Gallagher Bassett (GB) has detailed a focus on addressing work-life balance as a critical tool for employers to improve workforce retention as the industry continues to face challenges with talent shortages. 

Chief People and Culture Officer Ria Leason tells insuranceNEWS.com.au that workforce shortages remain the “number one challenge insurers are facing in 2023”, as identified in its recent Global Industry Whitepaper, with pressures from inflation and economic fluctuation continuing to be felt. 

“The insurance industry is grappling with the ongoing challenge of the skilled workforce shortage, which has perpetuated the daunting task of finding and retaining qualified professionals in a market where demand far exceeds the available supply,” Ms Leason says. 

She says, given the difficult circumstances, insurers should look to strengthen employee retention by providing opportunities around improving talent pools and “comprehensive professional development”. 

Among the noted examples, Ms Leason emphasises flexible working arrangements and Employee Assistance Programs (EAP) as key features that can improve work-life balance and foster a cohesive workplace.  

She says by minimising pressures from both within and outside the workplace, employees can have improved morale and dedication to their roles. 

“A thriving culture not only bolsters operational efficiency and elevates claims processing, but also serves as the cornerstone for meeting dynamic customer expectations,” Ms Leason says. 

“In the realm of the insurance industry, weather-related crises over the past year have underlined the crucial role culture plays in driving operations.”

“Facing unprecedented claims volumes and relentless demand on capacities, insurers have demonstrated empathy as a guiding internal and customer service principle, focusing on EAP support systems and flexible working arrangements to ensure a healthy work-life balance, empower productivity and drive job satisfaction.” 

Ms Leason says she aims to showcase, through examples at GB, how the industry can utilise “comprehensive approaches” to promote workforce well-being at an upcoming panel at the Personal Injury Education Foundation (PIEF) National Summit and Awards. 

Ms Leason will feature as a guest speaker as part of a panel on “Mental Health and Psychological Safety”, which will take place at 11:15am next Wednesday on Day 2 of the event.  

“Employers play a crucial role in nurturing psychological safety, with a primary platform being the adaptation of employee policies to cater to a diverse range of employee needs,” Ms Leason says. 

“This topic holds immense significance, especially for insurers, highlighting the pivotal connection between employee mental health and overall organisational success.” 

“Given the evolving post-pandemic landscape, proactively addressing workforce expectations is also a primary focus for the wider workforce.” 

Click here for more information on the PIEF event, including registration information.