Other parts of this series:
Carriers are increasingly adopting “multi-speed” operating models. However, by using only a single talent strategy, they might unwittingly be weakening business outcomes and stifling growth.
A central question in today’s dynamic market is this: is it possible to have multiple operating models but just a single talent strategy? In this series, I will try to not only answer that question, but also offer some solutions.
It is no surprise that different parts of a business move at different paces. To address these differences, business leaders are learning to deliver on the strategic imperatives of each. This enables each separate part to thrive and contribute to the entirety of the business. In short, organizations are adopting “multi-speed” operating models.
In the course of recent Accenture Strategy research, we surveyed executives from traditional companies and found that:
- 77% felt that “flexible and dynamic” described a successful operating model for their digital operations.
- 81% said that in the future, their company will need to manage multiple operating models in parallel.
So, it’s hardly surprising that many businesses are investing in multi-speed strategies to support their increasingly complex and dynamic operations. However, when it comes to the workforce, too many still rely on a single, inflexible talent strategy.
That needs to change.
The good news is that digital advances have made it possible to create multi-speed talent strategies that support varied strategic goals across the business.
What’s a talent strategy?
As companies are beginning to execute more complicated global business strategies, they are, more and more frequently, developing and implementing comprehensive strategies for managing talent that is both internal and external to the organization.
A comprehensive talent strategy includes:
- Staffing and recruiting
- Career frameworks
- Performance management
- Learning and development
- The employee experience
With a multi-speed talent strategy, any insurer—whether it’s a large, incumbent carrier or a digital-born disrupter—can tailor its approach to the unique needs of different groups and workforces.
The key is to apply agile approaches to your talent strategies, and to ensure that your human resources (HR) infrastructure is scalable and can offer a personalized employee experience.
Watch this short video for an overview:
In my next post, I will discuss some of the issues incumbent insurers face when trying to find the right talent.
For further information, take a look at the Multi-Speed Talent report.