Over the past two weeks, I’ve been talking about emerging market entry for insurers. Catch up here:
- Part One: Where to play and how to enter.
- Part Two: Position for profitability and fitting into a global business model.
Global expansion comes with a myriad of challenges beyond the immediate concerns of where and how to drive growth. How can an insurer attract and retain skilled workers—particularly in new markets? How can insurers build a corporate culture that is globally consistent and locally responsive?
More agile HR operating models
With a global workforce, it’s important that HR services are flexible and adapt as the company changes. One example is to have HR models that share service platforms, enabling insurers to switch between globally efficient and locally responsive—depending on the situation. The result: HR services can be provided faster and more consistently, regardless of geography.
For effective execution, an insurer’s governance structure must enable it to make local decisions. Typically, this is accomplished through processes that encourage innovation at the local level. Just as important, leadership must draw from company experience—but also empower managers in new markets to make effective decisions.
Common technologies and systems
When it comes to global operations, consistency is critical. Consequently, global systems for HR information and processing can overcome regional limitations. And, as discussed previously, these shared systems can create much-needed agility and flexibility.
Above all, companies need an HR strategy that’s aligned with broader business objectives. Buy-in from senior leadership is critical, as is balancing global strategy with local innovation.
Learn more about how to manage a global workforce in Outlook, the online journal of high-performance business.