Workforce Planning For Transcend Group In The Insurance Industry
Data Collection and Analysis
Transcend Group requires workforce planning for strategic planning, securing experienced human resources and preparation of budgets. The plan assists the organization to set the organizational direction towards achieving goals and objectives. Finally, workforce planning allows Transcend Group to address systematic issues that drive workforce change towards organizational growth and development.
First, the organization aims to provide quality products and services. Workforce planning ensures competency of workers. In Transcend Group, there are skilled experts in the insurance industry. For instance. I am a skilled insurance underwriter with vast skills in this field.
Lastly, workforce planning focus to assist the management team to achieve financial goals and objectives. This is usually done through budgeting process (Dann & Dann, 2007). The plan ensures that resources are uniformly allocated to all relevant areas in the organization for growth and development.
The process main focus is to enhance smooth flow of organizational activities in Transcend Group. The key elements are resource allocation, budgeting process and recruitment of skilled workers so as to facilitate organizational growth and development. Management teams and insurance underwriting team will be consulted towards initiating a strategic workforce planning process.
We are focusing on collecting data through interviews and observation of areas covered in insurance field within our scope. Internal factors that contribute to demand and supply are aligned across a team of qualified insurance underwriters (Dann & Dann, 2007). From an external perspective, demand and supply are based on the wide market venture and desires to insure services and products by stakeholders.
From research findings, there are many gaps that Transcend Group is required to fill. Only a small portion of the entire population insure services and products. This is a good indicator that the market has not been fully exploited.
There are two teams that need to implement workforce plan in Transcend Group. The management team will deal with external forces of demand and supply. The team will be expected to file a report after three weeks on the implementation process. The other team responsible for implementation process is underwriting team. The team will focus on internal forces of demand supply. Similarly, the team is expected to file a report on progress after three weeks.
Both management and underwriting teams are expected to monitor and evaluate implementation workforce plan to ensure it correlates with goals and objectives.
Workforce planning policy will be implemented by considering the goals and objectives. We will hold a weekly meeting to review the progress and reflect on challenges that any hinder implementation process. We will also use this platform to plan for future progress.
Objectives for a Skilled and Diverse Workforce
Transcend Group has a team of staffs in all departments in the insurance sector. These staffs have been gathered from different areas of expertise to ensure growth and development. They include finance team, underwriting team, and insurance sales representatives.
Workforce supply may be affected by skills required for specific tasks and salaries paid for services provided by the workforce. There is high workforce supply in cases with high salaries and remuneration and vice versa.
Transcend Group requires individuals with skills in the insurance industry. These experts are involved in selling insurance products as sales agents. Underwriters are involved in the consultation process to assist customers in which policies to insure. The organization requires an Actuarial analyst who the task is to calculate premiums.
The objectives to be incorporated involve the provision of quality work and remarkable performance. The importance of these objectives is to facilitate organizational growth and development.
Turnover refers to the rate at which employees leave a workforce and are replaced. The main cause of turnover is performance (Dann & Dann, 2007). Transcend Group replaces employees with the low performance so as to achieve goals and objectives. This is identified through performance evaluation tool. This can be minimized by setting goals and objectives through SMART analysis model for setting goals.
This can be achieved through training and coaching employees on basic requirements so as to assist them in developing required skills and experience.
Diversity refers to a range of different things. In Transcend Group, diversify signify different insurance products and services offered to customers. This is implemented through an evaluation process by determining the priority of product and service. This is guided by insurance regulatory authority as a key legislative requirement.
We can source actuarial analyst for premium calculation. The expert will work on contract basis. Full engagement with actuarial analyst is very expensive to a small organization like ours.The main stakeholders are insurance policyholders. The objectives will be communicated in general meetings.
Agreements must be set by all stakeholders of Transcend Group during statutory meetings. The following flow chart indicates organizational setup to be involved in decision making.
Transcend Group will use outsourcing of human resources and other investors as a contingency plan. This will be applied so as to enhance competitive strategy in the insurance market.
The employees who have undergone successful training will be deployed to various departments within Transcend Group as head of departments. Other employees will be distributed to these departments so as to achieve organizational growth.
Workforce diversity can be achieved through division of labor and specialization strategy (Hausman, 2007). Experts will be distributed across all department based on areas of specialization.
This policy is based on Society for Human Resource Management as a previous research on succession planning. In the policy, employers need to ensure equity and equality in selection and implementation practices. This process will present a committee to review the plan. The committee will identify positions for succession planning and outline actions to be taken in a given time.
Turnover Tool to Minimize Turnover
The employer should select compensation plan to customers so that they can have faith in organization performance. This will attract more potential customers.
The insurance industry is changing at a high rate. In the future, the demand for force workforce in this industry will be based on nature of insurance policies other than the general outlook.
The main challenge is to persuade customers to buy a policy. Many people find it unnecessary to purchase an insurance policy. In order to overcome this difficulty, we focus on sensitizing the community on the importance of insurance policy. We will offer policies at discounted rates.
Labor trends will increase demand for labour in the insurance industry because the industry keeps on changing. In order to accommodate these changes, Transcend Group will train employees so that they can fit into requirements.
The climate in Transcend Group focuses on achieving competitive advantage in the market. In that case, our employees are satisfied as demonstrated by their desire to achieve their targets. We use performance monitoring tool to determine the climate.
Changes that pose a new innovation to satisfy customers demand is a good indicator of global trends that expose a positive impact in Australia.
Transcend Group considers insurance regulatory policy in operations. The impact of this policy is to control and monitor the quality of insurance products and services in the market.
Quality monitoring tool is applied to measure the effectiveness of changes in the objectives set by Transcend Group. This incorporates environmental scanning so as to determine whether services and products are acceptable in the environment. In order to fill the gaps, Transcend Group aims to apply product innovation skills.
In this case, we select Transcend Group as insurance service provider organization. Transcend organization deals with the provision of insurance services and products. Thus, skills required are aligned with the insurance industry. They will assist the organization in selling insurance policies, initiating compensation plan and premium calculation. Skills in sales, marketing, and supply chain are the main requirements.
This involves a relation between goals and objectives. In this relation, we use workforce planning to increase market venture. This plan ensures that the organization exploits available resources towards meeting market demand (Dann & Dann, 2004). There are many gaps that have not been filled in the market. Through workforce planning, the management team will be able to identify the available gaps.
Time-series forecasting technique represents quantitative techniques that can be used in Transcend Group to measure data gathered in a given period of time. The organization will be able to predict future trends in performance based on this data.
The organization can use subjective approach to predict outcomes so as to solve management issues in future. This technique will use workforce plan. This plan is very important to the organization performance. Basically, it involves getting the correct number of people with excellent skills, competencies, and experience for the right job at the right time.
Dann, S., & Dann, S. (2004) Strategic Internet marketing. Brisbane: John Wiley & Sons.
Dann, S., & Dann, S. (2007) Competitive marketing strategy. French’s Forest, NSW: Pearson Education.
Hausman, D. M. (2007) The philosophy of economics: An anthology. 3rd ed. Cambridge: Cambridge University Press.