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THE IMPACT OF MANPOWER DEVELOPMENT IN INSURANCE INDUSTRY

ABSTRACT

This research project is an attempt to X-ray and analyze the value and effectiveness of training programs in Niger Insurance Plc. Training is an important and necessary activity in all organizations; it plays a significant role in determining the effectiveness and efficiency of the company. As a result, every company needs train its personnel on a regular basis in order to achieve its goals and objectives. The researcher used data from primary and secondary sources to conduct this study. The researcher obtained primary data from Oriental Insurance of Nigeria, Plc through an oral interview and a questionnaire. In addition, the information gathered was analyzed. In order to analyze the data, they were initially presented.

CHAPTER ONE

INTRODUCTION

BACK GROUND OF THE STUDY

It is impossible to overstate the importance of human resources in a company. For the achievement of its goals, no organization can rely on these resources any longer. The objectives, on the other hand, cannot be met unless the organization is made up of individuals with the necessary skills, knowledge, and competencies. Employees may have the necessary abilities, skills, and expertise, but they may find it difficult to cope with their employment in the long run owing to a variety of issues such as organizational costs, job costs, technology changes, and so on.

As a result, one of management’s many activities is staff training and development. Workers are worked until they reach retirement age, but they are trained to improve their abilities, skills, and knowledge.

Many employees have failed in organizations because their need for training was not identified or provided as an indispensible component of management function, according to experience. Employees are not only trained for their own benefit, but the organization’s manpower training program is a critical activity that management cannot afford to overlook due to its numerous purposes. There are numerous reasons why companies conduct staff training.

These are some of them:

To improve the quality of the output

In order to increase the quantity of output,

To reduce waste disposal and equipment maintenance expenses

To reduce staff turnover, absenteeism, and boost job satisfaction

To keep employees from being irresponsible

Given the aforementioned benefits of personnel training, one is forced to conclude that manpower training is an unavoidable requirement for achieving organizational objectives. His program will cost a significant amount of money, but it will be considered money well spent due to the numerous benefits it will provide.

In reality, the value of manpower development cannot be overstated. It has a role in determining the organization’s performance and efficiency.

STATEMENT OF THE PROBLEMS

Some organizations do better than others, and manpower training is not required. Some staff are trained by the company. Oriental Insurance Company’s mission has been significantly aided by manpower training.

Management is usually in charge of choosing which employees will be taught.

The oriented insurance company’s headquarters are in a city. A city is where the Oriental Insurance is located. The Board of Directors is in charge of the oriented insurance.

The Board of Directors consists of eight members, however the management of the bank is in charge on a day-to-day basis. Oriental Insurance now has branches in Enugu, Onitsha, Lagos, Nnewi, and Aba. However, further branches are being planned for Kano and the surrounding areas.

 OBJECTIVES OF THE STUDY

The goals of this study are to determine the following in response to the situation described above.

1. To determine the impact of training exercises on financial institution staff, with a focus on oriental insurance.

2. To determine which employees fall into the category of those who benefit frequently.

3. To evaluate the performance of newly trained staff

4. To the individuals who have benefited from the manpower training program.

5. Determine the Oriental Insurance employee’s training needs.

6. Determine whether or if employees are encouraged to participate in these training sessions, as well as how they are encouraged. Finally, the researcher will make recommendations that will help the organization create and implement a training program.

RESEARCH Questions

  SIGNIFICANCE OF STUDY

From a utility rationing standpoint, the personnel program’s aims, benefits, and processes must be properly understood for it to be effective.

As a result, if done correctly, it can be utilized to improve worker effectiveness and efficiency in order to achieve corporate goals.

 

As a result, the findings and recommendations that will be made as a result of this study will be extremely valuable to insurance department students and others in the linked sector. Who would be in charge of various organizations’ personnel departments?

 

The study will be beneficial to the institution in terms of implementation and following research by the institution’s management, as well as to students and researchers who will conduct related research on manpower training and other themes.

SCOPE AND LIMITATION OF THE STUDY

The researcher experienced various problems while conducting this research, but it is the researcher’s goal to keep the number of problems that impacted this research effort to a minimum.

(a) Finance: Because finance was one of the most challenging aspects of producing this research for the researcher, he had to limit his project spending to the size of his little pocketbook.

(b) Time: Another issue that hampered our study was the lack of time. The research was simply one of many courses that required the researcher’s full focus. Although typical lectures and other assignments share the same term as the researcher, it is no exaggeration to suggest that more than 30% of the time available for the researcher’s studies was spent on the researcher’s studies.

DEFINITION OF OPERATION TERMS

1. Development: This refers to the efforts that are conducted to expose personnel to more responsibilities and positions of importance within the organization.

2. Effectiveness: Achieving the desired or intended outcome.

3. Effectiveness: The ability to complete a task without wasting time or money.

4. Manpower: All personnel in a company, starting with the CEO and working their way down.

5. Organization: A business set up with the goal of making the most money possible.

6. Productivity: A ratio of output to input, such as 10 units per man hour, is a measure of production efficiency.

7. Training: The process of acquiring the abilities required to do a profession.

8. Evaluation: The process of determining a person’s suitability for a job based on their qualifications.

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