Global Challenges and Their Role in Talent Management Crisis Facing Insurance Industry

Abstract

Purpose: The environment for the insurance industry today is global, complex, dynamic, highly competitive, and extremely volatile, and is likely to remain so for years to come. In addition to these external conditions, most insurance firms are also facing several global challenges including those related to: talent flow; the managing of two generations of employees, viz., older or mature workers and younger workers; and a shortage of needed competencies. The aim of this paper is to explore the global challenges and their role in talent management crisis facing insurance industry. The paper is based on case studies relating to insurance companies, focusing on global challenges and their role in talent management crisis facing insurance industry.
 Methodology: A desktop literature review was used for this purpose. Relevant seminal references and journal articles for the study were identified using Google Scholar. The inclusion criteria entailed papers that were not over a decade old.
 Findings: The study found out that the challenges facing insurance industry today are global, complex, dynamic, highly competitive, and extremely unstable, and are likely to remain so for years to come. The study identified challenges relating to talent management crisis facing insurance industry as talent shortage, locating and relocating talent, cultural diversity, aging populations, emerging risks such as COVID-19 pandemics, and compensation levels of talent. Another important finding was that many insurance companies face strong rivalry for the skills worldwide and face extensive challenges in attracting, engaging, promoting and retaining employees. According to this study, researchers have advocated for insurance companies to incorporate and deal with issues of key concern for their future employees they are more likely to succeed in attracting talent.
 Recommendations: The study recommends that Due to the shifting demographics in terms of age, gender, and race, the HR department must device an inclusive approach to attract and retain skilful employees who are ready to remain updated with the current information and trends in the marketplace. Organizations can assess the success of its global talent programme by analyzing its historical aspects on hiring, retention, productivity, and competitiveness in the market. It was also recommended that HR managers are should design reward or compensation programmes for top performers to encourage development of talents. There is assurance of effective management and maintenance of core aspects of a global workforce in line with attributes of a country, thus aligning organizational goals and objectives with those of employees.

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