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Insurance companies that want to out-earn their competitors need to invest more in the education of their employees.
According to a new study from Towers Perrin, organizations need “engaged” employees to prosper, and in order to have engaged employees, employers must provide them with meaningful learning and development opportunities.
Julie J. Gebauer, managing director of Towers Perrin HR Services, presented the findings of the Global Workforce Study to the fall meeting of the LOMA Education and Training Council. She said the study confirmed that organizations with engaged employees deliver better performance and financial results. For example, organizations with high employee engagement had a 3.74 percent higher operating margin and 2.06 percent higher net profit margin than average, according to the study.
Gebauer said that one of the ways companies can improve employee engagement, and thus business performance, is by aligning the training and development opportunities they offer their employees with their business strategy. Additionally, companies must communicate clearly with employees about training opportunities related to their career advancement.
After Gebauer’s presentation, members of the LOMA Education and Training Council, who are senior insurance company executives, agreed that the Towers Perrin study confirms the need for insurance companies to invest in educational opportunities for their employees.
An article about the study, with feedback from several members of the Education and Training Council, is available on the LOMA Web site.
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