What actions insurers can take to address workforce participation
As we begin to make our way through recovery, its critical for insurers to address how they can shape an improvement in retention, participation and employment within their own organisations.
Starting to address these challenging trends must start at home, as we’ve seen this trend really impact insurers over the past 18 months.
Our team has shared three core actions insurers can take, that we’re implementing here at GB too:
1. Reimagine recruiting
The war for talent is more than a hot topic we’ve all heard about this year, it’s going to be a defining factor for the future of our industry. We all need to think outside-the-box when it comes to our recruitment and hiring processes to ensure we’re reaching a broader, more diverse group of potential talent. This will not only reap rewards in the type of skills in your team, but bringing people of diverse backgrounds and experiences will help your organisation build the adjusting force of the future.
At GB, we have tripled the size of our recruiting team and introduced double referral bonuses for our teams. This has also dovetailed with a dramatic increase in our “GB University” program which will welcome 20 new people per quarter to ramp up our supports in general liability, accident liability and workers’ compensation. Our program helps develop the next generation of claims professionals and instils them with the skills, values and drive to propel our industry forward.
It’s likely your recruitment team is feeling the same sense of burnout, poor wellbeing and fatigue from the past 18 months, so make sure you consider how you can incentivise and reinvigorate them to perform.
2. Develop compelling value
Pulling workers back into the workforce takes more than a competitive pay check. We know general public sentiment now has turned from who pays the most, to who will take care of the employee the most.
Of course, competitive packages are still important, but it’s even more critical that your organisation is presented as a place where employees are valued, empowered and supported to achieve their career goals. Whether it’s enabling flexible work where appropriate, to culture and engagement mechanisms that support your team members to bring their whole selves, and their whole energy, to their role — you need to build a strong and compelling foundation that will attract and retain talent.
At GB, we have enabled flexible work in our workforce for decades to better support parents and caregivers who wanted to maintain their careers while caring for children – as they should be entitled to do. The pandemic showed us, and everyone else in our industry, that this flexibility should be extended to more people to ensure we can find the best talent — no matter where they are or what their needs are.
3. Build engaging processes
Once you have addressed your recruitment and employee value proposition challenges, it’s important to also review and refine their management practices and procedures to ensure productivity and accountability.
As we all shift into managing hybrid teams, these processes and your training programs must be tailored for remote workers to ensure they don’t fall behind or become disengaged. The right tools and technology will be critical to achieving this, with likely benefits to your quality and customer service as a result of your team not being impaired by slow, inadequate or dysfunctional technology.
Through building a strong foundation, you can help take your organisation through the challenging times ahead. As partners to insurers across the world, GB is taking the lessons we have learned and applying them to deliver positive outcomes and results across a variety of sectors.
To find out how we can help you address the war for talent and other resourcing challenges, connect with our team of experts today.
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