The insurance industry must adapt to shifting employee preferences and expectations to secure the best talent, according to a report by Suncorp.

“During the next decade the employment landscape in the insurance industry will fundamentally change,” Suncorp Commercial Insurance EGM Human Resources Naomi White says in the report.

“Workforces and talent management strategies will be shaped at the individual level. The days of the one-size-fits-all approach are numbered.”

Trends affecting employment practices include the ageing population, an increase in university graduates from emerging economies, rising employee demand for flexibility and the growth of online skill marketplaces such as Airtasker and Freelancer.

“The relationship between employee and employer will look very different,” Ms White says.

“Insurers and intermediaries, including brokers, will have to explore every avenue to source the best talent from pools of people with increasingly diverse ranges of preferences and desires.”

Flexible options employers can offer include teleworking through remote-access technology, co-working in hubs, flexible hours and alternative career paths.

The report also notes a trend towards part-time and contract work, with many organisations no longer the sole employer of their staff.

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