I discussed in my last blog the need for life insurers to attract the right talent—if they want to reap the most return on their digital investments. Unfortunately, it means an uphill battle for insurers against other industries that are perceived by college grads to be more “glamorous” or interesting. Only 2 percent of recent grads express interest in working in an insurance company.
In a new insurance workforce report, my colleague, Ravi Malholtra, offers three actions insurers must undertake to support a much more proactive approach to talent acquisition, development, re-skilling and retention:
- Transform the employee experience by using new technologies in innovative ways to engage, delight and retain the talent they have. For example, they can adapt online features that are popular among consumers—such as peer reviews and personalized recommendations—to learning programs.
- Re-invent on-the-job learning by shifting to highly-effective, short, sharp bursts of learning content delivered via digital channels. Seventy-seven percent of 2015 graduates in the United States expect their employers to offer formal training programs.
- Re-shape the talent supply chain by adopting new talent acquisition and retention strategies, such as forging innovative educational collaborations. For example, certification programs with regulators and internships with trade schools and community colleges can help cultivate potential talent that without requiring a four-year degree.
As carriers move toward fully digital operations, they will do well to lead with a digital-ready workforce. Insurers that lag in this area—staying with the status quo in the way they engage and enable their workforce—will struggle to achieve their digital potential.