hrm Practices in Insurance Companies: A Study of Indian and Multinational Companies

Competitive advantage of a company can be generated from human resources (hr) and company performance is influenced by a set of ef-fective hrm practices. In this study, we intended to assess the hr prac-tices in insurance companies. Primary data based on 218 respondents from four insurance companies (twomultinational-7 branches and two Indian-7 branches) were analyzed to assess hr practices being prac-ticed by insurance companies in India. Six factors from factor analysis were further analyzed. ‘Training and benefits ’ was found highly in prac-tice in the insurance companies. Further, ‘performance appraisal, ’ ‘se-lection and socialization of employees, ’ and ‘hr planning and recruit-ment ’ were moderately practised in insurance companies. ‘Workforce diversity and contemporary hr practices ’ and ‘competitive compensa-tion ’ were also practised to some extent. anova results showed that Indian companies did not practise workforce diversity. Compensation practices were foundmore competitive or performance based in Multi-national insurance companies than in Indian ones. The gender effect showed that only competitive compensation was perceived significantly differently by male and female employees/executives. Interactive effects were significant on workforce diversity and contemporary issues, train-ing and benefits, and selection and socialization of employees. Key Words: competitive compensation, multinational companies, performance appraisal, selection and socialization, training and benefits, workforce diversity jel Classification: m12, m54, o1