The world of work has faced dramatic changes in the past few years, with everything from job tenure to office culture looking different in 2023. As a result of these shifts, recruitment and retention efforts are also changing, with many employers shifting focus towards attracting the next generation. However, the importance of nurturing established talent cannot be overstated. Economic challenges and the rising cost of living have impacted the aging workforce, presenting an opportunity for organisations to harness their wealth of institutional knowledge.
In the pursuit of a skilled workforce, insurers are in a unique position to address talent challenges by refocusing on how to retain the institutional knowledge of an older workforce while also attracting and nurturing fresh talent.
With a dual focus on new and established talent, insurers can position themselves as a key employer in the sector. Let’s delve into the key strategies that insurers can leverage when focusing on establishing and nurturing their workforce:
- Empowering established talent with technology
In an age where technology is driving industry transformations, insurers recognise that established professionals bring a wealth of experience and industry wisdom. However, adapting to evolving technologies or operations can, understandably, be a learning curve. As the insurance industry broadly takes its next steps in digital innovation, particularly across general insurance lines, it’s important to identify any gaps in the onboarding of new digital programs, internal training guides or employee skills. To support your staff to adapt to changing processes and technological shifts, insures can consider the following strategies:
- Skill enhancement programs: Offer training and support to help employees to effectively utilise new technologies and remain up to date with industry trends. Ensure current and potential employees understand that the insurance sector is an evolving space and supporting employees to continue to grow with the industry is a top priority.
- Personal development budgets: Providing employees with a set budget for personal development programs each year can offer incentive and encouragement to your workforce to seek out opportunities and proactively close skill gaps. Particularly for established talent, having autonomy over development opportunities and areas of interest can elevate confidence in addressing current challenges.
- Carefully selecting organisational programs and technologies: For insurers seeking to innovate their claims management operations and accelerate claims resolutions, prioritising user-friendly programs is key. Our industry leading RMIS suite, Luminos, provides an intuitive user interface and interactive dashboards to ensure a user-friendly experience. To learn more about what to consider when seeking a new claims management technology, click here.
- Knowledge empowerment for new talent
Attracting and retaining new talent is crucial for injecting fresh perspectives and energy into the insurance industry. Proactively pairing new and established talent can offer immense value to increasing contextual understanding for young professionals across complex business operations and industry niches. Just as the emerging generation of professionals can have a positive impact on upskilling established talent in innovation, the wisdom of long-term employees can do just that and more.
- Comprehensive onboarding and training programs: In-depth training programs play a pivotal role in empowering employees to excel in their respective roles. Whether welcoming potential or existing employees, the assurance of receiving thorough coaching and training when commencing a new role or adapting to role changes is a crucial factor for attracting and retaining talent. This sets a strong foundation for new talent to thrive.
- Encourage knowledge sharing: Create an environment where new talent feels empowered to share their innovative ideas and collaborate with established professionals. Build teams that blend both new and established talent, which can often lead to creative solutions and enhanced productivity.
- Foster a culture of continuous learning: Invest in professional development and encourage new talent to continuously upskill. Offer opportunities for certifications, courses and mentoring to support their growth.
So, how can GB facilitate and support greater talent retention and with its insurer partners?
As the talent crunch evolves for insurers, we are here to help our partners expand their resources and transform the way they recruit and retain the talent they need to grow and prosper. Outsourcing these complex talent management tasks not only opens new opportunities for claims professionals to grow their careers or explore new paths within GB, but it also means insurers can focus on profitably growing their core business.
To learn more about how we can support your business to seamlessly transition through the holiday season and into the new year, connect with me today.
