Attracting and retaining IT talent within the insurance industry

M.Com. (Business Management)Globalisation and the multi-generational workforce have made an impact on the workforce and the workplace. Demographic shifts are creating an aging population, creating a growing skills shortage which is putting pressure on businesses to create knowledge workers with cutting-edge expertise. Coupled with the explosion of new technologies and the application of , these issues have changed the way organisations work, recruit, and retain their employees. Organisations all over the world are faced with the challenge of attracting and retaining talent in their environments, resulting in the global marketplace for talent being far more competitive than ever before. This study was undertaken to gain an understanding of what factors within an IT organisation attract talented individuals. The study was concerned with identifying influences that also drive these talented individuals to remain with an organisation once they have joined. The study aimed to identify strategies that organisations can adopt to assist them with the attraction and retention of IT talented individuals. This study took place in a South African insurance organisation. Interviews in the form of unstructured face-to-face individual interviews, as well as focus groups, were conducted to understand the factors considered by IT talent when making employment decisions. Seventeen employees who were deemed talent by the researched organisation took part in the study. Based on the findings of the study, the factors that attracted IT talent to the organisation were organisational reputation, remuneration, the IT technology used by the organisation, and growth prospects. For retaining IT talent, factors highlighted were growth opportunities, recognition and reward, meaningful role and responsibilities, work environment – flexible working arrangements, market related remuneration, and management style. The study concludes that there are a number of factors that influence IT talent in their decision to either join or leave an organisation. Organisations need to provide a variety of these factors in order to cater for the different needs IT talent possesses