This will involve working across the entire gamut of operations and also some classroom training
From financial year 2018-19, management trainees at private life insurance company SBI Life Insurance will get an opportunity to work across different departments before being given a final posting.
In an interaction with Moneycontrol, Manjula Kalyanasundaram, EVP and Chief of HR and Management Services, SBI Life Insurance said, "We are changing the structure from the next financial year onward when the new management trainees will start coming in, from May. They will spend the next 10 months working across the entire gamut of operations. There will also be classroom training involved in this."
Post this, she added, there will be an aptitude test to decide which role is most suitable for the particular candidate. Once they pass the test, they will be given the appropriate position.
At SBI Life, Kalyanasundaram explained they hire predominantly from the second tier business school across the country. "We maintain a list of schools and visit them every year," she added.
SBI Life has an employee strength of around 13,000 people of which 8,500 constitute sales staff. Kalyanasundaram said employees are also allowed to get a transfer to another department and these happen on an annual basis. "Depending on their skill and capabilities, we give our employees a chance to shift to other verticals as well," she added.
Even from an employer branding perspective, she added the insurance company has seen a positive response from both students and educational institutes. They also leverage social networking and professional networking platforms to build an employer brand image for SBI Life Insurance.
The insurer, which is a joint venture between the country's largest bank State Bank of India and BNP Paribas Cardif is one of the largest life insurer in the market. It was listed in the stock markets in October 2017. According to data from the Life Insurance Council, they collected new premiums of Rs 9203.34 crore for the April 1, 2017 to February 28, 2018 period, showing a 7.3 percent growth over same period last year.
Across several companies in India Inc., management trainees anywhere between 3-8 months will completely be absorbed into the work structure. During the initial phases where the trainees are part of the system, the general levels of attrition are also high. This is because being fresh from their MBA schools, these students have little experience of the work environment and human resource leaders say that they often have unreasonable expectations from companies.SBI Life is the largest private life insurer according to FY17 new premium collections and also as per the new premiums collected for the first three quarters of this fiscal.