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group project about HR strategies of TD Insurance.

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We are doing a group project about HR strategies of TD Insurance. Attached is the project so far. The group emailed me telling me about what I have to do. The following is the e-mail and what I have to do. It is all related to TD Insurance;Please add to the following;-HR strategy for managing compensation and a further explination if you do add any more info about TD Insurance;-HR strategy for recriutment/selection and a further explination if you do add any more info -under the explanation part of this I started a paragraph("it is also important that TD Bank provide opportunities for Immigrants and peoples of Aboriginal descent. Since Canada embraces multiculturalism ?.") Please finish this paragraph and SITE if you use any references. We want to say that it is vital that TD Bank encourages diversity and employ visible minorities;Also please take concepts, theories, ideas from HR apply these concepts within your answers and do not forget to SITE anything in text and APA reference on the reference list.;Please also complete the conclusion. We have 4 pages left if needed for the assignment max. So feel free to add as much information as possible.;Attachment Preview;HRP group assign.doc;nooStrategic Human Resources Planning;TD Insurance;Submitted To: Mark Podolsky;Submitted By: Noorin Prebtani 208069353;Gowreeshan;Ganesharajah;206962153;Vanessa Violo;Ran Ma 209336462;Hammad Afzaal 210574887;Due Date: 04.05.2011;Course Code: LA & PS 3430;Throughout the duration of our course, Strategic Human Resources Planning, my fellow;group members and I have been exposed to a variety of elements related to the spectrum of;Human Resources. Three chief theories in particular which are integrated within Human;Resources comprise of existing issues and procedures which are incorporated within the process;of HR planning, the placement of an organization within the realm of other firms and;incorporating principles of HR to align strategic requirements into organizational capabilities;through the HR process.;The organization which our group collectively decided to analyze is the Toronto;Dominion Bank, otherwise known as TD Bank. Our focal point of this large organization will be;the area of Insurance.;Established in 1855 according to TD Bank, this prominent organization produced 6 key;principles to abide by in order to achieve success, uphold integrity and foster teamwork (TD;Group Financial Services Site, 2011). Situated in Toronto, Canada employing 81, 000;individuals amongst international offices, TD Bank offers financial products and services to;approximately 19 million clients globally and incorporates 6 million online clients (TD Group;Financial Services Site, 2011). According to a report documented on January of 2011, this;organization confirmed its possession of $616 billion in assets (TD Group Financial Services;Site, 2011).;After careful assessment, outlined below are the following components for each category.;Goals;Upholding the highest standards of integrity, honesty, professionalism and security;2;Conducting financial affairs in a safe, private manner and we meet or exceed industry;Guidelines developed to protect consumers;Uphold relationships among employee and customers;Reach the highest level of client experience (goal of CEI -Customer Experience;Interaction. 12%);TD Green (Community Relations, Education and Financial literacy);Value Proposition;Office of the ombudsman;Providing our customers with enhanced consumer protection, through our Public;Commitments and adherence to industry-level Codes of Conduct;Smart saving for students;Auto, home, motorcycle, ATV, snowmobile, life, travel/medical insurance &credit;protection;Green banking;Extended hours of operation;Exceptional claims process/procedure;Product Market Focus;What to sell & to whom?;Offer services to every population (student-retiree);Offer services to selected groups (alumni, professionals, employers, etc.);Core Activities;What value-adding activities to do, & how to do them (drivers of advantageous costs)?;3;Provide employment opportunities to the 4 visible groups;Women in Leadership;Visible Minorities Leadership;People with Disabilities;Lesbian, Gay, Bisexual, Transgender & Allies (LGBTA);Serving Diverse Communities;Aboriginal Peoples in Canada;Primary provider of critical illness and direct life and health insurance to Canadians;among other citizens;Lean/learn? six sigma;Direct response team;Monthly coaching (check-point meetings with Team Leader);Examined below are the two existing jobs within this organization that will be further;analyzed.;Strategic Job;Team Leader;Job Analysis: This position is responsible for the day-to-day performance of a team of Field;Claims Analysts within the Toronto service area. The Team Leader coaches his/her members of;personnel on all productivity and quality aspects of the job, to support the achievement of;business objectives. The Team Leader is also responsible for evaluating individual and group;performance, developing competencies of team members and inspiring team members to achieve;results. Uses technology such as Xactanalysis to manage company and individual goals, and to;monitor Industry trends. Conducts audits and participates in other ongoing quality control;programs including on site re-inspections.;4;Leads and models quality service at every client interaction. Ignites a passion for;identifying client needs, exceeding their expectations and delivering on high standards of;service.;Encourages and assists each team member in achieving his or her full potential through a;positive approach, coaching and appreciation for a job well done. Provides feedback on;team and individual objectives, and identifies team members with leadership potential in;order to make development opportunities available.;Ensure Analysts acquire/improve their relevant competencies through coaching and by;participating in their development plans and conducting thorough core and PP&D;reviews.;Labour market;HR supply;Team leaders at TD insurance are hired both externally and internally. Internal hires for;this position are however most common, by way of level advancement and/or promotions. In;order to qualify for this position, analysts must reach a level 3 position. Progression through the;levels 0-3 is measured in terms of sales, service quality, meeting targets, and leadership qualities.;External hires for this position, although rare, do take place where potential applicants must;possess an OTL/RIBO license and experience of 5 or more years in the insurance industry.;HR demand;The number of team leader positions is determined by the number of analysts in the;company, and is therefore limited. The demand for team leaders most often take place, when;team leaders resign or are terminated from their positions, when team leaders move to a different;department (e.g. from service to accounts), or when there is growth in the company and therefore;more analysts are needed and hired.;5;Requisite Job;Analyst, Client Service Centre;Job Analysis: Reporting to the Team Leader, Client Services, the Analyst, counsels individuals;in regards to their auto and property insurance needs and maintains the maximum level of service;for our existing clients, handles service calls and overflow sales calls to ensure the maximum;level of service for our clients.;Accepts risks within established guidelines;Promotes company features and benefits as part of ongoing portfolio reviews.;Responsible for achieving sales quotes and call targets.;Ensures quality and productivity objectives are met.;Labour Market;HR supply;Analysts at TD insurance are hired externally or through internal referrals. External hires;are generally through online hires from the company website as well as career resource websites;(e.g.monster.ca), and college/university job fairs. Supply for these positions focus primarily on;post graduates, and/or applicants with experience in the insurance industry.;HR demand;The demand for analysts at TD insurance is dictated by the growth of the company in;terms of sales, resource optimization, and improvement of client services. Sales are the major;factor in a companys growth, and when there are increased sales, there is an evident increased;demand for analysts who make these sales and service the increased number of clients. At TD;Insurance, the resource optimization department is responsible for the allocation of resources for;particular departments where they seem fit. This department therefore decides how many;6;analysts are needed for the improvement of client services. For example, if it is determined that;call wait times need to be reduced in order to improve client satisfaction and customer service;then the organization forecasts the demand for more analysts and so fourth upon having the;necessary staff accessible to meet clients existing/ future needs.;HR strategy for managing compensation;Given the vast amount of competition in todays commerce economy, the practice of;retaining existing top talents in an industry is relatively challenging. Senior associates promptly;distinguish central employees within their organization. However, with identifying knowledge;skills, abilities and other key attributes organizations are incapable of contributing towards a;salary one deserves. According to Belcourt, the term compensation is defined as identifying;salary and wages but also incorporating all the plans, programs, benefits and opportunities that;become available to you through your employment The issue of compensation encompasses;numerous guidelines executives must consider (Belcourt,). Due to a lack of funding and an;assortment of reasons, compensation is considered a crucial factor to an overall HR strategy.;Compensation helps to retain top talents by providing them with a monetary reward to;maintain their interest in the organization without breaking into the organizations financial;resources (SITE). Compensation also helps control personnel budget and manage jobs in the;right salary bracket. It also gives the organization differentiates in the job market and builds;attractiveness towards top talents (SITE). Competent individuals seek employment by attractive;organizations and not by the average organization offering the same old conditions as every other;organization in the industry (SITE).;At TD Insurance, were committed to provide the most exclusive and unparalleled;expertise that deserves quality compensation like no other. Our salaries are very competitive and;7;are based on the high quality of service and performance that is provided. We constantly check;the industry to maintain and retain our salary structure in line with the market. Depending on the;position, our employees may also be eligible to receive bonus opportunities or monetary;rewards. (SITE);With the data that was obtainable, we as a group were able to discover a process that was;practised within this organization, a yearly reward for all employees when business objectives;are met.;Presenting a benefit plan is equally important as compensation is to the development of a;successful HR strategy. Organizations must offer key benefits in the industry to attract future;high quality employees. TDs mission is to ensure all employees are satisfied in terms of;competency, work ethic and establishing relationships with all potential stakeholders.;Explanation;It is important to note the relationship between compensation strategy and corporate;culture. Though a compensation strategy reflects the business strategy, implementing and;adopting universal benefits will likely create a positive environment, increase productivity;and align an organizations objectives.;HR strategy for managing benefits;Providing a benefit plan is just as important as compensation is to the development of a;successful HR strategy. Organizations need to provide adequate benefits in their respective;industry in order to attract potential employees as well as maintain current employees. Identical;to respecting diversity within the workforce, acknowledging and understanding that needs vary;from person to person is a crucial concept one must accept. As undergraduate students in the;Bachelor Human Resource Management (BHRM) degree we understand the importance and area;8;of benefits. Cooperatively, listed below are the following benefits we as a group would present;our employees with;Flexible work scheduling (enhanced custom);A pension plan;A group RRSP;A flexible medical and dental benefits;An Employee Assistance Program;A Maternity and Parental Top Up Plan;Employee discount rates on home, auto, and travel insurance;Continuous paid training program for existing employees after a 1 year probation period;in their department for personal and or professional growth and development;Explanation;In order to successfully employ individuals within our industry it is important for an;organization resembling ours to provide benefits that their employees will derive benefit;from and appreciate. At TD it is our ambition to provide our employees with flexible work;schedules. We understand that our employees have family obligations such as childcare;elderly care or the difficulties of being a single parent. We strive to accommodate each and;every one of our workers. Offering flexitime/telecommuting and a compressed work week;would provide employees to balance personal and professional obligations. As one of the;chief financial institutions, offering contributions towards a pension plan and or RRSPS is;our approach to support the employee (retirement, health care costs and other unforeseen;circumstances). The RRSP contribution is tax deductible and will not interfere with other;finances. It is known that medical and dental costs are increasingly drastically and we ad TD;Bank want to assure our employees are at ease and can provide for themselves and their;9;families. Offering cafeteria plans is also an option that we make available to our employees.;By definition, a cafeteria plan is defined as;Another service that we offer is an Employee Assistance Program, also known as an ESP.;This encompasses professional advice and guidance for an assortment of issues which entail;professional counselling, support for family, financial, career and legal issues, health;coaching and manager support. Having an EAP present is an important component to the;health and productivity strategy which TD strives to offer. Employing a Maternity top up;plan is also a benefit we strive to offer. This policy grants expecting mothers with 100%;salary for 32 weeks (or equivalent to 8 months). The salary will then be adjusted at a 75%;rate upon completion of the 1 year mat leave. A further benefit we anticipate to utilize is our;discount rates on TD insurance and a variety of banking products and services. We;appreciate our exceptional employees and recompense them with perks on preferred rates for;mortgages, financing and personal loans. In addition, we offer continuous compensated;learning and educational outcomes for all employees who have the desire to further their;knowledge in their area of expertise or partake in another area of interest. TD insurance is;dedicated to endorse solidarity at all times.;A business can only prosper so long as the people who are in it show evidence of;dedication, accountability and ownership. At TD Bank, it is our motto to provide service and;assure our clientele that each individual can trust and believe in our services. With that;statement follows an obligation and code of conduct to which all our employees must meet;and continue to implement in order to measure class standards, candidate competency and;certify that quality service is delivered.;HR strategy for selection/ recruitment;10;Given the foundational principles TD Bank encourages and promotes to all of its employees;it is imperative that one consider the persona of an individual. Since we have decided to focus on;the Insurance aspect of TD Bank, the character of one is highly significant. There is consistent;interaction between employees and customers on a daily basis and establishing rapport is key;within this industry. Potential and existing employees in this department first must demonstrate;confidence, poise and integrity. Appreciating diversity is another element that one should possess;if/when communicating with potential/existing clients. Various backgrounds could possibly;include social class, household income, family obligations, level of security and so fourth. Our;representatives should respect each individual and offer guidance.;Explanation;There are many different types of insurance plans available at TD bank. Insurance coverage;includes auto, home, life & health and business insurance etc. Therefore we could divide these;plans based on category in order to provide working opportunities for people with a different;educational level. In addition, we could appoint people who have a high level of education with;professional knowledge to do the business insurance and encourage them to become insurance;financial consultants for clients. People with little or less educational levels level could;participate in educational courses and programs that we offer after a certain period of;employment and than become proficient in home and auto insurance.;Human Resources has raised the importance of employing individuals who derive from the;visible minority group. This consists of aboriginal persons, women, people with disabilities;and??;It is also important that TD Bank provide opportunities for Immigrants and peoples of;Aboriginal descent. Since Canada embraces multiculturalism.;11;12;13;14;References;Belcourt;TD Group Financial Services Site (2011). Retrieved from http://www.td.com/profile.jsp;http://www.insuranceworks.ca/bins/view_job_posting.asp?jpt_id=30801;http://career.tdinsurance.com/compensation/index.php;http://www.glassdoor.com/Salary/TD-Insurance-Custumer-Services-Analyst-SalariesE225847_D_KO13,38.htm;http://jobview.monster.ca/Analyst-Client-Service-Centre-Job-Saint-John-NB-CA97238647.aspx?from=simplyhired;15;Appendices & Peer Evaluation;16

 

Paper#33407 | Written in 18-Jul-2015

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