Other parts of this series:
Carriers are under increasing pressure to tailor for different customer segments and different parts of the business. The workforce should be no exception.
As I discussed in my previous posts, finding the right talent that fits multi-speed organizational models is not possible with a single, inflexible talent strategy. Instead, a multi-speed talent strategy is needed. In this final post of my Multi-Speed Talent series, I will outline some recommendations on how your company can develop a multi-speed talent strategy that fits your business needs.
Adopt a multi-speed talent strategy
For an effective talent strategy, new kinds of human resources (HR) thinking and action are key. HR is so critical because it is uniquely positioned to connect the needs of the business with the right talent to deliver on those needs.
Understanding your organization’s different business objectives and their implications for different workforces is an essential first step.
Depending on the particular business objective, this first step might include:
- Focusing HR on workforces where automation and technology augmentation could replace routine work.
- Redeploying people to areas where their knowledge and skills could make a greater business impact.
- Improving innovation and time to market, perhaps with an emphasis on research and development or IT.
Once these business-centric factors have been determined and relevant workforces have been identified, executives can go even deeper by looking at the supporting talent strategies for those workforces. Some parts of the strategy might be common across many workforces, while other parts may need to be customized.
Depending on the specific needs of a particular workforce, this second step might include:
- Offering frequent employer-sponsored training.
- Providing other opportunities for professional development and skills enhancement.
- Creating a culture that encourages sharing of cutting-edge ideas.
- Offering more varied work and encouraging entrepreneurial mindsets.
With this approach, HR can more readily attract and retain top talent, keep costs in line, drive excellence in workforce performance, and increase the impact on the business.
1. Apply a multi-speed mindset across the employee lifecycle
Use agile approaches to your talent strategies. Agile development is more flexible, aligned and adaptive than traditional development. When you have an agile, multi-speed talent strategy, you can tailor parts of the lifecycle just when the different workforces need them.
2. Make sure your HR organization has a scalable and personalizable infrastructure
Because of the digital capabilities at our disposal today, HR can now leverage a common IT platform to create modular solutions and scale each part as needed to address each critical workforce. HR should also apply a consistent framework to support decision making.
3. Plan and operate from the vantage point of the employee experience
Plan experiences across the employee lifecycle, just as you plan how to deliver differentiating customer experiences. Perhaps enable employees to choose their own work schedules, engage in specialized training, take sabbaticals, or participate in social outreach programs as part of their workday.
In the multi-speed world we live and work in, the pace of product development and service delivery are accelerating dramatically. Companies are under increasing pressure to tailor to different customer segments, different parts of the business, and different parts of the workforce, both internal and external.
Taking the leap into modular, scalable, personalized talent strategies will allow insurers to cope with the cost pressures of attracting scarce critical talent, and the demands of future workforces. A multi-speed talent strategy, as outlined above, can help you deliver on an expanded portfolio of products and services—and fuel future growth.