Industry Advantage: Next-Generation Learning
Following the onset of the pandemic, LIMRA and LOMA increased its focus on talent-related topics. So, some have asked us if it’s time to dial back. Based on our research, the answer is a strong “no.” Talent issues remain a top concern for industry executives.
According to a Boston Consulting Group (BCG) report completed in partnership with the World Federation of People Management Associations, 72 percent of human resource professionals say their company’s greatest business obstacle is “people challenges and talent gaps.” A Gartner, Inc. survey reveals HR leaders’ top organizational priorities for 2024 are leader and manager development and organizational culture. Also, global Aon plc research among risk managers, C-suite leaders and other executives indicates that “failure to attract or retain top talent” is now among their primary perceived risks.
Specific to the insurance space, LIMRA and BCG recently surveyed life insurance executives about their top priorities and concerns. Not surprisingly, the same theme emerges. Insurance leaders cite talent management as their company’s third-highest challenge, following growth and technology. Especially notable, though, is the fact that in the prior two editions of this research, talent management did not even appear in the top seven challenges cited. Today, talent management is a rapidly evolving focus area that merits attention and action.
Knowing this, what are some ways to address the talent issue? Of course, contemporary and best-practice approaches in areas such as recruiting, onboarding, total rewards and career paths are imperative. However, there is another critical element that initially may be overlooked — professional development. These programs are a key component in keeping employees engaged, regardless of whether they are new to their role or have longer tenure.
As with most things in the business landscape, there has been an evolution in the methods and strategies that are most effective in training employees. Integrating just-in-time learning into traditional development plans is a powerful way to boost individual and organizational outcomes. Employers can leverage this concept to offer their workforce access to on-demand learning and training through short, online courses.
These resources maximize the advantages of microlearning, (enabling people to better remember small units of information) and the spacing effect (whereby the brain has time to naturally take in and process new knowledge). Ultimately, financial services organizations that offer just-in-time learning will benefit from meaningful business improvements. These benefits include increasing employee engagement, quickly narrowing skills gaps and boosting productivity. In one example, a SHRM study found companies offering microlearning to their employees experienced a 130 percent increase in employee productivity.
At LIMRA and LOMA, we are committed to monitoring trends in next-generation learning and developing industry-specific solutions that will serve our members today and in the future. We are pleased to launch the Industry Advantage program — a subscription-based solution that offers unlimited access to a library of bite-sized content. Focused on life insurance, annuities and workplace benefits, it offers foundational knowledge, deeper dives and trending topics to allow learners to stay current on industry trends. For the last year, our team has been dedicated to building this cost-effective option, enabling our members to provide their employees with a new and personalized learning experience.
To learn more about Industry Advantage and other resources that can support your strategic objectives, please contact your member relations director. We are here for you every step of the way as your organization navigates its 2024 talent and development journey.