The ability to effectively develop your employees can make a large impact on your company’s overall success – from the ability to tackle future challenges to enhanced employee productivity and retention. Organizations focused on development have 11% greater profitability and are twice as likely to retain employees, compared to those that do not. In addition to business advantages, top professionals are actively seeking out employers who are committed to their growth. Nearly 90% of Millennials say professional development opportunities are very important and 41% of high performing individuals said lack of growth opportunities was a reason for seeking new employment.
Depending on a role’s level, the cost of employee attrition is roughly 30-150% of its salary (even more for executive-level positions). Additionally, the industry’s unemployment rate is low and the majority of insurers plan to continue adding staff, resulting in limited qualified individuals available to fill open positions. Proactively investing in developing your current employees can create a strong bench of internal talent and should be a priority within your talent strategy.
Think beyond traditional employee development.
As the insurance industry and its capabilities expand, so do the required skillsets and attributes of its most successful individuals. Strictly linear career paths are not always the norm and it’s necessary to acknowledge this within your approach. While function-specific training programs are still valuable in providing a firm foundation for many areas of insurance, there are several other factors that comprise a well-rounded and engaged professional.
Jobs are evolving, departments are flattening, and daily in-office interactions are less common. Emotional intelligence, communication and presentation skills, problem-solving abilities, and other transferable skills help individuals be successful no matter the demands of their current or future roles. Those who will eventually move from high-performing individual contributor roles to supervisory positions will also need to hone their leadership and team management skills. Start building these capabilities early by putting individuals in charge of specific modules within your training programs or giving them management experience through special projects or activities.
Create opportunities to absorb information.
For previous generations of talent, many best practices and business lessons were absorbed by observing others. In today’s virtual and hybrid environments, employees are no longer able to listen over the cubicle wall or informally shadow a colleague. More thought and intentionality must be given to recreate these experiences, while keeping them consistent across work environments.
Help further grow high potential individuals’ skills and knowledge by connecting them to more senior-level high performers who possess similar interests and strengths. By matching them with the right people, you can further expand their mindset and introduce them to ideas and opportunities they may not have realized were even possible. Additionally, consider how you can connect individuals to other areas of your organization, whether it’s through internal committees, cross-departmental initiatives or company-sanctioned social events.
Focus on future needs and potential skill gaps.
Where does your organization aim to be in the next one, five or 10 years, and what skills and talents will be necessary? Incorporate these areas into your succession planning efforts and ensure you’re focusing on these areas within your employee development plans. People want to be challenged – especially if those opportunities align with their interests and capabilities. For instance, if you are planning to focus on AI transformations, consider how you can begin building technology and change management skills within your team. If you are bringing on additional product lines, strong business acumen, negotiation and project management skills may become a priority in your development plans.
Be creative.
Many organizations have flattened over the past several years, limiting opportunities for traditional title changes and direct promotions. This may make it more difficult to move individuals up through the organization – especially if someone else is currently occupying what would be their next role. Be creative in how you can give people the opportunity to push and advance throughout the company even if there isn’t an open position to fill. This could mean a horizontal move, breaking their role up into two areas to provide a broader perspective, job sharing or giving them more executive exposure. Help individuals feel like they’re growing, while building the knowledge and levels of productivity needed to achieve your team’s strategic goals.
Communicate a clear career path.
Don’t be afraid to let individuals know you are committed to further developing them and to creating opportunities that align with their strengths and professional passions – especially those you’ve identified as high potential. Ask about their interests and longer-term goals, recognizing their career aspirations may not be linear. Once you have uncovered what excites and motivates them, you can create more formal career development plans to ensure they’re moving forward in a methodical and strategic way. View a downloadable template at this link.
It’s essential to adapt to the current working environment and be creative and intentional in offering your employees the experiences and exposure they need to grow and thrive. Provide the opportunity for people to get involved and participate in meaningful ways, while building the skills necessary for moving to the next level. This will not only result in a fulfilled and engaged workforce, but will also set your company up for ongoing success.