Delegates the BrokersLink global conference in Madrid were warned that insurance businesses that overlook the importance of the vast pool of talented resource presented by their junior staff and graduates could lose their competitive advantage.
Pedro Gonzalo, International HR Project Manager – Talent Management & People Development at Sociéte Générale Corporate & Investment Banking in Paris said: “As a result of the globalisation of recruitment and demographic trends there is now a war for talent that requires constant reinforcement from the junior ranks to maintain maximum operational efficiency. This represents a real and immediate threat for the insurance and wider financial services industries.”
“In simple terms, if you don’t invest from the induction stage your rivals will poach your star performers and benefit from their enthusiasm to learn,” he warned.
Mr Gonzalo explained to the 200 international delegates that new key drivers of recent graduates must also be taken into account in order to attract and retain the best candidates. These drivers, which include generation Y’s demand for attractive employer characteristics and industries, have changed considerably over the last decade and there importance is not always appreciated when nurturing talent.
He continued: “Applying best practice is not difficult, but companies will need to invest in graduate programmes, mentoring and coaching. They will also need to get to grips with the latest networking initiatives and social media applications the new intake view as rudimentary.”
Mr Gonzalo also told delegates that while recent surveys had shown encouraging signs of talent management becoming of increasing importance to CEOs, this recognition must now trigger long term investment. He said: “Tomorrow’s leaders are among today’s graduates. Having a consistent strategy in place to manage them will allow companies to start preparing for the future while building part of this future around some of these talented people.”
José Fonseca, Chairman of BrokersLink, one of the largest independent insurance broker networks, agreed with Mr Gonzalo. He said: “While the majority of companies within the insurance market appreciate the need to attract new junior talent, not all currently have the knowledge to deliver the best development programmes. However by actively embracing the continually evolving needs of the next generation we can not only maintain vital competitive advantage, but also see an excellent return any HR related investment.”
