in the form of a structured questionnaire so as to know whether the amount and time invested on training has turned into an investment or it was a total expenditure for an organization. Training is a continuous or never ending process. Even the existing employees need to be trained to refresh them and enable them to keep up with the new methods and techniques of work. This type of training is known as Refresher Training and the training given to new employees is known as Induction Training. This is basically given to new employees to help them get acquainted with the work environment and fellow colleagues. It is a very short informative training just after recruitment to introduce or orient the employee with the organization's rules, procedures and policies. Training methods can be divided into cognitive and behavioral. Cognitive methods are more of giving theoretical training to the trainees. The various methods under Cognitive approach provide the rules for how to do something, written or verbal information, demonstrate relationships among concepts, etc. These methods are associated with changes in knowledge and attitude by stimulating learning.

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The various methods that come under Cognitive approach are:

LECTURES DEMONSTRATIONS DISCUSSIONS COMPUTER BASED TRAINING (CBT) INTELLEGENT TUTORIAL SYSTEM(ITS) PROGRAMMED INSTRUCTION (PI) VIRTUAL REALITY

Behavioral methods are more of giving practical training to the trainees. The various methods under Behavioral approach allow the trainee to behavior in a real fashion. These methods are best used for skill development. The various methods that come under Behavioral approach are:

GAMES AND SIMULATIONS BEHAVIOR-MODELING BUSINESS GAMES CASE STUDIES EQUIPMENT STIMULATORS IN-BASKET TECHNIQUE ROLE PLAYS

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Another Method is MANAGEMENT DEVELOPMENT METHOD The more future oriented method and more concerned with education of the employees. To become a better performer by education implies that management development activities attempt to instill sound reasoning processes. Management development method is further divided into two parts: ON THE JOB TRAINING The development of a manager's abilities can take place on the job. The four techniques for on the job development are: a) b) c) d) COACHING MENTORING JOB ROTATION JOB INSTRUCTION TECHNIQUE (JIT)

OFF THE JOB TRAINING There are many management development techniques that an employee can take in off the job. The few popular methods are: a) b) c) d) e) SENSITIVITY TRAINING TRANSACTIONAL ANALYSIS STRAIGHT LECTURES/ LECTURES SIMULATION EXERCISES CASE STUDY

The most widely used methods of training by organizations are as follows: 1) On-the-Job Training 2) Off-the-Job Training.

A.

On-the-Job Training Methods:

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1. Job instructions:

It is received directly on the job, and so it is often called on-the-job training (OJT). It is used primarily to teach an employee how to do their current jobs. A trainer, supervisor, or coworker serves as the instructor.

OJT includes several steps: 1. The trainee receives an overview of the job, its purpose, and its desired outcomes, with an emphasis on the relevance of the training. 2. Trainer demonstrates the job to give the employee a model to copy. 3. Employee is allowed to mimic the trainers example. 4. Demonstrations by trainer and practice by the trainee are repeated until the job is mastered. 5. Employee performs the job without supervision. 2. Job rotation: Job rotation involves moving employees to various positions in the organization to expand their skills, knowledge and abilities. It can be either horizontal or vertical.

a) b)

Vertical job rotation is promoting a worker into a new position. Horizontal job rotation is short-term lateral transfer.

Benefits: It is excellent method for broadening an individuals exposure to company operations and for turning a specialist into a generalist. Increase the individuals experience Allows an employee to absorb new information Reduce boredom Stimulate the development of new ideas. Provide opportunities for a more comprehensive and reliable evaluation of the employee by supervisors. 3. Assistant-To Position: Assistant-to positions allow employees with potential to work under and be coached by successful managers. Working as staff assistants, perform many duties under watchful eye of a supportive coach.

Benefits:
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Employee experience a wide variety of management activities. Groomed for the duties of next higher level position.

4. Committee assignments: Committee assignments provide opportunities to an employee for: Decision-making Learning by watching others Becoming more familiar with organizational members and problems Temporary committee: Act as a taskforce to delve into a particular problem, ascertain alternative solutions, and recommend a solution. Temporary assignments can be interesting and rewarding to the employees growth. Permanent committee: Increases the employees exposure to other members of the organization Broadens his/her understanding Provide an opportunity to grow and Make recommendations under the scrutiny of other committee members Apprenticeships and Coaching: Apprenticeships involve learning from a more experiences employee or employees. It may be supplemented with off-the-job classroom training. Assistantships and internships are similar to apprenticeships because they use high levels of participation by the trainee and have high transferability to the job. Coach attempts to provide a model for the trainee to copy. It is less formal than an apprenticeship program because there are few formal classroom sessions. Coaching is handled by the supervisor or manager not by HR department. Manager or another professional plays the role of mentor; give both skills and career advice.

B. Off-the-Job Training Methods 1)Lecture Courses & Seminars: Traditional forms of instructions revolve around formal lecture courses and seminars. Helps the individuals acquire knowledge and develop their conceptual and analytical abilities. Many organizations offer these in-house, through outside vendors, or both.
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Lecture courses and seminars benefit from todays technology and are often offered in a distance-learning format. Feedback and participation can be improved when discussion is permitted along with lecture process.

Benefits:

Relative economic method

2) Vestibules: Learning tasks on the same equipment that one actually will use on the job but in simulated work environment. Separate areas or vestibules are setup with equipment similar to that used on the job. This arrangement allows transference, repetition, and participation. Benefits: Not disrupting normal operations 3)Role Playing and Behavior modeling: Role-playing is a device that forces trainees to assume different identities. For example, a male worker may assume the role of a female supervisor and a female supervisor may assume the role of a male worker. Then both may be given a typical work situation and told to respond, as they would expect the other to do. It is used to diversity training, to change attitudes and also helps to develop the interpersonal skills. Behavior can be learned, modified and altered through this method where individual is either matching or copying or imitating, through the observation of some other individual. It is an observational learning technique. Learning takes place not through experience but through observing the others behavior. The re-creation of the behavior may be videotaped so that trainer and the trainee can review and critique it. Trainer and trainee observe the positive and negative consequences; the employee receives vicarious reinforcement that encourages the correct behavior. 4. Simulation: Simulation refers to any artificial environment that attempts to closely mirror an actual condition. Learning a job by actually performing the work May include case studies/case analysis, experimental exercises/decision games and roleplays and group interactions and are intended to improve decision-making.
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It is similar to vestibules, except that the simulator more often provides instantaneous feedback on performance.

Benefits:

Opportunities to attempt to create an environment similar to real situations manager face, without high costs for poor outcomes.

Disadvantage: Difficult to duplicate the pressures and realities of actual decision-making on the job, Individuals often act differently in real-life situations than do in simulated exercise. 4.1. Case-study: Take actual experiences of organizations, these cases represent attempts to describe, as accurately as possible, real problems. Trainees study these cases to determine problems, analyze causes, develop alternative solutions, select what they believe to be the best solution, and implement it. If cases are meaningful and similar to work-related situations, it means transference is there. Participation can also increased by discussing these cases. Benefits:

Provide stimulating discussions among participants Excellent opportunities for individuals to defend their analytical and judgmental abilities. Improving decision-making abilities within the constraints of limited information.

4.2. Decision Games/ role-playing: Played on computer program, Player makes decision, and computer determines the outcome in the context of the conditions under which it was programmed. Provide opportunities for individuals to make decisions and to witness the implications of their decisions for other segments of the organization. Role-playing allows participants to act out problems and to deal with real people. 5. Self-study & Programmed Learning: Carefully planned instructional materials can be used to train and develop employees. It is computer programs or printed booklets that contain a series of questions and answers. After reading and answering a question, the reader gets immediate feedback. If right, the learner proceeds; if wrong, the reader is directed to review the accompanying materials. Programmed materials provide learner participation, repetition, relevance, and feedback.
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It ranges from manuals to prerecorded cassettes or videotapes.

Benefits: It is useful when employees are dispersed geographically or when requires little interaction. 6. Outdoor Training: Outdoor training typically involves challenges, which teach trainees the importance of teamwork/working together. It typically involves some major emotional and physical challenge. Purpose is to see how employees react to the difficulties that nature presents to them. Do they freak? Or are they controlled and successful in achieving their goal? Benefits: It reinforces the importance of working closely with one another, building trusting relationships, and succeeding as a member of a group. CONCLUSION: Training plays a significant role in human resource development. Human resources are the lifeblood of any organization. Only through trained efficient employees, can an organization achieve its objectives. Therefore, training which is essential for the smooth functioning and enrichment of the organization and its employees should be used with utmost care in order to derive maximum benefits. Some of the recommendations for getting the maximum benefits through training are as follows: 1. Learn about the needs and proficiency of each and every employee before an organization invests its effort, time and money on training. Its better to identify the needs and shortcomings in an employee before actually imparting training to him/her. 2. Experienced and skilled trainer, who possesses good amount of knowledge and understanding about the organization's objectives, individual abilities and the present environment, should give training. 3. Active participation from the trainees should be encouraged. There should be a two-way communication between the trainer and trainee. 4. Feedback should be taken from the trainees after the training is over, so that the organization comes to know about the deficiencies in the training program and also suggestions to improve upon the same. 5. Focus of training should be on priority development needs and to produce strong motivation to bring change in employees. 6. The cost incurred on the training program should not exceed its benefits.

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7. The method or type of training should be very cautiously selected by the organization depending upon the organizations' resources and an employee's individual need for training. Thus, training in the ever-changing competitive environment is beneficial to both, the organization as well as the employees.

Both on the job training and off the job training methods are followed in ICICI Prudential, Hyderabad. On- the -job methods: Job Instruction Committee assignments Internship Job rotation Off- the- job methods: Programmed instruction Lectures Group discussions Conferences Programmed instruction Management games Role play Films

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Chapter III COMPANY PROFILE

Insurance
Definition Promise of reimbursement in the case of loss; paid to people or companies so concerned about hazards that they have made prepayments to an insurance company. Policy: written contract or certificate of insurance History of Insurance in India Insurance in its current form has its history dating back until 1818, when Oriental Life Insurance Company was started by Anita Bhavsar in Kolkata to cater to the needs of European community. The pre-independence era in India saw discrimination between the lives of foreigners (English) and

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Indians with higher premiums being charged for the latter. In 1870, Bombay Mutual Life Assurance Society became the first Indian insurer. At the dawn of the twentieth century, many insurance companies were founded. In the year 1912, the Life Insurance Companies Act and the Provident Fund Act were passed to regulate the insurance business. The Life Insurance Companies Act, 1912 made it necessary that the premiumrate tables and periodical valuations of companies should be certified by an actuary. However, the disparity still existed as discrimination between Indian and foreign companies. The oldest existing insurance company in India is the National Insurance Company Ltd., which was founded in 1906. It is in business. The Government of India issued an Ordinance on 19th January, 1956 nationalising the Life Insurance sector and Life Insurance Corporation came into existence in the same year. The Life Insurance Corporation (LIC) absorbed 154 Indian, 16 non-Indian insurers as also 75 provident societies245 Indian and foreign insurers in all. In 1972 with the General Insurance Business (Nationalisation) Act was passed by the Indian Parliament, and consequently, General Insurance business was nationalized with effect from 1st January, 1973. 107 insurers were amalgamated and grouped into four companies, namely National Insurance Company Ltd., the New India Assurance Company Ltd., the Oriental Insurance Company Ltd and the United India Insurance Company Ltd. The General Insurance Corporation of India was incorporated as a company in 1971 and it commence business on January 1sst 1973. The LIC had monopoly till the late 90s when the Insurance sector was reopened to the private sector. Before that, the industry consisted of only two state insurers: Life Insurers (Life Insurance Corporation of India, LIC) and General Insurers (General Insurance Corporation of India, GIC). GIC had four subsidiary companies. With effect from December 2000, these subsidiaries have been de-linked from the parent company and were set up as independent insurance companies: Oriental Insurance Company Limited, New India Assurance Company Limited, National Insurance Company Limited and United India Insurance Company Limited.

Industry Structure Currently, a US$41 billion industry, India is the world's fifth largest life insurance market and growing at a rapid pace of 32-34% annually as per Life Insurance Council studies. Currently, in India only two million people (0.2 % of the total population of 1 billion) are covered under Mediclaim, whereas in developed nations like USA about 75 % of the total populationare covered under some insurance scheme. With more and more private companies in the sector, the situation may change soon.

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ICICI prudential
Overview

ICICI Prudential Life Insurance Company is a joint venture between ICICI Bank, a premier financial powerhouse, and Prudential plc, a leading international financial services group headquartered in the United Kingdom. ICICI Prudential was amongst the first private sector insurance companies to begin operations in December 2000 after receiving approval from Insurance Regulatory Development Authority (IRDA). ICICI Prudential Life's capital stands at Rs. 4,780 crores (as of March 31, 2010) with ICICI Bank and Prudential plc holding 74% and 26% stake respectively. For the period April 1, 2009 to March 31, 2010, the company has garnered total premium of Rs 16,532 crores and has underwritten over 10 million policies since inception. The company has assets held over Rs. 57,000 crores as on March 31, 2010. For the past nine years, ICICI Prudential Life has retained its leadership position in the life insurance industry with a wide range of flexible products that meet the needs of the Indian customer at every step in life.

Distribution: ICICI Prudential Life has one of the largest distribution networks amongst private life insurers in India. It has a strong presence across India with over 1,900 branches (including 1,074 microoffices) and an advisor base of over 210,000 (as on March 31, 2010). The company has 7 bancassurance partners having tie-ups with ICICI Bank, Ratanagiri District Central Co-op Bank, BalliaKshetriya Co-operative Bank, RenukaNagrikSahakari Bank, Bhandara Urban Co-operative Bank, BalasinorNagarikSahakari Bank Limited, Arvind Co-op Bank.

ICICI Bank ICICI Bank Limited (NYSE:IBN) About ICICI Bank: ICICI Bank Ltd (NYSE:IBN) is
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India's largest private sector bank and the second largest bank in the country with consolidated total assets of over US$ 100 billion as of March 31, 2010. ICICI Banks subsidiaries include Indias leading private sector insurance companies and among its largest securities brokerage firms, mutual funds and private equity firms. ICICI Banks presence currently spans 19 countries, including India. Prudential Plc Established in London in 1848, Prudential plc is an international retail financial services group with significant operations in Asia, the US and the UK serving around 25 million customers, policyholder and unit holders worldwide. The company has 290 billion of assets under management and it is one of the best capitalised insurers in the world with an Insurance Groups Directive (IGD) capital surplus estimated at 3.4 billion (at 31 December 2009). Prudential is a leading life insurer in Asia with a presence in 12 markets and have the top three position in seven key locations of Hong Kong, India, Indonesia, Malaysia, Singapore, the Philippines and Vietnam.

ICICI Prudential vision: To be the dominant Life, Health and Pensions player built on trust by world-class people and service. This we hope to achieve by:

Understanding the needs of customers and offering them superior products and service Leveraging technology to service customers quickly, efficiently and conveniently Developing and implementing superior risk management and investment strategies to offer sustainable and stable returns to our policyholders Providing an enabling environment to foster growth and learning for our employees And above all, building transparency in all our dealings

The success of the company will be founded in its unflinching commitment to 5 core values -Integrity, Customer First, Boundaryless, Ownership and Passion. Each of the values describe what the company stands for, the qualities of our people and the way we work. We do believe that we are on the threshold of an exciting new opportunity, where we can play a significant role in redefining and reshaping the sector. Given the quality of our parentage and
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the commitment of our team, there are no limits to our growth. Values: Every member of the ICICI Prudential team is committed to 5 core values: Integrity, Customer First, Boundaryless, Ownership, and Passion. These values shine forth in all we do, and have become the keystones of our success. Awards and recognitions: India's Most Customer Responsive Insurance Company. AGC Networks - Economic Times, Customer Responsiveness Awards, 2010.

ICICI Prudential Life was recognized as the most trusted brand amongst private life insurers in the Economic Times-Most Trusted Brand survey 2008. IMM Award for Excellence, Institute of Marketing & Management. Organization with Innovative HR Practices, Indira Group of Institutes.

Organization with Innovative HR Practices, Asia-Pacific H R Congress Awards for HR Excellence. Growth: ICICI Prudential Life has retained its leadership position over the past nine years, in the Indian private life insurance sector. Some of the factors that distinguish it from other players in the market are: Assets held are over 57,000 crores as on March 31, 2010. Total capital stands at Rs. 4,780 crores (as of March 31, 2010) with ICICI Bank and Prudential plc holding 74% and 26% stake respectively. Posted a growth of 8% (April 1, 2009 to March 31, 2010) for garnering total received premium (new business + renewal) of Rs 16,532 crores as against Rs 15,356 crores in Y2009. Underwritten over 10 million policies since inception.

Range of products:

The ideal insurance plan is one that addresses the exact insurance needs of the individual which depends on the age and life stage of the individual apart from a host of other
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factors. ICICI Prudential Life offers plans under the following major need categories:

Term plans Wealth plans Child plans Health plans Retirement plans Group plans Rural plans

Insurance Solutions for Individuals ICICI Prudential Life Insurance offers a range of innovative, customer-centric products that meet the needs of customers at every life stage. Its products can be enhanced with up to 4 riders, to create a customized solution for each policyholder. Savings & Wealth Creation Solutions o ICICI PruLifeStage Wealth II is a unit linked insurance plan that offers multiple choices to decide how your savings would be invested based on your risk appetite. o ICICI Pru Pinnacle II is a unit linked insurance plan that gives you the advantage of varying exposure to equities with downside protection, so that your investments are protected in financially volatile times. o ICICI PruLifeTime Premier is a comprehensive savings plan that offers you a choice of portfolio strategies for your savings and at the same time secures you against uncertainties of life. o ICICI PruLifeLink Wealth SP is a unique single premium ULIP that provides you the opportunity to enjoy potentially higher returns over the long term on your investments, with just a single premium. o ICICI Pru Guaranteed Savings Insurance Plan is a limited pay endowment product that allows you to enjoy the benefits of a long term savings plan ensuring that you and your family are free of any financial worries. o ICICI Pru Whole Life provides you with a unique double advantage of savings and protection that not only allows you to meet your goals but also seeks to ensure that your dear ones will continue to live their lives in
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o o

comfort without financial worries in case of unforeseen eventuality ICICI Pru Save 'n' Protect is an ideal plan for those who want to accumulate funds on a regular basis while enjoying insurance protection. ICICI PruCashBak is a single policy that combines the triple benefit of protection, savings & periodic liquidity.

Protection Solutions o ICICI PruiProtect is a term insurance plan that you can buy online at your convenience at their home loans in a simple and cost-effective manner. o ICICI Pru Pure Protect is a flexible and affordable term product, with which you can ensure your life and provide total security for your family in case of an unfortunate event. o ICICI PruLifeGuard is a protection plan, which offers life cover at low cost. It is available in 2 options level term assurance with return of premium & single premium. o ICICI PruHomeAssure is a mortgage reducing term assurance plan designed specifically to help customers cover their home loans in a simple and cost-effective manner. Child Plans o ICICI PruSmartKid Regular Premium is a fixed-term insurance plan that provides you with funds at regular intervals. Retirement Solutions o ICICI PruLifeLink Pension SP is a single premium pension policy that provides you the opportunity to enjoy regular income post retirement by paying just a single premium. o ICICI PruForeverLife is a traditional retirement product that offers guaranteed returns for the first 4 years. o ICICI Pru Immediate Annuity is a single premium annuity product that guarantees income for life at the time of retirement. It offers the benefit of 5 payout options. Health Solutions o ICICI Pru Hospital Care II is a family floater plan covering your spouse and children. This fixed benefit hospitalisation and surgical plan complements your existing coverage by offering payouts over and above any health plan you have, thus availing best possible medical treatment, without having to bother about the cost of the treatment or quality of care. o ICICI Pru Crisis Cover is a 360-degree product that will provide long40

term coverage against 35 critical illnesses, total and permanent disability, and death. ICICI Pru Health Saver is a whole of life comprehensive health insurance policy which provides a hospitalisation cover for you and your family and reimburses all other medical expenses not covered in the hospitalisation benefit by building a health fund for you and your family.

Group Insurance Solutions ICICI Prudential also offers Group Insurance Solutions for companies seeking to enhance benefits to their employees. o Group Gratuity Plan: ICICI Prudential Life's group gratuity plan helps employers fund their statutory gratuity obligation in a scientific manner and also avail of tax benefits as applicable to approved gratuity funds. o Group Leave encashment Plan: ICICI Prudential Lifes Group offers a market linked and traditional leave encashment plan designed to aid the employer to build a fund to meet their future leave encashment liability. The contributions made will be invested as per the chosen investment plans and will be available for payment of the benefit when it falls due. Additionally, the product also provides for term cover for all the employees covered under the policy. o Group Superannuation Plan: ICICI Prudential Life offers a flexible market linked and traditional schemes that provide substantial benefits to both employers and employees. Both defined contribution (DC) and defined benefit (DB) schemes are offered to optimise returns for members of the trust and rationalise cost. Members have the option of choosing from various annuity options or opting for a partial commutation of the annuity at the time of retirement. o Group Immediate Annuities: ICICI Prudential Life realises the importance of prudent retirement planning. With this in mind, it has developed a suite of life and joint life annuities which guarantee periodic payment to annuitantsupto death. Further there are options which return the purchase price on death of annuitants. These annuity options are offered to our existing superannuation customers, and also to superannuation funds not managed by us. o Group Term Plan: ICICI Prudential Life's flexible group term solution helps provide an affordable cover to members of a group. The cover could be uniform or based on designation/rank or a multiple of salary. The benefit under the policy is paid to the beneficiary nominated by the member on his/her death.

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Flexible Rider Options ICICI Prudential Life offers flexible riders, which can be added to the basic policy at a marginal cost, depending on the specific needs of the customer. o Accident & disability benefit: If death occurs as the result of an accident during the term of the policy, the beneficiary receives an additional amount equal to the rider sum assured under the policy. If an accident results in total and permanent disability, 10% of rider sum assured will be paid each year, from the end of the 1st year after the disability date for the remainder of the base policy term or 10 years, whichever is lesser. o Critical illness benefit: Critical Illness Benefit Rider provides protection against 9 critical illnesses to the policyholder when attached to the basic plan.

Awards and recognitions:

India's Most Customer Responsive Insurance Company. AGC Networks - Economic Times, Customer Responsiveness Awards, 2010.

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ICICI Pru Life ranked as the Most Trusted Pvt Life Insurance brand in the Brand Equity "Most Trusted Brands 2009" survey.

The International Council of Customer Service Organizations (ICCSO) recently awarded ICICI Prudential Life, the International Service Excellence Awards 2009 in the categories of Customer
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Charter Winner, Service Excellence in Large Business Highly Commended and Customer Service Leader awarded to Ms. PriyaNayak, VP-Service Quality.

ICICI Prudential Life Insurance has won the first runner up award for the Best Defect Elimination in Service & Transaction category at Asian Six Sigma Excellence Summit 2009.

Lastest news

Life Insurance & Economic Development: The Growth Nexus Author: Managing director & CEO of ICICI Prudential Life Insurance Co. New Delhi; February 24, 2011 Since its privatisation, the life insurance industry in the country has made rapid strides as a key contributor for economic development of the nation. Investments in core areas are crucial and these investments are generated out of longterm savings of the people, specifically the middle and lower income groups. Life insurance is one of the preferred routes for long-term wealth creation
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and building a safety net for family and dependents. Pension offerings by insurers have found tremendous acceptance by consumers as these enabled them to build a nest egg for their retirement years, especially in India where the social security system is non-existent. Under the existing tax norms, benefits are offered for deduction of premia paid by policyholders and tax exemptions on maturity proceeds. Today, insurance penetration stands at 3-4% and the latent potential is immense. Several industry players have been attempting to enhance financial literacy levels in order to increase penetration levels and mobilise savings. Given the significant progress made by the industry, we believe that it is only fair for the government to support the nascent life insurance industry through budgetary measures. Premium deductions: Prospective policyholders purchase life insurance products with a view to provide for financial security of their family and dependents as well as to create a corpus for specific events in life, besides getting the tax deduction on premium paid. It would, therefore, be beneficial if premiums paid for keeping in force the life insurance policies are made eligible for a specific deduction on a standalone basis up to a limit of .Rs50,000. The specific deduction limit for life insurance premiums would help in building a significant corpus for policyholders to secure their future. Health insurance is another area in which the government can lend a helping hand. Given the ever-rising healthcare costs, a distinct and specific deduction for health insurance premiums paid up to .Rs50,000 would also go a long way in ensuring that the policyholders have their unforeseen health-related expenses adequately covered. Maturity proceeds:With regard to the tax on maturity proceeds of a life insurance policy, the current legislation provides that these will be tax-free in the policyholder?s hands, in case the premium paid does not exceed 20% of the sum assured. The Insurance Regulatory and Development Authority (Irda) anyway mandates regulations covering minimum sum assured under unit-linked insurance plans (Ulips). Also, all products require prior approval of the Irda to ensure these meet policyholders? interests. The government could, in consultation with the Irda, decide on the ratio that would determine the eventual taxfree status of the maturity proceeds, instead of codifying the same in the Income-Tax Act. Pension and annuities: Importantly, the pension and annuity products of life insurance companies gained high acceptance amongst consumers as it allowed them to productively channelise their current savings to plan for a steady income stream post-retirement. In such a scenario, subjecting the pension and annuities to tax at the time of receipt would burden the policyholders at an age when every rupee saved would count. Exempting all annuity income streams from taxation would help in mitigating the hardships of pensioners and annuitants, especially in a country like India where there is no social security system. Direct Taxes Code:There is a pressing need to support the policyholders as well as the life insurance industry at large with adequate support by way of budgetary amendments in the
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existing Income-Tax Act. We are hopeful that the forthcoming Budget would address these issues of the life insurance industry as well as the policyholders. While it is envisaged that the forthcoming fiscal budget would address all the concerns, the future legislation in the form of Direct Taxes Code that is on the anvil, we hope, would also adequately protect the interests of the policyholders and life insurance industry, considering the socio-economic importance of the sector and the overall contribution in nation-building by the life insurance industry.

Latest information regarding ICICI Prudential (Source: IRDA annual report 2011-2012)

GROSS DIRECT PREMIUM INCOME IN INDIA

Market share in percent ICICI Lombard 9.52%

Share in percent in the Indian Terrorism pool ICICI Lombard 8%

Total life insurance premium in crore

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16531.88

Individual new business underwritten in Andhra Pradesh ICICI no of policies: 186352 Premium 314.79

Chapter IV
DATA ANALYSIS &
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INTERPRETATION

Questionnaire for the employees The analysis has been done on the data collected by circulating 25 questionnaires among the employees of ICICI Prudential who have undergone training.

Dear respondent, I am a student from Anwarululoom College of Computer Studies, affliated to Osmania University, Hyd. I am conducting a research on Evaluation of Effectiveness of Training in an organization. This research is a part of my MBA program in fourth semester. The purpose of this research is to find out the effectiveness of the training sessions for the employees as well as the organization. Your kind assistance in answering this questionnaire is very important for the development or result of this study. The information and responses gathered will be strictly used for academic purposes only and will be kept as confidential. Finally, your kind cooperation in completing this survey is very much appreciated

Name: Date:

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Data Analysis and Interpretation

1) How long have you been working for ICICI Prudential? a. 0-2 years b. 2-6 years c. 6-10 years d. 10-15 years

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Analysis and interpretation: From the above pie chart, it can be inferred that maximum number of employees i.e. about 79% have been working with the organization for a period ranging between 0-2 years; 9% have been working for 2-4 years; 4% for 4-6 years; 3% for 6-8 years and 5% have been working for more than eight years.

2)Training is an important part of the organizational strategy. Do you agree with this statement? i) strongly agree ii) agree iii) neutral iv)disagree v)strongly disagree

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Analysis: From the above bar graph, it can be stated that 63% employees strongly agree and 34% agree with the given statement. About 3% have a neutral opinion and 0% disagree and strongly disagree with the given statement. Interpretation: The organization and its employees consider training to be an essential tool for organizational and individual development

3) Have you attended any employer paid training course at your workplace recently? i) Yes ii) No

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Analysis: The above given column graph shows that 95.5% of the employees have attended the free training sessions organized by the company. However 4.5% of the employees did not attend the sessions. Interpretation: It can be inferred from the above data that the training sessions organized are well attended and liked by the employees as it helps them in performing their job efficiently and effectively.

4)The training sessions conducted meet the objectives of training. i) strongly agree ii) agree iii) neutral iv)disagree v)strongly disagree

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Analysis: From the above given column chart, it is clear that 49.31% of employees strongly agree and 48.22% agree that the training sessions meet the objectives of training. Interpretation: It can be inferred that the training sessions are well planned and devised according to the needs of the organization and its employees.

5) The training conducted is a i) need based program ii) a regular process iii) both

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Analysis: The above pie diagram gives clear picture of the opinion of employees i.e. 46% employees are of the view that the training programs are need based; 42% are of the view that the training programs are a mixture of both and just 12% feel that it is a regular process.

Interpretation: It can be inferred that the organization trains the employees based on need but at the same time it also trains

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6)Did you attend induction program at the beginning of your work career in this organization? i) Yes ii) No

Analysis: 100% of the employees have attended the induction program conducted by the organization. Interpretation: It can be inferred from the above analysis that the organization considers induction program as an important part of the training it provides to its employees for the organizational and individual achievement of goals.

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7)The induction and orientation programs were: i) Highly effective ii) Effective iii) Neither effective nor ineffective iv)Ineffective v)Highly ineffective and a waste of time

Analysis: From the above clustered cone column chart it is clear that 73% of the employees considered their induction and orientation program as highly effective; 23% considered it as effective; however 4% considered it as neither effective nor ineffective.

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Interpretation: From the above data analysis, it can be inferred that the induction and training programs conducted are effective and helpful to the new employees in better understanding of their roles in the organization.

8)Training programs are well integrated with the strategic planning of the organizations. Do you agree? i) strongly agree ii) agree iii) neutral iv)disagree v)strongly disagree

Analysis: From the above bar chart it can be stated that 63% of the employees strongly agree that the training programs are well integrated with the strategic planning of the organization; 26% agree with the statement and 11% feel neutral regarding the statement.Interpretation: It can be inferred
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with reference to the analysis that the employees find the training very helpful and consider training important for the achievement of organizational and individual goals.

9)Benefits of training include the following: i)Efficiency in processes ii)motivation, job satisfaction iii)monetary rewards iv)all the above v)none

Analysis: From the above pie diagram, it can be stated that 79.4% of the employees believe that the benefits of training include efficiency in processes, motivation and job satisfaction and monetary
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rewards; however 8.2% feel that training improves just efficiency in processes; 9.2% believe that training gives job satisfaction and motivation. Interpretation: From the analysis, it is inferred that the employees consider training an effective morale booster, helps in career advancement and makes them well equipped to perform efficiently.

10)The trainer was encouraging, interactive and efficient. Do you agree with this statement? i) strongly agree ii) agree iii) neutral iv)disagree v)strongly disagree

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Analysis: The above column chart shows that 71.6% of the employees strongly agree with the statement that the trainer was efficient, interactive and encouraging; 18.8% agree and 9.6% have a neutral opinion regarding the trainer. Interpretation: It can be stated that the trainer quality effectiveness is good and evokes a positive response from the trainees. Interaction, participation and encouragement during training sessions make the program successful.

11)Please rate the quality of the training personnels knowledge and professionalism. i) excellent ii)good iii) average iv)bad v)very bad

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Analysis: From the above column graph, it can be stated that 77.6% employees felt that the training personnels knowledge and professionalism was excellent; 19.4% felt that it was good and remaining 3% rated it as average. Interpretation: It can be therefore inferred that the quality of the training personnels knowledge and professionalism is quite high and the organization carefully selects the personnel for the training of their employees. The organization lays great emphasis on the training programs which it considers help in the achievement of organizational and individual goals.

12)Did the trainer attend to all the queries from trainees? i)Yes ii)No iii)Only few selected queries were answered iv)No queries asked during session

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Analysis: The above bar graph clearly shows that 100% of the employees felt that all their queries were answered by the training personnel. Interpretation: It can therefore be inferred that the training personnels efficiency was excellent and the training program designed by the organization and the selection of the training personnel is best in the industry.

13)How satisfied are you with the location and quality of training facilities? i)very satisfied ii) satisfied iii)neutral
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iv)dissatisfied v)very dissatisfied

Analysis: It can be stated from the above column chart that 90.2% of the employees were very satisfied with the location and facilities of the training program. About 7.4% were satisfied and 2.4% were dissatisfied. Interpretation: The interpretation of the analysis of the above data is that the training facilities provided by the organization are quite good and the employees needs are kept in mind while designing the training programs.

14)How satisfied are you with the information and skill building relevant to your learning needs? i)strongly satisfied ii)somewhat satisfied iii)neutral

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iv)somewhat dissatisfied v)strongly dissatisfied

Analysis: 82.4% of the employees are strongly satisfied with the information and skill building relevant to their learning needs; 15.2% are somewhat satisfied; however 2.4% remained neutral about the statement. Interpretation: From the above given data it can be interpreted that most of the employees find the training quite helpful in their job. The organization selects and designs such training programs which help their employees to perform the job efficiently, thereby adding to the achievement of the organizational goals.

15)Was sufficient amount of time allocated to cover the content in the individual sessions? i)yes ii)no iii)dont know

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Analysis: From the above cone chart it can be analyzed that 94.1% of the employees agreed that sufficient amount of time was allocated to cover the content in the individual sessions; however 2.3% did not agree and about 3.6% were unaware about the time allocation to cover the content. Interpretation: Majority that is 94.1% of the employees are aware and agree regarding the time allocation for the content coverage. So it can be inferred that the organizations planning for the training programs is well defined and time management is one of the priority in designing the program and its implementation.

16)Please rate the quality of orientation and training received for your current position in the company. i)excellent ii)good iii)satisfactory iv)bad
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v)poor

Analysis: 83.6% of the employees feel that the quality of the training and orientation received for their current position is excellent; 11.1% feel that it is good and 5.3% feel satisfactory. Interpretation: It can be inferred that the quality of the training program designed and organized by the company is excellent and the company takes great care in giving relevant and required, need of the hour training to the employees by keeping in mind their career growth and job requirements.

17)There are barriers in the success of training programs, such as: i)money ii)time iii)lack of skilled and professional trainer iv)lack of interest in employees v)There are no barriers
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Analysis: 78.7% of the employees believe that there are no barriers in the success of the training programs; however 16.3% believe that lack of interest in employees is a barrier and 5% believe time to a factor which becomes a barrier in the success of the program. Interpretation: It can be interpreted that the organization tries to negate all the barriers and conducts training in an atmosphere not much affected by barriers in order to achieve success in its training programs. The successful training programs eventually add to the success of the organization.

18)The areas of focus of the training programs in the organization are the development of i) managerial skills ii)technical skills iii)soft skills iv)all the above

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Analysis: 100% of the employees believe that the area of focus for the training programs consists of the development of managerial, technical and soft skills.Interpretation: Thus, it can be inferred that the training programs conducted by the organization are planned and designed to develop the skills required in people. Skilled employees are an asset to an organization and play a major role in the achievement of the organizational and individual goals.

19)The training areas most important to your development which were focused during training program are: i)leadership and management development ii)negotiation skills iii)technical/software skills iv)presentation skills
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v)all of the above

Analysis: The above bar graph gives us the data as follows: 54.6% of the employees believe that the training program focused on all the above mentioned training areas for their development; 12.6% believe that the program focused on negotiation skills; 9.7% software/technical skills;8.9 presentation skills. Interpretation: The organization designs training programs keeping in mind the development of the skills of its people. The important skills like leadership development, negotiation skills, presentation skills and software/technical skills.

20)In your work, you find it easy to apply the training you have received. i)strongly agree ii)agree iii)neutral iv)disagree v)strongly disagree
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Analysis: 76.3% of the employees strongly agree that they find it easy to apply the training they have received. 18.6% agree and 5.1% have neutral opinion. Interpretation: It can be inferred that the organization considers training as an effective tool to develop various skills of the employees. The employees are provided with such a training that helps them to easily apply it to their daily routine work.

21)Did you feel motivated and satisfied at the end of training program? i)extremely satisfied ii)satisfied iii)neutral iv)dissatisfied v)extremely dissatisfied
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Analysis: The above bar chart shows that 82.3% of the employees are extremely satisfied with the training program and feel motivated; 17.7% are satisfied with the statement. Interpretation: The organization conducts very effective training programs which add to the success of the organization. The training programs develop the skills of the employees and help them to work more efficiently.

22)How motivated are you to attend the next training session/program? i) very motivated ii) somewhat motivated iii) not very motivated iv)not at all motivated v)not sure
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Analysis: 83.7% of the employees are very motivated to attend the next training session. 16.3% of the employees are somewhat motivated to attend the next training program. Interpretation: The organization lays emphasis on the quality of the training programs so that the employees are motivated to perform better in their jobs. Highly motivating training programs help in achievement of the organizational and individual goals.

23)Would you recommend training programs to your colleagues or contacts within your industry? i) yes ii) no iii) not sure

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Analysis: From the above chart, it is clear that all the employees that is 100% would like to recommend training programs to their colleagues and contacts within the industry. Interpretation: The employees feel satisfied and motivated and would like to recommend the program to their colleagues. The organization was successful in motivating the employees which will eventually be adding to the achievement of the individual and organizational goals.

24)Please rate the efficacy level of the training program. i)highly effective ii)effective iii)neutral iv)ineffective v)highly ineffective
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Analysis: 86.5% of the employees believe that the efficacy level of the training program was highly effective; 13.5% feel it was effective. Interpretation: The training programs organized by the company are highly effective and develop various skills in the employees. The efficiency helps in achieving the desired objectives and goals thereby bringing success to the organization.

25)After the training, has your contribution towards achieving the goal of the organization increased? a. Yes, absolutely b. I have made significant contribution c. My contributions have remained the same d. The training did not teach me anything I did not know already

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Analysis: 76.4% of the employees are absolutely sure that their contributions towards achieving the organizational goals increased; 23.6% feel that they have made significant contribution. Interpretation: The organization designs its programs in an easy to understand and apply manner. The skills developed and the knowledge gained are effectively and efficiently utilized in the organization.

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Chapter V
SUMMARY &CONCLUSIONS

FINDINGS
Training programs are an integral part of the organizational strategy.

The training programs help the employees to develop various skills for performing their jobs better.

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 Objectives of the training programs are met and the employees gain knowledge and skills to meet the changing requirements of the job and the organization.

About 95% of the employees consider that the training programs conducted were suitable to their current position in the company

80 -90% of the employees feel that the training sessions were well timed and the facilities were good.

About 95% of the employees felt that the training personnel were efficient and were thorough professionals.

100% employees are given induction training and orientation programs before they join the routine work.

The training provided by the company is a mixture of both need based and regular process.

More than 95% employees felt motivated after training session and strongly believe that the training has made them more efficient.

The area of focus included the development of all important skills such as managerial and leadership skills, technical skills, soft skills etc.

78.7% of the employees feel that there are no barriers present for the conduct of successful training sessions. 5% considered time as a barrier and 16.3% felt that lack of interest in employees was also a barrier.

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 More than 90% of the employees are satisfied with the facilities provided and quality of the

training program.

More than 95% of the employees want to recommend the training programs to their colleagues in the same industry.

About 99% of the employees are able to apply the knowledge gained and skills acquired during training in their daily job.

All the employees of the organization felt that the training sessions were overall very good.

CONCLUSIONS

This study reveals that the training programs are efficiently and effectively conducted in the organization.

The training personnel hired are highly skilled and have extensive knowledge.

The key factors for the overall success of training sessions is strategic planning and maintenance of high quality standard of training.

Need based and regular process of training helps in the development of various skills required in todays ever changing competitive environment.

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People friendly atmosphere prevailing in the company makes learning an enjoyable process.

Efficient and effective training programs help in the achievement of the organizational and individual objectives and goals.

SUGGESTIONS AND RECOMMENDATIONS

Some of the suggestions and recommendations based on the study are as follows:
Time factor and lack of interest in employees, which are barriers to the training programs

should be overcome completely so that the effectiveness of the training enhances.

The training personnel should not be changed frequently especially during the training sessions as the effectiveness of the training depends to a large extent on the trainer.

The training sessions should neither be too long nor too short but moderately timed in order to maintain the trainees interest.

From the study, it can be inferred that the employees are highly satisfied with the training programs which is a sign that the training programs are highly effective and motivating to the employees and eventually beneficial to the organization.

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The organization should continue with their effectively and efficiently designed training programs as the success of the organization depends on it

Bibliography:
Books referred: 1) Human Resource Management. P. SubbaRao, Himalaya Publishing House. 2) Human Resource Management. V. S.P. Rao 3) Human Resource Management. C.B. Gupta 4) U.K. Personnel Management Altwood Margaret and Dimmoc Stuart. 5) Business Research Model Donald R Cooper.
6) Dynamic Personnel ManagementRudrabasavaraj M.N.

Websites referred: www.iciciprulife.com www.humanresources.ucr.edu www.questionpro.com www.scribd.com www.managementhelp.org

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APPENDICES

Appendix A: Organization structure Branch Sales Manager

Territory Sales Manager

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Area Sales Manager

Unit Manager

Tied Agency

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Questionnaire: Name: Gender: Experience in current organization: Department: Age: Qualification:

1)How long have you been working for ICICI Prudential? i. ii. iii. iv. 0-2 years 2-6 years 6-10 years 10-15 years

2)Training is an important part of the organizational strategy. Do you agree with this statement? i) strongly agree ii) agree iii) neutral iv)disagree v)strongly disagree

3)Have you attended any employer paid training course at your workplace recently? i) Yes ii) No

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4)The training sessions conducted meet the objectives of training. i) strongly agree ii) agree iii) neutral iv)disagree v)strongly disagree

5)The training conducted is a i) need based program ii) a regular process iii) both 6)Did you attend induction program at the beginning of your work career in this organization? i) Yes ii) No

7))The induction and orientation programs were: i) Highly effective ii) Effective iii) Neither effective nor ineffective iv)Ineffective v)Highly ineffective and a waste of time

8)Training programs are well integrated with the strategic planning of the organizations. Do you agree? i) strongly agree ii) agree iii) neutral iv)disagree v)strongly disagree 9)Benefits of training include the following: i)Efficiency in processes

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ii)motivation, job satisfaction iii)monetary rewards iv)all the above v)none 10))The trainer was encouraging, interactive and efficient. Do you agree with this statement? i) strongly agree ii) agree iii) neutral iv)disagree v)strongly disagree 11)Please rate the quality of the training personnels knowledge and professionalism. i) excellent ii)good iii) average iv)bad v)very bad 12)Did the trainer attend to all the queries from trainees? i)Yes ii)No iii)Only few selected queries were answered iv)No queries asked during session 13)How satisfied are you with the location and quality of training facilities? i)very satisfied ii) satisfied iii)neutral iv)dissatisfied v)very dissatisfied 14)How satisfied are you with the information and skill building relevant to your learning needs?
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i)strongly satisfied ii)somewhat satisfied iii)neutraliv)somewhat dissatisfiedv)strongly dissatisfied 15)Was sufficient amount of time allocated to cover the content in the individual sessions? i)yes ii)no iii)dont know 16)Please rate the quality of orientation and training received for your current position in the company. i)excellent ii)good iii)satisfactory iv)bad v)poor 17)There are barriers in the success of training programs, such as: i)money ii)time iii)lack of skilled and professional trainer iv)lack of interest in employees v)There are no barriers 18)The areas of focus of the training programs in the organization are the development of i) managerial skills ii)technical skills iii)soft skills iv)all the above

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19)The training areas most important to your development which were focused during training program are: i)leadership and management development ii)negotiation skills iii)technical/software skills iv)presentation skills v)all of the above 20)In your work, you find it easy to apply the training you have received. i)strongly agree ii)agree iii)neutral iv)disagree v)strongly disagree 21)Did you feel motivated and satisfied at the end of training program? i)extremely satisfied ii)satisfied iii)neutral iv)dissatisfied v)extremely dissatisfied 22)How motivated are you to attend the next training session/program? i) very motivated ii) somewhat motivated

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iii) not very motivated iv)not at all motivated v)not sure 23)Would you recommend training programs to your colleagues or contacts within your industry? i) yes ii) noiii) not sure 24)Please rate the efficacy level of the training program. i)highly effective ii)effective iii)neutral iv)ineffective v)highly ineffective 25)After the training, has your contribution towards achieving the goal of the organization increased? a. Yes, absolutely b. I have made significant contribution c. My contributions have remained the same d. The training did not teach me anything I did not know already

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