Page 39 - Insurance Times June 2023

the employees. Insurance Industry possess a challenges in
every Risk that comes for its coverages.

Benefits of combating the Talent Gaps:

For Organization:
Talent management or combating the Talent Gaps is integral
to modern businesses and is one of the crucial management
functions in an organization. Here, the below listed major
benefits that Talent Management has to offer is given below:
It helps the organization fulfil its vision with the help of
efficient and promising talented people.
Talent management also assists the organization to build
who are versatile and able to move around various roles in the
a talent pool comprising a list of talented people to meet
company and share their knowledge internally.
future exigencies.
It makes the organization more competitive and
Improved internal training programmes: Following on from
progressive.
a Talent audit, it makes good business sense to regularly review
internal training processes. For example, it is worth examining It paves the way for future leadership.
whether senior employees would be able to mentor junior
It helps automate the core processes and helps capture
employees on a one-to-one basis. This has the advantages of
data for making better decisions.
upskilling junior employees, creating a more well-rounded
Automates repetitive tasks like creating small proposals
workforce, and aiding in succession planning. At a broader
thereby releasing time and resources for making
level, it is worth investigating internal training sessions where
strategies and more critical risks.
knowledge can be passed on to multiple employees at the
same time.
For Employees:
Better recruitment practices: A Talent gap can be frustrating The following points explain how Talent Management can be
beneficial for employees
if hiring suitable people becomes a challenge. This could be the
catalyst for reviewing and improving the way you recruit Promotes long-term association with the organization.
people. Whether advertising through the most relevant Persistent and higher productivity of employees.
publications and websites are done? Are we using a recruitment
Keeps the employees motivated which helps in career
company that does not understand our needs? Are we asking
development.
the right questions at the interview stage? Is unconscious bias
playing a role in rejecting suitable candidates? Often asking Helps the employees get job satisfaction from their work.
oneself these tough questions can be a powerful first step in
Conclusions:
improving the way employees are recruited - and, as a result,
the workforce will have the Talent required for success. Closing the Talent gap requires efforts from employers and
prospective employees. Employers must realize applicants
Talent gaps do not have to take organizations by surprise. By might not arrive as a complete package. If you think of
taking a long-term, strategic approach to ensuring a properly applicants as people willing to learn and grow with the
skilled workforce is in place at all times, employers can reap company, then it can open opportunities for both employers
financial and social benefits. Preventing Talent gaps is an and employees. Employees and applicants should consider
important part of developing a resilient organization that expanding their knowledge through training programs
can survive and thrive, even in challenging times. focusing on essential skills. Working together is a win-win for
everyone and a way to slowly but surely close the Talent
Leverage problems as opportunity: Problems in the gap.Persistent talent gap is likely to hamper the growth and
workplace should be seen by employees as opportunities to development of an organization. It also has a negative impact
develop their skills and hone their talent for future on the employees' motivation as they feel demotivated due
performance. Learning the causes and stresses inherent in to lack of talented people to look up to for necessary
the problems can be helpful for both the organization and instructions and advice to work effectively.

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