Insurers need to attract APAC’s diverse talent pool to innovate and grow: HSBC’s Tsang
September 27 2024 by Kristina Shperlik
HSBC Life’s Daisy Tsang tells InsuranceAsia News how different initiatives can help regional businesses attract, educate and retain top talent, especially amongst younger employees.
Attracting younger members of the workforce to the insurance sector requires a holistic proposition that covers the opportunity to work for a vibrant, growing industry while also enjoying rounded benefits that enable them to grow as individuals, according to HSBC Life.
One of the challenges in the dynamic and competitive insurance sector in Asia Pacific, particularly Hong Kong, is the high demand for skilled professionals, Daisy Tsang, HSBC Life Hong Kong CEO, told InsuranceAsia News.
HSBC Life believes that a focus on attracting, developing, and retaining top talent is a critical component of its strategy, she said.
“By offering a competitive reward package, career development opportunities, and a positive work culture that recognises both the contributions of individuals and the importance of a collaborative team environment, we can compete to not only attract, but also motivate and retain the best talent in the market,” said Tsang.
Another positive factor for the insurer is the region’s diverse talent pool that allows it to bring together a variety of perspectives and experiences, fostering innovation and growth, she said.
Tapping into the Gen Z market
“We aim to attract top talent by positioning ourselves as an employer of choice in the industry,” Tsang said. “This means offering employee benefits such as quality time-off, medical insurance with a flexible preventative wellness spending account, and access to sports and recreational activities at nominal membership fees.”
To tap into the Gen Z market, the insurer has also launched a graduate programme and organises an annual insurance innovation competition to attract final-year students or recent graduates.
“We are noticing that employees, particularly younger ones, are increasingly valuing work-life balance, flexibility, and growth opportunities. To retain our talent, we are committed to listening to feedback from our employees, and actively addressing these needs and creating an environment where our employees feel fully valued and engaged.” Daisy Tsang, HSBC Life
Another initiative that helps the firm to expand its talent network is its employee referral programme. “We also believe ambitious and talented individuals will be more inclined to work with like-minded individuals, so having engaged and tenured employees helping us find the right people in the market through their connections can help our talent pool to organically grow. We therefore have a lucrative employee referral programme that rewards our employees who help us to identify this talent,” Tsang explained.
Employee growth
Among the initiatives that support employee development are the HSBC Life Training Academy, and HSBC’s talent development platforms such as HSBC University, learning platform Degreed and an AI-based Talent Marketplace that matches employees to projects and short-term assignments based on their skills, experiences and aspirations.
“Employees will be able to delve into new business areas or markets, acquire new skills, increase visibility, and establish a wider network in the region to achieve career aspirations and development plans, while project owners will be able to quickly find people with the right skills and experiences to help them get work done – a win-win,” Tsang said.
“We take pride in providing career development opportunities for our people beyond HSBC Life in Hong Kong and Macau. We have colleagues who have developed their careers in our group companies across the region”.
Talent retention
To retain talent, HSBC Life intends to continue providing a supportive and inclusive work environment, competitive compensation and benefits, and a multitude of opportunities for career progression given the size of the insurance company as well as the wider organisation. Other instruments include a myriad of staff engagement events, such as lunch-and-learn training sessions, festival celebrations, community work and regular exchange sessions between colleagues and management that encourage a speak-up culture fostering communication and collaboration.
“We are noticing that employees, particularly younger ones, are increasingly valuing work-life balance, flexibility, and growth opportunities. To retain our talent, we are committed to listening to feedback from our employees, and actively addressing these needs and creating an environment where our employees feel fully valued and engaged,” she said.
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