As insurance organizations undergo modernization efforts, the ability to successfully manage change is becoming increasingly important. According to an Accenture survey, 63 percent of executives say that in the next three years, they expect job growth to be driven by intelligent technologies. The World Economic Forum estimates 75 million jobs will be displaced by technology, with 133 million net new jobs being created. Some reports even suggest 65 percent of children entering primary school will end up working in jobs that don’t exist yet.
Technological advancements are not slowing down and employers are tasked with helping employees adjust to shifts in roles, responsibilities and processes. At the current pace of change, today’s insurers must do more than plan logistics around implementations. They must also prepare their employees psychologically and emotionally for modernization efforts to ensure continued engagement and productivity. Leaders must be empathetic to employee needs, while clearly communicating expectations and anticipated impact. At the same time, innovation is becoming a competitive differentiator and must be woven into a company’s corporate fabric.
Recently, Jacobson’s Judy Busby, senior vice president of executive search and corporate strategy, and Jessica DeMars, vice president of talent partnerships, shared how to develop a culture of change with Insurance Journal. In their article, “How a Culture of Change Helps Modernization Efforts,” they outline the change curve and how employees typically react when faced with a major change. Similar to the grieving process, individuals often have an initial reaction of shock or denial, then disruption, followed by exploration and finally, rebuilding. The article discusses how to manage through change, ignite innovation and tap future leaders who have the right skills to continue moving the company forward.
By encouraging new ideas and questions, inviting all employees to innovate, and facilitating structured discussions, organizations can increase innovation within their current workforces and attract empathetic and forward-thinking future leaders. Read the full article here.