The significance of creating a culture of recognition and rewarding exceptional contributions cannot be overstated. Fairfirst recently celebrated two significant milestones – the Fairfax Asia Ambassador Awards and Long Service Award 2023.
Nurturing excellence has been a cornerstone of successful management practices embraced by companies worldwide. Industry leaders like Google experienced a notable 37% surge in employee satisfaction due to employee engagement initiatives, underscoring that financial incentives alone are insufficient to foster highly productive teams. LinkedIn, another one of the world’s most recognizable brands, in a study with Workhuman found a 96% retention rate for employees whose contributions were recognized 4+ times a year. Additionally, according to research by Workhuman and Gallup, organizations that prioritize employee recognition have employees who are four times as likely to be engaged and 56% less likely to look for a new job. And companies that take action to develop a highly engaged workforce through strategic employee recognition could see a 23% higher profitability compared to those that don’t.
The Fairfax Asia Ambassador Awards honours individuals who epitomize the Fairfax guiding principles and are shining beacons of the brand and culture of Fairfirst. Simultaneously, the Long Service Award recognized the commitment and loyalty of individuals who dedicated over 25 years of service, underscoring the organisation’s deep appreciation for loyalty towards the company as well as their colleagues.
Fairfirst’s unique culture, driven by the golden rule of ‘treating others the same way you want to be treated,’ has led to the company winning multiple awards from esteemed international awarding bodies. Recently, they were recognized as the top insurer to work for across the Asia Pacific for the second time by Insurance Business Asia, making them the only Sri Lankan Company listed in the ‘2023 Top Insurance Workplaces in Asia’. Furthermore, they were honoured by the Employer Branding Institute and World HRD Congress for the second consecutive year under the title of Best Employer Brand in developing talent and cultivating competencies for a future-ready organisation.
“I am humbled by the recognitions that we continue to receive as a company and all the credit goes to the exceptionally talented team we have here at Fairfirst. The distinguished Fairfax Asia Ambassador Awards and the Long Service Award are just some of the ways in which we recognize and reward our employees for their commitment towards making Fairfirst one of the best places to work”, emphasized Sandeep Gopal, CEO of Fairfirst.
Rasika Perera, Head of Human Resources also stated, “Celebrating achievements is not just a formality; they symbolize our genuine gratitude and admiration for the exceptional individuals who contribute significantly, day in and day out, to help us be the best at what we do. And by way of these celebrations, we extend our culture to our employees’ families. We recognize the pivotal role families play in our employees’ lives, providing unwavering support that enables them to excel in their roles. Fairfirst is not just a workplace; it’s a community, and these celebrations serve as a testament to the inclusivity and warmth that define our Fairfirst family.”
Fairfirst Insurance Limited is part of the global Fairfax Group. The Group is a leading property and casualty insurer, reinsurer and investment manager headquartered in Toronto, Canada. Fairfirst is today among the top general insurance companies of Sri Lanka serving individuals, businesses, and institutions across this beautiful island through a versatile workforce spread across the comprehensive branch network, affinity partners and brokers in Sri Lanka.