Introduction to the current debate
According to the Insurance Regulatory Commission of Sri
Lanka (IRCSL, 2017) there are 27 number of Insurance companies who perform
throughout the country. These 27 companies divided into Life Insurance, General
Insurance & Composite Insurance companies, where a combination of 13 Life
Insurance companies, 12 General Insurance companies and 2 composite Insurance
companies perform in the market. According to HNB Assurance Annual report
(2017) the industry growth rate of 12% in Life Grosse Written Premium (GWP)
and 16% on General GWP, all the companies giving their maximum efforts to
enhance productivity by make sure the employees are engage with their
duties as well as with the organization.
In the resent findings of Macey and Schneider (2008, p. 4)
states that “Engage employees not
only contribute more but also are more loyal and therefore less likely to voluntarily
leave the organization.” In the same if the employees not been engage to the
the organization it will have deviations in its performances.
At the same time there can be employees who are less
engagement or disengage in an organization. Accordingly Armstrong, (2014) this is known as Burnout, which crate s high-stress
levels, failures, absenteeism’s and finally it will critically impact on the
staff turnover as well. It is also been highlighted Smith & Markwick (2009) where employee engagement
directly been influence to the attitudes, absence & staff turnover which has an influence over the Organizational performance. According to
Cartwright and Holmes (2006, pp.
200-201) “Employee cynicism” which leads to poor Job performance, withdrawals,
poor mental and physical health and negative impact on the job functions.
As per the details gathered from the Organization second
layer executive, HNB Assurance annual report (2017) and the current situation of the
Organization following deviations which is having similarities with the
disengagement has been highlighted
1. Growing patterns of staff
turnover
2. Increasing gap between the budgeted
GWP Vs Achievements
3. Increasing loss ratio’s due to bad underwriting
patterns (deviations in knowledge sharing over the risk)
4. Lack of innovative Ideas
5. Poor leadership strategies where
lack of transparency, Motivation and miss directions
By enhancing the engagement, Baker, (2011, p. 268) “employees are
physically, cognitively and emotionally connected with their work roles” which
will ultimately make the organization in a strong position.References
Armstrong, M. (2014) HANDBOOK
OF HUMAN RESOURCE MANAGEMENT PRACTICE. 13 edition. United Kingdom: Kogan
Page Limited.
Baker, A. B. (2011) An Evidence Based Model of Work
Engagement. Current directions in
psychological science, 20 265-269. Available at http://www.engagementfch.cl/wp-content/uploads/2016/04/Bakker_2011_An_Evidence-Based_Model_of_Work_Engagement.pdf
[accessed 29th September, 2018]
Cartwright, S. and Holmes, N. (2006) The meaning of work:
The Challenge of regaining employee engagement and reducing cynicism. Human Resource Management Review, 16
199-208. Available at https://studydaddy.com/attachment/32333/iipk18xi5e.pdf
[accessed 30th September, 2018]
HNB Assurance, Annual Report, 2017, (Accessed on 29th
September, 2018)
IRCSL (2017) Insurance
Companies.[online] Sri Lanka: IRCSL. Available from: http://ircsl.gov.lk/insurance-companies.html
[Accessed 29 September 2018].
Macey, W.H. and Schneider, B.(2008) The Meaning of Employee
Engagement. Industrial and Organizational
Psychology, 1 3-30. Available at https://s3.amazonaws.com/academia.edu.documents/34268026/31129539.pdf?AWSAccessKeyId=AKIAIWOWYYGZ2Y53UL3A&Expires=1537757423&Signature=DgYK9%2BmJjg2%2FO%2FGz8ryWLDUypvg%3D&response-content-isposition=inline%3B%20filename%3DThe_Meaning_of_Employee_Engagement.pdf
[accessed 30th September, 2018]
Smith, G. R. and Markwick, C. (2009) Employee Engagement A review of current thinking. UK: INSTITUTE FOR
EMPLOYMENT STUDIES.
