For financial services executives, in the United States and around the world, there’s no shortage of concerns. From keeping up with the latest technology — to improving the customer experience — they’re constantly on the lookout for the next big thing so their firms can stand out from competitors.
But one of the other concerns that always ranks near the top in LIMRA surveys is talent management. Just how pressing a concern is it? New LIMRA research in Asia has found that nine in 10 executives find hiring and keeping younger employees to be challenging. And six in 10 say it’s a significant challenge. As companies look to market to young people, they’re struggling to hire people in the same age group, according to Talent Needs of Asian Insurers: Now and in the Near Future (see chart).
And that’s not the only issue: more than half of Asian executives say retaining executive-level staff is another big challenge.
So why are there such problems? For one, there’s a skills gap, according to the executives. They need people with analytics modeling and risk management skills that are so very important in today’s climate. But such people are scarce, according to the survey. Other skills that are desirable — but apparently hard to find — include actuarial, customer centricity, and digital marketing.
And who is the industry looking for the most? Not young people, but experienced industry professionals — who don’t need as much onboarding.
How can the industry improve?
By learning more about the top career motivators and candidates’ main workplace preferences. LIMRA research has also discovered a wide variety of techniques and language proven to engage potential candidates, attract them to a new career and keep them for years to come.
Good help may be hard to find, but as LIMRA marks its century of service to the industry in 2016, we like to remind our member companies about the resources we make available to them that can help — in research, and in learning and development.
Editor’s note: LIMRA offers several programs to help bring more good people on board and keep them. To find out more, please visit: LIMRA’s Recruiting Effectiveness Programs.