Suncorp is trialling a new scheme which offers specialist employees alternative methods of advancing their careers in a bid to retain its highly skilled staff.
The insurer says the Specialist Career Pathways programme, piloted in the commercial insurance’s claims and underwriter divisions, retains and reward specialist staff for their efforts with alternative career routes. It suggests not all talented individuals view the traditional managerial promotion as the best option.
“Competition in the commercial lines market is strong for the best specialist talent. There is increasing competition for senior specialist skills and junior level talent,” said Naomi White, executive general manager, human resources, commercial insurance, Suncorp.
“A challenge facing the industry is rewarding and retaining specialist skilled employees. Previously specialist achievers were rewarded by promotion to managerial roles. However, some are not comfortable in such roles and insurers may find they are losing skilled specialists who are bogged down in administrative managerial duties.”
The scheme is to enable employees to progress their career as a specialist without any or minimal people reporting to them. Employees will be recognised and rewarded in line with their specialist skills and will be provided with greater choice and the option to move between both a specialist and leadership pathway during their career.
“Offering career options gives our employees a chance to focus on developing their area of expertise whilst helping Suncorp build a strong competitive and commercial advantage,” she added.
A broader roll out of the programme is planned this year.