'Insurance sector must draw lessons from other sectors'
The Singapore government, industry, academia, and labour have pooled
resources to create a human capital leadership institute that provides
knowledge about talent and leadership to the region.
The insurance sector must draw lessons from other sectors, former
Chairman, Commercial Bank of Ceylon, Dinesh Weerakkody told the the
International Insurance Congress organised by the Sri Lanka Insurance
Speaking on how Sri Lanka can promote itself as a global service hub,
he said the country would need to double the number of skilled staff
from the present level by 2016 to meet the growth targets set for the
New employees have to be trained, he said, further investment would
also have to be made to expand the capacity of the training
The industry, therefore, needs to develop a new employment value
proposition to attract young people to join the industry, like what the
garment industry did in the 1990s and also to attract education
providers through private-public partnerships to invest in training to
deliver the skilled manpower the industry needs by 2016 and beyond.
He said that today, organisations compete not by having only
financial, strategy and operational abilities, but by building
These abilities come from talent, leadership and culture. Business
leaders are ultimately responsible for managing the abilities.
As Sri Lanka hopes to create a knowledge hub to attract and retain
the best and the brightest talent and to attract FDI, the country needs
to rethink its positioning.
A country, he said, can win in the global FDI marketplace by having
focus or an uniqueness, like a company in the consumer marketplace. For
example, Ireland focuses on manufacturing operations, Dubai on tourism
and financial services, Switzerland on pharmaceuticals and Singapore on
human capital insight.
"Therefore, we need to work towards creating that uniqueness,"
He said that only five percent of the country's to jobs are held by
women. "Therefore, we need to ensure that the talent pipeline is filled
with competent women."
This increases the pool of women and ultimately should increase the
number of women being qualified and available for key jobs.
"This may take some time, but it will ensure that 50 percent of our
workforce is engaged productively and inclusively," Weerakkody said.