A study of the Changes in Human Resource Management Practices in Lic Due to the Impact of Private Insurance Players

Abstract

The Government made a paradigm shift in the economic pol icy by adopting the process of liberalization, privatizati on, and globalization at theend of the previous decade . IRDA was set up as regulatory body and the private sector was allowed entry both in general and life insurancesector in India . Due to this impact , the private players came up with new and innovative marketing strategies. Due to these efforts of the privateplayers , the benefits which LIC was enjoying due to its monopoly in the market were taken away , and it had to face tough competition to retain itsmarket share. To fight this competition , UC had to leave its traditional track and bring changes in its working. It has been widely accepted thatthe human resources of an organization are the key towards success . The present research paper throws light on the changes which LICbrought in its HRM policies due to the impact of the private insurance players . The changes brought by LIC in the agents' recruitment , training ,performance management system , and learning and deve lopment activities have been discussed in the present pap er.Keywords : human resou rce management , UC , agents , training , recruitment , perfo rmance managem ent , ins urance