The best insurance companies to work for
A number of financial services firms feature in the 2011 Deloitte Best Company to Work For survey. The survey assesses companies in order to determine which offers the best overall employee experience. There were some major changes to the 2011 survey. Fir
How is each participating firm assessed? The first step is to allocate the company into a category based on its size. Companies employing up to 300 individuals classify as small, those employing between 301 and 2,500 as medium, and those with more than 2,500 staff as large. Employees of the company are then grilled – by way of survey questionnaires – to determine their sense of confidence in the organisation, the organisation’s ethics & integrity, performance & recognition and career development, amongst others. Each category is then assessed on three additional constructs. So, for example, career development is further “judged” based on performance (an assessment by employees of how well the organisation is seen as performing on the career development front), value (a ranking by employees of the “relative importance value” of career development) and return (an assessment by employees of their perceived “return on effort” on the career development front).
A company of “happy” burger flippers
The survey produces a number of unexpected results. At the outset we were surprised to learn that US burger franchise McDonalds emerged as the most desirable large company employer for the third successive year! Businessman and African National Congress stalwart Cyril Ramaphosa will be over the moon after clinching a 20-year agreement to run McDonalds’ 145 local franchises recently. South Africa’s leading short-term insurer, Santam Limited, will be chuffed too. The group’s MiWay Insurance Limited lifted the trophy as the country’s “best employer” in the mid-size category. MiWay is a wholly owned subsidiary of Santam that conducts business in the direct space, offering the usual short-term insurance, motor warranty and credit life policies... The small company category was scooped by information technology outfit, Eliance.
Deloitte also awards a “Standard of Excellence” accolade to any company that achieves a rating of 3.7 or better… This year 52 companies achieved this standard – the highest number ever! “This once again bears testimony to the quality of participating companies that the survey continues to attract. It also confirms that, for these companies in particular, according to their employees, despite the tough economic conditions, they have succeeded in delivering an exceptional employment experience,” comments Conradie. As mentioned earlier a number of financial services companies – predominantly in the short-term insurance sub-sector – feature in the 2011 survey. We scanned through the list to find a number of companies we deal with regularly, including CIB Insurance Administrators, Hannover Reinsurance Africa, Hollard Insurance, Indwe Risk Services, Munich Reinsurance Company of Africa, Old Mutual SA, PPS Insurance Company, SA Underwriting Agencies, and Zurich Insurance Company SA!
The value of being an employer of choice
Why should companies strive for employer of choice status? Companies have realised that engaging with their employees, understanding what is most important to them, and knowing how they experience the workplace is extremely important – especially during difficult economic times. Deloitte believes that the skills and talent landscape has changed since the worldwide recession of 2008/9. These changes have forced savvy business leaders to adjust their talent strategies to meet the shifting demands characterised by the so-called “new normal” economy.
A company cannot assume it will lure the talent it requires simply because of spiralling unemployment. In fact the opposite is true. Since the recession many companies, especially those in the financial services space, have struggled to attract the staff they need. The demand for specialists in fields such as actuarial science and financial services regulation are off the charts as the Euro-zone implements Solvency II, for example. “The need for employer organisations to develop strategies to engage and retain key employees has thus never been greater,” opines Deloitte. “The problem however is that most companies are not doing a good job of keeping their workforces intact and many lack a clear understanding of what factors are driving staff turnover!”
What should companies do to retain staff? The survey data highlights that what employers see as important may not be what employees are most concerned about. Conradie notes: “Executives who believe they know what their employees want may need to seriously reconsider the basis of their assumptions.” Effective companies can address the “gap” between employer and employee by first understanding what their employees regard as important and then realigning their talent strategies, tactics, and priorities to match those goals. Those that succeed will ensure higher levels of employee engagement and are most likely to retain their critical talent.
Editor’s thoughts: The Deloitte Best Company to Work For survey raises a number of interesting points. Top of the list is the need for senior management at large and mid-size companies to gain better insight into factors that motivate their employees. My only concern with this survey is that companies pay to be rated… With a survey participation fee starting at around R30, 000 (ex VAT) for a small company you can be sure many of the country’s best employers found better ways to spend their hard earned money. Should companies pay a fee to participate in a “Best Employer” survey? Please add your comment below, or send it to [email protected]
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