In addition, ensuring that there are clear routes to career progression it was identified by 23 per cent of those surveyed as the main way they are working to appeal to new and existing employees. Meanwhile, 22 per cent said that they were keen on investing in training and development. However, only 12 per cent of those surveyed said that they were actively focusing on increasing the benefits on offer to employees as a means of attracting and retaining staff.
Jonathan Clark, Interim CEO of the Chartered Insurance Institute argued that ‘businesses must continue to evolve and invest in a way that attracts and retains their top talent’ as the coronavirus ends and the availability of remote working becomes an expectation in many career paths. This pressure also comes against a backdrop of a worsening economic climate, with the Bank of England predicting that inflation could reach 11 per cent.
“We are amid the great resignation and with remote working limiting learning through osmosis, businesses need to ensure they are continuing to train and develop their staff if they want to keep them engaged and equipped to meet the needs of the public,” he said. “While it is great to see flexible working being offered, top performance can’t be achieved without wellbeing so it will also be key for firms to develop a culture where employees feel supported and equipped with the knowledge, skills and behaviour they need to do their best wherever they choose to work from.”
The CII plans to unveil its Professional Map this summer – a new competency framework for the insurance industry which aims to cover technical knowledge, skills and behaviours expected from professionals in the sector. In addition, the Map aims to provide a sector-wide map of competence, informed by the market and aligned with regulatory and ethical standards.
The CII conducted a similar survey in January where they questioned insurance professionals on what they thought their greatest challenges would be in 2022. Key concerns included Brexit, Covid-19, the implementation of hybrid working, and the ‘knowledge gap’.