Diversity walking on a thin lin

Men in India Inc. are becoming increasingly insecure. And why won’t they —not only has corporate India opened its home and heart for women workers, but women themselves are trying hard to pluck out a large chunk of the job market for themselves.

Women have evolved from walking two steps behind men to treading alongside them, and even ahead of them. Today, they are sowing seeds for a future that looks very promising.

The job market that was dominated by men in the past is preferring women and leaving no stone unturned for their soft boarding and long tenure. There is no dearth of friendly policies and practices to enable them to balance home and work.

In the last few years, gender diversity has become top priority for corporate India. Having received a fair share of attention from the top brass, HR is being leveraged to make it a reality.

Research has established that technology and a diverse culture can collaboratively take an organisation through disruption. Moreover, the success of digitisation depends upon how inclusive the workplace culture is.

Since HR is determined to improve the diversity ratio, the male candidates— whether on campus or in their early-middle careers — are anticipating a difficulty in landing jobs for themselves.

So what exactly is worrying the men? The following situition will explain the issue. There are two candidates for a vacancy, a man and a woman, both equally skilled. The man is a wee bit more suitable for the job because of his experience. But, the decision is taken in favour of the woman!

“Every company has to focus only on one critical delivery—’creating value’ for its stakeholders and shareholders,” says Adil Malia, COO, The Firm.

He adds, “In that journey, organisations need to focus only on one ratio — its ‘efficiency and competency ratio’. Competency is gender agnostic! If the recruiting manager is focused only on recruiting the right candidate, then there will be no heart burning and feeling of unfairness from different genders. But for that, the selection process needs to be carried out in a fair and just manner.”

Prabir Jha, CEO, Prabir Jha People Advisory, says, “Diversity does not and cannot mean dilution of merit. It then is really about reinforcing bias in talent selection in removing unconscious bias.”

This prejudice towards the fairer sex is driving male candidates towards upskilling, overqualifying and working harder. However, the driving force is a negative motivation, such as stress and high pressure, and that is not good for any society.

Anything that is done just for the sake of it, and violative of merit, is bound to provoke a reaction, and at some stage talent will migrate away, feels Jha.

Talent acquisition in India is not entirely based on skills. From campus to workplace, there is a reserved quota for certain people on the basis of caste, creed, and economic background. Further, giving preference to women candidates is making men very circumspect.

Unhealthy motivation is crawling into the male sphere as they find themselves under undue pressure to perform beyond their potential, so as to stand a chance in a hyper-competitive market.

Recently, a friend was heard saying to her son, a class XII student, “You have to work harder than hard if you want a seat in a good college and a job to follow. Women are being favoured everywhere.”

“Recruiting through forced screens, based on region, gender, complexion and religion, to manage and maintain ratios, will lead to unfairness,” says Malia.

It is a catch-22 situation. In the past, not only were there fewer opportunities for women but very few takers too. Today, there is a conscious effort to create a suitable environment to increase their numbers in the workforce. But should that be done at the cost of being unfair to men?

“Sometimes, decades of unfair suppression has to be rectified. A reasonable modification in agenda to accommodate a certain gender situation, therefore, is understandable,” reasons Malia.

“The diversity agenda, thus, needs to be handled sensitively but squarely in the pursuit of a larger corporate purpose than any tokenism,” opines Jha.

 Source-Money Control

Date-09-05-2019

 

IRDAI asks insurers to expedite “Cyclone Fani’ claims

IRDAI asks insurers to expedite “Cyclone Fani’ claims

The regulator wants insurers to report the claims settled for the cyclone related deaths in Odisha and neighbouring states ona daily basis.

Even as the insurers are now busy in compiling the claims out of the cyclone Fani,that may hit around Rs 1000 crores,  the insuranace regulator IRDAI has asked all the insurers on Tuesday to extend every possible facilitation in quick and timely settlement of life insurance claims relating to the cyclone.

The regulator wants insurers to report the claims settled for the cyclone related deaths in Odisha and neighbouring states on a daily basis.

Cyclone Fani has resulted in immense loss to property and to some extent lives in Odisha and the neighbouring states. said IRDAI Among the worst hit are Bhubaneswar, Puri and the adjoining areas where thousands of people are still grappling with snapped power supply and acute water shortage

Meanwhile,the Centre has declared cyclone Fani an ‘extremely severe’ natural calamity with the death toll rising to 35. The move would allow the Orissa government to seek logistic and financial assistance at the national level.

The IRDA has outlined following measures to be adopted by the insurers to settle claims .

– Initiate immediate action to ensure that all reported claims are registered and eligible claims are settled expeditiously.

-.With regard to claims involving loss of life, where difficulty is experienced in obtaining a death certificate due to non-recovery of body etc., the process followed in the case of Chennai floods in 2015 may be considered.

-. A suitably simplified process/procedure including relaxations in the usual requirements wherever feasible may be considered to expedite claims settlement.

– Details of offices/special camps set up for the purpose may be publicized in the press, electronic media etc to enable immediate filing of claims. Details of such publicity activities may be sent to the IRDAI , immediately.

-. Progress report on the claims settled for the cyclone related deaths in Odisha and neighbouring states shall be separately submitted to ronanki.venkatesh@irda.gov.in and life@irda.gov.in on daily basis. PMJJBY claims data need to be submitted separately while including the same in total claims.

Insurance companies are likely to escape with minimum claims as most properties, especially houses, and crop were not covered for insurance in Orissa.Cliams out of the damaged crops in the state will be largest segment, said industry sources.

“Though cyclone Fani has now almost disappeared and waters are receding, there is damage across the state as some areas have experienced heavy rainfall and heavy winds. SBI General is doing its part to extend a helping hand to its customers in the affected region by implementing a smooth, error free process. In order to expedite the claims process further, we have set up a special helpdesk to service the policyholders and appointed officers to oversee the claim settlement process,” said Rikhil Shah, CFO, SBI General Insurance.

“Tentatively the average size of claims would be around Rs 2-2.5 lakh. There is power outage in Bhubaneswar and cellular networks are down,” Shah said.

Kolkata based National Insurance Company has constituted a special task force at their Bhubaneshwar regional office to facilitate and support customer enquiries relating to claim caused by Cyclone Fani..

A dedicated e-mail ID “Faniclaimsbbro@nic.co.in” has been created for intimation of claims on account of Cyclone Fani in the state of Odisha.The NIC Call CenterToll Free Number  1800 345 0330, has also been activated to handle all enquiries, said the company.

Date-08-05-2019

Source-Asia Insurance Post

Irdai to Cos: Link Top Execs’ Variable Pay to Performance, Cap Bonuses INSURANCE REGULATOR issues fresh circular asking cos to comply with compensation structure

The insurance regulator has said the variable pay of CEOs, managing directors and executive directors of insurers must be based on their performance vis-à-vis that of the industry, and asked them to fix an upper limit for bonuses so that boards don’t hand out sweetheart deals to top executives.

The Insurance Regulatory and Development Authority of India (Irdai) has refused to approve the bonus of some CEOs in the life insurance segment, as the proposals did not quantify the maximum payable amount, making it difficult to evaluate between fixed and variable pay, a person with knowledge of the matter said. The bonus proposals had also come after the end of the financial year, the person said.

The Reserve Bank of India had also earlier proposed to prescribe a threshold for variable compensation for the CEOs and whole time directors of private and foreign banks.

“Irdai has issued a fresh circular asking the companies to comply with the compensation structure and it does not want them to approach the regulator after the end of the financial year,” he added.

After holding back on signing off on last year’s bonuses, it has sent a detailed note on how to compute bonuses and what factors need to be taken in before finalising the pay outs.

The regulator will not entertain requests for revision of remuneration or any of the fixed pay and variable components after the end of the year, the person said.

The proposals to pay bonuses will have to clearly specify the fixed pay and variable components as also the maximum variable pay. Where any variable pay component is structured as non-cash, such as options, the basis for arriving at the number of such options together with the granting price or date must be specified.

“While the proposals need to clearly specify the fixed pay and variable components as also the maximum variable pay, it is also necessary that the performance grid/parameters together with weights are clearly specified and mapping between the performance grid, achievement matrix and applicable percentage of variable pay component is given,” Irdai said in its circular.

 

Source:- The Economic Times-Mumbai

Date:- 7th May,2019- Tuesday

 

M&M prepares future leaders

As almost the entire top management of Mahindra Group approaches retirement age, the nearly $21-billion SUV-to-IT conglomerate is working out a list of future leaders who will take over the baton. According to sources in the company, this next generation of top executives will likely be announced in four-five months.

Currently, almost all the members of the Mahindra Group brass are either due to retire in the next couple of years or are already on extension. These include M&M MD Pawan Goenka, and president (HR,after-market and corporate services) Rajeev Dubey — both due for retirement in March 2020. President (automotive sector) Rajan Wadhera is already on extension, as is group president (IT) Ulhas Yargop who after

just retiring. Tech Mahindra MD, C P Gurnani, is pushing 60 and his current five-year term was approved by the board last year.

Sources say that the future leaders’ list includes the likes of chief purchase officer (Powerol & spares business) Hemant Sikka, president (farm equipment sector) Rajesh Jejurikar, group president (strategy) Anish Shah, group CFO V S Parthasarathy, Mahindra Finance MD & VC Ramesh Iyer, chief of sales and marketing (auto division) Veejay Ram Nakra and VP (powertrain) Venusamy Ramasamy.

Currently, the retirement age cut-off for the group executive board (GEB) is 62, while group presidents retire at

  1. When contacted, M&M senior VP (group communications) Varsha Chainani said in an emailed response, “The Mahindra Group has a ‘federal structure’ that enables each business to chart its own future and simultaneously leverage synergies with other businesses in the group. We have a very robust and active talent management process which looks at succession planning and leadership development across businesses and functions and, as a consequence, we have a very good line of vision to the leadership pipeline at all levels, including at the very top. The group executive board comprises business and functional leaders who are all potential leaders for any of our businesses. These leaders have a global mindset, the ability to lead disruptive innovation, across cultures and borders, and thereby create sustained business out performance.”

 

Source:- The Economic Times-Mumbai

Date:- 7th May,2019- Tuesday

Bharti AXA General Insurance to sell two-wheeler policies via WhatsApp

 Wishfin has launched ‘Buy Two-Wheeler Insurance on WhatsApp’ through web aggregator Wishfin Insurance

Bharti AXA claimed to be the first one to provide the option of buying a two-wheeler insurance on WhatsApp

Bharti AXA General Insurance Tuesday said it will sell policies through social media messaging platform WhatsApp and has tied up with web aggregator Wishfin Insurance for speedy delivery of two-wheeler cover.

Bharti AXA General Insurance, a joint venture between Bharti Enterprises and global insurance firm AXA, will sell the policies on the website of Wishfin’s insurance arm Wishpolicy.

“Wishfin has launched ‘Buy Two-Wheeler Insurance on WhatsApp’ through web aggregator Wishfin Insurance, which is available on (Wishpolicy’s) site, provided by Bharti AXA General Insurance,” the company said in a release Tuesday.

This is an instant and additional customer service option for the policyholders, apart from the company’s multiple channels, including its vast network of branches, robust customer care and contact centre, dynamic portal and intelligent chatbot, it said.

The insurer claimed that it is the first company in the domestic non-life insurance industry to provide the option of buying a two-wheeler insurance on WhatsApp.

“With mobile instant messaging platform like WhatsApp, we are making it easier for customers to get their two-wheeler policies through an effortless communication channel,” said Sanjeev Srinivasan, managing director and chief executive officer, Bharti AXA General Insurance.

Puru Vashishtha, chairman and managing director, Wishfin, said: “The association with Bharti AXA General Insurance will help us drive ‘Buy Two-Wheeler Insurance on WhatsApp’ seamlessly. Through this innovative vehicle insurance product, we are building a financial product commerce ecosystem on WhatsApp platform.

Source: Live Mint

Date: 30th April, 2019