The Insurance Federation of Egypt (IFE) says that for insurance companies to adapt successfully to rapidly changing risks, there is a need to find new ways of working supported by a more flexible workforce with diverse capabilities.
The Federation, in its weekly bulletin issued on 29 June, says that the insurance companies that will succeed in the coming years are those that believe that developing a strategy to attract qualified people is as important as the basic business strategy, adding that the strength of the company is largely determined by the competencies it possesses.
Insurers’ talent strategy requires the same attention and focus as their business strategy, especially since the insurance industry is witnessing rapid change; therefore, the industry must move towards developing a workforce that is compatible with the markets it serves. This requires engaging people with digital skills who have a fundamental understanding of what customers expect today and giving them the opportunity to help develop the company.
The bulletin reads, “There is no doubt that technology and globalisation have changed everything in our lives, as they have led to increased competition to attract talent, and therefore the potential growth of any organisation depends on its ability to ensure that the right people with the right skills are in the right place at the right time and practicing the activities that suit their skills.”
For these reasons, talent management is at the top of the strategic challenges of human resources management, as an ineffective talent management programme means that the organisation cannot keep up with its competitors and leads to high employee turnover rates, low productivity and other negative effects.
Regarding talent attraction strategies, the Federation indicates that these include recruitment, as modifying the industry’s approach to communicating with young people is crucial to attracting talent, in addition to rehabilitation, as re-skilling existing employees is another solution to reduce the talent gap instead of hiring new employees.