Executive Summary
InsureCo has been facing some methodical problems regarding the employees which are leading to rapid staff turnover, massive increase in workload, inefficiency due to workload and low staff motivation and productivity. In spite of InsureCo being a large finance and insurance company with a profitable history, the competition from larger global competitors have lead them to these problems. There are a number of conflicts faced in the company between management and employees and also amongst employees themselves; as a result, employees are demotivated and teamwork becomes weak. Therefore, due to the changes in the company, the employees faced massive stress due to the increased workload leading to decreasing staff morale.
There are three primary problems in InsureCo: Poor investment in leadership and team development, poor reward system and lack of planning and proper organization. It is evident that the leadership and team development needed to focus on the insecure environment, employee-management conflicts, poor incentives and train employees with the right skills they need to perform the job. In addition an effective, productive team have a positive impact on bottom line results and organizational success. Poor reward system is the second and a vital primary problem at InsureCo. InsureCo needs to focus on a strategic reward system for employees that address four particular areas; compensation, benefits, recognition and appreciation. Finally, the last primary problem is the lack of planning and changes because of which the employees suffer by the extensive work-load pressure. This primary problem could be solved by concentrating on building an effective business plan which would guide the company towards its goals.
In order to solve the primary problems at InsureCo, it is recommended that Steve has to concentrate on building a strong and effective team by improving his leadership techniques and qualities. In addition, he needs to...