HR Strategies in AXA Life Insurance Singapore
1.0 Introduction of AXA & AXA Singapore
AXA is a cross-national investment and banking corporation headquartered in Paris. The core businesses of AXA involve multinational investment banking, wealth management, and insurance etc. So far, the AXA group has over fifty branches in many countries worldwide, including New York, London, Paris, Hong Kong and Singapore and so on (AXA, 2014).
AXA Life Insurance Singapore Pte Ltd, located in the central business district in No.8 Shenton Way Singapore, is affiliated to the AXA group. It aims at serving their customers, their relatives and properties with more financial securities and protections and through managing savings and assets. The mission of AXA Singapore is also to…show more content… AXA’s benefits method is mainly driven by the country since employee benefit plans can be differentiated tremendously. It allows employees to pursue personal high-value.
Benefits should cover employees paid leave, group insurance, and retirement plan and so on to keep the company competitive and attractive.
For example, AXA provides a “SharePlan” program for its own employees. It awards a certain amount of company share by selling a preferential price to experiential seniors as encouragement. This program first started in 1994. Till the predicted year 2020, this offer will rise up to 293 million European dollars and set up in 38 countries, there will be more than 22,000 employee benefit from it. As a result, the percentage of employee stockholders will account for 7% and 9% of the voting rights in 2020 (Khan, 2015).
2.2 Why & How AXA can benefit from compensations
Economic and non-economic components included by compensations are significant on employee recruitment, motivation and retention. Variable compensations and benefits reward to employees can also foster AXA’s fulfilment of its entire objectives (Román, & Rodríguez,