And you thought it was just an ‘underdog’?

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With premiums worth Rs.912 crores and with a noteworthy count of 4,50,917 policies in its pocket, Reliance Life Insurance Limited aptly finds a place in our list. Born in the stable of Reliance Money, this insurance company is considered to be amongst the top private players in the Indian life insurance platform. But of late, the company seems to have gained greater aggression in deploying its strategies to gain a better grip over the market and to make life tougher for its competitors.

As disclosed recently, the company plans a huge expansion worth Rs.1000-1200 crores over the next couple of years. The company also has plans to open 400 more branch offices pan-India, adding to its existing kitty of 340 branches. The company is also trying to carve a niche for itself by offering innovative products. Express Life, the recent launch of the company focuses on providing instant coverage to its customers by circumventing all the paperwork and hassles that come free with a life insurance coverage. The product promises to offer coverage within three days of submission of the application form, something which sounds new and surely is new on the Indian sub-continent. This express service is considered to be most innovative and will surely change the buying and selling dynamics in the Indian insurance sector. As put forth by P. Nandagopal, CEO, Reliance Life Insurance, “This is the first-of-its-kind initiative in the sector. It would offer life insurance cover almost instantly to customers, without the hassles of a long waiting period, follow-ups and medical check-ups.” To garner greater market share, it is focusing on improving its distribution network and is also working towards an increased presence in rural and semi-urban India. Having set a target of selling a million policies during 2007-08 alone, one thing has become clear – this one’s not an underdog!

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Source : IIPM Editorial, 2008

An Initiative of IIPM, Malay Chaudhuri and Arindam chaudhuri (Renowned Management Guru and Economist).

For More IIPM Info, Visit below mentioned IIPM articles.
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On what makes Ashok Leyland a deserving winner of the ‘Employer of Choice Award 2007’ for the manufacturing sector instituted by CNBC-TV18.Fighting the ‘war for talent’ and making the right HR decisions is what sets the company apart from the herd. Excerpts from the interview...

What are the main initiatives taken up by the company till date that makes it an employer of choice?

We have built a young technical talent pool by inducting around 350 engineers annually. Ashok Leyland is considered as a Day One recruiter in the top engineering colleges. In contrast to the industry, Ashok Leyland sees an annual turnover of only 1.5% of high potential personnel, thanks to an enabling, performance oriented culture. It has been further enhanced by the creation of the Young Executives (YEs) Forum for addressing aspirations of the 42% of Ashok Leyland’s executives below 35 years of age. The YEs forum is a platform to showcase their talent and innovative ideas. Another index of the changing climate is the very open, energetic and effective ‘bottom-up’ communication that occurs within the Company through a variety of channels- from the annual communication meetings where the top management interacts with employees in groups, to ‘soapbox’, an employee’s direct channel to the Managing Director.

The company has also initiated several employee engagement programmes like Improve – a company-wide employee project contest, BITES (Breaking thresholds by Involving Total Employees), RISE (Reward for Individual’s Search for Excellence) to recognise individual efforts at achieving excellence in any area of working as on date et al.

Investments in brand building advertising campaigns have also revolved around the employee-centric theme of ‘Passion for Engineering’. Then there are personal development plans through 360 degree competency assessment, Future Leader Development Programme and e-learning initiatives across the board, collaborative off-campus programmes (Ashok Leyland has a tie-up with BITS, Pilani for the BS and MS programmes).

Why is it becoming increasing important for companies to become employer of choice?

Primarily this is so because because because of the ever intensifying ‘War for talent’ as right talent is a scarce resource and today, attrition and re-training hidden costs are very high. Surely, hiring and honing key skills in your company is a competitive advantage today.

How does it help the company (not just in terms of hiring people but branding to the public at large) to be crowned as the best employer?

Surely, employee opinion helps build brands and reinforces share-holding value and our employees are our best ambassadors. So winning such an award creates positive word of mouth which translates into superior brand image and brand perception which in turn lends for attracting the right talent. It also helps in building employer branding initiatives at leading business schools adn therefore gives a higher pay-off from brand building advertising expenditures.



Source : IIPM Editorial, 2008

An Initiative of IIPM, Malay Chaudhuri and Arindam chaudhuri (Renowned Management Guru and Economist).

For More IIPM Info, Visit below mentioned IIPM articles.
When IIPM comes to education, never compromise
IIPM, GURGAON
IIPM - Admission Procedure
Why Study Abroad When IIPM Gives You 3 global Advantages!