The Potential Cost Effectiveness of Graduate Training Programs in the Zambian Insurance Industry
DOI:
https://doi.org/10.47941/jbsm.2626Keywords:
Insurance, Skills gap, Graduate programs, Cost-effective, External promotionsAbstract
Purpose: This research aims to evaluate how graduate trainee programs serve as a cost-effective alternative to external promotions within the Zambian insurance sector. It seeks to identify the key factors impacting the decision to hire internally versus externally.
Methodology: The study utilized a mixed-methods approach, combining both primary and secondary data sources for comprehensive analysis. Primary data was collected through well-structured surveys and in-depth interviews, allowing researchers to gain direct insights from participants. This engagement provided a richer understanding of the topic. Secondary sources, including literature, academic articles, and pertinent reports, contributed additional context and background, enhancing the study's foundation.
Findings: The findings reveal that hiring graduate trainees is more economical than recruiting external candidates in the Zambian insurance industry. Furthermore, the research indicates that organizations can effectively develop graduates into resources that align with their specific needs and culture. This approach not only reduces hiring costs but also fosters the growth of tailored talent within the industry, supporting the long-term sustainability and efficiency of insurance companies in Zambia.
Contribution to Theory, Policy and Practice: The study recommended the implementation of graduate training programs, as they have shown to be cost-effective and serve as a reliable pipeline for internal promotions. This focus on graduate training is especially pertinent within the Zambian context, considering the evolving job market and economic circumstances that have emerged since 2015.
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