The Impact of Incentives on Employee Engagement in an Insurance Industry at Colombo District

Abstract

Aims: Employee participation has emerged as one of the biggest challenges in the workplace today. With the complexities and strict regulations, the future of employee employment will be challenging for Insurance Companies. This aspect challenges management, as interventions are vital to the Insurance Companies’ vitality, survival, and profitability. Insurance Companies with high paying employees are more profitable. Insurance Companies that have a high level of employees increase customer satisfaction, profitability and employee productivity. The number of field employees increased left in Insurance Companies. Example Softlogic insurance employee’s 2016 left 2% but 2019 Left percentage 6%. It is clear. That field employees are not engagement with the Insurance Companies. To identify the level of employee incentives, employee engagement, at Colombo district and impact of employee incentives on employee engagement deductive process is used for the research study. Further, Quantitative method is used in the study. Conclusion: As a researcher I need to identify the problem in correct manner with suitable correct & accurate data. Convenience sampling method is used in this study. Sample of this study is 100 employees who are in an Insurance Industry at Colombo District. I have chosen the sample in Ceylinco Insurance - Sales Agent 26, Union Assurance-Sales Agent 26, Softlogic Insurance - Sales Agent 26, Sri Lanka Insurance - Sales Agent 22. As per the impact of financial and non-finance incentives on employee engagement, the area is highly significant for Insurance Industry in Colombo District to continue while increasing the business activities in order to meet the firm’s objectives. Consequently, the contribution of employees is very significant due to number of reasons such as productivity, to meet challenges and familiarize innovative approaches to receive the competitive advantage.Result shows that there is a positive impact on “The Impact of Incentives on Employee Engagement in an Insurance Industry at Colombo District”.