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Human Resource Management of Aon Corporation

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Human Resource Management of Aon Corporation
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Netra Shetty
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Student of PGDM at Mats Institute of Management and Entrepreneurship
Bangalore, Karnataka
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Join Date: Dec 2010
Location: Bangalore, Karnataka
Human Resource Management of Aon Corporation - January 22nd, 2011

Aon Corporation (NYSE: AON) is a provider of risk management services, insurance and reinsurance brokerage, human capital and management consulting, and specialty insurance underwriting. It is based in the Aon Center in Chicago Loop Illinois, United States.[3] In July 2007, Aon Corp. was ranked as the world's second largest insurance broker.[4]

Aon was created in 1982, when the Ryan Insurance Group (founded by Pat Ryan in the 1960s) merged with the Combined Insurance Company of America (founded by W. Clement Stone in 1919). In 1987, that company was introduced to Wall Street as Aon, a Gaelic word meaning “oneness”. Combined Insurance was sold to ACE Limited in April 2008.

On August 22, 2008, Aon announced that it had acquired London-based Benfield Group. The acquiring price was US$1.75 billion or 935 million, with US$170 million of debt.[5] Today, the company is best known internationally as the principal sponsor of English football giant, Manchester United.[6][7]

On July 12, 2010, Aon announced that it has agreed to buy Lincolnshire, IL based Hewitt Associates for $4.9 billion in cash and stock


Introduction to training and development:

The objective of training and development is to enable employees to acquire the knowledge, skills, abilities and attitudes necessary to enable them to improve their performance. Staff training and development should focus on the department's objectives and goals and staff's competencies in achieving them.
• Training: to familiarize new recruits with job requirements and procedures, departmental objectives and performance standards; and the values and norms of the department.
• Development: The purpose of development is to identify and develop the potential within staff, to build existing skill levels, and to prepare staff to take on greater responsibility during their career.

New -Employee Orientation:
New employee orientation covers the activities involved in introducing a new employee to the organization and to the individuals in his or her work unit. An orientation program should familiarize the new member with the organization objective, history, philosophy, procedure, and rules; communicate relevant HRM policies such as work hours, pay procedure, overtimes requirements, and company benefits; review the specific duties and responsibilities of new member's job; provide a tour of organization's physical facilities; and introduce the employee to his\her manager and coworkers.

In POFs, all the selected individuals are introduced to all of the units/ groups through a comprehensive training program (3-4 months) which is specially focused at socializing the new entrants in the organization. This program consists of lectures, visual demonstrations and industrial visits. Thus these young officers become familiarized with the system being operative in the organization. Relevant rules and regulations are circulated among these officers. This intensive training program also includes hands-on experience through visits of respective groups. Relevant industries are also visited to study the comparative managerial tools which help in effective management in future.


Employee Benefits:
Membership based non financial rewards offered to attract and keep employees.
As in past POFS was a government organization all of its pay standards were according to the scales of employees. After the privatizing of the organization the POFS is still using some pervious standards including pay standards. POFS uses

basic pay scale (BPS) standards. There are 22 grades or levels in POFS i.e. 17-22.
Fringes and Benefits - OFFICERS BS-17

Basic Pay Rs 8210/-
Two Advance increments Rs 1230/-
Conveyance allowance Rs 1240/-
House Rent Rs 3695/-
TOTAL Rs 14375/-

• Single accommodation fully furnished having a monthly rental value of Rs. 5000/- is provided to POF officers at a subsidized value of Rs. 450.
• Married accommodation / Banglow ranging from Rs 15,000/- to Rs 20,000/-is provided after deduction of house rent only.

In addition to above, following facilities are also available:

 Free medical facility / treatment to POF employees, their family and parents are provided to POF officers.

 Adequate intra city transport facilities for local traveling at cheapest rates.

 Ample recreational sports facilities such as one of the country’s best 9-holes golf course, skeet shooting, tennis, cricket, volley ball; swimming, international standard squash court etc.

 4-Star POF Hotel in the heart of the city where POF employees and their guests can stay at considerably low rates.
 Branches of the entire local and several multinational banks.
 University of Wah, Engineering and Medical Colleges in addition to Post Graduate Colleges for men and women and over 100 other educational institutions facilitating the literacy rate of the city to 95 %, which is the highest in the country.
 Ordnance Club (Officers Club) the hub of all social and cultural facilities for the welfare / entertainments of its members and their families.
 Uninterrupted power supply of electricity at subsidized rates
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