The company is offering bonuses, promotions, job rotation and training abroad based on an employee's performance and talent. Also offered are flexible work hours and recreational activities, all in a bid to allow employees to strike a balance between their professional and personal lives.
In late 2005, staff turnover reached 32 per cent. But after conducting an employee survey and offering the benefits listed above, turnover decreased to 13.8 per cent, compared with an average of 11-12 per cent in the overall insurance industry.
Wachirapun Chotechuong, chief officer for human resources, said that last year, AACP selected 44 high performers from among its 764 staff, excluding sales representatives, and sent 10 of them abroad for training of six months' to two years' duration with other companies under the Allianz Group.
The firm rewards those who initiate innovative ideas that can be implemented.
Staff salaries are above the industry average. Wachirapun said 42 per cent of its employees earn an income 20 per cent higher than that of colleagues in similar positions.
Based on new performance assessments, some employees last year received bonuses of up to 82 per cent of their annual income.
Although a small number of employees received no bonus based on individual performance, each staff member was given a 9-per-cent bonus based on the company's performance. Individual bonuses accounted for 75 per cent of total bonuses.
The insurer, which was struggling badly before joining the Allianz Group in 2001, has transformed its organisation in recent years under British president Wilf Blackburn's management.