Insurance Perspective on Talent Management and Corporate Social Responsibility: A Case Study of Nordic Insurers

Abstract

Insurers are facing a problem of attracting new talent. They are competing with other industries for talent while clients simultaneously demand more service from insurers. At the same time, the industry is regarded as 'un-sexy', having poor reputation, and the talent pool is limited. The aim of this paper is to explore whether corporate social responsibility/sustainability emphasis can be used to attract talent to the insurance sector. The paper is based on a multi-case study including 16 Nordic non-life insurance companies, focusing on the environmental factor of corporate social responsibility or environmental sustainability, depending on the company's terminology. Qualitative methods were used to collect data, including 74 interviews with insurance executives and specialists. The paper suggest that focus on corporate social responsibility can be an enabling condition when attracting talent, i.e. if companies have a higher agenda than gaining more profit today than they did yesterday. Running a successful business requires companies to recognize the trends that will alter their business environment. If they incorporate and deal with issues of key concern for their future employees they are more likely to succeed in attracting talent. [PUBLICATION ABSTRACT]