Major Research Project

On

A STUDY ON HR POLICIES IN
KOTAK MAHINDRA INSURANCE LTD

SUBMITTED BY:

AKANKSHA GUPTA

MBA 4 SEMESTER

(2010-2011)

Supervisor:
M/S Riya Malkhani

Lakshmi Narain College of Technology and Management

Education Research
Indore (M.P.) -453331

Hr policy in Kotak Mahindra Life Insurance Ltd.

1
 INDEX

 CHAPTER 1: INTRODUCTION

 CHAPTER 2: OBJECTIVE OF PROJECT

 CHAPTER 3: LITERATURE REVIEW

 CHAPTER 4: COMPANY PROFILE

 CHAPTER 5: RATIONALE OF STUDY

 CHAPTER 6: RESEARCH METHODLOGY

 CHAPTER 7: REFERENCES

 CHAPTER 8: ANNEXURE

Hr policy in Kotak Mahindra Life Insurance Ltd.

2
 INTRODUCTION

Human resource policies are systems of codified decisions, established by an

organization, to support administrative personnel functions, performance management,
employee relations and resource planning.

HR policies provide an organization with a mechanism to manage risk by staying to date

with current trends in employment standards and legislation. The policies must be framed
in a manner that the companies vision & the human resource helping the company to
achieve it or work towards it are at all levels benefited and at the same time not deviated
from their main objective.

HR policies can also be very effective at supporting and building the desired
organizational culture that it meets requirements for diversity, ethics and training as well
as its commitments in relation to regulation and corporate governance. For example, in
order to dismiss an employee in accordance with employment law requirements, amongst
other considerations, it will normally be necessary to meet provisions within employment
contracts and collective bargaining agreements. The establishment of an HR Policy which
sets out obligations, standards of behavior and document procedures, is now the standard
approach to meeting these obligations.

HR Policies are broad guidelines as to how the objective of business can be achieved.
It is designed to guide the members to deal with a particular situation in a particular
manner

A vision is formulated, business processes are analyzed, and policy and procedure
systems to Supports the visions are born. As policies and procedures are written,
approved, published, and implemented, the company’s vision is articulated. A policy is a
predetermined course of action established as a guide toward accepted objectives and
strategies of the organization.

Hr policy in Kotak Mahindra Life Insurance Ltd.

3
 Policy manuals are developed to help staff and management teams run the organization.
In best use situations, policies play a strategic role in an organization. They are developed
in light of the mission and objectives of the company and they become the media by
which management’s plans, rules, intents, and business processes become documented
and communicated to all staff. Carefully drafted and standardized policies and procedures
save the company countless hours of management time. The consistent

PURPOSE OF HR POLICIES IN ORGANISATION

• The nature of the organization

• It helps in knowing that what employee expect from the organization and how
organization policies and procedures work. It also helps in knowing their
acceptable and unacceptable behavior.

OBJECTIVE OF PROJECT

• To identify the significant factor of HR Policies that affects the work of employee to

provide good services.

Hr policy in Kotak Mahindra Life Insurance Ltd.

4
 CONCEPTUAL FRAMEWORK:

Although insufficient attention has been given to work motivation within the context of
the private sector, relevant research does exist. To facilitate an understanding of the
working condition with relevance to Hr Policies, some attempt must be made to place
these studies within a theoretical framework.

CONCEPTUAL FRAMEWORK OF WORKING ENVIRONMENT IN RELEVANCE

WITH THE HR POLICIES OF THE EMPLOYEES IN PRIVATE SECTOR

LITERATURE REVIEW
Hr policy in Kotak Mahindra Life Insurance Ltd.
5
A discussion regarding use of psychometric test has been carried out in May 2001,
published by centre for the economics of education by Andrew Jenkins

From the article: This paper surveys the literature on the use of psychometric testing by
employers, and considers whether information on psychometric testing can be used to
make deductions about changes in the demand for skills in the economy.

Prasad L.M. “Human resource management” pp219-purpose and Importance of

Recruitment & selection can not be ignored as by this org.
Bernardin John H, “Human Resource Management”, Tata Mc Graw Hill publishing
company ltd., New Delhi, pp 160-163.the effectiveness of selection method depends
upon the reliability of the data, validity of the purpose & utility of the methods.

Hedrick & Struggles an International Inc of Singapore published an article “Internal

versus external hiring decision” in 2006 by Charles Moore, Managing partner.
Jain et al., 1998; Quintanilla and Ferner, 2003). However, the debate is still in its early
stages and presents limitations in both theoretical and empirical aspects (Ferner, 1997)
They researched on the configuration of HR management practices in the MNC’s home
country and the country of destination, opening a new line of investigation within the
field of HR management.
Sisson speaks, the influence of the forces of the organization whose interaction generates
greater Levels of complexity
(Colling and Clark, 2002; Katz and Darbishire, 2000)

Several studies have been undertaken in this area, in which eclectic models are suggested,
as well as analyses of the problem from different theoretical points of view. These
models are based variously on institutional theory and new institutionalism, the theory of
resources, the theory of industrial organization, strategic selection, and so on (Barney and
Zajac, 1994; Oliver.
COMPANY PROFILE

Hr policy in Kotak Mahindra Life Insurance Ltd.

6
 Kotak Mahindra old mutual life insurance ltd Is a joint venture between kotak Mahindra
banks Ltd. And old mutual funds at kotak life insurance, company aim to help customers
to take financial Decisions at every stage in life by offering them a wide range of
innovative life insurance Products, to make them financial independent
Mr. Gorang shah is the managing director of kotak Mahindra old mutual life insurance
Limited

 KOTAK MAHINDRA GROUP

Established in 1984, the Kotak Mahindra Group has long been one of India’s most
reputed organizations in the financial services domain. Kotak Mahindra Group is
committed for providing high quality financial products, services and support to its
customers; and is structured in different businesses like Banking, Life Insurance, Mutual
Funds, and Car Finance, Securities and Institutional equities. As on 31st December 2006,
the group stands at a net worth of around Rs. 3100 crore, employees around 9600 people
in its various branches providing services at across 300 cities. The Group services around
2.2 million customer accounts.

 OTHER GROUP COMPANIES OF KOTAK LIFE INSURANCE

• KOTAK MAHINDRA BANK LTD

• KOTAK MAHINDRA CAPITAL COMPANY LTD
• INTERNATIONAL SUBSIDIARIES
• KOTAK MAHINDRA PRIME LTD
• KOTAK SECURITIES LTD

Hr policy in Kotak Mahindra Life Insurance Ltd.

7
 RATIONALE OF STUDY

The present study is designed to examine the specific HR Policies in private sector banks.
The significance of our study is basically done to know the satisfaction and
dissatisfaction level of the employees working in private sector with regards to working
condition. The policies is studied so that the employees working in government sector
can work more effectively and efficiently so that the profitability of private sector can
increase which will then help in growth of our economy.

RESEARCH METHODLOGY

The methodology followed for conducting the study includes the specification of research design,
sample design, questionnaire design, data collection and statistical tools used for
Analyzing the collected data

 RESEARCH DESIGN:
The research design used for this study is of the descriptive type. Descriptive research
studies are those studies which are concerned with describing the characteristics of a
particular individual or a group.

 SAMPLING DESIGN:
Since it is difficult to contact the entire population, sampling technique was adopted. The

employees were interviewed using convenience sampling techniques.

 QUESTIONNAIRE DESIGN:
Questionnaire was designed in consultation with the experts of kotak mahindra insurance
ltd
General Insurance Company in such a manner that it would facilitate the respondents to
reveal maximum information questionnaire 100 papers.

Hr policy in Kotak Mahindra Life Insurance Ltd.

8
 DATA COLLECTION
For any study there must be data for analysis purpose. Without data there is no means of
study. Data collection plays an important role in any study. It can be collected from

various sources. I have collected the data from two sources which are given below:

• Primary Data

Primary data for our research was collected through questionnaires. When collecting
primary data one can choose to do interviews, observations, experiments, and
questionnaires. Due to the purpose of our research, only the questionnaire method would
be able to approach the topic and be able to collect the answers in a satisfactory manner.

• Secondary Data
Secondary data can be classified into three different subgroups: documentary, multiple
source, and survey. It is the data that can be collected from sources such as journals,
databases, transcripts

• Hypothesis
There is no significant effect of HR Policies in the work of employees.
Sample size 50
Sample Area: Indore, Dewas, Pune…
Sample unit: employees of kotak mahindra

 TOOLS AND TECHNIQUES

• Factor Analysis

Hr policy in Kotak Mahindra Life Insurance Ltd.

9
 REFERENCES

 Satish Pai, Ravishanker, Upinder dhar and B.Pattanayak

“HRD SKILLS FOR ORGANIZATIONAL EXCELLENCE
 Don Harvey and Donald R. Brown,
”AN EXPERIENTIAL APPROACH TO ORGANIZATIONAL DEVELOPMENT”
 www.eurojournals.com
 www.allbusiness.com
 www.scribd.com
 www.alibris.co.uk

Hr policy in Kotak Mahindra Life Insurance Ltd.

10