1.
ICICI
PLI's EVP of HR on nurturing future-ready talent for emerging needs of BFSI
Sector
"The Human Resources function enables this culture by
building processes that reinforce innovation, build internal capabilities and
promote collaboration," says Manmay Madiman, EVP of Human Resources at
ICICI Prudential Life Insurance Company. India's BFSI sector is fast-growing,
leading to a high demand for top-tier, highly skilled talent. However, with the
limited and inflexible availability of skilled and tech-savvy professionals in
the market, the responsibility falls on HR leaders to build talent for the
sector's emerging needs. The key trends include a focus on building emerging
skills for future competitive advantage, increasing valence for inclusion
and sustainability, increasing flexibility in workforce policies to
cater to a multi-generational workforce, and shifting from focusing on
just physical employee well-being to holistic well-being. With technology and
data sciences driving innovation, aggregated data platforms that enable the
creation of seamless customer experience, and evolution in core skills of
actuarial, underwriting and investments, building capacity and capability in
these skills has been an important part of our people strategy. Our systems of
talent acquisition, skill development, rewards and succession planning ensure
that our teams are proficient in emerging skills and use these to anticipate
and reimagine products and processes, ultimately driving better products,
onboarding processes, and service for our customers and more comprehensive
partner integration. To stay agile and continuously improve in delivering our
proposition to customers, a diversity of perspectives and inclusion of all
people is an important foundation. Accordingly, the right mix of talent is
onboarded, with employees from various backgrounds, educational qualifications,
genders and generations working together to ensure financial security for our
customers. Our gender ratios are best-in-class in the insurance industry at
30%, consistently increasing over the last 3 years.
2.
Investing in skill
measurement methods is a must to create a skill-based organisation
Talent leaders must
break traditional role boundaries to thrive in a dynamic and multifaceted
future. They delved into strategies for rapidly acquiring diverse skills and
adapting to the ever-evolving technological landscape. In a panel discussion
titled "Diversifying Skill Portfolios: Thrive In A Dynamic &
Multifaceted Future," during People Matters’ Learning and Development
Conference held in Mumbai recently, industry experts shared insights on
the importance of diversified skill portfolios and innovative learning
approaches. The panel included Ajit Ravindran Nair, Associate VP at Infosys
Ltd, Navnidh Kochar Karaka, VP - HR & Head - HR, Global Corporate Security
at Reliance Industries, and Potoula Chresomales, SVP, Product Management &
Innovation at Skillsoft. The discussion was moderated by Dipsa Acharya, Head of
Global L&D at Adenza, who delved into strategies for accelerating the
acquisition of diverse skills and breaking traditional role boundaries. In a
world characterised by constant disruption and volatility, the need for
diversified skill portfolios is becoming increasingly apparent. Industry
experts including Ajit Ravindran Nair, Associate VP at Infosys Ltd, Navnidh
Kochar Karaka, VP - HR & Head - HR, Global Corporate Security at Reliance
Industries, and Potoula Chresomales, SVP, Product Management & Innovation
at Skillsoft provided valuable insights on diversifying skill portfolios.
3.
41% of
employees to exit jobs by 2024 due to lack of training by current employer
Among the desired
training subjects, leadership and management, mental health, and the
utilisation of AI tools surfaced as the foremost non-mandatory topics employees
are keenly interested in. Amid the pursuit of talent retention strategies, many
leaders often ponder the fundamental needs of their workforce. While monetary
compensation stands as a common consideration, it's not the sole pivotal
factor. Equally essential is the provision of pertinent on-the-job training. New
research by TalentLMS and Vyond reveals that 66% of U.S. employees feel the
necessity to gain new skills for success in their roles. The report also
highlighted a concerning trend: if employers fail to meet the demand for
training and learning opportunities, about 41% of employees intend to depart
from their current jobs in the coming year. The study also revealed significant
insights into the current landscape of employee training and its
impact on skill development and career progression. Presently, 68% of
individuals are actively pursuing additional training independently to enhance
their skill sets, with 58% leveraging social media platforms for skill
cultivation. This emphasis on skills stems from the realisation that
skill longevity is decreasing, as indicated by 57% of respondents acknowledging
shorter skill shelf lives than before. In terms of sought-after training
topics, leadership and management, mental health, and the utilisation of AI
tools emerged as the top three non-mandatory subjects’ employees expressed
interest in. The study further showcased that 72% of employees attributed
career progression in 2023 to the training provided by their companies.
However, certain obstacles hinder effective learning experiences, such as
lengthy sessions, unengaging content delivery, and limited on-demand access to
training materials. Key takeaways from the research highlighted the
indispensable role of new skills in driving professional success, with 66% of
employees recognising the necessity of skill development.
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