Insurance Agenda Quarterly 2017: latest insights
Latest collaboration with Tapestry Networks
Our latest collaboration with Tapestry Networks, Talent strategy: designing a workforce for the future of insurance, questions if insurers have the talent or the workforce to thrive in the industry’s next era. With workforce issues at the forefront of many directors’ minds, boards are now seeking to align talent management more closely with business strategy.
The report acknowledges the fact that the rise in automation will lead to job losses, but instead of fearing that automation will take all jobs, humans will be able to concentrate on more complex and sensitive tasks. Human judgement will still be required, and the elimination of mundane and repetitive jobs will mean employers are left with a higher proportion of high-performance, high-skill and high-capacity jobs.
However, these higher skilled jobs will be harder to fill for insurance companies as they face stiff competition for attracting and retaining talent when other companies are seen as more exciting. By realising their purpose, insurance companies will be more attractive to potential employees. A recent EY study noted that employees are three times more likely to stay with a purpose-driven company than with one whose principal goal is to make money.
Talent strategy is the result of a discussion of Directors from over fifteen insurance companies. From technological transformation, demographic shifts and the need to compete for scarce talent, talent strategies are becoming a higher priority in the boardroom.