Wages Unveiled: A Comparative Documentary on Compensation Trends

Across Industries

A Written Report
Presented to
Prof. Ronairah D. Dindang

In Partial Fulfilment
Of the Final Requirement for the Subject
Compensation Administration

JEDIDIA CRYSTAL T. SUMUGAT

JESSA CHENN H. SOMBERO
CYPHER JOHN CODILLA
CHARIS MAE P. SILVELA
DENN DAVID MAKILANG
KRIZZA G. FELISILDA
KLARVILLE L. GULLE
JEFFREY V. RUTO
JEZIELLE PEREZ

MAY 14, 2024

 Written Report

Wages Unveiled: A Comparative Documentary on Compensation Trends

across Industries

Milestone Guaranty and Assurance Corporation

Background of the Company

Milestone Guaranty and Assurance Corp. (formerly known as Eastern

Assurance & Surety Corporation) started operations in 1962. Founded by then Rizal
Congressman Frisco F. San Juan and the late Atty. Jorge T. Mariano, Jr. both
veterans of the second World War. During its initial years, few insurance companies
existed and GSIS was not aggressive in providing Protection plans to the Philippine
government which gave EASCO the opportunity to corner the insurance needs of the
Philippine Government.

Throughout its existence the company stood its ground and weathered the
different financial crisis that the country encountered. Undaunted by the new
challenges, EASCO has expanded its operations to enable it to compete in the local
insurance market. The Milestone Guaranty and Assurance Corp. branches out here
in Gensan in the year 2013 and is continually operating until today for 11 years.

Now, after more than 50 years from its establishment, the company continues
its commitment to the insuring public under its new name Milestone Guaranty and
Assurance Corp. The Company is managed by Officers who have spent most of their
professional careers in insurance.

The Company’s mission is “To provide comprehensive support to our agents,

brokers and branches nationwide and strengthen client relations by delivering
guaranteed insurance service”. They also have a vision “To be leading and
preferred insurance solution partner for all Filipino families, businesses and
communities worldwide”. The principles and priorities that guide the organization's
actions are their Core Values which is Making a Difference, Growth, Accountability
and Community.
Interviewee History

Mr. Jelvin Tuballa's 13-year tenure in the insurance industry stands as a

testament to his dedication, expertise, and leadership, and now a branch manager of
Milestone Guaranty and Assurance Corporation. Beginning his career as an entry-
level claims adjuster, Mr. Jelvin quickly demonstrated a keen understanding of
insurance principles and an exceptional ability to navigate complex claims with both
precision and empathy. His commitment to professional growth saw him advancing
through various roles, each increasing in responsibility and scope, shaping him into a
well-rounded and highly competent insurance professional.

In addition to his technical skills, Mr. Jelvin's ability to lead and inspire teams
has been a cornerstone of hir success. He fosters a collaborative and inclusive work
environment, encouraging his colleagues to strive for excellence and continuously
improve. His mentorship and training initiatives have not only enhanced team
performance but also contributed to the professional development of numerous
individuals within the corporation.

Milestone Guaranty and Assurance Corporation’ Compensation Reflection

The interviewers recently had the opportunity to interview, Sir Jelvin, the
manager of an insurance company in General Santos City. He shared his journey,
emphasizing that reaching his current position was not easy. He started as a working
student and then worked as a clerk before becoming the branch manager of
Milestone Insurance Company. Sir Jelvn highlighted the importance of having a side
hustle both within and outside the company because compensation alone is not
sufficient for individual; he emphasize achieving financial freedom is having financial
literacy. Over time, his earnings from these side ventures surpassed his regular
salary.

Further, he stressed the importance of applying all necessary skills to every

task and maintaining a positive attitude without complaining. For young aspirants, Sir
Jelvn advised pursuing their passions and the horizons they wish to explore. His
dedication to helping his colleagues is evident, as he sometimes provides financial
assistance from his own pocket to support his co-workers.

Moreover, Sir Jelvin’s story is a testament to hard work, persistence, and the
importance of helping others along the way. His journey inspires us to strive for our
goals while being generous and supportive to those around us.
Sunlife Insurance Company

Background of the Company

For 7 consecutive years, Sun Life Financial (Philippines) Inc. has been the
number 1 insurance company in the country. It was awarded as the best employer
of the year in 2015 by People Management Association of the Philippines
(PMAP) which recognizes companies that excel in the areas of leadership, strategic
human resources, continuous improvement programs, business results, and social
responsibility. Headquartered in Bonifacio Global City, Taguig, Metro Manila, they
have 32 branches, 28 sales offices and 5 financial stores throughout the country.
In the Philippines, Sun Life Financial served the country since 1895, and
today, being 129 years. They have ensured quality insurance services and products,
which includes Life Insurance, Accidental Insurance, Pension Plans, Education
Plans and Mutual Funds, unwavering in the times of peace or war for centuries.
Furthermore, it is not only operating in the Philippines. Sun Life is one of the world’s
leading financial service companies. With headquarters stationed in Toronto, Sun
Life operates in key markets worldwide including Canada, the United States, the
United Kingdom, Ireland, China, Hong Kong, the Philippines, Japan, Korea,
Indonesia, India and Singapore. Their global workforce is composed of 29,180
employees and has a direct sales force of 170,000 worldwide
As the country’s first and longest-standing life insurer, they provide:
 Financial planning guidance
 Life insurance products for every life stage
 Investment products for individuals, families, and companies
 Health-focused products with an innovative wellness community
 Exceptional client-servicing

One of the company’s priorities is its continuing financial literacy program

collectively called Brighter Life, aimed at teaching Filipinos the value of financial
security for one’s future. Through various campaigns like the Brighter Days
Financial Planning Sessions, participants were given the chance to learn the
values of financial management as well as investing and planning for one’s financial
future. With the legacy of love, passion, and commitment that the company aims to
uphold, it continues its journey forward for a brighter Philippines.

The Company’s mission is “To help our clients achieve lifetime financial
security and live healthier lives.”. Its vision is “To be one of the best insurance and
asset management companies in the world.”
Interviewee History

The interviewers travelled to Marbel and met Mr. Junmar Jimenez, a

dedicated unit manager of Sunlife Insurance in Region 12. With 9 years of service
under his belt, Mr. Jimenez has established himself as a reliable and knowledgeable
professional in the insurance industry. His journey with Sunlife began when he was
working as an accounting clerk. At that time, he discovered Sunlife and decided to
explore it as a part-time job. Over time, he became increasingly impressed with the
company. He not only saw the potential for growth and career development within
the organization but also experienced firsthand the comprehensive benefits and
financial stability that Sunlife provided.

This positive experience led him to a pivotal decision in his career. The
compensation and rewards from Sunlife were so compelling that he chose to resign
from his previous job to focus entirely on his role at Sunlife. This decision proved to
be a turning point, allowing him to fully commit to helping clients secure their
financial futures through Sunlife's insurance products and services.

Sunlife Insurance Company Compensation Reflection

Mr. Junmar Jimenez's journey at Sunlife Insurance highlights his extensive

nine-year experience and comprehensive understanding of the insurance industry.
Initially starting as an accounting clerk, his curiosity about Sunlife led him to explore
a part-time role, where he discovered the company’s potential for growth and career
development. His positive experiences and the company's comprehensive benefits
convinced him to fully commit to a career at Sunlife.

A major turning point in Mr. Jimenez’s career was his decision to leave his
previous job, drawn by the compelling compensation and rewards Sunlife offered.
Now, as a dedicated unit manager, he helps clients secure their financial futures
through Sunlife’s wide range of insurance products and services. His story
underscores Sunlife’s commitment to financial stability and support for both
employees and clients.

Mr. Jimenez provides insights into the dynamics of the insurance industry,
noting that Sunlife operates on a performance-based or commission-based model
rather than relying solely on experience or position level. He highlights the
importance of side hustles for increasing commissions while acknowledging the
challenges of meeting quotas and retaining employees. Despite these challenges,
his journey exemplifies Sunlife’s dedication to love, passion, and commitment to a
brighter future for clients and employees alike.
 Comparative Table of two (2) Insurance company about Compensation

Compensation Comparative Table

Milestone Guaranty and Sunlife Insurance Company
Similarities
Assurance Corporation

1. Non-life Insurance 1. Performance-based 1. Life Insurance

2. Performance compensation. 2. Benefits:
evaluation is the 2. Annually Increase in a. Travel
basis for promotion. compensation. Insurance
3. Non-monetary 3. Centralized Human b. Health
Benefits: Resource (HR) insurance
a. Company Department. c. Retirement plan
products 4. They allow dual d. Stock-option.
4. National Company employment. 3. Multinational company
4. If they did not reach
the quota, they will be
terminated.