With business growing at a rapid rate in an industry where disruptions are becoming commonplace, hiring and training the right people, at the right time and in the right place is vital. Below we outline some keys to owning a successful business.
Previously, workforce management has been about efficiency and the best return on your investment, but other factors have surfaced. Rapidly changing technologies, the rise of digital media and the digitisation of industries, new business models, evolving customer behaviors and challenging economic conditions, all play a huge part in the way we operate and the level of business success we have.
It is imperative that we hire the best employees: those who know what they need to do in their role and are well equipped to handle the shifting demands of the insurance market and a fast growth organisation.
I have seen numerous developments in this area and have always strived to appoint the best people. I continually ensure my team avoids stagnation and the organisation as a whole remains competitive. This involves consistently identifying the key skills which provide positive impact on business performance and replicating them to unlock the potential of the workforce and lead to business success.
To ensure employees have the core skills required for business success, there are 5 key areas of focus:
Recognise your overall employee strengths and weaknesses
Understand your current employee base – their singular and collective skills and knowledge affecting both team and business performance. Use sales figures, performance data, quality management and years of service to analyse and provide effective benchmarks.
What are your goals to achieve business success?
What are the team and organisational goals and objectives? Ensuring both you and your team understand your goals will help drive and direct performance. Analytics will enable you to identify the factors required to achieve your desired outcomes and detect areas where they are not being met effectively.
Establish a link between what you have and what you want
Understand the link between employee skills and knowledge and your optimal business outcomes. Compare these with the organizational goals and objectives. Then identify the gap and agree suitable performance metrics to fulfill these goals and objectives.
Find and fill gaps
Compare individual employees through effective analytics. Discover skill gaps and extract trends in talent and related business objective improvements. Understanding your output will help formulate what development is required. Instead of blanket training, specific coaching can deliver a greater return on investment. If you require a new employee, hire a candidate with the right skill set to bridge gaps.
Analyse and refine
Perform regular long-term measurement and analysis. This allows you to carry out relevant and focused actions and maintain positive performance. Businesses can constantly invest in the right areas based on measured, focused and repeatable verified patterns of improvement, rather than perceived areas of need.
Performance and recruitment optimisation should be a continual practice, not a sporadic initiative. As individuals improve, so will organisational performance.
If we believe that our employees are the most important factor in boosting business success, we have to ensure that everyone in the organisation remains the right person, at the right time and in the right place.
With experience spanning over 25 years in the world’s largest insurance companies, Glen is the Deputy Regional President for Asia Pacific and Division President for Southeast Asia. He is also responsible for the overall P&L, management and development of accident, health and travel insurance business in the region.