1. The document provides an overview of State Life Insurance Corporation of Pakistan, including its organizational structure, culture, leadership, and employee motivation practices.
2. Key aspects covered include its 17 departments, hierarchy, formalization and centralization approaches, and types of permanent and field force employees.
3. The corporation uses incentives, bonuses, benefits and upgrading to motivate employees, while leadership draws on various power sources like legitimate, coercive and reward powers.
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Cross-border mergers and acquisitions have rapidly increased reshaping the industrial structure at the international level. A cross-border merger means any merger, amalgamation or arrangement between an Indian company and a Foreign Company in accordance with the Companies Act, 2013. The Webinar will cover the provisions in the Companies Act, 2013, FEMA Regulations and Income-tax implications relevant to Cross Border Mergers. Additionally we will also look relevant statistics.
Visited National Foods Ltd to make a report for Mangement course. where we met Abdul Munam who gave us every possible ans which we needed. I must say as we studied NFL, there are running a wonderfull corporation, they know their responsibility not only to make revenue but also social and moral responsibility.
Every organization needs inventory for smooth running of its activities. It serves as a link between production and distribution processes. The investment in inventories constitutes the most significant part of current assets/working capital in most of the undertakings. Thus, it is very essential to have proper control and management of inventories. The purpose of inventory management is to ensure availability of materials in sufficient quantity as and when required and also to minimize investment in inventories. Raw materials, goods in process and finished goods all represent various forms of inventory. Each type represents money tied up until the inventory leaves the company as purchased products. Because of the large size of the inventories maintained by firms, a considerable amount of funds is required to be committed to them.
It is therefore absolutely imperative to manage inventories efficiently and effectively in order to avoid unnecessary investments. A firm neglecting the management of inventories will be jeopardizing its long run profitability and may fail ultimately. The reduction in excessive inventories carries a favorable impact on the company’s profitability.
The study starts with an introduction to inventory management, Company’s profile, Achievements and also the need for study, review of literature and objectives are set out for the study. Research methodology, Data analysis & Interpretation, Findings and Suggestions of the study follow.
One of the main areas of the project is the analysis part, where the data are analyzed & interpreted, to find out how the inventories were managed. Some of the tools used in inventory are regarding to:
Economic Order Quantity
Safety Stock
FSN Analysis
Trend Analysis and
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Every organization needs inventory for smooth running of its activities. It serves as a link between production and distribution processes. The investment in inventories constitutes the most significant part of current assets/working capital in most of the undertakings. Thus, it is very essential to have proper control and management of inventories. The purpose of inventory management is to ensure availability of materials in sufficient quantity as and when required and also to minimize investment in inventories. Raw materials, goods in process and finished goods all represent various forms of inventory. Each type represents money tied up until the inventory leaves the company as purchased products. Because of the large size of the inventories maintained by firms, a considerable amount of funds is required to be committed to them.
It is therefore absolutely imperative to manage inventories efficiently and effectively in order to avoid unnecessary investments. A firm neglecting the management of inventories will be jeopardizing its long run profitability and may fail ultimately. The reduction in excessive inventories carries a favorable impact on the company’s profitability.
The study starts with an introduction to inventory management, Company’s profile, Achievements and also the need for study, review of literature and objectives are set out for the study. Research methodology, Data analysis & Interpretation, Findings and Suggestions of the study follow.
One of the main areas of the project is the analysis part, where the data are analyzed & interpreted, to find out how the inventories were managed. Some of the tools used in inventory are regarding to:
Economic Order Quantity
Safety Stock
FSN Analysis
Trend Analysis and
Inventory Turnover Ratio.
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1. Management ReportOn
State life insurance corporation
Created by
GHULAM ALI (35356)
FAYYAZ AHMED (33732)
MUHAMMAD KASHIF (34497)
SADAM HUSSAIN (35867)
Submitted on 29 April 2017
Submitted as mandatory requirement for the course “Principles of Management” in the
Program, Master of Business Administration
2. ACKNOWLEDGEMENT
FIRST AND FOREMOST, WE ARE THANKFUL TO ALMIGHTY ALLAH, WHO BLESSED AND
HELP US IN THE ENTIRE WORK. WE OFFER OUR SINCEREST GRATITUDE TO OUR
RESPECTED TEACHER, SIR WAQAS RANA, WHO HAS SUPPORTED US THROUGHOUT OUR
WORK WITH HIS PATIENCE AND KNOWLEDGE WHILST ALLOWING US THE ROOM TO WORK
IN OUR WAY. WE ATTRIBUTE THE LEVEL OF OUR ACHIEVEMENT FOR THIS PROJECT TO
HIS ENCOURAGEMENT AND EFFORT AND WITHOUT HIM THIS WOULD NOT HAVE BEEN
COMPLETED OR WRITTEN.
IT HAS BEEN A PLEASURE TO BE SIR WAQAS RANA STUDENTS, WHO GAVE US CHANCE TO
PERFORM AND SHOW OUR ABILITIES, APPRECIATED US, AND GRANTED US WITH VALUED
SUGGESTION AND ADVICES. WE WOULD LIKE TO TAKE OPPORTUNITY TO SAY THANKS
AND ACKNOWLEDGE HIS BEST SUPPORT AND VALUABLE GUIDANCE THROUGHOUT OUR
SEMESTER.
THEN, WE ACKNOWLEDGE THE SUPPORT OF MR.IMTIAZ PATHAN MANGER OF HR AT
STATE LIFE INSURANCE CORPORATION , WHO PROVIDED US WITH BUNDLE OF
INFORMATION ABOUT HOW THEY MOTIVATE THEIR EMPLOYEES TAKING THE
CHALLENGES ENTHUSIAS TICALLY FULFILLING THE COMPANY GOAL, PROCESSES THE
WAY THEY ARE CONDUCTED IN THEIR ORGANIZATION, WITH CONSISTENT QUALITY, AND
SHELTERING US WITH HIS VALUABLE EXPERIENCE AND WISDOM.
4. COMPANY DESCRIPTION:
STATE LIFE INSURANCE CORPORATION OF PAKISTAN (the Corporation) was
incorporated on November 1, 1972 under the Life Insurance Nationalization Order, 1972. Due to
its well established Agency Network of more than 90,000 sales people State Life is the largest
Life Insurance Corporation since 1972 in Pakistan
BUSINESS PARTNERS
State life has no any Business partner they are working individual on the
insurance policies as well as they are running / Operating individual to state Life
Insurance Corporation this is working under the ministry of commerce (federal
Government of Pakistan)
Its business partner valued police holder who trusted invested their amount in this
national soul insurance of Pakistan
PRODUCTS
State Life Insurance Sale Only Life Insurance Policies
1. Individual Life
2. Group Life Courage
3. Bancaasurrance
4. Takafull
5. Health Insurance
5. COMPETITORS:
The competitors of state life insurance corporation are:
EFU (eastern federal union) insurance company.
JUBLEE insurance.
Ali Co. Insurance
American life insurance.
Adamjee Insurance
And all other private insurance companies.
MISSION AND VISION
The state life insurance corporation is a leading corporation in Pakistan to provide
door step facilitator to our value policy holder
The customer or client home state sale its products about/ insurance policy
POLICIES, RULES & REGULATION
State Life Insurance Run under the Ministry Of commerce also that follow the rules
regulation under that ministry as well as state life insurance has their own board of
directors that make the policies, rules of the organization
(a) MINISTRY OF COMMERCE has installed the rules and policies that are permanent
for the organization and they are unable to change
(b) BOARD OF DIRECTORS Make the new rules policies and regulation in to
organization these can be change , as changing the top management of the organization so
they change the rules and their policies
6. ORGANIZATIONAL CULTURE
CULTURE
There is strong culture as well as week culture in to state Life insurance company
how there is installed strong culture and how there is applied week culture in State Life
Insurance Company
I. STRONG CULTURE
There is Strong Culture as well as there is also weak culture in State Life
Insurance Organization, so first we will define to Strong culture what is the
Strong Culture and how they apply that culture in that Organization
i. There is the best training system in to the organization they give
training to the employees when they appoint new employees , they
give education to fresh employees through the experts and they
educate them till when they don't become perfect for the post as they
are appointed
ii. They give opportunity to the employees for developing or promoting
to them self (For example a low level of employee can be a manager)
if that have interest as well that has talent or ability for Growing up
iii. The managers participate with employees for work if the employees
face any problem or any difficult situation so managers help them for
solution
iv. They provide good service and they make a good team or
collaboration for the achieving their goals as well their objective
7. BENEFIT OF THE STRONG CULTURE
The Strong culture Of the state life Insurance Organization that makes the good
reputation of their organization and also make satisfy to other people and also employees get
train as they should in to organization
II WEAK CULTURE
In state life insurance Corporation also we found the weak culture. we try to ask from
them about their weak culture but avoid to telling for their weak culture but also we tried to
notice their weak culture so what was that it is defined following.
I. There is not good facility for the guest, if any one go for any work they don't response
proper as well as their not such a good waiting area for the guests who come from other
organizations or the people who come for their work
II. The organization trains to their new employees, but the employees don't take advantage
from that training.
III. They don't make their personality as that should personality of the employees
IV. There is not a good cleaning concept so that’s why organization reputation can be bad
and that can be such a bad effect for state life insurance corporation
DISADVANTAGES OF THE WEAK CULTURE
If we look their weak culture points so that is not in the favor of the organization,
as we saw there is not a good cleaning concept and employees personality is not as that
should be in an organization that can make the negative effect on organization
8. ORGANIZATIONAL ENVIROMENT
Dynamic Environment
There is the applied dynamic environment in state life insurance company
because they provide the opportunity to lower level employees for the upgrading
and they also provide the training for the developing their skills and knowledge.
Stable Environment
There is not the stable environment in to state life Insurance corporation because
there is applied dynamic environment.
ENVIRONMENTALUNCERTAINTY
The environment uncertainty is that as there is happening death of any policy
holder and they give policy for that person , Basically their Policy Complete
within 20 year for every policy holder, but ' if any policy holder die during the
time of policy so that is the uncertainty environment for the Organization.
Organization Stakeholders
• Policy Holder
• Competitions
• Shareholders
• Employees
• Media
9. ORGANIZATIONAL STRUCTURE
DEPARTMENTS:
There are 17 departments in state life insurance corporation and all departments are
related to each other if any department will not work proper so that will be effect also on
other departments
This is the department structure as that working in state life insurance corporation.
1. Marketing depart
2. Bank depart
3. Takaful depart
4. Group and pension depart
5. Health insurance depart
6. Policy holder service/new business/claim depart
7. Real estate depart
8. Legal affair division depart
9. PNGS (Personal and general service) division depart
10. Corporate affairs division depart
11. Finance and accounts division depart
12. Investment depart
13. Actuary depart
14. Information technology depart
15. Human resources depart
16. Internal audit depart
17. Medical depart
10. HIERARCHY OF THE ORGANIZATION
The Hierarchy Structure of the state Life Insurance Corporation , that is the step wise
defined and designed how that ran in their organization that structured is constructed
from chairman to Qasid , that mean from Top management to lower level staff.
CHAIRMAN
EXECUTIVE DIRETOR
DIRECTOR
DIRECTORE
DIVISIONAL HEAD
ZONAL HEAD
DEPUTY
GM
ASST GM MANAGER
DEPUTY MANAGER ASST Manager
SUPERINTENDE
NT
EXECUTIVE
OFFICER
ASST Sup
OFFICE ASST SENIOR OFF ASST
RECORD SECTOR NAIB QASID
Qasid
11. STRUCTURE DESIGN
FORMALIZATION
i. High Formalization,
That is the mostly high formalization because their employees follow strictly the
rules and regulation of the Organization
ii. Low Formalization
That is not the Low Formalization because currently they are more developing to
their organization,
CENTRALIZATION AND DECENTRALIZATION
(i) DECENTRALIZED
The State Life insurance is the Decentralized because their employees
participate in the decision making of the top management.
(ii)CENTRALIZED
The organization is not centralized because there is no any restriction for
the employees to participating in to decision making
DEPARTMENTALIZATION
There are the applied the following departmentalization
i. Functional
ii. Product
iii. Geographic
iv. Process
12. TYPES OF EMPLOYEES
There are two types of employees in state life insurance corporation on is the Permanente office
staff second is the temporary employees or field force employees
1. PERMENAT OFFICESTAFF
These Employees are those which are appointed by the ministry of commerce by and these
employees are Permanente and their salary I s fixed and their salary increase as their service time
increase also their salary increase they don't have effect on their salary because of their
performance
There are 4000+ permanent employees in the sate life insurance as they working
currently in deferent departments of the organization.
2. SALES FORCE/FIELDFORCE EMPLOYEES
The Field Force Employees are those workers which are temporary employee in
organization and their job is not permanent , their salary is depending on their
performance as they will perform better they will get better salary as well their incentives
and also they will promote on the bases of performance .
CATEGORIES OF FIELD FORCE EMPLOYEES
There the three Categories of the field force employees which are doing field work in
deferent areas for the State life insurance corporation that is defined following.
i. SALES REPRESENTATIVE
These employees are promoted after the achieving there target which company
gives them to complete.
ii. SALES OFFICER
These employees are also depending on achieving their target but they have more
target as a compare SR sales representative Employees
13. iii. SALES MANAGER
There work is purely on the bases of the commission and they engaged in selling
the life insurance policies
iv. AREA MANAGER
The area Manager has also work on commission but the Sales Representative
Sales Officer and Sales Manager work under the Area Manager, the Area
Manager is on the pay Roll.
v. MARKETING MANAGER
The marketing Manager has fixed Salary and the Area Manager is working under
the Marketing Manager
HIRING AND SELECTING
There is the process for the Hiring and selecting of the employees that is shortly
explained following
(i) Preparation of need / requirement of staff strength
(ii) Permission from ministry of commerce
(iii)Advertisement in daily dawn or jang newspaper
(iv)Test through national testing service
(v) Interview
After the completing that process employees are selected
TRAINING:
After selecting to provide necessary training according to their qualification and then post and
placement in their department division keeping in view their qualification, knowledge and past
experience if any
14. MOTIVATION
There are used these some factors for the motivation to the employees and developing their
productivity that motivation factors are the following.
i. INCENTIVES
The state lie insurance corporation gives the incentive to the employees for motivating
them, if they give incentives to the employees so employees work with interest if they
work properly so company get more benefit and their productivity become more improve
ii. BONUS
Also the state life insurance give them BONUS on the eids, dewali,Crismis, because this
is also such a great motivation factor , as company gives them BONUS so they more
happy and they get more inetrest for doing work
iii. BENEFITS
The company give them extra benefit as their employees is medical is totally free also
their family's check up medicine is free , so that is one of the best motivation factor as
we know everyone care about their family, this factor is also much better about them and
their family
iv. UPGRADING
If they performe good so organization upgrade them if the organization upgrade them so
employees work more better
15. LEADERSHIP
DEMOCRATIC
The State life insurance corporation use the over All Democratic leadership Style.
FIVE SOURCES OF A LEADER’S POWER
(i) Legitimate power
(ii) Coercive power
(iii)Reward power
(iv)Expert power
(v) Referent power