Talent shortages are increasingly common these days as many industries see Boomers exiting the workforce. Human Resources professionals consider annual turnover rates of about 10% to be healthy. Year over year, our industry sees rates that are higher than that, sometimes by as much as a percentage point or two. And with more than a quarter of insurance workers nearing retirement this year, the resulting shortfall is a challenge none of us can ignore.
As anyone who’s ever worked in HR in this business knows, turnover also poses a challenge since it isn’t spread evenly throughout the year. In any given month you can find yourself suddenly shorthanded due to an unexpected exodus, a bout of the flu, or even a cluster of parental leaves. There’s usually little time to prepare for these fluctuations and before too long productivity drops and results suffer.
In a recent post on RGAX’s blog I discussed the talent management issue with my colleague Ray DiDonna, SVP, Underwriting and Claims for RGAX. In it we talk about how strategic resourcing can help insurers overcome temporary resource challenges as well as create a more favorable cost structure for the business moving forward.
Resourcing as a Talent Management Strategy
Many of our customers turn to us to solve a temporary staffing issue but find the benefits so attractive that it quickly becomes part of their long-term transformation plan.
And the results can be remarkable. One client of ours found that onboarding time went down by 70%, and the outsourced staff was 50% more productive. They also eliminated the considerable overhead of maintaining an in-house staff.
Interested in learning more about the benefits of strategic resourcing? You can read our entire interview here.