Present Scenario of Human Resource Management (HRM) Practices in the Life Insurance Companies: Bangladesh Perspective

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15 citations0/0 files storedCanadian Journal of Business and Information Studies

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Employee Performance and Management Human Resource and Talent Management Banking Sector Performance and Management

Abstract

To keep the economic challenge in Bangladesh fast and active with other financial and non-financial companies, the insurance companies are playing a crucial contribution to our wealth. This economic contribution, no doubt, could be more effective in the economy, if our insurance companies could able to apply HRM philosophy in its all spheres. In true sense, the concept of HRM practices are not widely applied aspects in many insurance companies still in our country due to some pivotal shortcomings. The aim of the study was to identify the present scenario (good/poor) of HRM application in the life insurance companies in our country. The study was limited to 10 life insurance companies in our country comprising all branch offices in Dhaka city. To collect relevant data, a comprehensive questionnaire (Liker Scale) was circulated among 220 respondents. The respondents were officers and branch managers. The most striking results of HRM practice was unsatisfactory/poor in all life insurance companies for the reasons of employees’ absenteeism, employees’ turnover, inadequate training facilities, lack of motivational tools, inadequate welfare facilities, absence of performance rating system, etc. It is recommended that life insurance should keep good HRM practices to minimize their employees’ absenteeism and turnover. Secondly, the companies can arrange adequate training (on-the-job & off-the-job) facilities for their existing employees. Then, life insurance can practice positive motivation, leadership, and adequate welfare facilities for their human resources. Finally, the companies can maintain the performance evaluation system in regular for minimizing their poor HRM practices.

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1995THE IMPACT OF HUMAN RESOURCE MANAGEMENT PRACTICES ON TURNOVER, PRODUCTIVITY, AND CORPORATE FINANCIAL PERFORMANCE.1993Human Capital 1997PERCEIVED ORGANIZATIONAL SUPPORT AND LEADER-MEMBER EXCHANGE: A SOCIAL EXCHANGE PERSPECTIVE.1994Human Resource Systems and Sustained Competitive Advantage: A Competency-Based Perspective 1995Human Resource Management 1996IMPROVING LABOR PRODUCTIVITY: HUMAN RESOURCE MANAGEMENT POLICIES DO MATTER

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