Understanding the difference between leading and managing is understanding the difference between winning and losing in cutthroat markets. Pure managers make the system work, but leaders make things happen. They make the people around them better. Effective leaders should pay attention to and work to master key emotional intelligence competencies.
Employee turnover is costly. In terms of annual salary, cost estimates for losing a position to turnover range from 30-150 percent (hourly employees) up to 250 percent (sales/senior leadership). Developing a strategy that follows seven key steps is critical to the long-term success of an overall employee retention plan.
Collateral negotiations can often be contentious. While collateral is required for a variety of insurance programs, opinions of how much collateral is necessary can differ significantly. An objective discussion between the actuaries behind the loss projections on both sides of the negotiation can help find valuable middle ground.
Insurers understand that without an effective talent acquisition strategy, the right candidates will not be hired. Hiring the wrong people leads to turnover, which is costly in terms of time, money, and morale. Getting it right is vital to the success of any business, and captive insurers are not immune.
Companies around the world use benchmarking to catapult their organizations to the top in their industry. Benchmarking is the process of improving performance by continuously identifying, understanding, and adapting outstanding practices and processes found inside and outside the organization. Almost any activity that can be measured can be benchmarked.