A STUDY ON CUSTOMER AWARENESS ABOUT ICICI LOMBARD

<h1>A STUDY ON CUSTOMER AWARENESS ABOUT ICICI LOMBARD</h1>Author: <a title="Sundararajan" href="http://www.articlesbase.com/authors/sundararajan/157536.htm">Sundararajan</a> Introduction                    The first Indian insurance company, the Bombay Mutual Life Assurance Society started its operations in1871. In 1956 the Indian life insurance industry was made up of 154 domestic life insurers, 16 foreign life insurers and 75 provident funds, and was still governed by the Insurance Act of 1938.In 1956 all life insurance companies were nationalized, In1907, the first Indian general insurer, the Indian Mercantile Insurance Company started its operations. The New India Assurance Company Ltd. was incorporated in1919. In 1972, the non-life insurance business in the country was nationalized and the GIC (General Insurance Corporation of India) was formed as a holding company with four subsidiaries: The National Insurance, Oriental Insurance, United India Insurance and the New India Assurance Company Ltd. Since then, insurance in India had a protective wall built around it, to keep it local players Market. ICICI Lombard General Insurance Company ICICI Lombard General Insurance Company Limited is a 74:26 joint venture between ICICI Bank Limited and the US-based $ 26 billion Fairfax Financial Holdings Limited. ICICI Bank is India's second largest bank; while Fairfax Financial Holdings is a diversified financial corporate engaged in general insurance, reinsurance, insurance claims management and investment management. Lombard Canada Ltd., a group company of Fairfax Financial Holdings Limited, is one of Canada's oldest property and casualty insurers. ICICI Lombard General Insurance Company received regulatory approvals to commence general insurance business in August 2001. Special features of ICICI Lombard <ul> <li>India 's number one private general insurance company </li> <li>First general insurance company in India to be ISO 9001:2000 certified </li> <li>Highest brand recall </li> <li>Simple and fast documentation </li> <li>Lightning fast claims settlement </li> <li>Instant online policy issuance </li> <li>Comprehensive product line </li> <li>Highest security level offered through 128-bit encryption in case of online data exchange. </li> <li>First company to provide digitally signed documents through an online interface. </li> <li>Achieved financial breakeven in first full year of operations </li> <li>Achieved underwriting breakeven in second year of operations</li> </ul> SHAREHOLDERS Fairfax Fairfax Financial Holding Limited is a financial services holding company whose corporate objective is to achieve a high rate of return on invested capital and build long-term shareholder value. It provides services in the area of financial services, general insurance, reinsurance, insurance claims management and investment management. Fairfax Group is amongst the largest shareholder of ICICI Bank with about 4.5% shareholding. ICICI Bank   v      Second largest bank in India with asset size of over US $ 24 billion v      A network of 540 branches /offices and over 1,700 ATMs v      Presence across all financial products v      Only FI in India to pierce sovereign rating v      Listed at the NYSE, around 72% of the company’s equity is held by foreign investors v      Technology-enabled products and processes Group companies Domestic subsidiaries ü       ICICI Securities Limited ü       ICICI Venture Funds Management Company Limited ü       ICICI Prudential Life Insurance Company Limited ü       ICICI Lombard General Insurance Company Limited ü       ICICI Home Finance Company Limited ü       ICICI Investment Management Company Limited ü       ICICI Trusteeship Services Limited ü       ICICI Brokerage Services Limited * ü       ICICI Distribution Finance Private Limited International subsidiaries <ul> <li>ICICI Bank UK Limited </li> <li>ICICI Bank Canada </li> <li>ICICI Securities Holdings Inc* </li> <li>ICICI Securities Inc * * </li> <li>ICICI International Limited </li> </ul> *Subsidiary of ICICI Securities Limited ** Subsidiary of ICICI Securities Holdings Inc Product Profile Product innovation is key to business growth. ICICI Lombard believes in challenging existing product assumptions and targeting new product-market segments. This has helped the company in customer acquisition and retention as well as in increasing category penetration. The company has launched a slew of products and has emerged as a major player in the corporate and retail segment driven by a well-balanced portfolio. Staying ahead in product innovation through:- <ul> <li>During the year 2004: The company in coordination with the World Bank launched Weather Insurance. </li> </ul>   <ul> <li>The Company’s Overseas Travel Insurance is the only product in the market that offers premium calculation on a pay-per-day basis as against paying premium on a slab-wise basis. </li> </ul>   <ul> <li>A unique Senior Citizen Overseas Travel Insurance Plan to cover senior citizens in the age of 85 years was launched by the company during the year. The only policy of its kind in the market. </li> </ul>   <ul> <li>Loan Care – a first of its kind product to be launched in India – protecting the lender from borrower default on account of death, permanent disability, loss of job and loss pay due to critical illness. </li> </ul> Customer Service   Insurance is a service-specific industry. Customer service is the key area of focus for ICICI Lombard. The Company has built high levels of customer loyalty and advocacy in relatively short period of time. Staying ahead in customer service through:-   <ul> <li>Dedicated relationship managers for both sales and customer service. </li> <li>Insurance portfolio analysis and risk advisory services </li> <li>Cashless claims service through a pan India network of garages and hospitals. </li> <li>24×7 call center </li> <li>Branch offices in 58 cities </li> <li>Online centers to service better </li> <li>Bancassurance branch network </li> </ul>   IT & Infrastructure   ICICI Lombard has effectively used Information Technology to meet growing customer needs while improving operational efficiency and profitability. The Company’s IT strategy, architecture and successful deployment form the backbone of its business. Staying ahead in IT infrastructure through:-   <ul> <li>Online Manager: A web-based interface that allows a customer to buy, endorse and renew policy online. Claims intimation and status tracking also forms part of the interface. </li> <li>Using SMS technology to deliver timely alerts and reminders to keep customers informed of various transactions. </li> <li>Using intranet effectively to enhance employee productivity and simplify human resource functions. </li> <li>A state-of-the art data center with robust connectivity and support. </li> <li>Highest security level offered through 128-bit encryption in case of online data exchange. </li> <li>The only company to provide digitally signed documents through the online interface. </li> </ul> Partnerships Effective partnerships and alliances form an integral part of the company’s strategy. ICICI Lombard believes that a leveraged distribution model via partnerships and alliances will be a key driver of its growth in future. Partnership driven alliances model allows the company to cash-in on the partner’s customer network so that the customer gets a packaged offering of products. Staying ahead in partnership through:   <ul> <li>Bancassurance tie-ups <ul> <li>ICICI Bank </li> <li>ABN AMRO Bank </li> </ul> </li> <li>Rural Distribution tie-ups <ul> <li>ICICI Bank </li> </ul> </li> </ul>   Distribution Reach ICICI Lombard General Insurance Company’s endeavour is to become India’s preferred provider of the entire array of financial products and services. The company has built a robust franchise network in association with its joint venture partners to expand coverage. The company presently has 56 offices across India manned by over 700 employees. It believes in targeting customers through multi-channel route including direct sales, agents, brokers, bancassurance, alternate channels and the Internet. Thus, the customers have number of channels to choose from. Human Resource             ICICI Lombard believes in a progressive human resource philosophy that turns human capital into a key source of competitive advantage. The capability and motivation level of employees is a key determinant in success of any service-oriented organization. Our employee strength is over 600. We have people from diverse backgrounds including general insurance, banking, financial services, consumer goods, telecom, automotive engineering etc. THE PRESENT STUDY Aim of the study (Objectives) v     To study the awareness of ICICI LOMBARD. v     To measure the satisfaction level among the customers with the current insurance providers. Scope of the Study <ul> <li>The study aims to find out awareness level and effectiveness of services provided to the customers by ICICI Lombard. This has been done by preparing a questionnaire, which questions the respondents on their awareness, usage and satisfaction levels on various services and facilities provided to them by various insurance providers. <ul> <li>The study would help in identifying the usage patterns, awareness and satisfaction levels of customers. The study would help ICICI Lombard, in understandings the effectiveness of various facilities provided to customers and would help them in improving these services.</li> </ul> </li> </ul>     METHOD Research Design             A research design is purely and simply framework or a plan for study that guides is collection of data.  Descriptive research design is adopted for analysing the data. Sampling Design Population under study                    Customers in and around Erode City are the targeted respondents for the study details about these customers are collected from merchant association Sample size                    Once the population is determined the sample size has to be fixed.  Fifty sample respondents are taken based on simple random sampling method.  The various variables like awareness, usage level & satisfaction of respondent are gathered to be studied. Sampling Frame                    The frame refers to the customers who have been selected for the study. Sampling Technique                    A convenient sampling was followed to have sufficient discretion in selecting the sample. Data Collection Method                    Data collection is the most impeccant aspects in the research methodology.  The data was collected based on interview technique and personally handed out structured questionnaire questions were resented is exactly the same words is the same order to all the respondents.                    The questionnaire was conceived in such a way that the questions as well as the answers were standardized.  This is accomplished by employing fixed alternative. Such a questionnaire facilitates easy administration & tabulation and analysis closed ended questionnaire was used in the study. Feature of Questionnaire The questionnaire was designed in order to check those features.    v                               Awareness About various insurance providers v     Their satisfaction level with current insurance provider v     What are the factors they are considering while taking an insurance policy Statistical Tools Used In the study simple percentage analysis, weighted average and Two-way classification tables are used to interpret the data collected.   Results and Discussion         From the analysis that most (35.6%) of the customers are belongs to 1-3 lakhs income group.       Maximum (92.8%) of the customers are only purchase the general insurance policy.       From our study, maximum (19.4%) of the customers have purchased New India Assurance policies.       Most (39.2%) of the customers have purchased Motor insurance policy than others.       Protection is the motivational factor behind the insurance policy of the most (56%) of the customers.       It is analysed from the study that maximum (52.6%) of the customers have purchased the insurance through agents.       It is found from the analysis that most (47.8%) of the customers felt that the service of the insurer was excellent.       Most (46.8%) of the customers are aware the ICICI insurance than other private sector insurance.       It is found that majority (49.6%) of the customers are aware of the insurance sector by the media of hoardings.       Most of the customers are select the particular company policy for the reason of its service.       Majority (81.2%) of the customers are not switchover to private sector for the reason of its high premium amount where as few of the respondents’ only want to switchover for their good service.       ½ of the customers have applied for the claim during the last three years.       Mostly all of customers (94.3%) opined that they faced some problem while doing the claim process.       It is found from the analysis that most of the customers have taken all the policies through company executives.       It is highlighted from the analysis that majority of the respondents have taken shop keeper policy and opined that the service is excellent.       Since most of the customers are not aware of the ICICI Insurance sector, the company should concentrate to increase the awareness through major promotional tool like television and print media.         From the analysis we found that majority of the customers have insured through Government based Motor Vehicle insurance like national insurance, oriental insurance, etc. but they hesitate to enter into the new insurance company because it is a private sector.  So, ICICI Lombard should concentrate the type of problems.         Since the majority of the respondents are aware that the ICICI Insurance through the company agents / officers and it is found that they are the ‘main awareness tool’ of the company, the company should concentrate to promote more agents / officers.   Conclusion             ICICI Lombard the No.1 player among the private insurers holds around 18% of the Erode city Market share.  From the study it was found that more than 46% of the Erode market is aware of the service provided by ICICI Lombard.  This large variation between market share and awareness is due to the reason that the customers feel that the premium of this private insurance company’s are very high as compared to public companies. REFERENCE Website:  <a href="http://www.icicilombard.com/"><a href="http://www.icicilombard.com" target="_blank">www.icicilombard.com</a></a> Research methodology by C.R.Kothari Business Today Industrial Economist The Hindu Business LineAbout the Author: AUTHOR’S PROFILE

The author had completed his graduation (1992-1995) B.Sc. Mathematics at Govt. Arts College in Salem. After that he had studied one year Dying technology course from IIHT & TPT institutions in Salem then he was appointed as Asst.Manager in Private Export concern, after two year service he had been appointed as Manager of Textiles manufacturing company. He had served as Manager for 3 years in that company. Then he resigned his job and join fulltime MBA course at Sengunthar Arts Science College in Tiruchengode affiliated by Periyar University, Salem. After completion of MBA Degree he have passed UGC/NET Lectureship Examination on June 2005, after that he had been appointed as a Lecturer in MBA Dept (CIMS) at Cheraan’s Arts Science College Kangeyam (2006) and served as lecture for one year in that college. He has completed his fulltime PhD research (scholar) work as University Research Fellow (URF) at PRIMS in Periyar University, Salem. He has presented 33 papers on National level seminars and 9 papers on international seminars. His 33 articles published in National Journals and more articles selected for publication in international and national level journals. He is taking seminar classes, guest lectures and soft skill development facilitation programmes for MBA students. Presently He has joined as Lecturer in School of Management at SKCET in Coimbatore. 
Article Source: <a href="http://www.articlesbase.com/">ArticlesBase.com</a> - <a href="http://www.articlesbase.com/marketing-articles/a-study-on-customer-awareness-about-icici-lombard-957868.html" title="A STUDY ON CUSTOMER AWARENESS ABOUT ICICI LOMBARD">A STUDY ON CUSTOMER AWARENESS ABOUT ICICI LOMBARD</a>

Introduction

The first Indian insurance company, the Bombay Mutual Life Assurance Society started its operations in1871. In 1956 the Indian life insurance industry was made up of 154 domestic life insurers, 16 foreign life insurers and 75 provident funds, and was still governed by the Insurance Act of 1938.In 1956 all life insurance companies were nationalized, In1907, the first Indian general insurer, the Indian Mercantile Insurance Company started its operations. The New India Assurance Company Ltd. was incorporated in1919. In 1972, the non-life insurance business in the country was nationalized and the GIC (General Insurance Corporation of India) was formed as a holding company with four subsidiaries: The National Insurance, Oriental Insurance, United India Insurance and the New India Assurance Company Ltd. Since then, insurance in India had a protective wall built around it, to keep it local players Market.

ICICI Lombard General Insurance Company

ICICI Lombard General Insurance Company Limited is a 74:26 joint venture between ICICI Bank Limited and the US-based $ 26 billion Fairfax Financial Holdings Limited. ICICI Bank is India's second largest bank; while Fairfax Financial Holdings is a diversified financial corporate engaged in general insurance, reinsurance, insurance claims management and investment management. Lombard Canada Ltd., a group company of Fairfax Financial Holdings Limited, is one of Canada's oldest property and casualty insurers. ICICI Lombard General Insurance Company received regulatory approvals to commence general insurance business in August 2001.

Special features of ICICI Lombard

India 's number one private general insurance company
First general insurance company in India to be ISO 9001:2000 certified
Highest brand recall
Simple and fast documentation
Lightning fast claims settlement
Instant online policy issuance
Comprehensive product line
Highest security level offered through 128-bit encryption in case of online data exchange.
First company to provide digitally signed documents through an online interface.
Achieved financial breakeven in first full year of operations
Achieved underwriting breakeven in second year of operations

SHAREHOLDERS

Fairfax

Fairfax Financial Holding Limited is a financial services holding company whose corporate objective is to achieve a high rate of return on invested capital and build long-term shareholder value. It provides services in the area of financial services, general insurance, reinsurance, insurance claims management and investment management. Fairfax Group is amongst the largest shareholder of ICICI Bank with about 4.5% shareholding.

ICICI Bank

v Second largest bank in India with asset size of over US $ 24 billion

v A network of 540 branches /offices and over 1,700 ATMs

v Presence across all financial products

v Only FI in India to pierce sovereign rating

v Listed at the NYSE, around 72% of the company’s equity is held by foreign investors

v Technology-enabled products and processes

Group companies

Domestic subsidiaries

ü ICICI Securities Limited

ü ICICI Venture Funds Management Company Limited

ü ICICI Prudential Life Insurance Company Limited

ü ICICI Lombard General Insurance Company Limited

ü ICICI Home Finance Company Limited

ü ICICI Investment Management Company Limited

ü ICICI Trusteeship Services Limited

ü ICICI Brokerage Services Limited *

ü ICICI Distribution Finance Private Limited

International subsidiaries

ICICI Bank UK Limited
ICICI Bank Canada
ICICI Securities Holdings Inc*
ICICI Securities Inc * *
ICICI International Limited

*Subsidiary of ICICI Securities Limited
** Subsidiary of ICICI Securities Holdings Inc

Product Profile

Product innovation is key to business growth. ICICI Lombard believes in challenging existing product assumptions and targeting new product-market segments. This has helped the company in customer acquisition and retention as well as in increasing category penetration. The company has launched a slew of products and has emerged as a major player in the corporate and retail segment driven by a well-balanced portfolio.

Staying ahead in product innovation through:-

During the year 2004: The company in coordination with the World Bank launched Weather Insurance.

The Company’s Overseas Travel Insurance is the only product in the market that offers premium calculation on a pay-per-day basis as against paying premium on a slab-wise basis.

A unique Senior Citizen Overseas Travel Insurance Plan to cover senior citizens in the age of 85 years was launched by the company during the year. The only policy of its kind in the market.

Loan Care – a first of its kind product to be launched in India – protecting the lender from borrower default on account of death, permanent disability, loss of job and loss pay due to critical illness.

Customer Service

Insurance is a service-specific industry. Customer service is the key area of focus for ICICI Lombard. The Company has built high levels of customer loyalty and advocacy in relatively short period of time.

Staying ahead in customer service through:-

Dedicated relationship managers for both sales and customer service.
Insurance portfolio analysis and risk advisory services
Cashless claims service through a pan India network of garages and hospitals.
24×7 call center
Branch offices in 58 cities
Online centers to service better
Bancassurance branch network

IT & Infrastructure

ICICI Lombard has effectively used Information Technology to meet growing customer needs while improving operational efficiency and profitability. The Company’s IT strategy, architecture and successful deployment form the backbone of its business.

Staying ahead in IT infrastructure through:-

Online Manager: A web-based interface that allows a customer to buy, endorse and renew policy online. Claims intimation and status tracking also forms part of the interface.
Using SMS technology to deliver timely alerts and reminders to keep customers informed of various transactions.
Using intranet effectively to enhance employee productivity and simplify human resource functions.
A state-of-the art data center with robust connectivity and support.
Highest security level offered through 128-bit encryption in case of online data exchange.
The only company to provide digitally signed documents through the online interface.

Partnerships

Effective partnerships and alliances form an integral part of the company’s strategy. ICICI Lombard believes that a leveraged distribution model via partnerships and alliances will be a key driver of its growth in future. Partnership driven alliances model allows the company to cash-in on the partner’s customer network so that the customer gets a packaged offering of products.

Staying ahead in partnership through:

Bancassurance tie-ups
- ICICI Bank
- ABN AMRO Bank
Rural Distribution tie-ups
- ICICI Bank

Distribution Reach

ICICI Lombard General Insurance Company’s endeavour is to become India’s preferred provider of the entire array of financial products and services. The company has built a robust franchise network in association with its joint venture partners to expand coverage. The company presently has 56 offices across India manned by over 700 employees. It believes in targeting customers through multi-channel route including direct sales, agents, brokers, bancassurance, alternate channels and the Internet. Thus, the customers have number of channels to choose from.

Human Resource

ICICI Lombard believes in a progressive human resource philosophy that turns human capital into a key source of competitive advantage. The capability and motivation level of employees is a key determinant in success of any service-oriented organization. Our employee strength is over 600. We have people from diverse backgrounds including general insurance, banking, financial services, consumer goods, telecom, automotive engineering etc.

THE PRESENT STUDY

Aim of the study (Objectives)

v To study the awareness of ICICI LOMBARD.

v To measure the satisfaction level among the customers with the current insurance providers.

Scope of the Study

The study aims to find out awareness level and effectiveness of services provided to the customers by ICICI Lombard. This has been done by preparing a questionnaire, which questions the respondents on their awareness, usage and satisfaction levels on various services and facilities provided to them by various insurance providers.
- The study would help in identifying the usage patterns, awareness and satisfaction levels of customers. The study would help ICICI Lombard, in understandings the effectiveness of various facilities provided to customers and would help them in improving these services.

METHOD

Research Design

A research design is purely and simply framework or a plan for study that guides is collection of data. Descriptive research design is adopted for analysing the data.

Sampling Design

Population under study

Customers in and around Erode City are the targeted respondents for the study details about these customers are collected from merchant association

Sample size

Once the population is determined the sample size has to be fixed. Fifty sample respondents are taken based on simple random sampling method. The various variables like awareness, usage level & satisfaction of respondent are gathered to be studied.

Sampling Frame

The frame refers to the customers who have been selected for the study.

Sampling Technique

A convenient sampling was followed to have sufficient discretion in selecting the sample.

Data Collection Method

Data collection is the most impeccant aspects in the research methodology. The data was collected based on interview technique and personally handed out structured questionnaire questions were resented is exactly the same words is the same order to all the respondents.

The questionnaire was conceived in such a way that the questions as well as the answers were standardized. This is accomplished by employing fixed alternative. Such a questionnaire facilitates easy administration & tabulation and analysis closed ended questionnaire was used in the study.

Feature of Questionnaire

The questionnaire was designed in order to check those features.

v Awareness About various insurance providers

v Their satisfaction level with current insurance provider

v What are the factors they are considering while taking an insurance policy

Statistical Tools Used

In the study simple percentage analysis, weighted average and Two-way classification tables are used to interpret the data collected.

Results and Discussion

From the analysis that most (35.6%) of the customers are belongs to 1-3 lakhs income group.

Maximum (92.8%) of the customers are only purchase the general insurance policy.

From our study, maximum (19.4%) of the customers have purchased New India Assurance policies.

Most (39.2%) of the customers have purchased Motor insurance policy than others.

Protection is the motivational factor behind the insurance policy of the most (56%) of the customers.

It is analysed from the study that maximum (52.6%) of the customers have purchased the insurance through agents.

It is found from the analysis that most (47.8%) of the customers felt that the service of the insurer was excellent.

Most (46.8%) of the customers are aware the ICICI insurance than other private sector insurance.

It is found that majority (49.6%) of the customers are aware of the insurance sector by the media of hoardings.

Most of the customers are select the particular company policy for the reason of its service.

Majority (81.2%) of the customers are not switchover to private sector for the reason of its high premium amount where as few of the respondents’ only want to switchover for their good service.

½ of the customers have applied for the claim during the last three years.

Mostly all of customers (94.3%) opined that they faced some problem while doing the claim process.

It is found from the analysis that most of the customers have taken all the policies through company executives.

It is highlighted from the analysis that majority of the respondents have taken shop keeper policy and opined that the service is excellent.

Since most of the customers are not aware of the ICICI Insurance sector, the company should concentrate to increase the awareness through major promotional tool like television and print media.

From the analysis we found that majority of the customers have insured through Government based Motor Vehicle insurance like national insurance, oriental insurance, etc. but they hesitate to enter into the new insurance company because it is a private sector. So, ICICI Lombard should concentrate the type of problems.

Since the majority of the respondents are aware that the ICICI Insurance through the company agents / officers and it is found that they are the ‘main awareness tool’ of the company, the company should concentrate to promote more agents / officers.

Conclusion

ICICI Lombard the No.1 player among the private insurers holds around 18% of the Erode city Market share. From the study it was found that more than 46% of the Erode market is aware of the service provided by ICICI Lombard. This large variation between market share and awareness is due to the reason that the customers feel that the premium of this private insurance company’s are very high as compared to public companies.

REFERENCE

Website: www.icicilombard.com

Research methodology by C.R.Kothari

Business Today

Industrial Economist

The Hindu Business Line

AUTHOR’S PROFILE The author had completed his graduation (1992-1995) B.Sc. Mathematics at Govt. Arts College in Salem. After that he had studied one year Dying technology course from IIHT & TPT institutions in Salem then he was appointed as Asst.Manager in Private Export concern, after two year service he had been appointed as Manager of Textiles manufacturing company. He had served as Manager for 3 years in that company. Then he resigned his job and join fulltime MBA course at Sengunthar Arts Science College in Tiruchengode affiliated by Periyar University, Salem. After completion of MBA Degree he have passed UGC/NET Lectureship Examination on June 2005, after that he had been appointed as a Lecturer in MBA Dept (CIMS) at Cheraan’s Arts Science College Kangeyam (2006) and served as lecture for one year in that college. He has completed his fulltime PhD research (scholar) work as University Research Fellow (URF) at PRIMS in Periyar University, Salem. He has presented 33 papers on National level seminars and 9 papers on international seminars. His 33 articles published in National Journals and more articles selected for publication in international and national level journals. He is taking seminar classes, guest lectures and soft skill development facilitation programmes for MBA students. Presently He has joined as Lecturer in School of Management at SKCET in Coimbatore.

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CHALLENGES OF HRM TO THE CORPORATE SECTOR IN THE ERA OF GLOBAL RECESSION

By: Sundararajan | 07/06/2009 | Human Resources
In today’s arena the most common word we come across are recession and downturn. In this recession period HR play an important role to make the industry sustain and the entire economy flourish. Human Resource Management, in fact, is closely integrated with business concerns and is concerned with a self of policies and practices designed to achieve strategic integration. In today’s economic melt down where job cuts, loss, pay reduction, last come first go, insecurity of employment atmosphere pre

Emerging Trends of Talent management and Challenges of HRM

By: Sundararajan | 07/06/2009 | Human Resources
In an organization setup, talent management is a scalable judicious use of talent to optimize shareholder return. There is nothing more crucial than fitting the right employee in the right place or right job. Other wise there would be low productivity, low morale, dissatisfaction, absenteeism and other negative behavior till the employee is shown the door or possibly, there is another choice – Talent management. Talent management implies recognizing a person’s inherent skills, traits, personalit

A CONCEPTUAL STUDY ON ORGANIZATIONAL CHANGE IN CURRENT SCENARIO

By: Sundararajan | 07/06/2009 | Organizational
Any type of thinking about our world requires some kind of conceptual model, implicit or otherwise, which structures and guides our thinking and renders it meaningful. For studies of Organizational change, conceptual models and practical models are indispensable. Change is a necessary way of life in most organizations. Change is all around us in the dynamic society surrounding today’s organizations; the question of whether change will occur is no longer relevant.

Impact of Knowledge Management in HR practices

By: Sundararajan | 21/05/2009 | Human Resources
Knowledge Management is simply delivering the right information to the right person at the right time in right place to make a business decision. Knowledge Management is a systematic process for creating, acquiring, synthesizing, sharing and using information to achieve organizational objectives & goals. In recent years, Knowledge Management has emerged as one of the prime concerns of human resource development (HRD) system. In Knowledge Management point to view, knowledge may be defined as