Effective Strategies for Managing Attrition in the Insurance Sector

Hiring from each other is a common practice among insurance companies. Employees, especially in middle and junior levels of the sales function, tend to move between insurance companies. The availability of quality talent is still scarce. Given the huge demand for talent, and since not all of this requirement can be met by fresher, companies tend to poach from competitors. The private insurance companies aim to standardize norms for employee movements in the industry, similar to what the BPO sector has done.

The sales staff usually just walks out of the company without following basic decorum. They want to create a basic norm that will ensure when an employee quits, they follow all formalities before joining the next company. This way, they may be able to effectively manage attrition and regulate indiscriminate employee movement. The forum will also seek ways to eliminate fake CVs.

Hello Navinder:

The private insurance companies aim to standardize norms for employee movements within the industry, similar to what the BPO sector has achieved. If they were to adopt good management practices, employee turnover could be reduced.

It seems that some sales staff may be leaving the company without adhering to basic decorum. Perhaps there are issues with how these sales staff members are being managed.

There is a desire to establish a standard procedure where employees must follow all formalities before leaving a company and joining a new one. However, I believe this approach may be premature. By addressing and improving managers' behaviors, employee conduct is likely to follow suit.

Effective management of attrition and regulation of indiscriminate employee turnover may be achievable through addressing the root causes related to how employees are managed.

The forum will also explore strategies to combat the submission of fake CVs. Isn't background checking a standard procedure in such cases?

Bob Gately
gately@csi.com

Whatever you have added makes sense. By creating functional barriers, senior managers create these practical problems that arise. Especially in sectors that are still growing, employees tend to be more insecure about their growth and stability. The managers get too tied up in their processes and targets that they neglect the basic management and leadership functions.

By the way, this contribution was from the Economic Times and mainly comprised the views of CEO Bharti AXA Life... so we have to swallow the bitter fact that this is actually happening in the insurance sector in India.

Thanks for your contribution!

Hi Navinder,

This is not only prevalent in the Insurance Sector. Check with FMCG; they have been experiencing this for the past 50 years in India. Employees often switch from one company to another and then return to the same company.

If we choose to be an open economy and enjoy the advantages that come with it, then these minor issues need to be effectively managed.

Syndicate for what? If employers syndicate and establish guidelines for employing people, then what is wrong with employees joining hands to form a union? All these syndicates will likely create guidelines for junior and mid-level employees. Will they apply the same rules to senior personnel?

Siva

One important topic not getting attention in this forum. Is it not a critical topic to have a discussion? Employers syndicate is an important subject, in my opinion, for people especially HR professionals to debate. Unfortunately, this is not getting enough attention.

Siva

This is true. To maintain a standard and prevent fraud and forgery, joining an Employers Syndicate is a good idea.

Good Afternoon Everyone,

Can anyone suggest HR topics that can be explored in the insurance sector clearly?