Becoming Future Ready : Training and Development is Key

According to the Naukri JobSpeak Index, the insurance sector is the biggest employer in India, recording a 21% on-month growth in July 2022.¹ As the biggest employer, the insurance sector is at a juncture where talent management can no longer be an afterthought. A proactive strategy is essential to nurture and motivate an insurance company’s most valuable resource, its employees.

A key aspect of any talent management strategy is training and development. Insurance professionals at all levels – new recruits, mid-level, and senior management – benefit from training programs. These training programs typically focus on new hire orientation, upskilling, and reskilling, and include both social skills and technical knowledge.

A strong training and development program ensures that the company has a skilled future-ready workforce. Specifically, a strong training and development program helps companies:

·       Create high-performance teams

·       Improve employee experiences and support employee career growth which, in turn, help mitigate attrition.

·       Reduce skill gap

·       Reskill employees so they have the skills needed in changing times, preparing them for future roles and responsibilities

Companies can choose to keep training and development in-house or engage an external provider. Keeping training and development in-house requires investment in building internal resources and expertise. External training and development providers, on the other hand, offer a wide range of business and technical programs tailored to the needs of the learners and bring to the table invaluable skills and knowledge. Choosing the right training provider is critical as it ultimately impacts the company’s success and growth.

Whatever route a company chooses, it is certain that a well-thought-out training and development strategy can be a powerful growth driver for the business.

Whether you are looking to keep pace with the industry, hone your skillset, or develop a new skillset in banking and insurance, IRA can help. Check out our upcoming training sessions. Learn from banking and insurance industry experts in real-time!

References:

Insurance sector biggest employer in July; overall hiring activity in India surges 21% YoY | The Financial Express