Insurance industry leaders call for decisive action to attract, engage and retain the brightest and best staff to combat its current employment crisis.
That’s the key message from a senior-level roundtable hosted by enterprise feedback management specialists. Experts and leaders from across the industry discussed the key challenges, outlining seven critical actions needed to attract and retain talent and adapt to the changing world. These include improving the industry’s image, widening diversity and increasing the opportunities for staff, particularly millennials, to give and receive feedback.
Insurance is facing a worrying employment gap. Senior staff head into retirement while companies struggles to attract a younger generation and retain middle-tier employees—particularly women during motherhood. Simultaneously, the industry is undergoing a period of change. A talented, tech-savvy workforce is required to meet the challenges of the digital revolution that’s disrupting and transforming the market.
“Employees are a company’s biggest asset—their skills, experience and ideas are critical to business success,” said Scott Heyhoe, Director of Solution Management, Questback. “Employee expectations are changing, and competition for talent is at an all-time high. It’s never been more important to attract top talent, get new hires fully productive faster and retain their skills while developing leaders of the future. That means listening to staff and acting on their insight to drive real change within the sector.”
The roundtable agreed. Insurance companies must change their management style and image to combat today’s challenges. Leadership must listen closer to staff, and genuine parent-friendly practices are now a necessity. Deploying continuous training and mentoring reduces the risk of a middle-management gap, supports inexperienced managers and prepares younger staff for moving away from a soft market. The roundtable recognised a greater need for diversity, advising a wider recruitment strategy.
Taking part in the discussion:
- Bill Cooper | Head of Insurance, Lloyds Bank
- Lynsey Cross | COO, AmTrust
- Owen Thomas | Director of Global Risk Solutions, RSA
- Mairi Mallon | CEO, rein4ce
- Charlotte Myers | Director of LMA Academy & Market Talent Development, Lloyd’s Market Association
- Martin Healiss | HR Vice President of EMEA, Brightstar Corp.
- James Vickers | Chairman, Willis Re
- Scott Heyhoe | Director of Solution Management, Questback
- Chris Lockwood | COO London Reinsurance, XL Catlin
Too download the report on the roundtable CLICK HERE