Human Resource Policy at Prime Islami Life Insurance
Subject: Human Resource Management | Topics:

The main objective of the report is to analyze the Human Resource Policy process of Prime Islami Life Insurance. Other objectives are find out the Recruitment and Selection process and identify the strengths and weaknesses the recurrent and selection process of Prime Islami Life Insurance. Here also discuss employees opinion regarding performance management system. Finally find out the Training and Development Department and policy.

Introduction

Prime Islami Life Insurance Limited believe in ensuring a working environment where management and employees put combined effort towards the growth of the company and accepts new challenges in a diversified environment. Acknowledgment of success is ensured here to motivate our staff.

This is a guidance of all employees (Other than those employed for specified period for development work with specific target for business) of the Company regarding their obligations, rights and responsibilities. It is the intention of the Management not to run the Company solely as Business House but transform it as a Service Oriented Institution.

The success of the company depends on the potentiality of its work force and their potentiality depends up on their financial and mental well being. Keeping in view this principle, the Company has determined the pay scales to different categories of Officers and employees and has since placed all its regular officers and employees in the relevant position and scales commensuration their duties and capabilities.

It is the Company’s policy to reward its members of staff adequately on the basis of their performance. It is hoped that with strict discipline and dedicate each and every Officer/employee will contribute his/her very best to the Company. Each individual will grow with the growth of the Company.

The Prime Islami Life Insurance ltd. human  Resource  practices  determine  to  ensure  every employees  growth  with  highest potentiality by  providing  a  healthy  &  competitive  work  environment  where  the  employee  gets opportunity to excel their knowledge & skills .It also ensures the appropriate career opportunities in line with the capabilities & performance through Prime Islami Life Insurance Performance Management Process.

Finally, recommendation was provided to make the HR system more effective and efficient for the organization. If PILIL follows the HR system thoroughly then it will be always in upper hand to retained best employees in the organization in the future.

Objectives of the Study

Broad Objective:

The broad objective of the report is to analyze the Human Resource Policy process of PILIL.

Specific objectives:

Find out the Recruitment and Selection process of the PILIL.

  • To identify the strengths and weaknesses the Recurrent and selection process   of PILIL
  • To identify the PILIL’s employees opinion regarding performance management system.
  • Find Out the Training & Development Department and his policy

 

Methodology of the Study

For the purpose of the study data and information have been collected from both primary and secondary sources. The relevant information collected from primary sources by made questionnaire   and collect information from 24 Employees of Prime Isalami Life Insurance Limited.

Primary source

Face to face discussion with Company Secretary and employees of different department.

I have made a questionnaire and interviewed has taken from 24 employees of all department & branch from the personnel of Prime Islami Life Insurance Limited.

 

Secondary Sources

The secondary sources data have been collected from

  • Service Manual of PILIL
  • Annual Report
  • Books & articles.
  • By employee guideline

 

Functions of Human Resource Management

Human Resource functions are concerned with a variety of activities that significantly influence all areas of an organization Human Resource Management refers to the concepts and techniques one needs to carry out the “people” or human resources aspects of management job including recruiting screening, training, rewarding, and appraising. In its general sense, it refers to the management of people at work a responsibility that most managers have to fulfill.

Human resource management as a fairly broad strategic duty performed by all managers, rather than as a more narrowly defined, purely “staff” role played by professional human resource managers. We can think of human resource management as a variety of tasks associated with acquiring, training, developing, motivating, organizing and maintaining the human employees of the firm. These tasks should be performed in a way that helps the company deal effectively with any environmental forces and competitions and ensures the company’s long-term achievement of its goals and objectives.

Human resource managers and academics have debated for some time the point at which human resource management ends and other functional management begins. In 1989, the American society for training and development determine the activities that professionals typically considered to be HR roles. Among those roles listed were,

In complex business environment, strategy formulation and implementation may be the most important duties performed by the manage.

 

Human resource planning

Definition:

Human Resource Planning may be expressed as a process by which the organization ensures the right number of people, right kind of people, at the right place, at the right time doing the right things for the achievement of goals to the organization.

Manpower planning method:

The four methods generally used to determine the requirements of personnel-

  1. annual estimate of vacancies
  2. long range estimate of vacancies
  3. fixed minimum man specification requirements
  4. specific position estimations

Steps of Manpower Planning :

Step-1 : Determine the Forecasting Period & Manpower required

Step-2: Find out the Surplus in Manpower requirements

Step-3 : Decide the action on surplus or shortage

The planning process:

Step-1 Integration of manpower planning into the financial planning

Step-2 systematic Review of internal Resources

Step-3 Formulation of the Recruitment plan

Job analysis:

It includes

  1.   Job analysis & its different methods
  2. Steps of job analysis
  3. Purpose of job analysis

Job Analysis:

Job Analysis is system at exploration of the activities within a job. It is a technical procedure used to define the duties, responsibilities and accountabilities of a job. A job analysis indicates what activities and accountabilities the job entails. There is no mystery of job analysis; it is just an accurate recording of the activities involved.

 Methods of job Analysis:

The basic methods that HRM can use to determine job elements and the  essential knowledge, skills and abilities for successful performance include the following

  1. Observation Method
  2. Individual interview method
  3. Group interview method
  4. Structured Questionnaire Method
  5. Technical conference Method
  6. Diary Method

Steps for conducting the job analysis:

  1. Benchmark positions
  2. Determine how you want to collect the job analysis information
  3. Seek clarification, whether Necessary
  4. Develop the first draft of the job description
  5. Review draft with the job Supervisor

Purpose of job analysis:

  1. Job descriptions
  2. Job specifications
  3. Job Evaluations

Recruitment

Recruitment is the premier major steps in the selection process in the Organizations. It has been explained as an activity directed to obtain appropriate human resources whose qualifications and skills match functions of the relevant posts in the Organization.  Its importance cannot be over-emphasized and can also be best described as the ‘heart’ of the organization.

Sources of Recruiting:

  1. The internal Search
  2. The External Searches
  3. Advertisements
  4. Employment Agencies
  5. Schools, collages, and Universities
  6. Professional organizations
  7. Cyberspace Recruiting
  8. Unsolicited Applications

 

Selection & Interview:

Definition of Selection:

Definition is a process of measurement, decision-making and evaluation the goal of a personal selection system is to bring into organization individuals who will perform well on the job a good selection system must also be fair to minorities and other protected classes.

The selection process:

Selection activities typically follow a standard pattern, beginning with an initial screening interview and concluding with the final employment decision, the selection process typically consists of eight steps:

  1. Initial screening interview
  2. Completing the application form
  3. Employment tests
  4. Comprehensive interview
  5. Background investigation
  6. A conditional job offer
  7. Medical or physical examination and
  8. The permanent job offer

Training & Development

Employee Training:

Training is a learning experience in that it seeks a relativity permanent hanger in an individual that will improve the ability to perform on the job. Training can involve the changing of skills, knowledge, attitudes or behavior.

Employee development:

Generally focuses on future jobs in the organization.

Management development:

Management development is more future oriented and more concerned with education, than is employee training, or assisting a person to become a better performance. Successful managers have analytical, human, conceptual and specializes skills.

 

About PILIL

  • PILIL is an “A+” rated company having good financial performance and sound solvency.
  • PILIL wants to change beliefs, attitudes, values and practices in the insurance industry.
  • PILIL is committed to actively contribute to the growth and development of the Family Takaful and Islamic insurance industry
  • PILIL wants to be the preferred life Insurance institution for our policyholders as they enjoy distinct service culture and become loyal to us.
  • PILIL does ensure strict compliance with the ethical principles.
  • PILIL aspire to be the leader and a company of first choice.
  • PILIL secures growth and seek to constantly increase return on equity for our valued shareholders and all stakeholders.
  • PILIL holds high position in the insurance market by offering products at flat rate of contribution (Premium).
  • PILIL is maintaining our business growth in all respects within the framework of Shariah principles and ISO 9001:2008 Quality Management System.
  • PILIL attracts  professionals and talents and provide excellent job opportunities to build up their career.
  • PILIL is well staffed with skilled and dedicated employees contributing knowledge and skill to the growth and success of the company.
  • PILIL offers polices at the least cost with more benefits.
  • PILIL motivates our people to contribute best to their ability and aspiration.
  • PILIL offers  innovative new products considering necessity and choice of common people.
  • PILIL intends to be leading and number one Islami Life (Family Takaful) Insurance Company now operating in Bangladesh.

 

Goal and Objective

Goal:

To serve the humanity for its well being in the present and the world hereafter by providing financial and moral gains through utmost good faith, good conduct, mutual trust, sincerity, integrity and personalized services.

Objectives

  • To meet customers demand with Utmost
  • To practice effective Human resource management
  • To ensure maximum protection of shareholders’ Investment.
  • To provide secured employment environment.
  • To develop corporate culture and promote good governance.
  • To maintain transparency in disclosures

Mission and Vission

Mission:

  • To abide by Shariah Principles in day-to-day business affairs
  • To build dynamic, sound and professional management team
  • To develop innovative products, to add value to our customers
  • To ensure quality management system
  • To ensure best customer service
  • To ensure good governance

Vision:

  • To maintain utmost integrity responsibility and transparency
  • T o become the best private life insurance company in Bangladesh and in South-East PILIL as whole
  • To become the best private life insurance company in Bangladesh and in South-East PILIL as whole

 Core Values

We believe we stand stronger than before. Nine key values drive us in delivering excellent result to our stakeholders.

These are:

Professional excellence:

We are professional in all we do, continually developing our skills and expertise.

Integrity

  • We are fair and honest and we deliver on our commitments;
  • We assume everything we do is in full public view.

Transparency:

We are focused on the highest level of transparency providing accurate and timely information about our products, performance and financial results to meet the expectations of the users.

 

Stock Summary

Authorized Share Capital  Tk :    50,00,00,000.00

Paid up Capital : Sponsor  Tk.:    6,80,00,000.00

: Public                                   Tk.:    9,00,00,000.00

Tk.:   15,80,00,000.00

No. of Shares  : Sponsor     Tk.:    68,00,000.00

: Public                                    Tk.:    90,00,000.00

Total                                        Tk.:  15,80,00,000.00

 

Face Value per Share                                      : Tk. 10.00

Market Lot                                                         : 50 Shares

Net Asset Value (NAV)(as on 31.12.2011)    :Tk. 45,17,67,042.00

NAV Per Share (as on 31.12.2011)                   : Tk. 27.38

Earning Per Share (EPS) (as on 31.12.2011)   : Tk. 11.99

Net Operating Cash Flow Per Share (NOCFS) (as on 31.12.2011) :  Tk. 7.27

 

Human Resource Management Practice in PILIL

Introduction

Prime Islami Life Insurance Ltd. was initially incorporated in the name of Prime Life Insurance Company Ltd. in July-2000 which was converted into an Islamic Company in the name of Prime Islami Life Insurance Ltd. in April-2002. In a relatively short span of time, Prime Islami Life Insurance Ltd.(PILIL) has achieved a commendable progress in business, product developments and quality management.

Name of The Company:Prime Islami Life Insurance Ltd.
Authorised Capital:Taka 500 Million
Paid Up Capital:Taka 158 million
Date of Incorporation:24th July, 2000
Date of Commencement of Business:June, 2001
Date of Conversion into Islami Company:22nd April, 2002
Credit Rating Grade :‘A+’
Date of ISO Certification :6th October, 2006
Date of Allotement of Public Share :7th January, 2007
Face Value Per Share :TK. 10
Present Market Value Per Share:TK.179.00+

 

Employment policy

The Prime Islami Life Insurance ltd. human  Resource  practices  determine  to  ensure  every employees  growth  with  highest potentiality by  providing  a  healthy  &  competitive  work  environment  where  the  employee  gets opportunity to excel their knowledge & skills .It also ensures the appropriate career opportunities in line with the capabilities & performance through Prime Islami Life Insurance Performance Management Process.

Employment principle :

PILIL recognizes that each employee irrespective of gender is entitled to be treated with courtesy and dignity. Each employee is entitled to fair wages, job opportunities, in return for good job skills, cooperation, loyalty and best efforts. The organization will demonstrate its commitment to protect the employee’s organizational rights so as to improve and increase employee’s motivation. PILIL is committed to develop its Human Resources to achieve the organization’s mission and goals.

 

Recruitment and Selection

Recruitment

Great human resource can form great company. For this first of all recruiting good people in the organization is important. Recruiting is the process of discovering potential candidates for actual or anticipated organizational vacancies. From another prospective, it is ‘a linking activity’- bring together those with jobs and seeking jobs. The effort of recruiting is sometimes expensive and time-consuming process.

Generally on the basis of organization’s growth recruitment is done. In the growth stage, a large number of people are required to be recruited. Similarly in the declining or bad condition of the company the need of human resource is the least. Both in higher and lower positions people are recruited in a company assessing the need in different times. In the industrial sectors people mostly recruited round the year for they need people of different skill, knowledge and experience to operate multi disciplinary function.

Selection

For any type of business selection the best person or right men in the right place is a very challenging matter. On the basis of selection, the human resource is a formed finally to undertake the responsibility of a company. In other words, the success or failure of an organization partly depends upon recruitment and selection procedure. Once a person is employed cannot be easily terminated by law or for other factors.

From the textual concept, selection is the screening or filtering process through which recruitment process comes to an end. It begins after the applications are received and ends when hiring decision are made. Usually, mid and top level management deal with selection process. The objective of selection process is to determine whether an applicant meets the qualifications for a specific job and to choose the applicant who is most likely to perform well in that job.

The process related to recruitment in a company:

For the recruiting purpose, both internal and external sources are used. Internal source refers to the present working force of an organization. In the event of vacancy, someone already in the payroll is promoted, transferred or trained to fill up the force. On the other hand, advertisements, references, searching people in different organization for recruitment purpose are some of the external source.

Recruitment:

Almost in all the (both junior and senior level) PILIL recruits people according to their needs. When they open a new branch, they mingle the new and experienced employees so that a good combination can work effectively.

The process of recruitment in PILIL is started below:

  • Ad in Newspaper like prothom alo, the daily star, ittefaq etc.
  • Ad in different websites like bdjobs, Circular in educational institutions
  • Recommendation from top Mgt, close relatives, influential people of the society, depositor, shareholder etc Unsolicited Application
  • Other sources: Transfer, Participation in job Fair, Employee Referrals, rehiring

Alternatives:

Contract basis: Project Director, IT Consultant, and other experts in the related field who serves in the organization within negotiated facilities for a certain period of time. The contact can be made for one to three years as per the requirements of the company. Sometimes, the authority extends this contact in need.

Other Methods of Recruitment:

Beside the Traditional method of application, interested candidates to in PILIL can submit their CV in a prescribed format through online. For this purpose one has to log in www.prieislamilifebd.com/career and submits their detail information in a prescribed format.

Initial joining as a Probationary Officer / Officer / Junior Officer:

Here, the requirement is completion of a University degree having Master in any discipline from any recognized university. Candidates having Business School degree, Accounting or Economics background are preferred mostly.

Eligibility:

Age not above 30 years

a) Master Degree holder having two first class/ division and no third class/ Division through out the educational career from any of the following disciplines are eligible.

b) BBA / MBA / MBM: Minimum CGPA 3.0 (having at least one first division / class no third class / division)

Computer knowledge and fluent English is essential. Applicant must be Bangladeshi national.

Experienced Candidate in Junior / Mid Level / Executive Level

Interested persons having practical experience in insurance can also apply for any suitable position submitting the full CV. They need to fill up the prescribed form of human Resource Division through online.

In this format they need to mention additional information regarding their earlier employer, field of experiences, achievements and so on.

Steps in Selection procedure:

The hiring procedures are lengthy and complicated most of the time. Some selection  the candidates are depend on the basis of merit only; other like to follow a standard system i.e. a series of steps to select the most competent candidates.

Selection methods:

Test:

On the basis of need assessment and HR planning the selection methods of the organization can vary from another .the most common methods of selection, however are conducting a series of tests or simply walk-in interview. the selection tests can be categorized in the following ways:

Interview:

Interview is another popular method of selection, which has been proved to be a universal selection tool, involves in face-to-face meeting between the applicant and interviewer. Interview can be also categorized into different names. such as

  • Traditional interview
  • Panel interview
  • Situational interview
  • Stress interview

 

Selection Procedure in PILIL:

Selection

It includes short listing of candidates, assembling and their final hiring decisions.

Recruitment in the top management of PILIL:

Sometimes many senior executives level their jobs from other organization and want to join in a company offering better opportunities. PILL also recruits experienced people like this in senior positions who can contribute well in the particular fields. In the position of the top management, however, PILIL gives priority to interview as the method of selection.

 

Compensation & Benefits:

General perspective of Compensation & Benefits:

Compensation may be defined as the remuneration for the time spent and physical and mental efforts invested by the employees. It includes all forms of pay / rewards provided by the employers. Compensation can be direct financial payments or indirect payments.

Most employers want to develop compensation and benefit structure with three basic objectives to attract, retain and motivate the best employees. Companies use a mixture of the three main components of their compensation package.

  • Basic pay, also called Salary
  • Incentive pay (in the form of cash / non cash award like stock)
  • Benefits or non financial rewards

Traditionally companies from different cultures have different approaches to human resource management. To deign the pay structure of the employees now Americans, Europeans and PILILns are following 3-p-f-p approach:

  • Pay for performance
  • Pay for position
  • Pay for person

This 3-p-f-p system ensures that HRM plays a central role in management decision-making and achievement of business goal. With the rise of globalization, companies are also upgrading their compensation policy, conducting market survey to analyze the pay structure, finally establishing guidelines for equality, competitiveness and motivation.

Rewards:

Besides wages and salaries, employees are also compensated by various types of rewards such as-Intrinsic & extrinsic rewards Financial & non-financial rewards

Compensation Package in PILIL:

The compensation package, the benefit and rewards provides by the PILIL to its employees can be started in the following charts:

FinancialNon-Financial
a) Wagesa) Transport
b) Incrementb) Professional Training
c) Honorariumc) Performance-based-promotion

(Sometimes)

d) Participation in decision making

(After certain stage)

PILIL also provides attractive benefits and rewards to the deserving candidates.

 

Retirement Benefits:

In the big organization and renowned company’s Provident fund, Gratuity, Superannuation are provided for the employees who serve for longer period of time. In PILIL Provident fund benefits are given to the eligible staff in accordance with the rules of provident constituted under an irrevocable trust. But for this, employees have to serve in this organization for 5 years.

Superannuation fund benefits are given to the eligible staff of PILIL in accordance with the rules of superannuation constituted under an irrevocable trust.

PILIL has employee’s Gratuity scheme as required under Bangladesh accounting Standard- 19: Employee Benefits. PILIL has not determined estimate of the liability for its employee’s gratuity. As a result, actual quantum of such liability is not ascertained yet, however, to be qualified for the benefit of Gratuity at least ten-year service in PILIL is required.

Sudden leave or resignation from the job will deprive an employee from the facilities mentioned above.

 

Leave Policy:

One of the most essential parts of an employee is the leave facility. The employees can be more dedicated to their work if they get leaves in need, especially in emergency. Like the other reputed Company’s of Bangladesh PILIL also offers attractive leave opportunities for its work force.

The benefit of leave can be categorized as the following:

Type of LeaveDay
Casual Leave10
Medical Leave14
Earned Leave30
Pilgrimage Leave- For the purpose of performing the holy Hajj30
Maternity leave60


Other Leaves:

Study leave: – Highest 2 year, applicable for foreign education by signing a bond with PILIL authority.

Special leave: – Some of employees like to utilize their leave facility for enjoying life, some do the opposite. That is they do not utilize this chance. As a result, their due facilities are added with the next one.

The real fact is that the leave facilities depend on the consent of the management. Sometimes, all the leave applications should not be accepted by the authority as expected by the employees.

 

Promotion policy of PILIL:

Basic Concept:

It refers to the internal movements in which pay, status and conditions of the new position increases as compared with the old. Promotion is an important aspect of employee motivation. Regular and systematic promotion makes an employee more dedicated to the employer and he becomes more aware about his duties and responsibilities. Otherwise, frustration can prevail among the employees leading to less productivity and high turn over.

The hierarchy of the promotion in PILIL is started below:

  • Assistant officer
  • Junior Officer
  • Officer
  • Management Trainee / Probationary Officer
  • Officer Grade 1
  • Senior officer
  • Principal Officer
  • Senior Principal Officer
  • Vice President
  • Senior Asst. Vice President
  • Vice President
  • Senior Vice President
  • Executive Vice President
  • Senior Executive Vice President
  • Deputy Managing Director

Generally after three years promotion is given / awarded to the competent employees. For the persons serving as executives or in senior positions the promotion period Senior are, however, two years. As a matter of fact, promotion and increment depend on the report of ACR (Annual Confidential Report). If an employee does not get promotion in due time he can get increment. But if ACR is negative, benefit can also vary in this regard.

In insurance sector, targets are given to the officers to collect more policy for the organization. If one can fulfill this target, his sincere effort is counted by the authority and adds value in his career.

 

OTHER POLICIES:

  • TRAINING AND DEVELOPMENT
  • PERFORMANCE APPRISAL
  • TRANSFER

TRAINING AND DEVELOPMENT

Training & Development is a subsystem of an organization. It ensures that randomness is reduced and learning or behavioral change takes place in structured format. Training and development encompasses three main activities:

Training: This activity is both focused upon, and evaluated against, the job that an individual currently holds.

Education: This activity focuses upon the jobs that an individual may potentially hold in the future, and is evaluated against those jobs.

Development: This activity focuses upon the activities that the organization employing the individual, or that the individual is part of, may partake in the future, and is almost impossible to evaluate.

Training and development objective of PILIL.

The Company shall make arrangement for training of its employees internally by senior officers of the Company and also by nominating officers to the courses conducted by Bangladesh Insurance Academy, Bangladesh Insurance Association etc. or by any foreign organization.

The Trainees may be paid a reasonable amount of conveyance allowance when attending courses in the same station. An employee attending training out side his duty station may be paid. T. A. as if on tour and a reasonable amount of D.A.

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 in an Organization.

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

Functional Objectives – maintain the department’s contribution at a level suitable to the organization’s needs.

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

Policy Guidelines

  • This training policy of PILIL, therefore, will have the following brief guidelines.
  • Trainees must be from inside or outside of the company.
  • Expert selection should be based on relevance of expertise and experience in relation to the training on a competition base in consultation with respective departments.
  • Trainings should be provided on modular approach. As much as possible it should be team based a combination of senior and junior experts.
  • Both the training and the trainees should be evaluated for each program.
  • Only successful trainees will receive certification.
  • It is deemed to be that the training period should not exceed 3 months
  • Trainees should attend at least 75% of the total time allotted to get certified.
  • Signature on all certificates should be made by the Community services Vice president and the Unit training officer.
  • Training can be indoor or outdoor.

Policy Procedures

Every training program that will be provided by the PILIL should be in line with the PILIL’s training objectives and policies. To do this, the following important procedures must be incorporated.

Before Training Delivery

  • Service Initiation: Service initiation should make social development, organizational development and career  development agenda for training provision.
  • Training Announcement: All types of the available trainings should be advertised to the community widely.
  • Expert Identification: Expert identification for trainings should be advertised sufficiently by all means and selection should be made on a merit basis.

Syllabus

Training syllabus is an important training. For every training syllabus should be prepared as per the contract and must get approved. Syllabus should include content, objectives, method, required resources and minimum admission requirement and level of certification.

Site Selection

The place where trainings should be provided must be decided by the discussion with the HR team.

Forwarding Syllabus

For those trainees who have got chance for a training brief content of the syllabus must be communicated through all means preferably through printed papers and email.

Orientation

Those selected trainees will get a maximum of two hours orientation about the training program.

  • During Training Period
  • Distribution of Materials

All the training materials (schedules, modules and other supplementary equipments) will be supplied to trainees at spot. Training will continue as per the schedule and using the appropriate methodology.

Training Evaluation

The entire training should be evaluated twice during the training period. One should be made in the middle another will be made at the end.

 

After Training Period

Trainee Evaluation

At the end of the training programs trainees will be evaluated as to their performance, attendance, participation and fulfillment of the stated training objectives and requirements.

Certification

For those who meet the minimum requirement of the training certification will be provided.

Few training program name given below:

  • On Life Insurance Policy
  • On-the-Job Training
  • Seminars/Workshop
  • Customer Relationship Management
  • Computer-Based Training
  • Self-Directed Training
  • Training on leadership manage

 

Performance Appraisal System:

The performance appraisal process is a process that evaluates employee performance.  Normally it compares quality, quantity, cost, and time.  Some of the things that performance appraisal are used to do would be.

  • Give something tangible to the employee regarding their work performance.
  • Shows what training employees need.
  • Determines what the employees raise might be.

Performance Appraisal

Performance appraisal may be understood as the assessment of an individual’s performance in a systematic way, the performance being measured against such factor as job knowledge, quality, and quantity of output, initiative, leadership, abilities, supervision, dependability, co-operation, judgment and the like. Performance appraisal and feedback can be adopted as emotionally laden process that dramatically affects employees’ attitudes toward the organization and themselves. If used inappropriately, the appraisal process can have disastrous effects.

Steps in Performance Appraisal:

  • Establish performance standard.
  • Communicate Performance Expectation to Employees.
  • Measure actual performance
  • Compare performance with standards.
  • Discuss the appraisal with the employees
  • Initiate corrective measures

The performance evaluation is carried out for each employee both at officer and executive levels to confirm that the employees are performing as expected. At the same time, professional training is imparted to the employees as per trait.

 

Disciplinary action Procedures Policy

The term discipline refers to condition in the organization where employees conduct themselves in accordance with the organization’s rules and regulation and standards of acceptable behavior.

Practices of PILIL

For maintaining the discipline and the reputation in insurance industry PILIL  takes many disciplinary actions in need. It helps to ensure the transparency and accountability of both the employees and employer. The management of PILIL takes actions against the defaulter by:

  • Warning
  • Suspension
  • Show cause
  • Punishment Transfer
  • Dismissal

The management of PILIL tries to realize the fact whether the mistake of the employees are deliberate or more careless one. It judges the situation before taking any action against the workers due to willful negligence, problem regarding customer dissatisfaction, mishandling in transaction or recording data etc. when any disciplinary action is taken against the defaulter, usually, that person is removed from his position followed by investigation. There is a Complaint Cell under one Vice President who is concerned about the system loss or other related issues. PILIL authority also takes the help of other authorities like Bangladesh PILIL or Securities and Exchange Commission if it is required to take any disciplinary action for serious cases.

 

Recommendations

PILIL follows strong and healthy HR policies which not only focus on human resources but also consider organizational goal while developing any human resource strategy. PILIL has a flatter HR structure which faster the speed of doing business more efficiently and effectively. Even though with such effective HR structure and policies, still there lays merits and demerits and hence provide a scope of improvisation for better organization.

Being a Life Insurance company PILIL has an effective HR system than of the other  Insurance Company. The HR system of PILIL very much organized and specific in terms of policies and strategies for dealing employees and other parties both inside and outside of the organization. The HR policies and strategies are pursuing to ensure that the recruiting, selecting, training, appraising and compensation systems are consistent with the company’s strategic plan. As said by a writer that in a growing number of organizations human resources are now viewed as a source of competitive advantage. A high quality workforce enables organization to compete on the basis of market responsiveness, service, quality, behavior, liaison and technological innovations. Thus PILIL HR system takes into consideration employees as much as possible to develop and trained them both personally and professionally.

It is difficult for any person’s like me to analyze any HR practices of any organizations and it is also difficult for me to recommend anything’ regarding this purpose. But the sign of encouragement, which I got from my honorable coordinator, has helped me a lot to recommend something on this policy. So far I am accumulating the information; I have identified some drawbacks of recruitment policy of PILIL. My documentation is based on these drawbacks. My intention is not to hurt anyone, rather than evaluating the whole recruitment procedure constructively.

After survey 24 employees of PILIL that they provide me honest, thoughtful, recommendation and candid feedback which are given below:

  • Qualified and professional employee should be recruited for the company. That will brings effective & efficient employee for the company and they will reach the organization in the competitive market.
  • Avoidance of written test in most of the cases PILIL prefers short listing. Viva voice to evaluate the competence of often individual candidate. Very few times, they use the device of written test to find out the creditability of the candidates. Had this device been device been used successfully, the authority would have been to catch up the potential of the applicants more effectively Department wise in house Training should be required for every employee after 02 months for perform the job accurately.
  • Policy of Performance Appraisal System of the company should be utilized by the Departmental In-Charge properly that will brings effective judgment for the employee.
  • Recruitment & selection process should be done on merit basis no other methods like (back door) process would not be applied regarding the above job. In that process a large & talent employee shall not chance to do betterment for the company.
  • Recruit desk personal after considered the academic background and having release order from previous company and for marketing person proper cost analysis should be maintained according the company policies.
  • Job Related Training will be required for all employees that will increase the capacity of employees effectively and efficiently.
  • Human resources department monthly meeting will be needed that will brings valuable guidelines for all department activities.
  • Communication is required with the employee on their Birthday, Marriage day or any others Sad or Happiness day that will brings employees confidence and morality.
  • Supreme authority of M.D. that means Managing Director is the final authority of making decision in recruitment process. So there remain some possibilities of manipulation Managing Director might miss use his supreme power by giving promotion to his friends and relatives. The equal participation to use his friends and relatives. The equal participation of HR Manager and in the decision making might be able to judge any candidates impartially. There must be some check and balance.
  • Time consumption some times candidates wait for a long time in the interview room, which is the source of creating some sign of impatient -bothering among the candidates. This might he responsible for creating bad impact on the good reputation of the company.
  • From a HR point of view, it is HR utmost duty to provide training to the employees not related to their job only but also training which can help the employees to develop personally. Training will make the employees specialized in their respective tasks which will enable them to perform better and hence will lead to high organizational performance or vice versa.
  • Compensations & benefits are also related to organizational performance. Good compensation and benefits package enhance employees to perform better in their task. There is more chance for the employees to be  more  devoted  towards  their  work  and  hence  will  lead  to  the  achievement  of organizational goals. Moreover better pay scale within the industry attracts higher number of qualified candidates.  So  there  will  be  more  options  for  the  PILIL HR  to  recruit  qualified  people  for  the organization.
  • Performance appraisal is one of the most important steps in the HR process. It is very important to review employee’s performance and provide time to time promotion and increments. Performance review enhances employee’s motivation and job satisfaction. The HR  needs  to  make  sure  that employees  are  treated  fairly and  equally in  order  to  achieve  better  organizational  Moreover it also enhances employee retention with the organization.

If proper and biased performance appraisal process is not followed then it would be difficult for PILIL to retained qualified human resources and thus will not be able to achieve Company’s goals.

 

Conclusion

In the end we can conclude that PILIL HR must undertakes the needful actions to keep healthy relationship with the employees. If required HR must makes necessary correspondences with the management. HR must plays a vital role as a counselor and motivator of the employees to diminish any situational or psychological discomfort if anyone come across in their day to day work. Along with monitoring and guiding the total workforces, Human Resources Department of PILIL may assist the employees to achieve their given individual target as well as moving towards the organizational goals.

Thus I can finally conclude that if PILIL follows the proposed HRM practice and style they will get better competitive advantage and will be able to achieve its target more effectively and efficiently in Future.

 

Questionnaire

Questionnaire HR practices of PILIL

This survey provides feedback on the HR practices of PILIL. It is important that you provide honest, thoughtful and candid feedback. This survey is anonymous and your responses will behold in the  strictest confidence.

Please answer all the questions and tick the appropriate box.

Name:

Designation:

Department:

Length of service at PILIL:

1. Do you think PILIL practices a sound recruitment and selection process to attract qualified job applicants?

Yes_________ No __________

2. How satisfied are you with the recruitment and selection policy of PILIL?

  • Very dissatisfied
  • Dissatisfied
  • Neutral
  • Somewhat satisfied
  • Extremely satisfied

3. Would you personally recommend qualified applicants to apply to PILIL?

Yes_________ No ___________

4. Are you think PILIL strong training and development policy?

Yes_________ No ____________

5. How satisfied are you with the training and development policy of PILIL?

  • Very dissatisfied
  • Dissatisfied
  • Neutral
  • Somewhat satisfied
  • Extremely satisfied

6. How would you rate the performance Appraisal system off PILIL on a scale of 1 to 11?

  • Worst
  • Bad
  • Neutral
  • Good
  • Excellent

7. Are the objectives and policies of performance appraisal system communicated to employees?

Yes________ No__________

8. How satisfied are you with the performance appraisal system of policy of PILIL?

  1. Very dissatisfied
  2. Dissatisfied
  3. Neutral
  4. Somewhat satisfied
  5. Extremely satisfied

9. Does the performance Appraisal system accurately measure employee Performance?

Yes_________ No ___________

10. Is the performance appraisal system based on confidential reporting?

Yes__________ No __________

 

  1. What would you recommend PILIL do to Improve their HR practices?

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