News Coronavirus watch19 Nov 2020

Singapore:Insurer steps up hiring of mid-career individuals and fresh graduates

| 19 Nov 2020

Prudential Singapore is stepping up its recruitment of mid-career individuals and fresh graduates amid the economic slowdown triggered by the COVID-19 pandemic.

The life insurer is hiring up to 500 more financial consultants in 2021 than this year, as the current health crisis has triggered growing awareness of, and interest in, insurance. The number of new hires will include up to 200 mid-career individuals selected for its new talent management programme.

“We want to offer support to both mid-career job seekers and young people who face limited employment opportunities in this tough climate. We are also expanding our agency force to meet rising demand for medical and protection solutions, as the pandemic has brought into sharp relief the importance of insurance,” said Prudential Singapore chief agency officer John Soong.

To support mid-career job seekers who want to pursue a career in insurance, the insurer is investing S$1m ($740,000) in a talent-management programme to train up to 200 individuals in financial advisory.

The insurer is also putting additional resources into recruitment, performance management, compensation and benefits, to ensure the success of the programme slated for launch in January 2021.

Eligible candidates will undergo a two-year structured training programme, including a 12-month competency and skills course. The course covers both soft and hard skills such as technical training, product knowledge, leadership development, effective communications and social media content creation.

The candidates will be mentored by agency leaders who will provide them with the necessary support and guidance, and will also receive a monthly allowance of up to S$10,000 pegged to relevant work experience for a period of 24 months.

Recognising that fresh graduates are also struggling to gain employment in the current economic climate, the company is creating more financial consultant roles for young job seekers.

Successful applicants will undergo an in-house training programme covering topics such as financial planning, plan construction, financial needs analysis, investment and retirement planning, to help them build their financial advisory skills and knowledge.

They will also receive a monthly transition allowance for the first 24 months to help them kick-start their career in insurance.

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