People are the biggest asset in the insurance and finance industry. And there are various ways to keep clients happy and employees satisfied through offering staff knowledgeable advice and clear career prospects through solid training. The Prudential Assurance philosophy is 'always listening, always understanding'. The company believes in working to provide clients with what they truly need, so it makes sure that each employee is qualified to offer the best and most suitable services for customers in various stages of their life. Prudential has 3,700 staff in Hong Kong, 700 of which are managers, so it invests heavily in cultivating the exceptional group of executives and managers it has. 'In a customer-focused industry, we have extremely high expectations of our employees,' said Michael Leung Wai-kin, Prudential's chief agency officer. 'They must be people-oriented and have a solid understanding of our products. Just like any other company, we offer a series of training programmes that improve the quality of our staff. 'However, what sets us apart is the way we validate our employees.' The financial planner title at Prudential is not easily earned. 'It is only given to consultants who have achieved a certain standard of business, and who have successfully passed one of the profession's FP designations within 18 months of completing the education programme,' Mr Leung said. The company requires staff to have achieved formal standards such as the Certified Financial Planner, organised by the Institute of Financial Planners of Hong Kong; Fellow of Chartered Financial Practitioner, organised by the Life Underwriters Association of Hong Kong; and Chartered Financial Consultant, organised by the Life Underwriters Association, among others, to ensure that they are acknowledged within the firm and recognised by a neutral authoritative organisation in the industry. Managers go through the US-developed training programme entitled Essentials of Management Development to give them the necessary tools and know-how of six essential components: vision, recruiting, selection, supervision and training, personal development and goal setting. Prudential invests in updating and organising the training programmes and in getting the right staff. According to Mr Leung, the recruitment process at Prudential normally involves three stages, the first being a business opportunity presentation, where prospective applicants can understand the culture and business of Prudential. Secondly, selected applicants will be interviewed, followed by a psychology test called the Myers-Briggs Type Indicator, an effective tool that analyses different personality types. 'This is as much a selection process for us as it is for the applicants,' Mr Leung said. Through clarifying the ins and outs of Prudential's scope of business, and conducting the interview and test, the company can effectively find the right candidate with the appropriate qualifications and character traits. While retaining top talent continues to be the key challenge for all companies, Prudential maintains a solid workforce by providing clear career prospects and a reliable support system. 'On average, our staff work here for seven to eight years,' Mr Leung said. The company's retention rate is more than 90 per cent, so Prudential's strategy is clearly working. 'We like to let our workers see they have a strong future with us. With two distinct career paths in becoming a manager or a professional financier, our employees can develop a clear trail in achieving their goals. 'What's more, we allow our staff to go through a probation period in their new roles, where they can gauge their experience in determining whether it is truly suitable for them.' Right track Recruiting the right employees through understanding their strengths and character traits Various training programmes develop employee industry knowledge and scope of business Build employee credibility through taking examinations at a recognised organisation in the industry Provide clear career prospects for employees and a strong support system
