Google India Rated Best Employer Again Auto maker Mercedes-Benz comes second in Randstad survey

Google India has been named the most `attractive employer brand’, followed by Mercedes-Benz, according to the latest survey by HR firm, Randstad. This also makes Google India the winner of the Randstad Award third year in a row.

Sectoral winners include Amazon India (e-commerce), ITC (FMCG) and Philips India (Consumer & Healthcare), as per the Randstad Employer Brand Research 2017. The study also reveals that among sectors, the top preferences for employees are IT (65%),BFSI (63%) and Retail & FMCG (62%). These were followed by Auto, Services, Power & Infra, Manufacturing, and Pharma & Lifesciences Salary and employee benefits, followed by good work-life balance and job security , were the top considerations while picking an employer for workers across all profiles. Not surprisingly , work-life balance has moved up the priority list from fifth to second rank for employees. However, the gender stereotype did not play up this year, with salary and benefits standing out as top preference for both men and women. The other factors deciding the attractiveness of an employer were career progression, strong management, and financial health of the company . “At this juncture, understanding workforce trends, expectations and key employee value proposition drivers are imperative for organisations.They have come to realise the value of employer branding and the returns from such investments, both in terms of attracting new talent and retaining it,“ said Moorthy K Uppaluri, MD & CEO, Randstad India.

Another interesting finding is that nearly 31% employees are not loyal to a specific sector or industry and compensation is the primary driver for loyalty . Nearly 42% employees said that they would be open to an industry shift if the pay and benefits were similar to the existing industry . When it came to the type of organisation they would pick, workers across all profiles chose MNCs and large companies as the first preference, followed by smallto mid-sized business and then start-ups.

Source:-The Economic Times-Mumbai

Date:-28th April,2017

 

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Joachim Wenning takes over as Chairman of Munich Re

Munich:

Joachim Wenning (52) takes over as the new Chairman of the Board of Management at Munich Re on 27 April 2017. The Annual General Meeting said goodbye to Nikolaus von Bomhard (60), who has headed the Group for over thirteen years.

The shareholders also agreed to raise the dividend to €8.60 per share (previous year €8.25). This means Munich Re is paying out over €1.3bn to its shareholders.

At the Annual General Meeting, von Bomhard stressed how important innovation is for Munich Re: “Our aim is to understand the opportunities and risks of new technologies earlier and better than the competition, and to develop new products and business models on the basis of this knowledge. I am proud of what Munich Re has initiated in terms of innovation across the whole Group.”

Bernd Pischetsrieder, the Chairman of the Supervisory Board at Munich Re, paid tribute to the contribution of the departing Chairman: “Nikolaus von Bomhard took over at the helm of Munich Re at a difficult time, and successfully repositioned the Group’s strategy; this allowed Munich Re to survive the financial crisis unscathed.”

Source: Asia Insurance Post

Date: 25th April, 2017

“To improve engagement, make performance reviews focus on the future”

Frequent conversations are replacing the dreaded once-a-year performance review.

This feature is part of a series focused exclusively on employee engagement. To view other posts in the series, check out the spotlight page.

The performance review as it has been known is no more. At least that’s the consensus among some forward-thinking performance management specialists.

The performance appraisal has been the dreaded annual ritual for many employees, the nerve-rattling recap of everything they did wrong during the past six to 12 months. For managers, the annual appraisal has been a mandatory chore that’s more focused on past performance than on future improvement.

If the traditional performance review isn’t dead, it seems to be dying. And studies are documenting its demise. A 2015 Human Capital Institute study found that managers’ least liked workplace function behind firing employees was the traditional performance review.

More companies are adopting a performance management system that schedules weekly or monthly meetings in which managers and employees discuss performance goals and progress.

A tradition on life support?

Andee Harris, chief engagement officer at HighGround, a Chicago-based software firm, told HR Dive that all indicators seem to point to the phasing out of the traditional performance review.

“It depends on the organization’s culture. Some partial phaseout is occurring,” says Harris. “Organizations with appraisals tied to ranking, raises and shift differentials will need to figure out the compensation piece before replacing the old system.”

HighGround studied 525 managers and 525 employees for a report, Beyond the Annual Review: The Transformative State of Performance Conversations. The report shows that only 7% of companies give traditional performance reviews, compared with 51% who have once a week conversations between managers and staff.

n a white paper titled, Why Traditional Performance Management Systems Aren’t Working, Kimberly Dempsey Schaufenbuel, senior vice president of talent management for the University of North Carolina, wrote that a failure of the traditional performance review is its focus on past behavior, while employers have largely shifted towards developing workers’ future performance.

Companies like Deloitte, Microsoft, Accenture and Adobe agree. They shed the six to 12-month review for more frequent talks between managers and staff about career development.

A high-profile holdout

Among the most well-known keepers of the traditional performance review is Facebook. The social media giant polled 300 people in focus groups and surveys to find that 87% favored the traditional performance review. So, the company kept it.

Facebook contends that it’s sticking with the traditional performance review to maintain the firm’s core values of transparency, openness and fairness in its performance management system. Managers write evaluations to discuss, debate and deliberate, then decide whether to keep or revise them based on peer feedback.

When asked how much bias plays in performance reviews, Harris said that while it does play a part, employees and managers can ask for feedback to minimize unfairness in evaluations.

From quotas and deadlines to growth and development

Millennials are driving the switch to more frequent conversations about performance development, says Harris. HighGround’s report shows that 58% of millennials engage in weekly conversations versus 39% of boomers.

The report also shows that female managers are out ahead of their male counterparts by 72% to 63% in holding frequent manager-employee conversations.

Harris says the key to forward-looking performance reviews is frequency and collaboration.

“Conversations should be to the point and two-way. Managers should be asking employees, ‘How can I help’ to allow for growth and performance changes.”

Source: HR Dive

Date: 24th April, 2017

Motor insurance: Irdai has hiked premium for vehicles above 1000 cc by 28%

Irdai has kept premiums for private cars with engine capacities below 1,000 cc unchanged. For those above 1,000 cc, it will cost 28% more now.

After a steep hike in premiums for third-party liability for 2017-18, the insurance regulator has now lowered the rates following protest by a section of truckers against the move to substantially hike insurance rates. While there will be no increase in premium for private cars with engine capacities below 1,000 cc, for those above 1000 cc it will cost 28% more now. The hike for two-wheelers would be 16-28% and for commercial vehicles carrying goods, it will up to 28%.

Within a fortnight Insurance Regulatory and Development Authority of India (Irdai) has revised the third-party premium twice. The final rates are much lower than what were proposed in the March 3 exposure draft and the first revision order on March 28. The final revised rates were issued on April 17 and will apply retrospectively from April 1, 2017.

In the draft exposure, the regulator had proposed a steep hike of 50% in the third-party premium rate for private cars above 1,000 cc and 16 to 50% for two-wheelers.

New rates

For private cars with engine capacity below 1,000 cc (Nano, Eon, Alto, Kwid), third-party premium will be `2,055; for 1000 cc-1,500 cc (Honda Jazz, Maruti Swift, Hyundai Grand i10Volkswagen Polo) it will be `2,863. On March 28, the regulator had fixed `3,132 for this category of vehicles. For over 1500 cc, (Hyundai VernaHyundai ElantraSkoda OctaviaToyota Corolla) it will be `7,890 for a year. Irdai had fixed `8,630 for this category on March 28.
For two-wheelers with capacity below 75 cc, third-party premium will be `569. For 75-150 cc it will be `720; for 150- 350 cc it will be `887 and for above 350 cc it will be `1,019. For commercial vehicles, the rates were lowered significantly from what was proposed in the draft exposure after intense protest from transporters across the country. In fact, the regulator has revised the mandatory-cover rate every year for the past seven years. Irdai has reduced third-party premium rates for most truck categories in the second circular. For goods (exceeding 40,000 kg) carrying vehicles and public

Irdai has reduced third-party premium rates for most truck categories in the second circular. For goods (exceeding 40,000 kg) carrying vehicles and public carriers it has been reduced to `33,024 from `36,120 notified on March 28. However, the rate has been increased 28% as compared to last year. It has also reduced rates for e-rickshaw and passenger carrying vehicles in its second circular.

Mandatory cover

Considering the mandatory nature of third-party insurance, Irdai has asked insurers to ensure that third-party insurance is made available at their underwriting offices and through all available channels of distribution. Insurers cannot cancel the current insurance policies and issue fresh policies to effect the new premium rates. Motor insurance comprises own-damage and third-party insurance and any vehicle that plies on the road will mandatorily need a third-party cover under the Motor Vehicles Act. Third-party liability is decided and awarded by the judiciary taking into account the age of deceased, earning capacity, wages, etc.
Unlimited liability

While the claims liability for third-party is unlimited, the new Motors Vehicles (Amendment) Bill proposed to put a cap of `10 lakh for death and `5 lakh for grievous injuries. However, the proposed cap was dropped. Instead, the Bill has raised the minimum compensation to `2.5 lakh for grievous injury and `5 lakh for death and maximum compensation claim will be unlimited. Victims have to go to the claims tribunal for the final award and the insurer will pay the amount. In fact, insurance companies have been demanding the capping of claims as the third-party portfolio of insurers make huge losses every year.

The reported claims frequency is the highest for the goods carrying segment, followed by passenger vehicles and private cars. Litigation related to the claim amount can go on for years.

 

Source : The Financial Express

Date : 19-04-2017

Life Insurers See 26% Rise in New Biz Income

New business premiums income of life insurers increased 26% in the year to March 2017, with the biggest state-run behemoth spearheading the industry’s expansion through individual single-premium policies amid falling deposit yields and surging liquidity.

State-run Life Insurance Corporation outpaced private insurers with 27% growth, compared with 24% for its rivals, aided by an 84% expansion in LIC’s single-premium revenue in the period.

According to the latest data collated by the Life Insurance Council, new business premium for the industry was at `1.75 lakh crore in FY17, up from `1.35 lakh crore in the previous financial year. Private insurers saw new business premium at `50,625 crore, up from`40,983 crore in FY16.

However, the private sector has seen around 21% growth in income from both individual single premium and individual regu lar premium products. Growth in individual regular premium is considered more beneficial for the industry, as income flow is for a longer tenor and cost of acquisition is spread out over the life of the policy.

For LIC, annuity plan Jeevan Akshay saw good inflows when the interest rates started falling.

LIC saw its individual sing le new business premium expand 84% to `23,412 crore.

SBI Life witnessed the highest expansion among large life insurers, registering a 42% growth in total new business premium to `10,145 crore, aided by sales mium policies and group in in regular premium policies and group individual policies. It has become the first private life insurer to cross `10,000 crore in generating new business premiums.

ICICI Prudential Life Insurance saw a growth of 16% to `7,863 crore as the company focused on mostly retail business -both single and regular. Its individual single premium income grew faster at 46% than regular income at 29%.

Other large private insurers, including like HDFC Life, Max Life, and Kotak Life, recorded growth of 27%-35% in the last financial year. Increase in premium income is partly due to the higher ticket size as the number of policies sold in the period declined by 1.06%, data by Life Insurance Council showed. The number of policies fell to 2.64 crore in FY17, against 2.67 crore in the year-ago period.

The industry saw good inflows post demonstration, when banks were flush with excess liquidity.

In an earlier interview, Arijit Basu, MD and CEO of SBI Life Insurance, had said that the agency channel contributed to the overall growth in income in a big way.

“What helps us is also our agency channel, which is growing at 28%. It contributes 40% of our total business. In the private sector, there are only 7-8 companies that are managing good growth. We are having a good run,“ Basu had said.

 

Source:-Economic Times

Date:-18th April,2017

Ultimate Unveils New Ways to “Elevate” Employee Experiences at Connections 2017

Improving Understanding with Smarter Surveys, Advanced AI

Because understanding employees starts with good listening—and 75% of American workers say they’re more likely to stay with a company longer if their concerns are heard and addressed—Ultimate is excited to introduce UltiPro Perception™. Using advanced natural language processing (NLP) and machine-learning algorithms, UltiPro Perception delivers a smarter employee survey with sentiment analysis to uncover how people truly feel about work. Perception interprets open-ended responses in real time and delivers instant insights to managers and leaders, so organizations can better listen, understand, and act on employee feedback to improve satisfaction and increase retention.

Taking the power of Perception and UltiPro’s suite of analytics even farther is Xander, Ultimate’s “People First” artificial intelligence (AI) platform and its next step in HCM data science. This portfolio of advanced AI technologies combines analytical intelligence and emotional intelligence to support organizations in every aspect of HR. Built on NLP and machine learning, Xander will enable Ultimate’s solutions to automatically understand, predict, prescribe, and act on all relevant HCM data.

Supporting Development with Modern Learning Experiences

Three out of four people in the workforce say professional development is necessary to remain satisfied at work, according to The Center for Generational Kinetics. To help organizations shift from offering employees one-time training to providing continuous professional development, Ultimate introduces UltiPro Learning. This solution delivers a modern learning experience and a compelling, person-centric approach to development, in which people learn in ways they find most convenient and helpful—from traditional courses to short, user-generated content. With the ability to conveniently share knowledge among teams and communities, users are empowered to become educators, teaching their peers while learning from one another.

Through UltiPro Learning, organizations can provide employees with consumable, on-demand content, social and collaborative tools, and mobile access to educational resources—so learning and professional development can continue to take place, even in workplaces where desktop computers aren’t always available, such as in retail stores and restaurants.

Increasing Productivity with a New Native Mobile App

Soon, employees will be able to do much more than learn on their preferred devices. This summer, Ultimate officially launches UltiPro’s new mobile app. Natively available in the Apple and Android app stores at no extra cost, this mobile app puts the most frequently used and relevant UltiPro functionality in people’s hands, elevating employee productivity withbetter notifications, easier collaboration, and enhanced interaction. Employees can sign in with a simple touch ID or pin code, clock in and out of shifts,view schedules, request time off, and more.

Another standout feature of UltiPro’s mobile app is its Pay Insights feature. Organizations on average receive 1,150 calls and emails from employees about their pay annually, according to Bloomberg BNA. Pay Insights helps prevent pay-related confusion and distractions by breaking down an employee’s paycheck, so they can better understand how earnings and deductions will affect their pay.

With convenient access to critical information and tools, UltiPro’s enhanced mobile app will help employees stay productive at work, in the field, and on the go.

Source: HR Today

Date : 12th April 2017

Global Reinsurers’ Entry to Make Market Sustainable

Having global reinsurance companies in India willlead to a sustainable insurance market in the country, said Lloyd’s chairman John Nelson. In an interview with Shilpy Sinha, after the specialist insurance and reinsurance market announced MS Amlin as the first Lloyd’s syndicate tojoin its India platform, Nelson said underwriting prudence will be driven by capital market discipline. Edited excerpts:

You are signing your first managing agent. How do you look at the opportunity?

It has taken 15 years for Lloyd’s to set up onshore operations in India. We are up and running. We write $220 million (Indian business) offshore in reinsurance lines. Coming onshore will increase the capacity of direct insurance company in India, particularly inspecialist lines where he does not have the expertise. We still have a hugeopportunity. In terms of insurance penetration, India is at 0.7%, Asia Pacific is at 1.4% and developed counties on an average are at 6.1%. If you look at the financial stability and impact on macroeconomic terms, India does not have huge culture of insurance. Economy is growing at 7% and creating more risks. In terms of concentration of risks, the international reinsurance will stimulate better growth.

Is the order of preference to state run GIC a big deterrent to reinsurers joining Lloyd’s platform in India? What sense do you get from the government on this?

The government and regulator are very supportive. One issue we are looking to deal with is Indian regulations about order of preference. The best terms are offered to a domestic company and then it goes to other reinsurers. That will deter overseas investments in reinsurance. We understand that is a temporary measure. I think there is a move to getting it removed quickly. Probably, not in the next year. They would want to see this year.

How long will it take for Lloyd’s to expand business in India?

It will be a few years before we get a sizable business. Things will look to accelerate if order of preference is taken away quickly…At the moment, if you are a Lloyd’s managing agent, you would wonder if you want to be cherry picked. We are in business and we aregoing to sign the first managing agent today (Wednesday). There are a number of members looking to join Lloyd’s. But we think they will come slowly and gradually. If you look at our other major platforms in the world, China andSingapore, it has taken five-seven years to build up the platform. It is going to take a while. The market conditions are becoming extremely competitive. In a way, people aren’t rushing to us. But there is real interest. What we are seeing is healthy.

Over half a dozen global reinsurance companies are setting up direct branches in India and not coming on your platform. Why?

Most of these companies are the biggest competitors worldwide. They always wanted to operate service. It isvery unlikely that they will come on our platform. We have a licence in China. As India liberalises further, what we will see is they will liberalise the direct insurance market as well. Lloyd’s platform is very attractive if you are not ginormous companies like Munich Re and Swiss Re.

What is the impact of Brexit on your business?

Lloyd’s was in favour of remaining in the EU but democracy decided the other way. We set operation in onshore EU so that we can write business seamlessly. What we have been able to structure with the help of regulators is very attractive for certain players to do business in the EU.

Today, combined ratios are above 100% for most companies. What kind of discipline is Lloyd’s going to bring to India?

The discipline of capital market is actually a very important driver. You are more likely to have a healthy market if you have capital market investors worried about return. In India, insurance industry has advantage because interest rates are 6%. But as you will see, analysts will say it is not sustainable.

Do you expect premium rates to correct?

Capital market discipline is beginning to come in. For example, GIC doing an IPO is a good thing because that means proper competitive market discipline coming to players so that they operate in a way to provide return to shareholders. I think when the domestic insurance industry embraces sophistication of risk adjusted pricing, they will see how they can make better results. At the moment, it is not there. Having more global players will mean they will end up in an industry that is more sustainable.

Source: Economic Times

Date: 6th April 2017