Module 4
INTRODUCTION
Magna was one of the oldest privately-owned insurance companies in the country.
New CEO was appointed and he emphasized on team working which was an alien practice for the company. Also few more new concepts were to be operated. They are, * Corporate vision and strategies/business objectives for next 05 years. * Creating customer friendly process. * Introduction of latest technology. * Motivating internal staff through extrinsic motivation. * Promoting team work and achieving goals through team dynamism. * Enhancing employee productivity through performance based rewards
Many senior executives were extremely unhappy with the CEOs new approach in introducing performance based rewards.
Monetary rewards became the main method of motivating employees which sometimes caused on motivation of employees who in the higher-level in the hierarchy.
Although at the initial stage Magna Insurance Company achieved higher growth rate. eventually monopoly was dropped from Magna and they lost their large customer base as well as expert employees due to good practices followed by foreign Insurance Company than Magna.
As a result of loses director board took a decision to replace their CEO and I was appointed as a consultant to find out best possible ways to motivate the affected staff members and to recover from the existing situation.
Analysis… QUESTION NO 01 * How do you think the company got in to a situation like this? Magna was one of the oldest privately-owned insurance companies in the country.
New CEO was appointed and many senior executives were extremely unhappy with the CEOs new approach in introducing performance based rewards. However monopoly was dropped from Magna and they lost their large customer base as well as expert employees due to good practices followed by foreign Insurance Company than Magna.
There were so many issues came up with the new approach of the CEO and the company
Magna was one of the oldest privately-owned insurance companies in the country.
New CEO was appointed and he emphasized on team working which was an alien practice for the company. Also few more new concepts were to be operated. They are, * Corporate vision and strategies/business objectives for next 05 years. * Creating customer friendly process. * Introduction of latest technology. * Motivating internal staff through extrinsic motivation. * Promoting team work and achieving goals through team dynamism. * Enhancing employee productivity through performance based rewards
Many senior executives were extremely unhappy with the CEOs new approach in introducing performance based rewards.
Monetary rewards became the main method of motivating employees which sometimes caused on motivation of employees who in the higher-level in the hierarchy.
Although at the initial stage Magna Insurance Company achieved higher growth rate. eventually monopoly was dropped from Magna and they lost their large customer base as well as expert employees due to good practices followed by foreign Insurance Company than Magna.
As a result of loses director board took a decision to replace their CEO and I was appointed as a consultant to find out best possible ways to motivate the affected staff members and to recover from the existing situation.
Analysis… QUESTION NO 01 * How do you think the company got in to a situation like this? Magna was one of the oldest privately-owned insurance companies in the country.
New CEO was appointed and many senior executives were extremely unhappy with the CEOs new approach in introducing performance based rewards. However monopoly was dropped from Magna and they lost their large customer base as well as expert employees due to good practices followed by foreign Insurance Company than Magna.
There were so many issues came up with the new approach of the CEO and the company