Some Insurance companies in the country have resulted to converting administrative staff into markers, while slashing their workers’ salaries by 50 per cent as a result of the economic reality in Nigeria
investigations revealed that some of the companies had extended the targets of premium generation to their employees, while some have reshuffled their departments so as to lay off those in they feel not useful to the company.
Investigations gathered also revealed that due to the economic crisis in the country, many insurance firms increased the targets for their marketing departments’ workers with threats of not paying them salaries if they failed to meet it targets.
Insurance workers, who failed to meet their premium targets, according to industry sources, had their salaries slashed.
An insurance senior staff, who spoke to Independent, but craves anonymity, said: “Before, it was only the marketers that they used to give targets to. Now, some of us also have targets ranging between N40, 000 and N100, 000 monthly and our promotion and salaries are tied to our performance.”
Director-General, Nigerian Insurers Association (NIA), Mr. Sunday Thomas, while reacting to the development, said that the economic recession in the country had now made everybody insurance companies a marketer because they need the premium to operate all the departments.
He said: “It will not be out of order for the companies to give employees targets except the target is unrealistic.’