2018 Insurance Employment Outlook Reveals How to Recruit in an Industry with Average Age at 59 Years
Published: May 17, 2018 By Roger Lear
We just released the 2018 Insurance Industry Employment Outlook (download here - no charge) and asked employers what they would do to help their company recruit top-notch insurance professionals in a very tight labor market. The feedback we received contained a lot of great ideas with many requiring a total recruiting strategy shift. However, these ideas come directly from talent acquisition managers, and we are grateful to share this information with your company. The entire employment report is filled with candid details that we gathered by calling over 60 talent acquisition managers and asking them questions on the state of hiring in the insurance industry.
Predictions for the retiring insurance industry are everywhere. It is not a secret anymore that the talent in the industry is old and it needs to be replaced in the next few years. So, we asked companies what they are doing about to recruit great people to the insurance industry. This is what they said.
- Rethink traditional work environment guidelines and perception/interpretation of 'presentable' or 'professional' (body art, piercings).
- Insurance companies must embrace diversity.
- Rethink/Revamp/Reinvent compensation & benefit packages for the mindset of the next generation of leaders.
- Recruiting on college campuses with a greater zeal than ever before and expand internship programs.
- Create more work-at-home positions with perks and benefits for performance.
- Change job descriptions to tell a better story about the nature of the roles.
- Focus big time on company culture and use this in employment brand marketing.
- Create training academies that specialize in entry level skills; progressing to line of business degrees.
- Focus on stability, long-term career opportunities, advancement opportunities, excellent benefits packages and rising salaries.
- Develop more mentorship situations where young people can shadow, tour and explore the industry.
- Start talking to college students. Enlist our young insurance professionals to engage with their social networks about insurance and what they do. Change the misconception of what insurance is and how insurance professionals spend their day.
- Create a culture of positive challenge where employees are valued as individuals and can prove themselves and be recognized for their achievements. Embrace technology and find new ways to harness it.
- We have to get marketing involved internally to get the word out about our jobs and how satisfying they are long term
Something to think about in your next strategy meeting. Keep in mind that when we spoke with employers, many recognize they have to to make changes. The challenge is so many new “technology” recruiting plays really don’t solve the real problem attracting new talent into the insurance industry.