Why digital skills are the new currency in remuneration

The landscape of work is changing – this was happening already, but the pandemic and its resultant impacts have significantly sped that up. Both employers and candidates need to stay abreast of changes to technology to remain competitive and employable, becoming fully engaged with and conversant in a digital world.

Digitisation is being utilised to drive costs down, increase productivity and customer satisfaction, and the insurance and financial services industries (among others) will see increasing reliance on AI and automation in the future. Customers will become used to a greater number of automated processes with their insurance, from initial quotes through to claims and pay-outs.

Technological innovations are happening all the time, the difficulty for insurance and financial services employers is that these are happening at a faster pace than workforces can keep up with, and there is a shortage of digital skills when hiring. Candidates who keep abreast of emerging and evolving technologies and who are digitally conversant have an advantage over those who don’t and aren’t.

Data scientists will become increasingly important for the insurance and financial services industries, with their expertise used to produce more accurate predictive analyses for potential customer risk, claims probability, algorithmic trading and so on, and to help produce pricing models based on more accurate data.

The rise of digital skills in insurance professionals

Employers are increasingly looking for digital skills in their recruitment efforts, which puts onus on candidates to ensure technical knowledge and experience relevant to role and function remain current. Employers have a responsibility to train and develop their own staff and develop a digitally-savvy workforce, irrespective of role and function (and will include training those traditionally in non-digital roles) and provide regular opportunities to upskill.

One of the most important things when it comes to keeping your workforce at the forefront of digital innovation, though is good management of system developments and deployment. This includes providing clarity of end goals to ensure the right investments, joined-up communication throughout the business to ensure buy-in and therefore maintain motivation and offering relevant training and robust analysis of the efficiency of any systems introduced.

Click here for 6 reasons for rejecting a candidate.

Employers will need to onboard the necessary skillsets to ensure the smooth transition of the above elements. Candidates looking to secure roles within the industry should optimise their knowledge of automation, AI and IoT, and keep abreast of emerging technologies and the potential impact these will have for the sector.

How to attract talent with digital insurance or financial skills

With a shortage of digital skills compared with the rate of increasing technologies, candidates with the relevant skills will be in high demand and likely to attract high salaries as a result.

Those who can design, build and maintain systems will become a crucial part of the business, perhaps not simply on a project-by-project basis but as potential future leader of the organisation, as this will offer the business the ability to continually adapt and to remain competitive, or better yet, stay ahead of the competition.

Salaries are one element in attracting good candidates, however, so is the landscape and work environment they will be working in. When it comes to scoping out the requirements and potential of a new digitally-focused hire, some useful questions to ask yourself or your hiring team include:

– Does your business have a culture committed to digitisation and innovation?
– Are you creating change rather than merely following?
– Will they be given the space to innovate and flourish?
– Will you commit to ongoing training and development?

Firms that show commitment to a future way of working, rather than reluctantly moving in the same direction as others, will be more likely to attract candidates who themselves are excited about the future of a digital world.

How digital skills factor into pay rates

Candidates brought into the business specifically for their digital skills (for example, working within technology and systems) may demand higher remuneration. Much of how to determine salary will depend on market conditions, available talent and competitive market rates. Candidates wise to these factors will hone, increase and promote their digital skills, making them more attractive to employers and potentially more valuable and sought after than their peers.

If you are looking to broaden your candidate pool and attract digitally-focussed talent, finding an insurance industry-specific recruiter, like Davies Resourcing Solutions, will help. Myself and my team have market insight on recruitment marketing channels to make sure your job listings are seen by your ideal candidates and can help you pitch your salaries at the right level based on accurate competitor analysis and market benchmarking.

David Rose
Director, Search
To find out more call us on: (0) 203 668 2890

Email us: info.resourcing@davies-group.com