The centre has disapproved the plans of the state-owned Life Insurance Corporation to deploy its clerical staff numbering over 60,000, as a part of its agency force to market its products.
Consequently, the largest domestic life insurer has abandoned its earlier plans for launching such a mass scheme, said KB Saha, executive director (human resource), LIC.
Speaking to FE on the sidelines of the Insurance summit in Mumbai on Thursday, he said, ?There was a time when we had excess manpower with us. But now we need more people as attrition rate is on the rise?.
However, the insurer with a total staff strength of over 1,20,000 has taken several other initiatives to upgrade the skills of its employees
Currently, the corporation is in talks with some of the top 20 management schools of the country, to impart training to its middle-level officers having experience of more than 10 years
Elaborating the plans, Saha said ?The faculty of the management institution will teach our employees at the LIC-owned premises of Management Development Centre (MDC) in Borivli for one year.?
In the first batch 50 officers of the company will receive training.
Another scheme, which has been launched by the LIC is ?Employment Engagement Service?, under which the employees are asked to interact with the higher officers to seek suggestion for making the organisation better, said Saha.
He agreed to the fact that the attrition rate was quite high in the LIC and the larger exits were coming from invisible areas.