The insurance industry continues to grapple with a shortage of skilled professionals, with demand for talent outpacing new entrants to the industry. A recent Aviva Risk Insights Report found this is the second biggest risk facing UK companies.
This trend is now adding to existing inflationary pressures with more than 25% of companies raising wages either to attract or retain staff, further impacting their already constrained bottom line. However, around 63% of UK companies have struggled to attract new employees at all and about 64% have faced challenges with staff retention.
Understanding the complexities of the talent crunch and knowing how to offer effective solutions to help navigate this difficult time will be the key to building a resilient workforce and ultimately, ensuring insurers continue to grow.
Ben Wimbledon, Human Resources Director, Gallagher Bassett UK, shares four valuable tips to help insurers address this growing global issue:
“Focusing on the development and training of existing workforces through comprehensive programs, professional development opportunities, and upskilling initiatives, can enhance employee satisfaction, retention, and build a pipeline of skilled professionals within the organisation.
Offering flexible work arrangements, such as remote work options, flexible hours, and compressed work weeks, can help insurers attract and retain skilled professionals. These arrangements appeal to a wider talent pool and promote improved work-life balance and employee satisfaction.
Investing in technology and automation can help insurers mitigate the impact of the talent crunch. By adopting advanced technologies, such as machine learning, and process automation, insurers can streamline processes, enhance operational efficiency, and reduce the burden on human resources.
Choosing to outsource certain functions to strategic partners like Gallagher Bassett can provide insurers with access to a qualified workforce with a deep understanding of the insurance industry. This approach helps maintain a competitive edge, increase operational efficiency, and alleviate the pressure caused by the talent crunch.
Navigating the talent crunch requires a proactive and multi-faceted approach to address the skilled workforce shortage and build a resilient workforce. Outsourcing to a dedicated team can support insurers in the journey by offering expertise and innovative solutions to help navigate this challenge effectively.”
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