Client Situation
Our client is a leading provider of general, health and life insurance in the UAE providing a wide range of offerings. In the case of this project, Cedar worked with the company to deliver a performance driven organisation with clear roles and responsibilities. Cedar helped the management achieve their goal of creating a bonus and incentive (rewards) program for dedicated employees who shared the same vision and goals of the organisation.
Cedar’s Approach
In this program, Cedar was mandated to provide validation to Job Descriptions (JDs), while developing Individual Performance Measures (IPM’s) and formulating an effective and efficient bonus and incentive scheme.
- Undertook an organisational and functional overview with business plans and financials of the company analysed.
- Had preliminary discussions with senior management about future company plans while interviewing the top-level organisational structure for its alignment to current and future plans.
- Established criticality of roles and responsibilities and reviewed the mechanism in place for appraisals.
- Conducted 10+ external interviews with industry experts and competitors and applied Cedar’s expertise on best-in-class principles and practices.
- Segmented the identified gaps based on structural, operational and process areas.
Outcome
The program resulted in the creation of a performance driven organisation with clear roles and responsibilities defined.
- Recommended priority resolution of issues in strategic, structural, process and financial areas.
- Validated JDs for 16 key positions considering current roles and responsibilities and created IPMs with weights assigned based on criticality.
- Integrated appraisal systems with IPMs and ensured the coverage of critical functional areas like Heads of Departments.
- Recommended 4-5 IPMs for strategic positions and 3-4 for purely operational roles and ensured the removal of overlapping positions which caused inefficiency.
- Suggested a realigned organisational structure with separate business lines reporting to the general manager, and the Business Intelligence Unit (BIU), Investments to be managed by a separate, specialized unit.
- Provided recommendations to supplement the overall bonus and incentive scheme.