NSITF to develop platform for self-appraisal of staffers’ performances
Plans are underway by the Nigeria Social Insurance Trust Fund (NSITF) to develop a platform for self-appraisal of staffers in its bid to boost efficiency of its workers.
The Managing Director/Chief Executive of the Fund, Adebayo Somefun, who disclosed this in Abuja, explained that the conference organised by the NSITF in Uyo, Akwa Ibom state which had, ‘NSITF: In pursuit of corporate growth and contribution to national development’ as a theme, was organised to help the Board and management shape the policy direction of the Fund.
He explained: “The main objectives of the conference were to generate ideas that will ensure the sustainability of the Employees’ Compensation Scheme (ECS). It was also to help develop manpower competency and provide a platform for self-appraisal. The conference also enabled the board and management to engender team spirit and team building in the overall interest of the Fund. It also afforded us the opportunity to reflect and evaluate major aspects of the Fund’s operations in achieving its mission and vision.”
The NSITF boss highlighted that the conference recommended that trainings by the Fund should be based on NEEDS assessment and that the finance department should produce an all-encompassing accounting manual and software that can be easily assessable by the first quarter of 2020.
He added: “It was resolved that there is need for periodic review of operational strategies to allow for growth. The meeting also resolved that target setting for branches and regions should be constructive and set in line with contribution collection and that Regional Managers should endeavour to identify the challenges and proffer solution for non-performing branches in their regions.”
Somefun also hinted that the henceforth the Real Estate business of the Fund must be driven by policies that are clear on rent collections in order to manage defaulters efficiently.
The Fund has also approved the establishment of Estate department in order to coordinate the estate business aspect of the Fund’s business.
The meeting directed the treasury management department to formulate short, medium and long term investments to drive the Fund’s investment portfolio and should be delivered within the first quarter of the year for approval by the board.
Going forward, the Fund directed that the treasury budgets should not be done on a year on year basis but should be based on asset class and instrument tenure such that variances can be measured between the budgeted investment quantum and allocation as against the actual achieved volume and returns.
A communique issued at the end of the conference added: “This should replace the Year-on-Year (YoY) analysis and annualised variance as presented. The ICT should build better and more formidable protection around the data infrastructure of the Fund to ensure data integrity and security to avoid cloning of NSITF information. The Board management should work out modalities to grow internal capacity for actuarial valuation which is key to any social security system.”