How Can IAG (Insurance Australia Group) Increase Their Staff Retention - Free Essay Example

INTRODUCTION 1.1 Brief Introduction of the organization IAG (Insurance Australia Group Limited) is a parent company of general Insurance group which have been expanded in Australia , New Zealand , Thailand and Vietnam, which operates under different brand names in each of the respective countries. For Instance, It operates by the brand name NRMA Insurance, SGIO and SGIC in New South Wales, South Australia and Western Australia, While operating by the brand name as NZI, STATE Insurance and AMI in New Zeland (About IAG). IAG also has a 26% joint venture with SBI general Insurance Company which is owned by the State Bank of India (SBI), which is Indias largest bank. (IAG (Insurance Australia Group)) 1.2 Managerial Problem Identified Insurance Australia Group Limited (IAG) is the leading general insurance company and this company deals with different brands in different countries. The company has been faceing different types of managerial problems since last couple of years. The main problem occuring within the organisation is staff retention. The reason this topic is proposed is because one of our group members is currently employed by IAG who operates as STATE insurance in New Zeland. The main issue observed at IAG is the frequest turnover of the staff which in turn would involve in hiring and training new employees for a period of one month and this would impact the financial expenditure of the organisation . 1.3 Research Problem Statement How can IAG (Insurance Australia group) increase their staff retention in State Insurance which is the brand name of IAG operating in New Zealand. 1.4 Research Questions The below are the outlines research questions which would help us solve the managerial problem occuring at IAG. What are the main causes behind the staff turnover at IAG ? What are main factors that would motivate the staff to work at IAG? How is the work environment existing at IAG? Project Plan 2.1 Include the scope of your project As we know well, IAG (Insurance Australian group) is one of the worlds largest insurance company. Most of its products are based on general life, home, business, travel and many more. Moreover, the scope of our project is to identify the existing managerial problem existing and try to resolve it, which would be extensively beneficial for the companys revenue. 1). Identify We have identified the existing managerial problem existing at IAG, which is its high rate of the staff turnover, this problem was identified by us by observation, as well as one of our team members is working at the organisation and have observed that the company would be advertising job opportunities in every 3 months time, hiring new employees would require finances, in order to train the new staff. This is the how we have identified that staff rentention is one of the issues existing at IAG. 2). Analysing The project analysing is a method used to find out the problem of issue in management. The project would require thorough analysis, our team shall work together and brainstorm with the best possible solutions as well as we would be analysing the initial problem critically. 3). Research The à ¢Ã¢â€š ¬Ã‹Å"wordà ¢Ã¢â€š ¬Ã¢â€ž ¢ research means to go seek closly. Its more general sence is used to be any kind of investigation or increase factual knowledge. In case of IAG project research we shall employ certain qualitative research methodology like observation, interviews and surveys, which would help us resolve the initial problem identified and this in turn would be extremly be beneficial for the organization. 2.2 Resources required for our project Team According to requirement of this project it is based on team project and team work. As we have five members in a team, each member would be alloted specific questions which would help the team to work equally and get the result accordingly and thus in turn would increase the productivity. Time Time is the main resource, which as team we would require time for each and every activity based on project. As in starting phase of the project team needs a team discussion to decide which will task would be alloted to each member. We would require 9 weeks duration to obtain and implement the best possible solution. Budget This project would require face to face interviews, observation and survey survey done and by which all our group members will b travelling to several place to do surveys, at this stage we would require a budget of 5000 NZD approximately to complete our project. 3.1 Problem Solving Models In our project we shall employ the six-step problem solving model. Problem solving is also known to be a psychological procedure which would initially require the discovery of the problem after then it is analysed and then it is resolved. (Psychology) Moreover, in order to resolve a particular problem, it is critically important to follow a series of steps. The six steps to problem solving is as follows: Identifying the problem Although this step may initially seem to be one of the obvious ones, it is infact the most important part of the problem solving process. However if the very first step of identifying the problem is not properly achieved, attempts would be made in order to resolve it and the entire research would go in vain and the end result would not be fruitful. Hence identification of the problem is considered to be the most important amongst all the steps. (Psychology) Analyse the Problem We first identified what type of problem it is, thereafter we shall analyse it deeper in order to determine the main cause of our identified problem. We shall then be asking the question à ¢Ã¢â€š ¬Ã…“Why?à ¢Ã¢â€š ¬Ã‚  a number of times to go through each layer of symptoms and so to arrive at the heart of the problem. we are confident that after conducting a thorough analysis we would be able to reach the root-cause of the problem. (The Six Step Problem Solving Model) Identify as many solutions as you can Our team shalll then brainstorm creatively by asking lots of questions about the who, what, where, when, and how, these questions would then definitely lead us to different potential solutions. Choose the Best solution In evaluating our ideas, more options could present themselves. We could achieve this by analysisng each solution, according to criteria such as how valuable it will be as well as how much time, cost, and effort it would incorporate and how liable it is to satisfy the organization. Plan of Action During this step, we shall conclude as in what steps must be taken, by preparing an action plan. And we shall decide on deadlines for completing the actions and approximating the costs of executing them. We would also have to be prepared for a back-up plan, just in case, becaus eof any unavoidable ciscumstances we are unable to reach or execute our proposed solution, we would not have to terminate the project. This stage consists of narrowing down the potential ways to execute the solutions we have chosen, based on any limitations that apply. we would also include the who, what, and when of our proposed solution. Implement the solution We need to certify that the necessary resources remain available and we shall supervise the progress in solving the problem; or else, all the work we have done might go in vain. 3.2 Implementation of the six problem solving models Our group have decided to follow the above mentioned six step problem solving model. We shall initially define and identify the problem clearly, cause If the correct problem is not figured out than the entire research would go in vain and the end result would not be fruitful. After clearly identifing the problem we shall Analyse it thoroughly and would critically analyse to see if there would be any potential barriers which might arise during our research. Our team shall then brainstorm all the various possible solutions. After determining various different strategies to solve our problem , our team shall then select the most appropriate solution which would help us bring fruitful results, we would also have to make sure that the appropriate solution we come upon would be time efficient as well as cost-efficient. MANAGEMENT TOOLS/CONCEPTS 4.1 Identify and briefly explain any management tools and/or concepts your group intends to use. Management is the impotent part of every organization. Management play a important roll in Organization, every work with some tools and functions. These are five functions and tools of management. 1. Planning 2. Organization 3. Staffing 4. Directing 5. Controlling Planning Planning is the process of thinking about and organizing the activities required to achieve a desires goal .planning is based on involves the creation and maintenance of a plan. Planning is basically two types long term planning and short term planning. Long term plan used for 3-4 years policies and short term plan daily used. Mostly every organization working on different plan and policies. These plans are so useful for company. Whereas planning predicts what the future should look like. How our team shall implement: Strategic planning is the model of every organization, which provides a framework for developing strategic plans. We have work with organization plan and policies. We have five member in our group and working will difference part of project report .one are prepare with front page and will another part of assessment. Each person work spared part and after completing set into the project report. Organization An organization is a social body that has a combined goal and is simultaneous to an exterior atmosphere. An organization is a body that functions in both the public as well as private sector concurrently, satisfying public duties and developing business-related activities. Our chosen organization is IAG, which is a one of the multi-national companies providing insurance to more than 7.8 billion customers across the globe. (management tools) How our group will work Organization is the function of every management. It involved developing structure and allocating human resources to ensure the objective. These structure are represented the by organization chart. And our group chose IAG (Insurance Australia Group Limited) we have all the group member worked on the company policies and solving managerial problem. (management tools) Staffing Staffing play important role in every management .Staffingis a term used in the hire ofemployment it has been applied to more than one aspect of the working environment. Staffing means that different type of employees working together for company. And staffing is the process of acquiring. Deploying and retaining a workforce of sufficient quantity and quality to create positive impacts on the organization effectiveness. (management tools) Directing: Directing is the function of management, a basic management function that includes building and effective work environment and creating opportunity for motivation. Directing is an impotent part of management skill .which involves communication, leadership etc. And motivate the employees of organization how to achieve the goal and objective of organization. (management tools) How our group will work Directing is the model of management and it involves the social and informal sources management. Directing means that motivate and order to the employees to achieve the goal and objective of the organization. In our management head of hardy and he divided the work into other member and analysis all the progress of project report. And he will seen that every member of group work correct. (management tools) Controlling: Controlling is the other function of management which is include controlling design and accompany the management process of defining goals, planning and controlling of objective. in controlling include the all actives of management .controlling is the power of top level management and these level taken all the major decision of organization . (management tools) How our group will work Controlling is one of the managerial functions like plaaning, organizing, staffing and directing. it is the meaning of controlling to control the all activates of management . For example top level of management control the middle level and low level management. And our group team leader control all the other member of team and analysis the activates of other member (management tools). 5.1 Methodology Primary Research This research is an original object or document (raw material or firsthand information). (ithacalibrary, n.d) By selecting this research our team will get firsthand data and fresh data directly. Secondary Research This research is all about whatà ¢Ã¢â€š ¬Ã¢â€ž ¢s written in primary research. Secondary research includes discussion about what written in original material. (ithacalibrary, n.d)This research will help us to get bulk information about the company. This will be two research methods our team will be selecting to research with their possible sources. 5.2 Possible Sources of data We above in 5.1 we have mentioned that we will be selecting both methods to do research and the possible sources of each method are given below:- Primary research:- Their possible sources are:- Face to face interview Survey Observation Group discussion From this we will be selecting two sources which are Survey and Observation as survey will help our team to get maximum number of respondents and point about the problem in company and observation will help us to observe and record the behavior of the company directly. Secondary research:- Their possible sources are:- Media Articles books Internet We will be selecting Media and internet because now dayà ¢Ã¢â€š ¬Ã¢â€ž ¢s this is easy means of sources. The information from the media will be extremely fruitful. As Internet will be helping team out by finding company brands, and much more inner information about the company. References (n.d.). Retrieved 03 18, 2014, from IAG (Insurance Australia Group): https://www.iag.com.au/business/asia.shtml About IAG. (n.d.). Retrieved 03 18, 2014, from IAG : https://www.iag.com.au/about/index.shtml ithacalibrary. (n.d). primary and secondary sources. Retrieved 04 01, 2014, from ithacalibrary: https://www.ithacalibrary.com/sp/subjects/primary management tools. (n.d.). Retrieved 03 26, 2014, from Information and knowledge: https://www.bing.com/search?q=Information+and+Knowledge+ManagementFORM=R5FD6// Psychology. (n.d.). Retrieved 03 24, 2014, from About: https://psychology.about.com/od/problemsolving/f/problem-solving-steps.htm The Six Step Problem Solving Model. (n.d.). Retrieved 03 25, 2014, from Gice Blog: https://blog.gice.in/the-six-step-problem-solving-model/ Appendix Questionnaire Page 1