The Tripartite Advisory on Human Capital Practices for Insurance was launched today. The advisory sets out good human resource practices for the insurance industry in the areas of building a talent pipeline, skills-based hiring, and managing retrenchment responsibly. It also encourages insurance firms to support their employees in acquiring relevant skills and transitioning to new job roles, as jobs are being transformed by technology.
2 The advisory will guide firms to better develop their talent pool and equip their employees with skills to cope with the new demands. It calls on insurance firms to:
- build a strong pipeline of local talent across entry, mid-career and leadership levels;
adopt inclusive hiring practices which focus on the skills required to perform the job rather than - setting a strict minimum number of years of experience; and
- assess the impact of technological changes on their workforce, and work with the Monetary Authority of Singapore (MAS), Institute of Banking and Finance (IBF), and Workforce Singapore (WSG) to reskill and redeploy their employees into areas of job growth through professional conversion programmes.
3 This is the second tripartite advisory for the financial services industry, following the launch of a similar advisory for the banking industry in March this year. Within the financial services sector, the insurance industry forms the next largest employer group after banks. The tripartite advisory is one of the initiatives under the jobs and skills pillar of the Financial Services Industry Transformation Map (ITM).
4 The advisory is the result of an extensive collaboration involving ten tripartite partners from the labour movement, employers, and the government. The scope comprehensively covers different segments of insurance firms across the value chain and various business lines.
5 Ms Jacqueline Loh, Deputy Managing Director, MAS, and co-chairperson of the Financial Sector Tripartite Committee (FSTC), said, “Business and workforce transformation must go hand-in-hand. As the industry embraces technology to deliver better services to customers, employers need to equip their staff with the right skills to enable them to continue to contribute meaningfully and stay engaged in rewarding jobs. The advisory will guide insurance firms on the desired outcomes for our workforce and facilitate the sharing of best practices.”
6 Mr Patrick Tay, Assistant Secretary-General, National Trades Union Congress (NTUC), and co-chairperson of FSTC, said, “I am glad that the insurance sector is collectively adopting this advisory. This advisory serves the interests of both insurance firms and our fellow workers as it underlines the steps needed to prepare them in the journey of transformation within the sector. The Labour Movement will continue to work with our tripartite partners to develop our workforce, including human capital practitioners, so as to entrench progressive human capital practices in this sector. We need an able, agile and adaptable insurance workforce that is able to successfully navigate the waves of change, disruption and transformation.”
7 The list of the ten Tripartite partners and their quotes can be found in Annex A, and the Advisory in Annex B.
Key Resources
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Annex A - Quotes of Tripartite Partners
Download PDF(451.09 KB)
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Annex B - Tripartite Advisory on Human Capital Practices for Insurance
Download PDF(601.68 KB)
