A local consulting company, HST Consulting Plc, has won a bid to develop a Human Resource Strategy document for the Ethiopian Reinsurance Company S.C. for around 2.1 million birr.
The strategy will assist Ethiopian Re get a comprehensive Human Resource Strategy and Human Resource Management Manual in accordance to its vision.
“We place a great value in creating relationship with Ethiopian Reinsurance S.C. and are committed to delivering excellence and value as we serve Ethiopian Re. We also appreciate the importance of this project and its role in supporting to successfully implementing the Company’s overall strategy and objectives,” said HST’s managing director Solomon Gizaw in an email reply given to The Reporter.
The strategy will be developed benchmarking best practices of other insurance companies abroad and the implementation will take three to five years.
The bid was announced for the “review and development of comprehensive human resource strategy and human resource management.” The bid document which was sold for a 100 birr and 50,000 birr bid bond attracted KPMG and HST.
HST will complete the strategy in January or February 2019.
According to Solomon, while the company was a partner of Deloitte, it had engaged in similar endeavors including the same project for Ethiopian Insurance Corporation and Bank of Abyssinia.
Yewondwossen Eteffa, the CEO of Ethiopian Re, told The Reporter that the company will begin its tasks on August 27, during which it will first develop the schedule and the deliverables.
“We have a strategic plan for 2027 during which we want to be the leading reinsurance company in Africa,” Yewondwossen stated. “As a company that plans to do business at a continental level as well as in the middle and far eastern countries; we need human resources that fits both in terms of number and development.”
He added that the terms of reference for the bid were prepared accordingly. Mentioning the absence of actuaries [professionals who deal with the measurement and management of risk and uncertainty] in the country, the strategy will come up with a concrete plan to continue hiring from abroad or to train in-house experts.
“It will be far seeing including forecasts of government regulations regarding the industry,” he said.
Ethiopian Reinsurance Company was established as the first reinsurance company in the country and commenced operations in July 2016. Its registered capital is a billion birr while its paid-up capital amounts to half of that.
The shareholders of the company are insurance companies in the country, banks, and others. It has seven Banks, seventeen insurance companies, eighty individuals coming from different walks of life and one trade union as its shareholders.