Insurance Employees Dissatisfied with Salaries and Promotions, Study Finds

Kathmandu – Employees of Nepal’s insurance companies are satisfied with support from colleagues and their work responsibilities but remain dissatisfied with salaries, benefits and promotion opportunities, according to a study. A report published by the Research and Statistics Department of the Nepal Insurance Authority found that although overall job satisfaction among insurance employees is positive, improvements are needed in financial benefits and career development opportunities.

The study, titled Employee Job Satisfaction in Nepal’s Insurance Sector, is based on responses from 3,767 employees working in the insurance sector. On a five-point scale, the average job satisfaction score stood at 3.92. Support from colleagues received the highest score of 4.38, while support from supervisors and respect in the workplace also received relatively positive ratings.

However, employees expressed dissatisfaction with salaries and benefits. Salary satisfaction compared with other financial institutions received the lowest score of 2.85. Benefits such as leave, medical facilities and employee loans received a score of 2.87, while satisfaction with basic salaries and allowances stood at 3.03. According to the report, 42 percent of employees were dissatisfied with their salaries compared with those offered by other financial institutions.

Fairness in the promotion process was another area of concern, receiving a score of just 3.03. The study also found that the promotion rate of women at the senior executive level was zero. Employees suggested ensuring transparent promotions based on qualifications and performance, offering competitive salaries and conducting regular training programs.

The study also identified the need to improve workload management, the workplace environment and work-life balance. Around 14 percent of respondents said they had experienced some form of workplace harassment or pressure. Employees with higher educational qualifications, assistant-level employees and those working in microinsurance companies were found to have relatively lower levels of job satisfaction.

The report recommends reviewing salaries and benefits, introducing a fair promotion system, strengthening employee capacity development, improving the physical and digital infrastructure of branch offices and ensuring a safe working environment. It also emphasizes the need to reduce work-related pressure outside office hours and provide employees with adequate leave.