Talent Management in UK Insurance Sector: Aviva PLC Report

This report provides a comprehensive analysis of Aviva PLC's talent management strategies within the UK insurance sector. It begins with an introduction to talent management, emphasizing its importance in maximizing performance and building a competitive advantage. The first part of the report identifies Aviva's current talent management strategy, focusing on its business and HR strategies, recruitment methods, selection processes, performance management systems, reward management approaches, training and development programs, and equality and diversity policies. Part 2 offers recommendations to address any identified gaps or shortcomings in Aviva's talent management practices. The report concludes with a summary of key findings and a list of references.

Talent Management

Contents
INTRODUCTION...........................................................................................................................1
PART 1............................................................................................................................................1
TASK 1: Identify the firm’s current talent management strategy...................................................1
TASK 2: Gender Pay Gap Reporting..............................................................................................5
TASK 3: Identification of environmental components impacting the HRM practices...................6
PART 2: Recommendations Report and Podcast............................................................................7
Recommendation that will support the firm address this gap or shortcoming............................7
CONCLUSION................................................................................................................................8
REFERENCES................................................................................................................................9

INTRODUCTION
Talent management is the procedure and a hard and fast of HR processes that integrate with
each other. This states that expertise control sports are larger than the sum of the individual
segments. This also approach that a talent control approach is wanted to capitalise on its
complete capability. The fundamental reason of skills control is to maximise execution and
overall performance. It goals to inspire, contain and maintaining people to make them perform
higher. Talent control is the procedure and a hard and fast of HR processes that integrate with
each other. This states that expertise control sports are larger than the sum of the individual
segments. This also approach that a talent control approach is wanted to capitalise on its
complete capability. The fundamental reason of skills control is to ma This is why the crucial of
skills management is so critical (Bibb, 2016). When it's far whole proper, organizations can
construct a sustainable competitive benefit and outperform their competition through an
incorporated gadget of talent management practices and sports which are hard to copy and
imitate. For the crowning glory of this evaluation, Aviva is the organization which is taken in to
consideration. Aviva Plc is a British multinational insurance employer which became integrated
in 2000 and is centered in London, England. It has approximately 33 million customers’
crosswise 16 nations. In the United Kingdom, Aviva is the biggest general insurer and a main
lifestyles and pension’s issuer. The file will talk approximately the organization’s cutting-edge
talent control strategy, gender pay whole reporting and identification of environmental
components impacting the HRM practices.
PART 1
TASK 1: Identify the firm’s current talent management strategy
Business strategy and HR strategy- Aviva have taken main phases forward in simplifying the
business. The business organisation focus is now on the UK, Ireland and Canada where they
leading positions (Desai, 2016). They are putting consumers at the heart of everything they do
and they will support in transforming Aviva’s fiscal execution and deliver greater value for
shareholders. In order to operate their business successful manner, the management of Aviva
concentrates on the things as business strategy that actually matter and puts the consumer at heart
of what they do:
 True customer composite
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 Digital First
 Not Everywhere
In context of HR strategy, the management of Aviva consider several strategy in order to
manage, retain and attract skilled people of the firm. Human Resources Management makes a
speciality of human beings staffing and choice, teaching and improvement, overall presentation
administration, employee inspiration and blessings (Human Resources Management (HRM) in
Aviva. 2020). Human Resources Management is mess functioning part of Aviva Life Insurance
Company which offers with human capital manipulate and its management. Human Resources
administration is composed of style of capabilities and its Human Resources Functioning stays
trade with the passage of time and in step with the requirements of a corporation (Casagrande,
2017). When they examine the organization among human property organization and teaching
and expansion within an Aviva it is also preserve several. The sports activities associated with
education are as significant as unique human property abilities are regularly crucial. There
changed right into a time at the identical time as schooling have end up taken into consideration
to be the waste of time, cash and assets, and taken into attention to be unproductive.
Recruitment, including recruitment channels- Recruitment is explained as an activity to find
out the resource of workforce to meet the need of the recruitment plan and to provide work for
effectual measures to assemble the need of the staffing plan and to utilize efficient measures for
getting attention of applicants in appropriate numbers to make easy proper selection of the right
candidates (Study of Recruitment & Selection Process in Aviva Life. 2020). In Aviva, the Human
resource function of the company consider different channels or tools of recruitment such as
internal sources like transfers, promotions, upgrading and demotion of present workers, retired
and retrenched workers etc. Along with this, they also consider outside sources of staffing like
press ads by endorsing position in newspaper and journals, campus hiring, take support of
placement agencies and service connections, labour outworkers, unwelcome candidates, worker
recommendation and employment at gate etc.
Selection methods- Selection is the procedure of interviews, reference checking and trying out
or assessment that enables the firm to ensure the high-quality individual is appointed, utilising
powerful, honest and equitable practices. Selection is largely a series of hurdles or steps every
one should be successfully cleared earlier than the applicant proceeds to the subsequent step. The
time, emphasis and series of levels will range amongst businesses (Matata, 2017). There are
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several methods that are taken into consideration via the control of Aviva like utility forms and
CVs, on-line screening and short listing, interviews, psychometric testing, capacity and flair
checks, character profiling, presentations and group sporting activities (Study of Recruitment &
Selection Process in Aviva Life. 2020). With the aid of those assortment gear, the human aid
feature of respective venture pick out professional and expertise people to operate the enterprise
of the organization.
Performance management (including appraisal system)- Performance management affords a
structured plan for growing, dealing with, and constantly improving worker overall performance.
Accurate documentation, always maintained for each employee, tracks boom and development.
To make certain that incredible product excellent and carrier are continually added, employees
should be challenged now not handiest to fulfil, but to exceed, agency and function standards
(JANOWSKI and PRZEKOTA, 2020). Performance control offers 3 fundamental levels or tiers
for worker development: training, corrective action, and termination. In Aviva, the management
of company can make use of different methods of performance management like management by
objectives, 360-Degree Feedback, behaviourally Anchored Rating Scale and psychological
appraisals etc. These tools will support the firm in managing and maintaining the performance of
its skilled workforce.
Reward management- Reward Management is involved with the device and functioning of
techniques and regulations that purpose to remuneration human beings pretty, justifiably and
constantly according with their charge to the corporation. Reward manage is a superb
motivational exercise that organizations use that lets in you to praise their personnel for his or
her fulfilment and success. The corporation units their goals and authorize hints for his or her
workers so that you can observe and advantage those set objectives. This makes high quality that
the workers are totally aware about the guidelines and dreams and those they gather their
rewards for their standard overall presentation. All personnel observe the frequently occurring
recompense gadget as it's miles a just system.
Extrinsic Rewards: These varieties of rewards satisfy basic desires like safety and survival, pay,
treatments and conditions.
Intrinsic Rewards: These rewards specialize in satisfying higher stage needs like improvement
and esteem.
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Individual Rewards: Includes base pay, incentives, rewards attendance, performance,
competence, and blessings.
Team Rewards: Includes team advantages and rewards group’s cooperation.
Organization: Includes profit sharing, advantage-sharing and revenue sharing.
The key objective of reward management is to support the company’s strategy, recruit & retain
employees, motivate workers and retaining them till long term (Janowski, 2017). If an excellent
reimbursement system is designed, it's going to have nice impact on the efficiency and outcomes
produced by workmen. Such gadget will inspire the ordinary employee to perform better and
gain the requirements constant. This device will inspire the method of task assessment. It may
even help in putting in a really perfect process evaluation, which will have transparency, and the
requirements fixing might be extra practical and viable. Such a device would be nicely described
and uniform. It will be practice to all of the stages of the enterprise as a well known gadget. The
system might be simple and bendy in order that each worker/recipient would be able to compute
his very own repayment receivable.
Training and development- Aviva is making an investment cash belongings in schooling
thinking about it as a payback asset. They trust that investment in human capital will offer it
aggressive side international and it's going to beautify the profile improvement in the company.
Training is taken into consideration to be an ongoing technique. It is a in no manner ending
analyzing technique. It is wise at all stages, decrease, centre further to managerial diploma.
Training programme is a difficult and rapid of nicely deliberate sports activities activities
(Kavoo, 2018). These activities related to training facilitate employees reading of statistics,
competencies mind-set to sit up straight the productivity to do their present day method and
decorate the overall overall performance to achieve organizational desires. Looking at the long
term incentive of training, education and improvement of personnel pertain to persevering with
efforts to beautify working of complete human capital inside an corporation at the manner to
persuade in the route of the success of personal and organizational dreams. Training is critical for
an agency of an commercial enterprise organisation for masses reasons it facilitate the
organisation toward the improvement of human capital of a country. This gives an area to the
agency and adjustments its established representation within the marketplace and this will
growth the connection and feature an impact on. This necessitates a excessive level of
collaboration a number of the employees and schooling and improvement organisation.
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In Aviva Life Insurance Company Private Limited, training is taken into consideration as an
effective device to preserve maintain and inspire their people and to be familiar with technical
change and purchaser offerings. Training and development programme ought to be strategically
organized in a line with the challenge and dreams of a enterprise (Butler, 2020). It wants to be
aligned and designed with the reason of education and equipping personnel to acquire the
organizational dreams, departmental further to private desires.
Training and development feature is step by step extra than a programme. Increasingly, it's far a
device for breaking the latest grounds and conveying non-save you reading technique and
bringing about the trade through education and development sports. Improved productiveness
has grow to be universally recognized by way of manner of the enterprise and it is dependent on
efficient and effective training of the personnel. Now a day, Aviva Life Insurance Company is
making an investment on training and development of its body of employees to live ahead and to
advantage competitive advantage. In order to stay aggressive and to guarantee extraordinary and
expert employees, Aviva wishes to ensure the schooling and improvement of all the employees.
Staff schooling and improvement is the bottom line of organization fulfilment.
Equality and diversity policy- 87% of Aviva's people sense that people from numerous
backgrounds can succeed at Aviva. The company believe high-appearing groups cost the energy
of difference. Drawing from the widest pool of views helps they supply the best for our clients.
Inclusive diversity runs via the whole thing they do (Hehn, 2016). From supporting their global
clients, to attracting and developing our people, to how they run their business and measure
success. Inclusive range is crucial to the company. They are operating on it together, and with
exquisite partners. They are questioning otherwise. They have become greater inclusive and
various all of the time. Diversity is genuinely a reflection of society in whichever markets you
operate in. Inclusion is the way you pick out to harness diverse perspectives to produce the
satisfactory consequences. Talented human beings doing superb work for customers is crucial to
the success of Aviva.
They consider that various organizations – the use of diversity in its broadest feel to consist
of variety of gender, race, backgrounds – will be greater a hit and carry out better. For over a
decade, they have been calling for greater levels of range and inclusion inside our personal
corporate practices and embedding this into our voting. As a place to begin, as an example,
Aviva has pledged to check its recruitment and advertising processes and have as a minimum
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one board member from an ethnic minority via the give up of 2021 (Aviva's chief risk officer "not
proud" as gender pay gap report is released. 2020).
TASK 2: Gender Pay Gap Reporting
Analyse the Gender Pay Gap report statistics for Aviva– British coverage large Aviva has
launched its UK gender pay hole report, posting a median gender pay hollow of 28.Five% and an
average gender bonus hollow of fifty seven.2%. It employs approximately 16,000 humans inside
the UK. As for its gender bonus hole, that's notably higher in evaluation to the gender pay
hollow, a couple of factors have been identified (Schuler and Jackson, 2016). One is the truth
that there are more guys in profits and distribution roles, which Aviva said usually, attraction to
better bonus possibilities (Gender pay distribution at Aviva in the United Kingdom (UK) in 2019,
by quartile. 2020). Similarly, there’s a bigger usual bonus opportunity within the organization’s
maximum senior roles, that are occupied via the usage of extra guys than ladies.
This statistic suggests the distribution of ladies and men employed through the usage of
Aviva in step with pay quartile in the United Kingdom (UK) in 2019. What can be seen via the
figures supplied is that girls make up a better percent of personnel inside the lowest quartile with
fifty eight percent. Although ladies make up over half of of lowest paid personnel they make up
under one 1/three of those in the pinnacle quartile with 32 percentage. AVEVA is a worldwide
enterprise and they manage their business on that basis. While it’s crucial that they recognition
on person international locations, they want to make certain that their entire employer is shifting
inside the equal path. Their work maintains every day to maintain building a tradition of
inclusivity where our personnel have opportunities to examine progress, develop and feel
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supported anyplace they'll be in the international. Pay gap globally as AVEVA hires new talent
primarily based on process charges, and no longer previous corporation rates of pay, ensuring we
do now not preserve any bias from different employers. Locations consisting of India which have
an excessive population of technical employees are vulnerable to movements in key expertise as
the generation area will become increasingly more aggressive. The undertaking for AVEVA is to
end up an organisation of desire for STEM applicants and an inclusive location to paintings for
applicants from various backgrounds. Their worldwide intention is to preserve tracking our pay
hole and making enhancements to make certain the way they hire and sell pinnacle expertise is
inclusive throughout the broad range of personnel who paintings for AVEVA.
Insurance businesses, which includes Aviva Life Insurance are crafting their reaction to
the crisis and are continuously striving to improve their present practices. The Company’s
reaction to the Covid scenario becomes guided by using its disaster-control team. To make
certain enterprise continuity and stakeholder conversation, the focal point has been on its
employees and clients. Aviva has invested closely in generation which allows our body of
workers to work efficaciously from domestic that allows they to maintain to maintain our
customer support tiers. From the earliest levels of the outbreak, they’ve prioritised the technical
desires of our customer-facing colleagues, as they aim to minimise any impact to you and their
personnel.
Customer provider is being maintained and their cell-phone strains remain open. they’re
making sure that they prioritise duties that permit us to deal with payments to our clients, as well
as paintings regarding retirements and bereavements. Many of our key operations, such as
processing and making investment contributions, are computerized and different tasks may be
finished with the aid of our customers through self-carrier apps or websites. Thanks to this
functionality, and the diligence of their operational groups, they aren’t looking ahead to any
material reduction in our capacity to fulfil their wishes and people of your personnel during this
era of uncertainty.
TASK 3: Identification of environmental components impacting the HRM
practices
Analyse the current external factors impacting the HR practices of Aviva- There are some
main external components that affect HR practices of Aviva. The description of them in context
of respective venture is as under:
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Government rules- With the introduction of recent place of job compliance standards or
benchmarks the human resource function of the company is continually below pressure to stay
inside the law (CHALLENGES, 2016). These varieties of policies impact every system of the
HR division of Aviva, considering staffing, schooling, compensation, termination and lots of
greater. Without adhering to such policies an establishment may be fined extensively that if it
turned into bad sufficient may want to motive the company to shut down.
Economic conditions- It is one in every of the most important external influences is the
form of the modern-day economy. Not handiest does it impact the skills pool, but it'd affect their
potential to hire each person at all. The control of Aviva can face this issue because of a awful
economy of they've a rainy day or plan to combat the cruel surroundings.
Technological advancement- It is one of the external factor which highly affect the HR
practices of Aviva (Birkett, 2019). When, there are technical changes are occurred then it is
required to the firm to adopt new technology in order to operate its business in successful
manner. This creates affect on the company on term of affecting its fiscal position etc.
PART 2: Recommendations Report and Podcast
Recommendation that will support the firm address this gap or shortcoming
A rationale and description of the gap/shortcomings- In Aviva, the control face one of the
major trouble, hole and shortcoming because of gender pay hole. The company pays more male
employees in examine to woman. Also, there may be high bonus possibility in the employer’s
most senior roles which can be occupied by using utilising greater men than girls. The gender
pay hollow compares the remuneration of female and male employees on the organization over
length, regardless of their position at the business enterprise (Janowski, 2018). Now British
insurance large Aviva has launched its UK gender pay hollow document, posting a median
gender pay hollow of 28.Five% and a mean gender bonus hole of fifty seven.2%. It employs
approximately 16,000 human beings in the UK. Explaining why a gender pay hole exists in the
organisation, Aviva said the unequal distribution of ladies and men during its commercial
enterprise agency because the number one reason. Specifically, the insurer has a better
percentage of ladies than guys in greater junior roles, in addition to fewer girls than guys in
senior and control roles. As for its gender bonus hole, it is drastically higher in comparison to the
gender pay hole, a couple of things had been diagnosed. One is the reality that there are extra
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men in income and distribution roles, which Aviva stated commonly lure better bonus
opportunities. Similarly, there’s a bigger regular bonus opportunity inside the firm’s most senior
roles, which might be occupied via greater men than girls.
Description of the answer-The steps being taken to close the distance encompass growing
Aviva’s girls in control programme and imposing equal parental go away for male and girl
employees. “High functionality” ladies also are recruited and evolved via the organisation’s
international graduate programme (Janowski, 2016). In order to manage this difficulty and
hassle, it is able to be encouraged to the control of respective agency to comply with exclusive
legal guidelines related to equality and diversity on the way to support in keeping and handling
those sorts of troubles at workplace. In addition to this they could provide equal bonus and
repayment to the folks who are running on identical position. By supplying same development,
pay, schooling and lots of greater, they deal and overcome this shortcoming in addition to fill this
gap in smooth manner.
CONCLUSION
This has been concluded form the above defined information that talent management is an
effective process and procedure of attracting, retaining and managing skilled people of the
company by using different tools and techniques. For the effective running of organisation,
business and human resource strategies are crucial which support in effective operations and
activities of business. By using appropriate methods of recruitment and selection, the venture can
hire skilled employees who support in running the business of the firm and accomplishing the
business goals of establishment. Along with this, by using reward management and performance
management tools, they can motivate and retain talented people till long run. Along with
powerful education, powerful evaluation of education is important. The training programme
needs to be consistent with the requirements and desires of the activity. Before setting up any
training programme, job specs ought to be taken into consideration. The personnel should also be
fully motivated concerning the training programmes. By using effective gender pay gap laws and
activities the firm can manage these kind of issues which also enable the firm in its successful
running of business.
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REFERENCES
Books & Journals
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COVID-19 support and advice: Workplace savings and retirement 2021. [Online]. Available
Through: < https://www.aviva.co.uk/business/support/the-impact-of-coronavirus/workplace-
savings-retirement/>.
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Business model. 2020. [Online]. Available Through: < file:///C:/Users/Vishal%20SIngh
%20Shakya/Downloads/our-business-model-aviva-plc-2018-annual-report-and-
accounts.pdf >.
Study of Recruitment & Selection Process in Aviva Life. 2020. [Online]. Available Through: <
https://docuri.com/download/aviva-life-insurance_59c1ea53f581710b286daa04_pdf>.
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