- Essay on retention and insurance
- A STUDY ON THE RETENTION ISSUES AT METLIFE INDIA INSURANCE Co.Ltd
- Employee retention rates
- essay on retention and insurance
A focus on education is also key to higher retention rates, says Griffin. A commitment to training is seen by employees as an investment in their worth and a powerful incentive to stay at the company, he says. Benefits and perks play a large role in keeping employees happy, engaged and healthy. But benefits can go far beyond healthcare coverage and paid sick leave. You also should consider offering stock options or other financial awards for employees who exceed performance goals or who stay with you for a predetermined time period, says Pickett.
Nearly nine in 10 companies 88 percent view incentive compensation and bonuses as key to retaining employees in the next five years, according to the CTA. Hanrahan argues that, if employees are not offered leave, or are forced to return to work because they cannot afford unpaid leave, "is the employee fully engaged at work or are they distracted and resentful? Creating open communication between employees and management can help foster a sense of community and a shared purpose, says Pickett.
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Without me there, I feel I can convey a sense of trust so employees and fellow leadership can learn and grow from others outside my company. Another approach is to use an employee polling tool like David Niu's TINYpulse, which sends out a single question to a company's workforce at pre-set intervals and then tallies results anonymously. It's then up to company leadership to act on that feedback or explain why that action might not be possible, Niu says.
Why is that? Looking more closely at the data can help uncover patterns like this, potentially contradicting conventional wisdom, he says. AI and machine learning can help identify and address these issues before they lead to attrition and turnover. So, organizations could add more flex time. Remote work opportunities. Anything that could help address that pain point. A more extreme example he offers is an employee who grew up in North Carolina and whose family still lives there, but who now lives and works in Portland, Oregon.
Of course, sometimes turnover is inevitable, says Nfrastructure's Pickett. Organizations must be prepared to lose star talent, especially if they have the opportunity to move into their dream job, he says. Here are the latest Insider stories.
Essay on retention and insurance
More Insider Sign Out. Sign In Register. Sign Out Sign In Register. Latest Insider. Check out the latest Insider stories here. More from the IDG Network. IT training: The most effective options for upskilling IT staff. Employee engagement: 10 best practices for improving your culture. How to run a successful IT internship program. Pixabay CC0. The customer journey map: A new IT-as-a-business is dead.
A STUDY ON THE RETENTION ISSUES AT METLIFE INDIA INSURANCE Co.Ltd
Most people think that they can make a lot of money in a short span of time. It is a high-pressure job. Sustenance requires constant networking and acquiring new relationships that requires a lot of discipline. MD Kotak Life Insurance opines that it is a sunrise industry, many people just want to join the race, but cannot retain the enthusiasm till the end of a year. Companies have to go beyond building a brand to offer the agents careers and let them grow with the market. While retaining employees may be a problem, attracting fresh talent is still relatively easy.
The slowdown in the Fast Moving Consumer Goods and Consumer Durables sector and people trained by direct marketing companies like Amway and Orflamme, too find a way into selling insurance. Head hr ICICI Prudential Life Insurance opines that companies cannot hold on to people, especially among frontline sales force, and this will rise as the market matures, since people are actually experiencing large amount of money coming in.
Managing director and CEO Prudential Life Insurance , the hr challenge is being addressed by offering employees learning and growth opportunities. Further, employees also develop a sense of belongingness with the company. Recruiters explain that high employee turnover rates significantly increase the investments that are made in the employees.
The problem of losing funds in employee acquisition is prominent. Companies invest significant amounts of money and time in training in the initial phase; but these investments do not always get converted into actual profits. In the case of the insurance industry, each agent level recruitment costs a company nearly Rs. Each agent works in a non-productive or partly productive mode in the organization for nearly the first months.
An employee leaving the organization within the first 6 months is a bad investment for the company. Researchers have done a literature review on the issues related to the reasons for and consequences of the employee loss and how the management may deal with turnover in various industries, in order to have a fair understanding of the strategies that can be adopted by the Insurance companies. While many theories of motivation have been proposed, many managers today are looking for ways to retain their most talented people.
One way to do that is to focus attention on how a manager treats the workers. This article also offers some thoughts on what behaviors to examine for improvement and has provided two instruments that may be helpful in doing that. The purpose of this paper is to re-emphasize and analyze the necessary components of employee motivation so that the contemporary managers, especially those who are inexperienced, can enhance their knowledge and understanding of employee motivation.
If a company knows as to why its employees come to work on time, stay with the company for their full working lives, and are productive, then the company may be able to ensure that all of their employees behave that way.
- [PDF] Strategies to Retain Employees in the Insurance Industry - Semantic Scholar.
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The priorities of employee motivational factors change over time, and there is more than one reason why these changes occur. An organization must realize that the employee motivation and its process are there to motivate its employees, and hence, the employee input must be valued and included throughout this process. Further, he explains the need for motivation and profile 10 areas that powerfully impact motivation which include economic rewards, promotion and transfers, opportunity to grow, challenging and stimulating work, autonomy, leadership, informal psychic rewards, goals and fun.
These vacancies may be the result of resignations, transfers, retirements, dismissals, or the completion of fixed term contracts.
Therefore, a pay-for-competence program enhances productivity and product quality, reduces absenteeism, turnover, and accident rates. Though performance appraisal system has been debated by many, however, overall, it is viewed that performance appraisal is an inseparable part of organizational life.
Employee retention rates
Evaluation scores depend upon these criteria heavily. Professionals in Pakistan. Van Dick et al. Explaining turnover intentions with organizational identification and job satisfaction. According to their study, organizational identification feeds into job satisfaction, which, in turn, predicts turnover intention. Reasons that can be attributed to high employee turnover in the insurance sector are:.
essay on retention and insurance
Being an insurance agent in India is seen as a societal stigma as there is uncertainty of job and income attached to it. People join insurance companies as a part time job or a gap filler occupation and not as a long-term career.
Very few competent people want to become agents owing to low social status attached to it. This process involves a high level of persuasion and a sustained effort for a long period. A lot of people succumb to such pressures. The expectation achievement gap adds to the turnover.
Many people are lured to the profession with a high earning potential. However, to earn a decent income, agents require a lot of patience, perseverance, and persuasion in the field. During early phase, the earnings of the agents are low despite hard work. This expectation achievement gap leads many of them to break down in the initial period of joining the profession. Scarce skilled or experienced human resource in insurance market leads to wide scale poaching and head hunting amongst the competitors. The industry has yet to witness mature hr processes, like work force planning, training, motivation, and retention.
The lack of preplanned recruitment leads the firms to indulge in poaching human resources working in other insurance firms. With insurers having a high percentage of the workforce from multiple sectors non-domain , the chances of losing employees to other fields, like Fast Moving Consumer Goods companies or other financial outfits, are high. It is shrugged off as inevitable. Ransomware Attacks for Outpacing the Number of Incidents in In its latest "Cyber InFocus Report," titled "Adapting to the New Realities of Cyber Risks," Chubb provided insight into the recent growth of ransomware attacks across industries and underscored best practices companies should take to combat the associated risks.
October 18, Read More. A new set of Workers Compensation Research Institute WCRI studies examine trends in payments, prices, and utilization of medical care for workers injured on the job in 18 states.