Developing People Managers at HDFC Standard Life


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Best Workplaces Conference- January 2012

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Developing People Managers at HDFC Standard Life

  1. 1. Developing People Manager January 31, 2012This is the sole and exclusive property of HDFC Life
  2. 2. Impact of Macro Economics on Insurance Industry Markets have turned choppy and customer confidence is rock bottom Volatile Equity Market US Debt downgrade Inflation continues to Interest rate continue remain high to rise Fixed Deposits gone-up Currency Depreciation
  3. 3. Regulatory changes continue to push the industry into a state of flux, disrupting growth Direct Tax Code ChargesAgent (Allocation &Productivity Surrender) Multi Tied Bancassurance 5 yrs locking period Agent Commission “It compelled companies to think of „Cost Efficiency‟ overnight” 3
  4. 4. It is not a stand alone action but part of the overall organizationstrategy Infrastructure Leadership Change & Resources Management Continual Communication 4
  5. 5. Selling insurance is becoming challenging by the day. This in turnincreases the complexity of building the right talent pool Managing critical Talent Developing the Existing Shortage Talent Identifying the Future Retaining Talent Leader Build capabilities and develop leaders 5
  6. 6. Hence it becomes strategically imperative to create a robust leadership pipeline PRP Assessment Centre Senior Up to Mid Management Level Develop Sourcing and Induction Mantra 10 6
  7. 7. Potential Review Process (PRP) • AVP and AboveTarget Audience • Approx 120 candidates experienced the PRP in FY 10-11 • CMS rating of 3 and aboveEligibility Criteria • 6 months in the organisation Frequency • Annual Panel • Executive Committee7
  8. 8. Potential Review Process (PRP) 5 Based on the talent category, a development plan is designed to Feedback further enhance the competencies IDP 1. Step Up 4 2. Broaden Laterally 3. Stay in the Job Talent Bucketing 4. Review Fit 5. Too Soon to be RatedReview Panel: The 3executive committee Panel ReviewCase Presentation:The respective HOD 2 Immediate Superiors feedback on the candidate 1 Self Application 8
  9. 9. Assessment Centre (AC) Process 9
  10. 10. Building capabilities and developing leaders 10
  11. 11. Forum and Field Approach 2 days 12 days 30 days 2 days 12 days 30 days 2 days RM forum 1▪ For all RMs CH (30) forum 1 RM + CH field 1▪ ZMs to ▪ For all CHs ( RM1 RM2 RM3 participate + … ~200 + 0+▪ Change participants) CHs CHs CHs Leader to lead the ▪ 2 day forum For first set of RM to be modules - forum 2 Feedback, forum with CH RM + CH field 2 reflections conducted ▪ One day live external for each interaction for each ▪ For all RMs forum 2 RM1 RM2 RM3 and closure facilitators (30) zone … ▪ RM and CHs + + 0+▪ 3-4 ▪ Change mapped to him/her ▪ ZMs to For the CHs CHs CHs second set modules to driven by Change participate For second set of Leader to of modules Forum 3 be covered Leader and external modules – deliver the facilitators ▪ Change ▪ Change forum with Leader to Leader to ▪ One day live L&D, ZMs ▪ On-going phone lead the deliver with interaction for each and RMs conversations with forum with RM and CHs RMs, ZMs ▪ HDFCL each RM external and L&D mapped to him/her trainers to facilitators driven by Change Leader and external get trained ▪ Covering for field facilitators next set of 3- 4 modules ▪ On-going phone conversations with each RM 11
  12. 12. Communication CEO Communicat ion Morning Sparsh Huddles Communic ation E- Sparsh CEO Blog/ Newsletter Coffee with Leadership12
  13. 13. THANK YOU 13This is the sole and exclusive property of HDFC Life