Shailesh Singh, Senior Director and Chief People Officer, Max Life, underscores the importance of comprehensive skill assessments, digital fluency, and adaptability to build a workforce that thrives in the dynamic digital era
The continuous evolution of technology has significantly improved the way businesses, across sectors, function. Talent hiring, for example, has undergone a remarkable transformation. According to India Fintech Report 2022, several insurance businesses have emerged, and the sector has enhanced its core offerings by implementing various technologies such as artificial intelligence (AI), internet of things (IoT), machine learning (ML), and other software. With the increasing integration of technology in financial services, the traditional hiring models within the sector are evolving to meet the demands of this rapidly changing landscape. Adopting these evolving talent-hiring models within the sector has played a crucial role in streamlining the highly critical recruitment process, yielding significant improvements.
Shaping the future workforce: A holistic and adaptive hiring model
Technology has emerged as a catalyst for enhancing employee experiences in the workplace. Today, the focus has shifted towards exclusive skills-based recruitment. The adoption of digitization within the BFSI sector has made a digital mindset essential for new hires.
While digital fluency is paramount, the hiring assessment has evolved to encompass a holistic approach. For instance, with enhanced customer experiences, the inclination is now towards hiring people who have a comprehensive understanding of customer indices and are more suited to building intuitive and experiential processes. Moreover, companies now prioritise adaptive individuals who are skilled at navigating challenging situations and can operate in diverse cultural settings.
Redefining talent acquisition with technology
Integrating artificial intelligence (AI) into recruitment strategies has also revolutionised talent acquisition, providing organisations with the means to navigate the complexities of today’s dynamic workforce. These contemporary tools help sharpen candidate funnels and converge on the right skills/candidates much faster while cutting out a lot of repetitive and unnecessary tasks. By leveraging AI, companies can cultivate a collaborative ecosystem where digital tools spur innovation and creativity. Furthermore, AI empowers organisations to harness valuable data and insights, promoting organisational agility and unlocking significant business value.
By making processes more spontaneous and gratifying, AI can effectively measure and understand employee requirements. For example, data and insights can help companies create a people-first and flexible workplace. This is essential to enable employees to improve their work-life balance and it also allows employers to foster a culture that focuses on employee satisfaction by empathetically understanding their responsibilities and well-being.
To cultivate an engaged workforce and streamline employee experiences, it thus becomes crucial to integrate technology into diverse processes. Additionally, implementing a unified self-service model becomes instrumental in enhancing operational agility. For example, deploying AI-based solutions through apps can facilitate real-time onboarding and improve the engagement of a distributed workforce. Also, by prioritising talent development that fosters high performance and superior quality experiences, organisations can position themselves as leaders in their respective domains.
Unleashing the potential of digital tools
At this pivotal juncture, the BFSI industry is poised to embrace robust digital tools that have the power to revolutionise traditional employee roles and workplace structures, elevating operations across the entire staffing chain. From prospecting to onboarding, learning, and engagement, insurers are leveraging an array of tools to empower employees and foster a more connected and advanced ecosystem.
While these tools have laid the groundwork for employee progress, they also present an opportunity to help insurance players to grow in a market projected to reach $200 billion by 2027. But when it comes to creating a meaningful work environment, companies must complement their investment in technology with investment in talent. This is crucial to ensure that digital tools act as catalysts, enabling and enhancing the capabilities of talented individuals within organisations.
The hiring assessment has evolved to encompass a holistic approach. For instance, with enhanced customer experiences, the inclination is now towards hiring people who have a comprehensive understanding of customer indices and are more suited to building intuitive and experiential processes. Moreover, companies now prioritise adaptive individuals who are skilled at navigating challenging situations and can operate in diverse cultural settings.
Embracing New-age hiring models for Success
Embracing the need to stay ahead, successful companies are recognising the significance of adopting new-age hiring models that adapt in line with the changing needs of the workforce. These innovative approaches transcend traditional recruitment methods by placing emphasis on comprehensive skill-based assessments, embracing digital fluency, and evaluating candidates’ aptitude for ideation and adaptability in dynamic environments. By prioritising qualities such as adaptability, cultural collaboration, effective stakeholder engagement, and resilience in the face of uncertainties, organisations can build a workforce that thrives in the digital era of today.
About the author: With over 25 years of expertise in delivering world-class people agenda and culture, Shailesh Singh, Senior Director and Chief People Officer, Max Life, spearhead the development and implementation of impactful Human Resources strategies, driving long-term growth and transformation within the organisation.