As the industry deals with COVID-19 and the numerous challenges related to it, maintaining the employer-employee relationship is one of the major concerns of many companies, especially with many staff continuing to work remotely.
While this is a multi-faceted effort, Insurance Business Asia’s Top Insurance Employers for 2021 agreed on the single most important tenet – remuneration.
AIG established a global job grading framework in which employees performing the same jobs are in the same pay grade regardless of location, which allows the company to ensure “fairness, transparency and consistency”. Transparency is a key phrase in this area, the insurer said.
“Workplace transparency is proven to breed long-term success. Done well, transparency creates trust between employers and employees, helps improve morale and lower job-related stress while increasing employee engagement and boosting performance,” said Danny Lam, chief executive at Allianz Taiwan Life Insurance. “The engagement, trust and commitment from our employees are critical to shaping our company for future success.”
A recurring feature observed across winning employers is performance-based compensation. Some, such as Krungthai-AXA Life Insurance, provide a yearly bonus calculated by factoring the company’s performance and individual performance, while others provide better payment to employees with higher performance and productivity, as with PT Great Eastern Life. This practice motivates employees and helps show appreciation for and retain good performers. The survey results show that they may be right.
“We invest in our people, equipping them with the skills they need to lead their teams for today and tomorrow,” said Bubphawadee Owararinth, chief people officer at Krungthai-AXA Life Insurance.
