One of the biggest challenges for Corporate India today is attracting the right talent, managing its people and defining talent management practices that can be effectively leveraged to drive business results. Attracting and managing talent has become even more critical in service-oriented industries such as insurance where people are the most important asset. Despite being amongst the oldest financial institutions in the world and catering to a very important human need of hedging against uncertain losses, Insurance remains a push product, which requires a large team of adequately trained and equipped front line sales force.
In the current business environment, front line sales force attrition continues to be high and in all likelihood, will remain so. At the mid management level too, there is already a deficit of leadership talent as a large number of employees at this level are constantly torn between company loyalty and career progression. And there is a significant shortage of high quality talent at the senior management level due to unavailability of ready successors.
The increasing talent crunch will force organizations to focus on retaining their critical talent, investing in preparing them well for bigger roles in future and creating an internal and external pipeline of future ready talent. Regular training, development and engagement will be critical as the new workforce desires more in less time and feels relatively lesser bound to stay in one organization for a longer period. Mentoring and balancing aspiration levels will play a key role here.
Also, in a scenario where there is a growing demand for more and more skilled workforce, it is imperative for organizations to define required skill sets and develop a long term plan to build a stable cadre of trained workforce that is continuously motivated by a clear growth plan.
There are certain skill sets and attitudes that organizations would like their prospective employees to have. People who are proactive, possess agile thinking capability, have a business mindset, are desirous of broadening their knowledge beyond their scope of work, are adept at managing change and are agile learners will be highly valued. The skills gap – between what is expected/ needed and what is available – is not likely to evaporate soon. To manage this skills gap and recruit the right talent, companies need to re-evaluate their business strategies and approaches, including recruitment and talent-search strategies. This is necessary to provide the talent needed to help organizations deal with current business challenges and be future ready.