High Attrition Rate: A Big Challenge for Insurance Sector in India

Author:Ruchi Rayata Hussain Aqeelb Amit Guptac*

Abstract:
In the insurance industry, trade secrets, confidential information and valuable ideas are part of the workforce knowledge. Recruiting, selecting, training and managing human resource constitute a real challenge for insurance companies all over the world. But mainly organizations are struggling with knowledge loss resulting from employee turnover. Quality manpower and its retention would act as a litmus test. Turnover of sales force has been high because of low entry and exit barriers. Moreover, costs of recruiting, lost productivity and training to replace employees can reach huge values. The paper emphasizes on issues of potential HR factors which affect employee retention and critical management strategies for reducing employee turnover in Insurance sector.

Keywords:Keywords: Knowledge-Based system (KBS), Recruiting, Selecting, Training, Managing Human Resource.

DOI:

International Journal of Trade & Commerce (Vol: 5 Issue:2)