How to hire people with high learning capacity

How to hire people with high learning capacity

The former global CHRO of Google once said, “We have found that learning ability is the leading predictor of success, even above intelligence and education.”

 

We are living in an ever changing world. The continuously evolving technology is changing the landscape of work and business with each passing day. Organisations have to keep adapting to the varying trends and technologies to stay relevant. For any business to be able to adapt, it goes without saying that its employees should also have an attitude of learning continuously and adapting to stay relevant. For that to happen, you need people who come with a high learning capacity.

 

Human resource professionals tend to get carried away by a candidate’s academic performance. What they fail to realise is that if a person who has performed academically, may not necessarily be a better learner.

 

Learning has a lot to do with the attitude of the person. It depends on how the person has performed in extracurricular activities and beyond the academic syllabus, in order to learn something new, which can improve the skills at work.

 

There are different ways to assess the learning ability or capability of a candidate. The method of assessment varies from organisation to organisation.

 

Ravi Mishra, regional HR head, South Asia and Middle East, told HRKatha that while hiring people for senior level positions, they prefer a psychometric test to understand the learning abilities of the candidate.

 

Apart from that, during the interview process, the hiring managers enquire about the previous stints of the candidate. If the candidate has faced challenges head on and taken the initiative to do something new at work, then it means the person has the ability to learn.

 

The resume can reveal whether the candidate has worked in different roles in previous organisations. This will also indicate whether the candidate has the ability to learn about other functions and take up challenges.

 

It is possible that the HR may fail to assess the learning ability of the candidate during the interview process. The candidate may be a good learner but may not be able to express it.

 

“Sometimes it gets very difficult to understand whether the person is a good learner or not during interviews. I have personally observed that candidates are unable to communicate properly during the interview process. We can add people in the interview panel who are good learners themselves and can observe the body language of the candidate to assess their leaning capability,” says Mishra.

 

Shashikanth KS, former HR head, Aditya Birla Retail, explains that we can use some of the HR tech tools which are available in the market to gain insights about the candidate. There are AI-powered assessment tools which can provide relevant data to HR.

 

He also explains that the attitude of the candidates can be evaluated during interviews by presenting them with challenging scenarios and asking them to react to or handle them.

 

There are many other ways to assess candidates for their learning ability. It can be done even before setting up an interview.

 

You can study the previous experience of the candidates from their resumes. You can also look for some keywords such as ‘benchmarking’, ‘curiosity’ and ‘passion for learning’ in the resume, especially where the candidates have described themselves.

 

“People possessing a high learning quotient are good ideators and can make people learn how to execute tasks at work. These people stay relevant and introduce new techniques and innovations to the organisation,” mentions Mishra.

 

Shashikanth adds, “Though there is a strong connection between high performers and high capacity to learn, we cannot say that there is a 100 per cent correlation. Learning ability is just one aspect of a candidate.”

 

Organisations today want great learners in their teams because most of them are now venturing into new businesses and exploring fresh fields. Therefore, they seek people who can learn and are eager to explore and challenge themselves daily.

 

Source: hrkatha

Dated: 31st October

 

Insurance arm of Chola fined Rs 1 crore by regulator

Insurance regulator IRDAI on Tuesday fined Cholamandalam MS General Insurance Company (GIC) Rs 1 crore for various violations related to payment of commissions to brokers on sale of health insurance.

IRDAI said that the violations had occurred in 2015-16 in contravention to health insurance regulations, which state that commissions are not payable to intermediaries for polices that get ported. “The detail of commission recovery has not been provided by insurer. The violation was brought to the insurer’s notice during the on-site inspection, in the exit report shared with the insurer. The violation of insurer has been continued for 586 days from the date of bringing to its notice and for 2,001 days from the date of notifying the regulations, February 16, 2013 to November 1, 2018,” IRDAI said.

IRDAI said the 2013 regulations “clearly specify that no commission shall be payable to any intermediary on the acceptance of a ported policy”. IRDAI also told Cholamandalam GIC to recover the commission paid to intermediaries. And if the commissions weren’t recoverable, the amount should be paid from the company’s shareholders’ account.

Source: Times of India

Date: 23rd October 2019

Airtel Payments Bank partners with ICICI Prudential Life to offer insurance products

Airtel Payments Bank partners with ICICI Prudential Life to offer insurance products

One of the primary objectives of digital revolution is to bring convenience and ease of operation for the end consumer. Buying protection in the form of life insurance has become much easier now. ICICI Prudential Life Insurance has entered into a corporate agency agreement with Airtel Payments Bank to offer digital access to life insurance and savings plans to the customers of the latter.

To begin with, on the protection platform, ICICI Pru iProtect Smart and on the savings platform, ICICI Pru Anmol Bachat will be available in phases to Airtel Payments Bank customers. ICICI Pru Anmol Bachat plan is a unique micro-insurance product offering dual benefits of savings and protection in small value sachets, designed for the underinsured while ICICI Pru iProtect Smart is a term plan that offers protection. The products will be available at over 60,000 Airtel Payments Bank – Banking Points across India. It will be a paperless process for Airtel Payments Bank customers to purchase life insurance products.

Mr. N S Kannan, Managing Director & CEO, ICICI Prudential Life Insurance said, “We are delighted to partner with Airtel Payments Bank. This partnership has paved the way for the Bank’s account holders to expeditiously purchase life insurance and offer a financial safety-net to their families. Bridging the protection gap in the country is an imperative and the need of the hour is to offer affordable & simple products and leverage technology to smoothen the purchase experience. This association will enable the Bank to offer a long term savings product and enable customers to achieve their financial goals and simultaneously facilitate increasing our presence in underserved customer segments.”

Mr. Anubrata Biswas, Managing Director and Chief Executive Officer, Airtel Payments Bank said, “We are delighted to partner with ICICI Prudential Life Insurance as part of our endeavor to offer a bouquet of well-designed and innovative insurance products to millions of underinsured and uninsured Indians through our extensive distribution network and digital reach. This association is one more step taken by us to contribute towards the Government of India’s vision of creating a financially inclusive society.”

Source-FinancialExpress

Date-04-10-2019

Independent directors ask for insurance cover prior to appointment Independent directors, who have been under the lens, are now putting D&O as a pre-condition for joining the board of an organisation.

Independent directors ask for insurance cover prior to appointment

Independent directors, who have been under the lens, are now putting D&O as a pre-condition for joining the board of an organisation.

A Maharashtra-based engineering firm faced a difficult situation recently, right before its board meeting to reappoint three independent directors. One of the directors stated that he would not consider the re-appointment unless the company bought a Directors and Officers (D&O) liability policy for him and the rest of the board members.

While D&O insurance covers are mandatory as per the Companies Act 2013, not many companies have actually gone about buying it.

“These three directors threatened to quit,” said the chief executive of a Mumbai-based insurance broker. “Now the company, like many others, is being forced to buy D&O,” he added.

 

The demand is understandable. In the recent past, in cases like IL&FS debt crisis and the PMC Bank scam, the role of independent directors has been under regulatory watch, with some of the directors being probed for their actions/in-actions. A cover, will help them meet the costs.

What is a D&O policy?

A D&O policy covers the liability incurred by acts of omission and commission by top management of companies. This includes independent directors and all other members of the board. Any personal liability due to a criminal or civil case filed against the top management is also covered by the D&O cover.

The D&O cover will pay for any demand for damages against a person for civil/criminal proceedings. Further, it will also pay against any regulatory or administrative enquiry that hampers a director monetarily. Further, any public relations expense that is incurred due to an impending case is also covered by this insurance product.

The policy premium ranges between Rs 3 lakh and Rs 10 lakh, based on the sum assured of Rs 6 crore and above.

Sources said that less than 15,000 such policies have been sold by general insurance companies so far. Insurers said even among the listed entities, the size of the cover taken by majority companies is at least 40-45 percent lower than what is required.

Depending on the business as well as the location of the offices, insurers now offer specialisation based on the risks.

For instance, if you are a manufacturing firm employing 100 people in a factory set-up, the liability coverage that you will require is much higher for workmen compensation than a software firm employing engineers in an urban area

For new board appointments as well, independent directors are now seeking D&O as a pre-condition.

“A host of independent directors do not have a full-time job and hence their liabilities are much higher than the other management,” said the underwriting head at a mid-sized general insurance company.

From the April to August period, insurers sold liability covers worth Rs  1,293.15 crore, which is a 14.4 percent year-on-year increase.

The growth may further speed up, with directors now insisting for the cover.

Source-MoneyControl

Date-04-10-2019