The Practice of Human Resource Management

In early 90th, Ping An Insurance Company was the first company to introduce senior personnel from abroad. In such way company managed to absorb advanced human resource management strategies. Company acknowledges well existence of the war on experienced human capital. There is a distinct lack of well experienced and cross functional insurance agents, certified risk managers, investment specialists and actuaries, IT specialists and top executive management with international background.

As reported in the internal report on human resource strategy of Ping An Insurance Company, the majority of companies currently rely on buying ready made talent. As such, company selected strategy opposite to that of competitors: Ping An human resource strategy is centered on labor development and retention. Short term goals include learning and development opportunities, culture value, and incentive salary system that includes defer payment, stock option and variable pay.

Company launched Talent Pool Project targeting the long term positive outcomes. The human resource plan has three major strategies each of which can be further subdivided into 3 human resource programs. Talent pooling is realized through identification of the gap between existent labor force and company needs through competence evaluation to be selected and identified by line managers. Instead of buying out skilled labor force, Company chooses to develop own talent through job training, formal training provided by Ping An university, and project assignment. When it comes to succession planning, the strategy involves objective evaluation of employee performance, design of an individual carrier path, provision of mentoring support.

As such, Ping An employs primarily Chinese style human relations management, whereas the long term strategies are primarily focused on employee empowerment and training – the view brought in by top management from abroad.

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Jennifer Burns is a professional freelance academic writer at Custom-Writing.org, writing essays online service. Jennifer specializes in essay edit and coursework writing help.

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