Performance Management Case Study For IFFCO Tokio General Insurance
Performance Management Case Study For IFFCO Tokio General Insurance

Introduction

IFFCO Tokio GENERAL INSURANCE is one of the India’s Largest Insurance providers. IFFCO Tokio is an organization with a qualified team of professionals working together, sharing views and ideas with passion to accomplish a common goal “To be an industry leader in India”. The business environment they work in is dynamic with a high degree of competition. To achieve their goal in such a situation, they must constantly challenge themselves to higher levels of individual and group performance. And thus, Performance Management becomes a key organizational priority.

Challenges

IFFCO Tokio contacted Empxtrack with four pressing issues:

  1. Their performance management content was inconsistent, i.e. the goals varied individual to individual. The guidelines were there but could not be adhered with excellence on papers.
  2. The process consumed a lot of time discouraging the employee to participate, and they would come up with creative excuses every time.
  3. The new age employees who were accustomed to computers hated and avoided writing papers. Some of them used Word Document, but it also created a mess.
  4. Reporting was cumbersome for HR and the management. Digging out simple intelligence out of the system required mammoth efforts. The answer to some performance questions could never be answered.

Solution

Empxtrack Team conducted a thorough research on the past two years performance documents and provided consulting on the process, technology, and performance content. The solution implemented for IFFCO Tokio had following features:

  1. Create Company Goals and cascade them to all employees and ask them to create their goals which contribute to Company’s Growth.
  2. Empxtrack helped IFFCO Tokio develop set of SMART Goals for all employees at all levels. Employees could copy these standard goals and modify to meet their specific needs. Thus, goals across the organization were standardized.
  3. HR could initiate the Goal Setting Process and all employees communicated via e-mails. The Goal Setting Completion reports were automatically generated and forwarded to concerned managers. Frequent reminders were sent to employees to finish the task in time.
  4. Goal tracking allowed employees and managers to keep a watch on the progress on a regular basis. The manager would easily mark the corrective actions and coaching notes for employees to take action.
  5. After the performance period was over, annual appraisal could be initiated automatically for all employees with an email.

Empxtrack becomes part of Growth Vehicle

IFFCO Tokio has been using the Empxtrack for last eight years, and they have seen significant benefits. Not only several challenges were met, but the employee experience and productivity also improved. The management could get clear insights on the organizational talent. Here are some of the key results:

  1. Goal Setting Process Completion: IFFCO Tokio team could complete the Goal Setting Process for all employees across the country within 15 days. The average time taken by the employee and manager to complete the process is now reduced to 3 hours. Earlier this time was more than 2 days. The jump in time is attributed to the huge repository of the SMART goals available within Empxtrack.
  2. Appraisal Process Completion: In the same way, the time taken by the IFFCO Tokio to complete the entire Appraisal was 30 days which has now reduced significantly.
  3. Employee Performance Improvement: Employees who have used Empxtrack for more than two years saw a significant jump in their appraisal scores. The average appraisal scores in the organization have jumped from 4.3 to 4.7. The employees who have dexterously used the software have gained several promotions and significant monetary completion.
  4. Employee Satisfaction: The objectivity and transparency has not only improved the employee’s confidence in the organization but also improved overall employee experience. Employees are vocal about the new system and confident that their performance will not go unnoticed in the eyes of the management.
  5. Management Reports: The time taken to create management reports for HR has reduced from 2 weeks to 1 day for all the required reports. Not only has this reduced the burden on HR but the accuracy of reports has also jumped to 100%.
  6. Objective Compensation & Career Growth: Management is now able to use the Appraisal & Goal Achievement Scores for compensating top performers as well as identifying the leaders for tomorrow. The right candidates are not going unnoticed.

Author Bio

Gireesh Sharma
Gireesh Sharma is a business strategy consultant focused on enterprise technology, employee performance, employee training, career development, organizational development & technology marketing. He has authored four books. He is an active social volunteer and frequently participates in campaigns related to environment and social change.