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Insurers re-brand, re-strategise for improve performance

The waning economic downturn is forcing companies to look hard at their costs in terms of human capital and cut low on excessive expenditures as they re-brand for enhance performance.

Unlike previous downturns, many executives have recognised the need to reduce headcount and costs in a more sustainable manner without jeopardizing the vision of their companies.

Some of them have even taken stern measures especially in weighing up operational trade-offs between functions and often challenging long standing assumptions around their business whilst few others consider a wider strategic agenda to the immediate cost reduction demands, allowing informed retention of critical skills, capability and capacity.

And as the market began to recover, they have positioned their companies to respond to leveraging quality skills and capabilities. But a few others believe in open-door policy as one of the best ways out of trouble.

Mr. Thomas Imokhai, Managing Director of Standard Alliance Insurance General is one insurance chief executives that believe in open-door policy as part of the total package of re-branding.
Re-branding an organization can go a long way to improve the company’s bottom-line thereby conveying a company’s core value and brand message.

However, such high-stakes situations where employees are scared to bust the boss are the exception; by far, most silence is about more mundane but not necessarily less consequential issues.

Employees often feel they have little to gain, or perhaps something to lose that may be less important than their job, but still significant but by venturing forward with their ideas for solving problems, improving processes, or otherwise helping the organization compete give kudos to the company’s overall interest and goal.

Imokhai said, “The reality is that managers can only know what they are hearing, not all the things they are not privy to. Losses from employee withholding are difficult to quantify”

“It is often out of fear that employees speak up only about the things they think their managers want to hear. It can be expensive to gag employees who routinely speak up and sudden keep quiet because of fear and consequences of speaking up too frequently  about certain issues”According to him, “Leaders are supposed to solve problems and drive strategies.


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