ing t & d summer training report
TRANSCRIPT
A SUMMER TRAINING REPORT ON
Training & Development
A Report on Summer Training In partial fulfillment of full-time two year MBA
Course.
Under the Guidance of:- Submitted To:-
Mr. R.K. Shashi Col. C.D. Sharma
ING Vysya life Insurance FMS, M.A.I.E.T
C-Scheme, Jaipur Jaipur
Submitted By:-
Chetan Rathore
MBA 3rd Sem.
2009-2011
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PREFACE
The report represents the work done during the summer training which constitute an important part of MBA degree. The objective of the training is to enable the trainee to observe management problems and situation in a real life organization and to report the facts, observation and inferences.
As my area of interest is Human resource, a project was provided to me titled “Training and development in ING vysya Life insurance, Jaipur ”, so that I can understand and learn the Human resource management and problems in the company in insurance field.
I did my summer training under the guidance of Mr. R.K.Shashi(Branch manager). I am pleased to work in this organization.
The main emphasis of this training programme was to develop awareness about the insurance industry, so that we can understand its process, procedure, working conditions and its future prospects.
I have tried my best to make this report a reader friendly and also did my level best to fulfill the objective of the summer training.
Chetan Rathore
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ACKNOWLEDGEMENT
I had sincerely expressed my ineptness gratitude towards Mr. R.K.Shashi
ING Vysya Life Insurance for giving me an opportunity to join this
esteem organization for 45 days of summer training.
My summer training in ING Vysya Life Insurance JAIPUR, of duration
45 days has been quite successful. During my stay for 45 days, I had
received full co-operation from employees and officers OF ING vysya
Life insurance The practical visualization of the summer training has
helped me to understand a lot of practical things.
In order to acquire myself to the task of the organization and to analyze
them, I met staff who helped by their kind co-operation and guidance.
During the trainingthey have been giving the practical knowledge.
I would be special thank to our college faculty Mr. Ankur Rastogi
(HOD) under supervision this topic.
Last but not least I would be special gratitude to our all friends who
hearteningme to complete this project.
Chetan Rathore
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EXECUTIVE SUMMARY
This project is based on the annual reports of the ING Vysya Life
Insurance. It is done to find out whether the ING Vysya Life Insurance are
improving capital structure or not.
Further, this Project -
Includes the introduction of the company wherein I told about
the Objectives of the study and profile of the ING Vysya Life
Insurance.
Includes the Research Methodology wherein I have discussed the
Research Design and Various sources of the Data Collection.
Includes the Data analysis and Findings wherein I have analyze the
data collected from the departmental records, annual reports and
web site records.
Represents the conclusion and the suggestions based on the
departmental records and annual report.
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CONTENTS
Preface Acknowledgement Executive Summary
INDUSTRY PROFFILE……………………………………………………….05-15Introduction of Insurance…………………………………………………….….06Definition………………………………………………………………………..….06Advantages of Insurance………………………………………………………...08Classification of Insurance……………………………………………………….09Objectives of Insurance…………………………………………………………..10History of Insurance……………………………………………………………….11
COMPANY PROFILE……………………………………………………........16-27About ING……………………………………………………………………….….17Mission, value and Personality……………………………………………….....18Brand Positioning………………………………………………………………. ..20Product Portfolio…………………………………………………………………..21
TRAINING AND DEVELOPMENT……………………………………….....28-41Introduction …………………………………………………………………….…29Approaches of Training and Development …………………………………..31Objectives of Training and Development ……………………………………..32Process of Training and Development ………………………………………..33Importance of Training and Development …………………………………….34Methods of Training and Development ………………………………………..36Evaluation of Training and Development ……………………………………...39Purpose of training evaluation…………………………………………………..40
Research Methodology………………………………………………………42-49Data Analysis and FindingsData Collection …………………………………………………………………….43Data Analysis & Interpretation……………………………………………………46
Conclusion and Suggestions……………………………………………….50-55Limitations…………………………………………………………………………..51 Suggestion ………………………………………………………………………….52Conclusion ………………………………………………………………………….53
‹ Questionnaire …………………………………………………………………….56‹ Bibliography ………………………………………………………………………59
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INDUSTRY PROFILE
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INTRODUCTION
INTRODUCTION OF INSURANCE:
Insurance is commerce. Insurance product is a financial contract
entered into by parties with a define consensus of mind. Insurance,
in its purest from, is a risk management tool, a security blanket. It
provides financial protection against unexpected events. When we buy
insurance, effectively a portion of risk is transferred to the insurer. This
protection comes at a price, but it's a function of what we might
otherwise find ourselves burdened with. Whatever stage of life we are at,
chances are, and we need insurance.
DEFINITION:
Insurance can be define as" a contract by which insurance agrees to pay
the insured a compensation for specified damage loss or injury
suffered in exchange for periodic payment called premium" Insurance
cannot prevent the happening of the event; it can protect a person from the
financial losses he may suffer after the happening of the event. Therefore,
insurance if aimed at compensating the financial loss suffered an insured
event.
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WHY INSURANCE?
You need Life Insurance because typically the need for income continues
for those who are financially dependent on you, but there is no guarantee
of your ability to earn consistently and for the rest of your life. Life
insurance can help you safeguard the financial needs of your family.
This need has become even more important due to steady disintegration of
the prevalent joint family system, and emergence of nuclear families. The
need to protect your family’s ever growing needs is why you need Life
Insurance.
Following are the reasons:
Replacement of Income
Lifestyle Maintenance
Costs of Education
Retirement Expenses
Mortgage and Debt protection
Hardships Protection
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Advantages of Life Insurance
It is superior to an ordinary saving plan: Unlike other saving plans, it affords
full protection against risk of death. In case of death, the full assured is
made available under a life assurance policy; here as under saving scheme
the total accumulated saving alone will be available. The later will be
considerably less than the sum assured, if death occurs during early years.
Easy settlement & protection against creditors: The life assured can name
person(s) called Nominee to whom the policy money would be payable in
the event of his death. The proceeds of a life policy can be protected
against the claim of the creditors of the life assured by effecting a valid
assignment of the policy.
Ready marketability & suitability for quick borrowing: After an initial period,
if the policyholder finds him unable to continue payment of premiums, he
can surrender the policy for a cash sum. Alternatively, he can tide over a
temporary difficulty by taking loan on the sole security of the policy without
delay. Further, a life insurance policy is sometimes acceptable as security
for a commercial loan.
Tax Relief : The Indian Income-Tax Act allows deduction of certain
portion of the taxable income, which is diverted to payment of life insurance
premiums from the total income tax liability. When this tax relief is taken
into account, it will be found that the assured is in effect paying a lower
premium for his insurance.
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CLASSIFICATION OF INSURANCE:
Insurance is basically classified into two categories.
Life insurance:
This is provided for the payment of sum money on the death of the insured
person due to natural causes or on the expiry of a certain number of years
if the insured person is then alive. Death and life neither of them can be
compensated. Life insurance aims to compensate the 'Income Earning
Capacity' of the person.
Events covered in Life Insurance:
In Life Insurance, income -earning capacity of the person is covered. The
loss of the income earning capacity can be on the happening of the
following events when the life is assured.
1. Death.
2. Sickness (critical illness).
3. Accident (Death or permanent disability due to accident).
4. Retirement.
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INSURANCE
LIFE INSURANCE
GENERAL INSURANCE
Objectives and advantages of life insurance:
Protection against Risk of Untimely Death:
Protection during old age:
Forced savings:
Educational Requirement and Charity:
Nomination and Assignment:
Marketability and Suitability for Borrowing:
Loan from the Insurance Company:
Investment Option.
Tax Benefits:
Protection to Wife and Children:
General Insurance:
Insurance other than life fall under general insurance. It covers loss
of every other physical or non-possession. The loss may be due to
fire, theft, accident etc.
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The general insurance is further classified into-
Insurance began as a way of reducing the risk of traders, as early as
5000 BC and 4500 BC in. Life insurance dates only to ancient Rome;
"burial clubs" covered the cost of members' funeral expenses and
helped survivors monetarily. Modern life insurance started in late 17th
century, originally as insurance for traders: merchants, ship owners and
underwriters met to discuss deals at Lloyd's Coffee House, predecessor to
the famous.
The first insurance company was formed in 1732, but it provided
only fire insurance. The sale of life insurance in the U.S. began in the late
1760s. The Synods in and created the Corporation for Relief of Poor
and Distressed Widows and Children of Presbyterian Ministers in 1759;
Episcopalian priestsorganized a similar fund in 1769. Between 1787 and
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General Insurance
Fire Insurance Marine Insurance
Miscellaneous Insurance
1837 more than two dozen life insurance companies were started, but
fewer than half a dozen survived.
Prior to, many insurance companies in the United States for their owners,
in response to bills passed in 2001 and in 2003, the companies have been
required to search their records for such policies for example reported that
Nautilus sold 485slaveholder life insurance policies during a two-year
period in the 1840s; they added that their trustees voted to end the sale of
such policies 15 years before the General information:
Human have always sought securities. This quest for security was
an important motivating force in the earliest formation of families, clans,
tribes, and other groups. Indeed, groups have been the primary source
both emotional and physical security since the beginning of humankind.
They ensured a less volatile source of life necessities then that which
ensures isolated human & families could provide and help their less
fortunate members in the time of crises.
The principle kinds of insurance are as follows:
Life-term, ordinary, endowment, limited payment, group industrial and
annuities, with a variety of combinations of the four basic forms.
Fire & marine-fire, ocean marine, motor vehicle, inland navigation,
and transportation, tornado and windstorm, sprinkler leakage,
earthquake, riot and civil commotion, explosion rain, hale, flood,
aircraft, etc.
Causality and surety -automobile liability, liability other than
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automobile workers, compensation, fidelity and surety, burglary and
theft, automobile property damage, accident in health, steam boiler,
machinery, plate glass, etc.
Four classes of insurance business:
Life insurance
Fire insurance
Marine insurance
Miscellaneous insurance.
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LIFE INSURANCE
MARINE INSURANCE
MISCELLANEOUS INSURANCE
FIRE INSURANCE
Customer Protection:
Insurance industry has ombudsmen in 12 cities. Each
ombudsman is empowered to redress customer grievances in respect of
insurance contracts on personal lines where the insurance amount is less
than 20 Lakhs, in accordance with the ombudsmen scheme. Address can
be obtained from the officers of LIC and other insurers.
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MAJOR PLAYERS IN INSURANCE SECTOR
LIFE INSURANCE
BUSINESS
NON-LIFE INSURANCE
BUSINESS
Life Insurance Corporation
ICICI Prudential Life Insurance
HDFC Standard Life Insurance
Max New York Life Insurance
Birla Sun Life Insurance
OM Kotak Mahindra Life Insurance
Reliance Life Insurance
Allianz Bajaj Life Insurance
Dabur CGU Life Insurance
ING Vyasa Life Insurance
SBI Life Insurance
General insurance Corporation
National Insurance Company
The New India Assurance Company
The Oriental Insurance Company
United India Insurance Company
Reliance General Insurance
TATA – AIG Insurance
Royal Sundaram Alliance General
Ins.
Bajaj Allianz General Insurance
ICICI Lombard Insurance
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COMPANY PROFILE
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COMPANY PROFILE
Introduction:
ING is a professionally managed organization with a board of
directors consisting of eminent persons who represent various fields
including finance, taxation, construction and urban policy & development.
The board primarily focuses on strategy formulation, policy and control,
designed to increasing value to shareholders.
ING is a global financial institution of Dutch origin offering banking,
insurance and asset management to over 85 million private, corporate
and institutional clients in over 40 countries. With a diverse workforce
of approximately 125,000 people, ING is dedicated to setting the
standard in helping our clients manage their financial future.
About ING:
ING Vysya Life Insurance (ING Life), a part of the ING Group the world's
largest financial services corporation entered the private life insurance
industry in India in September 2001. Headquartered at Bangalore,
ING Life India is staffed by over 6,000 employees and services more than
8 lakhs customers.
ING Life India is a joint venture between ING Group (ING Insurance
International B.V.), Exide Industries, Ambuja Cements Limited and
Enam Group.
ING Life has a pan India network, and distributes its products through
two channels, the Tied Agency Force and the Alternate Channel. The
Tied Agency force comprises of over 60,000 ING Life Advisors, spread
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across the country. The channel has branches in 234 cities, and 366 sales
teams across the country. The Alternate Channels business within ING Life
is one of the fastest growing distribution channels. The company currently
has tie ups with over 200 cooperative bank across the country. The
Alternate Channels division has Bancassurance (ING Vysya Bank),
Referral Banks, Corporate Agents, Brokers and SMINCE.
About ING in India:
ING operates through three businesses in India, ING Vysya Life
Insurance, ING Vysya Bank and ING Investment Management. ING
Vysya Bank is a premier private sector bank with over 76-year heritage
and 1.5 million satisfied customers. ING Investment Management believes
in providing investors with the knowledge & opportunity to manage their
future easily.
Mission Values and Personality:
Our mission
At ING Life, our mission is 'To set the standard in helping our
customers manage their financial future.' Our business is driven on our
values of Optimism, Knowledgeable, Trustworthy and Transparent.
Optimism: We bear an approach of 'Optimism' towards our company,
towards each other, in our products and in our care for our customer's
interests.
Knowledgeable: We cultivate the knowledgeable value through
our robust way of working, sharing and actively communicating.
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Trustworthy: We deliver trustworthiness by doing the 'right things in
right way', by delivering an 'easier' customer experience and by being a
socially responsible corporate.
Transparent: Our value of 'transparent' drives our actions, reflects in
our products and services.
Values and personality:
Our values are personified by our people through a set of 'Personality
aspects'. These personality aspects are: Positive, Professional,
Accountable and Transparent.
Positive:
ING Life India employees live its value of optimism by
bearing a positive and can-do attitude to their work.
Professional:
At ING Life India, we expect the highest standard of professional
behavior by providing professional advice to customers, by treating
customers equitably, abide by company's culture and act with compliance.
Accountable:
ING Life India expects employees to be accountable for their actions,
words and decisions such that it builds their personal
integrity and fosters ING Life India's value of trustworthiness.
Straightforward:
ING Life India expects employees to be straightforward in their conduct and
work while dealing with customers and colleagues.
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Brand Positioning:
The Brand Essence of ING Life is, 'Experience the joy of fulfilling your
responsibility'. This essence is captured in the unique brand positioning
'Mera Farz', developed in 2007. This positioning means, ING Life helps its
customers fulfill their responsibilities as provider towards themselves and
their families.
As part of the ING Group, the world's largest financial services company,
INGLife provides its customers with the strength, reliability and the right
balance between long-term savings, security & reasonable returns.
This powerful positioning has helped ING Life create a distinct identity
for itself. The latest brand campaign in 2008 portrays how key life-stages in
our lives, such as marriage, birth of a child, children's education,retirement,
bring unexpected financial worries along with happiness. However, we can
overcome these burdens with prudent financial planning and a helping
hand from ING Life, thus fulfilling our responsibilities towards our family.
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Product Portfolio:
ING Life follows a "customer centric approach" while designing its
products. The Company's product portfolio offers products that cater to
every financial requirement, at all life stages. ING Life has developed
an exclusive tool - the LifeMaker TM a simple tool which helps our
customers choose a plan most suitable to them, based on their needs,
requirements and current life stage. This tool helps build a complete
financial plan for life at every lifestage, whether the requirement is
Protection, Savings, Retirement or Investment.
Individual Life Insurance Products
ING Life Insurance aims to make customers look at life insurance afresh,
not just as a tax saving device but as a means to live life to the fullest. It
believes in enhancing the very quality of life, in addition to safeguarding an
individual's security.
The Company follows a "customer centric approach" while designing its
products. The ING Life product portfolio offers products that cater to every
financial requirement, at all life stages.
Go ahead and pick your requirement to find life insurance plans that best
match your needs.
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Protection
Secure your family’s Financial
future
Savings
Save for your aspirations and
life goals
Investment
Invest now for a better future
Retirement
Lead your retired life on your
own terms.
.
Protection Plans
Our Protection Plans help you ensure that your family continues to
enjoy acomfortable lifestyle even in your absence. We make available
a variety of plans to provide you with the flexibility of choosing one that fits
your and your family's needs the best. We recognize protection as the
basic insurance need and have therefore kept our products comprehensive
yet economical for you.
So go ahead, get an ING Protection Plan and secure your family's financial
future!
ING Term Life
Simplest and most economical form of term life insurance. Large sum
assured at highly affordable premium rates.
ING Term Life Plus
Term insurance product with return of premium. Large sum assured at
affordable premium rates.
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Saving Plans
Our Saving Plans help you achieve your life goals making them
cherished moments for you and your family. They provide you with the
flexibility to save for your future requirements while you continue to
improve your current lifestyle. Our plans help discipline your savings
approach and point your efforts towards defined goals so that whatever
stage of life you are in, you are always
in control and self-reliant.
So go ahead, get an ING Savings Plan to achieve your life goals!
ING New Prime Life (Unit Linked Insurance Plan)
Saving cum protection plan with features like loyalty additions,
increasing sum assured, accidental coverage and option to extend term.
Reassuring Life Endowment Plan (Reversionary Bonus)
Savings plan with a highly reliable safety net for your family in case
something happens to you.
Creating Life Child Protection Plan
Ideal savings plan for new parents. Payment to child in case of death of
parent and at maturity. Future premiums waived in case of death of
parent.
Creating Life Money Back Plan
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Savings plan for new parents with money back. Double benefit of a life
cover along with periodic cash returns during the term of the policy.
Safal Jeevan Endowment Plan
Comprehensive protection and savings plan with an in-built accident
cover. Option to choose from a pre-packaged range of fixed terms and
premiums.
Safal Jeevan Money Back Plan
Ideal plan as a first life insurance policy. Choose a suitable policy term
from pre-packaged solutions. Payouts at regular intervals during policy
term.
ING New Creating Star (Unit Linked Insurance Plan)
A perfect plan that helps to ensure that your child has financial support
when it is needed the most.
ING Freedom Plan (Unit Linked Insurance Plan)
Saving cum protection plan with features like flexible investment
strategy, loyalty additions, option to avail survival benefits at regular
intervals and additional protection through riders
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Investment Plans
Our Investment Plans are created keeping your needs in mind. We
appreciatethe flexibility required to suit your risk appetite and the
commitments you may want to make. Our global expertise in managing
wealth for individuals at all stages in their life ensures that we have
products to suit your taste whatever your objective of investing may be.So
go ahead, get an ING Investment Plan to reach your goals faster!
ING Flexi Life
A Unit Linked Insurance Plan with an option to increase / decrease
regular premium. Offers Flexibility in premium payment.
ING Flexi Life Plus
A Unit Linked Insurance Plan with an option to increase / decrease
regular premium. Offers Enhanced Accidental Protection Benefit.
Powering Life
Investment plan with high reversionary bonus. Premium payments for a
short period of time, life cover for a longer period and high maturity
benefits.
New One Life
Single premium unit linked insurance plan. Flexibility to choose your
life cover. Top-ups as per your convenience.
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Platinum Life Plan
Investment plan with a 10 year duration. Simple guaranteed additions
on sum assured apart from bonuses and loan facility.
New Fulfilling Life Plan
Investment plan with double benefit of periodic cash returns during
policy term and maturity or death benefit.
Retirement Plans
Our Retirement Plans ensure that you lead your life after retirement on your
own terms, doing things you have always dreamt of. We also believe
it is important to be in control of your retirement planning. Our innovative
features help you choose your retirement age and also control the way your
investments are managed keeping in mind your retirement needs.
So go ahead, get an ING Retirement Plan and retire on your own terms!
ING New Best Years
Retirement plan with capital guarantee and plenty of flexibility, to help
build a sizeable financial asset for you or your family, in case you're not
around.
ING Future Perfect (Unit Linked Insurance Plan)
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A perfect solution for protection while you earn and regular income
after you retire.
ING New Golden Life (Unit Linked Insurance Plan)
A unit linked pension plan that allows you to plan your retirement at
your own pace.
Group Plans
A variety of plans to provide a cost effective yet comprehensive cover in an
efficient manner to all your employees, helping you attract and retain the
best of talent.
ING Smart Shield
Group Gratuity
Employee Deposit Linked Insurance
Group Term Life Insurance Plan
Single Premium Level Term Plan
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Training & Development
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Introduction
Training is an educational process. People can learn new information, re-
learnand reinforce existing knowledge and skills, and most importantly
have time to think and consider what new options can help them improve
their effectiveness at work. Effective trainings convey relevant and useful
information that inform participants and develop skills and behaviors that
can be transferred back to the workplace.
The goal of training is to create an impact that lasts beyond the end
time of the training itself. The focus is on creating specific action
steps and commitments that focus people's attention on incorporating their
new skills and ideas back at work.
Training can be offered as skill development for individuals and
groups.
In general, trainings involve presentation and learning of content as a
means for enhancing skill development and improving workplace
behaviors.
Organizational Development is a process that "strives to build the capacity
to achieve and sustain a new desired state that benefits the
organization or community and the world around them." (from the
Organizational Development Network website) OD work implies
creating and sustaining change.
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An OD perspective examines the current environment, the present
state, and helps people on a team, in a department and as part of
an institution identify effective strategies for improving performance. In
some situations, there may not be anything "wrong" at the present time;
the group or manager may simply be seeking ways to continue to
develop and enhance existing relationships and performance. In other
situations, there may be an identifiable issue or problem that needs to be
addressed; the OD process aims to find ideas and solutions that can
effectively return the group to a state of high performance.
These two processes, Training and Organizational Development, are
often closely connected. Training can be used as a proactive means
for developing skills and expertise to prevent problems from arising and
can also be an effective tool in addressing any skills or performance gaps
among staff.
Organizational Development can be used to create solutions to
workplace issues, before they become a concern or after they become
identifiable problem
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Approach Of Training & Development
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
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Objectives Of Training And Development
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.
Functional Objectives -
maintain the department's contribution at a level suitable to the
organization's needs.
Organizational Objectives –
Assist the organization with its primary objective by bringing individual
effectiveness.
Societal Objectives -
Ensure that an organization is ethically and socially responsible to the
needs and challenges of the society.
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Process of Training & Development
Determine the mission of the organization.
Define the job functions/requirements of each employee.
Determine the training needs of the department.
Decide which are the most important objectives/priorities of the
organization.
Know how much time/money is available.
Evaluate the curriculum. Does it mirror the objectives, needs, and
mission of the organization?
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Importance Of Training & 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.
Productivity training and development helps in productivity of the
employees that helps the organization further to achieve its long-term
goal.
Team spirit - Training and Development helps in inculcating the
sense of team work, team spirit, and inter-team collaborations. It
helps in inculcatingthe zeal to learn within the employees.
Organization Culture - Training and Development helps to
developand improve the organizational health culture and
effectiveness.
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Organization Climate - Training and Development helps building
the positive perception and feeling about the organization. The
employees getthese feelings from leaders, subordinates, and peers.
Quality - Training and Development helps in improving upon the
quality of work and work-life.
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.
Health and Safety - Training and Development helps in
improving the health and safety of the organization thus preventing
obsolescence.
Morale - Training and Development helps in improving the morale of
the work force.
Image - Training and Development helps in creating a better
corporate image.
Profitability - Training and Development leads to improved profitability
and more positive attitudes towards profit orientation.
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Methods Of Training
There are various methods of training, which can be divided in to cognitive
and behavioral methods. Trainers need to understand the pros and cons of
each method, also its impact on trainees keeping their background and
skills in mind before giving training.
There are various methods of training, which can be divided in to cognitive
and behavioral methods. Trainers need to understand the pros and cons of
each method, also its impact on trainees keeping their background and
skills in mind before giving training.
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.
The various methods that come under Cognitive approach are:
o LECTURES
o DEMONSTRATIONS
o DISCUSSIONS
o COMPUTER BASED TRAINING (CBT)
o INTELLEGENT TUTORIAL SYSTEM(ITS)
o PROGRAMMED INSTRUCTION (PI)
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o VIRTUAL REALITY
Behavioral methods are more of giving practical training to the trainees.
Thevarious 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-
o GAMES AND SIMULATIONS
o BEHAVIOR-MODELING
o BUSINESS GAMES
o CASE STUDIES
o EQUIPMENT STIMULATORS
o IN-BASKET TECHNIQUE
o ROLE PLAYS
Both the methods can be used effectively to change attitudes, but
through different means.
Another Method is MANAGEMENT DEVELOPMENT METHOD –
MANAGEMENT DEVELOPMENT –
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
process.
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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:
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TRAINING
ON THE JOB TRAINING
OFF THE JOB TRAINING
On the job training
Coaching Monitoring Job rotation Job instruction technique
OFF THE JOB TRAINING -
There are many management development techniques that an
employee can take in off the job. The few popular methods are:
Training & Evaluation
The process of examining a training program is called training
evaluation. Training evaluation checks whether training has had the
desired effect.
Training evaluation ensures that whether candidates are able to implement
their learning in their respective workplaces, or to the regular work routines.
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Off the job training
Sensitivity training
Transactional analysis
Straight lectures
Simulation exercises
Purpose of training evaluation
The five main purposes of training evaluation are:-
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Purposes of Training
evaluation
Feedback
Research
ControlPowergames
Interventions
Feedback: It helps in giving feedback to the candidates by defining
the objectives and linking it to learning outcomes.
Research: It helps in ascertaining the relationship between acquired
knowledge transfer of knowledge at work place and training.
Control: It helps in controlling the training program because if the training
is not effective, then it can be dealt with accordingly.
Power games: At times, the top management (higher authoritative
employee) uses the evaluative data to manipulate it for their own benefits.
Intervention: It helps in determining that whether the actual outcomes are
aligned with the expected outcomes.
Process of Training Evaluation
Before Training: The learner's skills and knowledge are assessed before
the training program. During the start of training, candidates generally
perceive it as a waste of resources because at most of the times
candidates are unaware of the objectives and learning outcomes of the
program. Once aware, they are asked to give their opinions on the methods
used and whether those methods confirm to the candidates preferences
and learning style
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Research Methodology
Data Analysis and Findings
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Data Collection
Primary data
Secondary data
Primary data
It was collected through questionnaire prepared contains relevant
questions that are both close ended and opened. Individual and group
interviews also under taken with difference consumers, I have collected
mainly the Primary Data for my study by utilizing the questionnaire
and interview methods.
Secondary data
These data are collected from published sources such as Magazines,
NEWS papers, several books, and also from the help of web site
www.inglife.co.in
(A)Sampling plan of the study:
Sample size:
Sample size refers to number of elements to be included in the study
several qualitative factors should also be taken into consideration when
determining the sample size. These include the nature of research, number
of variable, and nature of analysis, sample size used in similar studies
incidence rates, completion rates, and resources constraints.
During the process of the study, survey has been conducted on 100
employees.
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Sampling method:
The researcher had choice between probability and non
probability sampling methods. In this study a simple non probability
method namely convenience sampling was adopted. For my study I
have selected Non-probability method in which I selected convincing
sampling method.
(B) FIELD WORK:
Survey was done in ING.
The data was collected over a period of six weeks, using well
structured questionnaire. The respondents were contacted at their
respective retail outlets in various parts of the city.
Plan of the data analysis:
Planning and analysis of data can be done through three steps. They are
editing coding tabulation. These three are very important in analyzing the
data.
Editing:
Editing is the process of examining errors when there is some
inconsistency in the responses as entered in the questionnaire or
where it contains partial or vague answers.
Coding:
Coding is necessary to carryout the subsequent operations of
tabulating and analyzing data. If coding is not done, it will not be possible
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to reduce a large number of heterogeneous responses into meaningful
categories with the result that the analysis of data would be weak and
ineffective and without proper focus.
Tabulation:
Tabulation comprises sorting of the data into different categories and
counting the number of cases that belong to category the simplest way to
tabulate is to count the number of responses to one question. This is
called univeriate tabulation. Where two or more variables are involved in
tabulation, it is called bivariate or multivariate tabulation. In marketing
research projects and generally both types of tabulation are used.
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Date Analysis and interpretation:
Age group respondents:-
Age group No. of respondents Percentage
Below 25 31 35%
25 to 35 39 39%
35 to 45 25 25%
45 and above 5 5%
Total 100 100%
Sources: primary data collected through questionnaire
Below 25 25 to 35 35 to 45 45 and above0%
5%
10%
15%
20%
25%
30%
35%
40%
45%
Percentage
Percentage
Fig-1
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Inference: The above graph shows 39% of respondents having training
and development program belong to 25 to 35 age respondents group,
31% of respondents availing belong to below 25 age group and 25%
are between 35 to 45age group.
Table 2: Which department are you working
Working sector No of respondant Percentage
Sales 32 32%
Finance 16 16%
Marketing 6 6%
It 15 15%
Other 31 31%
Total 100 100%
Sources: primary data collected through questionnaire
Sales Finance Marketing It0%
5%
10%
15%
20%
25%
30%
35%
Percentage
Percentage
Fig.2
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Inference:
The above figure reveals that most of the people 32% are working in Sales
and 29% are Other sector
Table3: Are you aware of the all types of training program
Awareness No of respondants Percentage
Yes 33 33%
No 14 14%
Have some knowledge 53 53%
Total 100 100%
Sources: primary data collected through questionnaire
Percentage
YesNoHave some knowledge
Fig. 3
Inference:
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This graph shows that only 33% of people are aware of the aware of
training and development program and 53% of people have some
knowledge about it. But 14% of people are not aware of the training
and development option available to the ING
Table4: Do have participate any training program
Response No of respondents Percentage
Yes 53 53
No 47 47
Total 100 100
Sources: primary data collected through questionnaire
Percentage
YesNo
Fig.4
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Conclusion and Suggestions
52
Findings & Limitations Of Training & Development
1. Lack of access new international literature and professional practices
2. Lack of systematic management leading to duplication
3. Lack of quality of technical equipments and accessible resources
4. Lack of promotion of self-development
5. Lack of a link between theories and practices
6. lack of necessary knowledge and skills about new learning
strategies at all levels;
7. lack of suitable alternative model for in-service training
8. lack of a plan for national implementation and indication of
support and commitment by the Government.
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Suggestions Of Training & Development
1. Necessary knowledge and skills about new learning strategies at all
levels;
2. Accreditation of the current teacher training and staff development
programs
3. offered by various providers;
4. A critical mass of local experts to spread the new knowledge
and skills
5. throughout the teachers in the country;
6. Suitable alternative model for in-service training;
7. A plan for national implementation;
8. Indication of support and commitment by the government
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CONCLUSION
The employers should keep in mind these four rules of thumb when
designing the company's strategy and solution:
Rule #1: Internet technology is the key to a profound revolution in
learning.
The effects of Internet technology on employee training are indeed
profound; however, technology - any technology - should be seen as a tool,
not a strategy or final goal. Just because they have good word processing
software doesn't mean you write well. Likewise, the Internet cannot, in and
of itself, improve the quality of the learning and the content they put on it.
The employers need to use Internet technology combined with high
quality, effective learning to maximize learning and retention levels.
Rule #2: There is an enduring and important role for traditional
classroom instruction.
People who believe technology will totally replace great teachers in front of
classrooms of highly motivated learners are as misguided as those who
believe the Internet is a passing fad. The blended learning solution, i.e., a
mixture of classroom and Web-based training is the most effective and
comprehensive learning strategy.
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Rule #3: Learning is a continuous, cultural process - not simply a series of
workshops.
Employees retain about 50% to 60% of what they learn in a formal training
workshop. Often, employees forget what they have learned within two
months of the workshop. Therefore, access and opportunities to learn
should be available to anyone, anywhere, and at any time within an
organization.
Organizational learning is as much about what happens outside formal
learning programs as it is about the programs themselves.
Rule #4: Strategy development and implementation are never really
finished.
Employers change as their business changes. They adjust it as their
people become more skilled and knowledgeable. The employers
redefine it as new technology options become available. And, they
constantly test it against the mission and vision of their business, making
sure they are always in alignment.
Due to training there is greater stability, flexibility and capacity for growth in
an organization. Accidents, scrap and damage to machinery and
equipment can be avoided or minimized through training. Even
dissatisfaction, complaints, absenteeism, and turnover can be reduced if
employees are trained well. Future needs of employees will be met
through training and development programmes. Organizational take
fresh diploma holders or graduates as apprentices or management
trainees. They are absorbed after course completion. Training serves
as an effective source of recruitment. Training is
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an investment in HR with a promise of better returns in future.
Though no single training programme yields all the benefits the
organization which devotes itself to training and development
enhances its HR capabilities and strengthens its competitive edge. At the
same time, the employee's personal goals are furthered, generally adding
to his or her abilities and value to the employer. Ultimately, the
objectives of the HR department and also of the organization are also
furthered.
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Questionnaire
58
QUESTIONNARE:
I am currently doing my project in ING Company. As a part of my study I
am collecting information of the existing customers to know the
consumers perception on value added services provided by ING Vysya Life
Insurance I kindly request you to fill the following questionnaires.
Please [] the answer
1. What is your name?
2. Which age group do you belong to?
[ ] less than 25years, [ ] 25 to 35 tears, [ ] 35 to 45 years [ ] above 45years
3. Which department are you working?
[ ] Sales [ ] Finance [ ] Marketing [ ] IT [ ] others
4. Are you aware of the all types of training program
[ ] Yes [ ] No [ ] Have some knowledge
5.Do have participate any training program ?
[ ] Yes [ ] No
6. Are you satisfied of training and development program ?
[ ] Yes [ ] No
7. Tanning and development policy provide any benefit?
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[ ] Yes [ ] No
8. Which type of training you take ?
[ ] Short term [ ] Medium term [ ] Long term
9.Training and development program increases yours ?
[ ] Working efficiency [ ] Confidence [ ] Non
10.What is your opinion towards the training and development program by
ING Vysya Life Insurance?
[ ] Average [ ] Aggressive [ ] Excellent [ ] professional
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Bibliography
61
BIBLIOGRAPHY
REFERENCES:
List of websites:
www.irda.com
www.inglife.co.in
List of Books & Magazines:
Marketing Management- ICFAI publication
Marketing Management- Philip kotler
Outlook- the Layman's Guide to Insurance
Business line
IRDA Journal
List of News Papers:
Business Line
Economics Times
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