Is your agency facing a brain drain? Are you finding it tough to attract new talent in the tight labor market? February is the 4th annual Insurance Careers Month. Why not use the month to examine your agency’s current approach to recruiting, to research best practices in attracting and retaining talent and to embark on a path to “up your game” in conducting outreach to new hires?
Hiring and recruiting continue to be challenging for our industry. It is estimated that about half the current workforce will be retiring over the next 10-15 years. And the bad news is that as an industry, we apparently aren’t selling insurance as a career option very effectively. In Insurance Business America, Alicja Grzadkowska talks about how the younger demographics’ interest in insurance careers has flat lined. A report on hiring trends in our industry conducted by Applied Systems and InVEST says:
Compared to four years ago, Gen Z’s familiarity with the industry has increased 56% from 2015, but the level of interest this group has in a career in the insurance industry in both the 2019 and 2015 surveys is mostly consistent, at 14% of respondents, while the percentage of those not interested at all in an insurance career increased 11% in 2019 from 2015.
One of the big impediments? We apparently aren’t telling the story well enough: Nearly half of the respondents in the Applied report – 47% – indicated that they would consider a career in the sector if they understood the jobs available.
Pete Luciano talks about this in an article in PropertyCasualty360, Hiring in today’s competitive job market:
Let’s face it; insurance isn’t the sexiest-sounding industry to pursue. Despite competitive salaries, high levels of job satisfaction and job stability — all the things millennials look for in a career — the industry isn’t beckoning them. A survey by The Hartford found that only 4% of millennials placed the industry on their “work wish list.”
It’s vital that insurance agencies take an active role in creating awareness about the viability and attractiveness of our industry as a career path.
Here are tips for ways that agency principals can up their hiring and recruiting game while bolstering our industry’s profile to younger generations.
- Build your brand in the community not just as an expert in providing insurance, but also by building your brand as a great employer.
- Talk about your agency’s values. Talk about what you do, how you contribute to the community. Define and promote your agency’s culture.
- Conduct outreach to your local colleges and high schools by participating in career fairs and career days. Get creative. Explore internships and apprenticeships.
- Talk about insurance careers on your website and on your social media pages. Feature young staff members in your social media. Include an “Interested in careers?” feedback form on your website.
- Train and promote from within. It’s important for new hires to see a path for growth in an organization so be sure you are modeling that with your current staff.
- Get referrals. Your own employees are your best ambassadors. Incentivize staff to identify and refer potential job candidates.
Additional Insurance Agency Hiring & Recruiting Resources:
- Insurance Careers Movement
- I.I.I./ICM Presents Recruitment and Retention: Best Practices and Paths Not Taken – An hour-long live session panel of experts shared insights and best-practices for engaging top young talent
- ALM Young Professionals Network on LinkedIn – join the group and exchange ideas
- The III video on “Your Career in Insurance” – use this in social media
Prior related blog posts
- Jump start your hiring in February, Insurance Careers Month
- Get ready for Gen Z
- Managing Millennials in Your Insurance Agency Workforce
- The Two Biggest Hiring Traps Agents Fall into Every Day