Library: PwC – Insurers can win the war for talent — if they tell their story
Executive summary
In our overview of the top issues facing the insurance industry, we note that carriers need to do a better job of fully committing to and funding their strategies. This commitment naturally extends to identifying the kinds of skills and attributes they want in their employees.
Rethinking skills requirements
This kind of prioritisation may sound obvious, but most carriers are trying to catch up to their counterparts in other industries who are competing for the same workers. This isn’t just because of perceptions that, for example, working at a technology firm is more exciting and offers more growth opportunities than at an insurer. It’s also a consequence of carriers failing to clearly identify and pursue what they really need. For example, you’re probably moving at least parts of your operations to the cloud. This requires a rethink of the skills you need not just in IT but throughout the entire organisation. Are you targeting candidates and developing employees accordingly? Are you considering your intermediate and long-term needs, not just current ones?
In other words, of course you want to offer an attractive workplace to potential and actual employees, but you also want to appeal to the right employees. Too often, we’ve seen recruitment and staffing decisions focus on doing business as it’s always been done, ultimately to meet past needs. This approach means you’re likely to lose out on the best employees now and into the future and struggle to build a workforce that can help you compete in an increasingly challenging market.
Identifying the biggest risks
Fully committing to your way to play in order to determine requisite longer-term skills is the overarching issue you have to address. We know this isn’t easy. As the graphic shows, skills identification is a real challenge for all business leaders. We recently asked FS executives to choose from a list of the biggest risks that could prevent their companies from achieving their 2022 growth goals: 55% cited talent acquisition and retention challenges, well ahead of their peers, and just 26% said they expect these talent shortages to ease by the end of 2022.
Current recruiting difficulties only compound the challenges involved in attracting, developing and retaining the right employees. Read below to learn how how insurers can win the war for talent even as they home in on their unique strategies for the future.
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