Indian insurance firms on high growth curve
IBEF: December 11, 2009


New Delhi: The Indian life insurance industry has registered a double-digit growth figure of 35.7 per cent year-on-year (y-o-y) in October 2009, owing to large inflows in first-year premiums.

The government-owned Life Insurance Corp of India (LIC) leads the industry with a growth of 45 per cent y-o-y in its annual premium equivalent (APE). Private firms succeeded in mobilising US$ 3.48 billion in the first-year premiums during the first seven months of FY10. The mobilisation stood at US$ 3.82 billion during the same period in FY09.

Some of the strong private players which posted double-digit growth on m-o-m basis include ICICI Prudential Life Insurance Co Ltd, SBI Life Insurance Co Ltd and Max New York Life Insurance Co Ltd. Among small insurers Tata AIG (APE up by 74 per cent y-o-y) and Max New York Life (APE up by 58 per cent y-o-y) witnessed robust growth.

Create your own opportunity

I believe that a recruitment consultant's responsibility is not just forwarding resume' but add value to the entire recruitment process -  assuming client's responsibility in screening and facilitating jobseekers learn and develop to join the race of prospective candidates. Hence the recruitment has to be uncompromising than accomodative.

Many jobseekers ( I have come across ) have a starting problem - especially with their resume' building. While there are plenty of material available on how to build a resume, I think its a personal brief where one portrays unembellished description about oneself  What do you think?

A 7 point resume' is enough on the content


Personal details -  name, age, DOB, address, phone, mail

Organisation - name, position, location, period

Role ( not responsibilities or functions) - will discuss

Contributions ( your) - will discuss

Recognitions ( received) - will discuss

Memberships ( only for senior management) - Directorship, Chairmanship etc

Value adding Hobbies - enjoying something diagonally opposite to your job - eg: Accountant doing painting. ( Some accountant says his hobby is reading accounts magazine). Any diagonally opposite hobby can bring verstality in the individual and hence very important to present your hobby face to the employer.



Role is the most important part of any resume'.


Lets see what is the ROLE of any position? Is it what we do for the entire day? or is it our responsibilities?
for eg: What is the role of a father in a house? WHat are his responsibilities and what are the functions he will end up doing?
Providing the basic needs(food, shelter, clothing)/ Education/Safety/ is his Role. Then, does that mean he has to personally go and  buy vegetables, clothes, books etc, etc everyday for his family? Certainly not. But sometimes he will do all these Functions because he is Responsible for whatever happens to his family.
If that is what roles and responsibilities and functions are, then how do you understand the Role of a position you occuppy in an organisation? 

Simple................... "What is one or two things that will not happen if the Sales Executive ( refers to the position & not to the person) isn't there? will answer the Sales Executive's role.  

or ......What all will not happen if my wife takes one week leave from he Role? explains her role.


But in this case, on the firsr day, I will celebrate as a great freedom day; cooking, cleaning, washing, sending children to school, helping them in their homework, studying for them, doing their projects, shopping vegees, stationery etc etc...  Why am I doing these? Responsibility! and what I end up doing ( different tasks) are the Functions in the job as a Father. 

A CEO talks about sales also and a Sales Executive also talks about it. Are their roles same? Is the Sales Executive responsible for a bad service process that brings down the sales of the company?

Is ROLE different from Functions and Responsibilities?  What do you think?


Role explains WHY  in the position and refers to the position and not any person in particular.
For example , all Fathers have the same Role, each one of them assume different Responsibilities and because of that they end up doing different functions or tasks.



Role is the expectation and Objectivity of the business - Selcetion of candidates MUST be based on the role he/she will have to play - because, the skills and competencies depend on the role only and not the functions. I drive quite well; but I cant be a professional driver. Why? Role experience works........


If you have been in a role, then you are wise about it, else otherwise. 
So when you write your resume', describe what role you are occupying in your company. You may end up doing sales, administration, budgeting, managing internal & external relations, sending reports, exercising commercial controls etc. 
But What is your Role?  Add only bullet points . Role is only simple words like --------
   * Generating dynamic MIS stats to facilitate business planning - For a MIS executive

   * Steamlining, executing and monitoring budgeted promotions for the alloted geography to     maximise through put. - For a promotion executive

   * Building market share/ Creating business acumen/ Developing strategic commercial controls/ Creating Talent Pool of incumbents for future leadeships. - For a CEO/ Board of Director




In an interview, More clarity an employer has about your role, easier for him to select you based on the skills and competencies.



Managers who understand their roles do better like some parents who make their children lucky...


...................................................will be contd.

The Top 10 Leadership Qualities

Leadership can be defined as one's ability to get others to willingly follow. Every organization needs leaders at every level. Leaders can be found and nurtured if you look for the following character traits.

A leader with vision has a clear, vivid picture of where to go, as well as a firm grasp on what success looks like and how to achieve it. But it’s not enough to have a vision; leaders must also share it and act upon it. Jack Welch, former chairman and CEO of General Electric Co., said, "Good business leaders create a vision, articulate the vision, passionately own the vision and relentlessly drive it to completion."

A leader must be able to communicate his or her vision in terms that cause followers to buy into it. He or she must communicate clearly and passionately, as passion is contagious.

A good leader must have the discipline to work toward his or her vision single-mindedly, as well as to direct his or her actions and those of the team toward the goal. Action is the mark of a leader. A leader does not suffer “analysis paralysis” but is always doing something in pursuit of the vision, inspiring others to do the same.

Analysis

Integrity is the integration of outward actions and inner values. A person of integrity is the same on the outside and on the inside. Such an individual can be trusted because he or she never veers from inner values, even when it might be expeditious to do so. A leader must have the trust of followers and therefore must display integrity.

Honest dealings, predictable reactions, well-controlled emotions, and an absence of tantrums and harsh outbursts are all signs of integrity. A leader who is centered in integrity will be more approachable by followers.

Dedication means spending whatever time or energy is necessary to accomplish the task at hand. A leader inspires dedication by example, doing whatever it takes to complete the next step toward the vision. By setting an excellent example, leaders can show followers that there are no nine-to-five jobs on the team, only opportunities to achieve something great.

Magnanimity means giving credit where it is due. A magnanimous leader ensures that credit for successes is spread as widely as possible throughout the company. Conversely, a good leader takes personal responsibility for failures. This sort of reverse magnanimity helps other people feel good about themselves and draws the team closer together. To spread the fame and take the blame is a hallmark of effective leadership.

Leaders with humility recognize that they are no better or worse than other members of the team. A humble leader is not self-effacing but rather tries to elevate everyone. Leaders with humility also understand that their status does not make them a god. Mahatma Gandhi is a role model for Indian leaders, and he pursued a “follower-centric” leadership role.

Openness means being able to listen to new ideas, even if they do not conform to the usual way of thinking. Good leaders are able to suspend judgment while listening to others’ ideas, as well as accept new ways of doing things that someone else thought of. Openness builds mutual respect and trust between leaders and followers, and it also keeps the team well supplied with new ideas that can further its vision.

Creativity is the ability to think differently, to get outside of the box that constrains solutions. Creativity gives leaders the ability to see things that others have not seen and thus lead followers in new directions. The most important question that a leader can ask is, “What if … ?” Possibly the worst thing a leader can say is, “I know this is a dumb question ... ”

Fairness means dealing with others consistently and justly. A leader must check all the facts and hear everyone out before passing judgment. He or she must avoid leaping to conclusions based on incomplete evidence. When people feel they that are being treated fairly, they reward a leader with loyalty and dedication.

Assertiveness is not the same as aggressiveness. Rather, it is the ability to clearly state what one expects so that there will be no misunderstandings. A leader must be assertive to get the desired results. Along with assertiveness comes the responsibility to clearly understand what followers expect from their leader.


Many leaders have difficulty striking the right amount of assertiveness, according to a study in the February 2007 issue of the Journal of Personality and Social Psychology, published by the APA (American Psychological Association). It seems that being underassertive or overassertive may be the most common weakness among aspiring leaders.

A sense of humor is vital to relieve tension and boredom, as well as to defuse hostility. Effective leaders know how to use humor to energize followers. Humor is a form of power that provides some control over the work environment. And simply put, humor fosters good camaraderie.

Intrinsic traits such as intelligence, good looks, height and so on are not necessary to become a leader. Anyone can cultivate the proper leadership traits.

David Hakala

May 26 2009

The original source of this article is HRWorld.com, part of the Focus network of sites.

Education Sector in India

Advent of big corporate players in Education Sector in India

Advent of big corporate players in Education sector Sector in India is a threat or catalyst for Indian Education market?
 

Reliance India’s biggest business house is planning to launch a private university on the lines of Ivy League institutions, says a company insider, though the contours are yet to be finalised. And for a country betting on its demographic dividend, that would be good news. Already populated with corporates such as the Birlas and Mahindras, besides private equity players and institutional investors, the education sector can absorb a lot more by way of private investments.


According to an IDFC-SSKI report, Indians spend $50 billion annually on private education. The four segments of the education market—plus two, higher education, vocational and supplemental education—will present an $80-billion opportunity by 2012. It is expected to grow at a CAGR of 16%, says a CLSA Pacific study.


 “Mukesh envisions bringing global education to India. He will outline a road map for the business in the AGM speech,” said an executive close to RIL who did not wish to be named. An RIL spokesman declined to comment. The contours of RIL’s plans are yet to emerge, but another powerhouse, the AV Birla Group, has already played its hand at commercial education with the Sarala Birla Academy in Bangalore. It has plans to open schools to offer


 Modern education to students in the country’s hinterland.


Ditto Jaiprakash Industries, which is already running engineering institutes, while London-listed mining giant Vedanta Group has announced a large university near Puri in Orissa. Those in the wait list include Chennai-based Murugappa group and FMCG company Ruchi Soya.


 “The challenge is to link education to careers,” says Satya Narayanan R, chairman of Career Launcher, which started as an educational training institute. It is now opening schools of its own as part of a diversification drive. Birla Shloka Edutech Ltd, promoted by the Yash Birla group, is opening super-specialty colleges and pre-schools. “We are planning to open 200 pre-schools, 100 KG-12 schools and super specialty colleges over the next 5-7 years,” said Birla Shloka managing director N Srikrishna.


 Maharana Pratap Education Centre, another established privately-held player like Career Launchers, is now setting up a private university at Jaipur offering 70 courses, says its MD, Shailendra Bhadauria. “Businesses will converge in education and existing players will enter adjacent categories as the industry evolves,” explains Amitabh Jhingan, head-education practice at Ernst & Young.


  Private equity and venture capital investors have made over 30 investments worth $300 million in recent years, though a fourth of these investments (in value terms) has gone to the e-learning segment. India Equity Partners is also close to finalising a deal to invest in IL&FS Education & Technology Services Ltd.


 “It’s a sector that’s core to India’s development. It will grow with the natural progression of the company,” says Ved Prakash Arya, CEO of Milestone Capital, which is raising a $250-million education and healthcare fund. HRD minister batting for delicensing education


AND then there are a raft of institutes, including the prestigious Birla Institute of Science & Technology and Tata Institute of Social Sciences, which are part of the CSR programmes of the respective groups.


  RIL too runs one such institute, the Dhirubhai International School in Mumbai, while the Anil Ambani-controlled ADAG group owns Dhirubhai Ambani Institute of Information & Communication Technology in Ahmedabad. The Aditya Birla group runs 42 schools, mostly in the vicinity of their plants, providing education to 45,000 students. Essar recently started a continuous learning education centre called Avid. Industry experts say some of these can be converted into profitable business models once the industry is delicensed. They can take heart, for, one of those arguing for delicensing is Kapil Sibal, the Union human resource development minister. He took the initiative in forming CII panels on educational reforms in which prominent industrialists are members.


  “Current regulations limit the range of profitable business models available to corporates. This could constrain investments into the sector,” says Dushyant Singh, director (transaction services), KPMG. The existing rules restrict ownership of schools to trusts and no-profit bodies. While fees are not restricted, regulations come in the way of distribution of dividends or investments of the surplus money in setting up schools.


  “The government is moving in the direction of deregulation of the sector. Long-term perspective is important in the education business,” says Career Launcher’s Satya Narayanan R.


Sumit Kanu

Top 25 Careers to Pursue in a Recession

If you want to recession-proof your career, the key is to focus on work that continues even when most people don't have disposable income to spend. So while consumers may not hit the mall as often, you can guarantee that people will continue to get sick, pay taxes and use energy. These are just a few of the careers and industries that can be expected to thrive in a down economy.

1. Health Care: People will always get sick — sometimes even more so when they don't have the insurance or money to take preventative measures or eat healthy food.
2. Energy: Although consumers are likely to cut back, they're not going to stop using energy. In fact, this industry may grow, as companies look for more efficient ways to deliver using less energy.
3. Education: No matter how dire the economy is, there are always jobs for teachers. Kids will still go to school, and many out-of-work adults may decide to continue their education.
4. Utilities: Just like the energy sector, it's safe to assume that people are not going to stop lighting their homes. So utility administration, maintenance and other related jobs should remain intact.
5. International Business: Even when the economy is doing poorly in the U.S., other countries may be doing well. So if you are involved in international business, you can expect your career to stay safe.
6. Public Safety: Police layoffs are very rare, especially at a time where public safety is threatened by desperate criminals. A career in public safety is almost guaranteed to be secure.
7. Funerals: Just like people won't stop getting sick, they'll continue to die as well, so as morbid as it is, morticians will always have customers.
8. Accounting: Death and taxes are a sure thing. In a recession, people and companies are likely to get desperate for more deductions and a hard look at their books.
9. Federal Government: Most federal-government jobs end only when workers retire. Additionally, government services tend to step up in times of recession, so your chances of getting and keeping a government job are good.
10. Pharmaceuticals: As long as doctors prescribe them, people are still going to take drugs. So whether you're behind the pharmacy counter or in the lab, you can rest easy.
11. Sales: As a general rule, anyone who is a source of income for a company will be safe, so salespeople — especially in recession-proof industries — have little to worry about.
12. Military: The military is always hiring, especially during wartime. Also, consider that most of your living expenses are covered, so cost-of-living expenses are not really a concern.
13. Gambling: When times get tough, people seek an outlet. One of those outlets is gambling, especially because it offers a chance to turn financial troubles around.
14. Alcohol: Alcohol is another outlet for troubled times, so distributors and manufacturers in this industry will continue to thrive.
15. Politics: Even in a recession, public officials are still around earning tidy sums, which are often tied to the cost of living.
16. Skilled Services: Hair will always grow, and drains will always clog, so you can expect steady work in skilled services like plumbing and hairstyling.
17. Debt Management: Recessions mean crunch time for debtors, and they're sure to need some guidance.
18. Consulting: Recessions are crunch times for companies as well, and they're likely to bring in consultants for advice on efficiency and squeezing the most out of their resources.
19. Bankruptcy Law: It's sad, but true: As companies and individuals go bankrupt, they'll need a lawyer to help them work through it all.
20. Government Contracting: Despite money troubles, roads must be maintained and schools must be built. Contract your work out for government functions for job security.
21. Food: People need food to survive, and it's not likely that anyone is going to just stop eating — no matter how bad the economy gets.
22. Beauty, Health and Erotic Services: Regardless of a recession, people who enjoy being pampered will seldom give up the simple pleasures in life.
23. Debt Collection: As budgets get squeezed, people will fall behind on payments, and companies will look to debt collectors to recoup their costs.
24. Ultraluxury Items: If you're in a business that caters to the ultrarich, you can expect to be safe, as this type of consumer is likely to have measures in place to weather the recession.
25. Multifaceted Careers: If you don't put all of your eggs in one basket, you should be able to ride out a recession by relying on secondary income. So if you juggle a career that involves a regular job, plus other sources like online income, freelancing and investing, numerous failures have to happen before you're really in trouble.

Although today's job market may be bleak, there are some bright spots if you know where to look. While recessions hit some sectors hard, others go on like clockwork — or even experience growth. So whether you're hunting for a job or still feeling ostensibly secure, now is a good time to evaluate your options and consider one of the aforementioned recession-proof careers.

The original source of this article is HRWorld.com, part of the Focus network of sites.