Page 22 - The Insurance Times March 2025

ensure that reskilling and upskilling are done whenever signs ties to train or refocus their skills into new positions. Giving
of stagnation are noticed. employees the tools needed to move up in the organization,
improving their job satisfaction and proper manpower plan-
There are also suggested strategies for dealing with 'Talent' ning will be the key to improving operations in the long run.
in the stagnation or declination stage like the following :
1. Redirect: Occasionally it is observed that products In conclusion it is worth noting the observations by HR
which are in the declination' stage in a particular mar- Analyist, Dibyajyoti Dasgupta in an articled titled ,'The 4 HR
ket (say Europe), may flourish when introduced in a Trends shaping the Insurance Industry in 2024':*
fresh market (say Bangladesh). Similarly, a change of
job location and proper assignment may help to revive "...The new age-employee thrives in an environment that
the waning performers and give them a fresh lease of values wellbeing,social unity, collaboration, opportunities
life. to learn and grow as well as flexibility. The industrymust
also take bold steps to reduce the stress levels of employ-
2. Revamp: This takes the form of identifying the prob-
ees. Investing in HR tools that are geared towards attract-
lem areas proper counselling, training and motivating
ing and retaining new-age talent,and managing the em-
the 'Talent', thus giving him a new approach and out-
ployee engagement in the workplace, will help insurers
look towards his task.
handle this challenge"
3. Replace: This is the ultimate step involving induction of
fresh blood in place of the old 'decaying' persons. References -
1) * Article - Mckinsey & Co - Transforming the talent model
Conclusion: in the insurance industry - July 6,2020

Its time that organizations understand that the perfect 2) *Marketing Management in Insurance Industry - Basudev
candidate with the perfect set of skills will be scarcely avail- Sanyal - Insurance Times- Vol XVII No 1, February,1997
able in a highly competitive labor market. Hence we have 3) *The 4 HR Trends Shaping the Insurance Industry in 2024
to focus on our existing employees and identify opportuni- -Dibajyoti Dasgupta-21.09.2022

Govt should bear higher premium for increased deposit insur-

ance: AIRBEA

The government should pay the additional premium if it goes ahead with its proposal to increase the insurance cover
of bank deposits, the All India Reserve Bank Employees Association (AIRBEA) has said, while pointing out that com-
mercial banks are well-regulated and their failures are rare. The employees' union said that the government should
pay this additional premium from the higher returns they are getting from the banking sector.
“ this will burden the banks as regards payment of premium to the Deposit Insurance and Credit Guarantee Corpo-
ration (DICGC), which will not be fair for commercial banks which are well-regulated and their failures are few and far
between,” AIRBEA said in a statement.
“Now, the banks are paying handsome returns to the government out of their earnings. AIRBEA proposes that the
higher premium to be paid for higher coverage might be met by the government from the higher returns they are
getting from the banking sector,” it said.

Following the crisis at New India Cooperative Bank, which led the Reserve Bank of India (RBI) to bar the bank from
issuing new loans, suspend deposit withdrawals for six months, supersede the bank’s board, and appoint an adminis-
trator, the government is now considering a proposal to increase the deposit insurance cover, which currently stands
at Rs 5 lakh.
“Now, the banks are paying handsome returns to the government out of their earnings. AIRBEA proposes that the
higher premium to be paid for higher coverage might be met by the government from the higher returns they are
getting from the banking sector,” it said.

20 March 2025 The Insurance Times