Insurance industry, drained out of its best talents….

Over the last two years the insurance industry is finding it tough competing for the “better” brains among the Gen-X and Gen-Y university graduates. Development over the last 8 months was not at all encouraging, especially when the minimum entry pay for fresh graduates is not picking up fast enough to match those offered by the other sectors, like banking, retail, property development and construction, to name a few.

From the many interviews that we have had conducted todate, both for clerical and junior executives, we are finding it tough even to employ those “lesser” categories of applicants. Even if this group of applicants joined us, they are unlikely to provide any operational breakthroughs which are greatly needed in today’s fast pace and highly competitive operating environment. Perhaps as tasks workers, and that’s the reality. Or were we asking for too much among young graduates?

While employing new staff is a concern, the higher than usual turnover is also a worrying trend – looks like most young turks just use insurance companies as a “bus-stop”, awaiting for the next better looking bus to come along….. The following article should illustrate those scenarios….bet is an interesting one!

We believe senior management should start reviewing how they view the younger generations - it should not be using the backside looking at things!

 

59 percent of Malaysian professionals may reenter job market in second half of the year….

“Businesses that are not providing all the trimmings may be heading for a brain-drain of their best talent,” warns workplace chief genius: Regus PLC President, ANZ and SEA

By AvantiKumar, MIS Asia

KUALA LUMPUR, SEPTEMBER 14, 2010

About 59 percent of Malaysian professionals say they may reenter the job market in the second half of the year, according to a new survey from workspace solutions provider Regus.

Regus Plc Vice President, ANZ and SEA, William Willems said that the lack of promotion and administrative support as well as bosses who do not communicate company goals are among reasons for this expected trend.

“For 59 percent of respondents, finding that the next rung in the career ladder was a ‘no-show’ was the top ‘get me out of here’ factor,” said Willems. “In addition, 62 percent would not stick around if there were no communication with management, and 38 per cent would leave if administrative support was lacking.”

“As workers pack up their swimsuits and towels after the holidays, they are more likely to dwell on the pros and cons of the job that is waiting for them at home,” he said. “In Asia, where 54 percent of HR managers face employee engagement issues, businesses that are not providing all the trimmings may be heading for a brain-drain of their best talent.”

“Stress caused by overwork has escalated during the past recession with people working harder and longer to make sure they can pay the mortgage,” said Willems. “Bonuses and job perks were cut back to weather the storm, but as the economy picks up employees will be flocking to businesses that promise them better conditions and not necessarily the biggest wage.”

Respondents were asked which issues would drive them to quit their job, along with perks that would retain them, added Willems. “More than 15,000 business respondents from the Regus global contacts database were interviewed during February and March 2010. The Regus global contacts database comprises more than a million business professionals worldwide. The survey was managed and administered by an independent survey firm, MarketingUK. “


Top five reasons given by Malaysian professionals

Willems said that the top five reasons given by Malaysian professionals to possibly quit this year were:-

* Lack of communication and involvement by top management-62 percent

* Lack of promotion despite good work results-59 percent

* Lack of administrative support-38 percent

* Overwork-27 percent

* Your boss taking the credit for your own work-21 percent

“High-stress factors are overwork (27 percent) and a boss that takes credit for their work with 21 percent of respondents quoting this as a reason for making an ‘all change’ decision,” he said. “Further dissatisfactions that could easily morph into ‘last drop’ factors were lack of belief in colleagues’ capacities and lack of company vision (15 percent).”

The survey also asked workers what companies could do to avoid a brain-drain of their best talents, said Willems. “Aside from a pay rise, in Malaysia, 47 percent of workers declared that private medical insurance top of their wish-list and over a third (35 percent) called for the ability to flex their working hours.”

Did you agree with those findings?

Usually people leave is because of the dollar-and-cent reason…. I reckon promotion and getting overtime pay are still the same old dollar-and-cent. But I supposed the lack of a useful two-way communication between the young turks and the senior management team is a major factor for the current trend.

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9 comments for “Insurance industry, drained out of its best talents….

  1. shaz
    October 13, 2010 at 10:17

    and this reason is so true

    Lack of communication and involvement by top management-62 percent

    * Lack of promotion despite good work results-59 percent

    * Lack of administrative support-38 percent

    * Overwork-27 percent

    * Your boss taking the credit for your own work-21 percent

    the bos taking credit always happen to us young generation

    • October 16, 2010 at 10:58

      The problem with CEOs in Asian countries, they don’t engage their young recruits especially the Gen-Y graduates coming onboard the company. This is where things are happening and he / she is not knowing it!

  2. shaz
    October 13, 2010 at 10:16

    backstabbing, office politics, favoritism & the worst part is scapegoat , due to we are young & less experience in so called office politic we always become the scapegoat

    • October 16, 2010 at 11:00

      Yeh… no outlet to wrench your frustration but then today things are already very transparent – you could blog about, facebooked those issues…. although defaming others (despite you do not like them) is not an option…..

  3. shaz
    October 13, 2010 at 10:14

    thats so true,i was the young talent from the industry my age is less than 30, from my experience & survey , most of the senior management dont want to give us a chance to go further, i have my friends that have a very good track record for 5 consecutive years but no promotion or upgrade, some of our generation is also struggling with their pay is not match with workload , so when other industry can give better adjustment we move

    • October 16, 2010 at 11:06

      That’s natural…. in any organisation, you’re taken as granted, we just cannot blame anyone for this – it is the world order people need to fall within, and that’s been like this for many generations. What the young people can do if they wish to be noticed for their talent, they need to BRAND themselves. So the next most important question you must start asking yourself is….. what have you done to bring yourself to the forefront of your organisation or the industry? But this is only possible if you have done the necessary upgrade to your knowledge, skills and attitude! Have you already done so?

  4. Anonymous
    September 30, 2010 at 14:48

    Hei, PIAM has organised some young managers think-tank group for talent management. If you are below 40, you can check it out with PIAM or with yur HR! Cool!

    • October 9, 2010 at 12:29

      Talenz….. yeah! that’s why spelling is screwed, but then that’s for the younger generation, right?

  5. September 29, 2010 at 16:10

    [New Post] Insurance industry, drained out of its best talents…. – via #twitoaster http://www.malaysiainsurance.info/grapev

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