Task:
LOIB is an insurance brokerage business practice. The firm employs 83 people, of whom 50 are insurance agents, 33 people are employed in other professional areas and administrative roles and 5 people are employed as managers.
The firm has chosen to adopt an aggressive approach to increasing its market share.
LOIB wishes to introduce a reward and performance management system for all of its employees that is consistent with its new approach to increasing market share.
Brokers are required to:
Open new accounts
Expand areas of business
Expand LOIB’s brand recognition
Secure advantageous amendments to existing accounts.
Those employees in professional, managerial and administrative roles are required to contribute to achievement of an increased market share. Their performance is assessed on the following criteria:
Client relationship and capacity to develop business
Team work
Technical skills
Leadership and management skills as relevant
To date, all employees have participated in an annual review of performance and contingent on satisfactory performance, employees have progressed through 5 levels of salary progression.
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