In 2024 there will be more new professionals in the workforce than their tenured counterparts.
And over the next 15 years, 50% of the current insurance workforce is set to retire, leaving more than 400,000 positions open in the US.
This impending exodus poses a challenge—how can the industry attract new professionals and retain their experienced talent in a landscape where less than 25% of the workforce is under 35?
We have a rapidly retiring workforce, and yet, we also have a reservoir of untapped talent, a generation that isn’t aware of the opportunity the insurance industry offers.
It’s a pivotal moment for the industry. Because there is extreme competition for new and experienced talent. To compete, you need to develop a clear advantage.
How should you position yourself as an employer of choice?
You’ll need to adapt, innovate, and embrace the values and aspirations of the emerging generations.
You’ll need a strategy that compels the best people to your firm by providing meaningful and rewarding careers for the professionals you want to attract.
Purpose
New professionals are drawn to workplaces that prioritize more than just the bottom line.
A paycheck is not the sole motivator to cement loyalty.
They seek purpose in their work; they want to align with a company that values social responsibility and contributes to a greater world cause.
One way industry leaders can leverage this goal is by certifying as a B-Corp, participating in Corporate Social Responsibility (CSR) activities, and meeting Environmental, Social and Governance (ESG) criteria.
The B Corp certification is a showcase of a company’s commitment to community service, sustainable practices, and ethical business standards and will attract both future team members and likeminded clients.
Flexibility
The new workforce values balance between their work and home lives. They seek the ability to seamlessly blend professional and personal responsibilities.
Offering flexible work schedules, remote work options, and an environment that genuinely supports their well-being will significantly enhance the appeal of your company.
Growth and Mentorship
Professional development is not just a perk to younger professionals, but an expectation.
Newer professionals want continuous learning opportunities and a clear path to career growth.
Offering structured training programs that benefit both the individual and the company will assure a win.
83% of new professionals consider having a mentor critical to their career development but only 52% of them actually have one.
Establishing mentorship programs that pair experienced professionals with young talent, providing early guidance and support is a sure way to attract great people to your company.
Experienced professionals possess institutional knowledge and insights gained over their years of service. Serving as a mentor allows them to pass this on to the next generation, contributing to the continuity and strength of the organization.
Technology
And finally, technology plays a critical role in the lives of younger professionals. They expect useful, current technology in their workplace.
Embracing updated tech internally, providing the tools and platforms that streamline processes is a sure way to demonstrate your commitment to stay relevant for your team and the clients you serve.
This validates your commitment to innovation and makes the workplace more appealing to tech-savvy individuals.
Implementing a strategic plan to attract and retain fresh talent in the insurance industry is a winning response to the demographic shifts we’re experiencing and guarantees a proactive move toward long-term prosperity.
