Essay, Pages 11 (2722 words)
Select a business organization of your choice and provide an overview of the selected company. Discuss how Human Resources are deployed within the context of their business.
Overview of the Company
Softlogic Life Insurance PLC (SLI), a respected Life insurance solutions provider, has grown rapidly to become a force to be reckoned within the insurance industry. It is positioned as the fifth-largest entity in the insurance industry. Softlogic Life is also considered to be the fastest-growing insurance company in the country.
Its meteoric rise within a short period of 17 years has been nothing short of awe-inspiring. In the last five years, the Company has consistently doubled its revenue growth benchmarks in comparison to industry average growth, which reflects the efficacy of its systems and processes.
The Company’s credentials were further strengthened after the acquisition of a 59% stake in the Company by the Softlogic Group. Softlogic Holdings is a diversified conglomerate with interests in retail, healthcare, IT, leisure, financial services, and automotive industries.
The joint group synergies have given rise to immense opportunities for Softlogic Life, especially in the healthcare sector, as the market leader and group company, the Asiri Group of hospitals, accounts for over 60% of the total private healthcare market in the country.
Softlogic Life has introduced a new ethos in the market. More commonly, life insurance is known to be associated with death and other unfortunate circumstances, but Softlogic Life gave a new face to insurance business on the Wellness, Fitness and Nutrition platform, which benefits the customer in the ‘here and now’, so that they live life with a greater purpose and enjoy life and be carefree.
The Company has embraced creativity and disruptive innovation to elevate the standards of Sri Lanka by bringing together world-class solutions that enhance the quality of life for customers. Its diverse solutions give customers the freedom and the opportunity to “Live life to the fullest”.
Deployment of Human Resources
At Softlogic Life, they believe in harnessing the full potential of their human capital as a critical driver of their business success in delivering a superior client experience while sustaining the happiness and wellness of their employees. Their vision and values guide their efforts in creating a supportive work environment in order to “LIVE OUR EMPLOYEE LIFE TO THE FULLEST”.
Their strategy can only be achieved through their people, who are central to their success. Their constant endeavor is to attract, invest in, develop and retain the best talent in the industry. They have placed policies and guidelines for talent management, recruitment, remuneration, training, skills development, and employment equity. Their philosophy and culture of knowledge and learning has made the Company transformed from “Good to Great”.
Softlogic Life’s Human Capital Value Creation Model (Employee Engagement Model) has been built with the ultimate objective of creating productive and innovative workforce by caring for their wellness and live employee life to the fullest. The Company’s value creation model with regard to human capital is provided below:
Human Capital Diversity
“The diversity of our people brings richness in perspective, skills and experience that we leverage as an advantage in serving an equally diverse client base.”
As an equal opportunity employer, the Company encourages workplace diversity, regardless of gender, ethnicity or age. They embrace diversity and will not tolerate discrimination or harassment against any person on grounds of diversity. Their HR policy on Equal Opportunity and Non-Discrimination recently enhanced its scope in order that there would be no discrimination based on race, religion, age, nationality, social origin, disability, sexual orientation, gender identity, political affiliation or opinion.
Being a life insurance Company, our human capital consists of employees, outsourced personnel, and field staff.
The Company monitors the diversity of its workforce based on age, gender, type of employment, and by region of employment as illustrated in follows.
In relation to other workers, a substantial portion of the organization’s work is not performed by workers who are legally recognized as self-employed, or by individuals other than employees or supervised workers, including employees and supervised employees of contractors. By nature, the Company doesn’t expose itself to significant variations in employment numbers due to seasonal or irregular events.
The company invests in young people with scarce or specialized skills and who have the potential to become future leaders. It is evident that during the year, the Company made significant investments in its flagship Leadership Development program.
Each and every employee is given significant importance when deploying within the organizational context. Providing equal opportunities to their employees is the main goal through their HR perspective regardless of the positions that they have.
Define and discuss the concept of personality by relating real-life examples within the chosen business to demonstrate practical ways of applying such personality theories.
Personality refers to individual differences in characteristic patterns of thinking, feeling and behaving. The study of personality focuses on two broad areas: One is understanding individual differences in particular personality characteristics, such as sociability or irritability. The other understands how the various parts of a person come together as a whole.
While there are many different definitions of personality, most focus on the pattern of behaviors and characteristics that can help predict and explain a person’s behavior. Explanations for personality can focus on a variety of influences, ranging from genetic explanations for personality traits to the role of the environment and experience in shaping an individual’s personality.
Some of the fundamental characteristics of personality include:
- Consistency: There is generally a recognizable order and regularity to behaviors. Essentially, people act in the same ways or similar ways in a variety of situations.
- Psychological and physiological: Personality is a psychological construct, but research suggests that it is also influenced by biological processes and needs.
- It impacts behaviors and actions: Personality does not just influence how we move and respond in our environment; it also causes us to act in certain ways.
- Multiple expressions: Personality is displayed in more than just behavior. It can also be seen in our thoughts, feelings, close relationships, and other social interactions.
There are a number of theories about how personality develops. But under this organizational context, the main focus is given to Trait Theories. Under that theory it is discussed about “The Five-Factor Theory of Personality”.
Many contemporary personality psychologists believe that there are five basic dimensions of personality, often referred to as the ‘Big 5’ personality traits. The five broad personality traits described by the theory are extraversion (also often spelled extroversion), agreeableness, openness, conscientiousness, and neuroticism. You might find it helpful to use the acronym OCEAN (openness, conscientiousness, extraversion, agreeableness, and neuroticism) when trying to remember the big five traits. CANOE (for conscientiousness, agreeableness, neuroticism, openness, and extraversion) is another commonly used acronym.
These categories are usually described as follows under Softlogic Life.
1. Openness: This trait features characteristics such as imagination and insight. People who are high in this trait also tend to have a broad range of interests. They are curious about the world and other people and eager to learn new things and enjoy new experiences. This trait can be highly visible within the technology and innovation team organization as they trying to be more creative and coming with new experiences.
As a result of this following new methods have been improved within the organization.
- Revamp of “Key Performance Indicators” methodology for employee performance evaluation.
- Online Claim Meter
- Express Digital Policy Issuance
2. Conscientiousness: Standard features of this dimension include high levels of thoughtfulness, good impulse control, and goal-directed behaviors. In Softlogic Life these types of personalities can be seen through Strategic Management Team where they tend to be organized and mindful of details. They plan ahead, think about how their behavior affects others, and are mindful of deadlines. As per this personality type they spend time on preparing and they pay attention to details.
This personality trait can be again seen among the Branch Managers where they always try to pay attention to finishing important tasks were achieving the given targets are the most important when considering their main responsibility. Most of the time they enjoy having a set schedule to work accordingly and meet the targets that they have prepared.
3. Extraversion: Extraversion (or extroversion) is characterized by excitability, sociability, talkativeness, assertiveness, and high amounts of emotional expressiveness. Extraversion can be seen among all the Sales Executives, Sales Representatives, Team Leaders and Branch Managers where they enjoy meeting new people, Feel energized when they are around other people, Enjoy being the center of attention and Like to start conversations.
4. Agreeableness: This personality dimension includes attributes such as trust, altruism, kindness, affection, and other prosocial behaviors. People who are high in agreeableness tend to be more cooperative where this type of personality can be seen from the Team Leaders where they care about others, feel empathy and concern for other people and assist others who are in need of help.
5. Neuroticism: Neuroticism is a trait characterized by sadness, moodiness, and emotional instability. Individuals who are high in this trait tend to experience mood swings, anxiety, irritability, and sadness. These types are highly visible among Sales Executives where they have to deal with high pressure and stressful situations where they struggle to bounce back after stressful events. And also these types worry about many different things and get upset easily where when they were unable to meet the targets and get scolded by the managers can be taken as the best example for this.
Explain how managers of the selected organization can influence the attitudes of employees to increase organizational commitment.
An attitude could be generally defined as a way a person responds to his or her environment, either positively or negatively. The precise definition of attitude is nonetheless a source of some discussion and debate. Attitudes are the confluence of an individual and external stimuli, and therefore everyone is in a position of responsibility to improve them (managers, employees, and organizations ).
Some attitudes represent a dangerous element in the workplace that can spread to those closest to the employee and affect everyone’s performance. Is it a manager’s responsibility to help change the person’s attitude? Should the employee alone be responsible? The answer is that attitudes are the confluence of individual and external stimuli, and therefore everyone is in a position of responsibility.
Still, a manager may be able to influence an employee’s attitude if the root cause relates to work conditions or work environment. For example, employees may develop poor attitudes if they work long hours, if the company is having difficulties, or if they have relationship issues with the manager or another employee. Similarly, if employees feel believe there is little chance for advancement or that their efforts go unappreciated by the organization, they may develop a negative attitude. To the extent they are able; managers should strive to remedy these situations to encourage an effective work environment.
A strong work environment is vital for an effective and efficient workplace. Employees who are in a positive, encouraging work environment are more likely to seek solutions and remain loyal, even if the company is having financial difficulties. Even so, employees have some responsibility to alter their own attitudes. If management does everything in its power to create a positive environment and the employee refuses to participate, then managers can do little else to help. At times, attitudes are beyond the reach of the business to improve.
In Softlogic Life following factors are affecting to the attitudes of employees towards increasing organizational commitment.
- Personality: Manager’s personality is highly affecting to the employee attitudes on striving them towards the organizational commitment. In Softlogic Life each leader’s personality directly effect on employees where conscientiousness, self-esteem, locus of control, and extraversion are also related to positive work attitudes. Either these people are more successful in jobs and companies that will make them happy and build better relationships at work, which would increase their satisfaction and commitment, or they simply see their environment as more positive—whichever the case, it seems that personality is related to work attitudes.
- Organizational Justice: A strong influence over employee satisfaction level is how fairly they are treated. Employees pay attention to the fairness of company policies and procedures, treatment from supervisors, and pay and other rewards they receive from the company. They require equality among the workplace to have positive attitudes towards the company in order to increase organizational commitment.
- Relationships at Work: Two strong predictors of our happiness at work and commitment to the company are their relationships with coworkers and managers. The people they interact with, their degree of compassion, level of social acceptance in their work group, and whether they are treated with respect are all important factors surrounding their attitudes toward the organizational commitment. When their manager and upper management listen to them, care about them, and value their opinions, they tend to feel good at work.
- Stress: The amount of stress present in their job is related to employee attitudes on improving organizational commitment. When the managers are more pressurizing the employees to do work and putting heavy workload, then ultimately it will affect the attitudes of the employees in a negative way and they tend to commit much to the organization. Managers should know how to make a balance between work and when allocating targets they should be achievable and attainable without being a stressful target for them.
Provide instances when managers can use the Rationale Decision Making Model and how the need could arise to use Bounded Rationality in making business decisions.
The rational decision-making model describes a series of steps that decision-makers should consider if their goal is to maximize the quality of their outcomes. In other words, if you want to make sure you make the best choice, going through the formal steps of the rational decision-making model may make sense.
The theory of bounded rationality holds that an individual’s rationality is limited by the information they have, the cognitive limitations of their minds, and the finite amount of time they have to make a decision. Bounded rationality shares the view that decision-making is a fully rational process; however, it adds the condition that people act on the basis of limited information. Because decision-makers lack the ability and resources to arrive at the optimal solution, they instead apply their rationality to a set of choices that have already been narrowed down by the absence of complete information and resources.
The Company promotes and creates a workplace where employees are well-informed of the Company’s decisions and pay due consideration to their views during the decision-making process Softlogic Life employee engagement is driven by leadership, effective rewards, culture and values that support performance and development.
In Softlogic Life building ownership by engaging employees in their business through involvement through decision making is the key area that the organization focuses on. Maintaining diversity and providing equal opportunity is highly expected from the employees because their ideas also concerned as a valuable resource to the organization when considering about decision making.
All the strategic decisions are made by the top management where for other decisions regarding branch expansions, new product innovations, new policy introductions, introducing new practices and all the decisions regarding the branch operations are been taken with the involvement of the employees. For that they have face to face discussions with the involvement of ;
- Product Development Forum
- Softlogic Life Board Members
- Customers and Suppliers
So the main responsibilities of the management after making the decisions include;
- Ensuring that the Board Members receive accurate, timely and clear information, in particular about the Company’s performance to enable the Board to make sound decisions, monitor efficiently and provide advice to promote success of the Company.
- Facilitates and encourages discussions amongst all Directors where decisions are needed on matters of risk and strategy.
- Encouraging the effective participation of all Directors in the decision-making process to optimize contribution.
When taking this information into consideration all the members are getting the opportunity to give their voice for the decision-making within the organization so that they feel valued and accepted and will be more encouraged to serve to the organization.
- Personality. (n.d.). Retrieved from http://www.apa.org/topics/personality/
- Boundless – https://courses.lumenlearning.com/boundless-management/chapter/rational-and-nonrational-decision-making/
- Softlogic Life Annual Report 2017 (Publication). (n.d.). Retrieved http://www.softlogiclife.lk/wp-content/themes/softlogic-life/images/Softlogic_Life_Annual_Report_2017.pdf
- Softlogic Life Annual Report 2016 (Publication). (n.d.). Retrieved http://www.softlogiclife.lk/wp-content/themes/softlogic-life/images/Softlogic_Life_Annual_Report_2016.pdf
- Softlogic Life Annual Report 2015 (Publication). (n.d.). Retrieved http://www.softlogiclife.lk/wp-content/themes/softlogic-life/images/Softlogic_Life_Annual_Report_2015.pdf
- Softlogic Life http://www.softlogiclife.lk/