19
Raj Daryanani 1 Employee Engagement & Risk Management & Insurance Raj Daryanani 20141015
| Date post: | 07-Aug-2015 |
| Category: |
Documents |
| Upload: | raj-daryanani-cip-llb-ba |
| View: | 40 times |
| Download: | 1 times |
Raj Daryanani 1
Employee Engagement & Risk Management & Insurance
Raj Daryanani
2014-‐10-‐15
Raj Daryanani 2
What is EE? • Engaged employees are not just commi4ed; not just passionate or proud. They have
line-‐of-‐sight on their own future and on the organiza>on’s mission and goals. They are “enthused” and “in gear” using their talents and discre>onary effort to make a difference in their employer’s quest for sustainable business success. Blessing White, “The State of Employee Engagement 2008”
• A posi>ve aEtude held by the employee towards the organisa>on and its values. An engaged employee is aware of business context, and works with colleagues to improve performance within the job for the benefit of the organisa>on. It requires a two-‐way rela>onship between employer and employee. InsJtute for Employment Studies, “Engagement: The ConJnuing Story 2007”
• Employee Engagement is a combina>on of commitment to the organisa>on and its
values plus a willingness to help out colleagues. University of York
2014-‐10-‐15
Raj Daryanani 3
What is RM?
• Goal is to ensure the financial viability and existence of an enterprise.
• Risk management is a process of proacJvely idenJfying exposures and assessing their potenJal impact on the Enterprise. Taking a proacJve approach allows the Enterprise to anJcipate risk and make informed business decisions. Depending on the circumstances, the Enterprise may choose to either avoid risk or assume it.
2014-‐10-‐15
Raj Daryanani 4
What is RM?
• An Enterprise may be concerned with five risk areas – Compliance -‐ Compliance risks involves violaJon of either federal or state laws and regulaJons. For example, not adhering to the Fair Labor Standards Act requirements.
– Financial -‐ Financial risks involve loss of assets and/or third party liability
– OperaJonal -‐ OperaJonal risks involve interrupJon or cessaJon of business acJviJes. For example, loss of uJliJes. Products recall.
– Life Safety -‐ Life safety risks involves personal injury or death. For example, a sports injury, slip and fall.
– ReputaJonal -‐ ReputaJonal risks involve tarnishing the Enterprise name. For example, negaJve press releases.
2014-‐10-‐15
Raj Daryanani 5
RM & Insurance Complying to ERM program direcJves & goals IdenJfying, managing and miJgaJng risks :
Financial, OperaJonal, Compliance Audits InformaJonal Systems Audits Risk Financing & Insurance, Risk Management Compliance & ConstrucJon
2014-‐10-‐15
Raj Daryanani 6
I & RM Jed to E E
• Improving employee engagement and at the same Jme deliver on financial, RM & I, regulatory target in keeping with ERM program goals: – Lower risk transfers costs (TP contracts terms, brokers
& insurance endorsements) – Appropriate & cost effecJve insurance coverage's
– Embracing Regulatory current & future trends equates to lower operaJonal costs
– Business conJnuity plan – Claims recoveries & contribuJons
– Culture of customer service & collaboraJon
2014-‐10-‐15
Raj Daryanani 7
Business Performance
Employee Engagement
Why does it mader?
Companies with HIGH employee engagement saw: 13.2% improvement in net income growth 19.2% improvement in operating income 27.8% improvement in Earnings per Share Companies with LOW employee engagement saw 3.8% decline in net income 32.7% decline in net income growth 11.2% decline in EPS
(Source: ISR. 664,000 employees world wide, one-year study, 2006)
2014-‐10-‐15
Raj Daryanani 8
Engaged employees:
• Perform up to 20% better than less-engaged employees • Are 87% less likely to leave the organisation than employees with
low levels of engagement • Are more innovative
• Are more committed to customer satisfaction
• Contribute more to their organisation than their less engaged peers • Consistently go the extra mile
Why does it mader?
(Source: CLC. 50,000 employees world wide, 2004)
2014-‐10-‐15
Raj Daryanani 9
How will I improve E E? • Communica>on of line-‐of-‐sight on their own future and on the Enterprise’s
mission and goals & department objec>ves & performance measures via: • Group sessions, one to one sessions on crea>ng:
– A belief in the Mission statement, products and services – A sense that the organisa>on enables the employee to perform well – A desire to behave collabora>vely and be a good team player – A desire to work to make things be4er – An understanding of business context and ‘bigger picture’ – keeping up to date with developments in the field.
• By ‘using their talents and discre>onary effort to make a difference in their employer’s quest for sustainable business success. Blessing White, “The State of Employee Engagement 2008”
• Equates to higher compensa5on package, employee development and exper5se and need for exper5se and talent met from within the pool of exis5ng employee.
2014-‐10-‐15
Raj Daryanani 10
How will I improve I & RM? Pro ac>vely over sees the Claims programs managed by TPA/IA
– Reserves Adequacies – Compliance to Special Handling Instruc>ons – Timely Escala>on to insurance companies – Prompt and equitable se4lement process – Client rela>onships and financial repor>ng
Claims Advocacies and Submissions Subroga>on's Rights and Recoveries preserved Collaborate with Brokers/Business units on renewals
2014-‐10-‐15
Raj Daryanani 11
How will I improve I & RM? • Collaborate with insurance providers & experts on integra>on
with ERM program • Communica>on of I & RM business objec>ves & costs >ed to
each business units own future and on the Enterprise’s ERM programs mission and goals via:
• Group sessions, or each business unit sessions on crea>ng: • Promo>ng a belief in the I & RM programs, and services • Awareness of I & RM & costs involved & impact on opera>onal results
• Forums to develop collabora>on in implemen>ng I & RM programs • Overseeing & technical resource on claims & collabora>ons • an understanding of business context and ‘bigger picture’ • keeping up to date with developments in their fields
2014-‐10-‐15
Raj Daryanani 12
Ensure Career Support
– opportuniJes to develop further skills in their career – There are clear performance criteria outlined and discussed – Give Jmely feedback on performance.”
Recogni0on of Competence
– Giving recogniJon for contribuJons – Determine appropriate authority level to make decisions
Working Condi0ons – Provide strong leadership ethos in unit – Develop trust between the unit – The unit receives adequate resources – Good relaJonship with supervisor and manager
2014-‐10-‐15
Raj Daryanani 13
My simple code
• Pro acJve leader – Listening with full adenJon & empowering – Looking for the good in others and giving benefit of doubt
– Having a sense of humor-‐ but not at the expense of others
– PromoJng team spirit and collaboraJon within team & company wide stakeholders
– And, saying thank you for a job done well
2014-‐10-‐15
Raj Daryanani 14
I & RM awareness
• Collaborate, Liaisons with Business Units Managers on ERM goals & funcJon of I & RM – Total Costs are reduced:
• idenJfying inefficiencies and control weaknesses and recommending ways to correct them
• Rewards and recogniJons for top units • Community and social support & awareness
2014-‐10-‐15
Raj Daryanani 15
I & RM awareness
• Common values & procedures communicaJon • Liaise with General Counsel/ERM & outside insurance parJes
• Associated organizaJon collaboraJons • CollaboraJon with student bodies on harassments and discriminaJons
2014-‐10-‐15
Raj Daryanani 16
Engaged = • Prompt, efficient exposure response & miJgaJon • SubrogaJon's and recoveries rights preserved • Doing integrated audits to ensure business objecJves are
linked to individual units • Review of boilerplate contracts and aligning to evolving
business risks • Lower total risks costs (lower indemnity payments, risk
transfer & insurances costs, change management and development iniJaJves roll out seamlessly)
• ERM adherence
2014-‐10-‐15
Raj Daryanani 17
The value I will bring: Understanding & ImplemenJng ERM goals & objecJves In an cost effecJve process PromoJng of • AcJve involvement and parJcipaJon of employees & business
units which results in : – Accurate & efficient data collecJng and mining. Trends and gap analysis, leakages (sok & hard)
– Timely financial reporJng and reconciliaJons – Lower & cost effecJve RM & I outlay & budget compliance – I & RM awareness & process through out Enterprise Jed to ERM program
– Change management process flows seamlessly
2014-‐10-‐15
Raj Daryanani 18
How: Ensure that each team member & business units 1. Knows what’s Expected 2. Has the Right Materials & Equipment 3. Opportunity to Do What each does Best 4. RecogniJon, Praise & Encourage Development 5. Empowering individuals & leveraging lessons learned 7. ConnecJon with Mission & IniJaJves 9. Team & Business Units Commided to I & RM 10. Progress updates-‐ unit and individual
2014-‐10-‐15
Raj Daryanani 19
Summary Employee Engagement is closely linked to AffecJve Commitment:
The employee's posi>ve emo>onal a4achment to the organiza>on. An employee who is affec>vely commi4ed strongly iden>fies with the goals of the organiza>on and desires to remain a part of the organiza>on. Meyer & Allen (1990)
Benefits: Lower total claims costs and opera>onal costs/insurance premiums
Enterprise wide and students awareness of I & RM programs & what to do
Compliance to ERM goals and objec>ves
2014-‐10-‐15
