Ace your annual appraisal Execute a plan for a good performance review this year, says Devashish Chakravarty.

It’s that time of the year that you detest. As the financial year closes next month, you are due for your annual performance appraisal meeting. You dislike being evaluated for the ups and downs of an entire year. However, understand that the review meeting has three goals. Firstly, to give you managerial feedback on what worked well and what didn’t. Secondly, to help you modify your approach and execution and achieve better outcomes both for you and your employer. Finally, to take a call on your responsibilities for the future as well as to decide on your increment. Your manager dreads review meetings as much as you do, because it is an unpleasant task to pass judgment on another person’s contributions and compensation. Here’s how you can make it work well for everyone.

Look up the HR policy. Ask senior members about what to expect, if this is your first review in the firm. Who will conduct your appraisal and when? Do you need to submit a self-appraisal in advance? What are the parameters that will be considered for your salary increment and promotion if any? Once you are up to speed, you can plan the actions you need to take.

Critical incident record

Since the review judges your performance over the entire year, both your manager and you need to review major milestones in your journey. Go through your notes and emails to make a list of your achievements, metrics for their measurement, and how they stack up against the goals and targets set for you at the beginning of or through the year. Don’t forget to log any praise, incentives or awards you may have received for your outstanding work during this period.

Dummy evaluation

Carry out a mock evaluation of your performance from the perspective of your manager. What were his KRAs and how did you contribute to them? How do you measure up against your team mates whose performance is also being reviewed by him? Is it a company policy to force rank each person against the others? The higher the degree of realism and honesty you bring into the dummy evaluation, the lower will be the risk of you being surprised during the actual review. These insights will also help you plan your contributions for the next year.

Areas of development

Now focus on the second purpose of the appraisal. Think through your shortcomings, how would you like to grow in the coming year and prepare to discuss the areas of development that your manager is likely to bring up. Bring a workable plan to the table and your manager is likely to view your constructive approach in a positive light.

Next year’s goals

What kind of goals do you want to achieve in the next 12 months that are both important to your manager and will progress your career? How will you add value to your team or enhance the contributions of others? List out prospective goals, projects and the resources you will need. Ideally, this part should occupy a major portion of the review meeting and lessen the burden of criticism both for your manager and you.

Prepare your manager

An ideal review meeting has no surprises. This is possible when your manager and you have been reviewing your progress on a monthly or quarterly basis. If that has not happened, bring up the topic of review with your manager right away. That gives him a month to think through. Then, share your preparation with him in writing. This helps him remember your contributions, understand what you are thinking and reduces the burden of uncertainty for you.

Be open to dialogue

Confirm the place and time with your manager in advance. Expect to receive feedback and rehearse how you are going to respond to criticism, tough requests and challenging questions. This is a professional meeting so steer away from emotional responses . Treat the appraisal meeting like any other project review and strive to engage in constructive two-way communication.

Always be closing

The ABC for a salesman is – Always Be Closing. Your approach during the meeting is to seek closure on the past and an agreement on the future. Pick on the points that matter most to you and negotiate on reasonable targets and fair incentives for the coming year. If there is no official record of the meeting, then write an email to your manager thanking him for the meeting and enumerating the goals that you have agreed on. This will serve as a blue-print for your future. In case your manager needs to submit the review to the HR, then follow-up until that is done so that your increment is not delayed.

Source:- The Economic Times

Date:-    17th February,2020- Monday

India Inc. experience a rise of 12% in talent demand: Report

India Inc. experience a rise of 12% in talent demand: Report

The report suggested that all industrial sectors noted an upswing in talent demand, with Consumer Durables/FMCG sector posting the highest growth of over 30 percent.

 

According to a survey by RecruiteX, A TimesJob’s recruitment index, India Inc  has registered a growth in talent demand by 12 percent M-o-M and four percent Y-o-Y in January 2020. The data indicates the optimisim that the new year has brought to the india job market.

 

The Year 2019 saw many spells of active and subtle hiring periods at the India Inc. With the year 2020 unfolding, a 12 percent M-o-M and four percent Y-o-Y uptick in the talent demand indicates that the corporates have a positive hiring outlook for the Year 2020.

 

Commenting on these findings, Sanjay Goyal, Business Head, TimesJobs and TechGig said, “The growth in talent demand is an encouraging sign for the economy. January 2020 kick-started with 12 percent M-o-M and four percent Y-o-Y growth in talent demand, indicating ‘Good Days’ ahead for the Indian Job Market. With Engineering roles being most in demand, and the FMCG sector posting the highest talent demand, we can conclude that presently the market has an abundance of IT and related roles. I hope this momentum continues for the entire year 2020”.

 

The report suggested that all industrial sectors noted an upswing in talent demand, with Consumer Durables/FMCG sector posting the highest growth of over 30 percent.

 

The other top sectors were:

 

Healthcare/ Biotechnology/ Pharmaceuticals- 29% growth

Construction/Cement/Metal/Steel/Iron – 26% growth

Petrochemicals/ Oil and Gas/ Power – 19% growth

Teaching/Education and Hospitality profiles – which typically see a seasonal uptick in demand – noted over 30 percent and 24 percent growth in talent demand, respectively.

 

Other top profiles in demand were:

 

Engineering – 20%

Front Office/Administration – 15%

Accounting & Finance -14%

In the location-wise analysis, top metros claimed maximum growth in talent demand in January 2020. After continuously slipping from the top 10 list, Mumbai claimed the highest growth (of 26%) in talent demand in January 2020, followed by Chennai. Bengaluru and Delhi-NCR registered4% and 3% growth respectively.

 

The talent demand for professionals with 5-10 years of experience registered the highest growth of 13%M-o-M in January 2020. This noteworthy change comes after the steep downfall of December 2019, which was lowest in the Year 2019.

 

Professionals with 5-10years of experience – 13%

Professionals with 10-20 years of experience – 12%

Senior professionals with 20 years of experience – 10%

 

Source-People Matters

Ddate-18-02-2020

Max launches Guaranteed Lifetime Income Plan: Know its features

In order to accommodate the new guidelines of IRDAI, Max Life Insurance has launched an enhanced variant of its traditional annuity plan.

In order to accommodate the new guidelines of the Insurance Regulatory and Development Authority of India (IRDAI), Max Group company Max Life Insurance – a joint venture between Max Financial Services Ltd. and Mitsui Sumitomo Insurance Co. Ltd. – has launched an enhanced variant of its traditional annuity plan – ‘Max Life Guaranteed Lifetime Income Plan’ (GLIP), that aims to make retirement planning financially sound.

The new plan has an additional variant of ‘deferred annuity’, that allows customers to plan early for their retirement. Under this option, applicants may lock high annuity rates currently prevalent for a long-term future, to ensure availing a consistent and risk-free lifelong annuity payment.

A non-linked, non-participating individual general annuity savings plan, GLIP offers various benefits, including flexible payout modes, top-up option for enhanced annuity, death benefit, loan facility, surrender option.

Some of the key features of Max Life Guaranteed Lifetime Income Plan are:

Options of Single and Joint Life Annuity

There are two options in this plan – ‘Single life’ and ‘Joint-life’. By selecting the ‘Joint-life’ annuity options, a customer may opt for lifelong guaranteed payments for self and spouse. The amount of annuity will be fixed at policy inception, so that the customers would meet their needs post retirement with consistent income.

Top-Up Option

The Max Life Guaranteed Lifetime Income Plan also offers a ‘Top-Up option’, that allows customers to increase their annuity income. Policyholders may avail the option to top up the contribution amount anytime during the policy term by paying top up premium to get higher annuity.

Annuity Payout Modes

Customers have the flexibility to choose annuity modes of yearly, half-yearly, quarterly or monthly payouts, according to their needs and requirements. It would help the annuitants create a regular stream of income with preferred frequency to secure the financial needs in the retirement years.

Flexibility

The policyholders may exercise the option of ‘Surrender’ anytime, subject to applicable laws and policy terms, during the policy term (after the free look period), where in the surrender benefit is thus paid as a lump sum to the annuitant. The plan also offers flexibility to the annuitant with the option to avail ‘Loan Facility’ where in case of any financial needs, one may use the annuity corpus without seeking any external help.

 

Source : Financial Express

Date: 06-02-2020

Indian MNC becomes No. 1 employer in Britain

It is Tata Consultancy Services’ employee-friendliness and focus on local talent that helped it bag the top position for three years in a row, and made it the largest recruiter in the IT space, in the UK.

Indian global information technology (IT) services and consulting company, Tata Consultancy Services (TCS), has been adjudged the best employer in the UK, by the Top Employers Institute. This is the third consecutive year that TCS has been recognised as the top employer in the last one decade, thanks to its employee-friendly practices, progressive policies, and focus on local talent. Not surprisingly, the Company boasts of an envious retention rate of 12.2 per cent in the last one year.

The Company, which happens to be the largest recruiter of IT talent in the UK, has been continuously investing in the development of its talent pool, with special focus on programmes for the professional development and digital skilling of local talent. Its efforts to facilitate entry-level talent through various initiatives, such as Rising Stars, Emerging Leaders and the Leadership Exchange, have been appreciated.

Growing by about 20 per cent in the last financial year, TCS has been collaborating with certain big British organisations to help them transform and grow as well. Little wonder then that TCS has been recognised as one of the top three IT and IT-enabled services provider in Britain.

Its commitment to diversity is clear from the fact that TCS’ workforce comprises young talent from 54 nationalities, and a significant 28 per cent of the staff is made up of women.

Source:- HR Katha

Date:- 4th February,2019- Tuesday

 

How artificial intelligence will change HR in 2020

Diversity and inclusion: Practices to become a more diverse workspace will remain a focus area this year and beyond. The epitome of the modern world lies in diversity.

As technology is evolving, so is work culture. With the rise of the gig economy and decentralised workspaces, employees are beginning to look for meaningful work experiences. This year, HR will step back and invest in solutions that enhance employee experience, going beyond looking at just productivity and efficiency.

 

Seamless learning & development: Companies will invest in micro-learning models, AI assistants who could recommend modules or answer questions, and a platform that connects employees with mentors within the organisation. Companies will also increase investment in upskilling their workforce by introducing advanced learning modules and even collaborating with other companies for training. Managing user-generated content is a big focus for many companies, and curating existing open source content like TED and YouTube is on the rise.

AI to streamline HR processes: AI would be able to help recruiters screen and summarise resumes to fit job descriptions in an unbiased manner. AI chatbots can also be used to answer questions on company policies, assist in navigating through tasks like letters or applying for leave, or helping employees understand tax implications by various combinations of the company’s flexible benefit plans. AI-driven processes provide companies with more data to be able to understand employee behaviour and accordingly make decisions on hiring, engagement, policies and enhancing culture.

Investment in HR tech to continue: Cloud-based employee experience platforms will offer better employee experience, real-time data and better insights. Well-being is also going tech with AI tools and platforms. Apart from bots, NLP (Natural Language Processing) will support HR in making better decisions through the employee life cycle from hiring to engagement to training.

Diversity and inclusion: Practices to become a more diverse workspace will remain a focus area this year and beyond. The epitome of the modern world lies in diversity. Workforce talent is a competitive advantage for companies, and when employees feel ‘included’, it builds a virtuous cycle of success. Companies would, therefore, focus on either introducing impactful solutions or sustaining previous initiatives to ensure a lasting impact.

The author is vice-president, HR, Ingersoll Rand India. Views are personal

 

Source: Financial Express

Date: 27th January 2020

“Coming soon: Floater motor insurance policies”

The Insurance Regulatory and Development Authority of India (Irdai) between September and October last year, invited applications for the regulatory Sandbox. A Sandbox is a workspace where tech-driven companies can ideate, experiment, test and innovate financial products. The regulator received 173 proposals of which it has approved 33. Of all the ideas, the proposal to introduce own damage motor floater policies stands out.

Three insurance companies— ICICI Lombard General Insurance Co. Ltd, Reliance General Insurance and Edelweiss General Insurance —plan to test this product soon. Shanai Ghosh, CEO and executive director, Edelweiss General Insurance Co Ltd. said their sandbox product is an innovative app-based floater policy that would allow policyholders to cover any damage to their vehicles based on usage. The policy would cover multiple vehicles in one, which saves time and any hassle involved in buying multiple policies for multiple vehicles.“Premiums will be charged as per usage. This simply means that the customer has the flexibility of adding and deleting vehicles as required on the app. The insurance cover can be switched on or off as per the requirement of the customer,” added Ghosh.

A Reliance General Insurance spokespersonsaid that their sum insured based ‘floater policy’ would cover all the vehicles owned by a customer under one policy. It will be defined basis value of the highest sum insured vehicle and the customer will have the option to add vehicles even at a later stage.

By choosing this policy, one shall entail benefits like premium leverage as multiple policies are not required to be bought and sum insured is optimized. Other benefits include change of details for all policies at one go and continuous coverage. “All the benefits including no-claim bonus, cancellation and so on shall be made available to a customer like any typical motor insurance own damage product both at the time of entry and exit,” said the Reliance General spokesperson.

Ghosh said the emerging era of shared mobility makes this a very relevant product for vehicle owners today because they can pay as per the usage of the vehicle and driving behavior. “As per the sandbox guidelines, the product can be launched only as a proof-of-concept pilot and the period for launch and completion is from 1 February, 2020 to 31 July, 2020 in line with the Irdai operational guidelines,” said Ghosh.

While the outline of the product has been presented by the insurers, details about how exactly the premiums would be calculated and the benefits are yet to be finalized. Sanjay Datta, chief–underwriting, claims, reinsurance and actuarial, ICICI Lombard General Insurance said the insurer is looking at launching the pilot product over the next two months but didn’t reveal further information on premiums because the company is still working on that front. Datta, however, said that they may have to take a different approach at calculating premiums for this product because a single policy could cover a high-value Merc as well as a hatchback like Alto.

 

 

Source: Livemint

Date: 17th January, 2020.

 

Warm Regards,

 

HDFC completes majority acquisition in Apollo Munich Health Insurance for ₹1,495.81 crore

  • On January 2, HDFC had informed that the company and its subsidiary HDFC ERGO has got approvals for acquiring a majority shareholding in Apollo Munich
  • The acquisition comes after approvals from the CCI, the RBI and the IRDAI

 

NEW DELHI : Mortgage lender HDFC on Thursday said it has completed the acquisition of majority stake in Apollo Munich Health Insurance for ₹1,495.81 crore.

HDFC bought 50.80 per cent stake of Apollo Hospitals Group in Apollo Munich for ₹1,485.14 crore and 0.36 per cent shareholding of employees for ₹10.67 crore.

On January 2, HDFC had informed that the company and its subsidiary HDFC ERGO has got approvals for acquiring a majority shareholding in Apollo Munich.

“Subsequent to this approval (regulatory), Apollo Munich Health Insurance Co Ltd has been renamed as HDFC ERGO Health Insurance Ltd (HDFC ERGO Health) and will operate as a subsidiary of HDFC Ltd,” HDFC said in a regulatory filing on Thursday.

The acquisition comes after approvals from the Competition Commission of India, the RBI and the Insurance Regulatory and Development Authority of India.

 

Anuj Tyagi, Executive Director & Chief Business Officer at HDFC ERGO General Insurance Company (HDFC ERGO General) has been appointed as the Managing Director and CEO of HDFC ERGO Health, subject to approval from Irdai.

HDFC ERGO Health and HDFC ERGO General will shortly apply to the National Company Law Tribunal (NCLT) for their merger, HDFC said.

Post merger, the resultant entity will be the second largest private insurer in accident and health segment in the country, it said.

“We are committed to create value for all our stakeholders with the combined strength of the brand HDFC and expertise of Apollo Munich in health insurance,” said HDFC Chairman Deepak Parekh.

Shobana Kamineni, Chairperson of Apollo Munich and Vice Chairperson, Apollo Hospitals Enterprise exuded confidence that the company will become stronger under HDFC.

 

Apollo Munich Managing Director Antony Jacob will move to Apollo Hospitals Group.

“The acquisition provides HDFC ERGO with the opportunity to grow by increasing its footprint and distribution network, in line with its strategic objective to be amongst the top private insurers in the industry.

“Policy holders and channel partners will benefit from enhanced product suites, touch points and technology innovations,” said Markus Rieb, Chairman, ERGO Group AG and board member of Munich Re.

HDFC stock settled at ₹1,270.80 on the BSE, up 1.09 per cent from the previous close.

 

Source: Economic Times

Date: 9th January 2020