Urgent need to manage talent gap in insurance industry
At the time of liberalisation, there was no potentially floating population of experienced hands in the market. The experienced employees belonged to the public sector and they were in no hurry to jump the fence, being happily wedded to the organisation for life.
A few who wanted to cross over were deliberately avoided because of the view that the experienced hands from the PSUs would bring along with them complacency and inhibit innovations; hence, for a very long time, they experimented with talent drawn from diverse fields like pharma, telecom, retail, mutual funds, NBFCs and the banking industry. But even after 12 years, the companies find themselves in a tight spot on talent management.
Today’s scenario is characterised by a lack of any identifiable group of people passing out of educational institutions as suitable for the industry, untrained or undertrained people manning various business functions, deficit of leadership talent at the middle level and a void at the senior management level due to talent gap for providing ready successors. In this business, the recipe of success is selling more every year and conserving the business already acquired.
It is much different