HRM Practices in Insurance Companies: A Study of Indian and Multinational Companies
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.
Volume (Year): 7 (2009)
Issue (Month): 2 ()
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