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HRM Practices in Insurance Companies: A Study of Indian and Multinational Companies

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Author Info

  • Subhash C. Kundu

    (Guru Jambheshwar University of Science and Technology, India)

  • Divya Malhan

    (Kurukshetra University, India)

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    Abstract

    Competitive advantage of a company can be generated from human resources (HR) and company performance is influenced by a set of effective HRM practices. In this study, we intended to assess the HR practices in insurance companies. Primary data based on 218 respondents from four insurance companies (two multinational-7 branches and two Indian-7 branches) were analyzed to assess HR practices being practiced by insurance companies in India. Six factors from factor analysis were further analyzed. ‘Training and benefits’ was found highly in practice in the insurance companies. Further, ‘performance appraisal,’ ‘selection and socialization of employees,’ and ‘HR planning and recruitment’ were moderately practised in insurance companies. ‘Workforce diversity and contemporary HR practices’ and ‘competitive compensation’ were also practised to some extent. ANOVA results showed that Indian companies did not practise workforce diversity. Compensation practices were found more competitive or performance based in Multinational insurance companies than in Indian ones. The gender effect showed that only competitive compensation was perceived significantly differently by male and female employees/executives. Interactive effects were significant on workforce diversity and contemporary issues, training and benefits, and selection and socialization of employees.

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    File URL: http://www.fm-kp.si/zalozba/ISSN/1581-6311/7_191-215.pdf
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    Bibliographic Info

    Article provided by University of Primorska, Faculty of Management Koper in its journal Managing Global Transitions.

    Volume (Year): 7 (2009)
    Issue (Month): 2 ()
    Pages: 191-215

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    Handle: RePEc:mgt:youmgt:v:7:y:2009:i:2:p:191-215

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    Related research

    Keywords: competitive compensation; multinational companies; performance appraisal; selection and socialization; training and benefits; workforce diversity;

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    References

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    1. Waheeda Lillevik, 2007. "Cultural Diversity, Competencies and Behaviour: Workforce Adaptation of Minorities," Managing Global Transitions, University of Primorska, Faculty of Management Koper, vol. 5(1), pages 85-102.
    2. Lee, Sang M. & Peterson, Suzanne J., 2000. "Culture, entrepreneurial orientation, and global competitiveness," Journal of World Business, Elsevier, vol. 35(4), pages 401-416, January.
    3. Aleksander Zadel, 2006. "Impact of Personality and Emotional Intelligence on Successful Training in Competences," Managing Global Transitions, University of Primorska, Faculty of Management Koper, vol. 4(4), pages 363-376.
    4. Robert Gibbons, 1998. "Incentives in Organizations," Journal of Economic Perspectives, American Economic Association, vol. 12(4), pages 115-132, Fall.
    5. Pirkko Pitkänen, 2007. "Intercultural Competence in Work: A Case Study in Eastern Finnish Enterprises," Managing Global Transitions, University of Primorska, Faculty of Management Koper, vol. 5(4), pages 391-408.
    6. Astrid Heidemann Lassen, 2007. "Corporate Entrepreneurship: An Empirical Study of the Importance of Strategic Considerations in the Creation of Radical Innovation," Managing Global Transitions, University of Primorska, Faculty of Management Koper, vol. 5(2), pages 109-131.
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