By Bryan Krastins, Vice President – Client Services
The insurance industry is facing a talent dilemma. Predictions show that 50% of insurance employees will retire by 2028. And with millennials making up most of the worldwide workforce by 2030, it’s concerning that just 4% express interest in this profession.
Insurance careers offer stability – even during challenging economic times – but many people don’t know that. Companies need to find ways to effectively communicate the benefits of working in this industry to keep their business moving forward. Captivate a new generation of candidates with these three talent acquisition strategies:
- Create a compelling value proposition
Digital transformation is a top business priority for industries worldwide. The insurance industry is regularly competing for digital talent, especially those with automation and analytics capabilities. Here’s the main challenge: an insurance career likely isn’t even on their radar. And with job seekers being increasingly more selective, TA leaders need to explain the benefits of working in insurance in the most appealing way.
To start, evaluate your career website and employee value proposition (EVP). Make sure it resonates with the needs and desires of your target employees. Gen Z and millennials want to work at companies with a purpose, and Northwestern Mutual’s “Live Your Best Life, Do Your Best Work” EVP speaks to that purpose. They’re also seeking upward mobility, and Geico’s “Let’s Get Growing” EVP resonates with that desire. On your career website, provide engaging content like videos and authentic employee testimonials to further captivate candidates.
- Ensure your talent attraction strategy is inclusive
Insurance executives should inspire the next generation of employees, but without expecting these prospective employees to emulate them. Expand your company’s idea of what makes a great candidate and look to other industries for talent with transferable skills. Ensure your company appeals to people from all backgrounds, including neurodiverse candidates. Making up 15-20% of the population worldwide, neurodivergent individuals excel in a variety of roles, specifically as statisticians and actuaries – both in great demand by insurance companies.
“We see the best from people when they bring their whole selves to work, when they feel connected and empowered,” says Vina Theodorakopoulou, a long-time insurance professional and board member of Group for Autism, Insurance, Investment and Neurodiversity. Identify mentors who will inspire nontraditional candidates, featuring them in authentic, less scripted videos to promote your company.
- Actively promote career opportunities
Today, leaders must actively promote their company and career opportunities both in person and online. If you offer early talent solutions and apprenticeships, partner with colleges and universities to attend events and job fairs. Websites Glassdoor and Kununu are research hubs for prospective candidates, so strong ratings and targeted advertising can illustrate the benefits of an insurance career. Also, think about having a presence on current social media platforms, like TikTok. The platform has over 1 billion active users worldwide, and talent is using it to learn about companies and careers.
Technology is an integral part of millennials’ and Gen Z’s daily lives, spending hours a day on their smartphones. Research shows that 75% of millennials think phone calls are time-consuming and will instead spend an average of 48 minutes a day texting. Rather than the standard call or email, consider adding messaging options to your contact capabilities.
Anticipating a mass retirement in the insurance industry over the next few years, talent acquisition leaders need to appeal to the next generation of candidates. A compelling EVP and a broad yet targeted TA strategy that’s effectively communicated will help you reach the talent required to move your insurance company forward.
Connect with Bryan on LinkedIn.