How Can IAG (Insurance Australia Group) Increase their Staff Retention

INTRODUCTION

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 India's largest bank. (IAG (Insurance Australia Group))

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 .

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.

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?

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.

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.

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.

The ‘word’ 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.

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 “Why?” 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.

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