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P&C Carriers Face 'Unprecedented' Challenge in Retaining Top Talent

 


P&C Specialist | October 14, 2019



The P&C Specialist article, "P&C Carriers Face 'Unprecedented' Challenge in Retaining Top Talent," quoted Russell Reynolds Associates Consultant Limore Zilberman on strategies P&C carriers can implement to better retain their talent. The article is excerpted below.

If P&C companies don’t develop strategies to retain top talent, they run the risk of having key employees poached by the competition.

“We’re in somewhat unprecedented times. So much talent is being chased. Employees really have a lot more bargaining power than ever before,” says Limore Zilberman, leader of the global insurance practice for the executive search firm Russell Reynolds, which is based in New York.

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And because P&C employees tend to be specialists in certain areas, such as marketing or underwriting, they may need the opportunity to develop more general business management skills, Zilberman says.

Other changes that can help P&C companies retain their workers include offering flexible work hours or the opportunity to work remotely. Companies also can create an open office space, rather than have employees work in cubicles, to foster more opportunities for collaboration, Zilberman says.

And employees aren’t necessarily willing to wait for advancement opportunities to come their way, Zilberman says. Instead, they tend to be “more proactive in charting their own course,” whether it be at their current company, or by moving to a new one.

“They are attracted to organizations that truly invest in talent development,” she says.

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But many longtime employees may not realize what their skills are worth on the open market, Zilberman says. “Pay of long-timers is not as competitive as what someone could make at other organizations,” she says.

As a result, P&C companies need to think about an employee’s “marketability and market worth against the competition,” Zilberman says. If they leave “intellectual property walks out the door,” she says.

Zilberman says she has seen P&C executives considering “how they can apply their skill set … to smaller, more agile organizations,” such as those in InsurTech.

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And the impact can be profound if a company loses one of its top leaders, and it can cause concern, uncertainty and instability among employees, Zilberman says. “It sets an organization back on its heels,” she says.

To read the full article, click here.




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P&C Carriers Face 'Unprecedented' Challenge in Retaining Top Talent