PARA 13.2 HRM (IC90) One Liner, Chapter 12: The Future – The Challenges

PARA 13.2 HRM (IC90) One Liner, Chapter 12: The Future – The Challenges

Insurance exams offered by the Insurance Institute of India (III), consist of various papers either in Life or Non Life or Combined. Here we are providing ONE LINER IC 90, HRM Chapter 11: The Future-The Challenges for para 13.2 and III exam . These questions will be very helpful for upcoming promotional exam in 2020.

IC 90, Human Resource Management is a very important topic in insurance promotional exam. This IC 90, Human Resource Management paper comes in all GIPSA exams which makes it very important.

IC-90, Chapter 12: The Future – The Challenges

Future Challenges

1.Demographics: Younger employees may have to be looking after aged parents and may therefore find that their mobility is restricted. Because the expectations of the new generations in terms of careers and achievement are different, they may want to be mobile. They are likely to experience divergent pressures operating on them. They may need help and counsel to find a balance between these pressures.

2.Women: Increasingly women are getting to work, not only in offices and factories, but also as drivers of taxis and autos. Some companies have employed women moving around on two-wheelers, to deliver goods and food. More women are becoming guards and bouncers, as more ladies visit pubs and bars.

2.1)Women at work do not like to be discriminated against: Women do not like to be discriminated against, they do seek and avail of special privileges for reasons related to their gender.

2.2)Harassment at work place: There is an increase of complaints from women employees that they were being harassed at the work place. Complaints may range from sexual harassment to inappropriate comments. Laws have been enacted to make such offences punishable.

3.Generation X or Y: Marketers in the USA have distinguished between those born in the decade 1966 to 1976 calling them Generation X and those born between 1977 and 1999 calling them Generation Y. Those born after 1999 are not grown up enough to show distinct characteristics in behaviour.

  • Generation X: According to the studies, Generation X, born of divorced parents and grown up in day care institutions are characterised by scepticism, want to know “What is in it for me” before reacting, and show a higher level of caution and pragmatism than their parents.
  • Generation Y are incredibly sophisticated, technically savvy, immune to traditional marketing and sales pitches, “having been exposed to them and seen it all”. They are racially and ethnically diverse, much more segmented as an audience and flexible in fashions and styles. They are often raised in dual income families and more involved in family purchases.

4.Technology” One of the major programmes of the Government of India is called “Digital India“. This is in keeping with the trends globally. Technology will move more from information era (end of the previous century) to digital era (in the current decade).

4.1)Programming language – Julia: One of the developments from India is a language, called Julia, which is a high speed, high level, dynamic programme language with technical computing with syntax familiar to other technical computers. It provides a sophisticated computer distributed parallel execution, numerical accuracy and an extensive mathematical function library.

4.2)Cashless, paperless, person-less transactions with devices layered upon the Aadhar Card: India Stack is developing devices that will enable cashless, paperless, person-less transactions with devices layered upon the Aadhar Card. It may become possible to open a Bank account in a matter of 15 minutes, on the accreditation of the Aadhar Card without having to go to the bank or to sign any paper. Agreements can be “signed” without paper and ink.

4.3)R, Hadoop, Scrum Master and DevOps” Several other new terms like R, Hadoop, Scrum Master and DevOps represent new tech skills, which are in great demand in the market.

  • R is a programming language used for statistical computing to derive insights from data.
  • Hadoop is a programming framework that supports the processing of large amounts of data in a widely distributed working environment.

4.4)Driverless cars: Driverless cars are likely to be on the streets within a few years. Some countries have already amended their laws to recognise and deal with these situations.

4.5)Robots, drones and other intelligent forms: Robots, drones and other intelligent forms are already doing several manufacturing and service jobs. It is estimated that 47% of jobs in the US may be automated in another 15 years. Even jobs in medicine, law and education may be handled by these intelligent systems. Drones have been in use for many years now. They are part of the striking power of the armed forces in combat zones performing accurately targeted raids. They are already part of the Indian scene, though not yet very much in commercial use. Drones have the potential to become „delivery boys‟. They can be fitted with high definition cameras and used for surveillance jobs in border areas.

5.Make in India: Manufacturing in India is expected to get a big boost as a result of the „Make in India‟ campaign of the Government of India. Many global brands might decide to set up manufacturing units in India because of the support that the Government offers for industry. There is also a policy to allow the private sector to manufacture sensitive military hardware, so far reserved for the public sector. Military hardware manufacturers abroad may begin to manufacture in India, either on their own or in collaboration with Indian companies. There could be transfer of technology as well.

5.1)HR person in insurance companies, these developments pose major challenges.

  • First of all, new skills will have to be learnt to handle the technology which will drive operations in their own companies.
  • The risks in the new factories will have to be understood to be able to process underwriting and claims decisions.
  • Equally important would be the need for maintaining absolute confidentiality with regard to information accessed during official work. Employees of insurance companies, including agents and surveyors, will have access to a lot of information relating to the clients” activities.

6.Consumer expectations: People travel a lot more than in the past both on holidays and on work. From almost all villages and families, someone will be working abroad. Through smart phones and TV sets, people come to know what is happening elsewhere. Competitors make offers and promises. With all these inputs, customers have expectations. They may not be willing to accept shoddy treatment.

7.Effect on staff: If the insurance companies are using the new technologies, the staff will have to be imparted the necessary skills. It is possible that some of them will be found to be redundant because the systems will be able to function with lesser staff and because some of them may find it difficult to adjust to the new technology. Other than redundancy the new technology may lead to relocation, disruption of family, affect careers and status and require new conditions of work.

8.Rural development:  The developments in the rural areas will be reflected in the acronym JAM, which stands for the three pillars:

  • Jan Dhan (bank accounts for everybody),
  • Aadhar card which will be the identity for persons to receive benefits and
  • Mobile phones which provide for communication.

9.Being dynamic

Some surveys show that the three biggest HR challenges in the future will be:

  • Rewarding and retaining the best employees
  • Developing the next generation of corporate leaders
  • Creating a corporate culture that attracts the best employees

10.Global Operations

  • Indian companies are increasingly operating in other countries. Foreign companies are operating in India. Indian companies like hotels and hospitals will have plenty of foreigners as customers from different countries.
  • The involvement of foreign personnel will affect the HR functions in the matter of Communications. Interpersonal relations are built through communications.
  • Communications will be affected because meanings will be made within the beliefs, values, perceptions, etc, which are all created to a significant extent, by the societies in which one is brought up. The customs and values of those societies will be different from India. HR managers will have to be aware of these differences and ensure that miscommunications are avoided.

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