Challenge of Employee Retention and Motivation in Indian Private Insurance Companies

Abstract

Employee commitment, high productivity and retention strategies are the biggest challenges for human resource management in the future. In this case the benefit of employees contributes significantly to the decline in productivity and the failure of business plans. The importance of the motivation to retain key employees cannot be overlooked. External motivation is driven by insufficient reinforcement practices, so it should be directed to internal motivation that involves an interesting activity and make it enjoyable. The insurance division play an important position in the economic development of the country. It works as a investment facilitator, financial marketplace guarantee, and hazardadministrator. Insurance is the fastest growing division in the Indian wealth. The industry is geared towards the general public, and its employees are committed to promote the company's values of offeringexcellence advice to consumers and selling the product of the company. Therefore, the accomplishment of an organization based on the performance of its employees, who rely heavily on job pleasure. With the ease and globalization, new overseas insurance companies are entering in Indian market which has led to increased competition. The insurance industry in India has seen marvelousdevelopment over the past decade with the opening of a large number of high excellence products. This has lead to ferocious competition with good outcome. To stay alive in this highly competitive surroundings, every company wants to achieve high income and a big market share. As a result of this force, companies set unrealistic and unrealistic goals for their workers, and in order to attain these goals, employees are forced to work eventually and take fewer vacations and vacations. During extended hours of work and serious workload, workers suffer from stress and anxiety, resulting in deprivedjob performance, social and family interaction, and deprived health. All of these factorin the enddecrease the level of satisfaction with work and reduce the level of retention. Therefore, this concern is a main social problem. The reason of this study is to look at the challenges facing the Insurance sector in maintaining and motivating their employees and what factors should be considered to address this problem.