Kathmandu. In the Human Resource Satisfaction Report of Nepal’s Insurance Sector recently published by the Nepal Insurance Authority, it has been pointed out that there are many dissatisfactions and challenges in the matter of remuneration and career development within the insurance companies.
When compared to banks, the adequacy index of remuneration has shrunk to a low average of 2.85. Of these, 42 per cent of the employees are completely dissatisfied with the current pay scale. Similarly, the average of inadequacy of non-financial facilities is 2.87 per cent while 41 per cent of the employees are dissatisfied with it.
The transparency of promotions has an average of 3.03 and a high standard deviation of 1.29. This shows that 38 percent of the employees are dissatisfied with the promotion process and there is a lot of bitterness in it. In addition, there is an average of 3.50 and 1.14 standard deviation in the management of workload.
The report also revealed that about 14 percent of the employees have faced some form of workplace harassment or pressure.
The weakest aspect of the insurance sector is the shrinking of the remuneration adequacy index to a low average of 2.85. In which 42 percent of the employees are completely dissatisfied. This simply means that the average below 3 on a 5-point scale means that the salaries and allowances of the employees are not at all adequate in terms of their cost, workload and market value. Compared to banks and other institutions, the employees of the insurance sector are deeply disappointed with their remuneration and this issue has become a serious challenge for the industry.
Apart from this, the consideration is that the friends who are working in the bank are easily and at low interest rates for a motor vehicle and land or housing. However, most of them working in the insurance company do not get the facility of a motor vehicle as long as they are employed. The money given by the insurance company does not even add a house. The bank provides a sufficient loan and provides life insurance equivalent to the loan. In which the employee has an equal contribution. The bank recovers the principal of the loan from the amount received after the completion of the insurance period. The bonus of insurance is shared with the employee.
Most of the employees working in the insurance company do not have the opportunity of any other facility other than pure salary. The bank enjoys regular training, special and intensive training opportunities for capacity building, domestic and foreign travel opportunities, training from international experts, discounts in various hotels, airlines, restaurants, shopping malls. Even while buying a motor vehicle, the bargain capacity of the employees of the bank is naturally higher than that of the employees of the insurance company.
In most commercial banks, a first aid room is arranged in case of feeling unwell. Where the employees get a chance to rest. Regular yoga practice and psycho-counseling from a skilled doctor are also provided for mental health. To keep the pregnant women employees free from mental stress, they arrange separate manpower to take care of them in the banking office. Due to this, the women employees go to the nursery from time to time and breastfeed their newborn without fear.
Most of the top management of insurance companies still try to understand the level of satisfaction of the employees by linking it purely with the salary i.e. money. They are making the mistake of considering the attraction of the job, service, facilities, mental satisfaction, career development opportunity as secondary.
