The Search for Innovative Talent: Decoding the Secret of an Adaptable Workforce
The insurance industry has entered an era of rapid change and evolution — the rise of analytics, the growing influence of technology, and the emergence of disruptors. In light of the industry’s shift toward fast-paced transformation, innovation and flexibility are being touted as the keys to unlocking future success. Insurance organizations are now facing increased pressure to embrace the age-old adage, “innovate or die.”
However, incorporating a mindset of evolution and innovation into day-to-day operations can be challenging. It is difficult to create an organizational culture that fosters creative thought, cultivates fresh ideas and quickly adapts to industry changes. The first, and possibly most important step, is to fill the ranks with professionals who are highly innovative, creative and adaptable. However, hiring specifically for these in-demand skills is no easy task and requires organizations to rethink recruitment and engagement strategies.
Insurance organizations are struggling to find talent that can succeed in the new workplace reality. How can organizations adjust to the new business reality and transition into a hub of innovate thought?
Coachable Characteristics
Within insurance, the ability to adapt to changing business practices is vital given the constantly evolving marketplace conditions, growing climate concerns, rapidly changing technology risks, ever-shifting compliance demands, and continued globalization.
However, this ability can be challenging to measure. As an industry, insurance has above-average tenure rates and a reputation for low turnover. With employees opting to stay in their jobs and companies, determining if they can readjust to changing circumstances is not as easy as reviewing their job histories.
A propensity for adaptability and innovation is difficult to discern from a resume or job application. These characteristics often require out-of-the-box thinking and creativity — both skills that can be difficult to vet in the interview process. Often, resume details and job application questions are not targeted toward highlighting these soft skills. As a result, organizations must look beyond traditional business skill-sets and focus instead on personal characteristics and reactions in their quests for creative-thinking talent.
Today’s forward-thinking insurance organizations should look at coachable characteristics to determine if a candidate will be able to adapt easily in the workplace. Are they stuck in their ways and unable to accept new processes? Do they appreciate and accept new perspectives? Are they willing to undertake new responsibilities or adapt to a new role? The answers to these questions are key to determining whether the candidate will be able to thrive in an in-flux business environment.
Rethink the Interview
Insurance organizations also should update their current interview strategy. The focus needs to shift toward implementing practices aimed at discerning an individual’s propensity for creative thought and adaptability.
Focus on asking open-ended questions that go beyond the standard interview stock. Provide opportunities for candidates to share anecdotes of their past experiences. Ask them for details about an event when they had to adapt to a particular situation or an instance where they showed their creativity in dealing with an issue.
Follow-up questions should be used to gain a better understanding of a candidate’s personality and their work persona. Simply asking a candidate to “tell me more” can be a great way to get real-life examples of how they have handled various aspects of the job in the past. The key is to avoid leading them to answers and instead let them be open and honest with their responses.
Providing case studies and writing exercises can also be a way to determine an individual’s innovative tendencies. Have candidates provide a brief write-up on something particularly innovative that they have completed on the job or in their personal lives. Share an organizational case study and have them put together an innovative solution. These exercises are a great way to vet candidates who may not always have an extensive work background, but potentially have the skills and competencies you are looking for.
Go to the Source
To find talent with the potential for innovation and adaptability, insurance organizations should go directly to the source. Many of these forward-thinking, progressive individuals are highly active on social media and view it as a key part of the job search process. In fact, studies now show that 58 percent of today’s professionals are more likely to want to work at a company that uses social media.
As a result, organizations looking to hire innovative and creative talent must be present on social media. Is your current social media presence up-to-date? Are you monitoring your networks to see how you are perceived? Are you accurately and positively presenting your company brand across each channel? With social networking rapidly becoming a standard tool in the job hunt, having a positive, engaged presence is important to finding top candidates.
Today’s progressive insurance organizations are looking for strategic ways to succeed in the new, rapidly evolving business world. To create a company culture that embraces innovative thought and adaptability, insurers must focus on adding talented, creative individuals to their current talent line-up. Regardless of the strategy or tactic, recruiting and engaging professionals who are innovative and flexible is the key to staying competitive in today’s market.