ELEMENTS OF TALENT MANAGEMENT IN THE INSURANCE SECTOR
DOI:
https://doi.org/10.47604/ijlg.1450Keywords:
Elements, Talent Management, Insurance SectorAbstract
Purpose: The insurance industry is one of the industries that have experienced digital transformations, the emergence of insurtech startups, and an aging workforce and the recent Covid-19 pandemic which has forced employers to rethink their talent-management strategies. Companies have also realized that talent management is a critical element of competitive advantage and a motivating force for business success. The goal of this study is to identify and analyze the elements of talent management in the insurance sector. The purpose of this work is to enable the readers understand the elements that make up and contribute to talent management and their impact on the organization's performance.
Methodology: A desktop literature review was used for this purpose. Relevant journal articles for the study were identified using Google Scholar. The inclusion criteria entailed papers that were not over five years old.
Findings: It was found that there is a positive and significant influence of talent management on the organizational performance and a competitive advantage. It is therefore necessary that HR managers in insurance firms should initiate the use of the concept of talent management in their business strategies so as to achieve the set organizational goals. It was also found that the researchers advocated organizations to implement talent attraction, talent identification and talent retention in order to develop and manage talent.
Unique contribution to theory, practice and policy: It is therefore recommended that HR managers in insurance firms should implement talent management strategies or a good talent management model that fits the demands and needs of the organization. In addition, they should provide a conducive environment to nurture, develop, retain and manage top talented staff.
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