• Wednesday, July 17, 2024
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Insurer sees workforce generational shift posing concern for HR experts

Insurer sees workforce generational shift posing concern for HR experts

An underwriting firm, AXA Mansard has said the ongoing generational shift, where Baby Boomers, Gen X, Millennials, and Gen Z are coexisting within organisations, presents opportunities and challenges for increased attention and investment in employee retention.

This was disclosed by Omowunmi Adewusi, general counsel and human resource director, AXA Mansard, at the 2024 Human Resource Professionals Workshop organised by the Career Office of Pan-Atlantic University on the theme: Employee Retention Strategies: Building a Resilient Workforce with Technology and Trends.

She said that traditional work models, characterised by fixed hours, on-site presence, and manual labour, no longer resonate with the modern workforce.

She explained that technological advancements had fuelled the demand for remote work capabilities, digital tools, and collaboration platforms.

“So, the real challenge for HR practice today is how to bridge the gap between the divide and foster a resilient workforce that can thrive in today’s dynamic business and economic environment,” she said.

Adewusi stressed that, “Technology is no longer a nice-to-have. Digital tools, remote work capabilities, and collaboration platforms are essential for attracting and retaining top talents”. Similarly, leveraging data analytics to forecast potential employee turnover and pinpoint those at risk of leaving can be invaluable. Taking proactive measures to address their concerns can significantly impact retention.

She encouraged HR professionals and organisations to invest in self-service HR portals, mobile apps for easy access to information, and cloud-based platforms that encourage seamless communication and collaboration.

Adewusi emphasized that continuous learning is a key skill for success, explaining that the business environment is constantly evolving. She advised organisations to pay increased attention to employee development through on-demand learning platforms, noting that commitment to learning always fosters a culture of growth and keeps the workforce engaged in current and future market evolution.

She encouraged HR professionals to invest in work-life integration, and employee wellness initiatives, and always remember to add a human touch to HR policies and practices.

She remarked, “Retention is about more than just perks. Recognition programs, opportunities for career progression, and a culture that values diversity and inclusion are crucial for building long-term commitment.”