Loading...

Management Discussion and Analysis

Employee Capital

Driving our business forward is a closely knit and motivated team whose knowledge, skills and commitment have made Ceylinco Life an industry leader in the country. In building our employee capital, we attract the best of talent, nurture and mould their development and reward performance.

Staff Strength

Ceylinco Life employed 937 persons by the end of 2015, almost on par with the 930 of 2014. The figure excludes our large sales force, who are independent contractual agents and are discussed under our Business Partner Capital.

Employees by type of engagement

Employment Type 2015 2014 2013
Permanent staff 907 907 953
Contract staff 30 23 34
Total 937 930 987

Employees by gender

Number Composition, %
Employment Type Female Male Total Female Male
Permanent staff 171 736 907 19 81
Contract staff 07 23 30 22 78
Overall 178 759 937 19 81


Out of 32 contract appointments, 60% of contracts are in respect of retired employees as post-retirement orientation.

Employment by grade and gender

Total Female % Male %
Director 5 0.0 100.0
Senior Manager 37 8.1 91.9
Manager 31 3.2 96.8
Assistant Manager 41 19.5 80.5
Branch Head 124 1.6 98.4
Career Sales 60 5.0 95.0
Executive 341 37.5 62.5
Staff 298 10.7 89.3

Employees by region

Employees
Province Number %
Central 55 5.9
Eastern 31 3.3
Northern 37 3.9
North-Central 40 4.3
North-Western 65 6.9
Sabaragamuwa 40 4.3
Southern 58 6.2
Uva 35 3.7
Western 576 61.5
Total 937 100


This employee dispersion is positively correlated to branch dispersion in each province. This in turn reflects market size and prevailing business prospects.


Recruitment

Ceylinco Life recruited a total of 61 persons during the year under review Key aspects are discussed below:

Recruitment by age group

The age group 21-30 years accounted for 80% of new recruits, followed by 10% in the 18-20 year group. They were largely deployed in the new branches as well as in the Call Centre. This is an age group that attracts first time job seekers, many of whom move on after gaining useful experience.

Recruitment by region and gender

The largest number of new recruits were from the Western Province (85%) followed by Northern (8%) and Eastern (2%). These were in line with business opportunities supported by branch expansion.

The gender balance was split equally for the 61 new recruits in 2015, with females accounting for 31 persons.

Recruitment by region

Total
Central -
Eastern 2
Northern 5
North-Central 1
North-Western -
Sabaragamuwa -
Southern -
Uva 1
Western 52
Total 61

Retention

We encourage long term engagement, but are also alive to the dynamics of the job market, particularly in respect of the younger generation.

Ceylinco Life Employee Value Preposition (EVP) is mainly maintained through the well-designed and executed transparent HR Policies and procedures. High profile of EVP has created employee branding which has facilitated to attract 61 best talents from the market while assuring the retention of the existing employees with an annual employee turnover of 5.7%.

Employee turnover

A total of 54 persons, or an average of 5.7% of the staff strength, left the Company during the year, with males accounting for 58% of the total. When analysed by age group, the 21-30 years age group accounted for 56% of the total.

Parental leave

As per Sri Lankan labour laws, only female employees are entitled to parental (maternity) leave.

  • Return to work
    Employees returning to work after maternity leave out of those due to return in 2015 = 100%.
  • Retention rate
    Employees who returned and stayed on for at least 12 months out of those due to return in 2014 after maternity leave = 100%.

Employee Training and Development

Objectives

Our training and development policy is aligned with developing competencies of employees to add value to our core business and corporate strategy. Hence, starting from induction programmes all other development activities such as technical knowledge, soft skills, team building and social etiquette focus on building our employee capital that will in turn deliver value to the Company over the short, medium and long term.

The Company considers Training and Development as a part of its Total Reward System which ultimately facilitate the employees in both financial and non-financial terms while ensuring their career growth railed on a steady succession plans.

Customer focused human resources management is an important aspect of our training and development agenda. It is a key element in identifying, developing and measuring the effectiveness of training as well.

Activities

Training and development activities are structured along job grades and needs. They include in-house programmes with local and foreign experts as well as overseas programmes.

A total of 37 management grade employees underwent overseas training during the year. Programmes included topics such as advancement of life insurance, risk management, agency management and underwriting.

The multidimensional foreign training programmes conductedin Indonesia, South Korea, Japan, Singapore, USA, Germany, Bangkok and India for augmented areas of the key business which have accommodated the absorption of latest techniques, technology, skills and innovations across all the functional areas.

Some of the trainings were foundation for the advancement of life and insurance around the world (FALIA), Advance Risk Management, Asia Health and Living Benefits, Agency Management and Swiss Re Premium Underwriting contributed immensely in bringing new state-of-the-art competencies to the Company.

Ceylinco Life Residential Training facility at Uswetakeiyawa (Serene Resorts Limited) witnesses the training and development agility of the Company. The residential training centre possesses the capacity of accommodating 80 participants at once with all the facilities including lodging and meals. This training facility is only used for internal training activities with the occupancy ratio of 98% in 2015.


Outcomes

We evaluate the effectiveness of our training efforts through results and outcomes over time. Indicators on the latter include corporate performance measured along KPIs, acknowledgements received through recognised local and international awards and individual achievements.

Employee Benefits and Rewards

Rewarding performance

Ceylinco Life is a meritocracy that rewards employees equitably based on performance in relation to job position, with no bias towards gender or any other factor. The reward system also includes a package of benefits, both financial and non-financial.

Biannual performance appraisals for all employees ensure clear goal alignment and transparency at individual and department levels. During the year, most of the vacancies in functional departments were filled through internal promotions and lateral career movements, which also supported employee empowerment and motivation.

Benefits

To encourage long tenures we contribute to annuity plans of employees. We recognise and reward high performers with long service through awards and holiday packages. All the employees are covered with two comprehensive life insurance policies apart from the benefits of staff health insurance cover and the contributory medical fund.

Short term and long term financial assistance schemes with zero or concessionary interest rates enable employees to meet their personal financial requirements.

The Company does not have temporary or part time employees. Moreover, contract employees include both those on special contracts (after retirement) and those on short term contracts.

Benefits Permanent Employees Contract Employees
Fuel/Travelling allowance Assistant Manager and above entitled Assistant Manager and above entitled
Job specific allowances Specific categories only Not entitled
Holiday bungalow/
Annual trip
Entitled Entitled
Medical insurance scheme
(OPD, In-house, Life,
Personal accident cover)
Entitled Entitled
Leave Entitled Entitled
Cafeteria,
Gymnasium,
Library
Entitled Entitled
Toastmasters club Entitled Entitled
Housing loan concessions,
Sundry loan
Entitled Entitled for Housing Loan
EPF/ETF/Gratuity Entitled Entitled
Vehicle facility Assistant Manager and above entitled Assistant Manager and above entitled

Work-life fit

The Company considers work-life fit as a key motivator to achieve high performance. We observe a 5-day week and discourage long working hours that go beyond norms.

We rolled out many motivational activities during the year, including multicultural events according to the annual activity calendar. The 2015 New Year celebrations with the theme of “I am a winner, I am a person of action, and I am responsible” refreshed the corporate vision among employees while guiding them to align their functional and departmental objectives towards the corporate plan.

The annual sports meet was held with the participation of both employees and sales agents in June 2015 at the Sugathadasa Stadium which included track and field events and three team events. Going beyond athletic prowess,

the Company encourages fitness through regular health check-ups and access to a well-equipped gymnasium.

The annual Bhakthigee and Christmas Carols lent a welcome spiritual flavour while the activity-packed annual family day at a beach resort gave vent to fun and frolic. In addition, staff have access to the Company holiday bungalow in Nuwara-Eliya to spend leisure time with their family members.

Ceylinco Life Toastmasters Club is another initiative that promotes leadership and communication skills. The Club conducts a Speechcraft programme to encourage and develop new entrants.

Defined benefit plan obligations

These aspects are discussed in Notes 13 and 14 to the Financial Statements.

Collective Bargaining

All employees of the Company are members of Ceylinco Insurance Employees Union. They are covered by the terms and conditions of collective bargaining agreements of the said Union with the Company.

Further, operational changes are executed based on business requirements following discussion and concurrence of key stakeholders.

Grievance Handling

We consider grievances to be opportunities for improvement. We approach this in a productive manner.

The grievance handling procedure is absolutely transparent and the speed of the process has been accelerated through right sizing the span of control. Minor operations related grievances on labour practices came up through both formal and informal channels during the year, and were resolved with due diligence and employee satisfaction.

Through our open door policy, Heads of Departments are empowered to address any relevant grievance through established procedures. Unsolved issues are elevated for equitable resolution with due process.

Ceylinco Life Employees Union often acts as a key mediator in conveying employment related grievances to Management irrespective of the type of issue or category of the employee. Branch employees are encouraged to table their concerns and grievances at any union forum.

Exit interviews cover all employees who resign, thus opening free space for candid 360 degree feedback. The comments are reviewed, and where appropriate they lead to refinements in our systems and procedures.

There were no cases filed against Ceylinco Life at the Labour Tribunal on any employee-related issues during the year. Nor were there any cases pertaining to incidents of discrimination or human rights violations.

Your insurer’s Life Fund stood at Rs. 68 Bn as at 31 December 2015