Kathmandu. The Insurance Authority of Nepal (NIA) has suggested that insurance companies should end the tendency of giving priority only to the manpower related to marketing and provide equal opportunities for the employees working in the office and in the back office.
The Human Resource Satisfaction Study of the Insurance Sector recently released by the Insurance Authority has pointed out the need for comprehensive improvement in capacity development opportunities within the insurance sector. It has also been noted that vocational training and capacity building opportunities should be expanded.
The study report has pointed out the need for a transparent and timely review of basic salaries and allowances in view of rising inflation and inflation. The report stressed on the need to create attractive remuneration structures to attract skilled and talented manpower by competing with banks and other multinational and institutional financial sectors. In addition, there should be a system of fair and timely promotions based on performance and merit.
The study report has also pointed out the need for comprehensive improvement in the capacity development opportunities within the insurance sector. It has been suggested that the tendency to give priority only to the manpower related to marketing should be stopped and equal career development opportunities should be given to the employees who are deployed in the office and in the back office. They should also be provided with vocational training and capacity building opportunities.
The report states that due to the dilapidated physical infrastructure and inadequate technology seen in most of the branches of the insurer, the employees do not have a comfortable working environment. The employees have raised the demand that the banks should arrange compulsory leave for mental freshness as per the practice. Employees with the facility of compulsory leave have also been limited to paper saying that they have to meet the business target.
The insurance sector can be sustained and its contribution to national economy will be further strengthened if a strong, transparent and scientific human resources (HR) policy is implemented jointly with the joint initiative of Nepal Insurance Authority, Insurance Association, Board of Directors and Management.
Meanwhile, the report shows an average of 3.03 and a high standard deviation of 1.29 in the transparency of promotions, which is further illustrated by the direct dissatisfaction of 38 percent of the employees. Here, the average of 3.03 on a 5-point scale shows a kind of confusion where it is difficult to determine whether the promotion system is good or bad. On the other hand, a high standard deviation of 1.29 shows that there is a great contradiction and lack of uniformity in the views of the employees. Understood in very general terms, this means that the standard of promotion within the insurance company is not the same for everyone.
To illustrate this with a practical example, in any insurance company, certain people (close people or people who know how to do the job) who are under the supervision of the top management or boss are easily promoted every two years without any hassle. They have responded that the promotion system of the company is very good. But on the contrary, the honest and low-level employees who have worked hard day and night to increase the business of the company have to work in the post of assistant or officer for 8 to 10 years. By adding various adjectives like trainee, contract, assistant, worker, senior etc. to these posts, the insurer deprives the employee of the opportunity of promotion for at least 2 to 4 years with each adjective.
Due to the double standard and discriminatory system among the insurance companies, some employees have considered the system to be right while a large part have considered it completely opaque and unfair, due to which there is deep bitterness and dissatisfaction among the entire insurance workforce.
