ROLE OF IDEALISED INFLUENCE ATTRIBUTED IN TALENT MANAGEMENT: THE CASE OF INSURANCE COMPANIES IN KENYA
Magambo Joshua Karani - Department of Leadership and Organizational Development, Pan Africa Christian University, Kenya
Maina Muchara, PhD - Department of Leadership and Organizational Development, Pan Africa Christian University, Kenya
Joy Kelemba, PhD - Department of Leadership and Organizational Development, Pan Africa Christian University, Kenya
ABSTRACT
Insurance industry in the Kenya is critical due to the role it plays in indemnifying investors from potential financial losses and property damage arising from natural calamities such as fire, floods, terrorism activities among others. The industry is also a key contributor to economic growth and development. However, the industry faces a myriad of challenges such as competition for talent, new technologies, mismanagement, economic instability, weak manpower, social changes, as well as political and economic factors. There is thus need for the management of these insurance companies to be transformative for the companies to remain competitive in the highly volatile market. This study examined the effect of idealized influence attributed on talent management practices in the insurance industry in Kenya. The study used descriptive research design. The study population was 2832 senior management, middle management and lower management staff in the insurance industry in Kenya. A stratified proportionate random approach was applied to obtain a sample of 384. Simple random sampling technique was used to select samples in each stratum. A structured questionnaire was used to collect primary data. Both face and content validity were tested while reliability of the research instrument was based on internal consistency measured using Cronbach’s alpha. Statistical Package for the Social Sciences version 24 was used to analyse data. descriptive and inferential statistics were used. Descriptive statistics included means and standard deviations, while inferential statistics included correlations and regression analysis. Test of hypothesis was based on regression analysis results. The predictive power of the model was determined using R2, the fitness of the model was based on F-statistic at 95% confidence level while the significance of idealized influence attributed in predicting talent management practices was based on p-values at 0.05 significance level. The study findings were presented in tables. Results showed that there exists a significant positive correlation between talent management practices and idealized influence attributed. Results further revealed idealized influence attributed was significant in predicting talent management practices. The study recommends that management in insurance companies in Kenya and beyond should embrace idealized influence attributed as a function of transformational leadership style emphasising on talent acquisition, talent development, talent engagement and talent retention. The study contributes to the body of knowledge by providing an empirical model that may be adopted by insurance companies in Kenya and beyond in attracting, developing and retaining talent in their company.