Vai trò của bảo hiểm trong quản lý rủi ro nguồn nhân lực đối với các doanh nghiệp vừa và nhỏ - Kinh nghiệm thực tiễn tại thị trường Phần Lan
HỘI THẢO QUỐC TẾ: PHÁT TRIỂN
DOANH NGHIỆP NHỎ VÀ VỪA CỦA VIỆT NAM TRONG BỐI CẢNH CUỘC CÁCH MẠNG CÔNG NGHIỆP 4.0
THE ROLE OF INSURANCE IN RISK MANAGEMENT OF HUMAN
RESOURCES FOR SMALL AND MEDIUM-SIZED ENTERPRISES -
PRACTICAL EXPERIENCES IN FINLAND MARKET.
Thi Huong Mai and Bich Hong Hoang,
University of Labor and Social Affairs
Abstract:
Intellectual capital (Intellectual capital -IC or intangible asset) has long been known as
a key factor to the success of enterprises especially human capital. Human capital is defined as
the knowledge, experience, capabilities as well as skills, creativity and human initiatives which
are considered as very important resources in most of enterprises. This is especially true when
applying for small and medium-sized enterprises, where the success of the business is primarily
based on the qualifications and motivation of the employees.
Although intellectual capital has been increasingly attracted in current studies, it is
mainly considered in terms of creating asset value rather than liabilities and only a few in these
studies mentioned intellectual capital in terms of risks or hazards. In other words, the risks
related to intellectual capital have not been widely discussed in recent studies.
This study aims to examine the problems arising from intellectual capital under the
perspective of risk, which based on an overview of the theoretical basis and present the
experiences of Finnish enterprises in using insurance as a popular tool to manage risks of the
human resource in small and medium-sized enterprises (SMEs). Based on that, the research
suggested some lessons for small and medium-sized enterprises in Vietnam.
Keywords: Human capital, Risk, Insurance, Small and medium-sized enterprises, Risk
management
VAI TRÒ CỦA BẢO HIỂM TRONG QUẢN LÝ RỦI RO NGUỒN NHÂN LỰC ĐỐI VỚI
CÁC DOANH NGHIỆP VỪA VÀ NHỎ - KINH NGHIỆM THỰC TIỄN TẠI THỊ
TRƢỜNG PHẦN LAN.
Tóm tắt:
Vốn tr tuệ (Intellectual capital -IC hay tài sản vô hình) từ lâu đã được biết đến như là
yếu tố then chốt dẫn tới thành công của doanh nghiệp đặc biệt là vốn nhân lực. Vốn nhân lực
được định nghĩa là những kiến thức, kinh nghiệm, khả năng, kỹ năng, sự sáng tạo và các sáng
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kiến của con người được cho là tài nguyên rất quan trọng ở hầu hết các doanh nghiệp. Điều này
đặc biệt đúng đối với các doanh nghiệp vừa và nhỏ, nơi mà những thành công của doanh nghiệp
chủ yếu dựa trên trình độ và động lực của nhân viên.
Mặc dù vốn tr tuệ đã thu hút sự quan tâm ngày càng cao trong các nghiên cứu hiện nay
nhưng chủ yếu được xem x t dưới góc độ tạo ra giá trị tài sản chứ không phải là các tiêu sản, và
ch có một số t trong các nghiên cứu này xem x t vốn tr tuệ dưới góc độ rủi ro hay nguy cơ. Nói
cách khác, những nguy cơ liên quan đến vốn tr tuệ vẫn chưa được thảo luận rộng rãi trong các
nghiên cứu hiện nay.
Nghiên cứu này nhằm xem x t những vấn đề phát sinh từ vốn tr tuệ dưới góc độ nguy cơ
dựa trên tổng quan cơ sở lý thuyết và trình bày một số kinh nghiệm của các doanh nghiệp Phần
Lan trong việc sử dụng bảo hiểm như một công cụ để quản lý rủi ro liên quan đến nguồn nhân
lực của các doanh nghiệp vừa và nhỏ. Trên cơ sở đó đề xuất một số bài học kinh nghiệm cho các
doanh nghiệp vừa và nhỏ ở Việt Nam hiện nay.
Từ khóa: Vốn nhân lực, Nguy cơ, ảo hiểm, Doanh nghiệp vừa và nhỏ, Quản lý rủi ro
1. Introduction
Intellectual capital and the elements of intellectual capital (intellectual capital - IC or
intangible assets) has long been known as a key element to the success of businesses (Edvinsson
and Malone, 1997; Sveiby, 1997; Kujansivu and Lönnqvist, 2007). Especially human
capital, which is defined as the knowledge, experiences, ability, skills and creativity of
individuals and the initiatives (Edvinsson and Malone, 1997), has been an important resource in
most enterprises (Pfeffer, 1994). This is more evident in the context of small and medium-sized
enterprises (SMEs), where the success of enterprises mainly relies on maintenance of
qualifications and motivation of staff.
Although the interest in current studies has gone sky high because of intellectual capital,
it is primarily considered in terms of creating asset value rather than assets and only a few in
these studies considered intellectual capital in terms of risk. In other words, the risks associated
with intellectual capital have not been widely discussed in current studies (Harvey and Lusch,
1997, 1999; Caddy, 2000; Stam, 2009).
If intangible assets create value for the company, there are many things that create debts
invisibly and have not been recorded and recognized (Harvey and Lusch, 1999). Although there
were several studies demonstrating the viability of intellectual risks in regulations of law on
intellectual capital (Harvey and Lusch, 1999; Caddy, 2000; Kupi et al., 2008; Stam,2009), but its
importance is still underestimated.
It can be affirmed that if intellectual capital can improve organizational productivity the
losses related to intangible assets are very important (Jääskeläinen, 2011). Some intangible assets
such as intellectual property rights, contracts, trademarks and logos are legally protected (Harvey
and Lusch, 1997) while the intangible assets for example workers' knowledge and skills have not
been got the same protection. The ambiguity of ownership related to human capital increases the
risk of loss for business since the intellectual capital is owned by individuals, not by businesses.
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Considering the issue in the context of small and medium-sized enterprises, many authors
have agreed that the loss of knowledge through employees turnover is an alarming issue especially
for small businesses. (Wong and Radcliffe, 2000; Wickert and Herschel, 2001; Finn and Phillips,
2002). Schiuma et. al (2012) argue that the impact of human capital risk increases as the size of the
company decreases. Therefore, based on an overview of the literature on intellectual capital and
human resources, this paper provides a picture of the risks associated with human
capital, emphasizing their effects in the context of small and medium-sized enterprises. In
addition, this study adds to the discussion of protection of knowledge assets by providing a
practical tool to manage risks through insurance. The ability to apply insurance for human capital
risk management is synthesized through a qualitative study at an insurance company in Finland
based on research by Schiuma et al. (2012) . The results show that the types of insurance useful for
managing these risks are pension insurance, accident insurance, health insurance, life insurance,
liability insurance and crime insurance. This study aims to examine the problems arising from
intellectual capital based on the perspective of risk and seeking for solutions to manage human
capital risk with the perspective of insurance based on a combination of theoretical and practice in
the Finnish market, using the research study of Schiuma et al. (2012).
2. Literature review
2.1. Risks of intellectual capital
Intellectual capital is considered to include a number of different non-physical sources
individual skills, creativity and innovation) and structural capital including customer capital and
human capital (capacity, attitude and agile intelligence) and structural capital (relationships,
organization, and innovation and development). Accordingly, intellectual capital can be
classified into organizations, related to external capital and related to relational capital (Lev,
This article focuses on examining one of the most fundamental components
of intellectual capital (IC) , that is human resources. Because the elements of the IC has been
widely agreed to be the platform of the success of companies (Edvinsson and Malone, 1997;
Kujansivu and Lonnqvist, 2007), especially, human capital has been debated as an important
judged on creativity, innovation, quality and flexibility, and the role of people has been redefined
resources, including recruitment, education and development, pay salary and bonus have been
Employees are the major contributors to the success of the organization (Abassi and
Hollman, 2000) and, if lost, the value of them to organizations are not easily restored ( Stovel
and Bontis, 2002 ) .
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The importance of human capital for a company also suggests having to assess the risks
arising from human resources in organizations related their employees for example their
knowledge, underground skills, experiences and attitudes that are thought to be potentially
causing risks to business. Therefore the risks of human capital are related to the risk of inside
and outside, and more specifically classified them into processes, people, problems related
to information and configuration.
(1999) by classifying risks into risks of humans, risks of the structure and risks of the
relationship and determined some additional intellectual risks. An overview of the risks
associated with intellectual capital can be identified in previous studies presented in Table 1.
Table 1 . Overview of potential risks related to intellectual capital
Source
human capital risks
structural capital risks
Relational Capital risks
Harvey and Turnover of employees
Lusch
Weak R&D
Relationship turnover
Inadequate Training of weak Strategic planning Bad word of mouth
(1999)
staffs
process
Discrimination among Uncertainty regarding R & D Poor
Product
service quality
or
employees
process
Inexperienced
management
top Lack of innovation, patents poor brand or reputation
and copyright
Offense committed by Risks related to patenting
employees toward the
Company
Low commitment / trust of
subcontractors
distributors
and
Potential product Liabilities
Kupi et al Loss of ability / know- Inflexible
organization Risks related to strategic
alliances
(2008)
how
structure
Limitation
of competence
Insufficient information
knowledge structure.
/ Insufficient networks
Problems with directing Unsupportive
Dependency on
the competence
organizational culture
subcontractors, distributors
and / or customers.
Unsuccessful
Recruitment
Attitude towards abroad
working
Internal competition
Liabilities
newness
of
smallness, Relationship complexity
Not-invented
syndrome
-
here Think in groups
The identity of the leader
Long management term
Past achievements
Cost of ignorance
Fight for power
Distance of understanding
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2.2. Effect of human capital risk on small and medium-sized enterprises
SMEs can be defined based on their number of employees such as: micro small (less
than 10 people), small (less than 50 people) and medium-sized (less than 250 people)
company is reduced through human resource turnover and incapacity.
Risks of employees turnover can be interpreted as the rotation of workers around the
labor market; between enterprises and between the possibility of unemployment and
employees decide to leave an organization, while involuntary turnover reflects the decision to
Excessive turnover can cause direct and indirect costs and can negatively affect the
company's productivity. In terms of direct costs, personnel fluctuations can cause replacement
costs related to finding alternative people, the cost of selecting new people, costs of training new
people (Sutherland, 2002). About the indirect costs, personnel fluctuations reduce the investment
of the organization to employees (Dess and Shaw, 2001) and may lead to loss of some
relationships and business-related human (Stigs and Bontis, 2002). In addition, it
can affect organizations through a decline in innovation, delayed services and slow
implementation of new programs (Abassi and Hollman, 2000).
Disabilities and / or know-how through human resource changes are an alarming issue
especially for small enterprises (Wong and Radcliffe, 2000; Wickert and Herschel, 2001; Finn
and Phillips, 2002).
Considering voluntary turnover in small businesses, there are evidences that
employees often quit their jobs to work for larger companies or to seek for higher wages
and better prospects (Wong and Aspinwall, 2004). According to Penzer (1991), employees tend to
work for small companies to collect skills and experiences and then move on to larger companies
later. Involuntary fluctuations relates to the occurrence of illness, accident or death while limitation
of human resource availability both on knowledge and skills. Therefore, the level of threat to a
small company depends on the role of each employee (Wickert and Herschel, 2001).
Building new knowledge in small and medium-sized enterprises seems less progressive
than in big companies (McAdam and Reid, 2001), leading to the loss of knowledge cannot
easily be replaced. The key to acquire new knowledge is to hire or employ individuals with the
necessary knowledge or purchase knowledge assets such as patents, research papers or other
intelligence (Wong and Aspinwall, 2004 ). However, because small businesses are often
constrained by resource scarcity (OECD, 2002), this can be difficult for small and medium-sized
enterprises.
In addition, comparing with large companies, managers and employees of small and
medium-sized enterprises tend to contact customers more closely and directly. Therefore SMEs
business have to rely on their personal relationships (Haksever, 1996). Thus, capital relations are
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more closely linked to individuals in smaller companies, and human turnover can also compose a
risk of relational capital among customers, subcontractors or a distributor coordinate with
departure staff. In the worst case, an employee leaves can lead to move of a few other key
staff (Jaaskelainen, 2011).
2.3. The role of insurance in risk management of companies
Consider losing knowledge in the context of a medium-sized enterprise, Durst and
Wilhelm (2010) proposing to build a knowledge map of relationships to help small and medium-
sized enterprises identify their main members as well as functions and relationships. Based on
literature review and analysis, Jääskeläinen (2011) proposed a measure of performance as an
appropriate tool to assess human turnover. Current studies in this subject are having two
significant limitations. Firstly, it considered human identification as a risk; secondly,
these researches has been done primarily to identify and assess risks. This study contributes
to current studies by considering human capital risks management in generally and focusing
attention on insurance as an actual risk management approach.
Insurance provides a practical tool to manage human capital risks. The idea of using
insurance is based on protecting the financial well-being of the business in case of unexpected
loss. The main motivation for a company to buy insurance is to protect itself against loss of
assets / casualties and liability (Miller, 1992). The main function of insurance is the
compensation to the policyholder if the adverse events occurred which are predetermined based
on paying insurance premiums of all contracts (Saunders and Cornett, 2007). Therefore,
insurance companies take risks to exchange for insurance premiums (Fabozzi et al., 2009).
Insurance industry is divided into two categories: life and non-life. Life insurance
provides protection in time in case of death, illness and retirement as well as protect property
insurance protection against risks such as personal injury and liability due to accidents, theft,
fires and other disasters (Saunders and Cornett, 2007). There are many different types of
insurance that are suitable for many kinds of different risks (Fabozzi et al, 2009).
3. Practical experience in Finland market
The application of insurance for risks management of human capital has been analyzed
through theoretical studies and experiments collected from the insurance industry. Based on the
can provide for a company to protect against these risks through a specified study that
charged at an insurance company.
That study exploresd a relatively new topic, namely the risk of intellectual capital from
the perspective of insurance that had not been introduced in this context before. Schiuma et al.
(2012) selected an insurance company operating in Finland. Analysis was completed by
comparing the insurance risks with the selected company's portfolio products . Insurance
solutions for each risk were found by risk screening for all existing life and non-life insurance
products and then completed by making a complete list of insurance products and
using product descriptions to confirm the usefulness of your management for these risks. In
the next stage, the terms and conditions of insurance had been studied, basically, terms of
insurance is the same for all customers, although some parameters can be selected according to
the orders and needs of customers.
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3.1. Insurability of human capital risks
From the viewpoint of the insurance providers, insurable risks are ones that insurance
companies are willing to insure and uninsurable risks which are difficult or impossible to find a
way insurance to minimize risks. Therefore, the research has synthesized the types of risks which
can be insurable and uninsurable in detail as follows:
Table 2: List of insured and uninsured types of human resource risks
Insurable human capital risks
Turnover of employees
uninsurable human capital risks
Inadequate staff training
Loss of ability / know-how
Limitation of competence
Lack of management experience
Discrimination among employees
Problems with capacity guidance
Recruitment failed
Internal competition
Lack of experience of the head
Offense of employees against the company
Attitude towards the task of working abroad
Not – invented here syndrome
Source: Schiuma et al (2012)
3.2. Determination of insurance solutions
In the later stages of the process, a number of appropriate types of insurance have been
identified for each risk, as detailed in the following table:
Table 3: List of suitable insurance types
Insurable human capital risks
Type of insurance
Turnover of employees
Pension insurance
Accident insurance
Health insurance
Life insurance
Loss of ability / know-how
Limitation of competence
Pension insurance
Liability insurance
Pension insurance
Lack of experience of the head
Offense of employees against the company
Attitude towards the task of working abroad
Commercial crime insurance
Pension insurance
Health insurance
Source: Schiuma et al (2012)
Because of the movement of human resources is closely related to the loss of
capacity, therefore, the role of insurance is applied to these risks are analyzed in detail as fol-lows:
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Protection against disabilities through voluntary turnover (resignation) can be found
through additional pension insurance that a company can provide for its key person. In this
context, the goal of insurance is to increase commitment of employees to stay with the
company. The lack of a security system has been identified as one of the causes of voluntary
turnover in organizations (Abassi and Hollman, 2000), and economic research has proven that
investing in salaries and benefits reduces employee turnover (Shaw et al, 1998).
Pension insurance can be either an individual insurance (an insured person) or group insu-
rance (a group of insured employees). Pension insurance is used for employers to accumulate an
additional retirement benefits for members of the company. Owership of the insurance can be
transferred to employees by themself with advanced regulations on conditions for example five
years or ten years working as well as depending on the willingness of companies and their
employees. This means that if the employee quit the job before the specified deadline, he or she
will only receive part of the financial benefit. Thus, insurance provides a good motivation for the
employee to continue working in the company in the time stipulated in advance and accumulated
pension money of them in a long time. Hence, as a system of additional compensation, pension
insurance can be a way to protect against voluntary personnel fluctuation, and provides better
grounds for the management to prepare for the moment fluctuations may occur.
Considering involuntary turnover, the company may lose its capacity through five ways:
layoffs, retirement, illness, accident or sudden death (Shaw et al., 1998; Stigs and Bontis, 2002).
Accordingly, the decision of the business owner to terminate the employment relationship is a
conscious decision, it is not considered here. Four different types of insurance are identified as
suitable to provide protection against other cases: pension insurance, accident insurance, health
insurance and life insurance. Regarding retirement, pension insurance can be helpful in
encouraging key people to accumulate more years of work, as explained above. Or thinking that
the personal expertise of the owner/ manager or key staff is often not clarified in small and
medium-sized enterprises (Shelton, 2001), delaying retirement of these people seems to be
important, especially in smaller companies.
Related to the emergence of the disease or accident required medical care, health
insurance and accident insurance offer some protection. With these types of insurance, employees
can have a quick access to the private health care system whenever needed. In this way they will
receive the necessary medical services without any delay. Thus, the working time is less affected and
staff will benefit by receiving the timely care with high quality. Because there are some evidences
that the absence of employees due to diseases can threaten a small company depends on the location
of each employee (Wickert and Herschel, 2001) .
In case of risk related to the death of a key person, life insurance provides a number
of ways to protect the company by financial compensation to the beneficiary identified in the
insurance contract. Although life insurance does not provide explicit protection against loss of
knowledge or know-how of that person, it can ease the process of replacing
losses through offsetting costs that Sutherland (2002) referred, which related to the
recruitment and training of new employees. In case of loss of co-ownership/ business partners,
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life insurance can be adjusted to pay off for the heirs of the dead, in order to assure the
ownership of the company and the future of the company will not be put on risk. This can be
found especially useful in small enterprises with limited number of owners.
Regarding the capacity limitations (responsibilities), some protections can be
found through pension insurance. When the owner/ current manager and/ or key person
started going to retire, they might not actively in the development of capabilities and theirs
know-how as before. In this case, the company can provide people who are about to retire
by creating opportunities for early retirement with additional retirement benefits. In this context,
the purpose of insurance is to help the company adjust its staff based on its appropriate capacity
needs. In order to reduce the risk of capacity limitation in the company, pension insurance can
also be used to attract new capable employees. In this term, insurance is used as an incentive to
attract and commit new talent to the company.
Considering the context of small and medium-sized enterprises, managers are often the
owners who supervise all aspects of operations and businesses (Wong and Aspinwall, 2004). In
this case, it is likely that there is no board of directors overseeing the actions of the manager. The
risk of inexperienced management can be managed at a certain level of both liability and
retirement insurance. If there is a fear that management would make a decision which might
harm the company, which can issue the compensation, liability insurance can help protect
against risks. If management is inexperienced in the situation which is impossible to address new
business challenges due to old age and fatigue, pension insurance is a good way to address this
risk, as explained above. This may be a timely way to consider the issue of generational change
in small and medium - size enterprises.
The negative effects of employee crimes on the company can be controlled by crime
insurance that protects the company from the financial risks associated with the occurrence of
the risk. Considering the risk of employees who have negative attitudes towards the mission to
work abroad, the case may be suitable for internationalized small and medium-sized enterprises.
Negative attitudes can be caused for example by a fear that a foreign transfer could decrease the
employee's social security benefits. This can be balanced with the voluntary retirement insurance
paid by the company, assuring employees that they will be compensated for their time abroad as
the beneficiary of the insurance. Another additional cause of the negative attitude is the fact that
medical services abroad are quite different. Foreigners can therefore appreciate an additional
health insurance that allows first-class medical assistance in case of illness or accident for them
and their families.
4. Research results and discussion
This study contributes to the discussion on human capital risk management by focusing
on human capital risk as an entity, and expanded the problem from risk identification and
assessment into the context of the practical risk management ( Harvey and Lusch, 1999; Durst
and Wilhelm, 2010; Jääskeläinen, 2011) . On that basis, some lessons can be drawn for small and
medium-sized enterprises in Vietnam as follows:
and crime insurance provide potential solutions for managing human capital risk. The
rationale behind these types of insurance is two-sided: some types of insurance function as a
management tool for money risks that arise and encourage a desired behavior, or room
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control when to make up for financing in the event of an adverse event specified in advance. In
particular, pension insurance seems particularly prominent in the context of human capital
risks. This is very consistent with the ideology of workers' views in Vietnam when employees
are always worried about their old age.
The Finnish experience analysis shows that pension insurance can be used for
the purposes of increasing employee commitment to stay with the company, as a way
of adjusting between current employees and capacity needs. or as a way to attract new
employees, and as an additional compensation for employees‘ benefits. This creates an increase
of commitment to company.
From the manager's perspective, the results of this study can be used as a means to
identify and assess the possible risks of human capital at company level and insurance can be
considered as a specific method or solution to manage them. It is important for small and
medium-sized businesses, where the owners/ managers often pay more their attention on core
business processes (Wong and Aspinwall, 2004).Comparing to large companies, in terms of risk
management and human resources responsibilies, human capital risk management may not be
noticeable in small and medium-sized enterprises. Although insurance provides a suitable option
for managing human resource risk, there are other ways for a company to manage its human
resources risk. According to Wong and Aspinwall (2004), multi-functional training, job
transfer and apprenticeship to share knowledge are several ways to protect anti-
knowledge companies. C Cancer grant incentives, non-financial, recognized the contributions of
employees, promote motivation, empowerment, to freely apply ideas and given the challenges of
the job can also create photo enjoy important compared to other tangible services.
Based on this study, it can be seen that protection of knowledge assets is an crucial
matter for companies, and as Stam (2009) indicates, research should focus more on developing
methods and specific solutions to help manage these risks. Although insurance is an outstanding
method to manage human capital risks, small and medium-sized enterprises should focus on the
effectiveness of these types of insurance in practice such as: evaluating the insurable coverage of
the small and medium-sized enterprises, consisting of premium to pay, and the amount of
possible compensation paid by insurer are really commensurate with the losses occur. Apart
from the human capital risks, insurance can be used for many purposes in managing the risks of
small and medium-sized enterprises which other studies can be developed further in the future.
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