Having trouble sourcing new hires for your agency? Think veterans! We’re not speaking of veterans of the insurance industry, we’re talking about military veterans. As we approach Veteran’s Day weekend, it’s something to consider. There’s a huge labor pool, service members have developed valuable job experience and work values, and hiring a qualified vet might bring an additional benefit in the form of a financial incentive.
First, let’s look at one of our industry’s key employment realities: We are facing an unprecedented talent drain as Boomers retire. By 2023, it’s expected that 45% of insurance industry workforce will retire.
This shift coincides with the need for an industry workforce reinvention in order to adapt to the demands of a new economy. At the recent Renaissance Annual meeting, Bruce Cochrane and Heather Cochrane Russo described the insurance agency’s next generation worker:
“Instead of training people for specific jobs, we’ll need to train them in how to be flexible; to be able to pivot skills and capabilities in a constantly shifting jobs environment. The emphasis needs to be not on what has been learned, but the ability to adapt and change on the fly.”
Those sound like attributes that many military members develop during their years of service. Service members have many ideal business assets: leadership, discipline, adaptability, teamwork, loyalty, decision making, self-direction, the ability to work under pressure, and more. Here are 10 more reasons to hire a vet.
Your agency might also qualify for a Work Opportunity Tax Credit (WOTC). These incentives can range from $1,200 to $9,600 per person for employers who hire former service members. That would go a long way to subsidizing any on-the-job training!
Many insurance-related companies begin thier veteran outreach with charitable enterprises, hoping this will help attract and recruit veterans, too: Why the Insurance Industry Supports and Hires Veterans.
Resources for hiring veterans
- America’s Heroes at Work — Veterans Hiring Toolkit – from the US Department of Labor (DOL)
- Find qualified veterans – DOL
- Hire Heroes USA – nonprofit focusing on veteran and military spouse employment
- How (and Why) to Hire a Veteran