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Daily Insurance Industry News
Saturday 20th of October 2018
December 22, 2009

Insurance company managers focus on staff development

by Gill Montia

Story link: Insurance company managers focus on staff development

Insurance company managers are committed to making the development of their teams a priority in 2010, according to research from the Chartered Management Institute (CMI).

In its Future Forecast survey, the CMI found that concerns over staff development came before networking or even spending more time with customers, and the body attributes the shift to the realisation that putting staff at the heart of a business will enhance the chances of a speedy post-recession recovery.

Forty-five per cent of insurance managers questioned pledged support for the development of their teams’ skills and 20% said they intend to provide “more prompt” support to boost performance.

In addition, 28% of insurance sector respondents were keen to acknowledge the efforts of their staff, while 16% are planning to spend more time with their teams.

Commenting on the findings, CMI chief executive, Ruth Spellman, says: “By investing in the development of staff through training and development, and acknowledging their achievements, employers have a better chance of taking advantage of the upturn and it is evident that managers are taking this on board.”

She adds: “Looking inwards will also help to minimise the potential for a ‘brain drain’, whereby staff feel unappreciated and look elsewhere for employment once the job market improves.”

However, the results also indicate that there are three key barriers to managers sticking with their resolutions: lack of time (70%); reduced budgets (34%) and a reduced workforce (30%).

The research also highlights an acceptance among many insurance company managers that 2010 will see a change in how business models evolve in the wake of the credit crisis.

Forty-five per cent believe organisations will be more employee-centric, while 32% agreed that more businesses will become employee-owned.

 

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