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Oriental Insurance to fix employee KPIs after discussion with unions
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IANS | 27 Sep, 2022
The management of public sector non-life insurer The Oriental Insurance
Company Ltd will discuss with the employee unions before fixing the new
key performance indicators (KPI), said the Officers' Association in the
company.
In a communication to its members, The Oriental
Insurance Company Officers' Association has said: "The Management has
assured to discuss with us before finalisation on KPI."
The
Association said the management informed at its meeting held on Monday
that the consultancy firm Ernst & Young (EY) is designing the
individual KPIs for the employees and the roles are being defined in
such a way that there shall be no discretionary intervention.
The
EY has also suggested a three tier organisational structure and the
corporate business to be handled by Corporate Business Regional Office
(CBRO) reporting directly to the Head Office.
The suggested
three tier organisatioal structure: underwriting offices for business
procurement, regional offices (along with underwriting hub, claims hub,
legal hub, accounts hub) for Business Support & Servicing and the
Head Office.
"On the wage revision, the offer is still at 12 per
cent hike though we have been asking parity with the 15 per cent hike
given to the employees of Life Insurance Corporation of India. We are
planning to meet the Finance Minister Nirmala Sitharaman in this
connection," Vishnu Aggarwal, General Secretary told IANS.
Aggarwal
said the management also spoke about the challenge in restructuring the
company as about 1,000 employees are retiring by 2025.
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