ABSTRACT:

                               Human Resource Management plays a very important role in any industry and more so a very vital role in Insurance industry like in banking and other Services sectors. Manpower or Human resource is the most important &invaluable asset for an organization success. Infosys founder Sri. Narayanamurthy treats them as human assets. The importance of HR has been well recognized for the productivity and quality management of the concerned. Companies today face formidable talent challenges. The ability to sustain a steady supply of critical talent is a challenge facing all organisations worldwide. Among the issues impacting the “next generation” workforce are impending skill shortages, an increasingly cross-generational and diverse workforce, the need for knowledge transfer from retiring baby boomers, and significant leadership gaps. Intense cost pressure from both traditional and emerging competitors, new markets, and more demanding customers are additional elements that give a new sense of urgency to the concept of talent management.

One of the main problems facing the insurance industry is the lack of qualified manpower. Human resource development in insurance sector is not up to the mark. Most of the companies do not recruit people with right skills and best people are not attracted. Newly recruited executives are not provided with sufficient training.

Keeping the best members of the workforce requires a transformation in how insurers manage ability, motivation, processes and tools. Insurers must ensure that employees have the right skills and knowledge to be effective, and are rewarded for their high performance. This research paper tries to cover the main issues relating employee attrition in insurance sector and HR strategies adopted by insurance companies to retain talent.

Keywords: Talent Management, Value based training, Sense of commitment, Job Satisfaction, Retention Strategies.