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Long-Term Approach to Employee Management-Career Times

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Book Id: WPLBN0000924369
Format Type: PDF eBook
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Reproduction Date: 2010

Title: Long-Term Approach to Employee Management-Career Times  
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Volume:
Language: English
Subject: Human Resources Management, Commercial Insurance, Insurance
Collections: Universal Library Collection
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Long-Term Approach to Employee Management-Career Times. (n.d.). Long-Term Approach to Employee Management-Career Times. Retrieved from http://www.worldlibrary.in/


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Money Moves Long-term approach to employee management by Colette Wong Leading insurer focuses on staff development as the basis of business success In the competitive finance industry, companies are well aware that in order to retain staff, they must provide them with long-term career prospects and a range of development opportunities. As part of the company's pursuit of excellence, HSBC Insurance has adopted a series of initiatives to enhance internal communication and overall staff engagement, which the company believes is the basis of business success. "It is therefore a priority to act on employees' needs," says Jason Sadler, managing director, HSBC Insurance (Asia) Limited. "We've created various communication channels. For example, under the roof of our interactive intranet, there's a senior management blog for managers to discuss about new policies and other current issues in their departments and to encourage staff feedback," Mr Sadler explains. "The senior team and I meet regularly with junior staff in 'skip level meetings' to share news, issues about work and concerns." Sense of belonging As some of the employees' questions revolve around their career development within the company, HSBC Insurance has reinforced internal job advertising on its intranet since last year. The company outlines career roadmaps in different departments and encourages employees to apply for vacancies. In addition, the company launched its first internal job fair this month to introduce to staff the many job vacancies within the company and to promote an array of career opportunities and development paths to them. "These initiatives were a response to results from our annual staff survey," says Polly Yip, head of human resources, HSBC Insurance. "Our employees clearly expressed their desire for varied career options and recognition from management. As our business expands and many new exciting opportunities arise, we hope to see our staff unleash their potential by taking on increased responsibilities or new job roles." Opportunities for internal transfer are key in retaining senior staff, since many of them tend to seek new direction after holding the same position for a few years, Ms Yip points out. "Some line managers would naturally like to keep high-performing staff on their teams. However it is in staff and the company's best interest if high-performing staff are given the opportunities to take on new challenges and responsibilities. As such, internal transfer and secondment are a key policy in our staff development." HSBC Insurance has also established a staff recognition programme to increase staff's sense of belonging by publicly recognising major achievements. Senior managers acknowledge their team members' hard work in many ways. These include an electronic "thank-you card", gift coupons and success stories sharing on the company intranet. Such thoughtful gestures form part of the company's efforts to increase openness and strengthen communications. It also makes HSBC Insurance the ideal workplace. Motivating factors Polly Yip, head of human resources, HSBC Insurance (Asia) Limited Photo: Johnson Poon Staff members on different job levels are inspired by different factors. This makes it essential to pinpoint their respective needs, says Mr Sadler. For instance, an informal staff drinks session is organised monthly by different departments. This particular endeavour combines fun and networking with awards presentation in recognition of staff achievements. Financial incentives and work-life balance remain two important factors in staff motivation. "Our colleagues, particularly the more senior ones, are confident about their accomplishments and expect appropriate rewards from the company. This goes beyond just basic salary, but also additional employee benefits, bonus payments and even share awards for top performers. "The company's commitment to staff's

 

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