In the coming year, talent attraction will be one of the top-most priorities of the insurance sector. Given the current economic situation, there will be an increasing challenge for companies to attract talent in the industry as well as retain talent, as a general perception has developed amongst many that the industry itself is not worth spending more time on. Considering the dearth of skilled employable talent, it would be quite a task for these companies to retain and enhance their existing talent pool.
Global cues and uncertainties have lowered the optimism level of the job market, which will make people with specialist skills risk averse. They will not find it wise enough to change an existing job in the present scenario. Therefore, this will pose a challenge in attracting talent, leading the companies to resort to high pay options that will further impact talent costs for companies.
And then ultimately, the continuing skill gap due to the quality of education and the demand - supply gap will be the reason for companies to strive towards bridging the gap through backward integration programs.