Sun Life Hong Kong has increased staff retention in an industry with a relatively high turnover by improving internal communication and adapting to market changes with products that offer protection and reliable investments.
According to chief executive Roger Steel, the insurance group successfully implemented restructuring plans this year that improved turnover by 10 per cent, preparing the company for a market that has become more competitive as volatility intensifies.
'Turnover is a key issue and we want to create a positive environment in which people are winning with a company that's aggressive in the marketplace. Money is definitely not the No1 reason why people change jobs. Usually, they don't like their environment and that might mean they don't feel they are going anywhere or have positive relationships in their team. At Sun Life we want people who want to grow their career.'
The company, which has been in Hong Kong since 1892, has a clear commitment to the innovation of its product line and is pushing boundaries to accommodate employee ambitions. Investment products are pivotal to this expansion but it is also ready to grasp opportunities brought on by the Mandatory Provident Fund (MPF) employee choice scheme that enables staff to decide which fund in which to place its contributions, especially if the boss's choice is not reaping expected rewards.
'Investment products are driving the company, but of growing importance is MPF. It is a really exciting market and we are seeking to expand our marketing team. It is tough recruiting in that market because there are not so many experts,' Mr Steel said. 'Sun Life has built its presence in Hong Kong with Sun Life (HK), Sun Life Trustee and Best Service which specialises in MPF. The group is poised to take on a dynamically changing market by adding value with unit-linked investment products and riders-bonus protection products added to investments. A diversified portfolio of products has enabled Sun Life to keep pace in a ceaselessly changing market.
'In a volatile market, we need to respond quickly. At any given time we have more than one product under development. It's all about being responsive.'
The company has 600 staff and 1,400 agents in Hong Kong. With transparent incentive schemes, mobility can take a career at Sun Life in many directions. The company, with five offices and a training centre in Cheung Sha Wan that provides the 10 hours of training needed to acquire a licence, is nurturing staff, agents and outsourced brokers to uphold a reputation for financial expertise.
